If you’ve recently come into a lump sum of money—perhaps from a bonus, inheritance, or sale of an asset—you might be thinking about ways to reduce your mortgage burden. While refinancing is one option, a lesser-known strategy is mortgage recasting. Recasting can lower your monthly payments without the costs and complexities of refinancing. Here’s what … Read more
For those looking to grow their retirement savings tax-free, the Roth IRA is often a go-to option. However, if your income exceeds certain limits, you may not be eligible to contribute directly to a Roth IRA. Fortunately, there’s a legal workaround known as the Backdoor Roth IRA that allows high earners to take advantage of … Read more
When it comes to securing a mortgage, most borrowers focus on getting the lowest interest rate possible. However, there are different strategies you can use to adjust your mortgage rate, depending on your financial goals and situation. Two common tactics are buying down the rate through points and buying up the rate, which can reduce … Read more
If you’ve been contributing to your retirement accounts diligently but are thinking about accessing your funds early, you may have encountered the terms 72(t) and SEPP. These concepts can provide a way to tap into your retirement savings without facing the usual penalties. Here’s what you need to know. What Are 72(t) and SEPP? 72(t) … Read more
I started an email list this month and sent out my first monthly newsletter. Here are some snippets from my first monthly newsletter. Subscribe to be entered into the sponsored giveaways! LiveFrugaLee Monthly Newsletter #1, July 2024 If you know me, you know that I’m always trying to learn new things. I find that the … Read more
Last year, on April Fool’s Day, we paid off our mortgage. Was it foolish to pay off a 2.0% interest rate mortgage instead of investing in the stock market? Being immersed in the personal finance world, I know what the conventional wisdom says to do. Expected returns in the stock market are far greater than … Read more
Do you ever wish you weren’t stuck in your job? Do you dream of a life where you can work when you want as much (or as little) as you want? If so, FIRE may be right for you. But which type? There are many different kinds of FIRE. What is FIRE? FIRE, sometimes also … Read more
Are ARMs (adjustable-rate mortgages) worth the risk? First, let’s take a look at how ARMs work. Then, we’ll take a look at the numbers. What is an ARM (adjustable-rate mortgage)? I’ll go over what I consider the important things to know about ARMs. If you want all the details, here’s a great resource. With an … Read more
As I was playing Monopoly with my son, I realized there are some profound life and money lessons that can be learned. I used to play with my twin brother when I was young, but I see it so differently now after working as a real estate agent for almost a decade. First, let me … Read more
It’s easy to get down on ourselves when things don’t go our way. I hope this post brings some encouragement to my readers (and to myself). I’ve set many goals for myself. Some I’ve given up on and some I’ve been able to achieve, just a little late. Here are some goals I’ve set recently … Read more