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Here’s what’s in today’s newsletter:
📝 Main topic: Q&A about a lump-sum vs. DCA investing strategy
🗓 Upcoming Live Event: Join my Office Hours — Live Zoom Hangout!
✅ Things To Do: Tips for taxes, wills, hobbies, and debt
📰 In the News: Stay up to date on personal finance news
🎙 Recent podcasts: Dig into loads of money topics in the archive of 822+ episodes
Hi, Friend -
A Money Girl podcast listener named Eric sent me this question:
“I really appreciate listening to your show and all the great information you give. I have a question regarding contributions to my Roth IRA. Some argue it's best to make equal monthly contributions to take advantage of dollar-cost averaging. Does it make a difference whether I contribute to my Roth IRA monthly or do one lump contribution yearly when I have the money to max out the account?"
In this week’s episode, Investing by Lump Sum versus Dollar Cost Averaging (DCA), I answer Eric by reviewing what DCA is, its pros and cons, and how it compares to investing a lump sum.
🗓 Paid Subscribers: Office Hours AMA — Live Zoom Hangout on April 26 at 2:00 ET
Say hello in this virtual office hour Zoom call and ask me anything about a money question, idea, or challenge in your life, like …
What retirement account rules should I know?
How should I tackle my debts efficiently?
What’s the best way to start investing?
Where should I put money after maxing out a retirement account?
How can I create a benefits package as a solopreneur?
When should I get my kids on the path to financial security?
Should I buy or rent a home?
How can I reduce my levels of money stress?
Or anything about money that’s on your mind!
To maintain privacy, there won’t be a video replay.
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📁 Change your tax withholding if you received a sizable tax refund this year so you have less deducted from each paycheck to save or invest.
👩👦 Create or update your Will or Trust using a guided online platform that makes it a breeze, with one-on-one support if needed.
🧶 Start a granny or grandpa hobby to disconnect, reduce stress, and *maybe* save money. After not touching my knitting needles for decades, I’m back at it and loving the focus it takes to create with them.
💸 Consider enrolling in my best-selling Udemy course, Get Out of Debt Fast—A Proven Plan for Debt-Free Personal Finances, to face your finances, get out of debt, and stay debt-free for life. You'll come away with a clear plan to eliminate credit cards, student loans, car loans, medical bills, mortgages, and any debt you have—even if you don’t have extra money to spend.
🗞 Happy Halving to anyone who’s a Bitcoin enthusiast celebrating the quadrennial event that happened Friday night. It cuts the amount of new coins going into circulation, which cuts miners’ rewards and *may* increase Bitcoin’s value.
🗞 Auto insurance rates rose 22% year over year, driving policyholders to look for cheaper alternatives, according to a new report from J.D. Power and TransUnion.
🗞 U.S. lenders added more brick-and-mortar locations in 2023, breaking a decade of closures, according to the FDIC.
🗞 Americans believe they’ll need $1.8 million to retire, up from $1.7 last year, according to a Schwab survey of 401(k) participants, but only 37% think it’s very likely they’ll hit that target.
🎧 822: Investing by Lump Sum versus Dollar Cost Averaging (DCA)
🎧 821: 4 strategies to earn more interest on savings
🎧 820: 10 rules for successful investing you should know
🎧 819: How Asset Location Cuts Taxes and Saves Money
🎧 818: Tips for using a Health Reimbursement Account (HRA) to save money
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