Mom and Dad Money | Financial Advice for New Parents

Congress has recently proposed new tax laws that, among other changes, would eliminate the Backdoor Roth IRA strategy beginning in 2022. We don’t know for sure whether these proposals will be passed into law, but this provision in particular seems likely...

It’s that time of year when people are getting their tax refunds. Maybe you’ve already received yours or maybe, like me, you’re still waiting on it. Or maybe you still need to file your taxes. (If that’s you, get on it! The deadline is April 15.)
Wherever you stand, your tax refund is a good opportunity to make big progress towards one or more of your financial goals....

My wife and I bought our first house in the summer of 2017. Before that we had always chosen to rent for the simple reason that renting was both a better financial decision and a better fit for our lifestyle.
Simply put, buying a house is not always better than renting, no matter how many times you hear otherwise. It eventually became the right move for us, but there were a number of key variables that had to align before we got there....

Just about everyone who doles out financial advice — myself included — encourages you to start by setting some goals. After all, how can you make good decisions if you don’t first know where you want to go?
The truth is that your goals are incredibly important. They shape your decisions. They drive your behavior. They define how you view success and failure. And over time they end up determining the kind of life you build for yourself and your family....