Month in Review: April 2019

April was a busy month. 
Legit busy. 
Busy in a way that I don’t enjoy anymore. 
Because I no longer wear ‘busyness’ as a badge of honor. 
But…a few weeks ago I agreed to work one additional day per week (on a temporary basis) after one my co-workers resigned.
The extra cash is nice but I’m ready to get back to my part-time, 3 day a week, schedule.
Surprisingly though, thanks to my hard work, I received a pretty significant raise in the month of April.
I walked into my office and there was a letter with my name on it sitting on my desk. 
A random letter on your work desk can either be REALLY good, or REALLY bad depending on the circumstance. 
Thankfully it was the former, and the letter indicated that the bosses were grateful for my extra work and dedication, and then outlined the details of my raise. 
It’s nice to know that the higher ups took notice of my efforts.
Since cutting back to a part-time schedule nearly 6 months ago I’ve been in a better mood and more motivated to actually get up and go to work.
This reaffirms the fact that semi-retirement is my new thing.
The new cash means that I’ll be able to save more and invest more money for my financial independence plan.
Pro-Tip:One way to avoid lifestyle inflation is to take automatically increase your savings rate when you get a raise on the job.

Starting 2019 Roth IRA Contributions

My next money goal is to start contributing toward the $6,000 max for the 2019 Roth IRA.
If you’re unfamiliar with Roth IRAs, here are a few of the high points:
  1. Roth contributions are post-tax, meaning your contributions will not lower your tax bill today.
  2. BUT, your contributions and the gains grow tax-free forever. (Pretty awesome, right?!)
  3. There are no required minimum distributions with Roth IRAs in retirement, so it’s a great tool to pass down wealth to your kids and grandkids (if that’s a goal for you).
  4. Roth IRAs offer flexibility. You can make qualified withdrawals (tax and penalty free before age 59.5) for reasons such as permanent disability, purchasing a home, or funding your children’s college education
  5. You must have earned income in order to contribute to a Roth (if you have a stay-at-home spouse you can open a spousal Roth on their behalf). And if you have a teenager with a summer job, consider having them open a Roth.

Wouldn’t it be awesome if you still had money from your 1st summer job accumulating compound interest?

If you haven’t opened a Roth IRA I highly recommend it.
There are income limits for Roth contributors so check the IRS website to see if you meet the criteria to contribute.

Spending and Cashflow

Being that I work less, it’s even more important for me to watch my spending and cashflow. As we transition into the spring months one of my favorite things to do save money is replenish my stockpile.
I find that I save both time and money by stocking up on household items during sales.
Have you ever noticed that the toilet paper and toothpaste prices are sky-high in the grocery store?

Rental Property Woes

Unfortunately, as of late I’ve been juggling a series of issues at our rental property (not fun).
Being a landlord is often glamorized because of the passive income opportunity.
But getting calls about leaky refrigerators and dryers that aren’t heating up properly is the non-glamorous side of things.
And a property manager typically charges a monthly fee equal to 10% of the rent.
So meanwhile I’ve decided to manage the property myself.
While juggling my own household, 3 active kids, several jobs, and my side business.
But I’m not complaining.
It’s a good life.
Now, rental properties may not be your thing, but everyone should have a plan to generate passive income.
I love this quote by Warren Buffet, “If you don’t find a way to make money while you sleep you will work until you die”.
Isn’t that an amazing quote?
I couldn’t have said it any better.

New Business Ventures

FrugalChicLife, LLC. continues to be a healthy side huslte for me. During the spring I feel more energized and I’m currently working on brainstorming new product ideas for my business.
The printable planner is a great option for those that like good old fashion pen and paper budgeting.
  • Money Journal Prompts
  • Vision Board Worksheets
  • Gratitude Exercise
  • Simple Budget Worksheet (for monthly or paycheck budgeting)
  • Net worth worksheet
  • Meal planning template
  • Financial Goals Worksheets
  • Monthly debt tracker
  • And much more!
The Printable Pack is available as an immediate download after purchase.
If you prefer a more traditional physical budget planner I got you covered.
I’m currently working on a budget planner that (fingers-crossed) should be available soon.
Physical planners are pretty expensive to manufacture so I want to take my time in planning so that I don’t lose money on this venture. 
Btw, if you don’t have a side hustle of your own, now is the time to get started with one.
I call side hustling the secret weapon in your financial arsenal!
The passion project or business idea that you have might be the perfect way to accelerate your personal financial goals.
The first workbook that I designed helped me make my 1st $1,000 online!
The bulk of the money that I earn from my side business is being invested so that I can accelerate my path to financial independence. 

Rolling over an old 457 Plan 

On an unrelated note…
During the month of April I rolled over an old 457 plan from a previous employer.
Little did I know that I had almost $8,000 sitting in this old account racking up maintenance fees every month. So I rolled the money over to my Vanguard account which is invested in index funds.
Moral of the story here…
Make sure that you keep track of any old 401ks or other retirement accounts from previous jobs and consider consolidating them into one account, especially if the funds are currently invested in less than ideal investment options.

My new audacious goal

Save $100,000 in 10 years
While driving to work just this week I suddenly had the bright idea of setting a goal to save $100,000 over the next 10 years!
Seriously it was such a random though that came out of nowhere.
I have no specific plan for this money, it will probably be my ‘just in case’ money to help me fund my future early retirement lifestyle.
I’ll need to save about $833 per month to hit that goal…
And this is in addition to contributing to my 401k and Roth IRA.
Maybe I’m crazy, but I think I’m going to go for it.
What random ‘crazy’ (i.e. audacious) money goal are you working on?
Until Next Time…Live Well and Be Blessed

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