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Buy Now, Pay Later

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While BNPL is growing in popularity, it’s unlikely to replace credit cards entirely as a primary form of borrowing. Credit cards are much more versatile and offer long-term flexibility — like revolving credit, rewards programs, and the ability to make larger purchases and carry a balance over time. BNPL is mostly limited to specific purchases, typically requiring you to pay off the debt within a short period — usually 6–12 weeks. It’s an easy way to manage a small purchase, but it’s not designed to be a long-term solution like credit cards. For example, if you’re planning a large family vacation, you’re more likely to rely on your credit card for those expenses, as it provides both flexibility and travel rewards. BNPL is more suited for individual, smaller e-commerce purchases, like buying a new pair of shoes or paying for a meal delivery service. BNPL Usage in Recent Years BNPL usage has surged, especially in the past few years, as consumers are given the option at checkout when makin...
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Roth IRA Contributions for Self-Employed Individuals

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  As a CPA who works closely with self-employed individuals, I often recommend Roth IRAs as a foundational retirement tool — especially for those who want long-term tax-free income and more control over their savings. What Is a Roth IRA A Roth IRA allows you to contribute after-tax dollars now, with the benefit of tax-free growth and withdrawals in retirement. For 2025, the contribution limit is $7,000 (or $8,000 if you’re 50+). While the upfront deduction is sacrificed, the tradeoff is decades of tax-free compounding — and no taxes when you take the money out in retirement. This flexibility is valuable for self-employed professionals who don’t have employer-sponsored plans and want to diversify their retirement tax exposure. Roth IRA Benefits Tax-free growth and withdrawals after age 59½ No required minimum distributions (RMDs), offering long-term control Contribution amounts (not earnings) can be accessed anytime, penalty-free There are major estate planning benefits for those lo...
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Ways to Pay Off a Personal Loan

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  Most personal loans have fixed rates and interest is calculated either daily or monthly on the remaining balance. So when you pay it off early, you stop the clock on interest. Let’s say you owe $5,000 and wipe it clean ahead of schedule — you’re cutting out months (or years) of interest you would’ve otherwise paid. That’s money back in your pocket. What Are the Best Ways to Pay Off a Loan Faster? A few solid strategies include: Add extra to your monthly payments.  Even $100 extra per month can shave down the balance quickly. Make lump sum payments. Tax refund, bonus, side income  — throw it at the loan. Refinance.  If you qualify for a better rate or shorter term, refinancing can accelerate your payoff. Be careful that you factor in upfront refinancing costs to ensure it makes sense to do. Overall, small extra payments can make a big difference over time. Prepayment Penalties Some lenders do charge a fee if you pay off early — especially if they’re losing out on in...
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What to Consider With Tax Advance Loans

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A tax refund advance loan is a short-term loan offered to taxpayers based on their anticipated tax refund. They rely on the projected refund as collateral, making the process quick but with specific risks and conditions. Considerations on Tax Advance Loans As an accountant, I’d highlight a few critical insights: Speed vs. Cost : These loans are marketed for their convenience — offering funds within days or even hours — but often come with fees, interest, or other charges that can significantly reduce the value of the refund. Some providers offer “no-fee” options, but these may be bundled with higher tax preparation costs. Misaligned Expectations : One risk is that the loan amount is based on an estimated refund. If the IRS adjusts the taxpayer’s return — for example, due to missing documentation or a mismatch in reported income — the loan recipient could face repayment challenges. Targeted Audience : Refund advance loans are often marketed to younger or lower-income taxpayers or those ...
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Surprising Ways to Write Off Taxes

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As an accountant, I’ve helped clients claim some very specific tax write-offs that pertain to their unique situations and livelihoods. Below are a few surprising tax write-offs that could save you money. Gambling Losses While gambling winnings are taxable, you can deduct any losses up to the amount of your winnings, including losses from lotteries, raffles, and casino games. For example, If you won $5,000, you can deduct up to $5,000 in losses, but if you lost more than you won, you can’t deduct the excess. Some states allow this deduction, while others don’t. For example, Illinois & Wisconsin do not allow gambling loss deductions at the state level and New Jersey & Michigan allow deductions, but only for professional gamblers. Fostering Pets + Pet Care Expenses Another example is pet care expenses. If you foster animals for qualified charities, expenses like pet food, supplies, and veterinary bills can be deducted as charitable contributions. And if you run a business that inv...
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Should You Use a 401K Loan to Buy a House?

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Tapping into a 401(k) to buy a home should be a last resort. While it’s possible through a 401(k) loan or hardship withdrawal, doing so often undermines your long-term retirement goals. You not only risk derailing the power of compound growth, but you may also face taxes, penalties, and lost investment returns that are hard to recover. When It Might Make Sense In rare situations, accessing 401(k) funds might be considered. For instance, if a borrower is just shy of the 20% down payment threshold, using a 401(k) loan to bridge the gap could help avoid private mortgage insurance (PMI) and secure a better mortgage rate. However, most banks require down payment funds to be "seasoned," meaning they've been in your bank account for a certain period, typically 60–90 days so timing and planning are crucial. When to Avoid It Don’t tap into your 401(k) if: It compromises your retirement goals. You're uncertain about job stability; if you lose your job, most 401(k) loans must be...
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7 Things Millionaires Understand About Money

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  Building wealth is often about thinking differently. Millionaires approach money, investing, and lifestyle choices with a long-term, strategic mindset that separates them from the average person. Here are 10 key money principles that millionaires understand and apply consistently. 1. It’s Not About How Much You Make Millionaires focus on overall net worth — not how much they make annually. Your net worth is the value of all your assets (real estate, investments, retirement accounts, etc.) minus liabilities (debts). A six-figure salary doesn’t guarantee wealth if savings and investments aren’t more prominent than your spending habits or debt. In terms of spending, millionaires spend on things that grow in value, like real estate, and minimize their debt on things that don’t grow — like clothing. Understanding net worth can help people focus on how to best accumulate things that appreciate — like real estate, fine art, education, index funds and businesses and avoid spending on lif...
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