No matter what stage in life you're in, it's important to have a rough outline of your goals and what you're hoping to accomplish. Now is as good a time as ever to sit down, evaluate your life situation, and lay out your vision for your future!

Step 1: Know your thought process: Are you a planner or more laid back? What are the pros/cons of each type?

Step 2: Understand the need for a plan: It provides an objective baseline to compare your progress against and keeps you focused on the right things.

Step 3: Recognize/build out the three Ps:

Priorities - What's important to you? What do you hope to achieve in life?

Personality - What kind of workload can you handle? How much risk are you willing to take on?

Possibilities - What interests do you have and should pursue? What isn't aligned with your skillset and should be avoided?

Stay flexible, adapt your framework as appropriate, and continually re-evaluate as you go. Don't set hard review dates like every 1-5 years etc. Check yourself and your progress on a regular basis!

Side hustles are a great way to supplement your income or pursue personal interests and passions outside of your day-to-day life. While there are some misconceptions out there about how life changing one can be, a side hustle provides numerous benefits:

-Additional income

-Diversified work experience

-Opportunity to learn new things

-Chance to succeed and fail, promoting personal growth in both cases

Things to keep in mind:

-Understand the point of your side gig: Earn money or take on a passion project?

-How much time/resources can you commit to it?

-Routinely ask yourself, "Do I still enjoy it?"

As always, check out capitaladulting.com or email me at [email protected] for more!

Gamestop, AMC, Blackberry and other stocks skyrocketed in value without much change in the businesses themselves. What the heck happened? Host Grant Gardner reviews the events that transpired, breaks down what has been possibly the greatest short squeeze ever, and what's potentially next for the market.

Buying a home is a fantastic way to build your personal wealth over a lifetime. It allows you to put your money toward an appreciating asset (in general) rather than subsidizing someone else's property.

Key Takeaways:

• Rent money is wasted. A mortgage payment adds to your net worth.
• Know what your housing needs are and your timeline to buy. With this in mind, manage your money so that it's available when needed.
• Be patient and emotionless when going to buy. This is a big decision and shouldn't be taken lightly.

There are several different types of investments accounts that you can use to buy and sell stocks, bonds, and other securities. Each have different pros and cons so it's important to choose what makes the most sense for you. Listen to the end for some bonus ideas towards buying a home as well!

Here's a brief breakdown:

Brokerage: Maximum flexibility on pulling cash out and investment options, but taxed the most.

401k: Employer sponsored plan that usually offers some sort of match, but has limited investment options and money is tied up until you're 59 1/2.

Traditional IRA: Funded with pre-tax money and has unlimited investment choices, but money is taxed on withdrawal and is locked until 59 1/2.

Roth IRA: Funded with post-tax money, unlimited investment options, able to pull contributions at any time, withdrawals are tax free, but earnings are locked until 59 1/2.

My 2020 Key Takeaways

1. Life is unpredictable and we can only control so much. That doesn't mean taking a passive approach, actually quite the opposite. As life changes, we must adapt and capitalize on new opportunities
2. Having emergency plans/funds is a MUST! If you had any doubts about whether you needed to save money for a crisis, 2020 took care of it.
3. Opportunity always exists. It won't always look the same and it requires out-of-the-box thinking, but you can always find a new way to win. That goes for 2021, what worked for this year won't for the next. Maintain a broad perspective and seize the moment when it presents itself.

As part of a new government spending bill, approximately $900 billion was allocated for Covid relief, including another round of stimulus checks. Here are the details:

• $600 for every adult and child dependent, max of $2,400 for a family of four
• Adult dependents (17+ and seniors) aren't eligible
• Payments are expected to start next week, per Secretary Mnuchin

How you should use it:

• Pay down debt, starting with the highest interest rate (credit cards)
• Establish your emergency fund/build your savings
• Invest! (It's free money, no risk if you lose it)
• Spend some, particularly on supporting your local community and charitable causes

With 2020 coming to a close, it's time to start thinking about tax season. I know, it's everyone's favorite, but it's unfortunately a part of life. However, there are options to minimize what you owe so you can put more money back in your pocket.

Concepts:

Tax system - How different governments (federal, state, and local) generate revenue to pay for goods and services.

Income tax - A percentage of income that goes to the government. This is progressive, meaning the more you make, the higher your top tax rate is.

Taxable income - Any monetary benefit (cash or otherwise) that is subject to taxes.

Deductions - These are items you can use to lower your taxable income, like student loan interest.

You can also reduce your taxable income by contributing money to accounts like a traditional IRA/401k or HSAs/FSAs

*Special for 2020: There is a $300 charitable deduction, meaning you can donate $300 pre-tax to the organization of your choice. Please consider taking advantage of this as the world needs more good things and you benefit as well!

It's critical to find a healthy balance with your money. Obsessing over it will drive you nuts, not being focused enough could create a financial crisis down the road. Discover how to find your financial middle ground in today's episode.

Key Reflections/Questions:

1. Reflect on your financial life goals (ideal house, cars, family, other big ticket items.)
2. What influences can you break away from?
3. What is your lifestyle and what resources are needed to achieve it?
4. Are you tracking towards your financial goals?
5. Do you currently have an unhealthy relationship with money? (Overspending, spending poorly, not spending enough)
6. What steps can you take to find your balance?

Everyone gets excited when they get their first paycheck. However, this is also when a lot of mistakes are made. Host Grant Gardner dives into the key financial priorities to ensure you're setting yourself up for future success.

Financial Priority Order

1. Fully funded emergency fund
2. Establish a solid savings account
3. Pay down debt
4. Start investing
5. Purchase valuable things