TessMore Finance Blog

Cryptocurrency seems to repeatedly come close to gaining acceptance and then throwing away its newfound cachet. It gains ground with mainstream investors, then sacrifices those gains to volatility with investors retreating to the sidelines yet again. Institutions, likewise, talk the game yet seem to talk more than to act. There are some notable exceptions; some organizations have made significant investments or commitments into cryptocurrency or related activities. These organizations are outliers. Many are looking at crypto; fewer are taking significant action. Despite crypto’s wild ride and propensity to appear to resist becoming “acceptable,” many institutions and investors feel that cryptocurrency and decentralized finance (DeFi) are going to be a significant power in the future. Which begs the question of what to watch for in cryptocurrency. What might be the signs that crypto will soon be emerging from its teenage angst and ready to play a meaningful role in society? Regulati...

The most basic purpose of any annuity is to provide a steady income in the future. Like most financial products, annuities have expanded in recent years and come in various flavors. A multi-year guaranteed annuity (MYGA) provides that income stream but does it in a way that is generally more conservative than other annuity types. You might think of an MYGA as the CD version of annuities. This article will explain how MYGAs work, including tax treatment, pros and cons, and how they compare to other investment vehicles. Table of Contents What Is an MYGA and How Does it Work? The Tax Consequences of MYGAs MYGA Pros & Cons Pros: Cons: MYGAs vs. CDs MYGAs vs. Other Types of Annuities Should You Purchase an MYGA? What Is an MYGA and How Does it Work? Like all annuities, an MYGA is an investment contract with an insurance company. You turn your funds over to the insurance company in exchange for a future stream of income. Annuities can be a preferred source of future i...

Healthcare and health insurance is a complicated topic, and there are many differing opinions on how it should best be handled. In many countries, there is universal healthcare for everyone, but that is not the case in the United States. While there are government-run programs for the elderly (Medicare) and those with low-incomes (Medicaid), most people get health insurance for their family through private health insurance companies, usually through their employer.  This coverage often extends to the employee’s family, including spouse and children. Most insurance plans have a limit on how old the employee’s children can be to still receive coverage. When the Affordable Care Act (ACA) passed in 2010, this limit was standardized to be 25 years old.  How Long Can You Stay on Your Parents’ Health Insurance? The Affordable Care Act standardized the age in which children could remain on the health insurance plan of their parents at 25. Before the ACA, it was common for insurance...

Bringing a child into the world may be priceless, but fertility treatments are anything but. This high price tag can put aspiring parents into a tough position, forcing them to choose between starting a family and avoiding massive amounts of debt.  Thankfully, there are several strategies you can use to reduce or eliminate the need to borrow money for fertility treatments. Here are some of the best options, along with some advice for those who find themselves needing to take on debt to pay the remaining costs. Understand your insurance coverage In 15 states, insurance companies are required to provide some amount of fertility coverage. This depends on the exact state. If you live in one of these states , look at your specific insurance policy and see what they offer.  Some employers also provide fertility coverage, even if the state doesn’t require it. Major companies like Starbucks, Apple and Amazon provide comprehensive fertility coverage for qualifying employees. Check...

This week I'm in Orlando for Fincon , the annual gathering of folks who work at the intersection of money and media. As a result, I haven't had time to do all of the things I normally do during a week. I haven't been reading or writing about money. Instead, I've done a lot of chatting with colleagues. We've been coming together at Fincon since 2011. At first, we were nearly all strangers to each other. Today, many of these people are my closest friends — but they're friends I see in person only once or twice each year. I value every moment I get to spend with them. On Tuesday, for instance, a group of us booked a private VIP tour through the Disney theme parks . We had a blast. I mean, look at this wretched hive of scum and villainy… Chatting with other money nerds this week has given me additional clarity about the future direction of Get Rich Slowly — on the web, on YouTube, and in the email newsletter. You see, most money bloggers (and podcasters and Yo...

If you love budgeting spreadsheets, there’s a good chance you’ve heard of Money in Excel. Unfortunately, Microsoft will no longer support the program after June 30, 2023.  If you’re a current user, it might be time to consider replacement budget software. The good news is that several alternatives also provide a spreadsheet experience. This article covers five Money in Excel alternatives you may want to try. Table of Contents Is Money in Excel Closing? Best Money in Excel Alternatives Tiller Personal Capital YNAB Mint Quicken Final Thoughts Is Money in Excel Closing? Microsoft announced in May 2022 that they would discontinue Money in Excel after June 2023. As a result, you will no longer be able to enjoy these features: Linking financial accounts Importing transactions Customizable budget templates Sharing budgets with partners and financial advisors Any financial details in your OneDrive cloud account won’t be deleted but will no longer work with this E...

I’ve been tracking our net worth like a weirdo since I started working in 2003. That’s nearly 20 years of data. Sweet sweet data. This post was originally written in 2017 but after the years we’ve had in 2021-2022, it rings even truer. I’ve updated it with two more lessons at the end. That first row is so simple. 2 bank accounts, 1 brokerage account, and what I considered an impressive net worth of $8,745.69. That’s the equivalent of $14,105.27 today (July 2022). $4,519.44 was my Roth IRA, accumulated during high school and college. The rest was a sizable signing & moving bonus from Northrop Grumman. My side hustle proceeds played a role too. Except I didn’t do it completely accurately. It didn’t include $35,000 in student loans… whoops. What’s most enlightening are the comments I left. They’re little notes in some cells to help jog my memory on what happened that month. They’re typically tentpole moments in my life, like moving, getting married, selling a business, or ...

There comes a time in your financial life where you wonder if what you’re doing supports your long term goals. We all know saving money is important. We all understand investing is important. I reached that point a few years before I wanted to buy a house. I’d been aggressively saving towards my 401(k) and Roth IRA – both are good things. But if my goal was to save towards a house in 3-5 years, having that money “stuck” in retirement accounts wasn’t right for my goals. I never met with a financial planner or even thought about the term “financial plan,” but I should have. Instead, I just did some messy math on some scrap paper and pulled back my 401(k) contributions. We wouldn’t start working with a fee-only financial planner later on – that’s when I saw how structure and rigor could’ve helped. Both give you the confidence that you’re doing the right thing and also something easy to follow. Juggling various short-term and long-term financial goals or just knowing if you’re saving ...