You don’t have to act like the character on Succession to Increase your net worth in 2022. BEVERLY … [+]
Here are five money moves everyone should make in 2022 to help take the stress out of building their wealth. Some of these will save you money, which will allow you to put more momentum behind your wealth building.
Increase Retirement Plan Contributions
Whether you are contributing a little or a lot, now is an excellent time to increase your retirement plan contributions. Good news from the IRS for workers, you can now contribute $20,500 to a 401(k) as an employee. For small business owners, the total contribution limit for a 401(k) is $61,000 in 2022. If you are age 50 or older, you can also make a $6,500 catch-up contribution. For high-income earning business owners, contribution limits to a Cash Balance Plan have increased from $230,000 to $245,000 in 2022. This is in addition to the 401(k) contribution limits.
At the very least, you should be contributing enough to your 401(k) to get the full employer match. This is like getting free money or a raise from your employer and not having to pay taxes on the income this year.
You could save thousand of dollars per year negotiating your cell phone, internet, cable and other … [+]
Check Your Recurring Bills-Call for Better Deals
Take a few minutes and review your monthly bills. What recurring services are you paying for that you aren’t really using? If you aren’t using an app or streaming service, cancel it.
For other services like internet, cable, cell phone, home phone, and so on, you likely had some type of discounted price for service when you originally signed up. If this initial promotion has ended, call your provider, and see if they have a client retention bonus or pricing. You may also want to consider switching providers to save money each month. Last year, I was able to upgrade my iPhone essentially for free. I just had to pay the tax. Of course, the downside is I am tied to my cell phone provider for two more years.</…….