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1061. Worried about locking your money away in a retirement account? Host Laura Adams answers a question about choosing investments without losing sleep over liquidity. You’ll learn the pros and cons of taxable brokerage accounts versus retirement accounts, the surprising Roth IRA "loophole" for penalty-free withdrawals, and a simple strategy for choosing diversified investments.

Key Takeaways

• Taxable brokerage accounts offer complete liquidity with no withdrawal penalties or deposit caps, but require paying annual taxes on dividends and capital gains. Retirement accounts offer tax savings, but carry strict annual limits and early withdrawal restrictions.
• Roth IRA contributions can be withdrawn at any time, for any reason, with no tax or penalty, giving you a built-in safety net.
• Stick to broad-market index ETFs (like S&P 500 or Total Stock Market funds), which are diversified and rarely generate unexpected annual tax liabilities.
• Build an emergency fund as a top financial priority, then maximize any free matching for a workplace retirement plan, and then fund a Roth IRA.
• Consider using a taxable brokerage account for non-retirement or mid-term financial goals.
• Investing consistently is key to building wealth with the least effort possible.

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1060. Dreaming of retiring early or taking an extended career break, but worried your money is locked away until age 59.5? Host Laura Adams explains a powerful strategy to retire early and avoid expensive penalties.

Key Takeaways

• A Roth conversion ladder allows early retirees to move tax-deferred funds into a Roth IRA and access the converted amount tax- and penalty-free before 59.5.
• Each Roth conversion requires a separate five-year waiting period before you can withdraw it penalty-free.
• Building a Roth conversion "ladder" means executing annual conversions so that starting in year six, you unlock a new amount of penalty-free funds to spend.
• Doing Roth conversions in low-income years, such as at the start of early retirement, allows you to pay less income tax.
• Have a plan to pay taxes on a Roth conversion from savings or a taxable brokerage account and not from your retirement account.
• Be aware that having higher income due to a Roth conversion could inadvertently reduce ACA health care subsidies.

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1059. Host Laura Adams sits down with Courtney Alev, Consumer Financial Advocate for Intuit Credit Karma. They discuss real listener questions about budgeting, tax refund strategies, and paying down debt. You’ll learn strategies and tips for saving more, managing debt wisely, adjusting tax withholding, and curbing impulse spending to improve your financial life.

Key Takeaways

• Treat savings like an essential bill or subscription by automatically transferring even a small amount into a dedicated savings account every payday before paying other expenses.
• Tracking your total monthly spending is the best way to take control of your cash flow and see where small cuts can make a big difference.
• Rent is the maximum you might pay per month, but a mortgage is the minimum, due to property taxes, insurance, maintenance, and unexpected repair costs.
• A large tax refund means you overpaid taxes throughout the year; however, you may be able to adjust your W-4 withholding for higher monthly paychecks.
• Tackle credit card balances from highest to lowest interest rate to save the most money over time.
• Pause for at least 24 hours before making a non-essential purchase over a certain amount to help eliminate impulse purchases.

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952. Not sure whether you need a financial advisor, or which kind to look for? Laura Adams explains the seven types of financial professionals: bankers, insurance agents, tax accountants, estate attorneys, stockbrokers, registered investment advisors (RIAs), and certified financial planners (CFPs). She covers what each one does, how each is paid, and which are fiduciaries legally required to act in your best interest.

You'll learn the difference between fee-only, fee-based, and commission-based advisors, and how to spot conflicts of interest. Laura also shares where to search for and verify credentials, including LetsMakeAPlan.org, FINRA.org, AdviserInfo.SEC.gov, the IRS preparer search tool, and the National Association of Personal Financial Advisors. She closes with a list of questions to ask in a first meeting. These are especially helpful after a windfall, a new business, a divorce, a growing family, or when you're planning for retirement.

This episode originally ran in August 2025.

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1058. With 10-year U.S. Treasury yields above 5.3%, many investors are asking if they should ditch stocks and play it safe with fixed income. Host Laura Adams answers a listener’s question about investing when retirement is ten years away. You’ll learn the basics of bonds and how to use a three-bucket strategy to lower risk without giving up long-term growth.

Key Takeaways

• A bond is a loan an investor gives an entity (like the federal government, a local municipality, or a corporation) in exchange for interest payments over a period.
• 10-year U.S. Treasury bond yields have climbed above 5.3%, their highest rate in decades, providing an inflation-adjusted return of about 2%.
• The longer the maturity of a bond, the higher its interest rate will be.
• You can buy individual bonds or bond funds, which are diversified and an easy way to buy a preset portfolio of bonds from brokerages and investment platforms.
• Owning individual bonds to maturity eliminates price fluctuation risk, where a bond’s price shifts based on interest rates.
• Retirees can benefit from structuring their portfolio into three buckets: cash, bonds, and stocks, to protect against potential market losses.

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1057. Few things are more frustrating than learning your flight has been canceled. But do you know what you’re legally entitled to when an airline grounds your plane? Host Laura Adams breaks down your rights as an air traveler and explains how to protect your wallet when flights get disrupted.

Key Takeaways

• If an airline cancels your flight or changes your schedule by more than three hours domestically or six hours internationally, you’re entitled to a full refund if you choose not to rebook.
• Research your options using airline apps, by calling their domestic or international customer service, or by messaging their social media.
• Airlines are not required to issue vouchers for delays caused by factors they can’t control, such as severe weather, air traffic control shutdowns, cyberattacks, or unscheduled safety maintenance.
• Paying for your flight or award ticket taxes with a card that offers travel protections can help offset unexpected hotels, ground transportation, meals, and toiletries when your flight is canceled or significantly delayed.
• To claim credit card travel protections, request a "Statement of Delay" from the airline and keep itemized receipts for every expense.

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1056. Should you buy your next home before selling your current one, or is it safer to sell first? How does an existing mortgage impact your ability to qualify for a new loan, and where should your down payment actually come from? Host Laura Adams answers a listener’s questions about navigating the tricky logistics of moving and whether to convert her current house into a rental property.

Key Takeaways

• You can source your down payment from savings, home sale proceeds, a pre-arranged home equity line of credit (HELOC), or a short-term bridge loan.
• Carrying two mortgages at once counts toward a lender’s debt-to-income (DTI) ratio for underwriting.
• If you convert your primary home into a rental property, most lenders allow you to use 75% of rental income (backed by a signed lease) to offset your existing mortgage when qualifying for a new loan.
• A leaseback agreement allows you to sell your home, receive cash proceeds on closing day, and remain in the home as a tenant for up to 60 days.
• Holding two properties simultaneously usually requires higher credit scores and cash reserves.
• Consult a mortgage expert to calculate your exact borrowing limits under different scenarios before placing offers or listing your property on the market.

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1055. Host Laura Adams interviews Natasha Madan, CMO and consumer advocate at Credit Karma, about the financial habits of Gen Z, credit myths, and wise ways to use AI tools. You’ll learn practical strategies to optimize your credit, get the best interest rates, and build wealth faster.

Key Takeaways

• Taking small, consistent actions, such as reducing your credit utilization or consolidating high-interest debt, adds up to slowly improve your finances.
• Paying bills on time and paying off credit card balances in full every month are ways to build credit without accruing interest charges.
• Beyond getting loans at lower interest rates, credit scores affect other parts of your finances, like your insurance rates (in most states) and whether you can rent a home or apartment.
• Always check and optimize your credit months ahead of applying for a major loan (like a mortgage or auto loan) so you can get approved for a competitive interest rate and cut interest.
• Younger generations, like Gen Z, want to enjoy life and plan wisely for the future, instead of sacrificing too much in the present moment.

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1054. Are you comfortable in your career but longing for change? Or maybe you want the freedom to move anywhere in the country without taking a financial step backward? Host Laura Adams answers a listener’s question about safe ways to pivot to a new career with a high earning potential and geographic flexibility.

Key Takeaways:

• Break down your existing career expertise into hard skills (core work functions), soft skills (interpersonal abilities), and system skills (software tools and digital platforms) that you can use in a new career.
• Consider high-demand sectors that exist throughout the US for maximum flexibility, such as healthcare, financial services, insurance, real estate, cybersecurity, and information technology, or fully remote roles.
• Validate your interest in a new field by conducting informational interviews, shadowing professionals, and taking introductory online coursework before resigning from your current position.
• Never judge a relocation offer solely on the gross salary figure; always account for the region’s cost-of-living, housing affordability, and state income taxes to understand your net take-home pay.
• Keep a separate cash cushion outside of your emergency savings to cover upskilling courses, licensing fees, income gaps, and relocation costs.

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1053. Host Laura Adams walks you through seven ways to lower your taxes, maximize savings, and protect your hard-earned cash before midnight on December 31. Don’t let holiday chaos cause you to miss this critical deadline.

Key Takeaways

• Employer-sponsored retirement plans like 401(k)s, 403(b)s, and 457s require employers to deduct contributions from paychecks by December 31.
• Zero out your flexible spending account (FSA) before year-end or confirm your employer’s specific rules, such as a limited carryover or grace period.
• If you’ve met your annual health insurance deductible, schedule remaining doctor visits, recommended tests, or prescription fills in December before your coverage limits reset on January 1.
• Those over 73 must make required minimum distributions (RMDs) from traditional retirement accounts by December 31 to avoid steep penalties.
• If you can move certain expenses (such as a mortgage payment or property taxes) into December, they may help you deduct more by itemizing.
• Check card portals before holiday shopping to activate quarterly bonus categories and redeem annual travel credits or expiring reward points to offset end-of-year expenses.

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1052. Thinking about helping your kids buy a home decades from now? Host Laura Adams answers a listener’s question about the best ways to grow savings. You’ll learn how inflation impacts long-term savings and which growth-oriented accounts offer the best return for long-term goals.

Key Takeaways:

• For long-term goals, low-yield options like CDs carry risk due to inflation. Broad-market index funds (like an S&P 500 fund) offer higher returns that can keep pace with inflation.
• Opening a standard brokerage account in the parent's name allows money to grow in low-cost index funds without contribution caps or early withdrawal penalties. Parents are in complete control of when, how, or if the money is gifted.
• UGMA or UTMA accounts allow parents to invest on a child’s behalf, and ownership legally transfers to the child when they reach adulthood.
• Families with children under 18 can utilize Trump Accounts, which allow up to $5,000 in annual tax-deferred contributions. Plus, those born from 2025 to 2028 are eligible for a $1,000 federal deposit. 
• After age 18, a child’s Trump Account converts to a traditional IRA. It can be converted into a Roth IRA by paying taxes on account earnings, which then allows more options for penalty-free withdrawals.
• Once a child has earned income, parents can match their earnings in a Roth IRA up to the annual limit ($7,500 in 2026). Contributions can be withdrawn anytime tax- and penalty-free for any use. 
• After five years of account ownership, a Roth IRA allows up to $10,000 of earnings to be used penalty-free (but not tax-free) for a qualified first-time home purchase.

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1051. Are you worried about the rising cost of college? In celebration of College Savings Month, Laura compares the two main types of education accounts: 529 savings plans and 529 prepaid tuition plans. You’ll learn their key differences and how to choose the right plan.

Key Takeaways

• Both 529 savings and prepaid plans offer tax-free account growth and tax-free withdrawals when used for qualified education expenses.
• 529 savings plans invest in market portfolios (like index funds) for higher growth potential, while prepaid plans lock in current tuition rates at state universities to hedge against rising costs.
• 529 savings plans cover tuition, room, board, books, computers, trade schools, and up to $20,000 per year for K–12 tuition. 
• Prepaid plans only cover tuition and mandatory fees at a preset in-state university.
• Unused funds in a 529 savings account open for at least 15 years can be rolled over tax-free into a Roth IRA for the beneficiary (up to a $35,000 lifetime cap).
• You can use both accounts to lock in prepaid tuition rates and a savings plan to cover many other qualified education expenses.

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1050. Buying a car can feel like a financial landmine. Host Laura Adams answers a listener’s question about buying a car before starting his first job. You’ll learn how to evaluate your current car, set a budget, secure financing, and find a great deal that doesn’t wreck your financial goals!

Key Takeaways:

• Compare a car’s repair bill against months of new car payments and a potentially higher insurance premium before giving up on an older vehicle.
• To keep transportation costs affordable, follow the 20/4/10 rule to put 20% down, finance for no more than four years, and cap total expenses at 10% of income.
• Get an auto loan pre-approval before you start car shopping so you have an interest rate benchmark if a dealer offers financing.
• Request auto insurance quotes for different cars you’re considering so you understand the cost before buying a vehicle.
• Focus negotiation on a vehicle’s total purchase price rather than the monthly payments, which can be adjusted to include fees or longer loan terms.
• Leasing a car may make financial sense if you need a lower monthly payment, drive lower annual miles, prefer a new vehicle every few years, and don’t care about building long-term equity.

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1049. Think building wealth requires a six-figure salary? Think again. Host Laura Adams breaks down five small, high-impact habits that lead to serious long-term wealth, regardless of your current income. You’ll learn how to turn quiet daily routines into big financial freedom!

Key Takeaways

• Wealth is built on consistency. Setting up automatic transfers to high-yield savings and retirement accounts eliminates the temptation to spend.
• Taking advantage of tax-advantaged accounts creates opportunities for growth and short- and long-term tax savings.
• Low-cost index funds combined with dollar-cost averaging offer a proven, stress-free path to long-term market growth.
• Using the debt avalanche method to target high-interest debt first yields a guaranteed return equal to the interest rate avoided.
• Income is what comes in; net worth is what stays. Regular updates to a net worth dashboard provide the truest measure of your financial progress.

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1048. Receiving an inheritance can be a life-changing financial event, but passing a portion of those funds along to family members comes with a unique set of tax rules. Host Laura Adams breaks down the federal tax consequences of sharing an inheritance. You’ll learn how inherited assets are taxed at receipt, how the federal annual gift tax exclusion works, and smart tax-free strategies to help your loved ones without triggering extra tax paperwork.

Key Takeaways:

• Receiving plain cash or life insurance proceeds does not trigger federal income tax, and you do not need to report it on your federal return. However, a gift giver could owe state tax depending on where they live. 
• As a gift giver, you can exclude up to $19,000 per person per year (or $38,000 if married) without reporting it. 
• Gifts above the exclusion simply require filing IRS Form 709 to count against your $15 million lifetime exemption, meaning almost no one owes actual gift tax.
• Inheriting property or taxable investments adjusts the asset’s cost basis to its fair market value on the owner's date of death, erasing past appreciation.
• If you want to pay tuition or medical bills directly for someone else, it does not count toward your $19,000 annual exclusion or require Form 709 reporting.
• You can superfund a 529 savings plan for someone else and use five years’ worth of annual exclusions at once.

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1047. Host Laura Adams cuts through the confusion and explains the basics of Medicare for anyone approaching 65 or helping a relative compare options. You’ll learn how parts of Medicare work, which expenses Medicare doesn’t cover, how to fill insurance gaps, avoid lifetime penalties, and the truth about costly Medicare myths.

Key Takeaways:

• Medicare Part A covers hospital and inpatient care (premium-free for most), while Part B covers doctor visits and outpatient services for a monthly premium ($202.90 in 2026).
• Medicare Advantage (Part C) is an all-in-one alternative that bundles Parts A, B, and usually D into a single plan with network restrictions and out-of-pocket caps, often adding basic dental and vision coverage.
• Original Medicare doesn't cover long-term care such as assisted living or nursing home stays, or routine dental, vision, and hearing care.
• Medigap protects against out-of-pocket costs, such as deductibles and 20% coinsurance left behind by Original Medicare, but it cannot be combined with Medicare Advantage.
• Missing your Initial Enrollment Period triggers lifetime penalties unless you have active, creditable employer health coverage. 
• Enrollment isn't automatic unless you already receive Social Security benefits when you turn 65. 

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1046. Did your teenager earn money from a summer or part-time job? Laura answers a listener’s question about two tax-advantaged savings accounts for minors: the Roth IRA and the new Trump Account. You’ll learn how both accounts work and where working teens or their parents should put their hard-earned dollars first.

Key Takeaways:

• Minors can have a custodial Roth IRA when they earn income from W-2 employment or self-employment and contribute up to $7,500 or 100% of earned income, whichever is less.
• A Section 530A Trump Account can be opened for kids under 18 regardless of whether they earn income, and contributions can total $5,000 annually.
• A Roth IRA offers tax-free growth and tax-free withdrawals in retirement.
• A Trump Account grows tax-deferred, and once the owner turns 18, it becomes a traditional IRA, with distributions taxed (except for contributions that were previously taxed).
• Parents or relatives do not need to use a minor’s money to fund a Roth IRA; they can match or make an eligible contribution for the minor.
• After age 18, doing a Roth conversion on an old Trump Account is a wise move to lock in tax-free growth forever.
• Eligible working minors can max out a Custodial Roth IRA up to their earnings limit and receive up to $5,000 in a Trump Account from family, friends, or employers in the same tax year.

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1045. Are you taking full advantage of tax-free retirement growth? While both workplace Roth plans and Roth IRAs offer tax-free growth, they come with vastly different eligibility limits, withdrawal rules, and investment options. Laura breaks down the key Roth differences so you can decide which option is right for you. 

Key Takeaways:

• You can contribute up to $24,500 to $32,750 in a workplace Roth for 2026—over triple the $7,500 to $8,600 limit for a Roth IRA, depending on your age.
• Roth contributions make sense if you believe your income or tax rate will be higher in the future when you can take tax-free withdrawals. 
• High earners who exceed the 2026 Roth IRA MAGI limits can not make full contributions to a Roth IRA. 
• You can withdraw 100% of your original Roth IRA contributions anytime, tax- and penalty-free, but that’s not possible with a workplace Roth. 
• A Roth IRA offers better investment choices and early liquidity compared to a workplace Roth. 
• Workers over 50 and earning over $150,000 in prior-year wages must make any workplace catch-up contributions on a post-tax Roth basis.
• Most investors should prioritize contributions to a workplace retirement plan to receive 100% of any employer match.

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1044. Are rising healthcare costs ruining your budget? Laura answers a listener’s question about how to maximize every tax advantage available for healthcare costs. You’ll learn the rules for deducting them on your tax return or paying them with tax-advantaged savings accounts like HSAs and FSAs. We’ll cover which expenses are tax-free and simple strategies to optimize your healthcare spending.

Key Takeaways:

• You can only claim the medical tax deduction if you itemize deductions on Schedule A instead of claiming the standard deduction on your tax return.
• You can only deduct unreimbursed healthcare expenses that exceed 7.5% of your adjusted gross income (AGI), making the medical deduction best for years with high medical bills.
• Tax-advantaged medical savings accounts are powerful because they allow you to save 20% to 35% on qualified costs without claiming a medical deduction.
• Health savings account (HSA) balances roll over forever, can be invested for tax-free growth, and can be withdrawn penalty-free for non-medical expenses after age 65 (subject to ordinary income tax).
• Flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) are employer-sponsored perks for cutting healthcare costs.
• You cannot claim an itemized medical deduction on Schedule A for any healthcare expense paid for or reimbursed using pre-tax funds from an HSA, FSA, or HRA.
• Lawmakers have expanded HSA, FSA, and HRA qualified expenses to cover various over-the-counter (OTC) medications and products.

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1043. Dreaming of your next getaway, but need to do it on a budget? Laura demystifies the world of “travel hacking” for complete beginners. You’ll learn how to leverage everyday spending to earn valuable reward points, maximize their redemption value for free travel, and strategically use credit cards without hurting your credit scores or accumulating debt. This is your secret weapon to travel more for a fraction of the cost.

Key Takeaways:

• Travel hacking isn’t about buying things you don't need, but routing daily bills, groceries, and gas through rewards cards to earn a "rebate" on your regular budget.
• High interest rates on rewards cards can wipe out the value of any points earned.  If you carry a balance, travel hacking doesn't work.
• Various bank currencies like Chase Ultimate Rewards, Amex Membership Rewards, and Capital One Miles are transferrable, giving you freedom.
• Instead of shopping directly on a retailer's site, use a shopping portal that allows you to stack rewards on top of card points.
• Redeeming points for cash back or merchandise usually yields less than 1 cent per point, which gives you a low value.
• Transferring points directly to airline and hotel loyalty programs, especially during bonus promotions, can boost their value significantly.
• Once you have bank cards with flexible rewards, add specific airline or hotel cards (like Hyatt or Delta) to unlock status, free checked bags, and annual free-night certificates.

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On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in November, 2024.

Laura reviews money rules for couples who want to avoid common pitfalls and have a healthy financial life.

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.

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941. Should you buy a rental property before your first home? Laura answers a listener's question about the pros and cons of 'house hacking' as an investment strategy — including how much you really need to save, what lenders require for investment properties, and whether becoming a landlord first is actually a smart path to building wealth.

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1042. Laura Adams interviews Mark Notarainni, an 18-year veteran at Intuit, to explore how integrated platforms and artificial intelligence (AI) are revolutionizing personal finance. Find out how combining tax data, credit histories, and everyday spending can help you take control of your financial life.

Key Takeaways:

• Connecting your tax, credit, and spending data into a single ecosystem gives you a complete picture of your financial health and can improve decision-making.
• Credit Spark allows you to build credit history through routine payments, such as utility and cell phone bills, that typically don’t get added to your credit reports.
• Using a tool like Card Optimizer can help you identify and claim credit card perks, such as cash back and travel rewards. 
• Don't wait until January or April to think about your taxes. Mid-year is the perfect time to audit your bookkeeping, organize expenses, and avoid costly year-end tax surprises.
• Use AI as an assistant to synthesize complex financial data, find savings opportunities, and present actionable choices, but you should always maintain control over your money decisions.

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On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in July 2025.

Laura provides tips for using money as a tool for getting more joy from life.

Transcript: https://money-girl.simplecast.com/episodes/8-ways-to-spend-money-for-a-happier-life/transcript

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1041. If you have extra cash, should you pay off a low-interest mortgage or invest it? Laura answers a listener’s question about balancing financial math with the emotional peace of mind that comes from being mortgage-free.

Key Takeaways:

• Paying off a debt yields a guaranteed return equal to your loan’s interest rate.
• Make sure you have a healthy emergency fund before making extra debt payments.
• Consistently investing 10% to 15% of your income for retirement and capturing any employer matching should take priority over prepaying a low-interest debt.
• Eliminate high-interest debt, like credit cards, as soon as possible. 
• Low-interest, tax-deductible debt, such as a mortgage should be your lowest payoff priority.
• Younger investors benefit from decades of compounding market returns, while pre-retirees should focus on preserving wealth and reducing living expenses.

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1040. Laura explains the hidden risks of canceling credit card accounts. You’ll learn how credit utilization works, when closing an account is and isn’t worth it, and how to protect your credit if you do decide to close a credit card.  

Key takeaways:

• Closing a credit card shrinks your available credit, which causes your credit utilization ratio to spike, resulting in an immediate reduction in your credit scores.
• Canceling a card you’ve owned for a while lowers your average age of credit, which can lower your scores. 
• Before canceling a high-fee card, consider applying for a replacement so you maintain your total available credit and won’t see your credit scores go down.
• If you don’t want a card or its annual fee outweighs the perks, closing it can be worth a temporary credit score dip–unless you plan to make a significant purchase, like a car or home, within the next six months.
• If you’re not disciplined with credit cards, closing them can be worthwhile to prevent overspending and future financial problems.

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On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in July 2024.

Take stock of your finances with Laura’s mid-year checklist for more money success.

Money Girl is hosted by Laura Adams. A transcript is available at QuickandDirtyTips.com

Have a money question? Send an email to money@quickanddirtytips.com or leave a voicemail at 302-365-0308.

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1039. Laura answers a listener’s question about managing multiple 401(k)s with her current and previous employers. Find out the pros and cons of holding old retirement plans, how to streamline your strategy, and simultaneously reach other financial goals, like homeownership.

Key takeaways

• Consolidating old retirement plans into one low-cost IRA or your current employer’s plan simplifies your asset allocation and protects your retirement growth from redundant account fees.
• Always request a direct trustee-to-trustee rollover when moving funds between retirement accounts to eliminate the risk of missing the strict 60-day deadline.
• Workplace retirement plans offer federal protection against creditors with no dollar limit. 
• IRAs are protected by state-specific laws, making plan-to-plan rollovers an attractive choice for those prioritizing maximum creditor protection. 
• First-time homebuyers can withdraw up to $10,000 penalty-free (but not tax-free) from an IRA ($20,000 for qualifying married couples) for a primary residence.
• Early retirement withdrawals for a home down payment should generally be secondary to building a dedicated home down payment savings fund.

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1038. Are you thinking about buying your first home but feeling overwhelmed by interest rates, upfront costs, and hiring a real estate agent? Host Laura Adams walks you through 9 tips every first-time homebuyer must know to protect their finances and land the right deal.

Key Takeaways:

• How subtle changes in your credit score can save (or cost) you tens of thousands in today's rate environment.
• Most mortgage underwriters look for a maximum debt-to-income ratio of 45% to 50%, which includes your existing debts plus the new estimated housing payment.
• Hidden homeownership expenses—from surging insurance premiums to HOA fees.
• You should budget 2% to 5% extra for closing costs beyond your down payment to cover loan origination, appraisals, taxes, insurance reserves, and title fees.
• Why you need an additional 5% of a home’s purchase price saved on top of your down payment.
• A prequalification provides a loose baseline for house hunting, but you need a verified preapproval before making official offers on properties.
• Contract contingencies, such as financing, appraisal, and home inspections, safeguard your earnest money deposit if unmanageable structural defects arise.

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On a road trip, tackling a summer cleanup, or just catching up on podcasts? QDT has you covered with Summer Saturday encores from your favorite shows. See the full Summer Saturday lineup on Spotify and enjoy this episode, which first aired in June 2022.

Find out five ways to save and invest for your child's future and how it should fit into your big financial picture.

Money Girl is hosted by Laura Adams. A transcript is available at Simplecast.

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795. Laura answers a listener question about how to invest in a brokerage account, including the rules you need to know and the best strategy for diversification.

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1037. What actually happens legally and financially when you say "I do"? Laura Adams interviews veteran New York City divorce trial lawyer Jim Sexton about the often misunderstood world of matrimonial law. Whether you are happily single, engaged, or decades into a marriage, Jim’s advice will completely change how you view love, risk, and asset management.

Key takeaways:

• Be aware that if you don't create your own prenuptial agreement, the state’s default laws will apply at the time of a divorce.
• Keeping a baseline of financial privacy and separate funds alongside a joint account can clarify your intentions in a divorce. 
• When dating, pay attention to someone’s risk tolerance so you understand how they feel about debt, gambling, or anything that could stress a family.
• Even in the most trustworthy relationships, completely relying on a spouse to manage money is dangerous because an unexpected crisis could arise.
• The secret to successful long-term relationships isn't flashy; it’s a series of small, consistent habits like regular check-ins, communication, and proactive financial transparency that prevent misery before it starts.

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Summer Saturdays: Best of QDT

Encore Episode: This episode originally aired in June 2022.

733. Ever wonder if using a balance transfer credit card could help you get out of debt faster? Laura interviews Mary Gameng, MBA and Credit Card Specialist with Citizens, and answers a listener question. 

Here are a few topics Mary and Laura talk about on this week's show:

• How many Americans have credit card debt and how much.
• Steps to create a debt pay-off plan.
• Ways using a balance transfer card can improve your finances.
• How card issuers evaluate you when applying for a transfer card.
• Whether using a transfer card can hurt your credit.
• Shopping tips for finding the best balance transfer card offer.

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Money Girl is a part of Quick and Dirty Tips.

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1036. Is Social Security in trouble, or is it just a lot of political noise? Laura answers a listener’s question about what the changes to the retirement fund mean for your financial future. You’ll learn the new tax caps that employees and the self-employed must pay and how to protect your retirement safety net.

Key takeaways

• According to the latest 2026 Trustees Report, the Social Security retirement fund is now projected to face a shortfall by 2032, sooner than previous estimates.
• The Social Security wage base has increased to $184,500 for 2026. High earners will pay a maximum of $11,439 as employees, while the self-employed face a maximum cap of $22,878.
• Retirement benefits for Social Security participants are based on your highest 35 years of earnings.
• While you can claim benefits as early as age 62, doing so permanently reduces your benefits by about 30%. 
• Delaying benefits past your Full Retirement Age (FRA) pays 8% more per year until age 70.
• Social Security benefits may be taxable if your "combined income" (AGI + tax-exempt interest + 50% of benefits) exceeds modest thresholds.

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1035. Host Laura Adams sits down with Plannie founder Annie Lee to expose the most common financial pitfalls couples make. Annie breaks down the "macro approach" to wedding design, explaining how to test-drive a planner and focus your budget for a luxury feel at a fraction of the cost. 

Key takeaways:

• Why overinvesting in a wedding venue is the most common budget mistake.
• How to focus on event expenses that are impactful and instantly set the mood for guests.
• Why locking in the lowest number of guests on catering and venue contracts is wise.
• Leave a buffer in your budget for overlooked expenses, such as administrative fees, taxes, and tips, which can drive your final bill up by 30%.
• How Plannie’s hourly expert consultants can help tackle budget creation, contract reviews, day-of timeline coordination, and much more.
• Working with a Plannie consultant on one or two small hourly assignments (like a venue search or budget review) to test their communication, speed, and compatibility is wise before making a full commitment to work together.

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1034. Watching the young adults in your life navigate their first "real" job is an exciting milestone—but it can also be stressful if you notice them carrying credit card debt or skipping out on savings. Laura answers a heartfelt question on this topic with five non-judgmental strategies to guide a young person toward financial success without sounding overbearing. 

Key takeaways

• To help a young adult improve their personal finances, trade lectures for personal storytelling, like sharing your money blunders.
• Ensure a first-time Gen Z earner understands that paying only the minimum on high-interest debt is a trap that escalates the cost of original purchases.
• Frame credit cards as sophisticated financial tools with excellent benefits that need to be handled carefully, such as with automated payments to avoid interest.
• Investing when you’re young allows you to build wealth for less out-of-pocket than waiting until you earn more. 
• Not maximizing an employer’s retirement match is like turning down a salary raise for no extra work.
• Ask open-ended questions about a young adult’s lifestyle goals, workplace benefits, and day-to-day spending shocks rather than telling them how to budget.

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1033. Host Laura Adams sits down with family law attorney Cari Rincker to unpack the crucial intersection of love, law, and your wallet. Cari reveals why every couple already has a prenuptial agreement (whether they signed one or not) and discusses legal differences between states for divorce. You’ll learn how to protect your assets, open the lines of communication, and build a secure financial future together.

• Why your state’s default divorce laws may not be the prenuptial agreement you want in force if you break up.
• Start the prenup process at least three months before your wedding to ensure ample time for financial disclosures and any tough conversations.
• In states with equitable division (like Illinois and New York), assets are divided in divorce based on factors the courts use to determine what’s “fair.”
• In community property states (like California and Arizona), there is a more straightforward split of assets and liabilities than in equitable states.
• The laws of the state where you actually file for the dissolution of the marriage are what will apply, not where you got married.
• Be sure you have access to your household’s financial records, including tax returns, bank statements, and online account logins.
• To save on the steep emotional and financial costs of a divorce or asset negotiation, couples should avoid fighting over minor details and instead focus their energy on their highest-priority issues.

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1032. Do you have extra side hustle income that’s pushing you into a higher tax bracket? In this episode, Laura answers a listener’s question about whether new self-employment earnings mean it's time to switch from a Roth to a traditional 401(k) or IRA. You’ll learn how to use retirement contributions to lower your taxable income today, the fundamental tax differences between these accounts, and how to choose the best strategy for your small business income. 

Key takeaways

• Traditional retirement accounts allow tax-deductible contributions, but withdrawals in retirement are fully taxed.
• Roth retirement accounts don’t have an upfront tax benefit, but allow your investment growth and future retirement withdrawals to be entirely tax-free.
• Choosing between a traditional and Roth account depends on guessing about your future tax rate, but could also be a preference for having taxable or tax-free income in retirement. 
• If you believe your tax rate is lower today than it will be in retirement, choose a Roth. If your income increases so that your current tax rate is higher today than you expect in the future, choose a traditional retirement account. 
• Using a hybrid approach and splitting retirement investments between traditional and Roth in the same year can be wise.
• When you have self-employment income, you qualify for small business plans, such as a solo 401(k) or a SEP-IRA.

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1031. Are you curious about hiring a wedding or event planner? Amanda Savory from Amanda Savory Events (ASE), a premier agency in New York City, joins Laura to discuss tips for working with a planner, ways to cut costs, and how to have an unforgettable wedding day.  

Find Amanda Savory on Instagram @amandasavoryevents.

• A wedding planner should help you clarify your top priority, such as food, music, or location, and create a realistic budget to achieve it.
• Taxes and gratuities are a couple of expenses that are easy to forget, but that an event planner should automatically incorporate into a budget.
• A destination wedding could save money, but the number of attendees is likely the primary factor that affects the cost.
• Modern weddings can mean splitting the cost between the couple and their families in any way that makes them comfortable. 
• Working with a wedding planner is an investment; however, their experience can save time, prevent mistakes, and help you spend your budget efficiently.

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1030. If you have federal student loans or plan to use them to finance higher education, you must understand significant upcoming changes to the program. Find out the benefits and downsides of new legislation and how it could affect your finances if you’re a current or future student loan borrower. 

Key takeaways

• Due to the One Big Beautiful Bill, massive changes to federal student loans will roll out on July 1, 2026, including annual and lifetime borrowing limits
• The SAVE repayment plan is shutting down, and those currently enrolled must choose a new repayment plan within 90 days of notification from their lender.
• Borrowers who miss the SAVE deadline will be automatically enrolled in standard repayment, which could spike their monthly payments.
• Federal student loan repayment plans will be cancelled or phased out and replaced by the new Repayment Assistance Plan (RAP), which launches on July 1, 2026.
• RAP sets payments at 1% to 10% of your adjusted gross income, waives any unpaid monthly interest, matches up to $50 per month toward your principal balance, and extends loan forgiveness to 30 years.
• If you want to shorten your loan forgiveness, enrolling in a legacy repayment plan may be a better option to discuss with your loan servicer. 

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1029. Does the cost of a summer vacation mean you have to stay home this year? Rising prices for travel, gas, food, and lodging can make a family getaway feel out of reach. But with the right strategies, you can enjoy a memorable summer trip without overspending or going into debt.

In this episode, Laura shares practical ways to stretch your travel budget, from choosing affordable destinations closer to home to saving money on fuel, food, accommodations, and entertainment. Whether you're planning a road trip, a weekend getaway, or a staycation, you'll learn how to create meaningful family experiences while keeping costs under control.

• Consider destinations closer to home to reduce transportation costs and maximize family time.
• Save money on road trips with smart planning for fuel, meals, and routes.
• Cut lodging expenses by traveling during shoulder season and choosing accommodations with kitchen access.
• Find free or discounted activities that deliver fun without straining your budget.
• Build an affordable vacation around destinations that offer both low-cost attractions and reasonably priced accommodations.

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Do you know the difference between good and bad debt? Laura explains why it's a critical concept for saving money, building wealth, and creating more financial security. Plus, she covers a simple 7-step plan for paying off debt fast.

Encore Episode: This episode originally aired on Wednesday, March 6, 2024.

Money Girl is hosted by Laura Adams and is part of the Quick and Dirty Tips Network.

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1028. Laura answers a listener’s question about investing a lump sum or using a dollar-cost averaging (DCA) strategy. Find out what DCA is and its pros and cons whether you have a little or a lot to invest.

Key takeaways

• Dollar-cost averaging (DCA) is a simple strategy where you invest a consistent amount at regular intervals.
• DCA benefits include reducing market risk, needing smaller amounts of cash, and making investing less emotional.
• DCA can also be a wise strategy when you have a large amount to invest, such as a cash windfall. 
• The main DCA downside is potential missed growth when the market is rising over time.
• Making a lump sum investment can be wise when your finances are in good shape, don’t need to be systematic, have a high risk tolerance, and want to maximize returns.

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749. If you’re worried about a recession or just want to strengthen your finances, Laura covers seven steps to take now to ease the impact of a future hardship. 

Encore episode: This episode originally aired in November 2022.

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Think you need to make monumental changes to achieve your financial goals? Think again. Money Girl has 8 micro money habits to help you take control of your finances, feel secure, and reach any realistic financial goal you desire.

Encore Episode: This episode originally aired in June of 2022.

Money Girl is hosted by Laura Adams. Find Money Girl on Facebook or subscribe to the newsletter for more personal finance tips. You can read the transcript here. 

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1027. New graduates can create financial freedom by consistently following a few fundamental money rules. Laura reviews seven tips that can set young adults up for a lifetime of financial success.

Expert advice for navigating life after graduation — for new grads and the people cheering them on. From finances and freelancing to nutrition and knowing when to ask for help, find it all in our "Life After Graduation" playlist on Spotify.

Key takeaways:

• Accepting various types of financial help from family can be part of a new graduate’s launchpad to independence.
• Maintaining a cash cushion in a high-yield savings account should be a top priority for creating financial security. 
• Building your credit scores is an excellent way to get access to credit at lower interest rates and save on various products and services.   
• Keeping debt to a minimum and understanding any student loan repayment options can improve your current and future financial well-being.
• The power of compounding makes it wise to invest sooner rather than later, even if you can only put away small amounts consistently.

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1026. Travel insurance expert, Christina Tunnah of World Nomads, breaks down the benefits of coverage and costly mistakes travelers should avoid. From medical emergencies abroad to unexpected trip interruptions, get insider tips on how to travel and explore the world with less risk and financial stress.

Interview topics covered

• How to choose a travel plan based on your health, belongings you take on a trip, and the cost of a trip.
• Whether you should rely on travel protections offered by a credit card.
• Mistakes travelers make when buying travel insurance and filing claims.
• How to know if ‘cancel for any reason (CFAR)’ is worthwhile coverage you should purchase. 
• Pre-existing medical conditions and other exclusions to watch for when shopping for a travel policy.
• The difference between expat healthcare and travel insurance.
• Why having travel medical coverage is essential when traveling abroad.
• Which countries are affected by war, sanctions, and travel restrictions.

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1025. If you’re considering selling a home, you may wonder how it will affect your taxes. Laura answers a listener’s question on this topic and explains how to use a legit, massive tax exclusion that allows many homeowners to skip home sale taxes altogether.

Key takeaways

• Selling an asset, such as a home, for a profit results in capital gains tax, with a rate that depends on your income and how long you owned it.
• The Section 121 exclusion, known as the home sale capital gains tax exclusion, allows eligible single taxpayers to exclude up to $250,000, or joint tax filers up to $500,000 of capital gains on their primary residence.
• Homeowners qualify for the gains exclusion if they owned and lived in the home for at least two years during the five years preceding the sale.
• There are legal exceptions where you qualify for the full or partial gains exclusion even if you sell your home before living in it for two of the previous five years.

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1024. Are you ready to quit working or to begin a financially independent lifestyle? Laura covers four ways to access your retirement funds without paying a hefty 10% early withdrawal penalty before 59.5. 

Key takeaways

• Using a tax-advantaged retirement account has many benefits, but one downside is typically paying a 10% penalty for withdrawals before age 59.5.
• The rule of 55 is an IRS rule that allows employees to take penalty-free retirement plan distributions when they leave during or after the calendar year of their 55th birthday.
• With a Roth IRA, you can withdraw your original contributions at any age, for any reason, entirely tax- and penalty-free. 
• A SEPP or 72(t) payment plan is an IRS rule that allows you to take equal distributions from a retirement account penalty-free, no matter your age, if you follow strict guidelines. 
• A brokerage account allows you to take distributions penalty-free, no matter your age, but doesn’t offer the tax perks of a retirement account.

Upcoming Wedding Series Coming Up: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308. 

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1023. Are you worried about the future cost of education for yourself or a child? Laura reviews ten ways a 529 savings plan supercharges education savings and can even be used for young students, non-traditional coursework, and professional career pivots.

Key takeaways

• Contributions to a 529 plan get taxed upfront, but the account growth and withdrawals for qualified expenses are tax-free.
• States sponsor 529 plans with various benefits and fees; however, you don’t have to be a state resident to participate in the plan.
• There are no income restrictions to contribute to a 529, and owners typically name a child, who is the future student, as the account beneficiary. 
• Qualified 529 expenses include many costs associated with traditional college, but also include trade schools, vocational training, and professional certifications.
• You can spend up to $20,000 per year on younger students from kindergarten through high school at public, private, or religious schools.
• Leftover 529 funds can be rolled over into a beneficiary’s Roth IRA, with certain restrictions.

Upcoming Wedding Series Coming Up: We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: money@quickanddirtytips.com or leave a voicemail: (302) 364-0308. 

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