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Important Tax Update | Ep 178

Brad discussed the aggregation of marginal gains and looks at all the little things he does to save money, like searching for coupon codes every time he buys something online.

Jonathan encourages you to use this time to do that thing you know you should do but haven’t. He’s also getting into David Goggins and his book Can’t Hurt Me which is about how David Goggins completely transformed his body and mind.

Also, don’t let this be a time to give up working out. Go for a run. Do bodyweight exercises. Find a way to stay fit despite the changes in your routines and schedules.

Tax Deadlines

Sean Mullaney from the FI Tax Guy called in to let us know that 2019 tax returns and tax payments are due on July 15th.

You should still go ahead and file if you are ready and getting a refund. However, if you owe taxes you should wait to file. The reason is because tax software needs time to be updated with the new dates. If you file right now, it may show that your payment is due on April 15th.

Most states are also working on delays. So double-check with your state.

Estimated Tax Payments For 2020

Quarter 1 estimated tax payments have been pushed back to July 15th. But Quarter 2 tax payments are still due on June 15th as of right now. This is continuing to evolve so stay tuned.

Where To Keep Your Emergency Fund

We recommend using a high yield savings account like CIT Bank’s Savings Builder Account. As of today, they are offering 1.25 interest on this savings account.

Help With The Mask Shortage

If you want to help with the current mask shortage please check out our new Masks page here.

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Sometimes on the journey to FI, we ask ourselves the following; do I really need to spend money on this? Do I really have the time and resources for that? These questions may be easy to dismiss by saying no in order to stay on track with your financial goals, but by dismissing them, you could be missing out on something that is beneficial to your personal journey! This week we are joined by friend of the podcast, Chris Hutchins, to talk about the hacks for optimizing your life, the differences between cheapness and frugality, and the importance of valuing your time and what it can lead to. Saving money is an important part of achieving FI, but you should never feel so restricted that you miss out on investing your time and money in things that bring joy and value into your life. While saving is important, it’s okay to spend money. Whether it’s on a trip or investing in something new, there are ways to make it work without feeling guilt or shame. Prioritizing and valuing your time can introduce new experiences and provide happiness as well as perspective while on this journey! 

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