--- title: What Financial Lessons Will You Put to Use in the 2020s? - CWG Advisors description: Resolved to get your finances in shape for a New Year—and a new decade? WSJ readers responded to our series of forward-looking personal-finance stories by sharing their own experiences and advice. Aggressive Millennial Saver Twenty-seven-year-old Kamal Sohal puts a priority on saving. I’m fortunate to have a job that pays well. I try to save... --- [Speak to an Advisor](tel:800-738-6734) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/new-logo.png?width=180&height=207&name=new-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/header-logo.png?width=180&height=207&name=header-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) [![CWG Advisors](https://info.cwgadvisors.com/hs-fs/hubfs/raw_assets/public/CornerstoneWealth_December_2020/images/mobile-logo.png?width=139&height=207&name=mobile-logo.png "CWG Advisors")](https://www.cwgadvisors.com/) - [Wealth Services](https://cwgadvisors.com) - [Business Solutions](https://cwgadvisors.com/business-solutions) - [Private Wealth](https://www.cwgadvisors.com/private-wealth) - [About](https://cwgadvisors.com/about) - [Insights](https://info.cwgadvisors.com/blog) - [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) Menu - [Wealth Services](https://cwgadvisors.com) - [Business Solutions](https://cwgadvisors.com/business-solutions) - [Private Wealth](https://www.cwgadvisors.com/private-wealth) - [About](https://cwgadvisors.com/about) - [Insights](https://info.cwgadvisors.com/blog) - [Schedule a Consultation](https://tarantula-mango-b5sn.squarespace.com/schedule-a-consultation) ## What Financial Lessons Will You Put to Use in the 2020s? - - [Blog](https://info.cwgadvisors.com/blog) - What Financial Lessons Will You Put to Use in the 2020s? [#college](https://info.cwgadvisors.com/blog/tag/college), [#financial](https://info.cwgadvisors.com/blog/tag/financial), [budget](https://info.cwgadvisors.com/blog/tag/budget), [Featured Article](https://info.cwgadvisors.com/blog/tag/featured-article) # What Financial Lessons Will You Put to Use in the 2020s? - By [CWG Advisors](https://info.cwgadvisors.com/blog/author/cwg-advisors) - January 07, 2020 - [0](https://info.cwgadvisors.com/blog/2020/01/07/what-financial-lessons-will-you-put-to-use-in-the-2020s#comments-listing) Resolved to get your finances in shape for a New Year—and a new decade? WSJ readers responded to our series of forward-looking personal-finance stories by sharing their own experiences and advice. --- ![iStock-1172322613.jpg](https://static.hsstatic.net/BlogImporterAssetsUI/ex/missing-image.png) --- **Aggressive Millennial Saver** *Twenty-seven-year-old Kamal Sohal puts a priority on saving.* I’m fortunate to have a job that pays well. I try to save $30,000-$40,000 a year, partly because of what I witnessed during the Great Recession when many of my friends’ parents struggled to make ends meet. My parents, who are legal immigrants, always worked labor jobs and they felt the impact. Fewer hours led to fewer goods and services for our household. I fear that another event like the Great Recession could render more people helpless, especially as more companies automate many administrative tasks. The impact will be felt at all income levels. **Digging Out from Divorce** *Jen Khoury, 37, encourages anyone entering a relationship to take an active role in financial decisions.* The lesson I learned from my divorce is the importance of being financially aware and independent before you tie your future to someone else’s. In my case, I was living in a new country without any knowledge of how the financial system worked, so I took a passive role in marital finances. A divorce can be traumatic without any financial strain. If you don’t have a security net, you can’t hire lawyers, you put basic living expenses on credit cards, it is hard to find someplace to live, and you’re dependent on the job market to feed your kids. Looking back, I wish I had put away even $5 a month. How am I approaching the next decade? Every night I read about personal finances and try to tailor the information to my situation. I use apps to help me save and invest. I’m trying to learn as much as I can about financial independence so I can best prepare my child for life. **Single and Retired** *Nancy Wilkerson retired at the end of 2017 and despite thoughtful preparations, she was surprised to discover a crucial difference in the way that Medicare fees affect single people.* In retirement, I have learned a big lesson regarding Medicare and specifically the income-related monthly adjustment amount (IRMAA). The brackets are very punishing to anyone who isn’t married, filing jointly. *Which financial experience in the past decade is shaping the way you look to the next decade? Join the conversation below.* A relatively small increase in income, such as taking money from a 401 (k) for home repairs or reaching the required minimum distribution age of 70-1/2, can move a single person (including head of household and widow/widower) up one or two brackets. For example, a withdrawal of $35,000 can result in an additional $2,000 or more \[a year\] in IRMAA for singles, while it is likely to have no impact on those married and filing jointly. Now, I have to consider what impact returns from investments will have on my IRMAA bracket. Are the returns sufficient to offset additional taxes and any other income-adjusted costs, or is it best to just sit on the cash? Not only do single seniors need to think about the tax implications of 401(k)s, IRAs or other income, they should also consider the significant impact these will have on their IRMAA. **A Plan for the New Graduate** *Andrew Clark offers a road map to financial security that he created for his son, who recently graduated from college.* Within a year of graduation, my son will have no college debt, a paid-off new car, and he will be living in a home he owns. 1. Open three bank accounts. One for after-tax savings, one for routine bills and one for spending. 2. Allocate your paycheck. Put 10% in a 401 (k), allocate a certain monthly amount for budgeted, routine bills (food, gas, etc.), and put the rest (at least 20%) in an after-tax savings account. 3. Live at home at first to save cash so you can move out. 4. Share major expenses with a family member. As a graduation gift, I split a $30,000 truck with him. I paid $15,000 and he will pay off the other $15,000 with his signing bonus. Also, we plan to buy a condo together. He will put down $5,000 and I will cover the rest. It will be held in a trust or a company that we form. He will pay the note and the utilities, then he can move out in two to five years, at which point we will rent it out and buy a new place for him to live. Then, repeat. *Want to learn more about Retirement in 2020? Visit another article on [cwgadvisors.com](http://cwgadvisors.com): [https://www.cwgadvisors.com/2020/01/02/retirement-2020-what-to-watch-for-in-the-new-year](https://www.cwgadvisors.com/2020/01/02/retirement-2020-what-to-watch-for-in-the-new-year)* *Copyright 2020 Dow Jones & Company, Inc. All Rights Reserved. By Carrie Reynolds on Jan. 7, 2020* *Featured articles are not written by Cornerstone Wealth as information was obtained from third-party sources, which we believe to be reliable, but not guaranteed. These articles are a matter of opinion and are for informational purposes only. Is it not intended to serve as investment advice and does not address or account for individual circumstances. Decisions should always be made based on the client’s specific financial needs, goals, objectives, time horizon and risk tolerance. * Share this post - - - - - - ##### [Previous The Decade in Retirement](https://info.cwgadvisors.com/blog/2020/01/02/the-decade-in-retirement) ##### [Next 3 Biggest Mistakes Retirees Make & How to Avoid Them](https://info.cwgadvisors.com/blog/2020/01/08/3-biggest-mistakes-retirees-make-how-to-avoid-them) ![CWG Advisors](https://app.hubspot.com/settings/avatar/d41d8cd98f00b204e9800998ecf8427e) ### [CWG Advisors](https://info.cwgadvisors.com/blog/author/cwg-advisors) Related Posts #### [3 Biggest Mistakes Retirees Make & How to Avoid Them - CWG Advisors](https://info.cwgadvisors.com/blog/2020/01/08/3-biggest-mistakes-retirees-make-how-to-avoid-them) January 08, 2020 By Debbie Carlson, Jan. 6, 2020 #### [How Roth IRA Conversions Can Limit the Tax Hit from RMDs - CWG Advisors](https://info.cwgadvisors.com/blog/2020/01/09/how-roth-ira-conversions-can-limit-the-tax-hit-from-rmds) January 09, 2020 #### [Resilient U.S. Economy Fuels Best January Stocks in 30 Years - CWG Advisors](https://info.cwgadvisors.com/blog/2019/01/31/resilient-u-s-economy-fuels-best-january-stocks-in-30-years) January 31, 2019 By Amrith Ramkumar on Morningstar ### Contact Info - Phone:704-987-3410 - Email: [info@cwgadvisors.com](mailto:info@cwgadvisors.com) Web: [cwgadvisors.com](https://www.cwgadvisors.com/) ### Social Links - - - - ### Latest posts [![cybersecurity ](https://info.cwgadvisors.com/hs-fs/hubfs/cybersecurity.png?width=180&height=138&name=cybersecurity.png)](https://info.cwgadvisors.com/blog/make-yourself-a-difficult-target-cybersecurity) ## [Cybersecurity: Make Yourself a Difficult Target](https://info.cwgadvisors.com/blog/make-yourself-a-difficult-target-cybersecurity) September 18, 2024 [![6 core values of a good financial planner](https://info.cwgadvisors.com/hs-fs/hubfs/_White%20Orange%20Simple%20Travel%20YouTube%20Thumbnail.png?width=180&height=138&name=_White%20Orange%20Simple%20Travel%20YouTube%20Thumbnail.png)](https://info.cwgadvisors.com/blog/the-top-6-core-values-a-good-financial-planner-provides) ## [The Top 6 Core Values a Good Financial Planner Provides](https://info.cwgadvisors.com/blog/the-top-6-core-values-a-good-financial-planner-provides) September 9, 2024 [![market volatility ](https://info.cwgadvisors.com/hs-fs/hubfs/Orange%20Bold%20Business%20Steps%20YouTube%20Thumbnail%20(1).png?width=180&height=138&name=Orange%20Bold%20Business%20Steps%20YouTube%20Thumbnail%20(1).png)](https://info.cwgadvisors.com/blog/navigating-market-volatility-a-note-from-cliff-hodge-cfa) ## [Navigating Market Volatility: A Note from Cliff Hodge, CFA](https://info.cwgadvisors.com/blog/navigating-market-volatility-a-note-from-cliff-hodge-cfa) August 5, 2024 ![logo_wealth_dark-1](https://info.cwgadvisors.com/hs-fs/hubfs/logo_wealth_dark-1.png?width=208&height=108&name=logo_wealth_dark-1.png) 16810 Kenton Drive, Suite 200 Huntersville, NC 28078 Phone:704-987-3410 Email: [info@cwgadvisors.com](mailto:info@cwgadvisors.com) Web: [cwgadvisors.com](https://www.cwgadvisors.com) [Additional Offices](https://www.cwgadvisors.com/contact) - [About](https://tarantula-mango-b5sn.squarespace.com/about) - [Advisor Portal](https://tarantula-mango-b5sn.squarespace.com/about) - [Client Login](https://tarantula-mango-b5sn.squarespace.com/account-login) - [Client Survey](https://tarantula-mango-b5sn.squarespace.com/account-login) - [Contact Us](https://tarantula-mango-b5sn.squarespace.com/about) - [Business Solutions](https://tarantula-mango-b5sn.squarespace.com/about) - [Private Wealth](https://info.cwgadvisors.com/blog?__hstc=21858660.3f7c3c2f987db7c25d28974db8da9564.1679519308832.1679519308832.1679519308832.1&__hssc=21858660.5.1679519308833&__hsfp=3338797934) - [Insights](https://info.cwgadvisors.com/blog) ### Sign up for our eNewsletter https://www.cwgadvisors.com/© Copyright 2024. 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