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What Is a Sinking Fund and How Can It Help Your Finances?

A sinking fund is money saved up or set aside for a specified use at a stipulated time. You can establish a sinking fund by saving a bit of your income each month, completely separate from your savings account or emergency fund. Sinking funds are an effective way to save and pay for large expenses […]

Written by prositesfinancialOct 27 • 2 minute read

How Does Cryptocurrency Impact Your Taxes?

Recent periods have been a busy time for cryptocurrencies, even amidst the global pandemic. Bitcoin, which is the largest cryptocurrency as per the market value, initially skyrocketed before fluctuating widely towards the end of 2020 and the start of 2021. Other cryptocurrencies, such as Tether, Ethereum, and Ripple, have also increased in popularity as the […]

Written by prositesfinancialOct 13 • 2 minute read

4 Ways to Minimize Your Taxes

Taxes are inevitable! Like most taxpayers, you are probably wondering how you can minimize the amount you owe. Your income is taxed at the local, state, and federal levels, not forgetting additional deductions to cover Medicare and Social Security. While tax situations differ for every individual, there are specific steps that most taxpayers can take […]

Written by prositesfinancialSep 22 • 2 minute read

5 Facts You Should Know About Compound Interest

If an investment or loan accrues compound interest, its interest is calculated using the sum of its initial principal plus any previously accumulated interest. You can think of this concept t as “interest on interest” that will make your money grow faster than simple interest. Suppose you deposited $100 one year ago in an account […]

Written by prositesfinancialSep 15 • 2 minute read

Why Is Compound Interest So Powerful?

Compound interest is calculated by combining the initial principal of a loan with its previously accumulated interest. When prior interest is included in the balance of the loan, the interest is essentially reinvested, generating higher yields as time passes.  Financially literate investors utilize the concept of compounding interest to accumulate wealth over time, and it can be beneficial for […]

Written by prositesfinancialAug 11 • 2 minute read

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