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- Reflection No. 15
Reflection No. 15
Looking ahead: travel hacking, individual income taxes, and budgeting
Josh Kirkwold
December 27, 2024
In partnership with
Good morning and happy holidays. As 2024 winds down, it’s the perfect time to reflect on the year behind us and look ahead to all that’s to come. Thank you for being part of this journey with Reasoned Reflections—your support means everything. I’m excited about what’s in store for 2025 and can’t wait to share it with you. See you next year!
TODAY ON REASONED REFLECTIONS:
Personal finance articles 💰;
What’s on the docket for Reasoned Reflections in 2025;
Time to reflect;
Quote of the Reflection.
Personal Finance Articles 💰
Time for a bit of R&R
My Take - Don’t forget about RMDs (Required Minimum Distributions)—they can sneak up on retirees. Conversions and charitable donations can be smart strategies to consider as part of your retirement planning. If you have pre-tax retirement accounts like 401(k)s or traditional IRAs and you’re over a certain age, Uncle Sam will come knocking for his share. Understanding how to prepare can save you a lot of stress and money!
Class is in session: Wealth Lessons
My Take - Being rich and being wealthy aren’t the same thing. True wealth comes from accumulating assets and letting your money work for you over time. The best part? The earlier you start, the more powerful the growth becomes.
My Take - There’s a lot of wisdom here, but the key takeaway is this: it’s time in the market, not timing the market, that builds wealth. As Benjamin Graham famously said, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.” Focus on the long term and tune out the noise.
My Take - Consistency is the secret weapon for building wealth. Investing a set amount each month might feel boring, but it’s the tried-and-true path to becoming a millionaire. Stay the course, trust the process, and over time, you’ll see your dedication pay off in a big way. Slow and steady wins the race!
My Take - Wouldn’t it be nice to have a revenue stream like Mariah Carey’s every December? Talk about stress-free Christmas shopping! If only we could all cash in on a timeless holiday classic—but hey, building passive income streams is a step in the right direction!
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Reflection No. 15: Reasoned Reflections in 2025
I - Issue: What’s to come on Reasoned Reflections in 2025?
R - Rule: In the year’s first quarter, we will dive into things like travel hacking, individual income taxes, and budgeting. Each month will cover key concepts and help you sharpen your personal finance skills.
A - Analysis: Reasoned Reflections will kick off 2025 by jumping into the world of travel hacking in January. Many people hear “travel hacking” and assume it’s only for frequent flyers or those with massive credit limits. In reality, travel hacking means using credit card rewards, sign-up bonuses, and loyalty programs to cut costs on flights, hotels, and other travel expenses. Think traveling in style but on a budget. One concept we’ll explore is credit card churning, which involves opening new credit cards to take advantage of bonus offers. However, there are things to remember as you do this, like Chase’s unwritten 5/24 rule or AMEX’s lifetime language. We’ll also address the impact of these strategies on your overall credit score, with an eye toward responsible use of credit rather than endless spending.
Next, in February, we’ll look at individual income taxes—a topic that can be intimidating for many. We might break down the difference between above-the-line and below-the-line deductions, the benefit of taking the standard deduction rather than itemizing, and the difference between tax credits and tax deductions. We will cover individual income taxes just in time for tax season. Who knows? You might enjoy doing your taxes this year!
March will bring the focus to budgeting—ugh! Some people enjoy controlling every dollar they spend, while others prefer a looser approach. We’ll compare a few well-known methods, including a conscious spending plan, the EveryDollar system, and the 50/30/20 method. By the end of March, you should know more about each of these budgeting options.
Whether you’re new to personal finance or you’ve been saving for years, each Reflection will offer a new understanding of each topic discussed.
C - Conclusion: Following this three-month lineup—travel hacking in January, taxes in February, and budgeting in March—you’ll gain the tools to improve your financial life one month at a time.
Time to Reflect…
As the year comes to a close, it’s always a good idea to reflect on the highlights. For me, 2024 was special—not just for my family milestones but also because it’s the year I took the leap and launched Reasoned Reflections.
A huge thank you to those who’ve been with me since the beginning and to the new readers just joining this journey. To wrap up the year, here are a few of my favorite Reflections from 2024!
Quote of the Reflection
“You are never too old to set another goal or to dream a new dream.”
-C.S. Lewis
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