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I-bonds are Savings bonds issued by the U.S. Treasury and designed to save your coins from inflation. The rate of I bonds is a combination of a fixed interest rate and a rate that adjusts depending on the inflation rate.
So what’s all the hype about? The yield or returns are higher than your average interest rate at a bank
They’re exempt from state and local income tax
May be completely tax free if you use interest for qualified education expenses
Is this too good to be true? Not in this case! The only thing is you can’t cash them out until one year after purchasing and if you cash out in years 2-5, you lose the first three months of interest you earned. Wait the full five years and you can laugh all the way to the bank penalty free.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.