Two things in life are certain: death and taxes, but have you ever considered the impact your death has on the taxability of your things? Depending on how you are saving, you could potentially be passing a tax obligation onto your heirs.
One of the most costly living expenses for many Americans is health care. In some cases, your employer may pay for all or a portion of your insurance costs, but what if your circumstances are different?
It is not a secret that the prices of goods and services have increased substantially over the past year. We see it in our daily lives, whether at the grocery store or browsing Amazon.com in search of our familiar vices. As some of you know, this steady increase in the prices of goods and services is due to inflation (in most cases). According to the United States Bureau of Labor Statistics, year-over-year inflation currently sits at 4.93% for the 12 months ending April 2023. This is based on the ‘all items’ consumer price index, which includes food and energy. However, should all price increases be attributed to an increase in the consumer price index? The answer is no, and here’s why:
When it comes to planning for your education, there is no better vehicle than a 529. A 529 is a tax-advantaged account designed to help pay for education. 529 Plans grow tax-deferred, and withdrawals are tax-free if they are used for qualified educational expenses. The downside if proceeds are not used for qualified educational expenses, any earnings will come out as ordinary income and a 10% penalty is tacked on. However, recent legislative changes now allow for greater flexibility with leftover or unused 529 plan funds!
You have probably witnessed a tweet or some financial ‘expert’ on TikTok pose the question, “Would you rather have a million dollars today or a penny doubled every day for 30 days?” The purpose of this question is that today many people are inclined towards instant gratification due to one-day amazon prime shipping, subscription services, and on-demand entertainment. Not only is the $1,000,000 gift today significant, but if I don’t have to wait 30 days, sign me up! Heck, maybe I’ll even invest it. Obviously, this hypothetical exercise is meant to make you think it through. Why bother asking the question if the answer is so obvious?
Springtime is almost here! Spring brings a sense of renewal and optimism after the long dreary winter months. As the warmer weather moves in, we tend to find ourselves feeling more motivated, ready to clear out the old and bring in the new! Spring cleaning is a popular tradition for many, as it provides a chance to clear out any stagnant clutter and stale air. We kick off the season with scrubbing, organizing, and decluttering all of the physical aspects of our home and lives.
Cash is truly a horrible investment. I’m not talking about folding paper; I'm talking about savings accounts, money markets, and short-term CDs. In the same breath that I say cash is trash, I could also say cash is king. Cash is king as it is the single most important financial planning tool.
Stellantis, formally Chrysler, employees will be eligible to receive annual profit-sharing. As a result, approximately 40,500 U.S. hourly workers will receive up to $14,760 in profit sharing.