States Without Income Tax: Is There a Benefit to Moving?
.States Without Income Tax: Is There a Benefit to Moving?
There are some states without income tax, and amongst many of the high income earners I know, they’d love to live in one. So much so, in fact, that I often get question marks and eye rolls when I tell them that living in California is great. Many of my friends won’t even think about California because of the state income taxes here.
However, is it really all that beneficial to live in states without income tax? That’s what I’m going to look into here, and we’ll see what the outcome is
States Without Income Tax
There are 7 states without income tax, Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. Tennessee and New Hampshire also don’t tax earned income, HOWEVER, they will tax investment income. So, any interest income or dividend income will be taxed at 5% and 2% respectively (for 2019), and you’ll have to file state income tax return.
Federal Reserve: Everything is fine. Just like in 2008
.Federal Reserve: Everything is fine. Just like in 2008
Notes From The Field By Simon Black July 9, 2020 Bahia Beach, Puerto Rico
It’s nothing but rosy news coming from the Federal Reserve.
Recently the Fed released this reassuring statement:
“The banking system remains well-capitalized under even the harshest of these downside scenarios. . .”
In other words, everything is just fine.
Yet at the same time, the Fed also announced that it would impose restrictions on bank dividends and stock buybacks, essentially preventing banks from passing along their profits to shareholders.
If those two statements strike you as completely contradictory, you’re right.
The Coronavirus Is Causing A Cash And Coin Shortage In The United States
.The Coronavirus Is Causing A Cash And Coin Shortage In The United States
By Matthew Gault
A lack of circulation is causing stores all over the country to run out of coins and cash
Banks, laundromats, grocery stores, and retail stores across the country are telling customers that, if they’re paying in cash, they need to bring exact change. All over, ATMs are empty. Last week, a small paper sign taped to the door of a Philadelphia Rite Aid warned customers they needed exact change if they paid in cash.
“Dear Customer: Due to a Nationwide shortage of coins and small bills, we would appreciate exact change if possible. We will exchange your change for larger denomination bills,” the sign read.
A worker at the store told Motherboard in a phone call that the store has recently had trouble getting its coin orders filled by the local bank. Usually, the store orders about $800 in coins, but two weeks ago the bank couldn’t fill the order and last week it could only give Rite Aid half. For now, the worker said the store has enough coins and small bills and customers don’t seem to be too concerned.
Don’t Feel Guilty About Spending Money
.Don’t Feel Guilty About Spending Money [The ROI In Your Life]
Todd Kunsman
One topic within personal finances that doesn’t get discussed often is how spending money is perfectly okay. Gasp! All gasping aside, a recurring theme in the finance industry is how small purchases add up over time and are detrimental to your finances. You’ve seen the “latte” media headlines and how you’re missing out on thousands and thousands of dollars a year. It’s not just media articles either, there are plenty of financial experts who shout the same cliche statements.
“Cut all your expenses,” “Stop buying that daily coffee,” etc. You really start to feel attacked or shameful about your purchases. But, you shouldn’t feel guilty about spending money if it improves the ROI of your life and you have a spending plan (some sort of budget).
Determining the ROI In Your Life (Return on Investment)
We have one life to live and time really does creep up fast. It still feels like last week that I was heading off to college and now as I write this, I’m in my early 30s. And as much as I love saving and investing, I make no apologies in buying things I love that add value to my life — and neither should you!
How to Live Within Your Means Without Feeling Deprived
.How to Live Within Your Means Without Feeling Deprived
Todd Kunsman
As you began reaching adulthood or working on your personal finances, you’ve probably heard (or read) that you need to “live within your means.” It’s a standard process that will help ensure everyone is more financially responsible and will have long-term healthy finances.
However, even though the idea behind this concept is so simple, many times people fall into the trap of spending more than they currently make or have. And yes, even those who have bigger salaries or overall income can fall into the lifestyle inflation trap too.
Below, you’ll learn more about living within your means, why it can be difficult, and tips to stay within your budget without feeling deprived.
What is Living Within Your Means?
How to Properly Dispose of Mail, Credit Cards, and Other Sensitive Documents
.How to Properly Dispose of Mail, Credit Cards, and Other Sensitive Documents
Martha Stewart Living Roxanna Coldiron July 3, 2020
Those who have never experienced some form of identity theft are lucky. According to the Federal Trade Commission, there were 444,602 reports of identity-related fraud in 2018. Identity theft was also up by 24 percent that year. Cybercrime is certainly on the rise, but did you know that thieves can get your data in a much easier way than trying to hack some company's database?
All they need is access to your old mail, credit cards, and debit cards. "Bank statements, credit card statements and other documents that contain your personal information should never be disposed of in an insecure manner," says Debbie Guild, chief security officer at PNC Financial Services Group, Inc.
"By wadding up a document such as a financial statement and throwing it in the trash or disposing of it in another insecure manner, you could be at risk for identity theft."
Should I Tell My Partner About My Dirty Debt Secret?
.Should I Tell My Partner About My Dirty Debt Secret?
NERDWALLET By Brianna McGurran
If you're worried about hiding debt from a spouse or partner, you're not alone. Here's how to come clean.
“I’m overwhelmed by student loan and credit card debt, and I’m embarrassed to admit it to my partner. Should I come clean?”
Some secrets are harmless, like eating the last slice of your partner’s favorite cake. Or saying you’re sick to avoid his aunt’s retirement party.
Hiding thousands of dollars in debt does not fall into the “harmless” category. While having debt is just one piece of your identity, it could directly affect your partner also: Maybe you’re unable to contribute to joint savings or keep up with your share of the bills, or you’ll have a harder time qualifying for a mortgage as a couple.
Can We Print Infinite Money to Pause the Economy During the Coronavirus Pandemic?
.Can We Print Infinite Money to Pause the Economy During the Coronavirus Pandemic?
By Matthew Gault
The Fed prints money. What happens if we printed enough money to make sure everyone keeps their job?
More than 16 million Americans have filed for unemployment benefits in the past four weeks. Economists estimate that the jobless rate in the U.S. is around 13 percent, the worst it’s been since the Great Depression. To stave off economic collapse, the Federal Reserve has turned on the money printing machine. It’s going brrrr.
With all these people out of work, businesses closed, and economic activity stagnating, some experts have suggested we can put the economy on “pause” by, essentially, printing infinite money, and giving it to businesses and people to keep things more or less the way they were before the coronavirus pandemic hit.
Checks are on the way to Americans, but that’s cold comfort for people with bills to pay now and who have no idea when, if ever, they’ll get back to work. To get through the crisis, can the Fed just print unlimited money? What are the consequences of just giving everyone enough cash to survive the next few months?
How Money Forever Changed Us
.How Money Forever Changed Us
June 24, 2020 by Lawrence Yeo
During my six years of elementary school, many fads came and went. But there was one fad I remember that not only took our school by storm, but schools all across the country as well. It grew so feverish that after a few months, schools had to actually ban this activity because too many students were getting obsessed with it. If you were an ‘80s or ‘90s kid, chances are you’ll remember it too. I’m referring to the infamous world of pogs:
It’s interesting how money is accepted as an inevitable force in our lives, yet when we take out the concept and wrap it in unfamiliar packaging, it seems weird and dumb.
To the school staff, the whole pogs phenomenon probably seemed silly because they couldn’t understand what could be so compelling about flipping over paper and metal discs. But they wouldn’t think twice at the thought of coming into an office everyday, flipping over documents, and depositing a bi-weekly paper check in a metal machine.
In essence, the kids were doing the same thing the adults were doing: they were accumulating value in the form of a communal good. But because it took the form of something unrecognizable, it was considered dumb rather than profound. In the eyes of the adults, pogs were shittily constructed paper discs that had no intrinsic value, and only held importance because the kids themselves thought they were.
Well, those kids could say the same thing about the way we regard our own currency as well.
Under This New Law, Cryptocurrency Could Become Illegal
.Under This New Law, Cryptocurrency Could Become Illegal
Notes From The Field By Simon Black June 29, 2020 Bahia Beach, Puerto Rico
In early 1775, Benjamin Franklin and his European colleague, Charles Dumas, developed a secret method of communicating with each other.
Dumas had spent years gathering intelligence in Europe to assist the Americans in their revolt against Britain. But the two needed a secure way to pass information across the Atlantic.
So they developed a special cipher-- a crude form of encryption where letters and words were substituted for numerals.
The decryption key changed with every letter; so, for example, in a letter from Franklin dated March 2, 1781, the word “MERCHANT” was written as “23. 3. 4. 13. 6. 14. 24. 18.”
The Marginal Utility Of Money
.The Marginal Utility Of Money
By Mike Piper Published: 16 June 2010 – Updated: 29 May 2019
I know I'm taking a risk by starting an article by defining a term from economics. But please, stick with me. It's not a hard concept to understand, and it directly relates to your financial success.
Utility is a term used in economics to describe how much value or happiness one derives from a good or service. Marginal utility refers to how much additional value/happiness is derived from one additional unit of the good or service. Most goods and services are said to have “decreasing marginal utility.”
“Decreasing marginal utility” sounds like gibberish, but it's actually pretty easy to understand: