.How Long To Keep Tax Records: Can You Ever Throw Them Away?

Michael Keenan Sat, February 5, 2022,

Once you’ve submitted your tax return to the Internal Revenue Service each year, the last thing you probably want to think about is how to store your tax records. But making these arrangements is essential to protect yourself in the event of a future IRS audit.

The general rule is to keep your tax records for three years, but there are several important exceptions for when you might need to keep your tax records for a longer period as a taxpayer. Read on to learn how long to keep your tax records and when you can safely dispose of them.

.Money Isn’t Everything

Last updated on February 5, 2022 by One Frugal Girl

I type the phrase “money isn’t everything” into my keyboard. Then I stare at the words in disbelief. Is that statement true? We often think of the world in terms of black and white. Ideas are true or false, and people are good or evil, but the truth is rarely this straightforward. Most things exist in the gray space in between, and money is one of those examples.

Money Is Everything

Money isn’t everything, but money is a lot of things. I can’t live in a cozy, warm house, feed myself, or put clothes on my back without money. I also can’t pay for higher education or classes to improve my skills.

.7 Things You Should Never Pay for With Cash

Jennifer Taylor Wed, February 2, 2022, 7:00 AM·5 min read

Some people charge everything to a credit card to rack up rewards points, but that isn’t your style. When possible, you prefer to pay with cash. Maybe you’ve ditched the plastic as a way to curb overspending, avoid credit card fraud or simply because you prefer to shop off the grid. However, despite the many good reasons to pay with cash, it isn’t always the best choice.

Not sure what types of purchases warrant leaving the cash in your wallet? Here’s a look at seven common payments that should always be made with a different form other than cash.

.Who Inherits When No Will or Trust Exists?

Money / Financial Planning

Determining inheritance after a person passes away with no traditional resources like a will, trust or estate can be challenging. What can make things even more complicated is the fact that many assets, such as life insurance policies and 401k balances are not distributed in a will. If there’s no financial plan in place after death, the decision of how the inheritance gets distributed lies with the state in a process known as intestate succession. This means that the deceased’s assets are disbursed in accordance with the area’s laws.

Read on to find out how intestate succession works and why it’s important to start thinking about creating a will if you haven’t already.

.7 Mistakes To Avoid If You’re Trying To Build Long-Term Wealth

Casey Bond Tue, January 25, 2022,

If you want to stop living paycheck-to-paycheck, retire comfortably or have a legacy to pass on to your children, there’s no get-rich-quick scheme that can guarantee you reach your goal. Instead, building long-term wealth takes a lot of patience and planning, and it’s important to know these common mistakes to avoid.

1. Not Having an Emergency Fund

When focusing on building long-term wealth, it’s easy to neglect cash reserves, said Nick Vail, a CFP with Integrity Wealth Advisors. However, failing to build an emergency fund can hurt you in the long run.

.What Is Asset Protection Planning?

Rosemary Carlson Thu, January 13, 2022,

Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes. It’s a vital and completely legal component of both financial planning and estate planning. There are a number of key tools you can utilize to accomplish the goal of protecting your assets. A financial advisor can help you structure and organize your assets so that they are more likely to achieve your financial goals.

.Why You Should Put Your House in a Living Trust

Virginia Duan Mon, January 10, 2022

Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it's prudent to ensure this asset is passed to the people you wish to leave it to. Just as you protect your finances from debt or use home security to protect your belongings, estate planning with a living trust can be a way to provide your loved ones with a legacy and inheritance.

For instance, do you know what will happen to your house if you and/or a co-owner were to die? Did you know that even if your will gives the kids your house, it can be held up for a long time thanks to probate law? Also, if you're in an LGBTQ+ family or have special needs, there are often unique circumstances to consider and account for while estate planning.

.Bonds – The Ultimate Guide: What Is A Bond, How Bonds Work, And Why They’re In The News So Much!

November 15, 2021

Have you noticed that bonds are all the rage all of a sudden? Sure, when it comes to stocks, all the hoopla makes sense. They’re all over the place from one minute to the next! But bonds are the slow-moving cousin of stocks. So why all this interest?

Well, bonds are pretty fascinating once you start to understand them and today you’ll learn just how deep the bonds rabbit hole goes.

We’ll learn what bonds are, how to invest in bonds, types of bonds including savings bonds, why and when you might want to invest in bonds, and how well do bonds perform.

.If You Have This Much Money, You Should Have a Financial Advisor

Patrick Villanova Wed, January 5, 2022,

A couple meets with their financial advisor. A recent survey found that those with more than $1.2 million in household assets report significantly higher levels of happiness when working with a financial advisor compared to those without an advisor.

Money can’t buy happiness directly, but it seems like paying a financial advisor sure can help.

A new survey found people with more than $1.2 million in household assets report higher levels of happiness when working with a financial advisor compared to those who don’t have an advisor. The finding is part of Herbers & Company’s inaugural Consumer Financial Behaviors Study, which polled 1,000 consumers across the U.S.

.11 Steps to Writing a Will

Emma Kerr Tue, January 4, 2022, 10:54 AM

Most people should have a will, but it's rarely the most significant estate planning document an individual holds.

Many of a typical household's assets, such as retirement accounts, can be transferred outside of a will by naming beneficiaries, and documents such as the financial and medical powers of attorney can be more powerful in determining the outcome of an estate.

Still, having a poorly written or out-of-date will can be costly and derail an otherwise well-planned estate. Wills are also particularly important for individuals with dependent children; the will serves as the best means to name guardians for children in the event of the death of both parents.