How to Stop Being Broke: Change Your Money Mindset
How to Stop Being Broke: Change Your Money Mindset
March 14, 2023 Last Updated on March 23, 2023 by Carolyn
How to Stop Being Broke?
Are you tired of living paycheck to paycheck, and having nothing to show for it? You have a good-paying job but still, it’s a financial squeeze to get through the month and make ends meet. You want to stop being broke but don’t know where to start. More than likely. it’s your money mindset that’s keeping you broke. Before you can change your money mindset you need to know what exactly it is.
What is Money Mindset?
Let’s start with what money mindset is not. For many people who hear the phrase “money mindset” an image of a person like Charles Dickens “Ebenezer Scrooge” counting his coins pops into their head, a person obsessed with money. This is not what money mindset is.
How To Be Proactive About Protecting Your Savings Account
Banking 2023: How To Be Proactive About Protecting Your Savings Account
Heather Taylor Wed, March 29, 2023
With recent bank failures headlining the news cycle, many customers might be worried about their funds. The good news is there is a lot of protection provided to banking customers, no matter the dollar amount of your financial assets. Here are a few proactive steps you can take to protect your savings account and insure your deposits.
Review FDIC Coverage and Resources
I Love How Everyone Pretends The Bank Crisis Is Over...
I Love How Everyone Pretends The Bank Crisis Is Over...
March 29, 2023 Simon Black Sovereign Man
Practically on cue, politicians began their public hearings yesterday about the recent banking crisis.
This was so predictable; every time there’s a major crisis, Congressmen book a committee meeting to express their shock and outrage. They pass new laws to prevent a future crisis. Then their new laws fail to work properly, so they hold another public hearing to express more outrage.
This is the cycle of political problem solving, and yesterday was no exception.
How The Glorification Of Struggle Is Both A Symptom And Cause Of Financial Trauma
How The Glorification Of Struggle Is Both A Symptom And Cause Of Financial Trauma
Addressing the "Got It Out The Mud" Mindset Rahkim Sabree Mar 17
Recently I was asked for feedback on the ‘got it out the mud’ mindset and how that ties into financial trauma.
See nepotism: - nep·o·tism - the practice among those with power or influence of favoring relatives, friends, or associates, especially by giving them jobs.
Somehow the devaluing of credibility, experience, and expertise of others is easier when we know that they had help. We hear the stories of those who received a loan, an inheritance, or were put in a position to be successful via education or some role at a company.
New IRS Report Provides Fascinating Glimpse Into Your “Fair Share”
New IRS Report Provides Fascinating Glimpse Into Your “Fair Share”
March 28, 2023 Simon Black, Founder Sovereign Man
Every year the IRS publishes a detailed report on the taxes it collects. And the statistics are REALLY interesting. A few weeks ago the agency released its most recent report. So this is the most objective, up-to-date information that exists about taxes in America..
This is important, because, these days, it’s common to hear progressive politicians and woke mobsters calling for higher income earners and wealthier Americans to pay their “fair share” of taxes. But this report, directly from the US agency whose job it is to tax Americans, shows the truth:
Nearly Half of Americans Haven’t Written a Check in the Past Year
Nearly Half of Americans Haven’t Written a Check in the Past Year — Why More Should Follow Their Lead
March 28, 2023 GoBankingRates
When was the last time you wrote a check?
In a new survey from GOBankingRates polling 1,000 Americans, 44.5% of respondents revealed they have not written a physical check in the past year. While this percentage may seem quite high, many are still using their checkbooks on an active basis. For instance, 15% said they write a few checks a month and 22% write a check once a month.
5 Reasons You Still Need Checks
5 Reasons You Still Need Checks
Heather Taylor Mon, March 27, 2023
Is there still room for paper checks in a world where financial transactions are increasingly digital in nature? Survey says … yes.
In GOBankingRates’ Best Banks 2023 survey of 1,000 Americans, 22% of respondents said they still write checks at least once a month. And surprisingly, of these respondents, the largest percentage belonged to those between the ages of 18 to 24 (28%). Paper checks might sound like a mildly antiquated concept, but they can still be used to fulfill specific needs now and into the near future.
How Much Money Can I Gift Without Owing Taxes?
How Much Money Can I Gift Without Owing Taxes?
Liz Smith Mon, March 27, 2023
For 2023, the annual gift tax exemption is $17,000, up from $16,000 in 2022. This means you can give up to $17,000 to as many people as you want in 2023 without any of it being subject to the federal gift tax. The gift tax is imposed by the IRS if you transfer money or property – worth more than an exempted amount – to another person without receiving at least equal value in return. This could apply to parents giving money to their children, the gifting of property such as a house or a car, or any other transfer. There is also a lifetime exclusion of $12.92 million in 2023. For help with the gift tax or any other personal finance issues you may have, consider working with a financial advisor.
I Won the Lottery! How Hefty Are Taxes on My Winnings Going to Be?
I Won the Lottery! How Hefty Are Taxes on My Winnings Going to Be?
Javier Simon, CEPF® Sun, March 26, 2023
Before you see a dollar of lottery winnings, the IRS will take 25%. Up to an additional 13% could be withheld in state and local taxes, depending on where you live. Still, you'll probably owe more when taxes are due, since the top federal tax rate is 37%. So a good first step a lottery winner could take is to hire a financial advisor who can help with tax and investment strategies. Read on for more about how taxes on lottery winnings work and what the smart money would do.
7 Boring Habits That Can Make You Wealthy
7 Boring Habits That Can Make You Wealthy
Jenny Rose Spaudo Thu, March 23, 2023
Despite what social media or TV shows may depict, building wealth typically happens slowly as you stick to smart money habits month in and month out. GOBankingRates interviewed several financial experts to uncover the boring habits that can make you wealthy.
What’s in It for Me? The Secure Act
What’s in It for Me? The Secure Act
Adam M. Grossman | Feb 12, 2023 HumbleDollar
IN THE WANING DAYS of 2019, Congress passed the SECURE Act, a law that delivered a mixed bag of changes for retirement savers. Well, Congress has been busy again. At the tail end of 2022, a follow-up law—known as SECURE 2.0—was signed into law.
The good news: There’s a whole lot included in this new law. The bad news? There’s a whole lot included in this new law. SECURE 2.0 presents a number of new planning opportunities but, with hundreds of provisions, it’s also a lot to digest. Below are the provisions that, in my view, provide the most meaningful planning opportunities for folks at various ages and stages: