11 Awesome Benefits of Budgeting Your Money

March 24, 2021 by Todd Kunsman

If you want to start managing your money and get out of a financial rut, then you have to understand the benefits of budgeting.  For some people, creating and managing a budget is not that fun and can be quite tedious. Additionally, there is a stigma that having a budget means being extremely frugal and that you cannot have fun or spend any money on yourself.

Although you might need to live a more frugal style pending your current financial situation, budgeting is not about limiting your life completely or making you miserable.

Six Ways The Rich Save Big On Estate Taxes

Hayley Cuccinello   Fri, June 2, 2023

Six ways the rich save big on estate taxes, from putting houses in trusts to guaranteeing inheritance for future generations

The wealthiest taxpayers have many tools at their disposal to pay less to Uncle Sam.  Some tactics, like donating to charity via trusts, might seem far-fetched but are perfectly legal.  Lawyers and bankers to the ultra-rich told Insider how these rarified techniques work.

hanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Only 0.2% of taxpayers have to worry about this tax, and they hire top-notch accountants and lawyers to pay as little as possible.

What Taxes Are Due on Gambling Winnings?

By ADAM BARONE   Updated February 23, 2023 

In 2021, about 76% of people visiting Las Vegas, Nevada took to the gambling tables.  Of all those who gamble, whether in Las Vegas, Atlantic City, New Jersey, or somewhere in between, not to mention on the web, a lucky few take home a lot of money.

Alas, if you win big while gambling, you do not get to keep every penny. Gambling winnings are fully taxable, and the Internal Revenue Service (IRS) has ways of ensuring that it gets its share. And it's not just casino gambling. Winnings from lotteries, horse races, off-track betting, sweepstakes, and game shows are taxable as well.

Winning the Lottery: Dream or Nightmare?

Investopedia   Thu, June 1, 2023  By THE INVESTOPEDIA TEAM

 Reviewed by PAMELA RODRIGUEZ  Fact checked by PETE RATHBURN

A house. A vacation. A thousand dollars a day for life. Who wouldn't want to win a huge prize? Actually, a lot of people—once they realize these jackpots aren't free because most prize winnings are taxed as income by the Internal Revenue Service (IRS).  And what happens when you win the lottery? Taxes and financial missteps can quickly turn some windfalls into major burdens.

Before we lay out details of the lottery win process, here are some common prizes that perhaps we've all dreamed of winning and the often overlooked costs to keep them.

Wealth Transfers: 5 Unexpected Obstacles To Plan for Before It’s Too Late

Heather Taylor   Wed, May 31, 2023

Are you planning to leave an inheritance or transfer your wealth? It’s important to avoid making mistakes that may create serious issues and complications for your family.

Lack of Preparation

One of the most common mistakes in transferring wealth is a lack of preparation.

Best Money Advice for Each Phase of Your Financial Life

Gabrielle Olya   Tue, May 30, 2023  GoBankingRates

‘Set for Life’ Author Scott Trench Shares His Best Money Advice for Each Phase of Your Financial Life

Scott Trench is the author of “Set for Life” and host of the “BiggerPockets Money” podcast. He is an experienced real estate investor who now serves as CEO of BiggerPockets, where he helps everyday people build wealth through real estate.

Recognized by GOBankingRates as a Top Money Expert, here he shares the four levers to building wealth, and how to know which one you should focus on.

I Lost $400k of My Retirement Savings in a Roth 401k

Nicole Spector   Wed, May 31, 2023 GoBankingRates

I Lost $400k of My Retirement Savings in a Roth 401k — and If You’re Not Careful, You Could Too

Finance and retirement planning experts are usually quick to recommend that one set money aside in a Roth account. And it looks like the vast majority of Americans agree with them.

A new survey hosted by Derek Sall, a personal finance expert and the founder of LifeAndMyFinances, found that 92% of Americans think they should be investing in a Roth IRA. Sall wasn’t surprised by just how many people are of the belief that Roths are a financial must-have.

These Are the Best Ways To Transfer Wealth

I’m a Financial Advisor Who Works With Wealthy Families: These Are the Best Ways To Transfer Wealth

Andrew Lisa   Tue, May 30, 2023

It’s one thing to make money, but building generational wealth requires strategic planning for what happens with your assets after you’re gone. GOBankingRates spoke with financial and estate planning professionals with wealthy clientele and found there is no one-size-fits-all solution.

“No two individuals or families are identical, so every estate plan must be as unique as the people creating it,” said Seth Bier, a Los Angeles estate planning attorney and founder of Bier Law. “We focus on planning for what’s most important for each client, but our universal goals are planning for people to keep as much of their hard-earned money as possible, keep them out of court, and bring their loved one’s closer together during tough emotional situations.”

What I Think Heirs and Beneficiaries Should Know

Sean Bryant   Tue, May 30, 2023   GoBankingRates

I Went Through a Generational Wealth Transfer: Here is What I Think Heirs and Beneficiaries Should Know

It’s expected that over the next two decades, roughly $84 billion will be transferred from Boomers to Gen Xers and Millennials. This generational wealth transfer will be one of the biggest ever.

This leaves both heirs and beneficiaries with the important task of understanding how to approach this great transfer of wealth. How do you balance leaving enough for your loved ones with gifting to causes that are important to you? Within this article, we’ll dig into everything you need to know to prepare yourself for the great wealth transfer.