The Budget Calendar: What Is It And Do You Need One?

August 17, 2021 by Todd Kunsman

One of the first and easiest steps you can take with your finances is to create a personal budget calendar.  It’s an effective way to understand what your income and expenses look like, without having to try and remember off the top of your head.  Typically, you think you’ll remember everything and can manage your money without writing things down.

I certainly thought the same thing, but I quickly realized how I was mishandling everything when I was more tactical.  So what are the benefits of creating a budget calendar? How can you get started with one and maintain it for the foreseeable future? Jump in below to learn more!

Budgeting 101: The Basic Tips to Improve Your Finances

August 8, 2021 by Todd Kunsman

One of the best ways to start improving your finances and master money management is through the basics: budgeting 101.  While it might not be the most fun to calculate your numbers and figure out how to spend and save money — it’s also critical early on in your journey.

By understanding and creating a personalized budget, you take control of your money and create a roadmap that will help you succeed now and in the future.

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.