Financial Resolutions with Little Effort but Big Rewards
Happy New Year! I hope your finances had as great a comeback in 2023 as mine did! Now that it’s the start of a new year, you’re probably setting some resolutions for yourself. So be sure to include some financial ones, too. Here are some practical ones that require little effort but reward you handsomely in the long run.
2022 Business and Personal Goals
Happy New Year! To kick off every new year, I like to set goals for all aspects of my life, both personal and professional. By publicizing my goals, it helps me stay accountable for the things I set out to accomplish for the year. I also hope that some of my goals inspire you to set some for yourselves, too! Let’s get started.
My 2021 Year-End Review
At the start of 2021, I set out to accomplish some business and personal finance goals for the year. By the middle of the year, I published a review of how those goals were progressing, as well as some of my personal goals (not money-related). Now that we’re at the end of 2021 (crazy how fast it went), I will do one final review of both my money & non-money goals and share how I did!
Mid-Year Review of My 2021 Personal and Money Goals
At the start of 2021, I set out to accomplish some business and personal finance goals for the year. Since we’re right at the middle of the year (6/30/21), it’s a good time to review how I’m progressing towards each of my goals and think about whether or not I need to make any adjustments to them. Also, while I didn’t share any of my non-money-related goals at the beginning of the year, I’ll do that today!
5 Ways To Pass Down Generational Wealth Tax-Free
If you happen to be in a financial position where you’re planning to pass down generational wealth, congratulations! You’re in a great situation, compared to the bottom ⅔ of Americans who are living paycheck-to-paycheck (according to CNBC). But be sure your hard-earned nest egg is passed down in as tax-efficient manner as possible. That is to say, if you know your estate and gift taxes well, hopefully you can skirt around paying hefty estate taxes. Otherwise, your nest egg can be taxed as high as 40% at the federal level, plus any estate taxes you may have to pay at the state level! Luckily, today I will share some of my favorite ways to pass down that generational wealth without paying a single penny in taxes!
How To Save For Your Child’s College Education
To state the obvious, the cost of education is extremely high. According to Vanguard’s college cost calculator, the projected cost of a public 4-year college (in-state) 18 years from now will rise from today’s cost of $88,720 to $230,070! In today’s post, I will talk about the various ways you can save for your child’s education and what I’ve chosen to do for mine.