Table of Contents Key Takeaways Non-qualified withdrawals from 529 plans incur a 10% penalty on the earnings portion. Both federal and state taxes apply to non-qualified withdrawals. Exceptions to penalties include disability, death, scholarships, and military service. Proper planning can help you avoid non-qualified withdrawals and their penalties. Non-qualified withdrawals can impact financial aid eligibility. … Read more
Table of Contents Key Takeaways Prioritize retirement savings first as there are no loans for retirement. Set clear, separate goals for both college and retirement savings. Utilize tax-advantaged accounts like 529 plans and Roth IRAs for efficient saving. Automate your savings contributions to ensure consistency. Explore additional funding options such as scholarships and employer-sponsored tuition … Read more
Table of Contents Key Takeaways The 50/30/20 budget rule divides your after-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings. Needs include essentials like rent, groceries, and utilities, while wants cover non-essentials like dining out and entertainment. Savings should be allocated for both short-term and long-term goals, including emergency … Read more
Table of Contents Key Takeaways Understanding the importance of business expansion can help you scale your operations effectively. Conducting thorough market research is essential for identifying opportunities and minimizing risks. Setting clear objectives and allocating resources wisely are key steps in crafting a successful business plan. Market penetration strategies can help you increase your market … Read more
Table of Contents Key Takeaways Medigap plans, also known as Medicare Supplement Insurance, help cover costs not included in Original Medicare. There are 10 standardized Medigap plans (A-N) that offer different levels of coverage. Plan G and Plan F are the most comprehensive, but Plan F is only available to those eligible before January 1, … Read more
Table of Contents Key Takeaways Building an emergency fund is crucial for managing unexpected expenses. Common unexpected expenses include household emergencies, auto repairs, and medical bills. Regularly reviewing and adjusting your budget helps to stay prepared. Cutting non-essential expenses and generating extra income can provide financial relief. Monthly budget meetings can help you stay on … Read more
Table of Contents Key Takeaways PocketGuard offers both a free and premium version, with the premium version costing $7.99 monthly, $34.99 yearly, or $79.99 for a lifetime subscription. The app automatically imports past transactions and helps users identify recurring expenses for better budgeting. Key features include a bill payment tracker, fraud detection, spending insights, debt … Read more
Table of Contents Key Takeaways YNAB (You Need A Budget) is a powerful tool for managing personal finances, helping users allocate every dollar they earn. Setting up YNAB involves creating an account, linking your financial accounts, and organizing your budget categories. YNAB’s four rules—Give Every Dollar a Job, Embrace Your True Expenses, Roll With the … Read more
Table of Contents Key Takeaways Creating a realistic budget is essential for managing your money effectively. Tracking your expenses daily and monthly helps you stay on top of your spending. Setting financial goals gives you a clear direction and motivation. Building an emergency fund prepares you for unexpected expenses. Using Mint can simplify budgeting and … Read more
Table of Contents Key Takeaways Traditional long-term care insurance covers expenses for home care, assisted living, and nursing homes, but can be expensive. Hybrid policies combine long-term care with life insurance or an annuity, offering more flexibility. Purchasing long-term care insurance in your 50s can significantly reduce premiums. Comparing quotes from multiple providers can save … Read more
