If you won $30 at last weekends poker game, the government expects to share in your good fortune. Not reporting your gambling winnings as income could end you up in federal prison for tax evasion.
5. Track Your Spending It has never been easier to track one’s spending than using a Smart phone or other Internet-enabled device. As a result, the traditional barriers for consumers who say that it is just too hard to keep a record of how much money they spend every day have been lowered or eliminated…
5. Secure Online Presence Although it does not seem intuitive, a great money management tip for young people is to take a hard look at both securing and cleaning up one’s online presence. Whether you liked to post all of those pictures from college that do not portray yourself in the best of lights, or…
5. Start Saving as Early as Possible No matter how good or bad the economy may be at the moment, a proven method for success when planning for retirement is to start saving as early as possible. Whether choosing to put the money in a tax-deferred savings plan or other investments, the longer one saves…
5. Know who Your Beneficiaries Are There are a fair number of married couples heading into retirement who either had previous marriages or significant others before getting together. If you are in this situation, or simply started your 401K or other retirement plan before getting married, then there is a strong chance that the beneficiary…
5. Know Tax Obligations before Moving Another big financial planning consideration before moving overseas to work as an expat is how exactly your taxes are going to work. Each situation varies a bit depending on where one is a citizen and any applicable tax treaties with the destination country. A common issue faced by Americans…
Photo by newsusacontent Spend Less Than You Earn The trick to saving money is no trick at all, it is simply to spend less than you earn. This can be made easier if your employer offers retirement plan which automatically deducts a portion of your paycheck and deposits it into your retirement account. If not,…