Managing your money effectively is a cornerstone of financial health. This article explores key reasons expense tracking is crucial for personal finance, from enhancing financial control to reducing stress, and provides actionable tips on how to do it effectively. Whether you’re a novice looking to start or someone seeking to refine your process, this guide will empower you to take charge of your financial journey. Benefits Of Expense Tracking 1. Enhanced Financial Awareness And Control Tracking your expenses is a very simple way to take control of your finances. It helps you pinpoint exactly how much you earn and spend…

A new law signed by President Biden will impact millions of retirees in the U.S. The Social Security Fairness Act eliminates two provisions that have been penalizing a sizable portion of the workforce for more than four decades. Perhaps even more exciting to those affected is that the legislation, enacted on January 5th, 2025, applies retroactively as of the beginning of 2024. The Elimination Of The Elimination And The Offset Of The Offset Together, the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) were responsible for significantly reducing Social Security payments for nearly 3 million public sector workers…

Despite his vow to close the US borders to nearly all immigrants and deport millions of others, President-elect Trump says he’ll continue special H-1B work visas for tech workers. That decision came in response to some of his Silicon Valley supporters, who insist foreign labor is critical because there are not enough US-born engineers and others to do this important work. By that logic, Trump also ought to protect the direct care workers who assist people with disabilities and frail older adults from his mass deportation plans and even create a new special immigration status for them. Why? Because, well,…

As January trudges, many of us have already started receiving the alphabet soup of yearly tax forms. While beginning to organize documents and preparing to file taxes for last year, it also behooves us to think ahead and identify opportunities to cut taxes for the upcoming year. Here are five foundational tax savings strategies that could help you save $20,000 on your taxes in the future. For most of these strategies, it’s not too late to enroll or change your contributions to maximize next year’s tax savings. While everyone’s situation will vary, to show specific savings, let’s assume a married…

We left off with the controversy swirling around FINCEN’s Beneficial Ownership Information (BOI) reporting requirements in my article, Unusual Fifth Circuit Self-Reversal Sows Confusion For BOI Reporting (Dec. 29, 2024). We now rejoin that controversy still in progress, but now before the U.S. Supreme Court. In the last two weeks, the following critical documents have been filed, being the U.S. Application For Stay (Dec. 31, 2024), the Plaintiff’s Opposition To Stay (Jan. 10, 2025) and finally the U.S. Reply Re Stay (Jan. 13, 2025). Additionally, about a dozen amicus curiae (“friend of the court”) briefs have also been filed by…

2025 will likely see its share of obstacles, but not necessarily the same ones it faced in 2024. What are the complications to watch for, and can any of 2024’s outcomes serve as clues for future success? Resilience Is The Name Of The Game The U.S. economy showed its mettle in 2024, with the S&P 500 ending the year up nearly 25% despite inflation, recession fears, unprecedented political turmoil, and multiple international conflicts. In a year when the Federal Reserve maintained its “higher for longer” interest rate policy and the housing market remained stagnant, GDP still grew at nearly 3%,…

A non-spouse inherited 401(k) has limited options compared to that of a spouse. If you are guiding minor children, there are some unique twists. These rules require careful navigation. I tackled the spousal options in “Contemplating Your Spousal Inherited 401(k) Options”. The SECURE Act 2.0 has changed how non-spouse beneficiaries handle inherited 401(k)s, especially when it comes to required minimum distributions (RMDs). Unlike a surviving spouse, you cannot roll over an inherited 401(k) into your own retirement account. However, you have several options for managing the account, depending on your financial needs, age, and the deceased’s circumstances. Here’s what you…

The Education Department formally launched a long-awaited student loan forgiveness tracking feature this week for income-driven repayment plans, providing borrowers with specific details on their progress for the first time in the program’s 30-year history. Income-driven repayment, or IDR, plans allow borrowers to repay their federal student loans using a formula applied to their income and family size. Payments are calculated for 12-month increments, and then must be periodically recalculated based on changes to income. Under current law, any remaining balance after 20 or 25 years would normally be forgiven; this is true under all IDR plans including Income-Contingent Repayment,…

Although everyone has different timelines for financial freedom, some key milestones should be at the top of your mind when you’re about to reach or are already in your 40s. Having specific goals to achieve by this age will ensure that you can survive unexpected financial hiccups, enjoy a comfortable retirement, and provide financial security for you and your family. This article covers the seven financial milestones you should aim to hit by age 40. Why You Should Have Your Finances On Track By 40 You should have your finances on track by age 40 because, at this point, you’ve…

After a lengthy delay, the Education Department announced last week that application processing has officially resumed for several income-driven repayment plans, giving borrowers opportunities to pursue long-term student loan forgiveness. Processing had been paused for months due to a court order associated with a legal challenge to the SAVE plan, leaving millions of borrowers stuck. Income-driven repayment, or IDR, plans provide affordable payments for federal student loan borrowers. Under IDR plans, payments are calculated using a formula applied to the borrower’s income and family size. Payments are typically reevaluated every year, and they change periodically in accordance with a borrower’s…