Money Management Made Simple

The average American gets an average tax return of about $3000 annually. The temptation, normally, is to go on a me time spending spree - of course I love to spend! Spend a little on shoes, a little on snacks, a little on shopping - maybe a stroll to the beach (and every other thing). What would be more satisfying than spending money that's not directly from your paycheck? What if you were told there were better, smarter ways to invest or spend your tax refund? Why spend on the now and regret later - when you can solve problems, invest in the future, and enjoy later? You would be surpised how much $3000 can do for you if you appropriate it well.

It's great to be excited about your entrepreneurial pursuits. But we also will begin to feel off-kilter when other areas of our life go neglected. Here are some tips for avoiding becoming a slave to your business.

As the year gradually wraps up, there's no better time to go back to the list of the financial goals you made at the beginning of the year to see how far you have come. The end of the year tends to be one of the busiest times for most people, however, slacking on making strategic year-end moves could affect you long term, even into the new year. Ticking off all your financial checklist between now and year-end might not be feasible, but you can set the ball rolling for the following year by taking steps in the right direction. Here, we've made a list of strategic year-end money moves to help you get started before the merriment of the holiday season sets in.

Financial independence is the goal of many people. The idea of being able to do what you love, living stress-free of money concerns, is appealing. Why is this goal elusive for so many? It is often because people ignore the basic principles that are the foundation to achieve financial independence. There are some common points that can help you reach the goal of financial independence. Once you reach financial independence, you will be able to make more choices on how you want to live. 

With the lockdowns over and the pandemic situation rapidly improving, many American families will hit the road this summer. Unfortunately, many of those same families are struggling with the financial fallout from the pandemic. You can still hit the road if the money's tight. All you have to do is travel cheaply and stick to a budget.

If you've been thinking of how to make some extra cash while living your best life in this new year, then you're in the right place. Ready? Let's dive in! We've brought you nine amazing ways to smash your money goals and earn some extra cash without having to sell your stuff or earn another degree–(of course, they are all legit way).

In part one, we went through the basics of what you needed to put in place before 2022. We covered everything from creating a budget, to having an emergency fund, managing your debts, and even optimizing your portfolio. But it's one thing to plan, and it's another thing to execute; you must have the right tools and mindset in place to be able to carry out your plans.

Due to the COVID-19 pandemic, many people have had the opportunity to reflect on where they are in their lives and whether or not their jobs are making them happy. Some are trying to adapt, while others had decided to change careers. The notion of a career shift can be intimidating, especially in an uncertain market, and changing employment is never a decision to be made lightly. Despite the initial inconvenience and nerve-wracking thoughts and processes, it could be the most rewarding thing you do in the long run, when you eventually get it right.

Perhaps you've evaluated your financial performance in 2021, and you haven't progressed as much as you would have liked to. To help you stay ahead in 2022, we've listed out some major financial moves you could make. Sticking to new year's resolutions may not be easy, a consistent push can ensure remarkable progress in the long run. Here are 4 New Year's Financial Resolutions that you should consider in order to improve your finances in 2022.

Improving your credit score offers several benefits in various aspects, such as getting loan approval, renting a home, and getting lower interest rates. Fortunately, if you have low credit, you can increase it by implementing various strategies. Here is what to do to improve your credit score.

Starting a business can be an exciting endeavor. A business can bring the possibility of taking control of your life. You can be your own boss and depending upon what type of business you decide to start, you might be able to avoid a daily trip to an office. However, you'll want to plan ahead before giving it a go so that you can make it more likely your business is around for the long haul.

Most of us have a good handle on our monthly budget. We know how much it costs to cover insurance, utilities, housing, and so forth. Those expenses are easier to track because they come up every month. The hard part is finding a way to budget for those occasional items--a vacation, new appliances, or other big outlays that come along less frequently. Here's a simple guide to preparing for those purchases without getting strapped for cash.

Many people believe that investing exists as a way for people who are already rich to get even richer. If you don't have much money to start with, it's difficult to impossible to become an investor. Nothing could be further from the truth. Consider Warren Buffett, the most famed and probably greatest investor of all time. When you picture him, you picture what he is now — a billionaire, constantly appearing on lists of the world's richest people. But when Buffett got his start in investing, he was anything but rich. He was a kid, barely into puberty, from a middle-class household at best. He started investing by reading every book he could find on the subject as a preteen. Then he worked odd jobs and bought stocks with the money he made.

Buying a home is a major milestone in your life. In addition to serving as the place where you likely live for many years, a home will likely be the most valuable asset that you'll ever own. However, before you can buy a property, you'll need to come up with a down payment of up to 20% of the final purchase price. Let's take a closer look at some ways that you can come up with the money for this payment without turning to other people for help.

It's great to be excited about your entrepreneurial pursuits. But we also will begin to feel off-kilter when other areas of our life go neglected. Here are some tips for avoiding becoming a slave to your business.

No matter how good you are at what you do, there's always the potential for things to go wrong on a day in the life of your small business. Sometimes, events that lead to unhappy customers who didn't get their expectations met have nothing to do with you. At other times, it could be you yourself who has messed up their order. Or, it could be the people who work for you who failed to take care of something that needed to be done.

Coming out of the Coronavirus pandemic, this holiday season figures to like none that we have experienced in the past. With limited financial resources, this is the year when consumers will need to focus on not overspending during the holidays. In recent years, consumers have reported spending an average of as much as $1,000 on Christmas gifts. While the trend has been on an upward trajectory, things could be very different in 2020. To help you avoid overspending at a time when your financial resources are likely limited, here are 6 tips for your consideration.

The end of the 2021 tax year is fast approaching. As you start preparing to close out the year and file your business tax returns, you still have a small window of opportunity to make some changes. Some tax laws changed recently, opening the door to tax advantages your business may not have had access to in the past. To help you take advantage of what's available for your small business, here are 5 yearend tax moves you might want to make.

This tax season you'll want to be prepared and informed about how to maximize your return and ensure that your tax documents are error free to avoid any audits. Getting started on your tax documents early offers you the benefit of being able to revisit your already completed tax paperwork near the end of the tax year prior to filing. Revisiting your taxes with a fresh eye can help you to notice any discrepancies you may or may not have missed, as well as helps you to apply knowledge about how to maximize profits with tax tips that you have may have learned throughout the tax year.

In March 2021, President Joe Biden signed the American Rescue Plan Act into law. In addition to providing stimulus checks of up to $1,400 for most adults, it also expanded the child tax credit. Eligible parents can receive up to $3,600 to help defray the cost of raising their sons or daughters. Let's take a closer look at what the child tax credit is and how to know if you're eligible to claim it.

When you first get into business for yourself, you'll want to see what others are doing so that you can emulate that, and get ideas about what works. Before long, you may start to view the very people who you borrowed inspiration from as competition whom you should be wary of.

Maximizing your profits is a great way to ensure that you have enough money for retirement. The more money you make, the more money you should be able to save. Some retirement saving options can provide tax benefits. However, there are some taxes that you'll want to plan for when you set up your retirement budget.

Are you just starting out in the business world? Wondering what you can do to keep things running smoothly while continuing to increase profits over time? Here are a few good business practices to put in place.

At the end of the day, your business exists to make a profit. However, without the right goals and behaviors, your business may not be living up to its potential. You have what it takes to grow and succeed, so if you really want to bolster your business's bottom line, then you need to pursue a few simple yet effective goals to make it happen this year.

Looking for money-making ideas but hate the idea of working a job you hate? Many hobbies can turn into extra cash when done correctly. This list includes 10 hobbies that might be your ticket to money-making success.

If you currently owe back taxes to the IRS, you are probably feeling the pinch. You might be wondering what alternatives you have at your disposal to remove the pressure of this debt. The good news is you don't have to panic. You do have ways you can settle your debt before the IRS starts coming after your paycheck, bank account, or assets.

Employment during 2020 was extremely unpredictable and many people lost jobs, were furloughed, were at work and then back at home. All these insane employment changes and several other financial factors impact how you file your taxes in 2021. There are some other changes in tax laws you may not know about and even be pleasantly surprised by as you begin the process of filing your taxes.

Taking care of your finances can be easier if you educate yourself, and stick to a clear plan. In fact, one of the smartest ways to save money is to cut expenses. A few ideas are to refinance student loans or your mortgage, use apps to receive cash back or find ways to save on insurance, among others. If you have trouble saving money for a rainy day or just need some extra cash, there are plenty of ways to drastically cut your expenses.

A 529 plan is an excellent way for you to begin saving for your children's college education early. Plans are accessible in all 50 states of the U.S., with plan administrators delegated to select investments that they believe are right for the state's program, potentially leading to a smoother investment process and reduced fees arranged thanks to community buy-ins.  

Successful investing results in achieving financial goals and enjoying financial independence. The fight for financial freedom is something that most of us strive to win and cement a successful future. Apart from the typical paycheck, becoming an investor ensures a constant revenue stream to sustain your financial health.

Like it or not, tax time comes this time of year every year. Do you know what that means? That means it is time for you to start thinking about how you are going to file your tax returns by the April 15, 2021 deadline. As you contemplate filing your 2020 taxes this year, it would be a good time to also start thinking about your 2021 taxes. This would be the perfect opportunity for you to organize your taxes. Many mistakes are made in haste when you're in a rush to file taxes. With an eye on getting ahead of your 2021 taxes, here are five suggestions worthy of your consideration.

Financial independence is the goal of many people. The idea of being able to do what you love, living stress-free of money concerns, is appealing. Why is this goal elusive for so many? It is often because people ignore the basic principles that are the foundation to achieve financial independence. There are some common points that can help you reach the goal of financial independence. Once you reach financial independence, you will be able to make more choices on how you want to live. 

Business credit is essential so that your business can grow and thrive. You can be assured that you’ll have funds to maintain and build your business when you have sufficient credit. Here’s how to build business credit in five simple steps.

2020 Put unprecedented stress on companies. Systems like the Profit First Formula help enterprises to plan for the future. Businesses first pay profit, taxes, personal then operating expenses and a rainy day fund.

As a business owner, you are busy making sure that all aspects of your company run well. As you go about your day, it's easy to let paperwork pile up into a cluttered mess. Once its time to spring clean, you must resist the temptation to toss it all in the trash. You need to keep some of this paperwork around to track your spending and protect your business. Here is a guide to know when to keep your receipts and when to throw them away.

Let’s face it, we live in a society of convenience. Most Americans want the microwave version of life rather than savoring the flavor of a life lived “slow-cooked” and deliberately. If you’re in the “microwave majority,” how is that working out for you…and your finances? Are you wondering where your paycheck went as you drive through the fast food restaurant on your way to pick up your coffee before you one-stop shop at the closest yet most expensive grocery store in town? If you’re ready to make some changes to saving some change, reframing the way you think about convenience and your shopping habits is the name of this money game!

There are several ways in which a financial advisor can assist with your finances. Some of these will entail retirement planning, financial planning, and investing. Not everyone needs a financial advisor. However, when you have investable assets and you're thinking about your financial future, it's essential to work with a financial advisor. The guide below will walk you through what financial advisors do and their importance. It can help you examine whether you'll be well served if you opt to work with a financial advisor.

Spring cleaning has always been the time to flip mattresses, clean windows, and get behind or under those appliances to see what's been growing during the winter. This is also a great time to purge old or unwanted items from your home. Personal files and financial documents also deserve some attention. Here are a few things to consider for this year's spring cleaning.

What’s the best way to determine your starting salary and still have your business make money at the same time? Just like with your personal finances, a budget for your business is the foundation for its economic success and growth.

Many people have the skills and talent to start good businesses, but they lack the accounting knowledge or passion to keep those businesses profitable. For instance, an enthusiastic lawn care company might create beautiful landscapes. Then they avoid things like tracking tax-deductible mileage to customers' homes and so crucial financial savings are lost.

If your business is like most, the 80-20 rule applies. That is, 80% of your profits come from 20% of your customers.

Most people believe they have to pay the taxes on gains from the sale of their home, but did you know there’s a good chance you may not have to?! Here are 8 tax facts to keep in mind if you’re selling your house this year

Are you like most people who have a “healthy respect” (aka nightmarish fear) of the IRS and have every receipt, every return, every writing implement ever used or needed for filing your last 35 years’ taxes? Has your filing system expanded from a drawer to a whole closet “just in case”? While that may be a little exaggerated, it’s not uncommon for people to still have boxes and boxes of papers they’re not sure if they should hold on to or alas…set free. If you fall into the category of wondering whether to keep or not to keep all those papers, here are three guidelines to help you sort it all out.

The start of a new year is more often than not the start of new plans for new habits. Most people “resolve” to get healthy physically, but in a recent Fidelity study one-third of Americans will vow to get healthy financially. Whether you find yourself wanting to save more, spend less or pay off debt, here are the top four ways you can lead by example and have winner’s bragging rights to go along with it.

All the gifts have been opened, the leftovers frozen, and normalcy is starting to settle back into your days — until you open the mailbox and get that first credit card bill (and then another) reminding you of just how much you spent on spreading that holiday cheer. Instead of carrying the dread and the debt with you into the new year, this season why not implement some understanding and strategy to paying off those credit cards as quickly as possible?

COVID-19 has shaken things up for 2020. However, there are very feasible ways to recover next year. Let us take a very close look at business after COVID-19 and five ways to jumpstart your COVID comeback.

Transitioning from a brick and mortar to an online business is not an easy task. It’s more than having a smartphone device and an internet connection. It involves various steps to set up a profitable online store. Below are the seven steps to follow in moving your business online.

With the current COVID economy leaving so many Americans out of work, many people are turning to freelancing as a means of supporting themselves. If this includes you, you are to be commended for taking the initiative. If this is your first time working as a freelancer, you might not be aware of the nuances of reporting and paying your taxes under this scenario. We hope the following information will point you in the right direction.

We all know what it’s like to be cruising along on financial autopilot when BAM! Out of “nowhere” a major “unexpected” hit comes and knocks us into a scrambling tailspin. Whether it’s medical expenses, taxes, that credit card bill we lost track of, car repairs or anything outside the norm, those extraordinary “hits” can set our vacations plans back years. But let’s face it. Those types of hits aren’t all that unexpected, are they? We know we’re going to have to pay taxes and the credit card bill and more often than not for a trip or two to the doctor. And on top of those expenses, studies show that at least $600 goes toward “discretionary expenses” which include restaurants and entertainment, clothes and etc., services, and home appliances. That’s a pretty hefty chunk of unbudgeted change to find in between your couch cushions. So what’s the best way to go about saving when you’re already at maximum output in your bare bones budget