In our never-ending search for paying fewer taxes, consider two definitions from the IRS: Tax evasion: The failure to pay or a deliberate underpayment of taxes. Tax avoidance: An action taken to lessen tax liability and maximize after-tax income. The IRS explains that tax avoidance is legal. As taxpayers, there is nothing wrong with avoiding…
Something troubling about investors in recent years is the fixation on comparing their globally diversified portfolios’ performance to the S&P 500. Whether it should be or not, the S&P 500 has become a standard portfolio measure for all other portfolios.
How Olympic Swimmer Ryan Lochte Went From Earning Millions to Living Paycheck to Paycheck—And What He Learned Along the Way
Ryan Lochte won his first Olympic gold medal in 2004, at the young age of 20. For the next 12 years, he would go on to collect a total of 12 Olympic medals, becoming one of the most well-known and successful American swimmers to date—earning millions of dollars in the process. He was recently featured…
Previously, we highlighted nine steps to improve your financial situation from award-winning author Morgan Housel. In Housel’s book, The Psychology of Money, he takes readers on a journey through 19 short stories that teach fundamental principles about wealth, greed, and happiness.
As we ring in the new year, there’s much to look back on. Through waves of the pandemic, adhering to different mandates and changes, and persevering through any personal struggles, we all deserve to close out 2021 with a celebration. For many companies, that means rewarding their employees with year-end bonuses. But, if you incur a sudden income of…
The Utah Educational Savings Plan, commonly referred to as UESP, is a tax-advantaged 529 college savings plan established by the State of Utah and designed to encourage saving for future higher education costs. UESP is Utah’s official and only 529 college savings plan.
As parents we want to give our kids the best possible head start financially. For many of us that means turning to investment vehicles designed specifically with minors in mind; two of the most popular are the 529 Education Savings plan, most commonly referred to simply as the 529 plan, and the saving account provided by the Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA). Both of these options offer ways for parents to begin saving for their children and for the accounts to eventually transfer ownership to the designee. In today’s post we explore the pros, cons, and specific functions of these two popular accounts to help you choose the right one for your child.
For grandparents (or other extended family members) who want to support a child’s education, there are a number of methods available for use—each with their own advantages and uses. All provide financial support for the student, of course, but each has its own challenges and tax considerations to be taken into account.
To help your children get a better financial start, it’s important to have an education savings plan. The sooner you start saving, the better off you will be in the long run, and even modest savings can grow into significant investments by the time your child is ready to head off to school.
From birth to adolescence and from college graduation to having children of their own, children will always be linked to money and finances. Besides providing financially for their children, parents must make sure that their children learn about the proper management of money.