It’s March and tax season is right around the corner. Normally, I am frollicing around the city, enjoying the beautiful weather and dancing at SXSW shows. This year is different.
Why? 1099 income.
I’ve spent most of my professional career earning W-2 income. This means my taxes were automatically withheld from my paycheck each month and come tax season, not only could I could quickly file return, but I also received a pretty nice refund a few weeks later.
Beginning 2015, I chose to pursue a different path. One that allowed me to work on my terms and didn’t require I formally commit with any single company. Turns out, with great freedom comes great responsibility.
At the beginning of January, I started receiving several 1099 income tax forms. Organizing my business expenses, keeping up with my tax forms and filing a return has been a killer task. Learn from my mistakes by reading 5 important things to know about 1099 income.
What is 1099 Income?
1099 income is...
Are you considering investing outside of your employer’s 401K? Or maybe you don’t have a 401K as an option in the first place?
Here are three options to consider when deciding which route is best for you.
1. Build It Yourself.
If you are looking for the lowest cost way to invest, this is it. This option is great for advanced investors who require little to zero handholding during the construction and execution process. For those ready to build a portfolio on their own, consider opening a brokerage account directly at a low cost fund company such as Vanguard or a low fee brokerage house such as Charles Schwab.
Look for Index Funds and ETF’s to avoid fees associated with Actively Managed Mutual Funds. Under this option, fees are typically lowest. When researching funds, check out their fee structure to see what funds best meet your cost, risk, diversification a objectives.
2. Use an Online Robo-Advisor
An online robo-advisor can be a great...
You’re making your way through life. You are working a job you tolerate, you are committed to paying your bills on time, and you are managing to have a decent amount of fun in the meantime.
You’re not awful with money, but you’re also not completely obsessed with it either! A few months go by, and you start carrying a small balance on your credit card. No big deal. You will pay it off later, right?
A few months turn into several, and your small balance has slowly increased to… well, you aren’t exactly sure.
Then, one day, you look at your credit card balance and something is different. Your credit limit was increased! At this point, you’re probably thinking one of two things:
Regardless of your reaction, the question remains:
What are the implications of an automatic increase in credit?
The answer is dynamic:
An automatic increase in...
Adulting is hard! No matter your age, chances are you could still use a lot of work. Use this guide for quick tips to improve your finances!
Ditch your parent’s bank. Consider an Online Bank or Local Credit Union.
Online banks and credit unions are a great option for young bankers. Online Banks and credit unions aren’t forced to nickel and dime you for unnecessary expenses such as monthly account fees, overdraft charges, ATM fees, etc. Additionally, they offer highly competitive interest rates and have great online support and customer service.
Don’t be scared of multiple accounts!
Start with 2 checking accounts, one for “bills” and on for “play” and at 2 savings accounts, one for “emergencies” and “dreams”.
Let Technology help you
Technology is designed to make our life easier, so take advantage of it! Set up automatic bill pay for each of your monthly required expenses. Connect these payments to your...
Over the past few years, I have spent a lot of time working on my personal money beliefs. Through this experience, I have gained clarity on how my beliefs about money have influenced almost every single decision I have made in my life (career, relationships, health, travel, what to order when I go out etc).
Money beliefs may sounds like an airy-fairy, pie in the sky concept, but they’re not. Your beliefs about money are the glasses through which you see the world.They are a key component to determine how much money you will earn and how much money you will keep.
What I found with myself (and many people I work with) is money beliefs are setting us up for a limited life of scarcity rather than a powerful life of abundance. I don't know about you guys, but a limited life of scarcity sounds like a real bummer.
If you are looking to make a financial transformation, start by identifying your limiting money beliefs, and replace them with powerful abundant beliefs. Most immediately,...