If you live in a high income tax state such as Oregon, California or New York, you’re probably not happy about the Tax Cuts and Jobs Act of 2017 capping your state and local income tax deductions at $10,000. Many people who were taking advantage of these deductions found their tax bill to be higher after the legislation passed. If nothing is tying you to where you currently live, such as a job or family, you may consider moving to a lower tax state.
Congratulations! Your child is not the only one who should celebrate graduating from college; this is a major milestone for you too! You’ve been planning, saving, and working to help support your graduate and now it’s time for the next chapter.
Inheriting wealth can be unexpected or something you’ve known about for a long time. Either way, it can be life changing. Beyond the emotional component, your head may be spinning with questions about what to do next. How will this change my life? Will this change my life? Beyond the technical components of inherited wealth, receiving a large gift can spark a lot of existential questions that are important to address within the context of your financial plan.
What does leisure look like for you? If visiting friends and family, seeing new places, or seeking adventure is a priority in your life, you’ll want to include travel as a goal in your financial plan.
If you listen to the news, you’ll regularly hear mention of key economic indicators as they’re released. This is where a lot of us zone out because it’s hard to know how the ups and downs of these indicators relate to the overall health of the economy. What does it mean that the GDP in China declined last quarter or that U.S. jobless claims are up this week?