When Giovanna “Gigi” Gonzalez wanted to cut back on her food spending, the finance expert and money coach applied what is known as the “cash-stuffing” method of budgeting. She put the cash she allotted to food for the week into an envelope and limited her spending to that amount. “I could see when I had […]
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This week’s money news
This week’s top story: Smart Money podcast on social media shopping tips, and investing spare cash. In other news: Student debt canceled for 804k longtime borrowers, stop using paper checks, and Hollywood on strike 2023. Smart Money Podcast: Social Media Shopping Tips, and Investing Spare Cash Personal finance Nerd Kimberly Palmer joins hosts Sean Pyles and […]
Q&A: Is it a business or a hobby? The IRS has rules
Dear Liz: After accepting a layoff in exchange for a separation package earlier this year, I have started writing articles for a subscription website. My stories have become popular enough that I’m starting to earn some money and expect a 1099-K this year. I have enjoyed the work and want to cultivate a dedicated audience. I […]
Q&A: Inherited IRAs bring a tax bite
Dear Liz: I have an IRA worth over $1 million and am taking required minimum distributions. When my kids inherit this, can they take it all out with no tax issues because it is an inheritance? Or will they have to take required minimum withdrawals when they are old enough? Answer: Retirement accounts don’t get the favorable […]
Q&A: Social Security death benefits
Dear Liz: My wife was 69 at the time of her passing. She was still working and was not collecting Social Security. I am 72, retired and collecting Social Security. When I spoke with Social Security, I was told that I cannot collect on my wife’s work history. All I qualify for is a $255 death […]
This week’s money news
This week’s top story: Smart Money podcast on longevity literacy, and how debt impacts credit scores. In other news: What happens if UPS goes on strike, federal student loan interest rates now highest in a decade, and why Americans can’t buy Chinese cheap electric cars. Smart Money Podcast: Longevity Literacy, and How Debt Impacts Credit Scores […]