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Wednesday’s need-to-know money news

March 23, 2022 By Liz Weston

Today’s top story: Should your next trip mix work and play? Also in the news: The trend of no more daily housekeeping, 7 ways freelancers and small businesses can ensure they’re paid, and how it is cheaper to buy a house than rent in certain cities.

Laptop Lugging: Should Your Next Trip Mix Work and Play?
Traveling for business or pleasure? Both? Laptop luggers are reshaping the vacation.

One of the Most Basic Hotel Amenities Is Disappearing
If you enjoy daily housekeeping, your next hotel stay might feel disappointing at first glance.

7 Ways Freelancers and Small Businesses Can Ensure They’re Paid
Temporary solutions are less than ideal when unpaid invoices significantly affect your business’s cash flow.

It’s Cheaper to Buy a House Than Rent in These Cities
Purchase prices and rents are skyrocketing, but there are areas where home ownership isn’t entirely out of reach.

Filed Under: Liz's Blog Tagged With: buying a house, daily hotel housekeeping, freelancing, laptop lugging, traveling for business

Tuesday’s need-to-know money news

September 21, 2021 By Liz Weston

Today’s top story: 5 options for your money before student loan payments resume. Also in the news: Why the freelancing boom may change how you buy life insurance, 4 signs we’re in a housing market primed for regret, and how to invest in real estate with your IRA.

5 Options for Your Money Before Student Loan Payments Resume
February will be here before you know it.

The Freelancing Boom May Change How You Buy Life Insurance
How life insurance planning differs for freelancers.

4 Signs We’re in a Housing Market Primed for Regret
Looking out for buyer’s remorse.

How to Invest in Real Estate With Your IRA
You can buy it, but you can’t live in it.

Filed Under: Liz's Blog Tagged With: freelancing, housing market, IRA, life insurance, real estate investing, student loan payments

Wednesday’s need-to-know money news

June 9, 2021 By Liz Weston

Today’s top story: How to know when it’s time to ditch your starter credit card. Also in the news: How to cover yourself against car theft, tips on paying for your wedding, and how to make a budget if you want to freelance full time.

How to Know When It’s Time to Ditch a Starter Credit Card
Don’t get too comfortable with your first card — once it’s done its job, it’s time to move on.

Car Theft Is Up in the U.S.: Here’s How to Cover Yourself
With the right kind of insurance, you could avoid paying out of pocket if your car or catalytic converter is stolen.

Weddings Are Marching Back: Here’s How to Pay for Yours
It’s best to pay for a wedding with savings, but if you need to finance, look for low-interest options with affordable payments.

How to Make a Budget If You Want to Freelance Full Time
Turning side hustles into main hustles.

Filed Under: Liz's Blog Tagged With: budgets, car theft, freelancing, starter credit cards, tips, weddings

Wednesday’s need-to-know money news

February 21, 2018 By Liz Weston

Today’s top story: How debt settlement can make a bad money situation worse. Also in the news: Using an IRA as a legal, last-minute way to lower your taxes, 4 reasons why it’s smart to buy a used cell phone, and how to budget as a freelancer.

Debt Settlement Can Make a Bad Money Situation Worse
Not the perfect solution.

An IRA Is a Legal, Last-Minute Way to Lower Your Taxes
There’s still time for 2017 taxes.

4 Reasons It’s Smart to Buy a Used Cell Phone
Saving on new-to-you tech.

How to Budget as a Freelancer
Budgeting when income isn’t reliable.

Filed Under: Liz's Blog Tagged With: budget, cell phones, debt, debt settlement, freelancing, IRA, Retirement, Taxes, tips, used cell phones

Wednesday’s need-to-know money news

April 20, 2016 By Liz Weston

PayRentPiggyBank.157131716_stdToday’s top story: How paying rent can affect your credit. Also in the news: How to protect yourself from cybercrime while banking with your phone, why you shouldn’t consider something “yours” until it’s completely paid off, and financial strategies for creative types without steady incomes.

How Paying Rent Can Affect Your Credit
Rent-reporting services can boost your credit.

4 ways to dodge cybercrime when banking, shopping on mobile phones
Convenience can come with a hefty price.

Avoid Saying You “Own” Something Until It’s Paid Off
It isn’t yours until the last payment is made.

The #1 Reason Artists Struggle With Money, and 3 Simple Strategies to Turn Things Around
Advice for creative types.

Filed Under: Liz's Blog Tagged With: artists, Credit, Credit Score, cybercrime, financial advice, freelancing, Identity Theft, rent, rent reporting services

Q&A: Retirement savings for freelancers

June 22, 2015 By Liz Weston

Dear Liz: I am a freelancer. I don’t consider myself a small-business owner, just someone who gets the work done on time and gets paid. I max out my IRA every year, but would like to save more in a tax-advantaged account.

I checked out SEP and SIMPLE IRAs, but they don’t have a Roth option. Am I eligible to start an Individual 401(k)? What administrative duties would be involved? I pay self-employment tax and my clients send me 1099s, not W2s.

Answer: You may not consider yourself a small-business owner, but that’s essentially what you are. And small-business owners should have tax pros to help them answer questions like this, since you have so many options.

As a sole proprietor, you should be able to set up a solo or individual 401(k) account. That would allow you to make either pre- or after-tax “employee” contributions of up to $18,000 in 2015 — plus an additional $6,000 if you’re 50 or older.

As your own employer, you can contribute an additional 25% of your net earnings (a contribution that would be deductible as a business expense). Your total contribution, employee plus employer, can’t exceed $53,000 in 2015.

Individual 401(k)s are somewhat more complicated to set up and administer than Simplified Employee Pensions (SEPs) or Savings Incentive Match Plan for Employees (SIMPLEs). But many discount brokerages are eager to help you with the paperwork and have low or no set-up costs.

You have many other ways as a self-employed person to reduce your taxes, but the rules can be complicated. A certified public accountant or an enrolled agent can help advise you of your options. You can get referrals to tax professionals from the American Assn. of CPAs at http://www.aicpa.org and the National Assn. of Enrolled Agents at http://www.naea.org.

Filed Under: Q&A, Retirement Tagged With: 401(k), freelancing, IRA, q&a, Retirement

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