Are you doing enough to help your kids learn about finances?
“When it comes to dealing with financial decisions, many parents wonder whether they’ve done enough to prepare their children to make wise choices, avoid debt problems and be able to become financially independent.” (Forbes. “Give Your Graduates the Gift of Financial Know-How”. Forbes.com)
View Forbes suggestions and recommended resources on their article here.
With all of the excitement of adding a new baby to the family, it’s easy for the parents to overlook some key financial steps to take. In honor of Mother’s Day, here are seven tips you might want to share with them or consider for yourself (all from Forbes’s article):
1) Add your child to your health insurance policy 2) Update your will, trust, and beneficiary designations 3) Ensure you have adequate life insurance 4) Plan for childcare expenses
There are a number of reasons to file a tax extension. Does your circumstance fit the bill?
The deadline for filing your 2018 tax return is April 15, 2019. If you’re not ready, you can apply for an extension to delay filing until October 15 at the latest. But make sure you’re not just procrastinating, and instead have a valid reason for filing an extension, from Forbes’ article:
Forms coming from business, real estate investments, etc that bring in income.
You’re just now thinking of hiring an accountant…now is when accountants have too many clients and are too rushed.
You don’t have time to get your paperwork in order.
April is right around the corner. And with it, tax day. Here’s a heads up on the tax changes for 2019.
“Even though the tax reform bill—formally known as the “Tax Cuts and Jobs Act”—was introduced a full year ago, it didn’t apply to the taxes you filed last year… Now that tax season is officially here, it’s time to figure out what all those new tax updates mean for you. ” (Dave Ramsey. “Your 2019 Taxes: What You Need to Know About the Tax Reform Bill.” https://www.daveramsey.com/blog/tax-reform-bill)
Fixed mortgage rates sank to a 10-month low this month.
“According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 4.41 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.46 percent a week ago and 4.32 percent a year ago. The 30-year fixed rate hasn’t been this low since early April.”
“The 15-year fixed-rate average fell to 3.84 percent with an average 0.4 point. It was 3.89 percent a week ago and 3.77 percent a year ago. The five-year adjustable-rate average drifted down to 3.91 percent with an average 0.3 point. It was 3.96 percent a week ago and 3.57 percent a year ago.” (Washingtonpost.com. “Mortgage rates tumble to 10-month low.” 7 February 2019.)