Saving Money - Achieving Financial Awesomeness

Can Income Shifting Lower My Taxes?

As the old saying goes, the only constants in life are death and taxes. However, while you can’t avoid paying your share to the government, you may be able to lower your tax burden. Income shifting is a well-known tactic for moving money around so that you don’t have to pay as much in taxes. Today, we’re going to dive into this strategy and see how income shifting might be able to lower your taxes. 

What is Income Shifting?

The name of this tactic kind of gives it away. To reduce the amount you owe, you simply shift your income to another person. Let’s say that you’re in a relatively high tax bracket (i.e., 35 percent). So, instead of paying all of your income at that rate, you give part of it to a relative in a lower tax bracket (i.e., 10 percent). 

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How to Invest Your Lottery Winnings (or any large sum of money)

Winning the lottery or coming into a large sum of money can change your life in more ways than one. You’ve probably read about people who have won the lottery and then went broke. With proper planning, you can avoid their fate. Today, we’re going to show you how to invest your lottery winnings or, for that matter, any large lump sum of money that happens to come your way.

It’s not every day that you find yourself in such a position. While you may want to run out and buy everything your heart desires, this is not the best course. If you take the necessary steps to get your finances in order, you can beat the odds and avoid squandering your windfall.

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The NextGen Wealth Weekly Roundup February 15, 2019

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great close to the week!

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Quick and Easy Ways to Earn Extra Cash

If you’re looking for some ways to earn extra cash, getting a side hustle can be a good idea. Having extra money can help you cover your bills or pay down debt. Maybe you want some spending money for the weekend? Or you’d like to save up for a vacation? Earning money on the side can make a big difference and help you achieve your goals faster.

There are many different ways to make extra cash. Some require you to have specific equipment while others don’t need much in terms of startup costs. Browse through the ideas below and pick a few you can try out over the next few weeks.

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The Easiest Ways to Save Money

Many Americans are one paycheck away from going into debt to pay for an emergency. A report by the Federal Reserve on the economic well-being of U.S. households found that 40 percent of American’s can’t afford an unexpected $400 expense. Having some extra cash can help you be prepared in case financial disaster strikes.

There are many different ways to save money – some easier than others. Pick what works for you and stick with it for a few months, setting aside the money that you save in a separate savings account. You can use the extra money to start an emergency fund or invest for retirement.

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How To Overcome Your Fear Of Personal Finances

Have you ever been afraid to log into your bank account or check your credit card balances? If you’re losing sleep over your personal finances, you’re not alone. According to a Bankrate survey, 36 percent of Americans are losing sleep over money troubles.

While money anxiety can be more common than we realize, it’s important to address it sooner rather than later. Ignoring your finances will hurt you in the long run, even if it feels better to bury your head in the sand right now. Money troubles never go away unless you take charge of your situation and address them head-on.

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Tips on Budgeting and Saving Money

Budgeting and saving money are closely related because budgeting is the most effective tool people use to save money. And no, budgeting isn’t just about tightening the belt and spending less. It’s about putting your money to work for you so that you prioritize and spend on the things that are most important.

So today I will be sharing with you some of the most effective tips that you can use to be successful when it comes to budgeting and saving money.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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