Two years ago, I wrote about my lifelong passion (some would say obsession) for spare change. This dates back to counting the spare change and “egg money” in my grandmother’s chipped gravy boat in the 70’s and continues on today. Today, this is the spare change stash in my office: But here in the 21st century, especially during a pandemic, I don’t have a lot of cash transactions, and therefore not a lot of spare change. Enter the micro investing app Acorns which invests your digital spare change. Two years ago, I signed up for Acorns and linked my checking account. The checking account is my “funding source”. Then I linked my …
Should you change your investments because of the election?
The first Presidential election I can remember was 1972. McGovern vs. Nixon. I was in first grade at Lincoln Elementary School in Aberdeen, South Dakota.The day before the election, my teacher Mrs. Dutt told us we would all vote the next day. That evening I excitedly told my parents I was going to vote for McGovern, since he was from South Dakota.They solemnly told me I should vote for Nixon.But the next day I put the ‘X’ in the purple mimeographed square next to the donkey and George McGovern’s name. Of course my vote didn’t count, but my parents’ votes did -- McGovern lost in a landslide, not even carrying his home state. In the end, it didn’t turn out so well for Nixon either.Once again, …
How do you rank as a taxpayer?
It’s a presidential election year in the US, but you probably knew that already.A perennial issue each election is taxes.We are subject to many different tax levies.Today we are going to talk about Federal income taxes. The 16th amendment to the Constitution was ratified in 1913, allowing Congress to levy an income tax and the US has had an income tax ever since. The instructions for the very first Form 1040 in 1913 took up one page. In 2019 the instructions for Form 1040 is 108 pages long. I believe every US taxpayer should know their Federal income tax liability.(Hint: Your tax refund is not your tax liability). So dig up your 2019 tax return. (go ahead I’ll wait). If your 2019 return is …
Should you take a coronavirus-related distribution from your retirement plan?
The pandemic drags on. Here in Massachusetts, we are taking mask-wearing seriously. Even the iconic ducklings in Boston’s Public Garden and the giant baby head outside of Boston’s Museum of Fine Arts are wearing them. (Does anyone else think the giant baby head is a little weird?) Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, individuals impacted by coronavirus can access up to $100,000 from their retirement plans with fewer consequences than usual. Recently, the IRS issued new guidance regarding these distributions.Should you take a coronavirus-related distribution from your retirement accounts?The first-and-foremost question is: “Do you need …
What Can We Learn From Abigail Adams About Personal Finance?
Abigail Adams was ahead of her time in many ways.She married John Adams the future 2nd president in 1764. During the early years of their marriage, John was frequently away. At a time when women rarely handled business affairs, Abigail tended the family business, a farm in Quincy, MA (where I live) during his many absences.She hired help, traded livestock, supervised the planting and harvesting, and oversaw construction. She kept track of all the finances, all while personally educating their five children. Writing from the Continental Congress John acknowledged his wife's skill with the joking compliment he had received word that their farm never looked better and was likely to …
