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Estate planning may not be a topic you want to think about, but it's essential for small-business owners. Estate planning is a very sensitive, emotional topic, but as a financial planner, I believe it's essential to discuss. Estate planning should be a top priority — especially for Black business owners seeking to build generational wealth and preserve their legacies. Digital estate planning documentA common blind spot in estate planning is the digital asset space. Digital estate planning will make it easier for your heirs to access your digital assets as needed.

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Then, open separate business checking, business savings, and business credit card accounts to keep your personal and NIL business finances separate. To determine if you need to make quarterly estimated tax payments, consider having a CPA run a tax projection for you. Federal quarterly estimated tax payments typically include federal income taxes and self-employment taxes, which are 15.3% of your net income. State quarterly estimated tax payments vary by state, so check with your tax professional. Plan for multiple state income tax return filingsAs a student-athlete, it is likely that you will earn NIL income in multiple states.

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AdvertisementNupur Dave thought her decision to retire at age 40 in 2022 was an easy one. But the reality of retiring early turned out quite different. AdvertisementSavings and financial independenceDave on her last day at a financial services company, where there is an early retirement advertisement. Nupur DaveBy retiring at 40, Dave became part of the FIRE — "Financial Independence, Retire Early" — community. Advertisement"The whole idea of FIREing was possible because I'm in India," Dave said.

Persons: Nupur Dave, wasn't, Dave, Dave Dave, FIREing, Jovan Johnson, Gwendolyn Merz, Merz, Michelle Jackson, you've Organizations: FIRE, Google, Independence, BI Locations: Bangalore, India, Atlanta, San Francisco, Illinois, Asia

Read previewRunning a small business is challenging and securing funding is often a major hurdle. Given the high rates of small business failure linked to funding issues, it is apparent that financial preparation is key. I'm a financial planner, and I've identified seven documents that small business owners should have — especially if you need a small business credit card, grant, or a business loan. To ensure your small business is well-prepared to secure funding, it is essential to have the following financial documents in place. 1. Business credit reportUnderstanding and managing your business credit score is essential to secure funding.

Persons: —, I've, Bradstreet, Dun & Bradstreet, DUNS, Experian Organizations: Service, Business, Dun &, Insurance Locations: Dun, Experian

1 reason to use a business bank account. However, it is essential that you do not overlook the value of opening a business bank account — usually both a business checking account and a high-yield business savings account. Here are four things I tell my business owner clients to consider when choosing a business bank account. Ease of paying contractorsSome business bank accounts, especially online accounts, offer free invoicing and bookkeeping software/features. If you use accounting software (such as QuickBooks) to manage your business finances, accessing a business bank account that offers integration features may be desirable.

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To achieve your long-term financial goals, investing must be part of your financial plan. Do not worry too much about when the perfect time to start investing is. Target date funds are simpleThe main appeal of target date funds is their simplicity. Investing in a target date fund is a true hands-off investing experience. Do not be afraid to reach out to a financial advisor who can help you identify which option is best for you based on your financial goals.

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High-yield savings accounts, CDs, and I Bonds are good options depending on how soon you want to buy. As a financial planner, I have seven creative ways to save for a first home down payment. Automate monthly contributions to a high-yield savings accountOne of the easiest ways to grow your home down payment is to save in a high-yield savings account. Currently, many high-yield savings accounts are offering 4% to 5% or higher. Set up automatic transfers from your checking account to this high-yield savings account.

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As a financial planner, here are seven strategies I recommend to help ensure your budget covers all your holiday shopping expenses. Determine how much you can afford to spend on holiday shopping without compromising your financial well-being. Set shopping deadlinesOne thing that I have learned about holiday shopping is that last-minute gifts are much more expensive. Have a separate high-yield savings account earmarked for holiday shoppingOnce you've crunched the numbers and created a holiday spending budget, it is a great idea to create a separate savings account earmarked for holiday shopping. Bundle giftsOne of my favorite ways to save on holiday shopping is to bundle gifts per family or group.

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Early retirement is popular with my clients right now, and I always offer the same advice. If you fall within the 11% crowd, there are a few things you need to consider before deciding on early retirement. With early retirement, many individuals start to experience a lack of social interaction since their peers are all likely still working. Be realistic about your monthly retirement income needsMany people approach early retirement the same as traditional retirement when it comes to their budget. To plan for these expenses, you should consider at least a 4-5% annual increase for out-of-pocket healthcare expenses during retirement.

Organizations: Service, Research, Medicare Locations: Wall, Silicon

First-generation Black wealth builders might not have been exposed to the value of financial advice. This may result in first-generation Black wealth builders making financial mistakes and not being as proactive with their finances. Many first-generation Black wealth builders tend to sit on a lot of cash and have a fear of the stock market because of their upbringing. Pressure to support others before securing your own financial futureOften, first-generation Black wealth builders find themselves trying to balance financially supporting others while building wealth and progressing in their careers. As a first-generation Black wealth builder, family members may expect you to support them financially.

First-generation Black college graduates face unique challenges building wealth. Consequently, Black people now have more opportunities to earn a higher income and begin to build wealth. This creates a sense of responsibility for a first-generation Black wealth builder to take care of their family, often referred to as the Black tax. Lack of financial security and stabilityOftentimes first-generation Black wealth builders find themselves juggling many tasks at once. They are trying to progress in their careers and build wealth while financially supporting others at the same time.

Financial planner Jovan Johnson doesn't always advise against playing the lottery. Whenever we see a huge lottery drawing on the television screen, it can be very enticing to drop everything and go purchase a ticket. There is nothing wrong with playing the lottery if it is for pure fun and within your budget. Your savings come firstBefore you consider playing the lottery, ensure that you are on track with saving towards your financial goals and paying all your living expenses. A strategy to limit the amount that you use to purchase lottery tickets is to pool together an amount with a group of trusted friends or family.

Having easy access to cash during a recession can help you avoid going into serious debt. That way you can minimize the need to tap into your emergency fund for any smaller medical or car emergencies that may happen. Pay down high-interest debt, and consider consolidatingHaving high-interest debt can be a significant burden on your available cash flow. This income can help you achieve various goals such as paying down debt quicker, building an emergency fund, and creating extra cash flow. Beef up your emergency fundOne of the most important ways to prepare yourself for a recession is to build a solid emergency fund.

Growing up, my mom taught me to balance frugality with spending where it makes you happy. I share the same ideas with my financial planning clients: You don't have to be frugal all the time. If you are too frugal, you may find yourself spending more money in the long run than you expected because of poor quality. I teach my clients balance, tooI have helped many clients over the years take that dream vacation or buy that dream home or car. If you want to be frugal, make sure that it is for a goal or purpose and with limitations.

The IRS released inflation-adjusted tax brackets for 2023; the income threshold for each bracket has gone up. However, the new inflation-adjusted 2023 tax brackets, released last week by the IRS, may provide some relief. With higher thresholds for income tax brackets and a higher standard deduction, you may benefit from this adjustment next year. To benefit from the new tax bracket adjustments, your taxable income in 2022 would need to be at the bottom of one of the brackets. If that's your situation, in 2023, you could potentially be pushed down into a lower tax bracket (saving you some money).

Luis Alvarez/Getty ImagesHere's what: Now is a good time save and invest strategicallyThe Federal Reserve hiked interest rates once again this week, by 0.75 percentage points. "Rates reset every six months, but if inflation and interest rates continue to be high, Series I Bonds will continue to pay very attractive interest." "The benefit of a fixed-rate mortgage is that your interest rate will never change, but with an adjustable-rate mortgage, your interest rate can increase if interest rates continue to rise," she says. Now is also a good time to consider balance-transfer offers on your credit cards, since your monthly interest rate may change as the Fed raises rates. "Don't let the Fed's interest rate movements and subsequent equity market volatility scare you into any rash, large-scale portfolio allocation changes."

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If you've lost your income or otherwise need help paying your bills, a credit card should be your last resort because you don't want to end up accruing credit card debt with high interest rates. If your income has been affected by the coronavirus, you might be eyeballing cash-back rewards credit cards, or even a low-interest credit card as a source of funds to tide you over. See Business Insider's list of the best travel rewards credit cards »There are a few things to keep in mind if you want to open a travel rewards card right now. "The goal is to not let the credit card debt grow from month to month."

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