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For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a recently widowed reader isn't sure what changes to make to their financial plan. Write to For Love & Money using this Google form. Since my wife's death, I have found myself single for the first time in 48 years, and I'm looking at a very large income tax liability in 2024 and after. Write to For Love & Money using this Google form .

Persons: —, I'm, I've, Justin Rush, Rush, you'd, you've, it's, doesn't Organizations: Service, Security, Rush

I reached out to investing educator Amanda Holden, who told me it's smart to start with a brokerage account. Instead of investing in individual stocks, she suggests ETFs and index funds. In order to explain some of the basics in a simple way, I reached out to investing educator Amanda Holden for her thoughts. She had four tips for getting started on your investing journey. Of course, you'll want to consult with a financial advisor for a full investing strategy; her tips are educational, but they aren't investing advice.

Persons: Amanda Holden, it's, Holden, Charles Schwab, Schwab, Get, You'll, aren't, we'll, doesn't Organizations: Fidelity, Vanguard, — Vanguard

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. Sincerely,Too Tired to FightDear Too Tired,AdvertisementFor me, your question comes down to one thing: Can you afford not to sue your stepdaughter? Still, you must consider the right thing to do beyond the personal emotional, or financial cost of house repairs and legal fees. Write to For Love & Money using this Google form .

Persons: There's, doesn't

This week, a reader's car was damaged when their friend drove it with the parking brake engaged. When he finally finished, my best friend did me a huge favor by driving from Portland to Seattle to bring me my car. While these feelings are perfectly natural, allowing them to ruin your relationship with your best friend would be unfair to you both. Knowing that your best friend "can barely afford rent" and still expecting her to repay you for the car parts is the wrong choice. But even if it isn't, I hope you don't lose your best friend over a single space-out.

Persons: I've, I'd, doesn't Organizations: VW Locations: Seattle, Portland , Oregon, Portland

In the late 90s, I invested money in the stock market without knowing much about the stock I bought. AdvertisementThe stock market has recently hit several all-time highs. I have some money sitting in an investment account that I manage myself, and it is so tempting to buy some individual stocks. Don't get me wrong, the stock market can and does (for many people) give better returns than safer investments. I tried and failed at researching and buying individual stocks without the guidance of a financial advisor.

Persons: I'm, I've, doesn't Organizations: Amazon Locations: —

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. Sincerely,Secure, But Feeling InsecureDear Secure,From the outside looking in, financial anxiety, like all anxiety, can seem absurdly easy to handle. So rather than worry about your husband's apparent financial anxiety, take comfort in your financial security. Write to For Love & Money using this Google form .

Persons: wasn't, —, Avigail Lev, Lev, hasn't, it's, doesn't Organizations: Service, CBT, — Locations: San Francisco

☆ My dad was always an extreme penny-pincher, but his lessons helped me buy 2 homes on a teacher's salary
▼ + stars: | 2024-04-01 | by ( Elana Rabinowitz | Stephanie Hallett | ) www.businessinsider.com time to read: +5 min

My dad had many creative ways to save money, including zig-zagging all over NYC to avoid road tolls. Growing up, I learned the value of money from him, and I've applied his lessons over and over. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Following in my father's careful footsteps has allowed me to afford two homes and a new car, all on a teacher's salary. I love to travel, and, as a teacher, I'm able to take advantage of summers off.

Persons: I've, —, San Remo, I'd, I'm, doesn't Organizations: Service, New Locations: New York City, San, South America, South Africa, New York, Brooklyn

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. Dear For Love & Money,My mother recently sold her home, and I am in the process of selling mine. Giving up the habit of relationship management when your desire is so innate and well-meaning can feel terrifying and even impossible. Write to For Love & Money using this Google form .

Persons: —, She's, she'll, You've, they'll, can't, shortchanged, doesn't Organizations: Service

☆ New Yorkers who make six figures won't save as much moving to Texas and Florida anymore
▼ + stars: | 2024-03-25 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

New Yorkers have historically moved to Florida and Texas to save money on taxes and other expenses. AdvertisementIn December, Rahul Sen Sharma told Business Insider that he was moving from New York to Miami — and bringing his company with him. New Yorkers moving to Texas for many of the same reasons will also face sticker shock. The savings gained by moving to Florida and Texas are dwindlingUtilities, gas, and housing are just a few expenses that have gotten pricier in Florida and Texas since 2019. "The property-tax percentage rate is higher," Marie Bailey, a Texas real-estate agent who moved from California, told Business Insider's Alcynna Lloyd.

Persons: —, Rahul Sen Sharma, Sen Sharma, BI's Phil Rosen, Jeff Bezos, Ken Griffin, SmartAsset, Dallas, Alexander Spatari, Realtor.com, Jaclyn DeJohn, SmartAsset's, Wager, Robert Walsh, Marie Bailey, Insider's Alcynna Lloyd Organizations: Service, Miami —, Bloomberg ., New, Miami, relocators, Miami . Miami Beach, Bloomberg, Business, Sunshine State, CBS, Fort Locations: Florida, Texas, New York, Miami, NYC, Austin, Florida and Texas, Dallas, Miami ., Manhattan, Fort Lauderdale , Florida, Fort Lauderdale, California

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. The only problem is that I'm burned out and unhappy, and I'm starting to resent my husband. My husband didn't get a degree, has no true calling, and is content to get a meager paycheck and go home. Write to For Love & Money using this Google form .

Persons: doesn't, hasn't, I've, didn't, they're, isn't, he's Organizations: Fortune

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.

Persons: —, doesn't Organizations: Service

☆ The top 10 U.S. cities where a $100,000 salary goes the furthest—half are in Texas
▼ + stars: | 2024-03-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It turns out, that includes how far a $100,000 salary will get you, according to a recent SmartAsset study. A six-figure income offers the most purchasing power in El Paso, Texas, the study found. In El Paso, a $100,000 salary amounts to around $88,840 after taking out those expenses. One factor potentially fueling the Lone Star State's dominance is its tax friendliness, since Texas does not collect state income taxes. However, residents still pay federal income taxes and face some of the highest property taxes in the country.

Persons: Zers —, — Organizations: Council for Community, Economic Research, Census, Christi, Houston, Star Locations: Texas, U.S, El Paso , Texas, El Paso, Mexico, RentCafe, San Antonio, Lubbock

For Love & Money is a weekly Business Insider column answering relationship and money questions. This week, a reader gave their money to their daughter whom they live with for a down payment. Write to For Love & Money using this Google form. Dear For Love & Money,I gave my daughter and her husband money to put a down payment on a house, but we never discussed whether it was a gift or a loan. At the time, we gave money to our other children rather than leave it to them after we died.

Persons: —, It's, it's, Lay, doesn't Organizations: Service

By hiring an accountant, we'll be able to get the most out of tax season and save for retirement. Short-term capital gains are profits you've made on stock that you've held for one year or less. Long-term capital gains are gains on investments you've held for longer than a year and range from 0% to 20%. What tax rate you'll pay on these gains depends on your taxable income, or what tax bracket you fall into. Little-known tax moves like this are another reason hiring an accountant is worth every penny.

Persons: we'll, —, I've, you've, I'm, Max, doesn't Organizations: Service, IRS

According to financial coach Hillary Seiler, you still need to spend less than you earn, even if that requires adjusting your budget. To make it from paycheck to paycheck, many are finding themselves spending more money and carrying credit card debt. "People never want to hear this one piece of advice, but it's important to spend less than you earn in any economic environment, but especially now." AdvertisementHere are three ways to start spending less than you earn:1. Review and adjust your spending habitsLook at how you spend your money. "You can earn more interest on your money now, and that will help it grow much quicker."

Persons: Hillary Seiler, Hilary Seiler, Seiler, doesn't Organizations: Business

But some smaller, more specialized tax credits and deductions could score you hundreds (or even thousands) of extra dollars back as well. Here's an overview of some overlooked federal and state tax credits that filers often miss. At first glance, this might seem counterintuitive — why wouldn't you deduct state income tax, which is usually a larger sum? AdvertisementEven if your state has an income tax, you may still come ahead by itemizing sales tax instead, depending on your tax profile. The IRS provides tables and tools to calculate if claiming sales tax delivers more savings than claiming income tax.

Persons: You've, filers, it's, you've, doesn't Organizations: IRS, Care Locations: California, Texas, Florida, Nevada

The title acceptance pilot waives the need for a lender's title insurance policy on some refinance mortgages. The Federal Housing Finance Agency recently rolled out a new pilot program that would lower refinance closing costs for some borrowers. Called the "title acceptance pilot," this program would waive the requirement that conforming loans have a lender's title insurance policy on certain refinance mortgages. Borrowers are required to purchase a lender's title insurance policy, which can be a significant out-of-pocket cost. Pushback from the mortgage industryLeaders from the mortgage and title insurance industries overall weren't pleased with this announcement.

Persons: —, Biden, Fannie Mae, Freddie Mac, homebuyers, Christopher Tyson, Tyson, doesn't Organizations: Service, Federal Housing Finance Agency, Mortgage Bankers Association, Union, Consumer Financial, National Community Stabilization Trust, homebuyers

We can't predict what the Fed will do or how that will impact mortgage rates. Yes, even as high interest rates make buying a home with a mortgage more expensive! On one hand, interest rates may drop so buying a home with a mortgage is more affordable. Or we could say there's still massive demand in the Boston market despite the jump in interest rates. Get the lowest mortgage rate you canPretty obvious advice if you want to get a mortgage now, right?

Persons: —, doesn't Organizations: Service, National, ARM Locations: Boston

I wondered if ChatGPT would give me good retirement adviceSpeaking of tiresome work, I've spent many years putting off my retirement plan beyond my husband's 401(k). First, I asked Rush and ChatGPT the same question: What are the best retirement strategies for self-employed people? They recommended similar types of accountsRush and ChatGPT had similar suggestions regarding which kinds of retirement savings accounts freelancers should consider. ChatGPT also mentioned determining your risk tolerance and diversifying your investment portfolio accordingly, as well as including healthcare expenses in your retirement plans by contributing to an HSA, and reassessing and adjusting your retirement plans regularly. I'm happy getting retirement advice from a humanBut Rush had a few other suggestions that ChatGPT didn't list in its response to my question.

Persons: ChatGPT, I've, Justin Rush, Rush, it's, they've, doesn't Organizations: Service, Business, Google, IRA

☆ Here's where boomers are retiring to
▼ + stars: | 2023-11-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Clearwater, Florida, topped SmartAsset's new list of where baby boomers are moving. All but two cities in the top 10 were in Florida, Arizona, or Nevada, though one was in Montana. Four of the top 10 cities — as measured by boomers who moved in 2022 as a percentage of the total population — were in Florida. Nearly 30% of Cape Coral's total population are boomers, while Clearwater is 27%. Over 28% of Scottsdale's total population are boomers.

Persons: —, SmartAsset, Xers Organizations: Service, Survey, Cape Coral, Oceanside —, U.S . News Locations: Clearwater , Florida, Florida , Arizona, Nevada, Montana, Florida, Arizona, Nevada , Montana, North Carolina, Orlando, Cape, St . Petersburg, Coral's, Clearwater, Mesa, Scottsdale, Reno , Nevada, Lake Tahoe, California, Santa Rosa, Billings , Montana, South, Billings, Montana's, America, Pennsylvania, Harrisburg, Reading, Lancaster, U.S, Surprise, Fort Lauderdale

The worst things you can do with an inheritance are spend it on assets you can't maintain, sit on it, or invest it all in one place. The wisest thing you can do is speak to a financial planner, preferably before you even inherit the money. It's easy to assume that receiving a large sum of money, like an inheritance, can change your financial situation forever. "On average, an inheritance is gone within five years of receiving it, unless it is invested in financial assets or housing equity," said financial planner Shala L. Walker of Mar Vista Investment Partners. Instead, Walker recommends speaking to a financial planner as soon as possible for help deciding what to do with your cash, including investing it in a diversified portfolio.

Persons: —, Shala, Walker, She's, you'd, I've, doesn't, you've Organizations: Research, Service, Mar Vista Investment Partners

When it comes to money, your mindset has a big impact on the way you spend, save, and invest. For me, four lessons from the book helped me improve my money mindset and invest more. Housel writes, "My own theory is that, in the real world, people do not want the mathematically optimal strategy. This is in line with some advice I've offered in my book "Dear Debt," regarding debt repayment. Reading "The Psychology of Money" was so fulfilling for me and helped me shift my money mindset out of anxiety and scarcity to feelings of "enoughness."

Persons: Reading Morgan, I've, —, Morgan Housel, Warren Buffett, Buffett, it's, Housel, he's, there's, doesn't, Bill Gates, Gates, Kent Evans Organizations: Reading, Service, —

For Love & Money is a biweekly column from Insider answering your relationship and money questions. This week, a reader makes much less money than their partner and is worried about the imbalance. Write to For Love & Money using this Google form. Dear For Love & Money,My partner and I are fully committed to each other and absolutely soulmates. Write to For Love & Money using this Google form .

Persons: that's, —, we're, you've, I've, it's, I'm, he'll, doesn't, they've Organizations: Service, America

The best money advice is usually boring and unsexy, which explains why no one wants to hear it. The best money advice is decidedly unsexy. Although the purpose of an HSA is to save money for inevitable healthcare expenses, you can just as easily use your HSA as an investing tool. Also, if you leave your HSA money in your account until age 65, you can withdraw your HSA funds for non-medical expenses at any point. The person who started investing at 25 will have roughly $162,000 in their account, while the person who started at 35 will only have $89,000.

Persons: Rachel Wooten, maxing, —, Wooten, you'll, doesn't, stashed Organizations: Service, CPA, Flint Group

However, variable-rate CDs and no-penalty CDs offer flexibility that may be worth considering. So far this year, CD rates have been increasing and I've managed to secure CDs with rates that range from 4.75% to 5.5% APY. "CD interest rates are for a 12-month period." Variable-rate CDBecause I've been mostly risk-averse with my CDs, one type that I've never tried are variable-rate CDs. For example, if you get a one-year CD paying 5% with the option to bump up, Manske said you can pay attention to CD rates and elect to update it if the rates rise.

Persons: —, I've, Christopher Manske, Manske, that's, doesn't Organizations: Service

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