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Financial planners said real estate is a top source of passive income for their clients. Making passive income isn't always as easy as it sounds — it takes time and money up front, and the benefits don't come overnight. To find out how people are earning passive income, Business Insider asked several financial advisors to share their clients' top passive-income sources. "Passive income sources like podcasts, websites, apps, YouTube channels generating income off of ads — those are really common sources of passive income that I've seen," he told Business Insider. Creating digital products for sale onlineEllis said that digital products are a common way she's seen clients earn passive income recently.

Persons: Brent Weiss, he's, Weiss, Akeiva Ellis, She's, it's, Wealthfront, Read, Andrew Westlin, I've, What's, Ellis, doesn't Organizations: YouTube, Business

☆ There is still time to reduce your tax bill or boost your refund before year-end. Here are some moves to consider, experts say
▼ + stars: | 2023-12-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Vesna Andjic | E+ | Getty ImagesWith roughly one month left in 2023, there's still time to reduce your tax bill or boost your refund, experts say. In 2018, the Tax Cuts and Jobs Act nearly doubled the standard deduction, slashing the number of filers who itemized. Make the most of your tax bracketBefore completing a year-end strategy that adds to your income, you should see if you can afford to "run up the income tax brackets," Dietz said. Pretax IRA contributions : You can still make up to $6,500 in pretax IRA contributions ($7,500 for age 50 and older) for 2023, which may offer a deduction. However, you need to check IRA tax break eligibility first.

Persons: Vesna Andjic, there's, Akeiva Ellis, deferrals, Ellis, Robert Dietz, Dietz, It's, Louise Cochrane Organizations: Vanguard, Taxpayers, Bernstein Private Wealth Management, — Locations: Boston, Minneapolis, Alameda , California

Financial planners say that dividends from the stock market are often overlooked for passive income. Buying an established small business can generate passive income quickly. If you want to start generating passive income, it might be easier than you think. Here are three ways financial advisors suggest getting into passive income. "Dividend income is definitely one major source of passive income that a lot of my clients have," she told Personal Finance Insider.

Persons: —, Akeiva Ellis, It's, Brent Weiss, Weiss, he's, I've, Get Organizations: Financial, Service, Finance, SEC

☆ What Is the 50/30/20 Rule?
▼ + stars: | 2023-09-07 | by ( Kevin J. Ryan | ) www.wsj.com time to read: +7 min

Perhaps the most popular method is the 50/30/20 rule, which is a simple and effective way to take control of your money. The 50/30/20 budget rule was popularized by Sen. Elizabeth Warren—then a Harvard Law professor—and her daughter, Amelia Warren Tyagi, in their 2006 book “All Your Worth: The Ultimate Lifetime Money Plan.” They called it a “good rule of thumb” for getting your budget in order. What is the 50/30/20 rule? Alternatives to the 50/30/20 budget methodOf course, no one budgeting method is for everyone. For example, like the 50/30/20 rule, the 70/20/10 rule also divides your after-tax income into three categories but differently: 70% for monthly spending (including necessities), 20% for savings and for 10% donations and debt repayment above the minimums.

Persons: Kevin J, Ryan, Sen, Elizabeth Warren —, —, Amelia Warren Tyagi, “ It’s, ”, Akeiva Ellis, Greg Giardino, “, “ You’ve, You’ve, Austin, Jordan Benold, that’s, it’s, There’s Organizations: Harvard Locations: Tarrytown, N.Y, San Francisco, New York, Frisco , Texas, you’ll

☆ How Much Rent Can I Afford?
▼ + stars: | 2023-05-11 | by ( ) www.wsj.com time to read: +7 min

Paying too much in rent could leave you struggling to pay your other bills or unable to save for the future. Here’s how financial planners say you can make sure your rent is in line with your income and goals. Experts we spoke to recommend keeping rent costs below 25% to 30% of your monthly income. Another factor to consider is whether spending a little more on rent could help you save on other costs. When it makes sense to spend lessIt can make sense to spend less than 30% of your net income on rent if you have other large expenses.

Persons: Kevin J, Ryan, isn’t, “, ”, Christopher Lyman, James Guarino, Baker Newman Noyes, Guarino, Garrett Sorensen, Akeiva, Ellis, Sorensen, you’re, it’s Organizations: Financial Advisors, ”, Utilities Locations: Newtown, Penn, Woburn , Mass, Boston , New York, San Francisco, Old Hickory, Tenn, Natick, Mass

Because of severe winter storms in California, taxpayers can file taxes until October 16, 2023. To accommodate individual taxpayers and businesses affected by the storm, the IRS has extended California taxpayers' filing deadline by six months, to October 16, 2023. According to the State of California Franchise Tax Board, an extension to file your tax return does not mean you also have an extension to pay your 2022 taxes. But Ellis says you can use the tax extension to max out your IRA contributions and lower your annual gross income. She says that the tax extension creates a unique situation where a taxpayer is filing their 2022 taxes while preparing for 2023 at the same time.

☆ A 40-year-old physical therapist got $222,000 in student loans forgiven through PSLF and used 2 tax strategies to pay as little as possible along the way
▼ + stars: | 2022-10-27 | by ( Leo Aquino | Read More | Read Less | ) www.businessinsider.com time to read: +8 min

Pros Check mark icon A check mark. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. Tax-loss harvesting Check mark icon A check mark. Mobile app and investing and retirement tools Check mark icon A check mark. Retirement contributions work to lower AGI in a similar way.

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