Category Archives: Personal Finance

Income Tax Filing and the 1040

What is income tax? Income tax is the tax you pay on your income, usually directly taken out of your paycheck. Everyone who works in the United States should be paying income tax on their earnings. Income is more than just wages and salaries too. If you earn rents from rental properties, investment income, interest Read More…

Credit Cards

What are Credit Cards? Credit cards is a form of unsecured credit (meaning a loan without collateral) that you can use to make everyday purchases. All credit card purchases are made using a loan – you borrow money from your credit card issuer, and later pay it back with interest. Credit Cards Vs Debit Cards Read More…

All About Budgeting

If you want to start building your first workable budget, it is important to know exactly what should be in it, how to keep it updated, and the specific reason you want to have this budget. What does a budget look like? A budget is usually a spreadsheet or table. On one side or column, Read More…

Credit Reports

Credit Reports are basically a report that contains your credit history – both the good and bad. If you watch late-night TV, you have probably seen a few commercials offering free credit reports, so you might know that these are important. Most people, however, don’t know just how big a role a credit report can Read More…

Financial Records

Financial Records are what you use to have an easy way to tell where all your money and assets are, and exactly how much you have, at any given time. They are not one document, or even one type of document. In fact, most people’s financial records will not look the same as anyone else’s, Read More…

Spending Plan

Definition of Spending Plan A “Spending Plan” is exactly as it says – a plan of what you will be spending each month. There are usually two parts – your “fixed” spending and your “variable” spending. The fixed part is usually the same every month, with things like rent/mortgage payments, grocery bills, insurance, and car Read More…

Why Invest In Stocks?

Simply put, when you have money to invest for an extended period of time (like 20 years or more), the stock market historically has provided the greatest return. When most people are able to save money, they usually put it in the bank. Banks usually pay interest on the cash in your account, so if Read More…