» Personal Finance
These days most of us are more aware of the need to track our income and expenditure. Bookkeeping is something that most of us will associate with businesses, but it is also something that can benefit personal money management. A good way to do this is to have a cashbook. There is something that anyone can learn to use and it can be very beneficial when it comes to managing personal finance.
In today’s tough economy you may find yourself needing some kind of financial help at some point in your life. This usually occurs in the form of a loan. There are also many types of loans that you can qualify for and therefore many types of loan holders.
Thinking about what happens after we die might sound a bit morbid, but if we don’t do this it could mean that we create a lot of problems for those we love. Payable on death (POD) accounts are a good option to ensure that family can quickly access money if the worst happens to you. This type of service is free, and it just means that family members won’t have to deal with a lot of problems in order to get their hands on some cash for funeral expenses.
Raising a child is expensive. In many countries around the world there is the expectation that the responsibility of raising their children falls on both parents. Even where the parents are not together there may be legal responsibilities to ensure the child’s welfare. In a lot of places there will be the requirement that absent the absent parent provides some type of child support. In fact the 1992 United Nations Convention on the Rights of the Child stipulates that all members of the UN should guarantee this support. It may even be that a parent living with the child might be obligated to pay this money in some situations.
The simplest way to explain an IRA would be to say that it is a retirement account that provides tax advantages. IRA stands for Individual Retirement Account. A lot of people may view an IRA as an investment but this isn’t really correct; it would be better to say that an Individual Retirement Account is a basket where you can hold your investments. This type of account covers a wide range of possibilities and the one you will choose will very much depend on your exact needs.
As well as income earned as an employee there will also be money that we receive elsewhere that is subject to tax. The 1099-MISC form is related to this other type of income with the ‘MISC’ standing for ‘miscellaneous’. Like all other tax forms it is important to fill this one out correctly and to get advice if you are unsure about the information it should contain. Failure to declare any type of miscellaneous income could lead to problems later and so will be best avoided.
Usually when we talk about debt management we are referring to assistance given to debtors by a third party. This assistance is usually of the expert variety with the aim being to help the debtor to return to a position where they no longer owe money. In recent years there has been a huge rise in the number of people struggling with debt and this type of assistance is increasingly required. Many businesses have sprung up and these promise to offer debt management solutions; not all of these are good options.
Personal financial planning is an important topic for those of us who are serious about managing our fortunes. The purpose of this type of activity is to bring ourselves and our family closer to financial security. There has been a lot written on this important topic and we will be examining just the top 6 best personal financial planning books here.
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