ariel, check out the Azores for a shorter travel day to a spring or summer trip from nyc - it's about a 5 hour flight. (hilariously re: the topics of this newsletter - my side hustle is a travel agent!)
also - loving this newsletter, and second'ing ash's idea about a post about how to talk to kids about money!
If I can add, something that costs $0 but will pay untold dividends is TALKING TO YOUR KIDS ABOUT MONEY. I work in the HNW space and I can’t tell you how many g2/g3 folks with gigantic bank account that I see with bad credit because they didn’t you had to pay the credit card bill. Or forgot / didn’t know how to do it. It’s really important to have honest conversations about wealth, money management, etc starting at an early age. Plus spend some time working on your own personal ideas / hangups around money so you can try not to pass them onto the next generation. Making it a taboo subject can create a knowledge gap or worse shame environment that doesn’t help anyone.
OMG I absolutely love this! You're absolutely right. Should we do a post about the heavy hitters to discuss with children? I think credit card interest needs to be included. Thank you so much for sharing!
Independent college counselor here! My primary focus is always cost-conscious college searches, and also ways to fund college for those who can’t cash flow $96k/year ( 🤮 ). Pro tip: There’s different 529s in each state, and you don’t need to be a resident of that state to open a plan. Some of them have perks like guaranteed in-state tuition (and other tuition breaks). They’re not always the best option because the schools in those states may not be a good fit for the student or they may not be admitted, but it’s sometimes worth exploring all of the options.
You don’t have to pay taxes on gifts over 19k, under 19k there’s just no reporting requirement. Over that amount it just counts towards your lifetime tax exempt gift limit (several million $ currently)
I’m loving this newsletter so much! About the yearly $19,000 gift; I was told the receiver WILL have tax implications, but the gifter won’t, is it true that the receiver won’t have to pay income tax on the gift?
I'm so happy to hear you're enjoying the newsletter!! I haven't seen any circumstances where the recipient needs to pay income tax, but if your issue is more nuanced, let me know!
ariel, check out the Azores for a shorter travel day to a spring or summer trip from nyc - it's about a 5 hour flight. (hilariously re: the topics of this newsletter - my side hustle is a travel agent!)
also - loving this newsletter, and second'ing ash's idea about a post about how to talk to kids about money!
OMG thank you so much :)
If I can add, something that costs $0 but will pay untold dividends is TALKING TO YOUR KIDS ABOUT MONEY. I work in the HNW space and I can’t tell you how many g2/g3 folks with gigantic bank account that I see with bad credit because they didn’t you had to pay the credit card bill. Or forgot / didn’t know how to do it. It’s really important to have honest conversations about wealth, money management, etc starting at an early age. Plus spend some time working on your own personal ideas / hangups around money so you can try not to pass them onto the next generation. Making it a taboo subject can create a knowledge gap or worse shame environment that doesn’t help anyone.
OMG I absolutely love this! You're absolutely right. Should we do a post about the heavy hitters to discuss with children? I think credit card interest needs to be included. Thank you so much for sharing!
I would love a post on how to talk to kids about money!
Independent college counselor here! My primary focus is always cost-conscious college searches, and also ways to fund college for those who can’t cash flow $96k/year ( 🤮 ). Pro tip: There’s different 529s in each state, and you don’t need to be a resident of that state to open a plan. Some of them have perks like guaranteed in-state tuition (and other tuition breaks). They’re not always the best option because the schools in those states may not be a good fit for the student or they may not be admitted, but it’s sometimes worth exploring all of the options.
You don’t have to pay taxes on gifts over 19k, under 19k there’s just no reporting requirement. Over that amount it just counts towards your lifetime tax exempt gift limit (several million $ currently)
I’m loving this newsletter so much! About the yearly $19,000 gift; I was told the receiver WILL have tax implications, but the gifter won’t, is it true that the receiver won’t have to pay income tax on the gift?
I'm so happy to hear you're enjoying the newsletter!! I haven't seen any circumstances where the recipient needs to pay income tax, but if your issue is more nuanced, let me know!
Hi Bec! My parents do the yearly gift I've never had tax implications (we both reside in California).
Thank you for sharing! I wonder if it’s different if it’s stock and not cash?