529 plans are special accounts authorized by their eponymous section of the Internal Revenue Code, "sponsored" by the states and administered, with some exceptions, by Upromise Investments. I am going to tell you five facts about 529 plans: Depending on the plan, you can contribute up to $511,758 in after-tax income per designated beneficiary (some states have … [Read more...] about 529 plans are a scam used by the rich to transfer wealth between generations
Archives for February 2017
The Federal Reserve wants you to sell everything and start a business (Congress doesn’t)
It's treated as a platitude that interest rates are at "historically low levels," that the Federal Reserve has just begun tightening US monetary policy, that it anticipates raising rates only slowly in the coming years. But treating these facts as background noise, instead of a concrete fact of everyday life with important implications, is a real … [Read more...] about The Federal Reserve wants you to sell everything and start a business (Congress doesn’t)
Yes, you should declare all your self-employment income
Between this blog and my travel hacking blog, at least 90% of my income comes from self-employment. I'm not even paid through a partnership or S corporation; I just get deposits into my checking account. If you're self-employed, it's possible your income isn't "tracked" in the way traditional wage income and some contractor income is, with the IRS receiving … [Read more...] about Yes, you should declare all your self-employment income
Welcome to Independently Financed
Just what the world needs, another personal finance blog Personal finance journalism as an industry has a problem: it's too often directed at the people who need it least. It shouldn't take more than a moment's reflection to realize that low-income renters need good personal finance advice much more than salaried homeowners, but personal … [Read more...] about Welcome to Independently Financed