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Archive for Lillian Meyers

Financial Windfalls – The Fantasy And Epic Fails

You have just received a windfall, and you do not know what to do.  Or maybe you have a list of things you want to do and are ready to spend that money starting tomorrow.

Hold on, not quite yet.  First, let’s define instant wealth. Instant wealth is receiving a large sum of money, larger than what you are accustomed to. That amount can range from $5,000 to millions; it’s a relative amount. What isn’t relative is that more often than not, when we are lucky enough to receive instant wealth, we often have no idea how to handle it.

There are too many stories about lottery winners who get it all, then just as quickly lose everything plus more, falling from rich to well below the poverty line.

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How To Become A Millionaire By 65

Money is tied to your dreams and goals, but how to make it all work out in the end? Well, once you have your goals, you make a plan. The plan is all about small steps and incremental, achievable goals. Your dream, for example, could be to have $1,000,000 in the bank by age 40. Let’s break that down:

First of all, what is a million? What does a million even look like? A million dollars is $1,000 times 1,000 – not difficult to do in your lifetime.

So how do you reach your first $1,000,000? Again, start small and start early. You can go to http://www.bankrate.com/calculators/savings/save-million-calculator.aspx, and calculate how to reach your saving goals there are many more online calculators to help you with this goal.

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Understanding Marginal Income Tax Brackets

Lillian Meyers, Tax Advisor, Tax Blog, Sonoma, California, USA, TaxConnections

By any measure, the tax code is huge. According to Commerce Clearing House’s Standard Federal Tax Reporter it’s up to 74,608 pages in length.¹

And each Monday, the Internal Revenue Service publishes a 20- to 50- page bulletin about various aspects of the tax code.²

Fortunately, it’s not necessary to wade through these massive libraries to understand how income taxes work. Understanding a few key concepts may provide a solid foundation. Read more

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