We love new years. They are a wonderful opportunity to focus our mind on sorting out our finances once and for all. No one enjoys life if they are troubled by money. So, here are some things that you should be looking at straight away to make sure the 2019 is truly a happy financial year.
Disabled children are treated as adults for tax purposes even if under age 18. This means that they can receive distributions of net income from family trusts and hybrid trusts. This income is taxed normally, rather than under the penalty tax arrangements that usually apply to the unearned income of minors. It can mean that the family pays much less tax.
Research shows that people are more interested in saving a large percentage on a cheap purchase than they are in saving a small percentage on an expensive purchase. This can lead them to waste both time and money, and can also be expensive when it comes to big ticket items like home loans.
Entrepreneur Elon musk spent his first month in the United States living on $1 a day. He was 17 years old. Obviously, this discipline did wonders for his personal financial planning. Other people have taken on a similar challenge and report much the same thing. This article shows what we can learn from their experience.
Increasingly, parents are helping adult children buy property. This might be to assist younger person to get started in the market, or to help a person get back on their feet after something like a relationship ending. This article discusses one way in which parents and children might come own property.