.. index:: Personal Finance .. _personal finance: Personal Finance ================== | Wikipedia: https://en.wikipedia.org/wiki/Personal_finance * https://www.reddit.com/r/personalfinance/wiki/index Dave Ramsey ------------- | Wikipedia: https://en.wikipedia.org/wiki/Dave_Ramsey | Homepage: https://www.daveramsey.com/ | Twitter: https://twitter.com/daveramsey * The 7 Baby Steps https://www.daveramsey.com/baby-steps/ * Envelopes; physically separate envelopes https://en.wikipedia.org/wiki/Envelope_system .. index:: Personal Budget .. _personal budget: Personal Budget ----------------- | Wikipedia: https://en.wikipedia.org/wiki/Personal_budget * https://www.reddit.com/r/personalfinance/wiki/budgeting * https://www.reddit.com/r/personalfinance/wiki/budgeting#wiki_tools.2Fsystems * https://en.wikipedia.org/wiki/Envelope_system * https://www.mint.com/how-mint-works/budgets * Spending budgets * Savings goals * Example / starter personal budget spreadsheets: https://www.reddit.com/r/personalfinance/wiki/tools#wiki_redditor-created_spreadsheets .. index:: Personal Income .. _personal income: Personal Income +++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Income * https://en.wikipedia.org/wiki/Personal_income_in_the_United_States .. index:: Occupational Outlook Handbook .. _occupational outlook handbook: Occupational Outlook Handbook +++++++++++++++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Occupational_Outlook_Handbook | Homepage: http://www.bls.gov/ooh/ * [...] * http://www.bls.gov/ooh/computer-and-information-technology/home.htm * :ref:`Software Development` > :ref:`Everyone Codes` .. index:: Personal Expenses .. _personal expenses: Personal Expenses ++++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Expense Technically, an expense is an event in which an :ref:`asset` is used up or a :ref:`liability` is incurred. In terms of the :ref:`accounting equation`, expenses reduce owners' :ref:`equity`. -- https://en.wikipedia.org/wiki/Expense TODO: types of expenses .. index:: Peronsal Debt .. _personal debt: Personal Debt ++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Consumer_debt * https://en.wikipedia.org/wiki/Debt_consolidation * https://en.wikipedia.org/wiki/Credit_counseling * https://en.wikipedia.org/wiki/Predatory_lending * https://en.wikipedia.org/wiki/Predatory_lending#Abusive_or_unfair_lending_practices .. index:: Interest .. _interest: Interest ------------- | Wikipedia: https://en.wikipedia.org/wiki/Interest .. index:: Compound interest .. _compound interest: Compound interest ++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Compound_interest * https://en.wikipedia.org/wiki/Compound_interest#Compound_interest .. index:: Doubling time .. _doubling time: Doubling time ~~~~~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Doubling_time .. index:: Rule of 72 .. _rule of 72: =========== Rule of 72 =========== | Wikipedia: https://en.wikipedia.org/wiki/Rule_of_72 .. index:: Taxes .. _taxes: Taxes ------ | Wikipedia: https://en.wikipedia.org/wiki/Tax See: * Accountant (:ref:`Accounting`) .. index:: Income tax .. _income tax: Income tax ++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Income_tax .. index:: Property tax .. _property tax: Property tax ++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Property_tax .. index:: Capital gains tax .. _capital gains tax: Capital gains tax +++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Capital_gains_tax .. index:: Gift tax .. _gift tax: Gift tax ++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Gift_tax * https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States * In the USA, in 2015, you must pay gift tax on any amount over $14,000 (per donor, per beneficiary). * So, two parents, for example, must pay taxes on any amount over $28,000. * Gift tax does not apply to e.g. trusts and, for example, direct payments for e.g. school tuition. * This affects eligibility for financial aid. * See also: * https://en.wikipedia.org/wiki/529_plan * https://en.wikipedia.org/wiki/Health_savings_account .. index:: Charitable contributions .. _charitable contributions: Charitable contributions ------------------------- | Wikipedia: https://en.wikipedia.org/wiki/Charitable_contribution | Wikipedia: https://en.wikipedia.org/wiki/Charitable_organization | Wikipedia: ``__ * In the USA, **charitable contributions to qualifying (501(c)(3)) non-profit organizations are tax deductible.** * https://en.wikipedia.org/wiki/Charitable_contribution_deductions_in_the_United_States * ``__ .. index:: Charity Navigator .. _charity navigator: Charity Navigator +++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Charity_Navigator | Homepage: http://www.charitynavigator.org/ | Twitter: https://twitter.com/CharityNav | AndroidApp: https://play.google.com/store/apps/details?id=com.charitynavigator.mobile | iOSApp: https://itunes.apple.com/us/app/charity-navigator/id740191196 * Top Ten Lists http://www.charitynavigator.org/index.cfm?bay=topten * Charity evaluation methodology http://www.charitynavigator.org/index.cfm?bay=content.view&cpid=32 * Donate to Charity Navigator https://www.charitynavigator.org/index.cfm?bay=content.support .. index:: Retirement .. _retirement: Retirement ------------- | Wikipedia: https://en.wikipedia.org/wiki/Retirement * https://en.wikipedia.org/wiki/Retirement_plans_in_the_United_States .. index:: Pension .. _pension: Pension +++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Pension .. index:: Defined benefit pension plan .. _defined benefit pension plan: Defined benefit pension plan ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Defined_benefit_pension_plan .. index:: Social Security .. _social security: Social Security ~~~~~~~~~~~~~~~~ | Homepage: https://www.ssa.gov/ | Wikipedia: ``__ | Wikipedia: ``__ * https://en.wikipedia.org/wiki/Social_Security_Wage_Base * https://en.wikipedia.org/wiki/Social_Security_Trust_Fund * "The Trust Fund is required by law to be invested in non-marketable securities issued and guaranteed by the "full faith and credit" of the federal government. These securities earn a market rate of interest." .. index:: 401(k) .. _401k: 401(k) +++++++ | Wikipedia: ``__ * 403(b) -- non-profits * 457(b) -- governmental employers .. index:: 401(k) match .. _401k match: 401(k) match ~~~~~~~~~~~~ | Wikipedia: ``__ .. index:: 401(k) rollover .. _401k rollover: 401(k) rollover ~~~~~~~~~~~~~~~~ | Wikipedia: ``__ .. index:: IRA .. index:: Individual Retirement Account .. _ira: IRA +++++ | Wikipedia: https://en.wikipedia.org/wiki/Individual_retirement_account .. index:: Roth IRA .. _roth ira: Roth IRA ~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Roth_IRA .. index:: Healthcare .. _healthcare: Healthcare ------------- | Wikipedia: https://en.wikipedia.org/wiki/Health_care * https://en.wikipedia.org/wiki/Health_care_in_the_United_States .. index:: Health Insurance .. _health insurance: Health insurance +++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Health_insurance * https://en.wikipedia.org/wiki/Health_insurance_in_the_United_States * https://en.wikipedia.org/wiki/Health_insurance_in_the_United_States#Public_health_care_coverage * https://en.wikipedia.org/wiki/Universal_health_care * https://en.wikipedia.org/wiki/Universal_health_coverage_by_country * https://en.wikipedia.org/wiki/List_of_countries_by_health_insurance_coverage * https://en.wikipedia.org/wiki/List_of_countries_by_total_health_expenditure_per_capita * https://westurner.github.io/opengov/us/healthcare#health-insurance-in-the-united-states * https://en.wikipedia.org/wiki/Health_insurance_in_the_United_States#Private_health_care_coverage .. index:: Health Savings Account .. _health savings account: Health Savings Account ++++++++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Health_savings_account A Health Savings Account is a tax-advantaged savings account. * An employer can contribute to a Health Savings Account pre-tax. * An employee can contribute to a Health Savings Account pre-tax (*). * Health Savings Account funds roll-over from year to year. .. index:: Long Term Care .. _long term care: Long Term Care ++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Long-term_care .. index:: Advance Care Directive .. _advance care directive: Advance Care Directive +++++++++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Advance_healthcare_directive "Advance Care Directive, Living Will, Personal Directive, Advance Directive, Advance Decision" .. index:: Estate planning .. _estate planning: Estate planning ----------------- | Wikipedia: https://en.wikipedia.org/wiki/Estate_planning "Probate" * ``_ * ``__ .. index:: Trust (financial) .. _trust: Trust +++++++ | Wikipedia: https://en.wikipedia.org/wiki/Trust_law * https://en.wikipedia.org/wiki/United_States_trust_law * https://en.wikipedia.org/wiki/Uniform_Trust_Code * https://en.wikipedia.org/wiki/United_States_trust_law#Types_of_Trusts + https://en.wikipedia.org/wiki/Special_needs_trust # + https://en.wikipedia.org/wiki/Testamentary_trust * https://www.urbandictionary.com/define.php?term=trust+fund+baby .. index:: Will and Testament .. _will and testament: Will and Testament ++++++++++++++++++++ | Wikipedia: https://en.wikipedia.org/wiki/Will_and_testament * https://en.wikipedia.org/wiki/Will_and_testament#Requirements_for_creation * .. index:: Estate tax .. _estate tax: Estate tax ~~~~~~~~~~~~~ * https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States * http://money.howstuffworks.com/personal-finance/personal-income-taxes/inheritance-tax1.htm * Estate tax is paid by the estate (after debts are paid). .. index:: Inheritance tax .. _inheritance tax: Inheritance tax ~~~~~~~~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Inheritance_tax * Inheritance tax is paid by the beneficiaries. ("double taxation") .. index:: Intestacy .. _intestacy: Intestacy ~~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Intestacy * If there is no will defined, the estate is "intestant". * https://en.wikipedia.org/wiki/Intestacy#United_States_and_Canada * State laws differ. * Not all states go by the Uniform Probate Code: * https://en.wikipedia.org/wiki/Uniform_Probate_Code * https://www.law.cornell.edu/uniform/probate * http://www.uniformlaws.org/shared/docs/probate%20code/upc%202010.pdf + "SECTION 2-103. SHARE OF HEIRS OTHER THAN SURVIVING SPOUSE." + It is more complicated than this, but, **roughly**, *if there is not a more specific will*, the first matching class takes everything (after debts are paid and then federal (and state) estate taxes): + .0. Surviving spouse + .a.1. decendents (children) + .a.2. parents (equally) + .a.3. parents' decendents (e.g. siblings) + .a.4.A. 1/2 each to paternal/maternal grandparents + .a.4.B. 1/2 each to paternal/maternal grandparents' decendents + .a.5. [... speak with an estate attorney ...] + .b. deceased spouse's decendents (equally) * https://en.wikipedia.org/wiki/Uniform_Simultaneous_Death_Act .. note:: If the default state order of succession applies (e.g. when there is no other will defined), for one matching class to gift all or part of their inheritance to others, they then must pay *both* :ref:`inheritance tax` *and* :ref:`gift tax` on any amount over the annual exclusion for the year. .. index:: Digital Will .. _digital will: Digital Will ~~~~~~~~~~~~~~ | Wikipedia: https://en.wikipedia.org/wiki/Digital_Will