These 10-year-old vehicles offer better value than many other cars. Teddy Leung / Shutterstock.com
Looking for a used car? Smart decision: Buying a gently used vehicle is almost always a better value than purchasing something brand new. But you need to do your homework before deciding on a make and model. Some used cars are a better deal than others, as a recent analysis from iSeeCars clearly shows. The website ranked 10-year-old vehicles based on their average price per 1,000…
It’s a move you might want to make, too.
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As a general rule, it’s a good idea to buy quality stocks and hold them in your brokerage account for many years. But sometimes, selling stocks when they lose value can work to your benefit.
In fact, real estate and financial guru Graham Stephan recently tweeted about a strategy known as tax-loss harvesting. Stephan explained that he’s selling stocks to take advantage of this strategy, and you may want to do the same.
Tax-loss harvesting is a strategy where you sell stocks that have lost money to offset gains on the stocks that made you money. Let’s say you sold a stock in your brokerage account earlier this year and made $5,000 in profit on it. That profit isn’t yours to keep in full. Rather, you’ll owe the IRS a portion of that profit.
The amount of tax you owe on capital gains will depend on a few factors. These include whether you held the investment for at least a year and a day before selling it, and, if that wasn’t the case, what tax bracket you fall into. But either way, if you profited in your brokerage account, the IRS will want a piece of it.
With tax-loss harvesting, you can sell a stock that’s been underperforming at a loss and use that loss to cancel out your gains to some degree — and possibly even in full. In fact, say you’re able to take a $5,000 loss on a stock. If you’re sitting on a $5,000 gain, your loss will offset it completely so you don’t owe the IRS a thing on that particular gain.
You can also use tax-loss harvesting to offset some ordinary income — up to $3,000 worth per year — if you don’t have any gains to offset in your brokerage account. And if you have an excess loss beyond that, you can carry it forward to a future tax year.
So, let’s say you take a $5,000 loss in your brokerage account this month without having capital gains to offset. You can offset $3,000 of income for 2022 and then carry your remaining $2,000 loss into 2023. If you sell investments at a profit then, you can use your remaining loss to offset those gains.
If you want to use tax-loss harvesting to your advantage in 2022, the time to review your assets and sell stocks strategically is now. For that loss to count for 2022 tax purposes, it needs to be taken in 2022. That means you have a very limited window of time to unload stocks that haven’t been doing well or no longer fit into your larger investment strategy.
Of course, a lot of people’s portfolios are down right now due to the general state of the stock market. So rather than sell off a random stock that’s down, try to focus on one that’s unlikely to recover the value it’s lost recently.
The best way to go about tax-loss harvesting is to sell stocks that have consistently done poorly. You don’t want to go dumping stocks that are likely to gain a lot of value once the stock market settles down and recovers from its recent bout of turbulence.
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Shopping at Trader Joe’s may help you stick to your grocery budget.
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Trader Joe’s sells food, drinks, and household essentials at affordable prices. At a time when many other grocery stores’ prices are climbing, you can still score a great deal by shopping at Trader Joe’s. We have you covered if you need inspiration before your next shopping haul. Here are the best TikTok accounts to follow if you’re a fan of Trader Joe’s.
Natasha shares her Trader Joe’s hauls on TikTok and other social media platforms. If you want to find out if a new product is worth it or to learn more about products you have yet to try, her account is a valuable resource. She also shares how much she spends on each haul, so her videos may better guide you as you plan your grocery budget and shopping list.
You will love Jessica’s videos if you’re on a tight budget. She shares her experiences living in one of the priciest cities in the country, Washington D.C. Through her videos, she highlights affordable activities and shares how much money she spends in a day. Jessica also shares her shopping hauls, and Trader Joe’s is one of the places she likes to shop.
Natalia is a health guru who shares health-focused tips through her videos. She regularly shops at Trader Joe’s and discusses the best healthy products available at the popular retailer. Natalia also discusses cheap health-focused finds, proving that eating healthy doesn’t have to drain your bank account. If you love Trader Joe’s and are trying to eat better, this account is for you.
Zane shares his cooking adventures with his followers. His videos showcase the prep and cooking process for the meals he makes at home. His recent videos highlight Trader Joe’s finds and how to successfully turn them into a complete meal. He also shares low-cost meal ideas that may appeal to Trader Joe’s shoppers on a limited budget.
Traderjoesnew is another account worth following. Alex is a Trader Joe’s enthusiast who shares worthy finds like inexpensive wines and budget-friendly staple items. Whether you’re looking for more information about seasonal offerings, brand-new products, or can’t-miss classics, Alex’s videos will prepare you for your next trip to the store.
Amanda shares lifestyle content with her TikTok followers, including her favorite food finds. She does some of her shopping at Trader Joe’s, so you can learn more about the winning products she buys there. You will love her videos if you need new product recommendations and like watching detailed video reviews.
Shannon shares her favorite Trader Joe’s products on her TikTok account. She also shares new products that she finds while doing her grocery shopping. If Trader Joe’s is your go-to grocery spot, watch her videos, so you don’t miss the brand’s latest offerings.
These are the TikTok accounts you should follow before you plan your next visit to Trader Joe’s. You can save money by shopping at Trader Joe’s. By shopping at affordable retailers, you can honor your personal finance goals while still filling your grocery cart with delicious products.
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The costs you’ll pay go beyond just a mortgage loan.
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Purchasing a home is a life-changing decision. While homeownership can come with many benefits, you want to ensure you’re ready for all the responsibilities that go with it, including the financial ones. There are many additional costs beyond your monthly mortgage payment. Keep reading to learn what other costs you should prepare for as a homeowner.
Before buying a home, don’t forget to consider down payment costs. Unless you qualify for a VA or USDA loan, you’ll need to make a down payment, which is money you contribute toward purchasing your home.
Most home loans require that you make at least a 3% down payment. If you make a 20% down payment, you can avoid paying private mortgage insurance, which we’ll explain in greater detail further below. Not every buyer can commit to a 20% down payment — but the more you put down, the less money you have to borrow from a mortgage lender.
Example: If you’re buying a $250,000 home and decide to make a 10% down payment, you’ll want to have $25,000 set aside.
You’ll also need to consider closing costs. This includes attorney’s fees, loan origination fees, underwriting fees, and other similar expenses. Costs vary, but you can expect to pay anywhere from 2% to 5% of the purchase price.
As you consider buying a home, make sure you do the math to determine how your down payment and closing costs will impact your finances. You want to ensure you have enough money in our checking account to cover these costs at closing.
Example: If you’re buying a $250,000 home and closing costs are around 5%, you’ll want to have $12,500 in savings.
If you don’t make at least a 20% down payment and take out a conventional home loan, your mortgage lender will require you to carry private mortgage insurance (PMI). This insurance protects your lender if you stop making payments on the loan. PMI is an extra expense that makes homeownership more costly.
When you own property, you’re also responsible for paying property taxes. These will typically be lumped into your monthly payment if you’re taking out a home loan. However, it’s worth noting that property taxes can and do change from year to year. That means that in future years, your property taxes could increase, resulting in an additional expense.
Before buying a home, it’s a good idea to research property taxes where you plan to live. Some parts of the country are known for having higher property taxes. If you’re flexible about where you live, you may want to consider buying a home in an area with lower property tax rates.
Home repairs tend to pop up when you least expect them. Even if you buy a home in good condition, there will likely be a time when you need to handle repairs. Common home repairs include roof replacement, plumbing issues, and electrical issues. Whether you address some of these repairs on your own or bring in an expert, they can be costly.
Before buying a home, make sure you have extra money set aside in a savings account to cover potential repairs. Even after purchasing your home, you’ll want to adjust your budget, so you can afford to set aside money for future repair costs.
If you’re buying a condo, townhome, or another property that is part of a homeowners association, you’ll likely need to pay homeowners association fees (HOA). The organization will use these fees to cover community maintenance fees. HOA fee costs vary, as are what’s included. Research these fees in advance to make sure the costs work for your budget. It’s also good practice to review the HOA rules so there are no surprises once you’re moved in.
Another expense to consider is regular home maintenance. You’ll likely need to handle lawn maintenance if you buy a single-family home. Additionally, you’re responsible for other maintenance costs, which can include gutter cleaning, fireplace inspections, and HVAC filter replacements — to name a few. Putting extra money in an emergency fund throughout the year is a good way to prepare for these costs.
As you explore housing options, make sure that you consider the actual cost of owning a home. You’ll need to be financially ready for more than the mortgage payment. If you’re considering buying a home, review our list of best mortgage lenders to learn more.
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Maxing out could really work to your benefit.
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If you’ve never maxed out an IRA before, you’re no doubt in good company. A lot of people find it difficult to carve out room for retirement savings because they’re focused on making sure their near-term bills are covered. And also, this year, a lot of people had to put retirement plan contributions on the back burner to cope with higher living costs fueled by inflation.
But if you’re able to max out your IRA in 2023, it pays to do so. First of all, the more money you’re able to pump into that account, the more you stand to retire with.
Secondly, if you put money into a traditional IRA, as opposed to a Roth IRA, your contributions will be tax-free. So if you put $2,000 into your traditional IRA, the IRS won’t get to tax you on $2,000 of income. (To be clear, Roth IRAs have lots of benefits, but contributing to one in 2023 won’t lower your tax bill that year.)
Now, the definition of maxing out an IRA can change from year to year. In 2023, maxing out means contributing $6,500 if you’re under the age of 50. If you’re 50 or older, you get a $1,000 catch-up provision that raises your total maximum contribution to $7,500. And in case you’re wondering, you don’t have to be “behind” on retirement savings to make catch-up contributions.
Hitting these limits may seem like a challenge given how expensive living costs are these days. But if you take these three steps, you might manage to max out your retirement savings and enjoy the different benefits involved.
You might think that budgeting is a needless thing to do. But you may be surprised at how eye-opening an experience it is.
Once you get on a budget, you’re apt to have a better sense of where your money goes every month. That could help you identify expenses worth cutting or find ways to trim your costs even in the context of essential bills.
You have to pay rent because you need a place to live. And you need to make your car payments to avoid having it repossessed. But you may be able to spend less on things like leisure or food. And cutting back in even one area could make it possible to boost your IRA contributions in a very big way.
Thanks to the gig economy, there’s plenty of opportunity to go out and find a second job that could help you boost your income substantially. In fact, it may be feasible to take all of your side hustle earnings and use that money to fund your IRA, since that income won’t already be earmarked for existing bills.
One thing you should know is that any income you earn from a side gig is considered taxable — meaning you have to report it to the IRS and pay taxes on it. But if you’re using your earnings to fund a traditional IRA, you may not have to worry about taxes.
So, let’s say your goal is to put $6,500 into your IRA. If you earn that much from a side hustle, you can technically use all of it for IRA contributions without having to reserve some of that money for tax purposes.
Maxing out an IRA is no easy feat. But if that’s a goal of yours, you may be pleasantly surprised to see how attainable it actually is.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Things improved a bit in November, but a lot of buyers are still walking away from deals in these cities. Krakenimages.com / Shutterstock.com
During November, there was a glimmer of light in the gloomy picture that is the current U.S. housing market. First, the bad news: Sales fell 35.1% year over year during the course of the month, the biggest decline dating back to 2012, according to records kept by real estate service Redfin. However, the percentage of home-purchase agreements that were canceled during November — 16.8%
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