The Motley Fool

APRIL 26, 2024

It's natural to think the money in your retirement accounts is yours. When you put money into a tax-deferred retirement account like a traditional IRA or 401(k) , the government subtracts your contribution from your taxable income for that year. Who owns your retirement savings? But this isn't always how it works.

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The Motley Fool

JUNE 30, 2023

Image source: Getty Images A savings account is one of the most secure places to store and protect your money. Your account is hacked Within a bank , money is stored in airtight vaults, hence the elaborate drills Hollywood actors use to break into them. Your ATM card is stolen Savings accounts don't typically come with debit cards.

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The Motley Fool

MARCH 23, 2024

Paying around $251 a month out of a bank account is a lot of money, so it's not surprising that many people want to look into cheap auto insurance. For example, the average cost of a liability-only car insurance policy is $787, while the average cost of a comprehensive policy is $3,296 per year.

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The Motley Fool

APRIL 6, 2024

Almost every state requires liability insurance, but many don't mandate much, if any, coverage beyond that. It's possible to comply with the law in some places with as little as $15,000 per person and $30,000 per accident in bodily injury liability coverage. See, states usually don't require large policy limits.

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The Motley Fool

APRIL 10, 2024

These accounts offer unique tax advantages you won't find with most other retirement accounts. You can take as much out of these accounts as you'd like each year, and the government will act as though those withdrawals didn't happen when it calculates your tax liability for the year. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 12, 2023

In a nutshell, it's a measure of your assets minus your liabilities. So, let's say you have $10,000 in a savings account and own a home worth $300,000. Your total liabilities equal $235,000. In fact, she calls an emergency savings account "the foundation of wealth." In this case, your total assets equal $310,000.

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The Motley Fool

MARCH 16, 2024

Read more: check out our picks for the best car insurance companies Once you know how much your vehicle is worth, speak with an insurance agent about whether liability coverage makes more sense in your case. Liability insurance will pay to repair the other driver's car if you cause an accident, but it will not pay to repair your vehicle.

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The Motley Fool

FEBRUARY 28, 2024

Most states (48 out of 50) require minimum car insurance Unless you live in Virginia or New Hampshire, your state will require you to have a minimum amount of auto liability insurance coverage. A common state standard: 25/50/25 liability insurance Different states have different specific requirements for auto liability insurance.

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The Motley Fool

DECEMBER 7, 2023

And drivers who don't have insurance and cause a crash may get stuck paying for the accident victim's bills out of their bank account , which is likely to be financially devastating. In some cases, drivers only need to buy liability insurance and only buy around $15,000 or $25,000 per person and $30,000 or $50,000 per accident in coverage.

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The Motley Fool

JANUARY 1, 2024

Tax accountants will often work with their clients to identify all of the possible expenses and deductions to minimize their tax bill. People who want to take Social Security as late as possible might accumulate more assets in their retirement accounts by spending a few more years working or increasing their savings rate.

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The Motley Fool

JANUARY 19, 2024

I have two, because I have checking accounts at two different banks, but I store both of them in a safe place in my home, rather than keeping them in my wallet. But to account for my cash-spending habits, visiting an ATM to take out a few hundred dollars once every few months is generally sufficient.

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The Motley Fool

NOVEMBER 23, 2023

Image source: Getty Images Since your debit card is connected to your bank account, not being able to find it is stressful. The immediate concern is that a thief has it and will drain your bank account. You need to report it ASAP to limit your liability for fraud As soon as you know your debit card is lost, report it to your bank.

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The Motley Fool

APRIL 8, 2024

Your net worth is calculated by adding up all of your assets -- cash savings, investments, home value, and other property -- and subtracting your liabilities -- your mortgage balance, student loans, credit card debt, and any other money you might owe. Saving consistently in your retirement accounts is a great way to boost your net worth.

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The Motley Fool

JANUARY 5, 2024

If you have a skimpy amount of car insurance coverage, you risk massive financial losses and legal liabilities. Liability insurance: Must-have (and required by law) Liability insurance is a must-have, because it protects you in case of an accident that is your fault. But don't cut your car insurance budget too far.

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The Motley Fool

MAY 19, 2024

That's easy money for doing nothing more than opening and funding an account. Even high-yield savings accounts don't guarantee their APYs. You don't need to know about investing Many people find opening a brokerage account to buy stocks intimidating. If your goal is cash preservation, then a high-yield CD is a great choice.

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The Motley Fool

MAY 15, 2024

The main components include liability coverage (if you're responsible for harm to others), collision coverage, and comprehensive coverage (which covers theft and non-collision damage). However, never skimp on liability coverage; this protects you from potentially devastating claims if you cause an accident.

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The Motley Fool

JANUARY 16, 2024

A 1099-INT If you had money in a savings account earning interest last year, expect a 1099-INT form to either show up in the mail or your inbox. You may also need to log into your bank account to pull it up. There can be exceptions, though -- sometimes, long-term capital gains don't create a tax liability for lower earners.

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The Motley Fool

JANUARY 22, 2024

In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes. There are many ways to set up a business structure, such as an LLC (limited liability company), corporation, or other business entity.

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The Motley Fool

MAY 15, 2024

Not building emergency savings About half of Americans have less than $500 in their savings account. How to avoid it: Open a high-yield savings account -- many pay 5% or higher right now -- and automate your savings. Even arranging to have $25 or $50 per month sent into the account can go a long way toward covering the next emergency.

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The Motley Fool

MAY 7, 2024

Misunderstanding your CD's APY can lead to unrealistic expectations Banks list bank accounts (CDs, savings, checking, and money market accounts) by their annual percentage yields (APYs). In a nutshell, the APY is how much interest a bank account will generate within a year.

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The Motley Fool

MAY 8, 2024

Your side hustle should be putting piles of extra cash in your bank account , not just giving your friends free cupcakes. But if you're starting to make serious money from your side hustle, forming a limited liability company (LLC) or other legal business entity could be a good move. It lets you open a business bank account.

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The Motley Fool

DECEMBER 18, 2023

Max out your retirement accounts In 2023, you were allowed to contribute $22,500 to your 401(k) and $6,500 to your IRA ($7,500 for those 50 and older). Take a look at how much you've contributed and see what it will take to max out your accounts. As you start preparing for 2024, here are some major money moves you might want to make.

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The Motley Fool

FEBRUARY 5, 2024

You probably expect to pay taxes on the income from your job or retirement account withdrawals if you've already left the workforce. Savings account interest The best high-yield savings accounts have had interest rates hovering at or above 4.50% this year. But these aren't the only income sources the IRS wants a chunk of.

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The Motley Fool

DECEMBER 31, 2023

After all, there are tons of different things you have to manage, from your bank accounts to your brokerage accounts to your credit cards and more. Your net worth Your net worth is equal to your assets minus your liabilities. Subtract your liabilities from your assets to find that your net worth is $158,000.

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The Motley Fool

MAY 15, 2024

In that period, Steward accounted for 20.3% Under the conditions of bankruptcy, it is very improbable that Steward will be able to pay its $9 billion in total liabilities, $6.6 MPT brought in $336.6 million in rental revenue during Q4, leasing hospital floor space to healthcare companies like Steward. of the total, or roughly $68.3

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The Motley Fool

NOVEMBER 10, 2023

Well, the company is still reeling from its potential liability in this summer's wildfire, which was the fifth-deadliest wildfire in U.S. In the aftermath, it was found Hawaiian Electric may have some culpability and therefore liability for the tragedy, and the stock plunged by about 75% in the immediate aftermath.

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The Motley Fool

SEPTEMBER 30, 2023

In fact, I'm happy to have the extra money come out of my bank account. My state -- like most states -- only requires liability auto insurance, not collision or comprehensive coverage. Liability coverage would only pay up to policy limits, creating a significant risk of out-of-pocket losses. Here's why.

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The Motley Fool

MARCH 5, 2024

And there are a couple specific situations where a cheap policy could turn out to be very expensive for a driver's bank account. In most states, drivers are only required to buy a relatively small amount of liability coverage. Here's why.

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The Motley Fool

DECEMBER 30, 2023

Savings can be directed to retirement accounts, principal repayments on your home, and other assets that you can develop, such as investment properties, brokerage accounts, or cash. Check your Social Security account statement to forecast monthly benefit income.

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The Motley Fool

MARCH 3, 2024

Indeed, the five other publicly traded railroad companies appear to have the same problem, with cash flows tracking well below generally accepted accounting principles (GAAP) earnings: Company 2023 Net Income 2023 Free Cash Flow P/E Ratio P/FCF Ratio Canadian Pacific (NYSE: CP) $3,923 $1,669 27.6 Union Pacific (NYSE: UP) $6,379 $4,773 24.3

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The Motley Fool

DECEMBER 26, 2023

Knowing someone has used your personal information to steal money or create accounts in your name is unsettling. Unauthorized transactions on your bank account If you notice spending you didn't make in your checking or savings account , report the issue within 60 days of receiving your bank statement.

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The Motley Fool

MAY 13, 2024

You can calculate your net worth by adding up the value of all that you own, such as your cars, house, the cash in your bank account , and other personal possessions, and then subtracting all of your obligations, like your mortgage and credit card balances. Pay down debt Reducing your liabilities is another great way to grow your net worth.

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The Motley Fool

OCTOBER 28, 2023

If you struggle with keeping your business finances organized, small business accounting software can be helpful. Talk with your accountant The end of the year is an excellent time to chat with your accountant. Don't forget to keep track of your business expenses so you don't miss out on valuable small business tax deductions.

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The Motley Fool

MAY 9, 2024

Top accounting software might help you to map out your financial needs. Common options include a sole proprietorship, a partnership, or a limited liability company (LLC). It's a good idea to open a business checking account to keep your personal and company money separate.

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The Motley Fool

JUNE 27, 2023

If we subtract the liabilities of $267,000, this person's net worth would be $292,000. In an ideal world, as you head toward retirement, your net worth will increase and you'll have more value in the assets column than you do in the liabilities one. For example, having money in a savings account to cover a family crisis.

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The Motley Fool

OCTOBER 8, 2023

You want to grow your business bank account balance while making smart investments in your company's future, so you don't want to spend on anything unnecessary. Every business should have liability insurance in case it is sued. Here's what they are.

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The Motley Fool

DECEMBER 2, 2023

In fact, depending on the state, drivers may be able to get away with having just $15,000 per person and $30,000 per incident in bodily injury liability coverage. In other words, they will go to court and try to get a judgment that the driver would have to pay out of their own bank account.

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