As humans, it’s difficult for us to admit failure. Nowhere is this more evident than when looking at investments. I can’t count the number of times I’ve heard someone tell me that they don’t want to sell a poor performing investment until it gets back to even. Selling an investment at a loss doesn’t always mean you’re giving up on it. And, in taxable portfolios, it can be a sound tax planning strategy. [Read more…] about Take the Loss and Save Money
Your adult child is just starting out on their own and you want to give them $10,000. Also, your church has just started a building fund and you want to donate $10,000 to it as well. You have $10,000 in cash and 10,000 worth of stock that you paid $5,000 for years ago. Should you give the cash to your child and the stock to the church? Cash to the church and stock to your child? Does it make any difference?
From a financial standpoint, there is a right and wrong way to make a gift. Make it the right way and, aside from the cost of the gift, you could save a significant amount of money. Make it the wrong way, and well… [Read more…] about Save Money When Making Gifts