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| Stat Of The Day |
| $1.65 Trillion |
A recent estimate shows that 29.2 million 401(k) accounts holding a whopping $1.65 trillion in assets have been left behind or forgotten.
Is one of them yours? Start channeling Nancy Drew and scroll on for tips on sleuthing out old retirement accounts. |
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| 2025 = The Year Of The Bull Or The Bear? |
What will 2025 hold for the markets? CNBC’s Karen Finerman joined the HerMoney Podcast to share her predictions following a stellar 2024 for investors.
As she explains, one of the things the stock market has going for it is optimism about the economy. "Confidence begets confidence," says Karen, who is also CEO of Metropolitan Capital Advisors and co-founder of InvestingFixx. "If people are feeling confident about the economy, they're more willing to spend, they're more willing to invest in growing their business, let's say. I think that we still have some excitement left from that."
For more of Karen’s market insights, check out InvestingFixx, HerMoney’s women-only investing club (which btw, is nearly 500-strong!). InvestingFixxers meet twice per month on Zoom with Karen and HerMoney CEO Jean Chatzky to learn about the markets and grow their money.
Sign up to join our next InvestingFixx session, happening February 3rd. |
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| This Week In Your Wallet |
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Sell stuff online in 2024? Good for you – but the IRS might want to know about it. As The Wall Street Journal reports, the IRS is cracking down to make sure people are reporting the income they make from online sales. "Anyone who earned more than $5,000 in 2024 selling tickets, musical instruments or other goods and services online should expect to get a 1099-K tax form this month," reports the WSJ. "Online platforms such as StubHub, Etsy and eBay previously only had to send these forms to users who earned more than $20,000 in most cases." As the paper notes, taxpayers have always been required to report income from online sales, but many either fail to do so or underreport earnings.
If you’re struggling to come up with a down payment for a new home, listen up. The New York Times is sharing tips, including tapping into one of the roughly 1,600 government programs that help people come up with down payments. "Most, but not all, programs serve first-time buyers, and most set income limits for borrowers — typically based on the median income in the home’s area," reports the NYT. Groups, like Acts Housing, can help connect people with assistance. For example, the nonprofit "recently worked with a buyer who was able to get $19,500 in down payment assistance from a combination of grants from federal and private lenders and a city program…the buyer put down less than $700 out of pocket at closing for a home in Milwaukee."
Food prices are rising. Here’s your cheat sheet of expert tips to keep your grocery budget in check. One of them? Cut down on impulse buys by avoiding temptation in the first place. "If you purchase the grocery items on your list at home through your retailer’s app or website or a service like Instacart, you’re more likely to just buy the things you need and not be swayed by the things you don’t," says Lisa Thompson, a savings expert with Coupons.com. Yes, you should allow for a bit of room in your budget for an occasional splurge (we all deserve to treat ourselves from time to time!) but if you can get into the habit of cutting most impulse buys, you could save hundreds over the course of a year, adds Thompson. |
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| Budget Like A Boss With FinanceFixx |
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| "I love your approach because it’s non-judgmental, supportive, and educational while being encouraging. I’m really happy I joined this program and have new money skills to employ!" |
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That’s how Les describes FinanceFixx, HerMoney’s financial coaching program designed to help you dig deeper into your finances and money habits.
Throughout the course, you will create a personal balance sheet and learn tried and true techniques for putting your financial life on the right track. You’ll work one-on-one with a hand-picked, certified coach, as well as with a small team.
Each week introduces a new set of online content and activities based around a specific theme and includes a mix of videos, narrated presentations, questionnaires, and exercises – all aimed at helping you get your money right.
Our next four-week program kicks off on February 5th and is filling up fast. Snag your spot, here. |
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| Things That Could Be Costing You Money |
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| Ask Jean |
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| Q: |
Today’s question comes from Mary. She writes: I sold my home in 2024. The profit is income, right? How do I offset this on my taxes? |
| A: |
There’s a bit more to it than that. Take your profit and deduct what’s known as the "gain exclusion." What’s left over would be the "capital gain" you would be required to pay taxes on.
However, as TurboTax Certified CPA & Tax Expert Lisa Greene-Lewis explains, the years also come into play when you look at how much you’ll end up paying in taxes. "If you sell your home after owning it over a year the excess will be taxed at long-term capital gains rates, which are generally lower rates than ordinary rates," Greene-Lewis explains. "If you own your home for less than one year and sell it you would pay taxes that exceed the exclusion at ordinary tax rates, which is your tax rate on your overall income when you file your taxes."
Now, onto the second part of your question – how to offset the tax hit. Greene-Lewis says noting any upgrades you made to your home is key. "It is important to make sure you keep track of any substantial home improvements like bathroom and kitchen remodels, new flooring, or a remodel as those expenses should be added to your cost basis, which will further lower your gain and lower your taxes," she advises. |
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Submit your questions to Jean here.
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