Financial Friday Round-Up: February 3 - 7, 2020

Welcome to the Financial Friday Round-Up, where we scour the web for the best things for you to read, watch, or listen to on the topic of finance every week. Below you’ll find some positive news about small businesses, an interview with the Charles Schwab Senior VP, and two interesting ways to reduce your tax bill.

Hire Your Kid as a Standard Deduction

This interesting installment of the NASE Minute maps out in detail how hiring your child can benefit your standard deduction. If your child is between 8 and 18, it can be beneficial to hire them and pay them a wage instead of an allowance, which counts as income that will generate no tax for your child and will also be fully deductible on your tax return. This video will walk you through the logic step-by-step.

Deferred Annuities Can Deliver Major Tax Advantages

This Kiplinger article is a helpful walk-through on the tax benefits of deferred annuities. The gist of it: with an understanding of the tax rules for annuities and a strategy for properly naming beneficiaries, you can use deferred annuities to maximize your tax benefits as opposed to other interest-paying investments.

5 Questions with Carrie Schwab-Pomerantz

Worth Magazine spoke to Carrie Schwab-Pomerantz, the senior vice president of Charles Schwab, about financial literacy, women’s progress, and other lessons she’s learned in her field. She offers great insight into myths about women in investing and explains her work as Commissioner on the San Francisco Commission on the Status of Women.

Flying has Gotten Cheaper in the Past Five Years

Now, for a bit of good news: airline prices have gone down over the past few years, largely because the number of major carriers went down. So, if you were thinking about taking that trip, now might be the time.

Check Out the Cashflow Board Game

Did you know there’s a board game out there that helps you become a better investor? Developed by Robert Kiyosaki, author of Rich Dad Poor Dad, Cashflow is a game that also serves as an interactive tool to teach you investing and financial strategies. Your purchase comes with a Bonus Strategy Guide as well, so you can learn how your playstyle translates to real-world financial skills.

 

Check out our other Financial Friday Round-Up posts for more great reads!

Financial Friday Round-Up: February 17 – February 21, 2020
Financial Friday Round-Up: February 10 – February 14, 2020