Gross income is great, but the new tax laws have gotten a lot stricter on whether you can deduct those expenses you’re racking up as you pursue your side hustle. This means that if your side hustle isn’t hustling up a profit, you might have to classify it as a hobby—and lose out on potential tax savings.
What’s the one thing that separates the “super savers” from those of us who are simply trying to save whatever we can?
According to a new study, it’s all about housing costs.
In late 2018, the global financial services firm Morningstar® created a master list of financial goals. They developed this list because they understood that most people, when asked about their financial goals, will respond with whatever’s most important to them at the time. (Next year’s vacation, for example.)
However, after reviewing the master list of financial goals, people begin considering financial goals they hadn’t previously thought of — and when they start working towards those goals, they can start making improvements in their financial lives.