Ten Steps to Seven Figures

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

April 2019

Ten Steps to Seven Figures

One of the most frequently cited purposes of investing is to build wealth for future financial goals such as a new car, a college education for children, and financial security in later life. Many people even have a specific dollar amount in mind such as having $1 million saved by the time that they stop working. 

 

Below are ten recommendations to …

Tax Cuts and Jobs Act Resources

Image of the US individual income tax return form - form 1040

The Financial Security for All Community of Practice has compiled the following list of informational resources related to the Tax Cuts and Jobs Act:

 Tax Cuts and Jobs Act Legislation

Background Information: Land-Grant Universities

Background Information: Other 

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How Do I Take a Charitable Income Tax Deduction??

While a specific charity may qualify with the IRS as a charitable organization for tax purposes, a taxpayer still needs to be able to itemize his or her tax deductions to deduct a charitable contribution. Charitable contributions are an itemized deduction.

Schedule A is the tax form used to tally itemized deductions. These deductions include out-of-pocket health-related expenses, mortgage interest, property taxes, charitable contributions, and other qualified expenses.

In order to use Schedule A, you would need to use IRS …

Monthly Investment Message: February 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

February 2018

A Hierarchy of Financial Decisions

Health Savings Accounts (HSAs) are an account that people can set up to pay for unreimbursed medical expenses such as deductibles, co-payments, and services not covered by insurance. Eligible individuals can establish and fund these accounts only when they have a qualifying high-deductible health plan (HDHP). HSA money gets deposited tax-free, grows tax-free, and comes out tax-free, if used according to …

What Types of Records Should You Keep for Tax-Deductible Mileage?

Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the trip, the starting and ending odometer readings, and the total number of miles driven. Another good source of documentation is a copy of the forms that you provide to your employer for expense reimbursement.

Remember, you are entitled to deduct the difference between the IRS business mileage reimbursement rate (54 …

Monthly Investment Message: March 2018

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

March 2018

Factors That Promote Financial Success

During the last year, I had the opportunity to hear several well-known personal finance speakers talk about the characteristics and practices of financially successful people. Audiences are usually very interested in this topic because it provides a motivational roadmap and specific tips to follow.

 

At the 2017 Financial Planning Association (FPA) conference, the final general session speaker was financial author and …

Monthly Investment Message: February 2017

Barbara O’Neill, Extension Specialist in Financial Resource Management

Rutgers Cooperative Extension

oneill@aesop.rutgers.edu

February 2017

Factors That Affect Investment Risk Tolerance

To help investors objectively assess their investment risk tolerance, Rutgers Cooperative Extension has an online Investment Risk Tolerance Quiz at www.rce.rutgers.edu/money/riskquiz 

Developed by Dr. Ruth Lytton at Virginia Tech and Dr. John Grable at the University of Georgia, the quiz has 13 multiple choice questions and provides users with instant feedback about their capacity to handle investment risk. 

 

The questions …

What are Student Loan Borrowers Thinking? Insights from Focus Groups on College Selection and Student Loan Decision Making

Johnson, C. L., O’Neill, B., Worthy, S., Lown, J. M., Bowen, C. F. (2016). What are student loan borrowers thinking? Insights from focus groups on college selection and student loan decision making. Journal of Financial Counseling and Planning, 27(2), 184-198.

Brief Description: This study used data from online focus groups to understand college students’ decision-making process when borrowing money to finance their education. Respondents were asked eight questions regarding their college selection and student loan decision-making. Results suggest that (a) …