Have you selected a custodial and financial guardian to care for your minor children, bearing in mind that minors cannot inherit assets, including life insurance benefits? Have you updated the beneficiary designations of your 401(k), IRA, bank account, and life insurance policy? At BlackEnterprise.com, watch the video, “How Estate Planning Protects Your Family.”
Are receipts and important papers organized?
Receipts and important documents in your purse can represent additional income and savings if you use them to lower your tax liability. “By consistently categorizing expenditures that are potential deductions and credits, you are employing tax-reduction strategies to increase your wealth,” Young explains. “Taxes are a detour on the wealth-building journey, as they erode your investing power. A woman behaving wealthy has the objective of retaining as much income as possible, which can then be redirected to savings.”
ProOnGo.com is a personal finance tool that allows you to track things like automotive mileage and business-related expenses, and to generate expense reports for tax purposes. Another is Expensify.com, which creates automatic expense reports from photo scans of receipts.
If you passed the litmus test for six or all of the above questions, congratulations are in order—it appears that you are a woman behaving wealthy. If your purse audit suggests that you aren’t quite on the right path, it’s still not too late, Young says. “Take action today and transform your financial life.”BE