💸💪🏾Moneda Moves (25): It's a good Friday 🌞
It's a good Friday for several reasons -- a few related to your billetera💸 and what's in your bank accounts. You've done your taxes, have receipts, you're set on doing some spring cleaning to get your financials in order AND if you're lucky you might even get a three-day weekend to start! 👟
In other words, the MOOD is...
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🎙To echo these smart money vibes, I have a segment for you on how to Marie Kondo your finances. CEO and Founder of My Money My Future, Ramona Ortega joined me on Nasdaq Spotlight this week to talk about how to pave way to making a financial 180 in time for next year's tax season. A few takeaways from our interview to reduce your next tax bill:
Max out your 401K
Put money into your HSA which is not taxed as long as it's spent on qualified medical expenses
Money in your HSA can be used on medical supplies and needs
There an online duty free store where you can make purchases with this dinero -- check it
Invest in Roth IRA
Build out your side hustle and get your deductions
(Credit: Nasdaq Spotlight)
👀¡Ojo! This is especially crucial if you find that you straddle two taxable income brackets anywhere in the chart below for single filers. Notice the difference in tax owed between the second and third bracket. Then again in the third and fourth. Knowing this chart and how you can allocate your money to reduce your tax bill could help you a lot in the year ahead:
(Credit: Nerdwallet)
If you want to watch the full segment, head over to the link here.
Con poder✊🏽,
Lyanne
Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
Latinx accounted for biggest increase in US homeownership, per report🏠: Here's the leading stat to know: From 2008-2018, the Latino population represented 62.7% of the increase in U.S. net homeownership. That's according to a new report from The National Association of Hispanic Real Estate Professionals. The importance of this figure? A demographic in the United States that is deemed a minority in some aspects, has power in property...and other types of capital for that matter. The same report found that Latinos are also responsible for 81% of U.S. labor force growth and almost 40% of U.S. household building. The write-up comes from Alyssa Stringer at Housing Wire.
Unauthorized immigrants' contribution to the U.S. economy💸: Our previous headline in fact makes a fitting transition into an opinion piece in The Post-Tribune from Esther J. Cepeda, who reminds that undocumented immigrants still pay income and property taxes even though they can't seek benefits. In her words: "For years, it's been an open secret that unauthorized immigrant workers are propping up the Social Security retirement trust fund and Medicare systems — even though they can't access benefits from either of those programs." It's worth a read.
Know the powerful/potentes Latinx and up-and-comers in the money world.
The writer behind the highly-anticipated "Selena" Netflix series🌹: In honor of the late Tejana singer and icon Selena Quintanilla's birthday this week, NBC Latino published an article revealing a bit more about the writer of the upcoming Netflix show, "Selena: The Series." The show, expected to debut 2020, is a coming-of-age story about the celebrity's life. Writer Moisés Zamora spoke about how his experience being born in Mexico and growing up in the U.S. relates to his current work as well as how his father's experience treating farmworkers as a doctor informed his writing for previous projects in an interview with Kristina Puga.
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Put your money/monedita where your mouth is! Some money tips for thought.
How are you spring cleaning for your finances?🤔: This week I'm putting this last part on Moneda Moves readers and myself. And I'll tell you how I'm getting started: Remember Ramona Ortega from our Nasdaq interview on getting your finances in order post-tax season? She's over at My Money My Future steering ship. It's a personal financial management tool which I'm going to sign up for this week and see where I stand too. It's also free.
Check it and let us know what you think: https://mymoneymyfuture.co.
That's all for this edition! Follow us throughout the week for more on our Twitter and Instagram accounts. ¡Hasta pronto!✌🏽