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Career Planning

Entrepreneurship

One of the biggest challenges faced by aspiring entrepreneurs is figuring out how to start a business while also managing their personal finances. Without a stable source of income from a traditional job, it can be overwhelming to navigate the financial aspect of starting a business.

Here are some tips on how to start your own business while managing your finances effectively:

Create a detailed business plan: Before you dive into starting your business, be sure you have a clear and detailed business plan that outlines your goals, target market, competition, marketing strategies, and financial projections. This will help you map out your business's trajectory and give you a better understanding of the financial requirements needed to get started.

Set a budget: Determine how much money you have available to invest in your business and create a budget that outlines your expenses, such as equipment, marketing, and operational costs. Be realistic about your financial capabilities and set achievable financial goals for your business.

 

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Social Security

Benefits & Taxes

Social Security benefits provide a crucial source of income for many retirees and individuals with disabilities so it's important to understand how these benefits are taxed.

In general, Social Security benefits can be subject to federal income tax if your total income exceeds a certain threshold. The amount of your benefits that are taxable depends on your filing status and combined income. Combined income is defined as your adjusted gross income, plus any non-taxable interest, plus half of your Social Security benefits.

The following tiered system determines the percentage of your benefits that are taxable (kiplinger.com).

  • If your combined income is under $25,000 (single) or $32,000 (joint filing), there is no tax on your Social Security benefits.
  • For combined income between $25,000 and $34,000 (single) or $32,000 and $44,000 (joint filing), up to 50% of benefits can be taxed.
  • With combined income above $34,000 (single) or above $44,000 (joint filing), up to 85% of benefits can be taxed.

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Old Cell Phones & Tablets

Disposal Tips

As technology rapidly advances, many consumers find themselves upgrading their cell phones and tablets more frequently. Here are some tips on how to responsibly dispose of old cell phones and tablets:

Backup and Reset
Before getting rid of your old cell phone or tablet, make sure to back up any important data such as contacts, photos, and files. Once you have all your data saved, perform a factory reset to erase all personal information from the device to ensure your privacy and prevent any potential data breaches.

Donate or Sell
If your old cell phone or tablet is still in good working condition, consider donating it to a local charity, school, or a family member in need. You can also sell your device through online platforms like eBay or Facebook Marketplace to give it a second life.

Trade-In Programs
Some retailers and cell phone carriers offer trade-in programs where you can exchange your old device for credit towards a new purchase. This not only helps you dispose of your old device responsibly but also allows you to save money on your new upgrade.

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