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Sudden Wealth

Sudden Wealth

What would you do with an extra $10,000? Maybe you'd pay off some debt, get rid of some college loans, or take a much-needed vacation. What if you suddenly had an extra million or 10 million or more? Whether you picked the right six numbers in your state's lottery or your dear Aunt Sally left you her condo in Boca Raton, you have some issues to deal with. You'll need to evaluate your new financial position and consider how your sudden wealth will affect your financial goals.

Evaluate your new financial position

U.S. Bureau of Consular Affairs Releases Information Regarding CCD Performance Issues

U.S. Bureau of Consular Affairs Releases Information Regarding CCD Performance Issues

 

The U.S. Bureau of Consular Affairs has recently answered some questions regarding the worldwide Consular Consolidated Database (CCD) problems that have delayed many from receiving their U.S. passports and visas. Consular Affairs is reporting that significant progress has been made in addressing the problem and most of the backlogged nonimmigrant visas have been issued. 

However, efforts are still being made to bring the CCD back up to its full operational capacity. Visa applicants are advised that they might still experience delays of up to one week in additional processing times and should take this into consideration when making travel plans. 

Vacation Home Rentals

 

If you rent a home to others, you usually must report the rental income on your tax return. But you may not have to report the income if the rental period is short and you also use the property as your home. In most cases, you can deduct the costs of renting your property. However, your deduction may be limited if you also use the property as your home. Here is some basic tax information that you should know if you rent out a vacation home:

DOS and CBP May Waive Nonimmigrant Visa Requirements for Those Affected by CCD Outages

DOS and CBP May Waive Nonimmigrant Visa Requirements for Those Affected by CCD Outages

 

The U.S. Department of State’s Consular Consolidated Database (CCD), a system critical to visa issuance, is experiencing technical problems. This has limited the State Department’s visa processing capacity. In turn, there have been worldwide delays in nonimmigrant visa issuance all across the globe. 

In order to assist individuals affected by these problems, U.S. Customs and Border Protection will work in conjunction with the Department of State to exercise legal authority that will waive nonimmigrant visa requirements for admission on a case by case basis. 

Health Insurance in Retirement

At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever before. Staying healthy is your goal, and this can mean more visits to the doctor for preventive tests and routine checkups. There's also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs or medical treatments. That's why having health insurance is extremely important.

Retirement--your changing health insurance needs

Teaching Your College-Age Child about Money

When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it's time for you to make sure that your child has enough financial knowledge to manage money at college.

Lesson 1: Budgeting 101

Perhaps your child already understands the basics of budgeting from having to handle an allowance or wages from a part-time job during high school. But now that your child is in college, he or she may need to draft a "real world" budget, especially if he or she lives off-campus and is responsible for paying for rent and utilities. Here are some ways you can help your child plan and stick to a realistic budget:

Handling Market Volatility

Conventional wisdom says that what goes up, must come down. But even if you view market volatility as a normal occurrence, it can be tough to handle when it's your money at stake.

Though there's no foolproof way to handle the ups and downs of the stock market, the following common sense tips can help.

Don't put your eggs all in one basket

Diversifying your investment portfolio is one of the key ways you can handle market volatility. Because asset classes often perform differently under different market conditions, spreading your assets across a variety of different investments such as stocks, bonds, and cash alternatives (e.g., money market funds and other short-term instruments), has the potential to help manage your overall risk. Ideally, a decline in one type of asset will be balanced out by a gain in another, though diversification can't guarantee a profit or eliminate the possibility of market loss.