One of the many ways to pay for a college education is a Section 529 Prepaid Tuition Plan. This plan allows you to lock in tuition at the current rate. One caveat to this plan is that it is considered a parental asset, causing a dollar-for-dollar reduction in financial aid eligibility. For a detailed comparison of the advantages and disadvantages of a prepaid tuition plan, read this Financial Strategy.
In order to enjoy that new car smell, you will likely have to make a decision on how to finance the purchase of that car. Preparing yourself by understanding your different finance options will benefit you in this process. For more information on comparing finance options offered by dealers, leasing companies or your local bank, read this Financial Strategy.
If you’ve been fortunate enough to be able to sell your house, the IRS had some rules that may allow you to exclude up to $250,000 of the gain of your main home from your income. The IRS also has some rules for reporting the sale of your home as well as deducting the remaining points you paid to secure a mortgage. For detailed information on these rules, read this C.P.A. Insight.