ELGON FINANCIAL BLOG
2022 Year-End Financial Checklist – Its All About Tax Savings
Use this checklist to check off all your 2022 year-end financial items – hopefully leading to tax savings at tax filing next year or in the future.
The Biggest Financial Challenges You are Likely to Face as an Immigrant
The financial challenges you are likely to face as an immigrant are many and varied. But you don’t have to face them alone, we are here to walk with you every step of the way.
6 Reasons Why You Need an Estate Plan Today + A Simple Solution
Do you know how to protect yourself if you become incapacitated? Do you know how to appoint guardians including international guardians? Read the post for answers to these questions, as well as an introduction to a new estate planning solution – Trust & Will
Recession-Proof Your Financial Future by Investing in Yourself
To protect your financial future – you need to constantly change and adapt. One way to do this is to invest in yourself.
Be Okay with Financial Detours – It’s a Hidden Opportunity
Financial detours can be painful, especially when we are forced to make them because of something out of our control. But they can be a chance to evaluate new opportunities. To consider paths not taken, even a chance to enjoy the new path.
Is The IRS Reading Your Mind? Re – Your Foreign Accounts?
Today I’m going to show you how the IRS gets information about your foreign accounts.
They know how much you have in there, and they know when you reach certain thresholds They know when you should be reporting this and when you shouldn’t.
Is Anchoring Bias Leading You Down the Poverty Trap?
One of the worst investment decisions I recall making was buying a stock at close to $100 per share and literally watching it go down to a single-digit number. Does anybody recall Qualcomm in 1999 -2021?.
It was my introduction to anchoring bias – read the post to learn how you can avoid this investing trap
How to Save for College for Foreign-Born Kids on H-1B Visa
The current school of thought is that 529 savings accounts are the best way to save for college. But if you are on an H-1B visa, and your kids are foreign-born without social security numbers yet, this might not be the best option for you.
Read the post for more savings options if you find yourself in this situation.
How to Open a Teen Roth IRA Account in 6 Steps
The 6 simple steps to take to open a teen ROTH IRA account, and get them started on the path to becoming millionaires.
How to Report Foreign Rental Income When You File Taxes
If I own foreign rental property, do I have to include the income when I file my US taxes? The answer is yes, although it depends on your tax residency status. Read the rest of the post for the details on how you go about figuring this out and what to do with your foreign rental income.
How to File Taxes the First Year as an Immigrant
Filing taxes the first year in the US as an immigrant or as a non-US citizen is not for the faint of heart. You need to figure out your filing status, in addition to understanding different concepts in the tax code. This post discusses what you need to keep in mind as you go through the process.
13.1 Miles, A New PR – Money Lessons Solidified
Completing 3M Half Marathon race this weekend, was another reminder that financial planning is not a sprint, but a marathon. Money lessons solidified.
How to Build US Credit as a New Immigrant
How to build U.S. credit as a new Immigrant – In this post, I break down what U.S credit score is, what it’s used for and how to start building it with zero credit history. This is addressed to those brand new immigrants, but applies to anybody that’s looking to start building their credit history.
Gift Giving Stress: How to Deal With it
We stress a lot about gift-giving during the holidays. It’s especially more noticeable between couples. It turns out, there is a perfectly logical reason for this – Money Scripts. It’s all about how we grew up, what we learned about money and the experiences that contributed to our money scripts. Understanding this can go a long way in helping us manage this stress.
Taxable Brokerage Account + The Special Use Case for Foreign-Born Families
In this post, I discuss why a taxable brokerage account should be a part of your investment/saving strategy. By the end of the post, you’ll know the answer to questions like – what is it, what are some of the benefits of the account, things to watch out for with the account. Finally I discuss the special use case for foreign-born nationals.
H-1B Visa New Job? How to Succeed Financially
When you start a new job on a work visa, like H-1B, there are some key things you should do to ensure financial success. In this post, I’m providing a free resource that addresses the top things to do to ensure a great financial start in your new job.
Roth IRA, The Best Money Decision For Your Teen
While most view a Roth IRA as an account to be opened later in life, the best time to start saving in this account is when teens are beginning to make their first buck.
The Child Tax Credit – Advance Money Payments For 2021
The in-depth specifics of the Child Tax Credit and how the 2021 monthly advance payments could potentially impact your financial situation if you qualify.
New Baby? Money Planning Tips to Avoid Bankruptcy (Part 1)
Babies are a real source of joy, but they also cost a lot of money. The average cost of raising a child today until age 17 is $233,612. Lets talk about how to manage new baby costs (initial) without going bankrupt.
You Are Your Parents Retirement – Now What?
If you wake up one day and realize “You are your parents retirement fund” , don’t panic. In this guest post, I outline some practical steps you can take to manage the issue, while preserving your sanity.
10 Financial Mistakes That Will Derail Your American Dream
It does not matter how or when you got here; this country has a lot of financial opportunities for you. To make the most of this opportunity avoid these 10 Financial Mistakes.
Overseas Assets – Watch Out for this 4 Tax Issues
My first post on retirement daily discusses tax issues to be aware of, if you own any type of non-U.S. financial assets.
A New College Choice Method – Rethinking the Process
College tuition is going up, Student debt continues to increase, this is not sustainable without a major policy shift. One way to combat this, is to rethink our approach and have a major mental shift in how select the colleges our students attend.
7 Lessons on Wealth Accumulation from the Millionaire Next Door
To round out the Financial Literacy Month – here are my top lessons from the “Millionaire Next Door.” Anybody can apply these lessons to their lives.
Teaching Kids About Money – The Cost Sharing Plan
April is financial literacy month – it’s a great time to teach kids how money works. One method is to use the “cost sharing plan”. This is how my parents used the plan with us, and considering that I’m using it with my kids today, I have to admit it worked!
I’m Living Proof of the American Dream
My interview with the Authority Magazine for their series immigrants success stories
The Top 5 Things to Know About FBAR Filing
If you own any cash or securities type of assets in a foreign country, you might need to file an FBAR at tax time. Your top questions on the topic answered.
Here is How to Determine Your Tax Residency Status
According to IRS, as an immigrant you are either a resident or nonresident alien. Here is a way to figure out your exact tax status.
The Immigrant’s Journey
The immigrant’s journey is a marathon not a sprint. What’s your story and how does it affect your desired future state?
Can an H-1B Visa Holder Open a 529 College Savings Account?
Can an H-1B Visa holder open a 529 college savings account for college?. Is it legal and are there any tax consequences to keep in mind, considering the holder’s immigration status?
What Does a Financial Advisor / Planner do Anyway ?
What exactly does a Financial Advisor / Planner do anyway and how can they help you?
The IRS Taxes U.S. Citizens and Green Card Holders on Worldwide Income – What You Need to Know
The U.S. is one of the very few countries that taxes citizens and green card holders on worldwide income, regardless of where they live. What strategies can immigrants use to minimize some of the tax liability?
Can You Name Overseas Guardians For Your Minor Kids?
The courts have a plan for taking care of your minor kids if you pass away, become incapacitated or get deported from the U.S. How do you ensure that it includes your overseas family?