Is there a connection between capitalism and the Jews, or is this just an anti-Semitic canard? In the second part of this week’s Goldstein on Gelt show, Douglas Goldstein meets Professor Jerry Z. Muller of the Catholic University of America, who answers this question and more when he discusses his new book “Capitalism and the Jews.”Doug Goldstein, CFP®
Posts Tagged ‘Finances’
What would you do if you won the lottery? What does a sudden injection of money, such as winning the lottery or getting an inheritance, really mean?
- What does Mr. Tax Man say about it?
In the real world, money doesn’t just belong to you. Whether it’s sales tax on your purchases, income tax on your earnings, or capital gains tax on the sale of an asset, tax is paid on the majority of transactions. So the first thing you would need to do is find out whether you are liable to pay any taxes on receiving your windfall, how much, and what this means. Once you know this, you’ll have a much better idea of how much money you really have at your disposal.
- Having money isn’t all about spend, spend, spend
Now that you have some money, your goal shouldn’t only be to spend it as quickly as possible. Take the time to create a financial plan and figure out whether this windfall is really “extra” money, or is needed to make sure you can retire comfortably and fulfill your other financial goals. Perhaps receiving unexpected funds means that you won’t need to save as much (thereby improving your current lifestyle), or you can now leave a larger inheritance, or support a philanthropic project.
While it’s tempting to spend your windfall, don’t forget about savings. No matter how young or old you are, you need to think about retirement at some point in your life. Get objective advice about the investments and savings plans that are best for you, given your age, your income, and your personal situation, by calling your financial planner.
- Take it easy
News of your lottery win or unexpected inheritance is sure to spread and your telephone is going to start ringing. Be careful of who you take advice from and who you give gifts to. Relatives, acquaintances, and people you’ve never even heard of are suddenly going to remember who you are and bombard you with lots of advice and possible uses for your new found wealth.
Don’t rush to do anything. Let all the excitement and novelty die down first.
If you make your financial decisions based on logic and information, not on thrills and emotion, you’ll find that your sudden gain has made you into a real winner.Doug Goldstein, CFP®
Why do senior citizens, who have so much life experience, fall prey to fraud schemes so often? And who would be heartless enough to con an elderly grandparent? On this week’s Goldstein on Gelt show, Doug Shadel, senior director of Washington’s AARP and a leading expert on fraud and the elderly, explains how you can protect yourself and the people you love most from scams and cons.Doug Goldstein, CFP®
Doug interviews Meir Nissensohn, former general manager of IBM in Israel. Mr. Nissensohn explains why IBM came to Israel, what investment opportunities Israel offers to large, multinational companies and what these companies can give to Israel in return. Also find out why Israel has so many startup companies and why businesses and the Israeli economy continue to prosper on the second part of this week’s Goldstein on Gelt podcast.Doug Goldstein, CFP®
What is a hedge fund and is it worth investing in one? What is the difference between a hedge fund and a mutual fund? Richard Wilson, founder of the Family Offices Group, president of Richard Wilson Capital Partners, and author of The Hedge Fund Book: A Training Manual for Professionals and Capital-Raising Executives and The Family Office Book: Investing Capital for the Ultra-Affluent, answers these questions and more. Find out whether hedge funds and using a family office is for you by listening to this fascinating interview in the first part of this week’s Goldstein on Gelt podcast.Doug Goldstein, CFP®
How many times have you heard people say, “I could never make aliya. It’s too difficult financially”?
Well, now there is one less excuse.
There are the standard financial pluses of living in Israel: the Israeli unemployment rate is lower than in America, day school tuitions are cheaper, and you don’t need to use personal vacation days for the chaggim.
While there are many benefits to living in Israel, there are some financial challenges, particularly around tax-filing time. While Americans living in Israel have an obligation to file with the IRS, Israel and America have a tax treaty between them, according to which if you pay taxes in Israel and also owe them in America (since America taxes her citizens on worldwide income), you can take a tax credit on your American taxes for what you paid to Israel.
In addition to filing U.S. taxes, American olim must file FBAR forms and they also may be responsible for filing under new FATCA requirements.
Confused? You’re not alone. But if you used this confusion as an excuse not to make aliya, your excuse no longer holds water. A new book can help you.
The IRS recently implemented FATCA, and Uncle Sam wants you to file your American taxes (in addition to your Israeli taxes) and FBAR form, but before you start to get too worried, there are solutions. For starters, get a copy of my recent book, The Expatriate’s Guide to Handling Money and Taxes? As a financial adviser with more than two decades of experience helping Americans abroad handle their American brokerage accounts and deal with the problems that arise from living in dual currencies, I wrote the book with the help of various leading international tax lawyers and accountants.
Just as you would extensively research communities, ulpans, schools, and jobs before moving to Israel, learn what your tax obligations to the Old Country will be when you are offshore. This should make your transition easier, as you won’t have nightmares about the IRS demanding a share of your new salary.Doug Goldstein, CFP®
On the first part of this week’s Goldstein on Gelt show, meet Eric Siegel, author of Predictive Analytics: The Power to Predict Who Will Click, Buy, Lie, or Die. Eric tells Doug about data mining and predictive analysis. What do these terms mean, and how accurate are they in determining peoples behavior? Find out how data mining affects marketing and customer profiling, as well as daily life, by listening to this weeks show.Doug Goldstein, CFP®