Budgeting #1: How do you calculate your income?

About the Episode

Ilona Friedman of CD Wealth Management navigates the calculation of our annual income, which includes gross income, income from contract jobs, received alimony, current income from savings or investments, gross income from Social Security, pension, and any other additional source of income. Dividing this by 12 gives you your monthly income.

About the Guest

More Insights on Budgeting

Read the Podcast: How to Plan for Your Children’s College
Podcast

How to Plan for Your Children’s College

By: Ilona Friedman

June 17, 2020

A popular method for setting aside expenses for college in the future is through the 529 Plan, which is a vehicle in which you store your money that grows tax deferred. Any money you pull out comes out tax-free if it’s used for qualified higher education expenses.