Dollar Detective Insights
Monthly Edition | November 2024
Hello, Dollar Detectives. As we dive into the November edition, let’s start with some exciting news — First, this is our very first Dollar Detective Insights! From here on out, expect to see these monthly wrap ups at the end of every month. Second, my very first podcast appearance launches next month! Mark December 24th on your calendars, and stay tuned!
Codename of the Month
Codename: Money Map — Do you ever think at the end of the month “Where has my money gone?” If so, take a look at Codename: Money Map to get your money train back on track. Read More
Lessons Learned
I have been in a tax preparation class with Liberty Tax for the past month, and the amount of things I did not know about individual taxes is astounding. For example, the difference between nonrefundable and refundable tax credits.
Nonrefundable credits allow you to reduce the tax you owe to zero but do not allow you to go below zero to receive a refund. This means that if you have a nonrefundable credit that exceeds your tax liability, you won't receive the excess as a refund. On the other hand, refundable credits will enable you to reduce the tax you owe below zero and qualify for a refund.
Say the amount of tax you owe is $3,000, and you qualify for a $2,000 nonrefundable credit and a $2,000 refundable credit (numbers used as an example only). The nonrefundable credit would reduce the tax you owe to $1,000. The refundable credit would take you below zero and trigger a refund of $1,000.
Around the Agency
After the initial rate cut of 0.50% in September, on Nov. 7 The Federal Reserve recently cut the federal fund rate by 0.25%. What does this rate cut mean and how does it impact your money? Find out more here: Rate Cut
Resources
Book:
Contagious: Why Things Catch On — If you ever wondered how brands such as Apple and Nike have such a loyal following, this book is for you. It is an excellent short read on ways to improve your marketing.
Tool of the Month:
Credit Karma Debt Repayment Calculator — Need a better idea for how long it will take you to pay off that pesky consumer debt? Then try this useful calculator and adjust your budget accordingly. Check it out here: Debt Repayment Calculator
Upcoming Missions
What to Look for in December…
Look out for your weekly newsletters for the month of December, where I will be covering Emergency Funds and Credit Scores
If you have not already, grab your copy of my book Why Not Us? under the Shop tab.
Don’t forget to mark your calendars for December 24th, where I will be making my podcast debut on the Author’s Impact Hub podcast
If you have any financial or non-financial accomplishments, reach out to me at wealthgenerationagency@gmail.com so that I can shine a light on you in the Dollar Detective Spotlight!