Marie Kondo Your Money

Motley Fool Answers

The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4 • 823 Ratings

🗓️ 21 January 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s our annual clean-up-your-financial-stuff-and-get-organized episode. This year we have the help of Dayana Yochim from HerMoney with tips and tricks for tidying up your accounts, portfolio, documents, and life in general.

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Transcript

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0:00.0	Thanks to Health IQ for supporting Motleyful answers.
0:02.7	Health IQ uses science and data to secure lower rates on life insurance.
0:06.8	To see if you qualify, go to health IQ.com slash fool to take the proprietary health IQ quiz
0:12.9	and potentially save up to 41% on premiums.
0:16.8	Also, thanks to Grammarly for supporting Motley Fool Answers.
0:20.1	Grammarly is a communication tool that helps people improve their writing to be mistake-free, clear, and effective.
0:26.1	Start writing confidently by going togrammerly.com slash Fool to get 20% off a Grammarly Premium Account today.
0:36.1	This is Motley Full Answers. I'm Alison Southwick, joined as always by Robert Brokamp,
0:41.0	personal finance expert here at The Motley Fool. Never going to get tired of saying that.
0:45.9	This week we're offering advice to tidy up your finances and overall life with the help of
0:50.2	her money's Dayonna Yolkum. All that and more on this week's episode of Motleyful Answers. So, bro, what's up?
0:57.0	Well, Allison, I know we'd all prefer to put off thinking about taxes for at least another
1:01.8	month or two, but now is the time to get your withholdings right for 2020. Now, you should
1:07.6	do this every year and make sure you have the same amount, the right amount
1:11.9	taken out, especially if you had too much withheld last year or not enough withheld, but also
1:16.7	maybe you went through a life change that will affect your taxation. Maybe you had a kid,
1:20.4	got married, divorced, retired, or there's a big change in your income. But why you should consider
1:26.2	doing this every January, this year it's
1:28.8	particularly worth considering because the IRS has, for the first time in 30 years, updated
1:34.3	the W4, which is that form you filled out, gave to your employer, and then they use that
1:39.3	to determine how much should be withheld for taxes. Now, I was reading about the new W4.
1:45.0	I had some questions that I couldn't quite figure out.
	...

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