Alimony also known as "spousal support" is money that one spouse pays another. Usually on a monthly basis for a set period of time.
Generally speaking, the spouse that receives alimony (usually the lower income spouse) pays taxes as ordinary income on the money received. The payor of alimony (usually the higher income spouse) gets a deduction on these payments.
For anyone with children at home, managing screen time is an issue. At young ages, it can seem innocent as a 5 year old plays a simple game on mom or dad’s smartphone. But pretty soon they are wanting more and more time and eventually their own phone.
How much time is too much?
What effect is screen time this having on our children?
Remember the movie Rocky?
Why did Rocky get up at 4:30 am, drink raw eggs and then go out in the cold and run?
Plain and simple, he had a goal. (and a burning desire) He knew, that if he did that consistently, went a little further or faster over time, he would get stronger and closer to his ultimate goal. Winning the heavyweight boxing title.
There are several ways to pay for a college education.
According to the College Board, the cost today for the 2016-2017 school year was $33,480 for a private school and $24,930 for an out-of-state student at a public school. Bear in mind, this is an average and some top schools are in the $50,000 + a year range.
I’ve had a few conversations with parents recently about paying for college. Many seem resigned to scraping together as much as they can and then borrowing the rest, or vice versa to preserve their lifestyle.
As the cost of a college education continues to climb, many find themselves saddled with student loan debt and many times, not in a position to make these payments.