Affluent: Income Rich vs. Balance Sheet Rich

The mastermind behind the Millionaire Next Door books introduced me to the term, balance-sheet affluence or what I call balance-sheet rich. Here’s what that means and how it’s different (and more valuable) than being income affluent or having a high income.

Capital Gains Taxes: 5 Basic Things to Know

Selling a stock at a gain may be cause for celebration. But depending on my income level in a certain year and the type of account in which I held the investment, I may owe as little as 0% or as much as 20% of my profit in federal income taxes. Here’s what to know about capital gains taxes and techniques for legally minimizing your tax bill.