Pay Dirt is Slate’s money advice column where readers can seek guidance on financial matters. In a recent column, a reader expressed concern about a friend who had stopped paying income taxes on their cash-based side hustle. The reader was unsure whether they had an obligation to report their friend to the IRS. The columnist advised the reader to have a conversation with their friend about the importance of paying taxes and the potential consequences of tax evasion. Ultimately, the decision to report their friend was left up to the reader, but honesty and giving their friend a chance to rectify the situation were emphasized.
In another letter to Pay Dirt, a college student with a trust fund of over $800,000 sought advice on how to distribute their excess wealth to those in need. The columnist recommended seeking a certified financial planner to help create a plan for charitable giving while also ensuring financial security for the future. By investing some of the money and exploring socially responsible investing options, the student could grow their wealth and support causes they care about.
A third letter addressed a situation where a husband had quit his job to pursue a podcast, leaving his wife feeling resentful and concerned about their financial security. The columnist advised the wife to establish clear expectations and boundaries with her husband, including setting specific work hours for the podcast, creating a budget, and potentially seeking additional work to supplement income. Communication and setting mutual goals were highlighted as key to resolving the situation and moving forward as a family.
Overall, the Pay Dirt column provides valuable insights and practical advice on a range of financial dilemmas. From navigating tax issues to managing wealth and addressing family financial dynamics, the column offers readers thoughtful guidance on how to handle various money-related challenges. By seeking expert advice and open communication, readers can make informed decisions to secure their financial well-being and support causes they care about.
