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How long to keep tax returns is one of the most asked questions in personal finance.

Did you know the average American spends 13 hours every year preparing federal tax returns? For small business owners, that figure almost doubles to 24 hours!

It’s always a relief once taxes are filed for the year. But what do you do with all the paperwork afterward? How long should you keep your tax returns and records?

For most people, three years is a good time frame, but it could be much longer in many situations. Plus, it can often be a good idea to hold onto records longer than the required time for other non-tax reasons.

Keep reading to find out exactly how long you should keep your tax records in your situation. The answer may surprise you!

Your net worth is one of many financial ratios that is important to measure. But, unfortunately, having a negative net worth is probably more common than you think.

A common example of someone who would have a negative net worth is a 20-year old who just graduated from college and needed to use student loans to pay for the bulk of this education. The average tuition in the US for in-state public schools is nearly $10,000 per year, which means graduating with $40,000 (or more) in debt is probable.

With $40,000 in debt and nearly no assets, it would make sense that a large number of young Americans have a negative net worth.

Though no matter your age, climbing out of a negative net worth situation is not impossible. There are steps you can take to improve your situation, which we will walkthrough below.

Will Ferrell Net Worth 2021: $160 million.

Will Ferrell is one of the biggest movie stars in the United States, but there is a lot we can learn from him regarding personal finance as well.

Will Ferrell progressed seamlessly throughout his career from being a cast member on Saturday Night Live, to a movie star, and eventually a businessman.

As of 2021, his net worth is estimated to be $160 million. Below is his journey of how he got there and three lessons we can learn from it to improve our own financial situation.