The 5 Worst Things People Are Doing With Stimulus Checks
.The 5 Worst Things People Are Doing With Stimulus Checks, Suze Orman Says
Sigrid Forberg Mon, March 22, 2021
More than 90 million American households have now received their third stimulus checks. The $1,400 checks, which are part of President Joe Biden’s $1.9 trillion relief bill, are expected to help recipients cover immediate household expenses and pay down debt. And given that many qualifying households are receiving additional checks for dependents — that is, children and non-working adults – a large number of Americans are seeing a bigger one-time influx of cash than they’ve ever seen before.
And Suze Orman, one of America's most prominent personal finance experts, has some strong opinions about how you should not spend your windfall. Read on to find out where she thinks some people may go wrong — and what you can do instead.
The 5 Worst Things People Are Doing With Stimulus Checks, Suze Orman Says
Sigrid Forberg Mon, March 22, 2021
More than 90 million American households have now received their third stimulus checks. The $1,400 checks, which are part of President Joe Biden’s $1.9 trillion relief bill, are expected to help recipients cover immediate household expenses and pay down debt. And given that many qualifying households are receiving additional checks for dependents — that is, children and non-working adults – a large number of Americans are seeing a bigger one-time influx of cash than they’ve ever seen before.
And Suze Orman, one of America's most prominent personal finance experts, has some strong opinions about how you should not spend your windfall. Read on to find out where she thinks some people may go wrong — and what you can do instead.
1. Spending it all right away
After a full year into the pandemic, Orman recognizes you may be keen to use your stimulus funds to pay off some of your outstanding balances. But, she says, that would be a mistake — especially if you’re still looking for work. “Do not rush, especially if you do not have a job yet and everything isn’t going the way you want it to be, do not rush to take that money and pay off your credit cards.”
If your bills are piling up and expensive interest is adding to your troubles, a better option would be to get a lower-interest debt consolidation loan to help you better manage what you owe — and pay it off sooner.
2. Skimping on saving
Before the pandemic hit, Orman had long counselled her followers to build up emergency funds for at least eight months. Other finance experts had suggested that was more than necessary and three or six months was all you’d need. “What happened last year? Three months would have gone in three months,” Orman says. “And then what would you have done? Now it has come to pass that eight months wasn’t even enough.”
Because of the pandemic, Orman now recommends having at least 12 months socked away in an emergency fund. “I don’t think you can have too much of an emergency fund,” she adds.
Taking some of your stimulus money and putting it into your emergency fund is Orman’s top suggestion
To continue reading, please go to the original article here:
https://www.yahoo.com/finance/news/5-worst-things-people-doing-220000749.html
11 Most Unanticipated Disadvantages of Becoming Wealthy
.11 Most Unanticipated Disadvantages of Becoming Wealthy
Physicians on FIRE
I’m sure you’re well acquainted with the advantages of becoming wealthy. You can buy what you want, travel in luxury, and when your wealth makes you financially independent, work becomes optional. Have you spent any time considering the disadvantages of becoming wealthy? Perhaps you’ve read the stories of lottery winners who wish they had never played the game. Sudden wealth can, in some instances, create more problems than it solves.
Mark LaForet, the author of today’s Friday Feature, isn’t opposed to building wealth. In fact, you could say he’s all LaForet, but that would be a terrible pun. Mark is also aware that there are some cons to pair with the pros of getting rich, and he highlights 11 of them below.
11 Most Unanticipated Disadvantages of Becoming Wealthy
Physicians on FIRE
I’m sure you’re well acquainted with the advantages of becoming wealthy. You can buy what you want, travel in luxury, and when your wealth makes you financially independent, work becomes optional. Have you spent any time considering the disadvantages of becoming wealthy? Perhaps you’ve read the stories of lottery winners who wish they had never played the game. Sudden wealth can, in some instances, create more problems than it solves.
Mark LaForet, the author of today’s Friday Feature, isn’t opposed to building wealth. In fact, you could say he’s all LaForet, but that would be a terrible pun. Mark is also aware that there are some cons to pair with the pros of getting rich, and he highlights 11 of them below.
Most people dream of being rich and having all the money in the world. It’s a fantasy that’s been happening for thousands of years. You get to wake up, and everything is easy! No worrying about money anymore. No worrying about how you will afford your mortgage (assuming you have one) and toys; OH boy, the toys!
But in reality, being rich isn’t like that. There’s always good and bad in every situation.
1. Significantly More Responsibility
Most people aren’t actually born rich. The vast majority of people who end up rich build their wealth themselves. This usually involves a business or several. Owning your own business is hard work and long hours.
Most entrepreneurs end up working significantly more than their peers and employees. This added responsibility makes a big difference in the lives of the rich and wealthy. Not only are they responsible for their business, but if they have employees, they need to be actively taking care of their needs as well.
Taking care of employee needs doesn’t stop at a paycheque; there are taxes and salaries based on the economy, yielding the highest pay possible for your employees while still maintaining your business’ sustainability. Then, try to provide security for your employees in pension plans, health benefits, etc.
To continue reading, please go to the original article here:
9 Things We Should Never Minimize
.9 Things We Should Never Minimize
Lisa Avellan of Simple and Soul.
As minimalists, we strive for less stuff to experience more life. We learn how to detach from our possessions, limit technology, set boundaries with our commitments, and manage our finances with more intention. Our schedules get pared down to the most important appointments, we open our calendars for family time, meeting with a friend, reading, or pursing a passion. Simplicity becomes our goal.
We learn to ask ourselves important questions before adding any item to our life:
“How can this make my life easier?”
“Will this cause more freedom or hold me back?”
9 Things We Should Never Minimize
Lisa Avellan of Simple and Soul.
As minimalists, we strive for less stuff to experience more life. We learn how to detach from our possessions, limit technology, set boundaries with our commitments, and manage our finances with more intention. Our schedules get pared down to the most important appointments, we open our calendars for family time, meeting with a friend, reading, or pursing a passion. Simplicity becomes our goal.
We learn to ask ourselves important questions before adding any item to our life:
“How can this make my life easier?”
“Will this cause more freedom or hold me back?”
Simplicity takes more intention than renting a storage unit, so we learn to value the weight of every decision. The value of an item or experience becomes more than a price tag or a great story to tell at a cocktail party. Minimalism is not for the half-hearted.
Minimalism is a journey of heart and soul.
It’s a deep dive into the core of what we believe about who we are, where we find value, our purpose, and our passion. These are incredibly personal and difficult mountains to climb. A compass and hatchet are necessary tools to make the journey.
This matter of the heart requires that we take great care to cut the nonessentials, and cultivate the things we should never minimize. It’s how we maximize the benefits of minimalism.
Here are nine things that should never fall victim to our minimalist pursuit:
To continue reading, please go to the original article here:
News, Rumors and Opinions Wednesday AM 3-17-2021
RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 17 March 2021
Compiled Wed. 17 March 2021 12:01 am EST by Judy Byington
Judy Note: Our military Intel Contact reported that at any time this week the Shotgun Start would happen where Tiers 3-4A, B could expect notification emails and calls to obtain appointments for Zim redemption and foreign currency exchanges at the special rates.
Today an executive from a major bank stated that Tier 4B could look for notification on Wed. 17 March afternoon.
If so, our appointments would begin on Thurs. 18 March.
RV Excerpts from the Restored Republic via a GCR: Update as of Wed. 17 March 2021
Compiled Wed. 17 March 2021 12:01 am EST by Judy Byington
Judy Note: Our military Intel Contact reported that at any time this week the Shotgun Start would happen where Tiers 3-4A, B could expect notification emails and calls to obtain appointments for Zim redemption and foreign currency exchanges at the special rates.
Today an executive from a major bank stated that Tier 4B could look for notification on Wed. 17 March afternoon.
If so, our appointments would begin on Thurs. 18 March.
The Iraqi HCL Agreement would be passed in next 24-36 hours, or by sometime Thurs, 18 March, giving them the new rate for the reset this week.
We would have until the end of March to exchange/ redeem at the special rates.
On Fri. 12 March late night liquidity payouts were released. Overnight Sun 14 March the QFS, which was fully integrated into the Forex, traded all gold/ asset-backed USN pegged global currencies. By Mon 15 March with gold-backed USN currency notes released to Redemption Centers, there were some exchanges and redemptions under NESARA protocols.
These three upcoming events could possibly relate to Wed. 17 March 2021:
1. The Global Currency Reset: Everything was pointing toward Tier 4B beginning exchanges/ redemption on Wed. 17 March. The government was sending out Stimulus monies that activated in accounts on Wed. 17 March. https://finance.yahoo.com/news/why-stimulus-check-might-still-103025719.html
Thurs. 25 March and no later than Wed. 31 March Tier 4B exchange appointments were expected to be FINISHED.
Thurs. April 1 was also the beginning of the fiscal year for the new gold/ asset-backed US Treasury Note and the General Public Tier 5 foreign currency exchanges at the new international rates would go forward.
************
Tues. 16 March 2021 The Big Call, Bruce: Thebigcall.net 712-770-4016 pin123456#
A large tranche of monies started release at 4:30 am this morning Tues. 16 March and would complete early Wed. morning 17 March.
Bond Sellers were still awaiting liquidity in their accounts and would receive such at the same time as Tier 4B receives notification.
We should be looking for notification tomorrow afternoon Wed. 17 March.
If so, we could begin appointments on Thurs. 18 March.
We would have until the end of March to exchange/ redeem at the special rates.
Some Stimulus payments (a starting of NESARA) were to start today Tues. 16 March, but were told that it would happen tomorrow Wed. 17 March.
US Tax due date for 2020 was moved to June 15 2021.
Banks would become facilitators for us rather than the way they used to function. There would be no fees for any of our accounts. Banks had no control over what we do with our monies.
Read full post here: https://inteldinarchronicles.blogspot.com/2021/03/restored-republic-via-gcr-update-as-of_17.html
************
Courtesy of Dinar Guru
MarkZ [via PDK] [What ID's do we need to take to exchange.] I was told take whatever you would usually take to open bank accounts…call your bank if you want to verify this…i am told a current picture ID like drivers license and passport. I would suggest bringing your SS card or whatever correlating ID you have in whatever country you are in as well. Basically call your bank and ask them what ID’s you need to bring to open an account.
Pimpy Stay away from anybody that gives you a date, anybody who give you a rate. The best anybody could do is speculate. Some people take a more educated stab at that date and rate...some people are just farting in the wind hoping something sticks. Don't get caught up in that stuff. Stay grounded...does that mean that an RI or an RV won't be announced? I didn't say that. It could be announced any day. But there's no guarantees out that that day is going to be here any day soon.
COFFEE WITH LYNETTE ZANG & LIOR GANTZ: Is Inflation Good or Bad?
Streamed live 16 hours ago
Lior’s is a global entrepreneur, co-creator of Wealth Research Group and a popular speaker, author and educator. I am so glad to have him here today because he brings a global view that we all need to see and his generation, the millennial generation, will be the generation to determine the adoption of the new, digital financial system that the global governments and central bankers have in mind for us.
How to Give with More Impact: What You Need to Know
.How to Give with More Impact: What You Need to Know
February 18, 2021 by Chelsea
Listen on Spotify Why You've Got to Listen to This Episode...
In today’s episode, I’m talking with In today’s episode, I’m talking with Global Philanthropy Advisor and Expert, Kris Putnam-Walkerly. She is the author of Delusion Altruism, which highlights the truth that how we give is just as important as how much we give. We’re talking about why you don’t need to be wealthy to be a philanthropist, why philanthropists struggle with a scarcity mindset, and how you can take your first step to give with more impact today!
Key Takeaways to Help You Give With More Impact
As always, we’ve rounded up our top three takeaways to summarize what we believe are the core points to remember from Kris.
1 - We Are All Philanthropists
First, we are all philanthropists. As Kris said, philanthropy is a big fancy word that makes people think they need millions of dollars to qualify.
How to Give with More Impact: What You Need to Know
February 18, 2021 by Chelsea
Listen on Spotify Why You've Got to Listen to This Episode...
In today’s episode, I’m talking with In today’s episode, I’m talking with Global Philanthropy Advisor and Expert, Kris Putnam-Walkerly. She is the author of Delusion Altruism, which highlights the truth that how we give is just as important as how much we give. We’re talking about why you don’t need to be wealthy to be a philanthropist, why philanthropists struggle with a scarcity mindset, and how you can take your first step to give with more impact today!
Key Takeaways to Help You Give With More Impact
As always, we’ve rounded up our top three takeaways to summarize what we believe are the core points to remember from Kris.
1 - We Are All Philanthropists
First, we are all philanthropists. As Kris said, philanthropy is a big fancy word that makes people think they need millions of dollars to qualify.
But anyone who wants to make the world a better place is a philanthropist – especially because we can give so much more than money. We can give our time, our connections, our knowledge, and we often discuss how words matter here on the podcast.
So no matter how much you’re giving, adopting the mindset of a philanthropist will help you identify more ways you can increase your impact on issues that matter to you. When you truly believe you are a philanthropist who is making an impact, you’ll see more ways to do that.
2 - Scarcity Mindset Can Hold Us Back From Changing the World
We all know that a scarcity mindset can hold us back from reaching our money goals. But that mindset also threatens our ability to give with more impact.
To continue reading, please go to the original article here:
Investing: The Greatest Show On Earth
.Investing: The Greatest Show On Earth
Mar 9, 2021 by Morgan Housel
Let me share two quick stories that have nothing to do with investing. I want to convince you of something important and overlooked: Investing is a broader field than it looks, and there is so much to learn about it outside of the narrow lens of finance.
The first comes from forests.
Most young tree saplings spend their early decades under the shade of their mother’s canopy. Limited sunlight means they grow slowly. Slow growth leads to dense, hard wood. But something interesting happens if you plant a tree in an open field: free from the shade of bigger trees, the sapling gorges on sunlight and grows fast. Fast growth leads to soft, airy wood that didn’t have time to densify. And soft, airy wood is a breeding ground for fungus, disease, and ultimately a short life. “A tree that grows quickly rots quickly and therefore never has a chance to grow old,” forester Peter Wohlleben writes.
Which is exactly how it works in business and investing, isn’t it?
Investing: The Greatest Show On Earth
Mar 9, 2021 by Morgan Housel
Let me share two quick stories that have nothing to do with investing. I want to convince you of something important and overlooked: Investing is a broader field than it looks, and there is so much to learn about it outside of the narrow lens of finance.
The first comes from forests.
Most young tree saplings spend their early decades under the shade of their mother’s canopy. Limited sunlight means they grow slowly. Slow growth leads to dense, hard wood. But something interesting happens if you plant a tree in an open field: free from the shade of bigger trees, the sapling gorges on sunlight and grows fast. Fast growth leads to soft, airy wood that didn’t have time to densify. And soft, airy wood is a breeding ground for fungus, disease, and ultimately a short life. “A tree that grows quickly rots quickly and therefore never has a chance to grow old,” forester Peter Wohlleben writes.
Which is exactly how it works in business and investing, isn’t it?
There’s a graveyard of companies and investors who tried to grow too fast, attempting to reap a decade’s worth of rewards in a year or less, learning the hard way that capitalism doesn’t like it when you try to use a cheat code. Chamath once put it: “The faster you build it, that is the half life. It will get destroyed in the same amount of time.”
Another story, this one from medicine.
In 2013 Harold Varmus, then director of the National Cancer Institute, gave a speech describing how difficult the war on cancer had become. Eradicating cancer – the National Cancer Act’s goal when it was signed in 1971 – seems perpetually distant. Varmus said:
There’s a paradox that we must now honestly confront. Despite the extraordinary progress we’ve made in understanding the underlying defects in cancer cells, we have not succeeded in controlling cancer as a human disease to the extent that I believe is possible.
One of the missing pieces, he said, is that we focus too much on cancer treatment and not enough on cancer prevention. If you wanted to make the next big leg up in the war on cancer, you had to make prevention the top priority.
But prevention is boring, especially compared to the science and prestige of cancer treatments. So even if we know how important it is, it’s hard for smart people to take it seriously.
MIT cancer researcher Robert Weinberg once described it:
To continue reading, please go to the original article here:
https://www.collaborativefund.com/blog/investing-the-greatest-show-on-earth/
16 Money Rules That Millionaires Swear By
.16 Money Rules That Millionaires Swear By
Gabrielle Olya Mon, March 8, 2021
Being a millionaire or billionaire — especially a self-made one — usually requires being disciplined about saving and spending, as well as investing wisely. Although the super rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long-term. So, if you want to live like a millionaire yourself, you’ll have to follow the money rules of the wealthy.
Kristen Bell: Take Advantage of Coupons When Shopping Net worth: $20 million
“Frozen” star Kristen Bell still clips coupons despite her multi-million-dollar wealth.
“I almost exclusively shop with coupons,” she said on “Conan,” sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. “It’s the best one because they’ve got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80.”
16 Money Rules That Millionaires Swear By
Gabrielle Olya Mon, March 8, 2021
Being a millionaire or billionaire — especially a self-made one — usually requires being disciplined about saving and spending, as well as investing wisely. Although the super rich can splurge on lavish vacations and fancy cars, some eschew a luxurious lifestyle for one that allows them to maintain their wealth over the long-term. So, if you want to live like a millionaire yourself, you’ll have to follow the money rules of the wealthy.
Kristen Bell: Take Advantage of Coupons When Shopping Net worth: $20 million
“Frozen” star Kristen Bell still clips coupons despite her multi-million-dollar wealth.
“I almost exclusively shop with coupons,” she said on “Conan,” sharing that her personal favorite place to shop with coupons is Bed Bath & Beyond. “It’s the best one because they’ve got 20% off, and if you go and buy a duvet or an air conditioner or whatever, you could be saving upwards of $80.”
Sara Blakely: Create and Maintain a Nest Egg Net worth: $1 billion
Spanx founder Sara Blakely kept her day job while starting her shapewear company to make sure she’d be able to maintain a healthy nest egg.
“It’s really important to save money and create a nest egg, become comfortable for yourself with what the nest egg is, and don’t touch it,” she told Business Insider. “Leave it there. I always had a portion of my paycheck put into savings, and that was an easy automatic way … I didn’t quit my job until I’d already landed Neiman Marcus and Saks Fifth Avenue. I was so careful, I [worked on Spanx] at night and on the weekends because I didn’t not want to have income coming in.”
Warren Buffett: Think of Investing as a Long-Term Strategy Net worth: $82 billion
Billionaire investor Warren Buffett isn’t a proponent of active stock trading.
“When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever,” he wrote in his 1988 Berkshire Hathaway shareholders letter. “We are just the opposite of those who hurry to sell and book profits when companies perform well.”
Grant Cardone: Save $100K and Invest the Rest Net worth: $300 million
Grant Cardone is a self-made millionaire, author and sales training expert. He recommends hitting a lofty savings goal — $100,000 — and then investing any money earned after you hit that amount.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/16-money-rules-millionaires-swear-130000577.html
5 Major Money Mistakes To Avoid Once You Turn 60
.5 Major Money Mistakes To Avoid Once You Turn 60
Laura Woods Sun, March 7, 2021
You’ve been working hard your entire adult life and you’re finally nearing retirement. The prospect of having more time to relax and enjoy yourself is exciting, but you’ll need money to do that.
As you wrap up your peak earning years and prepare to step away from the workforce, it’s important to make smart money moves that will protect your nest egg. All it takes is one poor financial choice to throw a wrench in your plans — and financial stability — so take the time to make informed decisions.
When faced with a large amount of cash, it can be tempting to share it with loved ones — i.e., your children — or indulge yourself with luxury items. However, this money needs to last your entire retirement, which could span decades. Here’s a look at common financial blunders you don’t want to make as you get older if you want to avoid a major financial setback.
5 Major Money Mistakes To Avoid Once You Turn 60
Laura Woods Sun, March 7, 2021
You’ve been working hard your entire adult life and you’re finally nearing retirement. The prospect of having more time to relax and enjoy yourself is exciting, but you’ll need money to do that.
As you wrap up your peak earning years and prepare to step away from the workforce, it’s important to make smart money moves that will protect your nest egg. All it takes is one poor financial choice to throw a wrench in your plans — and financial stability — so take the time to make informed decisions.
When faced with a large amount of cash, it can be tempting to share it with loved ones — i.e., your children — or indulge yourself with luxury items. However, this money needs to last your entire retirement, which could span decades. Here’s a look at common financial blunders you don’t want to make as you get older if you want to avoid a major financial setback.
Collecting Social Security Benefits Too Soon
Many people make the mistake of taking Social Security income as soon as they can because it’s available. Others start early because they’re afraid the system will run out of money. Neither approach is the best way to maximize benefits.
“You receive more each month if you wait until your full retirement age, and you can even get increases after that — amounting to roughly 8% per year until you’re 70,” said Justin Pritchard, CFP, founder of Approach Financial, Inc. in Montrose, Colorado.
Having patience can literally pay off.
“Instead of claiming as soon as possible, run some numbers to determine how much you’ll earn if you wait,” he said. “Remember that a surviving spouse who takes over your benefit will be affected by your decision, so choose carefully.”
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/5-major-money-mistakes-avoid-190054441.html
Why Rich Parents Are More Likely To Be Unethical
.Why Rich Parents Are More Likely To Be Unethical
David M. Mayer, Professor of Management & Organizations, University of Michigan
Sat, March 6, 2021, 9:11 AM
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Why Rich Parents Are More Likely To Be Unethical
David M. Mayer, Professor of Management & Organizations, University of Michigan
Sat, March 6, 2021, 9:11 AM
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Federal attorneys in 2019 arrested 50 people in a college admission scam that allowed wealthy parents to buy their kids’ admission to elite universities. Prosecutors found that parents together paid up to US.5 million to get their kids into college. The list included celebrity parents such as actresses Felicity Huffman and Lori Loughlin.
Some might ask why did these parents fail to consider the moral implications of their actions?
My 20 years of research in moral psychology suggests many reasons why people behave in an unethical manner. When it comes to the wealthy, research shows that they will go to great lengths to maintain their higher status. A sense of entitlement plays a role.
How people rationalize
Let’s first consider what allows people to act unethically and yet not feel guilt or remorse.
Research shows that people are good at rationalizing unethical actions that serve their self-interest. The success, or failure, of one’s children often has implications for how parents view themselves and are viewed by others. They are more likely to bask in the reflected glory of their children. They seem to gain esteem based on their connection to successful children. This means parents can be motivated by self-interest to ensure their children’s achievement.
In the case of cheating for their children, parents can justify the behavior through comparisons that help them morally disengage with an action. For example, they could say that other parents’ do a lot worse things, or minimize the consequences of their actions through words such as, “My behavior did not cause much harm.”
To continue reading, please go to the original article here:
https://www.yahoo.com/news/why-rich-parents-more-likely-141127240.html
How Stimulus Checks Can Give You A $14,000 Windfall This Year
.How Stimulus Checks Can Give You A $14,000 Windfall This Year
Sigrid Forberg Thu, March 4, 2021
Congress is nearing the finish line as lawmakers race to pass President Joe Biden’s $1.9 trillion relief package by mid-March. Included in the package is the third round of stimulus checks — for up to $1,400 this time — plus an extension of emergency federal unemployment benefits, an expanded child tax credit and more. So if you need more help to pay down debt or cover household expenses, you may start to receive it in a few weeks.
Taken together, government relief this year could provide a family of four with a pile of money totaling at least $14,000, according to a new analysis. Here’s how your household could get a windfall like that in 2021.
How does the math work on $14,000?
How Stimulus Checks Can Give You A $14,000 Windfall This Year
Sigrid Forberg Thu, March 4, 2021
Congress is nearing the finish line as lawmakers race to pass President Joe Biden’s $1.9 trillion relief package by mid-March. Included in the package is the third round of stimulus checks — for up to $1,400 this time — plus an extension of emergency federal unemployment benefits, an expanded child tax credit and more. So if you need more help to pay down debt or cover household expenses, you may start to receive it in a few weeks.
Taken together, government relief this year could provide a family of four with a pile of money totaling at least $14,000, according to a new analysis. Here’s how your household could get a windfall like that in 2021.
How does the math work on $14,000?
Consider the Smiths, a hypothetical family of four with two adults and two children, 7 and 10. Provided they met the income criteria for stimulus checks, the Smiths would have received $2,400 in January from the second round of payments: $600 for each adult and each of the kids.
If Congress passes the current aid bill and Biden signs it, the family would get another $1,400 per person, for a total of $5,600. Add that to the $2,400 from earlier in the year, and you get a total of $8,000 in stimulus checks for the household.
Another part of the president's COVID rescue package boosts the child tax credit to give low- and moderate-income families $3,000 for each child between the ages of 6 and 17 for 2021. Half that money would be paid out in monthly installments (a different kind of "stimulus check") during the second half of the year.
So, the Smiths would receive an additional $6,000 for the kids — for a grand total of $14,000 in government relief this year.
Some households stand to get even more than that, notes a report from the financial services firm Raymond James.
How do you collect more than $14K?
To continue reading, please go to the original article here:
https://www.yahoo.com/finance/news/stimulus-checks-14-000-windfall-010000221.html
How Much Money is Enough?
.How Much Money is Enough?
By Retire Before Dad
How much money is enough to retire or change careers? As my wealth has increased, I've found that net worth is an imperfect measure of enough. A few years ago, somebody asked how much money is enough for me to retire. I used a back of the napkin estimation based on the financial independence number and answered. This was 2015-ish. At the time, I thought the number would be more than enough to live comfortably for the rest of our lives, fund our three children’s college educations, and still travel in retirement.
But sometime in Q4 2019, our family’s net worth (minus home equity) surpassed the number, and since then, we’ve left it in the dust thanks to the Covid-19 dip and recovery rally. According to the 2015 RBD, I could stop working my full-time job today. Yet here I am, with no immediate plans to leave my career. As my wealth has grown, I’ve found that net worth alone is an imperfect indicator of enough.
Enough for What?
How Much Money is Enough?
By Retire Before Dad
How much money is enough to retire or change careers? As my wealth has increased, I've found that net worth is an imperfect measure of enough. A few years ago, somebody asked how much money is enough for me to retire. I used a back of the napkin estimation based on the financial independence number and answered. This was 2015-ish. At the time, I thought the number would be more than enough to live comfortably for the rest of our lives, fund our three children’s college educations, and still travel in retirement.
But sometime in Q4 2019, our family’s net worth (minus home equity) surpassed the number, and since then, we’ve left it in the dust thanks to the Covid-19 dip and recovery rally. According to the 2015 RBD, I could stop working my full-time job today. Yet here I am, with no immediate plans to leave my career. As my wealth has grown, I’ve found that net worth alone is an imperfect indicator of enough.
Enough for What?
It’s hard to determine how much money is enough if you haven’t defined your objective. Enough varies based on many factors, including your life stage, financial needs, and desired outcomes. How much money is enough to:
Retire at age 55 and never work again?
Retire at 50 and work part-time in retirement until age 65?
Quit your day job to become an entrepreneur?
Leave your high-paying career for a lower-paying, more meaningful opportunity?
Retire with enough to leave an inheritance for your family?
Figuring out precisely what you want is essential, so you’re pursuing the right outcome. The ideal outcome is not always clear. My goal since 2003 is to retire and never work again at age 55, so I can travel six months out of the year. I was 27, single, and living with my parents when I set that goal.
Eighteen years later, my reality has changed. Kids, future college costs, new interests, and a greater sense of purpose have changed how I think about a traditional retirement. Working at the same corporate job for the next ten years and retiring at age 55 to travel may not be the optimal route. I’m now looking at hybrid models, where I potentially “retire” from my lifelong career to pursue more exciting work.
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