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Category Archives: #budget plan

3 Social Security Mistakes That Could Cost You a Fortune

Social Security will probably be a pretty big source of income for your retirement — at least if you’re like most Americans. However, while Social Security provides benefits to millions of seniors, many of the people who claim those benefits don’t really understand how the program works.

If you’re soon to become a Social Security recipient, it’s imperative you understand a few things about how your benefits are determined so you can avoid costly errors that could leave you with a permanently reduced income during your golden years.

In particular, there are three mistakes you absolutely don’t want to make.

Money and Social Security card

1. Claiming benefits before you understand how they work

According to a survey conducted by Nationwide, 91% of older adults have no idea what factors impact the Social Security benefits they’ll receive after retirement. If you don’t know the factors affecting your income, you could make bad decisions about when to claim benefits.  Read More

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Why You Don’t Actually Need Money to Make Money

Why You Don't Actually Need Money to Make Money

“It takes money to make money.”

It’s a very frustrating phrase. Where am I supposed to get the money I need to make the money I need? Is there some sort of vault I am unaware of?

While I have incredible, hard-working, get-er-done parents, a trust fund or “gift to get me started” was impossible for us. I didn’t have any savings, and I didn’t have investors. I mean, you would have been out of your right mind to invest in my debt-laden company.

So, where was I supposed to get the money I needed to make the money I needed?

I chose credit cards.

Over ten years in business, working harder and harder, I went deeper and deeper into debt. I funded my marketing, business development and operations on plastic and overdraft protection.

I was totally broke … and there are a lot more fun ways to be totally broke than working all the time.

She was a colicky baby (meaning the cute little thing was a devil child who cried all the time). But, I discovered if I swaddled her tightly, put her in the pack-and-play and pushed it against the refrigerator, then the vibration would put her to sleep.

So, she’s finally sleeping and I start going through my mail. I find a letter from my bank saying they aren’t going to cover my overdraft any longer. The bank had been sold and from that point forward, whenever there wasn’t a deposit to cover a check I had written, it was going to bounce. Even if that meant payroll.

As my daughter slept peacefully, I started to cry.  Read More

Now I wasn’t just a failure for myself, I was a failure for her.

House GOP budget plan heats up as campaign issue

The new debt-slashing budget plan pushed by House Republicans heated up as a presidential campaign issue Sunday as the proposal’s architect, Rep. Paul Ryan of Wisconsin, sparred with top Democrats over its political fallout and downplayed the possibility he could be tapped as a vice presidential candidate.

Senior White House adviser David Plouffe dismissed the GOP plan Sunday as “a lot of candy, not a lot of vegetables,” and charged that it would be “rubber-stamped” as law if leading Republican presidential hopeful Mitt Romney is elected.
“This is really the Romney-Ryan plan,” Plouffe said, adding that its mix of across-the-board tax cuts and stiff budget cuts “showers huge tax cuts on millionaires and billionaires paid for by senior and veterans.”
Ryan tried to tamp down speculation that he could be tapped for the No. 2 spot on the GOP ticket, although who will be the nominee is far from settled. Read More
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