Many among us are now out of work and it is going to have an impact on you, me and our community.
The Labor Department reported Thursday that another 6.6 million people submitted applications for unemployment benefits in the week ended April 4. That is on top of a revised 6.9 million in the prior week, a record, and 3.3 million the week before. States overwhelmed by the volume are still working to process backlogs, suggesting the total could be even bigger.
There’s a reason the flight attendants instruct you to put on your oxygen mask before assisting others! If you truly want to help your family and your friends navigate in this current craziness, you first need to get yourself grounded and together before assisting others.
Virtual communication today can be like trying to bath a cat. Everyone is frustrated and it looks like a duel to the death. Yet, communication is more important now than ever.
The top question of the week is will I get a stimulus check. Using Family Feud as our style of answering the top answer is:
Here are the answers you need to know
How much are the checks?
Individuals earning a gross adjusted income up to $75,000 a year will be eligible to receive a $1,200 check. From there, the checks will be reduced by $5 for every $100 in income north of $75,000. They phase out completely if you earn $99,000 or more.
Married couples earning a gross adjusted income up to $150,000 will receive $2,400. Checks phase out completely at $198,000 for couples. Heads of household will receive $1,200 if they earn up to $112,500, phasing out completely at $136,500. Additionally, heads of households and married couples will receive $500 per child under 17.
I have been practicing financial planning and tax planning for 3 decades. Today, there is a disease spreading like a flu outbreak at your local elementary school. I call the disease the “$100K and broke”. These people are college educated, with full-time jobs at companies that provide excellent benefits, Most are not contributing anything at all to their retirement and savings. How are they living from paycheck to paycheck and getting behind financially while making so much money?
I was reminded of this Aesop’s fable this week at Toastmasters. Kimberly Hardman presented a speech about The Grasshopper and the Ants. As I listened, I could not but think of the $100K and broke today as they live paycheck to paycheck.
Fall is The State Fair of Texas, College Football, Oversized High School Mums and Halloween. It is also the time of year where most companies begin to offer open enrollment for your benefits.
Benefits are complex and the pressure to make the right decision for you and possibly your family increases each day you wait. It is important that you learn how to make your best money moves during your open enrollment.
Your Five Best Money Moves for Open Enrollment
Today was the scariest day on Wall Street in years as Monday continued the decline from last week.
For the week ending Friday, Stocks recorded their first weekly loss of the young year, with the large-cap S&P 500 index suffering its worst weekly drop in two years. All major markets finished the week in the red with the Dow Jones Industrial Average falling -4.1% to close at 25,520.
Today we are reminded that the investment markets can be volatile as the selling in the United States continued around the globe as Asian and European markets declined on Monday as well and then accelerated Monday in the United States.
The Tax Cut & Jobs Act is showing up in your paycheck. It is not a one-time thing like the $1,000 bonus that some companies gave to their employees. This tax reduction will show up every time you get paid.
I spoke to several people this week that have received an additional $90, $200 and $65. It may not seem like an important change yet take a step back and look at the impact for the rest of 2018 and the years ahead.
Respectively these three people have $1,980, $4,400 and $1,430 to spend, save, invest, or pay down debt in 2018.
Five Actions for Your Pay Increase