MONDAY MONEY TIP PODCAST: Social Security
Another episode of the Monday Money Tip Podcast is LIVE! In today’s episode, we’re answering the question: “What should people know about Social Security, and how will it affect them?” Find out if you know the facts and what you should be doing today to prepare for the future. In our Current Money Events segment, I’m updating you on interest rates to help you stay up-to-date. Also, hear a success story from a couple who’s allowing their dreams to help them stay on track when it comes to budgeting.
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us!
Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!
Email info@iwbnin.com to ask questions or share success stories.
NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube
About the Episode:
- We’re answering the question: “What should people know about Social Security, and how will it affect them?”
- In our Current Money Events segment, I’m sharing the latest on interest rates.
- Hear a success story from a couple who’s allowing their dreams to help them stay on track when it comes to budgeting.
Resources:
The United States Social Security Administration
IWBNIN – Online Banking
IWBNIN Ladder
Quote of the Day: “Don’t count on Social Security as your sole source of income during retirement.”
MONDAY MONEY TIP PODCAST: The U.S. National Debt
Another episode of the Monday Money Tip Podcast is LIVE! In today’s episode, we’re talking about the U.S. National Debt. Over the years, this debt has continued to increase. Today, we’re discussing what we can do to begin to lower this number. In our Current Money Events segment of the podcast, we’ll discuss personal debt. In addition, we will share a success story from an individual who is now debt free, including their mortgage!
It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us!
Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!
Email info@iwbnin.com to ask questions or share success stories.
NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube
About the Episode:
- Today, we’re discussing the US National Debt and how we can begin to lower this increasing debt.
- In our Current Money Events segment, we will discuss personal debt.
- Hear a success story from an individual who is now debt free, including their mortgage!
Resources:
US Debt Clock
Household Debt
Quote of the Day: “We don’t have a trillion-dollar debt because we haven’t taxed enough; we have a trillion-dollar debt because we spend too much.” – Ronald Reagan
Do You Have a Vision for Your Money?
Do you have a vision for your money?
When you receive those precious Washingtons, Lincolns, Hamiltons, Jacksons, and Franklins, do you have a clear idea for the utilization of each one of them? Or is that money dead on arrival – doomed to be sent on their way without advancing you toward your life’s plans, hopes, and dreams – your Fully Funded Life?
Without a clear vision, it is highly likely that the money will disappear with little to no progress. After all, there are so many things competing for your dollars: Housing, Utilities, Kids, Food, Student Loans, Automobiles, Insurance, Gasoline, and everything in between! When we experience financial setbacks, which will occur often, it can be easy to just give in and give up saying soothing statements like:
- “We just can’t ever seem to get ahead financially.”
- “We’ll never win with money.”
- “I need to win the lottery.”
I encourage you to write down your vision for the money you’ll be receiving between now and the rest of the year. You’ve still got eight months to experience a massive shift toward your preferred financial future. One tool that has helped Jenn and I stay focused is a monthly budget. We always operate with a financial plan that looks out at least 12 months into the future (using this free annual budget template).
401(k)’s Explained
I’m sure by this point you know it is very important to save into a retirement account so that at one point you can stop working. But this can be confusing to navigate when you are unsure of what the different accounts are and how they work. The numbers and letters are thrown around so often it can be easy to feel like you should just KNOW what everything means. But what exactly is a 401(k)?
Simply put, a 401(k) is a retirement savings plan that comes from Section 401 part k of the IRS tax code. It is what is known as a “pre-tax” investment which means that generally you are able to deduct annual contributions on your taxes each year. Once the money is in the account, it grows tax-free until you withdraw the money. At that point, you will have to pay taxes on your initial investment and also any growth that has accumulated.
If your employer has a 401(k) available for you to invest in, most times they will also offer a match up to a certain percentage. For example, some employers may match dollar for dollar up to 6%. So if you invest 6% of your paycheck into your 401(k), your employer will match that 6%. That’s FREE money!
401(k)’s can be a fantastic vehicle to accumulate money for retirement. While it can be confusing with so many different types of accounts the key is to get started saving and never turn back!
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How Interest Rates Work
I’m sure you have seen interest rates on a variety of different credit cards, car loans, student loans or other lines of credit. But what do these numbers mean? An interest rate is simply what you are being charged on a loan. For example, if you take out a $25,000 car loan at 5% interest, you will not only owe the original $25,000, but you will also owe an additional $1,250 in interest over the life of the loan.
Alternatively, interest can work in your favor and tell you how much you will be paid on your money. Different savings accounts, CD’s and investment vehicles tell you exactly how much interest you will be paid by putting your money in that specific account.
If you are looking to find out how you can get interest working in your favor, check out the list of online banks and investment vehicles that we recommend HERE on our website.
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Want more tips like this one? Subscribe to the Monday Money Tip Podcast HERE.