Category Archives: Learn Something
I Can Not Afford It
Yeah, I pretty much can’t afford it. You can stop reading here if you want, but I have some data to back up my reasoning. Enter the rabbit hole with me.
First, I have to say that I welcomed the Affordable Care Act when it was proposed as a single payer system. The way that it would have worked (ideally) is that Medicaid would be the benefit carrier and as long as your doctor accepted Medicaid, you would have some level of service. It would have been a much easier solution to the hodgepodge mess that has been enacted. I’m ahead of myself. Let’s backtrack on how I came to this decision.
Financial literacy is not an educational priority in the United States. In fact, only three states require one full semester class on personal finance in high school. Do you know which states those are?
The fact is that teens need information. While one in three have a summer job, more than 80% do not have a checking account which means that most do not know how to balance a checkbook.
Teens are not alone though. Some 47% of adults say that stress over their finances make them sleep less. I’m not surprised, because I have been there. But all isn’t loss though, Americans have reduced their spending every year for the past four years.
Check out the infographic below for more insights on American and their money.
Ever wondered if moving to another state would put you in a better financial position? It just might! There is a host of financial information available on each state that might help you make a decision on where to live.
Did you know that although the Federal minimum wage is $7.25 per hour a few states offer minimum wages lower than the Federal amount and some have no minimum wages at all? Do you know which states those are?
Do you think that New York or California has the number of millionaires? You’d be wrong! It’s Maryland. Nationally 5.14% of Americans are millionaires. California does have the top position for having the highest number of individuals living below the poverty rate with 22.40% of its residents classified as such.
Nationally, 92.40% of Americans who want to work are employed. North Dakota ranks the highest with an employment rate of 96.80%
Think that you tax rate is outrageous? Welcome to my home state of New York which has the highest tax burden with a rate of 12.80%. This includes what residents pay in state and local taxes. If you live in New York City like I do you can add a city tax to that as well. Living in New York has its perks, but I might need to move to Alaska which has the lowest tax burden at 7% but ranks second for the highest household income.
Would you like to know how your state ranks? Check out the interactive infographic below.
Source: Financial States of America
No matter what occupation you choose, the ultimate goal is to find a job that you love that also provides you with a means of supporting your lifestyle and impending retirement in the future. However, it can sometimes be difficult to pinpoint exactly how much money you need to put away and what you should invest in to reach that goal. Once you’ve determined this, it then becomes important to maximize your return on these funds.
From job-sponsored savings plans to your own ideas, here are a few ways you can maximize your retirement funds without adding too much risk.
One of the greatest benefits that having a corporation can offer is by offering the corporate veil. Legalzoom reviews and the like point out that the corporate veil is one of the primary devices which shields directors, owners, and shareholders of a corporation from being forced to use their own personal resources when the corporation creditors come knocking.
However, the protection that the corporate veil offers can be pierced when certain factors are present. While specific laws vary from state to state, these are the general factors which are considered if a creditor attempts to cut through this protected status to take away personal assets in satisfaction of a corporate debt. You will want to check with an attorney or your state specific corporation laws to learn the precise requirements as some of the factors can be extremely specific.
You may have health insurance, homeowner’s insurance and car insurance, but when it comes to life insurance, you may drop the ball. I’m amazed by the number of people who think they don’t need a life insurance policy, or feel that they have all the time in the world to purchase coverage. Maybe a part of them doesn’t want to think about death, or perhaps they truly don’t understand the benefits.
There is no denying the value of having coverage. Even if you don’t know much about this type of insurance, the best term life insurance companies are available to guide you – so stop making excuses. You need a policy more than you think.
Just about all of us recall the events that transpired back in 2008 which led to the United States’ financial melt-down and a whirlwind of debate over one question: “Do we bail them out, or do we not?” Part of the “we” in this scenario was AIG – American International Group – the insurance giant; a nickname that is wholeheartedly deserved. To visit a more reputable life insurance company, click this link.
If you stuck a thermometer into the United States around this time, you’d see a boiling spike anytime anyone mentioned spending taxpayer dollars to bail out anything, however, the ultimate decision to bail out AIG wasn’t made lightly and could have very well saved us from what’s been dubbed “financial apocalypse”. It may sound like a dramatic exaggeration, but let’s examine.
Some celebrities are so beloved that fans continue to support their products long after they have died. Certain dead celebrities are out earning living and breathing ones and will continue to do so for decades to come.
Take Albert Einstein for instance. He died in 1955 but continues to earn an average of $10 million every single year. While Mr. Einstein in earning a significant amount of money, he’s not at the top of the list. Can you guess who the highest earning dead celebrity is?
Since you can’t take it with you, these celebrity families will be splitting the money for decades to come.
According to the infographic below nearly half of all Americans are living paycheck to paycheck. In case of emergency, 25% of Americans have only $100 saved to contribute towards paying for an emergency. But if you think that it’s because Americans just suck at saving, that’s not the only reason. While inflation is on the rise, real income has decreased since the recession. Think about it: how much more are you paying for housing and food than you paid three years ago and how much higher is your paycheck?