52 Simple Ways to Manage Your Money – 43. Here I Come – Social Security What it is… A plan to supplement retirement income from monies paid into the Social Security Administration over the lifetime of a worker. It also provides other assistance, such as disability and survivors’ benefits. How it helps … Gives a … Read more
52 Simple Ways to Manage Your Money – 42 . I’m The Boss – Self-Employment What it is … Owning your own business, regardless of size and location of work. Taking the entrepreneurial risk with your own, and sometimes borrowed capital. Making the decisions that will determine the direction and future of the business and … Read more
52 Simple Ways to Manage Your Money – 41. Whoopee! A Raise! – Increased Income What it is … A sale, a raise, an inheritance, a windfall, etc., that continues for one time only. Purpose… To increase your net worth. To reach your goals. How it helps … Gives you a boost toward your goals. … Read more
52 Simple Ways to Manage Your Money – 40. The Pits – Losing Your Job What it is… A catastrophe sometimes, other times a blessing in disguise. How it helps… If you can remain objective, it offers an opportunity to explore options and alternatives that you might not have considered otherwise. You seldom make changes … Read more
52 Simple Ways to Manage Your Money – 39. Who? Me? A Landlord? – Income Real Estate What it is … Real estate purchased with the intention of providing cash flow through rentals and potential appreciation upon sale. How it helps… Provides additional income. May offer some tax advantages. Offers potential returns higher than the … Read more
52 Simple Ways to Manage Your Money – 38. Here’s An Angle – Home Equity Loans What it Is… Borrowing money using the equity in your home as the basis for the Ioan. Interest rate is variable. How it helps … Interest paid is tax deductible. Makes use of the equity in your home. Generally, … Read more
52 Simple Ways to Manage Your Money – 37. Well…Onty ‘TIL Tuesday – Lending Money What it is… A method of earning interest income by providing a specified sum of money for a limited period of time. A loan should always be written down, preferably in the form of a promissory note. How it helps … Read more
52 Simple Ways to Manage Your Money – 36. Saying The “T” Word – Income Taxes What it is… A predetermined portion of income paid co the Internal Revenue Service Department of the U.S. Government as a result of being a citizen of this country. Key items to look for… An effective and efficient recordkeeping … Read more
52 Simple Ways to Manage Your Money – 34. Tomorrow Is Almost Here – Deferred Compensation/401(K) What it is… A retirement savings plan for employees, set up by their employer, with restrictions on the investment options available. Some plans include employer contributions; others involve only employee contributions. The money grows on a tax-deferred basis. Taxes … Read more
52 Simple Ways to Manage Your Money – 34. A Roof Over My Head – Annuities What it is … An investment through an insurance company that provides a guarantee of principal and an interest rate set for a certain time period. The guaran tee is backed by the insurance company, not by the United … Read more
