A recent USA Today article quotes our friend Al Zdenek regarding the proposed changes to the federal tax laws. You can read his remarks here.
We have no doubt that Mr. Zdenek knows what he is talking about when he speaks about how this will affect the people he comes in contact with.
There is a big question out there regarding who is middle class and who isn’t. However, when you are down here on the beans and rice level of poor, you have no doubt you did not make it.
According to our research, we would have to make over $4,000 more a year to make it to the poverty level.
It seems that while some people are contemplating what the proposed new tax laws will mean for them, others like us are wondering what the new social security increases will mean.
Over the years, congress makes a big deal out of it when they give those of us on social security a cost of living increase. Last time they increased our check by $4.
But, then they increased the cost of the Medicare premiums by the same $4. Just to be on the safe side, they also took $4 out of the food stamp allotment. This meant that a cost of living increase actually cost those of us on the bottom rung $4.
Don’t get me wrong. I am legally blind due to diabetes and have had three strokes so the chances of actually earning an income are slim and none. So I am happy for every dime I get.
If I had been taught financial management in high school, I might have put away some income in investments that would be earning me an income now.
We can’t go back and fix those past mistakes. We can hope that young people learn from the mistakes I, and others have made.
We can’t control what the government does with our taxes. We can control how we manage what we have left.
If I had read The Richest Man in Babylon thirty years ago, we might not have to save up to reach the poverty level. We are making it available free here on How to Manage Your Monkey starting soon.
Our kids have all grown and left the nest without me having taught them how to handle their finances. Mainly because I had not learned this myself until recently.
Games like Bulls & Bears makes learning about personal finance fun. Right now they are having a kickstarter campaign to finance the creation of a Trumponomics version of Bulls & Bears.
You will probably find your kids sneaking peaks at books like Master Your Cash Flow to learn how to beat you at Bulls & Bears. This is substantially better than what they could be doing.
So, while we are paying for mistakes in our past, but moving on up, learn from our mistakes and teach your kids about finance.
And, most importantly, educate yourself about personal finance. Learn how changes in the tax law will affect you. Talk to a wealth advisor like Al Zdenek. Teach your kids with great games like Bulls & Bears and make a positive impact on your children’s financial future.
And, if you have a few extra bucks, consider contributing it to the Trumponomics version of Bulls & Bears Kickstarter program. The money you save may be your own.
About Al Zdenek
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