Pay off those debts
With the feds raising interest rates the interest on personal debt will go up;
What does a Federal Reserve interest rate hike mean for Main Street?
The Federal Reserve is expected to raise interest rates this week. Here's what that could mean for your wallet.
They raised it .25 today which doesn't sound to bad, but they forecast 6 more similar raises this year. Judy and I are lucky that we don't carry any debt but for those that do, it is going to get more expensive. On a positive note perhaps savings and CD interest rates will go up. I remember some pretty darn good CD rates as a result of Carter bungling the economy.
For those in the hole at the moment, switching to cheap beer and buying store brand foods so you can pay down your debt would be a good thing. Bob
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Brookwood: 30496176904731/comments/30496178346523
My wife and I tried for years to get her parents to spend their money and enjoy life while they were healthy enough to do so. Never happened. Much of their nest egg later went to an adult care home charging 8 grand a month. 😓
It's kind of a double edged sword, if they spent it earlier, would they have been able to afford the adult care home?
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Back in the day, my grandparents lived with us until they passed. Was this just a passing scenario? All the older people today now go to these $$$ institutions to live out their lives🤔
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OK, I was going to leave this alone, but... Yes, our seniors stayed at home, until recently when my aunt needed more help then we could offer. She was living with my mother, with my wife & me just down the street. I offered an adult nephew (who doesn't work) a grand a week to stay there & help. He turned it down with my sister's blessing. So much for keeping the money in the family. My aunt cut "the bum" out of her will. I cut both him & my sister out.
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toad67: 30496176904731/comments/30496207301531
https://forums.gunbroker.com/discussion/comment/11332167#Comment_11332167
It's kind of a double edged sword, if they spent it earlier, would they have been able to afford the adult care home?
My wife and I took care of her mom who was suffering from Alsheimer's up until things got to be too hard for us. Mentally and physically hard. If there would have been little to no money in MIL's estate, Medicaid would have covered the costs of senior nursing\living care.
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The love of money is the root of all evil. Warfare is legalized crime and Central Banks are a ponzi scheme. Politicians are nothing but slave masters. Welcome to the con game upon we the people. Taxation and fees are a cancer and Democracies are just a tool to manipulate the masses.
serf
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Carter days were 15-18%. With all the new fed raises you might get to see...might and I highly doubt..3%.
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serf: 30496176904731/comments/30496178490779
The love of money is the root of all evil. Warfare is legalized crime and Central Banks are a ponzi scheme. Politicians are nothing but slave masters. Welcome to the con game upon we the people. Taxation and fees are a cancer and Democracies are just a tool to manipulate the masses.
serf
And the freeloaders are eating it up like baby birds in the nest
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Brookwood: 30496176904731/comments/30496207350427
https://forums.gunbroker.com/discussion/comment/11332215#Comment_11332215
My wife and I took care of her mom who was suffering from Alsheimer's up until things got to be too hard for us. Mentally and physically hard. If there would have been little to no money in MIL's estate, Medicaid would have covered the costs of senior nursing\living care.
Exactly
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And if you try to move the money, they can go back either 3 or 5 years?
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5 yr look back.
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Brookwood: 30496176904731/comments/30496178346523
My wife and I tried for years to get her parents to spend their money and enjoy life while they were healthy enough to do so. Never happened. Much of their nest egg later went to an adult care home charging 8 grand a month. 😓
I have had that talk with my mom multiple times. She tells me she is a depression era baby and that she is just not programmed to spend that way. She also reminds me: Happiness is not having what you want... Happiness is wanting what you have... She still lives on her own (dad passed away 28 years ago) in the same house I was raised in.
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select-fire: 30496176904731/comments/30496178617499
5 yr look back.
With The New cashless Fed Coin coming with a carbon tax on everything you buy then you ain't seen nothing yet! You will be unable to hid anything doing with any kind of money exchange period!
Now the new ideas on investments are carbon capture entities. Buy the royalties on it and you will be on the ground floor and will reap astronomical profits ! Of course the nations states might nationalize it all for their own emissions under The U.N.Agenda 2030 protocols.
Investments are always a moving target for the politicians to tax you on to perpetuity .Remember the power to tax is their greatest power! They are the slave masters for the little middle class people. The poor and the rich will be the winners.the middle class will get the squeeze. The rich will always charge you interest on any purchase with a loan.
serf
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5 yr look back is to protect the elderly from having the govt, go after their assets. A life estate is a perfect example. A home cannot be taken by the govt for medical expenses if the elderly person put the home in someone else's name 5 yrs prior to going to a nursing home or nursing care within that home. Now if the elderly person have money in the bank it has to be " spent down " until they only have 2k dollars to qualify for medicaid which covers their nursing home or in home care.
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select-fire: 30496176904731/comments/30496178761627
5 yr look back is to protect the elderly from having the govt, go after their assets. A life estate is a perfect example. A home cannot be taken by the govt for medical expenses if the elderly person put the home in someone else's name 5 yrs prior to going to a nursing home or nursing care within that home. Now if the elderly person have money in the bank it has to be " spent down " until they only have 2k dollars to qualify for medicaid which covers their nursing home or in home care.
Yeah I realize that but i think that is going to change drastically soon so pay 5000.00 To an estate lawyer now and watch it go down the drain as your legislators Change the law to fund Socialism for the poor and regain lost funds from baby boomers,with assets to like 10 years or more depending on your net worth at death.
The one thing you can count on is politicians finding more taxation funds to buy votes and there is more poor votes than well off ones to counter the trend.With a Fed Coin system everything is taxable at point of sale maybe more for you than the other guy is very possible with a sliding scale to how well off you are in life.
serf
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I am not paranoid of any law changing in medicare. If it did, the ones that have the life estates now would be grandfathered in. Get yourself into a trust estate if you have assets
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