Parents should take my advice and give this as a gift to their older teenager/young adult. Better yet, go through it with them. This information is so important and is not taught to them in high school or college! From managing debt to planning for retirement and everything in between, this book will help educate you and get a handle on personal finance for now and the future. As a long time pastor and military chaplain, I see it over and over again - individuals and couples up to their eyeballs in debt, no sense of how to manage their money, no plan for any upcoming expenses, and certainly no plan for retirement! Be proactive and help your children now! Without help, they will live from paycheck to paycheck and will probably spend more than they make! It is an unsustainable trek down a depressing path that most Americans these days are oblivious to. Make it your priority to help them!
Or, you can support them when they move back in with you, pay their bills when they come asking, fund everything for the grand kids....well, you get the idea.
Believe me this is a win-win!
Some people might think paying yourself first seems kind of selfish - it's not. Actually, paying yourself first is another way to say "save money!" Saving and investing is the only way to get ahead and it is the only way you will have anything to spend in the future (unless you win the lottery or inherit something - neither of which will happen to most of us, and should never be counted on anyway). Spending money on stuff (clothes, coffee, books, cars, etc.) is not paying yourself - that money is gone! Paying yourself means you make it a priority to set aside the money you need to save for future purchases (more short term) and also for retirement (long term). The only way to save is to pay yourself as a priority - set aside a predetermined amount that will accumulate over time and grow. This is not an optional expense! Set it aside and then live off of the rest. If you take the "I will save what's left over" approach, you will never save anything! Spend less than you earn and save some! Save enough to set aside an emergency fund, then save enough to purchase future needed expenses and fund your retirement. No one else will do that for you and many will be happy to spend your money! Millions of people all over this country (all around you) are so regretting that they never saved for retirement. They so wish someone had convinced them to start saving a long time ago. Let me convince you! Save! Remember this - spending all your money each paycheck on stuff is not paying yourself. It is paying someone else. They will have a retirement and you won't. Then you get to work for them when you are 75 while they have been spending all their time traveling, golfing, and sunbathing at the beach for years - on your dime!
How is a Medicare Supplement different than Original Medicare? Medicare provides benefits for the most acute medical needs. However, it can still leave policyholders with out-of-pocket expenses. Those expenses could be substantial if the policyholder experiences a catastrophic illness or repeated hospitalizations. A Medicare Supplement plan can give added health insurance coverage to help protect against such expenses. Medicare Supplement Insurance is available from private insurance companies and helps fill in the gaps that original Medicare does not pay. So, it is not original medicare vs. a medicare supplement. Rather, it is both. A medicare supplement compliments original medicare - it's great!
I have heard many people debate with each other the pros and cons of drawing social security early vs. delaying to maximize the monthly amount. While there may be specific reasons to draw early, here are a couple of strong reasons to put it off. Life expectancy! People today are living longer. That means those in retirement have to plan further into the future. One way to help ensure you have enough dough to last is to maximize social security. Another important factor is the COLA increase, which is about 3% annually. A higher social security benefit means a larger COLA increase. For most people, social security will be a primary part of a solid retirement. Delaying rather than drawing early could make the difference between running out, barely getting by, and living comfortably.