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May 29, 2018

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THE WORLD IS UPON YOU

May 29, 2017

Believe it or not you have to worry about issues outside of your home that might affect your money. You may be thinking "I have enough to worry about in my own household." "I don't have the strength to worry about any situation or issue outside of my home." I sympathize with you, but although you don't want to deal with outside situations does not mean that those outside situations will not mess with your money.

 

It is surprising how many people don't pay attention to world news, national news, even local news. At every level there are actions being taken that can take money out of your bank account. Not directly, but indirectly. It does not matter who you are at some point outside actions will affect your finances.

 

Here is one that affects everyone. The Fed rate can make borrowing money more expensive. If you are thinking about certain type of loans you will be paying more if Yellen keeps raising the rate. I'm sure you remember the oil spill last year that sent people running to the pumps and the prices were ridiculous! I am sure that affected your wallet and that was outside of your home.

 

Fast forward to today. There are so many policies and budget proposals floating around that it can be hard to keep up so let me just mention a couple and their possible effect. Let's say you are a college student or the parent of one. There is a proposal to cut out unsubsidized loans which means students' loan debt WILL increase! Also the same proposal wants to cut out Public Service Loan Forgiveness. If you were planning to work in public service (teacher, non-profit, etc), pay loan payments for ten years so that the balance could be forgiven then that is in jeopardy.

 

There is more on the education front, but as you can see what I mentioned above is going to cost people thousands, maybe tens of thousands. Next healthcare bills that have been proposed. If you are an entrepreneur who pays for their own healthcare be prepared to pay more for less. If you are of a certain income and used to be on medicaid that may be in jeopardy now. If you work for an employer the bill states that there may be a lifetime cap on your care. So let's say you get cancer or some other serious illness and you hit your cap during the time of that illness? Well.... you better get your money together for any future health issues.

 

It does not matter who you are, how much money you make, or how educated you are the world can affect your money. You have to stay vigilant about knowing what is going on outside of your home so that you can prepare your bank account for anything that comes your way!

 

Thank you for reading and if you enjoyed this post please like and/or share it with others!

 

 

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