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Wednesday, January 13, 2021

Financial Goals for the New Year 2021

Hey! It has been 8 years since I posted on this blog! I am not the same person I was so many years ago. So much has happened that has changed me. However, I'll save that for my other blog. This blog is about getting out of debt, saving, investing and a lot more! I am not going to give investing advice. I am a novice. I am an expert at couponing, budgeting and squeezing every penny out of everything.

Here are a few of the most important things that have happened in my financial life.

1. I have a job in the mental health field. I know, so different from all of the things I blog about. Trust me when I tell you, it is challenging. I love to help people, but it can be emotionally exhausting. I hope to earn some passive income once again.  Keep reading, you'll understand why.

2. Remember, I have 7 kids? One of my children died at the age of 26. He went into the military a healthy young man. When he returned, he became very ill. He blessed me with a grandson that he only got to spend 8 months with. My grandson and his mother live with us. All of my kids have moved out except for my youngest. He has autism and will be in school until the age of 21. My son will need funds to care for him for life.

3. I don't carry any credit card debt. No credit cards. One credit card company is garnishing my check. I can't wait for that to be over. I will be able to use that to pay off the mortgage and then invest it.

4. I am trying to payoff my mortgage in 2 1/2 years. Follow my journey!

5. I am married. I should have started with that. We don't combine our incomes.  I believe our marriage wouldn't survive that. 

6. I have 3 grandchildren and one on the way. Have investment accounts for them. I want them to have options. I don't want them to go into the military to pay for college. My son's passing is the reason for that.

7. I put a nice amount into my 403b. Just increased it to 20%!

8. I have an additional IRA. I want to make monthly deposits to see how that does.

9. I have an Acorns account and have weekly automatic deposits set up. Here is my link, if you're interested in joining!  It is greatly appreciated. https://acorns.com/invite/7YHZCE

10.I have an ETrade account. Want to focus on more ETF's.

Those are the biggest changes in my life. I will be sharing my journey of getting it together and giving my grandchildren the life I couldn't give my kids. Follow me and share your thoughts and comments!

What are your financial goals?  Have you written everything down to really look at what you're achieving?

Saturday, July 27, 2013

How Obama affect medical debt in America

For people in America, seeking medical debt relief has become a grave matter. This is represented by the statistics which show that about 80% of bankruptcies filed every year are due to medical debt. The high cost of health insurance has left millions without proper access to medical care. Organizations are formed to help people become more aware of their options in helping lower their medical debt.

The Obama government has sought to remedy this scenario by passing the Patient Protection and Affordable Care Act into law. This law has been the subject of controversy as people are unsure of how it will affect medical debt in America. Here is a breakdown of its positive effect:

• It is going to reduce medical debt by allowing children to remain on their parent’s medical cover until they are twenty seven. The employment and insurance markets are not kind to fresh graduates. Expensive medical covers financially strain them and start them on the path to medical debt. By increasing the age, this Act will allow children to remain covered until they are financially stable.
• This Act has placed important focus on preventative measures for health. The reason medical debt has spiraled so out of control has been that the focus has been placed on treatment which is costlier. By lowering the cost of regular medical checkups and health screening for certain diseases, the prevalence rates are going to reduce. This reduces the pressure placed on the medical industry to provide services and the insurance industry to provide cover. The end result is that by reducing the strain on the health sector the overall cost of medical care is going to come down.
• Large scale employers will be expected to provide medical cover for their employees. The insurance companies have also been forced to make certain aspects of medical cover standard such as prescription medicine. When these two are combined, the costs for accessing medical care will be massively reduced.
• Limitations on lifetime benefits have been lifted and this will allow the average American to access medical cover at a lower cost. This will also increase the number of people who have access to medical cover.
• The Act has outlined a standard insurance policy that is intended to govern the most important aspects of medical care. It has also placed guidelines that are designed to ensure strict compliance. This is going to bring down the cost of medical care for the American population.

From the above it is evident that contrary to detractor opinions, Obama may be very good for medical debt. This Act is designed to reduce the number of medically instigated bankruptcies in America while making sure that access to medical care is universal.