Posts Tagged ‘Money’

“Persistence and self-reliance that are keys to professional success and building wealth over a lifetime….

Every bit of wealth you save earns you more freedom….

Taking responsibility means understanding where your money comes from, where it goes, and how to put it to work. And it means building up the kind of wealth that helps you sleep well at night and have the freedom to make the choices you want to make.”

-David Eifrig

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Great Seeds

Posted: September 20, 2018 in Thought for the Day
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"If you cannot save money then the seeds of greatness are not in you." -W. Clements Stone

“Contrary to popular belief (and most economics textbooks), when banks make loans, they don’t dip into cash in their vaults… or into other customers’ deposits…  Instead, they loan new money into existence.” -Chris Lowe

Money Exchange

Posted: September 12, 2018 in Money Matters
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“Money is simply a medium of exchange.” -Brian Tracy

Money Value

Posted: August 28, 2018 in Money Matters
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“The value of money – or more specifically wealth – is the freedom it grants you. Everything else is nonsense.” -David Eifrig

“A recent survey showed that more than 40% of Baby Boomers (those born between 1946 and 1964) have less than $100,000 in retirement savings. That means those right at the retirement window won’t be able to maintain the lifestyle they want once they retire. You might think Social Security will help. Think again – the average monthly Social Security check in 2018 is just $1,404….

Reverse Mortgage Recap:

In a typical mortgage, you obtain a loan for the purchased real estate and then slowly, over the life of the loan, pay it back to the bank. The reverse mortgage works exactly the opposite… We get the bank to pay us while our health is good, and we don’t have to pay it back until we die or move out of the home.

Once approved, you can receive your loan money in several ways. You can take the money as a lump sum, a stream of payments, a line of credit, or a combination of the three.

Reverse Mortgage Precautions:

Depending on how you receive your reverse mortgage payment or payments, you could risk losing your eligibility for Medicaid.

Maybe you aren’t thinking about Medicaid just yet. After all, Medicare covers a wide range of health services. Here’s the kicker: Medicare only covers short-term care in a skilled nursing facility or rehabilitation care in a nursing facility. Medicare will not cover any long-term care, including care at a nursing home.

That’s where Medicaid comes in. Medicaid is the primary payer for nursing-home care in the U.S.

That means if you take out a reverse mortgage now and suffer a stroke two months later, you might not qualify for Medicaid and will have to pay out-of-pocket for all your nursing-home care.

Taking a lump sum payment or getting monthly payments that you don’t exhaust each month (meaning you’re building up your savings account) triggers something called the spend-down rule.

Basically, you only qualify for Medicaid if you meet the financial requirements. In other words, if you have too much money in your bank account, Medicaid expects you to spend that on your care before you qualify for assistance. You have to “spend down” what you have to reach that point.

And keep in mind, nursing-home care runs up the bill. In 2016, the national average for a shared room in a nursing home was $225 per day. That’s more than $82,000 a year.

The second consideration for taking out a reverse mortgage is the possibility of moving. If you don’t live in your home for at least one year (for instance, if you’re in a long-term care facility) or if you sell the home, the loan would come due. That means paying it back in full….

Also, if the housing market drops or your home loses value for any reason, you might not be able to sell it for the full amount of the loan. In that case, you’d have to make up the difference….”

-Dr. David Eifrig

“It’s EZ credit that is the linchpin in today’s fake-money system.

The Deep State’s stocks, bonds, and real estate values… not to mention its careers, incomes, and reputations… depend on it.

And it is made possible by the China trade… by Chinese workers who put in long hours in miserable conditions in order to stock the shelves of Walmart with cheap goods… by Chinese manufacturers who undersell their competitors to keep consumer price inflation in the U.S. at low levels… and by Bank of China, which holds some $1.25 trillion worth of U.S. bonds… thus propping up the whole wobbly capital structure….

In politics and economics, BS is all there is. The calculations are almost always fake; the statistics are quackery; the theories are devilish nonsense. And bad ideas never entirely disappear, they just re-emerge after a few years… often dressed in new duds.”

-Bill Bonner