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Elean | Project MoneyTV elean.mendoza elean.mendoza Posts

elean.mendoza. New #YouTube Video! 2018 is the year of volatility in the stock market

New #YouTube Video! 2018 is the year of volatility in the stock market. With more volatility this year, how should you invest? Click the link in my bio to watch my newest video on the Project MoneyTV channel. Follow me and Subscribe . . . . #moneymoves #moneygram #moneytips #investingtips #wealthbuilding #stockmarket #moneytips #thursdaythoughts #financialpeace #financiallyfree #financiallyfit #financialfitness #learnmore #paragonfinancialpartners #10x #stepbystep #lifetips #lifehacks #life101 #adulting101 #savingmoney #debtfree #debtfreecommunity #sfbayarea #sactown #raleighnc

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1. Excessive Consumerism (aka, buying too much stuff you don’t need). This money that could be going towards your emergency cash pile or investing for the future. _______ 2. Saving only what’s left over after all your expenses (treat saving as a fixed expense). _______ 3. Listening to too much to the financial media. Prepare yourself for a variety of scenarios regardless or how great or how bad the media says things are doing. _______ 4. Not asking for help or vocalizing your money concerns. This can be as simple as letting your friends now you’re cutting back on or as far as hiring a professional to help you figure everything out. _______ #moneymoves #moneygram #wealthbuilding #debtfree #debtfreecommunity #budgetsaresexy #financialfreedom #financiallyfree #financiallyfit #moneytips #moneyhabits #personalfinance #financialpeace #avocadotoast #adulting #adulting101 #adultingsucks #adultingishard #paragonfinancialpartners #projectmoneytv #adultinghacks #stepbystep #babystep #makeachange #intentionalliving #lifestyledesign #sfbayarea #sactown #raleighnc

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As a financial planner, I’ve worked with a lot of individuals from different income brackets. What surprises me most is that many individuals who earn $150,000 or more, have very little savings and live paycheck-to-paycheck. The most glaring example I ever saw was a couple who earned a $600,000 combined annual income, and were still buried in bad debt. On the other hand, I’ve also met a lot of millionaires who never earned a $100,000 income in their lives. ________ “The art is not in making money, but keeping it.” – Proverbs #proverbs #moneygram #buildwealth #debtfree #debtfreecommunity #budget #financialfreedom #moneytips #budgeting #moneyhabits #personalfinance #spendingmoney #savingmoney #financialpeace #makeachange #lifetips #lifehacks #life101 #justdoit #eyeontheprize #adulting101 #adultingishard #adulting #thestruggleisreal #avocadotoast #financiallyfit #debtfreejourney #yourfuture #wednesdaywisdom

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elean.mendoza. Technically you don’t use life insurance to “save for your kids,” but

Technically you don’t use life insurance to “save for your kids,” but when you consider the reasons why you save for your kids, Life insurance makes sense. Keep reading to learn more. _______ As a parent, you want to provide the best possible future for your kids. Despite the difficulty in trying to predict your child’s financial future, you can help them by providing a financial safety net or a starting point for their adult lives. But what happens if you’re no longer around to help them? _______ If you have debt, a stay-at-home spouse, and/or children who depend on you financially, life insurance can provide a safety net for your family in the event you were to prematurely pass away. It’s important to buy enough life insurance to settle any debt you may leave behind and cover your financial obligations until your kid’s reach adulthood. The younger your kids are, the more life insurance you’re going to need. _______ #babysteps #stepbystep #lifestyledesign #adulting101 #adultingishard #adulting #paragonfinancialpartners #financiallyfit #prepared #preparedness #lifeinsurance #kids #gerberbaby #momstuff #dadstuff #kidstuff #dadsofinstagram #momsofinsta #momsbelike #parentingtips #parenting101 #parentingfail #kidsareexpensive #saving #protectyourkids #protectyourfamily

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elean.mendoza. Traditional savings accounts for kids – Don’t discount the traditional

Traditional savings accounts for kids – Don’t discount the traditional savings account for your kids. A traditional savings account may be the least sexy of savings options, but it provides a few advantages that can give you some peace of mind. Keep reading to learn more. _______ Traditional savings accounts are a safe place to put your child’s money. The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Share Insurance Fund (NCUSIF) insure your child’s savings account for up to $250,000 in case your bank or credit union where to fail or go out of business. On the other hand, 529 college savings accounts, Roth IRAs, and UGMA/UTMA accounts are typically used for investing. However, investing carries the risk of losing some or all of your principle. _______ Traditional savings accounts are liquid. You can withdraw your child’s money today or whenever you need it without paying any penalties or taxes on the withdrawal. Furthermore, there are no limitations on how or why you choose to withdraw your child’s money. Again, this is not the case with 529 college savings accounts, Roth IRAs, and UGMA/UTMA accounts. _______ Traditional savings accounts are easy to setup. Typically, you can provide your bank or credit union an ID for your child, birthdate and social security number. This may not be the case with other types of savings accounts that require you to pick investments, speak with advisors, or even require an attorney (e.g. trust funds). _______ A traditional savings account may be the best place to hold money for your child while you figure out what your long-term goals are. Instead of assuming market risk or prematurely opening an account that may not be suitable, a savings account provides a place to hold cash for your child while you take the time to figure out the best saving solution . . . . #babysteps #stepbystep #bettertogether #intentionalliving #lifestyledesign #adulting101 #adultingishard #wealthbuilding #paragonfinancialpartners #financiallyfit #financialfreedom #financialliteracy #financiallyfree #momstuff #dadstuff #kidstuff #dadsofinstagram #momsofinsta #momsbelike #parentingtips #parenting101 #kidsareexpensive #saving

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elean.mendoza. Trust funds for children. Trust funds for children provide a high leve

Trust funds for children. Trust funds for children provide a high level of customization and flexibility when saving for your child’s future. Keep reading to learn more. _______ Trusts can provide parents a high level of control over how funds are given to children. Unlike a UGMA/UTMA that gives all the funds to their children at age 18 or 21, or a 529 plan that is always controlled by a single parent, a trust can give as much or as little control as a parent wants to give their children. For example, parents can set a distribution schedule where the trust gives funds to their children as they get older and more responsible (e.g. give a portion at age 21, another at 25 and another at age 30). If a higher level of control is desired, parents can name a trustee to give funds to their children at the trustee’s discretion. While not all parents want a high level of control once their children reach adulthood, it can be a safeguard for children who may have spending problems, disabilities, or who are not able to manage their finances. _______ Trust funds can hold almost any kind of asset. For example, traditional savings accounts can only hold cash or certificate of deposits, while 529 college savings plans can only hold mutual funds and ETFs. Trust funds on the other hand can hold almost any kind of asset like individual stocks, real estate, fine art and even the rights to intellectual property. _______ Despite a high level of control and flexibility, trusts do have a few downsides. First, they don’t receive favorable tax treatment like 529 college savings plans or Roth IRAs. Second, they can be more expensive to create and maintain and as they typically require an attorney to create the trust and to make changes and modifications to the trust. _______ Please share or tag a friend who might find this helpful . . . . #savingmoney #savingforcollege #babysteps #stepbystep #paragonfinancialpartners #momstuff #dadstuff #bossmom #bossmoms #saveforkids #kidsareexpensive #dadsofinstagram #momsofinsta #momsbelike #parentingtips #parenting101 #parentingfail #trustfund #buildingwealth #lifestyledesign #intentionalliving #sfbayarea #raleighnc #austintexas #sactown #seattle

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Roth IRA for kids – You might not typically associate retirement savings accounts and your minor children, but keep reading and you’ll see why you should. _______ Roth IRAs grow tax-free and distributions can be taken tax-free in retirement. When you consider how long your kids have for compounded tax-free growth over their lifetime, even modest contributions can yield impressive gains over a 40-50 year period. _______ If your child needs access to the funds held in the Roth IRA before your child reaches retirement, you can withdraw principal contributions at any time without incurring penalties or taxes. However, distributions from the growth may be subject to a 10% early distribution penalty and taxed as income. _______ Despite early distribution penalties on the earnings, there are specific exemptions that help you avoid them. (1) After the Roth IRA has been opened for five years, your child can take out up to $10,000 of earnings to buy a first home – tax and penalty free. (2) Roth IRA earnings can be used for qualified education expenses, like college tuition. Distribution from the earnings for education will be taxed as income, but there is no 10% penalty. _______ Your children can contribute to a Roth IRA as long as they have earned income (defined as a W-2 job or self-employed jobs like baby-sitting, mowing the lawn or dog walking). You as an adult will need to open what is referred to as a “custodial” Roth IRA for your child. A Roth IRA can be more flexible than other savings accounts because principal contributions can be withdrawn at any time and for any purpose. Additionally Roth IRAs are not just limited to holding cash, mutual funds and exchange traded funds. _______ Please share or tag someone who might find this information useful. . . . #savingmoney #savingforcollege #babysteps #stepbystep #bettertogether #paragonfinancialpartners #momstuff #dadstuff #bossmom #bossmoms #saveforkids #kidsareexpensive #dadsofinstagram #momsofinsta #momsbelike #parentingtips #parenting101 #parentingfail #rothira #buildingwealth #lifestyledesign #intentionalliving #roth #adulting #adulting101 #longtermgoals

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Parents can setup custodial accounts, known as Uniform Gift to a Minors Act & Uniform Transfers to a Minors Act accounts, for their minor children and gift assets to them without designating those assets specifically towards educational expenses. Unlike 529 College Savings Plans, the account and the assets inside it legally belong to the minor and the parent manages the account on behalf of the minor. Gifts into UGMA/UTMA accounts are irrevocable and cannot be taken back. However, the custodian can use the assets in the account to cover child-related expenses. Once the minor child reaches the legal age of 18 or 21 (varies by state), the assets are transferred entirely to the child and the custodian no longer has any control over the assets. _______ UGMA & UTMA accounts are very similar but differ slightly in the assets they can hold. An UGMA is limited to bank deposits, stocks, bonds, mutual funds, insurance policies and other securities; UTMAs allow almost any kind of asset, including real estate and collectables, to be given to a minor child; and both differ significantly from 529 College Savings Plans which can only hold mutual funds and exchange traded funds (ETFs). _______ While UGMA/UTMA accounts provide flexibility in the assets they can hold, they also have certain drawbacks. First, once the minor reaches legal age, the parent has no control over how the assets are used or spent. Second, custodial accounts are considered an asset of the child and are counted against financial aid if they pursue a college education. _______ Please share or tag someone who might find this helpful. . . . #savingmoney #savingforcollege #babysteps #stepbystep #bettertogether #paragonfinancialpartners #momstuff #dadstuff #bossmom #bossmoms #saveforkids #kidsareexpensive #dadsofinstagram #momsofinsta #momsbelike #familyplanning #parentingtips #parenting101 #parentingfail #raleighnc #sfbayarea #sactown #houston #dallasfortworth #ugma #buildingwealth

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529 College Saving Plans are state-sponsored plans used to save for college or other higher education. 529 plans are one of the most popular college savings options because contributions grow tax-free and can later be withdrawn tax-free when the funds are used for qualified education expenses. ______ Qualified education expenses include tuition and fees, room and board, books, supplies, technology equipment and software, tutoring, transportation, etc. As of January 2018, “qualified education expense” has been expanded to include K-12 tuition expenses associated with elementary or secondary public, private, or religious schools (excluding home schooling). ______ Non-qualified, and/or excess withdrawals beyond education costs, may be subject to a 10% penalty on earnings, plus penalties on any gifts that received tax deductions. If your child receives tax-free scholarships or grants, you can withdraw up to the amount of the scholarship or grant penalty-free; however, income tax pay be owed on the gains. Additionally, you can avoid the 10% penalty if your child attends a U.S. Military Academy and does not need the funds in the plan. ______ One of the best characteristics of 529 plans is that you, the account owner, retain control of the account - this keeps the funds from being misused or misspent. As the account owner you also have the ability to change beneficiaries or split the 529 plan among multiple beneficiaries. ______ 529 plans are not all created equal. Different plans have different fees, investment choices, life-time gift limits, etc. Fortunately, you have the freedom to choose any state’s 529 plan, whether you are a resident of that state or not. If your state does not provide a tax benefit for using their plan, you should shop around for a low cost plan with quality investment options. #savingmoney #collegesavings #savingforcollege #savingforthefuture #babysteps #stepbystep #bettertogether #paragonfinancialpartners #momstuff #dadstuff #bossmom #bossmoms #saveforkids #kidsareexpensive #dadsofinstagram #momsofinsta #momsbelike #familyplanning #parentingtips #parenting101 #parentingfail #futuremd #futuredoctor #futurelawyer

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elean.mendoza. If you’re a Doctor, in residency or starting medical school, here is a

If you’re a Doctor, in residency or starting medical school, here is a breakdown of the available student loan forgiveness programs. Some may be combined with Income-Driven Repayment Plans. _______ The National Health Service Corps Loan Repayment Program (NHSC): Provides healthcare providers who serve within a Health Profession Shortage Area at a NHSC approved site with the opportunity to receive up to $50,000 in loan repayment for at least a two-year service commitment. Program participants can apply to continue their service beyond two-years for additional loan forgiveness. _______ Federal Public Service Loan Forgiveness: Candidates must be employed by an eligible public service organization and be a full-time employee. Loans under the Direct Loan Program are eligible for forgiveness after 10 years of repayment with 120 qualifying payments needed to ensure forgiveness. _______ The Indian Health Service Loan Repayment Program: Medical professional who commit two-years of service in Indian and Alaska Native communities may be eligible for up $40,000 in loan repayment. Participants may be eligible to annually extend their service until they no longer have qualifying loans. _______ Military Programs: The Army, Navy and Air Force provide tuition assistance programs to service members enrolled in medical school and loan repayment assistance for doctors who enroll in military service. Loan repayment amounts can range from $25,000 for Army Reserve members up to $275,000 for active duty Navy physicians. _______ State Programs: Many individual states provide their own loan forgiveness programs. Check with your specific state to see what programs are available and their specific eligibility requirements. #debtfree #debtfreecommunity #debtfreejourney #debtfreeliving #debtfreedom #doctorlife #doctorsoffice #futuredoctor #doctorslife #scrubs #doclife #oncall #medschoollife #medschoolproblems #whitecoat #futuremd #ladydoctor #stethoscope #emergencymedicine #physician #medicalstudent #healthcare #medicine #sfbayarea #raleighnc #austintexas #sacramento #portlandoregon

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If you’re a nurse or soon to be a nurse, here is a breakdown of the available student loan forgiveness programs. Some may be combined with Income-Driven Repayment Plans. _______ The NURSE Corps Repayment Program: NURSE Corps program provides care to underserved communities. RNs from accredited schools who commit two-years of service at a shortage facility may be eligible for 60% loan forgiveness with the option to extend a third year and another 25% forgiveness. A minimum service of 32 hours per week is required to be eligible for repayment. _______ Federal Perkins Loan Discharge/Cancellation: Available to nurses with Federal Perkins loans who submit an application through their respective university. 100% forgiveness is available after five years of qualified nursing employment. Nurses must be registered and licensed to participate. _______ The National Health Service Corps Loan Repayment Program (NHSC): Provides full-time and part-time options for primary care providers to serve within a Health Profession Shortage Area at a NHSC approved site. Depending on location, recipients can receive up to $50,000 in loan repayment for at least a two-year service commitment. Part time workers can receive up to $25,000. _______ Federal Public Service Loan Forgiveness: Candidates must be employed by an eligible public service organization and be a full-time employee. Loans under the Direct Loan Program are eligible for forgiveness after 10 years of repayment. The repayment timeline began in 2007 so only payments made after this date will contribute towards the 120 payments needed to ensure forgiveness. _______ State Programs: Many individual states provide their own loan forgiveness programs. Check with your specific state to see what programs are available and their specific eligibility requirements. #debtfree #debtfreecommunity #financiallyfree #life101 #nursepractitioner #nursesrock #nurseonduty #nursestudent #nurseproblems #nursesofinstagram #registerednurse #studentnurse #futurenurse #ernurse #nightnurse #yourfuture #hustlehard #10x #juststart #justdoit #adulting101 #studentloans #sfbayarea #sacramento #raleighnc #healthcare #wellness #medicine

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For attorneys looking for student loan help, here is a breakdown of some of the programs providing loan repayment assistance. Some of these programs may even be combined with Income-Driven Repayment plans to help keep monthly payments manageable. Repost or tag a friend who might find this helpful. _______ Public Service Loan Forgiveness Program: The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Qualifying employers include government organizations at any level (federal, state, local, or tribal); not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the IRS code (check with your employer). _______ Department of Justice Attorney Student Loan Repayment Program: operated on an annual basis, ASLRP is used by the Department of Justice as a recruitment and retention incentive for attorneys willing to commit three years of service. The program offers up to $6,000 per year and a maximum of $60,000 in total assistance. _______ John R. Justice Student Loan Repayment Program: the JRJ program is annually funded by the Bureau of Justice Assistance and provides loan repayment help for state public defenders and prosecutors who commit for at least three years of public service. The program offers up to $10,000 per year and a maximum of $60,000 in total assistance. _______ Loan Repayment Assistance Programs: LRAPs provide attorneys with high debt balances incentives to pursue public sector jobs. LRAPs are provided by various institutions but the most common ones include theLegal Services Corporation, law schools, and individual states. All LRAPs have varying eligibility requirements and varying levels of loan assistance. You’ll have to contact the Legal Services Corporation, your law school and your state directly to get specific details . . . #lawyerlife #lawyerbae #lawyering #lawyerstyle #lawyerstatus #barexam #attorney #attorneys #attorneylife #attorneyatlaw #studentloan #studentloans #studentloanssuck #studentloandebt #debtfree #debtfreecommunity #financiallyfree #financialfitness #life101

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If you’re a teacher or soon to be a teacher it’s important to know the four types of student loan forgiveness programs available. Some programs may even be combined with Income-Driven Repayment Plans to help keep payments affordable. _______ Teacher Loan Forgiveness: If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet specific qualifications, you may be eligible for forgiveness up to $17,500 on Direct Subsidized/Unsubsidized Loans and Subsidized/Unsubsidized Federal Stafford Loans. Direct Consolidation Loans and Federal Consolidation Loans may also be partially eligible. _______ Perkins Loan Teacher Cancellation: If you teach full-time in a public or nonprofit elementary or secondary school with low-income families; as a special education teacher; or teach math, science, or another subject with a shortage of educators, you may qualify for up to 100% forgiveness of your Federal Perkins Loan. _______ Public Service Loan Forgiveness (PSLF) Program: The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Qualifying employers include government organizations (federal, state, local, or tribal); not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the IRS code (check with your employer); full-time AmeriCorps or Peace Corps volunteers. _______ State-Sponsored Student Loan Forgiveness Programs: Individual states may offer their own forgiveness programs for teachers. You’ll need to see what your state offers as requirements and forgiveness amounts will vary from state to state. _______ If you found this information useful repost or tag a friend who might be interested. #teacherlife #teacherproblems #teachertraining #teachergram #teachersofinsta #teachermom #teacherfriends #teacherlove #teacherprobs #teacherappreciation #teacherslife #teachersrock #debtfree #debtfreecommunity #studentloans #financialpeace #financiallyfree #lifetips #adulting101 #grownupstuff #adultingstuff #lifestyledesign #sfbayarea #sandiego

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If you are having financial difficulty paying your federal student loans, the federal government offers several different income-driven repayment programs. _________________________ Pay As You Earn (PAYE): if you obtained loans on or after 7/1/07 and meet income guidelines you’ll generally pay 10% of the discretionary income to your monthly loan payment. Any remaining debt is forgiven after 20 years of payments. ____________________________________ Revised Pay As You Earn (REPAYE): if you meet income guidelines you’ll generally pay 10% of your discretionary income to your monthly loan payment. Any remaining debt is forgiven after 20 years of timely payments for undergrad loans and 25 years of timely payments for graduate school loans. _________________________________ Income-Based Repayment (IBR): if you obtained loans on or after July 1, 2014 and meet income guidelines you’ll generally pay 10% of your discretionary income to your monthly loan payment. Any remaining debt is forgiven after 20 years of timely payments (if you obtained loans before July 1, 2014 you’ll generally pay 15% of discretionary income for 25 years before the remaining balance is forgiven.) _________________________________ Income Contingent Repayment (ICR): if you meet income guidelines you’ll generally pay 20% of your discretionary income toward your monthly loan payment, with any remaining debt forgiven after 25 years of timely payments. _____ Note: These programs are for federal student loan holders (not private) and the definition of “discretionary income” varies between each program. For more detailed information, visit the Department of Education’s student aid website at studentaid.ed.gov . . . . #debtfreejourney #debtfreeliving #moneymoves #financiallyfree #financialfitness #financialpeace #studentloans #studentloanssuck #workharder #adultingishard #adulting101 #thestruggleisreal #growingupsucks #crushit #10x #hardworkpays #progressnotperfection #life101 #lifeishard #lifetips #neverstopdreaming #studentaid #financialaid #sfbayarea #bendoregon #portlandmaine #raleighnc #anaheim #seattlewashington

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