Then we pivot to this week's question from a listener, who asks, "What I wanted to know is what this 50/30/20 budget thing is. How is that broken down?"
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The 50/30/20 budget suggests limiting your "must have" expenses to 50% of your after-tax income, leaving 30% for wants and 20% for savings and extra debt payments. Your after-tax income is typically your gross pay minus income and payroll taxes (the money that goes to Social Security and Medicare).
Check out this next:
Stimulus Check Update: Americans May Get Their Money in March
The Ascent is reader-supported: we may earn a commission from offers on this page. It's how we make money. But our editorial integrity ensures our experts' opinions aren't influenced by compensation.
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President Joe Biden, however, is intent on providing near-term aid to the public. He's proposed a $1.9 trillion relief package that includes extended and boosted unemployment benefits as well as an additional $1,400 stimulus payment. And now, it seems as though that payment may hit Americans' bank accounts as early as mid to late March.
Fighting money laundering in crypto, explained
Money laundering is a process where cash obtained through criminal activity is “washed clean” to make it look legitimate.
Money laundering usually works in three steps. First, stolen funds are placed into a financial system, and are usually broken down into smaller amounts so they can be hidden more easily. A system of “layering” is often deployed to create distance between criminals and their stolen funds. Finally, the funds are “integrated” — enabling the thieves to retrieve the cash through seemingly legitimate income streams or clean money sources.
True The Vote lawsuit: How GOP donor Fred Eshelman came to want his money back - The Washington
Like many Trump supporters, conservative donor Fred Eshelman awoke the day after the presidential election with the suspicion that something wasn't right. His candidate's apparent lead in key battleground states had evaporated overnight.
The next day, the North Carolina financier and his advisers reached out to a small conservative nonprofit group in Texas that was seeking to expose voter fraud. After a 20-minute talk with the group's president, their first-ever conversation, Eshelman was sold.
In case you are keeping track:
270 addresses are responsible for 55% of all cryptocurrency money laundering | ZDNet
Criminals who keep their funds in cryptocurrency tend to launder funds through a small cluster of online services, blockchain investigations firm Chainalysis said in a report last week.
This includes services like high-risk (low-reputation) crypto-exchange portals, online gambling platforms, cryptocurrency mixing services, and financial services that support cryptocurrency operations headquartered in high-risk jurisdictions.
But while you'd expect that the money laundering resulting from such a broad spectrum of illegal activity to have taken place across a large number of services, Chainalysis reports that just a small group of 270 blockchain addresses have laundered around 55% of cryptocurrency associated with criminal activity .
Don’t Waste Your Money: Stimulus affecting tax refund | ABC27
Since the start of the coronavirus pandemic, Americans have bee reminded that last year’s stimulus check was not taxable — essentially saying Americans wouldn’t have to pay it back.
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Missy Stenger filed her taxes through a tax program and was stunned by what popped up when she was done.
“It told me I owed over $1,000 and I said, ‘what? There’s no way, there is no way,'” Stenger recalls.
High schooler uses money she saved for college tuition to pay mom's rent
HOUSTON (CNN) - A high school senior from Houston who saved her mom from eviction using her college tuition money will be able to attend her dream school after all, thanks to donations from those moved by her story.
Alondra Carmona, 18, got accepted into her dream school, Barnard College, an Ivy League school in New York City, but she realized there was a gap in her financial aid package. The high school senior had a part-time job and was saving up money, but it wouldn't be enough.
How To Invest The Money In Your Health Savings Account (HSA)
In 2021, eligible plans that count as an HDHP must have a minimum deductible of $1,400 for individuals and $2,800 for families. Meanwhile, maximum out-of-pocket limits for HDHPs are capped at $7,000 for individuals and $14,000 for families. With an eligible HDHP, individuals can contribute up to $3,600 to an HSA in 2021, and families can save up to $7,200 in one.
On the front end of the equation, the contributions made to an HSA account are tax-advantaged, meaning they reduce your taxable income. This means you'll pay less in income taxes in the years you contribute to an HSA.
Happening on Twitter
...this bad if, 1. The USA invested money in our power grid. 2. If Texas either got on the national grid, bought c… https://t.co/dlJCzmAk0F kurteichenwald Mon Feb 15 23:41:47 +0000 2021
This is the first smart thing they've booked Miz to do since he became Money in the Bank holder. Competing in the… https://t.co/ZXQspT0UvP ryansatin (from Los Angeles) Tue Feb 16 01:14:11 +0000 2021
It pays well. Literally. That's it. You make a chunk of money. Even if you're a very smart journalist who hasn't le… https://t.co/RZnlSDMkJr soledadobrien (from New York) Mon Feb 15 20:28:58 +0000 2021
Let's be clear: Over $1 TRILLION of unused money from previous relief bills is still out there. But Dems want to… https://t.co/6cGpwC9NPC SteveScalise (from Jefferson, LA) Mon Feb 08 14:44:56 +0000 2021
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