Susan Tompor Detroit Free Press Published 8:16 AM EDT Apr 18, 2019 The Bradleys are heading to Disney World. Sure, they already have $3,850 in high-rate credit card debt. The mother of the family has another $8,000 in student loan debt. And they're paying two mortgage bills each month, one on the family home and another for a rental home that's co-owned with another family member. The rental home is just breaking even. No profit there. Two kids, ages 10 and 5, and the family doesn't have a dollar saved in an emergency fund, either. The couple in their early 30s did come up with $500 for a down payment for a planned trip with the kids to Walt Disney World — a trip that's estimated to cost $8,000. So Mickey and Minnie get ready, here we come. Thankfully, their out-of-whack financial scenario was part of the 2019 Michigan Personal Finance Challenge State Finals event. It's not a real family but we're certainly looking … [Read more...] about Got a bunch of debt? Is a trip to Disney a want or a need?
I 529 plan
The annual meeting of the World Economic Forum (WEF) will see the planet's political and business elites descend on the Swiss city of Davos this week. The Local takes a closer look. What’s the WEF? The WEF was set up in 1971 in Geneva by social entrepreneur Klaus Schwab. Independent and not-for-profit, it aims to bring political and business leaders together to help them collaborate on global challenges and find solutions. According to its 2017-18 annual report, the WEF’s revenue of 327 million Swiss francs (€288 million) went towards activities supporting engagement in the fields of digital economy, education, healthcare, IT, mobility, the environment and energy, among others. What happens at Davos? The WEF’s glitzy annual meeting, which runs from Tuesday to Friday this week, is being held for the 49th year. The gathering sees itself as the “foremost creative force for engaging the world’s top … [Read more...] about Davos 2019: What you need to know about ‘the world’s most exclusive business bash’
As President Donald Trump on Tuesday vowed to force a partial government shutdown before Christmas if he doesn’t get $5 billion for a wall along the Mexican border, Congressional leaders were trying to clear the decks in the House and Senate for a final surge of legislative work in the 115th Congress, in hopes of getting lawmakers out of town before the holidays. “With maximum cooperation, magic things happen at Christmas,” said Senate Majority Leader Mitch McConnell, even as he threatened to keep the Senate in session between Christmas and New Year’s in order to finish work for the year. Hanging over the schedule was the President’s threat to force a showdown over government funding, unless he wins more money for border security. “I don’t think the President’s bluffing,” said Sen. John Kennedy (R-LA) to a group of reporters just off the Senate floor. “I think he’s a serious as four heart attacks and a stroke.” … [Read more...] about Amid Trump shutdown threat, Congress tries to wrap up work for 2018
Susan Tompor Detroit Free Press Published 6:00 AM EST Nov 21, 2018 Looking for a clever way to give money — something beyond shoving cash in an envelope — remains a fun challenge during the holidays. I was thrilled, for example, when I spotted some clear plastic ornaments in a dollar store. My brainstorm: Use some shredded currency that I had sitting around the house as a base — or maybe use some sparkly tinsel — and put some real cash into the ornament. What a cool way to give anywhere from $5 to $50. (Yes, look closely. The photo includes shredded currency, not another shredded green-brown mix that voters recently supported legalizing for recreational use in Michigan.) Many grandparents, as well as aunts and uncles, may be looking for money-wise gifts, such as helping to pay down student loans or even figuring out new ways to cut loose from our money-obsessed culture. Here's a look at three on-the-money … [Read more...] about Donation to 529 college savings plan a great gift for kids
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Michelle Singletary Washington Post November 11, 2018 The cost of college has risen so high that many families are relying on two generations to help cover expenses.There are the parents, who are increasingly saving in 529 college-savings plans, where earnings are tax-free if used for qualified educational expenses. Then there are the grandparents, who are joining in the mission to get children through college with less debt. They, too, are saving in 529 plans.Here’s the problem. Many grandparents become concerned that their 529 contributions will adversely affect their grandchildren in the federal financial-aid process. Advertisement The Free Application for Federal Student Aid (FAFSA) looks at income and assets for parents and students. A 529 owned by a grandparent doesn’t get reported on the FAFSA. Get Talking Points in your inbox: An … [Read more...] about How a grandparent-owned 529 account affects need-based financial aid