visit: www.BOSSEDtaxprep.com
You’re probably eager to put 2020 behind you, but unfortunately, at least one aspect of this tumultuous year is going to linger into the next one…
Income Inequality
If you give people more income, what are they going to do? They are going to spend it, representing an increase in demand. If you have people with more training and education or access to capital, then we are talking about job creation and the supply side of economics.
M&A
https://www-foxbusiness-com.cdn.ampproject.org/c/s/www.foxbusiness.com/markets/coronavirus-knocks-banks-off-ma-radar-bank-ceo.amp
Finish your emergency fund
This is another area where taking a class on good money habits helps, and many of those who do so save an average of $3,000 per year in personal earnings.(10) To complete this step, move all the momentum you gained while paying off debt toward saving up three to six months’ worth of living expenses.
If you’re still in debt, get out of it
You’ve seen for yourself how much debt slows down financial progress. To rid yourself of pesky debts, just list them from smallest to largest. Then use the debt snowball method to pay them off. As you pay off the smallest debt, roll what you used to pay toward it onto the next largest debt. Repeat this process until all your debts are cleared!
Start a baby emergency fund
Begin by saving up $1,000. This is to keep you from being thrown off track when those inevitable, tough financial events hit you. (You’ll be making this emergency fund even bigger later on.)
Budgeting
Do you know how to create a monthly budget that includes all of your basic expenses, your bills, any debts, and your sinking funds for future purchases?
Buying homes tips
Get the people in your immediate family to save collectively! If 10 people save $500/month out of their paycheck and deposit into a bank savings account, that’s 60k every year. You could buy 3 starter homes every year and in 4 years all ten of you are home owners. Buy on the same block or neighborhood if you can…this way you control the value of the homes (remember Monopoly!).
Peace
Business Funding tip
Get a business going. Fund it. Get a no-fee business bank account (some people got two stimulus checks – one from the Gov’t and one from the SBA). Build your
business’s credit.