Have These Cash Talks Earlier than Sending Your Teen to School

PHOENIX–() – For many teenagers, college is their first time making money decisions without parental help. But if they don’t fully understand how finances work, they leave themselves prone to costly and long-lasting mistakes.

“Many teenagers don’t intuitively know how to handle money. Therefore, it is critical for parents to sit down with their children and have an open and honest conversation about financial fundamentals, ”said Michael Sullivan, personal financial advisor at Take Charge America, a non-profit credit counseling and debt management agency. “Providing this foundation gives children the confidence to better understand their financial decisions and manage their money properly long after college.”

Sullivan shares four money conversations parents should have with their college teens:

  • Budgeting: Regardless of your income, a budget is the foundation of good money management throughout your life. It helps keep track of income and expenses while providing a plan of action for achieving financial goals and preventing you from spending too much. Parents should explain the concept of needs vs. wants and help students start budgeting with a spreadsheet or apps like Mint or EveryDollar.

  • Be careful with credit cards: Many college students have problems with credit cards. Talk to your teen about the potential implications of opening multiple cards and the importance of paying on time each time. To help your teen build funds, you should help them open a secured credit card or add them as an authorized user on one of your spending limit cards. For additional resources on loans, parents can visit Take Charge America’s Financial education center.

  • Identity theft: Explain the importance of protecting financial information, including bank accounts, credit cards, social security numbers, and other personal information, from fraudsters and identity thieves. Remind your children never to give such information to anyone they do not trust, especially if they are contacted by unsolicited phone calls, emails, or text messages. If you fall victim to identity theft, it can negatively affect your child’s financial life for years.

  • Student Loans Interesting Facts: If your teen has taken out student loans, talk to them about expenses such as tuition, books, and housing. Emphasize that student loans are not free money to be spent on travel or shopping outside of school. Explain how, unlike scholarships or grants, they are responsible for paying back student loans with interest when they leave school.

About Take Charge America, Inc.

Founded in 1987, Take Charge America, Inc. is a not-for-profit agency providing financial education and advisory services, including credit counseling, debt management, student loan advice, housing advice, and bankruptcy advice. It has helped more than 2 million consumers across the country manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.

Coalition Says Making certain Well being and Wealth at Dwelling Relies on Sending Cash Overseas

The US Global leadership coalition launches a campaign entitled “Foreign aid – what is it worth?”

Coalition President Liz Schrayer and campaign co-chair Hank Meijer, head of Michigan-based Meijer Corporation, say the cost of ignoring investing overseas can be counted in lost jobs and lost lives.

Therefore, says Schrayer, the What’s It Worth campaign is essentially asking a simple question.

Listen: Liz Schrayer and Hank Meijer explain why sending dollars and aid abroad brings Michigan economic benefits.

Read excerpts from Coalition President Liz Schrayer and Campaign Co-Chair Hank Meijer, edited for clarity:

Liz Schrayer, President, US Global leadership coalition: How can we make sure we are never in this global pandemic when we can help it. And to make sure we face global challenges before they get out of hand and end up on our doorstep. So we need to highlight these myriad benefits like this US invest in development, diplomacy and global health that affect our daily lives. So we ask the question: “Foreign aid, what is it worth? Diplomacy, what’s it worth? ”And we believe the answer is simply that it affects healthier living here at home, safety for those serving customers, for our Michigan smallholders and Michigan small businesses. I grew up in the Midwest and my mother was born in Detroit and I used to go to Kalamazoo to visit my grandparents. And Kalamazoo is literally ground zero for 500 million Pfizer vaccine doses that the US just bought to supply the whole world which will be crucial in stopping the spread of these variants. And what is it worth? Three thousand jobs here in Michigan in addition to saving millions of lives.

Make sure we face global challenges before they get out of hand and end on our doorstep. ”Liz Schrayer, President, US Global leadership coalition

Quinn Klinefelter, WDET News: Hank Meijer, you have a huge chain of stores across the state. There will be those who say that businesses in general, restaurants, etc. have lost money during the pandemic. They are struggling to get workers back. “We need every penny that we have to try to put into what we have here right now, instead of sending it abroad somewhere, at a time when we’re just trying to get the economy back on a balanced basis. “

Hank Meier, CEO, Meijer Corporation, Co-Chair of the “What’s It Worth” campaign: Well, I think that’s really what we’re talking about, too. Because at Meijer, for example, we’re a retailer, we’re a Michigan company, not a multinational. Michigan exported more than $ 44 billion worth of goods last year, creating 1.1 million jobs. That’s nearly 20% of the workforce in Michigan. In our view, we want our Michigan citizens, our Michigan customers, buyers, to thrive and have good jobs. And the way we have these good jobs is to support the manufacturing sector and an agricultural sector that thrive and depend on export. And that is our interest. And that is what really defines the type of foreign aid [about] 1% of our American budget is a hugely important investment in keeping these good jobs in Michigan.

What does it look like from a purely political point of view? Former President Trump often did a big deal to make America great again by making sure that products were made in America, that we should make sure no factories were being moved overseas, etc. He added tariffs to do this prevent. And President Biden, speaking recently in Michigan about electric vehicles, said we need to make sure the supply chains are in America. Again, if you’re trying to sell foreign aid to the average electorate, how are you going to go ahead and say we should keep doing things in America while sending money outside America?

Meijer: We need to support economies that can buy our American products. If the rest of the world’s economies can’t follow ours, we won’t be able to support these great Michigan jobs when this export market dries up. And I think both President Biden and former President Trump were excited about the idea that in Michigan, for example, our auto industry will revive. We can’t just do that with our home market. We do this in collaboration with our Canadian partners. Half of our trade is with Canada. And above all to support our automotive industry. It is absolutely critical that what we make can be sold all over the world.

Schrayer: Let me also add that this is one of the rare rooms of bipartisanism in Washington. In the past decade, more than 50 bipartisan bills have been signed in support of increased investment in global health, food security, economic competition between women and girls in development and diplomacy.

We want our Michigan citizens, our Michigan customers, our buyers, to be successful and have good jobs. And the way we have these good jobs is to support the manufacturing sector and an agricultural sector that thrive and rely on exports. ”—Hank Meijer, Chairman, Meijer Corporation

Given all of this, what would you want from Washington policymakers? Do you think there is sufficient foreign aid at the moment? Are there other areas, other countries, that you think should be more targeted? Do you think that foreign aid should be increased? If you had your Druthers what would you like to see?

Schrayer: Foreign aid accounts for around 1% of our total federal budget. There is a famous quote from former Secretary of Defense Jim Mattis, who famously told Congress when asked about this question [if] We spend enough money: “If you don’t fully fund the State Department, then [the] The military should spend more on ammunition. ”Indeed, the military is one of the strongest advocates for funding our foreign aid and diplomacy budget. If, as I said earlier, we want to make sure that we do not suffer another global pandemic, we must invest now so that we are never in this place again.

Do you think they are making reasonable investments right now?

Schrayer: We actually did a needs assessment earlier this year to take a look at rising hunger, extreme poverty and migration, as well as a range of global crisis instabilities. That is why we are calling for an increase. And we are already seeing the response from Democrats and Republicans on Capitol Hill, realizing the needs are far greater than what we are investing now to keep Americans safe.

Meijer: What we want to see is American jobs thrive, American companies thrive. And the only way we can do that is to make sure we have the kind of relationships around the world that get people to buy our products. And that’s at the core of Michigan’s economic prosperity. And we want to continue to see that.

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IRS sending billions of stimulus {dollars} and plus-up funds. This is find out how to observe your cash

Stimulus check payments aren’t over yet for everyone. 

Sarah Tew/CNET

Next month’s child tax credit rollout might be consuming a lot of the IRS’s bandwidth these days, but the tax agency is still focused on sending weekly batches of the third stimulus checks. So far during the month of June, the tax agency has sent more than $6 billion in stimulus payments, with half coming as direct deposit and the other half as paper checks. Some of that money includes “plus-up” adjustments for people who received less money than they were supposed to get in earlier checks. 

Even though many of us got our stimulus money in the earlier batches in spring, some have had to wait weeks or months for their checks. The IRS sent money first to people who’d already filed their 2019 or 2020 tax returns because those were the easiest to verify. So if you’re still waiting for your stimulus check up to $1,400 — or think you might be due a plus-up payment — we’ll tell you what to do next. 

In the meantime, many experts say a fourth stimulus check is unlikely, but millions of families will be getting a good chunk of money with July’s first child tax credit payment. We can tell you how to know if you qualify and how much money you could expect over the course of the year. The IRS is also issuing unemployment tax refunds to millions of people who received jobless benefits last year, though payments are taking longer than expected. This story was updated recently.

Stimulus and plus-up payments are still being issued

The amount of money you got in your stimulus checks depends on a multitude of factors, including how much money you made for the year (this is your adjusted gross income), how many eligible kids you had and so on. This is the kind of information the IRS largely gets from your tax return, or from other sources of information if you don’t typically file taxes.  Since the third stimulus checks began arriving in the middle of tax season, the end result is that some people’s payments were calculated based on information the IRS had from last year, not from this year.

That means the IRS might owe you more money even if you already got a stimulus check. Let’s say you had a new baby or made less money. As part of the IRS processing your tax return, if it determines that you’re actually owed more than you got, the agency may send a plus-up payment. So far, the IRS has sent billions in payments this way. Given an extended tax due date (May 17 instead of the usual April 15), delays in processing tax returns and a backlog from last year’s tax returns, the IRS will likely be sending out plus-up payments through December.

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Stimulus plus-up payments: What you need to know


How to track your stimulus check online

With the IRS Get My Payment tool, you can get a daily update on your payment status. The online app can also alert you with a message if there’s a problem with your payment that you may need to address. Another option is to create an online account with the IRS, if you haven’t already. 

If you are sent a plus-up payment after your 2020 tax return is processed, the amount of your third payment will no longer show up on the tool, according to the IRS. In that case you will only see the status of your plus-up payment. 

If you expect your payment to come in the mail, you can use a free tool from the US Postal Service to track your mailed stimulus payment.

Stimulus check delivery start and end dates

First direct deposits made March 17
First paper checks sent Week of March 15
First EIP cards sent Week of March 22
First Social Security, SSI, SSDI payment sent Weekend of April 3, most arriving April 7
First plus-up payments Weekend of April 3
VA benefits for veteran nonfilers Week of April 14
IRS deadline to finish sending checks Dec. 31, 2021 (mandated by the bill)
Last date to receive a check January 2022 (if mailed checks sent late December)
Final claims for missing stimulus money 2021 tax season likely (in 2022)

What might be holding up your stimulus payment

Here’s some information on possible delays with your stimulus check and other problems you might encounter.

Update on a fourth stimulus check

Millions have been clamoring for recurring stimulus payments, and some lawmakers have expressed support for more relief aid through the pandemic. But President Joe Biden hasn’t pledged support to a fourth check, focusing instead on his proposed family and jobs packages and the recent infrastructure deal

In a press conference on June 3, White House press secretary Jen Psaki played down the possibility of a fourth stimulus check, asserting that the administration has already put forward an economic recovery plan. Through the debate in Washington over additional economic impact payments continues, it’s looking increasingly unlikely that there will be any more direct payments this year. 

If your third stimulus amount is less than expected

The IRS isn’t particularly big on communicating how much money it calculates for your stimulus check. You won’t find that figure in the agency’s online tracking tool, but you will see it in the confirmation letter you’ll receive in the mail. (And here’s why you got the payment size you did.) 

So what happens if you use our stimulus check calculator and notice the numbers seem way off, or the IRS letter quotes an amount you didn’t receive? Start by triple-checking your qualifications to make sure you’re eligible for the total you expect. Remember the IRS is automatically sending plus-up payments after the agency receives your 2020 tax return. If you had a baby or otherwise added a dependent in 2020, you won’t need to file an amended tax form to claim the supplement.

The IRS could open up claims for missing stimulus money before its Dec. 31 deadline to stop sending checks. If not, you might have to wait a year to claim it — when you file your 2021 taxes in 2022 (even if you’re a nonfiler who isn’t typically required to file taxes).

What to do if you’re missing money from the first two stimulus checks

Plus-up payments are going out weekly along with the third round of checks, but they may not be the only money you’re due. For money missing from the first two checks, you need to claim that on your 2020 taxes. We suggest making sure you know where to find your adjusted gross income. You may be eligible to claim the 2020 Recovery Rebate Credit for claiming missing money from the first two checks.

Also, last week, the IRS launched a new online for non-tax filer families called the “Non-filer Sign-up Tool.” Its purpose is to help eligible families who don’t normally file a tax return enroll in the monthly child tax credit advance payment program, which is slated to begin July 15. However, the tool is also for those who did not file either a 2019 or 2020 tax return and did not use the previous non-filers tool last year to register for stimulus payments. 

In other words, individuals who experience homelessness or make little or no income can use this tool to enter their personal details for the IRS to receive the $1,400 stimulus checks or claim the recovery rebate credit for any amount of the first two rounds of payments that might have been missed. Tax nonfilers may need to be proactive about claiming a new dependent, too.

How to notify the IRS of an issue with your stimulus check

The IRS doesn’t want you to call if you encounter a problem with the delivery or amount of your stimulus check. So what to do instead? Our guide walks you through how to report stimulus check problems, including checks that never arrived (try filing a payment trace), direct deposit payments that went to the wrong account and other issues.

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Stimulus check 3: How much money you’ll get


Don’t throw away the IRS letter about your stimulus payment

Hold on to that IRS letter that confirms your stimulus payment, including the amount and how the IRS sent your money. That letter from the IRS — Notice 1444-C — is your proof that the IRS sent a payment in case you don’t actually receive it or if you received less than you qualify for and need to claim the missing amount later. Here’s more on what to do with that IRS letter.

How taxes play a role in your stimulus payment amount

Taxes were due May 17. So how will the IRS figure out how much it owes you? It will calculate your total (you can also do that here) based on the most recent tax filing it’s processed when tabulating the amount of your stimulus check.

If you know your tax return was already processed, the amount of your stimulus check will likely be based on your 2020 adjusted gross income, not on your 2019 AGI. That presents complications if the difference between the two years disqualifies you from getting a third stimulus check

On the flip side, if the IRS uses your 2019 taxes and you’re owed more money based on your 2020 AGI and dependents, you could get a plus-up payment. If you got more than you’re owed, you’ll only need to return it to the IRS in some cases. 

When the stimulus checks will stop being issued 

Most of the third stimulus check payments have gone out from the IRS and US Department of the Treasury, based on the information the IRS has on hand to determine payment amounts. The March stimulus law, however, gives these federal agencies until Dec. 31, 2021, to send out all the third checks. That gives the IRS room to process 2020 tax returns and square up payments for those who are owed plus-up amounts, folks who filed for a 2020 tax extension and other groups, like people who moved or don’t have a fixed address (such as people experiencing homelessness).


Millions could end up receiving a smaller stimulus check than they’re owed.

Sarah Tew/CNET

Other important information about stimulus checks

Stimulus checks aren’t necessarily a one-size-fits-all situation. Here are guides for: