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This week on the Pete the Planner Show, Pete hits the beep! 🎉🥳
Remember: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances. Check us out!
No time to listen? Here’s a preview of what happened and when:
ADVANCED CHILD TAX CREDIT: [2:57]
- “This July, the Advanced Child Tax Credit becomes part of American life to bring more stimulus into the economy. If you have child under 18 and you qualify for the credit, from July – December you will receive a check (amounts vary per income threshold) for them from the Federal Government. If your personal financial situation has changed in recent months for the better, here’s why you may want to reconsider this offer.“
- DAMIAN: These funds may have to be paid back to Uncle Same, as it’s based on your income (tax returns) from 2020.
- If your income ends up being above certain thresholds, some of the credit may be phased out or entirely, meaning that the difference between what you ultimately qualify for and what you receive as the “advance” would have to be paid back.
- PETE: Opting out of the Advanced Child Credit means you only opt-out of the Advance, not the Credit as a whole. At tax time next year, you would see the credit applied at that time.
- DAMIAN: If things do turn sticky for you, there could be payment plan options, if this repayment needs to happen for you.
IS THIS THE GREATEST TIME EVER FOR HUSTLERS?!: [13:45]
- “As people slowly get back to work…it’s a great time/opportunity for that individual willing to grind. To those who want to strengthen their financial situation, a second job can earn you $15-16 per hour. We don’t usually see that sort of situation going on, right?
- DAMIAN: Prior to the pandemic, side jobs were considered a lot of work stealing a lot of time, for not a lot of money.
- Now, it’s low-commitment jobs for a decent wage can make a big different to reduce debt, build savings, put some away for retirement, etc.
- Once you hit your goal, you can walk away and get back to life as you see it.
- PETE: Delivery services are an offer some take advantage of. Unlike 2008-2009, these folks aren’t the former “gig economy” workers. They’re former retail and service industry workers and teenagers.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.