Personal Finance
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A Health Savings Account is a type of savings account like the IRA that helps people pay for their health care expenses. With a HSA you can pay any current health care expense, save for future medical expenses and retiree health expenses tax-free. The money in your account is owned by you; you don’t need any interference from anyone into any decision you make regarding this money. The very fact that this savings account can be well utilized during your retirement, this acts as a catastrophic health insurance. The HSA is ‘savings for a rainy day’.
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Setting financial goals can be very difficult and challenging, especially if you are not really sure which one to prioritize and accomplish first. The following to-do list is a general order of tasks which must be prioritized in order to achieve your financial goals. This list depends on the status of a person, but this generally applies to most of us, if not all.
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Health insurance is something that is provided by almost every employer. There are far too many people who experience difficulty in maintaining their health and hence incur huge medical bills. To tackle the huge medical bills, employers introduced health insurance plans through which employees can avail free medical cover. The only problem for a health insurance plan is that the employee must make contributions in order to receive the benefits from the insurance plan. In many cases, people may find themselves in situations where money is tight and would not actually like to pay for a health insurance premium. In these cases, there is another option – catastrophic health insurance policy.
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There are many leading companies in the market today. Hard money lenders refer to the lending companies that specialize in offering loans which are backed up with collateral – that is typically a real estate property. These moneylenders provide loans to people for a very short period. In most cases, the interest rates that are charged by these moneylenders are much higher than the interest rates that would be charged by a bank for the same amount of loan. The reason for this is that these moneylenders are not governed by bank rules or any regulations.
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What is SUTA tax? SUTA stands for State Unemployment Tax Authority. It is a tax scheme begun by the state governments where employers are required to pay SUTA tax for their employees without deducting any amount for the same from the employees’ salary or wages. Normally the SUTA tax rate for an individual employer is determined by the number of unemployed personnel who make claims to the government.
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Every employed person in America has to pay the Federal Insurance Contribution Act tax commonly known as FICA tax. FICA withholding is done on the employees’ wages or salary where a deduction of a certain percent is made per annum usually 15.3 %. This deduction on the employee’s salary must be marched by the employers’ contribution in an equal measure every year. Where the employer pays half of the 15.3 per cent and the employee pays the other half which by law is withheld by the employer as per the Federal Government rules. FICA tax must be paid by every working American, which means that even the self-employed must pay the tax and pay the whole 15.3 percent, both the employer’s half and the employees half.
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FICA is the acronym for Federal Insurance Contribution Act. This tax is imposed by the United States Federal government to employees as well as employers in order to fund Social Security and Medicare. However, most people refer to it as FICA. It is the tax collection mechanism for social security. FICA tax is used to provide for the federal system of old age, survivors, disability and hospital insurance. While the first three are funded by the social security fund, hospital insurance is the premise of Medicare tax.
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Financial coaches are different from financial planning consultants. A financial coach provides training to individuals to develop on their own the skills required to manage their money. These coaches give you the right analytical and decision-making tools to be successful in the money management field.
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The 529 Plan is an investment plan that allows residents of the United States to save for education costs in the future. The name of these 529 plans comes from the section 529 of the Internal Revenue Code 26. There are many benefits that the 529 plan offers to the investors. One of the primary benefits that an investor realizes from a 529 plan is the 529 tax advantage benefit.
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A 529 plan is a savings and investment opportunity for future or higher education. A 529 plan can be used to fund one’s self or any eligible member of the family. There are many people who are looking for the best 529 plans that are available. However, there may be no ‘best 529 plans’ as such; rather the individual should choose the best options according to the requirement. What one person may consider as the ‘best’ may not be the ‘best plan’ for another person necessarily.
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The 529 college savings plan is an investment option that is available to the residents in the United States. This plan was incorporated in the United States to facilitate people with a method in which they would be able to save money for their education costs. As most people are aware, education is a very costly affair and without adequate financing solutions, it probably will not be possible for a person to opt for higher education.
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Before we get to the main topic, which is health insurance, let us tackle first about personal finance. Personal finance is very important because by definition it is an application of the principles of money management and finance of individuals or a family. This involves various processes such as how they get budget, and how to save and spend money and other financial resources wisely over time.
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Retirement plans and saving for education are some of the wisest investment options available. Education is a very costly affair, unless a scholarship is received. The 529 plan is one of the options available for saving towards education – either for self or for children. This plan is perhaps the most valuable investment plan for the average person, in terms of investment for education.
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Cash flow notes are like IOU’s that can either be bought or sold. These are debt instruments that are in the form of legal documents. In the event that you bought one, all the rights of the previous owner will be rolled over to you. Now the borrower will pay you what would have been his or her commitment to the original lender.
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