Legacyy Networth

The S&P plunged by more than 4%. The Dow also dropped by more than 1,000 points on several occasions during the day’s trading on Monday.

What does it mean?

Many fear a deep recession, others are hoping the Feds cut rates to stabilize the market.

But if you are a long term investor, this presents the opportunity to buy more stocks and invest some more. Long term investors shouldn't panick and know this is a long term game.


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President Joe Biden and his administration is making another move to forgive student debt for millions of borrowers.

The Biden-Harris administration announced Wednesday that it will begin emailing borrowers on Thursday, August 1st with information regarding its proposed rules to allow the Secretary of Education to forgive debt for certain federal student loan borrowers.

You have until August 30 to opt out.

Keep an eye out for the email.

"Borrowers enrolled in the SAVE federal student loan repayment plan are in financial limbo as they wait for federal courts to decide on the fate of the plan.

Payments and interest for 8 million SAVE borrowers were paused last week after an appeals court ruled to block changes to the plan from going into effect.

The ruling and payment pause are the latest development in a legal battle between the Biden administration and Republican opponents who seek to block White House efforts to offer forgiveness and lower payments to borrowers with federal loans.

The court decision frustrated borrowers, some of whom had made major financial decisions based on rules whose future has been thrown into doubt."

Source: investopedia.com

These are "reasonable" expectations for having a household in America Today.

Keep in mind that most households don't make more than $100,000 a year.

It looks like the American Dream of owning a home, driving a car, etc... is getting out of reach for so many people.

What are you doing today to reach your dream of living comfortably?

In March 2024, the public debt of the United States was around 34.5 trillion U.S. dollars, almost two trillion more than in July when it was around 32.6 trillion U.S. dollars.

The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts.

In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.

That is over $102,000 for every single person in America.

The Biden administration has approved $6.1 billion in student debt cancellation for 317,000 borrowers who attended The Art Institutes.

Biden said this institution "falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies."

This is one of the Education Department's largest group discharges of federal student loans.

The government used its power through the borrower defense to repayment program, a federal student loan program that helps students whose schools violated certain laws get debt relief.

The move impacts students who were enrolled in The Art Institutes between January 1, 2004, and October 16, 2017. The for-profit chain of colleges closed last year following fraud allegations.

Starting May 1st, the Education Department will inform eligible borrowers, and will also refund any payments previously made by former students on loans marked for forgiveness.

Many are calling this announcement a political move.

What do you think?

Tomorrow is the last day. Don't forget.

There are options to file your taxes for free, Don't delay.

If you won't be able to meet the deadline, you can ask for an extension.

51% working age Americans can't afford healthcare coverage and 1 in 3 are saddled with medical debt.

Imagine working 40 hours weekly and can't afford basic medical services because of healthcare premiums.

What do you think is the main culprit?

Healthcare premiums, Salary, or the prices to visit a medical professional?

As of January 2024, nearly 1 in 4 americans have no emergency savings at all.

The biggest culprit: DEBT

With rising costs, more people are looking to use credit cards to make purchases and pay bills.

Many others find themselves dipping into the little savings they have leaving them with nothing.

If you had an emergency, would you be able to cover it?

Here are five effective ways to pay off your debt faster:

1) Create a Budget and Stick to It: Create a detailed budget will help you track your spending and stay disciplined in your financial goals.

2) Use the Debt Snowball: pay off debts from smallest to largest balance can help you make significant progress in paying off your debts faster.

3) Increase Your Income: Explore opportunities to boost your income, such as taking on a part-time job, freelancing, selling unused items, or asking for a raise at work. You can also search for higher paying jobs.

4) Negotiate Lower Interest Rates: Contact creditors to negotiate lower interest rates on your debts. Lowering your interest rates can reduce the total amount you'll pay over time, allowing you to pay off your debt more quickly.

5) Cut Expenses: Look for ways to trim unnecessary expenses from your budget, or find cheaper alternatives for everyday purchases.

By implementing these strategies and staying committed to your debt repayment goals, you can accelerate your journey towards becoming debt-free. Remember to stay patient and consistent, as paying off debt takes time and dedication.

It is truly that simple.

People likes to complicate things.

There is no rocket science to becoming DEBT-FREE.

I guarantee you, if you follow these 3 steps, you will see results

Working Past Retirement Age: Will that be Your Reality?

For many of us, retirement age used to signify the end of the nine-to-five grind and the beginning of a well-deserved period of relaxation and enjoyment after over 40+ years of hard work and dedication. However, in today's economic climate, this dream is becoming increasingly out of reach for far too many.

Are you finding yourself working longer hours than anticipated? Perhaps you're realizing that retirement age is looming, yet the prospect of leaving the workforce seems like a distant dream. If so, you're not alone.

Statistics show that a significant number of individuals are working well into their retirement years, not out of choice, but out of necessity. Rising living costs, inadequate savings, and unforeseen financial challenges can all contribute to the need to extend one's working years.

But it doesn't have to be this way. By taking proactive steps towards financial planning and prioritizing saving and investing early on, you can work towards a future where retirement isn't just a distant possibility but a tangible reality.

Let's start the conversation. Share your thoughts and experiences below. Have you found yourself working past retirement age due to financial constraints? What steps are you taking to secure your financial future?

Remember, it's never too late to take control of your finances and work towards a retirement that's truly fulfilling and worry-free.