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The minimum wage is currently $7.25, but the Democrats are trying to raise it to $15 as part of the new stimulus bill. The current minimum has been in effect since 2009 when it was raised from $6.55. There’s no definite timeline for minimum wage increases; the decision is made by Congress and usually occurs anywhere from every three to seven years.
The purpose of the minimum wage is usually twofold: to protect low-income workers from being exploited, and to keep up with the increased cost of living due to inflation.
Economic conservatives, however, are warning that another raise could actually hurt the employment rate while doing little to help the quality of life for those below the poverty line.
Minimum wage increases are always a controversial topic, so here’s what you need to know: [ continue reading… ]
In many ways, buying a condominium offers fewer headaches than owning a single-family home: you don’t need to take care of yard work or snow removal, nor do you have to handle major maintenance issues on the building itself.
However, not everything about condo living is easier. In particular, figuring out how to adequately insure your home is a much more complicated prospect when you own a condominium.
Here’s what you need to know about homeowner’s insurance for condos: [ continue reading… ]
One of the most common financial pitfalls out there is having a poor money attitude. And among the worst money attitudes is the idea that all you need is more money, and that once you have it, your financial problems will be solved.
The harsh reality is that, while making more money can help your situation, chances are that it’s not truly a money earning problem you have; it’s a money management problem.
One of the retirement options that I often think about is whether it makes sense for me to retire overseas one day. Being born in Asia and then growing up in Canada, there are quite a few places that attract our family on many levels. For one, we have many family and friends all over the globe. In fact, there are more friends and family of ours living in Hong Kong, Taiwan, or Canada than where I live. Moving to any of these places wouldn’t be much of an adjustment because the connections we have will make our family feel instantly at home.
Still, I live in Southern California and I love the lifestyle here. When I’m no longer working and the kids are out of the nest, the primary motivation for me to move would be due to the high cost of staying here. Whenever I think about how I can reduce my recurring expenses, I always think of how high our basic living costs are when we compare them to many other parts of the world. It’s almost like I have to pay just to breathe the air in America because I have to pay this amount even if I spent $0 on food.
My husband and I met with our financial advisor last week to tweak some of our retirement savings. As an aside, our advisor mentioned it was unlikely that our generation — all three of us are currently in our mid-thirties — will retire at 65. Instead, he believed we will probably work until we’re 70.
Aside from the disappointing idea that we’re still in for another 30 years of working, the prospect of pushing retirement off a few years is not necessarily a negative one. Here are some of the reasons why a later retirement could be beneficial — or a major problem. [ continue reading… ]
Timeshares are vacation properties that several people share partial ownership of – usually over a time span of about 25 years. They’re typically located in exotic locations that are popular tourist destinations.
Starting in Europe in the 1960s, the concept of timeshares spread quickly to the United States. They became a huge trend with seasonal vacationers who liked the idea of “owning” property in an exotic area for a fraction of the price.
Today, timeshares are generally sold through high-pressure sales presentations that present them as a more financially responsible way to vacation.
COVID has decimated the timeshare industry for obvious reasons. Still, you know they are eventually going to come back and get people. In case you’re thinking about purchasing a timeshare now or in the future, here are some things you should know before you sign. [ continue reading… ]
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