What would you do if you found a pot of gold?
“I would put it in my piggy bank…so I can buy more crayons.” – My 3-Year Old
I got this gem of a quote in my daughter’s take-home folder from daycare, this week. #proudfinancialplannerdadmoment
Her St. Patrick’s Day worksheet brings up a good hypothetical and potentially insightful question.
What would you do if you found a pot gold? Your initial reaction and response may give some insight into your “Money Attitude” and what money means to you.
Are you a spender? A builder? A giver? Or, a saver?
Why is it important? When you know your money attitude, you can begin to identify and build on your strengths and build habits to compensate and improve on your weaknesses with money as well.
With that said, here are the stories that caught my eye this week:
KENTUCKY TEACHERS’ PENSION CALCULATOR: The calculator is up and running again! It has been updated from its original version to reflect the pension reform proposed in the SB1 bill released on 2/20/18.
MONEY: Here’s What You Need to Know About 529 ABLE Accounts(WiseBread)
If you have a child or family member with disabilities, a 529 ABLE account may be of interest to you. In 2014, Congress created the ABLE account to provide a tax-advantaged investment account that allows individuals with disabilities to save money without affecting their eligibility for needs-based public assistance. The money in an ABLE account does not count against the $2,000 asset limit for Medicare/SSDI, which allows families to save the excess instead of forcing them to spend it at month’s end. Because of its relative newness, many people still aren’t aware that ABLE accounts even exist. For more information about the Kentucky-specific ABLE account and its benefits and eligibility requirements, visit stablekentucky.com.
If you have a child or family member with disabilities, a 529 ABLE account may be of interest to you. In 2014, Congress created the ABLE account to provide a tax-advantaged investment account that allows individuals with disabilities to save money without affecting their eligibility for needs-based public assistance. The money in an ABLE account does not count against the $2,000 asset limit for Medicare/SSDI, which allows families to save the excess instead of forcing them to spend it at month’s end. Because of its relative newness, many people still aren’t aware that ABLE accounts even exist. For more information about the Kentucky-specific ABLE account and its benefits and eligibility requirements, visit stablekentucky.com.
LIFE: This Is Where Your Childhood Memories Went (Nautilus)
Take a moment and think of your earliest childhood memory. Can you recall who you were with? Or, where you were? Or, how old you were? More than likely, you can answer these questions and verbally paint a picture of that specific memory with a high degree of certainty. Now, without knowing the details of that memory, the research shows that there are two facts that will ring true about every person’s first memory. One, you were at least three years old in the memory, and two, the memory we envision is not very trustworthy and is partly or entirely fabricated. We tend to treat our earliest memories like a page from a coloring book, taking a basic recollection of the memory and coloring it in with details of our choosing based on “narratives sponged up from others and imaginary scenes dreamt up by our subconscious.”
Take a moment and think of your earliest childhood memory. Can you recall who you were with? Or, where you were? Or, how old you were? More than likely, you can answer these questions and verbally paint a picture of that specific memory with a high degree of certainty. Now, without knowing the details of that memory, the research shows that there are two facts that will ring true about every person’s first memory. One, you were at least three years old in the memory, and two, the memory we envision is not very trustworthy and is partly or entirely fabricated. We tend to treat our earliest memories like a page from a coloring book, taking a basic recollection of the memory and coloring it in with details of our choosing based on “narratives sponged up from others and imaginary scenes dreamt up by our subconscious.”
KENTUCKY PENSIONS: ‘I don’t see a lot of hope for it’: Kentucky’s pension reform bill is unlikely to pass (Courier-Journal)
Last week ended with the SB1 pension reform bill being sent back to committee to be “reconsidered” and potentially revised before being put to a vote. This week, the bill didn’t even make the agenda for discussion within the committee, and now, Senate President Robert Stivers was quoted saying about SB1, “I don’t see a lot of hope for it. That’s just the reality.” It seems that SB1 has a bleak outlook considering that it would have to pass in the Senate, pass a tougher vote in the House, and do so in less than a month before the general session ends.
Last week ended with the SB1 pension reform bill being sent back to committee to be “reconsidered” and potentially revised before being put to a vote. This week, the bill didn’t even make the agenda for discussion within the committee, and now, Senate President Robert Stivers was quoted saying about SB1, “I don’t see a lot of hope for it. That’s just the reality.” It seems that SB1 has a bleak outlook considering that it would have to pass in the Senate, pass a tougher vote in the House, and do so in less than a month before the general session ends.