Share

Money Talks

Airs Tuesdays at 9 a.m. on MPB Think Radio

Money Talks focuses on personal finance as it applies to Mississippians. In any given week, we’ll talk about anything from preparing your taxes to saving for college or investing in the stock market. Our experts are Dr.
Latest Episode5/26/2020

Money Talks: Hurricane Financial Documents

No sooner do we come out ofthe Safer at home executive order but it’s almost hurricane season. Today’s show is an encore broadcast from May 8th 2018. Our hosts, Dr Nancy Lottridge Anderson, President of New Perspectives and Ryder Taff, Portfolio Manager at New Perspectives give advice on how to prepare your financial first aid kit.http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d842020 Information:https://www.msema.org/wp-content/uploads/2020/04/39779_MEMA-Hurrican-Preparedness.pdfhttps://www.msema.org/preparedness-2/hurricanes/https://www.fema.gov/media-library-data/1582162058237-59774592ecfffe4e9962d0e1ec3e4780/EFFAKToolkit_FormsOnly_20190906.pdfhttps://www.ready.gov/financial-preparednessEmergency Financial First Aid KitTheEmergency Financial First Aid Kit(EFFAK), a joint publication fromOperation Hopeand FEMA, can help you prepare financially and provides tips to reduce the financialimpact ofdisasters on you and your family.For OrganizationsEncourage people throughout your organization or workplace to prepare financially. Here are some ideas to promote financial preparedness in your organization:Hold a brown bag meeting.Make a presentation at an existing staff meeting usingSafeguard Critical Documents and Valuablesto support your discussion.Include financial preparedness information in the staff monthly newsletter.At HomeStoreimportant documents either in a safety deposit box, an external drive oron the cloud to make it easy to access during a disaster.Take time now tosafeguard these critical documents.Household IdentificationPhoto ID (to prove identity of household members)Birth certificate (to maintain or re-establish contact with family members)Social Security card (to apply for FEMA disaster assistance)Military servicePet ID tagsFinancial and Legal DocumentationHousing payments (to identify financial records and obligations)Insurance policies (to re-establish financial accounts)Sources of income (to maintain payments and credit)Tax statements (to provide contact information for financial and legal providers and to apply for FEMA disaster assistance)Medical InformationPhysician information (in case medical care is needed)Copies of health insurance information (to make sure existing care continues uninterrupted)Immunization recordsMedicationsInsurance InformationHaving insurance for your home or business property is the best way to make sure you will have the necessary financial resources to help you repair, rebuild or replace whatever is damaged.Document and insure your property now.Household Contact InformationBanking institutionsInsurance agentsHealth professionalsService providersPlace of worshipGet Your Benefits ElectronicallyA disaster can disrupt mail service for days or weeks. If you depend on Social Security or other regular benefits, switching to electronic payments is a simple, significant way to protect yourself financially before disaster strikes. It also eliminates the risk of stolen checks. The U.S. Department of the Treasury recommends two safer ways to get federal benefits:Direct deposit to a checking or savings account. If you get federal benefits you can sign up by calling 800-333-1795 orsign up online.TheDirect Express® prepaid debit card is designed as a safe and easy alternative to paper.
5/19/2020

Money Talks: Whats New?

What's going on in Mississippi this week?We are still under the Safer-at-home Executive Order number 1477 that was extended and remains in effect until Monday, May 25th. Governor Tate Reeves is encouraging all of us to stay at home unless engaged in Essential Activities or Essential Travel. Gov. Tate Reeves has expanded social distancing guidelines for Attala, Leake, Scott, Jasper, Neshoba, Newton, and Lauderdale counties. Businesses in these counties must screen employees for the coronavirus. People have to wear masks if they cannot social distance at their jobs and masks must be worn during retail, live auction and flea market shopping.https://www.sos.ms.gov/content/executiveorders/ExecutiveOrders/1477.pdfhttps://www.sos.ms.gov/content/executiveorders/ExecutiveOrders/1480.pdfThe governor added some benefits for the unemployed. https://www.coronavirus.ms.gov/2020-04/governor-reeves-extends-unemployment-workers-impacted-covid-19Calls concerned:credit card ratesa 2nd EIP check?wife lost workdo dependents get checks?where's my check?unemploymentyou need your AGI for "Get My Payment" at the IRSchecks to deceased individualsLooking for a way to make more money?consider online tutoring sites like Chegg or VIPKidselling handmade products such as jewelry or greeting cards on ETSYdelivering food for DoorDash or GrubHubDelivering groceries for companies such as Shipt or Instacart selling books on Amazon Marketplace or other items locally on Facebook Marketplace offering to your services to neighborsyards maintenancedog walkingsupervising childrenoutside or in a park – if you already have a relationship with the family.https://www.inhersight.com/blog/how-to/make-money-during-coronavirus-pandemic?_n=92545989#Also consider taking a class in contact tracing so you'll be ready for the job market when Mississippi starts hiringhttps://www.coursera.org/learn/covid-19-contact-tracing?edocomorp=covid-19-contact-tracing
5/12/2020

Money Talks: Credit Counseling

Guest: Bruce McClary from the National Foundation for Credit Counseling https://www.nfcc.org/DATES TO KNOW: Submit your banking information to receive direct deposits of Economic Impact Payments by 11am Wednesday, May 13th, 2020. Mississippi Income Tax Returns and Payments are now due July 15th, 2020.Topics on the NFCC's website include - 10 Smart Ways to Reduce Expenses and Tighten Your Budget to Make Your Stimulus Check Last, Tips for Making and Managing an Emergency Budget; Should You Access Your Retirement Funds Early Due to COVID-19You can hear Bruce McClary give additional information on NFCC's Fin Bit Podcast https://open.spotify.com/show/6I2jbwF7mg9BxU3ywhdEUQDiscussions coveredEviction and Foreclosure Suspension for Homeowners Facing Difficulties Making Mortgage Payments https://www.nfcc.org/resources/blog/eviction-and-foreclosure-suspension-for-homeowners-facing-difficulties-making-mortgage-payments/Mortgage ForbearanceRefinancing https://www.nfcc.org/resources/blog/5-ways-to-still-refinance-your-mortgage-with-a-less-than-perfect-credit-score/Warning about " housing relief" scams https://www.nfcc.org/what-we-offer/foreclosure-prevention-counseling/foreclosure-rescue-scams/Credit card debt https://www.nfcc.org/what-we-offer/emergency-credit-card-help/Free weekly credit report https://www.annualcreditreport.com/index.actionBruce was a guest on the July 3rd 2018 Money Talks broadcast http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d7c
5/6/2020

Money Talks: Medicaid and Stimulus Checks

From our experts at New Perspectives:We've been presented with questions and concerns surrounding stimulus payments for residents of Medicaid-funded skilled nursing facilities (a.k.a “nursing homes”). Will they get a check? Will they actually get to KEEP the money? Will a stimulus payment affect their Medicaid eligibility status? Hopefully we can offer a bit of clarity.While these residents are normally required to surrender most all their income, the stimulus payment will be an exception. Below is a link to an article that addresses this succinctly, with the key takeaways being:Residents of these facilities should receive a stimulus payment.The facility cannot take the funds to offset a bill or for any other reason.The funds will NOT be treated as income for purposes of Medicaid eligibility and will not force anyone out of their current eligibility status.The funds need to be spent within 12 months, so they are not counted as an asset which could impact eligibility for next year.Now may be the time for residents to purchase new clothes or a new TV for their room. The American Council on Aging also suggests using the funds for an irrevocable funeral trust to help prepay burial expenses. Residents may use the money at their discretion but should avoid buying anything that would count as an asset under Medicaid regulations, e.g.- U.S. Savings Bonds or collectors coins.Read the full article here:https://www.nbc-2.com/story/42029916/fact-check-will-nursing-home-residents-not-get-their-stimulus-checks
5/5/2020

Money Talks: EIP Questions

Are you waiting for an Economic Impact Payment? Will you have to wait until June? September? April of 2021?Expert Dr. Nancy Lottridge-Anderson answers your questions (and learns a thing or 2 from our listeners who share their knowledge).From Social Security:Please note that we will not consider economic impact payments as income for SSI recipients, and the payments are excluded from resources for 12 months. https://blog.ssa.gov/commissioner-of-social-security-shares-update-about-covid-19-economic-impact-payments-for-beneficiaries/Supplemental Security Income recipients and low-income veterans who receive pensions from the Department of Veterans Affairs -- and who don't file returns -- can expect to see the money in May. If they have children, they're due an actual $500 per dependent. But they won't get this money until next year unless they give dependent information to the IRS today, May 5th, 2020 at the website https://www.irs.gov/coronavirus/non-filers-enter-payment-info-hereFor Social Security recipients, who have children under the age of 17, the date has already passed for getting the additional money for dependents. They'll have to file a full return in 2021 to get the additional money.If you want your check direct deposited and you have had to PAY income tax in 2018 and 2019, you need to go to the Get Your Payment part of the IRS website to put in your Direct Deposit information. Even if the IRS has your bank account information to withdraw your taxes owed it needs you to give it to them again to have your check direct deposited. https://www.irs.gov/coronavirus/get-my-paymentThe IRS started by sending money to the people it could reach the fastest. This was anyone who had direct deposit information already on file with the agency because they were due a refund on either their 2018 or 2019 federal tax returns.Now, payments are being delivered to millions of Social Security recipients who don't file tax returns. They can expect the money to automatically arrive however they normally receive their benefits, whether by a check in the mail or direct deposit to their bank account or debit card.The IRS began sending paper checks out the last week of April. The IRS has inadvertently sent checks to dead people. Families are expected to send back those checks.If the Economic Impact Payment was sent to closed bank account -- the bank will transferred the money back to the IRS. In that case, the payment will likely come later by a check in the mail.The IRS online tool allows users to input new bank account information -- but only if the agency doesn't already have an account on file from a 2018 or 2019 tax return and hasn't yet processed a stimulus payment. https://www.irs.gov/coronavirus/get-my-paymentEligibility is largely based on income, and it excludes individuals earning more than $99,000, head of household filers with one child who earn more than $136,500, and married couples without children earning more than $198,000.Families earning a little more may still be eligible if they have children. The phase-out limit depends on how many children they have. For a typical family of four, the amount is completely phased out for those with incomes exceeding $218,000.Those who can be claimed as a dependent for tax purposes, like many college students, are also ineligible for the payments, as well as undocumented immigrants who don't have Social Security numbers.https://amp.cnn.com/cnn/2020/04/29/politics/stimulus-payment-checks-waiting/index.htmlhttps://www.irs.gov/coronavirus/economic-impact-paymentshttps://www.usatoday.com/story/news/politics/2020/04/29/steve-mnuchin-wants-stimulus-given-dead-people-returned/3046434001/https://www.fool.com/personal-finance/2020/04/26/6-reasons-your-coronavirus-stimulus-check-may-neve.aspxCalls: economyMedicaidqualifying for stimulusget my paymentinfo on stimulusSSIMedicaidmoney