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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-19


You can hear Bruce McClary give additional information on NFCC's Fin Bit Podcast https://open.spotify.com/show/6I2jbwF7mg9BxU3ywhdEUQ


Discussions covered


Bruce was a guest on the July 3rd 2018 Money Talks broadcast http://moneytalks.mpbonline.org/episodes/5cd31f1533f6c1be55607d7c

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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
5/6/2020

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