Money Talks: Extension Service
Our guest today is Dr. Rebecca Campbell Smith, associate professor with the MSU Extension Service.
Dr. Smith works with the Extension Center for Economic Education and Financial Literacy.
The Healthy, Wealthy and Wise Program is designed to motivate adults to improve financial health and increase wealth by reducing debt, increasing savings and gaining confidence in the ability to make wise financial decisions.
When Your Income Drops If your family suffers loss of income, try to remain calm and don’t waste time and energy blaming yourself. Instead, take control of the situation by doing the best you can with the resources available to your family.
Managing Personal Finances During COVID-19: This toolkit provides information and resources to help individuals and families stabilize and improve their financial well-being as they weather loss of income and declining asset values. It is also intended to help consumers protect themselves now and position themselves for a stronger financial future.
Other pamphlets and videos include:
- Basic Money Management
- Disaster Relief
- Estate and Finanical Planning
- Fraud and Identity Theft
- Housing and Homebuyer
- Volunteer Money Mentors
- Youth Finanical Literacy
- stimulus taxable?
- kids and stimulus
- dependent and stimulus
- landlord help
- social security and stimulus
Congress has agreed to a roughly $900 billion economic relief package that includes a second round of stimulus payments.
The second stimulus payment will be:
A onetime stimulus payment of $600 for each individual
A onetime stimulus payment of $1,200 for married or joint filers
A onetime stimulus payment of $600 for dependents age 16 and under
In order to qualify for the second stimulus payment, you will need to have earned (in 2019) less than $75,000 (for individuals) or $150,000 (for married/joint filers). If your income is higher than those limits, then the stimulus payment is reduced by 5% of your adjusted gross income above those limits. This was the formula and income threshold under the first stimulus payment bill.