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It was recently reported that the national debt has soared past an astounding $22 trillion. That’s more than $180,000 per person currently living in the United States. It’s a figure that currently is on track to double in the next 30 years. Consider the future as well. The bulk of the population will soon be taking Social Security and Medicare.

This amount of debt looks unfixable. The rate at which we’re accumulating debt is far faster than the growth of our GDP. To raise taxes to put a dent into this massive sum would be like asking all Americans to get another mortgage. By 2050, the U.S. will be paying more towards interest than national defense and health care.

The politicians act as if they care. Every campaign starts with the promise of fixing the national debt. Yet, at every turn, politicians and presidents alike only end up spending more and more. As the economy ebbs and flows, entitlement programs do so as well. It could very well happen that we see all entitlement programs run dry in the next decade. That would send the economy into a depression of mammoth proportions.

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Would a Soft Default Help the Debt Problem?

We’ve been dug into a hole by our leaders, Republicans, Democrats, and Independents alike. Dramatically increasing taxes will not do the trick. There simply isn’t enough wealth out there to cover $22 trillion. Many believe that a soft default on our debt is the best way out of this mess. Not a hardcore default where the government refuses to pay anything, either.

Before we explain what a soft default looks like, just know ahead of time it doesn’t come without drawbacks. It would hurt a lot of people, especially if money was saved in the form of bonds and savings accounts. It might not even be a moral way to conquer the debt. But it is a possibility that wouldn’t send the world economy into a tailspin.

The U.S. Treasury could pin the dollar to any number of commodities. Those commodities would most likely be gold, oil, silver, or others we have in abundance. By giving a bit of a weak valuation, like $10,000 per ounce of gold (dramatically higher than the price today), the debt could be paid down.

A Default is Going to Happen

While a soft default is going to hurt some people, it’s better than the alternative. At some point, something will have to break. The amount of debt we currently have, much less in the next decade or two, is unsustainable. We simply will never be able to catch up to it. If we don’t take a drastic measure now, it will turn into a catastrophe later.

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The timing would be perfect to pull this off. Unemployment is at a historical low and our economy is growing. Doing a soft default now would solve our debt problem for the future while having the least amount of impact. If it will happen, the answer is most likely “no”. Hopefully, the people who got us into this mess will come up with a solution soon.

GOBankingRates recently released a new study that looks at the spending habits of Americans. So, how does the rest of America stack up when compared to your own habits? According to the report, we spend on average $164.55 per day. That seems like quite a bit of money. Yet, it’s spread out across all of our monthly bills.

The largest expenses that we spend the most on includes rent, food, health insurance, and utilities. Here’s how some of those numbers break down individually:

• Gas: $5.39 per day
• Food: $11.95 per day
• Dining out: $9.22 per day
• Health Insurance: $9.35 per day

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How Much Will Each Age Group Spend?

What’s even more interesting about these numbers is how much each age group spends. The data was analyzed from the Bureau of Labor Statistics. GOBankingRates looked at each age group across 15 different categories. Here’s a breakdown on how much each generation spends each day:

25 and Under (Generation Z)

It’s not surprising that Gen Z will spend less money than every other generation. We don’t expect that 25-year-olds have access to too much money yet. The older end of the spectrum is just now graduating college. This is true in nearly every category, except a few. Education, cellphone service, clothing, and gasoline.

The amount Gen Z will pay per day is around $92.13. Of course, the younger generation is more focused on buying the most expensive of everything. That’s why they spend more on their phones and clothing. Gen Z’s most expensive spend is on housing, at about $20.69 per day.

25-34 (Millennials)

When we get into the millennial generation, they spend the most out of every group. Their daily expenditures average $208.77 per day, more than double Gen Z. Housing is once again the largest at $34.78. They spend $10.89 on groceries $7.24 on entertainment and $5.59 on clothing.

This is also expected. This age group is nearing middle age. They also have the highest amounts of student loan debt and are starting their families. They’re buying houses for the first time, have car loans, and so much more.

35-44 (Generation X)

This age group will spend a little less than millennials at $189.13 per day. They spend more on housing than millennials ($39.16) and groceries ($14.05). Again, this is expected. This age group has more established families and more mouths to feed. They do spend more on entertainment than millennials at $10.96. They also spend around $3 per day on pets.

55 and Older (Older and Younger Baby Boomers)

This group can be split into two sections: the older and younger baby boomers. The older group spends around $40 less per day than the younger group. It really depends on which group is retired and which still has kids at home. A lot of people in the older group sell their home and retire someplace warm.

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They have a smaller home with fewer expenses. But the younger baby boomers still might work and live in the family home. They might still have a kid or two living with them. With the older group, they ended up paying way more for health insurance than any other group at $12.91. To counter that, they spend way less on other amenities, like clothes, gas, cellphones, and more.

Saving for retirement is a big deal for Americans. Most of us save for decades to prepare for our golden years. Maybe you dream about finally having the time to go on vacation. Perhaps there are a lot of hobbies you’ve been meaning to get into. While it’s easy to have our ideal retirement planned out, there’s something we’re missing.

Thinking ahead is great, but it’s not effective if you’re not sure HOW you’re going to do it. If you’ve been contributing toward your 401(k), how do you plan on distributing that money? According to a new poll from Kiplinger, that’s a question half of us don’t ask. 50% of people between 35-64 said they had no withdrawal plan. This part is key in true retirement planning.

“Americans are often focused on, what’s my number or how much do I need to save by the time I’m 65, 66 or whenever you decide to retire,” says Mark Solheim, editor, Kiplinger’s Personal Finance. “Unless you are deliberate about how much money you are withdrawing every year and you watch those totals and what the market is doing, you are shooting in the dark.”

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Why You Need a Retirement Plan

So many retired folks are dealing with running out of money sooner than they anticipated. It was found by the Employee Benefit Research Institute that very few people know what they’ll need. They surveyed over 2,000 workers and found only half of them had any inkling what they would spend during retirement.

If you don’t know what you’d spend each month, how can you properly save? That’s leaving too much to chance. Furthermore, only 1-in-8 said they knew how to withdraw their retirement income in the first place. It goes to show a lot of Americans are unknowledgeable about their future and how they’ll pay for it.

“You don’t want to use the money too quickly,” says Solheim. “Another odd thing that we found is that people actually way underspend what they are able to spend. Having a firm, logical withdrawal plan helps you spend the right amount of money so that you have a comfortable lifestyle.”

The 4% Rule

“The 4 percent rule is widely accepted among financial planners,” he says. “It’s actually been tested under various scenarios of stock market fluctuations. Bear markets and bouts of high inflation. In your first year of retirement, you withdraw four percent from your nest egg. Most people’s nest eggs are in tax-deferred accounts – a 401(k) or IRA. Every subsequent year you adjust that for the rate of inflation. It’s been shown statistically your money is very likely to last 30 years.”

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This is a great strategy for anyone looking to save for retirement. You can change the percentage to reflect the current market fluctuations at the time, but it works well.

“If the market tumbles, the amount of money in your account goes down and your withdrawal will decrease as a result,” he says. “Then you might need to make up some of that money somewhere else. You need to know where that money is coming from.”

The vast majority of us try our best to prevent being scammed. Still, no matter what we try, it’s always in the back of our mind. We might have family members or friends who were victimized by scammers. Maybe you’re reading this and it was you who lost big. It’s even possible you’re being victimized right now and you don’t even know it!

No, this isn’t about scare tactics. It’s a warning that criminal scammers are constantly hard at work. And no matter the type of defenses we present, they find new ways around them. What’s worse is that the public seems unprepared for what might happen to them. They often don’t know what happens until it’s too late.

According to the Federal Trade Commission, $1.4 billion was stolen by scammers in 2018. That’s three million people who have made complaints about fraudulent activity. These people lost anywhere from $1 to $10,000 at any given time. The average amount lost is around $375, with many attempts being higher than that.

That’s really the crux of the problem. You may not think such a small amount of money is a scam. For example, you seek help with mortgage foreclosure relief. You truly believe the company you’ve “hired” is going to do what they promise. Yet, this is no obvious Nigerian Prince scam. People are paying upwards of $1,377 to these scammers thinking they’re legit.

Fighting Scammers

In order to fight back against fraud of all types is remaining educated. Even when they seem to know their way around protections you set up for yourself. Still, if you know the type of theft that’s out there, you can work to prevent it. Half of all the complaints were about fraud. If you’re a bit more aware of your surroundings, you can spot it a mile away.

One way is not to jump in too quickly if you see something that appears too good to be true. Usually, it is. The truth is, imposter scams were reported 535,000 times. This happens when scammers pretend to be someone they’re not. It can be a romance scam, playing on your emotions. It can be a call from someone saying they work for the government.

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Identity theft is another big one. It accounts for around 15% of all reports. Credit card fraud was the most active type of identity theft perpetrated by scammers. Tax fraud, where someone files under your name and social security number to steal your tax refund. Even debt collectors calling your house can be a fraud.

You Are in Charge

At the end of the day, you’re responsible for protecting yourself. Discover all the ways you can keep your social security and credit card number hidden and safe. If you get a random phone call, it may be from scammers. Don’t just give them your money over the phone. Ask for a company name, number, and address. From there, do your research.

Lastly, do not give out personal or sensitive information unless you are sure you know who you’re talking to. They may even try to trip you up so you ‘correct’ them with the information they were looking for. Look for the signs and double check who they are before dealing with them.

It’s time to put your house up for sale. Maybe the kids moved out and it’s time to downsize. Or you have a new family on the way it is time to upscale. Either way, you’re ready to put your home up for sale and move on to bigger (or smaller) things. But don’t hire a realtor just yet! There are a few steps you should take first before the ‘FOR SALE’ sign makes it to the yard.

Sprucing up a few things will help make your home look more attractive to prospective buyers. It can also improve the value of your home. Have a checklist to look at a few areas you might consider upgrading and improving before putting your home up for sale. Here are three steps to improve the value of your home:

Step One: Declutter Your Home

If you’ve lived in your home for several years, you’re bound to have collective a lot of stuff over that time. A lot of it might not be things that you use in your everyday life. Old blankets, toys the kids don’t play with, out of season clothing, large utensils. Check out the tools you only use once or twice a year, exercise equipment (that you also only use once or twice a year), holiday decorations.

Even boxes from the last move you still have not unpacked. People have a lot of stuff. All these things fill your home and can actually make rooms looks smaller and more cluttered. By cleaning this stuff out, you can really help your moving process go smoother. Not only will it give you more room, it will make a house cleaner and more attractive to prospective buyers.

You can have a garage sale if it’s old stuff you don’t need anymore. You don’t have to completely get rid of it either. Renting a storage unit to store those possessions will clean your home until it sells. The more space you have to show, the better your chances at getting that sale.

Step Two: Get Estimates to Replace Big Ticket Items

Again, depending on how long you’ve lived somewhere, it won’t hurt to do a little upgrading where needed. Have you noticed the washer or the dryer starting to break down? Did you raise three kids and two dogs on the same carpet and it’s looking a bit worn? Is the roof ready to be re-shingled? These upgrades will help improve the value of your home.

Nothing will turn away a prospective buyer quicker than seeing you have old appliances. If you still have a kitchen that looks straight out of the 1970s, it can seem like too much extra work. Buy upgrading your kitchen, bathrooms, and slapping on a new coat of paint, it will go far.

Step Three: Get an Inspection

While you’re in the mood of replacing things, don’t forget the pre-home inspection. That will allow you to see areas of your home that might need to be fixed or improved. In the same tone, do a bit of inspecting yourself. Stand down by the road and take a good look at the property. What do you notice? Does everything look like and kept up? Or are the shrubs overrun and the grass is ragged?

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You better believe that prospective buyers will also hire someone to do an inspection. If you get those areas fixed ahead of time, it will go a long way. Again, if a buyer sees the home requires a lot of work, it can scare them away. Having those areas fixed first will attract them to a place that appears ready to move in.

Anything you can do to make your home look brand new is the key. Fix up each area, like the kitchen, bathroom, and living room. Replace old and worn out appliances. Give the walls a fresh coat of paint. Put as much work into that house as needed to attract any and all potential home buyers.

It’s difficult to know the exact number of people who are currently uninsured in the U.S. Estimations show that number can be anywhere between 20 and 30 million people. When these people get sick or injured, they have no choice. Going to the hospital uninsured is an extremely risky proposition. A single visit to the hospital can easily rake up thousands of dollars. In order to get their money, hospitals are now pushing bank loans to their patients without insurance.

Whether it’s because health insurance is too costly in this country, or people don’t think they need it, being covered is one of those tricky things that can ultimately hurt you if you’re not. Even if you do have insurance, there can be gaps in your coverage as well as high deductibles that can put you in a financial bind. Many people take out bank loans for a variety of reasons. Usually its to cover an expense they can’t afford. But going to the hospital can literally be the difference between life and death.

That’s what one woman from Arkansas found out the hard way! CNN reported the story of a woman who was three months pregnant and collapsed in a parking lot. She was rushed to the emergency room and despite having insurance, she still had to pay $830 out of pocket.

The hospital gave her two choices: pay the bill or check out bank loans through their financial institution. For most people, this sounds like a great deal. With bank loans, you can still pay the bill, but on a more manageable scale. The problem is, the extent of their bill can have them paying back a single stay for months or years.

Bank Loans and Health Care

Right now, around 20%-30% of hospitals are offering bank loans as a financing option, but it leaves a lot of experts with a bad taste in their mouth. A lot of private doctors do offer services to help their financially strapped patients. Yet, there is something to be said about pressuring someone, after an emergency, to secure bank loans to pay their bills.

There’s more to the equation than the moral question of whether a hospital shall use high-pressure tactics to during/after an emergency. A lot of the problem has to do with the cost of health care. Most insurance companies can negotiate what they consider a fair price for the services provided.

If you immediately sign up for a loan with the hospital, you’re not going to get the discounted services. The hospital is going to use their own inflated price list, a cost most Americans cannot afford. They don’t care about their inflated prices. By forcing you to sign up for bank loans, they’ll get their money, no matter the overall cost to you.

There are many Americans who also have high deductibles. One person in Florida had to pay $13,000 out of pocket for an emergency procedure. What is a person to do when most Americans don’t even have $400 in their savings? Bank loans might be a short-term solution, but anything more than that can bankrupt people for years.

Paying Back the Bill

The best thing to do if you find yourself in this situation is to be upfront and honest with the hospital. Tell them you cannot afford the bill. They often have other resources, such as financial assistance and government help. They can even screen the individual for Medicaid to see if they qualify. You might not even have the credit available for bank loans.

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If none of that works, then you might have to eat the bill. Rather than getting pressured into a loan that day, take the bill home and do your research. There may be local, state, and federal avenues that exist to assist you. Also, don’t be afraid to negotiate with the hospital for a better price. They want to get paid, so they might just work with you to get it done.