Author - jim@blankenshipfinancial.com (Jim Blankenship)

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Up to 41% of “miscellaneous” denied Social Security benefits not being reviewed
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5 Free Activities to Explore While Social Distancing
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Just Starting Out – Resources to Help With Money Stuff
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IRA Rollover Waiver Denied When Funds Used as a Loan
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Is It Time to Rethink the Emergency Fund?

Up to 41% of “miscellaneous” denied Social Security benefits not being reviewed

Many, if not most, applications for Social Security benefits are approved without any issues. But often, an application is denied, for legitimate reasons. Maybe you don’t have the requisite number of credits on your account for benefits, or something similar. But also, many times, benefits are denied without a specified reason. When this happens, the Social Security Administration staffer working on the case will apply a code of “miscellaneous suspense” to the record.

The suspension of benefits can happen either at the point of initial application, or upon a review of the record at some point. For the latter, the …

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5 Free Activities to Explore While Social Distancing

During the lockdown and required social distancing it’s common to feel cooped up and restless. Finances may be strained, and we may feel the need to lockdown our own spending. During this time, and raising two daughters, it was a great way to become creative with activities that didn’t cost a thing but were a HUGE investment in building relationships. If you don’t have kids, you can still do these with friends or family.

  1. Take an adventure walk. We like to take walks frequently. However, there are times when I will set certain challenges on the walks or learning outcomes
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Just Starting Out – Resources to Help With Money Stuff

 

Photo credit: jb

A recent college graduate approached me recently to ask about saving and investing. He had begun investing using one of the micro-brokerage apps, and had a few questions about getting started with saving and investing.

We briefly talked about saving concepts, including emergency funds, goals for saving activities and whatnot, as well as the concept of diversification. But I knew that the brief amount of time we had available to talk would not be enough to answer all of his questions. In addition, although at one time I was in his very shoes (starting his first …

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IRA Rollover Waiver Denied When Funds Used as a Loan

A recent Private Letter Ruling (PLR) from the IRS may be of interest to IRA owners who are thinking about using IRA funds as a short-term loan. There are a couple of factors in this ruling that you need to understand if you’re looking to use IRA funds for a short-term loan (hint: it’s not recommended!).

PLR 202033008 was issued August 14, 2020. The taxpayer had, upon the advice of his real estate agent, taken a withdrawal from his IRA in order to purchase a home. At the time, his old home had not yet sold, so he needed a …

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Is It Time to Rethink the Emergency Fund?

For the longest time in wealth management the recommended amount of money to have in an emergency fund has been three to six months of non-discretionary expenses (mortgage, rent, utilities, groceries).

Typically, three months was the recommendation for a single individual or married couple with dual incomes. Six months was generally for married couples with one income earner.

Every so often, something comes along challenging conventional wisdom, and that can be a good thing. In this case, it’s a pandemic that’s changing how we think – about many things.

The pandemic has wreaked havoc on many lives. People have been …

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