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Family & Financial Planning

Turn Small Savings Into a Big Nest Egg

Tue, 10/06/2009 - 10:25 | Family & Financial Planning
I came across this article this morning and thought I'd pass this along just in case you missed it. We all hear all the time how must a little can go a long way when you think 10, 20 or more years ahead. For a lot of people that seems like a life time.
 
What caught my attention about this article was how simple this plan is, but instead of using this savings for your retirement maybe instead think of it as your kids collage future; or an after graduation trust for them.
 
“According to the U.S. Bureau of Economic Analysis, the personal savings rate of Americans has ranged between -1% and approximately 4% between the years 2005 and 2009. “
 
So let's take all us adults out of the equation for a moment and think about what this is doing to our kids. Our kids do not hear us saying NO to that new video game, extra sports channel, On Demand movie or trip we cannot afford. They do not actually see us balance our check books, pay for cash, or hear us talk about saving.
 
“If you eliminate $100 of wasteful spending per month and instead channel that cash to an investment vehicle that yields an annual interest rate of 10%, that translates to more than $75,000 over 20 years, and more than $500,000 over the course of 40 years. “
 
I agree, it doesn't look like a lot of money and non of us can retire or send our kids to college on $75,000. But the bigger exercise here is more than that $100 per month, it is teaching our kids how to plan for their own future when we no longer can support them.
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Free Preschool in North Bend (Washington) for Foster Children

Wed, 08/26/2009 - 13:10 | Family & Financial Planning

Encompass has a few preschool openings for families who are living on a limited income or for families whose income has recently changed due to divorce, death or job loss.  Children living with grandparents and foster parents are automatically qualified. This program is free and is offered through the State of Washington Early Childhood Education and Assistance Program (ECEAP).  ECEAP is similar to Head Start and includes three half days of preschool, free transportation, meals and support services. Your child must be 3 or 4 years old by August 31st of 2009.   Encompass is the only NAEYC certified program in the Valley and boasts a ratio of 6-7 children per adult in the classroom. For more information, call Paula at Encompass (425-888-2777).

  • FLO ED's blog

2008 Foster & Adoptive family federal tax credits

Tue, 01/20/2009 - 18:56 | Family & Financial Planning

It is that time of year again to start thinking about taxes. If you have not already, you will soon be receiving W-2's and 1099's in the mail to complete your 2008 taxes. Don't forget that as a foster and adoptive family there are important tax credits for you federally, and possibly in your local state too. For 2008, the maximum adoption credit has increased to $11,650. There are two ways to claim this, one is per child, for the adoption of a special needs child formally in the foster care system; the second is a one time credit per adoption or attempt for domestic, private and international adoptions. The National Foster Parent Association has published and released their 2008 Tax Guide, you will find the PDF attached to this BLOG post. Make sure you also read Federal Tax Credits and Benefits resource.

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User Notice: Families Like Ours, Inc. is a nonprofit 501[c][3] adoption exchange providing information, resources and support services mainly to adoptive and pre-adoptive families. Families Like Ours, Inc. is not a law firm; we are not lawyers or legal analysts. The information contained throughout this site should be used at your own discretion and is not meant to be your only resource for information. We strongly advise that you seek professional assistance for all your adoption, relationship, financial planning and other family matters.
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