Lately the news has been swarming about the government working on a bail out plan. At first I was like “FINALLY” the federal government is dealing with the financial crisis in Wall Street. Then as the story progress, I realized that this bailing out business isn’t such a great idea after all.

First of all, the amount of money that is needed is 700 billion dollars (that’s a big chunk of money)!!  When I heard about this I looked to Dave to see if I have heard something wrong. I guess not. Second, I wonder if this is going to help with the problem in the long term. Third, where are they going to get all this money?

Before I even asked the third question, Dave pointed out to me that the taxpayers are going to have to cough up the funds. I really didn’t like the sound of that. Honestly, I don’t know how much money you have in the bank account but I am broke. BROKE! BROKE! BROKE! I wonder how many times I have to repeat that for the government to really understand. Maybe I should tattoo the word “broke” to my forehead to make my point. However, I doubt that would make much of a difference but I might be on the cover of the worst fashion sense.

It seems that every time the big boys make a mistake, it is us the little people that have to pay. Well, I am getting sick and tired of it. Why should we hand over our hard earned money to cover for their greed and stupidity? And what happen to the people that are responsible for this? Do they get reprimanded?  The answer to that is a big “NO” and instead their paycheck gets larger and larger.  The big boys in Wall Street make more money in one year then you and I could make in 10 years.

I feel in the end no matter how much we complain, Uncle Sam will still get our money and give it to the greedy CEOs of Wall Street. It is sad how these things always happened to us average folks.

I wonder what Uncle Sam will do if I ask to be bail out of my bad investments. They probably send me a nice warning letter.

Written by Leah

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Are You Ready to Retire?

A few nights ago, I was talking to Dave about the Social Security Program. Actually, it was more like ranting. If you notice in your paycheck, a portion of your earning goes to Social Security Tax but do you know that the program is running out of money. I’m not complaining about paying taxes but why should I pay a tax that is not going to compensate me when I retire. There are many things that I can do with “my” money.

The real question is why we are still contributing to Social Security when we (the one who is ACTUALLY contributing) will not benefit from it. Those that will benefit from the program are those who are retired and those fortunate individuals who will be retiring very soon. If you are like me that needs to work thirty or more years, you’re on your own because by the time we retire Social Security will be broke. There will be nothing left for us to enjoy. See why I’m a little upset, okay I lied, make that pissed off?

This lead to the next important question, “How many of us have retirement investment plans?” Notice I wrote “plans” instead of plan because just having one will not bring the full enjoyment to our later years. Many of us have 401K plan and relying just on your company is not enough. So, do you have another backup? I hope you do.

The reality is that things right now just plain sucks. If you wait till your golden years to invest, then I have two words for you, good luck. I’ve seen so many older generations working at places such as CVS and McDonald just to have enough money to live on. Don’t get me wrong, I’m not bashing at their situation. I feel a bit sad because one of them could be my grandparent or worse it could be me in the future.

Besides my company 401K plan, I also opened a Roth IRA. I’m not suggesting you follow my plan because I’m not a financial professional. You need to do what is right for you.

Why did I decide on a Roth IRA? Because when it is time for me to withdraw, I don’t have to pay taxes on the withdrawal since my contribution is already taxed. Who knows what my tax bracket will be in the future? I would rather pay the tax now and enjoy it later. However, if you need a tax break now, you can opt for the Traditional IRA and down the road you can convert to a Roth IRA.

No matter what you do, it is always good to be prepared and enjoy your retirement years with comfort and luxury.

Like what Dave always says, “Go get fat money.”

Written by Leah.

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