An effort bolstered by support from billionaire Michael Bloomberg has raised over $20 million to pay off fines for Florida felons, enabling them to vote in the upcoming presidential election. Bloomberg, NBA star LeBron James, and singer John Legend were among those helping raise funds for the Florida Rights Restoration Coalition with an October 5 voter registration deadline looming. The effort drew contributions from more than 44,000 people and eclipsed the $20 million milestone, the coalition announced Tuesday. “The right to vote is fundamental to our democracy and no American should be denied that right,” Bloomberg, a former Democratic presidential candidate, said in a statement. “Working together with the Florida Rights Restoration Coalition, we are determined to end disenfranchisement and the discrimination that has always driven it.” “The ability to vote…
I have $11,000 in a mutual fund account that is not a retirement account. My wife has a retirement account through her job as a teacher, but I do not have one at all. We’re in Baby Step 2, so should we cash out the $11,000 in the investment account to help pay off debt?
If this money is designated as non-retirement funds, I’d say go ahead and cash it out. Use the money to pay down debt, and continue to stay focused working the Baby Steps. Get that debt paid off, build an emergency fund of three to six months of expenses, then it’s your turn to start investing.
The quickest way to build wealth is to get control of your largest wealth-building tool—your income. When all your money is going out the door to other people, you don’t have that tool at your disposal when it comes to important things like saving and investing. There’s some math in there, but it’s also about behavior and being intentional. Getting out of debt dramatically shortens the distance between you and wealth.
A lot of people are having some major “never again” moments right now in the wake of COVID-19 and all the other stuff 2020 has thrown at us. They’re saying things like, “Never again will I be broke, never again will I have debt, and never again will I live with no savings to help take care of me and my family.”
You can do this, Chris. Get after it!
Zero-based Budgeting Explained
What exactly is a zero-based budget?
Simply put, a zero-based budget is income minus outgo equals zero. If you earn $4,000 a month, and you’re doing a zero-based budget, every item you spend, save, give and invest should add up to $4,000. It’s a method of knowing where every single one of your dollars is going. Most people don’t live on a budget. They just cash checks, write checks, then they look up and wonder where all their money went. Not having a plan, especially for your money, is a bad plan.
List all your income from all sources for the month. Next, list every single expense you have each month. Rent, food, cable, phones, and anything else you pay for gets added to the list. Your expenses vary from one month to the next, which is why you make a new spending plan each month.
Now, here’s where it gets real. Subtract your income from your expenses. Ideally, this number will be zero. It might take some practice, so don’t be discouraged if everything doesn’t balance out perfectly the first few times. All that means is you need to find a way to bring one of the numbers up, the other one down—or both. But whatever you do, don’t spend a dime that’s not accounted for.
If you have a problem with spending more than you make, make some cuts in order to equalize your income and your outgo. Using coupons, cutting back on groceries, or carpooling to work are great ideas to reduce spending. If you want to generate more money, get a second job on weekends or sell some stuff.
You’re the boss of the budget—in the beginning. Once it’s committed to paper, in a spreadsheet, or on an app like EveryDollar, the budget is the boss!
Dave Ramsey is CEO of Ramsey Solutions, host of The Dave Ramsey Show, and a best-selling author, including “The Total Money Makeover.” Follow Dave at DaveRamsey.com and on Twitter @DaveRamsey.
Focus News: Use Non-Retirement Account to Pay Off Debt?
CHICAGO—A former U.S. soldier who said an obsession with witchcraft led him to slay a Georgia nurse in a bid to lift a spell he believed she put on him is the first of two more inmates the federal government is preparing to put to death this week. William Emmett LeCroy, 50, on Tuesday would be the sixth federal inmate executed by lethal injection this year at the U.S. prison in Terre Haute, Indiana. Another is scheduled for Thursday of Christopher Vialva, who would be the first African-American on federal death row to be executed this year. LeCroy is white, as were four of the five inmates executed earlier. The fifth was a Navajo. Critics say President Donald Trump’s resumption of federal executions this year after a 17-year hiatus is…