Street Speculator

The predictions and calculations have finally been released. The U.S. government today released a report stating that the Social Security Trust fund will be depleted by the year 2037. Subtract 65 from 2037 and you get 1972.

It doesn’t take a math genius to see that those born in the year 1972 and beyond will more than likely have no Social Security benefits to depend on. There has always been random speculation as to when this program would bankrupt itself, but today we finally have a “concrete” date.

This announcement may spark fear in many. However, let this fear drive you and not act as a hindrance.

Now more than ever is the time to get your financial house in order. Put off all of the plans for big-ticket item purchases (Homes, Cars, Vacations, etc…). Also, save and invest like a madman (or woman). You must become frugal as well.

Plan of Action:

1. Get out of Debt (Start with your small balances 1st). Don’t go back in!!

2. Put away at least 15% of your earned income or more if possible.

3. Take as many “legal” deductions as possible (Tax Planning).

4. Ignore April the 15th, you want your immediately & not once a year.

5. Pay off your mortgage. Tax writeoffs for interest paid on DEBT is Dumb Accounting.

The above principles are very basic. More will definitely need to be done. This is just a message to prepare you as to what lies ahead.

SPEC’s