Oh, I'm going to get $1,500 back next year and then within a minute or two minutes, we've
already spent that in our heads. I'm guilty of it, I know a lot of us are guilty of that.
We think "oh, this is going to pay for that vacation" or "oh, that's going to pay for
x, y & z". What I want to challenge you to do is to think on a monthly basis, how much
extra is that going to be? How much extra can you anticipate in your income every month?
Welcome back to the "Find Your MoneyPath Show"! On today's episode, we're going to be talking
about the big news from last week, which was the tax bill. We're not going to get into
any of the nitty gritty. We're going to try & figure out very high level how much more
or less are you going to get back as a result of this? I want to show you just a quick tool
& it's just on CNN & it's just a calculator to help give you a very high level estimate
of what your impact is going to be for a few different scenarios. Let's go ahead & check
that out. This is the CNN tax calculator. This is just one of the many that are out
there. This is one that seems to be pretty straightforward & pretty simple. I know there
are a lot of nuances in this bill so this is just going to give you a very high level
understanding of what your impact is going to be. It's always a good idea to consult
with a tax professional or a CPA. Someone that you trust, someone that is credentialed
to handle tax situations to be able to tell you roughly what your impact is going to be
or a little more accurate than something like this. This is just one quick & easy way to
do it. So let's go ahead & jump in here. I will have the link here in the description
or in the post where you can access this. Let's just run through a couple of different
scenarios. Let's assume someone was making around $55k a year. We'll click this. They
currently don't itemize & they are a single person with no kids. This person can expect
2.7% lower taxes next year. If we do some quick math on that the after-tax income will
go up 2.7%. For someone making about $55k who doesn't itemize, is single & has no children
this is about a $1,400 - $1,500 increase in take-home pay in 2018. You can see the breakouts
by year. Now, let's run through another scenario. Let's say this is a couple & they make between
$75k & $125k a year. Let's change this to joint & we're going to say that they don't
itemize now, but they do have one child. You can see, if they make $100k a year that would
be a 2.9% increase for them. It would be about $2,900 over the course of a year. Now if you
take away the kid, you can see it goes down to 2.4%. Let's run one other scenario & I'll
just keep it here in the $75k to $125k income. We'll say this is a married couple, no children,
but let's say that they do itemize. Watch the change here. Does this person have high
state & local taxes? No, we live in Georgia. See this here, before these were in the 2's
before & the after-tax income only goes up 0.9%. If you do itemize, it looks like this
new tax bill is actually going to have less of a favorable impact on you. The point of
this exercise is just have a rough idea of what your impact is going to be. For someone
making about $100k, or a couple making $100k with no kids, this would be about $900 throughout
the year. If you haven't done it yet, I encourage you, click on that link & go to that calculator.
Type your stuff in & figure out very high level what range you're looking at. Are you
looking at owing a little bit more or are you looking at potentially a 3% increase in
your income? Figure that out. Again, I'll just reiterate the importance that this is
just a very high level calculator. To get a better estimate, you are going to want to
go talk to a CPA or licensed tax professional. Someone who is going to really be able to
walk you through all of the in's & out's of your specific situation to help you determine
what your true impact is going to be. What I really want to talk about is just the fact
that if you are planning to get an increase in income, which it seems like based on everything
we've seen, it seems like a lot of people are going to fall into that camp. What I really
want to encourage you to do is to think about using that money to do something positive.
Think about using that money to move you forward in your finances. To help you make progress
with your finances. A lot of times we see this big number like "Oh, I'm going to get
$1,500 back next year and then within a minute or two minutes, we've already spent that in
our heads. I'm guilty of it, I know a lot of us are guilty of that. We think "oh, this
is going to pay for that vacation" or "oh, that's going to pay for x, y & z". What I
want to challenge you to do is to think on a monthly basis, how much extra is that going
to be? How much extra can you anticipate in your income every month? When we break it
up into monthly increments, we're a lot more likely to actually use it for positive or
to use it to help us move forward. Think about what step you're on, think about what your
current goal is with money. Are you trying to build up your emergency fund? Are you trying
to pay down some debt quicker? Are you trying to invest a little bit more? Think about whatever
stage you're on, whatever step you're at & figure out how you can use this extra $100 to $200
to whatever that number is. How can you use that? How can you be thinking about when that
change occurs, which based on what everybody is saying it's going to probably be the first
check in February, how can you be prepared to use that to help you move forward with
money? Now if you've seen any of my other videos & you've watched some of my stuff,
you know I'm big on balance with money. This doesn't mean that you need to put every single
penny into the stock market or every single penny to pay down debt or into your emergency
fund. Some people might take 25% & say we're going to save up for a nice vacation next
year or we want to go out to eat one more night a week with our family or one more night
a month with our family. That's totally fine, but I think our tendency is if we don't pre-plan
ahead to use it for good, it will just slip away. I think if we don't pre-plan ahead the
tendency to use 100% of it on things that aren't going to help us make progress with
money is a lot more likely. Take a few minutes, click on that link & go figure out what your
rough estimated change is going to be. Then obviously into the New Year, you'll probably
want to work with a tax professional just to get a better idea of what your true impact
is going to be. Then do the same thing like you normally would if you knew that you would
be getting an extra $1,500 next year, but instead of already spending it in your head
think about how to spend it on something good or on something that is going to move you
forward with money. Hey guys, I hope this video was helpful for you. If you know someone
who is really looking to create a New Years resolution around money or wants to save a
little bit more in 2018, or wants to pay down some debt or wants to improve their credit,
I would love for you to mention Find Your MoneyPath to them. We're ready to help a lot
of people in the New Year & we know this is the time of year when people really start
to re-engage with money & want to start moving forward, positively.
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