• Regis Arzu

Q & A Wednesday - Where's My Stimulus Money At?

I had multiple people ask me all similar questions about their money. So I want to hopefully answer most of them by answering, who does not qualify for the stimulus money? And where to track your money and update your account information in case it’s lost.

The following people do not qualify for the stimulus money:

  • If you are behind on child support payments

  • If someone filed you as a dependent and you’re 17 and up

  • If you do not have a social security and if you’re a non-citizen

  • You’re refund when to an old or the wrong bank account

  • And if you didn’t file for your 2018 or 2019 taxes

These are not the only reason, but I would say a big chunk has fallen under these reason. Now to track you’re money, or update your account information, and or do a quick tax filing if you did not file for 2018 or 2019 go to https://www.irs.gov/coronavirus/get-my-payment. I believe that answered most of the stimulus questions I was asked, but if there is something specific you are curious about, please reach out to me and I can answer your questions specific to your scenario.

Q: // Steven: I have a rental that I currently rent to a family member. I want to sell her my house, but I don’t want to pay for a real-estate agent. If we have a mutual arrangement, how would I go upon doing this transaction?

A: I had to phone a friend for this one. I reached out to Jeff Vanderhule who is the best realtor in Colorado. I’m paraphrasing his answer, but he told me that real estate law changes state by state so definitely confirm with your local state law. So when a person is selling a home on their own it’s called an FSBO, For Sale By Owner which is totally doable and this situation is an example where it makes sense. What you would have to do is go to a lawyer or a real estate agent and tell them you want to sell the home by yourselves and they would draft your contract for a small fee of $1000-$1500 and you don’t have to pay all the other real estate agent cost.

Now this situation is specific, for anyone else selling a home, the service that real estate agents provide is that they get you the best deal for your home and they really hold your hand through any obstacles that arise. When I stated previously that purchasing a home is easy, that’s because a real estate agent makes it very easy. At least a good one like Jeff Vanderhule. Thanks Jeff for being a resource on this question.

Q: // Anonymous: Thank you for all the information you are giving us, I really appreciate your podcast, and I think our people need this information. I live with my mother and I’ve been trying to save for quite some time which I’m doing pretty good, but my mother is one of those “I don’t want to die tomorrow with money in the bank” kind of person and just spends her money frivolously. I want to help her, how do I best let her know that what she is doing is not going to help her in the long run.

A: Man that’s a tough one, and I know many people like that. The thing is, I don’t know if the answer I have for you is the answer you want. There is this rule in psychology that therapist use that would apply to this situation. “You can’t want something for the client more than what the client wants for themselves. Your mother is going to do what she wants. So that’s one side of it. Because that would make me hypocrite because there is a big chunk of my audience that are comfortable where they are. So my comment to that is to do what I’m doing, just keep giving the information over and over and over again and hope one day that they’ll listen. If I can get to one person, then I won. And if you talk to your mother over and over again, hopefully she might one day listen, but if she doesn’t then your sister can or your father can. Another thing I recommend is to go hard with your finance. What I mean by that, is to do the best you can do and be an example of where you want your mother to be.

People pay attention when they see the results.

I did the same thing as well. People didn’t listen until they heard I bought multiple properties. So my Challenge to you is to take all this information and do better than me. I know you can do it. And let me know what I can do to help. You’ll be surprised how much you can inspire through your actions. Hope that helps.

Q: // Stephanie, Miami : I'm 19 and I got my credit card when I turned 18 and it's looking like I can't stop using it. My mother told me that I should freeze my credit card (she meant it literally) and that I should not call the bank to close my card because it will help mess up my credit. Not that I doubt, her but I would like to confirm, is it true that closing my account will mess up my credit? And if you have time for another question why and how will it mess up my credit. I asked her and she didn't know how or why? Thank you

A: So I loved this question Stephanie. This is a very common thing. Where people know that they shouldn’t close their credit card, but they don’t know why. I actually explained it to someone a week ago, so I’m super excited to let everyone know why. So I want to start by saying, Yes your mother is correct, closing your credit card would mess up your credit. So here’s the why.

OK, let me try not to confuse anyone. So you build credit based on the availability of the total of your credit cards. So for example, if you have two credit cards with a max limit of $1000 each which means that the most you can spend on them is $1000 each, and only one of the two cards is maxed out and the other has a zero balance, then in your credit it will show you at 50% available credit. That’s because you used $1000 out of $2000 available. To have good credit you want to only use 30% of the available balance. So in my example, if you were at 50% available and you closed one of your credit cards, then your credit would go from 50% available to 0% available which means you would be at a usage of 100% of the available balance which would be above that $30 percent. So in that case you would go to using $1000 out of $1000 instead of the $1000 out of $2000 before you closed that card. And that would really mess up your credit. Maxing out your credit cards are really bad for your credit. Hope that all made sense. Thank you for this question Steph.

Q: // Anonymous: I agree that the information you are giving us is good, but it sounds like you don't have the money and success of Dave Ramsey and any other financial person I've listened to. I'm not trying to bash, but why do you feel we should listen to you when I can be listening to Dave Ramsey and Susie Ornman who's had proven success.

A: Haha. Great question Anonymous. I want to start by say that I’m not rich and I’m not Dave Ramsey and I’m not Suze Orman. They give great information, I mean, I listen to them all the time. Now my question for you is why can’t you listen to all three of us? I will tell you that they both have a target audience and I don’t think it’s us. Now I look like you, talk like you, lived like you, and I want the best for YOU. Money Management for the rest of us. I want to be the FUBU of finance. For Us By Us. Trust me, I know your struggle and I have no malicious intent I don’t want to take advantage of that. I don’t need your money, keep it and save. I’ve been given this gift by God to understand finance and I’m a weirdo for enjoying it, but I found this platform to get this information to you all.

I want to use this platform to help us all to grow together. Generational Wealth.

That’s a lot of words to say, listen to me because I care about YOU and I want the best for YOU, but don’t stop listening to other people, because it will make you even better informed. And if you want other references there is Clark Howard, who is amazing and a guy named Chris Brown (Not the singer) who works under Dave Ramsey who I like too.

Q: // Sandra: I'm going to be honest. I'm trying to make a budget like you said. My problem is that I know what I should do, but I don't know if I can commit to it. I make $1500 and after all my bills I concluded that I can potentially put $1000 a month in the bank, which would be amazing, but I would have to be on a $60 a week budget with two kids. I don't know if I can do that. Can you help me understand what the best way to budget this money is? Am I seeing it right?

finance is like fitness, the first step is the want to be healthy.

A: Kudos to you for trying Sandra, that’s the first step. Like I said previously, finance is like fitness, the first step is the want to be healthy. And you’re trying. So to answer your question. You make $1500 a month and you have $500. With your kids it sounds like at max you can save $60 a week. My recommendation for you would be to open your savings account and start saving at least $20 a check. It sound like that’s comfortably doable. Budgeting should not feel like a burden, you want to find that thin line between comfortable and strict, but you don’t want to be unhappy. Like a diet you don’t want to live on bread and water. Although it will help you lose weight, it’s not sustainable and you will fall off the wagon... For lack of better words. Good Luck.

OK pain to progression family, hopefully there was some good gems for you in this episode. Remember you can send me your questions at my Pain To Progression Facebook Page or email me at paintoprogression@gmail.com

Now, this information is for you to use and grow financially, but it’s also for you to press subscribe and share. Paying this information forward is how we grow our community. Let’s do what they don’t want us to do and learn what they don’t want us to know. Let’s take this information and flip the world upside down. See you at the top of that ladder of success.

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