Yesterday I received a letter from the IRS, and President Biden himself signed it! The President wrote to let me know that beginning on July 15th, my family will receive $500 a month.
"Today I am writing to tell you about another important economic benefit of the American Rescue Plan; an expanded child tax credit that will provide needed tax relief to almost all working families with children in our nation. For 2021, most families with kids will get a tax relief payment of up to $3,000 for each child between 6 and 17 years old and up to $3,600 for every child under 6 years old.
Now, I've never been one to turn down "free" money, but we need to be honest about these payments. For many Americans, $500 isn't going to be a life-changing sum in an economy that's witnessing staggering price increases on everyday goods and services. If we're frank about the American Rescue Plan, it's just Washinton's attempt to look like they're helping.
As I mentioned in last week's blog, my wife and I have been using the Every Dollar app from Ramsey+. We have now given ourselves a brand new raise that's many times higher than the $500 entitlement that The White House proudly shared. The truth is that hope doesn't come from DC but rather the family who decides to change their family tree with self-reliance and rugged individualism. A heavy dose of God and charitable giving are also the keys to this successful plan.
The folks in my FPU class are learning how to do this first hand. Not only are they paying off debt, creating an emergency fund, and building wealth, but we are having a fun time communicating with people from all across the country. If you think this is something you might enjoy, I encourage you to SIGN UP for my next class, which begins on July 21st.
If you would like to take your coaching to the next level, consider a FREE consultation to go over your money dreams and goals. There is no obligation, and the session will help you decide if I'm the right money coach. What have you got to lose?