Retirement; like your parents, but way cooler
In 1991 Billy and Akaisha Kaderli retired at the age
of 38. Now, into their 4th decade of this
financially independent lifestyle, they invite you
to take advantage of their wisdom and experience.
Understanding the link
between Tax Breaks and Loans
When most people think of borrowing money, they imagine taking out a loan from a
bank. Now, this is the most traditional way to do things. However, as you may be
able to appreciate, this isnít a viable option for every person.
If you have poor credit or canít wait long enough to jump through various
bureaucratic hoops, you are going to require other options. This is where your
tax breaks come in.
How Does This Work?
The concept behind this is fairly simple. As you are well aware, raising
children can be quite expensive. And, if you are considered a low-income family,
then it can be even harder for you to make ends meet. This is why the government
provides you with certain tax breaks.
If you have very young children, you get a bit more than if you have older kids.
And, if your little one has been diagnosed with a disability, then you get
additional funds to survive. Well, these brakes can all be used for a
Who Is Eligible?
As you can imagine, this isnít an opportunity that all families have. You do
have to meet certain requirements to be lent a particular sum of money. Needless
to say, you have to have a child under the age of 18 and both the guardian and
child must be a citizen.
Also, not all income brackets get the same breaks. The highest loan possibility
comes from families that make less than $30,000 a year. You can still receive
benefits if you make more than this. However, if your family brings in more than
$150,000 you will receive almost no breaks.
This loan is only available to individuals who receive monthly incomes. You also
canít be engaged in any other kind of temporary loan scheme.
Finding the Right Avenue
While this is certainly a wonderful advantage, you have to bear in mind that not
every lender will provide you with these funds upfront. In most cases, lenders
will make you jump through numerous hoops, postponing the process a lot longer
This is why you need to do some research to determine the best avenue for you.
Remember, you should consider all of the terms and conditions involved in this
process. This way, you wonít end up taking any more expenses than you can pay
Getting It Right
If you are uncertain of how this all works, visit a good agency that has
the team of professionals who is
ready to help you every step of the way. Keep in mind that this can go a lot
more smoothly if you have the proper experts helping you out.
In particular, you should always check that you are only engaging with a
legitimate organization or system. When in doubt, do research to gather
information on who you are dealing with. This can save you a great deal of
hassle later on.
This is the link between tax breaks and loans, particularly if you have
children. Based on this knowledge, you may just find that you have more
borrowing options than you previously anticipated.
The views expressed by
Magical Credit are not necessarily those of RetireEarlyLifestyle.com
About the Authors
Early Lifestyle appeals to a different
kind of person Ė the person who prizes their
independence, values their time, and who doesnít
want to mindlessly follow the crowd.
Retire Early Lifestyle Blog
About Billy & Akaisha