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Post by Ackrin on Jun 29, 2020 1:05:10 GMT -5
Thanks for all the info. I'm still really nervous about doing any of this. I'm to call this week and find out about Illinois Medicaid Buy in program which I never knew existed.
I'm More nervous because income from YouTube and twitch can be inconsistent. Unlike a paycheck if I get more view or somebody donates I don't have as much control over how much of that is. For example when I first signed up to be a twitch affiliate last year to actually be able to make money. I didn't think I make much in the beginning but then someone randomly donated $250 to me out of nowhere.
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Post by darthoso on Jun 29, 2020 8:30:34 GMT -5
Thanks for all the info. I'm still really nervous about doing any of this. I'm to call this week and find out about Illinois Medicaid Buy in program which I never knew existed. I'm More nervous because income from YouTube and twitch can be inconsistent. Unlike a paycheck if I get more view or somebody donates I don't have as much control over how much of that is. For example when I first signed up to be a twitch affiliate last year to actually be able to make money. I didn't think I make much in the beginning but then someone randomly donated $250 to me out of nowhere. If your channel gets big enough it might be worth setting up an LLC or something and have all the income flow into it. That way you control what/when hits your personal income. It's a lot to manage but could be helpful.
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manny
New Member
Posts: 22
Gender: Male
Dev Status: Disabled
Relationship Status: Single
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Post by manny on Jul 2, 2020 17:14:27 GMT -5
I recently signed up for an ABLE account and after reading about everyone's experience with it, I'm glad that I did. Just a quick question that I'm curious about, does everyone here invest the money in the different portfolios offered? Or do you just keep it in the FDIC like a savings so your money isn't touched? Just curious because I am interested in the investment opportunity of it but don't want to do anything too risky.
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Post by monkeyman on Jul 2, 2020 17:37:38 GMT -5
I also recently signed up for ABLE. At the time, it was necessary to help me continue qualifying for Medicaid BUY IN. I recently heard news that The age of onset of disability might change. Back in the day, there was a program known as “Plan to achieve self support“ that was utilized to help reduce monthly income for Medicaid purposes. I’m not sure if it still exists, but it was a big help in lowering monthly income.
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Post by matisse on Jul 2, 2020 17:39:30 GMT -5
Well shit, I only now just figured out that I qualify for an ABLE account!!! I might as well, I can use the tax-free money to pay for my helpers. But it's really annoying that the investment options are so limited and conservative.
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Post by monkeyman on Jul 2, 2020 17:42:05 GMT -5
There are also monthly fees involved depending on the state and investment firms also charge a percentage. Some states don’t require you to be a resident to apply for their program.
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Post by monkeyman on Jul 2, 2020 17:43:32 GMT -5
Also, some states offer a debit card which make it very convenient to purchase “approved“ expenditures. However, if you look at the approved items, it seems to be very general.
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Post by matisse on Jul 2, 2020 18:04:39 GMT -5
Does anyone know if any states offer more investment options?
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Post by monkeyman on Jul 2, 2020 18:07:41 GMT -5
There are some slight differences between states. However, most stick to the three tier investment profile. Low risk, medium risk, high-risk with a fourth option of a regular savings account. I do remember some states offered 4+ options. There was a website that lets you compare state programs. Let me look for it.
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Post by Corey on Jul 2, 2020 21:11:00 GMT -5
I recently signed up for an ABLE account and after reading about everyone's experience with it, I'm glad that I did. Just a quick question that I'm curious about, does everyone here invest the money in the different portfolios offered? Or do you just keep it in the FDIC like a savings so your money isn't touched? Just curious because I am interested in the investment opportunity of it but don't want to do anything too risky. The options are all a mixture of equities (stocks) and bonds. Generally bonds are safer. For my account, even the 'risky' option gives me 80% equities/ 18% bonds/ 1% cash. This is a very well rounded mixture IMO, especially considering the equities are both foreign and domestic. You can choose a higher bond allocation if youd like. There are many factors that go into this, like your risk tolerance, when you plan on withdrawing the money, and if you want to grow your wealth or just save it. Bonds are safer generally, and are not prone to large losses in value during downturns. But your return over time will be lower, probably a lot lower, than compared to equities.
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