The story of the millionaire next door has been told at nauseum. Since authors Thomas J. Stanley and William D. Danko first released their book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” in 1996, the book’s themes have been used as an attempt to promote good savings habits.
It’s a new year and I can’t think of a better time to highlight cost of living adjustments affecting dollar limitations for retirement-related items and social security benefits for 2019.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the Federal government’s Thrift Savings Plan increased from $18,500 to $19,000. The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the Federal government’s Thrift Savings Plan remains unchanged at $6,000.
I am not a fan of basketball, but one story this year caught my attention. The Philadelphia 76ers, who were far and away the worst team in the National Basketball Association over the past few seasons, surprised many fans and basketball insiders alike when they won 52 games en route to the number 3 seed in the Eastern Conference playoffs. For the 76ers players and fans, the mantra “trust the process” served as a rallying cry for the team throughout the season and into the playoffs.
According to the US Department of Agriculture's most recent annual estimate, it will cost a middle-income family $233,610 to raise a child to age 18, ignoring college and inflation. This is a staggeringly high number, but the cost to raise a child with special needs can exceed that number by 5 or 10 times, depending on the child's condition.