Decumulate & Downsize

Most of your investing life you and your adviser (if you have one) are focused on wealth accumulation. But, we tend to forget, eventually the whole idea of this long process of delayed gratification is to actually spend this money! That’s decumulation as opposed to wealth accumulation. This stage may also involve downsizing from larger homes to smaller ones or condos, moving to the country or otherwise simplifying your life and jettisoning possessions that may tie you down.

How to plan your own Revenge Travel Year

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Most of you know the story by now. The short version goes: I quit my job at the end of 2019 to focus full-time on financial planning and freelance writing. The underlying motivation was to have more time to travel.

No longer bound by a set number of vacation days, and with work that could be done from anywhere with an internet connection, we planned some epic trips for 2020.

You know what happened next. Trip to Italy – cancelled. Trip to the UK – cancelled. Two years later, with a lot of pent-up demand to continue this vision of our rich life, we embarked on our revenge travel year.

A week in Maui, 3.5 weeks in Italy, 3.5 weeks in the UK, and another eight days coming up in Paris this fall. It has been a crazy and exciting year.

Planning your Revenge Travel Year

Many of you also have a pent-up demand for travel, and have either managed to get away this year or plan to do so in 2023.

Your ideal destinations may differ from mine, but if you’re itching to travel soon then I suggest you start planning now. Here’s how to plan your own revenge travel year:

Time and Place

My wife and I like to plan our trips at least a year or two in advance so we can properly allocate our travel spending.

Like any financial goal, it helps to have a rough idea of how much you’ll spend, plus a time-frame so you can work backwards and ensure an appropriate savings plan.

For example, you might budget $5,000 for a warm holiday next February. That means saving $833 per month for the next six months to reach your goal.

A budget nerd like me maps out spending for an entire year, so I know which months will incur the big expenses.

A more sensible approach might be to set up a sub-savings account for your travel goal. That kind of mental accounting can be a useful part of your financial plan.

Transportation and Accommodation

How will you get there? Plane, train, automobile? Where will you stay? Hotel, Airbnb, in a friend’s guest room?

Are you a luxury traveller, flying business class and staying at the Ritz Carlton? Or are you happy with an economy flight and a Best Western? Will you need to rent a car?

We flew business class from Calgary to Rome, and then again from London to Calgary. I’m not going to lie, it’s pretty nice to actually get some rest in a lie-flat seat and not arrive completely wiped out after a nine-hour flight. But, the economy flight back from Rome wasn’t all that bad.

We also love staying in nice hotels when it’s just me and my wife enjoying a kid-free getaway. Otherwise it’s Airbnbs for the extra space and the kitchen.

I bring up transportation and accommodation because it’s helpful to know which airline you’re going to fly with, which hotel chain you’ll stay at, and which rental car agency you’ll use.

Most airlines, hotels, and car rental agencies have their own loyalty program or belong to a coalition where you can earn points, get discounts, and receive other perks. Sticking to the same 1-2 brands and joining their loyalty programs can help augment your travel budget each and every year.

Rewards and Loyalty Programs

I’ve been a credit card rewards addict for many years. But I don’t just blindly apply for any credit card with a decent welcome bonus. Instead, I’m laser focused on earning points that I can use when I travel, and using credit cards that can help me accumulate those points in a hurry.

My top loyalty programs for travel include:

  • Aeroplan
  • WestJet / RBC Rewards
  • Marriott Bonvoy
  • Scotia Scene+
  • TD Rewards

Aeroplan is easily the best value of the bunch. Expect to redeem Aeroplan points at a value of 2 cents per mile. That’s at least twice the value of most other programs, where you can expect to redeem points at a rate of 0.50 cents to 1 cent per point.

We focus on Aeroplan because flights for four of us to Europe or Maui are expensive. Redeeming Aeroplan points has helped us save thousands of dollars on flights.

I also collect WestJet Dollars from time-to-time, as WestJet is sometimes a good choice for flying out of Lethbridge and for short haul trips to Vancouver. It’s good to have options. RBC Rewards can also be converted to WestJet Dollars.

I collect Bonvoy points because Marriott has the largest collection of hotels in the world and will almost always have an option in the area if we need a hotel.

We had a lovely stay at the Sheraton in Edinburgh and at the Westin Dublin in 2019, and with Marriott’s fifth-night free option we saved a bundle. We also like the free night certificate that comes attached to their Amex affiliated credit card.

Finally, a couple of supplementary loyalty programs (like Scotia Scene+ and TD Rewards) always come in handy to redeem for car rentals, hotels, or tickets to an attraction.

For example, I had more than 100,000 TD Rewards points ($500) and redeemed the points for a car rental in England this summer.

The point is to zero-in on a select few rewards programs that align with your trip or with the way you like to travel, and start racking up points.

Maybe you can shave off $1,000 from that $5,000 trip just by strategically using your points. Or, like I do sometimes, use those points to enhance your stay with a business class ticket, upgrade to a suite with a view, or to see an attraction you might have otherwise deemed too expensive.

Top Credit Cards for Travel

Okay, so which credit cards are best to use for collecting travel points? I wish there was an easy answer, but if you’re planning a revenge travel year soon you’re going to need a complete overhaul of your wallet.

Here’s what I’m packing:

  1. American Express Cobalt Card – Simply put, this is the best credit card in Canada for earning points for travel. New cardholders will get 2,500 points for each month in which they spend $500 (30,000 total). That’s in addition to earning 5x points on groceries. Sign up for this card, use it for $500 per month worth of your grocery (or dining) spending, and after 12 months you’ll have 60,000 Membership Rewards Points. These can be transferred to Aeroplan or Marriott, or used to redeem against purchases made on your card.
  2. American Express Platinum Card – Go big or go home. You’ve got an epic year of travel planned, you need an epic credit card (even for just one year). Yes, the Amex Platinum card comes with a $699 annual fee. But do the math and you’ll see the card easily pays for itself and more. Sign up for this card and you’ll get: Airport lounge access, a $200 travel credit, plus 115,000 points when you spend $6,000 in the first three months. Again, these can be transferred to Aeroplan or Marriott, or used to redeem against purchases made on your card. Time this application to coincide with a large one-time purchase (home or auto insurance for us). Cancel the card after your year of revenge travel, or keep it if you find it useful (I do).
  3. American Express Aeroplan Reserve Card – Another premium card option for a big year of travel ahead. This one comes with a $599 annual fee, but also some incredible perks like Maple Leaf Lounge Access, priority check-in, boarding, and baggage handling (all of which came in handy for us this year). Sign up for this card and you can earn up to 115,000 Aeroplan points when you reach the minimum spending thresholds.
  4. Marriott Bonvoy American Express Card – I’ve held this card for years because of the annual free night certificate, which I think easily pays for the $120 annual fee. We redeemed the hotel certificate for one-night stays in London and in Rome near the airport before our flight, and at the Marriott in-terminal hotel in Calgary before an early departure. Sign up for this card and earn 70,000 Bonvoy points when you spend $3,000 in the first three months. As I said, this one is a long-term keeper.

Next, I have a strategy to earn additional points from holding RBC and TD Cards. Here’s what I do:

  1. WestJet RBC World Elite MasterCard / RBC Avion Visa Infinite – I’ve held each of these cards at one time or another. They often have great sign-up bonuses for doing very little (welcome bonus on approval, or on first purchase), which makes them a no-brainer option for someone looking to accumulate points quickly and hassle-free.
  2. TD Aeroplan Visa Infinite / TD First Class Travel Visa Infinite Card – Same idea, I will often hold one or both of these cards to collect easy sign-up bonuses. The Aeroplan Visa obviously helps accelerate your Aeroplan points, while the First Class Travel Visa earns TD Rewards, which can be redeemed for a number of things – most notably through Expedia for TD (where I redeemed points for that rental car in England).

What I like about the TD and RBC cards, besides the easy to earn welcome bonuses, is that you don’t have to cancel your card before the next year’s annual fee comes due. You can downgrade to a no-fee card, or make a “product switch” from Aeroplan to First Class (and vice-versa), or from Avion to WestJet (and vice-versa), so you keep your credit file open and won’t take a credit hit for closing the account.

Ready Player Two?

Most credit cards come with the option of having a supplementary card: a second card for your spouse or partner to use on the same credit card account. Some even charge an annual fee for this “privilege.” No thanks! Continue Reading…

4 Retirement Planning mistakes and how to avoid them

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By Patricia Campbell, Cascades Financial Solutions

(Sponsor Content)

Retirement planning used to be less complex. People would spend their career working for a company, retire after 25-30 years, receiving a watch and a pension that would be enough to live on. With people changing jobs every 2.7-4.5 years, more individuals becoming self-employed or freelancing, retirement has gotten a lot more complicated.

Unfortunately, it’s all too easy to make mistakes when planning for retirement. Here are 4 mistakes to avoid:

1.) Expecting the government to look after you

If you’re at least 60 years old and have contributed to CPP, you’re eligible to receive the Canada Pension Plan (CPP) benefit. The payments won’t start automatically, you would need to apply to the government to start receiving it. The Old Age Security (OAS) pension amount is determined by how long you have lived in Canada after the age of 18. As of July 2022, seniors aged 75 and over will see an automatic 10% increase of their Old Age Security pension.

The Canada Pension Plan (CPP) and Old Age Security (OAS) are guaranteed incomes for life but not necessarily enough to live securely in retirement. Assuming you’re 65 today and are starting payments for both, the combined total is $1,345.32 every month.

For the CPP, the maximum amount is $1,253.59 (2022), although most individuals don’t qualify to receive the full amount. The average amount for new beneficiaries (October 2021) is $702.77.

2.) Applying for government benefits too early

You could receive 8.4% more every year when delaying your CPP payment beyond age 65. That’s a 42% increase if deferred to age 70. For OAS, you receive 7.2% more for each year of deferral beyond age 65. That’s a 36% increase if deferred to age 70.

It seems like a good idea to wait, but before you decide, consider this: If you compare 3 individuals who are the same age, where Mark takes the CPP at age 60 and Tonya takes it at age 65 and Natasha at age 70. The break-even point where Mark and Tonya will both have received the same amount of money is age 74. Natasha, on the other hand, will not catch up until age 80. At this point, Natasha will begin to outpace the others considerably. But keep in mind, she would need longevity to actually use and enjoy the money. With this being said, the later you start, the higher your monthly payments will be.

3.) Spending Too Much Money Too Soon

Do you really know how much you spend each month? Unlike working, you will have a fixed income in retirement. Therefore, it’s important to plan your retirement including any vacations or large purchases. An important part of retirement income planning is knowing how much income you can achieve based on your savings. Cascades Financial Solutions is an excellent tool to use when determining your after-tax income.

Continue Reading…

13 common and costly Retirement Planning Mistakes

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What is one common and costly retirement planning mistake to avoid? 

To help you avoid common and costly retirement planning mistakes, we asked financial planners and business leaders this question for their best advice. From not saving early on in life to poor tax planning, there are several retirement planning mistakes that you should be careful to avoid in order to build healthy financial security for your retirement.

Here are 13 common and costly retirement planning mistakes these leaders are mindful of:

  • Not Saving Early On in Life
  • Investing in Actively-Managed Funds With High Fees
  • Not Working a 401K to Your Full Advantage
  • Not Investing Your Savings
  • Not Planning for Health Care Cost
  • Investing Too Conservatively
  • Relying Only on 401K Savings
  • Retiring Too Soon
  • Carrying Debt into Retirement
  • Underestimating the Years You Live
  • Cashing Out Your 401K When Changing Employers
  • Withdrawing Early from Your 401k is a Major No-no
  • Poor Tax Planning

Not saving early on in Life

Your first dollar saved is your most important one. And whether you save that first dollar at 20 years old or 35 makes a huge difference because of compound interest. When compound interest is working FOR you, time is your best friend. Consider that with a 5% annual return, $1,000 grows to $5,516 in 35 years. Sounds pretty good, right? Well it gets better. That same $1,000 becomes $11,467 in 50, more than doubling in those last 15 years. So not saving early on in your life is a very costly mistake. — Paw Vej, Chief Operating Officer, Financer.com

Investing in Actively-Managed Funds with High Fees

Most people have good intentions when it comes to retirement. They put money into their 401K or IRA and don’t get cute with how they invest it, sensing that the diversification of mutual funds and ETFs is better than individual stocks and risky assets. However, one thing that is often overlooked is the drag that high management fees can have on a portfolio’s performance.

Actively-managed funds, including popular target date funds, have very high management fees, especially in comparison to low-cost index funds. And while the difference in fees may seem minuscule (often less than 1%), they can really add up. For example, for a normal retirement portfolio earning 4% per year, over the course of 20 years, when a fund has a 1% management fee versus no management fee, the total portfolio can be worth $50,000 less in the end. Just based on the drag of high fees! So make sure to watch for funds with hefty expense ratios – it’s a common trap. — John Ross,  Chief Executive Officer, Test Prep Insight

Not working a 401K to your Full Advantage

It’s unfortunate that many workers who participate in 401(k) plans either don’t take full advantage of an employer’s matching contributions or don’t increase their contributions when their income increases. The reticence to increase contributions is understandable given inflation putting stress on short-term purchasing needs, and making it even more difficult to pay attention to long-term goals. But not bringing your 401(k) up to the percentage of your employer’s matching contribution means you’re missing out on free money. And instead of falling victim to lifestyle creep whenever you get a raise, allocate the increase or a portion of it to your 401(k) to better secure your future. 

There are several ways you can save on short-term purchases so you have the funds to increase your 401(k). This includes curtailing or eliminating unnecessary expenses from your budget, comparison-shopping on large outlays such as car and home insurance, and lobbying creditors for a lower interest rate. –– Karen Condor, Insurance Copywriter, ExpertInsuranceReviews.com

Not Investing your Savings

Don’t keep your money sitting in a savings account. Instead, the best way to manage your savings and plan for retirement is to invest this money in an index fund that tracks the S&P 500. You’ll earn interest on your money in the market, whereas when your money sits stagnant in a savings account, you’re actually losing out on money due to inflation. — Cesar Cruz, Co-Founder, Sebastian Cruz Couture

Withdrawing Early from your 401k

Cashing out your savings early. If you have money in a retirement plan like a 401K, taking out cash can have a major impact on your long-term savings. In addition to the penalties, taxes and fees you’ll pay for the withdrawal, you also lose out on compounding interest. Depending on how old you are, how much you withdraw and various market factors, this could end up costing you big time. Whenever possible, avoid withdrawing from your retirement savings unless you have a true need that you can’t cover in other ways.

— Vimla Black Gupta, Co-Founder & CEO, Ourself

Not Planning for Health Care Cost

There is an old saying “Disasters and diseases come without asking.” Therefore, health care costs are a huge expense that increases as you age. And it’s almost impossible to calculate, but if you want to live in peace for the rest of your life, this expense has to be saved separately. And consider it important in your retirement planning. But many people think that as healthy as they are now, they will remain the same in the future, and do not pay attention to the health care cost. With the passage of time, they realize how important it is to include health care costs in retirement planning. But at that time, they can’t do anything. Therefore, avoiding all these difficulties, including health care costs, is important in your retirement planning. — Kenny Kline, President & Financial Lead, BarBend

Investing too Conservatively

Investing too conservatively is a common retirement planning mistake. Many people are afraid of losing money, so they invest only in low-risk options, such as savings accounts or government bonds. While these investments are safe, they don’t offer the potential for high returns that you will need to reach your retirement goals. To reach your goals, you need to invest in a mixed bag of assets, including stocks, which have the potential for higher returns but also come with more risk. Working with a financial advisor can help you create an investment portfolio that meets your needs and helps you reach your goals. — Danielle Bedford, Head of Marketing, Coople

Relying only on 401K Savings

People who sign up for 401K benefits think they’re doing all they can to prepare for retirement. Don’t be too reliant on such a thing because that income stream can come to a screeching halt as a result of being laid off — or worse, as a result of nefarious business practices. It may seem like an extreme example, but ask any former Enron employee how their 401K investments turned out. You need more than what your company offers as far as retirement preparation, so seek out additional ways to save money for your future retirement. Find low-risk investments. Turn to random rewards banking. Own a rental property and set aside that income stream for your distant future. Don’t just rely on one source for retirement savings, because if it dries up or explodes on you, you’ll have nothing. — Trevor Ford, Head of Growth, Yotta

Retiring too Soon

Retiring too soon is a common and costly retirement planning mistake to avoid. Continuing to work for a few more years can increase your retirement income by up to one-third. The average retirement age for most people, according to the Social Security Administration, is between 66 and 67, but many Americans don’t wait that long. Working until your full retirement age will help you avoid the Social Security benefit reductions for early filing. You can continue to make contributions to your retirement savings plan at the same time, creating additional balances that can be used to make market investments. 

Retirement entails leaving a full-time job or career that a person has held for a long time. There are numerous options, such as working part-time in your current job or career; beginning a new job or career, part-time or full-time; working as a bridge job for a few years until full-time retirement; working for yourself or owning a business; or volunteering for a cause you care about. — Raviraj Hegde, Head of Growth, Donorbox

Continue Reading…

Harvest launches 5 new ETFs designed for higher income

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The new ETFs invest directly in established equity income ETFs but generate higher income through a specific strategy

By Michael Kovacs, President & CEO of Harvest ETFs

(Sponsor Blog)

Canadian investors — in large numbers — are seeking income from their investments. Some investors are seeking high monthl income to offset the rising cost of living. Others are incorporating the income paid by their investments in total return. Whatever the reason, many of those investors are finding the income they seek in equity income ETFs.

Equity Income ETFs have seen strong inflows in 2022, in a period when traditional equities have struggled. These ETFs — which generate income from a portfolio of stocks and a covered call strategy — offer yields higher than the rate of inflation and higher than most fixed income.

Harvest ETFs has seen over $1 billion in assets flow into its equity income ETFs so far in 2022, as investors seek high income from portfolios of leading equities from a reputable provider. Now, Harvest is launching 5 new ETFs to build on that reputation and demand for higher income.

The appetite for equity income among Canadian investors has grown and grown. We’re pleased to be launching these new enhanced equity income ETFs to help meet that demand and provide Canadians with the high income yields they’re seeking in today’s market.

The ETF strategies getting enhanced

Harvest has launched the following new enhanced equity income ETFs, with initial target yields higher than their underlying ETFs.

Name Ticker Initial Target Yield
Harvest Healthcare Leaders Enhanced Income ETF HHLE 11.0%
Harvest Tech Achievers Enhanced Income ETF HTAE 12.8%
Harvest Brand Leaders Enhanced Income ETF HBFE 9.70%
Harvest Equal Weight Global Utilities Enhanced Income ETF HUTE 10.20%
Harvest Canadian Equity Enhanced Income Leaders ETF HLFE 9.60%

We selected 5 established equity income ETFs to underpin our new enhanced equity income ETFs. They reflect our core investment philosophy, owning the leading businesses in a specific growth industry and generating income with covered calls.

Each enhanced equity income ETF has specific tailwinds from its underlying ETF. HHLE captures the superior good status of the healthcare sector by owning the Harvest Healthcare Leaders Income ETF (HHL:TSX). HTAE accesses a portfolio of established tech leaders in the Harvest Tech Achievers Growth & Income ETF (HTA:TSX). HBFE provides exposure to some of the world’s top brands through the Harvest Brand Leaders Plus Income ETF (HBF:TSX). HUTE captures a defensive global portfolio of utilities providers through the Harvest Equal Weight Global Utilities Income ETF (HUTL:TSX) and HLFE offers access to some of Canada’s leading companies by owning the Harvest Canadian Equity Income Leaders ETF (HLIF:TSX).

How the Enhanced Equity Income ETFs will deliver a higher yield

These new enhanced equity income ETFs use leverage to deliver high income. They apply a leverage component of approximately 25% to an existing Harvest equity income ETF. That leverage raises the annualized yield of the ETF while elevating the risk-return profile and the market growth prospects of the ETF.

The graphic and example below shows how a hypothetical enhanced ETF investment can work: Continue Reading…

Opportunity Cost Impact of Daily Financial Decisions on Retirement Plans

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Via Steve Lowrie, CFA

Special to the Financial Independence Hub

Editor’s Note:

Editor’s Note: The following is a guest blog by Maureen Thorne, a Small Business Owner. It is republished on the Hub with their joint permission.

A Personal Journey on how Today’s Choices can spoil your Retirement (or Early Retirement) Dreams

By Maureen Thorne, Small Business Owner/Guest Author

As my husband and I approached our late 40s/early 50s, we decided it was time to solidify our previous hastily sketched plans for early retirement. We had worked hard for many years and skimped in places (never purchased a brand-new car) and were confident that we had done everything right to retire early and live our best early retirement lives.

However …

When we sat down with the numbers, we realized our dreams of an early retirement with travel and adventure were farther from reach than we thought. We both had well-paying careers and didn’t feel that we had splurged so much that we should be this far behind.

What happened?

And, more importantly …

How do we get back on track?

We read a great article from Lowrie Financial, Retirement Planning for Gen Xers: Build Wealth and Retire Happy, which gave us some great insights and seemed to speak directly to our financial situation. Another topic area that Lowrie Financial introduced us to was behavioural finance / holistic financial planning for savings. We felt these were areas we should explore more to help us achieve our long-term financial goals.

Once panic-mode subsided, we sat down with some spreadsheets to see what had gone awry and figure out how (and if?) we could still retire early and be able to comfortably afford the things we wanted from retirement.

Here’s what we did to right the (sinking?) ship:

Real Talk from an Independent Financial Advisor

We booked a meeting with an independent financial advisor who had lots of questions for us about what we wanted to achieve. We explored behavioural finance which allowed us to really look at the impact on our spending habits and investing history. One of the most helpful tough-love comments from him:

“You make a lot of money. Where is it all going?”

Good question.

This led us to one of the steps we took to financially recover our early retirement plans: Family Spending Forensics.

We also realized we had missed opportunities to pack away excess cash in the past. Every time we stopped shelling out for something, we simply cheered and lived it up to that higher level of cash flow. We finished paying our mortgage, so we took the entire family to Europe. We stopped paying into our kids’ RESP, so we re-renovated the house. This identified another area that was a stumbling block for us to achieve that long-dreamed-of early retirement: Retain (and Make the Most of) “Found Money.”

Our financial advisor also pointed out something we begrudgingly already knew. We had really hurt ourselves with DIY investing. Although there were times we won big, there were many times we lost, both small and big. Although, it was fun for us to see how well we could do on our own and we reveled in keeping up with the financial and investing insights online to help guide us, always seemed to be behind the eight ball and not getting ahead like we should have been. We were driven by emotions. In hindsight, our DIY investment strategy seemed to be: 1 step forward, 2 steps back. There were so many things we didn’t focus on: tax ramifications, behavioural investing, opportunity costs, chasing returns, FOMO (Fear of Missing Out) investing … We knew we needed to: Stop Emotion-Driven DIY Investing.

How we got back on track for our Early Retirement Financial Goals

1. Family Spending Forensics

“You make a lot of money. Where is it all going?”

Our independent financial advisor’s words kept ringing in our heads. So, as advised, we tracked our spending and instituted a realistic budget.

There were areas that immediately jumped out as places we could restrain our big over-spending: clothing, dining out, vacationing, etc. That didn’t mean that we stayed at home wearing rags and eating Kraft Dinner. It simply translated to setting aside a reasonable budget for the year or month for that particular spending category and sticking to it. We still vacationed, we still shopped, we still ate out – but all with the budget in mind.

We also found that we could pull back in multiple smaller areas – putting a budget figure in place helped us shave small amounts in many areas, and it added up.

It’s also important to note that our “scrimping” went virtually unnoticed in our every day lives. We didn’t feel deprived at all.

A great article we discovered, Spending Decisions That End Up Costing a Million Dollars by Andrew Hallam, talks about an often overlooked impact of spending decisions: opportunity costs.

“Those massages also cost far more money than initially meets the eye. ‘Opportunity cost’ is the difference in cost between making one decision over another. An opportunity cost isn’t always financial. But in my case, those massages might have cost us more than $770,000.

Confused? Check this out:

We spent about $150 a week on massages during an 11-year period (2003–2014).

That’s $85,800 over 11 years.

Over that time, our investment portfolio averaged 8.34% per year.

If we had invested the money we spent on massages, we would have had an extra $143,239 in our investment account by 2014.

That’s a lot of money. But I’m not done yet. We left Singapore in 2014 (when I was 44). Assume we let that $143,239 grow in a portfolio that continued to average 8.34% per year. Without adding another penny to it, that money would grow to $770,241 by the time I am 65 years old.

That’s the long-term opportunity cost of spending $150 a week on massages for just 11 years.”

We realized very quickly how much a little restraint in our spending habits impacted our bottom line. Within just 1 year, we could see the light back to our early-retirement goal. Just 2 years later and we are well ahead of plan.

2. Retain (and Make the Most of) “Found Money”

“Found Money” – sounds great! So, what is it. In my mind, it is excess cash flow that was not expected or presents a sudden or continuous influx of cash to the household. This can be: Continue Reading…