Episode Details

BFC Weekly Recap: IRS Collections, Adult Kids Moving Home, and Premium Gas

Season 9 Episode 272 Published 1 month ago

Description

This week on Becoming Financially Confident, Ralph Estep Jr., a licensed public accountant with more than 30 years of experience, and Juliet, a first-time entrepreneur, dig into the money decisions that can get expensive fast.

From IRS letters and credit scores to adult kids moving home, rising health insurance premiums, grocery-store financing, car maintenance, medical bills, and surprise expenses, this episode covers the everyday financial choices that can have a much bigger impact than you expect.

In this episode, we cover:

What can happen when you ignore an IRS letter, including wage attachments and bank levies, plus why Ralph recommends opening every IRS notice the day it arrives.
What to do when you're getting nowhere with the IRS, including asking about penalty relief and exploring Form 911 and the Taxpayer Advocate Service.
The real cost of an adult child moving back home, estimated at about $1,474 per month, and why 67% say nobody explained the financial plan.
The tax client who was draining her retirement savings to support her son, and the financial strain that can come with helping adult children.
Whether premium gas is worth the extra money, especially when it can cost roughly $1 more per gallon and add around $500 a year to your fuel bill.
How to read "required" versus "recommended" fuel guidance in your vehicle owner's manual.
How a $900 lab bill became just $26 through direct primary care, plus how HSAs can now help cover this type of care.
Ralph's $3,500 lesson in skipping oil changes for two years.
Why buy now, pay later at the grocery store deserves a closer look, especially when 47% of users have paid late.
The no-income credit card Ralph received in college and the 15/3 credit card payment strategy.
How your credit score can affect borrowing costs, including what a 775 score versus a 580 score can mean for your loan rate.
Ralph's $2,600 monthly health insurance premium and the additional $600 increase coming in January.
Why winning $2,000 at a casino can mean extra tax paperwork.
The $6,000 average surprise expense and how you can start building an emergency fund with as little as $10 a week.
Plus, sports betting, self-storage costs, inheritances, and one group trip that went sideways.