Many people who receive SSI are rigged with limitations. For this instance; you have a plan to be an invester who rather let your money work for you. However; you were living from paycheck to paycheck, adding your money to your banking account, and keeping your account below $2,000. This is a common limit for SSI receivers who were blind; deaf, have mental problems, etc. Typically, SSI is designed for older communities who no longer work for a company where they used to be employed. That can range from retiring, to job loss,–after an injury. Young folks via younger communities who were disabled also rely on SSI to keep themselves financially at float. However; SSI is funded by tax payers like you. Government debt is common in the US. And government officials has finding way to get out of debt like this.
Some people, like me can’t find a job available in a local area, or we can’t find a job at all. What I chose to do is to let my money work for me. I started exploring some of these investment apps. For this instance; I chosen Stash Invest; it’s an app that enables me to invest some of my money to buy partial shares of stocks, ETFs, and bonds. Since there’s no job availability in my area; I have to find ways to keep myself financially at float. That way if SSI goes out; I won’t be left in a dark apartment.
Blind investers are most likely to have their SSI cut off too soon. According to the Social Security Administration via this article, resources can build up, and gover over the limit that is required to keep your SSI active. There are many blind individuals who may or may not invest their money. However; since I’m taking a different approach with my money; and there’s no job to find… I must implement backups to keep me from going into debt overtime.
Here’s what I’ve just did
I reworked some of my investment by selling off some of these investments, and replacing them with Inflation Defence; giving me room to invest in different stocks and ETFs. I managed to buy an entire share of this ETF, and started holding it for a few weeks. And I’m continuing to hold this ETF.
I am still choosing stocks to invest. But I usually do it sparingly. If my other income streams get stronger; I can set aside my other money.
What’s Wrong With These Resource Limits?
If you were planning on becoming a millionare, or a billionare; you may need to prepare for your SSI funds to cut off. Millionares don’t need SSI funds to stay at float. Typically; millionares often live a different life because, they rely on their own money what they’ve made via investing, or keeping a job, or run a business.
Long ago; I experimented with enabling my bank account to grow. I reached up to $800. Sounds like a dream to save later? But this is a nightmare if your SSI goes out!! That can affect workers who can still work,–even blind or deaf. That can also affect the self-employed. Saving lots of money is key to stay out of debt. If you saved over $15,000; and you managed to keep saving your money, you don’t really need SSI!
SSI is intended for the poor without a job. That’s why we still have some people in our small town poor. Cord-cutting begins to rise. Even if you were a website owner who blogs on a free blogging platform, and you sell ads on it; you are still on a poor side. It can take some time for you to make some money.
Resource limits are a problem for SSI receivers.
What you should do?
Always have a financial plan,–if your SSI goes out, or cut off.
If you were investing your money; invest carefully.
Always have a backup plan.