Day Care and Financial Planning
Posted Oct 16, 2008 @ 10:55 am, Viewed by 645 Visitors, Read 665 Times.
I am not sure how the city or county of Milwaukee has the program for day care center funding set up but I thought this may be an idea you can use.
I understand that the City of Milwaukee has a program that pays for day care for certain income levels. There are a number of day care businesses that receive this money. Many of these businesses are family run and a number of them have purchased homes based on the income generated by the day care business. Some of these homes have been foreclosed. How do we avoid this problem?
From what I have been hearing, these businesses receive about $1000 a month per child from the city. If that is true, the income level would be between $40,000 and $50,000 a year. I have seen a number of these businesses being operated in homes purchased between $65,000 and $90,000. The mortgage and taxes would range from $600 to $900 per month. Based on the income these businesses should not have failed and the mortgages and taxes should have been paid.
It just may be that the city is giving this money to people that have very little experience in running a business and handling money. These people may be earning a good income but they may be falling victim to high interest rates and shady loans.
Before the city grants a license to a day care business and begins paying for these services I think it would be a good idea to have these people attend financial planning programs that would educate them in the art of handling money responsibly. By doing this the city will be one step closer to accomplishing their intended objective.
Feel free to share your ideas on this subject.
I understand that the City of Milwaukee has a program that pays for day care for certain income levels. There are a number of day care businesses that receive this money. Many of these businesses are family run and a number of them have purchased homes based on the income generated by the day care business. Some of these homes have been foreclosed. How do we avoid this problem?
From what I have been hearing, these businesses receive about $1000 a month per child from the city. If that is true, the income level would be between $40,000 and $50,000 a year. I have seen a number of these businesses being operated in homes purchased between $65,000 and $90,000. The mortgage and taxes would range from $600 to $900 per month. Based on the income these businesses should not have failed and the mortgages and taxes should have been paid.
It just may be that the city is giving this money to people that have very little experience in running a business and handling money. These people may be earning a good income but they may be falling victim to high interest rates and shady loans.
Before the city grants a license to a day care business and begins paying for these services I think it would be a good idea to have these people attend financial planning programs that would educate them in the art of handling money responsibly. By doing this the city will be one step closer to accomplishing their intended objective.
Feel free to share your ideas on this subject.
Dennis Herman
Realty Executives Menomonee Falls
Finding and selling homes at the speed of the Internet
Rate this Post!
Share this Post
Print
Social BookmarkingThis Post Has No Comments.
REW Blogs User Stats
Currently Online Users:
0
Total Users:
2,389
Entries:
7,601
Unique Views:
6,436,765
Total Views:
6,774,136
Total Comments:
9,371
Total REW Points:
510
From the first time home Buyer to the seasoned Investor I have developed formulas for success. As an independent contractor my business replies upon repeat business and referrals. Read More
View My Listings
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 26Average Blog Rating: 0Unique Views: 12,420Total Views: 12,827Comments Posted: 2Comments Received: 7REW Points: 0
Top Rated
REW Blogs RSS Feed