GREENSBORO, N.C. — As President Joe Biden took office last week, executive orders to help Americans out of work or facing financial hardships due to the pandemic were already in the works.
Money expert Ja'Net Adams explained the connection between his executive actions and your money.
"Whenever a new administration enters the White House there will be executive orders signed within the first few days. The new administration has signed over seventeen executive orders in the beginning days of their term. Executive orders are more than just a headline in a newspaper. I want to share how these orders can impact your money," said Adams who wrote the book, The Money Attractor.
There are three particular executive orders worth noting starting with the $15 minimum wage:
"As of right now this only applies to federal workers. The federal workers that see this increase in their checks will be in a better position to pay off debt if they have any, save more money, and be in a better financial position overall. This executive order also benefits the cities these workers live in. Federal workers will have more money to spend at local small businesses and support their local economy. It is a win-win," said Adams.
Freezing Student Loan Debt:
"This executive order will help the finances of millions of student loan borrowers. If you have federal student loan debt you will have 0 payments, 0 interest, and no wage garnishment through September 30th, 2021. This will give borrowers an opportunity to save money for emergencies or pay down their student loans if they have extra money to do so," explained Adams.
Helping The Most In Need:
"There are three executive orders that directly help ease the financial burden of those who need the most help during this time. Expanding food assistance will help families put more food on the table. Extension of the foreclosure and eviction protections will keep more people in their homes. The third executive order puts actions in place that will speed up the distribution of the $600 stimulus checks to the lowest income Americans who have yet to receive them," said Adams.
Political affiliations aside, all Americans care about their money.
"When it comes to your finances, there's no red or blue, there's only green," said Adams. "As you can see executive orders can affect your life and for many, it can provide a financial lifeline."
You can find more money tips from Ja'Net Adams here.