THE BENEFITS OF THE 50/30/20 RULE For many people, getting the most out of their hard-earned money can be a challenge. Thankfully, the 50/30/20 rule is here to help! This simple budgeting rule is straightforward, easy to BETTER BUDGETING
money to cover your mandatory expenses, and the remaining money should be split between wants and savings as evenly as possible. Your needs could also require less than half of your after-tax income. In this case, use the leftover money to pay down loans and debts so you will have more money to dedicate to savings and wants in the future. WANTS What good is life if you can’t enjoy yourself? The rule says you should apply 30% of your after-tax income toward your wants. This portion can be spent on everything from tickets to see your favorite sports teams, a premier “Jurassic Park”-themed pinball machine, or eating out at a restaurant. However, it
should only apply to things you want to spend money on immediately — not long-term investments.
remember, and useful (if you stick to it). According to the rule, you should take 100% of your after-tax income and allocate it in three different ways: 50% for needs, 30% for wants, and 20% for savings. For more on how to use the rule, read on! NEEDS Half of your money should be put toward necessary expenses: groceries, utility bills, health care expenses, loans, mortgages, and other payments. However, you may need more than 50% of your
SAVINGS The last 20% is the money you save for a rainy day. It can be cash you are saving for a dream vacation, money invested in a 401(k), or simply put into a savings account. Any long-term investment you make will fall into this category. While the 50/30/20 rule is not an exact science, it is worthwhile for budgeting your money responsibly and equitably!
When Emotional Response to Injury Crosses the Line YOUR RIGHTS TO COMPENSATION FOR WORK-RELATED MENTAL HEALTH ISSUES
While workers’ compensation is typically associated with physical injuries, mental health responses are recognized as well. Let’s explore how mental health conditions can fit into the workers’ compensation framework and the challenges involved. ARE MENTAL HEALTH ISSUES COVERED UNDER WORKERS’ COMP? Physical injuries at work can understandably result in low-level aggravation and anxiety. Sometimes, the responses are more severe. Workers’ compensation laws vary widely across states, but in Ohio, mental health conditions like PTSD (post-traumatic stress disorder), depression, and anxiety can be compensated if they meet specific criteria, such as: • The condition must be associated with your work injury. • A licensed mental health professional must diagnose your condition and document your treatment. • The condition must come from a physical workplace injury or sexual conduct you were forced by threat of physical harm to engage in. PTSD among firefighters and paramedics is as common as it is among combat veterans, with 20% experiencing symptoms. However, even jobs without inherent trauma can lead to severe stress, as 57% of workers report burnout, according to the American Psychological Association. While some states permit mental health claims without requiring they result from an underlying physical injury, Ohio does not. THERE ARE CHALLENGES IN PROVING MENTAL HEALTH CLAIMS. Despite the increasing acknowledgment of mental health in workers’ compensation, proving these claims can be an uphill battle. Employers and insurers may argue your condition comes from non-work-related
factors, like family conflict or preexisting conditions. That’s why it’s critical to have substantial documentation from a mental health professional and to establish a clear connection between your job and your mental health issues. However, the physical injury needs to be only “a” cause of the psychological response and not the sole cause. Again, coverage differs among the states. While 36 states allow claims for mental stress unrelated to physical injuries, states like Ohio, Alabama, Texas, and Florida generally do not offer standalone mental health compensation. WHAT ARE THE OPTIONS BEYOND WORKERS’ COMPENSATION? If workers’ compensation isn’t available for your mental health claim, other laws may provide relief: • Family and Medical Leave Act (FMLA): This federal law can grant unpaid leave and job protection while you seek treatment. • Americans With Disabilities Act (ADA): If your mental health condition qualifies as a disability, you can ask for workplace accommodations. • Social Security Disability Benefits: Severe mental impairments that prevent you from working may qualify for long-term disability benefits. WE CAN GIVE YOU OPTIONS. Mental health issues should never be ignored or minimized. Whether through workers’ compensation, federal protections, or private accommodations, resources are available to help you seek relief and recovery. If you believe your mental health challenges come from your work injury, contact our team to explore your options and advocate for your well-being.
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