Manhattan real estate has worst second quarter since financial crisis

A huge pipeline of new condos,  a dwindling number foreigner buyers, volatile stock markets and tax changes that make New York less attractive may be hurting Manhattan real estate sales. 
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Family Financial Centers Franchise: A Great Investment for Owners and Communities

Jack Wilson / Chief Development Officer – Family Financial Centers

Until sitting down to speak with Jack Wilson, chief development officer of the Family Financial Centers franchise, I knew the “money” business was big, but not in excess of $ 100 billion. (yes, that with a “B”).  Wilson has been in the financial services industry for many years, and after learning more about the potential in serving the under and unbanked population in the US, he got on board with Family Financial Centers (FFC). FFC offers a full menu of financial services to their customers, which are typically middle-income working families. Their services include check cashing, money orders, wire transfer, electronic bill payment, pre-paid debit cards, gift card buyback programs, gold and precious metals purchasing, and a host of other financial related products. All with the look and feel of a neighborhood branch bank.

To better understand why owning a piece of the financial services industry is something you should be seriously considering, just look at the numbers. Wilson shared with me that while there are 13,000 financial services businesses across the US, they are supporting 30 million customers with 350 million transactions, resulting in $ 106 billion annually. In other words—there’s plenty to go around. A subset of that population is the un/under-banked. There are 17 million unbanked, and 51 million underbanked people living in the US. Family Financial recognized that the unbanked and underbanked were not only underserved, but the services provided needed to be enhanced and the standards raised. That means no predatory lending practices. Currently, FFC has 50 locations in 13 states. In 2017, FFC cashed approximately $ 330M in checks and conducted over 1 million transactions. 2018 estimates are even more impressive, with $ 450M in checks and over 1.5 million transactions.

Family Financial Centers

(Image: Family Financial Centers )

But why a franchise? This is a question I get frequently as it relates to an array of industries. However, when it comes to financial services, this question becomes much more critical. Financial services and the banking industry are very challenging to get into, due to the number of state and federal regulations. To provide certain banking services, you must be a U.S. citizen, no history of bankruptcy, and you must have a Money Banking Services (MBS) account. Qualifying for and securing an MBS account is exactly what FFC are experts in. They are one of only two firms franchising in the MSB industry. Doing this on your own as an independent is virtually impossible. Lastly, if you were successful in getting up and running and unknowingly skipped any steps (not knowing what you don’t know), a government inspector or auditor could come in and shut your business down immediately. FFC provides complete back-end support—including frequent reviews and audits, daily, monthly, quarterly, and annually.

Family Financial Centers

(Image: Family Financial Centers )

FFC has three primary models, each of which satisfies an array of investor profiles. Acquisition, Store-in-store, and Tellerless Check Cashing kiosks. Acquisitions are for the investor interested in owning a community-based financial service center, potentially expanding with multiple locations, and who wants a business that already has existing cash flow and has access to capital in the $ 350K–$ 450K range. Store-in-store is for investors that currently have a store location and want to provide additional service to their customers. Tellerless Check Cashing kiosks are the newest offering from FFC, which allows customers to cash a payroll check without having to interact with a live teller and can be placed in a variety of high traffic locations. Tellerless Check Cashing kiosks give a newer investor an opportunity to get into the financial services industry, passively, with about $ 50K.

Family Financial Centers

(Image: Family Financial Centers )

Wilson would like to see many more African Americans enter into the financial services business and hopes to facilitate that in his role at FFC. If the high revenue potential isn’t enough of a draw, being an FFC owner enables investors to provide much-needed services in a professional setting to our communities, as well as jobs. And ultimately, with its high rate of return, it’s the type of business that enables parents to build a family legacy for generations to come. A legacy goes beyond a mere inheritance. A legacy is something that continues to build and grow, year after year. Not only providing wealth but empowerment. Wilson’s biggest piece of advice? “If your gonna build a family legacy, do it in the $ 106B money service industry.”

The post Family Financial Centers Franchise: A Great Investment for Owners and Communities appeared first on Black Enterprise.

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Serena Williams: How her daughter inspires her to speak out about financial abuse

Being a mother has affected tennis superstar Serena Williams in countless ways. For one, it has motivated her to use her voice, she told CNN.


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The Broke Black Girl: How a Facebook Group Became A Financial Movement for African American Women

Dasha Kennedy was a wife and mother with a corporate job in her 20s but she was still broke. Broken not just financially, but emotionally.

After a short marriage, Kennedy and her husband divorced in 2015 over irreconcilable differences—mostly financial—and she began raising her two sons as a single mother. At the time, she was struggling to provide for herself and her family, living paycheck to paycheck, and depended on bonuses from her job to sustain them. Kennedy reached a turning point, however, when she broke her foot and realized how unprepared she was for a financial emergency.

Determined to make a change, she learned how to balance her finances and began documenting her journey toward economic freedom on social media. That led her to create a Facebook group in November 2017 called The Broke Black Girl where she shared tools and resources for fiscal success with other black women. The group ballooned into an active platform where African American women around the country would share their own financial trials, tribulations, and tips. Members also encourage one another and hold each other accountable. Within six months, the group had 30,000 members. Today, Kennedy says The Broke Black Girl boasts around 40,000 members from over 32 states and 68 countries and has generated over $ 10,000 in revenue.

“What was birthed from hardship evolved into the key to financial freedom for black women everywhere. A brand built on faith and social responsibility, The Broke Black Girl aims to equip every black girl, young and old, with the means necessary to live their best life, mentally, physically, and financially,” writes Kennedy on the Facebook page.

In addition to being the force behind the growing Facebook group, Kennedy works full time as an accountant for an insurance company and as a default counselor, assisting clients that have defaulted on their loans due to financial hardships. In an interview with Black Enterprise, the St. Louis native opened up about the mission of The Broke Black Girl, how she monetized the group, and the impact that it is having on black women.

black girl

Dasha Kennedy, founder of The Broke Black Girl

BE: What is the mission of The Broke Black Girl?

The mission of the group is to provide financial literacy and basic money management skills to African American women across the world all while building positive friendships with each other. The group provides a safe and supportive space for women to openly discuss their financial hardships and seek free assistance from the professionals in the group, such as myself, with credit restoration, budgeting, money management, and wealth building.

 

BE: What tips would you share with other black women about maintaining financial stability?

As black women, we face a stigma regarding our overwhelming “need” to be beautiful by another’s standards. We have to understand that the world’s definition of beauty does NOT define us. The group lives by the motto “priorities over prettiness.” What is the point of expensive acrylic nails, hair extensions, new clothes, and shoes when you are struggling to meet your basic necessities?

We have to take control of our finances by becoming conscious of our spending habits, setting a monthly household budget, and cutting back on expenses that ultimately leave us financially strapped. How can we enjoy a life of luxury when we’re struggling to pay our bills due to the expense of that luxury? The fight starts when we admit that we have made poor financial choices, decide that enough is enough and take control of our finances.

 

BE: What have you learned from managing the group? 

Watching the group grow from one member to more than 41,000 members, I have learned that we can do so much more together financially than we could ever do alone. I have witnessed women take the initiative to create budgets, update résumés, [and] donate clothes and furniture to women that have experienced fires and floods. Being in a group with so many powerful and educated women has [also] allowed me to witness black women in a light that has been dimmed for so many years.

I’ve also learned a lot about building and managing a community. We’ve established rules so that members know what is and isn’t allowed, and to ensure that conversations remain respectful. To keep members engaged, the group has a topic schedule that we stick to and the structure of the group allows continuous learning. I also use membership questions to make sure that the most relevant people who request to join the group are allowed to join so that the group remains a safe and supportive place.

I have witnessed the love between black women and their ability to educate and provide other women with a lifelong skill: money management. The group has taught me that we are all on different financial walks but we are equally capable and responsible for helping each other along the way.

 

BE: Have you monetized the group? How?

Yes, I have monetized the group and at this current time, I have earned a least $ 11,000. The largest part of the revenue comes from events such as meet and greets, speaking engagements, mass budget classes, and merchandise. The first event, [which] was held in February 2018, was a Pancake, Pajamas and Priorities-themed vision board party for 100 girls from the group.

Since then, I have worked with girls from the group one-on-one for a fee. Using my background in finances to prepare personal and business budgets, I have sold merchandise with the name of the group as well as received payments through paid partnerships. I partner with other women that offer a financial service that I do not in an attempt to create a team effort in wealth building.

By this summer, Kennedy says she hopes to become a full-time entrepreneur.

 

-Editor’s note: This interview has been lightly edited for brevity and clarity.

The post The Broke Black Girl: How a Facebook Group Became A Financial Movement for African American Women appeared first on Black Enterprise.

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Trump discloses payment to Cohen in financial form

President Donald Trump acknowledged that he has repaid his lawyer Michael Cohen for expenses Cohen occurred during the 2016 presidential election, according to his financial disclosure forms released Wednesday.


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Gap in financial literacy widens for couples the longer the relationship lasts, study suggests

As couples mature together, they often grow apart in their level of interest and skill in handling their finances. A disparity in financial literacy that may be small or even nonexistent at first can increase over time depending on how much responsibility one partner undertakes.
Consumer Behavior News — ScienceDaily

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Open Up More Than Books With Your Financial Advisor

Dollar Bills

You found a good financial planner to help you manage money and achieve your goals. Congratulations, that’s a big step.

Now comes a leap — opening up about money. There’s a reason it’s called “personal” finance. Almost everything about your life can influence your financial decisions, so get ready to talk about more than dollars and cents.

“The more open our clients can be, the better the planning we can do for them,” says Emilie Schaffer, a certified financial planner and associate wealth adviser with Buckingham Strategic Wealth in St. Louis.

Working with an adviser goes beyond handing off financial documents. Here’s what you can and should share when meeting with a financial adviser.

THE FACTS — ALL OF THEM

Your financial adviser will request documents as you start working together. That can include anything from account statements and tax returns to how much you make and how much you owe. The list might be broader than you expect. Be prepared to share more than your 401(k) statement even if you think you only need retirement advice.

“The best result is when a client is willing to share all the relevant information.” says Carl Goodin, a certified financial planner and president of Financial Planning Associates Inc. in Ellisville, Missouri.

That includes even those investment accounts the planner won’t manage, Goodin says. Knowing the full scope will help an adviser create a properly diversified plan.

YOUR GOALS AND VALUES

This goes deeper than generalities such as “I want to save more” or “I want to have a comfortable retirement.”

“It’s not just looking at numbers,” says Therese Nicklas, a certified financial planner and owner of The Wealth Coach for Women in Rockland, Massachusetts. “You want to know what those numbers are for.”

Be prepared to think through such questions as: What and who is most important to you? What do you want to do with the rest of your life? What keeps you up at night?

Clients often pause when asked these questions, Schaffer says. “They often come in thinking they’re just going to talk about retirement goals and planning.”

Your values give a financial picture color and shape. “The purpose is to get to know clients as individuals, as human beings,” Schaffer says. “There’s nothing off the table.”

YOUR EXPERIENCES WITH MONEY

Attitudes about money get established early, so don’t be surprised if a planner asks about your earliest money memories. Knowing about your background can help your planner understand your perspective – and can also bring biases to the surface.

“A client will say, ‘Don’t talk to me about real estate. I bought a rental property one time, and I took a big loss.’ Or ‘Don’t talk to me about stocks. I bought a stock one time, and it went down and I took a loss.’ Or ‘Don’t talk to me about bonds.’” Goodin says. “This allows me to address misunderstandings that may occur. My job is largely one of education.”

EVEN THE MISTAKES

Don’t shy away from sharing embarrassing details, such neglecting to save for retirement or running up credit card debt. Financial planners have seen it all before. Schaffer tells of one client who needlessly kept $ 50,000 of credit card debt secret for years. “Our role is not to look backwards, but to set realistic expectations going forward and to plan for the best outcomes possible.”

Says Nicklas: “Bad news doesn’t get better with age. When you hang onto guilt, the only one who is paying for that is you.”

DECISIONS, BIG AND SMALL

Some things are out of a financial adviser’s scope. Typically they’re not therapists or attorneys, so they can’t treat emotional issues or give legal advice. And they don’t need to hear every grisly detail of your divorce or whom you voted for in the last election.

But almost no financial matter is too big or small to discuss, says Angela Furubotten-LaRosee, a certified financial planner with Avea Financial Planning in Richland, Washington. Should I buy or lease a car? Should I loan money to my adult child? How should I plan for retirement if I fear getting Alzheimer’s disease?

“I hope to have the kind of relationship with clients they feel they can trust and share almost anything with me,” Furubotten-LaRosee says. “I don’t think there’s a danger in oversharing. Your life and finances are intertwined.”

This article was provided to The Associated Press by the personal finance website NerdWallet. Barbara Marquand is a writer at NerdWallet.

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Call Tyrone: Howard University Student-Employee Accused Of Financial Aid Theft

93rd Annual Howard University Homecoming Game

Source: NurPhoto / Getty

Howard University is front and center in a scandal where officials and students at the school allegedly stole around $ 1 million in financial aid from the vaunted HBCU. Tyrone Hankerson Jr. found his name trending on Twitter Wednesday (Mar. 28) after he was named in a Medium blog post alleging his connection to the crime.

Medium writes:

Phony grants were allegedly created and awarded to financial aid employees who were also registered for University courses. In some cases, these employees qualified for tuition remission and therefore weren’t charged tuition for their classes. Despite this, they still received large grants and scholarships that exceeded amounts generally awarded to normal students. These grants almost always exceeded legally allowed amounts.

In 2013, for example, the Associate Director of Financial Aid, Brian Johnson, received tuition remission, and despite this, also received “University Need Based Grants” totaling $ 35,400 one year and more than $ 68,000 the following year. These grants are intended for low-income students who are in desperate need of assistance and in danger of having their education disrupted by their inability to pay. The grant amounts usually range between $ 2,000 to $ 5,500 a semester. A current financial aid employee described the amount awarded to the former Associate Director as “unprecedented” and “illegal.” Total aid received by the Associate Director neared $ 200,000.

Unfortunately, however, this was not the last time a grant of that amount had been awarded. Between 2014 and 2017, another financial aid student-employee, Tyrone Hankerson, was repeatedly awarded a $ 65,000 “University Need Based Grant.” In 2014, Hankerson was awarded another $ 22,683 scholarship, labeled as a Mock Trial Scholarship. Sources who have been involved with the mock trial, including past leadership, say the team has never awarded a scholarship of that amount and wouldn’t even have had the budget to accommodate a scholarship of that amount.

As the piece notes, this information came by way of a student only known as Chase as to protect their identity. It also states that Howard University brass were well aware of the scandal yet has chosen not to publicly address it. 

Hankerson’s first name has been trending on Twitter since this morning and we’ve collected a number of the reactions below and on the following pages.

Photo: Getty

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Jay-Z Teaches Blue Ivy $19,000 Lesson in Shrewd Financial Savvy

Talk about a family lesson in art bidding and financial frugality. A video featuring Blue Ivy Carter went viral last weekend, giving all children and parents a lesson in keen money moves. Blue Ivy, the offspring of hip-hop and R&B royalty Beyoncé and Shawn “Jay-Z” Carter, set a bid at a recent auction that almost led to an investment to the tune of $ 19,000, and dad stepped in just in time to stop the purchase.

At the second annual Wearable Art Gala in Los Angeles, where TV personality Star Jones served as emcee, Blue Ivy raised her paddle to purchase a portrait of actor Sidney Poitier. We all know dad can afford it, especially since he landed the top spot on this year’s Forbes list of the most wealthy rappers. But that wasn’t the point. It’s all about being smart with the multimillion-dollar empires that Queen Bey and Jay-Z have built. Jay tried to wrestle the paddle from his 6-year-old daughter’s hands, as seen in social media footage of the event, and Tyler Perry ended up beating the youngster with a $ 20,000 winning bid on the acrylic painting.

According to reports, Blue Ivy later won with a bid of $ 10,000 for a Samuel Levi Jones piece, a 36″ x 36″ work that includes deconstructed law and medical books. Coming from such investment-savvy and art-loving parents, it’s definitely a purchase with wealth-building potential: Jones is a lauded artist whose works have been presented at the San Fransisco MOMA, Los Angeles County Museum of Art, and the Studio Museum in Harlem. Jay-Z himself has a collection worth, according to Forbes, more than $ 490 million.

The auction, hosted by Beyoncé’s mother, Tina Knowles, and stepfather, Richard Lawson, raised funds to benefit the W.A.C.O. (Where Art Can Occur) Theater Center, which provides mentorship programs for teens and a platform for self-expression through theater and art.

Vanity Fair reports that former First Lady Michelle Obama made an appearance via a pre-recorded message to honor Beyoncé’s humanitarian work, calling Beyoncé her “sister” and celebrating her for her work in bringing clean water to communities across the globe and helping Houston residents rebound in the aftermath of Hurricane Harvey.

Jay-Z’s mom, Gloria Carter, was also honored with the Everyday People Award. She co-founded the Shawn Carter Foundation to help those facing socioeconomic hardships gain access to education and provide scholarships and mentoring for attending college.

The post Jay-Z Teaches Blue Ivy $ 19,000 Lesson in Shrewd Financial Savvy appeared first on Black Enterprise.

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Hiring A Financial Planner: How To Separate The Pros From The Con Artists

Hiring a financial planner is one of the most important steps you can take with your finances. The right person can be an invaluable asset to your efforts to build wealth for yourself and your family. On the other hand, shows like CNBC’s American Greed graphically illustrate what can happen when you trust the wrong person with your money. To separate the pros from the con artists, take the following steps before hiring a financial planner.

BE WARY WHEN THEY STEP TO YOU FIRST

Whether it’s a boiler-room style cold call with a can’t-miss investment opportunity, an unsolicited e-mail, or traditionally mailed invitation to an investment seminar, a person showing up at your church with your pastor’s blessing, or someone at a table set up at a professional conference, keep your guard up when you get an unsolicited pitch to manage your money from a stranger. It doesn’t always mean you should dismiss them out of hand, but you need to check, double-check and triple-check these people before you even think about doing business with them. There is no such thing as over-investigating a person who wants to help manage your money. Bypass anyone who resists or resents your efforts to find out everything you need to know to protect yourself.

In any case, when it comes to hiring a financial planner, it is nearly always better for you to find them than it is for them to find you. Start with getting referrals from friends, relatives, and associates. Once word gets around that you are looking for help managing your money, there will be plenty of people lining up to help you. However, even if someone comes recommended by your most trusted family member, friend, or business associate, don’t just take his or her word for it; confirm first-hand that this person is who and what they say they are—both qualified and trustworthy to help you manage your money. Start by taking the following steps.

CHECK FOR CERTIFICATIONS

Check for their professional credentials. But don’t just accept any combination of letters after their name. Look for the hard-to-get acronyms, including CFP for Certified Financial Planner and ChFC for Chartered Financial Consultant.

These certifications are valuable because they generally require initial course work and exams, and ongoing education and testing, to earn and maintain them. Those who hold such designations are also usually expected to adhere to a published code of ethics. Other certifications may also be valid, but check to make sure that they didn’t just pay a fee to add fancy-sounding letters after their name.

Check all candidates’ track records with the Financial Industry Regulatory Authority (FINRA.org) and U.S. Securities and Exchange Commission (SEC.gov) to see if any regulatory actions have been taken against them. Check with the North American Securities Administrators Association (NASAA.org) to make sure they are registered with your state’s securities department and check for complaints against them. If the planner sells insurance products, also check his or her track record with your state’s division of insurance.

In most cases, you don’t actually need any kind of certification or formal education at all to do business as a financial planner. However, hiring a financial planner who is not a certified professional makes about as much sense as hiring an unlicensed electrician to work on the wiring in your house. It might seem to not matter much, and may even be less expensive—until everything goes up in flames.

By the way, the time to confirm that a financial planner has these credentials is before you share personal financial information, sign anything, or hand over access to your hard-earned money.

MEETING AND SCREENING THE CANDIDATES

Once you’ve sought referrals from family and friends and checked credentials to narrow down the list of candidates, you’ll want to set up initial meetings with the remaining contenders to interview them and ask key questions. Here’s how to approach these first meetings.

First, I must repeat: Never commit to handing over any money in the first meeting. The planner doesn’t work for you yet; you’re just in interview mode. Pass on any planner who wants to charge you for an initial consultation or who pressures you to buy anything in that first meeting. A planner may sell securities and other products, but they shouldn’t being doing any selling before you’ve actually created a financial plan. Be wary of financial pros who are more focused on the selling than they are on the planning.

Before hiring a financial planner, be sure you understand how he or she expects to be paid for services. Is it by the hour? A commission on transactions? A flat fee? Or some combination of these? Have them put their fee policy in writing. (Learn more about fee structures at NerdWallet.com.)

Check for compatibility. Does this planner have experience with clients like you? If you’re a middle-aged family man trying to secure his retirement, you may not want a planner who is more experienced with young, single high-income professionals who may have a higher risk tolerance than you can handle.

When considering hiring a financial planner, think of him or her just as you would your personal physician. Are you comfortable with being honest and transparent about your finances (often called being “financially naked”) with this person? Does he or she actually listen to you? Are they focused on your goals, as opposed to pressing you to serve a separate agenda? If the answer to all of these questions is not a resolute “yes,” it’s a no.

IF YOU HEAR THESE THINGS, HOLD ON TO YOUR MONEY

A bad financial adviser, one who is incompetent—or worse, a criminal—can irreparably damage your finances and threaten your future. To avoid the latter when hiring a financial planner, here are some statements that you should take as your signal to back away and hold on to your money:
“Don’t worry if you don’t understand my investment strategy. It’s sophisticated stuff. That’s what you pay me for.”
Wrong! You should completely understand any recommended investment and why it fits your strategy and financial goals. If you don’t get it, you shouldn’t be invested in it. You must have final say on every aspect of your financial plan. If you get even a hint that a financial planner might forget that they work for you, not the other way around, keep it moving.
“I love the Lord, so you can trust me with your money.”
Major red flag. Many incompetent or unscrupulous financial planners will seek undeserved trust via a common church or religious affiliation. Subscribe to the trust-in-God-all-others-pay-cash approach. There’s nothing wrong with a financial planner who is a person of faith, but be prepared to hold them accountable for their performance as a financial professional, not as a fellow believer. The same applies to those who try to use racial solidarity, gender, or another shared attribute that has nothing to do with a planner’s competence and trustworthiness. Scammers will also push these affiliation buttons to get you to use your credibility to help them recruit other victims, such as fellow church members or people with a shared racial, socio-economic, or other background.
“I can guarantee a return on your investment.”
If you hear this sentence come out of any financial professional’s mouth, run. With few exceptions, there’s no such thing as a guaranteed return on any investment, nor is there such thing as an investment with high returns and zero risk.
“I’ve got a hot opportunity, but to get in on it, you have to invest today.”
The inside stock tip or other once-in-a-lifetime investment is a myth, a crime, or both. You should never be pressured to buy anything that you don’t have time to thoroughly review and understand in relationship to your financial strategy and goals, especially if you are admonished to keep it a secret. You should also be able to seek out the independent, expert opinions of others unaffiliated with the planner before taking action on an investment recommendation.
“I can get you a return on investment that is double that of the rest of the market.”
Another major red flag. If the average stock market returns are 8%, anyone who promises you, say, 15%, is either over-promising, taking crazy risks with their clients’ money, or lying (including providing statements and reports showing faked investment returns, a common theme among the crooks profiled on American Greed). The same applies to sellers of investments that keep going up when the market is going down, or whose portfolios continue to deliver steady, rock-solid returns while the rest of the financial markets are gyrating like a malfunctioning roller coaster.

WHY YOU’RE HIRING A FINANCIAL PLANNER

Bottom line: When it comes to hiring a financial planner, as with most things, if it sounds too good to be true, it is. Good financial planners can’t work miracles with your finances, but they can—and should—perform the following important services:

-Help you define your financial goals and develop a plan to meet them.
-Help educate and keep you updated on what they are doing with your money (never without your approval) and why.
-Help you to build a diversified, low-cost investment portfolio, aligned with your goals and tolerance for risk.
-Ensure that you have the right insurance coverage for your needs at the lowest possible rates.
-Help you with tax planning, to ensure that you pay no more than necessary and no less than what you owe, and to reduce taxation on your investments.
-Help you with estate planning, ensuring that your assets are passed on to your heirs and otherwise handled according to your wishes should you die or become unable to make decisions for yourself.
A good financial planner should also be able to connect you with tax experts, estate planning attorneys, insurance specialists, and other professionals who can help you to execute your financial plan.
It will take time to find the right financial planner for your needs, but it will be worth it.

The post Hiring A Financial Planner: How To Separate The Pros From The Con Artists appeared first on Black Enterprise.

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Goldman will add 30 percent more financial advisers

Goldman Sachs is tormenting its banking rivals as it embarks on a global mission to make a new fortune off the globe’s fast-growing ranks of millionaires. The firm with the Midas touch will increase its number of financial advisers by 30 percent within three years as it lays out plans to massively expand wealth management…
Business | New York Post

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The 411 On FIRE: Financial Independence/Retire Early

financial independence retire early for beginnersI asked the Corporette FB group a while ago what financial resources people were loving, and a reader suggested we do a post on the FIRE movement — financial independence/retire early — so I asked Rebecca Berfanger to round up some great resources on the movement for beginners! Readers, have you considered retiring early as a serious goal? (Has anyone considered and rejected it as a goal?) What steps are you taking to make it happen — and what will you do once you quit? – Kat

Have you ever looked at your financial situation — income, investments, debt, and other factors — and wondered if you could retire comfortably in your 50s, or your 40s, or sooner? We took a look at the Financial Independence/Retire Early movement (FIRE), which emphasizes ways to achieve just what it says: true financial independence that comes from savings and investments that allow you to retire completely. Have you thought about retiring early? Do you have any ambitious retirement plans such as FIRE or other strategies? 

Psst: We’ve also talked about cash savings vs. retirement savings and retirement savings in general (as well as having a great discussion about how much women should save for retirement in general).

While FIRE will work differently for everyone, depending on how much your employer matches your retirement plan, how much you can afford to live on, and how much you can contribute to your 401k and other investments without a tax penalty, here’s a guide to Financial Independence/Retire Early for beginners:

What kind of FIRE plan is right for you if you don’t want to cut back your expenses? What if you live in a high cost of living area?

An important part of FIRE is an emphasis on cutting expenses in order to increase your investments, but even within FIRE, there are different mindsets. One is “LeanFIRE,” which is just what it sounds like. You figure out the minimum that you’ll need for retirement — with a focus on living frugally — whether you’ll be in a modest home in a low or moderate cost of living area, or even traveling around in a trailer or RV. (Even then, you could possibly monetize that living situation into a blog or YouTube channel — but then you wouldn’t necessarily be a FIRE purist because you’d still technically be working.)

If that isn’t a good fit for you, there is also “FatFIRE,” where you figure out how much you would need to be financially independent and live a comfortable lifestyle, even if you live in a high cost of living area with high property taxes and other expenses you can’t avoid. For either LeanFIRE or FatFIRE, the general consensus is to save at least 25 times your annual expenses (not income) before you retire.

What are the benefits to FIRE, other than being able to leave your job?

By getting into FIRE and making a budget of your current expenses, you might figure out how you can cut back here and there without totally changing your lifestyle — something you’ve maybe been thinking about doing anyway. If you start investing those savings sooner rather than later, you’ll already be earning instead of letting your money sit in a low-interest checking or savings account. You might also find it’s easier to directly deposit that extra money into your retirement fund or other investments before you even have a chance to spend it.

What are the risks of FIRE?

  • The obvious risk is that no one can predict what the actual cost of living will be in the next 30, 40, possibly 50 years, assuming you are still alive and no longer working or, by then, no longer able to work.
  • One of the most unpredictable expenses is the future cost of health care, which has continued to increase every year. Chances are, you or one of the family members you care for may have an unexpected medical expense that wasn’t included in the regular annual expenses you planned.
  • There are also unknown risks with any financial investment. (See below for where FIRE advocates invest.)

One way to counter these risks is to plan for a FatFIRE. Even if you underestimate your expenses, you’ll still fare better than someone planning for the bare minimum in expenses, something those on LeanFIRE path might do.

How much do you have to earn to make FIRE work?

The goal is to be able to cover your future expenses even if you can’t match your current income. If you don’t make enough in your full-time job to achieve this, the FIRE community encourages starting a side hustle or two. However, this isn’t possible for everyone due to time constraints, and some people already work a second or third job just to keep up with bills. In fact, FIRE is often criticized for only being an option for those who are privileged enough to make more than what they need.

However, if you don’t already have a side hustle and you do have the time, it might be worth considering for reasons other than a goal of early retirement. This Forbes article suggests the benefits of having a side hustle, while Harvard Business Review also provides ideas on how to get started.

Where do members of the FIRE community invest their money?

Two preferred types of investments are low-cost index funds, specifically Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX), and rental real estate. FIRE enthusiasts don’t have a lot of faith in cryptocurrency, such as Bitcoin, or even in individual stocks. Some FIRE proponents also attempt to achieve FIRE with entrepreneurship, but that’s the riskiest path.

Can you do FIRE if you have or want to have kids?

Like other aspects of FIRE, you must consider all expenses, earnings, and investments. Think about how you can save on childcare expenses and are there things you can plan for your child’s future where you will still have enough financial independence to also afford things for your child — college tuition, extracurricular activities, private education, etc. A 529 Plan might also help in determining expenses as they relate to your children (or future children), and might even have its own tax benefits for families.

How can you get started — what are the best resources for beginners?

Finally, while you should talk to a financial planner or accountant when making major financial decisions, especially when it comes to taxes, don’t be surprised if they encourage more traditional retirement planning or specific investment tools that don’t fall in line with the FIRE philosophy. Also, even if you don’t want to retire early, consider the benefits of following the suggestions of FIRE to help you save for an emergency fund, or to have just enough to be able to quit your job or make a career change in the future.

Let us know: Have you considered FIRE for yourself? When did you start saving for retirement? When you cut back on expenses, do you put the money toward debts such as student loans or a mortgage, or toward a down payment on a house, as opposed to investing for retirement? Do you have any barriers to retiring early? What resources would you suggest for Financial Independence/Retire Early for beginners?

Ever wonder about retiring early? We rounded up the best resources to get started learning about the FIRE movement -- everything you need to know about financial independence retire early -- for beginners!

The post The 411 On FIRE: Financial Independence/Retire Early appeared first on Corporette.com.

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Molson Coors Names Marijuana a ‘Risk Factor’ in Recent Financial Report

 

Big beer is concerned about the growing legal cannabis industry.

Molson Coors Brewing cited the spread of legal marijuana as a risk to its business in its annual financial report filed with the Securities and Exchange Commission on Wednesday. Instead of drinking beer, people may increasingly smoke and eat pot.

“Although the ultimate impact is currently unknown, the emergence of legal cannabis in certain U.S. states and Canada may result in a shift of discretionary income away from our products or a change in consumer preferences away from beer,” the filing says.

Several other larger beer companies have made similar statements, including Boston Beer, the parent brand of Sam Adams, and Craft Brew Alliance, the makers of Kona and Omission beer. Constellation Brands, the owners of Corona and other alcohol brands recently made a large investment in the marijuana industry.

For a bit of perspective, marijuana was just one of 40 “risk factors” that Molson Coors, maker of Blue Moon, Crispin Cider, and Miller Light listed in its regulatory filing. Other concerns included climate change, potential loss of key personnel, and the cost of being forced to move to returnable bottles in Canada.

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CDC director resigns over financial conflicts of interest

NEW YORK (AP) — The director of the Centers for Disease Control and Prevention resigned Wednesday over financial conflicts of interest involving her investments in health care businesses.
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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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The Best Financial Books for Beginners

the best personal finance books for beginnersIt’s been YEARS since we’ve talked about the best personal finance books for newbies, so we figured today we’d discuss the best financial books for beginners. Paying off debt, saving for retirement, and managing your money in general can seem overly complicated and intimidating no matter what your age — but especially when you’re a young professional — and these books use simple rules and straightforward concepts to educate people who are new to personal finance. What is your favorite personal finance book (or blog, or magazine, or podcast)? What was the best advice you took from it? 

Psst: In the past, we’ve shared our money roadmap, offered financial tips for women lawyers, pondered how to make a budget, discussed the pros and cons of cash savings vs. retirement savings accounts as well as paying down debt vs. saving, and much more. We also included several recommendations for finance podcasts in our podcasts for working women post.

Here are six of the best financial books for beginners:best personal finance books for beginners - image of book covers including Get a Financial Life, You are a Badass at Making Money, You Need a Budget, The Financial Diet, I Will Teach You to Be Rich, and The Total Money Makeover


This post contains affiliate links and Corporette® may earn commissions for purchases made through links in this post. For more details see here. Thank you so much for your support!

The Best Financial Books for BeginnersGet a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner (latest edition 2017)

Get a Financial Life was first published in 2000 — the same year the dot-com bubble burst — and was aimed at Gen Xers, while this fourth edition (“completely revised and updated”) came out early last year and was written for millennials. The book shares advice on the basics and the more complicated aspects of personal finance, including filing your taxes, buying insurance, making a budget, investing, buying a home, saving for retirement, paying student loans, and much more. It’s been called “a life’s worth of smart financial advice” and currently has a 4.5/5.0 rating on Amazon.

The Best Financial Books for BeginnersYou Are a Badass at Making Money: Master the Mindset of Wealth by Jen Sincero (2017)

A followup to Sincero’s You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life (which has 3,000+ reviews on Amazon), You Are a Badass at Making Money shares tips on achieving financial success in a financial newbie-friendly way that’s been called “accessible,” “hilarious,” and “cheerful.” Sincero includes personal essays about her journey from being broke to becoming a successful business owner, as well as real stories from others who improved their finances by starting to look at money in a new way. The book has a 4.6/5.0 rating on Amazon.

You Need a Budget: The Proven System for Breaking the Paycheck-to-Paycheck Cycle, Getting Out of Debt, and Living the Life You Want by Jesse Mecham (latest edition 2017)

First published in 2010, Corporette reader favorite You Need a Budget (YNAB) also has companion budgeting software (including an app) that you can try free for 34 days — it’s $ 6.99/month thereafter. (Mecham actually created his company and the YNAB software before writing this book.) The book’s strategy for people trying to make a budget and take control of their money includes four rules: (1) Give Every Dollar A Job, (2) Embrace Your True Expenses, (3) Roll With The Punches, and (4) Age Your Money. A couple of Corporette comment threads about the software are here and here. The book has a 4.7/5.0 on Amazon.

The Best Financial Books for BeginnersThe Financial Diet: A Total Beginner’s Guide to Getting Good with Money by Chelsea Fagan (2018)

The Financial Diet, a brand-new book, grew out of Chelsea Fagan’s popular website and YouTube channel (note: autoplay video). It aims to help readers handle their money better, make a budget and stick to it, learn how to invest, negotiate a raise, and more — and it offers lifestyle tips that include “how to take care of your house like a grown-up.” Reviews of the book have praised it for its “practical, no-nonsense financial advice” and “concise, clear advice on fundamentals.” As for reader reviews, The Financial Diet has a 4.7/5.0 on Amazon.

The Best Financial Books for BeginnersI Will Teach You to Be Rich by Ramit Sethi (2009)

Written to help 20- to 35-year-olds master their money situation, I Will Teach You to Be Rich (another Corporette reader favorite) structures its six-week program using the four pillars of personal finance: banking, saving, budgeting, and investing, as well as building wealth through entrepreneurship. The six weeks are (1) Credit Cards, (2) Bank Accounts, (3) Investing Accounts, (4) Conscious Spending, (5) Automatic Money Flows, and (6) Investing Choices. (Note that the style has been called “part frat boy and part Silicon Valley geek, with a little bit of San Francisco hipster” — some Corporette readers have said that they liked the book but weren’t crazy about the tone — and also note the book was published in 2009.) I Will Teach You to Be Rich has a 4.5/5.0 on Amazon.

The Best Financial Books for BeginnersThe Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness by Dave Ramsey (latest edition 2013)

Dave Ramsey has created a personal finance empire, including books, a radio show, live events, webinars, and more. His book The Total Money Makeover (which has sold more than 5 million copies) explains how to get out of debt and reach your financial goals by following his seven simple steps. They include paying off debt quickly, building an emergency fund, and investing 15% in retirement accounts. Be aware that Ramsey is definitely not a fan of taking out loans and consistently encourages readers/listeners to buy with cash. A couple of Corporette reader threads about Ramsey’s advice are here and here. The book has a 4.7/5.0 on Amazon.

What do you think are the best financial books for beginners? Was there a particular book that has made a big difference in the way you handle your money? Do you read any personal finance blogs from the authors above, or from others? 

The post The Best Financial Books for Beginners appeared first on Corporette.com.

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Sun Life Financial Expects $200 Mln Charge To Q4 Net Income On U.s. Tax Reform

Sun Life Financial Inc. (SLF, SLF.TO) said that as a result of the recent U.S. tax legislation, it expects the tax expense included in its 2018 underlying net income to decrease by approximately $ 130 million and also expects to incur a charge of $ 200 million to its net income in the fourth quarter.
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12 Great Apps To Save More Money and Jump-Start Your Financial Freedom in 2018

New Year, new you? How about New Year, new ways to save your money? Every start of the year gives us another chance to implement better money-saving habits or to improve upon the ones we’ve already adopted. It’s no surprise that the top resolutions for Americans often include financial-oriented goals.

At the start of 2017, digital marketing company, iQuanti, compiled a list of the most popular resolutions based on Google search terms the year prior. Rounding out the top five was the resolve to “spend less and save more.” In a recent PNC Financial survey of employed U.S. adults, when asked which financial-related resolutions they are most likely to make in 2018, 40% stated save more money each month, 31% said reduce spending each month, and 27% wanted to save more for retirement.

But as quickly as we make them, many of us are also more likely to break financial resolutions due to circumstances or plain lack of discipline. Each year, money-related resolutions make multiple lists of common New Year’s resolutions that people break. But not all hope is lost—there are some worthy financial apps sitting in your smartphone’s app store that can help make your financial resolutions stick or at the very least, provide you with a fresh, empowered way of thinking about your money.

Whether it’s the resolve to save an extra $ 100 a month, put money toward a travel or emergency fund, increase your credit score, or buy into that stock you’ve been eyeing, these money-saving apps can make your 2018 money-saving goals a bit more doable and motivate you to not ditch your financial resolution three months or three weeks in.

Empower

Photo: Empower (Apple iTunes Store)

Featured by Forbes and Time Magazine as among the best apps in finance, Empower helps you build wealth by paying down debt, improving your credit score, canceling unwanted subscriptions, and keeping track of all your finances in one place. The app also tracks your spending patterns and makes customized suggestions catered to your lifestyle. For a more complete overview of your finances, Empower also allows you to sync any investment and borrower accounts.

Acorns

Photo: Acorns (Apple iTunes Store)

This app is a force in the microsavings realm. Simply link your credit and debit card to the app so that it could track your purchases. It rounds those purchases up to the nearest dollar and invests the difference for you into exchange-traded funds. Acorns designs an investment portfolio for you based on the information you provide upon signing up, but there are other portfolios to choose from. It costs $ 1 per month and .25% of the balance once your portfolio hits $ 5,000. It’s free for college students.

Mint

No list of best apps for saving/managing money is complete without Mint. It claims to take the hassle out of budgeting by creating a personalized budget and auto-categorizing your transactions after you sync your bank account. Just link your account to the app and it does the work for you. Mint also sends you alerts when bills are due and notifies you of any unusual charges. It can also tell you how you can reduce money on bills and monthly fees.

Photo: Mint (Apple iTunes Store)

Clarity Money

Is that Planet Fitness membership just languishing month after month while you automatically give away $ 10 that could be used for something else? Then Clarity Money will happily remind you of that. It is a financial ally that helps you cancel wasteful or forgotten subscriptions and alerts you if you are spending more than what you allotted for in your budget. The app also displays how much you’ve spent, keeps track of your monthly income, advises you how to use your credit card responsibly, and tells you the days until your next paycheck. It can also help you discover better credit card deals based on your spending habits and can generate your credit score for free.

Photo: Clarity Money (Apple iTunes Store)

Credit Karma

For those who want to increase their credit score, the popular Credit Karma app is the best free app that allows consumers to see how high or low their score is without getting a hard credit check and causing damage to the current score. You can also monitor your reports and receive alerts when there are fluctuations. The app also allows you to challenge any errors and offers suggestions on how to increase your score.

Photo: Credit Karma (Apple iTunes Store)

Digit

Photo: Digit (Apple iTunes Store)

Digit is great if you’re new to the budgeting game or if you’re not too good at sticking to a money-saving plan. After you sync your checking account, it automatically determines a feasible amount of money that you can afford to save and places that amount into your savings account. The best part is that it comes with a no-overdraft guarantee, so you can carry on without worrying that the app will take more out of your account than you can afford. Each morning you receive a text informing you of your current balance, and with a weekly status report on how much you’ve saved, you can soon be on your way to hitting your financial goals. It’s free for the first 100 days and $ 2.99 a month after.

You Need a Budget

(Image: Google Play)

Investopedia.com calls YNAB the best app for getting out of debt. It allows you to create a budget based on a few ground rules: give every dollar a job, embrace your true expenses, plan for infrequent expenses, roll with the punches if you end up overspending, and learn how to live on last month’s income. In other words, it works with what you have in order for you to attain more and gain control of your finances. If you overspend, it provides you with a snapshot of what you need to do differently to get back on track with the built-in “accountability partner.” After the free 34-day trial, it costs $ 50 a year and also offers online classes with live instructors to help you learn or brush up on the basics and best practices of budgeting.

Simple

Photo: Simple (Apple iTunes Store)

This online banking app includes tools that allow you to budget and save, all with no fees. Once you set a goal, your Simple account automatically sets aside what you need to save. Goals also work as digital envelopes to store money for all your budget categories. Their Safe-to-Spend feature ensures that you don’t overspend by informing you of what’s left after your goals, scheduled bill payments, and pending transactions. The app does require you to sign up for a Simple Visa® Card and Banking Services are provided by Compass Bank, an FDIC-insured institution.

Mvelopes

If you or someone you know has ever designated envelopes with cash for specific purposes, example: groceries or entertainment, think of Mvelopes as the digital equivalent of that method. It allows the user to categorize their savings and fosters discipline by not allowing you to borrow money from one envelope if another is empty. Mvelopes also sets up a monthly financial plan for you. The basic version costs $ 3.99 a month and a free one month trial ends Jan. 26, 2018. The plus version grants access to coaching sessions and the debt-reduction center.

Photo: Myvelopes (Apple iTunes Store)

Wally

If creating a monthly expense sheet in Excel is intimidating at all to you, Wally makes it easy and manageable by giving you a view of what goes out and what comes in. The creators of the app aim to “give you the tools to understand where your money goes, and empower you to set and achieve financial goals.” The app tracks your expenses by allowing you to take photos of your receipts—a much easier way than having to input every amount you spent.

Photo: Wally (Apple iTunes Store)

Unsplurge

If you want to make that business idea a reality, buy that new smartphone, or finally take a trip to your dream destination, Unsplurge can help by allowing you to save up for that specific splurge expense. It contains a social component where you can share your financial goals and progress to the app’s social community, including your friends or family. If you’re falling short of meeting that goal, they can give you a reminder or tips, motivating you once again to keep your eyes on the prize.

Photo: Unsplurge (Apple iTunes Store)

Qapital

NerdWallet dubbed Qapital as best for goal-setting. Whether it’s a dream to head somewhere or simply become better at saving, this app moves your money automatically using various methods or rules that keep you accountable. Just input your goal and how much you need to reach it.  After that, you can choose to place loose change from your credit card into an FDIC-insured savings account, set up daily, weekly or monthly automatic deposits toward your goal, save a percentage each time you get paid or opt for the 52 week rule where you save $ 1 in week one, $ 2 in week two and so on until you reach 52 weeks.

Photo: Qapital (Apple iTunes Store)

The post 12 Great Apps To Save More Money and Jump-Start Your Financial Freedom in 2018 appeared first on Black Enterprise.

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Study Shows New Year’s Money Resolutions Helps African Americans Reach Financial Goals

Is how much you want to save or invest on your New Year’s resolutions list? If not, it might be something to consider to build wealth and enhance your finances in the coming year.

Some 77% of Americans are very or somewhat likely to set financial goals in 2018, more than doubling the 34% who set specific financial goals in 2017, a new Lincoln Financial Group study shows. Plus, 83% of Americans who set a specific financial goal in 2017 feel better about their finances now than they did at the start the year.

The Radnor, Pennsylvania-based financial services company just released its Financial Focus: Goals and Reflections of Today’s Consumer report. The study revealed that simply making a New Year’s resolution on finances may bring about increased confidence in a consumer’s financial situation even if they don’t reach their goal. Sixty-nine percent of respondents who set a goal but did not achieve it report that they feel better about their finances versus 64% of those with no financial goal.

The findings are based on a national online survey of 2,500 Americans ages 18 and older in the United States. It included responses from 394 African Americans.

“Every journey begins with a first step and when it comes to our finances the first step is setting a goal,” said Regina Beatty, a private wealth strategist with Mosaic Wealth Consulting and a registered representative with Lincoln Financial Advisors, in a press release. “Regardless of your level of wealth, just making a financial resolution at the beginning of the year can inspire confidence and increase awareness of budgeting, saving, and planning for the future.”

Setting up financial resolutions can be easily done. They can include establishing a goal to save a certain amount in 2018, setting up or adding to an emergency savings fund, boosting contributions to retirement plans as well as examining investment performance and insurance needs. Beatty suggests talking with a financial adviser, who can help create a financial roadmap by setting realistic goals and helping savers stay on track during the year to help achieve their target.

As people get older, the likelihood of making resolutions drops. Eighty-four percent of millennials plan to make a New Year’s resolution in 2018, 71% of Gen Xers, 51% of baby boomers and 43% of Goldens. Plus, some 74% of Americans feel better about their finances than the beginning of 2017 and 84% expect their finances will improve next year.

When it comes to African American financial resolutions, Lincoln Financial provided some intriguing data:

  • Of African Americans who set a specific financial goal for 2017, 60% either reached that goal or exceeded it. Another 22% said they came very close to their goal.
  • Fifty-one percent of African Americans made New Year’s resolutions for 2017, while 49% did not.
  • When asked why they made New Year’s resolutions, 47% said they wanted to keep improving themselves, 45% like to set goals for themselves, and 41% wanted to feel healthy. Thirty percent reported it helped prioritize their future, 29% want to avoid future health problems and 28%  want to improve their financial situation.
  • Asked how well did they do with New Year’s resolutions last year, 61 reported they did very or somewhat well and 23% said they did just OK.
  • Seventy percent are very or somewhat likely to set resolutions for 2018.
  • Asked what category their resolutions would fall into for 2018, 33% reported exercise, diet, weight loss. The other top categories were happiness, relaxation, and spirituality; as well as finances, career improvement and education—each scoring 23%.

The post Study Shows New Year’s Money Resolutions Helps African Americans Reach Financial Goals appeared first on Black Enterprise.

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The 9 Best Financial Tips and Info for African Americans in 2017

Black Enterprise has offered financial information to the black community for nearly half a century. We’ve put a strong focus this year on the financial health and well-being of millennials; on funding startups; on building generational wealth, and many other money concerns of our community. Here are nine of our most-viewed articles that feature incredible accounts of financial achievement; provide an unflinching look at the state of black finances; or offer solid advice on how to create your own wealth for life.

 

$ 52 MILLION LOTTERY WINNER’S PLANS TO REBUILD HISTORIC BLACK COMMUNITY

After winning a $ 52 million lottery jackpot in 2010, Miguel Pilgram used his winnings to launch his own real estate company, The Pilgram Group, and invest in properties across South Florida. Now, the successful businessman is committed to reviving Sistrunk Boulevard, a notorious corridor in downtown Fort Lauderdale. Black Enteprise’s digital editor, Selena Hill, has the full story.

 

Miguel Pilgram (Image: Facebook)


 

BALTIMORE MAY SELL HOMES FOR $ 1 TO REVIVE NEGLECTED NEIGHBORHOODS

Baltimore advocates want to restore this program to curb the city’s blight epidemic and prevent more homes from becoming vacant. The program would also create construction jobs, they say. Find out the details.

 

(Image: Flickr/Eli Pousson)

 


 

MULTIPLE WAYS LIFE INSURANCE CAN BUILD WEALTH FOR BLACKS AND COMMUNITY

Veteran business and finance journalist Jeffrey McKinney investigates the myths and realities of using life insurance to make money. A must-read.

(Image: iStock/monkeybusinessimages)


WELLS FARGO COMMITS $ 60 BILLION TO INCREASE AFRICAN AMERICAN HOMEOWNERSHIP

The banking and financial services holding company seeks to lend $ 60 billion to qualified African American consumers for home purchases by 2027, as well as to increase the diversity of the Wells Fargo Home Lending sales team, with $ 15 million to support a variety of initiatives that promote financial education and counseling over the next 10 years.

Real Estate, first home, homebuyers

(Image: iStock)

 


10 OF THE MOST AFFLUENT AFRICAN AMERICAN SUBURBS IN THE NATION

There is a strong upward mobility trend among African Americans, with nearly 40% residing in the suburbs. 

 

(Image: iStock/FatCamera)

 


HERE ARE 4 SMART WAYS TO USE YOUR TAX REFUND

Black Enterprise contributor Ashley M. Fox provides ways to use your upcoming tax refund wisely.

 

(Image: iStock/NoDerog)


HOW YOU CAN GET YOUR PIECE OF THE AFFORDABLE HOUSING PIE [VIDEO

The “Gentrification: How to Make Affordable Housing More Affordable,” panel took place at Fordham Law School on April 26. It touched on the current state of affordable housing in New York City, the impact of the proposed Trump funding cuts, and solutions. Watch the video and get great information.

(Image: iStock/artisteer)

 


 

THE STATE OF AMERICA’S WEALTHY BLACK PEOPLE

Black Enterprise money writer John Tucker breaks down the data and habits of America’s richest black folk.

 

(Image: iStock/PGGutenbergUKLtd)

 


MEET THE WOMEN WHO ARE FOCUSED ON FIXING CREDIT IN THE BLACK COMMUNITY

This organization is composed of current and former black female legislators who are determined to provide programs and policies to address the social justice and economic empowerment issues faced in black communities.


 

STUDY: EVEN AFRICAN AMERICANS MAKING ALMOST SIX FIGURES FEEL FINANCIALLY INSECURE

A new study reveals that nearly half of African Americans with yearly household incomes between $ 35,000 and $ 150,000 feel financial worry. Here’s why.

couple, husband and wife, worried, stress, bills

(Image: iStock/FatCamera)

 

 

 

 

 

 

 

 

The post The 9 Best Financial Tips and Info for African Americans in 2017 appeared first on Black Enterprise.

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Rio ballerinas struggle amid Brazil’s financial crisis

RIO DE JANEIRO (Reuters) – Rio de Janeiro’s opulent Municipal Theatre has gone quiet this year as months of unpaid wages emptied its calendar of major works and pushed many ballerinas and opera singers into poverty.


Reuters: Arts

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Trump’s Consumer Victory Officially Makes a Joke of Financial Reform

Earlier this year, when researching a story on Donald Trump's executive appointments, I talked to current and former Hill staffers about Mick Mulvaney. The humorless debt truther from South Carolina was the man His Orangeness wanted to put in charge of the Office of Management and

This article originally appeared on www.rollingstone.com: Trump’s Consumer Victory Officially Makes a Joke of Financial Reform

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Is Financial Stress Pushing Bruce and Kina to the Brink? | Released | Oprah Winfrey Network

OWN

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http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

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Financial world awaits Trump’s announcement on Fed choice

WASHINGTON (AP) — After a search more public than any before in the Federal Reserve’s more than a century of history, President Donald Trump is prepared Thursday to name his choice to lead the Fed. All signs suggest that Trump’s pick is Jerome Powell, a member of the Fed’s board, to replace Janet Yellen when her term ends in February.
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Black Students Need Financial Knowledge Now

Yesterday, I wrote about the distressing news that nearly half (49%) of all black borrowers default on their student loans within 12 years of entering college.

Unfortunately, even those who had earned a bachelor’s degree were more likely to default than degree holders of other races. According to data from the U.S. Department of Education, which for the first time examined long-term outcomes for student borrowers, and through a racial lens, only 9% of all borrowers who hold bachelor’s degrees default on their loans. However, a stunning 23% of black degree holders default.

 

(Image: iStock/svetikd)

 

I spoke with Ben Miller, senior director for Postsecondary Education at the Center for American Progress, who has written about the implications of this new federal data. He notes that employment discrimination is a likely factor in the high default rates of black borrowers. Clearly if you’re un- or underemployed, it’s difficult to pay back school loans.

I also spoke about the data with college financial expert Jessica Brown, known as the College Gurl. She pointed out a lack of financial knowledge as another part of the problem.

“Some students are not just paying their loans, but the loans that their parents took out on their behalf,” Brown told me by email. “Most black students come from low-income families who were unable to save for college. Therefore, they exhaust and apply for student loans without understanding the future financial impacts.”

 

Lack of Understanding

 

“Without understanding” may be operative words here. In fact, it was from Brown that I learned about so-called loan refunds—borrowing more money than you need, receiving a “refund,” and using that excess cash to fund a lifestyle.

Brown says, “Refunds play a huge role in student loan debt. If you are receiving a refund from an excess of loans, it is imperative to spend it wisely or send it back to the loan servicer to minimize your debt. It is critical for students to borrow what they need and not what they want so defaulting doesn’t happen.”

If students were taught sound financial management throughout grades K-12, would they make better choices about student loans, at the very least not default on them?

For the most part, we don’t know since according to the Council for Economic Education, only 22 states require high school students to take a course in economics, and only 17 require a personal finance course.

Take matters into your own hands. At the very least, read Black Enterprise. Then commit to reading books, listening to podcasts, and following financial gurus on social media. Even without having taken a course in personal finance, there’s enough free and low-cost information available to keep borrowers from defaulting on their loans.

Money – Black Enterprise

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These Financial Vices Keep You Broke and Make You Sick

simple tips

We all have vices. Whether big or small, overt or secret, these nasty little habits can cause major problems when it comes to your finances. The definition of a financial vice is any unnecessary regular expense that you are willing to include in your budget. Often, these financial vices aren’t just draining your wallet they are also deteriorating your health. Here are the top five vices:

 

  1. Coffee.

Basic math tells us that if you buy a latte or specialty coffee every morning—or at least five days a week—for around five bucks then you are spending $ 1,000-$ 2,000 per year. Buying premium coffee and brewing it at work will save you money. Ground coffee may cost $ 7.28 per pound, or just over 16 cents per cup, and $ 8-per-pound for whole beans or about 18 cents per cup. So, a 6-ounce cup of coffee at about 17 cents a cup per day that you brew yourself adds up to $ 1.19 a week or $ 62.05 a year.

 

2. Fast Food.

 

Those value menus might be cheap and quick, but add up over time. The costs of $ 5 to $ 7 at a fast-food restaurant versus cooking at home, which averages out to $ 1.50 to $ 3 per person, works out to a 40% to 79% savings in favor of homemade food, making it much cheaper to bag your lunch for the job. Think about it. If each month you spend $ 350 on groceries and $ 650 eating out (between lunches at work and dinner with friends), you are spending $ 12,000 a year on food alone. Plus, when cooking at home, you’re able to control what ingredients are going into your body.

 

3. Alcohol.

 

Don’t drink your money away. That buzz could cost you, especially if you hang out at bars or clubs, where prices are usually in the double digits. If a sip of wine now and then does the body good, consider drinking at home. A bottle from your local store is less expensive than a glass at your local hot spot. If you drink three days a week, and have an average of two drinks at each sitting, at $ 9 a drink, you’re spending $ 234 a month on alcohol. If you drink four or five drinks per sitting that number rises to $ 468 or $ 585.

 

4. Cigarettes.

 

Lighting up may not only kill you, it is expensive. Quitting smoking is like giving yourself a pay raise. Albeit, the cost of smoking cigarettes varies greatly by state and the number of packs smoked. Notwithstanding, someone smoking a pack a day at $ 5.25 will spend $ 1,916 each year, while at the cost of $ 12.85 a pack that yearly amount adds up to $ 4,690. Double these amounts if you are a two pack a day smoker. In 10 years, you’re wasting about $ 50,000 on a bad habit. That’s enough to buy a brand new BMW.

 

5. Lotto.

 

Yes, Powerball and Mega Millions tickets have rendered grand prizes as high as $ 243 million and $ 415 million. But playing the numbers isn’t a last-minute retirement plan. Stop dreaming and start saving more. There’s nothing wrong with putting a couple of bucks toward a lottery ticket every once in a while. Let’s say you’ve gone from shelling out $ 2 every month on the lottery to spending $ 20 a week. That adds up to $ 1,040 over the course of a year. Don’t stress out, confusing fantasy with reality. The odds of hitting the Powerball jackpot are 1 in 292,201,338; Mega Millions, 1 in 258,890,850.

Money – Black Enterprise

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5 Financial Basics Anyone Over 35—and Single—Must Have

financial basics

The author of Growing Up and Saving Up, financial planner, Erin Baehr, says, “Once you get into your thirties, and you have the financial basics—such as an emergency fund and other necessities—settled, you can take on more risk overall.”

The twenties are mostly filled with less complication, for some people.  Saving for retirement or taking care of aging parents may not be at the top-of-mind when you’re 22.  However, you reach a point in life where you have to change and give the topic of finances priority attention, asking yourself, “Where do I start?”

Well, it’s actually easier than you think, if you keep these financial basics in mind to help build a solid future in your thirties—particularly if you’re single and have no one to help.

 

1.      Your Budget

 

Establishing a pre-set budget may sound like a no-brainer, but you would be surprised at the number of people that don’t have a budget. This goes beyond just making money and spending it.  You need to examine where your money goes, what is left over, and how you can cut expenses for future planning.

This analysis will give you the ability to make some hard choices. Your reality review should include:

  • Getting out of debt by paying off high-interest credit cards and loans. The same Forbes article stated, “You may have the income now to really attack any student loans or credit card debt that may be lurking. Don’t just pay the minimums and keep those balances for decades. Get aggressive and knock out high-interest debt now, since later you’ll probably be balancing saving for your own retirement and for college if you have kids.”
  • Cutting back on all of the waste. Suze Orman, the famed financial consultant, offers advice in a webcast on Oprah.com that helps on this topic: “Listen to me—stop focusing on the big picture. Macroeconomics matter, but your security depends far more on microfinance—the small choices you make with your money. Every financial worry you want to banish, and financial dream you want to achieve comes from taking tiny steps today that put you on a path toward your goals.”
  • Managing your personal finances on a serious level.

 

2.      Your Financial Health Status

 

This includes the other layers that go beyond your budget and can affect each of the next steps you want to take.

You should make sure that you have the following:

  • Both a checking and savings account in good standing.
  • A good credit score on all of the credit reporting agencies.
  • Contribute to a retirement plan, either through your employer or with a Roth IRA.

 

3.      Focus on ‘Value’

 

This is a subset of the ‘budget’ topic, but it is one that you face on a daily basis. Everything that you buy or consider purchasing should be evaluated. It doesn’t mean getting the ‘cheapest,’ but it does mean making every attempt at spending less to get the most, and can include:

  • Shopping smartly and looking for discounts and deals.
  • Using coupons, loyalty programs, and all avenues to get the best bang for your buck.
  • Buy based on financials, not emotions, and understand that ‘waiting’ can save more in the long run.
  • Throwing away some of those preexisting ideas, such as ‘only buying new’ for a car.

 

4.      Invest in a Home Now

 

You are at the perfect age to make a real estate investment, but to do it the right way, you need to use common sense on your purchase.Don’t invest in an area you can’t afford to rent.  Rent cheap and invest low in another city for cash flow. Remember that this home can be a stepping stone to the next, and you want to make sure that your payment matches your income, so that you don’t go over your head.

This decision should include:

  • Having a nice amount of money for a down payment to reduce your principle.
  • Being prepared for the many home operating expenses that will show up, including repairs and upgrades.

 

5.      Mentoring From Someone Who Has Been Successful

 

There are many people within your network that have achieved successful planning, and you need to tap into those relationships for advice and counseling. While their circumstances may be completely different from yours, you can streamline the information to fit your conditions. This can take your financial journey in a lot of different directions, many of which you might not have thought about:

  • Making sure that you have sufficient and the right kind of life and health insurance coverage in case of an emergency.
  • Looking into other potential investments, such as rental property.
  • Making sure that you have your retirement savings set up, before you begin saving for college for your children.
  • Establishing a Will, and choosing the right one that will protect your family and all that you have worked for.

This is a prime moment in your life, and these financial basics will pay off in ways that you might never think of for the future. Your future self will thank you.

 


maryann reid

Maryann Reid is the digital managing editor of BlackEnterprise.com and the author of several books published by St. Martin’s Press. For more, please follow her @RealAlphanista.

 

Money – Black Enterprise

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Financial Tips for Women Lawyers Just Starting in BigLaw (Or Other Very High Paying Gigs)

Here’s an odd post that I don’t think we’ve ever done: financial tips for women lawyers starting in BigLaw or other big corporate gigs with lots of money. Starting salaries for lawyers can be as high as $ 180,000 these days, so it can definitely be a great first salary! It’s a good idea to be prepared for the ways that working in BigLaw will affect your finances. Here’s our financial advice for women lawyers:

  • Have a realistic idea about how long you’re going to be making that kind of money. I would say the default assumption should be that you will only be making a lot of money for a short period of time, probably five years at the most. (Almost 46% of associates leave their firm within three years, and 81% do so in the first five years.)
  • Know that your apartment is going to be one of the most significant money decisions you make. Ignore the “pay 20% or 30% of your salary” rule, except as an upper limit — in practicality, rent the least expensive apartment that you can feel safe and comfortable in. If sharing a place doesn’t bug you, you may even want to consider getting roommates, because odds are you won’t be home a lot anyway.
  • Look into your company 401K plan immediately, and get signed up. If you can start contributing this year, contribute the maximum amount or percentage that you can. This is particularly important because 401K plans a) may have an employer match (but probably won’t in BigLaw), b) 401K plans have yearly limits, so you can only contribute so much in any given year — if you delay, then five years from now you’ll wish you had started earlier. Look into the income limits for a Roth IRA as they apply to you, particularly if you happen to have, say, a spouse still in grad school with low/no income.
  • Pay off credit card debt ASAP. If you have ANY credit debt from your time in school or even just your summer travels, make that a serious priority. Can you pay them off by the end of the year if you eat ramen and live like a student? Get them paid off, in full, as soon as possible. Like, ASAP asap.
  • Make a plan for your student loans. I know the impulse is to hide your head in the sand, but take a serious look at your loans. I’ve always been a fan of the “debt snowball” theory, where you set up an automatic payment for the minimums on all of your loans BUT FOR the loan with the highest percentage, and instead you start to pay extra toward the principal on that loan. (If there are two loans with the same percentage, I would suggest picking the one with the smaller amount owed.) I’ve also been a fan of just rounding up — if your minimum payment is $ 221, what can you do above that — $ 225? $ 300? $ 500? You don’t want to be dealing with overdrafts, so make it a realistic goal that you can put it on automatic — you can always make extra “spur of the moment” payments towards principal. SUPER fun, right? Just how you wanted to use your bonus money! Before you know it, you’ll get that rush of excitement when it’s time to pay off the Target Loan in full. Celebrate as you will — then pick your next target and put everything you WERE paying for the Target Loan towards your next target. Knock ’em down, one by one. If you’ve got big student loan debt, check out this older post, and if you’re pondering whether to save or to pay down debt, check out this other older post. Our money roadmap might also be helpful here.
  • Have fun, but watch out for golden handcuffs. You are likely to be making more money in the next five years than you will at any other time in your life, and, barring student loans, much of it will hopefully be disposable income, particularly before you have kids. Spend it wisely, particularly for day-to-day stuff. Do you really need to take that cab to work every day, or to get the fancy $ 12 salad every day? You may want to spend some time figuring out budgets for these things — for example, I have $ 30 per week to spend on lunch and coffee, barring special occasions or networking lunches. I have $ 200 a month to spend on cabs. And when the money’s gone for that month, it’s gone. (Mint can track this sort of thing, but some people also just prefer an “envelope method” using cash — particularly if you have a little “work lunch wallet” to keep track of cash and various “buy 9 salads get the 10th free” cards for nearby lunch spots. I can see it making sense to get $ 30, put it in your work lunch wallet, and only pay in cash.)
  • Automate savings wherever you can. I was blessed to graduate without student loan debt (thanks, parents!) and one of the smartest things I did was to move my second BigLaw paycheck over to savings almost as soon as I got it every month, and try to keep my operating expenses entirely contained within my first paycheck. That one decision has afforded me and my family a lot of flexibility, freedom, and comfort for the years since.

Ladies, what financial advice for new women lawyers would you add? For those of you who are OUT of that phase in your life, what do you think you did right — and what do you wish you’d done better? For those of you still IN that phase of life, would you care to share any budget items with us — what’s your base, what’s your monthly rent or mortgage, how much do you spend on food (like lunches), what big “splurges” are you enjoying, and where have you tried to be frugal?

The post Financial Tips for Women Lawyers Just Starting in BigLaw (Or Other Very High Paying Gigs) appeared first on Corporette.com.

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Money Mondays: The Financial Impact Of Hurricanes

 

A very important topic – the financial impacts of this hurricane season. What are we looking at here?

 Obviously, these storms – Harvey, Irma and most recently Maria – have been incredibly destructive and impacted many millions of people across the Caribbean and the United States. The combination of their intensity, the fact that they occurred within weeks of one another, and their geographic tracks have really amplified their physical and economic impacts. As a result, we are likely to see the effects of these storms last for many years to come.

 Let’s start with the damage that has been done. What is the dollar amount?

 Depending on how it is calculated, estimates vary. Estimates for the cost of Hurricane Harvey’s damage range from $ 65 billion to $ 190 billion, the latter of which would make it the costliest natural disaster in us history. The numbers Hurricane Irma range from $ 50 billion to $ 100 billion.

Estimates from Maria, which devastated Puerto Rico last week are still being formulated, but from what we are seeing thus far, the storm destroyed much of the island, which is the 29th most populous state or territory. The costs will certainly be in the tens of billions of dollars. For some context, Hurricane Katrina caused around $ 150 billion in damages. There is no doubt this will end up being the costliest hurricane season in history by a huge margin.

 These are incredible numbers. Who pays for all of this?

The first checks are likely to come from government agencies. Federal recovery funds go to states and local government to secure housing and medical care for individual. On top of that the Federal Emergency Management Agency, through the National Flood Insurance Program, will begin delivering funds. After these initial government dollars, money for infrastructure repair and other projects will begin to flow. Finally, if people don’t have insurance, or their policy doesn’t cover all damage, then the federal government may provide personal grants and loans.

In addition to the government, private insurance companies chip in. Private homeowner insurance policies usually are invoked for a storm’s wind damage. Most of Irma and Maria’s damage was caused by wind. Since 95% of people buy homeowners insurance, a significant portion of the costs will come from private insurers.

Finally, if the government and the insurance companies do not cover all the costs, it comes out of the pockets of individuals and charities.

How is the economy affected?

 The costs of these storms are large enough that they will likely have a significant impact on the U.S. economy. Third quarter growth, which many firms like Moody’s and Goldman Sachs had estimated would come in around 2.8 percent, is almost certain to take a hit. Goldman has revised their estimates down to just 2 percent in the wake of these storms.

In terms of the economies of the areas affected, most sectors recover quickly. Mark Zandi, chief economist at Moody’s, said of Houston that “eighty percent of the economy will be back in six months, 90% in a year, 100% three years from now.” In the meantime, however, there will be gaps.

The storms are already affecting the job market. The federal government released numbers that show initial jobless claims jumped from 62,000 to 298,000 in just one week, the highest they have been in more than two years. Some of these job losses will be short-term, but others may last for months or years. In the wake of Katrina, New Orleans saw its unemployment rate stay high for months.

If you were affected by these storms, what should you do?

 If you have been impacted by these hurricanes, or any other natural disaster, the first thing you need to do is file your insurance claims as fast as you can! Take the necessary pictures and fill out only the bare minimum documentation you need. Do not wait to make sure you have every piece of documentation or minor forms.

Insurance claims are handled on a first-come, first-served basis, so you want to file as early as possible. There will be time dot all the i’s and cross all the t’s after you file. And, those first in line generally encounter fewer hurdles from their insurance company.

Beyond this, you should also work to get repair estimates before your insurance adjuster arrives. This can help them to be more realistic about their figures. Finally, keep receipts for everything from food to lodging for the recovery period, as you may be able to have these costs reimbursed through your insurance or other channels. If you have uninsured property losses, you should contact the Federal Emergency Management Agency. FEMA can assist uninsured residents with immediate shelter needs and also in the rebuilding process.

In the longer term, you need to review your insurance needs! Everyone thinks “it won’t be me” until it happens to them. You want to be prepared.

Mellody Hobson is President of Ariel Investments, a Chicago-based money management firm that serves individual investors and retirement plans through its no-load mutual funds and separate accounts. Additionally, she is a regular financial contributor and analyst for CBS News.

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Gift Ideas to Give New Grads a Financial Head Start

financial head start

Graduation season is just a few short months away, with only a semester to go for most seniors. Give your new grad a financial head start. Instead of a trip or a car, consider graduation gift ideas that will start your new grad off with the right attitude about managing their money. Here are some suggestions:

 

Give gift subscriptions to business and financial magazines

 

Gift subscriptions to business and financial magazines will teach new grads about handling money, fan the flames of entrepreneurial thinking, and inspire them with career and business role models and strategies. Of course, I recommend that at least one of those subscriptions be Black Enterprise, which can be delivered as a printed magazine or digitally to a computer or mobile device. Best of all, this is a gift that will not bust your budget; you can easily get multiyear subscriptions to several magazines for under $ 100.

 

Make a dent in their debt 

 

If you’re really serious about giving your new grad a financial head start, how about offering to make a lump sum payment on her college loan?

Another option: give her a clean slate by offering to wipe out her credit card debt, along with scheduling meetings with a credit counselor so she can learn how to keep that slate clean. Make any loan payments conditional upon her attending these meetings. You can find free or low-cost certified credit counseling services in your area with the help of the National Foundation for Credit Counseling at DebtAdvice.org.

 

Give books about money, investing, entrepreneurship and wealth

 

Great money books to start with include The One-Week Budget by Tiffany “The Budgetnista” Aliche and The Wealth Choice: Success Secrets of Black Millionaires by Dr. Dennis Kimbro.

Encourage new grads to commit to their own financial literacy by reading at least one book about money a month. Helping them to make a habit of ongoing self-education about money will not only provide a financial head start, it will keep them ahead of the game.

 

Pay for an initial consultation with a certified financial planner 

 

A consultation with a financial planner is a great gift that will introduce the importance of seeking qualified professionals to help achieve financial and life goals in adulthood. This is especially helpful to those starting new jobs after graduation, and who need help understanding job benefits and why it’s so important to start saving for retirement now, not later.

The point is to help young people get off on the right path with their finances. Giving them a financial head start could be the most valuable graduation gift they get, one that will continue to pay dividends for years to come.

 

 

 


Black Enterprise Executive Editor-At-Large Alfred Edmond Jr. is an award-winning business and financial journalist, media executive, entrepreneurship expert, personal growth/relationship education coach, and co-founder of Grown Zone, a multimedia initiative focused on personal growth and healthy decision-making. This blog is dedicated to his thoughts about money, entrepreneurship, leadership and mentorship. Follow him on Twitter at @AlfredEdmondJr.

Money – Black Enterprise

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Hurricane Irma will pack a financial wallop for insurers, who will rack up at least $15B in losses

The risk modeling software firm estimates $ 15 billion to $ 50 billion in insured losses for the U.S. alone.
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Financial Relief Underway for Black Homeowners and Entrepreneurs Recovering from Harvey

With Hurricane Harvey already projected to cost tens of billions of dollars in damages, it raises the question: Where can black small business owners and African American home owners in Texas turn to get some financial help to pay for sizable losses?

 

(U.S Border Patrol agents Mario Fuentes, left, and Marc Gonzales search a totally destroyed mobile home for survivors in the wake of Hurricane Harvey near Rockport, Texas, Aug. 27, 2017. U.S. Customs and Border Protection. Image: Glenn Fawcett)

 

A Troubling Lack of Flood Insurance

 

Another big concern is how many people in Houston and surrounding areas hit by the storm actually have insurance for damages. At this point, there is no estimated number of flood insurance policy holders in Texas who will collect on their policies, Deanna Frazier, a Federal Emergency Management Agency spokeswoman, told Black Enterprise.

 

Robert Hunter, director of insurance at the Consumer Federation of America, has told the media that in the hurricane’s path along the Gulf Coast, only two in 10 homeowners have insurance coverage. He estimates some $ 35 billion of damage from just flooding caused by Harvey, paralleling Hurricane Katrina. However, roughly half of the flooded homes hit by Katrina had flood insurance coverage.

 

Some observers have estimated that Hurricane Harvey, in final damages, could exceed $ 100 billion. FEMA estimates that about one in five households in Texas will be eligible to file a claim with the National Flood Insurance Program. As of Monday (Sept. 4), 73,000 claims have been submitted, and more than $ 13.2 million in advance payments have been issued to insured survivors.

 

 

Tens of Thousands to Receive Disaster Assistance

 

Some 180,000 survivors have been approved for FEMA disaster assistance totaling $ 148 million, allowing them to pay rent while their main homes are not livable, help repair primary living spaces such as kitchen and bedrooms and replace personal property like a car, eye glasses, or handle medical needs.

 

“We’re helping people, but we still have 393,000 people who have registered and are awaiting assistance,” Frazier says. “We are providing them temporary housing until a more permanent living situation can be found.”

 

Frazier says the National Flood Insurance Program (NFIP) has about $ 1.7 billion available to pay out claims with borrowing authority for $ 5.8 billion more. The NFIP is a federal program managed by FEMA.

 

The Trump administration has asked Congress for $ 7.85 billion as part of an initial request for funds for Harvey, with another request expected by late this month, CNN reported.

 

The official request occurred late last Friday in a letter from President Donald Trump’s budget chief to House Speaker Paul Ryan. The initial amount requested for Harvey relief was higher than the $ 5.95 billion figure administration officials voiced earlier in the day.

 

 

 

Inaugural Aid for Small Businesses Part of Funding Relief Request

 

Most of the initial request is expected to go to FEMA, which is using cash as the main agency handling disaster relief. The rest, about $ 450 million, will go to the U.S. Small Business Administration. The SBA is offering low-interest recovery loans to homeowners, renters, and businesses. SBA’s disaster assistance program budget is currently $ 3.3 billion, according to Carol Chastang, a SBA spokeswoman.

The SBA has approved 298 disaster loans for a total of $ 26.7 million. Of those, 279 home loans have been approved for $ 25 million, and 19 business disaster loans have been approved for $ 1.6 million, Chastang says.

 

Where to Get Assistance

 

Frazier says FEMA is urging people to register with the agency so they can get assistance as soon as possible. Survivors can submit claims through their local insurance agent who sold them their policy. Any homeowner who had flood insurance may file a claim with the NFIP.

 

All survivors are urged to register for FEMA assistance, regardless of whether they had insurance or not. Frazier says they can call 1-800-621-FEMA (3362) or register online at www.disasterassistance.gov.

 

The SBA has opened two business recovery centers; the BRC at the University of Houston and the Port Aransas Community Center.

 

For details on how to apply for SBA disaster loans, visit SBA’s Hurricane Harvey recovery assistance page or go to the SBA’s site.

 

Additionally, the Insurance Information Institute offers tips on how to square insurance claims after a disaster.

Small Business – Black Enterprise

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Congress Wants to Get Rid of Consumer Financial Protection Bureau

Consumer Financial Protection Bureau

It could soon be open season for lenders to prey on people of color, now that twelve Republican senators are backing legislation to dismantle parts of the Consumer Financial Protection Bureau (CFPB), a signature law from former President Barack Obama and Massachusetts Democratic Sen. Elizabeth Warren. The group of Republican Senators is led by U.S. Senator David Perdue (R-GA), who introduced The Consumer Financial Protection Bureau Accountability Act of 2017, which would place the CFPB under congressional oversight, instead of allowing the CFPB to receive independent funding as intended when Congress approved its creation in 2010.

Looking to the gut the agency is Senator Ted Cruz (R-TX) and Representative John Ratcliffe (R-TX), who have introduced legislation this week to completely eliminate the CFPB—an agency that has provided 29 million people that were harmed by financial companies with monetary relief totaling more than $ 12 billion.

 

Minorities Vulnerable to Financial Abuse

 

Both proposals would leave families vulnerable to financial abuse and risk bringing back a financial crisis, says the Center for Responsible Lending’s Policy Counsel Yana Miles. “Passing either of these bills will revert us back to an era of reckless lending behaviors that led us to the Great Recession,” she said, in a statement. “The pernicious bill to undermine CFPB’s budget will embolden payday lenders and bad actors on Wall Street to continue influencing lawmakers to halt the Bureau’s funding, leaving consumers vulnerable to predatory abuse.”

Black borrowers in segregated cities have been preyed upon with subprime mortgages. Communities of color have been targets of predatory lenders offering a range of high-cost products. The Consumer Financial Protection Bureau, which has been around just five years, was established to handle consumer complaints about banks, payday lenders, mortgage and student loan services, debt collectors, and other financial companies.

Related Story: Small Black Businesses Easy Prey for Predatory Lenders

 

CFPB Is Like a Beat Cop

 

By eliminating the CFPB, “Workers and families would suffer more from payday loan debt-traps, secret schemes like those committed by Wells Fargo, ensnarling arbitration clauses, deceptive for-profit colleges that drive students into bankruptcy, harassment from omnipresent debt collectors, home foreclosures, and other assaults by financial predators,” added Miles. “The CFPB has been an effective cop on the consumer finance beat, looking after the interest of working families, especially those in low-income communities and communities of color.”

An example cited by the Los Angeles Times about the CFPB is how the agency ordered MasterCard and media mogul Russell Simmons’ prepaid card company, UniRush, to repay $ 10 million to thousands of customers who were unable to access funds because of a service disruption last year. The two companies also were fined an additional $ 3 million.

However, Simmons, who co-founded the card in 2013, is not suffering. BLACK ENTERPRISE reported Greet Dot, a provider of prepaid debit cards, announced its acquisition of UniRush L.L.C. for $ 147 million, plus it will pay a minimum $ 4 million annual earn-out payment for five years. Simmons continues to represent and advocate the card.

Money – Black Enterprise

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MorphoSys Reaffirms Financial Guidance For FY17

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Mayoral hopefuls release financial disclosure forms

Republican mayoral hopeful Nicole Malliotakis’ only earned income in 2016 was her Assembly salary, which is set at $ 79,500, her financial-disclosure form reveals. But the filing with the Conflicts of Interest Board also show the Staten Island assemblywoman and presumptive GOP nominee with nearly two dozen stock or bond investments of between $ 5,000 and $ 48,000…
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London’s financial district is ‘hemorrhaging talent’ because of Brexit, warns UK job recruiter

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What Types of Financial Reports Should You Be Generating as a Freelancer?

freelancer

When it comes to business financing, freelancers and the self-employed are a severely under-served market. Traditional banks and lending institutions are hesitant to provide financing to the self-employed for a couple of reasons.

For starters, banks can’t make much money in lending fees because the freelancer’s volume is so low. Additionally, freelancers and self-employed individuals aren’t known for keeping accurate and organized business records – especially financial reports.

You can’t exactly blame freelancers for this problem. Most of us don’t have a background in business or finance, so we don’t understand the importance of financial statements – which are simply formal records of the financial activities of a business.

To help get you on the right path, here’s an overview of accounting basics and the types of financial reports that freelancers should be generating for clients.

 

Accounting Basics for Freelancers

 

Before we start discussing financial reports, let’s have a brief overview of the accounting basics for freelancers so that you can start effectively organizing your finances.

The first place to start is by by knowing which documents you need as a freelancer. These include:

  • Form W-9. A W-9 form is similar to a W-4 form, and is simply a request for taxpayer identification number and certification. You’ll have to send a copy to all of your clients and vendors.
  • Schedule C is needed to report profits and losses from a business.
  • Schedule SE determines your self-employment tax.
  • Form 1040-ES is used to help you estimate your quarterly taxes, but only if you’re generating more than $ 1,000 in taxes.
  • A 1099 form is what your clients will use to report how much money they paid you during the previous tax year. There are a couple of different 1099 forms; Form 1099-MISC is used for self-employed people who were paid over $ 600 and Form 1099-K is if you’ve had 200 or more transactions and your accepted amount exceeds $ 20,000.

Now that you’re at least familiar with the forms you’ll need as a freelancer, let’s cover some of the best accounting practices:

  • Accurately track all income that you receive.
  • Keep tabs on all of your business expenses, such as office supplies, insurance, and travel.
  • Calculate your net income by using the following formula: Net Income = Revenue – Expenses
  • Stay on-top of your invoices by sending them often and following-up on invoices that haven’t been paid.
  • Invest in accounting software like Due, which can be used to track your time and send electronic invoice, and QuickBooks, which is helpful for taxes.

 

Financial Statement ‘Cheat Sheat’ For Freelancers

 

Freelancers are responsible for generating the following three financial statements:

Balance Sheets

Also known more formally as a Statement of Financial Position, your balance sheet simply lists everything that your business owns, as well as what it owes during a specific timeframe.

Balance sheets provide details regarding your assets, liabilities and owners’ equity. However, balance sheets do not show the money that is flowing in and out your bank accounts during this specific period.

Balance sheets are typically comprised of the following three elements:

  • Assets, which are the economic resources you own and could be sold. This could include everything from cash, vehicles, real estate, equipment, inventory, and even intellectual assets like trademarks and patents.
  • Liabilities are the financial obligations that you amounts you owe, such as loans, rent, vendor accounts, payroll, and taxes. Liabilities can also include as any future obligations to provide goods or services to customers.
  • Owners’ (or shareholders’) equity is your capital or net worth. Or, in other words, it would be the amount that’s leftover if you sold all of your business’s assets and paid off all of your liabilities. This isn’t very common for sole proprietors since they, according to Alan Li in Chron.com, possess “a single account listed under equity that represent the value of their personal investment in the business plus changes in the value of that investment incurred through running the business.”

 

Income Statement

 

An income statement, also known as the Profit and Loss Statement, should be pretty obvious. It simply displays revenues during a specific time period, such as a month, quarter or year. Income statements also show the amount of money that you spent in order to generate that revenue, aka expenses like salaries and wages, depreciation, and rental charges. Ultimately, this shows what your business earned or lost over this timeframe and can be determined by deducting expenses from income.

If you need a more detailed explanation of income statements, I recommend reading the following guide from the Accounting Coach.

 

Cash Flow Statement

 

“A cash flow statement is a financial report that describes the sources of a company’s cash and how that cash was spent over a specified time period,” according to Inc.com. “It does not include non-cash items such as depreciation.” Cash flow statements can be used to determine “the short-term viability of a company, particularly its ability to pay bills.” Cash flow statements are essential when you need to borrow, so it’s suggested that you “study a cash flow statement at least every quarter.

Generally, cash flow can be classified into the following activities; operating, investing, and financing.

 

Final Thoughts

 

Most freelancers don’t have the resources to hire an accountant or bookkeeper – especially when they are just starting out.

Because of this, it’s up to you to not only educate yourself in some accounting basics, but also maintain accurate and organized records so that you can create financial reports like a balance sheet, income statement, and cash flow statement.

If not, you may have a tough time trying to obtain a loan or staying out of trouble from the IRS.

This article was written by John Rampton and originally appeared on DUE.com.


Best known as an Entrepreneur and Connector. John Rampton was recently named #3 on Top 50 Online Influencers in the World by Entrepreneur Magazine as well as a blogging expert by Forbes. Awarded Top 10 Most Influential PPC Experts in the World for the past 3 years. He is the Founder and CEO of Due.

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FINANCIAL NIGHTMARE? Pratt, Faris split could lead to $$ disaster: lawyers

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Rait Financial Trust Projects Q2 Preliminary Loss Of $1.32 – $1.41

Rait Financial Trust (RAS) Thursday reported second quarter preliminary net loss available to common shares in a range of $ 120.99 million to $ 129.499 million, while its loss for the last year was $ 7.580 million. Preliminary loss per share is expected between $ 1.32 to $ 1.41.
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Meet the Woman Teaching ‘Financial Domination’ to the Masses

One day in 2016, Yevgeniya Ivanyutenko, a 28-year-old born in Belarus and living in Canada, was chatting with other women on a forum where sex workers shared stories, tips and questions. She'd signed up for every site she could find when she first became a cam girl, setting up a Twitter account for her new persona and interacting with guys over Skype or Yahoo Messenger. But her private

This article originally appeared on www.rollingstone.com: Meet the Woman Teaching ‘Financial Domination’ to the Masses

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How to Choose a Financial Adviser as New Department of Labor Rule Kicks In

As a new fiduciary rule on financial advice becomes law this month across the U.S., many Americans are leery of trusting advisers’ input on how their money is handled.

(Image: iStock/vm)

 

Moreover, those folks often are uninformed that financial advisers perhaps are not always working in their best interests.

And, consumers may need to be better educated on how to collaborate with advisers to help preserve and grow their nest egg for retirement.

Those were some of the findings in a new survey paid for by Personal Capital. The Silicon Valley-based digital wealth management firm claims it has over 90 advisers who are fiduciaries and serve 1.4 million customers. The findings are based on an online survey done by Harris Poll in March 2017 of more than 2,100 U.S. adults.

Simultaneously, U.S. Labor Department Secretary Alexander Acosta said last month that his office will partially apply its fiduciary rule on June 9. The rule requires all financial advisers and brokers to act in “the best interests” of clients on their retirement accounts, including IRA rollovers and other retirement-eligible funds. A Morningstar analyst has estimated that the DOL fiduciary could affect some $ 3 trillion in client assets. i

Survey Shows Most Mistaken About Financial Advisers

 

With the rule’s enactment, the survey results are intriguing. The biggest findings of the 2017 Personal Capital Financial Trust Report:

  • Some 46% of Americans mistakenly believe all financial advisers are required by law to always act in their clients’ best interest. Thirty-one percent are not sure.
  • Seventy percent of those surveyed report recent events in the financial industry have made them question the trustworthiness of financial professionals. Men are less forgiving than women (74% vs. 67%).
  • Twenty-one percent of U.S. investors—those who have at least one investment account—know they pay investment fees but are unaware of how much they pay. Personal Capital reported 32% of Americans believe higher fees for investment accounts results in higher returns, though studies show otherwise.
  • Some 28% of American investors say they don’t pay attention to fees when selecting investment accounts, a number that rises to 47% for investors ages 18-34 (millennials).

“Americans count on financial advisers to help them manage their money and achieve their goals, whether that’s sending their kids to college or achieving a comfortable retirement,” Bill Harris, founder and chairman of Personal Capital, stated in a press release. “Achieving these critical life goals is a roll of the dice if the adviser is not a fiduciary. The financial well-being and best interest of the customer should be the top priority, and a legal obligation, for any firm managing consumers’ money.”

The Chicago-based National Association of Personal Financial Advisors, (NAPFA), the nation’s largest professional group of fee-only financial planners with over 3,000 practitioners, offered feedback on the Personal Capital report.

In a statement, NAPFA said the report reflects the public’s mistrust of financial advisers who do not work in the best interest of their clients. It also reveals a lack of understanding among consumers who believe that all financial advisers are already working as fiduciaries, putting the interests of their clients ahead of their own.

For these and other reasons, NAPFA added that it has fully supported—and continues to support—the Department of Labor Fiduciary Rule. That the new rule will ensure that all financial advisers providing advice on retirement accounts are held to a higher standard of care than ever before.

“To protect their retirement savings, it’s important for consumers to look for a professional subject to a fiduciary standard, to ask the right questions, and to understand how their adviser is compensated,” said Geoffrey Brown, CEO of NAPFA.

Best Practices for Selecting a Financial Adviser

(Image: iStock/Squaredpixels)

 

– Check if the financial adviser is a certified financial planner (CFP) or a registered investment adviser (RIA). Ask how those designations help them service clients better or clearly explain how they differentiate them from planners without those qualifications.

– Find out who the person is regulated and licensed by. Inquire about what classes they are required to regularly take and what areas of financial planning they cover.

-Ask the adviser how they make money. A person who makes money from commissions instead of a flat, hourly fee might be inclined to advise you from a specific point of view.

-Find out what area your planner specializes in. For instance, it might not make sense to work with someone specializes in tax planning if you are seeking advice on how to build a solid portfolio for retirement purposes.

-Conduct due diligence on how long they have worked in the business. For example, a planner who has dealt with bullish and bearish stock market activity most likely can offer better investment guidance than a planner fresh out of college.

-Find out what standards or codes of ethics the financial planner complies with. Be on the lookout for words such as “fiduciary” to help ensure the planner has your best interest at stake.

-Consider using a number of free, easy-to-use online tools and apps such as Personal Capital and Mint that can help track your investments in one place and see exactly what hidden fees are costing you.

-Do your homework. Check out websites like the National Association of Personal Financial Advisors to learn more about how the business, industry and its professionals work. For instance, this link www.napfa.org/financial-planning/consumer-resources offers some helpful information.

 

 

Money – Black Enterprise

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Four Ways to Build a Stronger, More Secure Financial Future

When it comes to making ends meet or enjoying good fortune, many Americans are struggling today, according to a new study from Lincoln Financial Group.

The Radnor, Pennsylvania-based financial services company just released its 2017 Financial Focus: Goals and Reflections of Today’s Consumer study.

 

(Image: iStock/FatCamera)

 

The analysis examines short- and long-term financial goals for Americans, strategies that can help them reach those targets, and forces hindering them from increasing wealth.

 

Heavy Debt Load Big Burden for Many Folks Trying to Make It

 

A momentous 24% of people—nearly 1 out of 4 Americans—report they are “barely getting by” or worse financially. A high level of debt is the driving factor hurting this group, with 42% saying debt is a major problem. And when thinking about their financial futures, 45% of these individuals are scared most by not being able to pay off debt. This compares to only 16% of the individuals who say they are “comfortable” or “well off” financially.

Simultaneously, the study offered some upbeat trends. Forty-eight percent with financial goals say they will be in a much better place financially in the next four years, versus a measly 12% of those with no goals. Those who make New Year’s resolutions also tend to see positive progress: a robust 72% of those who made resolutions this year report that they are progressing with those resolutions, which often include meeting their financial goals.

 

Most Satisfied Individuals Take Specific Actions to Build Finances

 

All told, the study findings show that people who apply specific actions to their finances for future growth are the most likely to feel financially confident and secure.

For instance, 52% of those making resolutions have a retirement plan, 45% own life insurance, and 44% have at least one investment account. And when money is scarce, 31% of these goal-setters recently passed up vacations. But this group doesn’t sacrifice their savings—nearly 60% reported they in fact have never sacrificed savings.

The study was based on an online survey of 2,500 adults 18 years of age or older in the United States. It includes responses from 331 African Americans.

“Those who are progressing toward their goals and resolutions are first and foremost working to ensure they have a solid foundation to build upon,” Dick Mucci, president of Group Benefits at Lincoln Financial, stated in a press release.

“Putting some extra money toward debt, savings, and insurance coverage certainly pays off in the long run—and those who have financial goals understand this,” he said.

 

Mixed Emotions Surface on Retirement and Providing for Families

 

Additionally, the study showed that many people feel both excitement and fear when it comes to saving for retirement and providing for their families.

Some 46% of Americans report they are excited about having enough money for retirement, but 35% are intimidated by saving for it. This number is highest for Gen X, where 47% say they fear saving for retirement. When it comes to providing for their families, 41% are eager about it. But the fear factor comes into play for 27% of the general population when it comes to that situation, with the number rising at 38% for young millennials. Unforeseen health or accident expenses are frightful for 42% of Americans.

“The things that excite and scare us in regards to money are the same for a reason—they impact one another and are critically connected,” said Mucci. “Without the right protections in place, an accident or illness can derail retirement savings. But if you focus on the outcomes you want and ensure you take the steps to get there, you’ll wind up in a good place.

An employer-sponsored retirement plan is a great way to build savings, and insurance coverages offered through the workplace can help protect against the financial challenges that could come with an unexpected injury or illness.”

People with financial goals are four times more likely than those with no goals to feel they will be in a much better place financially in the next four years.

The Four Tips to Intensify Your Financial Future

 

Take advantage of workplace benefits.

For instance, disability insurance protects your paycheck if you are unable to work due to an injury or illness. Accident insurance helps pay expenses not covered by medical insurance. Critical illness insurance provides funds to cover daily expenses while you recover from an illness.

Don’t sacrifice savings. 

Focus on paying debt, but leave some room to save for the future. Perhaps start with an employer retirement plan to benefit from the employer match.

Start an emergency fund.

It could help you pay for unexpected expenses and using a credit card to cover sudden calamities. Examine taking a second job  or doing a yard sale, both ways to make extra cash to help pay debts faster.

Open a savings account at a different bank or credit union, making it tougher to tap into your nest egg.

 

 

 

Money – Black Enterprise

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New Survey: Millennials Are Likely Targets for Financial Abuse or Infidelity

financial abusefinancial abuse (Image: iStock.com/PeopleImages)

 

A hearty 60% of millennials proclaim that their significant other has concealed debt and taken advantage of money to control a romantic relationship.

The well-known song “What’s Love Got To Do With It” by Tina Turner apparently has a lot to do with millennials perhaps being easy prey for financial abuse or infidelity by their mate.

A new survey by CentSai reveals that the occurrence for financial infidelity doubled from 30% last year when the New York-based financial wellness community did a similar examination. Another astounding discovery was that most surveyed did not even know that they were being deceived this way.

The 2017 survey asked respondents what behaviors make up financial infidelity or abuse. For instance, millennials were asked if their partner lied to them about secretly opening up a credit card or if they were not allowed access to a joint bank account? In a similar survey last year, folks were only asked if they had ever been victims of financial abuse or infidelity. CentSai surveyed 2,000 millennials for this year’s analysis.

“The most alarming revelation was that nearly two-thirds of people said they are currently experiencing this or have in the past,” says Doria Lavagnino, CentSai’s co-founder and president.

She attributed the rising number of incidents to increased media coverage on this issue in recent years and millennials being asked specifically how the abuse occurs.

CentSai says financial abuse is a method used by a romantic or life partner to gain power and control in a relationship. For instance, tactics may be used to restrict a partner’s access to family finances. Financial infidelity happens a significant other in a relationship with combined finances lies to the other about money, including putting debts in a hidden account.

Seventy-eight percent of those surveyed say that financial institutions have a duty to educate consumers about the issue. They say that is particularly true for women, who are the most susceptible to the abuse.

Some 69% of females stated experiencing behavior from their partners that would constitute financial abuse, while 68% noted behaviors constituting financial infidelity.

Forty percent of males told about financial abuse in relationships, while 47% divulged financial infidelity.

About 72% of the all surveyed said they are very or somewhat aware about the issues of financial infidelity and abuse. Terminating a relationship was the most cited consequence of financial abuse or infidelity, with 85% saying that they stop a relationship if they learned their mate financially abusive or unfaithful. Emotional turmoil, debt, and ruined credit scores were other effects revealed. Less than 10% reported no consequences.

“Chances are that in many relationships, perpetrators are not even aware that their behavior constitutes financial abuse or infidelity,” Lavagnino says.

“Our hope is that surveys like this and the information we provide on our platform will increase awareness about this issue.”

 

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3 Monumental Financial Mistakes People Make Before They Turn 50

financial mistakes

“Too many people wait way too long to start thinking about how much they will need to finance their retirement,” says Chris Heerlein, partner at REAP Financial LLC and author of Money Won’t Buy Happiness – But Time to Find It.

“In a way, that’s not surprising. Retirement seems so far away when you’re in your 20s and 30s, and it’s easy to think you’ll have plenty of time to worry about saving later. Then before you know it you pass 50, and you realize you missed a great opportunity to take advantage of compound interest.”

Heerlein says many young people are making at least three financial mistakes that they likely will rue when it comes time to retire. Those are:

 

1. Not participating in a 401(k)

 

Many employers don’t offer a 401(k) or similar retirement plan, but if yours does you need to participate, Heerlein says. An alarming number of people ignore this savings opportunity that can reap great rewards, especially if you start when you’re in your 20s and faithfully contribute for decades, he says. “And if you’re employer is offering matching funds, that’s free money,” Heerlein says. “You need to jump on it.”

 

2. Saving ONLY in a 401(k)

 

While contributing to a 401(k) is great, that shouldn’t be your only vehicle for saving, Heerlein says. “If you are a younger saver, you are putting all your money into a bucket you can’t touch for 20 or 30 years,” he says. And when you do withdraw it in retirement, you’ll pay taxes because the taxes were deferred. That’s why it’s important to put some balance in your portfolio. A good way to do that is with a Roth IRA, a Roth 401(k) or a health savings account. Withdrawing from those Roth funds in retirement won’t result in taxes because the taxes were already paid when the money went in the account. HSA money isn’t taxed if you withdraw it for qualified medical expenses. After you turn 65, you can withdraw it for any purpose, though you will pay taxes on that withdrawal if not used for qualified expenses.

 

3. Failing to embrace risk

 

When the 2008 financial crisis hit, plenty of investors lost a substantial portion of their savings. The memory of what happened to them – or to their parents – is still having repercussions. Some people younger than 50 are too conservative with their investments, Heerlein says, so their money doesn’t grow like it could if they took more risks. “I’m not faulting people for that, but what I want to get across is if you are between the ages of 20 and 50, there is no need to panic,” Heerlein says. “Time is on your side. If you suffer a loss, you more than likely have plenty of years to recover before you retire.”

 

Many people nearing retirement probably look back to when they were in their 20s and 30s and wish they could go back in time and make some financial decisions over again.

“Most people eventually learn that true financial success requires a lifetime of work, responsibility, and attention,” Heerlein says. “The younger you are when you come to that realization, the better.”

 

 


Chris Heerlein, author of Money Won’t Buy Happiness – But Time to Find It, is an Investment Adviser Representative and partner at REAP Financial LLC. He hosts the “Retire Ready” TV and radio shows in Austin, Texas, and has been featured in national media outlets such as Fortune, Bloomberg Businessweek, and Money magazines. Heerlein also is an ongoing contributor to the financial publication Kiplinger.

Money – Black Enterprise

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Kim Zolciak-Biermann Slams RHOA Co-Star Kenya Moore Over Claims She’s in Financial Trouble

Kim Zolciak, Kenya MooreMess with Kim Zolciak-Biermann, and don’t expect her to stay quiet.
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Confessions of a Financial Dominatrix

“It’s not about tricking people or manipulating them—it’s just that they want to give you the money.”

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How to Go to College on a Shoe String: The Insider’s Guide to Grants, Scholarships, Cheap Books, Fellowships, and Other Financial

How to Go to College on a Shoe String: The Insider’s Guide to Grants, Scholarships, Cheap Books, Fellowships, and Other Financial


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How To Succeed In Starting Your Own Business: A No-fail Plan For Achieving Financial Freedom How To Finish Rich

How To Succeed In Starting Your Own Business: A No-fail Plan For Achieving Financial Freedom How To Finish Rich


I, Spiros, G. Raftis, at age 26, started a manufacturing business because I was fired. I had no business plan, no real product, and more importantly, very little money -I was devastated. I had devoted maximum effort, abilities, and long hours as a salesman for the owners of the company; in fact, I bought shares. I was an owner and was fired. My decision to start my own business was to: PREVENT GETTING RIPPED OFF AGAIN. I was convinced I could do it. OWNING YOUR OWN BUSINESS AFFORDS THE ONLY OPPORTUNITY OF BEING DIRECTLY REWARDED – THE MAXIMUM RETURN OF ONE''S ABILTIY. I wrote this book to share practical advice with anyone starting a business. This is a no-nonsense book with non-MA-theories. More practical advise than theory. Most of the messages, lessons, and Chapters within are my experiences. I did not anticipate most of these events. I know now going into business one will have to face most of what is written in these pages. For example, I thought after one year in business, getting a loan from a bank would be easy. Instead, I got a lesson from my banker. I still remember his words: Spiros, if something happens to you, how does the bank get back the money it loaned you for your valve business? The bank does not want to run a valve company. The pages repeat ideas that have been proven to be valuable for anyone seeking success in starting a business. It is a must-read, must-buy book.
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Woodmen Financial Resources Receive Tribute & Medicine Discount Cards by Charles Myrick of ACRX

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Enjoy a brief recap of this great organization
doing a fantastic service in the community!”
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“Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.”

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America's Financial Apocalypse: How To Profit From The Next Great Depression

America's Financial Apocalypse: How To Profit From The Next Great Depression


For nearly three decades, America has been gradually losing ground to the developed world in many critical areas. The result is that the American standard of living has been in decline for over two decades, with the middle class having been affected the most. Meanwhile, the rich have gotten wealthier and now America is a nation controlled by corporate America. Hidden by two-income households and open access to credit, declining living standards have gone unnoticed by most Americans. Spending beyond one''s means has become the American way of life and is encouraged by the government. In contrast, saving is almost unheard of in America. As a result, this once power nation has changed from the world''s largest creditor to the world''s largest debtor. Decades of over consumption by Americans can only last so long before a day of reckoning occurs. The deflation of the Internet Bubble resulted in the paper loss of over trillion dollars, yet most people seem to have already forgotten the most scandalous charades in U.S. history by Wall Street and corporate America. And now, as the retirement assets of tens of millions of Americans are in question, an even larger number are caught up in the largest real estate bubble in our history. As we enter the two next decades, 76 million baby boomers will retire, most of them in poverty. Thus, the generation that was responsible for creating the greatest bull market in U.S. history may, through no choice of its own, also be the same group that causes an economic meltdown due to decades of government mismanagement, inadequate planning, and overconsumption. During this same time frame, many expect the global oil production is gradually decline due to whatis known as the peak oil theory. Obviously, this has enormous consequences of its own. Today, America is in the final preparatory stages that will lead to a massive economic meltdown resulting in the Next Great Depression, as over 46 million Americans already have no healthcare insurance, Social Security will be inadequate for the 76 million baby boomers who will retire over the next several years, energy prices will remain high for some time, and for the first time ever, Americans can no longer live with the comfort knowing that they are safe on their own soil. These issues will only get worse and when the appropriate triggers are set off, a domino effect will commence, sending the stock and bond markets into a downward spiral. This book claims to represent the most detailed and exhaustive analysis of America''s current and future economic plight, as well as that of its capital markets. Rather than making bold claims supported by scant data, this book makes use of several hundred figures, tables, and charts, as well as over 700 references to support the premise that a depression is inevitable for America. Finally, the final three chapters address economic and market risks and provide investment guidance and strategy for investors to position themselves to profit before and during America''s next great depression.
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America’s Financial Apocalypse: How to Profit from the Next Great Depression (Condensed Edition)

America’s Financial Apocalypse: How to Profit from the Next Great Depression (Condensed Edition)


For nearly three decades, America has been gradually losing ground to the developed world in many critical areas. The result is that the American standard of living has been in decline for over two decades, with the middle class having been affected the most. Meanwhile, the rich have gotten wealthier and now America is a nation controlled by corporate America. Hidden by two-income households and open access to credit, declining living standards have gone unnoticed by most Americans. Spending beyond one’s means has become the American way of life and is encouraged by the government. In contrast, saving is almost unheard of in America. As a result, this once power nation has changed from the world’s largest creditor to the world’s largest debtor. Decades of over consumption by Americans can only last so long before a day of reckoning occurs. The deflation of the Internet Bubble resulted in the paper loss of over trillion dollars, yet most people seem to have already forgotten the most scandalous charades in U.S. history by Wall Street and corporate America. And now, as the retirement assets of tens of millions of Americans are in question, an even larger number are caught up in the largest real estate bubble in our history. As we enter the two next decades, 76 million baby boomers will retire, most of them in poverty. Thus, the generation that was responsible for creating the greatest bull market in U.S. history may, through no choice of its own, also be the same group that causes an economic meltdown due to decades of government mismanagement, inadequate planning, and overconsumption. During this same time frame, many expect the global oil production is gradually decline due to whatis known as the peak oil theory. Obviously, this has enormous consequences of its own. Today, America is in the final preparatory stages that will lead to a massive economic meltdown resulting in the Next Great Depression, as over 46 million Americans already have no healthcare insurance, Social Security will be inadequate for the 76 million baby boomers who will retire over the next several years, energy prices will remain high for some time, and for the first time ever, Americans can no longer live with the comfort knowing that they are safe on their own soil. These issues will only get worse and when the appropriate triggers are set off, a domino effect will commence, sending the stock and bond markets into a downward spiral. This book claims to represent the most detailed and exhaustive analysis of America’s current and future economic plight, as well as that of its capital markets. Rather than making bold claims supported by scant data, this book makes use of several hundred figures, tables, and charts, as well as over 700 references to support the premise that a depression is inevitable for America. Finally, the final three chapters address economic and market risks and provide investment guidance and strategy for investors to position themselves to profit befo
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The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More

The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More


The Economists'' Voice: Top Economists Take On Today''s Problems featured a core collection of accessible, timely essays on the challenges facing today''s global markets and financial institutions. The Economists'' Voice 2.0: The Financial Crisis, Health Care Reform, and More is the next installment in this popular series, gathering together the strongest essays published in The Economist''s Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world. This collection contains thirty-two essays written by academics, economists, presidential advisors, legal specialists, researchers, consultants, and policy makers. They tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. They consider the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankers'' pay. An objective examination of the financial crisis and bank bailouts results in two indispensable essays on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. Contributors weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.
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How To Succeed In Starting Your Own Business: A No-fail Plan For Achieving Financial Freedom How To Finish Rich

How To Succeed In Starting Your Own Business: A No-fail Plan For Achieving Financial Freedom How To Finish Rich


I, Spiros, G. Raftis, at age 26, started a manufacturing business because I was fired. I had no business plan, no real product, and more importantly, very little money -I was devastated. I had devoted maximum effort, abilities, and long hours as a salesman for the owners of the company; in fact, I bought shares. I was an owner and was fired. My decision to start my own business was to: PREVENT GETTING RIPPED OFF AGAIN. I was convinced I could do it. OWNING YOUR OWN BUSINESS AFFORDS THE ONLY OPPORTUNITY OF BEING DIRECTLY REWARDED – THE MAXIMUM RETURN OF ONE''S ABILTIY. I wrote this book to share practical advice with anyone starting a business. This is a no-nonsense book with non-MA-theories. More practical advise than theory. Most of the messages, lessons, and Chapters within are my experiences. I did not anticipate most of these events. I know now going into business one will have to face most of what is written in these pages. For example, I thought after one year in business, getting a loan from a bank would be easy. Instead, I got a lesson from my banker. I still remember his words: Spiros, if something happens to you, how does the bank get back the money it loaned you for your valve business? The bank does not want to run a valve company. The pages repeat ideas that have been proven to be valuable for anyone seeking success in starting a business. It is a must-read, must-buy book.
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The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More

The Economists' Voice 2.0: The Financial Crisis, Health Care Reform, and More


The Economists'' Voice: Top Economists Take On Today''s Problems featured a core collection of accessible, timely essays on the challenges facing today''s global markets and financial institutions. The Economists'' Voice 2.0: The Financial Crisis, Health Care Reform, and More is the next installment in this popular series, gathering together the strongest essays published in The Economist''s Voice, a nonpartisan online journal, so that students and general readers can gain a deeper understanding of the financial developments shaping their world. This collection contains thirty-two essays written by academics, economists, presidential advisors, legal specialists, researchers, consultants, and policy makers. They tackle the plain economics and architecture of health care reform, its implications for society and the future of the health insurance industry, and the value of the health insurance subsidies and exchanges built into the law. They consider the effects of financial regulatory reform, the possibilities for ratings reform, and the issue of limiting bankers'' pay. An objective examination of the financial crisis and bank bailouts results in two indispensable essays on investment banking regulation after Bear Stearns and the positives and negatives of the Paulson/Bernanke bailout. Contributors weigh the merits of future rescues and suggest alternative strategies for addressing the next financial crisis. A final section examines a unique array of topics: the stability of pension security bonds; the value of a carbon tax, especially in fostering economic and environmental sustainability; the counterintuitive perils of net neutrality; the unforeseen consequences of government debt; the meaning of the Google book search settlement; and the unexploited possibilities for profit in NFL overtime games.
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How to Succeed in Starting Your Own Business: A No-Fail Plan for Achieving Financial Freedom How to Finish Rich

How to Succeed in Starting Your Own Business: A No-Fail Plan for Achieving Financial Freedom How to Finish Rich


I, Spiros, G. Raftis, at age 26, started a manufacturing business because I was fired. I had no business plan, no real product, and more importantly, very little money -I was devastated. I had devoted maximum effort, abilities, and long hours as a salesman for the owners of the company; in fact, I bought shares. I was an owner and was fired. My decision to start my own business was to: PREVENT GETTING RIPPED OFF AGAIN. I was convinced I could do it. OWNING YOUR OWN BUSINESS AFFORDS THE ONLY OPPORTUNITY OF BEING DIRECTLY REWARDED – THE MAXIMUM RETURN OF ONE’S ABILTIY. I wrote this book to share practical advice with anyone starting a business. This is a no-nonsense book with non-MA-theories. More practical advise than theory. Most of the messages, lessons, and Chapters within are my experiences. I did not anticipate most of these events. I know now going into business one will have to face most of what is written in these pages. For example, I thought after one year in business, getting a loan from a bank would be easy. Instead, I got a lesson from my banker. I still remember his words: "Spiros, if something happens to you, how does the bank get back the money it loaned you for your valve business? The bank does not want to run a valve company." The pages repeat ideas that have been proven to be valuable for anyone seeking success in starting a business. It is a must-read, must-buy book.
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How to Succeed in Starting Your Own Business: A No-Fail Plan for Achieving Financial Freedom How to Finish Rich

How to Succeed in Starting Your Own Business: A No-Fail Plan for Achieving Financial Freedom How to Finish Rich


I, Spiros, G. Raftis, at age 26, started a manufacturing business because I was fired. I had no business plan, no real product, and more importantly, very little money -I was devastated. I had devoted maximum effort, abilities, and long hours as a salesman for the owners of the company; in fact, I bought shares. I was an owner and was fired. My decision to start my own business was to: PREVENT GETTING RIPPED OFF AGAIN. I was convinced I could do it. OWNING YOUR OWN BUSINESS AFFORDS THE ONLY OPPORTUNITY OF BEING DIRECTLY REWARDED – THE MAXIMUM RETURN OF ONE’S ABILTIY. I wrote this book to share practical advice with anyone starting a business. This is a no-nonsense book with non-MA-theories. More practical advise than theory. Most of the messages, lessons, and Chapters within are my experiences. I did not anticipate most of these events. I know now going into business one will have to face most of what is written in these pages. For example, I thought after one year in business, getting a loan from a bank would be easy. Instead, I got a lesson from my banker. I still remember his words: "Spiros, if something happens to you, how does the bank get back the money it loaned you for your valve business? The bank does not want to run a valve company." The pages repeat ideas that have been proven to be valuable for anyone seeking success in starting a business. It is a must-read, must-buy book.
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Zero Debt: The Ultimate Guide to Financial Freedom

Zero Debt: The Ultimate Guide to Financial Freedom


Everyone wants to slash their debt, save more, and become financially secure. Regardless of your situation, you can get on the road to financial freedom – and you can do it yourself in the next 30 days Whether you’re on the verge of filing for bankruptcy or you’re a high wage earner who still frets over money, this book is for you. You can be free from financial worries, rest at night knowing your bills are paid, and have peace of mind when it comes to money matters.It all starts by eliminating excessive debt, and learning simple strategies to save your hard-earned cash. If you want to be debt-free and achieve financial freedom, you need an action plan to guide you. This book is your step-by-step plan. It’s simple. It’s easy to understand. And it works.Zero Debt will also help you put a financial fortress around yourself – offering tips on budgeting, the importance of having insurance, low-cost strategies for creating an updated will, creative ways to instantly put dollars in your pocket, and more.
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Allstate Financial Services Receive Tribute & Medicine Assistance by Charles Myrick of ACRX

ACRX Recognition Gallery: American Consultants Rx
http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.

The American Consultants Rx discount prescription cards are to be given free to anyone in need of help curbing the high cost of prescription drugs.

Due to the rising costs, unstable economics, and the mounting cost of prescriptions, American Consultants Rx Inc. (ACRX) a.k.a (ACIRX) an Atlanta based company was born in 2004. The ACRX discount prescription card program was created and over 25 million discount prescription cards were donated to over 18k organizations across the country to be distributed to those in need of prescription assistance free of charge since 2004.

The ACRX cards will offer discounts of name brand drugs of up to 40% off and up to 60% off of generic drugs. They also possess no eligibility requirements, no forms to fill out, or expiration date as well .One card will take care of a whole family. Also note that the ACRX cards will come to your organization already pre-activated .The cards are good at over 50k stores from Walgreen, Wal mart, Eckerd”s, Kmart, Kroger, Publix, and many more. Any one can use these cards but ACRX is focusing on those who are uninsured, underinsured, or on Medicare. The ACRX cards are now in Spanish as well.

American Consultants Rx made arrangements online for the ACRX card to be available at http://www.acrxcards.com where it can also be downloaded. This arrangement has been made to allow organizations an avenue to continue assisting their clients in the community until they receive their orders of the ACRX cards. ACRX made it possible for cards to be requested from online for individuals and organizations free of charge. Request for the ACRX cards can also be made by mailing a request to : ACRX, P.O.Box 161336,Atlanta,GA 30321, faxing a written request to 404-305-9539,or calling the office at 404-767-1072. Please include name (if organization please include organization and contact name),mailing address,designate Spanish or English,amount of cards requested,and telephone number.

American Consultants Rx is working diligently to assist as many people and organizations as possible. It should be noted that while many other organizations and companies place a cost on their money saving cards, American Consultants Rx does not believe a cost should be applied, just to assist our fellow Americans. American Consultants Rx states that it will continue to strive to assist those in need.

Woodmen Financial Resources Receive Tribute & Medicine Discount Cards by Charles Myrick of ACRX

acrx.org .”
Enjoy a brief recap of this great organization
doing a fantastic service in the community!”
-Charles Myrick – President and CEO
of American Consultants Rx Inc.- Healthcare News

“Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use.”

Cast: Charles Myrick

Tags: free discount prescription cards, Charles Myrick, American Consultants Rx, free prescription cards, free discount cards, medication help, free medication help, Rx help, free Rx help, free Rx assistance, charity assistance, free medicine help, free medicine assistance, free healthcare help and healthcare assistance

Vimeo / Charles Myrick’s videos
Special News Bulletin-http://www.acrx.org -As millions of Americans strive to deal with the economic downturn,loss of jobs,foreclosures,high cost of gas,and the rising cost of prescription drug cost. Charles Myrick ,the President of American Consultants Rx, announced the re-release of the American Consultants Rx community service project which consist of millions of free discount prescription cards being donated to thousands of not for profits,hospitals,schools,churches,etc. in an effort to assist the uninsured,under insured,and seniors deal with the high cost of prescription drugs.-American Consultants Rx -Pharmacy Discount Network News

Wasp QuickStore POS Professional Edition – Complete Product – Financial Management – 1 User – Complete Product – Standard – PC

Wasp QuickStore POS Professional Edition – Complete Product – Financial Management – 1 User – Complete Product – Standard – PC


Wasp QuickStore is the easiest quickest way to checkout customers and manage inventory. Simple and powerful the point-of-sale and inventory control features are ideal for stores such as Apparel Stores Bicycle Shops General Merchandise Gift Shops Shoe Stores Specialty Retail and Sporting Good Stores. Your complete point-of-sale solution!
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You’re Married. Now What? How to Say ‘I Do’ to a Solid Financial Future Together

“I do.”

Remember when you spoke those words at your wedding? Perhaps it was in front of family and friends. Or maybe it was just the two of you on a beach or in front of a justice of the peace.

Do you recall the tears streaming down your face as you looked into your partner’s eyes, knowing that this was the person you’d committed to spend the rest of your life with, until death you do part?

At that moment, you probably weren’t thinking about savings and checking accounts, stocks and other investments or credit scores. You were thinking, “This is the happiest day of my life.”

Well, not so fast.

While being married has put you in a state of bliss, you need to come down off of your cloud for a minute and have a conversation with your partner about finances. In fact, I’d love to help you and your partner secure a solid and happy financial future together, now and forever. Just follow these tips.

How to Say “I Do” to a Solid Financial Future Together

1. Review bank accounts, credit scores and credit card statements.

Gather your bank statements, credit scores and credit card statements and compare notes. How much money do the both of you have? What are your credit scores? What are your credit card balances? Review all of this information. And if one of you has a lower credit score than the other, it’s a good idea to create a plan to raise the credit score. How? First, stop using your credit cards! Second, double your monthly payments, if you can. It’s important that you and your partner are on the same page when it comes to finances.

2. Create a monthly budget, and stick to it.

Creating a budget is super easy. You can either grab a pen and paper or use a software program. You’ll want to include the following:

  • Rent/mortgage
  • Insurance: car, home and/or renters
  • Expenses: utilities (gas, electric and water and sewer) and phone
  • Car payment (if any)
  • Grocery
  • Child support (if any)
  • Child’s school (if any)
  • Adult education
  • Entertainment
  • Cable (or another provider)
  • Internet
  • Cell/mobile phone
  • Other

After you’ve created your budget, review it together and make necessary adjustments. See where you can cut back. If you can’t adjust the figures, make sure you stick to your monthly budget, no matter what.

3. Review investment portfolios monthly.

If you have investment portfolios, sit down with your financial advisor/manager and discuss how you can make changes to increase your investments and/or diversify. For example, if you’ve been playing it safe, you may want to look into more aggressive stocks. On the flip side, if you’ve been too aggressive, you may want to rethink your strategy and be more conservative. Your financial manager will help you choose the best investment options.

4. Compare salaries and know when to ask for a raise.

How much do you make? If you’ve been working your way up the company ladder and earn a healthy salary, congratulations! But if you’ve been working and haven’t received a raise or don’t think you’ve received a raise that is worthy of you and your work, you may want to approach your boss and ask for a raise. While this may scare you, it can be done — the right way. Do not be confrontational. Point out your contributions and market value. If your boss pushes back, gently remind him/her of your results. If the answer is “No,” either accept it or look for another job.

5. Choose a monthly amount to deposit into a separate savings account.

Now, more than ever, it is important to have an emergency fund. Why? Because you don’t know what could happen now or in the future. You or your partner could get laid off from work, permanently lose your job, need to take care of an aging parent or sick child, or experience another life-altering event. Establishing a monthly amount to be deposited into a savings account that is not to be touched is a must. You may not want to do it, but you need to do this, now.

6. Live within your means.

Your mom and dad may have told you to live within your means. Did you listen? If not, it’s time to start listening. Whenever you’re about to purchase something, ask, “Do I need or want this?” If you don’t need (fill in the blank), why do you want it? Make sure you have a good answer. If you don’t need (fill in the blank), don’t buy it. Why? Because you may have buyer’s remorse or you could find a better deal at another store or online; keep your options open.

7. Start investing.

If you don’t have an investment portfolio, you and your partner may want to hire a financial advisor. It’s never too late to invest. Here’s a tip: Go through your home and look at the products you bought. Find the company and/or brand name and conduct an online search to see if they’re on the NYSE or NASDAQ. Research, i.e. has the stock gone up or down? Ask your financial advisor about the fluidity (money flows, hardly any debt) of the companies. If the companies are solid, consider purchasing their stock. You may want to look into real estate investing. However, you must be ready and prepared to be a landlord. You may consider “fixing and flipping” homes, but this takes some skill. Plus, when you start tearing down walls, you may find problems like faulty electrical work that you didn’t anticipate. Consult a professional real estate investor before you buy an investment property. But whatever you do, start investing, now.

8. Get a side job or start a business.

Okay, so you and your partner work 40 or more hours per week and may not have time for a side job. However, you can earn extra money doing what you love. For example, do you like to bake? Consider opening an online cupcake business. You could specialize in gluten-free and vegan cupcakes or offer customers specific cupcakes, e.g. red velvet and chocolate. Maybe your partner is a fantastic artist. He/she could create paintings and sell them online. You may find that both you and your partner have a knack for running your own business. You could eventually quit your day jobs.

9. Sell your stuff.

Now that you’re married, go through all of your stuff and get rid of what you haven’t used in a year or more. Toss out anything that is worn out, but sell everything that is gently used. Why? Because you can earn extra money and deposit it into your emergency savings account; every little bit helps.

10. Keep the lines of communication open.

Most important is to keep communicating with one another. Do not shut down if your partner makes a mistake, i.e. charges a pair of $ 500 shoes. Sure, you may not be happy about it, but it’s not the end of the world. Calmly speak about the importance of creating a solid financial future together. If you need help, seek counseling from a marriage or financial counselor or both. Whatever you do, do not throw your marriage away at the first bump you have. It won’t be 100 percent perfect all of the time. And remember: Sometimes, marriage isn’t like a merry-go-round; it’s more like a roller coaster. And if you think about it, what’s more fun? A ride that goes around and around or one that’s filled with thrills and chills?

To secure a solid financial future, you and your partner need to be willing to be honest about finances and hopefully were on the same page before you got married.

If you save $ 100, a month that’s $ 1,200 a year plus some interest; multiply that by two years and that’s $ 2,400 with some interest. After a few years, you could take some of the money, invest it and triple, maybe even quadruple your investment. Your financial manager can assist you with this.

Having a solid financial future together is closer to possible than you think.


Weddings – The Huffington Post
FASHION NEWS-Visit Shoe Deals Online-Fashion News today for the hottest deals online!

How to Build a Financial Model

How to Build a Financial Model


My storyI remember when I was a junior in college and had just received my summer internship with an investment bank. I knew there was going to be intensive training on financial modeling but my school did not equip me with the proper skills for my internship. Sure, the core curriculum taught me the basic theories of finance and accounting, but I had no practical and mechanical experience with building dynamic financial models in Microsoft Excel. I decided to hunt down information in the vast resources of the Internet; I simply typed into the Google search: “How to Build a Financial Model.” The results were less than satisfactory.I have come across a variety of financial modeling books that are filled with different methods and sometimes even esoteric theories of financial modeling. The reason why I find these books so difficult to understand and use is because they tend to emphasize the finance and accounting theories underlying the model rather than focus on the step by step directions to actually build the model. When investment banks train their employees to build a model, they literally hold the employee’s hand and this is what the book strives to do.Who is this book for?This book is for anyone with an inkling of interest in the business world. Financial models help assess the situations of real companies and give a finance oriented insight into problems surrounding businesses. A financial model can be used by an investor to assess a stock pick or help a private business owner forecast the health of his/her company. The book is so easy to use that I have tested the guide with people who have had no prior knowledge of finance or accounting and they have all been able to easily construct and to some degree interpret the model. The model is for people who want to learn how to build a dynamic model from scratch (i.e. blank spreadsheet), develop their analytical skills and perhaps pick up a few of the handy Excel shortcuts that I point out along the way.

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