There’s a combined $1B in Powerball, Mega Millions. Odds of winning both are 1 in 88 quadrillion

The chance that one ticket has all the winning numbers in either game is pretty slim. The odds against winning both are astronomical.
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Bank Of America Q3 Profit Surges On Asset Quality, Lower Tax Rate

Bank of America (BAC) reported that its third-quarter earnings per share was up 43% year-over-year to $ 0.66. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $ 0.62 for the quarter. Analysts’ estimates typically exclude special items. Net income to shareholders increased to $ 6.7 billion from $ 5.0 billion, previous year, driven by continuing strong operating leverage and asset quality, as well as the benefit of tax reform. Pretax income was up 18% to $ 9.0 billion.
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$500 Billion: Study Finds Parents Spend More on Adult Children than Retirement

Recent study insights reveal a telling tale of the extent of a parent’s love — and maybe even negligence — when it comes to their adult children. According to research, retirement security has taken a backseat for parents who are putting their children’s financial well-being ahead of their own future financial security, and they’re halting their golden-year plans just to make sure their offspring are thriving.

According to the study, “The Financial Journey of Modern Parenting: Joy, Complexity and Sacrifice” which was conducted by Merrill Lynch in partnership with Age Wave, parents today spend $ 500 billion annually on their adult children — ages 18-34 — double the amount they contribute each year to their retirement accounts.

More than 2,500 American parents were surveyed for the study which marks the third in a multi-year research series from Merrill Lynch and Age Wave, a company that studies maturing consumers.

“In this new era of delayed financial independence of young people, financial planning is no longer a solo or coupled activity,” Ken Dychtwald, Ph.D., CEO, and founder of Age Wave said in a news release. “It’s become an ongoing family project with longer and different social, housing and economic interdependencies than we’ve seen before.”

80% of parents say they would be willing to make a major financial sacrifice for adult children, including dipping into their savings or cutting back their lifestyles. 25% would take on debt or pull money from retirement accounts. The research also found 31% of early adults ages 18-34 live with their parents, but even if the child is out of the house, parents are chipping in on school costs, health insurance, rent, and car expenses. 59% expect to help pay for their children’s weddings, 26% expect to contribute to their children’s first homes, and one-third plan to contribute to their grandchildren’s college costs.

Despite the financial sacrifices, 93% of respondents said being a parent was the most rewarding aspect of their lives and 94% said raising their children — and the costs that come with doing so — has been worth “every penny.”

“When emotions and money become intertwined, parents risk making financial decisions that can compromise their — and their children’s — financial futures,” Lisa Margeson, head of retirement client experience and communications at Bank of America Merrill Lynch, said in the release. “Parents can navigate this difficult balance by setting clear boundaries about their level of support, fostering financial independence in adult children, and reconciling spending on children with long-term savings goals to avoid jeopardizing their own financial security.”

 

 

The post $ 500 Billion: Study Finds Parents Spend More on Adult Children than Retirement appeared first on Black Enterprise.

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Citigroup Q3 Profit Up 12%, Beats View; But Revenues Miss

Citigroup Inc. on Friday reported a 12 percent increase in profit for the third quarter from last year, as slightly lower revenues were more than offset by a lower tax rate as well as decline in cost of credit and expenses. Earnings per share beat analysts’ expectations, while revenues missed estimates. Citigroup’s effective tax rate was 24 percent in the quarter.
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Gerresheimer AG Q3 Net Income Declines, Revenues Up 7.8% On Organic Basis

Gerresheimer AG (GRRMF.PK) reported third-quarter net income to equity holders of the parent of 18.42 million euros compared to 25.60 million euros, prior year. Earnings per share was 0.59 euros compared to 0.82 euros. Adjusted EBITDA at constant exchange rates decreased to 76.1 million euros from 78.2 million euros in the prior-year quarter. Excluding two negative effects, adjusted EBITDA at constant exchange rates would have totaled 79.5 million euros, 1.3 million euros higher than in the prior-year quarter. Adjusted net income after non-controlling interests came to 32.0 million euros in the third quarter, compared with 31.3 million euros in the prior-year quarter. The adjusted earnings per share after non-controlling interests came to 1.02 euros in the third quarter, compared to 1.00 euros, a year earlier.
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Germany Exports Unexpectedly Decline For Second Month

German exports declined for a second straight month in August, defying expectations for an increase, preliminary data from the statsitical office Destatis showed on Tuesday. Merchandise exports fell a calendar and seasonally-adjusted 0.1 percent from July, when they decreased 0.8 percent. Economists had expected a 0.4 percent increase.
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Powerball, Mega Millions jackpots now total $752 million: Here’s a spending plan if you win big

While a sudden windfall can seem like an unlimited amount of money, protecting your newfound wealth involves managing how much you spend.
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GE Names Lawrence Culp, Jr. CEO; Company To Fall Short Of 2018 Earnings Guidance

GE (GE) announced that Lawrence Culp, Jr. has been named Chairman and Chief Executive Officer of the company, effective immediately. The GE Board has appointed Thomas Horton as Lead Director. Culp and Horton have been members of the Board since April 2018. Culp will succeed John Flannery as Chairman and CEO.
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Japan Household Spending Spikes 2.8% On Year In August

The average of household spending in Japan was up 2.8 percent on year in August, the Ministry of Internal Affairs and Communications said on Friday – coming in at 292,481 yen.
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Ferguson FY Profit From Cont. Ops. Declines; Ongoing Organic Revenue Up 7.5%

Ferguson plc (FERG.L) reported profit from continuing operations for the year ended 31 July 2018 attributable to shareholders of $ 841 million compared to $ 1.05 billion, prior year. Earnings per share from continuing operations in cents was 339.8 compared to 416.0. Trading profit from continuing operations was $ 1.51 billion compared to $ 1.34 billion. Headline earnings per share in cents was 444.4 compared to 366.1.
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Pimco’s Ivascyn says short-maturing U.S. Treasuries look more attractive

Pimco Group Chief Investment Officer Dan Ivascyn, who helps oversee more than $ 1.71 trillion, said on Thursday that U.S. Treasuries look more attractive because of higher yields but only in the short…


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In refuting NYT, Trump cites the time value of money — CNBC explains what that means

CNBC breaks down Trump's tweet about the 'time value of money' in his dismissal of The New York Times investigation alleging tax fraud.
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Romania CB Holds Rates Steady

Romania’s central bank left its key interest rate unchanged on Wednesday, as it expects inflation to fall within its target in the coming months. The board of the National Bank of Romania left its monetary policy rate unchanged at 2.50 percent, in line with economists’ expectations. The bank kept its deposit facility rate at 1.50 percent and the lending facility rate at 3.50 percent.
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Identity Theft Concerns? Freeze Your Credit for Free, Now

A law that went into effect Sept. 21 allows you to freeze your credit with all three credit bureaus: TransUnion, Experian, and Equifax.

Why You May Want to Freeze Your Credit

According to the Federal Trade Commission, a credit freeze, also called a ‘security freeze,’ “lets you restrict access to your credit report, which in turn makes it more difficult for identity thieves to open new accounts in your name.”

Freezing credit is not something new, however many states allowed the credit bureaus to charge to do so, according to BizJournal.

Congress made credit freezing ubiquitously free after a hack compromised an estimated 143 million people’s personal information on Equifax’s servers in 2017. Sen. Elizabeth Warren (D-Mass.) pushed for the Freedom from Equifax Exploitation (FREE) Act.

FAQs about Credit Freeze

From the Federal Trade Commission’s Consumer Information web page:

Does a credit freeze affect your credit score?

A credit freeze has no negative effect on your credit score. It also does not prevent you from getting your free annual credit report. Nor does a freeze prevent you from “opening a new account, applying for a job, renting an apartment, or buying insurance.” However, you do have to lift the freeze before embarking on anything that requires a credit check (more on that later).

What is the difference between a credit freeze and a fraud alert?

A credit freeze prevents a crook from opening up an account using your credit or from identity theft. A fraud alert will not prevent identity theft but will alert you when there is suspicion of something shady going on.

Is credit freezing a 100% guarantee that your data and credit won’t be compromised?

No. According to a post on Experian’s blog, “In the event your credit card number falls into a fraudster’s hands after a data breach, know that a credit freeze won’t help.”

How to Freeze Your Credit

You can freeze your credit online or by calling each individual credit bureau. You will need your Social Security number, name, address, and date of birth. Additionally, each bureau will ask you to verify your identity by answering a series of questions: checking off previous addresses; past loans or leases you may have taken out, etc.

Here are the websites and phone number for each bureau:

Equifax

Equifax.com/personal/credit-report-services

800-685-1111

Experian

Experian.com/help

888-EXPERIAN (888-397-3742)

TransUnion

TransUnion.com/credit-help

888-909-8872

Lifting a Freeze 

After you’ve placed a freeze, each bureau will provide you with a PIN (Personal Identification Number). You must keep this PIN in a safe place because you will need it whenever you want to lift the freeze.

Also, there have been reports that since the law was passed, the credit bureau’s websites have been inundated with credit freeze requests. There may be some wonkiness with some of the sites (I had trouble placing a freeze on TransUnion’s site this past weekend). If you can’t use the site, call the bureau to place the freeze (and expect long waits to speak to someone, for now).

In the meantime, if you are trying to clean you your credit, check out:

FIX YOUR SHADY FICO SCORE AND FIX YOUR CREDIT

FOUR TIPS TO INCREASE YOUR CREDIT SCORE FROM A CREDIT EXPERT

4 STEPS FOR BLACK ENTREPRENEURS TO BUILD THEIR FIRST BUSINESS CREDIT REPORT

 

 

 

 

 

 

 

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PepsiCo Q3 Profit Tops Estimates, Organic Revenue Up 4.9%; Updates 2018 Targets

PepsiCo, Inc. (PEP) reported third-quarter core EPS of $ 1.59, an increase of 7 percent from prior year. Excluding the impact of foreign exchange translation, core constant currency EPS increased 9 percent. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $ 1.57 for the quarter. Analysts’ estimates typically exclude special items.
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Conagra Brands Q1 Results Miss View; Stock Down

Conagra Brands Inc. (CAG) reported profit for the first quarter of fiscal year 2019 that increased 16.8 percent from last year. Quarterly net sales grew 1.7%, and organic net sales, excluding the sale of the Trenton, Missouri production facility Trenton grew 1.2%, with growth in all four operating segments. Both adjusted earnings per share and revenue for the quarter missed analysts’ expectations.
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Australia Manufacturing Sector Surges In September – AiG

The manufacturing sector in Australia continued to expand in September, and at a faster rate, the latest survey from the Australian Industry Group revealed on Monday with a Performance of Manufacturing Index score of 59.0.
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