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Don’t Let Just Anyone Handle Your Money: Use Caution When Choosing a Financial Adviser

African Americans may do well to check out a financial adviser’s credentials thoroughly before hiring one to manage their investments. New data shows what you need to know before choosing a financial adviser.

Some 48% of Americans mistakenly believe all financial advisers are required by law to always act in their clients’ best interest, a new survey by digital wealth manager Personal Capital shows. The finding comes after the Securities and Exchange Commission this month settled charges against 79 investment advisers who must return over $ 125 million to clients tied to mutual fund sales, with a large chunk of the money going to retail investors, DI Media reports.

The Personal Capital 2019 Financial Trust Report further disclosed that 65% of investors who work with a financial adviser incorrectly believe that financial advisers only make recommendations that are in a client’s best interest, a rise from 46% in 2017.

A startling discovery was that just 44% of Americans know the fee amounts they pay on all their investment accounts. And 20% do not know how their adviser is paid. Personal Capital claims hidden fees can add up to more than an eye-popping $ 400,000 in an investor’s lifetime.

This report stemmed from a CARAVAN survey by Engine among a sample of 2,007 adults—1,004 men and 1,003 women—18 years of age and older. The online interviews were conducted in December 2018 and entailed responses from 202 African Americans.

Though 30% surveyed think a financial adviser is likely to take advantage of a consumer, 97% trust that their own financial adviser will act in their best interests.

A Lack of Awareness When Choosing a Financial Adviser

Accentuating the lack of awareness pertaining to advisers’ legal obligations to clients, 18% were unable to identify if their adviser is a broker/dealer or a fiduciary. The 26% who indicated their advisers are broker/dealers should reconsider if they are receiving unbiased financial advice, Personal Capital says.

Questioned about who they would trust their money with, 28% said a registered investment adviser, 21% a big bank/brokerage firm, 14% a local advisory company, 8% an online platform. Thirty-three of the respondents said none of the above.

On the loyalty front, millennials surprisingly were the most devoted with 80% declaring they would follow an adviser to a new firm. Seventy percent of Gen Xers and 66% of baby boomers felt that way. Respondents reflected on the usefulness of technology in financial services and cybersecurity concerns.

The overall findings come after years of public debate among regulatory bodies over the fate of the fiduciary rule focused on arguing the definition of “best interest,” which Personal Capital claims may be contributing to the increased public confusion.

“While we hope all financial services professionals and firms are working with Americans’ best interests in mind regardless of fiduciary designations, this simply isn’t the case,” said Jay Shah, CEO of Personal Capital. “When it comes to wealth management, anything less than advice that meets the fiduciary standard simply isn’t acceptable. Investors deserve more.”

How to Find a Reputable Adviser

Responding to the Personal Capital report, Kevin Mayeux, CEO of the National Association of Insurance and Financial Advisors, said, “Broker-dealers and their registered representatives provide affordable, trustworthy financial services and products to clients at all income levels, from the wealthy to those with more modest means.” The NAIFA is the nation’s largest membership association of insurance and financial professionals.

Mayeux added,  “Fiduciary regulations, such as one imposed by the U.S. Department of Labor before it was struck down by a federal court, can create burdensome and costly requirements that make it difficult or impossible for advisers to provide individualized, human-on-human advice and services to middle- and lower-income consumers. Many registered investment advisers charge fees and require account minimums of $ 200,000 to $ 1 million or more while relegating people who cannot maintain those balances or afford those fees to one-size-fits-all computerized models or call-centers.”

“The truth is, insurance and financial advisers are highly-trained and licensed professionals. They are governed by state and federal securities laws, and every securities transaction they complete with a client is subject to compliance reviews by their broker-dealers and the Financial Industry Regulatory Authority.”

Mayeux pointed out NAIFA members agree to abide by a code of ethics that includes a promise to promote their clients’ interests. He says the vast majority of these advisers build and maintain enduring relationships with clients that often last decades and would not be possible if the advisers were not looking out for the best interests of their clients.

“Nonetheless, NAIFA supports an ongoing effort by the Securities and Exchange Commission that would further require advisers to serve in the best interests of their clients and is working with the SEC to ensure that the final rule benefits consumers of all income levels and allows them to continue to receive needed services and advice.”

A “Staunch Advocate”

Geoffrey Brown, CEO of the National Association of Personal Financial Advisors, said the findings from Personal Capital’s 2019 Financial Trust Report are not surprising. He said because of efforts to mislead and confuse the public by non-fiduciary financial services professionals, consumers often don’t have the clarity needed to evaluate the relationship they have with their chosen professional.

He added this leads to a lack of understanding about the true cost of the engagement and the duties owed to the client under the law. Since its inception, Brown claims NAPFA has been a staunch advocate for fiduciary principles, something he maintains is the most transparent way of serving the public. The NAPFA calls itself the country’s leading professional association of fee-only financial advisers.

“In today’s marketplace, it’s virtually impossible to distinguish a salesperson from an adviser, or between those advisers who are legally obligated to provide advice under a fiduciary standard versus those who are not. When working with an adviser or salesperson, consumers need to be clear about the nature of the relationship,” Brown says.

 

The post Don’t Let Just Anyone Handle Your Money: Use Caution When Choosing a Financial Adviser appeared first on Black Enterprise.

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Low vs. Mid Vs. High Rise Pants: Choosing Your Best Fit

Like lapel width, the rise on a pair of pants is one of those things that go in and out, or rather, up and down, over the decades. But what exactly is it?

When you buy a pair of pants, do you look for the rise? If you are new to the finer points of men’s garments, the rise may not be your first consideration. So, in this article, let’s hike up our pants and address what trouser rise means and what sort of rise is best for you.

Cary Grant in The Red List wearing spectators and full cut trousers

A young Cary Grant in The Red List wearing spectators and full cut trousers that sit on the natural waistline

What is Trouser Rise?

Trouser rise is measured as the distance from the front waistband between the legs to the back waistband.  This may be generically referred to as the “crotch.” Low rise pants have a smaller measurement and sit lower on the torso while higher rise pants have a higher measurement and sit higher on the torso.

This may be in the range from 7-13 inches depending on the size of the pants (smaller sizes have lower rise height).  The waistband of low-rise pants rests at the hip bones, mid-rise between the navel and hip, and high rise at the natural waistline (close to the belly button or directly on it).

Mottled, fainted red jacket with green knit vest - too short, and rise of pants too low

These low rise pants elongate the torso and make the jacket appear very short

To remember this easily, keep in mind the two reference points of hips (low rise) vs. belly button (high rise). Rise height matters because the amount of fabric in this area dictates how long your legs and your torso are perceived to be. A higher rise makes your legs look longer, while a low rise elongates your upper body. As we’ll discuss later, this will factor in what sort of pants rise you choose.

Ethan Wong wearing high-rise trousers

A mid-rise trouser rise at left–not too high, not too low. Photo by @sebastianmcfox

Pants Rise and Fashion

As mentioned in our introduction, pants rise is heavily impacted by fashion. High-rise also referred to as “long-rise” or “high-waisted,” pants have had a bad reputation for several decades because they are associated with either out-of-touch granddads or young nerds with their pants hiked up to their chests.

Steve Urkel in high-rise pants

Steve Urkel’s high-rise pants defined his nerdiness – if he’d just worn a jacket, lengthened his hem and worn some real socks, this would have been a totally different look

High-rise trousers are colloquially referred to as “old man pants” and were worn by the likes of Steve Urkel on Family Matters and Martin Short’s character Ed Grimley on Saturday Night Live. Of course, these are either intended for comedic effect or illustrate simply that the majority of people don’t think about how to dress well.

Look at the grey suit - beautiful lapels, high waisted trousers, boutonniere and pocket square plus collar pin - stunning from Night After Night

These high waisted trousers in Night After Night were du rigeur in 1932 – just look at how long they make the star’s legs look!

Some older men may recall that “back in the day,” high-rise trousers were the standard, and this is true. If you look at illustrations in Apparel Arts or vintage advertisements, you’ll see high-rise trousers, also with wider legs, so quite the opposite of the skinny and low fits promoted in today’s fashions.

Viennese Suit Styles

The style of the 1930’s was dominated by high-rise trousers with a longer, wider leg

The changeover to a lower rise is only a recent development. Ironically, along with a move to casualization, lower-rise pants are at the opposite extreme on the continuum, sometimes lying below the hip bones, or in the case of streetwear down toward the buttocks.

As with most things in life, it’s best to avoid the extremes. If you choose a mid-height rise, you can be assured that what you wear from the waist down will have enduring value. However, the middle of the pack can be boring too, so there are other factors to consider.

What Rise Should You Choose?

Navy pants with inward pleats worn with suspenders for a smooth look

Sven Raphael Schneider often opts for higher-rise pants because they drape nicely over fuller thighs

Consider Your Body Type

The first consideration in choosing trouser rise is your body proportions. Because there’s more fabric in the rise of high-waisted pants, they create the impression that your lower body, and especially your legs, are longer. On the other hand, low-rise pants make your upper body appear longer because your pants only start at your hips.

So, if you have a long upper body, high-rise pants will counterbalance that and make you look more proportional. On the other hand, if you are short waisted, a lower rise should be your choice to make your upper body appear longer.  Of course, if you wear a suit jacket or sport coat and keep it buttoned when you walk around, these differences will matter less.

High-Rise Pants Elongate the Legs

Jan (@mrjantleman) of the Armoury Hong Kong showing how high-waisted trousers can elongate your legs and balance your torso and lower body.

Similar to pleats, a high rise can make your more comfortable if you carry weight in your abdomen. Often high-rise pants will also be pleated. As a side benefit, a higher waistline also helps disguise your belly.

If you wear low-rise pants, even some holiday overindulgence at the dinner table will give you an overhang or muffin top above your waistband. This makes the tucked-in bottom of your shirt look sloppy in turn, and if you wear a knitted sweater or vest, this in combination with lower-rise trousers will visually emphasize your gut.

Spezzato Suit Jacket and Matching Vest with Contrasting Yellow Pants and Brown Oxfords

Sven Raphael Schneider wearing bespoke mustard yellow high-rise pants

Higher-rise pants are therefore more flattering under these several conditions. When sizing, be aware that if your waist measurement is a certain size but you have a belly, you may need to have high-rise pants let out at the waist because it sits up where your stomach is and not at your hips.

Ethan Newton with Higher-Rise Pants

Ethan Newton of Brycelands in Beijing demonstrating how high-rise trousers can be flattering to different body types; note the pleats as well

The shape of your body also tends to change with your number of years, and pants rise is also a part of dressing appropriately to your age. While younger men have a wider range of possibilities when considering rise, an older man wearing low-rise pants risks looking like he is trying to recapture his lost youth. However, for younger men too, low rise will maintain a perception of youthfulness, but a strong motive for wearing tailoring and classic menswear is to avoid dressing like a boy.

An off-white suit

Low rise pants are a distinctly youthful look

Usually, this means not wearing flip-flops, a t-shirt and a backward baseball cap as your day-to-day outfit, but to be perfectly frank, a moderately high waist gives you a more mature appearance than pants that hang off your hips.

Check How the Pants Fit

Your decision then goes to which is more comfortable for you. When you try on a pair of pants, if the waistband is level and you feel like the crotch is bunching up or confining you, you may need a higher rise. On the other hand, if it looks like there’s excess fabric in the rise and the material is hanging down, you need a lower rise. On the internet, you can find some old tailor’s formulas for calculating the optimal rise for you based on taking your usual pants waist size, dividing by 52 and then multiplying by 18. So, if you have a 34 waist, you would calculate 34/52 x 18, giving you a rise of 11.8.” This seems about right, but try the formula for yourself.

 

Clark Gable wearing high-rise trousers

Clark Gable wearing high-rise trousers

Consider the Aesthetics of Your Look

Other aesthetic considerations come into play when choosing rise height. Note as well that high rise trousers usually will help keep your shirt tucked in as a whole simply because the shirt has a long way to rise out above the waistband. With lower-rise pants, simply moving around, bending and getting up will force you to re-tuck your shirt throughout the day.

Keep in mind that because your waistband is higher your tie will either have to be quite short to keep it just touching your waistband. Though the image of Oliver Hardy has some comic intent, such short ties were more common with the high-rise trousers of the time. Otherwise, you’d need to tuck your tie into your waistband or wear it sprezzatura style with the blades hanging below the waistband. The trick to pulling this off is to make it obvious that it is intentional.

If you like looking fashionable and contemporary, a low rise–in a slim fit, along with a fitted suit jacket or blazer–will be your choice. However, if you prefer a traditional, even vintage, look, opt for a higher rise. That’s the way men during the Golden Age of menswear wore them, and they knew what they were doing in creating a clean, uninterrupted transition from the jacket to the pants.

Sam Smith and unknown - velvet green dinner jackets are nice but sockless tassel loafers are not for black tie events

Green velvet dinner jackets are elegant, but only when paired with pants high enough not to show the shirt under the buttoning point

There should never be a small triangle of shirt showing below the buttoning point of your jacket when you have it closed as this disrupts the flow of your look. If your trouser rise is too low, that bit of shirt will certainly be visible where the quarters (front skirt) of your jacket begin to separate. You can disguise this gap with your tie, which is a little better though technically still incorrect form, but the best solution is a higher waistline; some mid-rise pants will be high enough.

Fabio Attanasio Lower Rise Pants

With lower rise pants, your shirt will be visible below the buttoning point. Photo of Fabio Attanasio via The Bespoke Dudes.

Gents from the first half of the 20th century also knew high-waisted pants look best if you are wearing a suit jacket, blazer or sport coat, especially closed. If you open your jacket, high-waisted pants risk making your chest look concave or sunken and also shortens your torso. Even the Swedish sartorial icon Andreas Weinås looks better with his jacket closed when wearing high-rise trousers.

Closed and Open Jackets with High-Rise Trousers

A closed jacket tends to look better (more proportional) with the jacket closed

Where to Buy Mid- and High-Rise Trousers

So, ultimately, in most cases, it’s better to go with a mid- to high rise. That’s why many gents who try a higher rise say they’ll never go back to something lower. We certainly would welcome a return of popularity for the more traditional high rise on dress pants!

High Rise Pants are Rarely Available Off the Rack

In fact, it’s virtually impossible. The trend for lower rise pants, despite the fact that they are flattering for so few, means you’re less likely to find high-rise pants because they won’t appeal to a broad clientele. One possibility is to try small menswear boutiques and haberdashers. Berg & Berg, for example, only sell higher rise trousers, but the selection is fairly small.

Mid-Rise Pants, However, Are Much Easier to Find (Just Avoid Fast Fashion)

On the other hand, it’s much easier to find mid-rise pants from brands that lean classic, such as Ralph Lauren. They list the height of the rise in the “details” section of their product listings. Many of their OTR models are mid-rise, even though they aren’t advertised as such. In general, pleated pants require a higher rise to drape properly, so that feature is an indication the rise might be higher than average.

Avoid fast fashion brands entirely; they are simply too trend focused to offer mid- or high-rise pants.

Order High Rise Pants Bespoke or MTR

Button closures on a pair of pants

Multiple button closures on a pair of custom Luxire trousers

A better option, though often more expensive, is to go bespoke or made to measure. Luxire is a name that often comes up when discussing custom trousers. They’ll copy a pair of pants with a rise height you like in any fabric they stock, and they have a lot. The quality is not the highest, but the fits are good.

Buy Pants Large and Tailor Them to Fit

Ethan Wong of Street x Sprezza presents interesting advice for how to get around this shortcoming. He recommends buying pants 1-2 sizes larger than you normally wear and getting the legs tapered and the waist taken in. Bigger sizes will have longer rises by default, and you can will have a larger selection to choose from if you think outside the box this way.

Ethan Wong wearing high-rise trousers

Ethan Wong wearing high-rise trousers

Conclusion

Although many men don’t think much about the rise when buying a pair of pants, those who are true sartorialists understand that it has a tremendous impact on how the trousers fit, how they look and how they feel. Though the current trend is toward lower rises, a medium to high rise usually has more benefits in terms of appearance and comfort. The choice ultimately depends on your body shape and personal taste. So, what sort of rise do you prefer?


Gentleman’s Gazette

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403(b) vs. 401(k): Here’s What You Need to Know if You’re Choosing Plans

Paper or plastic? Uber or Lyft? 403(b) or 401(k)?

It’s not often that you’re faced with the last choice. But if you’re a teacher, nurse or government employee, you may have been presented with this question before, because tax-exempt organizations can offer a 403(b) retirement plan, in addition to a traditional 401(k) option.

When you select the vehicle that will drive your investments, here are the things you should know about 403(b) and 401(k) plans.

403(b) vs. 401(k): What’s the Same?

Fundamentally, 403(b) and 401(k) plans are the same.

Both retirement plans are tax-deferred, meaning they protect you from paying taxes on contributions now and lower your annual taxable income, and you’ll pay taxes when you withdraw the funds.

The annual contribution limits, withdrawal requirements and rules for taking out a loan are the same as well.

403(b) vs. 401(k): What’s Different?

The differences are nuanced. 401(k) plans can be offered by any employer, while 403(b) plans are offered by tax-exempt organizations, such as nonprofits, religious groups, government organizations and school districts. While these organizations can also offer a 401(k), for-profit businesses don’t have the option of offering 403(b) plans.

The law allows tax-exempt organizations a pass on certain employer requirements, making administrative costs for a 403(b) less expensive. In turn, employer matches and contributions also aren’t as common for 403(b) plans as they are for 401(k)s.

And while annual contribution limits are the same, 403(b) plans have a unique provision called the maximum allowable contribution, aka MAC. It allows employees with at least 15 years of service to an employer to add an extra $ 3,000 to their annual contributions.

If you leave your employer, you’ll face the same rollover provisions for both plans, with one exception: You can roll a 403(b) into a 401(k), but not vice versa.

A 403(b) plan isn’t regulated as closely as a 401(k) plan. In exchange, administrative costs in 401(k) plans can be slightly higher.

  401(k) 403(b)
Eligibility Sponsored by any employer. Sponsored by a tax-exempt employer.
Annual contribution limits
(2018)
$ 18,500 if you’re under 50;
$ 24,500 if you’re 50 or older.
Same as a 401(k), but if you’ve been with your employer for 15 years or more, you can add an extra $ 3,000 to your contribution.
Investments Can contain almost any type of investment. Only contains mutual funds and annuities.
Rollovers Can be rolled over into traditional IRA or new employer-sponsored 401(k). Can be rolled over into traditional IRA or new employer-sponsored 403(b) or 401(k).
Required minimum distributions Withdrawals must begin no later than age 70 ½ Same, except for special allowances on pre-1987 amounts

If Your Employer Offers Both, Which Is Right for You?

If you’re looking to invest early and often, you can’t make a bad decision. But you should take a close look to ensure you’re making the best decision.

Get a list of the investment options and fees for both. While 403(b)s can only be invested in annuities and mutual funds, 401(k) plans have a wider pool of investments, including mutual funds, annuities, bonds, company stock and others.

Both can have very optimal or very suboptimal investments. It’s up to you to make sure the plan you choose is the one with the highest-performing and lowest-fee funds.  

Ultimately, the differences between a 403(b) and a 401(k) are small enough that your choice will likely come down to the options your employer has chosen inside your company’s plan more than the plan itself.

Jen Smith is a staff writer at The Penny Hoarder. She gives money-saving and debt-payoff tips on Instagram at @savingwithspunk.

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This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.


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