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Tag: Personal Finance

  • In Your Debt: Doing the bare minimum with debt can cost you

    In Your Debt: Doing the bare minimum with debt can cost you

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    When you’re carrying a credit card balance, paying at least the minimum due each month is certainly a start. If those payments aren’t making your overall budget feel squeezed, you have all the more reason to put payments on autopilot and not think about the total cost of your debt.

    “Our pace of life has gotten really busy,” says Delia Fernandez, a certified financial planner and the founder and president of Fernandez Financial Advisory LLC in Los Alamitos, California. “There’s always something that’s more important, particularly for these people who are not in a financial crisis.”

    But that inertia can cost you, especially with average credit card interest rates reaching 20.4% as of November 2022, according to the Federal Reserve. NerdWallet’s 2022 American Household Credit Card Debt Study, conducted by Harris Poll, found that U.S. households with revolving credit card debt are paying an average of $1,380 in interest this year.

    There is good news, though: Dedicating even a small amount of time and money to changing up your payment habits can be well worth the effort.

    CONSIDER THE TOTAL — NOT MONTHLY — COST OF INTEREST

    While the slow drip of interest payments might feel manageable month to month, thinking of your debt this way ignores how much interest adds up over time.

    “If you’re only able to make minimum payments and you’re paying the average interest rate, it could cost you thousands over many, many years if you’re paying down a balance of $10,000,” says Bruce McClary, senior vice president of membership and communications at the National Foundation for Credit Counseling. “It’s stunning how much it could cost you.”

    Since minimum credit card payments are generally around 2% of the total amount owed, you’d make $200 monthly payments on that $10,000 balance, and your interest rate is 20.4%. It’ll take around nine and a half years to become debt-free, and you’ll spend $12,508 in interest — more than doubling the total cost of your debt.

    But that’s assuming you don’t take on additional debt. If you’re still using that card for new purchases, the debt cycle will pile up. It’s best to switch to using debit or cash for everyday purchases to avoid paying even more interest.

    “You really want to sit down and look at the details that might make you uncomfortable, because it’s better to know than not to know,” McClary says. “Even if your budget is balanced each month and you’re making payments on time, you really need to know how much your debt is costing you.”

    SMALL CHANGES CAN ADD UP TO BIG SAVINGS

    There are two ways to lower the cost of your debt: increase the size of your payments and reduce the interest rate.

    Going back to the example of the $10,000 balance, here’s the potential impact of upping your payments. Let’s say you felt comfortable committing an extra $10 a week, or $40 a month, toward debt. By paying $240 per month instead of $200, you’ll spend $4,966 less on interest and pay down your debt nearly three and a half years sooner. Even if you’re already making more than the minimum payment, paying even more than that can make a tangible difference.

    Or, perhaps you can negotiate a lower interest rate with your credit card issuer. Reducing your interest rate from 20.4% to 18% (while still paying $200 a month) will lower your interest by $3,886 and shorten your repayment time frame by a year and seven months.

    Here are some ways to lower your interest rate:

    — CALL AND ASK: Call the number on the back of your credit card to inquire about your eligibility for a lower interest rate. In the worst case, the answer will be no, but you won’t be penalized in any other way just for asking.

    — MOVE DEBT TO A LOWER-INTEREST OPTION: If you have good or excellent credit, consider a balance transfer credit card with a 0% interest rate promotion. That can give you up to nearly two years to pay down debt interest-free. Otherwise, a personal loan could offer a lower interest rate than your credit card.

    LARGER PAYMENTS + LOWER INTEREST = THE ULTIMATE POWER MOVE

    To really cut down on the cost of debt, increase your monthly payment and seek a lower interest rate.

    If you paid $240 a month toward a $10,000 debt at 18% interest, you’d slash $6,697 off your total interest payments (compared to where you started) and pay down your debt nearly four years sooner.

    “It’s that compound interest that’s killing people at higher interest rates,” Fernandez says. “You want to be the one who understands it and earns it. You don’t want to be the one who pays it and makes credit card companies rich.”

    __________________________________

    This column was provided to The Associated Press by the personal finance website NerdWallet. Sara Rathner is a writer at NerdWallet. Email: srathner@nerdwallet.com. Twitter: @SaraKRathner.

    RELATED LINK:

    NerdWallet: 2022 American Household Credit Card Debt Study https://bit.ly/nerdwallet-average-credit-card-debt-household

    The American Household Credit Card Debt Study survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from Oct. 25-27, 2022, among 2,041 U.S. adults 18 and older.

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  • Here’s how the IRS says you should handle 1099-K tax reporting mistakes on your return

    Here’s how the IRS says you should handle 1099-K tax reporting mistakes on your return

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    Visualspace | E+ | Getty Images

    Over the past year, there’s been a wave of confusion around tax reporting for payment apps like Venmo and PayPal, along with e-commerce companies such as eBay, Etsy and Poshmark. But the IRS provided clarification in an update this week.

    The 2022 threshold for Form 1099-K, which reports third-party business payments to the IRS, is still more than 200 transactions worth an aggregate above $20,000.

    That’s slated to change for next tax season when the 2023 threshold drops to $600 for even a single transaction.

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    In the meantime, you still need to report business income, regardless of whether you receive Form 1099-K, the IRS said in a news release on Thursday. “All income must be reported unless it’s excluded by law,” according to the federal agency.

    The problem with 1099-K reporting mistakes

    While more taxpayers are expected to receive Form 1099-K next season, it’s possible some companies may have issued the 2022 form to certain filers by mistake for personal transfers, or reported incorrect amounts.

    Here’s why it matters: If the IRS receives tax forms and you don’t include those on your return, it creates a “matching error” for the agency, explained certified financial planner Jim Guarino, a CPA and managing director at Baker Newman Noyes in Woburn, Massachusetts.

    “In effect, the IRS compares the information it receives from third parties to the information included on a tax return,” he said. “To the extent the amounts do not match, it could potentially trigger a tax notice.”

    How to handle 1099-K reporting errors

    If you mistakenly received Form 1099-K or the amount was incorrect, the IRS updated guidance on how to handle it this week.

    Some taxpayers may have incorrectly received Form 1099-K, the agency said. “In other cases, the form may have been issued in error — such as for transactions between friends and family, or expense sharing,” the IRS wrote.

    The agency suggests contacting the issuer direct to correct 1099-K mistakes. But if you can’t get a timely update, the agency suggests addressing the error on your return by zeroing out the income on two lines of Schedule 1 with the description “Form 1099-K Received in Error” for both.

    • Part I – Line 8z – Other Income – (add income)
    • Part II – Line 24z – Other Adjustments – (offset income)

    Alternatively, for tax year 2022, you can include both the gross proceeds and the offsetting negative amount on Line 8z, the IRS said in the FAQs page updated this week.

    “Of course, providing an appropriate and clear explanation for the offsetting adjustment is also an important factor to reporting this information correctly,” said Guarino.

    You can follow the same steps if you received Form 1099-K after selling personal items at a loss, the IRS said. You can use the description “Form 1099-K Personal Item Sold at a Loss” for both.

    However, you need to report profits as a capital gain on Form 8949 and Schedule D.

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  • 7 Ways to Help Your Kids Make Smart Financial Decisions | Entrepreneur

    7 Ways to Help Your Kids Make Smart Financial Decisions | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a father of five kids (ages 7 to 18) and a fiduciary wealth manager with 21 years of experience, I’ve seen firsthand how your family’s money attitude and communication shape your family’s future. How you talk about money, how you feel about it and what you say about it leaves an impact for generations. Disagreements over money are one of the leading causes of divorce, and a lack of financial competency leaves your young people unprepared for their financial future. That’s why I’m going to help you break the taboo surrounding money talks in your family.

    Many parents grew up in a culture where discussing money was considered improper or taboo. However, this mentality does more harm than good. Kids shielded from discussions about money grow up with ignorance, or worse, fear around making money decisions. This often leads to poor money moves, resulting in personal financial insecurity, stress and many long-term financial struggles.

    To ensure your kids feel confident about money, it’s essential to start teaching them about money from a young age. Here are a few ways that I’ve been teaching my own five kids about money:

    Related: Here’s How to Talk to Your Kids About Money Management (Infographic)

    1. Open checking accounts for them at early ages

    This is a great way to teach your kids the basics of managing money. They can learn how to deposit and withdraw money, balance their account and use their debit card responsibly. I recommend opening your kids a checking account once they turn 8.

    2. Stop giving out allowances

    Don’t just give out allowances because your kids made it through another week of life. What’s that teaching them? Instead, have your kids earn money by doing “extra” work around the house. This can teach them the value of hard work and the connection between work and money.

    3. Pay your kids to read books on personal finance or goal-setting

    Have your kids read books on personal finance or goal-setting to help them build their financial literacy. After they read the book, have them write a one-page summary or create a personal video of what they learned from the book — and reward them for doing so. This will help them develop their reading and writing skills while also learning about money management.

    4. Teach them how to save, donate and spend

    Encourage your kids to save and donate a high percentage of the money they earn. We’ve trained our kids to save/invest at least 30% of their earnings, donate 20% and use the remaining 50% for their own spending on things like movie tickets, clothes or shopping. This kind of disciplined saving, investing and giving philosophy fosters an abundance mindset and will instill good financial habits for their future.

    Related: 5 Ways to Build Your Kid’s Financial Literacy

    5. Tell them about your own financial goals and plans

    Another way to involve your kids in financial discussions is by discussing your own financial goals and plans with them. This can help them understand the importance of setting goals and how to make plans to achieve them. For example, if you’re saving up for a down payment on a house, you can involve your kids by discussing how much money you need to save, how long it will take and what steps you’ll take to reach your goal. They will feel included and even committed to helping your family reach your goals — and maybe they’ll even contribute in their own way.

    6. Involve them in the planning process of big purchases

    Involving your children in the planning process of big purchases like buying a home, a car or a family vacation can make your kids feel more invested in your family’s financial well-being and give them a sense of responsibility. For example, when planning a family vacation, you can involve your kids in cash flow planning and discuss how much money will be allocated for transportation, accommodations, food and activities.

    7. Be transparent about the cost of everything

    When you go grocery shopping, talk about how much things cost and how much money you’re spending. This can help your kids understand the true value of money and how much things really cost. Share how you worked hard and planned to have enough money to buy the groceries for your family.

    By openly discussing money with your kids, you help them develop a healthy and responsible relationship with money. They’ll be better equipped to make smart financial decisions, manage their own finances and ultimately achieve their financial goals.

    Related: Investing In Our Youth: The Financial Literacy Movement

    It’s important to note that teaching your kids about money doesn’t have to be a one-time event. It’s an ongoing process that should start early and continue throughout their lives. As time goes on, your conversations will be more advanced and mature.

    By breaking the taboo surrounding money talks in your family, you can help ensure your kids are prepared for their financial future. They will feel confident when thinking and talking about money. They’ll grow up with the skills and knowledge needed to make smart financial decisions, ultimately leading to greater financial security, stability and success.

    In conclusion, don’t keep money a secret from your kids. Don’t expect them to suddenly figure it out once they leave the house after high school, even if that’s what happened to you. That doesn’t help anyone. Instead, be open and honest about money, and teach your kids about financial responsibility and accountability from a young age. Remember to involve your kids in financial decisions and discussions, lead by example, and make financial education an ongoing process. Teach them to be confident and self-reliant with money as they grow from children to teenagers and beyond. By doing so, you will be setting them up for a lifetime of financial success.

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    Chad Willardson

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  • Opinion: Why France is fuming at Macron | CNN

    Opinion: Why France is fuming at Macron | CNN

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    Editor’s Note: Catherine Poisson is an associate professor of Romance Languages at Wesleyan University in Middletown, Connecticut. Her research has focused on literature and culture of France from the 19th century to the present. The views expressed in this article are her own. Read more opinion at CNN.



    CNN
     — 

    As a native of France who has lived in America for many years, I never fail to be shocked at the sight of older workers packing groceries at the supermarket. It suggests to me a deplorable lack of social supports that could allow aged people to enjoy a dignified retirement.

    While it’s true that some people choose to work past retirement, most of us in this country, at some point or the other, have seen elderly people hard at work in occupations that people many years younger would find taxing.

    And yet, many Americans somehow seem to be puzzled by the recent protests over retirement benefits that are roiling the country of my birth.

    For the past three months, a spasm of demonstrations has gripped France over moves by the government to raise the retirement age from 62 to 64. In recent days, French indignation led to a no-confidence vote that President Emmanuel Macron only narrowly survived. A new round of mass protests called by organized labor took place on Thursday — the ninth day of strikes since the bill was introduced in January.

    Schools are closed because teachers are on strike. Transportation, including France’s usually reliable train service, is suddenly erratic because of the work stoppages. On top of all this, Parisians have seen their city’s streets strewn with tons of trash, after sanitation workers launched a labor action in solidarity.

    I return to France for several weeks each year, but have lived in the United States some 30 years and know both countries well. One thing that seems clear to me is that the kind of upheaval playing out in the country of my birth would be almost unthinkable in America. Americans seem not to be able to understand the source of the boiling national rage felt by the French over the planned increase in the retirement age.

    The closest analogy in the United States to anything like what my compatriots are experiencing would be the decision four decades ago to raise the age at which Social Security benefits are doled out.

    And that’s exactly what happened: The US government announced in 1983 that it would gradually raise the age for collecting full Social Security retirement benefits from 65 to 67 over a 22-year period, beginning in 2000. Of course, older Americans care deeply about Social Security — and often cast their votes accordingly. Still, it’s hard to imagine such a change going over quite so easily in France.

    For the most part, the demonstrations in France haven’t awakened Americans’ sense of empathy or solidarity. Instead, it has elicited expressions of sheer befuddlement. What on earth, my friends and acquaintances here ask, do the French have to complain about?

    Life in France is not perfect. But French citizens have a generous health care system, which means workers pay next-to-nothing out of pocket for medical care. University education is nearly free. Unemployment benefits allow laid-off workers to sustain a reasonable quality of life while they look for their next jobs.

    Yes, French workers have all of that. It is, in short, part of their birthright as citizens of France.

    After World War II, both the retirement system and the National Health care system were introduced in France, and though there have been limitations over the last twenty years, social benefits still make it among the most envied countries in Europe in terms of its social programs.

    If Americans are baffled by the French willingness to fight to hold onto these hard-won benefits, it is in part because the two countries have very different ideas about what it means to be a worker. In the United States, work is an identity. You are what you do.

    For those of us raised in French culture, work refers to a finite period of life lasting roughly 40 years. And when that work is done, you are still young enough and fit enough to enjoy the best of what life has to offer. It’s the norm that retirement years — or decades actually — are spent traveling, caring for grandchildren or picking up new hobbies.

    It’s part of our social compact: The French work hard during their most productive years during which time they pay what most Americans would consider usuriously high taxes. But then comes the much anticipated “Troisieme Age” — the “third age.” It’s a concept French people grow up with and cling to fervently for their entire lives.

    The “first age” is childhood. During life’s “second age,” many of us are saddled with responsibilities of work and raising children. The third age however promises a good, healthy retirement free from want and worry — the kind of retirement many in the United States cannot even dream of. It is no wonder that people are willing to take to the streets to protect it.

    The ongoing protests are also seen as a pushback against Macron’s imperious governing style. Years ago, he earned the nickname “Jupiter” — after the king of the Roman gods — as he was derided by some for his highhanded approach to governing — imposing his will, in the eyes of his critics, as if he were a sovereign rather than elected.

    Macron says retirement reform is necessary because the system is near collapse. There’s some disagreement about that, however. The budget appears to be balanced for the next dozen years, although it’s true that falling birth rates and increasing longevity pose a problem that will have to be addressed.

    Still, there are less draconian ways to fix problems posed by a future retirement fund shortfall. For starters, Macron might reverse his move to abolish the wealth tax. He might also reconsider corporate tax breaks that have benefited big business handsomely.

    His administration’s use last week of a constitutional maneuver to bypass a vote in the National Assembly and raise the retirement age is an example of his imperial style. It’s an approach to governing that Macron has used multiple times, including when he passed a budget late last year. And as the protests wear on, there’s been another sign of government heavy-handedness: Macron now has resorted to the “requisition” of some striking workers — in short requiring them to return to their places of employment or risk losing their jobs.

    Such moves are, in my view, an admission of political impotence rather than strength. The president has failed to see politics as the art of persuasion and is instead ruling by fiat. The brutal police crackdown on demonstrators protesting pension reforms led to hundreds of arrests in recent days, another sign that he lacks political deftness. The unions meanwhile show no sign of backing down, and are continuing to organize massive protests urging workers to stand firm and remain off the job.

    So what’s next? Surely the French will continue to take to the streets, something they always do with great gusto. Beyond this, it’s hard to say how this upheaval ends.

    There’s no question that the French are slow to embrace change. I am and will always remain staunchly French, although after many years in the US, I can see that my compatriots need to show greater flexibility. They hold on too long to obsolete aspects of their cherished way of life. It’s time for the French to abandon their “c’est tout ou rien” (“all or nothing”) approach as we negotiate what French society will look like in the future.

    But then I read about the latest moves to raise the US retirement age to 70, and think that my protesting countrymen have a thing or two that they can teach workers in America when it comes to protecting the sanctity of their golden years.

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  • French airports, schools and oil refineries hit by national strike over pension age increase | CNN Business

    French airports, schools and oil refineries hit by national strike over pension age increase | CNN Business

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    Paris
    CNN
     — 

    French transport networks, oil refineries and schools were hit by widespread disruption Thursday as workers staged a national strike to protest an increase in the retirement age that was pushed through parliament without a vote.

    Though sporadic demonstrations had popped up in Paris and other cities after the French government forced the bill through last week, Thursday marked the first day of coordinated action since then. It is the ninth day of strikes since the bill was introduced in January.

    Only two out of 14 metro lines in Paris were operating a normal service. RER train services, which run in the city and its suburbs, were severely reduced and only half of high-speed TGV trains were working. The nationwide strike has also affected air traffic, with 30% of flights impacted at Paris Orly airport.

    Unionized workers blockaded a major oil refinery in Normandy and another one in Fos-sur-Mer in the south of France, according to a government spokesperson.

    “We are intervening in a targeted manner to unblock oil storage tanks that are blocked by demonstrators,” the minister of energy transition, Agnès Pannier-Runacherin, said in a statement.

    “If the strike is a fundamental constitutional right, blockading is not one… The police is mobilized in difficult conditions and has my full support.”

    The government renewed its requisition order requiring workers to go back to work at the two blockaded refineries, the government spokesperson said.

    The government’s plan to raise the retirement age for most workers by two years was opposed by huge numbers of people. But despite protests that drew more than a million people onto streets across the country, President Emmanuel Macron’s government did not back down. It rammed the legislation through the French National Assembly last week using a constitutional clause that allows the government to bypass a vote.

    The country’s generous pension system and early retirement have long been a point of pride since they were enacted after World War II. Under the new law, the retirement age for most workers will be 64, still one of the lowest in the industrialized world.

    As a result of the refinery strikes, kerosene stocks at Charles De Gaulle airport, which serves Paris, were “under pressure,” and those at Orly airport were being monitored, according to the civil aviation authority.

    Earlier in the day, around 70 protesters blocked terminal one at Charles de Gaulle airport, an airport spokesperson told CNN.

    About 20% of teachers in public education also took part in the strikes, according to France’s education ministry.

    A protester stands near burning garbage bins during a demonstration as part of protests against the pension reform, in Nantes, France, March 23, 2023.

    Macron and his government have defended the retirement reform as necessary to keep the pension system funded. Taxes on current workers pay for the benefits of retirees, and as people live longer — and more baby boomers retire — the system would otherwise eventually go bankrupt, though the threat is not immediate.

    When the proposal was unveiled in January, the government said the reforms were necessary to prevent a projected 13.5 billion ($14.7 billion) euro hole opening up in the pension system in 2030.

    During an interview with two of France’s main television networks Wednesday, Macron said the bill should be enacted by the end of this year. He also defended the decision to push through the reform as financially necessary, no matter how unpopular it was.

    “It’s in the greater interest of the country. Between opinion polls and the national interest, I chose the national interest,” Macron said.

    — CNN’s Joseph Ataman and Olesya Dmitracova contributed to this report.

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  • How to Choose a Credit Card for Your Startup | Entrepreneur

    How to Choose a Credit Card for Your Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Even if you’ve raised a lot of money for your startup and have plenty of cash in your bank account, to fulfill many of the day-to-day bureaucracy of operating your business, you’ll need a credit card.

    A business credit card is a credit card designed for business use, typically offered to business owners, entrepreneurs and small business owners.

    These cards are separate from personal credit cards, and there are several reasons why you might prefer a business credit card over a personal credit card. Using a business credit card can help you keep your business expenses separate from your personal expenses. This makes it easier to track your business expenses for accounting and tax purposes, and can also help you avoid co-mingling funds, which can be a problem if you’re audited by the IRS.

    Related: Do You Need a Business Checking Account for Your Startup? It Depends on These 8 Factors.

    Also, business credit cards often have higher credit limits than personal credit cards, which can be helpful if you need to make large purchases for your business. Lastly, many business credit cards allow you to issue employee cards and set spending limits on those cards. This can help you control your employees’ spending and ensure that they only use the card for business-related expenses.

    Business credit cards are issued by banks and other financial institutions, and the terms and requirements for obtaining one will vary depending on the issuer. Different business credit cards have different benefits that you’ll want to consider before deciding which card is right for you.

    Low or no annual fee

    Although cards with hefty annual fees tend to provide more benefits, you still need to offset the annual fee with your card rewards.

    Fortunately, there are some excellent business cards that have a low or no annual fee. You’ll need to assess whether it is worthwhile paying an annual fee for your new card.

    Low fees

    In addition to an annual fee, you may face transaction fees, interest charges, cash balance fees and other expenses. With the wrong card, any rewards you earn will quickly disappear to cover your fees.

    You should be aware of all the potential fees before you sign up for your new business credit card. If the card offers good rewards, you may decide that it is worth paying more in fees, but you need to think about how the card will perform in the long term.

    Bookkeeping tools

    Many business cards provide account management tools, which can be a massive benefit when you want to remain organized at tax time.

    If there are particular features that could simplify your business admin or that are compatible with your existing business software, this can be a great advantage for you.

    Credit reporting

    One of the priorities of your startup for the long term must be to build its credit history. As credit history is established, it will open new avenues of credit for your business.

    So, you need to ensure that your new business credit card will report to the major credit bureaus.

    Employee cards

    As the owners of a startup, you’ll have plenty of things to take care of. This means that you won’t want the hassle of needing to handle every business purchase.

    If your new card allows employee cards, you can empower your team to pay for items and eliminate the need to deal with expense reimbursements. This will also help you to keep better track of all your business spending.

    Responsive support team

    As a startup, you are likely to be anticipating fast growth and have unpredictable spending. Whether you need to increase your credit limit or require certain features, you will need to be confident that the support team will be on hand to help.

    Travel features

    If you need to travel for your business, you should look for a card that has travel features. From no foreign transaction fees to airport perks, there are some excellent card benefits around.

    Bear in mind that if you plan on traveling internationally, you may want to choose a card that has broad merchant acceptance, such as Mastercard or Visa. If you’re not sure whether to choose cash back or a travel card, calculate expected monthly rewards to understand which is better, or just apply for two cards if it’s possible.

    Solid dashboard

    Finally, to effectively manage your credit card account, you need access to a clean dashboard and a smooth-running app. If you are dealing with time-sensitive issues such as payments, you’ll find it frustrating to try to deal with a clunky app or a dashboard that is not intuitive.

    It is well worth checking online credit card reviews as well as the reviews for the credit card app to see if there are any red flag issues that could highlight potential problems.

    What you’ll need to apply for a business credit card

    As a startup, you may be unfamiliar with what you need when applying for a business credit card. So, here we’ll break down what you will need to have on hand to support your application.

    While the requirements for different credit cards can vary from issuer to issuer, the commonly requested information includes:

    • Your tax ID number: If you don’t have a tax ID for your new business, and many entrepreneurs do not, you can usually use your personal Social Security number.
    • Your business name: If you have a legal name for your business, you can use it on your application. If you are a consultant, freelancer or other operation without a business name, you can use your own name.
    • Your legal entity: This is part of the application where you will need to identify how the business is organized. Most small businesses and startups in the U.S. don’t have a formal legal structure as they operate as sole proprietorships, where the individual owner essentially is the business. You can still apply for a business credit card as a sole proprietor, but if you are a partnership or have another type of legal business structure, use this on the application.
    • Business address details: If your business has a separate address, phone number and email address from your personal details, you will need to provide them. If you don’t have a separate business line or business location, you can use your personal details.
    • The business start date: This is fairly straightforward, but you need to be accurate and use the date that you formed your startup.
    • Business revenue: The revenue is the amount of money your startup brings in, which is different from your profit. As a startup, you may not have yet received any revenue, but you can put $0 on the application.
    • Type of industry: This is different from the business structure and the bank or credit card issuer needs to know what industry or niche you work in.
    • Interested parties: Finally, you need to provide details on any individuals who own 25% or more of your business. If your business does have co-owners or interested parties, you should have their names, addresses, Social Security Numbers and dates of birth as the issuer may request them.

    As with a personal credit card, shopping around for the right product is well worth the time. So, before you make a decision about a credit card for your startup, be sure to check all the available options.

    How to determine eligibility for a business credit card?

    To determine eligibility for a business credit card, the following factors are typically considered:

    1. Business and personal credit score: Your business credit score is one of the most important factors in determining your eligibility for a business credit card. A higher credit score will generally make it easier to qualify for a card. Although a personal credit score is not the most important factor in determining eligibility for a business credit card, it may be considered if your business does not have a credit history.
    2. Business income: Your business income is also considered when determining your eligibility for a business credit card. Lenders will typically want to see that your business generates enough income to cover the credit card payments.
    3. Business history: The length of time your business has been in operation, as well as its financial history, will also be considered when determining your eligibility. A business with a longer history and a positive financial track record will generally have an easier time qualifying for a business credit card.
    4. Business type: Some credit cards are tailored to specific types of businesses and may require certain qualifications to be met.

    It’s also important to note that different credit card issuers have different requirements and standards for approving business credit card applications, so it’s always best to check with the lender for more specific information.

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    Baruch Mann (Silvermann)

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  • S&P 500 pushes above 4,010 level, stocks turn higher after Fed raises rates by 25 basis points

    S&P 500 pushes above 4,010 level, stocks turn higher after Fed raises rates by 25 basis points

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    U.S. stocks turned higher, shaking off earlier weakness, after the Federal Reserve on Wednesday raised its policy rate as expected by 25 basis points to help fight inflation. The increase in interest rates comes despite recent weakness in the banking system after the collapse earlier in March of Silicon Valley Bank. The S&P 500 index
    SPX,
    -0.55%
    was up 14 points, or 0.4%, to about 4,016, at last check, while the Dow Jones Industrial Average
    DJIA,
    -0.68%
    was up 0.2% near 32,609 and the Nasdaq Composite Index was 0.7% higher. The Fed also said the U.S. banking system remains resilient, in its policy statement. The 10-year Treasury rate
    TMUBMUSD10Y,
    3.507%
    was lower at 3.52%.

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  • How Facing Rejection Can Turn Into Multi-Generational Wealth | Entrepreneur

    How Facing Rejection Can Turn Into Multi-Generational Wealth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Business and life are full of “nos.” And even though you may hear the word “no” a lot, that doesn’t mean you aren’t making progress or that you won’t reach your goals. You can hear hundreds, if not thousands, of “nos” ——and that one single “yes” can change your entire life. The key is being able to weather the storm of “no” — to become the person who receives the “yes.”

    Hubspot says, 60% of customers say “no” four times before saying “yes,” but most 48% of salespeople don’t even make a single follow-up attempt, while another 44% give up after one call. That means 8% of salespeople are making the majority of sales because of their follow-up protocol. This is where grit and tenacity become two of the most important differentiating tools in your arsenal for getting results.

    Related: What Real Entrepreneurs Do When They Hear the Word ‘No’

    Grit and tenacity are just two pieces to the puzzle

    Often you will hear people praise entrepreneurs, business owners and CEOs for their grit and tenacity. Their ability to make it through challenging times, maintain their vision and create organizations that stay aligned with their missions is often summarized as discipline, but there’s something much more important going on.

    There is a particular mindset that you have to wrap your head around in order to get to the “yes.” Instead of viewing “no” as rejection, you need to start viewing “no” as information that’s moving you one step closer to “yes.”

    “Nos” are intel. How you utilize that intel will dictate how you get the “yes.”

    Reframing “no”

    It’s one thing to tell yourself that every “no” is one step closer to “yes.” It’s another to believe it. The way you learn to believe this is by taking in the information the “no” gave you and implementing it into your communication process.

    For example, if you were selling a yacht, and the person you made an offer to said “no” because they didn’t think they would use it enough, you just received pertinent information. You now know that some people will be thinking about how often they will use their yacht. This gives you the power to address that question in each sales conversation first, instead of waiting for that question to pop up as an objection. You can now weave that answer into the conversation, addressing the value of the yacht — regardless of how often it’s used.

    Related: After Hearing “No” Dozens of Times This Entrepreneur Became Orlando’s First $1 Billion Fintech Unicorn

    How to use the data you get from a “no”

    As you take in the information the “no” gave you, you now have the direct data you need to shift your approach. You can now enhance your communication, you can be of greater support, and you now have more leverage because you’re working with more intel. This is vital in getting to the “yes.”

    One way to use the data you get is by framing the mind of the person you’re talking to in regard to the things they’re concerned about, helping them to make the best decision possible. Sometimes that decision is “no.” But all you need is one right “yes.”

    Another way to use the data you get is by showing your prospect what their lived experience could be if they said “yes” instead of talking about the features of the offer. According to a study conducted by Sales Lab Insights, top-performing salespeople talk about the features of what they’re selling 50% less than average and below-average salespeople. This means instead of focusing on the features of what’s being sold, top-performing salespeople are communicating how the person will benefit from saying “yes” based on the information the prospect is giving them directly.

    For example, instead of talking about how many decks are on the yacht, how fast it goes, how far it goes and what materials were used to build it, you’d talk more about how they could use the yacht to celebrate meaningful moments, making memories that last a lifetime. Features tell, visions sell.

    Don’t get lost in the quantity of “no.” Focus on the quality of “no.”

    It can be easy to forget that quality and quantity are different things. Sometimes we can look at the outcome and forget to look at the variables that created the outcome. If you had 15 people considering your offer, but none of them had the money to invest nor the resources to create those funds, then there is no chance they can tell you “yes.” Likewise, if you are speaking to people who do not have the problem you solve or are not interested in what you have to offer, then getting a “yes” is highly unlikely. These variables have nothing to do with you as a person or the offer. Instead, these variables let us know that we’re talking to the wrong people, and we need to shift who we’re speaking to in order to get a “yes.”

    If we didn’t have the data to make those decisions with, we could end up with infinite “nos;” but by utilizing the data we collect from our other conversations, it’s easier to reach the right people, with the right offer, to get the “yes.”

    Related: Why Entrepreneurs Should Welcome the Word ‘No’

    It’s just like dating

    If you’ve ever been on a dating app, it can be a little disheartening to swipe through thousands of people and struggle to get a match or have a meaningful connection. It can leave you feeling vulnerable, rejected, hurt and frustrated — or so my single friends tell me. But the truth is you don’t need a lot of matches; you only need one. So, you’re not going through the app trying to get as many “yeses” as possible. You are trying to get the one right “yes.” It’s the same in business.

    One right “yes” can change the entire trajectory of your life. For example, perhaps you inherited a large art collection worth $20 million dollars, but most of your net worth is not liquid. If you are able to sell that collection to the right person, that can change everything by making the value of that art collection liquid in whatever asset format you desire, whether fiat, digital currencies or another asset type entirely.

    Let the “nos” elevate your identity

    It’s not about the number of times that you hear “no.” It’s about the person you become and the mindset that you develop in the process of getting to the “yes.” The person who is able to move forward and not allow their worth to be dictated by the “no” they receive is the one who will move toward greater success in the quickest manner. This keeps you open to opportunities, maintains your confidence and gives you the power to pivot as you need to. Detaching from perceived projection takes your ego out of the equation and sets you up for smart decision-making and positive relationships.

    By developing and utilizing this skill, you not only create more wins for yourself with greater value, but you can pass down this way of thinking to future generations. That way, not only are you creating multi-generational wealth via the assets you accumulate in your portfolio, but you also are giving an inheritance of mind that will allow others to think in the same way and continue expanding your legacy.

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    Jarrett Preston

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  • How a Grandma Who Made $35k Earns 7 Figures in Retirement | Entrepreneur

    How a Grandma Who Made $35k Earns 7 Figures in Retirement | Entrepreneur

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    When 14-year-old Sun Yong Kim-Manzolini was adopted from Korea by an American couple, she didn’t know English or much about the U.S. — only that it was supposed to be a place of “freedom.”

    But she was determined to make her adoptive parents proud. “I had to learn to love somebody — a stranger, basically,” Kim-Manzolini says. “But I was willing to do that because they were willing to take me in as part of the family.”

    Kim-Manzolini did everything her parents told her she should do: studied hard, got good grades, went to college. After graduation, Kim-Manzolini landed her “dream job” as a certified medical assistant, and she fell in love with taking care of patients.

    Related: Making the Move from Medicine to Entrepreneurship

    “I thought to myself, There’s no way I’m going to do this for the rest of my life.”

    Yet despite following the “right” path and working hard in her career, Kim-Manzolini, like so many Americans, found herself “living paycheck to paycheck” and “struggling to pay the bills.”

    “I thought, This is crazy,” she recalls. “Why am I suffering financially? I’m working 40 hours a week. That should be enough, right?“

    Of course, it wasn’t — especially since Kim-Manzolini was raising children as a single mother after leaving an abusive marriage. Her then-husband told her she wouldn’t be able to provide for her family on her own and would end up on welfare.

    “And I thought to myself, He might be right,” Kim-Manzolini says. “But I’m not going to let him [box] me into that. Because I could work as many jobs as I needed to.”

    So Kim-Manzolini did. For years, she spent her evenings and limited days off working different jobs to make ends meet: selling vacuums, running a catering business, cleaning houses. Through it all, she continued working as a medical assistant. But the constant grind wore on her.

    “At one point, I thought to myself, There’s no way I’m going to do this for the rest of my life,” Kim-Manzolini recalls. “I need to change to a different job, do different things that will make me money to the point where I could at least take my kids on a vacation or have a day off and spend my time with my kids on the weekends.”

    What’s more, Kim-Manzolini couldn’t fathom working so hard for so long only to be too old to actually enjoy her retirement; she saw the scenario play out time and again in her line of medical work, where patients retired just to “spend all their money on doctor’s bills, emergency rooms and assisted living.”

    Related: How Much Money Do You Really Need in Retirement?

    “I went over my goal, and I thought, Oh my gosh. I was shocked.”

    Kim-Manzolini knew she needed to find more lucrative sources of income — and she started looking into real estate, considering opportunities as an agent and investor in 2014.

    It was while Kim-Manzolini and her new husband were attending real estate classes that she first learned of options trading. “What are you going to do with all of the money you make in real estate?” People asked her. “Why don’t you look into options trading?”

    Although Kim-Manzolini didn’t know anything about options trading at the time, she was familiar with buying and selling stocks. She worked for a doctor who talked about his portfolio, but Kim-Manzolini had always felt it was “over her head” and that she couldn’t afford to invest on her salary.

    “[Options trading] was intriguing because I didn’t have a lot of money, and it was really, really cheap,” Kim-Manzolini says. She began to research what it would take to get into options trading but was dismayed to discover that it would require a computer. She didn’t own or know how to use one at that point.

    But when she retired one year later, in December 2015, Kim-Manzolini needed a new way to sustain herself — she had no money in her checking or savings accounts, and it was too soon to touch the pension plan, 401k and other retirement accounts she’d built up over the past 33 years.

    I’d decided that I was going to study options trading — not knowing what kind of results I would get.

    So, in January 2016, when her husband returned to work and her son to school, Kim-Manzolini announced that she was getting to work as well.

    “My husband and my son said, ‘Huh, you just retired. What are you going to work for?’,” Kim-Manzolini says. “And I said, ‘I’m going downstairs to my office.’ I’d decided that I was going to study options trading — not knowing what kind of results I would get.”

    Kim-Manzolini taught herself how to use a computer and treated her options trading research “like it was [her] new job,” practicing Monday through Friday when the market was open from 7:30 a.m. to 2 p.m.

    By the end of that year, despite periods of “frustration” and “growing pains,” Kim-Manzolini had made roughly $100,000 with her practice account — and she was ready to try the real thing.

    “Of course, I still didn’t have any money,” Kim-Manzolini says. “I couldn’t touch any money, so I took out a home equity loan. Because you have to start somewhere. And I put it into my investment account, started investing and ended up making $178,000. I went over my goal, and I thought, Oh my gosh. I was shocked.”

    Image Credit: Courtesy of Sun Yong Kim-Manzolini

    Related: 50 Inspirational Quotes to Help You Achieve Your Goals

    “If you give up, then you will never find out how successful you could be.”

    Today, Kim-Manzolini, a grandmother of four, makes seven figures trading options.

    And she’s paying it forward by teaching other people, particularly single mothers, how to use her “unique miracle system” to trade options so they can spend less time working and more time on what matters most.

    “I thought, I’m going to teach this to single mothers so they no longer have to work six, seven days a week like [I did],” Kim-Manzolini says. “They no longer have to sacrifice their time; they get to watch their kids grow.”

    But anyone who aspires to financial freedom can learn from Kim-Manzolini.

    “[There are] people working nine to five for the corporate world who are overworked and underpaid,” Kim-Manzolini says. “They want to retire early. They don’t want to work forever — just like me.”

    Related: How to Make More Money in 2023, According to The FI Couple

    Kim-Manzolini credits her success to perseverance and the refusal to give in to fear.

    “[People] tell us some fearful things,” Kim-Manzolini says. “My kids [said], ‘Mom, you are good at medical assisting and love your job. Patients love you. Doctors love you. What are you going to do?’ And I said, ‘I don’t know. But I’m going to do something that I want to do that is not a pleasure. It’s my own time.’ [That requires] self-discipline and overcoming your fears.

    “Because a lot of us will stop when we [first] feel the fear,” Kim-Manzolini continues. “So one of the big takeaways is don’t ever give up — because if you give up, then you will never find out how successful you could be.”

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    Amanda Breen

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  • The Federal Reserve is still expected to go through with a rate hike. What that means for you

    The Federal Reserve is still expected to go through with a rate hike. What that means for you

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    Rate hikes, one year later

    For its part, the Fed has already hiked its benchmark fund rate eight times over the last year to its current level between 4.5% and 4.75%.

    The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. But Fed rates also influence consumers’ borrowing costs, either directly or indirectly, including their credit card, mortgage and auto loan rates.  

    Average credit card rates now top 20%

    Since most credit cards have a variable interest rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does, too, and credit card rates follow suit.

    After a prolonged period of rate hikes, the average credit card rate is now over 20%, on average — an all-time high — up from 16.34% one year ago.

    At the same time, households are increasingly leaning on credit to afford basic necessities, which makes it even harder for the growing number of borrowers who carry a balance from month to month.

    Mortgage rates now average 6.66%

    Although 15-year and 30-year mortgage rates are fixed, and tied to Treasury yields and the economy, anyone shopping for a new home has lost considerable purchasing power, partly because of inflation and the Fed’s policy moves.

    The average rate for a 30-year, fixed-rate mortgage currently sits at 6.66%, up from 4.40% when the Fed started raising rates last March.

    Here's what the Fed's interest rate hike means for you

    Adjustable-rate mortgages, or ARMs, and home equity lines of credit, or HELOCs, are pegged to the prime rate. As the federal funds rate rises, the prime rate does, as well, and these rates follow suit. Most ARMs adjust once a year, but a HELOC adjusts right away. Already, the average rate for a HELOC is up to 7.76% from 3.96% a year ago.

    Auto loan rates rose to around 6.48%

    Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans.

    The average interest rate on a five-year new car loan is now 6.48%, up from 4% one year ago.

    Federal student loans are already at 4.99%

    Federal student loan rates are also fixed, so most borrowers aren’t immediately affected by rate hikes. The interest rate on federal student loans taken out for the 2022-23 academic year already rose to 4.99%, up from 3.73% last year, but any loans disbursed after July 1 will likely be even higher.

    For now, anyone with existing federal education debt will benefit from rates at 0% until the payment pause ends, which the Education Department expects to happen sometime this year.

    Private student loans tend to have a variable rate tied to the Libor, prime or Treasury bill rates — and that means that, as the Fed raises rates, those borrowers will also pay more in interest. How much more, however, will vary with the benchmark.

    Deposit rates at banks can reach 5.02%

    D3sign | Moment | Getty Images

    While the Fed has no direct influence on deposit rates, the rates tend to be correlated to changes in the target federal funds rate. The savings account rates at some of the largest retail banks, which were near rock-bottom during most of the Covid pandemic, are currently up to 0.35%, on average.

    Thanks, in part, to lower overhead expenses, top-yielding online savings account rates are as high as 5.02%, much higher than last year’s 0.75%, according to Bankrate.

    Although most savers don’t need to worry about the security of their cash at the bank, since no depositor has lost FDIC-insured funds due to a bank failure, any money earning less than the rate of inflation still loses purchasing power over time.

    Subscribe to CNBC on YouTube.

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  • Latest News – MarketWatch

    Latest News – MarketWatch

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    So-called AT1 bonds of Credit Suisse will be entirely written down – regulator

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  • French workers may have to retire at 64 and many are in uproar. Here’s why | CNN

    French workers may have to retire at 64 and many are in uproar. Here’s why | CNN

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    Paris
    CNN
     — 

    Impromptu protests broke out in Paris and across several French cities Thursday evening following a move by the government to force through reforms of the pension system that will push up the retirement age from 62 to 64.

    While the proposed reforms of France’s cherished pensions system were already controversial, it was the manner in which the bill was approved – sidestepping a vote in the country’s lower house, where President Emmanuel Macron’s party crucially lacks an outright majority – that arguably sparked the most anger.

    And that fury is widespread in France.

    Figures from pollster IFOP show that 83% of young adults (18-24) and 78% of those aged over 35 found the government’s manner of passing the bill “unjustified.” Even among pro-Macron voters – those who voted for him in the first round of last year’s presidential election, before a runoff with his far-right adversary – a majority of 58% disagreed with how the law was passed, regardless of their thoughts about the reforms.

    Macron made social reforms, especially of the pensions system, a flagship policy of his 2022 re-election and it’s a subject he has championed for much of his time in office. However, Thursday’s move has so inflamed opposition across the political spectrum, that some are questioning the wisdom of his hunger for reforms.

    Prime Minister Elisabeth Borne conceded in an interview Thursday night with TF1 that the government initially aimed to avoid using Article 49.3 of the constitution to crowbar the reforms past the National Assembly. The “collective decision” to do so was taken at a meeting with the president, ministers and allied lawmakers mid-Thursday, she said.

    For Macron’s cabinet, the simple answer to the government’s commitment to reforms is money. The current system – relying on the working population to pay for a growing age group of retirees – is no longer fit for purpose, the government says.

    Labor minister Olivier Dussopt said that without immediate action the pensions deficit will reach more than $13 billion annually by 2027. Referencing opponents of the reforms, Dussopt told CNN affiliate BFMTV: “Do they imagine that if we pause the reforms, we will pause the deficit?”

    When the proposal was unveiled in January, the government said the reforms would balance the deficit in 2030, with a multi-billion dollar surplus to pay for measures allowing those in physically demanding jobs to retire early.

    For Budget Minister Gabriel Attal, the calculus is clear. “If we don’t do [the reforms] today, we will have to do much more brutal measures in the future,” he said Friday in an interview with broadcaster France Inter.

    “No pensions reform has made the French happy,” Pascal Perrineau, political scientist at Sciences Po university, told CNN on Friday.

    “Each time there is opposition from public opinion, then little by little the project passes and basically, public opinion is resigned to it,” he said, adding that the government’s failure was in its inability to sell the project to French people.

    They’re not the first to fall at that hurdle. Pensions reform has long been a thorny issue in France. In 1995, weeks-long mass protests forced the government of the day to abandon plans to reform public sector pensions. In 2010, millions took to the streets to oppose raising the retirement age by two years to 62 and in 2014 further reforms were met with wide protests.

    An anti-pension reform demonstrator writes

    For many in France, the pensions system, as with social support more generally, is viewed as the bedrock of the state’s responsibilities and relationship with its citizens.

    The post-World War II social system enshrined rights to a state-funded pension and healthcare, which have been jealously guarded since, in a country where the state has long played a proactive role in ensuring a certain standard of living.

    France has one of the lowest retirement ages in the industrialized world, spending more than most other countries on pensions at nearly 14% of economic output, according to the Organisation for Economic Cooperation and Development.

    But as social discontent mounts over the surging cost of living, protesters at several strikes have repeated a common mantra to CNN: They are taxed heavily and want to preserve a right to a dignified old age.

    Macron is still early in his second term, having been re-elected in 2022, and still has four years to serve as the country’s leader. Despite any popular anger, his position is safe for now.

    However, Thursday’s use of Article 49.3 only reinforces past criticisms that he is out of touch with popular feeling and ambivalent to the will of the French public.

    Politicians to the far left and far right of Macron’s center-right party were quick to jump on his government’s move to skirt a parliamentary vote.

    “After the slap that the Prime Minister just gave the French people, by imposing a reform which they do not want, I think that Elisabeth Borne should go,” tweeted far-right politician Marine Le Pen on Thursday.

    Members of Parliament of left-wing coalition NUPES (New People's Ecologic and Social Union) hold placards as French Prime Minister Elisabeth Borne addresses deputies to confirm the force through of the pension law without a parliament vote on Thursday.

    The leader of France’s far-left, Jean-Luc Melenchon was also quick to hammer the government, blasting the reforms as having “no parliamentary legitimacy” and calling for nationwide spontaneous strike action.

    For sure, popular anger over pension reforms will only complicate Macron’s intentions to introduce further reforms of the education and health sector – projects that were frozen by the Covid-19 pandemic – political scientist Perrineau told CNN.

    The current controversy could ultimately force Macron to negotiate more on future reforms, Perrineau warns – though he notes the French President is not known for compromise.

    His tendency to be “a little imperious, a little impatient” can make political negotiations harder, Perrineau said.

    That, he adds, is “perhaps the limit of Macronism.”

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  • More than 5 million households still behind on rent — what to do if yours is among them

    More than 5 million households still behind on rent — what to do if yours is among them

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    Viorel Kurnosov | Istock | Getty Images

    With roughly two more months before the U.S. Department of Health and Human Services ends the three-year Covid public health emergency, more than 5 million of the nation’s households remain behind on their rent.

    All together, tenants continued to owe nearly $11 billion in rental debt during the first two weeks of February, according to data by the National Equity Atlas. On average, renters who are behind owe $2,094.

    Fortunately, the public health crisis led to the creation of a number of new protections for struggling renters, some of which remain in place.

    More from Personal Finance:
    Here’s the inflation breakdown for February — in one chart
    Experts weigh in on the banking system
    Wage growth is cooling, but workers still have bargaining power

    “In some cities, there might be rental assistance or free legal aid available, as well as community organizations and tenant unions that could help them understand their rights and possible solutions,” said Jacob Haas, research specialist at the Eviction Lab.

    Here are some of your options if you’re in the red.

    Consider your options for rent aid

    Most rental assistance programs that opened during the pandemic are now closed, but some are still accepting applications.

    On the National Low Income Housing Coalition’s website, you can find a state-by-state guide of relief options and their status.

    Renters should keep track of the rental assistance opportunities available to them and apply quickly when they see one open, advocates say. The money tends to run out fast.

    On Tuesday, the Texas Rent Relief Program began accepting applications for aid, but it’s already scheduled to stop doing so Thursday. A notice on its website reads, “Within the first 24 hours of re-opening, requests for assistance far exceeded available funding.”

    Assess your financial resources

    “The biggest potential issue is carrying a balance and paying interest on your rent,” Rossman said. “This can make an already sizable expense much more substantial.”

    Instead, he recommends tenants ask their landlord for an extension or payment plan. Other ways to come up with rent can include borrowing from family members and friends, or from your retirement plan, Rossman said — although withdrawing from your nest egg comes with its own consequences.

    Familiarize yourself with tenant rights

    It’s worth researching and familiarizing yourself with any rights you as a tenant may have, experts say. Many of those rights expanded during the pandemic.

    In certain cities, for example, landlords are now limited in how much they can raise your rent. If you’re facing eviction because of an increase that was illegal, it’s worth knowing: You may be able to bring this up in housing court, or with your landlord.

    Protesters n Minneapolis rallied to stop housing evictions during the pandemic.

    Universalimagesgroup | Universal Images Group | Getty Images

    In some places, you’re entitled to a set amount of notice with an eviction, such as at least 90 days in specific cases in Portland, Maine. During the school year, educators and families with school-age children recently got new eviction protections in Oakland, California.

    Meanwhile, if your landlord has raised your rent above a certain amount, you could be eligible in a few cities, including Seattle and Portland, Oregon, to get some of your moving costs covered.

    Work with a lawyer

    If your landlord has moved to evict you, housing advocates recommend that you try to get a lawyer as soon as possible.

    One study in New Orleans found that more than 65% of tenants with no legal representation were evicted, compared with just 15% of those who had a lawyer with them at their hearing.

    You can find low-cost or free legal help with an eviction in your state at Lawhelp.org.

    In a growing number of cities and states, including Washington, Maryland and Connecticut, tenants facing eviction now have a right to free counsel.

    You can find a longer list of those places at civilrighttocounsel.org.

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  • Watch Live Today: Keep Your Money Safe During the Bank Failure Panic | Entrepreneur

    Watch Live Today: Keep Your Money Safe During the Bank Failure Panic | Entrepreneur

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    Finance expert and entrepreneur Gene Marks will join us for a special livestream discussion on the impact of the recent bank failures on your personal and business assets. The event will begin at 2:00 PM EST, streaming live on Entrepreneur’s YouTube, LinkedIn and Twitter channels.

    Where can I watch?

    Watch and stream: YouTube, LinkedIn & Twitter

    You can watch on your phone, tablet or computer. Our livestream will be shown in its entirety on YouTube, LinkedIn and Twitter

    What time does the livestream start?

    Time: 2:00 PM EST

    The episode kicks off at 2:00 PM EST.

    Why should I watch the livestream?

    Gene Marks is an author, CPA, business owner, and national business columnist for The Hill, The Guardian, Entrepreneur, The Philadelphia Inquirer, and other well-known outlets. He will expertly break down the recent bank failures and what they mean for entrepreneurs. In this informative session, you’ll learn about the steps you can take to protect yourself and your business.

    Watch Now >>

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    Entrepreneur Staff

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  • Here’s when taking out a 401(k) loan actually ‘makes sense,’ says advisor

    Here’s when taking out a 401(k) loan actually ‘makes sense,’ says advisor

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    Catherine Delahaye | Getty

    Taking a loan against your 401(k) savings is generally a bad idea — but using the money as a short-term “bridge loan” may be an exception, according to Blair duQuesnay, a certified financial planner based in New Orleans.

    “I’ve always been very anti-401(k) loan,” duQuesnay said. “However, I have found there are some instances in which it makes sense.”

    In fact, she recently employed that strategy herself when buying a new home. DuQuesnay, an investment advisor at Ritholtz Wealth Management and member of CNBC’s Advisor Council, used a 401(k) loan as a short-term pot of cash for a down payment.

    Borrowing against retirement savings served as a bridge loan that duQuesnay plans to pay back after selling her old house. She doesn’t intend to sell until after moving out and making some repairs.  

    This may be a good strategy for those whose budget can absorb the monthly mortgage and 401(k) loan payments, she said.

    Pros and cons of a 401(k) loan

    Federal law lets workers borrow up to half of their 401(k) balance, capped at $50,000.

    People should generally try to avoid borrowing from retirement savings if they can, though, duQuesnay cautioned.

    When taking any kind of loan, it’s generally wise to do so to buy “good” assets — those, like a home, that are expected to appreciate in value over time, duQuesnay said. Conversely, an auto loan is an example of debt for a “bad” asset since cars depreciate over time. Home equity is also generally people’s largest store of wealth in retirement, she added.

    More from Ask an Advisor

    Here are more FA Council perspectives on how to navigate this economy while building wealth.

    Retirement savers shouldn’t borrow against their 401(k) to meet their everyday cash-flow needs, which would speak to a broader budgeting problem, she said.

    Of course, there are drawbacks to 401(k) loans, duQuesnay said.

    For example, you’re taking that money out of the stock market — meaning you’ll miss out on investment earnings during the repayment period, which can generally be up to five years.

    Even though you’re paying yourself back with interest, the loan still represents a crunch on monthly cash flow.   

    Further, if you’re laid off or find a new job, most employers will require your outstanding balance be repaid shortly after termination. Failing to do so may trigger income taxes and, depending on your age and circumstances, a tax penalty.

    Some but not all 401(k) plans allow savers to continue making 401(k) contributions in addition to loan and interest payments, duQuesnay said.

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  • How to Understand the Ups and Downs of the Stock Market | Entrepreneur

    How to Understand the Ups and Downs of the Stock Market | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For anybody who has ever questioned why the stock market appears to defy logic and common sense, Brian Feroldi’s latest book, Why Does The Stock Market Move Up? is a must-read. Feroldi provides readers with a unique perspective on the factors that drive stock market growth.

    Brian is a financial educator with 350,000+ followers on Twitter, 50,000+ Youtube subscribers, 40,000+ newsletter readers and a run a hugely popular online course. If you want advice on frameworks and mental models to help you invest better, you can book a one-on-one video call with him today.

    Human emotion drives the market

    A fascinating aspect of Feroldi’s book is his emphasis on the role of psychology in stock market investing. He argues that human emotions such as fear and greed often play a larger role in stock market movements than economic fundamentals or company performance. For example, when investors become too optimistic and start buying stocks at inflated prices, a market bubble can form that eventually bursts and leads to a sharp drop in prices.

    We all love a good story

    Feroldi also explores the power of storytelling in stock market investing. He notes that investors are often drawn to companies with compelling narratives, even if the company’s financials don’t justify the hype. For example, the rise of Tesla’s stock price in recent years can be attributed in part to the charismatic personality of CEO Elon Musk and the company’s vision of a sustainable future.

    Innovation is king

    Another key theme in Feroldi’s book is the importance of innovation in driving stock market growth. He points out that the companies that have been the most successful in the stock market over the long term are those that have been able to adapt to changing markets and technologies. For example, Amazon’s dominance in e-commerce can be attributed to its ability to continually innovate and disrupt traditional retail markets.

    Keep it simple

    But perhaps the most valuable aspect of Feroldi’s book is his ability to distill complex financial concepts into simple, easy-to-understand language. He explains concepts such as stock valuations, dividends, and earnings per share in a way that even novice investors can grasp. This makes the book accessible to a wide audience, from seasoned investors to those just starting out.

    In the end, Why Does The Stock Market Go Up? is a compelling exploration of the many factors that drive stock market growth. Whether you’re a seasoned investor or just starting out, Feroldi’s insights and perspectives are sure to help you make more informed investment decisions and better understand the mysteries of the stock market. Book a one-on-one video call with him today.

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    Brad Klune

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  • How to Adjust Your Mindset to Succeed in Your Trading Career | Entrepreneur

    How to Adjust Your Mindset to Succeed in Your Trading Career | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every trader’s goal is to achieve greater success. They want more consistency, more profits and more time to enjoy life. These goals are very worthy, but few traders achieve them. Do you relate to this?

    Every day, week, month or year, you set profit goals (I’ll earn “x” amount of profits), you set rules (I’ll follow my trading strategy to a tee), and you set desires (I won’t let emotions cloud my judgment), yet somehow you never seem to achieve these objectives. Even with the best of intentions and the best trading strategy, somewhere down the line, you find a way to lose your stability of mind, and your plan goes out of the window. It’s like living in the movie Groundhog Day — you relive the same stuff over and over again.

    Related: Grow Your Wealth by Mastering Trading Techniques

    Why is that?

    Well, the reason that happens is that “we can’t solve problems by using the same kind of thinking we used when we created them.” You’ve probably heard this quote before — it’s from the great Albert Einstein. Another variant of it is: “What got you here won’t get you there.” And that makes complete sense if you think about it. How can you possibly expect to be successful in trading if you remain the same person that’s generating the results you’re currently getting? I’m not suggesting that you need to become a completely different person, but at the very least, some things have got to change — your trading psychology!

    The next level in your trading will come with the next level in your mindset. What do I mean by this? Well, you’ll need to introspect and search within yourself to investigate the beliefs, stories and patterns that make you the person you are today, but which don’t serve you well in trading.

    I’m talking about things like:

    1. The stubborn clinging to certainty: The reality of trading is that it doesn’t give you the kind of security that you get with a time-clock-punching job. The market doesn’t hand timely paychecks, it delivers rewards and bonuses to those who are proficient at strategic risk-taking.

    2. The fear of failure: Failure is a critically important part of any successful life because it’s how you grow. And so, when you fear to fail, you fail to reach your full potential.

    3. The inability to see one’s own biases: As a trader, you need a greater ability and readiness to see through your own illusions and delusions and self-correct immediately.

    Related: How Mindfulness Can Help Traders Succeed

    Ask yourself these questions

    There are other systems of beliefs and behavioral inclinations to discover about yourself, but those are the main ones, I’d say. Here are some questions you can ask yourself to uncover what’s holding you back:

    • What are my biggest fears and doubts when it comes to trading and investing?

    • Am I being too conservative or too risky in my approach to trading? Why?

    • What are my strengths and weaknesses as a trader, but more broadly, as a human being?

    • What limiting beliefs do I have about myself, the market or trading in general that might be holding me back?

    • What external factors, such as market conditions or economic events, am I using as an excuse for not achieving my trading goals?

    • What is in my control to change? What isn’t?

    • What steps can I take to improve my trading psychology and technical skills?

    • Am I setting realistic and achievable trading goals?

    • What is it about losses that upset me so much? Why? What would happen if I wasn’t so afraid of losses?

    • Am I being consistent in my trading approach, or am I constantly changing strategies?

    • What personal or life factors are affecting my ability to focus on trading and make sound decisions?

    Reflecting on these questions and being honest with yourself is key. Your answers will help you identify beliefs, excuses, patterns and stories that aren’t conducive to market success. And reflecting on those answers will kickstart real change in your trading psychology.

    From there, I invite you to contemplate these next series of questions:

    • What do I want to achieve in trading starting right now?

    • What belief do I want to internalize as of today?

    • What will I no longer tolerate in my trading?

    • What are three objective and measurable action steps that I can take every day or week or month that will keep me moving in the direction of my trading goals?

    • How can I stick with those steps through thick and thin?

    Related: Trading Psychology 101 — How Traders Can Manage Their Emotions and Achieve Success

    Look within yourself

    As of today, reject mediocrity; reject the mindless path! Most traders are living on autopilot, acting out their pre-conditioned beliefs and patterns in the market. Once again, the next level in your trading will come with the next level of in your mindset. I’m asking you to reject what doesn’t work and focus all your attention, energy and time on developing the beliefs, habits and behaviors that do work. If you’re serious about trading, you must do that — you must look within yourself and take control of your own life because the status quo won’t cut it! It doesn’t work!

    Now, I understand: Looking within can be a difficult process because not everything we discover about ourselves is beautiful, shiny and polished. There are a lot of unskillful aspects to our being; there is also a lot of pain that resides in our minds and hearts because life isn’t exactly fair. And facing all of that requires a lot of courage because it’s uncomfortable. However, it is ultimately a rewarding journey, as it allows us to overcome the internal obstacles that are hindering our success in trading and in life. “Face your fear and the death of fear is assured.” Ever heard this saying? That’s exactly what I’m trying to express here.

    Let me give you a concrete example to make things more vivid. I’ve worked with a trader, a high net worth individual, who trades U.S. stocks, basically the first hour of the NY opening. He has a very rudimentary trading strategy — he identifies the long-term trend (weekly), zooms in on the 5-minute and places his trade in the direction of the long-term trend with a tight stop right under the first hour low.

    As you can imagine, given how tight his stop is, he spends his time reaping losses, day after day after day. When he’s wrong, he’s wrong fast, but when he’s right, he can stay in that trade for months and ride that sucker to Valhalla.

    But this trader was constantly plagued by the fear of giving back his open profits, which often led him to exit his positions prematurely. With such a low win percentage, small profits just don’t cut it — he needs those occasional monster profits to nullify those many small losses.

    So, our work together consisted of identifying his limiting beliefs and emotional triggers. And through a series of coaching sessions, I helped him reframe his mindset, de-energize some unproductive beliefs he had about the market and develop a more positive and carefree approach to trade outcomes. I introduced specific techniques to help him manage his emotions and reduce stress, and now he’s much more confident and disciplined amidst the uncertainty.

    If he had continued to trade with the same kind of behavior and mindset that were getting him the results he got, he would have still been stuck at the same level year after year. So, this isn’t platitude — the next level in your trading will come with the next level in your mindset!

    What beliefs, stories, and patterns are you consciously or unconsciously holding onto? Ponder this question and the above ones. Take some time to reflect and write down your answers. Take charge today because so much more is possible, and so much more awaits you in terms of growth and trading success.

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    Yvan Byeajee

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  • Here’s Why Your Children Should Not Inherit Your Business | Entrepreneur

    Here’s Why Your Children Should Not Inherit Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are some astounding statistics surrounding family business succession. First, the average lifespan of a family-owned business is only 24 years, or roughly one generation. In addition, nearly 60% of family-owned businesses fail to make it to the second generation, while nearly 90% fail to make it to the third generation. Nearly half of the family-owned business failures were caused by the founder’s death, while only 16.4% of family-owned businesses failed after an orderly transition.

    As an entrepreneur, you can spend your lifetime building your business. It is a unique asset that represents a large portion of your legacy. Yet, almost instinctively, you probably treat your business the same as your other assets and ultimately expect your children to inherit it along with the rest of your estate. Doing so, as the statistics show, virtually guarantees your business will fail. While you could labor over trying to solve the riddle of how to properly hand over your business to your children in a way that defies the odds, perhaps the better answer is to not leave your business to your children at all. Statistics aside, there are a number of very good reasons why your children should not inherit your business.

    Related: Billionaires and Millionaires Who Aren’t Leaving All Money to Their Children

    1. They need to be free to discover their own life purpose

    Everyone has a purpose in life — some value that only they are capable of bringing to this world. Rather than trying to groom your children to fit into your business, you must allow them to be free to discover who they truly are and what their purpose in life is. If that leads them back to your business, then great, but don’t hold your breath. The likelihood that your children’s life purpose falls squarely in line with the business you have created is slim.

    2. The family business can lead to an unfulfilling life

    Ask a room full of parents what they want for their children, and you will overwhelmingly hear that they want their children to be happy and live fulfilling lives. Science now points to five factors in living a happy, fulfilling life: positive emotions, engagement, relationships, meaning and accomplishments (often referred to as “PERMA”). Pressuring your children to take over the family business or creating such expectations can result in resentment and other negative emotions, cause your children to become disengaged and uninterested in the family business, hinder your children from developing meaningful relationships outside the family business, not fulfill your children’s sense of meaning or purpose and make them feel like they have not earned their position. In other words, your children could land low on the PERMA scale and end up less fulfilled than had they chosen some other path.

    3. Mixing family and business is complicated

    Family dynamics are complicated. Too often in a family business, personal relationships can interfere with professional ones. Issues that have percolated at home can easily find their way into the office, which can result in unnecessary feuding. Further, your family members may have very different ideas on how to fundamentally run a business, leading to conflicts and disagreements. All of this puts a strain on the business and can ultimately lead to its failure.

    Related: Want Your Succession Plan to Succeed? Avoid These 8 Stumbling Blocks

    4. Nobody likes nepotism

    Giving your children positions of power within your business can be seen by other employees as nepotism. This can result in resentment and lead to a toxic work environment. It is better to promote from within the company based on merit, not familial relationship.

    5. Avoiding an inherent conflict of interest

    Your children are your heirs and the economic beneficiaries of your estate. However, a large portion of your wealth may be tied up in the value of your business. As beneficiaries, your heirs will likely want access to your wealth and liquidity, in which case they may be incentivized to sell the company against your wishes or maximize distributions, rather than invest in the company’s growth. This could ultimately lead to the demise of the business.

    Related: Succession Planning: How to Ensure Your Business Will Thrive Without You

    When it comes to family business succession and legacy planning, a key distinction to make is between economic benefit and managerial control. While you may want your family to ultimately benefit economically from your business and legacy, the truth is that they are often the wrong managers of your business and legacy. Rather than looking to your family to be managers, you should consider sticking to experts, professional advisors and key employees who are best qualified to run the business and ensure its continued success and growth for generations to come.

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    Daniel Scott

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  • Parisian streets littered with trash after wave of strikes | CNN

    Parisian streets littered with trash after wave of strikes | CNN

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    Paris
    CNN
     — 

    The City of Lights has a garbage problem.

    Massive strikes in Paris against pension reform this week are affecting trash pickup services in the French capital, with piles of waste sitting on many of the city’s normally picturesque streets, including those just steps from monuments like the Eiffel Tower and the Arc de Triomphe.

    As of Saturday, about 4,400 tonnes of trash were awaiting collection, a spokeswoman for the Paris mayor’s office said. The spokeswoman said that the problem is a blockage at trash incinerators caused by the strikes. Garbage trucks have thus been unable to pick up waste in much of the city because they have nowhere to put it.

    Not all neighborhoods have been equally affected. The municipal government is in charge of garbage collection in half of Paris’ 20 arrondissements. Private contractors are responsible for the other 10.

    Municipal services like trash collection in Paris have been affected since Tuesday, when strikes saw flights and trains canceled and delayed; oil refiners blockaded; schools shuttered; and left thousands without electricity. The French capital was the most affected, with nearly 60% of its primary school teachers walking out and the local metro forced to cut service to all but the busiest times.

    Massive protests have been staged regularly throughout France since January 19, with more than a million people coming out multiple to voice their opposition to the government’s plan to raise the official retirement age for most workers as part of reforms to the government’s pension system, one of Europe’s most generous.

    As of Saturday, about 4,400 metric tones of trash were awaiting collection on the streets of Paris, a spokeswoman for the mayor's office said.

    President Emmanuel Macron’s government says the changes are necessary to make the system financially stable.

    The trash buildup in Paris has been sparked health concerns among Parisians and local politicians. The mayor of the 17th arrondissement, Geoffroy Boulard, said in an interview with CNN affiliate BFMTV that he has asked Paris Mayor Anne Hidalgo to hire a private service provider to intervene.

    “We can’t wait,” he said. “This is a matter of public health.”

    Boulard said he’s also worried about the proliferation of rats and rodents as well as Paris’ image.

    Another local mayor, Jean-Pierre Lecoq of the 6th arrondissement, asked Hidalgo to intervene in an open letter he published on Twitter.

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  • Think your house is haunted and want out? Author Grady Hendrix has ideas on how to sell it

    Think your house is haunted and want out? Author Grady Hendrix has ideas on how to sell it

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    Grady Hendrix

    Albert Mitchell

    After Louise’s parents unexpectedly die in a car accident, she returns home to Charleston, where her plans to get her childhood home ready for sale are soon complicated. There’s her parents’ endless stuff, including the hundreds of dolls her mother owned. There’s her estranged brother, Matt, trying to cheat her out of her inheritance. And then there’s the house itself, which doesn’t seem to want to let her go.

    Grady Hendrix, the author of “How to Sell a Haunted House,” said his idea for the novel began during the pandemic, when many of us were becoming more aware of our parents’ mortality. “One of the things I realized is, when our parents die, we have to deal with all their stuff,” Hendrix said. “And what are ghosts but things left behind after someone dies?” 

    More from Personal Finance:
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    Louise is hardly alone in her suspicions about the house: A shockingly large share of Americans may believe their home is haunted too, surveys find, and laws have been passed in some states clarifying what sellers do and don’t have to disclose about alleged paranormal activity, prior murders and suicides.

    I talked to Hendrix about his new novel and the subject of haunted houses and trying to sell them. Our interview has been edited and condensed for clarity.

    Annie Nova: One recent survey found that half of Americans believe their house is haunted. Why do you think there’s so much superstition?

    Grady Hendrix: I just got off a book tour, and so many people I met believe they live in a haunted house or that they have lived in one. To me, it’s totally normal. A house is where you spend most of your time. You sleep there, you go through all kinds of emotional things there. Why wouldn’t you think it’s haunted?

    What are ghosts but things left behind after someone dies?

    Grady Hendrix

    author, “How to Sell a Haunted House”

    AN: What are some of the things that people told you about living in a haunted house?

    GH: Their hauntings often seem to follow their personality. I would have people who’d say, ‘Oh my god, our house was haunted. It was terrible. This ghost was attacking us and we had to break our lease and move.’ It’s this really intense experience for them, and they’re very intense as they tell it. And then I’d have someone who’d say, ‘Oh, yeah. Our house is haunted, but the ghost is pretty chill.’

    AN: There are so many stories about haunted houses. Why did you turn your focus to the selling of one?

    GH: Cleaning out someone’s house after they’ve passed away, you’re dealing with the smell of their shampoo, the dent in the sofa cushion where they used to watch TV. And it’s not just the physical stuff, it’s the emotional stuff: the memories, the scars, the unfair things that you’ve always wanted to talk about but never did. Selling a haunted house was a nice way to address all of these things in one handy package.

    AN: When did our fears of haunted houses begin?

    GH: The first recorded incidents I saw were in the 1730s, and included property values crashing because a house was supposedly haunted. But in the latter part of the 19th century, you had a huge number of haunted house sightings that coincided with this building boom out in the suburbs. The suburbs started to really expand then, especially in London and some American cities, with property developers throwing up houses basically overnight.

    A lot of the houses were poorly constructed, and would start to fall apart. You would hear mysterious noises as your walls slowly gave way. You’d get mysterious cold spots because the building wasn’t weatherproofed. Then some of these houses would become uninhabitable, and so you’d have a block full of nice houses with this one haunted-looking house at the end that had been abandoned for 20 years.

    AN: What typically leads people to start believing that their home is haunted?

    GH: The last time we had a really big boom in haunted houses was around the time of the subprime mortgage crisis. When real estate is getting fraught and the economy is doing funny things, haunted houses appear. But there’s no such thing as an objective haunting. If you feel like your house is haunted, then your house is haunted, you know? Houses are haunted because that’s where people are.

    AN: One of the scariest things that Louise inherits is the haunted puppet, Pupkin, with its “leering clown face.” What are you trying to say here about the downsides to inheritance?

    GH: Rather than the inheritance angle, I was really hyperaware of the fact that we all have strange relationships with inanimate objects. We have stuffed animals or blankets from childhood that we’re really attached to. We yell at our phones. We argue with our cars. We just invest a lot of emotions into objects. With Pupkin, I really wanted an object that had been invested with so much emotion you couldn’t walk away from it. It wasn’t going to let you.

    AN: Is there anything in the book based on personal experience?

    GH: I’ve cleaned out the houses of dead friends, and it’s one of those things that’s hard to really describe to someone until they’ve gone through it. You’re dealing with this huge amount of stuff. You’re crushed beneath the weight of it all. It’s a very strange experience.

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