Accounts – Island Crisis http://islandcrisis.net/ Wed, 21 Jul 2021 13:17:18 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Accounts – Island Crisis http://islandcrisis.net/ 32 32 Secured Auto Loans: Is It One Thing? https://islandcrisis.net/secured-auto-loans-is-it-one-thing/ https://islandcrisis.net/secured-auto-loans-is-it-one-thing/#respond Mon, 22 Mar 2021 09:38:34 +0000 https://islandcrisis.net/secured-auto-loans-is-it-one-thing/

Secured auto loans do exist. These types of auto loans, however, may not have the most desirable rates or terms. In fact, secured auto loans are most often found at Buy Here Pay Here dealerships that do not check your credit. It might sound good if you have bad credit or no credit, but there are some drawbacks you should be aware of before you embark on this type of loan.

Buy Here Pay Here Car Dealers & Secured Auto Loans

Resellers Buy here, pay here (BHPH), also known as in-house financing or hold-all dealerships, may be a good option for some car buyers with bad credit, but they are not for everyone.

These places are able to offer what can be considered as secured auto loans because they do not turn away applicants due to credit. In fact, the majority of BHPH dealers don’t even look at credit scores or credit reports. Instead, they use your income and down payment to determine whether or not they should approve you.

While the ease of getting approval makes it an option for many types of buyers, there are some drawbacks to consider. You are required to make a deposit, and the amount needed depends on the price of the vehicle you choose. In addition, the selection is limited to used cars, as these places do not carry new vehicles. Take your time when looking at these lots because you can find everything from the latest used car models to older vehicles with higher mileage.

If you need a long term solution that can help improve your credit score, you might be better off with a bad credit auto loan from a subprime lender.

5 tips for getting a bad credit car loan

To have the best chance of getting approved for a bad credit car loan, keep these five tips in mind:

  1. Your credit is important – You should always know where your credit is at before you apply for finance. If you know what’s on your credit reports and know your credit score, you can be ready when you take out a car loan.
  2. The choice of vehicle matters – It is possible to finance both new and used cars, even with bad credit, but you need to make sure you research the type of vehicle that best meets your needs. A new car may be more than you can afford at the moment, and there may be some great used options that still meet your needs. It is important to do thorough research on the vehicle before you start shopping for a car loan.
  3. Be prepared for the process – When applying for a bad credit car loan, you must be prepared to show the lender that you are the right choice for approval. This means meeting certain conditions including income, job and residence stability, proof of a working phone, a list of personal references, and a down payment.
  4. Don’t go it alone – If you think your credit is going to be causing a problem with your auto loan approval, you might consider adding a co-signer or co-borrower at your loan. These are two options that can give you a credit boost while increasing your chances of getting approved. Co-signers allow you to use their good credit rating to get approved. Co-borrowers, on the other hand, can give you a credit boost, while you can accumulate the income if they are your spouse to benefit from the loan together.
  5. Apply with the right lender – Applying with the right lender can make all the difference when looking for a bad credit car loan. Not all lenders work with people struggling with bad credit, while those who can usually work with special finance dealers and may not be easy to find if you don’t know where to look. Fortunately you have Auto Express Credit on your side.

Find the car loan you need

While everyone wants a guarantee on everything, you might want to think twice about a secured approval auto loan – just because you can get approved doesn’t mean the loan is a good deal. Sometimes lenders who guarantee approval before they know your personal situation can only get you approved with the highest possible interest rate or a very short loan term.

Instead of looking for collateral up front, you should look for the right type of lender for your credit situation. AT Auto Express Credit, we work with a nationwide network of specialty finance brokers who know how to deal with bad credit, no credit, and even bankruptcy. Don’t hesitate to get the help you need! Complete our fast and free car loan application form, and we’ll get to work for you.


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The endless applications of blockchain technology https://islandcrisis.net/the-endless-applications-of-blockchain-technology/ https://islandcrisis.net/the-endless-applications-of-blockchain-technology/#respond Mon, 22 Mar 2021 09:38:34 +0000 https://islandcrisis.net/the-endless-applications-of-blockchain-technology/ By Louis Fourie The advent of the Internet has forever changed the way we share information. Blockchain is changing the way we do business. This form of distributed ledger technology (DLT), which uses advanced cryptography to store data on peer-to-peer computer networks, has been called by many tech enthusiasts as the solution to almost all […]]]>

By Louis Fourie

The advent of the Internet has forever changed the way we share information. Blockchain is changing the way we do business.

This form of distributed ledger technology (DLT), which uses advanced cryptography to store data on peer-to-peer computer networks, has been called by many tech enthusiasts as the solution to almost all of the known challenges of humanity. Many believe that blockchain will eventually eliminate the need for intermediaries in transactions and transform not only our financial systems, but the entire economy, energy markets and supply chains.

While blockchain is the solution to many problems, it is not a panacea and should not be viewed as a one-size-fits-all technological solution. The blockchain is still maturing and the journey only started recently. He has now moved beyond his humble beginnings in cryptocurrency and banking and is transforming many other industries. After all, the application of a transparent and verifiable ledger of transaction data without central supervision is virtually endless.

Adoption in all sectors

Various industries and companies are now embracing the use of blockchain, such as equity and hedge fund trading, wills and inheritances, loans and credits, insurance, auto construction, trucking, air travel, accommodation reservations, construction, real estate, energy management, healthcare. , government / public records, voting, gun tracking, law enforcement, retail, agriculture, mining, education and entertainment, to name a few.

The current speed at which blockchain technology is adopted is unprecedented. Businesses and governments increasingly recognize that this technology has far-reaching implications in many areas.

Switzerland as a crypto nation

The most astonishing example of the adoption of blockchain technology is probably Switzerland with 960 companies active in blockchain research. Zug, the heart of the Crypto Valley, is currently the fastest growing tech hub in Europe with 433 companies, 4,400 employees and a total valuation of the top 50 companies of 3,800 billion rand as of February 2021. In this township, Bitcoin has been accepted as a means of payment for transactions and taxes.

The reasons for Switzerland’s attractiveness for blockchain innovations seem to be:

A progressive and united political system – Regulatory frameworks in Switzerland are extremely business-friendly and currently constitute the most advanced regulatory framework in the world for digital financial assets and cryptocurrencies. The Swiss Blockchain Federation (SBF), a public-private partnership bringing together actors from the blockchain sector, businesses, academia, science and government, was formed to create an innovative blockchain ecosystem and promote Switzerland as a that blockchain site. The SBF focuses in particular on the token economy, token offerings, banking, cybersecurity, industry, value chains and regulation.

Private Sector Support and Economic Incentives – The Swiss franc is a strong and stable currency, and the country has a very high productivity rate leading to the highest GDP per capita in the world. A friendly business environment is further created through excellent national and global business networks, flexible labor laws, low bureaucracy, sophisticated and respected legal system, low corruption, availability of investment capital, low corporate and personal taxes and high levels of service. The introduction of the world’s top two crypto banks (SEBA Bank and Sygnum Bank) is an indication of the maturity of the financial sector.

Attractiveness for tech talent – Switzerland is currently number one in the world for the ease of attracting and retaining world-class talent. It has a high quality education system and one of the highest per capita investments in research and development. It also has many Nobel Prize winners. Wage levels are high without increasing labor costs because productivity levels are exceptionally high.

Africa and South Africa

Although far from the level of Switzerland, South Africa is no exception to the adoption of blockchain. Blockchain technology is therefore unmistakably disrupting the business and government arena in South Africa, especially at a time when the world is plagued by countless corrupt transactions, inadequate record keeping and transactions that are often untraceable. The main reason for the growing adoption of blockchain is the poor track record of governments, institutions, and organizations that have made citizens distrust people in positions of power.

Although many governments and businesses in Africa implement proper and thorough processes, the multitude of non-compliant or untrustworthy stakeholders existing within the supply chain are often difficult to manage and can harm the name of company or institution.

Already in 2018, President Cyril Ramaphosa announced that a “Commission on the Fourth Industrial Revolution” would be created in partnership with the private sector to promote new technologies, such as blockchain. This 4IR commission was formed in April 2019 but has so far delivered very few concrete results, with the exception of a report published in October 2020 with a high level analysis of the fourth industrial revolution. and some recommendations.

Fortunately, some interesting uses of blockchain technology have emerged in South Africa:

Authentication of diamonds across Africa

Some companies operating in Africa are known to fail to meet regulatory standards, which has resulted in a lack of confidence in the authenticity and ethical sourcing of their products. Blockchain has proven to be an excellent technology to alleviate these issues by verifying the origin and quality of products.

South African diamond company De Beers has started using a blockchain platform called Tracr to ensure its diamonds are genuine, conflict-free, and natural. Blockchain provides a permanent and immutable record for every registered diamond from the moment they are mined.

Blockchain-based property registry

The Center for Affordable Housing Finance in Africa (CAHF), research consultancy 71point4 and Seso Global have formed a partnership to create South Africa’s first blockchain-based real estate registry. The South African government has built more than three million RDP homes since 1994, but close examination of deeds office data revealed that only 1.9 million of these properties have been registered. Administratively, registering these properties is a complex task, as many grant recipients no longer live there. Properties are often rented, sold informally, or the beneficiary has died. Blockchain technology allows data to be stored in a decentralized and secure tamper-proof database that can be updated without any loss of historical data. The first phase consisted of nearly 1,000 government subsidized properties located in Makhaza, Khayelitsha that were not registered in the land title register. Blockchain has provided the City of Cape Town with an accurate and up-to-date register of real estate ownership, enabling them to collect revenue and facilitate building plan approvals.

A long way to go for South Africa

Although the South African blockchain ecosystem is growing and there is tremendous energy and enthusiasm, especially in the start-up sector, South Africa is still far behind Switzerland and even some African countries. The regulatory framework in South Africa is hostile, government participation in the blockchain ecosystem is weak, the economy is struggling, labor laws are inflexible, bureaucracy is widespread, corruption is high, taxes on companies and individuals are high and service levels are extremely low. South Africa further has limited blockchain technical resources and a limited ability to attract world-class talent.

Although world-class work has been done by the South African Reserve Bank, overall there is relatively little knowledge about blockchain and its potential in government. All sectors, institutions and government services must therefore explore blockchain and DLT enough to understand its meaning and application.

The contribution of blockchain technology to a country plagued by corruption is immense. With blockchain, there is no anonymity to hide behind – steadfastness and transparency reduce the possibilities of fraud and corruption.

Blockchain is a complex technology that has the potential to disrupt many aspects of business, the economy, and our society. It remains a very versatile technology that can be designed to meet the exact requirements of its users.

While the results of the blockchain race are still uncertain, the technology has great potential to rethink how the interaction between countries, businesses and individuals occurs across the world. Intelligent risk management and a holistic view of operational exposures, legal and regulatory issues will be essential for blockchain to deliver measurable value in the future.

Considering that blockchain is already inspiring institutions, investors, brands and entrepreneurs around the world, South Africa could be missing out if we don’t take the bold step of seeing how it could enable better systems, transactions or operational processes in our country and our organizations.

Professor Louis CH Fourie is a technological strategist

* The opinions expressed here are not necessarily those of the IOL or the titles sites

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Banks should match rate discounts for low-income blacks – Orange County Register https://islandcrisis.net/banks-should-match-rate-discounts-for-low-income-blacks-orange-county-register/ https://islandcrisis.net/banks-should-match-rate-discounts-for-low-income-blacks-orange-county-register/#respond Mon, 22 Mar 2021 09:38:34 +0000 https://islandcrisis.net/banks-should-match-rate-discounts-for-low-income-blacks-orange-county-register/ Should New Mortgage Banking Relationships Be Fair and Equal? Or, all about the money? Citibank’s website calls it relational pricing. Transfer $ 50,000 to Citibank and CitiMortgage will reduce your new mortgage rate by 0.125%. Move $ 1 million and they will lose half a point. Citi’s Wealth Grant amounts to nearly $ 99,000 in […]]]>

Should New Mortgage Banking Relationships Be Fair and Equal? Or, all about the money?

Citibank’s website calls it relational pricing. Transfer $ 50,000 to Citibank and CitiMortgage will reduce your new mortgage rate by 0.125%. Move $ 1 million and they will lose half a point.

Citi’s Wealth Grant amounts to nearly $ 99,000 in mortgage interest savings, assuming a $ 1 million fixed rate mortgage ranging from 3.5% to 3%. Jackpot!

Most of the big banks have similar “transfer your money” incentives to the rich.

How long should you keep it there? Well, maybe a day after the financing of the loan? Loan officers at the big banks have all told me that a rich man or woman’s mortgage forgiveness is permanent, no matter how long you keep your deposits or investments close at hand.

What about low income black borrowers? Tell me! Show me!

Neither Citi nor Chase Bank responded to my multiple requests.

Wells Fargo provided information on several of its initiatives to tackle low-income borrowers and underserved homeownership in recent years. One program has specifically extended homeownership to 60,500 African-American families since 2017.

Bank of America launched Community Homeownership Commitment in April 2019. While not specifically aimed at black homeownership, it does provide affordable homeownership opportunities, such as homeownership assistance. Down payment up to $ 10,000 and lender closing cost credits up to $ 7,500.

Here’s a fair idea: How about the big banks matching the total dollar amount of interest rate cuts rich borrowers have received over the past five years, say, to less wealthy black mortgage borrowers who haven’t. haven’t gotten those discounts?

Now it’s the engagement!

What about Fannie Mae and Freddie Mac?

Veterans Loans and Federal Housing Administration loans require a zero down payment or a minimum down payment of 3.5%, respectively.

Fannie and Freddie generously reward borrowers for this higher down payment. If you put 40% less and have an average FICO score of 679, there are no price surcharges. If that same borrower pays 10%, their mortgage interest rate can be 1.25% higher.

How much do you think this hurts affordability? By charging much more, F&F create more risk on low-wealth blacks by increasing the monthly mortgage amount.

In this age of automation and wholesale, does it really take 5% or 6% real estate commissions to sell a house? Have you recently viewed an Escrow Settlement Statement? It’s an explosion in pay-per-view pricing and pricing announcements compared to last year.

We are talking about thousands of dollars in fees for the privilege of a real estate transaction. Title insurance? It’s like a license to print money, especially on a refinance where there is almost no risk to the title insurance company.

Look at the originators of high income mortgages. Talk about fixing the remuneration!

The Dodd-Frank Act of 2010 gave authors the legal authority to never haggle again when it comes to compensation paid by the lender. The company fixes the remuneration of the initiator. The originator must earn the same percentage of remuneration, regardless of the characteristics of the loan, the type of loan or the size of the loan.

If the originator earns 1%, then he or she receives $ 1,000 on a loan amount of $ 100,000 and comparably $ 10,000 on a loan of $ 1 million. If the borrower wants the originator to step in, well, that’s just too bad. The law says so.

But the company has the discretion to discount on a one-off situation. For example, suppose a borrower wants a price issuer to match the loan estimate of another lender.

The company can discount as long as it doesn’t directly affect the initiator’s compensation, according to Roger Fendelman, a member of the Garris Horn law firm. Certainly, these exceptions occur a lot more when it comes to large loans.

The solution to creating more affordability for black borrowers is laissez-faire.

Get rid of inflexible pay demands. Allow negotiation of title insurance premiums. How far do you think Costco could reduce overall settlement costs by offering a high volume settlement bundle that includes realtor, mortgage, title insurance and settlement services?

Do you think it could help black borrowers like everyone else?

Freddie Mac Rate News: The 30-year-old averaged 3.13%, unchanged from last week’s record low. The 15-year fixed rate averaged 2.59%, up 1 basis point from last week.

The Mortgage Bankers Association reported an 87% drop in loan application volume from the previous week.

At the end of the line : Assuming a borrower gets the 30-year average fixed rate on a compliant loan of $ 510,400, last year’s payment was $ 170 more than this week’s payment of $ 2,188.

What I see: Locally, well-qualified borrowers can obtain the following fixed rate mortgages with a cost of 1 point: A 30-year FHA (up to $ 442,750 in the Inland Empire, up to $ 510,400 in the counties of Los Angeles and Orange) at 2.75%, a 15- conventional at 2.5%, a 30-year conventional mortgage at 2.75%, a 30-year high-balance conventional mortgage ($ 510,401 at 765 $ 600) at 3% and a 30-year jumbo variable rate mortgage that is locked in for the first five years at 3.125%.

Eye-catcher loan of the week: A conventional 15-year fixed rate mortgage at 2.25% with a cost of 1.375 points.

Jeff Lazerson is a mortgage broker and assistant professor at Saddleback College. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. Its website is www.mortgagegrader.com.

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404 Error – Page Not Found https://islandcrisis.net/404-error-page-not-found/ https://islandcrisis.net/404-error-page-not-found/#respond Mon, 22 Mar 2021 09:38:34 +0000 https://islandcrisis.net/404-error-page-not-found/ The page you are looking for could not be found. Here are the most popular free investment reports currently: A d All marijuana stocks Fed decriminalization of cannabis could trigger another boom in cannabis stocks With Democrats now controlling both houses of Congress and the executive branch, decriminalizing cannabis at the federal level could take […]]]>

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AM Best revises the outlook to negative for Unum Group and its main Life / Health subsidiaries in the United States https://islandcrisis.net/am-best-revises-the-outlook-to-negative-for-unum-group-and-its-main-life-health-subsidiaries-in-the-united-states/ https://islandcrisis.net/am-best-revises-the-outlook-to-negative-for-unum-group-and-its-main-life-health-subsidiaries-in-the-united-states/#respond Mon, 22 Mar 2021 09:38:33 +0000 https://islandcrisis.net/am-best-revises-the-outlook-to-negative-for-unum-group-and-its-main-life-health-subsidiaries-in-the-united-states/

OLDWICK, New Jersey – () –AM Best revised the outlook from stable to negative and confirmed the financial strength rating (FSR) of A (Excellent) and the long-term issuer credit ratings (long-term ICR) of “a” of the major US subsidiaries of Unum Group (Unum) Life / Health Insurance (Headquarters in Chattanooga, Tennessee) [NYSE: UNM]. At the same time, AM Best revised the outlook from stable to negative and confirmed the long-term ICR of “bbb” and the long-term issuance credit ratings (long-term IR) of Unum. (See below for a full list of long-term life / health and IR affiliates.)

In addition, AM Best confirmed the FSR of A- (Excellent) and the long-term ICR of “a-” of Unum Insurance Company (Unum Insurance) and Starmount Life Insurance Company (Starmount). Both companies are domiciled in Portland, ME. The outlook for these credit ratings (ratings) remains stable.

The ratings of Unum’s main US life / health insurance subsidiaries reflect the strength of their balance sheets, which AM Best describes as strong, as well as their strong operating performance, favorable business profile and appropriate management of business risks. .

The negative outlook reflects the unfavorable impact of the strengthening of legal reserves for the organization’s closed long-term care (LTC) business block, as well as the impact of unfavorable economic conditions on the investment portfolio and Unum’s operating results. Unum is bolstering its reserves by establishing a premium deficit reserve (PDR) of $ 2.1 billion, which will be accumulated over the next seven years based on an agreement Unum has reached with its main regulator in Maine. Unum strengthened its reserves for the last time in 2018; however, this was only accounted for on a GAAP basis. The PDR is expected to be funded by operating cash flow, but to bolster liquidity, Unum has suspended its share buyback program for 2020, which is primarily funded by dividends from insurance entities.

In addition, AM Best notes that the company is exposed to lower quality bonds and commercial mortgages, as well as a large portion of NAIC Class 2 bonds. 8% of invested assets; about half of fixed income securities are NAIC 2 rated. In addition, Unum has a large portfolio of commercial mortgages, totaling $ 2.4 billion, or 6% of invested assets. The main concern of AM Best is the decline in the credit quality of these fixed income assets.

The strength of Unum’s balance sheet has always been supported by the profitability of the organization and the favorable performance of its investment portfolio. Unum announced strong operating results from its ongoing insurance business with consistent premium growth over the past five years. Loss ratios and persistence have also been relatively stable. However, although operating performance is expected to remain favorable, it is expected to moderate in the near term due to the economic pressure from the COVID-19 pandemic on employer groups and individual members. from Unum. Investment income has shown gradual declines due to persistently low interest rates, a trend that is expected to continue as interest rates are at record highs.

The liquidity of the insurance business is mainly supported by favorable operating cash flows. Additional financial flexibility arises from the holding company’s cash flow and investments, which totaled $ 1.03 billion as at March 31, 2020, a $ 600 million revolving credit facility and access to borrowings from the Federal Home Loan Bank. Unum has about 27% manageable leverage, including its new issuance of $ 500 million senior unsecured notes. Interest coverage was strong eight times for the end of 2019.

Unum is a market leader in the majority of its major product lines, with a diverse national distribution network. The company has a good diversity of revenues in its product portfolio, has expanded its offerings with the introduction of new products and the expansion of its dental business and through its international business. Unum is actively seeking innovation to develop its activity and stand out in the market. Unum’s enterprise risk management program is well developed and integrated with the organization’s strategy and financial planning.

Unum Insurance’s ratings reflect the strength of its balance sheet, which AM Best describes as very strong, as well as its marginal operational performance, limited business profile and proper management of business risks. Unum Insurance has started marketing new products for the organization over the past two years, reporting significant premium growth. Unum Insurance offers pricing and product flexibility to its parent company.

Starmount’s ratings reflect the strength of its balance sheet, which AM Best describes as strong, as well as its adequate operational performance, neutral business profile and appropriate management of corporate risks. Starmount is Unum’s main dental and eye care entity. The company’s product portfolio is distributed under the Unum brand through Unum’s national distribution network. Starmount also underwrites and administers dental products offered by its subsidiary, Colonial Life & Accident Insurance Company. Strong premium growth has been recorded over the past two years. However, operational performance remains unfavorable as the organization develops these lines of business. Unum continues to support Starmount’s growth strategy through capital contributions.

The FSR of A (Excellent) and the long-term ICRs of “a” were confirmed with a revised outlook from negative to stable for the main US life / health subsidiaries of the Unum Group:

  • Unum Life Insurance Company of America

  • Life insurance and accident insurance company

  • The Paul Revere Life Insurance Company

  • Colonial Life and Accident Insurance Company

  • First Unum Life Insurance Company

  • Provident life and damage insurance company

The following Long Term IR has been assigned with a negative outlook:

Unum Group—

– “bbb” on $ 500 million of 4.50% senior unsecured notes, due 2025

The following long-term IRs were confirmed with a revised outlook from stable to negative:

Unum Group—

– “bbb” on $ 400 million of 5.625% senior unsecured notes, due 2020

– “bbb” on $ 350 million of 4.00% senior unsecured notes, due 2024

– “bbb” on 3.875% senior unsecured notes of $ 275 million, due 2025

– “bbb” on $ 250 million of 6.75% senior unsecured notes, maturing in 2028

– “bbb” on $ 200 million of 7.25% senior unsecured notes, maturing in 2028

– “bbb” on $ 400 million of 4.00% senior unsecured notes, due 2029

– “bbb” on $ 250 million of 7.375% senior unsecured notes, maturing in 2032

– “bbb” on $ 250 million of 5.75% senior unsecured notes, maturing in 2042

– “bbb” on $ 250 million of 5.75% senior unsecured notes, maturing in 2042

– “bbb” on $ 450 million of 4.50% senior unsecured notes, maturing in 2049

– “bb +” on $ 300 million of 6.25% subordinated notes, maturing in 2058

Provident Funding Trust I—

– “bb +” on $ 300 million of 7.405% equity securities, maturing in 2038

The following indicative long-term IRs under provisional registration have been confirmed with the outlook revised from stable to negative:

Unum Group—

– “bbb” on senior not guaranteed

– “bbb-” on subordinate

– “bb +” on the preferred shares

Unum I and II Group Funding Trust—

– “bb +” on preferred securities

This press release relates to credit ratings published on the AM Best website. For all rating information relating to the publication and relevant disclosures, including details of the office responsible for the publication of each of the individual ratings referenced in this publication, please see AM Best’s Recent rating activity Web page. For more information on the use and limits of credit rating opinions, please see Best Credit Score Guide. For more information on the appropriate media use of Best’s credit ratings and AM Best press releases, please see Media Guide – Appropriate Use of Best Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher, and data analytics provider specializing in the insurance industry. Based in the United States, the company operates in more than 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information visit www.ambest.com.

Copyright © 2020 by AM Best Rating Services, Inc. and / or its affiliates. ALL RIGHTS RESERVED.


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Here are the average prices of Boeing’s top 5 commercial jets https://islandcrisis.net/here-are-the-average-prices-of-boeings-top-5-commercial-jets/ https://islandcrisis.net/here-are-the-average-prices-of-boeings-top-5-commercial-jets/#respond Mon, 22 Mar 2021 09:38:33 +0000 https://islandcrisis.net/here-are-the-average-prices-of-boeings-top-5-commercial-jets/ Boeing (NYSE: BA) is well known for its very popular 737, as well as its 747, first introduced in 1970, and its 787 Dreamliner. But there’s also a new 400-seat plane – the 777X – that’s still on the drawing board, and it’s set to become the best-selling plane on the market after its first […]]]>

Boeing (NYSE: BA) is well known for its very popular 737, as well as its 747, first introduced in 1970, and its 787 Dreamliner. But there’s also a new 400-seat plane – the 777X – that’s still on the drawing board, and it’s set to become the best-selling plane on the market after its first delivery in 2020.

Investors applaud when Boeing beats rival Airbus for lucrative deals because it generates more revenue and higher profits. At the Paris Air Show last month, Boeing Crashed airbus by announcing commitments for 437 new planes against only 182 for its rival.

Image source: Boeing.

Big things, small packages

The big seller was the 737 MAX family of aircraft, which received 418 commitments from buyers, mainly for the new 737 MAX 10, although Boeing also received 125 commitments for the 737 MAX 8. The rest of the commitments concerned the 787 Dreamliner.

Controls for the iconic 747 have been particularly absent, highlighting the reason Boeing is phasing out the aircraft.

In its latest “Current Market Outlook,” which forecasts industry demand through 2036, Boeing removed a separate demand for the very large aircraft that previously contained the 747, choosing instead to merge it into a combined category ” large body medium / large passengers ”.

Boeing says planes don’t sell (Airbus says the same for its A380 plane) because few carriers have the capabilities and routes to handle planes over 400 seats. The 747 is a 400-seat aircraft, but can be configured to cram up to 660 passengers into a single aircraft. In fact, Boeing only has 23,747 in its aircraft order book, the smallest of all its aircraft, and it only produces one aircraft every two months. Obviously he’s not spending a lot of resources on it.

Air Force One

Air Force One is a Boeing 747. Image source: US Air Force.

Fly in the turbulence

Airbus has been cited as mocking Boeing’s decision to abandon the market. “They would do that,” Airbus sales director John Leahy said, according to IndustryWeek. “The 747-8 is not selling. We have no intention of sharing that market with them.” Airbus said it remains committed to producing very large planes due to increased passenger traffic and congestion on the roads.

This could still be a silly position to take as Airbus did not sell a single A380 last year, and Boeing doubts it will be able to sell the remaining 107 planes that Airbus has in its order book. Indeed, Airbus is struggling to keep production of the model from 550 seats to one per month, and its biggest contract in Paris was for 100 single-aisle A320neo jets (short for “new engine option”).

This is where Boeing sees most of the market move. In his long-term forecast, he predicts that single-aisle jets will account for 72% of all aircraft deliveries in 2036, valued at $ 6.1 trillion.

Launch the production

Boeing plans to capture more than its share of this market. It produces 42,737 per month and has an order book of 4,500 orders, making it the most requested aircraft in Boeing’s fleet. Even though these are the cheapest planes Boeing produces, it makes up for in volume what it forgoes in price. Unsurprisingly, the 747 is one of its most expensive planes (though not the most expensive), but with few sales no matter what they cost.

Below are the production rates for each family of aircraft produced by Boeing, its order backlog, and the average price for each family of aircraft.

Aircraft family

Production rate (per month)

Back

Average price

Remarks

737

42

4,506

$ 103.4 million

Plan to increase to 47 / month in Q317

Plan to increase to 52 / month in 2018

Plan to increase to 57 / month in 2019

747

0.5

23

$ 387.2 million

767

2

106

$ 202.6 million

Plan to increase to 2.5 / month in Q317

777

7

124

$ 344.2 million

Plan to decrease to 5 / month in August 2017

787

12

679

$ 270.9 million

Plan to upgrade to 14 / month by the end of the decade

Data source: Boeing.

As stated, the 737 is the cheapest of its devices, the 737-700 costs only $ 82.4 million. The most expensive? The 777-9, which sells for $ 408.8 million.

The needs of the airline industry are not static, but dynamic, as evidenced by Boeing’s outlook, which forecasts 4,200 fewer planes than suggested in last year’s report. The number of single-aisle jets required is also lower.

One thing that doesn’t change? Boeing’s leadership role in delivering the latest and most technologically advanced aircraft to the market.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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Opinion | Standard metrics will not suffice. Here’s how to measure Trump’s failures so that they register with the right. https://islandcrisis.net/opinion-standard-metrics-will-not-suffice-heres-how-to-measure-trumps-failures-so-that-they-register-with-the-right/ https://islandcrisis.net/opinion-standard-metrics-will-not-suffice-heres-how-to-measure-trumps-failures-so-that-they-register-with-the-right/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://islandcrisis.net/opinion-standard-metrics-will-not-suffice-heres-how-to-measure-trumps-failures-so-that-they-register-with-the-right/ Sure, 29 million Americans are calling for unemployment; at least 183,000 died of the coronavirus; and some 20 percent small businesses that existed before the pandemic are closed. But whatever the statistics, whatever quotes from government agencies or private analysts, Trump supporters refuse to accept that this president’s legacy can be missed in any way. […]]]>

Sure, 29 million Americans are calling for unemployment; at least 183,000 died of the coronavirus; and some 20 percent small businesses that existed before the pandemic are closed. But whatever the statistics, whatever quotes from government agencies or private analysts, Trump supporters refuse to accept that this president’s legacy can be missed in any way. Especially compared to its predecessor!

It seemed that any suggestion that Trump’s numbers are unusually bad, no matter how well documented, were doomed to be viewed as fake news. Then it hit me:

Maybe what’s needed is different units to measure the Trump administration’s failures and scandals, since standard measurements are not recorded. His toll should be quantified on scales a Fox News viewer might be more familiar with: not body count or dollars, but Benghazis and Solyndras.

For example, experts sometimes try to put the 183,000 deaths from covid-19 into context by noting that cumulative deaths per capita in the United States are double those of Canada, quintuple those of Germany, 20 times those of Australia, 90 times those of South Korea, etc.

But let’s face it: a lot of Americans don’t care about international comparisons. So here’s a different way to contextualize this national trauma: The number of lives lost to covid-19 is roughly equal to the death toll from 60 9/11 attacks.

Virginia’s moratorium on evictions during the pandemic expired on June 23, shaking tenants who have lost their jobs due to the crisis. (The Washington Post)

Or, if you prefer a more recent macabre reference to quantify mortality, the coronavirus the death toll is around 46,000 Benghazis. Somehow, for years the four tragic deaths in Benghazi consumed the agendas of six GOP-controlled congressional committees and the programming of the most-watched cable news channel. But today, a deadly shock amplified by the ineptitude of the government which has led to 46,000 times more lives lost ”.it is what it is. “

Likewise, perhaps we could put recent changes in jobs into perspective using benchmarks widely discussed and endorsed by Trump.

For example, shortly after winning the presidency in 2016, Trump congratulated himself on saving about 700 jobs at a factory in Indiana run by Carrier. This feat received a plethora of right-wing media adoration and is still cited by cronies as proof of the president’s economic prowess.

Only last week, however, 1.6 million people newly applied for unemployment benefits. This is the equivalent of 2,300 Carrier factories.

Then there is the alleged misappropriation of taxpayer funds to “pick winners and losers,” a right-wing media sin often attributed to Democrats (especially Barack Obama). There are many from the Trump era examples at choose from – grants for coal-fired power stations, say, where Farmers hurt by Trump’s own trade wars. But let’s use as a case study the case of a single White House official, Peter Navarro, in failed contracts related to the pandemic response.

According to congressional investigatorsNavarro negotiated a contract that caused the government to overpay fans by $ 500 million. (The contract was canceled on Monday.) He also defended a $ 765 million federal loan to Eastman Kodak to turn it into a drug maker. (The loan has since unraveled and is subject to a securities investigation.)

So how much of Navarro’s taxpayer dollars wasted on these two transactions alone? Measured in units that should be familiar to right-wing information consumers, that’s roughly two Solyndras.

Wednesday, the Congressional Budget Office projected that the national debt will reach about $ 22 trillion in the next fiscal year. This means that, for the first time since right after World War II, debt would eclipse the size of the U.S. economy as a whole. For all those fair-weather tax hawks who have long complained about Obama’s debauchery: The increase in debt under Trump during a single term is on track to surpass that under Obama through of them terms.

Likewise: for every Hillary Clinton private messaging scandal (one), there is at least eight senior Trump officials who allegedly used private emails to conduct official business. For every Obama-era incident involving reprisals against political opponents, there are literally dozens of examples of Trump trying to use the power of his office to punish suspected enemies, whether through tweets or regulatory Actions. Including, this week, a possibly illegal order to block federal funding to go to towns ruled by Democrats.

Die-hard Trump followers have long been fans of alternative math, so maybe this mental exercise could come in handy. Or maybe they’ll finally admit that any scale of crisis, failure, or scandal is okay as long as their man is in office.

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First class action lawsuit on behalf of TCA fund investors accuses plan’s management group of falsifying net asset value https://islandcrisis.net/first-class-action-lawsuit-on-behalf-of-tca-fund-investors-accuses-plans-management-group-of-falsifying-net-asset-value/ https://islandcrisis.net/first-class-action-lawsuit-on-behalf-of-tca-fund-investors-accuses-plans-management-group-of-falsifying-net-asset-value/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://islandcrisis.net/first-class-action-lawsuit-on-behalf-of-tca-fund-investors-accuses-plans-management-group-of-falsifying-net-asset-value/ MIAMI – (BUSINESS WIRE) – Weinberg Wheeler Hudgins Gunn & Dial, Silver Law Group and Gibbs Law Group filed the first TCA Funds class action on behalf of investors against TCA Fund Management Group, which is the investment adviser to TCA Global Credit Master Fund, LP and other TCA funds. The lawsuit accuses the defendants […]]]>

MIAMI – () – Weinberg Wheeler Hudgins Gunn & Dial, Silver Law Group and Gibbs Law Group filed the first TCA Funds class action on behalf of investors against TCA Fund Management Group, which is the investment adviser to TCA Global Credit Master Fund, LP and other TCA funds. The lawsuit accuses the defendants of willfully inflating the value of the Master Fund by failing to remove impaired loans and charging advisory fees that were not earned or collectible. Lawyers for Weinberg Wheeler Hudgins Gunn & Dial, Silver Law Group and Gibbs Law Group are reviewing potential legal claims on behalf of additional TCA investors.

The victims claim that TCA Fund Management Group intentionally inflated the net asset value of the master fund with bad loans and phantom investment advisory fees, and as a result, the defendants collected excessive management fees to advise the master fund, between other. The Master Fund announced it would liquidate in January 2020 following reports that TCA insiders denounced the SEC, accusing the funds’ numbers were fabricated and that in fact TCA suffered losses. of more than $ 200 million, according to the complaint.

“The victims of this scheme have been intentionally misled and denied the opportunity to make an informed decision about their investment,” said David Stein of the Gibbs Law Group.

Scott Silver, Managing Partner of Silver Law Group, added, “Our clients were shocked to learn about TCA Management’s troubled history and its involvement in multiple lawsuits.”

TCA investors who want to know more about their legal rights in the TCA collective action can contact our team at 888-410-2925.

About Silver Law Group

Silver Law Group is a nationally recognized securities and investment fraud law firm that represents investors around the world to recover their investment losses. Law Firm Focuses on Class Action Plaintiffs and Securities Arbitration Claims Representing Individual Investors and Institutions in Claims Against Brokerage Firms, Investment Advisors, Commodity Companies , hedge funds and others. Silver Law Group also regularly serves as counsel to receivers and trustees on matters relating to the recovery of losses from investors in Ponzi schemes. Admitted to practice in New York and Florida, our lawyers have recovered millions of dollars for defrauded investors.

About Weinberg Wheeler Hudgins Gunn & Dial

Fueled by the unwavering commitment of our loyal clients, Weinberg Wheeler Hudgins Gunn & Dial met and surpassed the vision of creating a national trial law firm when it was established in 1999. Since then, our lawyers have sued or arbitrated over 415 business. , in addition to countless questions resolved in law or settled where the compromise was advantageous for our client. Since 2010, WWHGD lawyers have tried 132 cases to reach a verdict. We are very experienced, thoughtful in our role as advocates and we are committed to meeting the needs and demands of our clients.

About Gibbs Law Group

Gibbs Law Group is committed to protecting the rights of investors and consumers nationwide who have been harmed by fraud and malpractice. The firm has recovered over $ 1 billion for its clients against some of the world’s largest corporations, and our attorneys have received numerous awards for their work, including “Class Action Practice Group of the Year,” ” Top Boutique Law Firms in California ”,“ Best Lawyers in America ”,“ Titans of the Plaintiffs Bar ”,“ Top Plaintiff Lawyers in California ”,“ California Lawyer Attorney of the Year ”and“ Top Class Action Attorneys Under 40 ”.

This press release may constitute an advertisement to lawyers in certain jurisdictions under applicable law and ethical rules.

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CFPB accuses two of nation’s largest credit repair companies of cheating and deceiving customers https://islandcrisis.net/cfpb-accuses-two-of-nations-largest-credit-repair-companies-of-cheating-and-deceiving-customers/ https://islandcrisis.net/cfpb-accuses-two-of-nations-largest-credit-repair-companies-of-cheating-and-deceiving-customers/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://islandcrisis.net/cfpb-accuses-two-of-nations-largest-credit-repair-companies-of-cheating-and-deceiving-customers/ Two of the country’s largest credit companies illegally billed customers for credit repair services and used deceptive advertisements to deceive and deceive consumers, the Consumer Financial Protection Bureau complaints. The CFPB this week filed a lawsuit against CreditRepair.com and Lexington’s Law, who the bureau says are two of the nation’s largest credit repair companies, alleging […]]]>

Two of the country’s largest credit companies illegally billed customers for credit repair services and used deceptive advertisements to deceive and deceive consumers, the Consumer Financial Protection Bureau complaints.

The CFPB this week filed a lawsuit against CreditRepair.com and Lexington’s Law, who the bureau says are two of the nation’s largest credit repair companies, alleging that the companies broke the telemarketing rule by requesting and receiving payment for prohibited upfront fees for credit repair services .

The lawsuit also alleges that the companies violated the Consumer Financial Protection Act by making false statements in its advertisements or by “substantially helping” others to do so.

The lawsuit also names several other companies, all of which are related or associated with the consumer outlets CreditRepair.com and Lexington Law.

The names of the CFPB trial PGX Fund and subsidiaries Progrexion Marketing, Progrexion Teleservices, eFolksand CreditRepair.com; and against John C. Heath, lawyer, which does business as Lexington Law.

Relationships between the companies are complicated, with different subsidiaries doing business on behalf of other companies, and in the case of Lexington Law, Progrexion carries out most of Lexington Law’s core business, but Heath, operating as Lexington Law Firm, is the face of Lexington Law, according to the CFPB.

Companies have also reportedly used themselves as lead outlets for credit repair services, and the problems start, according to the CFPB.

“The defendants operate two of the nation’s largest credit repair companies, Lexington Law and CreditRepair.com. They market their services through various media, including online and over the phone, offering to help consumers remove negative information from their credit reports and improve their credit scores, ”CFPB said in its action in justice.

“Consumers sign up for defendants’ credit repair services and pay hundreds of dollars in fees to improve their credit scores and gain better access to credit products on better terms,” CFPB continued.

To generate business, companies allegedly use a network of marketing affiliates that promote a variety of products and services, often related to consumer credit products, the CFPB said.

But this advertising is not always on the rise, says the CFPB.

“Progrexion’s marketing affiliates used deceptive bait ads to drive referrals to Lexington Law’s credit repair service,” CFPB said.

In one example, one of Progrexion’s “Most Successful Marketing Affiliates falsely advertised” that they guaranteed “EVERYBODY a 0-3.5% home loan, regardless of credit level at the start!” ”

But, according to the CFPB, the affiliate did not grant any bad credit loans. Rather, interested consumers were told that in order to participate in the (non-existent) loan program they had to subscribe to Lexington Law.

According to the CFPB, the Progrexion companies paid this affiliate marketer for every credit repair sale resulting from their efforts, despite knowing they had engaged in deceptive practices.

Beyond that, companies have also allegedly violated the law by requiring and accepting prepayment for certain credit repair activities.

As the CFPB notes, federal law prohibits requesting or receiving upfront payment for certain telemarketed credit repair services. Specifically, if a company offers services that purport to remove derogatory information from, or improve, a person’s credit history, credit report, or credit rating, the fee can only be collected after a certain amount of time has elapsed. time consuming and it has been shown that the promise of results has been achieved.

But according to the CFPB, the Progrexion companies billed consumers when they signed up for their credit repair services and on a monthly basis thereafter, ignoring the appropriate waiting period and failing to demonstrate that the promised results were achieved.

According to the CFPB, Progrexion makes most of its money selling the credit repair services offered by Lexington Law.

And the company sells these services by working with “affiliates” who send business to the companies through several methods, including a “hotswap” calling program.

Through this program, Progrexion businesses partner with businesses that offer certain products such as home capital leases, mortgages, auto loans or personal loans.

Affiliates market their loans through inbound and outbound calls. During these calls, affiliates identify consumers who could potentially need credit repair services.

While these people are still on the phone, their call is transferred from the affiliate to one of the Progrexion companies so the company can start selling its credit repair services. This call transfer is called a “hot swap”.

According to the CFPB, hotswaps typically occur directly after a caller has been denied a loan.

“The Hotswap program aims to convince consumers to purchase credit repair services when they have been denied a product or service they wanted,” CFPB said. “According to the Progrexion website, ‘This call-based program is so effective because it connects people to credit repair the moment they’ve been denied credit.’”

According to the CFPB, a “significant amount” of business credit repair activity is generated by these hotswaps.

In other cases, some of these affiliates used “advertisements which included bogus real estate listings, bogus rental housing opportunities, bogus relationships with lenders, bogus credit guarantees, and false and unsubstantiated statements. past consumer performance, “as well as” false and unsubstantiated claims about consumers’ chances of success in obtaining products and services such as capital leases, mortgages or personal loans “, as incentives to trying to get consumers to call.

In one case, one of Progrexion’s most prodigious sources of lead was a business that was supposed to offer low-interest mortgages, access to rent-to-own housing, and other products or services, but who in reality did not provide such products or services.

According to the CFPB, the company admitted that it was simply acting as an “affiliate call center that transfers potential clients to Lexington Law”. The anonymous company was responsible for sending over 100,000 people to Progrexion who signed up for credit repair services over a five-year period.

CFPB is suing Progrexion companies to prevent them from “engaging in ongoing illegal practices that harm consumers nationwide by charging consumers illegal upfront fees related to credit repair services and by marketing and telemarketing these services through misleading representations, and to obtain redress for consumers who have been harmed by these practices. ”

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Financial literacy should – but often doesn’t – start young https://islandcrisis.net/financial-literacy-should-but-often-doesnt-start-young/ https://islandcrisis.net/financial-literacy-should-but-often-doesnt-start-young/#respond Mon, 22 Mar 2021 09:38:10 +0000 https://islandcrisis.net/financial-literacy-should-but-often-doesnt-start-young/ Add It’s no secret that too many Americans make bad borrowing decisions, fail to save for retirement, and even lack basic budgeting skills. This financial literacy deficit starts early, say officials of local banks and credit unions, which is why institutions in the region are offering programs and classes to help people – teens and […]]]>

Add

It’s no secret that too many Americans make bad borrowing decisions, fail to save for retirement, and even lack basic budgeting skills. This financial literacy deficit starts early, say officials of local banks and credit unions, which is why institutions in the region are offering programs and classes to help people – teens and adults alike – forge better strategies for make their money work for them, not take them down. .

So many things, Lena Buteau says, boil down to tiny decisions that add up.

Have that morning coffee. If someone spends $ 2.69 at Dunkin ‘Donuts every morning, that’s well over $ 900 a year. Spend $ 7 or $ 8 on lunch five times a week instead of making lunch at home, and you’re looking at around $ 2,000 a year.

“When you think you can’t afford something, look at your daily expenses,” said Buteau, vice president of retail administration at Monson Savings Bank, while explaining the importance of MSB’s financial literacy programs, many of which target students but are also needed by many adults.

For example, people of all ages often struggle to understand the long-term impact of buying on credit, she noted, using the example of someone buying a laptop at 650. $ at Best Buy but who takes an offer of $ 150 to put it in store. 25% interest credit card then only pays the minimum each month. At this rate, this laptop would pay for itself in seven years – ultimately costing more than double its original price.

“When you explain this the kids are shocked at the numbers,” she said. “It really touches the house.”

Because so many habits and philosophies are forged early on, Buteau said, “We come in and teach students how to save, lend, credit scams, how to protect your money, and so much more.

And it’s not just schools, she added. “We want to go to church groups, to Boy and Girl Scout troops, to anyone who will give us an hour of time for a financial literacy class.”

“No disrespect for schools, but they don’t prepare kids for real life – how your credit score affects your insurance and car buying, how to handle a checkbook.”

Michael Ostrowski, President and CEO of Arrha Credit Union, said his institution internally focuses on financial literacy.

“No disrespect for schools, but they don’t prepare kids for real life – how your credit score affects your insurance and car buying, how to handle a checkbook. People no longer go to banks; they do stuff online and you can get ripped off if you don’t know what you are doing. ”

For this reason, Arrha has worked with high schools in the past on financial literacy programs and is currently planning another program for local students.

“When we were kids, we had home-ec lessons, and they taught us how to write a checkbook. They don’t do that anymore, and I don’t know why, ”Ostrowski said, before suggesting a possible reason. “With all the regulations that schools go through, for MCAS and stuff, they’ve bailed out programs like this, but they’re absolutely essential for the development and future lives of children.”

Jon Reske, VP of Marketing at UMassFive College Federal Credit Union, noted that financial literacy and education in general have long been part of the culture of credit unions.

“Why? Because unfortunately your parents and my parents probably never taught us anything about personal finance, especially if things weren’t going well at home,” he told BusinessWest. the opposite approach – we say your child should be involved in understanding how the budget works in your home.

Jon Reske says even good budgets can be disappointed with a bad loan - with long-term consequences.

Jon Reske says even good budgets can be disappointed with a bad credit loans – with long-term consequences.

“We also run workshops on a regular basis – everything from buying a home 101 to how to create a budget to understanding credit,” he added, noting that the latter is particularly critical, because the average American, between the ages of 21 and 65, will. borrow about $ 1.5 million, and bad decisions can escalate quickly and have a long-term impact. “You can be the biggest budget in the world and be smart with your pennies, but if you make bad borrowing decisions you can be overwhelmed with debt.”

Monson Savings also runs workshops for adults, such as first-time home buyers, and offers a Credit Builders Loan Program, which is an effective way, as the name suggests, to create credit without taking on debt. unmanageable. The customer borrows a certain amount from the bank, which is deposited into a savings account and is not accessible until the loan is repaid. Not only does the borrower create positive credit through one-off payments, but in the end, the balance, plus interest, is available for a down payment on a car or house, a cushion for emergencies – anything, really.

In short, institutions across the region understand the deficits that exist in financial literacy and how this influences the decision-making process – and how bad decisions can turn into years of heartache. And they’re doing something about it.

A matter of trust

A new national survey by Junior Achievement USA and Citizens Bank shows that over 30% of teens do not believe they will be financially independent from their parents by the age of 30. Sixty percent think they’ll own a home by this age, 44 percent think they’ll start saving for retirement, and 43 percent think they’ve paid off their student loans.

“With a strong economy, you’d think teens would be more optimistic. It just shows the importance of working with young people to help them better understand financial concepts and gain confidence in their ability to manage their financial future.

“These survey results show a bewildering lack of confidence among teens when it comes to meeting financial goals,” said Jack Kosakowski, President and CEO of Junior Achievement USA. “With a strong economy, you’d think teens would be more optimistic. It just shows the importance of working with young people to help them better understand financial concepts and gain confidence in their ability to manage their financial future.

Financial literacy has long been a cornerstone of Junior Achievement, but there is no shortage of educational programs available at credit unions and banks.

“Money is very emotional. It’s one of the hardest things to discuss, even with your spouse, ”Reske said. “And it’s hard to be objective. That’s why it’s good when people come to our workshops and say, “I’m not moved now; I look at the objective side. I wish I had taken this before I got this loan. ”

While money problems can seem overwhelming at times, he added, financial literacy tools are much more accessible than they were 10 years ago if people know where to look. He also described a number of concepts that UMassFive workshop participants could learn. For example:

• If you are able to pay the bills weekly, when they arrive, do it. This reduces the risk of missing a deadline and ending up with late fees, which is easy to do when you pay the entire stack of bills once a month.

• Start building an emergency fund. According to a US News & World Report study, two-thirds of Americans struggle – and often do – to find $ 1,000 for an emergency, such as an urgent car repair or medical procedure.

“So what’s going on? You put it on a credit card, and now you pay 21% interest, and soon $ 1,000 turns into $ 1,200, ”noted Reske. “And an emergency fund can keep you from missing a rent payment or not having your car repaired, which could lead to a larger repair in three to six months.”

• Check your credit report on an annual basis, if only to make sure everything is correct. “If your credit report activity is inaccurate, you get an inaccurate score, and most of the rates you get are based on your score.”

• Put each credit card on a minimum automatic payment so you don’t miss any payments – then pay more principal when the bill arrives in the mail. Plus, it’s not a bad idea to dedicate a single credit card to online shopping only, making it easier to identify instances of identity theft.

• Finally, it’s never too early to start saving for retirement. According to Forbes, 33% of adults have no savings for retirement.

“Social Security will pay for some of your expenses, but not all,” Reske said. “Time is more precious than money because of the compound interest. If you start planning at 50 or 55, you just don’t have enough time; you have wasted 20 years. And if you have a 401 (k) at work with employer correspondence and you’re not there, you’re dumb. ”

Budget battles

UMassFive also runs a workshop for high school students where they choose a career, receive a salary, and then go from station to station filling a budget in different categories, from accommodation, transportation and food to luxury items and student loans. – and trying to stay within that budget.

“Kids say, ‘I never knew how expensive things are,’” Reske said. “People wonder why a 40-year-old can’t find $ 1,000 for an emergency; it’s because they haven’t been taught that the key is to tackle problems as early as possible ”with smart budgeting followed by spending discipline.

Monson Savings runs a similar program in local schools. “One thing I am including in this is student debt. If you want to spend $ 30,000 a year in college and go for a $ 30,000 a year job, you won’t be able to pay that money back, ”Buteau said, stressing the importance of making smart decisions. regarding university – whether university is even the best option.

In fact, she said, many kids today are so focused on college – because that’s what their schools grow – that they may not know about careers. in trades that offer solid wages and no long-term debt.

One thing’s for sure: Whether in high school, college, early adulthood or beyond, there’s no bad time to learn more effective strategies for managing money, budgets and credit – in other words, to become more literate.

“If you’re sick, go to the doctor,” Buteau said. “If your car breaks down, you go to a mechanic. If your pipes are broken, you call a plumber. But if you have budget or funding issues, no one thinks of going to the bank for advice or a course. And it’s free. ”

And when it comes to finances, there’s nothing wrong with free.

Joseph Bednar can be reached at [email protected]

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