Finance Your Watch – Moker Thompson http://mokerthompson.com/ Sun, 22 Aug 2021 22:14:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://mokerthompson.com/wp-content/uploads/2021/06/icon-105x105.png Finance Your Watch – Moker Thompson http://mokerthompson.com/ 32 32 Americans without jobs in at least 18 states are about to wake up abruptly https://mokerthompson.com/americans-without-jobs-in-at-least-18-states-are-about-to-wake-up-abruptly/ https://mokerthompson.com/americans-without-jobs-in-at-least-18-states-are-about-to-wake-up-abruptly/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/americans-without-jobs-in-at-least-18-states-are-about-to-wake-up-abruptly/ Some state lawmakers are halting increases in federal unemployment benefits. Since the start of the pandemic, each state has accepted federal unemployment assistance which has enabled it to distribute benefits to unemployed people who would not normally be entitled to it. States also distributed additional federal benefits – including an additional $ 600 per week […]]]>

Some state lawmakers are halting increases in federal unemployment benefits.

Since the start of the pandemic, each state has accepted federal unemployment assistance which has enabled it to distribute benefits to unemployed people who would not normally be entitled to it. States also distributed additional federal benefits – including an additional $ 600 per week at one point – to all unemployed workers in addition to their state benefits.

These improved unemployment benefits were due to expire in September, but a growing number of states want to end them sooner, in part because of growing complaints from employers who cannot fill vacancies because they claim benefits Overly generous federal unemployment rates maintain potentials. home workers.

Some 18 states are withdrawing from federal unemployment benefit programs. States, which all have Republican governors, include Alaska, Alabama, Arizona, Arkansas, Georgia, Idaho, Iowa, Mississippi, Missouri, Montana, Dakota North, Ohio, South Carolina, South Dakota, Tennessee, Utah, West Virginia, and Wyoming.

“We have flooded the area with checks that everyone loves, I’m sure, and also increased unemployment,” Senate Minority Leader Mitch McConnell said last week.

Ending federal unemployment benefit programs, which were originally enacted under the CARES Act in April 2020 when some 23 million Americans were out of work, will encourage more Americans to seek employment opportunities , say some economists and decision-makers.


More than 4 million Americans do not work because they are afraid of contracting the coronavirus


– US Census Bureau Household Pulse Survey

President Joe Biden recognized that “some employers are struggling to fill jobs,” when he spoke about the jobs report last week. But when asked if improved unemployment benefits prevented some workers from returning to work, he replied: “No, nothing measurable.”

Employers in these 18 states won’t have to raise wages to compete with unemployment benefits which in some cases exceed their state’s minimum wage.

Last month, the United States created some 266,000 jobs – well below the one million jobs economists predicted. In the meantime, there is over 8 million job vacancies in the United States, according to the Ministry of Labor’s survey of job openings and turnover. But the first jobless claims have dropped to a pandemic low of 473,000 last week, the DOL reported on Thursday.

When federal benefits were cut from $ 600 to $ 300, total spending in 15 Illinois counties fell 5%

But some research suggests that cutting federal unemployment benefits can also have a big unintended consequence – people could become more frugal with their money.

After federal unemployment benefits were cut in half from $ 600 to $ 300, the total level of consumer spending in 15 Illinois counties fell 5%, according to an article titled “The effect of fiscal stimulus: evidence of COVID-19” which was released by the National Bureau of Economic Research in August.

The authors of the article – who are professors at the University of Pennsylvania, University of Chicago, Illinois State University, New York University and University of Ohio State – posted a revised version of the story two months ago.

The researchers compared the wages of workers before the pandemic to what they received in unemployment benefits during the pandemic using data provided by the Illinois unemployment insurance system. They used aggregate data from several private companies to estimate debit and credit card spending.


After federal unemployment benefits were cut in half from $ 600 to $ 300, total spending levels in 15 Illinois counties fell 5%

If individual spending levels were to drop 5% due to the reduction in benefits to $ 300 per week, it would hardly make the headlines, said Julia Lane, professor at NYU’s Wagner Graduate School of Public Service and author. of the study.

But a 5% drop in total spending at the county level is “pretty high,” she said.

Consumer spending is the lifeblood of the economy, accounting for around 70% of all gross domestic product of the United States. If consumer spending fell 5% nationally, that would mean a “massive” drop in GDP, Lane told MarketWatch.

Total consumer spending would likely decline by a smaller percentage in all counties across the United States once the additional $ 300 unemployment benefit expires for every American unemployed in September, Lane said. This is because many more people were unemployed when the study was conducted than they are now.

Effectively, governors who cut unemployed Americans off federal unemployment benefits are taking billions of dollars out of the U.S. economy, said William Spriggs, chief economist of the AFL-CIO, a federation of unions that represents more than 12 million. of workers, in a Tweeter
TWTR,
-0.59%
Thursday.


Consumer spending is the lifeblood of the economy, accounting for about 70% of all gross domestic product in the United States

But “in addition to losing the vital purchasing power of workers in their local and state economies, they are also pushed further into poverty by losing the ability to support their families, secure housing, food and more, ”said Alexa Tapia, an expert. in unemployment benefits to the National Employment Law Project, a workers’ rights organization.

Of all government spending programs, unemployment benefits have one of the biggest “bang for the buck”

For every dollar spent on unemployment insurance, there is a multiplier effect leading to a 1.64 increase in GDP, according to a 2008 study published by Mark Zandi, chief economist at Moody’s Analytics.

Meanwhile, for every dollar spent on infrastructure projects like President Joe Biden’s $ 2.3 trillion U.S. jobs plan, U.S. GDP could grow by a multiple of 1.59.


For every dollar spent on unemployment insurance, there is a multiplier effect leading to a 1.64 increase in GDP

Without the additional $ 300 per week, unemployed Americans in Alabama, Arizona, Arkansas, Georgia, Mississippi, Missouri, South Carolina and Tennessee, where weekly benefits average benefits are less than $ 300, will see their total benefits cut by more than half.

Concert workers, independent contractors, and self-employed workers in all 18 states could stop receiving unemployment benefits altogether.


“States that do this will be disappointed”


– Stephen Wandner, Principal Investigator at the National Academy of Social Insurance

These workers “will be desperate to keep body and soul together,” said Stephen Wandner, senior researcher at the National Academy of Social Insurance. “There will be a change in behavior,” he added, predicting that more people will apply for jobs once they are cut from unemployment benefits.

“We don’t know how much of a change there will be,” said Wandner, a former US Department of Labor actuary, adding that “states that do will be disappointed” because it won’t spur as many people as they would probably like to return to work.

More than 4 million Americans are not working because they are afraid of contracting coronavirus, according to The data from the latest Household Pulse Survey from the US Census Bureau which was released on April 7. 8 million more people said they could not work because they were caring for a child or an elderly person.


Unemployed Americans in Alabama, Arkansas, Mississippi, Missouri and Tennessee, where state average weekly benefits are less than $ 300, will receive less than half of what they previously received .

But some business leaders say improved unemployment benefits prevent people from applying for jobs.

For example, in Mississippi, the state with the lowest cost of living, where the maximum weekly unemployment benefit is $ 235, the additional $ 300 per week in federal benefits “is significant,” said Douglas Holmes, president of UWC Strategic Services on Unemployment & Workers’ Compensation, a professional group representing the business community on unemployment insurance issues. .

In fact, it’s such a large amount for Mississippians that it will likely have an impact on “their willingness to return to work due to concerns about COVID” after June 12, when Mississippians no longer receive federal benefits. under an ordinance of the republican government of the state. Tate Reeves signed earlier this week, Holmes told MarketWatch.

“There are certain circumstances where the extra $ 300 a week might be the thing a rational person looks at and says, ‘I’m not going to take this job because I can earn enough unemployed to wait for the next best job, ‘”said Holmes.

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How To Become a Day Trader | Invest 101 https://mokerthompson.com/how-to-become-a-day-trader-invest-101/ https://mokerthompson.com/how-to-become-a-day-trader-invest-101/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/how-to-become-a-day-trader-invest-101/ Players in the stock market are often divided into two categories: investors and traders. While technically both are engaged in investing activities, it is the duration that tends to be the biggest dividing line. Investors often have longer time horizons, sometimes holding positions in equities for years. Towards the other end of the spectrum lie […]]]>

Players in the stock market are often divided into two categories: investors and traders.

While technically both are engaged in investing activities, it is the duration that tends to be the biggest dividing line. Investors often have longer time horizons, sometimes holding positions in equities for years. Towards the other end of the spectrum lie day traders.

If you are interested in becoming a day trader, here are a few things to keep in mind:

  • What is a day trader?
  • Why you might want to become a day trader.
  • What are the risks of day trading?
  • Requirements for day trading.
  • How to be a successful day trader.

What is a day trader?

Strictly speaking, a day trader is someone who opens and closes positions during the trading day instead of keeping them longer. Over the course of a day, trading times can vary widely – including durations of a minute, an hour, or several hours.

Rather than focusing on the fundamentals of a business, day traders pay more attention to technical charts of what the stock price is doing right now and how the price has behaved historically in the past. certain conditions.

For example, a day trader might buy a position in a bankrupt company simply because there is an uptrend on a given day, says Gust Kepler, CEO of trading software company BlackBoxStocks (ticker: BLBX).

Why you might want to become a day trader

People tend to be drawn to day trading because they see a friend making money, says Nigam Arora, CEO of The Arora Report.

Those who are successful by the day can earn more by working a few hours a day from home on their laptops in the morning than they would with a 40-hour-a-week job, Kepler says.

“It can be very profitable for people who are learning to do it,” he says.

What are the risks of day trading?

While there are day trading success stories, the reality is that most people fail.

Kepler estimates that only about 15% of people who try day trading are successful, and he thinks that number is probably high because as a trading software provider he is able to see many successes.

Arora places the number much lower, claiming that maybe 1% to 2% are really successful.

If you trade long positions in stocks on a daily basis, the risk is that “you will lose all your money,” says Arora. “If you are try to bypass the market, you can lose even more; your downside risk is unlimited. “

Day traders run the risk of not making enough money to cover the additional transaction costs associated with a higher trading volume.

“Academic studies of day traders around the world consistently find that the vast majority of day traders fail,” says Robert Johnson, professor of finance at Creighton University. “The central message was that trading is dangerous for your wealth.”

There can also be psychological risk in day trading if it is combined with a gambling mentality that can lead to addiction. High-risk gambling and stock trading cause a surge of dopamine in some people. When the incentive becomes the dopamine-induced rush itself, investors become players in the stock market.

“Day trading is no more likely to make you rich than roulette or a blackjack table,” says Aaron Sherman, president of Odyssey Group Wealth Advisors. “And just like gambling, the more you do it, the more likely you are to lose.”

Requirements for day trading

If you want to start day trading you will need a brokerage account. Brokers are individuals or businesses who charge for the execution of trades on behalf of their investors.

Day traders are likely to go the DIY route and may prefer an online brokerage account or a discount brokerage that allows investors to buy and sell securities through the broker’s website or app.

The brokerage may also offer a trading platform that displays real-time news, allows traders to view technical charts, and provides analysis that shows which stocks are making the biggest moves.

Some platforms allow investors to place transactions online directly with a brokerage house for a fraction of the traditional cost or nothing, depending on the asset traded.

Discount or online brokers for DIY investors include Charles Schwab Corp. (SCHW), Fidelity Investments, TD Ameritrade or E-Trade. Examples of full-service brokers include Raymond James Financial (RJF) and Edward Jones, to name a few.

Once you have a broker, to be considered a model day trader by the Financial Industry Regulatory Authority, or FINRA, you will need to fund your account with $ 25,000 and complete at least four open and closed within five business days – and these transactions must represent more than 6% of your total business activity for that period. This is regardless of the brokerage’s account minimum, which can be zero dollars, but only applies to clients who trade less than day traders. There are also special margin requirements for model day trading accounts to consider.

However, this big chunk of change can be to your advantage as a day trader. If you can afford to buy higher priced stocks, or larger chunks of low priced stocks, you can make more money and get more bang for your buck when it comes to transaction costs.

If you don’t want to keep a balance of $ 25,000, you will need to complete three or less stock transactions in five days with the same broker, trade in an international market, join a day trading company that requires a smaller deposit, open multiple accounts with different brokers or trade currencies, futures or options.

How to be a successful day trader

Perhaps the most important skill set to have in day trading is the right temperament.

Successful day traders are level-headed, able to follow the rules even when money is at stake, and good at pattern recognition, says Arora. Day trading also takes a lot of discipline, Kepler adds, and even those who are well educated can find themselves overtrading instead of stopping when they are ahead.

If you feel you’ve got what it takes, then you’ll want to educate yourself. There are plenty of free online trading resources out there, not to mention the books in the library, so do your homework if you are thinking of paying money for trading lessons.

Once you feel you have mastered the basics, Arora recommends that you start with short term trade in which you hold positions for a week or maybe a few months. Combine these more lenient deadlines with small amounts of money.

If you find that you are successful, try to slowly shorten the time frames until you open and close trades on the same day.

Once you are established as a true day trader, you will spend time researching promising technical patterns and stocks that are moving a lot, up and down. You can browse the headlines to see what’s moving the market or individual stocks.

Because you might be watching the news and data sheets for multiple stocks, indices, and other transactions, you’ll probably want to have a home office with multiple computer screens, not to mention reliable high-speed internet access.

At the end of the day, however, remember that day trading is very risky, doesn’t work for most people in the long run, and can be best viewed as a hobby for those who are already wealthy.

“Too often investors look at financial news networks 24/7 and have a penchant for action, which is trading,” Johnson says. “Investment success is easier to achieve by making fewer decisions and practicing buy and hold investments. “


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Which streaming services give you the most bang for your buck? https://mokerthompson.com/which-streaming-services-give-you-the-most-bang-for-your-buck/ https://mokerthompson.com/which-streaming-services-give-you-the-most-bang-for-your-buck/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/which-streaming-services-give-you-the-most-bang-for-your-buck/ © Shutterstock.com / Shutterstock.com In the past, if you wanted to watch TV, you needed a cable TV subscription, but that has changed. These days, there is no shortage of available streaming services, allowing you to customize your watch options while saving money. But streaming costs can add up quickly! Find: Critically acclaimed films that […]]]>

© Shutterstock.com / Shutterstock.com

In the past, if you wanted to watch TV, you needed a cable TV subscription, but that has changed. These days, there is no shortage of available streaming services, allowing you to customize your watch options while saving money. But streaming costs can add up quickly!

Find: Critically acclaimed films that exploded at the box office

Lily: Businesses You Didn’t Know Your Favorite Celebrity Owned

Worried about how much money you are spending on streaming services? It is easy to reduce this cost by choosing the streaming services that offer the most value.

If you’re in the market for a new streaming service, shopping can seem a bit overwhelming. Here’s a look at the platforms that offer the most bang for your buck to help you make an informed decision.

Last updated: June 14, 2021

Netflix, Inc.

Netflix, Inc.

Netflix

One of the biggest names in streaming, Netflix offers plans that range from $ 8.99 to $ 17.99 per month. There is no additional charge and you can cancel at any time, so there is no obligation to continue with your subscription if you find that you are not getting much out of it.

As a Netflix member, you will enjoy unlimited access to a wide range of content, including feature films, documentaries and TV shows. Netflix also has a ton of popular original shows that you won’t find anywhere else including ‘Bridgerton’, ‘The Crown’ and ‘Ozark’.

Beyond convenience, you can watch Netflix on an unlimited number of internet-connected devices and, depending on your plan, up to 4 simultaneous streams. You can also download content to watch on the Netflix app when you are not connected to the internet.

See: What these 32 Netflix stars did before they became famous

COLOGNE, GERMANY - FEBRUARY 27, 2018: Close up of Hulu logo displayed on Apple iPhone.

COLOGNE, GERMANY – FEBRUARY 27, 2018: Close up of Hulu logo displayed on Apple iPhone.

Hulu

Another hugely popular streaming service, Hulu offers a variety of subscription options, starting with the basic plan which costs $ 5.99 per month – or $ 59.99 per year. You can also upgrade to an ad-free version, which costs $ 11.99 per month, add live TV for $ 64.99 per month, or a plan with Disney + and ESPN + for $ 13.99 per month.

When it comes to content, a Hulu subscription gives you access to thousands of TV shows and movies. The platform also offers Hulu originals that you won’t find elsewhere, such as “The Handmaid’s Tale”, “Castle Rock” and “The Great”.

All Hulu plans allow you to watch on your TV, laptop, phone or tablet and view on two different screens at the same time. The ad-free plan also lets you download content and watch it later.

After: Celebrities who are not as rich as you think

Paris, France - December 15, 2016: Amazon Prime Video HomePage website.

Paris, France – December 15, 2016: Amazon Prime Video HomePage website.

Amazon Prime Video

Available as part of an Amazon Prime subscription – which costs $ 12.99 per month or $ 119 per year – or as a standalone subscription for $ 8.99 per month, Amazon Prime Video has a lot to offer. You can also choose to subscribe to over 100 premium channels for an additional fee.

Amazon Prime Video includes a huge selection of movies and TV shows in a wide range of categories. Membership also includes access to Prime Originals such as “The Marvelous Mrs. Maisel”, “Bosch” and “One Night in Miami”.

You can stream content from the Prime Video app to your smartphone, tablet, game console, smart TV, and more, leaving plenty of ways to watch. You can also download titles for offline viewing.

Related: Here’s how much Jennifer Aniston and other actors get paid for their reruns

Youtube

Youtube

YouTube TV

Live TV streaming service, YouTube TV offers over 85 channels of entertainment, news, sports and more. Priced at $ 64.99 per month, there are no set-top boxes, contracts, or hidden charges.

YouTube TV subscribers enjoy unlimited DVR storage space, as well as rewind, fast forward and pause capability. There is no setup fee and you can watch your favorite shows from anywhere on mobile devices, computers, streaming media players, smart TVs, and game consoles.

It’s available nationwide in over 99.5% of U.S. homes, but channel listings vary by region. You can enter your zip code on the YouTube TV website to see your local listings.

Lily: 33 Popular TV Shows With The Highest Paid Actors

Disney +

Launched in 2019, Disney + is a family-friendly streaming platform available for $ 7.99 per month or $ 79.99 per year. Stream content to your TV, computer, mobile devices and tablets and game consoles, or download it for offline viewing.

In its first year alone, Disney + included access to over 7,500 TV episodes and 500 movies. Subscriptions also include Disney + originals, like “The Mandalorian”, “Loki” and “High School Musical:
The musical: the series “

You can also get premium access to the movies the same day they hit theaters – and watch them as many times as you want – for an additional $ 29.99 per movie.

HBO Max

Falling into its mid-40s in May 2020, HBO Max has apparently entered consumers’ lives at a perfect time, but at a slightly steep cost of $ 14.99 per month.

HBO Max offers access to some of the most critically acclaimed titles like “The Wire” and “Game of Thrones”, while also being the one place where you can watch fan favorites like “Friends” and the “Trilogy” The Lord of the Rings”. The streaming platform is also making a name for itself with upcoming series like “Mare of Easttown”.

Rear view of a couple watching TV on a sofa in the living room.

Rear view of a couple watching TV on a sofa in the living room.

peacock

Peacock breaks the mold by offering a completely free option to watch hundreds of movies and shows and access exclusive channels. For $ 4.99 per month, you also get access to live sports and event coverage, as well as original series such as the reboot of “Saved by the Bell” and “Girls5eva”.

Peacock Premium Plus costs $ 9.99 per month and offers all of this ad-free, plus the ability to download and watch titles offline. Some cable companies offer access to Peacock Premium Plus at no additional cost.

couple watching scary horror tv show at night on weekend in living room sitting on sofa

couple watching scary horror tv show at night on weekend in living room sitting on sofa

Shudder

Shudder is an AMC sponsored platform specializing in horror, thrillers and suspense. It costs $ 5.99 per month, or $ 56.99 for an annual subscription. Horror fans get access to classic movies like “Halloween”, as well as Shudder exclusives like “Creepshow”. There are also live events, horror documentaries, and podcasts offered through the service.

Subscriptions provide ad-free viewing and can be canceled at any time. Shudder is available on multiple devices, but there is no option to download content for offline viewing.

TV remote control.

TV remote control.

Paramount +

Launched in early 2021, Paramount + offers 30,000 TV shows, 2,500 movies, Paramount Plus Originals and a selection of live sports for $ 4.99 per month with commercials. For $ 9.99 per month, you are promised “limited” ads, more live sports, more access to 4K, Dolby Vision and HDR content. With this level, you can also download and watch 4K videos offline.

Over 50 series are slated to air on Paramount + over the next two years. These include the cover of “Frasier” and the television adaptation of “The Italian Job”. If you are a Star Trek fan, Paramount + is the place to be. The streaming platform will host “Star Trek: Picard,” Star Trek: Prodigy “,” Star Trek: Deep Space Nine “and” Star Trek: The Next Generation “.

Apple to launch new streaming service

Apple to launch new streaming service

Apple TV +

For $ 4.99 per month, Apple TV + mainly offers original content like “Ted Lasso” and “The Morning Show”. Those with Apple products may be eligible for one free year of the streaming service.

One of the advantages of Apple TV + is its family subscription. Up to six people can use the same account with their own usernames and passwords. You also get 4K quality video, along with the ability to download media to watch offline.

More from GOBankingTaux

Laura Wood contributed to the writing of this article.

The prices and availability of the program are correct as of February 12, 2021.

This article originally appeared on GOBankingRates.com: Which streaming services give you the most bang for your buck?


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How to Watch and What to Expect in New York Mayor’s Final Debate https://mokerthompson.com/how-to-watch-and-what-to-expect-in-new-york-mayors-final-debate/ https://mokerthompson.com/how-to-watch-and-what-to-expect-in-new-york-mayors-final-debate/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/how-to-watch-and-what-to-expect-in-new-york-mayors-final-debate/ New York’s top eight mayoral candidates will take part in a final televised debate Wednesday night to be hosted by WNBC, marking a last chance for voters to see the candidates in attendance and discuss some of the pressing issues facing the city. The fourth town hall debate, which begins at 7 p.m., comes just […]]]>

New York’s top eight mayoral candidates will take part in a final televised debate Wednesday night to be hosted by WNBC, marking a last chance for voters to see the candidates in attendance and discuss some of the pressing issues facing the city.

The fourth town hall debate, which begins at 7 p.m., comes just six days before the June 22 primary. Early voting began on Saturday and will last until Sunday.

The debate, which was hosted by the city’s Campaign Finance Board, was initially only scheduled to last an hour, but last week the network announced it would expand the event to two hours. The participants are: Eric Adams, Shaun Donovan, Kathryn Garcia, Ray McGuire, Dianne Morales, Scott Stringer, Maya Wiley and Andrew Yang.


How to watch it

WNBC will broadcast the first hour on Channel 4, starting at 7 p.m. (at 8 p.m. it will only be available for streaming). Viewers can also watch on WNBC’s digital platforms, including nbcnewyork.com, the NBC 4 app as well as their Apple TV and Roku channels. Television of life in New York, channel 25.1, and the Spanish network Telemundo Channel 47 will also broadcast the full debate.

For those with cable, here are the channels from NYC Life TV:
Spectrum, FiOs, RCN, DirecTV and Dish – 25
Optimal | Altice – 22
Comcast – 1025


The moderators of the debate will be David Ushery and Melissa Russo of WNBC, Allan Villafana of Telemundo 47, the presenter of Telemundo 47 and Sally Goldenberg of Politico.

Here are some things to watch out for as the candidates step onto the debate podium for the last time.

2 hours with 8 candidates in the home stretch means things could get tricky

Last week’s WCBS debate was relatively tightly controlled affair which nevertheless still featured a lot of interesting and unexpected moments. But this debate had the advantage of lasting only one hour with five candidates. The return to a longer format with eight candidates, several of whom have not hit double digits in recent polls, could potentially lead to a lot of interjections, attacks and discussions between candidates.

“It will probably be more chaotic because the candidates will not be able to control themselves,” said Hank Sheinkopf, a veteran political consultant. “They are fighting for their lives.

David Birdsell, dean of the Baruch College School of Public Affairs, also said he expected a “loud” debate.

He said the widening of the field made it difficult for voters to come close to the favorites. It does, however, give viewers the opportunity to develop their relative preferences in the context of choice voting. “Having said that,” he added, “you’re not going to rank eight.”

Perceived favorites are likely to be making aggressive maneuvers, but Birdsell said lower-level contenders – Donovan, McGuire and Morales – could also try to capture the moment as best they can.

“If you know you’re going to lose, why not drop some bombs and see what happens?” he said.

Garcia arrives with a surge

Garcia, the city’s former sanitation commissioner who was once considered a dark horse, has gained momentum with each passing week since gaining approval from the New York Times. A Marist survey released on Monday showed Adams leading with 24% support among likely voters, followed by Garcia with 17%. But another new poll showed Garcia was winning via RCV:

Prior to that, a Friday fundraiser update by the city’s campaign fundraising committee found that Garcia had raised $ 703,000 between May 18 and June 7, more than any other. candidate, including Adams, the Brooklyn Borough President who raised $ 618,000.

“When I decided to run, many people told me that commissioners don’t become mayors and that I could never fundraise. Opponents and friends have said that I should try to be hired by the next mayor instead of running for the next mayor. , she said in a statement. “But make no mistake: this woman can and will win.”

In another demonstration of her growing status, Adams summoned a group of sanitation workers on Monday who argued that Garcia had overseen a pay gap between women and minority workers in the sanitation department.

Garcia, however, brushed off the allegations, saying she had increased minority and department leaders by 50% and would go further as mayor.

She also managed to get into a to dig at Adams: “I’m happy to tell Eric about my track record, because I actually have one.” “

Entering the debate, Garcia will likely stay with the argument that got her this far: that she is the most competent person to run the city out of a crisis. This is a strategy that may leave some voters wanting more.

“I think Garcia’s big weakness is not projecting a rationale for a candidacy beyond skills,” Birdsell said. “Skill matters, but you mean what your skill will bring. “

Sheinkopf agreed, arguing that the epidemic of shootings had drastically changed the nature of racing.

“Often people in elections are not looking for managers, they are looking for heroes,” he said, adding: “It is difficult to make a manager heroic”.

One aspect of her candidacy that could make her heroic is becoming New York’s first female mayor. Garcia has leaned more and more into her gender in recent days, lifting it up during last week’s debate.

As she campaigned on the Upper East Side on Tuesday, several male voters approached her and told her they wanted a female mayor.

“I often hear that from men,” she said with a smile. “It’s kind of an aside, like I’m secretly telling you my secret thoughts that I want a wife.”

Adams will have to fend off more attacks

As the frontrunner, Adams has witnessed a wave of scrutiny and an intensification of attacks from his opponents, with the questions about his residence being the very first subject taken up during the debate last week.

Over the weekend, comments about the benefits of virtual learning that Adams made in a Zoom interview in February went viral.

“You could have a great teacher in one of our special secondary schools to teach three to four hundred students who are struggling in math, with the skillful way they are able to teach,” he said. .

With public school families unhappy with distance learning, the remark quickly sparked a torrent of criticism led by Yang and Wiley. Representative Alexandria Ocasio-Cortez, who supported Wiley, also weighed on twitter, accusing Adams of wanting to define schools to pay more for policing.

Adams, who did not say he would fund schools, responded by saying his comments were taken out of context. “It’s absurd online that I want distant classes of 400 people,” he said in a tweet. “I actually said we could have online seminars for HS students. The truth is I led the fight for face-to-face classes because I have a learning disability and I know that personal attention is the key. “

Together, the controversies suggest how the rivals tried to shift the conversation from public safety to questions of integrity and other political issues. Adams, a former police officer, has climbed in the polls as concerns about crime and shootings rise.

“They have to get Adams off the pedestal and try to make him look stupid,” Sheinkopf said. “They’re not going to attack him on crime, they’re going to attack him on skill and character.”

Can Wiley and Yang make any strong closing arguments?

Of the top-four contestants, Wiley and Yang face the greatest pressure to deliver winning debate performances. Polls suggest Wiley has gained momentum, while Yang has lost. The Marist poll placed Wiley, former councilor to Mayor Bill de Blasio, in third place, with 15 percent support, just two percentage points behind Garcia. Meanwhile, a Emerson College Survey last week put Wiley in second place, following Ocasio-Cortez’s endorsement.

Over the weekend, his supporters, including AOC, packed Irving Plaza for a fundraiser featuring The Strokes, which was billed as the first full-capacity indoor concert in New York City.

Yang, meanwhile, fell to third place in the Emerson poll with 15% support. It is doing less well in the Marist poll, ranking fourth with 13% support. And one internal survey showed that Yang fell to second place after Adams. Previous internal polls had always shown Yang in the lead.

Asked about the polls on Tuesday, Yang said his internal poll showed it was “anyone’s race” and that he had the momentum.

Yang has often campaigned with jovial style and infectious energy, as evidenced by her carefree dancing on Sunday’s Puerto Rican Parade.

But in recent weeks, Yang has shown a sharper side with attacks on Adams and even Garcia, whom he endorsed as his second pick.

Experts say the former presidential candidate might be better off coming to himself in the final debate.

“He has to point out what has worked for him so far,” Sheinkopf said. “That he is part of the new generation who will save the city because they love the city and they don’t have a political agenda.”

He said that Wiley, on the other hand, must continue to make her case with progressives by showing that she is the candidate who can “end police abuse, invest our money in our communities instead and make New York the beacon of justice and opportunity. “

The former MSNBC commentator was adept at intervening and scoring quick points during debates. However, during the last debate, his reluctance to answer a hypothetical question as to whether she would consider removing guns from the NYPD has drawn criticism.

Birdsell argued that unlike Yang, a debate strategy of attacking opponents benefits Wiley and his program.

“She’s the rightly outraged fairness champion,” he said.



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Opinion: Get used to the housing crisis – it will be with us for years – but there will be some surprising benefits https://mokerthompson.com/opinion-get-used-to-the-housing-crisis-it-will-be-with-us-for-years-but-there-will-be-some-surprising-benefits/ https://mokerthompson.com/opinion-get-used-to-the-housing-crisis-it-will-be-with-us-for-years-but-there-will-be-some-surprising-benefits/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/opinion-get-used-to-the-housing-crisis-it-will-be-with-us-for-years-but-there-will-be-some-surprising-benefits/ If you think the white-hot housing market is a supernova that’s doomed to die out, here are some tips: Put on your heat-resistant space suit. The factors that led to the real estate boom and the sellers’ market are still very much present: pent-up demand; limited supply; excess liquidity in the economy due to pandemic-induced […]]]>

If you think the white-hot housing market is a supernova that’s doomed to die out, here are some tips: Put on your heat-resistant space suit.

The factors that led to the real estate boom and the sellers’ market are still very much present: pent-up demand; limited supply; excess liquidity in the economy due to pandemic-induced savings; low interest rates; rising inflation; steadily increasing manufacturer prices; and a demographic wave of millennials who want to start a family and need more space.

To meet demand, the US housing market needs 3.8 million more homes than there are currently on the market. This is 50% more than three years ago. There’s no way construction can catch up with demand anytime soon.

Not a bubble, exactly

I was CFO for years, including the tough years of 2008 and 2009 when the real estate market collapsed. Now CFO of the financial services company Ygrene, I am particularly attentive to the unique forces at play.

While you might call this real estate boom a bubble, it is different from the speculative foam we saw before the Great Recession. The catalyst for this recent buying frenzy is the forced shutdown of the Covid-19 economy and a subsequent acceleration of underlying market trends.

Price increases will likely slow down towards the end of the year. Freddie Mac predicts that home prices will rise 6.6% overall this year and slow to 4.4% in 2022. Nonetheless, the conversations we will have about real estate next summer, and the summer after , will be like the lively conversations we have. have now.

The continuation of the real estate boom will be beneficial for the economy. Many jobs will need to be filled, not only to build new homes, but also for renovations, repairs and additions to existing homes. More home related products will be sold. Home Depot and Lowe’s will be very busy and will need to hire more employees. Chances are, REIT investors will be happy.

Secondary markets will thrive. Wider acceptance of the virtual workforce means homebuyers who can’t afford San Francisco will turn to Sacramento. Instead of Brooklyn, young couples will be drawn to the much lower house prices in Buffalo or Syracuse.

Rural markets will benefit. Buyers will not only get more goods for less money, but improved Wi-Fi service and new infrastructure projects will make once-overlooked parts of the country even more attractive. The effervescence of the real estate market will lead to a geographical redistribution of wealth.

And we’ll see a stronger focus on home value. Many owners will decide that it makes the most financial sense to stay put and upgrade for added value. There are more ways than ever to finance home renovations beyond traditional options like HELOCs, personal loans, and credit cards. An affordable alternative is the Property-Rated Clean Energy Program, or PACE, which allows homeowners to fund energy efficiency and resiliency upgrades up front and then reimburse costs over time.

The evolution of housing

Empty baby boomers who don’t want to sell their homes will install new solar panels, bathrooms, kitchens and patios to improve the value of their home. Adventurous young people will buy homes in areas of the city that have seen better days and renovate them. I believe we will see more gentrification and an increase in the value of townhouses.

The rental market will continue to grow and evolve. Apartment rents in desirable large cities like New York, San Francisco and Chicago, which fell during the pandemic, are picking up steadily. And in the suburbs, there will be more built-for-rent communities like Las Casa in Windrose, a gated subdivision of single-family homes outside of Phoenix, which developers are building to rent, not sell.

A tight and sustained housing market will, unfortunately, also mean that more people with lower wages will be excluded from the homeownership market, perhaps permanently. Service workers, government officials and even teachers and nurses who cannot take advantage of virtual workplaces and have to live in or near expensive cities simply cannot afford to buy, even if the rates are low. interest remains low. There will be less affordable housing, and that’s not good.

Of course, a prolonged real estate boom is not guaranteed. An unexpected geopolitical event, a resurgence of the pandemic, a severe recession, a 9/11 ‘black swan’ type incident, or the bursting of a superheated asset bubble could make life very different.

But in all likelihood, buyers and sellers will spend at least the next few years – if not many more – grappling with the tough decisions of when to pull the trigger and buy or sell? How far should buyers stretch their budgets? Where should sellers go after the sale? How much should current and new owners spend on improvements to increase value?

The good news is that if Americans are indeed engrossed in these kinds of spending assessments in the years to come, the economy will inevitably benefit.

Greg Saunders is Chief Financial Officer of Ygrene, a financial services company focused on financing energy efficient homes.


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Fourth dunning check to date: what is behind the surge in recurring payments? https://mokerthompson.com/fourth-dunning-check-to-date-what-is-behind-the-surge-in-recurring-payments/ https://mokerthompson.com/fourth-dunning-check-to-date-what-is-behind-the-surge-in-recurring-payments/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/fourth-dunning-check-to-date-what-is-behind-the-surge-in-recurring-payments/ The IRS issued more than 169 million payments in the third round of direct stimulus aid, and an additional 2.3 million people received checks for $ 1,400 last month. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic is over. So far, the […]]]>

The IRS issued more than 169 million payments in the third round of direct stimulus aid, and an additional 2.3 million people received checks for $ 1,400 last month. But some lawmakers are pushing for a fourth round of stimulus aid that would effectively send recurring payments until the pandemic is over.

So far, the federal response to the economic crisis caused by the Coronavirus pandemic awarded $ 3,200 to each eligible adult: $ 1,200 under the Coronavirus Aid Relief and Economic Security Act in March 2020; $ 600 in a December relief measure; and $ 1,400 as part of the US bailout package signed in March by President Joe Biden.

Despite this financial help, millions of Americans remain in financial difficulty, with about 4 in 10 people saying their incomes remain below their pre-pandemic levels, according to a survey by financial services company TransUnion. The pandemic has exacerbated the hardships faced by many families even before the crisis, with more than one in four households unable to afford basic items like rent or food for at least one of three years from 2014 to 2016, according to one. new analysis data from the Center on budgetary and policy priorities.

Nationally, around 14.6 million people are currently receiving some form of unemployment assistance. Unemployment rate amounts to 5.9%, well above its pre-pandemic level of 3.5%. And while companies hire, there are still nearly 7 million fewer people on payrolls today than before the pandemic. A quarter of Americans struggled to pay for household expenses in the past week, according to census data from mid-June.

For many people, in short, the latest round of $ 1,400 checks may not last long – a problem that is on the way. the minds of many Americans who continue to struggle against unemployment and a weak labor market. Indeed, more than 2.6 million people have signed a Change.org petition began last year calling on lawmakers to pass legislation for monthly recurring payments of $ 2,000.

Some lawmakers have taken up the idea. Twenty-one senators – all Democrats – signed a letter of March 30 to Mr. Biden in support of the recurring stimulus payments, noting that the $ 1,400 payment distributed by the IRS will not delay people for long.

“Almost 6 in 10 people say the payments of $ 1,400 that are to be included in the bailout will last them less than three months,” the senators wrote in the letter.


Many Americans are investing stimulus funds in stocks …

04:37

Meanwhile, millions of Californians are online to get another dunning check via a new effort by Governor Gavin Newsom. Earlier this month, he signed a $ 100 billion plan that includes $ 600 stimulus checks to residents of the state, with about two-thirds of Californians likely to receive a stimulus payment under the framework. of the new plan.

Letter from US Senators does not specify the amount of payments they seek, but a separate effort from Democratic lawmakers in January pushed for $ 2,000 in monthly checks until the end of the pandemic. Instead, the American Rescue Plan authorized $ 1,400 for each eligible adult and dependent.

Child tax credit: July 15 installments

Some families received another form of stimulus assistance on July 15 when the IRS deposited the first of six monthly cash payments on the bank accounts of parents eligible for the Child Tax Credit (CTC).

Eligible families will receive up to $ 1,800 in cash until December, with the money split in equal installments over the six months from July to December. The aid is due to the expanded CTC, which is part of President Joe Biden’s US bailout.

Eligible families will receive $ 300 per month for each child under 6 and $ 250 for children 6 to 17. Several families who spoke to CBS MoneyWatch said the extra money would go towards child care, back-to-school supplies and other essentials.

“A lot of people are going to be surprised when that first check comes in,” said Greg Nasif, political director of Humanity Forward, a nonprofit that claims recurring stimulus payments. “This will obviously add to the rise in popularity of checks.”

Families could benefit from more tax relief in the years to come, if Mr Biden American Family Plan Go ahead. As part of the plan, the expansion of the child tax credit would last until 2025, giving families four more years of greater tax relief for children.

Emergency fund, savings

So far, people who have received all three rounds of stimulus payments have said they use most of the funds to pay off debts or save money, according to a recent report. analysis of the Federal Reserve Bank of New York. This could indicate that people are using the money to reduce debts they incurred during the pandemic as well as to build an emergency fund in the event of another shock.

Still, many people said they plan to spend their stimulus funds for the most part – the costs of food and shelter were cited as the two main uses for the third stimulus check after savings, according to one. February poll by Bloomberg / Morning Consult.

Nearly 7 in 10 Americans who have received, or expect to receive soon, a third payment say it’s important to their short-term finances, Bankrate.com noted in April. This is down from around 8 in 10 people in March 2020, when the pandemic caused widespread unemployment, but overall the share of people in need of extra support remains high over a year longer. late, according to the personal finance company.

About 1 in 3 people said stimulus aid would help them support them for less than a month, according to the survey.

Millions of Americans have been spared the three rounds of stimulus payments, researchers have found. But when stimulus faltered, as last fall when Congress stalled on yet another round of aid, the woes increased “markedly” in November and December, according to one. May Analysis data from the University of Michigan census.

Still living paycheck to paycheck

Some leading economists have called for more direct aid to Americans. More than 150 economists, including former Obama administration economist Jason Furman, have signed a letter last year, who argued for “recurring direct stimulus payments, until the economy recovers.”

Although the economy is improving, millions of people continue to suffer from reduced incomes and have not been able to benefit from government assistance programs, Nasif said. Only 4 out of 10 unemployed have actually benefited from unemployment assistance, according to a March study by economist Eliza Forsythe.


What’s in the COVID-19 relief bill?

03:12

Many people never applied for unemployment benefits because they thought they were not entitled to it, while others may have given up due to long waits and other issues.

“You will see reports of how the economy is starting to grow, but there are a lot of Americans who are living paycheck to paycheck, and for many of them, aid programs government have not been able to help, ”Nasif said.

What is the probability of a fourth raise check?

Don’t hold your breath, according to Wall Street analysts. “I think that’s unlikely at the moment,” Raymond James analyst Ed Mills told CNBC. One reason is that the Biden administration is focused on advancing its almost $ 2,000 billion infrastructure plan, which would reshape the economy by rebuilding aging schools, roads and airports, as well as investing in projects ranging from affordable housing to broadband.

The proposal, which the White House said would be funded by raising the corporate tax rate from 21% to 28%, could be “more difficult to pass” than the relief bill that provided the checks. $ 1,400 to most Americans because of opposition from Republicans and some Democrats, noted Brian Gardner, chief political strategist for Stifel in Washington.

Despite this, only about a third of Americans think the US bailout will help them much, according to one. Politico-Harvard poll. This suggests that some households feel they need more help to get through the next few months.

Vaccination-fueled rebound

At the same time, the economy is expected to rebound this year thanks to increased COVID-19 vaccination rates and states reopening. JPMorgan Chase CEO Jamie Dimon predicted in his latest annual report letter to shareholders than an economic boom could last until 2023.

“[W]excess savings, new stimulus savings, huge deficit spending, more [quantitative easing by the Federal Reserve], a potential new infrastructure bill, a successful vaccine, and the euphoria of ending the pandemic, the U.S. economy is likely to explode. This boom could easily continue until 2023 as all spending could extend to 2023, ”Dimon wrote in the April 7 letter.

This could lessen the rationale for the government to offer more direct aid, especially if the unemployment rate picks up and more workers retire.

By the end of the year, the country’s unemployment rate could drop to 4.3%, according to Oxford Economics. Even so, the road to recovery “remains long” as there are still 4 million workers who have dropped out of the workforce, Oxford Economists Oren Klachkin and Gregory Daco noted in a research note.

“Looking ahead, the job market is set to experience an impressive run as expansion of vaccine distribution, more reopenings and fiscal stimulus drive hires up,” they predict.


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How to finance your next home purchase if you’re retired https://mokerthompson.com/how-to-finance-your-next-home-purchase-if-youre-retired/ https://mokerthompson.com/how-to-finance-your-next-home-purchase-if-youre-retired/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/how-to-finance-your-next-home-purchase-if-youre-retired/ nd3000 | iStock | Getty Images Retirees who are considering a move involving to buy a house may want to think about how they would finance the purchase. It can be difficult for seniors to get a mortgage after retirement, said Al Bingham, mortgage manager at Momentum Loans in Sandy, Utah. Not only are lenders […]]]>

nd3000 | iStock | Getty Images

Retirees who are considering a move involving to buy a house may want to think about how they would finance the purchase.

It can be difficult for seniors to get a mortgage after retirement, said Al Bingham, mortgage manager at Momentum Loans in Sandy, Utah. Not only are lenders even more cautious about granting credit during the pandemic, retirees have typically left a regular paycheck behind.

“You can have a lot of money but have very little income and struggle to qualify for a mortgage,” Bingham said. “It frustrates a lot of them.”

More from The New Road to Retirement:

Here’s a look at other retirement news.

And although interest rates are still very low, they are on the rise. The average interest rate on a The 30-year mortgage is around 3.25%, while for a 15-year fixed-rate mortgage, it’s about 2.5%, according to Bankrate.

Combined with soaring house prices and limited stocks, the situation may be even more difficult for retirees, Bingham said. This means it may be worth strategizing and planning ahead.

Of course, the typical aspects of qualifying for a mortgage, such as having a good credit rating and monthly debt that is not too high, would also apply.

The details will depend on the lender and the type of mortgage you are looking for. Loans guaranteed by Fannie Mae and Freddie Mac come with requirements that lenders must adhere to, while private mortgage lenders may have their own set of standards.

Income-based eligibility

The most common way for retirees to get a mortgage is to qualify based on income, said certified financial planner Daniel Graff, director and client advisor at Sullivan, Bruyette, Speros & Blayney in McLean, Va.

Lenders will usually look at the value of your tax returns for the past two years to see what that amount is. This can include, for example, social security, retirement income, dividends and interest.

However, your taxable income may not be enough to qualify for the loan on its own. This is where a retirement account like a 401 (k) plan or an individual retirement account can come into play.

You can have a lot of money but have very low income and have difficulty qualifying for a mortgage.

Al bingham

Mortgage Loan Officer with Momentum Loans

The idea is that you receive distributions to help you qualify for the mortgage, even if you don’t really need the money. As long as you are at least 59 and a half years old, you can use your IRA or 401 (k) plan without paying a 10% early withdrawal penalty.

And, under the rollover rules for retirement accounts, you can return the money within 60 days without the distributions being taxable. Beyond that time, however, withdrawals would be blocked and you owed income tax on the money.

During this time, the lender would see the income on your bank statements, where the money came from and when it reached your account.

Graff said he helped with two mortgages for clients last year that involved taking distributions from an IRA for two months so they could qualify and then returning them under the rollover rule 60 days.

However, he said: “My mortgage lenders tell me they are getting a little more stringent on historical verification, which may limit this opportunity in the future.”

In addition to seeing the required income verification, lenders will want to ensure that distributions can continue for at least three more years, Graff said.

Alternatively, you could potentially qualify for a mortgage based on your assets in a brokerage account or IRA. Essentially, the lender applies a formula to the money in your account – typically using 70% of the account value – to determine if it can extend long enough to cover mortgage payments over the life of the loan.

“In this scenario, the underwriter is not directly looking for a taxable transfer from an IRA to a bank, but a statement of assets that allows [the lender] be comfortable that a certain amount can be withdrawn each month, ”Graff said.

Non-mortgage loans

There are a few alternatives that are similar but have subtle differences.

The first option is to take out a margin loan from your brokerage account to help finance your down payment or part of the purchase. Basically, brokerage firms can lend you money for the value of your portfolio – called a margin loan – whether you are using the money to buy securities or something that has nothing to do with investing.

Although such loans carry a risk of “margin call” – you may be required to add money to your brokerage account if the value falls below a certain amount – interest rates on margin loans are generally more favorable than mortgages or other types of borrowed money.

“Right now we’re seeing rates at 1.75%,” Graff said.

Additionally, while it would be important to limit the loan in order to reduce the risk of a margin call, it is a way to avoid selling the assets in the account – and paying taxes on the gains – if it does. had been the alternative. And, the loan can stay in place until you pay it back (instead of having a set time limit).

“What I’m seeing is a combination of margin loans and traditional financing,” Graff said.

The other option is to “pledge assets”. It also involves taking out a loan from your brokerage account, and the assets are used as collateral. Yet, unlike margin loans, you cannot use the money to buy securities. There is also a fixed term for these loans.

For example, in Schwab, you can borrow up to 70% the value of eligible assets given as collateral. The longest term for such a loan is five years.

“You could almost use that loan as bridge financing and more carefully plan how to prove the income to the bank,” Graff said.

Note that the interest paid on these loans can often be deductible from portfolio income (interest and dividends).

“It’s not deductible on Schedule A like a traditional mortgage, but in many situations the tax benefits can be similar,” Graff said.

He added, however, that you should consult a tax advisor to fully understand your options.


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Meet the Software Engineer Who Used Crypto to Buy His $ 650,000 Dream Home https://mokerthompson.com/meet-the-software-engineer-who-used-crypto-to-buy-his-650000-dream-home/ https://mokerthompson.com/meet-the-software-engineer-who-used-crypto-to-buy-his-650000-dream-home/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/meet-the-software-engineer-who-used-crypto-to-buy-his-650000-dream-home/ When Terrance Leonard began to invest seriously in the cryptocurrency space in 2019, his initial goal was to achieve financial independence. The long-term plan was to invest enough in crypto that he could withdraw some of those investments, buy real estate assets, and rent them out to earn additional income. That way, he wouldn’t necessarily […]]]>

When Terrance Leonard began to invest seriously in the cryptocurrency space in 2019, his initial goal was to achieve financial independence.

The long-term plan was to invest enough in crypto that he could withdraw some of those investments, buy real estate assets, and rent them out to earn additional income. That way, he wouldn’t necessarily need a traditional job to make ends meet.

But then her ideal home hit the market. Leonard, who works as a software engineer in Washington, DC, already owned a townhouse. But he wanted a house with a bigger yard for his dog to play and a garage.

“I was like, ‘This is exactly what I want,’” Leonard said. “And I’m ready to pull the trigger now.”

To afford the $ 650,000 home, Leonard opted to use his cryptocurrency investments to cover a down payment and as proof of funds for the mortgage he took out to purchase the home – he opted for a mortgage, rather than buying the house outright, due to the low interest rate environment.

The process, as he would find out, was not as straightforward as transferring his cryptocurrency holdings to the parties involved. “There was going back and forth between the lender and the title company to make sure everything was okay,” Leonard said.

The winning crypto strategy: think about the Internet bubble

About two years ago, Leonard bet on crypto, taking a big bet on the relatively new asset class. “When I realized the potential of crypto – and I realized how well it worked for me at first – I sold all of my shares, my 401 (k), everything and moved everything into crypto, ”Leonard said.

Today, he attributes his ability to buy his “perfect” home to the success of the investment strategy he adopted. “Without investing in crypto, I would never have been able to buy it when it hit the market,” he said.

So what was this strategy? Take a long-term approach and target parts that are well positioned for longevity. This means that there are no coins even, like Dogecoin DOGEUSD,
+ 5.41%.

Instead, Leonard likes to think that the crypto market is in a similar position to the dot-com boom of the 1990s, before the collapse. “I’m looking for GOOGL Googles,
+ 0.07%,
HP HPE,
-0.81%,
the ORCL Oracles,
-0.01%,
“he said.


“Without investing in crypto, I would never have been able to buy it when it came to market.”


– Terrance Leonard, software engineer and crypto investor

He looks at the top 10 pieces and goes from there. Some of his investments were in BTCUSD bitcoin,
+ 4.40%
and Ethereum ETHUSD,
+ 4.89%,
but most of his money was spent on buying Chainlink LINKUSD,
+ 6.89%,
a cryptocurrency launched in 2017 that sends real-world data to blockchains.

Terrance Leonard, pictured in front of the house he recently bought in Washington, DC

Courtesy of Terrance Léonard

Using cryptocurrency to get a mortgage isn’t foolproof

When Leonard bought his first home, the process was pretty standard. As a veteran he was able to take advantage of the VA loan program and the process was “pretty smooth.”

Originally, he contacted his lender, Veterans United Home Loans, to see if he could refinance the loan on his first home to convert it to investment property, which would allow him to get a VA loan for his new home. house. In the end, it was not possible.

So when Leonard had to get another loan to buy the property that caught his eye, he figured he would use his crypto profits for his down payment and down payment. This time around, the process was not as smooth.

“There were some issues with the proof of funds,” Leonard said. “I just wanted to be able to say, ‘Here’s my wallet.'”


Homebuyers will typically need to convert crypto assets into cash to use them for the down payment on a home.

He couldn’t just transfer the crypto investments or post his account on Coinbase to satisfy the lender and his title company. Instead, he had to cash in a bank account, as someone might with money earned on the stock market.

The process might have been easier if Leonard had searched for a home with a real estate broker who specializes in transactions involving cryptocurrencies. Some brokerage houses have started listing properties where the seller only wants to be paid in cryptocurrency, sometimes specifying a specific investment vehicle. Unfortunately for Leonard, these brokerages didn’t have the types of properties he wanted, and he wasn’t necessarily inclined to make an all-cash (or rather, all-crypto) deal.

“We’ve had the lowest interest rates for a very long time so I wasn’t going to pass up this opportunity,” he said, adding that he was more likely to see a better return on his investments. cryptographic, even after tax, than him. would if he put all his money in the house.

For lenders, the paper trail is key

In the mortgage and real estate industries, using cryptocurrency investments to buy homes is still a very new concept. And lenders are still wondering how to deal with these assets.

Crypto is such a new concept that even determining how many loans have involved homebuyers with crypto investments is a challenge, said Chris Birk, director of education at Veterans United. “Mortgage origination software doesn’t have fields to track something like this,” Birk said.

Right now, lenders are flying blind with these potential borrowers, as regulators and other mortgage entities are just beginning to issue guidelines on how to assess the strength of crypto assets.

Fannie Mae FNMA,
+ 0.01%,
one of two government-sponsored companies that securitizes the majority of mortgages nationwide, requires proceeds from bitcoin and other digital currencies to be converted to US currency in order for them to be eligible assets when taking out a loan. Fannie also needs documents showing that the digital currency belonged to the borrower.

However, Freddie Mac FMCC,
+ 0.92%
does not view cryptocurrency as an eligible source of funds. And other agencies have yet to provide specific guidance. The Department of Veterans Affairs has not put in place any regulations that specifically refer to cryptocurrency, a spokesperson for the agency said. But the VA requires a deposit check.


Lenders can request a 30-60 day transaction history for crypto accounts.

Lenders will typically request a paper trail, showing a 30-60 day transaction history for the crypto account. But, as Birk noted in a recent blog post, cryptocurrency accounts don’t always provide monthly statements like a bank would. And for now, lenders will expect borrowers to cash out their crypto investments early in the process.

“You can’t pay your closing costs with a Van Gogh – it’s the same with your bitcoin,” Birk said. “We’re going to have to convert, it’s going to take seasons and there is going to be documentation to satisfy the lender.”

In part, this strict approach reflects the responsibilities of mortgage companies to report potential criminal behavior, including money laundering. Subscribers should be able to see potential red flags, which is not as easy with crypto wallets per se.

Despite the hassle he faced in purchasing his new home, Leonard is not deterred from investing in crypto. Right now, he’s still earning enough of his remaining crypto investments to cover the mortgage payments on his old home.

“I’m in no rush to sell,” Leonard said. “I want to make sure I’m playing the right financial game.”


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4 tips for students to start building a strong financial future https://mokerthompson.com/4-tips-for-students-to-start-building-a-strong-financial-future/ https://mokerthompson.com/4-tips-for-students-to-start-building-a-strong-financial-future/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/4-tips-for-students-to-start-building-a-strong-financial-future/ As part of CNBC’s Invest in You coverage of Financial Literacy Month, CNBC + Acorns has partnered with NBCU Academy to present a live virtual town hall for students. In a high-profile personal finance conversation moderated by Sharon Epperson, CNBC’s senior personal finance correspondent, students put their most pressing questions directly to a panel of […]]]>

As part of CNBC’s Invest in You coverage of Financial Literacy Month, CNBC + Acorns has partnered with NBCU Academy to present a live virtual town hall for students. In a high-profile personal finance conversation moderated by Sharon Epperson, CNBC’s senior personal finance correspondent, students put their most pressing questions directly to a panel of business leaders.

John daymond, founder and CEO of FUBU and a “Shark aquarium“investor; Dr Anthony Chan, treasurer of the Skyhook Foundation founded by Kareem Abdul Jabbar; Lauryn Williams, CFP, founder of Is it worth it and triple Olympic medalist, and Martin Cabrera, CEO and founder of Cabrera Capital Markets, provided students with advice on credit, budgeting and savings, healthcare spending, and long-term financial success.

1. Think about finances in terms of family

Viviek Patel is a first-year graduate journalism student at the University of Missouri. Raised by a single mother who immigrated to Mississippi from India, Viviek asked the panel what strategies he should adopt to achieve long-term financial success for himself and his family.

Your parents may be more of a financial aid to you in early adulthood – Daymond John’s mom helped him get funding for FUBU afterwards 27 banks rejected it. But that will change over time.

“Studies have shown that you will take care of your parents for twice as long as they took care of you,” noted John. “The question is, what long term investments can you have that will have tax benefits on them that you can set aside for your parents,” John said. “Save a little of what you have for the long term so that in 20 to 30 years these things will ripen and be there for your parents.”

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According to PWC, the average lifetime cost of formal long-term care is $ 172,000.

Government programs like Medicare can help, but only pay for long-term care services up to 100 days. Medicaid is reserved for those who qualify under their state’s program.

Care for the elderly is expensive. According to Genworth Financial, the median cost of a private room in a nursing home was $ 102,200 in 2019. Assisted living can be cheaper, with median costs of around $ 50,000. Costs vary by state, so be sure to research which state your parent is retiring in as well.

Dependence insurance may be an option for those who can afford it. About 7.5 million Americans have some form of long term care insurance. As with most types of insurance, the younger the applicant, the cheaper the policy.

2. Start investing

Shavanah Ali, an international relations student at the University of Maryland, wanted to know what steps her immigrant family needed to take to create a more secure financial future.

Martin Cabrera, member of CNBC Advisory Board and a son of two immigrant parents himself, suggested that Ali start investing. “When immigrant families come from all over the world, it’s a great opportunity to see the growth of the stock market, but to get them to invest. They are a part of that American growth and living that American dream.”

Cabrera pointed out that investing creates wealth and that it is possible that today’s investments allow parents to afford a house or pay for their children’s college.

3. Build your credit slowly and carefully

Tigist Ashaka, a sophomore journalism student at Hampton University, worries about having her first credit card. Growing up, many of the adults around her warned about the dangers of credit cards and how they can tank her. credit rating. “I’ve even heard stories of people coming home for a break and spending too much money on their cards, not being able to make payments and wasting their score,” Ashaka said.

Tigiste Ashaka

Tigiste Ashaka

Many students had questions about improving their credit rating.

Anthony Chan, former chief economist at JPMorgan Chase, compared building a credit score to learning to ride: “You don’t start by training on a motorcycle, you start on a bicycle, maybe with drive wheels. “

Chan suggests opening a startup account with a secure credit card. Secured credit cards are backed by a cash deposit from the cardholder.

It’s also important to set up automatic payments on your credit card by logging into your checking account, according to Chan. You also don’t want to open too many credit card accounts as it could hurt your credit score.

The use of credit was also noted on several occasions. Credit usage is the amount of credit you use against your credit limit. Panelists agreed that anyone looking to build a strong credit rating should avoid exceeding 30% of their credit usage.

“Focus your efforts on that first starting map and you will be successful,” Chan said.

4. Keep savings and checking accounts at separate banks.

Chaniah Brown wants to start saving and investing, but doesn’t know where to start. Brown, who is self-employed as a dasher for DoorDash, said one of the first steps she will take will be to transfer a savings account to a different bank than where she has a checking account. “I currently have a savings account and a checking account at the same bank, but I intend to transfer my savings account to an online bank. “

Brown Chaniah

Brown Chaniah


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Free college could become a reality as part of US plan for Biden families https://mokerthompson.com/free-college-could-become-a-reality-as-part-of-us-plan-for-biden-families/ https://mokerthompson.com/free-college-could-become-a-reality-as-part-of-us-plan-for-biden-families/#respond Wed, 16 Jun 2021 22:52:40 +0000 https://mokerthompson.com/free-college-could-become-a-reality-as-part-of-us-plan-for-biden-families/ As part of a massive new spending program, President Joe Biden calls on Congress to enact legislation allowing students to attend community college for free. The administration’s U.S. Plan for Families provides $ 109 billion to make two years of community college free for all students, in addition to an investment of about $ 85 […]]]>

As part of a massive new spending program, President Joe Biden calls on Congress to enact legislation allowing students to attend community college for free.

The administration’s U.S. Plan for Families provides $ 109 billion to make two years of community college free for all students, in addition to an investment of about $ 85 billion in Pell Grants to reduce dependency on with regard to student loans.

Under Biden’s plan, about 5.5 million students would pay neither tuition nor fees, the White House said.

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The massive spending program also includes $ 62 billion for programs to increase retention and college completion rates at institutions, especially community colleges, which serve large numbers of low-income students.

Biden is expected to detail the plan on Wednesday night, during an in-person speech before a joint session of Congress.

In fact, 25 states, including Arkansas, Indiana, Minnesota, Montana, Oregon, Rhode Island, and Tennessee, already have free community college programs statewide and more are expected. follow before Coronavirus pandemic strain national and local budgets.

In state programs already in place, students receive a scholarship for the amount of tuition that is not covered by existing state or federal aid.

How long will it take for colleges in your state to be free?

Source: Campaign for free tuition

Most are “last dollar” scholarships, which means the program pays tuition and fees remaining after applying for financial aid and other grants.

Enrollment in four-year private colleges would fall by about 12%, while enrollment in public universities and four-year community colleges would increase by about 18%, according to a study on the economic impact of free tuition. some tuition fees by the Campaign for Free College Tuition and student advocacy group Rise.

“You have a net effect of almost 2 million more students enrolled in college,” said Robert Shapiro, lead author of the study and former economic adviser to President Bill Clinton.

Free him and they will come.

Robert shapiro

former economic advisor to Bill Clinton

“Release him and they will come,” he said.

Graduation rates would also increase, Shapiro found, leading to increased social mobility and higher incomes overall.

“I can’t think of a single policy change that would affect the long-term prospects of as many people as it would.”

Over time, “I’m pretty confident that ultimately this program will pay off,” Shapiro said. “This will increase revenue and also increase underlying productivity, which [in turn] increase business income and profits.

“It’s the closest thing to a win-win.”

Not only have millions of American workers lost their jobs since the Covid epidemic and the economic crisis that followed, but unemployment, many families now say they cannot afford college.

A quarter of last year’s high school graduates delayed their university projects, according to a survey by Junior Achievement and Citizens, in large part because their parents or guardians were less able to provide financial support.

Even fewer students enrolled in community college due to the pandemic.

Community college students are likely older, low-income, and often have a balance of work, kids, and other obligations. They are also disproportionately people of color – all groups that have been particularly hard hit by Covid.

However, not all experts agree that free college is the best way to tackle the university affordability crisis.

Critics say low-income students, thanks to a combination of existing grants and scholarships, are already paying public schools little or nothing in tuition.

In addition, the money does not cover the costs, books, or room and board, all of which are costs low-income students struggle with, and the diversion of funds to free tuition could come at the expense of other campus operations, including the hiring and retention of professors and administrators.

Plus, the community college is already significantly cheaper. In two-year public schools, tuition is $ 3,770 for the 2020-21 school year, according to the College Council. Alternatively, in four-year public schools the tuition is $ 10,560, and in private four-year universities it averages $ 37,650.

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