To wrap up Season Two, the Talk Wealth To Me team "replies all" to questions we've received during Season Two from our listeners.
From COVID-19 budgeting tips to payday loans, you have questions and we have answers.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
It's no secret that the coronavirus has prompted many consumers to rethink our homes and their purpose. During the stay-at-home orders, many of us saw our home transform into something far more than just for eating and sleeping: our home become our new office, the gym, the movie theater, church, the playground, and more.
Some forever-renters have since departed their beloved urban apartments in favor of single-family homes with outdoor space for kids and pets to run around. Others are just looking for more space now that we're working, playing, sleeping, and eating within the walls of our homes. Consumers concerned about the value of their homes are putting their homes on the market too, fearful their home values will plummet in the COVID economy.
Despite record unemployment and no end in sight to the stay-at-home orders, homes are selling at record highs throughout the U.S. Some homes are selling so quickly in fact that sellers have increasingly grown nervous they won't find a new home before they're expected to leave their current property.
Joining us on the show is Daniel Lehman, Owner and Team Lead of The Lehman Group. Daniel joins the Talk Wealth To Me crew for a discussion on how to decide whether buying a home right now is a smart money move for your family's finances and more!
Have you ever wondered why you have the relationship you do with money? For years financial professionals have known our childhood experiences with money shape our perception of money and our ability to save, spend, invest, and donate. But many of us were unaware of our money stories not just from our own life experiences, we were unaware of the experiences our parents, grandparents and other ancestors had with money.
As it turns out, experiences with money, particularly those of a traumatic variety, can shape our perception of money and our ability to successfully use it as a tool for generations. Joining us on the show is financial educator and financial wellness expert Eugenié George, who recently self-published a book, "Our Money Stories," in June 2020 exploring this very topic.
About Eugenié George
For the past two years, I have gathered uncomfortable data and created an unorthodox way of viewing money patterns, interviewing, Women of Color, and Financial Advisors. I used Financial Wellness as the vehicle because there was a blue ocean to examine how ancestry, behavior economics, and habits can dramatically impact our views around money. So during my time as an MBA student, I decided to try my hand at writing non-fiction. I had a budget of $2,000 and I set out to self-publish a book. Finding interviews, academic data, and scheduling time on a shoestring budget was tough, but it’s something I’m proud of. The result was my debut, Our Money Stories, which has just been released. During a pandemic and our national response to critical conversations around race and equity. topic.
Following the murder of George Floyd by the Minneapolis Police Department in May 2020, national attention has turned to systemic racism within the United States, specifically for Black people.
Some may wonder what racism has to do with finances, but the answer is everything.
Systemic racism is still rooted in all aspects of our society today, and progress is still needed for Black Americans to have true equality.
Take employment for example:
- Studies show that companies are more likely to call back a candidate who has a name that's more commonly associated with White people.
- Black Americans are more likely to be unemployed or have low-paying jobs compared to White Americans. That's in part due to education disparities. But studies show Black workers earn less than White workers even when they have the same education.
- There's also the racial wage gap: the Economic Policy Institute says that in 2017, Black men made about 70 cents for every $1 their White counterpart made.
- The gap is especially large when it comes to Black women, who make 62 cents for every $1 a White man makes, according to the National Women's Law Center.
This is just one example. Systemic racism has impacted housing, education, wealth, health care, criminal justice, policing, and voting. There's no simple fix to reversing centuries of discrimination. But understanding how pervasive it is, is step one.
George Floyd's murder may not have ever occurred if systemic racism didn't also affect finances. As Katie mentions during the show, the Minneapolis police were originally called because a counterfeit $20 had been used, and as the owner of Cup Foods has told numerous news outlets, he was not sure George Floyd knew the money was fake and that law enforcement normally would stop by the supermarket and pick up the counterfeit currency.
Regardless of whether George Floyd knew the money was counterfeit, it should have never been a death sentence. As Mark McCoy, a 44-year-old white archaeology professor at Southern Methodist University wrote:
“George Floyd and I were both arrested for allegedly spending a counterfeit $20 bill. For George Floyd, a man my age, with two kids, it was a death sentence. For me, it is a story I sometimes tell at parties. That, my friends, is White privilege.”
Joining us on the show to delve deeper into the very-large topic of Racism + Finances is Michelle Jackson, host of the "Michelle is Money Hungry" podcast and author of a blog and website of the same name.
Income
White: $71,000
Black: $41,000
Median Net Worth
White: $171,000 (10x higher than the average Black person's net worth)
Black: $17,600
Poverty
White: 8.1%
Black: 20.8%
Unemployment
White: 14.2%
Black: 16.7%
No Access to Health Care
White: 5.4%
Black: 9.7%
COVID-19 Deaths
Black people represent 13% population
Black people represent 23% COVID-19 deaths
About Michelle Jackson
Michelle accrued more than $60,000 in unsecured debt and paid off that debt while supporting her mom financially while working as a Starbuck's barista. Michelle shares her struggles and triumphs, as well as those of other personal finance bloggers, on her podcast and blog, Michelle is Money Hungry. She also created a financial retreat for financially single women Money on the Mountain.
We may forget we’re not born inherently knowing how to earn, spend, save, or give money. And may not even know how to even go about beginning to have these conversations with our kids.
Many parents expect their kids will learn how to properly manage their money at school. But the reality is most kids are not learning how to spend, save, invest, or donate their money at all let alone in a healthy way.
This is concerning given that a report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service revealed that kids’ money habits are formed by age 7. Age 7!
Additionally, a 2017 Parents, Kids, & Money Survey conducted by T. Rowe Price found that parents who discussed financial topics with their kids were more likely (61% vs 41%) to have kids who say they are smart about money.
Joining us on the show is Bill Dwight, CEO and founder of FamZoo, a private family banking system designed to help parents teach kids to earn, save, spend, and donate money wisely in a safe, friendly environment.
Bill joins us to share how parents can use a variety of tools to not only educate their children when it comes to money habits, he shares how parents can use technology to not only expose your children to real-life experience with money but to spark those crucial money conversations.
About FamZoo
FamZoo isn’t just a convenient prepaid card for families. It’s a hands-on financial education for kids of all ages — preschool through college. Learn more here.
About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Child abuse. Warfare. Assault. A devastating accident. If you have endured one or more life-threatening events, you may be more likely to make destructive money decisions.
Researchers discovered that post-traumatic stress alters the way a person thinks and reacts to situations, including financial behavior. In other words: “Traumatic experiences cause our brain to overreact. They force us into a stress mode where we are compelled to take action as a protective measure."
One of the most common ways our financial stress manifests is in the form of oppressive credit card debt.
Having overcome homelessness, domestic violence, health issues including paralysis and extreme pain, Kylie Travers knows firsthand how difficult life can be and joins us to share exactly how she changed her mental mindset and improved her financial situation several times over the years.
About Kylie Travers
Kylie Travers is based in Melbourne, Australia with her two young daughters. She went from homeless single mother to multiple international award-winning CEO, author, speaker, and ambassador in the space of a few years.
Connect with Kylie on her website The Thrifty Issue. Or on Facebook, Twitter, or Instagram.
About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Life is slowly starting to go back to a new state of normal, but many of us are still under strict social distancing orders and are required to wear face masks.
While many of us felt our lives were turned upside down when the coronavirus pandemic shutdowns first began to happen, now that we're three-months or so into the stay-at-home orders, have you begun adjusting to working, eating, playing, and living from your home?
Have you noticed any changes in your budget?
- Are your groceries costing you more?
- Have you been ordering take-out more frequently?
- Are you buying items you normally wouldn't purchase?
- Has your clothing budget gotten out of control with loungewear and yoga pants?
- Are you saving more money?
We chat about all this and more in our Quarantine Update #2.
About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Are you planning on adopting a dog or puppy? What exactly does it take to be a successful puppy parent ie how much exactly is this going to cost me each year? Month? Week?
Maybe you already have a pet and are not entirely sure how much money you're spending on your four-legged friend each month? Or are recently struggling to afford dog food or medical bills during the coronavirus stay-at-home orders.
Joshua Prater is the Medical Director and co-founder of Baja Dog Rescue. He joins us to share how to realistically set a budget for your puppy, the benefits of health insurance for dogs, budget-friendly meals you can buy or make-at-home, and more!
Donations for Baja Dog Rescue:
•PayPal – info@bajadogrescue.org
•Donate Button at the top of our page orFacebook.com/Bajadogrescue.org or at the bottom of this post.
•Online –Baja Dog Rescue
•Venmo –@bajadogrescue.org
•Zelle – info@bajadogrescue.org
•Mail – Baja Dog Rescue P.O. Box 437920, San Ysidro, California 92173
About Baja Dog Rescue
Baja Dog Rescue is a 501c(3) non-profit organization that is run by a group of dedicated volunteers that rescue and rehabilitate unwanted, abandoned and neglected dogs and find them loving happy homes. We are a No-Kill animal rescue and we literally give them a second chance at life. Each one of our dogs is socialized, spay/neutered, vaccinated, and treated for any medical or behavioral conditions.
About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Were you planning a wedding this spring or summer that was affected by the mandatory coronavirus stay-at-home orders?
Maybe you were planning on attending a wedding this year but are now unsure of the Bride and Groom's plans?
Or maybe you're not sure what the happy couple plans to do yet, but want to continue with your plans to shower your loved one with a party in their honor but don't exactly know how to go about doing just that?
The Budget Savvy Bride's Jessica Bishop joins us to talk about how the coronavirus has impacted the wedding industry and shares budget-friendly tips if you want to move forward with your big day.
About The Budget Savvy Bride's Jessica Bishop
Jessica Bishop is the creator of The Budget Savvy Bride, the #1 online resource to help couples plan a beautiful wedding on a budget they can actually afford. By sharing practical tips, personal advice, doable DIY projects, and approachable inspiration, The Budget Savvy Bride educates, equips, and empowers couples to plan a wedding they are proud of and that truly represents their values. Jessica has been nationally recognized as a Budget Wedding Expert and has shared her money-saving tips and tricks with outlets such as BRIDES, About.com, Glamour, Cosmopolitan, Huffington Post, and more. Jessica's first book, The Budget-Savvy Wedding Planner & Organizer is available on Amazon.
About The Show
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
For about two months now, the Talk Wealth To Me team has been working remotely as part of the global effort to lessen the transmission of the highly-contagious coronavirus.
With stay-at-home orders still in effect for most of the U.S., many Americans continue to find ways to entertain themselves from within the confines of their home. Others of us are working remotely from home while simultaneously trying to ensure our kids are learning and meeting virtually with their teacher at the correct time. With this increased reliance on internet and electricity, some of us may have been a little surprised to see just how much some of our bills increased recently.
Thankfully, there is help:
- Federal Communications Commission’s “Keep Americans Connected Pledge.” For the next 60 days, these companies promise not to terminate service and will waive late fees caused by the coronavirus pandemic. They are also opening their Wi-Fi hotspots to any Americans who need them.
- Some state and city regulators across the U.S. have started directing utility companies (gas, water, and electric) to suspend shutoffs for customers struggling to pay their bills. Contact your utility company and negotiate relief before your bill is due if you’re experiencing hardship as a result of COVID-19.
What other financial relief options are available to those with a mortgage? Student loans? And what about protections for your credit report?
We'll chat about this and check-in with Felipe, Chase, and Katie to see how it's going for our team at home.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
COVID-19 has dominated the headlines for months now. As we all adapt to our new "normal," many of us may be feeling a little extra stress recently, especially when it comes to our finances.
Marriage and Family Therapist Ed Coambs, MA, MBA, LMFTA, CSAT-C, CFP, who also specializes in financial therapy, joins us to discuss how the Coronavirus has created financial stress for us, where this stress is coming from, health steps we can take to reduce the impact of this financial stress, and more!
Want to learn more about Ed Coambs? Visit his practice website or check out this blog on financial infidelity from DebtWave Credit Counseling.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
As of March 26, 2020, the U.S. Senate has passed legislation that would include a one-time payment of $1,200 to Americans earning less than $75,000. Income levels will be calculated based on 2019 tax filings. If you have not yet filed your taxes, your stimulus check will be dependent on your 2018 tax filing.
Larry Campbell, a CPA at the San Diego-based Lavine, Lofgren, Morris & Engelberg, LLP, joins the Talk Wealth To Me crew for an explanation on the stimulus checks set to go out to American consumers.
How Much Money Should I Expect?
- Americans who earn less than $99,000 but more than $75,000 will be given a smaller one-time payment.
- Individuals earning $99,000 or more will not be given a one-time payment.
- Married couples filing jointly who earn a combined $150,000 or less will be given a $2,400 one-time payment.
- Individuals and couples with children could qualify to receive additional financial assistance.
Some Important Notes & Links:
*To check the status of your stimulus check, please visit the new Get My Payment website from the IRS. You can access that page here. Please note that the website is experiencing a high volume of traffic, please refresh the page or wait a few minutes and check back.
*If you do not file taxes, there’s a direct deposit portal now available for you to input your information so you can receive a stimulus check sooner than later. You can access the portal here.
*As of April 2, the IRS reported that Social Security recipients no longer need to file 2018 or 2019 tax returns in order to receive their COVID-19 stimulus checks.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
In a matter of weeks, the coronavirus oftentimes referred to as COVID-19, has dramatically changed life as we know it around the world. Large hotel chains and restaurants have laid off or furloughed hundreds of thousands of employees. For many small business owners, adjusting to "stay-at-home" mandates has dramatically hurt business and some fear they may never recover.
There is good news however. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion in forgivable loans to help small businesses stay afloat during the COVID-19 crisis.
Larry Campbell, a CPA at the San Diego-based Lavine, Lofgren, Morris & Engelberg, LLP, joins the Talk Wealth To Me crew for an explanation on what exactly the PPP program is, who benefits from it, the conditions on the loans, and more.
WHO QUALIFIES?
- Small businesses with 500 or fewer employees can apply for loans through the Paycheck Protection Program (PPP).
- Small businesses in the hotel and food-service industries, including franchises, may qualify even if they have more than 500 employees.
- One loan is granted per business. A taxpayer identification number is required.
HOW MUCH CAN I GET FROM THE PPP?
- The maximum loan amount is $10 million under the PPP.
- The amount of money a small business will be eligible for is dependent on how long they remained operable between February 15 – June 30, 2020, and how much they spend on payroll.
- The maximum loan amount will be 250% of the average monthly payroll costs during that period.
- Businesses that were not open or out of business after February 15 will receive a maximum loan amount 2.5 times their average monthly payroll expenses for both January and February.
WHAT ELSE SHOULD I KNOW ABOUT THE PPP?
- All loans have a 1% fixed interest rate
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Chase and his family recently purchased a new truck. Despite all of the research Chase put into his new truck, he ran into some difficulties just a few days after buying his new truck. Namely, a sound so jarring, he wasn't comfortable letting his kids ride in the car farther than two blocks.
In this episode, The Talk Wealth To Me group talks about why it's important to research purchases before making them and how that research time could give you some ideas to make your money go further.
So what exactly happened to Chase's new ride? You'll have to listen to the episode to find out!
As coronavirus aka COVID-19 spreads around the globe, many individuals, families, and businesses are struggling to figure out our new world in all the chaos.
Many of us are likely experiencing financial stress. What exactly is financial stress? It's the gap between the unknown and reality smacking us in the face.
While there are many uncertainties remaining, there are steps we can take to lessen the stress of the current unknowns.
Regardless of your current employment situation, review the following three scenarios for your family’s financial situation to determine your financial fuel. Financial fuel is the amount of money you have leftover after paying your expenses/spending.
Make a list of your expenses and consider the following impact to your budget based on the following changes to your pay.
- No change in income
- 30% pay cut
- Furlough/layoffs
For example, if you and your partner took home $3,500 per month in income, but your expenses were also $3,500, this is what your pay changes may look like based on the three scenarios:
- No Change in Income - $0
- 30% pay cut (-$6,300 loss after 6 months)
- Furlough/Layoffs (-$21,000 loss after 6 months)
Keep in mind for every 1 bad month we have financially it takes about 3 months of financial recovery time.
If you have lost your job, are worried your position or industry is not stable, or if you do not have an emergency fund, there are steps you can take to fill the gap.
4 Ways to Fill Gap
- Side Hustle/ Cut Expenses (Want to increase financial fuel by 10-20% if possible)
- Unemployment (varies by state)
- Government checks (dependent on income & government legislation)
- Steady App (App Store - shows by zip code various side hustles)
- Cash in rewards points (credit cards, bill credit, gift cards)
- Sell talent or stuff
- Fiverr
- Upwork
- Cut expenses: Review housing payments, student loan payments, retirement contributions, entertainment/eating out budget
-
Assess savings
- Emergency fund / Savings
- Checking
- Savings
- Vacation Fund
- Down Payment Fund
- Brokerage Account (Acorn, Charles Schwab, TDA)
- Retirement
-
Prioritize Payments (buy yourself time)
- Make a list of:
- Required bills
- Call and ask about COVID-19 policy for every bill.
- Ask about fees/interest
- What programs are available? How long?
- Call and ask about COVID-19 policy for every bill.
- Non-recourse deferments
- Recourse deferments
- Anything else (misc)
- Required bills
- Make a list of:
-
Borrow Debt (lowest/safest)
- If you need to borrow, borrow from a safe lender first
- Payment deferred
- Home equity
- Credit union loans
- 401 k loans
- Credit card
- Avoid:
- Payday loans
- Predatory lending
- Pawnshops
- If you need to borrow, borrow from a safe lender first
Do you struggle with an addiction?
Most of the time when we think about addiction, we think of addictions to hard drugs. But there are many "drugs" with addictive properties that are also legal.
For example:
- Alcohol – for example, wine, beer or liquor
- Amphetamine or similarly acting sympathomimetics – for example, speed or crystal meth
- Benzodiazepines – for example, Xanax, Valium or Klonopin
- Caffeine – for example, coffee, tea or sports drinks
- Cannabis – for example, marijuana, grass or hash
- Inhalants – for example, poppers or aerosols
- Nicotine – for example, cigarettes, cigars or nicotine patches
- Opioids – for example, heroin, morphine or painkillers
- Sedatives, hypnotics or anxiolytics – for example, sleeping pills or downers
But addiction can also be a behavior. The most common behavioral addictions include:
- Computer — for example, internet, video games, social networking sites, cybersex or online gambling
- Eating — for example, overeating, bingeing or purging
- Exercise — for example, weight loss or sports
- Gambling — for example, VLTs, casinos or slot machines
- Gaming — for example, computer games
- Sex — for example, porn, cybersex or multiple partners
- Shopping — for example, spending or stealing
- Work — for example, overwork, money or power
Most addictions have a serious impact on finances. In fact, financial problems are even cited as a possible symptom of addiction for substance dependence and compulsive gambling in the Diagnostic and Statistical Manual (DSM-IV) used to diagnose mental health problems.
So how do we manage our money when we're recovering from an addiction or helping someone else?
18.7 million people in the United States are addicted to or dependent on alcohol. An estimated 3.6 million Americans are addicted to or dependent on a wide range of drugs. Many are addicted to more than one.
Millions more are functionally addicted to things we don't consider drugs, like tobacco, caffeine, and food, as well as to activities such as gambling, shopping, sex, and spending time on the Internet.
Addictions are at an all-time high in the U.S., and as a result, our life expectancy has been reduced.
Financial disaster is also common to all forms of addiction.
Why?
Because more and more money is needed to fund the habit, leaving bills, rent, and mortgages unpaid. Money may be “borrowed” or outright stolen. Credit cards are maxed out, savings accounts are depleted, and getting more of our vice becomes the primary role of our next paycheck.
Think about it: A cheap six-pack of beer can cost $5 while smoking a pack of cigarettes each day costs about $7. If you buy a 6-pack daily, that's about $150 per month or nearly $1,000 after six months! This is not sustainable for anyone.
For many addicts, their "rock bottom" comes when they're evicted, unable to pay rent or are fired from their job for stealing money or office supplies from work. Some lose their vehicles, while others resort to committing crimes or even becoming sex workers just to make ends meet.
On this episode, we'll explore:
- What are some of the ways addiction affects you and your loved ones financially in the short and long-term?
- Can you declare bankruptcy for debts you incurred in order to get your "fix"?
- What about cash? Is there a safer way to give money to someone in recovery?
- And most importantly we'll talk about steps you can take to recover your finances:
- Get back into the workforce
- Create a workable budget
- Open a savings account and add a small amount of money to it each week
- Begin to rebuild your credit score
About Catherine Seeber
Cathy Seeber is a vice president and financial advisor at CAPTRUST. She has worked in the industry since 1998 and her advice has been featured in a variety of national, local and industry media outlets, including the Wall Street Journal, New York Times, Financial Planning, Fox Business and MarketWatch; she is also a guest columnist for Financial Advisor.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
A study from the credit bureau Experian found that 62% of LGBTQ individuals experienced financial challenges because of their sexual orientation or gender identity.
Joining us on the show is David Rae, Certified Financial Planner™, Accredited Investment Fiduciary™, and President / Founder of DRM Wealth Management LLC. David joins us to provide some insight as to what kind of financial challenges members of the LGBTQ persons face compared to the general population, as well as tips on how to better your financial situation regardless of your sexual orientation or gender identity.
According to the 13th LGBTQ Community Survey from San Francisco-based Community Marketing:
- 73% of LGBTQ people eat dinner out at least once a week
- 69% buy wine while out or for use at home
- 77% pay for streaming TV subscriptions
- 52% regularly attend live theater or musicals
- 73% buy facial moisturizer
- 41% have paid for a clothing item worth more than $100 in the past year.
- 86% took at least one vacation or leisure trip in 2019
- one-third took four or more.
- Many LGBTQ community members have shared some excessive spending occurs because they are either hiding who they are or for the first time don't feel they have to hide who they are and want to belong to a community.
On top of the emotional stress, life can also be financially stressful because of job insecurity and the inability to pursue higher incomes.
- LGBTQ persons can be fired for being gay or transgender in more than half of the 50 states.
- Transgender people are more likely to have household incomes of $12,000 or less. In fact, according to the most recent U.S. Transgender survey, 29 percent of respondents are living in poverty, compared with just 12 percent of the general population.
Additionally, members of the LGBTQ Community face financial challenges such as:
-
Pay Gap
- Gay Men earn about 69 cents on the dollar to their straight male peers
- Lesbian Women earn about 89 cents on the dollar to their straight female peers
-
Higher Living Costs
- Areas traditionally more welcoming to LGBTQ persons come with higher price tags. For example, Manhattan and San Francisco are well known for being both LGBT-friendly and budget-unfriendly. Living costs in the respective areas are 195 percent and 118 percent above the national average, according to research firm Sperling's Best Places.
- States with the lowest living costs – West Virginia and Arkansas at 17 percent below the national average and Oklahoma at 16 percent below average – are also among the 20 states that do not have hate crime laws specifically protecting LGBT people.
-
Retirement
- 7 in 10 LGBTQ Americans say they are behind on saving for retirement.
- AIDS Epidemic: Many gay men now in their 60s - 80s didn't save for their retirement or old age because they didn't expect to survive the AIDS epidemic.
Cannabis - commonly referred to as pot, weed, reefer, and ganja - is increasingly becoming legal, not just in the United States, but around the world. Recreational cannabis is already legal in Uruguay and Canada, and in the U.S., more than 25 states have legalized cannabis in the form of recreational, medicinal, hemp, and/or CBD.
Given that cannabis legalization would not only be profitable in itself but has the potential to disrupt other established industries, it comes as no surprise there's been a rush in recent years for investors to get into the cannabis industry on the ground floor.
Grove Group Management CEO and Co-Founder of Kevin Shin joins the Talk Wealth To Me #podcast for a conversation on what it takes to invest in cannabis, what kind of changes we'll see in the cannabis industry when U.S. legalization occurs, and more!
About Kevin Shin
Kevin Shin is the Chief Executive Officer & Co-Founder of Grove Group Management. Kevin has over 17 years of experience in the finance industry serving as a financial consultant at AXA winning multiple sales awards. He also led ChungKing Recording Studios where Russell Simmons and John King worked to bring Rap music into households. Here he restructured the corporation and brought this historic studio - with a roster that included LL Cool J, Michael Jackson and Mariah Carey - back to profitability in three short months.
In 2004, Kevin founded an innovative corporation to house a venture capital company and a commodities trading desk. The venture capital company started at $20M in AUM in year one to $3.8bn in AUM with IRR consistently in the 20’s before his departure in 2017.
Kevin also joined NewOak Capital as a Senior Advisor in 2009 on a limited basis and as a Limited Partner. He has worked with clients like: Tongyang for restructuring their corporation during a financial crisis, Starwood Capital as a capital raiser and senior analyst for proposed deals, and taught Asia structure to multi-billion dollar hedge funds while working in Asia during his tenure at NewOak.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
When Jeremiah and Joshua West went to New York City a few years ago with their parents, these two young entrepreneurs had no idea they were about to have a life-changing experience.
The young brothers, aged 8 and 6 years old at the time, observed a homeless man sitting on the street and decided to offer him some food. Inspired by the positive impact this little deed had on the homeless man's life, Jeremiah and Joshua wrote a book teaching other kids how to give, save, and spend their money wisely. Their idea was to become Champions of Change and motivate others to make a huge impact on the world around them by carrying out little deeds.
Their little sister Jordan was inspired as well and wrote her own book in which Jordan shares the true story of how she organizes and hosts a princess party for nearly 30 homeless and foster girls each year.
In this episode, the West family joins us on the show to share how their little deeds continue to make a huge impact. And how the rest of us can get involved.
About Champions of Change
Champions of Change was established by brothers Jeremiah and Joshua West, two young social entrepreneurs with a mission to empower youth of all ages and cultures to give back. By inspiring other kids to serve as “Change Agents,” the West brothers, along with their little sister Jordan, sought to make an immediate and lasting impact within their communities by soliciting donations, organizing food and clothing drives, and facilitating literacy workshops for less fortunate children.
You can purchase books mentioned during the show on the Champions of Change website or on Amazon here and here.
To connect with Champions of Change, email info@championsofchangeusa.org or call 585-563-4797.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Who taught you how to budget? How to pay taxes? Check your credit score and read a credit report? What about saving for retirement or paying yourself first before paying off any debts or pampering yourself?
If you're like most Americans, the answer is probably no one. If you're lucky, you may have had a parent, a relative or a friend who knew healthier personal finance habits existed and worked with you to implement some of those healthy behaviors. But for most of us, we don't know how to determine if something is a worthy investment, let alone handle the paperwork on our own.
In this episode, we're joined by San Diego Mesa College Business Professor Howard Eskew, who is not only advocating for increased financial literacy programs in higher education - he's walking the walk! Howard joins us to share how he managed to implement a financial literacy course at Mesa College and how he's seen his students thrive after learning how to better handle their money.
About Howard Eskew
Howard Eskew is a Business Professor at San Diego Mesa College. His expertise is in accounting, entrepreneurship, and personal finance. Howard has a strong passion for providing financial education. He drives the financial literacy efforts at Mesa College and created and coordinates the Financial Literacy Speaker Series and Financial Opportunity Clinic. Prior to coming to Mesa College, Howard spent over 25 years in the financial services industry.
He held the position of Executive Vice President / Chief Credit Officer for Columbus First Bank, in Worthington, Ohio for which he was one of the founding members. Howard is a strong partner and tireless advocate for the community. In addition to servicing on the Mesa College Foundation Board, Howard services on advisory boards for San Diego County Economic Education, San Diego Financial Literacy Center, San Diego Workforce Partnership, and the Western Association of Food Chains.
Howard possesses his MBA and a Master’s degree in Accounting. He has been inducted into numerous honor societies and graduated Magna Cum Laude and valedictorian. Howard frequently presents at educational and industry conferences and is a published author. In 2015, Howard received the Outstanding Professor Award at San Diego Mesa College.
To connect with Howard directly, you can email him at HEskew@sdccd.edu or call him at 619-388-5957. To donate to San Diego Mesa College Foundation, click here.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Have you had the "talk" with your parents? No, we're not talking about a reverse 'birds and the bees' conversation - we're talking about finances.
Here's why: A survey from Fidelity Investments found:
- 69 percent of parents expect one of their children will manage their finances in retirement, but more than one-third of children who are expected to fill this role didn't know this.
- 72 percent of parents expect one of their children to be their caregiver if necessary, but 40 percent of children identified as filling this role didn't know this.
- 92 percent of parents expect one of their children to be the executor of their estate when they die, but more than a quarter of kids who are expected to fill this role didn't know this.
Joining us on the show is financial journalist Cameron Huddleston, who recently authored a book on this very topic: Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
Cameron joins us on the show to not only educate the Talk Wealth To Me crew on why it's important to have conversations with your aging parents ASAP on whether they expect you to play an active role in their financial lives or help care for them. Cameron also shares tips on how to bring up this conversation with your siblings and your parents, as well as why it's better to have this conversation with your parents while you can, instead of waiting until it's too late.
About Cameron Huddleston
Cameron Huddleston is an award-winning journalist with more than 17 years of experience writing about personal finance and the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.
To learn more about Cameron, visit her website or connect with her on Twitter.
To access resources Cameron mentions during the show, please visit her website here.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Women endure a slew of disadvantages when it comes to financial security. Though it’s cheekily referred to as the “pink tax”, the additional cost women incur for personal-care products, toys, clothing, dry cleaning, health care, mortgages, and vehicle maintenance is no joking matter. It inflates our budgets, limits our ability to save, and sometimes hinders our ability to access affordable and safe sources of credit.
Based on that semi-intense description of the pink tax, you may think it’s already been made illegal to charge someone more on the basis of their gender. But that’s not true. There’s no federal law prohibiting companies from charging different prices for products that are identical (or very similar), but which are marketed by gender. At least not currently.
Only one U.S. municipality — Miami-Dade County — has banned this practice. California enacted a similar restriction in 1995, but it applies only to the pricing of services. New York City followed in 1998.
On top of the pink tax, women still earn less than their male counterparts. The average woman is paid 82 cents for every $1 her male colleagues earn; the discrepancy is much worse for women of color.
When you’re paying more for basic goods and services from birth until death — just because you’re female — it’s easy to understand why so many women are pushing to “Ax the Pink Tax.”
About Michael Cone, Esq.
Michael Cone, Esq. is a Partner at FisherBroyles, LLP. He is a Customs, International Trade, and Regulatory Compliance Attorney, with more than 20 years of experience in federal regulatory compliance, customs, and international trade law and has been featured in print and broadcast media including the New York Times, NPR, CNN Money, and CBS News.
In 2007, the New York Times featured Mr. Cone's lawsuit challenging gender-based customs duties on its front page.
On March 8, 2016, Mr. Cone launched his website Pink.Tax, which coincided with International Women’s Day. The goal of Pink.Tax is to raise grassroots awareness of how women are disadvantaged by gender-based price discrimination affecting retail consumer goods and services like razors and haircuts, and to fight against this global phenomenon called the "Pink Tax". Its broader secondary goal is to identify, raise awareness about, and fight other gender-based financial discrimination against women (such as lower pay for equal work, known as the "Gender Pay Gap").
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Your credit report has information about your finances and your bill-paying history, so it’s important to make sure it’s accurate. The good news for consumers is that credit reports are free through annualcreditreport.com, and if you find an error, you can work with the credit reporting company to fix it. If you would rather not handle correcting credit report errors on your own, you can always enlist the help of a credit repair servicer.
In this episode, Chase and Felipe sit down with Jory McEachern, financial services and credit repair expert, to discuss the truths and myths of consumer credit and credit repair.
Specifically, Jory sheds some insight for us on what exactly credit repair organizations do to help consumers improve their credit score, as well as steps you should be taking at home to better your credit score.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
Since 2014, the San Diego Financial Literacy Center has awarded more than $75,000 to more than 25 U.S. servicemembers and their families as part of the SDFLC's Boost for Our Heroes program.
For those who may be unfamiliar with the SDFLC, Boost for Our Heroes is a financial assistance and education program that benefits active, transitioning, and veteran military members and their families. The program provides a variety of workshops, outreach efforts, and one-on-one consultations to help men and women who are experiencing financial hardships become financially stable.
Joining us on the show is Al Lejarde, a past recipient of the SDFLC's Boost for Our Heroes award. Al joins us to share how he learned about the financial award, his motivation to apply, and how his family's life has changed since winning the award. Al also shares ways he's helping his fellow service members through his work with nonprofit organizations including Habitat for Humanity, Courage to Call, and Easter Seals.
Boost for Our Heroes
To learn more about the Boost for Our Heroes award visit the SDFLC's Boost for Our Heroes page.
Click here for the Boost for Our Heroes online application.
For more information on the Boost for Our Heroes Golf Classic, please visit this website.
About the Show
Comments, questions or suggestions for the show? Email us at talkwealthpodcast@gmail.com.
To learn more about DebtWave Credit Counseling, visit our website or connect with us on Facebook, Twitter, Instagram, and LinkedIn.
To learn more about the San Diego Financial Literacy Center, visit our website or connect with us on Facebook and Twitter.
