Month: August 2019

2019-08-23T14:45:00

(BPT) – By Carrie Schwab-Pomerantz

As our children head back to school, do you know how much of their classroom time will be devoted to learning about money?

Unfortunately, the answer to this question is generally “not much.” Only 19 states require high school students to take a course in personal finance, so most kids are missing out on this important part of their education.

The good news? As parents, we can introduce our children not only to the practical realities of managing a checking account and sticking to a budget, but also to bigger financial concepts like saving for a goal and investing for the future.

Here are common life experiences I think parents can use to get their kids to pay attention to some important financial concepts.

1) Getting an allowance — Want your kids to make good money choices? Give them some money of their own to manage. An allowance is a good first step. Set expectations right from the start. For example, you may want to tie at least part of their allowance to chores, which can give them a taste of responsibility as well as an understanding of what it’s like to work and be rewarded.

What do you expect your kids to pay for with their own money? Help them come up with a budget to handle their expenses — and don’t bail them out if they fall short. The amount and frequency of an allowance will change as your kids get older, but the main thing is to let them manage and make their own mistakes.

2) Saving for a big purchase — Whether your child wants a bike or a laptop, having a savings goal brings the concepts of trade-offs, delayed gratification and compound interest home. Start by creating a time frame and savings plan for the purchase. Help your child track spending and identify opportunities to save. An online savings calculator can be a great motivator — as can offering to match a portion of your child’s saving. This would also be a good time to help your child open a savings account and become familiar with the concept of compound interest.

As kids get older and their savings goals get loftier — say a car or a big trip — there are other financial lessons that go beyond savings. There’s researching and comparison shopping, possibly financing, and handling associated expenses. That takes not only saving for the purchase, but ongoing budgeting and money management. A monthly budget planner is an excellent tool to help your teen put the numbers together, even if you’re doing it as a joint venture.

3) First job — If you haven’t done so already, now’s the time to help your teen open and manage a checking account and perhaps even a credit or debit card. To reinforce saving, encourage setting up an automatic deposit from a checking to a savings account. Plus, as your teen has more savings, you could suggest opening a brokerage account (custodial if under 18) or even an IRA if they have earned income, and introduce some basic investing concepts. An IRA can be a great way to reinforce the importance of saving for retirement, and a first paycheck is a great introduction to taxes.

4) Going to college — If your kids are college bound, hopefully you’ve involved them in saving toward this major goal. But there’s more to college costs than tuition. Sit down together and talk about living expenses, books, food, transportation, personal care, insurance — all the things they may have taken for granted so far. Be clear on what you’ll pay for and what you expect your college student to cover, then create a budget together.

Make sure your student has a checking account, and knows how to properly use a debit card or a credit card to handle expenses. If you haven’t had the credit card talk yet, now’s the time to get into the details from interest to late fees to credit reports. Be sure to stress the pitfalls of misuse, which could really come back to haunt them later in life.

5) Moving out — Hopefully, the lessons learned so far will help your kids with this major transition, but they probably still need your guidance on the financial realities of living on their own. Understanding how to balance essential expenses and nice-to-haves, car and renters insurance, an emergency fund, staying on top of debt (especially student loans) — if your kids haven’t been interested in these things before, they certainly should be now.

Share your own life lessons

Share your personal financial lessons — where you’ve succeeded and where you’ve failed. Then let them have their own successes and failures. That may be the most effective life lesson of all.

Have a personal finance question? Email askcarrie@schwab.com. Carrie cannot respond to questions directly, but your topic may be considered for a future article. For Schwab account questions and general inquiries, contact Schwab. For more information visit Schwab MoneyWise.

Compliance #: 0819-9LBD

2019-08-22T14:21:00

(BPT) – There’s no doubt that pet owners want the best for their furry friends, including the best pet food to help them grow and fuel a long, healthy life together. But with increased confusion about what’s good, bad and just a fad, it’s no wonder many pet owners may not feel completely confident that the food they are feeding is healthy and safe.

Finding a pet food that will meet all of a pet’s nutritional needs while taking into consideration key factors like his or her life stage, lifestyle, and activity level is critical to health and longevity. Just as critical is having confidence that the people making a pet food are experts in formulating and manufacturing high-quality and safe foods based on proven research and backed by science.

Narrow the field

Before starting a search for the right pet food or evaluating new options in the aisle, consider narrowing in on a few brands and researching the companies that are making the food to better understand their credentials. Visiting a company’s website or calling them directly and asking questions can provide good insight into the standards of quality, care and research that go into the products they make. Getting insight from your pet’s veterinarian will also help you choose companies that he or she trusts and help you identify which specific diets are best for your pet’s nutritional needs.

Here are the 4 things to look for:

1. Formulated by professional nutritionists — Formulating pet food requires expertise and scientists who know how different nutrients work together to meet a pet’s total nutritional needs. It’s important to select a pet food formulated by a dedicated team of nutritionists who understand the physiology of pets and how to fuel their bodies.

2. ‘Whole bowl’ formulation vs. focused on the first few ingredients — Good nutrition for pets is all about nutrients, so focusing on ingredients won’t tell the whole story and can become a distraction for well-meaning pet owners. A nutritionist formulates pet food by creating a comprehensive nutrient profile to provide the pet with every vitamin, mineral and nutrient he needs to thrive and then finding ingredient combinations to meet the profile. Each ingredient plays an important role in the overall diet by delivering key nutrients a pet needs. Some pet owners make the mistake of choosing a pet food recipe based on their own food choices, prioritizing foods with ingredients they eat (or don’t eat). Although often well-intentioned, the simple fact is pets don’t need to eat like their human companions and, instead, benefit from a consistent complete and balanced diet. Finding a pet food brand that is transparent about what each ingredient contributes to a recipe at a nutrient level can help pet owners stay focused on the true nutritional needs of their pets.

3. Validated with feeding trials — One key confirmation of the nutritional value of a pet food is for trained scientists to feed the food and observe how it contributes to a pet’s overall health. Feeding studies help scientists understand how food is digested, metabolized and contributes to the pet’s health, and may be required for a company to make claims about specific nutritional benefits or outcomes. Ultimately, it is in the best interest of pets and pet owners to understand how a pet food performs to confirm it is nutritious and safe.

4. Peer-reviewed, published research — Pet food companies that invest in and employ scientists who are actively conducting and publishing peer-reviewed research add further credibility. These experts may be involved in some of the latest research that will impact pet care in the future to help pets live longer, healthier lives. This also indicates they are tuned into the research coming out of renowned academic institutions and organizations.

Making sure a pet is getting safe, healthy and complete nutrition can feel like an ongoing quest at times, especially when there are more choices and opinions than ever, often from sources leading with trends and lacking scientific expertise. When in doubt, consult your veterinarian to better understand the specific needs of your pet.

2019-08-22T14:59:00

(BPT) – With our busy schedules, it’s easy to forget to make time for sex, which may help with mood and intimacy within a relationship. So, with all these positives, why should women want to give up one of life’s most pleasurable pastimes? Because they’re too tired, not in the mood or too dry to try.

Facts about vaginal dryness:

1. Vaginal dryness can affect women of all ages due to childbirth, menopause, cancer treatment and a host of other issues, which can cause painful sex, irritation, itching, burning and soreness and can worsen over time.
2. Regular intercourse even into the 80s and 90s can help maintain vaginal elasticity and lubrication.
3. Cigarette smoking can lower estrogen levels, contributing to vaginal dryness in peri-menopause.
4. Sex can be made more enjoyable after menopause by treating dryness with a vaginal moisturizer.
5. Allergy medications with antihistamines can dry out mucous membranes, including those in the vaginal wall.
6. While local vaginal estrogen is safe and effective, some women don’t feel comfortable using hormone therapy and seek alternatives or a companion product like Replens.
7. Avoid using vinegar, yogurt, douches, hand lotions, soaps and bubble baths. They will only irritate the sensitive tissue of the vagina and vulva and exacerbate dryness.
8. Sjogren’s syndrome can lead to vaginal dryness.
9. Diuretics like caffeine and alcohol can exacerbate vaginal dryness.

According to clinical studies and published in scientific journals, Replens is considered an effective solution for women suffering from vaginal dryness.

The New England Journal of Medicine published, “In a randomized trial, a polycarbophil-based vaginal moisturizer available over the counter (Replens) provided relief of vaginal (dryness) symptoms that was equivalent to that of vaginal estrogen,” stated the article titled “Management of Menopausal Symptoms,” by Deborah Grady, M.D., M.P.H.

When used twice weekly, the Replens Long-Lasting Vaginal Moisturizer’s unique bioadhesive binds directly to vaginal cells, thickens tissues, increases elasticity and reduces the incidence of vaginal dryness by attaching to dry cells and delivering continuous moisture — hydrating and rejuvenating vaginal tissues for three full days. Replens is fragrance-free and compatible with natural rubber, latex, polyisoprene and polyurethane condoms.

The Replens family of hormone-free products work together to provide a complete solution to vaginal dryness and discomfort. Replens Long-Lasting Vaginal Moisturizer helps relieve internal dryness for up to three days, leaving tissues hydrated by replenishing moisture and rejuvenating dry internal vaginal cells, while Replens Moisture Restore External Comfort Gel addresses vulvar dryness or outside skin. Replens Silky Smooth silicone personal lubricant supplements the body’s natural lubrication when applied just before sex to help ease penetration, decrease discomfort and enhance intimacy.

Lauren Streicher, M.D. in her book, “Sex RX,” concludes, “In spite of claims from dozens of products that call themselves ‘long-acting moisturizers,’ Replens vaginal moisturizer has been proven in scientific studies to actually thicken vaginal walls, increase lubrication and decrease painful intercourse.”

So, with all the simple OTC products and solutions available right at the neighborhood drugstore, make sure you’re not too dry to try. While some women may require a prescription product, first try a good moisturizer and lube regimen and communicate with your partner to reignite that relationship spark.

2019-08-22T10:13:00

(BPT) – Maybe you’re signing the paperwork for a rental car, ready to zip up the West Coast for your end-of-summer vacation, when the agent asks if you’re also going to be adding rental insurance.

You pause. The agent starts talking about liability, and you see dollar signs piling up. You ask yourself: “Do I really need rental car insurance?”

“Whether it comes down to your personal auto coverage or purchasing coverage from the rental company is a personal choice,” says Sean Scaturro, Director of Insurance Advice and Certified Financial Planner practitioner for USAA.

The truth is there is no clear-cut answer when it comes to purchasing insurance for your rental car, so it’s easy to understand why you’re hemming and hawing.

Most personal auto insurance policies have coverage that will transfer to the rental car, so technically, you’re covered while driving the rental. The choice is whether you want to use the rental company coverage for their car so you don’t have to use your own policy.

If your insurance is covering the car, then your deductible comes with it. So if you’re liable for a fender bender while driving a rental car that causes $4,500 of damage, and your deductible is $1,000, you must fork over that amount — all for a car you don’t own.

The coverage offered by the rental car company is generally much more expensive than your personal auto policy coverage, so if you don’t get into any incidents while driving, you may have opted for an unnecessary expense.

“Knowing that your wallet is protected against something that happens when you’re in a rental car is a good feeling,” Scaturro says. “Consider if the value provided by the extra coverage is worth the expense.”

But what about credit cards covering rental car liability?

“Major credit card companies may offer rental car coverage if you use their credit card to rent the car,” Scaturro says. “It is important to understand the coverage limitations and exclusions for how coverage applies, for example, it may cover things like towing, theft or damage to the car but may have limitations on how you are covered for damage that you cause.”

In short, credit cards don’t offer liability coverage while you’re driving the rental. Some do, but most don’t.

“Relying solely on your credit card rental car coverage may not offer adequate liability protection for your financial situation,” Scaturro says.

Planning on renting a car anytime soon? Visit USAA.com/rentalcar for more information.

Sean Scaturro is the Director of Insurance Advice for USAA and a CERTIFIED FINANCIAL PLANNER(TM) practitioner. With more than 15 years of experience in the financial services and insurance industry, Sean has a wealth of knowledge advising clients on risk management, asset allocation, retirement planning, portfolio construction and estate planning.

Alliance services provided through USAA Alliance Services, LLC, which contracts with third parties that are not affiliated with USAA to provide products and services to USAA members and receives compensation on the sale of third party products and services. Third party providers have sole financial responsibility for their products and services.

Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP(R) and CERTIFIED FINANCIAL PLANNER(TM) in the United States, which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.

USAA means United Services Automobile Association and its affiliates. Financial advice provided by USAA Financial Advisors, Inc. (FAI), a registered broker-dealer, USAA Investment Management Company (IMCO), a registered broker-dealer and investment adviser, and for insurance, USAA Financial Planning Services Insurance Agency, Inc. (known as USAA Financial Insurance Agency in California, License # OE36312). Investment products and services offered by IMCO and FAI. Life insurance and annuities provided by USAA Life Insurance Co., San Antonio, TX, and in NY by USAA Life Insurance Co of New York, Highland falls, NY. Other life and health insurance from select companies offered through USAA Life General Agency, Inc. (known in CA (license #0782231) and in NY as USAA Health and Life Insurance Agency). Banking products offered by USAA Federal Savings Bank and USAA Savings Bank, both FDIC insured. Trust services provided by USAA Federal Savings Bank.

2019-08-22T09:30:37

(BPT) – Growing a business requires strategy, persistence and money. Even the most successful business owners occasionally need extra cash to expand their operations. However, getting this funding can be an uphill battle.

That was the case for Kate Lester, owner of Kate Lester Interiors, a luxury design firm based in Southern California. After Lester’s business took off, she set her sights on opening a retail space to attract even more clients.

“When the perfect space became available on the Pacific Coast Highway,” she said, “we didn’t have all that capital in the bank.” After reviewing her finances, she decided to apply for a bank loan. Despite being a longtime customer, and having excellent credit and zero debt, she was denied.

This is a common occurrence for small-business owners across the country. According to a 2018 Fed Small Business Survey, nearly half of small-business owners struggle to get the financing they need to expand and pursue new opportunities.

Small businesses continue to contribute to the economy.

A new report from Oxford Economics shows that:

• Small businesses are responsible for 60% of jobs in industrialized countries
• Yet, in the United States, loans to small businesses make up 0.7% of banks’ balance sheets
• 13% of business owners who applied for a commercial loan of $25,000 to $100,000 from a bank received at least half the money they asked for

Small-business owners are seeking alternatives. After being rejected by her bank, Lester called Funding Circle, an online small-business loans platform that connects business owners who need capital with investors willing to provide it.

“We thought it would be a longer process because of what happened when we went to our bank,” she said.

Online credit providers pride themselves on offering fast, simple financing to small businesses without sacrificing on affordability. For business owners like Lester, maximizing time and resources is crucial.

“Time is something that’s super valuable to me,” she said. “For me to go to a bank, and maybe get one or two points difference in the interest rate, wasn’t worth all the back and forth it would have required.”

Today, Lester’s sales are up 150% after receiving a loan from Funding Circle in 2017. Her story, while remarkable, isn’t exceptional.

Online providers are driving growth and profits for millions of small businesses in the U.S., in turn creating more jobs and boosting the economy. In 2018, businesses borrowing from Funding Circle supported 38,000 jobs and contributed $2.8 billion to the American economy (measured in gross value added).

2019-08-21T13:51:01

(BPT) – As the school year kicks off, parents are seeking meals that keep their children happy and healthy. On top of that, they need dinner options that are quick for their hectic schedules, fit into the budget and go beyond frozen pizza and entrees. Beef delivers on nutrition, simplicity and versatility to please every family member with delicious meals for back-to-school.

Parents can incorporate beef into a variety of meal options: burgers, pot roast, tacos, spaghetti and meatballs, stew and chili. Most beef entrees offer short cook times and require minimal preparation. Frozen ground beef, pre-made patties and meatballs packaged in single servings can all be prepared on the stovetop in less than 30 minutes.

Pre-plan: Pre-planning meals is a lifesaver for families on the go. Consumers can map out daily meal choices based on activities for the week. For busier nights, slow cooking or Instant Pot meals prepared the night before make meal time quick and easy. Plus, creating shopping lists helps you save time at the store.

Make larger batches: Busy families can save time and money by cooking larger batches of meat and making meals ahead of time to freeze a portion for later use. Also, combining a key few ingredients to bulk up your dish stretches your dollars and food further. For example, adding a can of refried, black or chili beans to taco meat creates a heartier, more filling meal.

Add protein: Ground beef is a particularly convenient protein. According to Cargill’s consumer research, when American beef consumers were asked what attributes they associate with ground beef, 80% said it is versatile and can be used in many dishes, 78% said it is quick and easy to prepare and 70% said it is great for everyday eating.

Save time: Options are also increasing for families seeking to save time by purchasing items with some of the prep already done. Cargill reports that value-added proteins, such as seasoned beef patties and pre-cut strips and cubes of beef, are all growing in sales. These time-saving solutions help families enjoy all their activities, as well as satisfying home-cooked meals, together.

In particular, younger consumers find value-added proteins to be a quality value and delicious. Compared to their older counterparts, a significant portion of consumers who are 50 years old or younger said they consider pre-formed hamburger patties to be a good value and taste good.

Preserve nutrition: While convenience and versatility are key factors for family meals, parents don’t want to sacrifice nutrition for speed. Consumers care about protein, but they frequently express confusion about beef’s value as an excellent source of protein. Only 62% of American beef consumers consider ground beef to be high in protein, according to a recent consumer survey conducted by Cargill.

Beef is packed with 18 grams of protein per serving to keep children energized and satisfied during the school year. According to the USDA Dietary Reference, consumers should consume about 0.4 grams of protein per pound of body weight as part of a balanced diet. So, someone who weighs 100 pounds needs 40 grams of protein each day, and beef’s protein content per serving can account for a large part of that daily allowance.

Beef brings more to the table than just protein. Its Omega-3 healthy fats can decrease the risk of heart disease and other chronic diseases, delivering a balanced and cost-effective meal.

As the school year starts and schedules tighten, beef is the reliable choice for families on-the-go. From tacos to burgers to meatballs, meals made with beef will have every family member clamoring for dinner. And beef’s benefits of convenience, nutrition, flavor and affordability saves parents time and money delivering delicious meals while balancing back-to-school.

2019-08-20T10:01:00

(BPT) – As children return to school across the country there is a topic not found in textbooks or traditional coursework that parents, guardians and educators should prioritize: smart cybersecurity practices.

Recent McAfee Labs research found cybercriminals are actively targeting the education sector, with publicly disclosed attacks increasing 50% in Q1 2019. As children increasingly use various devices starting at younger ages both at school and home, smart online practices should be learned early on.

While there is a need for more cybersecurity education, students are not learning about the importance of it in school. In fact, a McAfee survey found only about a third (36%) of American students learn how to keep personal information safe through school resources, instead, 42% report that the news is their best resource for cybersecurity education. This issue continues through college with only 19% of American college students ages 18-25 taking extra steps to protect their school and academic records.

Academic information is a rich resource for personal data, which can lead to identity theft and other criminal activity and these stats demonstrate the importance of educating children sooner rather than later when it comes to cybersecurity to keep them informed and protected.

“It is crucial that students, parents and educational institutions of all levels are more thorough and proactive about protecting what matters to them and students’ futures. It is equally important that we educate students about cyber safety. After all, by the time college rolls around nearly half of students are unaware of the likelihood that they will fall victim to cybercrime in their lifetime,” says Gary Davis, McAfee’s chief consumer security evangelist.

Davis shares smart tips for parents and their children to better protect personal data:

Discuss cyber safety: It starts with education, it’s crucial for families to have an ongoing dialog about cyber safety. Talk to your family about ways to identify phishing scams and what to do if your data was involved in a data breach.

Never reuse passwords: Use unique passwords for each one of your accounts, even if it’s for an account that doesn’t hold a lot of personal information. Use a password manager to simplify your password management needs.

Always set privacy and security settings: Anyone with access to the internet can view your social media if it’s public, so protect your identity and privacy by turning your profiles to private in order to have control over who can see information about you. You should also take the time to understand the various security and privacy settings to see which work best for your lifestyle.

Use the cloud with security mindset: If you plan to store your documents in the cloud, be sure to set up an additional layer of access security to keep your data available and secure. One way of doing this is through two-factor authentication.

Always connect with caution: If you must conduct transactions on a public Wi-Fi connection, especially those financial in nature, use a virtual private network (VPN) to help keep your connection secure and details private.

Invest in security software: An ounce of prevention is worth a pound of cure, so invest in security software like McAfee’s Total Protection that scans for malware and untrusted sites to protect your entire family whether on a computer or digital device like a smartphone or tablet.

Plan a conversation today with your family and discuss the best steps for protecting personal data. With a proactive approach, students can keep personal data secure so they can focus on academics, reaching milestones and making memories.