Category: Brandpoint Business & Finance

2024-08-05T14:01:00

(BPT) – By Irana Wasti, Chief Product Officer at BILL

Businesses, big and small, all need to manage cash flow to survive. Cash is key whether you cover day-to-day costs, pay yourself and your team, send or receive payments, or save for scaling up. So, how do you effectively manage and optimize your cash flow? Exploring different bill payment options could be a winning strategy for your business. But with so many choices out there, it can be hard to know which is the right one for your business.

Here are some tips for how to make the right decision for your business.

Different payment choices for different needs

There are six standard bill payment options: paper checks, credit cards, ACH, wire transfers, virtual cards and real-time payments. Each of these payments has its pros and cons. Ideally, you want to choose multiple business-to-business (B2B) payment options to offer vendors. You also want a flexible payment platform to balance the cost, options and speed of payments. But before we can dive into that, let’s explore the standard payment methods so you can choose which works best for your business.

1. Paper checks

Paper checks are the most traditional and familiar form of payment. Some vendors prefer them because they don’t require the recipient to share banking information. However, paying by check is slow, time-consuming, while also presents a security risk and brings negative impact on the environment. With little to no tracking information and delivery information, your check could be lost in the mail, exposing the sender’s banking information.

While you may not want to rely on paper checks as your main form of payment, you should offer it as an option to clients who are only comfortable paying with checks or for vendors who don’t accept digital payments.

2. Credit card

Want to optimize your cash flow? You can do so by paying with credit cards so you can defer payments to your next credit cycle. Credit cards are also fast, with funds typically settled in one business day. You can also collect points, miles and cash rebates while paying your vendors.

Paying with credit cards does have its drawbacks. Transaction fees can rack up quickly and be charged to your business or the vendor. Also, some vendors don’t accept credit cards as a valid form of payment.

3. ACH

The Automated Clearing House (ACH) network is a secure system for bank-to-bank transfers of digital payments. ACH is faster, involves less manual labor than paper checks and has lower processing fees than credit card payments.

Keep in mind that not all vendors accept ACH, and few banks support international ACH. Also, you’ll need to be mindful of cutoff times for same- and next-day payments, which vary by provider, and same-day transfer limits.

4. International wire transfer

An international wire transfer allows a payer to send electronic payments to a payee in a different country. While wire transfers take 1-5 business days to process, it’s a secure and easy way to pay international vendors. Another advantage of this payment method is that you can let your vendor choose which currency they want to be paid in (either in their local currency or in U.S. dollars (USD)).

The main downside to international wire is the cost, which may add up to $60 per transaction if using a bank wire (intermediary banks often add lifting fees), and it also requires the recipient to provide banking account information to the payer.

5. Virtual card

Never heard of a virtual card? It’s pretty simple. Your vendors will receive a 16-digit, one-time-use credit card token as a proxy for a physical credit card with a persistent number. Virtual cards are typically distributed to the vendor through email with invoice information.

Because a virtual card can only be used once and specifies the payment amount and expiration date, it can reduce the risk of fraud or unauthorized transactions. It’s also easy to track. It’s important to note that not all vendors accept virtual card payments, and their payment processors may apply processing fees.

6. Real-time payments

As your business scales, your company will need to make fast or instantaneous payments. Real-time payments (RTP) let you transfer real-time credit between financial institutions within seconds, 24/7, 365, with typically low fees.

Find a tech partner that gives you choice

As your business scales, having multiple payment choices is crucial. To do so, you’ll need a tech partner that provides an integrated payments platform that provides end-to-end transparency, visibility and the flexibility to give you different payment choices.

As a category leader, BILL, a leading financial operations platform for small and midsize businesses (SMBs), understands the importance of giving businesses choice when it comes to payments. When looking for a payment partner, here are some of the most important tools and capabilities you’ll need:

• A single, integrated platform that allows you to quickly track the status of domestic and international payments
• Different choices like same-day and next-day payments. You can also defer payments using credit cards.
• Low- or no-cost options.
• Seamless syncing with your accounting software, reducing manual data entry, eliminating human error and increasing company productivity.
• The ability to make secure digital payments, lowering the risks of check fraud and paper check theft.

Choosing BILL as its financial tech partner has positively impacted Marine Layer, a retail clothing chain. Kelly Ransom, Financial Accountant at Marine Layer, credits BILL with helping them manage their cash flow and making the finance accounting team more efficient. Ransom says BILL’s homepage shows all the bills scheduled for the next seven days and 30 days. “That really helps the accounting team plan ahead.”

Taking advantage of BILL’s various payment options also saves time and reduces the risk of human error. “If I had to process invoices manually, just trying to cut checks or send out wires every day would probably take up my entire day. BILL really cuts down on any sort of manual errors that might happen if we had to cut checks or do wires every day,” Ransom explains.

BILL offers all of this and more to SMBs. Not only can you use BILL’s eight different payment modalities, but you can also benefit from BILL’s payment innovations and offerings, such as:

• Paper checks: BILL paper checks are great for vendors that don’t accept digital payments. They help reduce risk of fraud as users’ bank information is not exposed.
• ACH payments: ACH via BILL is more secure than paying via a bank’s ACH.
• International wire transfers: BILL international payments can be sent from the U.S. to 137 countries and 106 currencies. BILL offers a $0 wire transfer fee and competitive exchange rates when paying in local currency. Plus, you avoid lifting fees from intermediary banks.
• Credit cards: BILL credit card payments are quick, allowing you to optimize your cash flow through deferred payments, earn rewards and more.
• Virtual cards: BILL’s one-time-use credit card tokens are perfect for businesses that want a fast, secure, cost-effective payment solution.
• Real-time payments: RTP is best for businesses that need to make urgent/time-sensitive payments or have receivers who need early access to funds. BILL RTPs can be processed 24/7, 365 days a year, including holidays and weekends.

“As a small business owner, BILL has helped me scale tremendously,” said Sade Jennings, Owner and Operator of MFABI, a U.S. company that provides logistics and fulfillment consulting. “Before BILL, I used to spend three to four hours at the bank just to send deposits to my vendors overseas. Since using BILL, I can cut down that time and seamlessly pay my vendors, who are mostly based in China, India, and South America. This has truly changed our business, improved the speed of our payment processes and allowed me to manage our cash flow efficiently. I don’t know where my business would have been without BILL.”

Are you ready to take your business to the next level? At BILL, we’re dedicated to helping businesses get more control, visibility and efficiency in their financial operations. Automating financial operations can be a game-changer for your business, saving valuable team time on inefficient manual processes and enabling you to focus on high-value strategic business needs instead. To find out more, visit Bill.com/Signup to start your risk-free trial.

2024-07-31T08:01:00

(BPT) – Planning a getaway? It’s a great time to relax, unwind and enjoy! But, you may be wondering whether to wear your jewelry, like your engagement ring or other valuable pieces, or leave them behind at home.

For an active, sporty vacation, like hiking in the Rockies, you may prefer to leave your precious jewelry safe and sound at home. But, if you’re attending a destination wedding or jetting off to New York, you’ll want to wear the jewelry you love, right? The question then becomes, how do you travel safely with it? Whether you’re wearing your jewelry or buying it while you’re there, your pieces need to be protected.

Insurance is a big part of the answer. A recent study by Jewelers Mutual found that only 40% of travelers insure their jewelry, and almost half of those rely on their homeowners’ policies to get the job done. Does your homeowner policy cover your jewelry when you’re on vacation? Some don’t. Make sure to find out if yours does, before you go. The last thing you want, after losing your engagement ring on the beach in Cozumel, is to find that loss is not covered.

“Your jewelry is more than metal and stone. It’s your story,” said Howard Stone, Vice President of Global Risk Services and Analytics at Jewelers Mutual. “It’s part of you. Wear and enjoy your treasured pieces while you’re on vacation. But doing it safely is the key.”

Here are five tips for traveling safely with your jewelry.

Get jewelry insurance. This needs to be your first step. Jewelers Mutual, the only insurer with more than a century of expertise dedicated to protecting jewelry, gives you confidence that, if your jewelry is lost, stolen or damaged, they’ll work with your jeweler of choice to get it repaired or replaced. It’s your peace of mind when wearing the beautiful pieces you love.

Document your jewelry before you go. Make a visual and written inventory of all the jewelry you’re taking with you. If it is lost or stolen, this kind of proof of ownership is key. (You should do this anyway, even if you’re not traveling.)

Don’t wear it on the beach or in the pool. Any water activities with your engagement ring or other precious jewelry should be avoided. Water, and even applying suntan lotion, can make it easier for your ring to slip off. It can also loosen prongs or clasps, which can cause your stones or pieces to fall off.

Keep your jewelry safe in your hotel room. Storing your valuables in the hotel safe is a much better choice than leaving them on the bedside table. Other choices include locking jewelry in your luggage or asking the hotel if they have a safe behind the desk for patrons to use. Whatever you do, document it all with photos on your smartphone.

Conceal, don’t reveal. If you’re walking through an area of town you’re not familiar with or could be dangerous, don’t flash your ring or otherwise advertise it. It’s also important to minimize advertising the presence of expensive jewelry on your vacation by limiting what you post on social media.

By following these simple tips, you can travel in confidence with the pieces that mean the most to you.

2024-07-31T07:01:00

(BPT) – Are you planning to hit the road for a memorable family adventure this summer? While road trips can inspire excitement and spontaneity, they also require planning — especially when it comes to finances. And finances can add unexpected bumps to your otherwise smooth road.

A recent Experian survey found that nearly 3 in 4 consumers (71%) feel inflation has impacted their road trip budgets this year. Consumers are concerned about the cost associated with trips, with nearly half (42%) approaching summer road trips with frugality in mind. The majority believe gas, accommodations and food will be their biggest expenses.

Whether you’re planning your own road trip this summer or looking ahead for a future excursion, taking steps now can pay dividends down the road.

“Road trips are a quintessential summer experience, but costs add up quickly,” said Rod Griffin, senior director of Public Education and Advocacy for Experian. “By taking proactive steps, you can save money and stay within your budget so you don’t come home to a financial headache.”

Before packing up the car for your next vacation, here are things you can do to safeguard your finances.

Expect the unexpected

No matter how much planning you do, you might hit a bump in the road during your vacation. Whether you encounter car trouble, miss a reservation or experience a weather delay, unexpected expenses may occur. Make sure you create a budget and account for surprises so they don’t sideline your finances.

Shop around for a new auto insurance policy

One major car expense is your insurance premium. If you’re unsure whether you have a good rate for your current policy, there’s an easy way to find out. With a free Experian membership, you can access Experian’s free insurance marketplace to comparison shop and potentially find a better rate on your auto insurance policy — and save on average over $800 per year.^*

This Experian service delivers multiple tailored rates from up to 40 top providers, so you can quickly find and purchase the auto insurance coverage plan that meets your needs, while helping you save money in time for your next trip.

2024-07-29T12:13:00

(BPT) – The way we pay is continuously evolving — from cash as king, to the dominance of credit cards, and now the contactless revolution. These payments developments mean business owners must have a comprehensive payments platform that allows customers to pay any way they want and gives the business owner a seamless, easy way to manage back-end tasks.

Intuit QuickBooks Payments helps solve the end-to-end payments needs for businesses, and unlocks three key benefits that any business owner should look for when choosing a payments solution.

1. Provide flexibility to your customers with a variety of payment methods

With so many payment options available today, it’s important your business allows customers to use their preferred method. This includes more traditional options for in-person, live or digital payments — cash, credit or debit card — but also newer options like contactless payments through a smartphone or widely popular payment apps, such as PayPal or Venmo. Accepting various forms of payment ensures your customers have fewer hurdles in their path to purchase, ultimately helping drive additional sales for you.

2. Get paid faster and help close the cash flow gap

Cash flow is one of the greatest pain points for a business owner. As you make sales, it can take time for the money to actually arrive into your business bank account, which can impact cash flow. With instant deposit, eligible businesses using QuickBooks Payments can receive payments from customers in as little as 30 minutes and when banks are closed, helping close the crucial gap between the sale and when you see the funds in your account. Unlocking these funds faster can allow the business to grow in a variety of ways, including investing in new equipment or marketing opportunities, purchasing additional inventory, and more. Other payment features include pay-enabled invoices that can help ensure customers are able to easily and quickly pay in just a few clicks when they receive an emailed invoice, as well as recurring invoices that automate billing for you and allow your customers to set up autopay, providing convenience for everyone.

3. Free up time when payments is integrated with other financial tools

Managing your finances as a business owner extends well beyond accepting payments. That’s why it’s important to use a payments solution that integrates seamlessly with your other financial tools. This saves time toggling between different platforms and can unlock automation features that will eliminate work for you. For example, QuickBooks offers an autoreconciliation feature, which works within your books to match deposits to payments with high confidence in accuracy, helps ensure books are up-to-date come tax time, and frees up time to focus on other areas of the business. It’s also important to look for a payments solution that works the way you do — whether it’s web-based when running your business in an office, via a mobile app if you’re on the go, or even better — one that offers both!

To learn more about QuickBooks Payments and the robust capabilities it offers today’s business owners, visit here.

2024-07-24T07:01:00

(BPT) – This summer, people are traveling and spending more money than ever. According to the Mastercard Economics Institute’s Travel Trends 2024 report, an annual industry deep dive across 74 markets, there are a few key trends:

• American wanderlust: A record-breaking 15.9 million Americans jetted off internationally in the first quarter of 2024 alone. For example, Japan welcomed over 3 million passenger arrivals in March 2024.
• Global spending spree: The cruise and airline industries are experiencing a windfall, with nine out of the last 10 record-setting spending days occurring in 2024.
• Taking much-deserved PTO: Tourists are savoring their getaways, extending their stays by an average of one extra day compared to pre-pandemic times. This trend is particularly strong for budget-friendly destinations.

But there are some individuals who never take a vacation: scammers. While people are spending, they’re waiting to pounce! As you plan your next trip abroad, follow these safety tips to protect your money before you go and while you’re away.

Booking your travel

1. Book on reputable websites

• When booking your flights, hotels or experiences abroad, only interact with reputable, established vendors.
• Before you snag yourself a deal, read the reviews and examine a site to ensure it is secure.
• Make sure the company you are buying from has a phone number or physical mailing address that you can verify before you buy.

2. Use your own device and secure Wi-Fi networks

• Never shop on a device you don’t own.
• Make online purchases on your personal device where you have more control.
• Keep your devices’ operating systems up to date. Those updates contain critical security updates that protect you from vulnerabilities.
• Don’t shop or access your financial accounts through public Wi-Fi networks, such as coffee shops or airports. The same applies while you are traveling.
• Keep in mind your information and financial accounts may be at risk if you use an unsecured network. Use your mobile data or better yet, wait until you can use your home network.

3. Know your rights

• Check what travel benefits and insurance you have in place for your booking and while you are abroad, via your bank or your credit card provider.
• Familiarize yourself with the chargeback process. This can help prepare you for when you find yourself in a tricky situation like fraudulent or unauthorized charges on your account, damaged or defective goods or incorrect charges.

Before you go

4. Protect your tech

• Leverage Multi-Factor Authentication, which combines a unique passcode (that isn’t your address, birthday or phone number) and biometrics (such as face or fingerprint) to protect your online accounts, mobile phone and digital wallets.
• With Multi-Factor Authentication, if one factor (like your username/password) is compromised, fraudsters won’t be able to meet the second authentication requirement (like a biometric or text code), ultimately stopping them from gaining access to your accounts.
• Check your bank’s website for advice on travel and how to keep them informed of your plans.
• Use a plug to charge your devices. USB and USB-Type C cables can transfer data, which could occur when you plug the cable in to a public USB/USB-Type C input. Using a traditional plug removes the risk of data transfer, charging your device in a secure way.

5. Back up to the cloud and carry hard copies

• Set your phone or device so that data is backed up to the cloud.
• If you lose your device, you will still be able to access your travel documentation.
• As an extra precaution, carry hard copies of all your travel documents.

6. Know your card’s PIN and check contactless limits

• The PIN assigned to your card is required at ATMs and at some terminals abroad.
• Different countries also have limits on how much you can spend per contactless transaction.
• Knowing your credit card and daily debit card limits and PINs can help make travel easier.

7. Set up account alerts

• Setting up alerts can help you monitor your accounts easily and quickly identify transactions that you don’t recognize.
• Should you suspect fraudulent activity, contact the financial institution that issued your card immediately.

While you’re traveling

8. Have multiple payment options

• Keep an alternate form of payment in a different bag in case your wallet is lost or stolen.
• Add your eligible debit and credit cards to a digital wallet so you can pay with your mobile device wherever digital payments are accepted in stores, online and in apps.

9. Don’t overshare

• Avoid posting your location in real time or your travel agenda on social media.
• Sharing these details allows potential thieves to keep track of where you are, making it easier for them to time a crime.
• The same goes for your email out of office — be careful what personal details you share, as it could prove useful to fraudsters.

10. Report your lost card quickly

• If your debit or credit card is lost or stolen while traveling, report it to your bank right away.
• If you previously added your card to a digital wallet and you are still in possession of your device, your card issuer may be able to update your digital wallet with your new card information so that you can continue using it while you wait for your new card to arrive.

Following these travel tips can help ensure a safe holiday. Help is just a phone call away. Just dial the number on the back of your card or visit your issuer’s website.

For more information about Mastercard’s security benefits, visit Mastercard.US/EN-US/Get-Support/Safety-Security.html.

2024-07-23T07:01:00

(BPT) – Saving for the future is a top financial priority for most people. If you have children, then saving for their college education may also be an important goal for you. Or, you may want to pursue an advanced degree yourself.

Putting away money to afford both retirement and higher education can be quite expensive. Many families face the challenge of balancing retirement and college savings.

Fortunately, you don’t have to make a choice between them. There are several smart strategies that can help you strike the right balance.

Start saving money early. The earlier you begin saving for both retirement and college, the easier it will feel to reach your goals.

Set clear savings priorities. Determine how much you can comfortably save for each goal. Your retirement generally should take precedence over savings for education expenses. Remember: Loans are available for college but not for retirement.

Make use of tax-advantaged accounts. Maximize contributions to qualified retirement accounts such as 401(k)s and IRAs. For education expenses, consider 529 plans or other college savings accounts, which can offer tax benefits in some states.

Automate regular savings deposits. Set up automatic contributions to both retirement and college savings accounts. You could set up direct deposits or 401(k)/TSP contributions from your paycheck, or automatic account transfers, to make the process of saving easy and painless. This ensures consistency and discipline in your savings strategy.

Adjust your contributions over time. As your financial situation evolves, revisit your savings plans. You might decide to change how much money you’re setting aside. Windfalls, pay raises or savings from reducing expenses can be opportunities to save more money toward your goals.

Involve others in education savings. Teach your children about the value of money by involving them in the college savings process. Encourage them to contribute a percentage of their part-time earnings or gift money to their accounts. This can help them appreciate what it takes to go to college. Additionally, let family members know you’ve set up a 529 plan and encourage them to contribute to it.

Explore financial assistance options. Look into scholarship opportunities, grants and financial aid options to reduce college costs. On the retirement side, see if your employer offers a matching contribution for qualified retirement accounts. An employer match can give a significant boost to your retirement savings.

By carefully planning, setting priorities and using tax-advantaged savings accounts, you can set aside money for your retirement and college education goals. And be sure to check out how Navy Federal Credit Union can help, with options to save for retirement and college.

Navy Federal is federally insured by NCUA.

2024-07-23T08:01:00

(BPT) – Although artificial intelligence (AI) and machine learning (ML) are groundbreaking technologies providing benefits to companies and consumers, they’ve also ushered in a new era of sophisticated tools that facilitate fraud. As businesses fight to keep up, they’re learning it’s often necessary to use those same AI and ML capabilities to defend against fraudsters.

The perceived risks from AI have increased fear and mistrust for the public, who rely on companies to safeguard them from fraud. In the 2024 Trust Index released by Telesign, nearly all Americans (87%) said they believe the companies they engage with are responsible for protecting their digital privacy, highlighting how vital digital trust is in today’s business environment. It also means that people are vulnerable if companies they engage with online don’t provide effective digital fraud protection.

AI and mistrust

With deepfakes, voice clones and increased language capabilities at their fingertips, today’s fraudsters can more easily fool many systems and customers. Telesign’s Trust Index revealed many Americans have strong concerns about the use of AI for a variety of purposes, from commercial fraud to election misinformation.

While consumers appreciate the idea of using AI for good, such as fighting misinformation, there’s a gap in their understanding of how online services they use daily employ this technology to protect them from fraud. In the Trust Index, 44% of respondents said they think AI and ML make no difference in their susceptibility to digital fraud, with only 34% being more likely to trust a company that uses AI/ML to protect them from fraud attacks.

In reality, Forbes Advisor reports that 51% of businesses use AI to help with cybersecurity and fraud management. In the near future, every business may need to fight AI with AI.

Here’s how criminals have been upping their fraud game using AI:

Phishing and social engineering

Gone are the obvious grammar errors of pre-AI phishing. Generative AI helps fraudsters easily correct mistakes, resulting in more convincing, harder-to-spot phishing attempts — which they can use to steal credentials, hijack accounts, infiltrate companies and lift customer data. Data from the year following ChatGPT’s launch showed a 1,265% increase in malicious phishing messages and a 967% increase in credential phishing.

It’s crucial for businesses to use advanced AI technology to detect signs of phishing and stop them in their tracks.

Fake accounts

The proliferation of fake accounts poses a significant threat to companies operating online. Individuals infiltrate online communities by creating fake accounts, wreaking havoc among legitimate users and tarnishing brand reputations.

A growing challenge closely associated with fake accounts is the emergence of deepfakes and voice clones. While technology firms are making strides in identifying, labeling and removing AI-generated images and videos from the digital landscape, not enough attention is paid to how the content is distributed — primarily via fake accounts and social media.

Businesses can help stop the spread of fake accounts by improving their identity verification processes to raise the bar in proving that all users are real.

How businesses can verify digital identities

Multi-factor authentication (MFA) is an effective method companies need to use to its fullest to help protect and verify customer identities. To ensure MFA is employed correctly and consistently, training employees throughout entire enterprises about social engineering and phishing risks is crucial.

One way to ensure companies activate all the latest technologies to safeguard themselves and their customers is by partnering with digital identity leader Telesign, which provides Continuous Trust™ to global enterprises by connecting, protecting and defending their digital identities. The company’s powerful machine learning and extensive data science deliver identity risk recommendations to provide fraud protection, secure communications and enable the digital economy by helping companies and customers engage with confidence.

Telesign’s new Verify API is a simple, powerful tool for secure authentication to safeguard financial transactions, verify unknown users and prevent fraudulent activity. As traditional reliance on SMS for multi-factor authentication is becoming a vulnerability, Verify API provides a versatile authentication platform enabling businesses to seamlessly verify user identities across 7 channels: Silent Verify, Push Verify, SMS, WhatsApp, Viber, RCS and email. With a single integration, Verify API helps businesses effortlessly scale new authentication channels.

Multichannel authentication capability allows businesses to choose channels that work best for their customers, improving the customer experience and broadening their ability to authenticate customers globally — with fallback capabilities in case one preferred channel is unresponsive.

Best yet, Verify API facilitates fraud protection across the customer journey, safeguarding customer accounts by authenticating every interaction and defending against suspicious behavior. With verified sender IDs (across WhatsApp, RCS and Viber), businesses can work to prevent social engineering and phishing attacks at scale, delivering more protection and enhancing user experience — offering a win-win for businesses and their customers.

Download the full 2024 Trust Index or visit Telesign.com to learn more about solutions to protect consumers from digital fraud.

2024-07-17T14:01:00

(BPT) – Cooperman Barnabas Medical Center (CBMC), an RWJBarnabas Health facility, has received a visionary gift of $30 million from Andrea and Anthony Melchiorre to support the new multidisciplinary standalone cancer center now under construction on the hospital campus in Livingston, New Jersey. The Melchiorre Cancer Center at Cooperman Barnabas Medical Center will open in 2025.

Over the past 12 years, the Melchiorre family has been extremely generous to the hospital, supporting numerous programs, including the Cooperman Family Pavilion, Radiation Oncology, and the Emergency Department. The family’s most recent commitment brings their total giving to the hospital to nearly $50 million and supports the new $225 million, five-story, 137,000-square-foot cancer center.

“Like countless families, we have been personally touched by cancer,” stated Andrea and Anthony Melchiorre. “We know that this new cancer center, which will bring together the region’s top oncologists with best-in-class services in one dedicated setting, will bring renewed hope to people in New Jersey and throughout the region.”

“We are incredibly grateful to the Melchiorre family for this profoundly generous gift, as well as for their unwavering service to CBMC and RWJBarnabas Health. Through their investment, we are expanding access to cancer care across New Jersey,” said Mark E. Manigan, President and Chief Executive Officer of RWJBarnabas Health.

Bruce Schonbraun, Chair of the Board of Trustees at CBMC, added, “As a member of the Board of Trustees since 2017, Andrea has embodied visionary leadership and support and has helped build CBMC into a true regional and national destination for world-class cancer care. I join the board, leadership, medical staff, and the entire organization in conveying our unending gratitude to Andrea and Anthony.”

“When this new center opens in December 2025, it will serve as the northern hub for RWJBarnabas Health’s oncology services,” said Richard L. Davis, President and Chief Executive Officer of CBMC. “Thanks to donors like the Melchiorres, patients will have access to a full array of medical, surgical, and radiation oncology services under one roof.”

Building on their longstanding partnership, RWJBarnabas Health and Rutgers Cancer Institute, the state’s only National Cancer Institute-designated Comprehensive Cancer Center, are making transformative statewide investments to reimagine cancer care. The Melchiorre Cancer Center along with the Vogel Medical Campus in Monmouth County and the Jack and Sheryl Morris Cancer Center in New Brunswick, which will be New Jersey’s first freestanding cancer hospital, will bring together nationally recognized physicians and provide the most advanced cancer treatments and compassionate care for the communities we serve.

“RWJBarnabas Health and Rutgers Cancer Institute have created an integrated world-class network of comprehensive cancer research and care, bringing new state-of-the-art facilities such as the Melchiorre Cancer Center, close to home for patients,” stated Steven K. Libutti, MD, Director of Rutgers Cancer Institute and Senior Vice President, Oncology Services, RWJBarnabas Health. “We are extremely grateful to supporters like the Melchiorre family who are helping us transform the face of cancer, together.”

“Expanded capabilities and facilities are made possible in part thanks to growing philanthropic investments being made to the health system,” said Glenn Miller, Executive Vice President and Chief Development Officer for RWJBarnabas Health. “People want to support our mission — and they want to fight cancer. This gift from Andrea and Anthony is the fifth historic gift that we have received in the last few years. We are humbled by these visionary investments that inspire donors at all levels.”

To learn more, go to rwjbh.org/cbmccancercenter.

Pictured at the signing ceremony: (l-r) Richard L. Davis, President and CEO, Cooperman Barnabas Medical Center, Bruce Schonbraun, Chair, Board of Trustees, Cooperman Barnabas Medical Center, Anthony and Andrea Melchiorre, Mark E. Manigan, President and Chief Executive Officer, RWJBarnabas Health.

2024-07-10T13:21:00

(BPT) – Can your dog help you save? New Empower research shows that Americans associate pet ownership with positive money habits, with 39% of people saying it inspires them to be more financially responsible, and 36% saying it motivates them to reach their financial goals.

Key takeaways

• More than a third of Americans (35%) say their pets motivate them to work harder and seek higher pay.
• Over half of Americans (57%) include their pets’ needs in long-term financial planning.
• 31% of Gen Zers (28% overall) would take a pay cut for a job with flexible hours so they could spend more time with their pet; 34% of Millennials (30% overall) would turn down a higher paying job to spend more time with their animal companions.
• 41% say they’d be more likely to return to the office if they could bring their pet to work; 26% say their dream job would offer pawternity leave (time off for getting a new pet).
• 1 in 5 Gen Zers have a dedicated savings account for their pet’s needs.

The pet effect

The majority of pet owners (94%) consider their four-legged friends part of the family, and more than half (57%) include their pets’ needs in long-term financial planning. Nearly 2 in 5 (39%) report becoming more financially responsible due to owning a pet. Close to a third (31%) saved up for pet expenses before getting one.

About 7 in 10 pet owners want to spoil their animal companions (71%), while almost a third buy things for their pets when they feel guilty about not spending enough time with them (32%). Income may also play a role in pet spending: 42% say the more money they make, the more they splurge on their pets.

What would you do if your pet suddenly needed a trip to the vet? Over three-quarters of Americans (77%) would tap into their savings or emergency fund to pay for an unexpected medical expense. Enrolling in pet insurance is one way to be prepared.

Sit. Stay. Spend.

Americans spent an average of $1,355 on their pets in the past year, and nearly 1 in 5 (19%) plan to spend more in 2024. On average, they spend $1,200 on food and $828 on vet bills each year. As for birthday and holiday pet gifts, Americans say they spend an average of $24 on those occasions.

Dog owners spend an average of 14% more on their pets than cat owners. But what about spending on pets versus people?

One in 3 (33%) pet owners say they buy more things for their pets than themselves, and over 2 in 5 (42%) spent more on their pets than on their closest friends. Some (16%) spent more on their pets than their significant other.

Paws and paychecks

More than a third of Americans (35%) say their pets motivate them to work harder and seek higher pay. For some, time is money: 34% of Millennials would decline a higher-paying job if it meant more time away from their pets (30% overall). Another 31% of Gen Zers (28% overall) would consider a pay cut in exchange for a job that offers flexible hours so they can spend more time with their pets.

People’s love for their pets often extends into their workplace preferences, with 41% of pet owners being more likely to return to the office if allowed to bring their pets.

Access the full report on The Currency™.

Methodology: This study is based on online responses from 1,000 pet owners in American commissioned by Empower from April 11-12, 2024.

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2024-07-10T10:53:00

(BPT) – Paying for college, buying a home, entering retirement — these are all significant life events, and they all come at a significant price. But they also come with fair warning. Generally, these types of expenditures are anticipated, often many years in advance, which means they can be planned for and pursued steadily over time.

Everyone has unique circumstances, and the path to achieving a common goal will be unique as well. That said, individuals and families who share a commitment to becoming financially literate and adopting tried-and-true savings strategies tend to have a better chance at achieving big-ticket dreams.

Build a budget

The first step to building savings is to build a budget. This activity involves determining how much money comes in each month and how much goes to necessary expenses, such as housing, food, utilities, transportation, insurance and subscriptions (which can add up quickly and drag on expenses).

The goal is for people to live within their means. Ideally, the budget will also have room for wants and savings, both for an emergency fund and for any other spending goals.

Save automatically

With online banking, individuals can set up automatic payments to cover their bills on time, avoiding costly late fees, and coordinate regular transfers to dedicated interest-bearing savings accounts. By timing these transfers monthly, such as on pay day, the money is moved aside before getting spent.

Additionally, workplace retirement plans are one of the easiest ways to save for the golden years. Contributions are automatic and made with pre-tax dollars, so participants fund their future while lowering their present income tax bill. Many employer-sponsored plans also offer after-tax (ROTH) contribution options. This option has the potential to lower tax bills during retirement since qualified distributions will be tax free.

Don’t leave money on the table

To encourage employees to save, employers often match a portion of contributions to a workplace retirement plan. For example, a company may offer a dollar-for-dollar match up to 6% of salary; a participating employee saving 6% of their pay would receive another 6% from their employer, getting 12% of their salary set aside every month.

Savings can build much faster with an employer’s help, and organizations today are offering a variety of other benefits to help their workers save. Taking full advantage of benefits packages can enable employees to save on healthcare, childcare, commuting and even student loan payments, as well as for retirement.

Start early

For any spending target, from short-term plans like a vacation to long-term plans like a child’s college education, the key is to start saving as soon as the idea germinates. If funds are in an interest-bearing account, they can benefit from interest as it compounds over time, adding to direct contributions.

For goals that are further out, investment accounts may offer greater growth potential. Some college savings plans offer age-based investment options, which automatically become more conservative to protect an account’s value as a child nears their college years. With any investment, it is critical to understand the associated risks before moving forward.

Tap the experts

Managing finances and planning for major savings goals can be challenging, especially when the cost of living has been elevated in recent periods. Some additional perspective and guidance may be helpful, and one place to start is at a community bank.

First Interstate Wealth Management, for instance, has advisors who can help clients access a number of financial calculators and resources to help develop a savings plan, as well as provide information about accounts that may be suitable. With the right tools and support, dreams can become a reality.