Category: Brandpoint Business & Finance

2021-04-29T11:01:00

(BPT) – Sponsored by Office Depot

In the last year, more than 2.3 million women have left the workforce, bringing their labor participation rate to levels not seen in over three decades, according to the National Women’s Law Center.

Seeing unemployment rates skyrocket and mental health hit record lows, Brit + Co co-founders Brit Morin and Anjelika Temple created Selfmade, a 10-week virtual startup school for women to help start or grow their own business.

To help drive educational change, founding Selfmade sponsor Office Depot is enabling sponsorships for women to attend the course for free, focusing on women of color, women from underserved and underrepresented communities and in need of support to help them trailblaze.

“Office Depot’s commitment to empowering education, championing entrepreneurship, and strengthening local communities makes the company a natural fit to team up with Brit + Co for this innovative and empowering virtual startup course to help female entrepreneurs start and grow their business,” said Morin.

Hear from some of the Selfmade alumni and advice they have for female entrepreneurs on the brink of starting their own business:

Justine Pon, The Ponnery

Lesson #1: Define Your Own Success

Everyone has their own definition of success — maybe your goal is to sell your product in a mass retailer or you just want to make enough to cover a short vacation. It’s just important that you stay true to why you are starting your business and what you want to do with it. It also really helps to build friendships with other small business owners because community is so important. I’ve learned so much from people who I met in Selfmade who have been in business longer than I have and it’s really awesome to support and learn from each other.

Camille Newman, Pop Up Plus

Lesson #2: Don’t Wait

I started my business while still in the industry but I kept thinking I needed MORE experience and MORE this, that — it was an excuse to procrastinate out of fear. Start small. If you want to bake and package cookies, look into your packaging for a month, what will that look like? I think the myth of entrepreneurship surrounding these tech founders launching million-dollar brands can be damaging. That’s not the norm. It’s really the exception. So just get started as soon as you can to test the product and to begin to learn because you really only learn through experience.

Sruti Bharat, Future Map

Lesson #3: Test & Learn

Don’t be paralyzed by some perfect vision. I know I have this vision of what I want my company to be but when I focus on what I can do right now, this week, I can probably do something. That helped me unlock a lot of insecurity. I thought of entrepreneurs as people who dropped out of school to work on their ventures full time, but I have financial needs and responsibilities and that isn’t realistic for me. But if you legitimately prioritize your business as a side hustle, it can be the source of so much creativity and future opportunity.

Tracey-Renee Hubbard, Scotchbonnet

Lesson #4: Find Your Niche

One of the things that surprises people the most about my earrings is how lightweight and easy to wear they are and figuring out how to communicate that and connect to people online is challenging. I stopped looking at what is trending and sticking to what gets traction with my brand. I have focused on styling and really defining my brand. I put a lot of thought into curating an aesthetic so people recognize my brand. I also use hand-drawn illustrations and have worked them into my website in a way that is fun and on brand.

Koyun Fan, Sticky Rice Sisters

Lesson #5: Learn as You Go

You will never be 100 percent ready so just start now and learn and improve as you go. You will make mistakes, things won’t go as planned, you might not have customers to start, but you will learn. If you keep waiting for the “right moment,” or wait until “you’re ready,” you have already lost time that you could’ve used to learn on the job or make mistakes. In the beginning, not a lot of people will know you, so it doesn’t matter what you do — you can try anything you want and figure out what works and doesn’t. As you start to have more customers and followers, you will start to get better and they will help you, encourage you, and support you.

Take Your Business to the Next Level

Whether you are in the start, grow or ‘keep business going’ phase, Office Depot has a full suite of business solutions to help enable entrepreneurs and businesses of any size to accomplish more.

For more information on Selfmade, and to nominate yourself or someone you know for a scholarship, click here.

2021-04-29T09:31:00

(BPT) – Like many small business owners, you may view spending time on financial tasks — like doing your taxes — as a time-consuming chore that’ll take your focus away from your core business. Or perhaps you have so many questions, you just don’t know where to start. If so, you’re not alone.

Recently, H&R Block’s Chief Tax Officer, Kathy Pickering, spoke to a group of female entrepreneurs about small business finances and taxes as part of the Brit+Co Selfmade virtual start-up school for aspiring and fledgling female business owners. The questions from participants showed various comfort levels with different topics, from start-up to stimulus focused. Kathy’s answers helped those owners and may give you the confidence you need to get back to doing what you love.

If you have questions about your own specific situation, Block Advisors small business certified tax pros are always available to help you with your small business needs.

1. When setting up your company, are legal or other administrative fees deductible?

Starting a business can be costly, but you can deduct up to $5,000 of your start-up costs and up to $5,000 of your organizational costs as business expenses in the first year. Business expenses that qualify could include professional and legal fees, market research, marketing and advertising, employee recruiting and training, equipment and supplies, and more. You’ll want to keep accurate records and receipts so you can show proof of these expenses when it’s time to file your taxes.

2. How early do you need to form your business entity when starting your small business?

Generally, you should register your business as early as possible to have a definite separation between yourself and your business. Your business structure influences everything from your day-to-day operations to your taxes and personal liability. If you start a business by yourself but don’t form a business entity, you will likely be considered a sole proprietorship, which has both advantages and disadvantages. Also, check your state’s rules about licensing or other requirements to operate a business in the state.

3. What home office expenses can small business owners write off if operating out of their home?

If you use part of your home exclusively and regularly for trade or business purposes, it may qualify for the home office deduction. “Regular use” usually means that the location is your main place of business. “Exclusive use” means that there can be no personal use of the space. If you plan on deducting actual expenses, keep detailed records of all the business expenses you plan on deducting, like receipts for equipment purchases, utility bills and repairs.

4. What are the tax implications of receiving a PPP loan?

Historically, if you received a business loan and it was forgiven, it was still considered taxable income, but PPP loans don’t follow the same rule. Money received from your forgiven PPP loan will not be included in your gross income at the federal level — therefore won’t be taxed — but states might treat it as taxable income, so you’ll want to check on your state’s treatment of these funds.

In addition, recent legislation gives small business owners the option to deduct business expenses paid with forgiven PPP loans and other COVID-related loans and grants. This creates a second layer of tax benefits: your forgiven PPP loan is income tax free, AND you can claim business deductions on your expenses paid.

5. If you didn’t receive stimulus aid (such as a PPP loan or EIDL loan), are there other stimulus-related tax benefits for small business owners this year?

Yes, including a tax credit for keeping employees on your payroll and changes to paid sick leave benefits. The Employee Retention Credit (ERC) is a refundable tax credit designed to help small business owners with fewer than 500 employees keep employees on your payroll, even if you’ve stopped doing business or your finances took a significant hit from the pandemic. Unlike business loans, you don’t apply for the ERC — it’s a credit on your business’ payroll tax returns.

There were also changes to paid sick leave benefits. The Families First Coronavirus Response Act originally required employers to keep paying employees forced to miss work due to COVID-19, but offered a tax credit to help cover the cost. The December and March stimulus bills extended the refundable tax credit through the third quarter of 2021.

Another significant tax benefit allows small businesses to file an amended tax return for 2018 and/or 2019 if your business losses were limited for those years. You can also carry back NOLs (net operating losses) from 2018, 2019 and 2020 to the five previous years. That means that if your business made money in the last five years, you can now reduce those prior years’ profits with this year’s loss and get money back for the taxes you previously paid.

6. What happens if I can’t afford to pay the taxes I owe?

Don’t panic, but don’t ignore the issue. Even if you can’t afford to pay your taxes right now, you should still file your taxes by the deadline. If you file your business tax return and can’t pay (or if your business still owes taxes from a past return), you do have options.

First, make sure the taxes you owe are accurate. It may help to hire a tax professional to look at your return to make sure you are filing correctly, and that you’re not missing out on any of the credits and deductions available to you. If you don’t file your tax return or make a payment arrangement with the IRS, they can eventually force you to pay. The IRS can file a lien that would harm your credit, and they can levy your bank accounts and income sources, such as payments from customers.

Depending on your circumstances, the IRS offers payment options ranging from short extensions for businesses that just need a little more time to pay, to online payment agreements.

7. What are other benefits of having a tax advisor like Block Advisors?

Most small business owners start their business to pursue a passion, not to crunch numbers. Having a trusted tax advisor in your corner means you’ll have more time to focus on what you love. Working with someone who understands small business can also help you save money at tax time, make tax prep less stressful and provide help and guidance if you get audited.

Working with a Block Advisors small business certified tax pro also means having someone put a financial lens on your small business — and can help you get every credit and deduction you deserve. This includes a free P&L review and we can also help to better manage cash flow with our quarterly care reminders and payment services, providing guidance on how estimated tax payments and tracking expenses and income could impact your end-of-year tax return and overall profitability.

Block Advisors, a team within H&R Block, is dedicated to meeting the tax, bookkeeping and payroll needs of small business owners year-round. To start working with the experts at Block Advisors, visit blockadvisors.com.

2021-04-29T08:01:00

(BPT) – As vacation destinations reopen across the country and the busy summer travel season approaches, the hospitality industry is poised for significant growth. According to the latest jobs report, there were 280,000 new hires in the leisure and hospitality industry in March alone. Many experts expect this momentum to continue to grow as travelers resume their typical vacation habits.

Whether you have experience in the hospitality field or not, heightened demand could mean big opportunities for job seekers. This is especially true for people interested in working in the vacation rental industry. According to a recent Skift Research survey of vacation rental users, 52% of guests plan to stay in a vacation rental more often in a post-pandemic environment.

“To meet growing demand, we’re hiring for seasonal and full-time positions in top vacation destinations from the Carolina beaches to New England and the Oregon Coast,” said Aurora Moore, a talent acquisition manager at Vacasa, the leading vacation rental management platform in North America. “Vacation rentals have rebounded quicker than any other segment of the travel industry, and we’re in a position to offer good jobs and competitive pay to people who have lost work or had their hours reduced during the pandemic.”

The current need for employees — and seasonal hiring incentives — is great news for people on the job hunt. If the hospitality industry sounds like a good fit for you, there are a few things to keep in mind when you’re searching and applying for new job opportunities:

Apply now: Hiring is hot right now and will continue into peak travel months as necessary. To find the ideal job for your schedule and skill set, explore opportunities early before others scoop them up, as hiring is happening fast.

Ask about bonuses: With demand for hospitality staffing so high, some companies are offering incentives if you accept a job offer and stay in the role for a certain amount of time. For example, Vacasa is offering up to $500 hiring bonuses in select markets.

Consider safety: While safety protocols are common for guests, it’s important companies are taking additional steps to keep hospitality employees safe as well. Make sure you ask about and are comfortable with current COVID protocols.

Know application necessities: Some companies will require an official resume while others may have a simplified application process. For example, candidates can simply text “Vacasa” to 97211 to start their application process.

Explore job fairs: Look at different companies’ career pages and social media sites to learn about job fairs. Whether in person or virtual, these events provide the opportunity to meet with companies about multiple positions at once.

Know your availability: Know when you’ll be able to start, what hours you can work and if you want a seasonal position or would prefer permanent employment. Look for companies that offer the flexibility to meet your needs.

Research training: The hospitality industry is ideal for entry-level roles and for those who want to build their skills. To ensure you’re successful, ask about a company’s training program during the interview process.

Factor in growth opportunity: Your “right now” job could turn into the right opportunity with advancement to grow. Ask about career paths and opportunities for moving up in the organization.

Check your gut: If you feel like the company you’re applying for is reputable and betters the community where it is located, you can feel good about working hard for them and supporting their mission.

“We’re looking for dedicated, reliable and passionate team members who want to grow their careers in hospitality,” said Moore. “You can start at an entry-level position and, with hard work and team-first mentality, there’s no limit to the long-term opportunity. It’s a fun industry and an exciting time to be a part of it.”

2021-04-22T08:01:00

(BPT) – Springtime has finally arrived and for many that means engaging in a little spring cleaning. Traditionally, this entails a deep home cleaning — scrubbing the windows, dusting the furniture, steam-cleaning the carpets, storing winter boots and outerwear, sorting and donating unused or old clothes. One area that is often overlooked is our wallet. Cleaning your wallet to identify items you’re overspending on and learning new ways to save will serve you year-round, not just in the spring.

It’s time to examine your receipts and take a fresh look at what you are spending your money on — including your clothing, healthcare-related spending, travel expenses and more. If you are an AARP member, you have access to a wide range of benefits and discounts on products and services you may not even realize — including health and wellness items, home and tech products, travel benefits and personal finance savings.

“Spring is a great time to take a good look at your monthly expenses, reviewing essential spending needs like healthcare and budgeting for the coming months,” said Trae Bodge, lifestyle expert. “Smart shoppers should maximize their spending power and consider how they can take advantage of the best discounts, including AARP member benefits, which offer additional savings and perks on everyday spending as well as less essential expenses like an upcoming trip or a new outfit.”

Take action using the tips below to review and refine your financial health — if you’re an AARP member, you can take advantage of discounts and benefits that can help save money on immediate purchases as well as budgeting for new expenses as you plan the rest of your year.

Review your healthcare-related purchases. While cleaning out the medicine cabinets, check to see if you need to stock up on vitamins or renew a prescription. AARP members have access to many healthcare saving options, including reading glasses and sunglasses. Members and their families can save with AARP^® Vision Discounts provided by EyeMed, including 50% on prescription lenses with the purchase of a frame at LensCrafters, 30% on frames and lenses at Glasses.com, and you can save an additional $10 on a complete pair at Target Optical and LensCrafters. Another benefit AARP members have access to is a prescription discount card available to everyone, which can be used at over 66,000 pharmacies nationwide for savings on FDA-approved medications, with additional member-only benefits, including deeper discounts on medications, home delivery, coverage for your dependents and more. Members can also find discounts at Walgreens on their favorite health and wellness, beauty and personal care products when they link their AARP and my Walgreens memberships.

Evaluate your financial services. Are your personal finance options working for your wallet? If you are looking for ways to grow your savings, AARP members can turn to AARP^® Digital Banking from Marcus by Goldman Sachs^®. Choose from High-Yield Online Savings Accounts that offer AARP members a rate bonus or an exclusive 8-Month No-Penalty CD.

Check out the spring styles. Ready to ditch the winter clothes for warmer weather? Transitioning your wardrobe to spring and summer can be costly, especially if you’re trying to keep up with the latest fashion trends. Save money while looking stylish by shopping at Tanger Outlets, where members get a free coupon book with up to $1,000 in savings from top name-brand retailers. With locations nationwide, you can build the perfect spring outfit — complete with a jacket, shoes and sunglasses — without breaking the bank. Check out one of the locations in your area to find savings on your new spring look.

Get ready to hit the road. Warmer weather can mean long-awaited trips with your family. Whether it be a short weekend road trip out of town or a long-distance trip across the country, AARP members can find travel discounts and savings to help plan a memorable trip without worrying about breaking the bank. If you are renting a car, review the discounts from Avis and Budget to find the right vehicle that will work for your family’s road trip needs. AARP Travel Center powered by Expedia can also help you find the perfect place to decompress after a long car trip or plane ride.

Optimize the spending power of your wallet this spring by considering the discounts and savings available to AARP members. You can learn more about your saving options by visiting www.aarp.org/save.

2021-04-20T08:01:00

(BPT) – Medicare fraud is not a new issue and long predates the pandemic, but during times of crisis, scammers often get more aggressive and creative with targeting seniors. Scammers have taken ample advantage of the COVID-19 pandemic by offering Medicare beneficiaries fraudulent services, resources, or information about the vaccine in exchange for payment or their Medicare number and other personal information. Now, like always, guard your Medicare card.

The Centers for Medicare & Medicaid Services (CMS) is warning the public to be on the lookout for scammers using the COVID-19 pandemic and vaccine distribution as an opportunity to steal the personal information of seniors and exploit their Medicare benefits. Medicare covers the COVID-19 vaccine, so there will be no cost to you. If anyone asks you to share your Medicare number or pay for access to the vaccine, you can bet it’s a scam.

To protect yourself from Medicare fraud, it’s important to understand how fraud happens so you can recognize the signs and know what steps to take to protect yourself.

How to spot COVID-19 Medicare scams

Fraudsters use various methods to approach Medicare beneficiaries. They may contact or target you through unsolicited emails, calls, texts, social media, or websites. In their outreach, they may claim to be from a medical office, insurance company, or may even impersonate a government official. It is important to note that some legitimate vaccine centers or administrators may reach out asking you to verify your Medicare number.

While actual scams may vary, there are some common themes. Scammers may claim that you can pay to put your name on a waitlist for the vaccine or pay for special access to the vaccine. Then, they may claim that they can provide these services in exchange for personal or financial information, like your Medicare number. Just remember, there is no cost for the vaccine; you do not have to pay for the vaccine itself, nor do you have to pay to get on a waitlist to get the vaccine.

Alongside false vaccine offers, scammers may attempt to steal your information by soliciting other types of services. These may include offers of “paid” clinical research trials, COVID-19 “cures,” additional medical testing such as genetic testing, procedures, or free medical equipment like test kits, masks, or back braces.

How to protect yourself

While scammers have become increasingly sophisticated, the good news is that you have the power to shut them down and protect yourself. Safeguard your Medicare number and help prevent fraud by following these easy tips:

• Guard your Medicare number just like your Social Security card and credit card. Only share your Medicare number with trusted health care providers, or verified COVID-19 vaccine administrators. The COVID-19 vaccine cost is covered by Medicare, but Medicare will never call, text, email, or contact you through social media asking for your Medicare number.
• Contact your local health department for more information about vaccines in your area. Each state has its own plan for how and when residents can get vaccines. You can also visit CDC.gov for information on vaccine distribution in your state, and for answers to common vaccine questions.
• Review your Medicare statements for accuracy. Watch for any services billed to your Medicare number that you don’t recognize and ask questions if something seems incorrect.

Spotting and reporting Medicare fraud is critical to protecting yourself and your neighbors. And don’t forget: there is no cost for the vaccine, so you should never have to pay for the shot itself or to get on a waitlist. When you do see a trusted health care provider or verified COVID-19 vaccine administrator, bring your red, white, and blue Medicare card or Medicare Number so your health care provider or pharmacy can bill Medicare. If you can’t find it, you can also view your Medicare Number or print your Medicare card from your online Medicare account, or call us at 1-800-MEDICARE.

If you come across a COVID-19 vaccine scam, report it to the Federal Trade Commission or call us at 1-800-MEDICARE. You can also check out CDC.gov for trustworthy information on the COVID-19 vaccine.

Information provided by the U.S. Department of Health & Human Services.

2021-04-20T07:01:00

(BPT) – During challenging times, there’s nothing more stressful than trying to manage your money (especially if your cash flow has been disrupted). Between expenses like rent, groceries, student loans and other debt, it can be difficult to align your monthly spending with your paychecks. But fortunately, there are new tools available to help you manage your money smarter. Alongside common sense strategies, these tools can take some of the worry out of your finances.

Use a budgeting app

While the concept of budgeting can feel intimidating, it simply means knowing exactly what your monthly income is, and then tracking your necessary expenses each month (like rent, utilities, food, transportation, insurance, student loan payments). Once you have a handle on your expenses, take a good hard look at your “discretionary spending” — which is where people look to trim when money is tight.

Adding up your fixed expenses and subtracting that amount from your income gives you a quick picture of what you have left over to spend each month. But sometimes it can be more complicated than that, such as if you have part-time income or gig work, or fixed expenses that are not monthly.

If spreadsheets are your thing, you can create your own system for tracking income and spending over several weeks to see where your money is going and figure out where you can cut down on unnecessary expenses. But if you’re looking for a ready-made app to help you with budgeting, try tools like Mint, You Need a Budget or Pocket Guard.

Knowing exactly what you earn and where you’re spending your money is just the first step toward managing your money more thoughtfully.

Buy now, pay later

Another step to smarter money management is avoiding the trap of overusing credit. For example, instead of relying on high-interest credit cards to make a purchase you don’t have the cash for right now, or if you are getting paid in two weeks, you can use Quadpay. The app will spread the cost over six weeks with zero interest. With Quadpay, you can use “buy now, pay later” to shop anywhere for anything, whether online or at physical retail locations of the thousands of merchants on the Quadpay app. You can use the app to help you spread out payments for both essentials and unexpected expenses, so you won’t have to use a credit card — or take money out of your rainy day fund.

Quadpay’s best budget-friendly feature is that you can also use it to pay for medical bills, prescriptions, utilities and other necessary expenses — even parking tickets. The first payment will be made at the time of purchase or payment, and the other three payments are spread out over the next six weeks. Withdrawals for each payment are set up to be automatically charged to whatever bank account you provide, so you won’t have to worry about missing a payment. This helps you protect your credit rating, even when money is tight.

You can download the app from the Apple App Store and Google Play Store.

Make a rainy day fund

Face it, life happens. You can be on top of your finances one day, and the next there’s an unexpected car repair, medical bill or other expense you didn’t anticipate. One way to help guard against these unexpected expenses is to set aside an emergency fund. Just like your piggy bank when you were a child, setting aside a little bit each week can add up to enough savings to handle the bumps in the road.

A painless way to set up a rainy day fund is to have a small portion of your paycheck deposited into a savings account each pay period. Start with a small amount that you think you can do without, and before long you may realize that you can get by — and that you’ve even forgotten about the money you’re stowing away. Aim to have three to six months of expenses set aside at any time in case of an emergency.

Following these steps can help you stay on the road to better money management, relieving some stress and worry at the same time.

2021-04-19T07:31:00

(BPT) – Planning for retirement is an important step toward long-term financial wellness at any age. Even though everybody knows to expect the unexpected, no one could have predicted how the events of the past twelve months would change the world. As a result, many people had to shift their approach toward financial planning and retirement savings and are now looking for ways to get back on track.

According to the Fidelity Investments’ 2021 State of Retirement Planning Study, more than eight out of 10 Americans (82%) indicate what’s taken place this past year has impacted their retirement plans, with one-third estimating it will take 2-3 years to get back on track, due to factors such as job loss or retirement withdrawals. The good news is, with the world changing yet again, now is an ideal time to refocus on the future.

The power of planning

“Everyone wants to retire comfortably and this need doesn’t change even during turbulent periods,” said Rita Assaf, vice president of Retirement and College Leadership at Fidelity. “Having a plan is an effective way to put big-picture goals into perspective and make them reachable. Just as you train for a marathon or have building plans for a remodel, having a retirement plan in place gives you a better sense of where you are headed, which can provide greater peace of mind.”

In fact, the Fidelity study offers strong evidence of a transformative effect on one’s financial outlook for those who have started thinking in detail about how to afford the retirement they want. Across the board, those with the most detailed plan in place to achieve their goals reported experiencing the greatest confidence. However, even the simple act of starting a plan can have a positive impact.

Interestingly, millennials are slightly more likely than their older counterparts to report having a plan to afford their desired lifestyle in retirement (35%), compared to Gen Xers (34%) or boomers (32%), even though boomers are closest to retirement. Part of this may be attributed to the fact that millennials are nearly twice as likely to have reported using online tools and calculators than boomers. These tools can provide the instant gratification of seeing a plan taking shape with just a few clicks, something many have become accustomed to in a digital age.

Finding focus in a post-pandemic world

For those looking to strengthen their financial future, planning plays an important role. According to the study findings, simply taking steps to visualize a plan for your retirement can lead to a greater sense of confidence and control. If you had a vision and lost focus, now is the time to get back on track. If you never had a plan, there’s no better time than the present to start. Here are some questions to guide you:

What is your score?

Learning your Fidelity Retirement Score online at www.fidelity.com/score is a good first step. After that, Fidelity’s Planning and Guidance Center features a host of planning tools to create and refine a plan for their retirement over time, including steps for improving retirement preparedness based on your score.

How much do you need to save for your anticipated rate of withdrawal?

In general, financial professionals recommend having 10-12 times your last full year of working income by the time you reach retirement. How quickly you plan to withdraw your savings will impact how much you need to save. In general, financial professionals suggest withdrawal rates of 4% to 6% annually.

How are your investments performing?

Look at performance and make a long-term plan. The stock market (S&P 500) has had a positive annual return for 26 out of the past 35 years, so looking at the big picture long term makes a difference.

When can you start collecting Social Security?

Although you can start receiving Social Security retirement benefits as early as age 62, you have to wait a few more years before you reach Full Retirement Age (FRA). Claiming Social Security benefits any time before you reach FRA can lock in a permanent reduction in monthly income.

“It’s normal to have a lot of questions, especially during times of uncertainty,” Assaf said. “Seeking answers to those questions and making a plan will help you feel more calm and confident that you’re on the right path.”

2021-04-19T07:01:00

(BPT) – There are a lot of misconceptions about credit scores, including how common credit behaviors could impact your credit score. In reality, your credit score changes all the time.

Your credit score can fluctuate for a number of reasons. For instance, it can fluctuate because new data is being reported while older data is slowly losing its predictive power as it ages. Even if you’re making smart money moves, here are a few surprising things that can impact your score:

Paying off installment loans early

The impact of paying loans off early is also dependent on a variety of factors. In some cases, paying off an installment loan early could boost your credit score. But in other cases, it causes your score to drop. If it drops, it’s typically because paying off an installment loan reduces the types of credit reported on your file. A healthy credit mix includes having both revolving credit (credit cards) and installment credit (car loans, student loans, personal loans and mortgages). Making consistent and timely payments on both helps you maintain a healthy score. But when you pay off your installment loan earlier than the intended repayment date, closing that account can hurt your score.

However, these dips are often temporary and paying off the debt will help you more financially in the long run.

Closing an unused credit card account

VantageScore credit scoring models take into account the debt utilization ratio, which is based on the amount of credit a consumer uses relative to the total amount of credit available. If you want to keep your credit score healthy, it’s best to keep your credit utilization between 10% and 30%. For instance, let’s say you have three credit cards. One card has a $2,000 limit, another has a $1,000 limit and the third also has a $1,000 limit. Suppose you have balances on the first two but cancel the third one because you haven’t used it. The ratio of your credit utilization will then increase, which can cause your credit score to decrease.

Adding new lines of credit

Internet, cable and landline providers typically run a credit check before starting your service. When you set these up, providers will typically do a background check on your credit, which is known as a hard inquiry. Other types of companies also do credit checks before making lending decisions. Such hard inquiries can lower your credit score. One way to minimize the impact of hard inquiries is to shop for the best rate and terms within a 14-day period. For VantageScore models, hard inquiries made within a 14-day period count as just one inquiry and as a result, your score won’t be harmed as a result of multiple hard inquiries.

Want to learn more about your credit utilization?

For those interested in learning more about their credit utilization, VantageScore can provide consumers with transparent and informative data about that as well as other items that can impact your VantageScore credit score.

Little credit hiccups like the ones discussed above may throw you off guard. But as long as you have your finances in order, these credit score drops are not necessarily something to worry about. Continue to maintain your healthy financial behaviors and the results should show as time passes.

2021-04-16T06:01:00

(BPT) – There is a severe global shortage of women entering careers in Science, Technology, Education and Mathematics (STEM). According to the National Girls Collaborative Project, women occupy just 28% of STEM careers, despite constituting half of the total workforce. This long-standing problem leaves businesses and institutions chronically missing opportunities and talent.

Those lost opportunities are front-of-mind for many technology CEOs, including Chris Adams, President and CEO of Park Place Technologies, a U.S.-based source for data center hardware maintenance and a full suite of managed services. “The future of the technology industry depends on engaging, supporting and retaining a diverse workforce, including more women,” he said. “As a tech company, we believe businesses like ours play a central role in addressing this problem. That’s why we’re actively engaged in designing programs that offer 360-degree support for women interested in careers in STEM, including mentoring, internships and jobs.”

Here are three concrete ways employers can engage, support and train young women in STEM careers.

1) High-quality externships

Technology companies play a critical role in shifting outdated perceptions about STEM careers by showcasing the opportunities available to women in STEM. Developing a rigorous, supportive externship means establishing a radically new, highly positive environment for young women from their first day in their chosen field. Of course, not all externships are created equal. The most valuable externships, for all parties, will:

• Provide diverse career training: STEM career training is the most important part of a STEM externship. However, externs should also receive holistic exposure to modern, global business practices and real-world job experience. This is something the Park Place Technologies Women in STEM (WINS) externship program showcases. Young women participate in shadowing employees through myriad modern business scenarios and challenges. The experiences reinforce the importance of flexibility and problem solving. And, because the program is global, participants meet colleagues in other regions and hear about innovative problem-solving techniques used around the world.
• Support and challenge participants: A great externship is equal parts encouragement and ambitious goal setting. One of the best support strategies is engagement from the company’s leadership team — the C-suite. When leadership is an accessible resource throughout the program, participants have their potential as young women in STEM reaffirmed. At the same time, ambitious goals are key to tapping that potential. In the Park Place WINS program, participation culminates in an end-of-externship project presentation to management and C-Suite executives at Park Place Technologies. It’s the combination of active support and high expectations that make the capstone project so impactful and delivers a successful, stimulating experience.
• Nurture leadership skills: In male-dominated fields like STEM, a woman’s experience will be very different, even if a job’s subject matter, roles and responsibilities may be the same. Therefore, it’s important for young women to shadow and see women in leadership positions as role models. This potential difference in experiences should also be reflected in leadership training, so as to provide perspective for females learning about management.
• Lead to job offers: When externships are designed to result in job offers upon successful completion, everyone benefits. Not only will top-quality candidates be attracted, but employers are also incentivized to invest in a robust program providing genuinely valuable experiences.

2) Invest in introducing young women to STEM

Another key to growing women’s participation in STEM majors and careers is supporting and investing in community events. Perhaps the best examples of this is the IWISH program, an Ireland-based, award-winning, volunteer-led community committed to showcasing the potential of STEM careers to female secondary school students.

Since 2015, over 40,000 young women have attended the IWISH program. This year, the event drew a global audience for the first time, with attendees hailing virtually from countries across the globe including Kenya, Singapore, Canada, Peru and the U.S.A.

STEM businesses are investing in the future of their industry by supporting programs like IWISH through donations, event participation and promotion.

3) Innovative, people-oriented management

Ultimately, a company’s culture hinges on the actions and attitudes of management. To that end, management is fundamental to making STEM fields appealing for women to enter and remain within.

Identifying and addressing roadblocks to women’s participation requires leadership to be willing to see the opportunity to promote STEM and develop effective programming that is mutually beneficial. By continually offering innovative programs that break down the barriers for women joining the industry, businesses can reinforce positive change.

“Innovation has always been at the heart of our company,” Adams said. “It’s how we’ve evolved and grown over the last 30 years into a global organization providing companies around the world industry-leading solutions to help manage critical technology infrastructure. We’ve also put great emphasis on a positive company culture that listens. Now, we’re using these values to ensure Park Place Technologies, and the technology industry as a whole, steps up to make STEM truly supportive and achievable to women.”

2021-04-14T07:01:01

(BPT) – While the past year has been rough in so many ways, one positive result is that people are focusing more on saving money — creating a silver lining to the cloud that was 2020. A new survey from Coinstar found nearly 3 out of 4 people (74%) say they are likely to set aside an emergency fund in the future due to COVID-19. The survey also revealed that people who had savings said they dipped into it more than twice over the course of the past year, highlighting just how important a savings account or an emergency fund can be.

The survey also found people reexamining what they spend money on, ways to plan for the future and how to be more conscious of their overall financial picture as a result of the events of the last year. Almost half (46%) of those surveyed said they plan to “tighten their belt” by actively spending less.

If you’re one of the many Americans looking to improve their financial situation and emergency-proof your finances, here are some tips to get you started.

1. Establish a post-pandemic budget

While you might not be going out much right now, it’s possible that the future could once again include more fun options like eating out, entertainment and travel. Developing a workable budget now, that includes room for discretionary spending, will make it possible to do those things you look forward to doing in the future, when you feel comfortable.

2. Create an emergency fund

This year made it clear that even people with stable jobs can have their livelihoods upended by unforeseen events. No matter how you earn a living, it’s a good idea to have 3-6 months’ worth of expenses set aside in an account for emergency use only, so you aren’t tempted to dip into it for splurges. Start small by setting up automatic deposits from your paycheck into a special savings account, and save up change that you accumulate daily to add to your emergency fund once a month.

3. Consider selling personal items

In the survey, nearly one-third (31%) were considering selling personal items to help boost their finances. Spending more time at home has made everyone reevaluate clutter in their homes, and to reassess what is really necessary or useful. Decluttering by selling items you no longer want or use is a win-win — you get a tidier home, along with a little extra cash to save or spend. And thanks to the internet, there are many platforms available to post items you want to sell.

4. Look for the right side hustle or investment opportunity

Over half of those surveyed (57%) have considered picking up an extra job or side hustle. And fortunately, today’s gig economy is full of options for taking on extra work. From being a shopper or rideshare driver to creating items for sale or caring for someone’s children or pets, it’s important to choose a side hustle that really works for you. It should be something that fits your current schedule, and earns enough cash to make the extra effort worthwhile. And if cryptocurrency is your thing, consider making small investments and watch how your investment might grow. You could even have fun dabbling in this new area.

5. Be purposeful with collecting spare change

Make a special place where you keep extra change that piles up. Then you can use those coins to pad your emergency fund, or to pay for extras in your post-pandemic life (such as movies, dinners or gas). It’s easy to save up and use your spare coins, which you can convert to cash or to a no-fee eGift card at a Coinstar kiosk.

You can use some or all of these strategies to help support your financial goals moving forward. With a new approach to budgeting, earning and saving, you’ll feel more confident about whatever the future may hold.

Find a kiosk location near you to convert your spare change, or use cash for a bitcoin purchase, by visiting www.coinstar.com/findakiosk.