Don’t let these 3 mental traps keep you from saving money

Saving money should be easy. Think of them as mental traps that can keep you from saving money. Say, for example, that you feel like it is practically impossible to save money. “One of the real problems young people have is that your peer group wants you to spend more money,” Pollack says. “There is no kind of social or cultural capital that comes from quietly saving,” Pollack says.


Saving money should be easy. Think of them as mental traps that can keep you from saving money. Say, for example, that you feel like it is practically impossible to save money. “One of the real problems young people have is that your peer group wants you to spend more money,” Pollack says. “There is no kind of social or cultural capital that comes from quietly saving,” Pollack says.
Don’t let these 3 mental traps keep you from saving money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: aditi shrikant, lance lambert, ivana pino, sam becker
Keywords: news, cnbc, companies, saving, stock, youre, mental, dont, save, spend, longterm, thats, matters, traps, money, let, pollack


Don't let these 3 mental traps keep you from saving money

Saving money should be easy. In reality, many people struggle to save: More than half of Americans (58%) have less than $1,000 set aside, according to a survey by GoBankingRates. “Very little about the way our brains are constructed is going to help us navigate all our financial matters,” says Harold Pollack, coauthor of “The Index Card: Why Personal Finance Doesn’t Have to be Complicated.” The University of Chicago professor is known for creating a list of core personal financial advice that fits on a 3″x5″ card. “In order to effectively manage your money, you have to methodically follow a fairly boring set of principles that have a long-term pay-off in the abstract future — and sometimes require you give up some concrete, momentary satisfaction,” he says. “That’s very difficult for us.” Part of our struggle comes from errors in our system of thinking, or cognitive biases, that experts say can keep us from making logical decisions. Think of them as mental traps that can keep you from saving money. Here are three to watch out for:

Confirmation bias

“When we have an opinion, we filter all new information so as to reinforce that opinion,” Jeff Kreisler, author of “Dollars and Sense: How We Misthink Money and How to Spend Smarter,” told Grow earlier this year. Say, for example, that you feel like it is practically impossible to save money. Then when you scan the news, you spot a survey about how many people aren’t concerned about their lack of savings. Confirmation bias may mean you see that news as further proof that your ideas about saving are correct, which keeps you from taking steps like looking for ways to trim your expenses or setting up automatic contributions into your 401(k).

Herding bias

In the stock market, herding bias happens when investors buy a stock because everyone else seems to be buying it, without researching whether the stock is actually a good investment. This tendency to follow the crowd can show up in savings behaviors, too: If your friends aren’t mindful about how they spend and save money, you might feel like you don’t have to be, either. “One of the real problems young people have is that your peer group wants you to spend more money,” Pollack says. Forty percent of millennials said they have gone into debt to keep up with their friends’ lifestyle, according to a Credit Karma report. And although saying “no” to a group dinner everyone else is attending can result in FOMO, it could save you money in the long run.

In order to effectively manage your money, you have to methodically follow a fairly boring set of principles that have a long-term pay-off in the abstract future — and sometimes require you give up some concrete, momentary satisfaction. That’s very difficult for us. Harold Pollack professor at the University of Chicago

Entertainment bias

“We all spend more time and attend more carefully to matters that are fun and entertaining,” says Pollack. “We spend less time and are less careful about matters that boring, anxiety-producing, or faintly depressing. That’s true of retirement savings, long-term care insurance, and other matters.” You might gush to your friends about your big promotion or the fact that you’re buying a home, but it’s more awkward to talk about how much money you’ve saved. In most social settings, it feels inappropriate. And seeing as talking about yourself is intrinsically rewarding, according to a Harvard study, doing something you cannot talk about is less appealing. “There is no kind of social or cultural capital that comes from quietly saving,” Pollack says. Cognitive biases can sway you toward unproductive decisions, but knowing what they are can help you identify them — and avoid falling victim to them. “How do we match what’s really going to motivate you in the moment, with the thing that you need to do as part of an effective long-term plan?” Pollack says. “And when you’re self-aware, that’s what you’re thinking about.” More from Grow: How networking helped a 23-year-old student make a ‘career-starting’ discovery

Resume pro: 3 resume mistakes can keep you from scoring a high-paying job

How a 32-year-old turned a side hustle into a multimillion-dollar business


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: aditi shrikant, lance lambert, ivana pino, sam becker
Keywords: news, cnbc, companies, saving, stock, youre, mental, dont, save, spend, longterm, thats, matters, traps, money, let, pollack


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‘I would never hire the smartest person in the room,’ says one CEO—here’s why

We hire smart people so they can tell us what to do.” So when it comes to growing my company, I never hire the candidate who comes off as the “smartest person in the room.” It’s also important to understand that not being the smartest person in the room isn’t about being the dumbest person in the room. Instead, it’s about not believing that you’re the smartest person in the room. It doesn’t make sense to hire smart people and tell them what to do.


We hire smart people so they can tell us what to do.” So when it comes to growing my company, I never hire the candidate who comes off as the “smartest person in the room.” It’s also important to understand that not being the smartest person in the room isn’t about being the dumbest person in the room. Instead, it’s about not believing that you’re the smartest person in the room. It doesn’t make sense to hire smart people and tell them what to do.
‘I would never hire the smartest person in the room,’ says one CEO—here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kara goldin
Keywords: news, cnbc, companies, smart, tell, hire, smartest, ceoheres, dont, company, room, person, skills, youre


'I would never hire the smartest person in the room,' says one CEO—here's why

Whenever someone asks me for advice on hiring, I always fall back on the wise words of Steve Jobs: “It doesn’t make sense to hire smart people and tell them what to do. We hire smart people so they can tell us what to do.” Through my many years of interviewing and hiring, I’ve found that too many candidates try to come off as the “genius” who has all the answers. But what they don’t understand is that great leaders aren’t looking to hire a smart, competitive, know-it-all who constantly tries to outshine everyone. After years of working at massive corporations — and even launching a successful beverage company, Hint — I’ve always tried to be humble about what I don’t know and surround myself with people who are more knowledgeable than I am. So when it comes to growing my company, I never hire the candidate who comes off as the “smartest person in the room.” Why? Because someone who lacks interest in spending time around people who are more intelligent than them won’t help to make them (or their team) better at their jobs.

Don’t let your ego get in the way of success

According to James Flynn, author of “Does Family Make You Smarter?” and Emeritus Professor at the University of Otago’s Department of Psychology, people can “upgrade” their own intelligence by surrounding themselves with smart co-workers, friends and family members. It’s also important to understand that not being the smartest person in the room isn’t about being the dumbest person in the room. Instead, it’s about not believing that you’re the smartest person in the room.

It doesn’t make sense to hire smart people and tell them what to do. We hire smart people so they can tell us what to do. Steve Jobs

If you let your ego get in the way, you’re more prone to ignoring the ideas of others. As a leader, I value people who have strong delegation skills — and those who think that no one can do the job as well as they can often struggle with delegation.

Recognize the skills you don’t have

If you want to be successful in your career (and in life), you should always be self-aware about your weaknesses. If you’re in a meeting, for example, ask yourself: What about this topic do I not know the answers to? Where do I feel like I’m struggling to figure things out, whereas someone with expertise might do things more efficiently? There’s a good reason why I love working with people who don’t think like me: Seeking out varied opinions has helped me and my company grow.

Find mentors who have the skills you don’t have


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kara goldin
Keywords: news, cnbc, companies, smart, tell, hire, smartest, ceoheres, dont, company, room, person, skills, youre


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4 rules that help me save hundreds of dollars on my work wardrobe

But I have also found ways to make sure buying and maintaining clothes and shoes doesn’t have to cost a whole paycheck. Don’t: Wear work clothes outside of workAvoid mixing your work clothes and your weekend clothes, and you’ll get more wear out of your professional wardrobe. My work shoes live at work: They don’t go outside to lunch, they don’t commute, and they don’t go on vacation. Some of the author’s work shoes. My work shoes live at work: They don’t go outside to lunch, they don’t commute,


But I have also found ways to make sure buying and maintaining clothes and shoes doesn’t have to cost a whole paycheck. Don’t: Wear work clothes outside of workAvoid mixing your work clothes and your weekend clothes, and you’ll get more wear out of your professional wardrobe. My work shoes live at work: They don’t go outside to lunch, they don’t commute, and they don’t go on vacation. Some of the author’s work shoes. My work shoes live at work: They don’t go outside to lunch, they don’t commute,
4 rules that help me save hundreds of dollars on my work wardrobe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: laura edwins, aditi shrikant, lance lambert
Keywords: news, cnbc, companies, clothes, black, dont, pieces, help, tshirt, rules, price, outside, work, dollars, shoes, wear, wardrobe, hundreds, save


4 rules that help me save hundreds of dollars on my work wardrobe

Dressing the part at work can be a smart investment. Studies have found that having a put-together appearance can help boost your earnings. In my job as a senior social media editor for CNBC, I have found that the right look can also boost my performance: When I feel like I look good at work, I’m in a better mood and more willing to collaborate and speak up in meetings. But I have also found ways to make sure buying and maintaining clothes and shoes doesn’t have to cost a whole paycheck. Over the years, these four rules have helped me save hundreds of dollars on my work wardrobe:

Do: Develop a few go-to looks

High-profile leaders like former President Barack Obama, Mark Zuckerberg, and late Apple cofounder Steve Jobs have used “work uniforms” of go-to pieces and looks to streamline their morning routine and help them focus on big tasks. It’s an easy move to emulate — one that can save you time and money.

Provided by Laura Edwins

Find a few looks that work for any season, and then mix and match expensive and inexpensive pieces to create them. Some of my favorites are: A black T-shirt tucked into jeans with a black blazer

A white button-down shirt with statement jewelry and jeans or a skinny pant

A neutral dress with a fun scarf There’s lots of flexibility with all these looks, and a black T-shirt or a white button down are available at every price range. I like to buy basics like these at Old Navy where, with sales and coupons, a T-shirt is usually $10 or less.

Don’t: Wear work clothes outside of work

Avoid mixing your work clothes and your weekend clothes, and you’ll get more wear out of your professional wardrobe. It can even be smart to leave some key pieces at the office. The biggest item this applies to is shoes. My work shoes live at work: They don’t go outside to lunch, they don’t commute, and they don’t go on vacation. About three years ago I paid around $90 for a pair of black Coach flats — more than I would typically spend on a pair of shoes. Following this rule has kept them in great condition, even though there are weeks I wear them almost every day.

Some of the author’s work shoes. Provided by Laura Edwins

Do: Get savvy about laundry

Often, clothing items that say “dry clean” on the label can be cleaned at home, either by using the delicate cycle in a washing machine or by hand-washing them in the bathroom sink. Then skip the dryer in favor of line drying. To decipher laundry tag symbols and best practices for different kinds of fabric, check out guides like those from Textile Industry Affairs and Reviewed.com. Without that trick, my monthly dry-cleaning bill would likely be around $30-40. Instead, I bought a foldable drying rack for about $20, and when necessary I buy a bottle of delicate laundry detergent ($5-$20, depending on how high end I want to go).

Don’t: Buy at retail prices

There are so many opportunities to avoid paying full price. If you’re in love with a particular brand that’s available at multiple retailers, do a quick price comparison search to see if an item is available at discount or secondhand sites like Nordstrom Rack or Poshmark, or at often-affordable online retailers like Zappos and its sister site 6pm. I’ve saved hundreds of dollars on dresses and shoes over the years this way.

My work shoes live at work: They don’t go outside to lunch, they don’t commute, and they don’t go on vacation.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: laura edwins, aditi shrikant, lance lambert
Keywords: news, cnbc, companies, clothes, black, dont, pieces, help, tshirt, rules, price, outside, work, dollars, shoes, wear, wardrobe, hundreds, save


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Cramer’s lightning round: Cronos, Aphria have eclipsed Canopy in the cannabis business

I think this stock used to be great stock … but it’s not working and therefore I say be careful.” … [If] you asked me what worries me about the market, it’s not just tariffs … these biotech companies that keep hitting highs that I know aren’t making money and need to raise money, or if they don’t need to raise money they don’t have any chance of making money anytime in the near future.” Canopy Growth: “That was a terrible quarter. It was a terrible quarter, they still have a lot of money.


I think this stock used to be great stock … but it’s not working and therefore I say be careful.” … [If] you asked me what worries me about the market, it’s not just tariffs … these biotech companies that keep hitting highs that I know aren’t making money and need to raise money, or if they don’t need to raise money they don’t have any chance of making money anytime in the near future.” Canopy Growth: “That was a terrible quarter. It was a terrible quarter, they still have a lot of money.
Cramer’s lightning round: Cronos, Aphria have eclipsed Canopy in the cannabis business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: tyler clifford
Keywords: news, cnbc, companies, dont, speculative, eclipsed, aphria, quarter, canopy, cronos, lightning, stock, round, raise, cannabis, money, think, terrible, cramers, business, need, making


Cramer's lightning round: Cronos, Aphria have eclipsed Canopy in the cannabis business

B&G Foods: “People are gunning for these guys. They actually think that they can’t even cover the dividend. I have to tell you I am very concerned. I think this stock used to be great stock … but it’s not working and therefore I say be careful.”

Eidos Therapeutics: “That is so speculative. It’s very speculative. … [If] you asked me what worries me about the market, it’s not just tariffs … these biotech companies that keep hitting highs that I know aren’t making money and need to raise money, or if they don’t need to raise money they don’t have any chance of making money anytime in the near future.”

Select Medical Holdings: “I kind of like that company. I think that that rehab business is — that is an undervalued situation. I like it very much.”

Medpace: “I need to do homework.”

Okta: “This is a company that’s been one of the greatest companies of all time. … I think Okta’s real good, it’s too hot right now. Let it come in a little.”

Canopy Growth: “That was a terrible quarter. It was a terrible quarter, they still have a lot of money. I think they’ll be fine, but Cronos has now eclipsed them in my mind as has Aphria … because that quarter was just, wow.”


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: tyler clifford
Keywords: news, cnbc, companies, dont, speculative, eclipsed, aphria, quarter, canopy, cronos, lightning, stock, round, raise, cannabis, money, think, terrible, cramers, business, need, making


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Colleges are slashing their tuition. Don’t expect to feel relief

To understand why, faculty there compared the college’s price tag with other schools in the area. “What we found is that our tuition was $10,000 out of line with similar colleges,” Gibralter said. As a result, tuition at the college in Aurora, New York, will be cut by 25% for the 2019-2020 academic year. Tuition at St. John’s College, with campuses in New Mexico and Maryland, will be down by a third this coming year. That’s because when colleges lower their tuition, they tend to also scale back


To understand why, faculty there compared the college’s price tag with other schools in the area. “What we found is that our tuition was $10,000 out of line with similar colleges,” Gibralter said. As a result, tuition at the college in Aurora, New York, will be cut by 25% for the 2019-2020 academic year. Tuition at St. John’s College, with campuses in New Mexico and Maryland, will be down by a third this coming year. That’s because when colleges lower their tuition, they tend to also scale back
Colleges are slashing their tuition. Don’t expect to feel relief Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: annie nova
Keywords: news, cnbc, companies, slashing, college, dont, schools, colleges, enrollment, expect, price, gibralter, relief, university, families, tuition, reduced, feel


Colleges are slashing their tuition. Don't expect to feel relief

When Jonathan Gibralter became president of Wells College in 2015, enrollment at the school was at a nadir. To understand why, faculty there compared the college’s price tag with other schools in the area.

“What we found is that our tuition was $10,000 out of line with similar colleges,” Gibralter said. “Some students weren’t even looking at us.”

As a result, tuition at the college in Aurora, New York, will be cut by 25% for the 2019-2020 academic year. Families have noticed. “The number of applications this year has gone up,” Gibralter said.

The cost of attending college has exploded over the last few decades. More than 40% of private colleges reported a decline in freshmen enrollment between 2015 and 2018, with the majority of the schools citing “price sensitivity” among families as the culprit, a recent study by the National Association of College and University Business Officers found.

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Recognizing their price has turned many families away, more and more schools are resetting their tuition. Between 2012 and 2018, an average of 10 schools a year reduced their tuition, compared with an average of one college a year from 1987 to 2011, according to an analysis by Mark Kantrowitz, publisher of SavingforCollege.com.

Tuition at St. John’s College, with campuses in New Mexico and Maryland, will be down by a third this coming year. Tuition will be reduced by 57% at the University of the Cumberlands in Williamsburg, Kentucky.

Unfortunately, families don’t usually feel much relief from these reductions.

That’s because when colleges lower their tuition, they tend to also scale back their financial aid packages. The net cost to a family doesn’t change much, if at all.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: annie nova
Keywords: news, cnbc, companies, slashing, college, dont, schools, colleges, enrollment, expect, price, gibralter, relief, university, families, tuition, reduced, feel


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Don’t retire early, buy a home or be a lawyer if you want to be happy, researchers say—here’s why

(I did a quick Google search on “how to be happy” and more than 6.7 billion results came up.) But before withdrawing from the working world to spend your days sipping piña coladas, consider that early retirement might not be so healthy for your mind or happiness. Cross-sectional studies have found that workers who retire early tend to be less happy than those who stay in the workforce through the age of 65. I’m not against early retirement, and I’ll bet that there are a bunch of early retirees w


(I did a quick Google search on “how to be happy” and more than 6.7 billion results came up.) But before withdrawing from the working world to spend your days sipping piña coladas, consider that early retirement might not be so healthy for your mind or happiness. Cross-sectional studies have found that workers who retire early tend to be less happy than those who stay in the workforce through the age of 65. I’m not against early retirement, and I’ll bet that there are a bunch of early retirees w
Don’t retire early, buy a home or be a lawyer if you want to be happy, researchers say—here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: alex palmer
Keywords: news, cnbc, companies, early, work, likely, university, happiness, retirement, happier, sayheres, happy, retire, study, lawyer, buy, youre, dont, researchers


Don't retire early, buy a home or be a lawyer if you want to be happy, researchers say—here's why

In an age of anxiety and uncertainty, Americans are more stressed than ever. So it’s no surprise that we’re all searching for ways to add more happiness to their lives. (I did a quick Google search on “how to be happy” and more than 6.7 billion results came up.) But I wanted to find more than just inspirational quotes and one-minute clips of adorable baby goats, so I set out to find more interesting, tried-and-true, science-backed tips on how to achieve long-term happiness. Over a period of more than two years, I studied hundreds of academic studies, interviewed psychologists, sociologists and happiness researchers about what brings a person joy. I even wrote a book, “Happiness Hacks,” to share my findings. Happiness is far from a simple concept. It can refer to a wide range of moods, emotions, sensations and traits — each with its respective benefits and drawbacks. Here are some of the most interesting tips I discovered in my research:

1. Stop apologizing

If email has been sitting in your inbox for a few days, or even a just few hours, it often seems polite to begin your response by apologizing for your “delayed response.” Such anxiety about responding immediately might make you think you’re being conscientious, but you’re probably just driving yourself crazy. According to a study from Loughborough University, which analyzed the effect of email interruptions within the workplace, people respond to emails within an average of six seconds. Yet in almost all cases, the sender doesn’t actually expect an immediate response. A few years ago, Duke University psychology professor Dan Ariely conducted a test, asking people who emailed him to fill out a form indicating when they want a reply — with options for “next month,” “next week,” “tomorrow” or “drop everything and deal with it ASAP.” Only 2% said they needed an immediate answer. When given a choice, Ariely said in an interview with Bloomberg, “very, very few people say ‘answer me now.'” So if you want to take the stress out of email management, remove “apologies for the delay” from your vocabulary. It’s very likely that the recipient didn’t even notice.

2. Rent (instead of buy) a home

“Should I rent or should I buy?” This question has tormented people for decades — with no easy answer. Considerations ranging from personal budget to family size to location influence how one comes to a decision. But for those looking to enhance their happiness, the answer might be to stick with a rental. In 2017, The Telegraph conducted a survey of 5,800 participants to investigate whether people were happier renting or owning their homes. The survey questions focused on how financial circumstances contributed to happiness and stress levels. The results showed that those who rented a detached, single-family home were the least stressed. Although the study revealed that people who rent their homes tend to spend a greater portion of their finances on housing, it also showed that homeowners were just as likely to list money as their biggest concern. Also, those who owned a single-family home were more likely than homeowners to report a good work-life balance. Not only that, renters reported enjoying relaxing at home more than homeowners, who tended to put traveling as one of their primary keys to happiness. This isn’t to imply that a rented home is always a happier home; owning a home has its perks, and the decision should mostly come down to whether you’re financially — and mentally — ready. However, if you don’t want to deal with the extra costs and maintenance, consider simplifying your life and reducing stress by renting a place.

3. Don’t retire early

Retiring early has been the ultimate dream for many: Who wouldn’t want to cut out the nine-to-five existence by the age of 50 — or 30? But before withdrawing from the working world to spend your days sipping piña coladas, consider that early retirement might not be so healthy for your mind or happiness. Cross-sectional studies have found that workers who retire early tend to be less happy than those who stay in the workforce through the age of 65. Additional studies also found a connection between retirement and memory — or, as some economists call it, “mental retirement.” Drawing on memory-test data from the US, England and 11 European countries, they found that the earlier people retired, the more their cognitive abilities declined. While the research doesn’t indicate the specific elements of work that might help maintain one’s mental sharpness, the study’s co-author, Robert J. Willis, said in a 2010 interview with The New York Times that even if the work itself isn’t stimulating, “there’s evidence that social skills and personality skills — getting up in the morning, dealing with people, knowing the value of being prompt and trustworthy — are also important.” I’m not against early retirement, and I’ll bet that there are a bunch of early retirees who have no regrets. (Ask any financial planner and they’ll tell you that what separates a happy retiree from an unhappy retiree really just comes down to having a solid pre-retirement plan.)

4. Embrace getting older

Forget what you’ve heard about having a midlife crisis. In fact, getting older is a pretty good predictor of happiness. That was among the findings of a longitudinal study from the University of Alberta in Canada that looked at participants’ happiness levels as they aged from 14 to 43, with the participants self-defining and self-reporting their well-being on a scale from “not happy” to “very happy.” The study found that over the 25-year period, as individuals aged, they generally grew happier. The increase in happiness remained even when controlling for variables such as gender, marital status, unemployment and physical health. The takeaway? Stop worrying about getting older. Chances are that wherever you see yourself in five years, you’re going to be happier when you get there.

5. Don’t be a lawyer

Maybe it’s all the lawyer jokes, but those who practice law have been found to be particularly unhappy. A 1990 study from John Hopkins University found that lawyers were 3.6 times more likely than non-lawyers to suffer from depression. Researchers point to three main reasons as to why lawyers have a hard time finding happiness: Prudence is one of the main qualifications for lawyers, which can often translate to skepticism or pessimism. The high pressure put on and low influence given to young associates are the sort of work conditions that result in low moral in other workplaces. The work — at least in the US — is often a zero-sum game where your win is someone else’s loss, creating a hyper-competitiveness that also drains one’s sense of workplace satisfaction. A 2016 study conducted by the American Bar Association, concluded that attorneys “experience problematic drinking that is hazardous, harmful, or otherwise consistent with alcohol use disorders at a higher rate than other professional populations.”

6. Complain with purpose


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: alex palmer
Keywords: news, cnbc, companies, early, work, likely, university, happiness, retirement, happier, sayheres, happy, retire, study, lawyer, buy, youre, dont, researchers


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Hong Kong protests will be ‘settled or crushed’ ahead of China national celebrations, analyst says

The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day. The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday. In fact, the politics go hand in hand with the Chinese economy, Roche said. “I don’t accept this will be a small scale problem in a


The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day. The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday. In fact, the politics go hand in hand with the Chinese economy, Roche said. “I don’t accept this will be a small scale problem in a
Hong Kong protests will be ‘settled or crushed’ ahead of China national celebrations, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, kong, roche, economy, hong, beijing, dont, national, settled, analyst, hand, celebrations, china, protests, crushed, ahead, trade, talks


Hong Kong protests will be 'settled or crushed' ahead of China national celebrations, analyst says

The months-long protests in Hong Kong could come to an end soon, according to strategist David Roche, who said they will “be settled or crushed” before October 1 — the 70th anniversary of China’s National Day.

The way China responds to the situation in the city is crucial in determining how markets and U.S.-China trade talks will be affected, he told CNBC on Friday.

In fact, the politics go hand in hand with the Chinese economy, Roche said.

“I don’t accept this will be a small scale problem in a larger China economy. The reason I don’t is because I believe any intervention (from Beijing) to Hong Kong will be immediately, umbilically, linked to what happens to trade talks and international relations globally,” said Roche, who is president at research and investment consulting firm Independent Strategy.

Roche said “Beijing has to weigh in on two things: the political and economic cause.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, kong, roche, economy, hong, beijing, dont, national, settled, analyst, hand, celebrations, china, protests, crushed, ahead, trade, talks


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2 occasions when it’s important not to use cash

You are spending a lot on a single purchaseMcBride warns against using cash to pay for a major purchase for a number of reasons. Cash offers no protection from loss, theft or fraud that you are afforded with credit and debit cards. Greg McBride Chief Financial Analyst at Bankrate.comYou may also miss out on potential warranties and purchase protection if you use cash to make an expensive purchase, McBride says. “With many credit cards, there is coverage offered in addition to whatever manufactur


You are spending a lot on a single purchaseMcBride warns against using cash to pay for a major purchase for a number of reasons. Cash offers no protection from loss, theft or fraud that you are afforded with credit and debit cards. Greg McBride Chief Financial Analyst at Bankrate.comYou may also miss out on potential warranties and purchase protection if you use cash to make an expensive purchase, McBride says. “With many credit cards, there is coverage offered in addition to whatever manufactur
2 occasions when it’s important not to use cash Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: anna hecht
Keywords: news, cnbc, companies, purchases, purchase, credit, dont, important, pay, cards, occasions, cash, fraudulent, card, protection


2 occasions when it's important not to use cash

1. You are spending a lot on a single purchase

McBride warns against using cash to pay for a major purchase for a number of reasons. Most importantly, if you use cash to make a substantial purchase, he says he “sure hopes you hold onto the receipt.” That’s because proving past purchases is much easier through a digital form of payment rather than dollar bills. If you use cash to pay for something like a new car or home renovation, you’re going to need to hold onto your receipts for when tax season rolls around. “Your CPA will ask for all of your details to make the assessment as to whether you should take the standard deduction or the itemized deduction,” Amy Wang, CPA and senior manager on the American Institute of CPAs’ tax policy and advocacy team, told CNBC.

“There is no universal advantage to using cash. Cash offers no protection from loss, theft or fraud that you are afforded with credit and debit cards. Greg McBride Chief Financial Analyst at Bankrate.com

You may also miss out on potential warranties and purchase protection if you use cash to make an expensive purchase, McBride says. “With many credit cards, there is coverage offered in addition to whatever manufacturer warranty there might be in place,” he says. Some credit cards will even allow you to extend warranties for longer. Say your phone breaks after the manufacturer warranty ends. Your credit card may offer additional protection so you’re still covered for a replacement. But had you used cash to buy the phone, you wouldn’t be. Since most people don’t carry enough cash on them to cover big purchases, it can be inconvenient if you need to stop by an ATM. There could be fees involved as well. Finally, you could earn rewards if you use a credit card to front the cost of an high-priced item. But, if you use cash, there’s no return on your spending. However, make sure you use credit cards responsibly, pay them off on time and avoid making purchases for the sake of rewards if you cannot pay off the balance in full at the end of the month.

2. You are concerned about the safety of your money

If you are worried about your money being stolen, you don’t want to carry cash. When traveling in an unsafe area or walking alone late at night, you probably don’t want to be caught with a lot of cash on you. “If somebody pops you over the head and takes your debit card, you report it to your financial institution and you’re not liable for any fraudulent [charges],” McBride says. However, cash is harder to trace and is likely gone for good if an unknown person swipes it. And because cash requires no PIN number to use, it’s easier to spend once stolen. While debit cards are safer than using cash, they aren’t foolproof against fraud. If you don’t call your card issuer within two days of noticing strange activity on the account, you could be held liable for up to $500 in fraudulent charges. Plus, waiting to be reimbursed for any fraudulent charges can take time. Credit cards are typically the safest mode of payment. If somebody steals your credit card and makes purchases, federal law limits your liability to $50 — and many cards offer zero liability protection. That means all you have to do is call and explain that your card has been stolen and has incurred fraudulent charges, and you won’t be held responsible. If your cash goes missing, there isn’t any official number you can call in order to get it back. Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: The 10 major U.S. cities where housing costs have increased the most


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: anna hecht
Keywords: news, cnbc, companies, purchases, purchase, credit, dont, important, pay, cards, occasions, cash, fraudulent, card, protection


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Worried about a recession? Don’t panic, say financial advisors, but do be prepared

kate_sept2004 | E+ | Getty ImagesIf you are worried about a possible recession on the horizon, there are some financial moves you can make to help protect yourself. “We will eventually go into recession,” said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth-management firm Lassus Wherley, a subsidiary of Peapack-Gladstone Bank. Don’t panic, don’t make hasty financial and investment decisions. With that in mind, here are some things you can


kate_sept2004 | E+ | Getty ImagesIf you are worried about a possible recession on the horizon, there are some financial moves you can make to help protect yourself. “We will eventually go into recession,” said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth-management firm Lassus Wherley, a subsidiary of Peapack-Gladstone Bank. Don’t panic, don’t make hasty financial and investment decisions. With that in mind, here are some things you can
Worried about a recession? Don’t panic, say financial advisors, but do be prepared Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: michelle fox
Keywords: news, cnbc, companies, panic, dont, say, things, recession, lassus, boneparth, savings, investment, financial, sure, prepared, good, worried, advisors


Worried about a recession? Don't panic, say financial advisors, but do be prepared

kate_sept2004 | E+ | Getty Images

If you are worried about a possible recession on the horizon, there are some financial moves you can make to help protect yourself. Those concerns flared up on Wednesday after a warning signal came from the bond market. At one point during the trading session, the benchmark 10-year Treasury bond briefly broke below the 2-year rate. That’s called an inverted yield curve, and it is a phenomenon that often has been a reliable, yet early, indicator of economic recessions. Stocks plunged on the news, with the Dow Jones Industrial Average logging its worst performance of 2019 on Wednesday. On Thursday, equities seesawed, thanks, in part, to some positive economic data that indicate a relatively strong U.S. economy. “We will eventually go into recession,” said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth-management firm Lassus Wherley, a subsidiary of Peapack-Gladstone Bank. “The business cycle is the business cycle. “The real question is when and for how long?” she added.

Jim Cramer appeared on the TODAY show to discuss recession fears in the wake of the Dow plummeting on August 14, 2019.

While the yield curve may be one early sign, another thing investors should watch is the overall economy, including retail sales and home buying, which provides insight into how the consumer is faring, said Lassus, a member of the CNBC Digital Financial Advisor Council. On Thursday, the Commerce Department said retail sales rose for July, beating expectations.

Don’t panic, don’t make hasty financial and investment decisions. Mitch Goldberg ClientFirst Strategy

Mitch Goldberg, president of ClientFirst Strategy in Melville, New York, also looks at things like the price of copper, sovereign bond interest rates and things that are “breaking” — such as Argentina’s economy and auto sales. “Strong global stock markets and low interest rates cover up a lot of cracks,” he said. “You are starting to see cracks develop.” Therefore, you should be prepared for any market downturn. “Many times, hindsight is 20/20,” said certified financial planner Douglas Boneparth, president of Bone Fide Wealth, a New York firm that focuses on millennials and young professionals. “Most people don’t know we’re in a recession until it’s too late.” With that in mind, here are some things you can do to be prepared in the event a recession is on the horizon.

Focus, don’t panic

“Now is a good time for investors to not only look at their to-do list but to make sure that they have a to-don’t list,” said Goldberg. “The things on the to-don’t list would be don’t panic, don’t make hasty financial and investment decisions.” What you should do is make sure that you have the risk tolerance and time horizon to tough out the volatility, he said.

Take stock of your personal life

It’s also a smart idea to take the temperature of your personal life, said Boneparth, a member of the CNBC Digital Financial Advisor Council. “How do you feel about your job? Do you feel safe?” he said. “What is the risk in your life right now? Did you just have a child? … Are you in good health?” More from Invest in You:

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Here are the answers to your top investment worries If you don’t feel your job is secure, then make sure your resume is up to date, added Lassus. “If you’re great and your job is in good shape that is fabulous but it still pays to think about those things and plan ahead,” she said.

Make a plan

“This is your call to action to put a financial plan together,” said Boneparth. “Look at your entire financial situation in the context of your goals and be able to see how you are tracking those goals, how you are doing in achieving those goals and learn what it takes to get there,” he added. However, try not to worry so much — especially if you are not near retirement age. “For younger investors with time on their side, keep in mind that you have a long-term investment horizon — which means recessions, bear markets and corrections should be factored into your investment strategy,” Boneparth said.

Bulk up on cash

Jamie Grill | Getty Images

Check your cash reserves — do you have enough to weather a downturn? “You want to make sure you have the cash you need so you don’t have to sell things at the worst possible time,” like after your stocks, mutual funds or 401(k) have already lost a lot of value, said Lassus. Therefore, try to increase the amount of money you are saving each month, if you can. While the rule of thumb is to have three to six months of cash savings set aside perhaps bump that up to six to 12 months if you can, Boneparth suggested. “Nobody wants to reduce their savings to retirement or their kids’ college savings, but sometimes redirecting those savings towards greater amounts of cash or liquidity can do wonders for helping you navigate volatile markets, as well as recessions,” he said.

Don’t run up your credit cards

Think about your spending versus your earnings, Lassus said. “Are there ways you can cut back just in case you need to?” she said. “Are there things that have gotten out of control because you have been doing well financially? “Now is a really good time to check all of that and make sure you are in the right place.”

It’s not the end of the world


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: michelle fox
Keywords: news, cnbc, companies, panic, dont, say, things, recession, lassus, boneparth, savings, investment, financial, sure, prepared, good, worried, advisors


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