Serena Williams on financial abuse: ‘When you recognize the signs, you can change the pattern’

And up to 99% percent of survivors have also experienced financial abuse. In honor of National Domestic Violence Awareness Month this October, the Allstate Foundation partnered with tennis star Serena Williams to raise awareness of financial abuse. The warning signs of financial abuse”What’s difficult is that financial abuse can take on many forms,” says Francis. While cases of financial abuse frequently affect women, the elderly are also susceptible. The National Council on Aging reports that e


And up to 99% percent of survivors have also experienced financial abuse. In honor of National Domestic Violence Awareness Month this October, the Allstate Foundation partnered with tennis star Serena Williams to raise awareness of financial abuse. The warning signs of financial abuse”What’s difficult is that financial abuse can take on many forms,” says Francis. While cases of financial abuse frequently affect women, the elderly are also susceptible. The National Council on Aging reports that e
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Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: mariam abdallah, ivana pino, sam becker, lisa ferber
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Serena Williams on financial abuse: 'When you recognize the signs, you can change the pattern'

In the United States, more than 10 million victims experience domestic violence annually from their intimate partner, which is an average of 20 people every minute, according to the National Coalition Against Domestic Violence. And up to 99% percent of survivors have also experienced financial abuse. In honor of National Domestic Violence Awareness Month this October, the Allstate Foundation partnered with tennis star Serena Williams to raise awareness of financial abuse. “Not being able to use your credit cards, having to show receipts for every little dime that you spend, having freedom of choice taken away from you. Those are all signs,” Williams told Woman’s Day. “It’s important to use my voice to shine a spotlight on the barriers women can face when they’re trying to leave.” Abusers may try to control how the victim can access or use cash, bank accounts, or credit cards. They can also limit the victim’s earning potential by preventing them from going to work or applying for a job. “Financial abuse occurs in a relationship where your partner is withholding information about the finances to essentially keep the victim in the dark,” says certified financial planner Stacy Francis, the president and chief executive of Francis Financial in New York.

The warning signs of financial abuse

“What’s difficult is that financial abuse can take on many forms,” says Francis. “Many people who actually are victims are unaware that this is a form of abuse.” Controlling behavior can start with one partner cutting the other off from financial matters and decisions and giving them less and less money to spend on themselves and the children. “For example,” Francis says, “a food allowance or clothing allowance that is just not doable. Then the victim has to come back to their partner and say, ‘I don’t have enough money for the kids’ shoes for school, or for groceries for the week.’ And it creates a power dynamic where the partner has the power. And they have the power because they control all the money.”

Serena Williams and daughter Alexis Olympia during the S by Serena Williams Runway Show on September 10, 2019, in New York City. Thomas Concordia | Getty Images

That dynamic also exists when the victim is belittled, manipulated, and made to feel less capable when it comes to money. While cases of financial abuse frequently affect women, the elderly are also susceptible. The National Council on Aging reports that elder financial abuse and fraud costs its victims about $36.5 billion per year. If you or a loved one are experiencing financial abuse, here are some tips to help you protect yourself:

Review a copy of your credit report

“Many times, individuals will find out later on that credit cards, other types of debts, and home equity lines of credit, have been taken out in their name by their abuser,” Francis says. Under federal law, you can obtain a free copy of your credit report every 12 months from each of the three bureaus: Experian, TransUnion, and Equifax. Make sure you recognize all the debts listed. If you don’t, dig further to find out how they got onto your card.

Many people who actually are victims are unaware that this is a form of abuse. Stacy Francis President and CEO of Francis Financial

Save and use cash

“Using a debit or credit card is going to allow your abuser to track you,” says Francis. Going mostly or entirely cash-only allows you to operate in the world without leaving a trail.

Educate yourself about your income


Company: cnbc, Activity: cnbc, Date: 2019-10-12  Authors: mariam abdallah, ivana pino, sam becker, lisa ferber
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You can start teaching even little kids about money, experts say — here’s how

Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. Give them the opportunity to make choi


Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. Give them the opportunity to make choi
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You can start teaching even little kids about money, experts say — here's how

Most parents wait until their kids are teenagers before discussing money with them, according to T. Rowe Price’s 10th Annual Parents, Kids & Money Survey. That’s a mistake, says Nikhol Bentley, a math teacher at Gilbert Stuart Middle School in Providence, Rhode Island. “People tend to sell kids short,” says Bentley. “They are extremely smart, and letting them be part of the financial conversations at home is a good way to make sure that they’re able to make smarter financial choices when they’re older.” Teaching your child concepts like spending, saving, and earning can help them establish good financial habits that can last them the rest of their lives. And there are age-appropriate ways to get started early on. The National Education Association (NEA) provides lesson plans for teaching financial literacy to children as young as 4, and there are ways to lay the groundwork with even younger kids.

Counting

Around age 2, your child may be able to sound out different numbers, recognize numerals, or count out a sequence of numbers that they’ve heard over and over again. By age 4, most children are counting up to 10 or even beyond, according to LeapFrog, which helps parents use technology as a learning tool. Counting is the first step in building and strengthening math skills in the classroom. It’s basic but absolutely necessary. Parents can help reinforce this skill by encouraging their child count everyday items like crayons or the number of apples or bananas you pick up at the grocery store.

Spending and earning

Children can loosely understand the concept of income early on, says Bentley: As soon as they start school, or even before, they can grasp how currency works. Though they’re not actually exchanging goods for money, they can show they understand value by trading Pokemon cards with each other, for example. “They learn to share, trade cards or toys for things that they want, or some teachers will have some sort of ticket system that reinforces this concept of saving up your tickets for rewards or what it means to not have enough,” says Bentley. By age 6, kids generally understand that some bills or coins are smaller than others, and more money is needed to afford something more valuable. “Any type of reward system helps emphasize this idea of currency, and kids will pick up on the fact that there are certain things they need to do or behaviors they need to manage in order to earn that extra ‘income,'” explains Bentley. The goal isn’t to teach them not to spend but to show them how to spend wisely so they end up feeling satisfied. “Give them the opportunity to make choices about how to best spend their money,” suggests Marguerita Cheng, chief executive officer at Blue Ocean Global Wealth. “Maybe it’s letting them pick out a reasonably priced souvenir on a family vacation. They are capable of understanding and retaining these things.”

Saving

Two in three parents give their child an allowance, shelling out an average of $30 per week, according to a recent survey of 1,002 adults conducted by The Harris Poll on behalf of the American Institute of Certified Public Accountants. But only 3% of parents report that their kids primarily save what they get. Encouragement from parents, though, can make a difference.

Give them the opportunity to make choices about how to best spend their money. Marguerita Cheng chief executive officer at Blue Ocean Global Wealth

Bentley suggests one helpful exercise to help even younger children get used to saving: Let your child pick out a toy at the store. Explain how much it costs, and emphasize that they’ll need to save up their own money if they want to take it home. However old your child is when you start offering an allowance, make sure to give them a consistent amount on a consistent basis, “because it’s like getting a paycheck,” Paul Golden, managing director at the National Endowment for Financial Education told Grow earlier this year.

Avoiding conversations about money can cost you


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: ivana pino, sofia pitt, sam becker, lisa ferber
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3 ways to help your kids make the most of their allowance

If you want your kids to save part or all of their allowance, make it easy for them. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” “It’s still parents who have the most influence [on kids’ money habits]. Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster MoneyHere are three ways you can use an allowance to teach your kids about money management and help them to make th


If you want your kids to save part or all of their allowance, make it easy for them. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” “It’s still parents who have the most influence [on kids’ money habits]. Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster MoneyHere are three ways you can use an allowance to teach your kids about money management and help them to make th
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3 ways to help your kids make the most of their allowance

If you want your kids to save part or all of their allowance, make it easy for them. Consider getting them a savings jar or even opening them a bank account. Two in three parents give their child an allowance. They dole out an average of $30 per week, according to a recent survey of 1,002 adults conducted by The Harris Poll on behalf of the American Institute of Certified Public Accountants, and in many cases the money is linked to the completion of household chores. But only 3% of parents report that their kids primarily save their allowance, a figure that the AICPA finds “concerning.” Nearly all, or 92%, of parents say it’s important for their child to learn how to manage money, and helping your kids become savers early on is a great way to make that happen. By saving a third of a $30 weekly allowance, your child would be able to sock away over $500 every year. “It’s a missed opportunity, generally, if you’re not taking to your kids about money,” says Paul Golden, managing director at the National Endowment for Financial Education. “It’s still parents who have the most influence [on kids’ money habits]. They’re the front line of defense.”

Graphic preview What kids earn The top-paying chores for kids in the U.S. kiersten schmidt/grow Rooster Money

Here are three ways you can use an allowance to teach your kids about money management and help them to make the most of it over time.

1. Set kids up to be savers

Encouraging your kid to save even part of their allowance can help them establish healthy financial habits. Start by conditioning your kids to automatically save a certain amount each month because “then they don’t miss it,” says Golden. With younger children, Golden suggests using a savings jar so they can see the money building up. Then, once your child starts asking about how banks work, consider opening a savings account. Pay attention to their cues and take advantage of their interest, he says. “Once you’ve started with the habit of saving when you’re young, you start seeing what saving [money] actually does for you,” Clark D. Randall, a certified financial planner and the founder of Financial Enlightenment in Dallas, Texas, told Grow earlier this year. Parents are usually the No. 1 money influence on their kids. In a recent survey of “supersavers,” or people who put an impressive share of their income away for retirement, 80% gave credit to their parents for positively influencing their savings habits.

It’s a missed opportunity, generally, if you’re not taking to your kids about money. Paul Golden Managing director, National Endowment for Financial Education

2. Teach them to budget

Instead of saving, kids, like many adults, put money toward the things they want in the moment. In the AICPA’s survey, parents reported that kids spend most of their allowance money on outings with friends (47%) followed by digital devices and downloads (37%) and toys (33%). Learning to budget, though, will allow your child to think about all what they want to prioritize in the coming week, month, or year. If there’s something expensive your child really wants, you can drive home the connection between spending and earning by explaining how budgeting can help them meet their goals. Let’s say they want a $200 tablet but they end up blowing their allowance each week going out with friends. By setting aside, say, $20 of their $30 allowance, they can count on getting what they want in only 10 weeks. If they want it sooner, they can sock away the full $30 each week. And if they continue to splurge instead of save, don’t get mad. “It’s OK to make mistakes,” says Golden. “That starts to condition us as adults. There’s not some fairy that will come down and get you through till the next paycheck” when you’re an adult, either. So the best time for kids to trip up is when parents are there to guide and counsel them, and help them figure out what to do better going forward.

3. Help them differentiate between wants and needs

By helping them learn to budget for short- and long-term goals at a young age, you’re setting your kids up to tell the difference between wants and needs, explains Golden. Older kids may have to cover bills for the first time. “Once you have teens, they have to start prioritizing things they’ve never done [before], like putting gas in the car or paying for auto insurance,” he says. Condition kids to put money aside by encouraging them to save and budget starting at a young age, and they’ll be prepared to put their needs first. That, in turn, can help them avoid certain pitfalls of overspending, like winding up without money for gas.

Bonus advice: How much to give and how to set an example


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: alizah salario, ivana pino, sam becker, lisa ferber
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Suze Orman: These are the ‘only student loans that you want to take out’

“The only student loans, truthfully, that you want to take out are Stafford loans,” she says. Orman shares with Grow the two key rules she thinks both college students and their parents should follow when it comes to student loans. The two most common types of student loans are federal and private. While college graduates typically have a six-to-eight month grace period before they must start repaying their loans, private student loans often require borrowers to make payments while still in scho


“The only student loans, truthfully, that you want to take out are Stafford loans,” she says. Orman shares with Grow the two key rules she thinks both college students and their parents should follow when it comes to student loans. The two most common types of student loans are federal and private. While college graduates typically have a six-to-eight month grace period before they must start repaying their loans, private student loans often require borrowers to make payments while still in scho
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Suze Orman: These are the 'only student loans that you want to take out'

If you need to take out a private student loan to pay for your education, then you may want to consider a more affordable college, says Suze Orman, financial expert, bestselling author of “Women & Money,” and host of the “Women & Money podcast. “The only student loans, truthfully, that you want to take out are Stafford loans,” she says. “If you’re going to a school where you have to take out more than the maximum that the Stafford loans allow you to take out, I’m here to tell you that you’re going to too expensive of a school.” Orman shares with Grow the two key rules she thinks both college students and their parents should follow when it comes to student loans.

Students: Steer clear of private loans

Approximately 44 million Americans are shouldering the burden of student debt. But depending on the type of loan you have, your debt may be harder, and more costly, to pay back. The two most common types of student loans are federal and private. Federal, or Stafford loans, are provided by the government, with terms and conditions that are set by law. They include benefits such as fixed interest rates and income-driven repayment plans.

Private student loans, however, are made by providers such as banks, credit unions, and state-based organizations, and the terms and conditions set by the lender, which means interest rates vary and can climb as high as 14%. Federal and private loans also differ in terms of repayment structure. While college graduates typically have a six-to-eight month grace period before they must start repaying their loans, private student loans often require borrowers to make payments while still in school. Regardless, Orman advises parents and students to stay away from them. That’s in part because even if you can’t pay back those loans later in life, you’re still on the hook for them. “What you have to understand about student loans is that they’re not dischargeable in bankruptcy” most of the time, Orman says, “so do not take out more than you can pay back.”

‘Parents, put your financial oxygen mask on first’


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: ivana pino, aditi shrikant
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Ask a Manager: This advice can help if a boss wants you to ‘cry a little’ or make a feelings chart

As companies start to recognize that their employees’ mental health issues may be work-related, many are attempting to help workers deal with them. “[Companies] have taken the message that increased openness about mental health is a good thing — but their execution is terrible,” she says. One of her letter writers says their manager created a feelings chart where different emojis represented different mental states. [Companies] have taken the message that increased openness about mental health i


As companies start to recognize that their employees’ mental health issues may be work-related, many are attempting to help workers deal with them. “[Companies] have taken the message that increased openness about mental health is a good thing — but their execution is terrible,” she says. One of her letter writers says their manager created a feelings chart where different emojis represented different mental states. [Companies] have taken the message that increased openness about mental health i
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Ask a Manager: This advice can help if a boss wants you to 'cry a little' or make a feelings chart

Work is a common stressor for 61% of Americans, right behind money at 62%, according to a 2017 report by the American Psychological Association. As companies start to recognize that their employees’ mental health issues may be work-related, many are attempting to help workers deal with them. A healthier workforce could save them money in the long run: After all, one study projected that, between 2016 and 2030, a lack of treatment for anxiety and depression could cost the world 12 billion days worth of work and $925 billion per year. Alison Green, founder of the advice column Ask a Manager, tells Grow that in the last two years she’s seen an uptick in questions about how to deal with workplace activities that are supposed to improve your mental health but in practice can be pretty uncomfortable. “[Companies] have taken the message that increased openness about mental health is a good thing — but their execution is terrible,” she says. One of her letter writers says their manager created a feelings chart where different emojis represented different mental states. Employees had to place a sticker with their name on it on the emoji that best represented their emotions that day. Another letter writer says their manager asked them to write and share with their colleagues a poem that should reveal a personal trauma. “Make yourself cry a little” were the manager’s instructions.

[Companies] have taken the message that increased openness about mental health is a good thing — but their execution is terrible. Alison Green Ask a Manager columnist

These kinds of activities may be awkward but they aren’t illogical. The ability to be authentic at work does improve job satisfaction, performance, and employee engagement, according to a 2013 study. But you can’t mandate that people share personal details with their coworkers, Green says. “It’s important for managers to recognize that they’re managing humans with lives outside of work, but I think some employers have decided vulnerability at work is good for forming connections,” she says. “But it’s requiring it ⁠— that’s the problem. You can’t require people to be vulnerable at work.” The power dynamic between employees and managers makes it unacceptable, says psychologist Lisa Marie Bobby, clinical director of Growing Self Counseling and Coaching in Boulder, Colorado. A boss cannot demand emotional intimacy the same way they cannot demand physical intimacy. “This is like an emotionally traumatizing twin sister of sexual harassment,” she says.

You can’t require people to be vulnerable at work. Alison Green Ask a Manager columnist

In both of the above-mentioned cases, Green offered the same advice: You can push back on such activities. You might also poll fellow coworkers to see if they, too, were made uneasy. About the first letter writer’s feelings chart, she observed that managers sometimes don’t know what they should be to their employees. They “have an amorphous idea that they’re some combination of parent/doctor/therapist/martinet/king.” With the poem, she added, it was also OK for the letter writer to “ignore some of the instructions” and only write a poem they felt comfortable sharing.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: aditi shrikant, ivana pino, myelle lansat
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‘Million Dollar Listing’ star Ryan Serhant: How I learned about money

Ryan Serhant visits Build Brunch to discuss “SELL IT LIKE SERHANT: How to Sell More, Earn more, and Become the Ultimate Sales Machine” at Build Studio on September 20, 2018, in New York City. Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell it Like Serhant,” sat down with Grow for the first installment of our new series in which we ask authors, TV personalities, CEOs, and more how they first learned about money. If we wanted money, we had to work for i


Ryan Serhant visits Build Brunch to discuss “SELL IT LIKE SERHANT: How to Sell More, Earn more, and Become the Ultimate Sales Machine” at Build Studio on September 20, 2018, in New York City. Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell it Like Serhant,” sat down with Grow for the first installment of our new series in which we ask authors, TV personalities, CEOs, and more how they first learned about money. If we wanted money, we had to work for i
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'Million Dollar Listing' star Ryan Serhant: How I learned about money

Ryan Serhant visits Build Brunch to discuss “SELL IT LIKE SERHANT: How to Sell More, Earn more, and Become the Ultimate Sales Machine” at Build Studio on September 20, 2018, in New York City.

Real estate broker Ryan Serhant, star of the Bravo series “Million Dollar Listing” and “Sell it Like Serhant,” sat down with Grow for the first installment of our new series in which we ask authors, TV personalities, CEOs, and more how they first learned about money. Here is Serhant’s story, as told to senior reporter Sam Becker.

My work ethic: ‘If you work harder, you get more money’

My parents were smart with us. They taught us the value of the dollar and the value of hard work. I think that was the most important thing that they wanted us to understand. We never got money for free. It always had to come with some type of work. And it wasn’t just chores: It was manual labor, outside. It was shoveling for neighbors when it would snow, for example. If we wanted money, we had to work for it. That was instilled into my brain for as long as I can remember. My brothers and sisters all say the same thing. Our parents really, really, really pushed on us that if you want money you have to work for it, and if you work harder, you get more money. That’s it. It’s not that hard. That’s how you make it happen. Then with that money you can go and buy things that you want, or you can invest it or you can save it. You can do whatever you want.

If we wanted money, we had to work for it. That was instilled into my brain for as long as I can remember. Ryan Serhant Real estate broker, author, and TV star

My earning strategy: ‘Be yourself, know your stuff’

I distinctly remember what it was like to be in New York City in the summer of 2008 with no money. I had no idea how I was going to pay my rent come September 1. I had no idea how I was going to buy groceries. I had no idea what I was going to do. And that is a terrifying, sickening, awful feeling. If you’ve ever been that broke — anywhere, but especially in New York City where everything is really expensive — I feel for you. You know what I’m talking about. That is really what pushed me to get into real estate. I had a friend who said, “Listen, it doesn’t cost anything, just get your real estate license, go out there, and start advising people and showing people rental apartments. You don’t have to buy anything. You don’t have to do anything. All you have to do is be yourself, know your stuff, and people will pay you a fee for showing them apartments.” And that’s what I did. And it worked. I got my first rental commission and it was like $500. I was like, “Yes, 500 bucks! Awesome!” And my next one was $700 and then $1,000, and it grew slowly from there.

My savings secret: ‘I always have a massive, massive rainy day fund’


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: sam becker, ivana pino, myelle lansat
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Don’t make one common, expensive mistake with your travel rewards credit card

Having the right travel rewards card could help you cover some, or maybe even all, of the costs of your next vacation. The site found 29% of people with a rewards card had let those rewards lapse. “A lot of people are sitting on airline, hotel, and credit card rewards that are worth a significant amount of money,” Bankrate.com credit card analyst Ted Rossman said in a statement. This isn’t the only mistake you can make when choosing and using a rewards card. Rewards credit cards typically have h


Having the right travel rewards card could help you cover some, or maybe even all, of the costs of your next vacation. The site found 29% of people with a rewards card had let those rewards lapse. “A lot of people are sitting on airline, hotel, and credit card rewards that are worth a significant amount of money,” Bankrate.com credit card analyst Ted Rossman said in a statement. This isn’t the only mistake you can make when choosing and using a rewards card. Rewards credit cards typically have h
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Don't make one common, expensive mistake with your travel rewards credit card

Having the right travel rewards card could help you cover some, or maybe even all, of the costs of your next vacation. If, that is, you don’t make the mistake of letting your rewards expire. It’s a misstep plenty of people make, according to a new Bankrate.com report. The site found 29% of people with a rewards card had let those rewards lapse. Nearly half, 46%, had lost airline or hotel rewards. “A lot of people are sitting on airline, hotel, and credit card rewards that are worth a significant amount of money,” Bankrate.com credit card analyst Ted Rossman said in a statement. “That’s why it’s so important to take advantage of them before they expire.” This isn’t the only mistake you can make when choosing and using a rewards card. We talked to experts about what to look out for, and they gave us three “don’ts” to keep in mind when applying for a travel rewards card:

1. Don’t ignore annual-fee credit cards

Nick Ewen of The Points Guy told Grow earlier this year that he used to think anyone who paid an annual fee on a credit card was a “sucker.” But he has since realized credit cards with annual fees can be worthwhile if they offer the right perks. For example, the Marriott-branded credit card that Ewen uses gives him a free night once a year at certain Marriott properties. “I’m using this certificate for a cost that would have been $275,” he says. Considering the card’s $125 annual fee, he’s come out ahead by more than $150 for that year. Some cards also waive the first annual fee. The United Explorer Card, for example, costs nothing the first year and is then $95 each subsequent year. The card also waives fees on the first checked bag for you and one other traveler on your reservation. With an Economy ticket, the checked bag fee is $30 for the first bag — meaning that a traveling couple who each check one bag could break even on the return flight of their first trip. Cards with a fee don’t work out for everyone, though. Less than a third of workers plan to use all their vacation days, after all, and if you don’t travel often, there’s no point in paying for perks you won’t take advantage of.

2. Don’t chase sign-up bonuses

Some cards offer a welcome bonus of 30,000, 40,000, or even 50,000+ points or miles, which can work out to a free flight or two. But there’s a catch, and an expensive one at that. Bonuses typically require you to spend a certain amount of money in a specific time frame. If you can’t, you forfeit the bonus. For example, the Citi Premier Card offers 60,0000 points if you spend $4,000 on the card in the first three months. You don’t want to up your spending unnecessarily, especially if you can’t cover those costs by paying your balance in full and on time.

There are ways you can leverage your spending to take advantage of the bonus, especially if you have upcoming expenses like a wedding or home renovation that you can charge. But be realistic about your budget — and don’t charge more than you can pay off. “Taking on too much credit card debt could completely offset any potential rewards you might receive,” WalletHub analyst Jill Gonzalez told Grow earlier this year. Rewards credit cards typically have high interest rates, which makes carrying a balance even more expensive. While standard credit cards have an average interest rate of 14.72%, airline and rewards cards have an average interest rate of about 17.6%, according to CreditCards.com.

3. Don’t get a card that doesn’t fit your spending


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: aditi shrikant, ivana pino
Keywords: news, cnbc, companies, expensive, spending, dont, common, mistake, cards, fee, travel, rewards, card, bag, annual, credit


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‘A rewards credit card that earns cash back is like gold’ — use these 3 tips to make the most of it

Almost 6 in 10 people have one or more rewards credit card in their wallet, according to a 2018 CreditCards.com survey of 1,218 American adults. And it doesn’t cost anything more to use a credit card,” says Julian Mark Kheel, director and senior analyst at travel site The Points Guy. But you’ll need to be smart about how you use a cash-back card, just as you would with any rewards card. Use your cash rewards wiselyWith a cash-back card, your rewards can typically be redeemed for gift cards, or s


Almost 6 in 10 people have one or more rewards credit card in their wallet, according to a 2018 CreditCards.com survey of 1,218 American adults. And it doesn’t cost anything more to use a credit card,” says Julian Mark Kheel, director and senior analyst at travel site The Points Guy. But you’ll need to be smart about how you use a cash-back card, just as you would with any rewards card. Use your cash rewards wiselyWith a cash-back card, your rewards can typically be redeemed for gift cards, or s
‘A rewards credit card that earns cash back is like gold’ — use these 3 tips to make the most of it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: mariam abdallah, ivana pino, aditi shrikant
Keywords: news, cnbc, companies, gold, smart, spending, earns, tips, credit, card, cash, cards, statement, say, rewards, cashback


'A rewards credit card that earns cash back is like gold' — use these 3 tips to make the most of it

Almost 6 in 10 people have one or more rewards credit card in their wallet, according to a 2018 CreditCards.com survey of 1,218 American adults. The most popular perk: cash back. The allure is that cash-back cards are easy to understand. There’s no points-crunching to figure out the value of rewards you’re earning. “People are realizing that paying for something with cash or a debit card doesn’t get them anything in return. And it doesn’t cost anything more to use a credit card,” says Julian Mark Kheel, director and senior analyst at travel site The Points Guy. But you’ll need to be smart about how you use a cash-back card, just as you would with any rewards card. Here’s how to make the most of one.

1. Find a card tailored to your spending habits

Most cash-back cards offer a base reward of 1%-2% back, but some cards offer bonuses as high as 6% back in particular categories. Experts say cash-back cards can be valuable when those bonuses reward your spending priorities and frequent purchases, such as groceries or restaurant meals. For example, if you do grocery shopping for a big family, consider a card that offers a bonus in that category, making the savings target “easy for families to hit,” Ted Rossman, an analyst at CreditCards.com, told Grow earlier this year.

2. Use your cash rewards wisely

With a cash-back card, your rewards can typically be redeemed for gift cards, or sent to you as a check or direct deposit into your checking account. But you may also be able to get a statement credit toward your credit card balance, which Kheel says can be a smart option. “That means instead of paying your monthly bill of say $200, if you apply $20 in cash back as a statement credit, you only need to pay $180 that month,” he explains.

3. Pay off your card in full each month


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: mariam abdallah, ivana pino, aditi shrikant
Keywords: news, cnbc, companies, gold, smart, spending, earns, tips, credit, card, cash, cards, statement, say, rewards, cashback


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‘Help! Should I save for retirement or pay off debt?’

Dear Asking for a Friend,I’m trying to decide whether to keep working toward paying off my $67,000 in debt or invest in my company’s 401(k) plan. The plan I have access to will match up to 3.5% of my contributions each pay period. On the one hand, a 401(k) plan is free money, and I don’t want to say no to that. On the other, paying off debt is essential to my financial health and sense of peace. I’m currently using the avalanche method, where I pay the minimum on most of my accounts, and then I


Dear Asking for a Friend,I’m trying to decide whether to keep working toward paying off my $67,000 in debt or invest in my company’s 401(k) plan. The plan I have access to will match up to 3.5% of my contributions each pay period. On the one hand, a 401(k) plan is free money, and I don’t want to say no to that. On the other, paying off debt is essential to my financial health and sense of peace. I’m currently using the avalanche method, where I pay the minimum on most of my accounts, and then I
‘Help! Should I save for retirement or pay off debt?’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-28  Authors: farnoosh torabi, myelle lansat, ivana pino, aditi shrikant
Keywords: news, cnbc, companies, paying, youre, help, retirement, money, working, debt, save, sense, plan, pay, think, 401k, companys


'Help! Should I save for retirement or pay off debt?'

Welcome to Asking for a Friend, Grow’s new money advice column. Got a question for one of our money experts? Email us at getgrowing@cnbc.com.

Dear Asking for a Friend,

I’m trying to decide whether to keep working toward paying off my $67,000 in debt or invest in my company’s 401(k) plan. The plan I have access to will match up to 3.5% of my contributions each pay period.

On the one hand, a 401(k) plan is free money, and I don’t want to say no to that. On the other, paying off debt is essential to my financial health and sense of peace. I’m currently using the avalanche method, where I pay the minimum on most of my accounts, and then I put the most money into the debt with the largest interest rate. Do you think it makes sense to ignore the opportunity for the company’s contribution until I have paid off my debt, or is free money a great thing that a person should not ignore?

Thanks,

Weighing My Options

Dear Weighing My Options,

Free money is pretty tempting and, in this case, I do think it would be smart to take advantage of your company’s 401(k) match, even as you’re working your way through debt. You’re fortunate to have this benefit, since it’s not something all companies offer.

My hope is that you can do a little bit of both — invest for your future and tackle your debt at the same time. It’s what I like to call a hybrid approach. And here are a few steps I’d suggest you take to manage it all.


Company: cnbc, Activity: cnbc, Date: 2019-09-28  Authors: farnoosh torabi, myelle lansat, ivana pino, aditi shrikant
Keywords: news, cnbc, companies, paying, youre, help, retirement, money, working, debt, save, sense, plan, pay, think, 401k, companys


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I went a week in NYC without spending any money — here’s what I learned

Maybe the most interesting strategy I’ve come across is the “no-spend” challenge. Taking on a no-spend challenge means that, aside from fixed expenses like rent or utility bills, you don’t spend any money for a given day, week, month, or even a year. But for the sake of my no-spend challenge, I knew I’d have to adjust. My first slip-upI spent the evening before the start of my no-spend week preparing an elaborate lunch to take to work. This challenge definitely required a lot of creativity, and


Maybe the most interesting strategy I’ve come across is the “no-spend” challenge. Taking on a no-spend challenge means that, aside from fixed expenses like rent or utility bills, you don’t spend any money for a given day, week, month, or even a year. But for the sake of my no-spend challenge, I knew I’d have to adjust. My first slip-upI spent the evening before the start of my no-spend week preparing an elaborate lunch to take to work. This challenge definitely required a lot of creativity, and
I went a week in NYC without spending any money — here’s what I learned Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: ivana pino, lisa ferber, myelle lansat, lance lambert
Keywords: news, cnbc, companies, youre, spending, heres, challenge, larsen, week, learned, money, going, nyc, nospend, month, friends, went


I went a week in NYC without spending any money — here's what I learned

As a personal finance writer, I’ve had the opportunity to interview a number of financial experts and influencers about the best ways to save. Maybe the most interesting strategy I’ve come across is the “no-spend” challenge. Taking on a no-spend challenge means that, aside from fixed expenses like rent or utility bills, you don’t spend any money for a given day, week, month, or even a year. It requires a lot of planning and foresight. I had to account for essentials like food and transportation beforehand. Any purchases outside of my fixed expenses were off-limits. In testing out this strategy, my goal was to practice some restraint and learn to curb impulsive spending. If I start developing healthy spending habits now, at age 22, it’ll put me in a better position to save and pay off my student loan debt. That debt was a big reason I took on this challenge: Next month marks the end of my six-month student loan grace period, so I’ll be making my first payment of $972. That’s roughly double my monthly rent. If I intend to pay nearly $1,000 each month for the next 10 years in order to discharge my student loans, I’ll have to make some changes, and that starts with cutting back on the extras. I reached out to Kristin Larsen of BelieveInABudget.com to get some no-spend tips. Larsen is currently getting ready to take on a no-spend month. “No-spend challenges can definitely be really effective,” says Larsen. “Even if you’re only doing it for a day and cutting back on buying lunch or dinner, that’s an extra $15 or $20 in your pocket that month.” She suggested starting my challenge during the work week so that I would have less time to spend. Here’s how it went.

No-spend prep

I started by taking a look at my daily spending habits. On any given day, it’s not uncommon for me to drop anywhere from $10 to $30 on food, coffee, miscellaneous expenses such as getting my nails or eyebrows done, grabbing drinks or dinner with friends, or making an impulse purchase at the Forever 21 near my office. Food & household As a New Yorker, it’s easy to shell out $10-$15 on lunch in midtown Manhattan. My culinary skills have a long way to go, and meal prepping doesn’t appeal to me. But for the sake of my no-spend challenge, I knew I’d have to adjust. I took inventory of the items in my pantry and refrigerator: a gallon of milk, one carton of eggs, some pasta, and half an onion. Then I headed to the supermarket to purchase foods that were easy to cook and would last the full week. I spent just under $45 on groceries, including a whole chicken, salad greens, vegetables, fruit, pasta, rice, nuts, and a pint of ice cream for when the going got tough. I couldn’t totally deprive myself of everything I love. I checked the linen closet I share with my roommates to make sure we were stocked up on toiletries and household products. To kick things off, I made a simple pasta dish topped with fresh tomato sauce and basil, courtesy of my landlord, who grows fresh basil and tomatoes in her garden.

Courtesy Ivana Pino

Transportation I typically pay $127 each month for an unlimited metro card for my subway commute. Luckily, my card was still good for two more weeks. While Manhattan is a walking city, I am quick to order an Uber or Lyft when I’ve spent the night out with friends. With this in mind, I didn’t commit to any social gatherings that were going to be a hassle to get to via subway. Then it was go time.

My first slip-up

I spent the evening before the start of my no-spend week preparing an elaborate lunch to take to work. Naturally, I forgot it on my kitchen counter. Still, I was determined to find a way around buying lunch. I discovered I had $8 left in my employee account, just enough to cover a Caesar salad at the employee cafeteria. I set a reminder on my phone to remember to actually bring the packed lunch with me the following day.

Maintaining the no-spend lifestyle

Full disclosure: I am someone who finds joy in random small treats, like a getting a manicure or treating myself to my favorite latte from Starbucks. As the spending-free days went on, I became increasingly aware of the unnecessary purchases I typically make. I realized that the joy of an almond iced-latte fades quickly when considering how much it sets me back. I buy coffee at least twice a week. At about $6 per drink, that’s $12 per week, or about $50 each month, once you factor in sales tax. That’s an extra $600 per year just to fuel my caffeine addiction. This challenge definitely required a lot of creativity, and I brainstormed ways to treat myself without spending money. I researched free events in the city, and checked rewards applications on my phone to see if I qualified for any freebies at my favorite coffee shops or restaurants. Midway through the challenge, I lucked out and received a $20 Starbucks gift card, which provided a much-needed break from the free office coffee. The little things definitely boosted morale when I felt like I wanted to cave.

A weekend on no-spend

On the weekends, I typically enjoy going out to brunch with friends, seeing a movie, or heading to a thrift store to search for cool items. On this particular weekend, none of my usual outings were an option. I took a note from Kristin Larsen, the blogger from BelieveInABudget.com, who suggests mixing up your social plans when you want to avoid spending. “If friends or coworkers wanted to go out for a happy hour, we would change it into just going out on a walk,” says Larsen. “It sounds basic, but for us it was more about the one-on-one conversation and just hanging out and talking versus dining out and drinking.” I used my free time to catch up on some housework and exercise. I even locked my debit card away in my drawer, just so I wouldn’t be tempted to spend.

If friends or coworkers wanted to go out for a happy hour, we would change it into just going out on a walk. It sounds basic, but for us it was more about the one-on-one conversation and just hanging out and talking versus dining out and drinking. Kristin Larsen Personal Finance Blogger

I took the train to Roosevelt Island, and walked around and enjoyed the scenery. Then I returned home to prepare my own dinner and watch a movie on Netflix. I was on a roll until day four, when I got stuck with a $20 copay for a medical appointment I forgot I’d scheduled. This was a rookie mistake but also a lesson learned.

The results

All in all, I saved around $150 that week on dining out, shopping, and impulse purchases. That’s approximately $100 on lunches and coffee, and $50 on miscellaneous purchases. If I want to keep it up and practice “no-spend” for at least two weeks every month, I’d save about $300, or enough to cover about a third of my student loan payment. I kept myself accountable by not carrying around any money with me, whether it was cash or plastic, but there are different strategies to help you stay on track. Larsen, for example, says she relies on visual charts. “I like having a calendar that I can fill in to track my progress and keep it going,” she says. “It’s silly, but it helps me stay strong.”

Moving forward

At times, this challenge did feel sort of like a crash diet. It wasn’t hard to maintain, but was definitely eager for the challenge to end and ready to indulge after one week. Realistically, I think no-spend is an effective way to save, but it isn’t a “one-size-fits-all” strategy. “It’s OK to spend money on the things you really enjoy if you’re willing to sacrifice in other areas,” Chris Browning of Popcorn Finance told Grow at FinCon, a personal finance convention, earlier this month. “Because if you deprive yourself completely in all areas, you’re destined to fail.”

It’s OK to spend money on the things you really enjoy if you’re willing to sacrifice in other areas, because if you deprive yourself completely in all areas, you’re destined to fail. Chris Browning Popcorn Finance

I learned that we all need small pick-me-ups here and there. It’s important to recognize that everyone has different financial priorities, and occasionally unwinding at a dinner out with friends, or at a date night at the movies, can be money well spent, as long as it isn’t setting you back too much or interfering with you meeting your goals. Completely abstaining from spending, though, opened my eyes to how frivolous my day-to-day purchases can be. I think the answer might be to find a happy medium: Be smarter about treating yourself rather than not treating yourself at all. More from Grow: How a dog-walking side hustle became a business that brings in six figures

4 products to always buy in bulk, and 2 not to

4 smart money lessons a CPA learned from his CPA dad


Company: cnbc, Activity: cnbc, Date: 2019-09-27  Authors: ivana pino, lisa ferber, myelle lansat, lance lambert
Keywords: news, cnbc, companies, youre, spending, heres, challenge, larsen, week, learned, money, going, nyc, nospend, month, friends, went


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