When Dolly the sheep was born 20 years ago, The University of Edinburgh's famous girl was the first mammal created by way of true cloning. Her embryo was created not using the sex or stem cells of another sheep, but from mature cells taken straight from the donor's mammary tissue.Then, at age five - middle age, for a sheep living the good life in a research facility — Dolly developed osteoarthritis. She died at the age of six, riddled with joint and lung problems [...]
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الأحد، 14 أغسطس 2016
Small NY company melds Olympic faces with emojis
Mobile apps that allow users to create their own emojis or share the stylized images of NBA star Stephen Curry and other celebrities are paying off for a small upstate New York company.Moji Maker— with its mix-and-match menu of happy, angry or goofy faces — was the No. 2 paid app on the iTunes chart as of Friday morning. The company that made it, Moji, recently scored big with its Curry app and is following up with similarly styled apps for two Olympic athletes who won [...]
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W-B native's story hits the big screen decades later
When Carolyn Toole heard of actress Meryl Streep’s new movie about a famously awful singer, she made plans to go see the true story when it hit theaters.After hearing that the movie was based on the life — and dreadful singing — of Wilkes-Barre native Florence Foster Jenkins, Toole made sure to attend on opening day.“I just found out. I said, ‘We have to see it,’” Toole said after she and a friend purchased tickets Friday [...]
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LED warning signs purchased in efforts to slow traffic down on 611 in Mt. Pocono Borough
Mount Pocono Borough Council has taken the first but not necessarily the last step aimed at slowing down traffic on busy, steep Pocono Boulevard (Route 611).Council unanimously agreed Monday night to buy and install four solar-powered LED signs — two on each side of the road — at $1,320 apiece.One sign on each side of the road will warn motorists that they are approaching a 30 MPH speed zone, Councilman Jeff Woehrle said. The other signs will inform [...]
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Eight Numbers That Show How American Families Struggle with Money
When it comes to managing our money, Americans have plenty of room for improvement. Sure, we’re the richest country in the world… but most of us still struggle financially to some extent.
Either we’re mired with debt, can’t seem to improve our incomes, or have trouble budgeting for the things we really want in life. These issues are so prevalent that struggling with money has practically become the American way of life. But, why?
While it’s hard to pinpoint the root cause of some of our issues, the fact remains that we could do better. The vast majority of us could stand to save more, invest more, and quit relying on credit as if it were some long-lost friend.
But before you can improve on something, it helps to take a look at where you stand right now – today. Here are eight statistics that show how Americans continue to struggle with money in nearly every aspect of our lives:
$16,048
The average American household with credit card debt carries a whopping $16,048 balance from month-to-month, according to a recent analysis from Value Penguin. While this figure doesn’t take into account households that are debt-free (many of whom have no debt simply because they can’t qualify for credit), the analysis does show that 38.1% of American households do carry credit card debt of some kind. Households with the lowest net worth – either hovering at zero or below that – carried an average balance of $10,308 on their credit cards in early 2016.
While credit cards can be wielded as valuable financial tools, these numbers show they can also be a destructive force under the right circumstances. After all, how do you get ahead when you’re struggling to pay off credit card bills each month? Ask anyone struggling with credit card debt and they’ll tell you the sad truth: Most of the time, you don’t.
- Related: How to Eliminate Credit Card Debt
$5,000
The median, working-age couple in America only had $5,000 stashed away for retirement in 2013, according to an analysis of Federal Reserve data by economist Monique Morrissey of the Economic Policy Institute. Worse, Morrissey’s figures show that around 43% of couples had no retirement savings at all.
Morrissey blames the shift away from defined pension plans toward individual retirement savings as the culprit of this crisis, along with the long-term effects of various economic recessions. Regardless, the fact remains that too few of us will be adequately prepared for retirement when the time comes.
$17,000
Younger couples may not have a lot of money stashed away, but at least they have time. Sadly, the same can’t be said for those ill-prepared couples who are already approaching retirement age.
A further analysis from Morrissey and the Economic Policy Institute shows that the average American couple in their late 50’s or early 60’s had just $17,000 saved in a retirement plan such as a 401(k) or IRA.
While this is surely better than nothing, it won’t be enough to cover much in retirement. With just $17,000 in retirement savings, older couples will have to work longer and rely on Social Security for the bulk of their living expenses in old age.
$75,000
Even some high-income households were living hand-to-mouth in 2015. In a SunTrust survey of households earning $75,000 or more in 2015, nearly a third reported living paycheck-to-paycheck at least part of the time last year. That number soared to 71% among high-earning millennials, and nearly half of those surveyed, 44%, said that lifestyle purchases made it harder to save as much as they should.
You might not expect these problems among high earners. But if you dig a little deeper, you’ll find that, in a lot of ways, we’re our own worst enemies. A third of the survey’s respondents said that a lack of financial discipline was the biggest problem they faced in their finances. And among those who said they’re not saving enough due to lifestyle purchases, a full 68% blamed dining out for their money woes.
That’s right: Plenty of high-income households are literally eating away at their savings each month. If that isn’t enough to make you lose your appetite, we don’t know what will.
- Related: Instant Gratification: Why 76% of Americans Live Paycheck to Paycheck and How to Beat That Cycle
$30,032
Each quarter, credit bureau Experian releases a report on the state of the automotive finance industry. And each quarter, the news gets worse. As of the first quarter of 2016, the average loan for a new car surged to $30,032. That’s up from $28,711 for the same quarter in 2015.
By and large, we borrow crazy amounts of money to finance cars each year, to the detriment of our other financial goals. With the average new car loan now teetering above $30,000, it’s not surprising that the average new car payment is a whopping $503 per month. And amazingly, we have convinced ourselves to spread out those payments over an average of 68 months!
Imagine what you could do with an extra $503 a month — for more than five and a half years straight. Even if you stuck it under your mattress without earning a penny of interest, you’d still have $34,204.
$400
A 2015 report from the Federal Reserve Board showed just how fragile American household incomes and budgets really are. Nearly half of American households, 47%, said they couldn’t come up with $400 to cover any type of emergency if they had to.
When you think about it, this statistic explains a lot. Without even $400 in an emergency fund, it’s much easier for families to fall behind or get themselves into debt. What do you do when your car needs a $500 repair that you can’t pay for, yet you have to drive to work? You charge it to your credit card, or maybe even take out a payday loan if you don’t have one.
And from there, it’s much harder to dig your way out. The more debt you have, the more interest you’re stuck paying each month, and the harder it becomes to sock away even $400.
7 million
We all know that student loan debt has reached epic proportions in the United States. As of this writing, cumulative student loan debt has surged to over $1.3 trillion nationwide, with no end to that growth in sight.
But it gets worse: Close to 7 million student loan borrowers are severely in default on their loans – as in, they haven’t made a single payment for a year or longer.
Since student loans aren’t normally discharged in bankruptcy, and default can have devastating consequences to a person’s credit and financial future, this statistic spells doom for far too many Americans who are already struggling.
And the problem appears to be getting worse — as the Wall Street Journal noted, the nearly 7 million borrowers in default today represents a 6% increase from just a year earlier.
60%
A recent Gallup poll shows that 60% of Americans worry that they won’t be able to cover unexpected medical costs, up from 55% in 2015. While this number can be partly blamed on our expensive and complicated health care system, it’s also a byproduct of our lack of savings — particularly emergency savings.
When almost half of Americans can’t cover a $400 emergency, it’s no wonder the prospect of large medical bills from an unforeseen accident or illness weigh heavily on our minds.
Final Thoughts
While these statistics paint a grim picture, there are certain areas where we can exert some control.
We can’t always shield ourselves from medical emergencies or an unexpected job loss, for example, but we can try our best to save for them. We can’t predict the future, but we can plan for it, and create a monthly budget that allows us to save for a rainy day. We can’t always get a raise at work, but we can try to earn extra money through a side hustle, a part-time job, or an at-home business.
At the end of the day, it’s up to each of us to reach our financial destiny and find small ways to make improvements in our lives. The most important thing to know is, you have to start somewhere. Whether you’re in debt and struggling to pay your monthly bills, or you haven’t started saving for retirement yet despite a solid income, or you don’t have the savings to ride out even a small rough patch, the best time to get on a path toward a brighter financial future is now.
What do you think about these statistics? Do any of these situation apply to your life?
Related Articles:
- The Upside-Down Reason Most Americans are Broke
- 12 Smart Financial Strategies for People Struggling to Get Started
- A Look at the Average American Budget – and How He or She Can Start Saving More
The post Eight Numbers That Show How American Families Struggle with Money appeared first on The Simple Dollar.
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Here’s How to Survive Your Freshman Year of College on a Budget
You’re on your way to college… OMG!
Although this is probably one of the most exciting times of your life, don’t let it be an excuse to get into debt. You’re already gonna have enough of that when you graduate.
Unfortunately, personal finance is one thing they don’t teach you at college — unless you go into personal finance — and though we have tons of helpful content on this site (examples here, here and here), let’s focus on one thing at a time.
Like, how to save money in college — and not go broke.
1. Go Minimalist With Your Dorm
I get it: It’s your first time living on your own, and you couldn’t be more excited to get ALL THE THINGS for your new abode.
But pause a sec… do you really need that Himalayan salt crystal lamp?
Spoiler: Half the crap you want to buy is totally unnecessary. This post tells you exactly what you do (and don’t) need for your dorm room.
And if you absolutely must let your Martha Stewart shine, do it yourself; here are 21 DIY blogs to inspire you.
2. Buy Used Textbooks — or Rent ‘Em
One of the first lessons you’ll learn in college is whoever prices textbooks is pretty much the Cersei Lannister of the book world: pure evil.
Because textbook prices are absolutely outrageous, I highly encourage you to skip your campus bookstore and head online instead.
My favorite site is Direct Textbook, a service that searches more than 200 booksellers to find you the lowest price. Even better, it allows you to rent textbooks for the semester, which could save you 50% over bookstore prices.
3. Make Stores Compete for Your Biz
You don’t need to take Econ 101 to know competition lowers prices. But that’s of no use if you don’t know which stores are cheaper than the others.
Enter Retale, an easy-to-use app that lets you compare the weekly ads from hundreds of local stores. You can either scroll through the ads, or search for your favorite brands and products.
And, if there’s something you just can’t live without, Retale lets you set an alert so you know when it goes on sale. Because buying things full price is such a high-school move.
Here are the links to download it for iPhone and Android.
4. Always Ask for Student Discounts
Who cares if the photo on your student ID is terrible? That little piece of plastic is pure gold.
It can get you all sorts of discounts — on everything from computers to cell phone bills, movie tickets and flights. You can even get a discount on uber-expensive Apple products!
Many restaurants and clothing stores offer discounts, too. In addition to your local favorites, you could save 10% at national chains like Subway, Pizza Hut, Banana Republic and J. Crew.
For more inspiration, check out this list of 21 awesome discounts every college student should know about.
5. Apply for Scholarships
Just because you’re in school doesn’t mean you’re out of the scholarship game. You can apply for them throughout college, and winning one will go a long way in helping fund your expenses.
Between his senior year of high school and his senior year of college, this student won more than $100,000 of scholarships — allowing him to pay for college and graduate completely debt-free.
And you don’t have to be a math genius or musical prodigy to win one, either. This list of 100 weird college scholarships includes awards for tall people and ice cream lovers, among many others.
6. Don’t Fall for the Credit Card Trap
I got my first credit card when I was 18, and it’s been an essential part of building my credit for the past 10 12 years. BUT, before I got it, my parents sat down with me and discussed the importance of responsible credit card use.
If your parents don’t teach you, it’s up to you to educate yourself. Credit cards aren’t evil, but they’re not for the faint of heart — and definitely not free money.
Credit card companies target college students who don’t know any better, hoping they’ll run up big balances and pay interest for the next zillion years.
Don’t fall for that trap — only apply for a credit card if you can control your spending and pay off the balance in full each month.
7. Get a Job or Internship
You can scrimp and save all you want, but likely the only way to save more money is to make more money. I’m not recommending you sacrifice your studies for a few extra bucks, but I do think a part-time job can be a valuable part of the college experience.
By working at a sports bar during college, I made some awesome friends — and some awesome money. And the only thing I missed? Some drunken nights. (Though I still had plenty of those.)
Having a job teaches you fiscal responsibility and time management, introduces you to people you might not otherwise meet and gives you skills that will serve you well in your future career.
Alternatively, you could grab a paid internship in a field that interests you. Not only will you quickly discover whether that career path is a fit, but you’ll also make valuable connections and earn extra dough.
College is a wild ride — get ready for it.
And although your priorities should be getting an education and having fun, it’s also essential to set yourself up for future success by making smart financial decisions during your four (yes, four!) years.
Your Turn: What are your best tips for surviving freshman year on a budget?
Disclosure: We don’t hesitate to pick pennies off the sidewalk when we spot them. But the affiliate links in this post help our earnings grow even quicker. Plus, it’s a lot cleaner than sidewalk money.
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post Here’s How to Survive Your Freshman Year of College on a Budget appeared first on The Penny Hoarder.
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