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Experts say cashing out your 401(k) can be a costly mistake

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Financial experts are warning individuals who have been laid off from their jobs to avoid withdrawing their 401(k) funds unless they wish to face big financial consequences when tax time comes.

Pensions expert Anne Lester he said CNBC Make It says the “long-term consequences” of withdrawing from a 401(k) plan early or before age 59 and 6 months could be “very painful.”

The creator of an upcoming book said that withdrawing from a 401(k) before retirement age could end in serious tax consequences and the necessity to start out your retirement goals another time.

Lester explained that the quantity a person has of their 401(k) account may differ from the actual amount they can withdraw.

“You can take a look at the number in your 401(k) and think, ‘Oh my God, I actually have $100,000,’ but you do not even have $100,000. Depending on your tax bracket, it’s possible you’ll only receive half of this amount.

Paying income tax on the quantity collected is one thing. But CNBC Do it reported According to the IRS, a person may be assessed an extra 10% tax penalty. In summary, taxes and penalties can reduce the quantity a person can actually get from a 401(k) plan.

Sacrificing growth in savings already accrued through compound interest is one other consequence of withdrawing from a 401(k) too early.

Ed Slott, publisher of IRAHelp.com, he said“The greatest money-making asset anyone can have is time,” CNBC Make Itrecorded. Withdrawing your funds is basically the identical as starting to save lots of for retirement again. It may be difficult to rebuild funds to previous levels.

Not all hope is lost. Lester outlined alternative options resembling emergency savings, one other source of income, 0% interest bank cards or unemployment advantages to assist cover living costs.

Although Lester noted that a bank card should be a last resort because debt can change into a problem because of high rates of interest.

According to the outlet, Lester said an application for unemployment advantages should be filed “as soon as possible.”

“This is not the time to think, ‘Oh, I can’t do this,’” Lester said. “This is embarrassing.’ There’s no shame in being laid off or receiving unemployment benefits.” Eligibility varies by state. Generally, a person may qualify in the event that they were laid off from their job through no fault of their very own, CNBC Make Itnoted. The amount a person will receive will be based on a percentage of her earnings over the past 52 weeks and limited to the utmost amount applicable in her state.


This article was originally published on : www.blackenterprise.com
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BlaQue Community Cares is organizing a cash crowd for serious food

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QNS reports that Queens, New York-based nonprofit BlaQue Community Cares is making an effort to assist raise awareness of Earnest Foods, an organic food market with the Cash Mob initiative.

The BlaQue Cash Mob program is a community-led event that goals to support local businesses, reminiscent of grocery stores in Jamaica, by encouraging shoppers to go to the shop and spend a certain quantity of cash, roughly $20. BlaQue founder Aleeia Abraham says cash drives are happening across New York City to extend support for local businesses. “I think it’s important to really encourage local shopping habits and strengthen the connections between residents and businesses and Black businesses, especially in Queens,” she said after hosting six events since 2021.

“We’ve been doing this for a while and we’ve found that it really helps the community discover new businesses that they may not have known existed.”

As a result, crowds increase sales and strengthen social bonds for independent businesses.

Earnest Foods opened in 2021 after recognizing the necessity for fresh produce in the world. As residents struggled to seek out fresh food, Abraham defines the shop as “an invaluable part of the southeast Queens community.” “There’s really nowhere to go in Queens, especially Black-owned businesses in Queens, to find something healthier to eat. We need to keep these businesses open,” she said.

“So someone just needs to make everyone aware that these companies exist and how to keep the dollars in our community. Organizing this cash crowd not only encourages people to buy, but also shows where our collective dollars stand, how it helps sustain businesses and directly serves and uplifts our community.”

The event will happen on November 24 from 2:00 p.m. to 4:00 p.m. at 123-01 Merrick Blvd in St. Albans. According to the shop’s co-owner, Earnest Flowers, he has partnered with several other Black-owned brands in the world to sell his products at the shop. Flowers is comfortable that his neighbors can come to his supermarket to purchase organic food and goods from local vendors like Celeste Sassine, owner of Sassy Sweet Vegan Treats.

At the grand opening three years ago which was visited by over 350 viewersSassine stated that the collaboration was “super, super, super exciting” to the purpose that the majority of the products were off the shelves inside hours.


This article was originally published on : www.blackenterprise.com
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Keke Palmer Recalls the Key Advice Will Smith Gave Her as a Child: “It’s Hard to Be First”

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Keke Palmer, Keke Palmer Will Smith, Keke Palmer emancipation, keke palmer parents, Is Keke Palmer emancipated? theGrio.com

Like many young people, actress Keke Palmer went through a phase wherein she clashed along with her parents. Recently in a performance at “Toast” podcast.Palmer revealed that fellow actor Will Smith helped her take care of the situation along with her family.

As a child star who has appeared on Nickelodeon and Disney productions, the “Akeelah and the Bee” actress explained how juggling fame has affected her and her family relationships — a lot in order that she admits she once considered emancipating herself from her parents.

Although her lawyer tried to get her into counseling, Palmer said it was Smith’s words that ultimately modified her mind.

“A couple of weeks go by, I’m on the set of ‘True Jackson, Vice President’ and I get a call from a very, very unknown number. And I said, “What? If it was strange, I would not answer,” she said, mentioning that she simply went back to work. Later, while retrieving her phone, Palmer received a voicemail from the “Fresh Prince of Bel-Air” star.

“Hey Keke. This is Will. We’re here filming ‘The Karate Kid’ with (my son) Jaden and I just want to let you understand that I’ve talked (to your lawyer),’ Palmer continued, impersonating Smith. “He let me know every little thing you are going through and I need you to know that sometimes it’s hard to be the first, but you may do it. Just stay focused, love your loved ones and every little thing shall be high-quality.

Palmer remembers struggling as a child with the attention and fame that got here with climbing the ladder in the entertainment industry. While trying to adjust to the demands of her burgeoning profession, the actress recalls feeling that fame meant she would have to “throw (her) family away.”

“It’s something that happens when you leave and you can become a child artist, you can be the first person in your family to go to college, or you can be the first person in your family to get married,” Palmer said: explaining her feelings at that moment. “There are so many firsts that can happen as the generations of your family grow and evolve.”

Keke Palmer is reclaiming the “narrative” surrounding his relationship with ex Darius Jackson

Ultimately deciding not to undergo the emancipation process, Palmer emphasized the importance of getting a healthy community when navigating the entertainment industry.

“I think I’ve always felt like a lot of people, whether they’re big names or whether they’re my lawyers, have been a good community,” she added. “Also, my parents made sure I was around (people) who would encourage community rather than discord and separation.”

This article was originally published on : thegrio.com
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Issa Rae will be honored at the British Fashion Awards 2024

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Issa Rae, The Fashion Awards, Pandora Leader of Change award, award season, theGrio.com

Issa Rae gets flowers – in style.

The 39-year-old author, actress and producer will receive the Pandora Leader of Change award at the upcoming British Fashion Awards 2024, which will happen on December 2 at London’s Royal Albert Hall, the British Fashion Council announced.

Actress and former “Insecure” co-star Yvonne Orji will present the award to Rae at the event, which serves as a significant fundraiser for the council’s foundation, in keeping with Women’s on a regular basis clothing.

“We are thrilled to honor Issa Rae with the Pandora Leader of Change Award at the Fashion Awards 2024,” Caroline Rush, chief executive of the British Fashion Council, shared in an announcement.

“Rae’s work has inspired and resonated with people around the world. “She is a staunch supporter of the civil and women’s rights movements, always advocating for equality and social justice in her acting and writing,” Rush continued. “She consistently uses her platform to highlight the lack of diversity in Hollywood and advocate for greater representation in the industry, including meeting people of color behind the scenes.”

She added: “She is wholeheartedly committed to moving the conversation forward and galvanizing voices that are typically absent and underrepresented to open doors for others. She truly embodies the principles of this award and we are very excited to celebrate her in December.”

According to the British Fashion Council website, the Pandora Leader of Change award recognizes individuals who “lead innovation” to extend representation in arts and culture. Rae will be the second-ever recipient of this award. According to official details about the award, one other actress and author Michaela Coel was honored in 2023 Elle Magazine.

Viola Davis will be honored with the Cecil B. DeMille Award at the 2025 Golden Globes

“Issa Rae truly embodies the spirit of the Pandora Leader of Change award,” Berta de Pablos-Barbier, Pandora chief marketing officer, said in the release. “In this second year of presenting this award, we are (honored) to celebrate a woman whose love for her craft and community shines through in each multi-dimensional character she brings to life.”

Pablo-Barbier added: “Her passion and purpose make her a natural candidate for this award, which fits perfectly with our values ​​at Pandora, where love is always at the center. Issa’s commitment to meaningful change and uplifting others makes her an extraordinary change leader, and we are proud to honor her.”

This article was originally published on : thegrio.com
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