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Americans are leaving a huge chunk of change at airport security checkpoints – here’s what it means for the debate over getting rid of the pennies

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Should the United States get rid of pennies, nickels and dimes? The debate has been occurring for years. Many people are in favor coin storage ON considerations of economic fairness. Others are calling eliminating them because the government is losing money by minting low value coins.

One strategy to resolve the debate is to see if people still use small denomination coins. There can be an unlikely source of information showing how often people use change: Transportation Security Administrationor TSA. Yes, the same individuals who check passengers at airport checkpoints can answer whether people still use coins and whether their use has trended up or down over the years.

Every 12 months, TSA provides detailed report to Congress shows how much money is left at checkpoints. A decreasing change amount would mean that fewer people have coins of their pockets, while a constant or increasing amount means that folks proceed to hold coins.

The the latest TSA data shows that in 2023, air travelers left almost $1 million price of change at checkpoints. That’s roughly double the amount left in 2012.

At first glance, this means that increasingly people carry and use coins. But as University researcher who studies each travel and money, and a keen observer of queuing habits at airport checkpoints, I do know the story is more complicated than these numbers suggest.

What is left behind?

More than 2 million people fly each day in the USA, passing through a whole bunch of checkpoints at TSA-operated airports. Every airman passing through the checkpoint is asked to put items from pockets comparable to wallets, phones, keys and coins, into a basket or carry-on bag. Not everyone remembers to select up all their items on the other side of the scanner. ABOUT 90,000 to 100,000 items lags behind every month, TSA estimates.

For expensive or identifiable items comparable to cell phones, wallets and laptops, The TSA has a lost and located list department. For coins and occasional paper bills that find yourself in scanner bins, TSA uses a different procedure. It collects all this money, catalogs its amount and periodically he deposits them into a special account utilized by the TSA to enhance security activities.

That money adds up, as travelers have left behind nearly $10 million in change over the past 12 years.

The amount of money left varies depending on the airport. New York JFK International Airport is consistently situated in a single of the the best slot machines where you’ll be able to lose the most moneyand travelers will leave behind almost $60,000 in 2022. Harry Reid International Airportwhich serves Las Vegas, also reports large amounts of money being left behind. Love Field in Dallas, home of Southwest Airlinesis commonly at the bottom of the list, and has only lost about $100 in 2022.

People lose money when going through security for several reasons. First a little cross it near the airport accessand so as to not miss the plane, they don’t collect all the pieces after the screening. Secondly, sometimes TSA lines are extremely long, leaving people scrambling to make up time again. Finally, TSA checkpoints are often confusing and noisy places, especially for latest or occasional travelers. This is more confusing some airports have promoting binsthat distract travelers who just glance quickly to be certain that they do not have all their items.

How much is lost?

TSA closely tracks how much the agency is losing may keep any unclaimed money at checkpoints. TSA records show that in 2012, people left half a million dollars behind. In 2018, this number increased to almost a million. The decline in travel as a result of the Covid-19 pandemic reduced that number back to half a million in 2020. In 2023, people left $956,000 behind.

This raw data requires two adjustments to accurately track trends in lost coins. First, the numbers must be adjusted for inflation. In 2012-2023 the price index of consumer goods and services increased by 33%. This means that a dollar of change in 2012 bought a third greater than it did 12 years later.

Second, the number of people flying and passing TSA security screening has modified dramatically over time. In 2012 approx 638 million people passed through checkpoints. By 2023, that number had grown to 859 million people, or about 1,000 people every 30 seconds across the U.S. when airports and checkpoints are open.

Taking under consideration each inflation and the number of people checked showed no change in the amount of money lost. By my calculations, in 2012, roughly $1.10 in coins was lost for every 1,000 people surveyed. In 2023, roughly one penny more was lost per 1,000 inhabitants, or $1.11.

The peak 12 months for money loss was 2020, when $1.80 remained per 1,000 people. It probably happened because of people not wanting to the touch objects out of unjustified fear that they could come into contact with Covid-19. During the pandemic, people generally carried less money with them.

The world is they increasingly use electronic payments. However, data from TSA checkpoints clearly shows that folks are carrying coins at about the same rate as in 2012. This suggests that Americans are still using physical money, at least to make small payments – and that the desire to get rid of nickels and dimes should hold on a little longer.

This article was originally published on : theconversation.com
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Business and Finance

Reginald Lewis’ daughter opens Beatrice Advisors

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Christina Lewis, Reginald Lewis, Beatrice Advisors, Reginald Lewis


Daughter of a superstar Black financier Reginald Lewis followed in his father’s footsteps opening Beatrice Advisors to assist families like hers.

Christina Lewis opened an organization publicly on June 13 in New York. It is the primary multifamily office of its kind to be owned by a Black woman. Meredith Bowen, former partner at Seven Bridges Advisors, will function president and chief investment officer. With a few of their assets coming from the family business BFO21 and Lewis’ personal network, the band is pushing to maneuver away from the established order of occupying a particular area of interest.

Lewis’ goal is to spotlight the importance of getting a tax-efficient portfolio for the following generation of heirs, entrepreneurs and multiracial families like hers. He also desires to set a regular for having a solid team of investment managers, lawyers and accountants that clients can trust and never feel obliged to do.

“The next generation may be very uninformed, just like me and my whole family were when my dad died,” she said, recalling her father, who died when she was 12.

“He had all the intellectual capital around investing and financial access, and of course he never expected to die at 50.”

Her father was the one black person on Forbes’ list of the 400 richest Americans after appearing on the list in 1991 – with a net price of $340 million and an estimated net price of $400 million – which increased in 1992 that very same 12 months he was diagnosed with a terminal brain tumor and died in January 1993, aged just 50.

His estate was left to his wife Loida Lewis and daughters Christina and Leslie. Now, greater than 30 years later, she lives by the three mantras her father left her: do your homework and follow it, make a plan and follow it, and be good at your job.

Beatrice, apparently named after the landmark Beatrice acquisition, which was curated by Christina’s father and have become the primary Black-owned billion-dollar company, offers clients single-family offices and an progressive and technology-driven approach that encourages clients to tailor their investments to suit their individual goals. The current offer includes three key services: investment management, financial planning advice for clients and own investments.

However, Lewis doesn’t stop there and plans to expand his business over time.

Former vp and financial advisor at Shufro, Rose & CoMichael Hymes will function managing director and head of client advisory on the chief team. Bowen spoke highly of Lewis’s leadership she said she was excited to be a part of a “new level of autonomy”.

“Meeting customers where they are now and where they will be tomorrow, while giving them a new level of autonomy, makes Beatrice’s offering an exciting one,” Bowen said.

“Christina has demonstrated an exceptional ability to drive meaningful change, and I am excited to work with her and the team to build a truly differentiated set of solutions for our clients.”

The latest investment firm owner also serves as vp of the Reginald F. Lewis Foundation and is an executive producer of the upcoming biopic about her father’s life, named after his autobiography, “Why Should White Guys Have Fun?”


This article was originally published on : www.blackenterprise.com
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Business and Finance

4 ways to protect your credit during the holidays

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Black-Owned Credit-Building App, Michael Broughton


The holiday season is sort of here. But before you finalize your plans, stop and be certain that you are not practicing behaviors that might jeopardize your credit.

Falling into vacation mode – and the charging frenzy that comes with it – is what gets lots of us into trouble. Here are 4 ways to keep your credit in great shape during the holidays:

Don’t apply for retail credit cards

Getting 10% off your purchase really is not value it in the long term. Opening a brand new account could mean problems for your credit rating, as the length of your credit history accounts for 15% of your FICO rating. The older your credit age, the higher, because it shows you’ve a protracted history of credit management. Opening a brand new credit card account will lower your overall credit age and, subsequently, your rating. Applying for a loan also signifies that an inquiry can be processed on your report. Inquiries make up 10% of your FICO rating.

Be careful when shopping online

If you might be purchasing gifts online, remember to only visit sites you might be conversant in or have done business with in the past. Don’t share your credit card number with anyone.

Don’t overload

Be careful how much you spend. If at the end of the month you might be unable to repay the amount charged, reconsider your purchases. Overcharging your card will end in a rise in the amount due. Amounts owed are 30% of your FICO rating.

Don’t forget to pay your bills

It could appear obvious, but when traveling and visiting relatives, it is easy to forget to pay the bills. Set reminders on your calendar or automatic bill payments so you do not miss a payment and get a negative mark on your credit report. Your payment history accounts for 35% of your FICO rating.


This article was originally published on : www.blackenterprise.com
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Business and Finance

4 square tips to avoid leaving money on the table

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As a newcomer to the Omega Psi Phi National Convention, Karla Spencer-George has learned lots from other vendors who’ve been in the industry for years. But when she pulled out her Square bank card reader, everyone was impressed by her ability to quickly process transactions using the device on her Android phone.

“I wish they would have used it instead of a traditional machining machine,” says Spencer-George, who worked as an electrical engineer at Lockheed Martin for 12 years before founding Liberation Clothing & Gifts, LLC in February 2010.

It sells merchandise promoting Black history and culture, including T-shirts, documentaries, books, calendars and paintings. Although the company’s business is primarily online, Spencer-George also sells its merchandise at Black Run events, comparable to national and regional Black sorority and sorority conventions, Black History Month fairs, science fairs, Juneteenth observances and natural hair symposia .

Spencer-George selected to use Square for events since it was faster and cheaper than a bank card processing machine. In any case, bank card payments can account for 35% to 65% of the products it sells. She learned that despite the fact that the Square device only cost $10, she could get it back once she arrange an account. It also helped that there have been no fixed monthly fees.

Additionally, Square allowed her to call regular customers without having to re-enter their email addresses or phone numbers to send them confirmations. She was also impressed by the plug-and-play features of Square’s software.

“Just connect the device to your phone or iPad and swipe,” says Spencer-George, who also studied computer science in college. “I also see the proven fact that transactions are paperless as a bonus for me and the environment.

Already an experienced seller, Spencer-George offers the following tips to make sure you don’t miss a sale:

Perform advanced on-site testing

“It’s necessary that my bank card payment processor runs easily. Whether your event is held at an out of doors trade show or in the underground, lower level of the exhibit hall, you will need to travel to the event venue and complete a test Square transaction prior to the event. If you might be unable to get to the event location upfront, please call your ISP to discuss coverage in that area. Additionally, if a spot offers secure Internet for industrial transactions, consider purchasing it.

Don’t stop at a single point of failure

To avoid falling victim to Murphy’s Law, use two mobile devices with Square software. This way, if one device dies, you’ll have one other one. I take advantage of each a Droid phone and an iPad. I take advantage of a wireless hotspot separate from my Droid phone for iPad. This will make your Droid phone take longer to charge. Finally, I’m bringing my laptop so I can use an old-fashioned merchant account if all else fails.

Charge all of your devices

Since you might not have access to electricity during the event, make certain to charge all of your devices the night before. Before each event, I charge my Droid phone, iPad, laptop, wireless hotspot, and portable wireless charger.

Use a stylus

Invest in a stylus for touchscreen devices. Let your customers sign transactions with a stylus as an alternative of their fingers. Using a stylus is more skilled and easier for purchasers to write.


This article was originally published on : www.blackenterprise.com
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