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To control your spending this holiday season, stick to cash

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The holiday shopping season is here and Americans are ready to splurge. The average US shopper expects to spend over $1,000 for Christmas and other winter holiday gifts this 12 months, research shows.

Today, consumers don’t have any shortage of payment options, and each seems more tempting than the last. Do you swipe your bank card and claim “free” miles? Do you utilize the buy now, pay later option and spread the payment over time? Do you utilize a debit card to avoid debt?

as business school professor who writes concerning the holiday shopping season, I used to be wondering what’s one of the best ways to pay for holiday gifts without breaking the bank. My advice, present in my future book is counterintuitive. Don’t use any of this stuff. Instead, use good old-fashioned paper money.

Yes, using cash as a substitute of paying electronically is an easy way to control your holiday expenses while helping others. And I speak from my very own experience.

Why cash is less likely to pay you back

Before we spend any money, it is vital to set a holiday budget. The problem is that while everyone thinks setting a budget is a great idea, few people actually do it even fewer stick to it.

Appropriation it’s like a food plan: Temptation and time pressure cause the perfect intentions to fail.

I’ve seen it in my life. One holiday season, I rigorously set my budget. However, with the gift exchange only hours away, I had nothing for my three nieces. In desperation, I went crazy overboard with gifts that I doubt were ever used.

Using cash may assist you avoid making the identical mistake I did. It works for a couple of easy reasons:

First, committing to using only paper money provides an automatic budgeting method. When you run out of cash, you stop shopping. I do not recommend putting all your money into your wallet directly. Instead, take only a part of your budget for shopping, and in the event you take all of it, divide the cash and keep some in a separate reserve.

Secondly, using cash helps you spend less due to “the pain of paying” Research in the field of consumer psychology shows that spending paper money causes a temporary feeling of regret. This, in turn, helps slow down your shopping. People don’t feel the same pain when they use bank cardssince the bill might be due in the longer term.

Third, paying cash for things is cheaper in the long term since you haven’t got to pay interest on your purchases. ABOUT half of all bank card users carry a balance every month. WITH the typical balance currently exceeds $6,000The interest alone on collecting gifts can cost lots of of dollars.

And yet one more thing: many individuals buy Christmas gifts for themselves and others Research shows that paying cash makes you initially value your purchase more than within the case of electronic payments. Cash payers feel empowered because they’ve made a “mental investment” within the item.

Using cash when shopping online

Cash is simple to pay for in-person purchases, but you may’t stick paper money to your computer or phone screen to make online purchases. However, in the course of the holiday shopping season, Online shopping is predicted to exceed $240 billion.

It is feasible only use casheven in the event you use e-commerce. The easy method is to purchase online sellers gift card, paying cash and add this gift card to your account balance. If you wish to spend more, you will need to physically go to a spot that sells cards, similar to your local supermarket, and spend cash.

This causes the pain of paying and likewise takes a while, providing you with the chance to take into consideration whether it is basically the fitting gift and the fitting amount to spend on it.

Let the principles of behavioral economics apply to your shopping journey.
Burak Sür/E+/Getty Images

One final note: the holiday season shouldn’t just be the holiday season practice consumerism. Instead, one goal is to help others. Paying for gifts with cash actually accomplishes this. Many individuals who haven’t got bank cards, debit cards or mobile payment apps are excluded from stores that do not accept cash.

People who wouldn’t have electronic methods are, to start with, poor and older. Millions of Americans pay with cashAs research shows, using cash is useful for them since it sends a transparent signal to businesses that paper money remains to be desirable and needed.

The holidays ought to be fun, but they are not as fun in the event you’re stressed about money. How are you able to stick to a budget and be sure you haven’t got to pay huge bills after the vacations? The answer is straightforward: use cash. Cash alone won’t make the vacations merry, but it’s going to solve one big problem.

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

First black lottery operator

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Emmanuel Bailey


In a city that pulls thousands and thousands of individuals all over the world, Emmanuel Bailey’s success story began in Washington. He began from humble beginnings, growing up with a single mother and moving from rental to rental throughout town and the Washington, D.C., metropolitan area for many of his childhood. At the peak of the drug epidemic, he saw his hometown affected by crime and poverty, and when he returned from college, his town was considered the murder capital of the country. Yet despite these adversities, he all the time worked hard and looked to a brighter future – a super his mother instilled in him since he was a small child.

As Bailey began his journey to a brighter future, he realized that to achieve success, he needed to pursue a university education. Through these pursuits, he became the primary member of his family to attend and graduate from college. He enrolled at Eastern Kentucky University, earning a bachelor’s degree in business administration. While at EKU, he set out to realize the high level of success his mother expected of him in all areas. After graduating from EKU, he obtained an Executive MBA from the Business School. Robert H. Smith on the University of Maryland.

Emmanuel achieved early success within the financial sector. Over the following 25 years, he rose through the ranks, starting as a branch manager at Citizens Bank of Maryland and ending with vice chairman of Fannie Mae. These roles provided him with invaluable experience as a seasoned entrepreneur and leader. After all the pieces he had achieved at Fannie Mae, it was time to strike out on his own.

Seeing the potential within the lottery industry, Emmanuel founded an operations and management services company to run lotteries more efficiently and effectively. Key service providers (VSC) has management experience in all facets of the state lottery contract, including providing direct supervision and management of lottery agents, retail systems, implementation and maintenance of gaming equipment, and oversight of the performance of the central gaming system. He worked in various positions in state lotteries across the country to achieve real institutional knowledge of the ins and outs of the brand new industry he was entering. Combining his latest knowledge with business sense, he decided to win contracts with the most important names within the industry.

The lottery industry is amazingly competitive, and contracts are sometimes awarded to large national firms. However, as Emmanuel grew his business, hiring experienced staff and expanding VSC’s capabilities, he began to make a reputation for himself as a trusted and talented operator within the industry. He soon partnered with titans in the sector and eventually became the one black business owner to operate a state lottery in your entire United States, in his home “state” of Washington.

But his success didn’t end there.

Bailey continued to hone his expertise, turning VSC right into a multi-million dollar company with over 100 employees. He was honored with the 2020 North American Association of State and Provincial Lotteries (NASPL) Powers Award, which he won based on nominations from the DC Lottery itself. In its nomination, the District of Columbia said Emmanuel “is far from a stereotypical executive… and will ensure that the DC Lottery continues to operate every day and that our company remains profitable into the long-term future.” It continues to grow its business by opening a VSC office in Maryland and searching to expand its geographic reach.

Despite all his success, Emmanuel never forgot his family and his connection to his community. He stays deeply committed to giving back to DC communities. He has donated a whole lot of 1000’s of dollars to varied local DC-based organizations supporting programs comparable to school athletic and humanities departments, educational support and health care. He also served and continues to serve on the boards of many local organizations.

Now Emmanuel looks to the longer term. Always striving to enhance his business, Emmanuel works to enhance operations and improve the efficiency of the DC Lottery, while also giving back to the community and creating more opportunities for young children growing up in circumstances like his own. While his feet are firmly planted within the DMV, his ambitious and entrepreneurial spirit has his eyes on expansion into additional states. He says his best achievement, above all his other achievements, is that he helped his mother retire.


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

David Shands and Donni Wiggins host the “My First Million” conference at ATL

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December is the birth month of David Shands and Donnie Wiggins, friends and business partners. Most people have fun by throwing a celebration. Others imagine it must be catered for. The chosen ones spend the day relaxing in peace and quiet.

Then there’s Shands and Wiggins.

The two decided that the best birthday gift can be to offer individuals with resources for generational wealth through a conference called “My first million”in Atlanta.

It’s a compromise between how their families and family members need to honor them and their desire to proceed to serve others. Shands acknowledges that almost all people won’t understand, and he unapologetically doesn’t expect them to.

“It’s not up to us to convince anyone why we do what we do,” admits Shands.

“I think everyone does what they do for different reasons, and I would just attribute it to a sense of accomplishment that I can’t explain to anyone else.”

He doesn’t need to clarify this to Wiggins because she understands his feelings. Wiggins has had a passion for serving others for so long as she will be able to remember.

“When I was in middle school, there were child sponsorship ads on TV featuring children from third world countries. I was earning money at the time and I asked my mother to send money,” she says BLACK ENTERPRISES.

She recalls how sad she felt for youngsters living in a world with so many opportunities, but at the same time going hungry. Her mother allowed her to send money, and in return she received letters informing her of their progress.

“It was very real to me,” Wiggins says, now admitting she’s undecided the letters were authentic. “I received a letter from the child I sponsored, a photograph and some updates throughout the 12 months. It was such a sense of being overwhelmed and it was something I felt so good about. I didn’t even tell my friends I used to be doing it.”

She carried this sense throughout her life, even when she lost every little thing, including her house, cars, and money. She still found ways to serve and give back, which is the basis of her friendship with Shands.

They each love seeing people at the peak of their potential, and that is what “My First Million” is all about. There can be no higher birthday gift for them than helping others create generational wealth.

What to expect during the “My First Million” conference.

They each built successful seven-figure empires, then train others, write books about it, and launch an acclaimed podcast Social proof.

Now they’re imparting that knowledge through the My First Million conference, an event for aspiring and existing entrepreneurs. Shands and Wiggins need to prove that being profitable is feasible and encourage people to bet on themselves.

“David and I, on paper, are not two people who should have made millions of dollars. Number one, we want (people) to see it,” Wiggins says. “Then we want them to actually get out of that room with practical and actionable steps.”

Both are clear: this just isn’t a motivational conference. This is a conference where people, irrespective of where they’re of their journey, will come away with clarity about their business and what they must be doing as CEOs. Shands and Wiggins want individuals who do not have a transparent marketing strategy or are considering starting a business to also attend the meeting.

“A few areas we will cover are inspiration, information, plan and partnership,” adds Shands. “We will give you 1-2-3 steps because some people get depressed and uninspired. Even if they know what to do, they won’t leave, go home and do it. So we have to really put something into their heads and hearts that they come away with.”

Sign up and enroll for My First Million Here. The conference will happen on December 13 this 12 months. but Shands and Wiggins say it definitely won’t be the last for those who miss it.


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

Operation HOPE on the occasion of the 10th annual world forum

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Operation HOPE Inc. takes over Atlanta for the biggest game in the country dedicated to financial literacy and economic empowerment, Saporta reports.

The HOPE Global Forums (HGF) Annual Meeting 2024 strengthens the crucial link between financial education, innovation and community upliftment in hopes of finding solutions to the problems that stifle challenges around the world.

Organized by Operation HOPE founder John Hope Bryant, together with co-chairs Atlanta Mayor Andre Dickens and U.S. Ambassador Andrew Young, the forums, to be held December Sep 11 at the Signia Hotel, will have fun its 10th anniversary with three days of engagement discussions, observations and forward-looking presentations.

Under the theme “The Future,” Hope Bryant says attendees are looking forward to a “powerful moment in history.”

“Over the past decade, we’ve brought together great minds with daring ideas, servant leaders with voices for change, and other people committed to a brand new vision of the world as we realize it. “‘The Future’ is a clear call to action for leaders to help ensure prosperity in every corner of society,” he said.

The extensive program includes influential and well-known speakers who address business, philanthropy, government and civil society. Confirmed speakers include White House correspondent Francesca Chambers, media specialist Van Jones and BET Media Group president and CEO Scott M. Mills.

“John Hope Bryant and his team have been doing this for ten years, and every year HGF raises the bar,” Young said. “Discussions about the FUTURE are important not only for civil dialogue; they are also essential to bridging the economic divide and solving some of today’s most important problems.”

Atlanta is predicted to welcome greater than 5,200 delegates representing greater than 40 countries.

“I have long said that Atlanta is a group project, and through our partnership with HOPE Global Forums, we are inviting the world to join the conversation,” Dickens mentioned. “From home ownership and entrepreneurship to youth engagement and financial education, HGF will offer bold and innovative ideas to ensure a bright future for all.”

It coincided with the organization’s annual meeting launched one other path to enhance financial knowledge with HOPE scholarships. With three tiers of scholarships – HOPE Lite, HOPE Classic and HOPE Silver – clients could have access to free financial coaching and academic resources.


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