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How to manage the finances of older family members

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Black retirees, retirement


Carla A. Harris’s pearls of wisdom come from personal experience and love.

“I love sharing our knowledge and best practices with each other,” says Harris, a number one expert in global finance and investing. Harris says that if sharing your experience makes others more successful, “that is what it’s all about. Women of color can come together to share and learn.

a sequel to her debut book, . What pearls of wisdom does he share in his books? Since her first book, perception has been reality’s co-pilot. You have the power to train people in the way they give thought to you,” says Harris TO BE as one of the 50 Most Powerful Women in Business. “The highlight of my next book is understanding the connection between the currency of relationships and the currency of results.”

Drawing from her personal life experiences, Harris shares with us pearls stuffed with strategies for managing the health care and finances of older family members.

1. Understand family problems

First, be well-versed in your family’s medical issues and know your family history. When my parents were sick, I carried their medications on my BlackBerry. So when the doctor calls and asks, “Do you know what she’s taking?” I can say, “Yes, here are the medications and dosages.”

2. Find out what they need

You should understand what they need to do in the event that they change into unable to work. Who do they need as a call maker? Do they need a substitute health care skilled? What do they give thought to care at home or in a facility? We need to have a serious conversation about long-term care. You’re talking about $57,000 a month; after taxes it’s $84,000. How will or not it’s paid for? What assets are they willing to liquidate for their very own care? Do they need to put their money in a mutual fund? How do they need to segment it? What if you happen to need 24/7 care? That’s $19-20 an hour. Do they need an apartment? If you’re employed full time, you can’t afford long-term care. It’s our culture to do it. But what if you happen to’re not qualified? Why not seek qualified care? Make sure you are leading the conversation.

3. Decide on the legal issues

Who could have the power of attorney? Who can pay their bills? Who will take care of the house, pay for the lights and insurance, and make every thing work when it might’t?

4. Make a will

If they expire, you need to have a will in place. They can do it quietly and judge what happens.

5. Learn about healthcare

If you show up at the hospital unaware of what is occurring, you can easily be taken advantage of. So as an example the doctor has no bad intentions, but he hasn’t slept for 15 hours, he’s drained, he has other patients. Because you aren’t informed, you have no idea what questions to ask, you aren’t helpful to the healthcare provider. So the doctor turns to you and needs to know what medications you’re taking. They have to guess and should prescribe something which will trigger a response. If the one you love’s condition is serious, start in search of specialists who will say, “The right solution is x.” So you do not understand what they’re saying. And then the questions come: “Do you know what they want and have you had this conversation?” But we do not know because we have not talked.

6. Face the inevitable

We must realize that those that are in power today is not going to give you the chance to stay in power. It is due to this fact price considering who will make such decisions. For cultural reasons, we do not feel comfortable talking about money. In the Black community, the pre-baby boom generation didn’t discuss money. People worry about being taken advantage of, even by their very own family. As a result, you’ve old individuals who won’t inform you what they’ve. But if you happen to are incapacitated and nobody knows what you’ve, you permit your family members unprepared to make good decisions in your behalf. You can have long-term insurance, which might be helpful, but when your kids don’t learn about it, they will not give you the chance to provide help to.

RELATED CONTENT: Vice Media will undergo an intensive modernization: lots of of layoffs, change in publishing strategy


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Business and Finance

Here’s why you may be paying Trump’s tariffs

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US retailers’ alliance with foreign suppliers could potentially result in higher prices for a variety of products due to Donald Trump’s victory within the White House and his proposed import tariffs, reports

In a report released November 4 by the National Retail Federation (NRF), American consumers I can expect lose $46 billion to $78 billion in purchasing power over the following few years on products similar to clothing, toys, furniture, home appliances, footwear and travel items as a consequence of tariffs. NRF Vice President for Supply Chain and Customs Policy Jonathan Gold issued an announcement explaining what the tariff is and the way it affects firms. “A tariff is a tax paid by the U.S. importer, not the foreign country or exporter. This tax will ultimately come out of consumers’ pockets in the shape of upper prices,” Gold said.

“Retailers rely heavily on imported products and manufacturing components so they can offer their customers a variety of products at affordable prices.”

Examples include a $50 pair of sneakers that can go from $59 to $64, or a $2,000 mattress and box spring set for $2,190.

The introduction of tariffs isn’t Trump’s first proposal. During his first term, his administration set a goal of imposing tariffs of as much as 25% on greater than $360 billion in Chinese products. The Biden-Harris administration kept most of those tariffs and added additional ones on Chinese electric cars and microchips.

Under Trump and Vance, the team plans to impose a 60% tax on Chinese-made goods and a 10-20% tax on $3 trillion value of foreign goods imported by the U.S. annually. During the campaign, Trump promised to scale back inflation, but US Treasury Secretary Janet Yellen warned that because the tariffs would be mostly paid, they might only increase them. “A consistent theoretical and empirical finding in economics is that domestic consumers and domestic firms bear the brunt of tariffs, not the foreign country,” the Yale University Budget Laboratory said in a mid-October 2024 evaluation.

Trump, nonetheless, argues that the tariffs will profit the U.S. economy in some ways, similar to encouraging countries to barter more successful trade deals and limiting other countries from “dumping” their products within the U.S. at below-market prices, he says. Another reason is to motivate nations to scale back customs duties on shipments to their countries from the USA

The four-time impeached president-elect has accused other countries of imposing much higher tariffs on imports than the United States, and has also criticized trade agreements – similar to NAFTA – which have led to more foreign imports into the country than US exports to other countries. In 2020, the Trump administration replaced NAFTA with the United States-Mexico-Canada Agreement.

For now, it’s unclear when or if the brand new administration will begin tightening tariffs, as the method requires laws to extend fees, which could take as much as a yr.


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Business and Finance

The US dollar fell as voters headed to the polls

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The US dollar dropped in value on November 5 as crowds of American voters went to the polls to forged their ballots.

The dollar even fell in betting markets like PredictIt and Polymarket indicated The probabilities of Trump winning the presidential election are increasing, Reuters reports. With Donald Trump returning to the White House with a Republican-led House and Senate, extreme currency movements ought to be expected.

Trump’s immigration and tariff policies are expected to fuel inflation, while tax cuts for the wealthy and deregulation could spur growth by pushing up longer-dated Treasury yields and pushing up the value of the dollar.

By contrast, a Democratic victory was expected to weaken the dollar as bets on Trump were withdrawn, and investors were concerned about the economic impact of upper taxes on the wealthy and stricter business regulations.

“We may be seeing some leveling off… my impression is that people are being cautious,” said Steve Englander, head of worldwide G10 FX research and macroeconomic strategy for North America at Standard Chartered Bank’s New York branch.

“Right now, the mood seems to be in favor of Trump,” Englander said. “On the other hand, for most of October and early November, Trump’s trading was characterized by a stronger dollar and higher yields.”

Globally, a Trump victory may lead to a weakening of the euro, Mexican peso and Chinese yuan, as these regions could face recent tariffs under his administration. Bitcoin rose 2.76% to $68,928, with Trump’s views seen as more favorable towards cryptocurrencies. Traders are closely watching the Federal Reserve’s two-day meeting that ends on Thursday, expecting the U.S. central bank to cut rates of interest by 25 basis points.

Elsewhere on Tuesday, the U.S. services sector rose to its highest level in greater than two years in October, with employment rebounding strongly. This suggests that the near halt in job growth last month was an aberration.


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Business and Finance

First Black-owned gift wrapping brand sold at Lowe’s, Hallmark

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Ardean Miller, pioneering entrepreneur Mah Melaninis breaking barriers because the founding father of the primary Black-owned gift wrapping brand, partnering with Hallmark and Lowe’s across the country. With a concentrate on cultural representation, she founded Mah Melanin to fill a niche available in the market for products that commemorate the wonder and variety of black culture.

“When I started Mah Melanin, I wanted to create something more than just beautiful gift packaging. I wanted to start a movement — a place where our stories are told, our beauty is celebrated, and our community is uplifted,” she says. “Partnering with these iconic retailers is a testament to the growing demand for products that reflect our experiences and heritage.”

Breaking down barriers and empowering communities

The partnership with Hallmark and Lowe’s represents a big step toward greater diversity and inclusion within the retail space, reflecting a broader cultural shift. This groundbreaking achievement highlights the growing recognition of the importance of culturally authentic products that encourage and empower.

Under her leadership, Mah Melanin has developed from a small start-up right into a nationally recognized brand. The company has gained endorsements from industry icons comparable to Teddy Riley, Master P and Denise Boutte, and has been noticed by major organizations including an NBA feature and a finalist on QVC’s “The Big Find.” These awards confirm the brand’s commitment to quality, creativity and resilience.

Inspiring the subsequent generation of Black entrepreneurs

He is devoted to not only the success of his brand, but in addition supporting the expansion of other Black entrepreneurs by offering mentorship, sharing resources and creating opportunities for collaboration. Through his efforts, he wants to construct a legacy that can encourage future generations to interrupt barriers and achieve greatness,” he adds.

Mah Melanin’s journey reflects a commitment to celebrating Black culture and amplifying Black and Brown voices through its products, making a profound impact available in the market and beyond.

Discover their products at MahMelanin.com and remember to follow the brand Facebook AND Instagram

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