Blogs

One thing that can help stop the savings crisis in America

first_imgThe savings crisis is not waving the little white flag anytime soon. Americans face a barrage of financial obstacles in today’s economy: stagnant wages, low interest rates, and a painful absence of financial literacy. The situation is so dire many Americans believe they won’t ever be able to leave the workforce. They survive paycheck to paycheck. However, all hope is not lost. One simple maneuver is helping millions of working Americans save for their futures.In a perfect world, parents and the education system would teach personal finance to every boy and girl. Our children would grow up being taught good savings habits, applying those lessons throughout life to improve their financial situations. Unfortunately, reality is quite different. Many parents are afraid to talk about money, and while some schools are now teaching personal finance, bureaucracy hinders a more national impact. As a result, we’re left with a country filled of financial illiterates — where nearly half of Americans save virtually nothing.What’s the solution? Make saving money the default decision. When faced with a choice on a seemingly complex subject such as money, many individuals often take the default or “no decision” choice. In the case of voluntary savings plans, which requires participants to take action in order to save money, the “no decision” choice is a decision not to save. 401(k) plans are the most popular example. One quarter of employees don’t even save enough to receive the employer match, missing out on $24 billion of practically free money every year. continue reading » 27SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Cordray affirms credit unions’ small loans, defends exemption stance

first_imgCFPB views credit unions’ payday alternative loans as a “good product” and wants to make room for those loans in its payday lending rulemaking, CFPB Director Richard Cordray told the Senate Banking Committee Thursday as he delivered his semiannual report to the panel.In testimony similar to that given last month before the House Financial Services Committee, Cordray testified before the panel about CFPB’s regulatory and enforcement activities, future rulemaking and the bureau’s regulatory relief efforts for credit unions.The CFPB director fielded numerous questions from committee members on matters important to credit unions, including consumer services and regulatory topics, such as the bureau’s exemption authority.Asked by Sen. Bob Corker, R-Tenn., what solutions are out there for small, short-term credit, Cordray noted the role of credit unions and singled out PALs as a good, law-abiding product. He added that the bureau wants to allow room for the product under any new rules on payday lending. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Rio Indoor Streetball Championship

first_imgThe stars will be out in tonight’s quarter-finalsTHE battle lines have been drawn as the fate of several teams will be decided this evening, when the quarter-final round in the inaugural Rio Indoor Streetball Championship is played at the National Gymnasium, Mandela Avenue.The four matches programmed for the evening are expected to thrill the large gathering that is expected to descend on the venue to witness the thrilling action.Tournament hosts and dark-horse Rio All-Stars will open the night’s proceedings against Future Stars from 20:00hrs. Rio All-Stars possess quality players in the form of Andrew Murray, Jermin Junior, Job Caesar and Kelsey Benjamin and will fancy their chances of progressing to the semi-final round.However, standing in their way will be the quartet of Kevin Cummings, Keron Solomon, Jamal Cozier and Rondell Bowman. A major rivalry will be revisited in the second match from 21:00hrs, when Gold is Money take aim at Leopold Street.Gold is Money will depend on the likes of Randolph Wagner, Jamal Pedro, Keifer Brandt and Phillip Rowley to shift the balance in their favour while Darren Benjamin, Carl Tudor, Mark Jhalu and Okeene Fraser will be tasked with ensuring a Leopold win.In the third match, National heavyweight Sparta Boss will oppose the pride of the East Coast of Demerara BV from 22:00hrs. The East La Penitence unit are considered one of the favourites in the event and will be expected to overturn the challenge of their impending opponents, led by their star- studded cast of Gregory Richardson, Sheldon Shepherd, Eusi Phillips and Ryan Hackett.Meanwhile, the final match of the evening can be described as a virtual final when Bent Street lock horns with Back Circle from 23:00hrs.For many pundits, Bent Street are viewed as the safe choice for a final-appearance duel, with their plethora of national team players, Daniel Wilson, Clive Nobrega, Pernell Schultz, Akel Clarke and William Europe.However, Back Circle are giants in their own regard and with the fate of the entire East Ruimveldt community on their shoulders, a clinical showing will be expected from the quintet of Selwyn Williams, Stephon McLean, Jermin Beckles, Delon Kelly and surprise package Trayon Bobb.According to an official release from tournament coordinator Three Peat Promotions, “The excitement and anticipation in the air and within the respective communities cannot be described. The teams are well oiled and geared to produce thrilling action which will certainly entertain and provide drama for the large spectatorship.”last_img read more