Take the cash; simply don’t ask too many questions | Opinion

Forgive the self-described “old, burned-out” budget analyst in Idaho for his slight amazement at how easily lawmakers absorb billions of federal funds these days.

Last month, legislative leaders began to think about how to split the latest installment of the US bailout bill.

They were positively enthusiastic about the prospects.

Maybe it would go in the direction of expanded broadband connectivity.

Or it could be used to help seniors support community mental health, childcare, rent, or mortgage assistance.

Even helping communities – presumably including Lewiston – that invested their own money in upgraded drinking water and wastewater treatment plants before federal aid became available could be on the table.

With more than $ 5.6 billion from ARPA – including $ 2.6 billion provided by lawmakers – “we have a rare opportunity to fix things,” said House spokesman Scott Bedke, R -Oakley.

Asks the Budget Officer, “What happened to the Idaho Walk? Legislators hated pouring federal funds into the state. They’d howl like hell if we did not-kog (short for unrecognizable or unforeseen) federal money, usually just a few hundred thousand to make up for differences between state and federal fiscal years, for health and welfare programs, etc. Now we’re taking billions that are available for infrastructure projects – over several years, no less. “

That was certainly the case in 2009, when the Obama administration’s recently passed American Recovery and Reinvestment Act promised to save Idaho’s recession-ridden state budgets. At the time then-Gov. CL “Butch” Otter was more inclined to take the side of his Republican government colleagues. Mark Sanford from South Carolina and Bobby Jindal from Louisiana initially resisted the aid.

“What about the fine print?” asks the employee. “How many times have you heard Idaho lawmakers and governors talk about the terms of federal funding?”

Case in point: Medicaid extension that came with Obamacare. For the first three years of the program, the federal government has committed itself to assuming all costs of the program. But lawmakers reluctantly complained that the state would eventually be hooked for 10 percent of the budget. It was only after Idaho voters passed their own election initiative that Idaho expanded Medicaid coverage to include those who were too poor to afford private health insurance but not penniless enough to qualify for Medicaid.

The personalities involved, of course.

So the circumstances. As COVID-19 devastated the economy, states got used to bailout packages from Republican and Democratic governments.

For Republican lawmakers, infrastructure dollars are easier to digest – who doesn’t like a new freeway, a better bridge, or even a new sewage treatment plant? But there’s a lot of money going on other things like public education – $ 396 million, Medicaid programs – $ 78 million, or childcare – $ 70 million.

“No,” says the budget guy, “it’s the same old game. When you’re busy raising Uncle Sam’s money, no one is watching what you’re doing with your own. “

And what no one is watching is Idaho officials wasting their own money on tax coupons for the rich.

Earlier this year, Idaho took a staggering amount – about $ 389.2 million – and gave it to businesses and wealthy individuals for tax relief.

l Idaho schools continue to wither. The expenditures per student are at the last end and are about 40 percent below the national average.

l Teacher salaries in Idaho are lower than in 38 other states, including all neighboring states except Montana, according to the National Education Association.

l As Sami Edge of Idaho Education News noted this week, the state is about $ 160 million short of staffing its schools with counselors, psychologists, nurses and social workers.

l According to Rebecca Boone of The Associated Press, not enough people are willing to work in state prisons for what the state is willing to pay.

“This mirage won’t last forever,” says the experienced employee. “At some point the bill will be due. But with so much federal money coming in, it’s hard to ask questions. ”- MT

Do that or do not trouble when elevating cash

It’s hard to raise money, but too many of you make it even more difficult. I’m sorry, but a tough love will come your way. This article is the fourth part in the series about that 10 characteristics of a tardigrade brand.

Even with a great product, great brand, and lots of white space, if you want to make money in this competitive market, you have to be ready to invest in any sales pitch. Too many of you don’t. You go away sad and drained. Could you have done things differently that would have increased your chances of a “yes” instead of “you are too early” or something similar?

Let’s spend the rest of this article looking at what you could do differently to present yourself and your business as ready to invest. These are the less sexy things that are required on top of building a great brand with a proven product / market fit.

Investor narrative

Investors invest. They do. Your job is to come up with the most compelling argument so that an investment in your company represents the best single opportunity for a strong return. Look at your deck, listen to your presentation through an investor’s lens, and ask yourself, “Am I making a strong investment?”

Unified / channel economy

It’s about capital efficiency; even investors see it the same way. If your capital is used up because your unit economy stinks, that is not attractive. I get it. In the early stages it is often difficult to have a strong product and a strong contribution margin. But you must at least have a way to get to both. Understanding which channels offer the best economics and controlling your growth arc in accordance with true economics is critical. Please don’t say that scaling will solve your margin problem. Because with the omnipresence of scale and brands, price compression goes hand in hand. Very few ever truly realize the full benefit of economies of scale in terms of margin.

Supply chain

I saw in investment talks how a weak supply chain drove a lot of brands up. Spending time building solid relationships with suppliers, co-manufacturers and logistics providers is a must. Investors get nervous when these relationships remain informal or undeveloped.

Scalability

Investors want to use their capital in companies that are scalable. Are you? Do you have a robust order-to-cash process? Can you or your co-manufacturers absorb a significant volume? Do you have the team or plan to acquire the team it takes to grow quickly? These are all questions that should be asked and answered before an investor meeting.

Finances

It’s simple, but it’s important. You have to have your proverbial crap together when it comes to your finances. Robust and concise reporting, including P&L, balance sheet, cash flow, etc., is a must. In addition, you need the ability to manage inventory levels, track COGS, monitor receivables, control trade spending, and much more. Simply put, you need to have your house in order.

Regulations / conformity

This can sneak up on you and bite you. Don’t lessen the importance of meeting all of your regulatory and compliance needs. This includes co-manufacturing agreements, brands, company agreements, employment contracts and product specifications. You need to have the right insurance and make sure that your labeling, claims, and ingredients all pass the test. Again, just have it together, don’t let a potential investment derail or let it destroy your business. It can be left unattended.

None of these are exciting, or likely to be remembered when trying to differentiate your business from another. Trust me though, having this shit together is a game changer. When you appear ready to invest at every pitch, you greatly increase your chances of attracting that capital.

Elliot Begoun is the director of The Intertwine Group, a practice focused on helping emerging food and beverage brands grow.

The Fed’s Reverse Repos Don’t Shrink the Cash Provide

Aug 5, 2021 3:26 p.m. ET

Phil Gramm and Thomas R. Saving present their commentary “How the Fed is hedging its inflation bet“(Aug. 2) by stating a fact:” The growth of the money supply M2 has declined from around 25% in 2020 to around 10% on an annual basis in the first six months of 2021. “They then explain that this The slowdown has occurred because, since April, the Fed has “drawn nearly $ 1 trillion in liquidity from the financial system” through its reverse repurchase facility. Your argument is based on a flawed theory and does not hold water.

The idea that a trillion dollars in reverse repos reduced the money supply by just a dollar is nonsensical. Reverse repos are a Fed liability and an asset of the banks and money market funds (MMMFs) that lend funds to the Fed through reverse repos. Deposit liabilities from both banks and money market funds are part of the money supply. These liabilities are unaffected by the choice of banks and MMMFs whether to invest their assets in the Fed’s reverse repo facility, Treasury bills or elsewhere. In contrast to the gram-saving analysis, the Fed’s reverse repo program has no impact on the money supply.

John Greenwood

Chief Economist, Invesco

London

Millennial Cash: Don’t overlook credit score union bank cards | Information, Sports activities, Jobs

If you’re frequently bombarded with ads for credit cards at major banks, it’s easy to overlook credit cards at a local credit union. These nonprofits typically require membership based on location or affiliation with an employer, family member, or organization. Large credit card issuers typically do not have these requirements.

But while the rewards and perks are often more noticeable on bank-issued credit cards, credit unions can offer generous incentives of their own or different values. Also, a credit union offers many of the same services as banks, but profits are returned to members in the form of reduced fees, lower interest rates, and more.

Here are some ways that credit union cards can dwarf dazzling offers from banks.

Lower fees

It is not uncommon to find credit cards with lower annual fees, balance transfer fees, cash advance fees, late fees, etc. at a credit union. In fact, the average late fee for a credit union is about $ 10 cheaper than a bank, according to a Credit Union National Association membership benefits report. The types of fees vary depending on the credit union.

For example, the Navy Federal Credit Union in Virginia has a military focus and fees that match the lifestyle of its members.

“We know that many of our military personnel are based overseas, so we think it’s a really fantastic way to serve our community if we don’t have overseas transaction fees on our credit cards.” says Justin Zeidman, director of credit card products at the credit union.

Fees are an important factor to consider when choosing a credit card with any institution.

Lower interest rates

If you have an extended period of credit on a credit card, a credit union credit card may save you more money in interest than one from a bank. Because unlike banks, the interest rates at federal credit unions are capped. Federal law limits the interest rate on loans and credit cards to 15%. However, the National Credit Union Administration Board temporarily increased it to 18% and recently voted to hold that rate through March 10, 2023.

In March 2021, the nationwide average interest rate on a credit union credit card is 10.97% versus 12.55% for banks, according to the NCUA.

Possibly

healthy rewards

Some credit union credit cards compete with the sign-up bonuses or ongoing premium rates of large banks. This is one of the ways these nonprofits are bringing value back to their members.

For Keenan Kimbrough, a 27-year-old Pennsylvania resident, the rewards and low interest rates were worth switching from a bank-issued credit card to a credit union card. Its credit union card receives a lower interest rate of 12% compared to the 22% on the old card and the credit union card brings in higher premiums in common expense categories.

When redeeming rewards, “I can get $ 40 or $ 50” in cashback, says Kimbrough. “It was a good move.”

More flexible options

to access credit

If your credit rating is not optimal and you do not have enough money to deposit on a secured credit card, a credit union can offer alternatives for building credit. For example, USAlliance Financial, a New York-based credit union, is one of many credit unions offering a home loan as an alternative to members who cannot make a minimum deposit to qualify for a secured credit card.

“Over half, about 53%, of the members are with credit unions that offer loans that help people build credit.” says Jordan van Rijn, senior economist for the Credit Union National Association.

With this type of loan, the amount borrowed is held in a bank account while you make small additional payments over the life of the loan. At USAlliance Financial, the lowest payment on a home loan can be around $ 42 per month, compared to the minimum upfront cost of $ 250 for a secured credit card. At the end of the loan, the money will be returned to you and can be used with a secured credit card deposit to continue borrowing.

Access to resources

Credit unions typically provide their members with access to resources when it comes to credit card management or spending.

“Financial education and training programs are very common with credit unions, that’s a big part of their job.” van Rijn says. “We have data that shows that 83% of credit union members are with credit unions that offer financial education courses.”

Resources are available in the form of online educational tools, seminars, or partnerships with organizations that provide credit counseling or financial planning services. The offers vary depending on the credit union.

Latest news and more in your inbox

Boston Beer CEO acknowledges Q2 arduous seltzer gross sales miss – ‘we don’t look very good’

Boston beer CEO David Burwick said Friday the company was surprised by the Truly Hard Seltzer sales disappointing in the second quartersaid CNBC in an interview that management doesn’t “look very smart” according to its previous forecast.

“The trade-off between buying grocery and liquor stores and consuming it at home in bars during this time, especially since the summer hit really hit us,” Burwick said “Closing bell.” “And to be honest, it hit us hard and fast. … We don’t look very smart if we miss these instructions. “

Boston Beer shares plunged Friday to close 26% at $ 701 apiece as Wall Street reacted negatively to the company’s worse-than-expected quarterly results Thursday night. Boston Beer reported earnings per share of $ 4.75 on sales of $ 603 million, while analysts surveyed by Refinitiv reported earnings per share of $ 6.69 and sales of $ 658 million. Dollars were looking for. The lower than expected demand for Truly was a major reason for the loss of profits.

Goldman Sachs said in a message to his customers Thursday that the decline in the second quarter raised questions about the company’s long-term growth plans and its ability to correctly predict its results, although the hard-seltzer category was expected to follow theirs glowing growth in recent years. Analyst Bonnie Herzog downgraded the stock from Buy to neutral.

Boston Beer owns brands like Samuel Adams, Twisted Tea, Truly Hard Seltzer, Angry Orchard Hard Cider, and other local craft beer brands.

Burwick said the company felt “very confident” in the tough seltzer category through mid-May and Memorial Day, with the unexpected slump not becoming apparent until later and in June when further Covid-related restrictions were eased.

“One of the things that is going on here, different from the March-April period, is that the country opens in May and people go to bars and restaurants. Hard Seltzer is not that well developed in these channels.” yet, “said Burwick, adding,” It will be and it will arrive. “

However, the company made no advance notice to alert investors and analysts to worrying sales developments that the executive said could be a point “for us to learn in the future.”

Despite the poor numbers for the second quarter, Burwick believes hard seltzer is a category that will continue to grow – even if the category has certainly slowed from its old triple-digit growth rate.

He believes the fall of the Hard Selters is actually a “positive sign of reopening” as people move from grocery stores to bars, preferring draft beer to Selters.

“We’re going to win a stake. The question is where the category goes. And you know, if someone out there can give a better feel for it, we’re all ears but we can’t control it,” said Burwick, who has been since 2018 President and CEO of the company and on the Board of Directors since 2005.

Boston Beer’s Truly Hard Selters and Twisted Tea brands remain the two fastest growing brands in the hard seltzer category, Burwick said. He also said the company expects the category to consolidate in the future after many new brands have entered, which would help Truly.

Overall, the company’s revenue increased 33% year over year in the second quarter.

“I don’t think there is another listed beverage manufacturer [alcoholic] or not alc, that’s close to that kind of top-line growth, “said Burwick.” We’re running the business long term and it’s obviously not a good day for investors, but we’ll be back, “he added.” In fact, we’re nowhere going with the same Gone company that we were two days ago. We are just as confident about our future. “

Good About Cash: Doing what you don’t wish to do

By

A few weeks ago, the Good News Network told the story of a gentleman who immediately returned a wallet containing $ 10,000 to his owner. “I never took the idea of ​​keeping the money seriously,” he said. “It’s just easier to do the right thing.”

Nick Maffeo

Of course he’s right. And often in life it is also easier to do what you don’t want to do.

Some examples:

1. This spring, the Boston Globe consumer advocate wrote about a young woman who had signed up for a 2020 summer course at UMass. The course was $ 1,500 and UMass would send her an invoice.

Then she lost interest. “For no particular reason,” she told the Globe. But she never informed UMass. “I didn’t realize I had to drop out,” she said.

When the bill came in for the course, this young lady made a time-consuming attempt to get UMass to waive the $ 1,500 fee.

But, as the Globe consumer advocate noted when he was involved, a student at UMass is considered enrolled until a formal “drop” form is submitted.

The posters in the Globe story comment section pretty much confirmed UMass’ idea that it is a college student’s responsibility to drop out of a class.

It was interesting how much time and energy this young lady put into trying to get the fees waived, including going to the Globe. It would have been so much easier to fill out the drop class form.

She is not unique. Everyone has had several situations in which, in retrospect, it would have been so much easier to take the time to do something they didn’t want to do. And often much less expensive. Failure to act is always an option, but it can be costly – or very costly.

2. At the Canton Cooperative Bank’s last HomeBuyer Info Session, a local realtor pointed out how much work a homebuyer has to do to get an offer in this red-hot seller’s market. He said the “most important and critical part is preparation”. Even if this means selling your current home first, your offer for a new home may be without a home sale contingency.

Selling and moving to a short term rental can be a chore. But it’s another great example of when it can be easier to do what you don’t want to do. (Taking out a bridging loan can be an option, but that too takes time and planning.)

3. A colleague told me about a developing situation where friends and family are very worried about a person who is bored with their job and who spends tens of thousands on seminars and Facebook advertising to start a passive income business.

These “buy my system” options have been around for decades. They used to be seen on late night TV. Now it’s the internet. The reality is that these companies are often unsuccessful.

Silicon Valley executive coach Bryan Franklin said, “So many times have I seen people strive for passive income and instead suffer active losses.”

Finding out the value of an opportunity is critical before starting any savings, retirement plan, available credit card balance, or hundreds of thousands of dollars in home equity. Work with an objective local financial expert who can help you avoid going too deep. Pay attention to the concerns of the people who really care. It is not easy to give up a hoped-for dream. But doing what you don’t want to do in a situation like this can absolutely help you avoid an avoidable train wreck.

Nick Maffeo is President and CEO of the Cantonal Cooperative Bank in Canton. Have a question? Email submissions@thecantoncitizen.com.

Short url: https://www.thecantoncitizen.com/?p=75695

Do not Waste Your Cash: Hawaii

(WHTM) – Hawaii is a popular travel destination right now, but maybe it’s a little too popular.

Messages in your inbox: subscribe to abc27’s daily newsletter

With Americans back on the streets this summer after the long pandemic, many are planning to visit Hawaii, but Hawaiian One Island is now urging airlines to slow down because they can’t handle the tourist boom.

Typically Hawaii welcomes tourists, a major source of income for the island, but the Mayor of Maui County is urging airlines to suspend their return to full flights.

The mayor says the island will be overrun with tourists this summer and says there aren’t enough hospitality workers to support the surge.

Don’t Waste Your Money: Car Maintenance Myths

More than 170,000 people flew into the state on July 4, according to state officials, which resulted in vacationers complaining about expensive hotel rooms, sold out rental cars and long waits at airports and restaurants because the hotel industry is no longer up to date Full steam.

In addition, the ongoing rental car crisis can be included in the “Doesn’t that stink” file.

A weekly rental can now cost well over a thousand dollars if you can find one because the agencies don’t have enough cars. Some savvy tourists have rented U-Haul trucks for $ 25 a day, which is now leading to a U-Haul shortage.

When thinking of Hawaii, be sure to check hotel and rental car prices before searching for airfare prices. That way, you’ll know if it’s affordable so you don’t waste your money.

Do not Waste Your Cash: Rising Resort Charges

Are you planning a summer trip? As demand increases, hotels raise prices. And in some cases this price increase can be done after booking.

Latisha Walker found a great deal on a Miami Beach hotel through agoda.com, just $ 411 for a three-night girls vacation. “It was booked. It was paid for. I got a confirmation number, ”said Walker.

Don’t Waste Your Money: Amazon Sidewalk

But when they got to Miami, Latisha got bad news. The hotel had canceled your reservation. “You said it was done by a third party. They said we canceled with that third party in January, “Walker said.

A hotel worker said the low price was a mistake as it was the spring break. “They said they canceled with them because prices were too cheap at the time because it was spring break,” Walker said.

Don’t waste your money: avoid furniture delays

Worst of all, Latisha says she didn’t know the price was going up until she got to the hotel. In the end, they had to pay three times the price for the same hotel. “$ 1,939.14,” said Walker.

Hotels across the country are raising prices back to pre-pandemic levels this year, according to CNBC. Travel experts say to protect yourself. Avoid making reservations with the words “Prices subject to change”. Save a copy of the voucher on your phone. And if you pay up front that’s a contract so make sure they keep it.

Don’t Waste Your Money: Fake Amazon Reviews

We contacted Agoda, a Singapore-based third-party travel website, and asked if they could refund at least part of what Latisha paid for the next room. Latisha says she’s booking the next woman’s getaway right at the hotel.

Ashley Roberts: I do not want a person | Leisure

Ashley Roberts doesn’t need a man – but would be open to find someone.

The Pussycat Dolls star insists she doesn’t need a boyfriend to rely on financially or to be cared for, but she wants to find a partner who loves her independence as much as she does.

She said, “I wouldn’t say it’s a learning thing. It’s just something new that you’d like to have. I’ve been really good at driving myself and taking care of myself and I want someone to come in and support me. Not financially, and not that I need a man to look after me, but I want to share my life with someone whose company I enjoy and who supports me. But I’m really good on my own. So this is all about finding someone to adventure with. I want to experience the world with someone who makes me laugh, but who also has the emotional intelligence to have an interesting conversation. “

And the 39-year-old singer tried to be “open” to other types of dating – like on social media – but she would prefer to meet a friend while socializing.

Speaking of finding love in a pandemic, she told The Sun in the Sunday newspaper’s Fabulous magazine, “My friend said one day, ‘Did you check your DMs?’ I usually don’t really do this, but it was interesting. There was a wide range of characters popped up and normally I wouldn’t even be open to that, but because we’re not able to go out and socialize, I tried to be open to new avenues, but … let’s just say , I look forward to meeting people in real life! I enjoy this chemistry and this connection. You can’t beat that. I look forward to dressing up. feel cute and go outside. “

Come into cash? Don’t let it go to your head – opinion

Humility is the real key to success. Successful people sometimes get lost. They often hug and indulge each other with the fruits of success. Humility stops this arrogance and complacent trap. Humble people share the credit and wealth, stay focused and hungry to continue on the path of success. “Rick Pitino

Earlier this week there was a single winner in the Israeli lottery who took home approximately NIS 48 million after tax. The unknown winner said he plans to quit his job, buy apartments for his children and go on a trip with his wife. I’m not here to judge anyone but I wish them all the best and hope they don’t face the same problems as many lottery winners who have no real plan and end up blowing the money.

In this week Torah Portion, BahalotechaWe read about the command to light the menorah. The Lord said to Moses, saying, Speak to Aaron, and say to him, When you light the lamps, the seven lamps will shine their light on the face of the menorah. Aharon did it; he lit the lamps on the face of the menorah, as the Lord Moses commanded. ”- Bamidbar 8: 1-3. On this verse Rashi comments: “This shows Aharon’s virtue that he has not changed from God’s commandment.”

As I have written in the past, the question is whether God commands someone to do something, it goes without saying that he will obey the command as received without making any changes. What makes what Aharon did so special? The Sefat Emet suggests that the praise of “he has not changed” refers to the enthusiasm and love for which Aharon appeared in the daily execution of the command. After all, we all know that when something becomes part of the routine, we tend to go through the motions. Not Aharon, he showed the same excitement as if it were the very first time he had lit the menorah.

Rabbi Meir of Premishlan gives a different answer. He says that the verse “he has not changed” pays homage to Aharon’s humility. He never let his position change his personality. He was the high priest; His daily work included the most sacred work in the Mishkan (portable sanctuary). Nevertheless, he remained authentically true to himself and as grounded as ever. He didn’t let his success get inside his head, hence Rashi’s explanation: “He hasn’t changed.”

Calm

I recently spoke to a woman who has come into a very great inheritance. She has a large family and wanted to help every child buy an apartment. You do not buy them an apartment, but help with part of the down payment. As is so often the case, a few cousins ​​and nephews showed up with business ideas to fund. After never getting a call from the bank, she suddenly felt like the customer of the month with all the attention she was getting. She told me that since she is now considered “rich,” she feels that she is being treated differently and more importantly than before her inheritance was received. She called me for advice. She was well aware of what was happening and didn’t want to change. She was very down to earth and said that she still wants to instill the value of hard work on her kids and doesn’t want to give them everything they ask for. She doesn’t want to fund crazy business ideas and she just wanted to get on with her life as it was before she inherited the money.

cnxps.cmd.push (function () {cnxps ({playerId: ’36af7c51-0caf-4741-9824-2c941fc6c17b’}). render (‘4c4d856e0e6f4e3d808bbc1715e132f6’);});

if (window.location.pathname.indexOf (“656089”)! = -1) {console.log (“hedva connatix”); document.getElementsByClassName (“divConnatix”)[0].style.display = “none”;}

What can be done

If you are making a lot of money, take a deep breath and wait a few months before making any financial decisions. With a pen and paper, sit down and list the things you want the money to accomplish. After a month or two, do the same exercise and see if there have been any changes. Then you should sit down with a financial advisor to discuss these goals. The finance professional has experience with these topics and can help you focus on the ground and focus on what to do with the money.

Do not forget charity. With all of my experiences in the financial industry, the best way to stay on your feet is by doing charity. In an article for Chabad.org on the magnitude of charity, Malkie Janowski wrote: “The majority of people spend most of their day making money to maintain or improve their standard of living. When a person sets aside some of this money and gives it to charity, he is not just sanctifying his food, other possessions, or mental faculties. he’s giving up something he’s invested all of himself in, for God’s sake. It is an incredible feat and you do it every time you give zedaka (charity). “

Be like Aharon the priest. Don’t let sudden wealth change you.

The information contained in this article reflects the views of the author and is not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.

Aaron Katsman is the author of Retirement GPS: How to Navigate Global Investing to a Safe Financial Future. www.gpsinvestor.com; aaron@lighthousecapital.co.il