You and Your Money

MI Gente Mobile Arrives As the First Mobile Phone Network Designed For Latinos

2013-04-26T22:26:30+00:00

On April 18th, Mi Gente Mobile sets new ground within the mobile market, positioning a lifestyle for the Latino community living in the United States. To experience the world of mobile today is a dream come true and now with Mi Gente Mobile the best conditions for thousands of Latinos are here. Not only to obtain an exceptional cell phone service but receive quality, trustworthy agreements to break geographical boundaries and connect with “Mi Gente” around the world. The new wireless network is supported with a leading edge technology and has features that surpass most mobile operators throughout the United States. The company also provides users with a recognized coverage under the Sprint CDMA/LTE Network offering higher speed data nationwide. “The Latino culture is broad and united. Staying connected with family and friends is important and usually preserved through generations. Our goal at “Mi Gente Mobile” is to encourage and facilitate that purpose with mobile technology”, explained Manuel “Jblaze” Garcia and Andre Mullen, the two founders and young entrepreneurs of the innovative company that support and share an innate passion towards the Hispanic community. Amid the growing mobile industry throughout the United States, Mi Gente Mobile steps in the market as an excellent choice for users. Unlike other telephone companies, their service and effort is centered within the Latino community, the largest growing minority in the United States in the coming years. It also features a large variety of plans with no conditions or hidden fees, combining voice, data, text and international calls with a fixed value for each smart phone. Most importantly, Mi Gente Mobile provides users with international calling rates that are among the lowest in the country to South and Central America starting at $2 cents per minute and no monthly fees; thus reassuring the possibility to keep in touch with family and friends. In addition, Mi Gente Mobile provides a family plan that enables families to manage their mobile budget under one account. For Manuel “Jblaze” Garcia, co-founder and a professional who holds a vast experience in radio broadcasting, this sense of belonging to keep in touch with his loved ones was the foundation to create a complete and comprehensive platform. For Andre Mullen, Mi Gente Mobile represents an innovative design that blends unique applications and Latinos will love. “We want Hispanics and Latinos to see Mi Gente Mobile as a part of their culture, just like a good plate of arroz con gandules, chuletas y tostones al lado ¡Mi Gente Mobile is Latino!” What seemed like a dream today is a reality. Mi Gente Mobile will give users what they were long expecting. “This network is an example of how Latinos are: unique, creative, given to change, principled, honest and authentic. Therefore, as stated in the slogan Mi Gente Mobile is for you”, says Manuel Garcia pleasantly. In addition to these benefits, subscribers can access migentemobile.com; a mobile portal where they can manage and change their rate plans or add new members to a family plan. Mi Mundo, the service’s content site, allows subscribers and visitors alike to keep up with the latest release in music, events, lifestyle and fashion news. One of the most innovative features of the network is the partnership with a number of nonprofit organizations to work in conjunction and create incentives and awareness to increase donations to each one of these charities. Mi Gente Mobile will launch a recycling program, which will offer customers the chance to add the funds they receive from their old device towards their monthly bill or make a donation to one of the organizations listed on the website. Also, Mi Gente Mobile intends to donate a quarterly percentage of the company’s earnings to these non-profit organizations and set off social constructions. Committed to make a difference, Mi Gente Mobile will be officially launched April 9 to provide Latinos living in the United States much more than what any other company has offered before.

Hispanics Are Most Concerned With Money, Spending Time with Kids

2013-04-13T12:14:04+00:00

The two chief concerns of Hispanics in the United States are having enough money to make it to the end of the month and having time to spend with the kids, according to a Telemundo/NBC/WSJ survey published Friday. The poll, taken in April, is the second part of the one published on Thursday, which showed that 58 percent of interviewees approve of President Barack Obama’s economic policies compared with 36 percent who disapprove. According to the figures released today, 67 percent of Hispanics consider the problem of having enough cash to cover their needs as “very serious,” while 24 percent consider it “serious.” An almost identical proportion say the problem of not having enough time with their children to really know what’s going on in their lives is very serious, while 25 percent define it as serious. No less than 84 percent consider either serious or very serious the problem of not being able to spend more time with the family because of money problems and having to work extra hours. With regard to social topics, 42 percent of Hispanics think abortion should be illegal except in cases of rape, incest or to save the life of the mother, while 33 percent believe it should always or usually be legal. As for gay rights, 49 percent of Latinos are in favor of allowing same-sex marriage, a much lower percentage than the 63 percent of the population as a whole.

The Latino Coalition Partnering with U.S. Chamber of Commerce for 2013 Small Business Summit

2013-03-27T23:17:34+00:00

Steve Forbes, Bob Woodward, Jim Koch and Linda Alvarado, Daymond John and Barbara Corcoran to provide insight into business success The Latino Coalition, a leading advocate for Latino-owned, small and medium-sized businesses, today announced its partnership with the U.S. Chamber of Commerce for 2013 America’s Small Business Summit, “Small Business. Big Impact.” The summit will be held Monday, April 29 – Wednesday, May 1, 2013, in Washington, D.C. at the Omni Shoreham Hotel. “The Latino business community is a driving force behind America’s entrepreneurial spirit and there couldn’t be a more critical time for business leaders to unite,” said Hector Barreto, TLC’s Chairman and Former Administrator of the U.S. Small Business Administration (2001-2006). “Together, business owners and members of Congress can bring about a new direction and leadership to help our nation return to the very principles and values that made America great.” The 2013 America’s Small Business Summit will host more than 40 speakers and panelists on key issues important to small business such as: procurement opportunities, newly available financing, risk management, legal reform, healthcare, immigration and international trade. The stellar line-up will include Chairman and Editor-in-Chief of Forbes Steve Forbes, Investigative Journalist and Best Selling Author Bob Woodward, President and Founder of the Boston Beer Company Jim Koch, and CEO of Alvarado Construction and Co-Owner of the Colorado Rockies Linda Alvarado, to name a few. “We are incredibly honored to have such an amazing group of leaders addressing the diverse and vibrant Hispanic business community during the 2013 America’s Small Business Summit. Our guests will share their experiences as active players in our economy, the triumphs and hurdles to their growth and the initiatives and partnerships that enhanced their businesses,” Barreto added. In addition to face-to-face opportunities for business development, the summit will bring together more than 600 small business owners, managers, and entrepreneurs from across the country to network, learn, and advocate for policies that support small business growth. For details on how to register for the 2013 America’s Small Business Summit, visit www.thelatinocoalition.com.

LatPro Job Fair for Bilingual Job Seekers Comes to NYC

2013-03-14T23:13:53+00:00

The 2013 National Diversity Job Fair Series, sponsored by LatPro and the National Society for Hispanic Professionals, will visit the Metropolitan Pavilion on April 10 as the third stop on the nationwide career fair tour. Diversity job board LatPro (http://www.LatPro.com), in partnership with the National Society for Hispanic Professionals (http://www.NSHP.org), will be in New York City with their seventh annual bilingual professional job fair on April 10. The job fair will take place at the Metropolitan Pavilion from 10 a.m. to 3 p.m. The job fair provides a unique opportunity for employers seeking to meet professional candidates with bilingual and multicultural skills. The New York show is the third stop on the 2013 calendar being held across the United States for Hispanic and bilingual professionals throughout the year. “New York City is always one of our favorite cities,” said NSHP event manager, Ricardo Villalba. “NYC has an unmatched balance of talented bilingual candidates and companies looking to hire diversity. This will be our seventh consecutive year in New York, and we’re excited to see what 2013 has in store for us.” Job seekers attending the job fair will have the opportunity to network with fellow Hispanic professionals and local chapters of Latino organizations, in addition to meeting representatives from employers such as BP, New York Life Insurance, Healthfirst, EMC, and many more. 2013 LatPro Career Fair Schedule Chicago - Navy Pier, March 14 New York - Metropolitan Pavilion, April 10 Washington DC - Trinity College, May 16 Atlanta - Courtyard Marriott Decatur, August 22 Denver - Denver Marriott Tech Center, September 5 Dallas - Crown Plaza Hotel Dallas Market Center, October 24 Admission is free for all job seekers. Professional dress required. Jobseekers can pre-register at: http://network.nshp.org/events/new-york-job-fair-5 For more details, exhibitor and sponsorship information, contact: http://www.nshp.org jobfairs@nshp.org

US Unemployment Rate Drops to 7.7 Percent in February 2013

2013-03-09T00:13:14+00:00

The U.S. unemployment rate fell two-tenths of a percent in February to 7.7 percent, as 236,000 net jobs were created, the Labor Department said Friday. Economists had been expecting the creation of just 157,000 net jobs and forecast that the jobless rate would remain unchanged at 7.9 percent. The February jobless figure was the lowest since President Barack Obama took office in 2009 amid a severe economic crisis, while net job creation last month was the highest since last November. The private sector led the way by creating 246,000 jobs, more than offsetting the loss of 10,000 jobs in the public sector. The U.S. economy has created an average of 191,000 jobs over the past three months. Average hourly earnings rose 0.2 percent to $23.82, while the length of the average work week in the private sector was 34.5 hours. In February, the number of long-term jobless remained unchanged at 4.8 million, while 2.6 million people were not included in the unemployment tally because they have not sought work in more than four weeks. The department’s broader U6 unemployment rate, which includes part-time workers who would prefer full-time jobs and people who have given up looking, came in at 14.3 percent in February.

Viral Video Reveals the Extent of U.S. Wealth Inequality

2013-03-03T14:18:29+00:00

The wealth inequality issue in the United States is well-known, but most Americans are not fully aware of its extent. This video, which started going viral after being posted on Reddit reflects the facts as seen from many different sources. Check out the video below, were you surprised by the wealth inequality in America?

STUDY: Latinos are Optimistic About Families’ Financial Future

2013-02-28T15:32:15+00:00

Eight in ten Hispanics expect their family’s financial situation to improve over the next four years compared to only 68 percent of the general public, according to a new Ipsos Public Affairs telephone poll of 501 Hispanic adults and 1,003 adults from the general public, conducted on behalf of New York Life. The majority of Hispanics age 18 and older expressed confidence in the economy; in their personal job security; and in their ability to retire. The telephone survey found that 84 percent of Hispanic adults surveyed expect their family’s financial situation to improve in the next four years. More precisely, six in ten (60 percent) strongly agree and 24 percent somewhat agree. Among respondents employed full time, over eight in ten (85 percent) feel confident about their job security. Respondents also expressed confidence in their ability to retire comfortably. Two-thirds of Hispanic adults surveyed feel confident that they will retire without drawbacks, compared to just half (52 percent) from the general population. The survey, conducted in English or Spanish (depending on the respondent’s preference), also found that despite respondent’s confidence in their financial futures, Hispanics expressed a greater desire for help with their long term planning than do adults from the general public. Among Hispanics, those most likely to feel this way include college graduates (97 percent vs. 88 percent without a college degree), those who prefer communicating in English (92 percent vs. 85 percent of those who prefer communicating in Spanish), and those who are married (90 percent vs. 84 percent of those who are not married).

President Warns Economy, Nat’l Security Will Suffer with Spending Cuts

2013-02-27T00:13:42+00:00

President Barack Obama said Tuesday that the U.S. economy and national security will suffer if a set of automatic spending cuts takes effect later this week. Obama selected a shipyard in Newport News as the site where he once again urged Congress to avoid the $85 billion in cuts poised to kick in on Friday as part of the so-called sequester. “Now, that’s a pretty bad name - sequester. But the effects are even worse than the name,” Obama emphasized in a speech to some 1,000 workers. “And the longer these cuts are in place, the greater the damage,” the president said in rejecting the plan proposed by the Republicans, who are intending to leave the sequester intact while giving more flexibility to the government to decide where and how to implement the reductions. Republicans and Democrats in 2011 agreed to the spending cuts to force each other to reach a long-term agreement about reducing the budget deficit. The Defense Department will be one of those affected if the cuts take effect and the state of Virginia, which is very dependent on the military industry, could lose hundreds of thousands of jobs, according to what the president said Tuesday. “We’re going to lose a lot of people. Our productivity is going to go down,” Ricardo Alfonso Palacios, a Honduran-born worker at Newport News Shipbuilding, told Efe regarding what he anticipates will happen if the cuts are implemented. Obama traveled to Newport News accompanied by two Virginia lawmakers, Democrat Bobby Scott and Republican Scott Rigell, as an example of the bipartisan commitment he said is needed to prevent the cuts. Rigell is one of the few Republicans who agree with Obama and the Democrats that to avoid the cuts an accord is necessary that combines reductions in some social programs with tax hikes on the wealthy.

No Saturday Mail Will Save U.S. Postal $2 Billion, While Lance Armstrong May Owe Them $32 Million

2013-02-06T16:53:35+00:00

Effective August 5, 2013 the U.S. Postal Service (USPS) will stop its Saturday delivery of letters and other first-class mail in a bid to save $2 billion dollars annually. The U.S. Postal Service also known by some as the snail mail carrier has been experiencing operational losses for sometime. In 2012 they reported a $16 billion dollar loss. In addition it defaulted on loans to its main lender – the U.S. government – to the tune of $11 billion. The USPS’ package delivery service will not be impacted and will continue without disruption. The Saturday cutback will result in a loss of some 22,000 jobs. USPS management has been making cost cutting measures for several years, this is the most significant expense cut to date. Under the proposed plan, mail would still be delivered to post office boxes on Saturdays and Post offices now open on Saturdays would remain open on Saturdays. No one is sure if USPS will politely ask Lance Armstrong to help out by returning the $32 million it spent on sponsoring his cycling team, Tailwind, from 2001-2004.

Expert Offers 3 Tips for Baby Boomers

2013-02-05T00:13:14+00:00

The economy may be recovering, but some of the changes wrought by the Great Recession may be long-lasting. Anyone planning for retirement, no matter what their age, needs to take those changes into account, says financial advisor Philip Rousseaux, a member of the esteemed Million Dollar Round Table association’s exclusive Top of the Table forum for the world’s most successful financial services professionals. “People in their 40s and younger have some time to retooltheir plan, but Baby Boomers need to think with more urgency,” says Rousseaux, founder and president of Everest Wealth Management, Inc., www.everestwm.com. “A lot of boomers had all of their retirement investments in the stock market and, if they didn’t lose their principal, it will take some time for them to recoup their gains. Others moved their money to short-term savings, like CDs. But with interest rates so low, they’re actually losing money when you factor in inflation.” Those are the two most common mistakes people make in retirement planning – having everything in either stocks or short-term savings is a bad idea, he says. “Space your investments so they’ll come due as they’re needed,” Rousseaux says. “Plan some that can be available in the short term, for emergencies, and others that will be available as you age.” Only 14 percent of Americans are very confident they’ll have the money to live comfortably in retirement, according to a 2012 survey by the Employee Benefit Research Institute. Here are Rousseaux’s suggestions for ensuring you’re part of that 14 percent. • Don’t take risks you can’t afford. This is another common mistake. “Don’t put the bulk of your assets into anything that makes your principal vulnerable. Gambling that you’re going to win big on the market, or any other investment, means you also risk losing big.” A portion of your investment should have a guaranteed return. • Seek any guidance from independent financial advisors. This has two benefits: Advisors who aren’t marketing their own products have no conflicts of interest. “You wouldn’t go to a commissioned salesman for advice on buying a high-tech product. Instead, you’d probably turn to a trusted friend or an independent expert source, like Consumer Reports. Take the same care with something as important as your retirement.” The second benefit is that independent advisors can devise creative, innovative solutions to meet the needs of individual clients. Those working for companies like MetLife are not free to think outside the box. And that’s especially important In this new, post-recession economy. • Consider alternatives to the stock market. One of the effects of the recession is that the public realizes Wall Street is not a safe retirement plan. Even if it can get you there, it’s not necessarily going to keep you there.“There are a number of great, safer alternatives,” Rousseaux says. One of those is fixed, indexed annuities. “You loan an insurance company money and it guarantees you payments over a specified length of time. It’s a contract between you and the company,” he explains. Fixed-rate indexed annuities have a minimum and maximum interest payment that’s linked to a common index, such as the Dow. When the Dow goes up or down, so does the interest rate, but it never go below the guaranteed minimum or above the guaranteed maximum. “Your principal is safe and you can ride an up market without the risk,” he says. With pension plans a luxury of the past and Social Security not a guarantee for the future, Rousseaux says whatever your age, it’s important to start planning now for retirement by creating your own private pension. “The good news is, our life expectancy grows every year,” he notes. “It’s up to you to ensure that you have a great quality of life when you decide you no longer want to work.”

Free Tax Return Preparation—See If You Qualify

2013-02-04T21:44:58+00:00

Do you need help preparing your tax return? Learn about the IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs. VITA Program: If you make $51,000 or less, IRS-certified volunteers can inform you about tax credits for which you may qualify, and prepare a basic tax return with electronic filing. TCE Program: If you are 60 years of age or older, you may qualify for free tax help from IRS-certified volunteers who specialize in issues that pertain to seniors. There are thousands of locations across the United States where you can get free tax help through the VITA and TCE programs.

Branding Tips for Women Entrepreneurs

2013-01-25T00:12:34+00:00

The more of your own unique qualities you can build into your brand, the better off your business will be. Entrepreneurs have always focused on building the brand names of their companies, but in today’s competitive marketplace, that’s no longer enough. Now consumers look to connect directly with business owners and hear their stories before they make a decision on whether to buy their products. “In short, they want to know that you are personally invested in what you sell,” says Dr. R. Kay Green, CEO of RKG Marketing Solutions and author of the new book “I’ve Been Called the B* Word… Now What Do I Do?” “Nothing turns a buyer off more than the feeling that you’re only after their money. Instead they want to know who you are and what you stand for, and how those attributes influence your business.” “There’s really only one you in this world,” adds Erica Diamond, award-winning entrepreneur and editor-in-chief of Women on the Fence, a dynamic blog that aims to teach, inspire, and unite women. “My business grew because of me. People came to me for my services because of who I was and the ideas I came up with. It’s all about the entrepreneur. You’re selling the brand of you.” The more of your own unique qualities you can build into your brand, the better off your business will be. Effective brand development also encompasses: * Building the right network. Include only those people who will support you and your business. Don’t waste time on naysayers or belittlers. * Fully integrating social media into your marketing plan. Allot time each week to build your brand online through conversations with fans and followers. * Becoming an expert. Find a niche particular to your business, and make yourself the leading authority on it. This will bring media interest through which your brand can gain exposure. * Fully committing. Once you have your brand set, make sure all aspects of your business, from R&D to sales, are integral to it. Do not pursue ideas or leads that do not support the message of your brand. “If you can be open and honest with yourself about your personal value, you won’t need to fudge facts on your brand,” says Dr. Green. “Focus on your passions. Determine what you’re inherently good at, what value you bring to the table, and how you can make an impact in your chosen market. Your brand, both personal and business, will follow from there.”

Apple Stock Drops 11 Percent After Disappointing Investors

2013-01-24T17:16:35+00:00

Shares of tech giant Apple fell sharply Thursday after the company reported record sales and profits for its 13-week fiscal 2013 first quarter that still managed to disappoint investors. Apple posted net profits of $13.1 billion, or $13.81 per diluted share, in the October-December 2012 period, up 0.10 percent from the same period in the previous year, while revenues rose 17.6 percent to $54.5 billion. The record numbers, however, disappointed investors and analysts, who were expecting even better results from the creators of the iPhone and iPad. “The Company sold a record 47.8 million iPhones in the quarter, compared to 37 million in the year-ago quarter. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in the year-ago quarter,” the Cupertino, California-based tech giant said in a statement. Sales of some of the company’s other products declined during the quarter. Apple sold 4.1 million Mac computers, down from the 5.2 million sold in the year-ago quarter, with sales of iPods coming in at 12.7 million in the quarter, off from the 15.4 million units sold in the year-ago quarter. “We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” Apple CEO Tim Cook said. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.” Apple shares were down $57.955, or 11.28 percent, to $456.05 in early afternoon trading on the Nasdaq exchange.

New Mortgage Rules Improves Protections for Minority Homebuyers

2013-01-12T01:16:19+00:00

Earlier this week the Consumer Financial Protection Bureau (CFPB) issued guidelines for their Qualified Mortgage (QM) regulation, which requires lenders to ensure that borrowers are able to repay loans. The QM regulation will help prevent lenders from issuing mortgages to consumers that they cannot afford—a key abuse that contributed to the collapse of the housing market. While the final rule does not reflect all of NCLR’s (National Council of La Raza) recommendations, it is pleased that CFPB has crafted a broad and inclusive definition of a Qualified Mortgage, which will ensure that Hispanic homebuyers are better protected from predatory lenders. “Greater numbers of Latinos will become first-time homeowners in the years to come, helping both the economic mobility of their families and the prosperity of our nation as a whole,” said Janet Murguía, President and CEO of NCLR. “We commend CFPB for adopting a broad definition of a Qualified Mortgage, which will foster an inclusive housing market for Hispanic families just starting out. The rule will require lenders to be sure that borrowers can afford their loans, a commonsense protection that will benefit the entire market.” According to the CFPB, any home loan purchased by Fannie Mae and Freddie Mac, as well as any mortgages insured by the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture (USDA), will be considered a QM loan. In addition, all loans issued to borrowers whose debt-to-income ratio does not exceed 43 percent will also fall under QM parameters. “The CFPB’s stance on the Qualified Residential Mortgage (QRM) demonstrates Director Richard Cordray’s commitment to equal access to homeownership for all qualified borrowers regardless of race, geography or economic strata. The Qualified Mortgage Rule is a critically important step in the broader movement toward rebuilding a housing finance system and promoting affordability and accessibility. In rejecting a restrictive QRM definition, the CFPB is sending a clear message that it seeks to foster a competitive marketplace with clear guidelines for industry underwriting and consumer readiness,” said Marc H. Morial, President and CEO, National Urban League.

STUDY: Wage Gap Exists In States with Large Latina Workforces

2013-01-10T15:25:24+00:00

According to a study conducted by the National Partnership for Women & Families Latinas are suffering from a pervasive gender-based wage gap in the very states where the majority of them work. Of these states, Texas and California have the largest populations of employed Latinas – and they are paid just 59 cents and 60 cents, respectively, for every dollar paid to men in the states. In the 20 states with the largest number of Latinas who work full time, year round, the wage gap ranges from 51 and 68 cents for every dollar paid to men in those states. Nationally, Latinas are paid just 60 cents for every dollar paid to all men. That amounts to a loss of $19,182 each year. In general, women of color fare worse than women overall, who are paid 77 cents for every dollar paid to all men – or $11,084 less per year. According to the new analysis, eliminating the national wage gap would mean that Latinas and their families would have enough money for nearly three years’ worth of food, 5,743 gallons of gas, nearly two years of rent, more than one year of mortgage and utilities payments, or almost five years of family health insurance premiums. The loss of these basic necessities can be especially punishing during tough economic times, and it adds up over a lifetime. The National Partnership for Women & Families is a nonprofit, nonpartisan advocacy group dedicated to promoting fairness in the workplace, access to quality health care, and policies that help women and men meet the dual demands of work and family.

December Unemployment Rate Unchanged at 7.8%, Hispanic Unemployment Steady at 9.6%

2013-01-04T16:41:36+00:00

The December jobless rate according to the Bureau for Labor Statistics remained at 7.8 percent, same as November. The economy added 155,000 new jobs in the month. While November’s unemployment rate was revised slightly higher from the 7.7 percent initially reported. The number of unemployed people now stands at 12.2 million, which shows little change from the prior month. In December, employment rose in health care, food services, construction and manufacturing. The construction sector was the most robust adding 30,000 jobs in the month. The Hispanic unemployment rate showed little to no change staying at 9.6 percent. Teenagers and African Americans continue to have the highest rates of unemployment, 23.5 percent and 14.0 percent, respectively.

Tips for Year-of-End Charitable Giving

2012-12-27T15:38:34+00:00

As 2012 comes to a close, individuals and businesses need to remember some key tax provisions for making contributions to charity. The IRS offers these reminders for year-end giving: To deduct monetary donations you must have a bank record or written document from the charity stating the name of the charity, the contribution amount and the date. Contributions are deductible in the year made, even if the credit card bill isn’t paid or the check isn’t cashed until 2013. Only donations made to qualified organizations are tax deductible. Make sure the organization you want to donate to is qualified before making any contribution. Individuals must itemize their deductions on Form 1040 Schedule A or use a short form (Form 1040A and 1040EZ) to claim the standard deduction. Click here to find more year-end giving tips from the IRS.

JUST IN: Unemployment Rate Hits a 4-Year Low, Falls to 350,000

2012-12-27T13:49:15+00:00

In the week ending December 22, the advance figure for seasonally adjusted initial claims was 350,000, a decrease of 12,000 from the previous week’s revised figure of 362,000. The 4-week moving average was 356,750, a decrease of 11,250 from the previous week’s revised average of 368,000. The total number of people claiming benefits in all programs for the week ending December 8 was 5,475,708, an increase of 73,279 from the previous week. There were 7,231,771 persons claiming benefits in all programs in the comparable week in 2011. The highest insured unemployment rates in the week ending December 8 were in Alaska (6.2), New Jersey (3.9), Pennsylvania (3.8), Puerto Rico (3.7), California (3.5), Montana (3.5), Oregon (3.5), Connecticut (3.3), Nevada (3.3), Illinois (3.2), and Wisconsin (3.2). The largest increases in initial claims for the week ending December 15 were in Florida (+5,080), Kentucky (+1,009), Mississippi (+651), Iowa (+646), and Indiana (+549), while the largest decreases were in California (-6,867), New Jersey (-5,101), Pennsylvania (-3,412), New York (-2,938) and Michigan (-2,889

POLL: With or Without ‘Fiscal Cliff’ Most Americans Expect Recession in 2013

2012-12-26T15:36:36+00:00

Most voters nationwide expect a recession in 2013 regardless of whether a deal is reached to avoid the so-called “fiscal cliff.” If a deal is reached and the December 31 fiscal cliff of big tax hikes and automatic across-the-board spending cuts is avoided, 54% of voters believe a recession is likely next year. If no deal is reached, a new Rasmussen Reports national telephone survey finds that 70% think a recession is likely. These figures include 26% who believe a recession is Very Likely with a deal and 42% who believe it is Very Likely without one.

Los Angeles Mayor Villaraigosa Joins ‘Fix the Debt’ Steering Committee

2012-12-04T16:01:52+00:00

Today, Los Angeles Mayor Antonio Villaraigosa joined the Campaign to Fix the Debt Steering Committee. As a former president of the U.S. Conference of Mayors and the chairman of the 2012 Democratic National Convention, Mayor Villaraigosa is an important national voice for bringing people together to tackle the nation’s debt. “If we’re serious about long-term economic growth, we need a balanced approach for reducing the federal debt,” said Mayor Villaraigosa. “That approach should include spending cuts, raising revenue and reforms that put our entitlement programs on a sustainable footing. The Campaign to Fix the Debt is dedicated to reminding all Americans that we can’t reduce the debt and create the conditions for long-term job creation without working across party lines to find practical solutions.” “Mayor Villaraigosa has a record of fighting for an economy that works for everyone, and we are proud that he has accepted our invitation to join the Campaign to Fix the Debt Steering Committee,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. “A viable fiscal deal must address all the factors that contribute to the federal debt, which means reining in spending, creating greater tax revenue, and reforming entitlement programs to ensure their long-term solvency.” As Mayor of Los Angeles, Villaraigosa has taken on the tough challenges. He has cut crime to 1950s levels, doubled the number of charter schools, and created jobs while dramatically expanding the size of LA’s rail network. Before being elected Mayor, Villaraigosa served as Speaker of the California State Assembly and as a member of the Los Angeles City Council. The Campaign to Fix the Debt is a bipartisan coalition of more than 310,000 individuals active in 17 states across the country. Members come from a diverse range of social, political and economic backgrounds. The Campaign believes that a viable deal should be based off a framework that leaves all debt-reduction options on the table and raises revenues, cuts wasteful spending, and ensures the long-term sustainability of important social programs.

PEW STUDY: Latinos Express Growing Confidence In Personal Finances, Nation’s Direction

2012-11-03T22:01:34+00:00

Hispanics have grown more satisfied with the nation’s direction and more confident in their finances since 2011, according to a new survey from the Pew Hispanic Center, a project of the Pew Research Center. Today, half of Latinos (51%) express satisfaction with the direction of the country, a 13-percentage point increase over 2011, when 38% said the same. One-third (33%) now report that their finances are in “excellent” or “good” shape, up from one-quarter (24%) who said the same in 2011. And looking forward, Latinos have grown more optimistic about their family’s finances in the next 12 months, with three-in-four (73%) expecting improvement, up from 67% who said the same in 2011. These changing assessments about finances and the country’s direction occur as some economic indicators recently have improved for Hispanics. In the third quarter of 2012, the Hispanic unemployment rate was 9.9%, down from 11.2% in the third quarter of 2011. (The U.S. Bureau of Labor Statistics today reported that the Hispanic unemployment rate in October 2012 was 10%, essentially unchanged from 9.9% in September). The Hispanic unemployment rate is well below its level at the end of the Great Recession in the third quarter of 2009, when it stood at 12.7%. The poverty rate among Hispanics has also declined, falling to 25.3% in 2011 from 26.5% in 2010. However, other economic indicators illustrate the difficult times that Latinos have faced since the onset of the Great Recession. Driven mainly by the collapse in the housing market, median household wealth among Latinos declined by 58% between 2005 and 2010, more than that of either whites (18%) or blacks (54%). According to the U.S. Census Bureau, median household income for Hispanics did not grow between 2010 and 2011. Nonetheless, compared with the public as a whole, Hispanics are more satisfied with the country’s direction, according to Pew Research Center surveys. Just 31% of the general public says they are satisfied with how things are going in the country today, compared with 51% of Hispanics. When it comes to personal finances, Hispanics’ self-assessments, while improving, are not as positive as those of the general public. One-third (33%) of Hispanics say their current financial situation is “excellent” or “good” while 43% of the general public says the same. On the other hand, Hispanics are somewhat more optimistic than the general public about the future of their family finances. Some 73% of Hispanics say they think their finances will improve in the coming 12 months, while 67% of the general public says the same. During this year’s presidential campaign, the issue of jobs and the economy has been a top concern for Hispanics. According to the Pew Hispanic survey, 47% of all Hispanics rate the issue as “extremely important” to them personally. Among Hispanic registered voters, 54% rate jobs and the economy as extremely important. In both cases jobs and the economy ranks as a top issue for Hispanics, just as it does for the general public. This report is based on a nationally representative bilingual telephone survey of 1,765 Latino adults conducted from September 7 to October 4, 2012; a Pew Hispanic Center analysis of the U.S. Census Bureau’s Current Population Survey data; and poverty and household income data published by the federal government. The report, “Latinos Express Growing Confidence in Personal Finances, Nation’s Direction,” authored by Mark Hugo Lopez, associate director, and Seth Motel, research assistant, is available at the Pew Hispanic Center’s website, www.pewhispanic.org.

U.S. Hispanic Business Owners: Cut Back Now, Grow Later

2012-09-26T10:16:28+00:00

New PNC Bank survey finds family essential for support, but not financing Nine out of 10 Hispanic business owners are optimistic about their prospects over the next two years but concerns about the U.S. economy have led the majority to focus on conserving cash and managing expenses more carefully. Results of the first-ever PNC Hispanic Business Owners Outlook, which sought business insights from America’s largest and fastest-growing ethnic group, also found that most of these owners often employ family members, but not their family’s financial resources, in their operations. “Hispanic business owners are taking a conservative approach to managing their business as they hunker down in the current economy,” said Jesus Munoz, vice president of Business Banking. “Small businesses are sensitive to economic cycles so it is important for them to manage productivity, expenses and cash flow through the inevitable up and down cycles.” PNC Bank announced these findings as part of Hispanic Heritage Month celebration (Sept. 15 - Oct. 15) across the markets it serves. Other key findings of the survey include: Short-Term Worries, Long-Term Optimism - Concerns about U.S. and local economies: Hispanic business owners say their business is meeting or exceeding their expectations for sales and financial performance (69 percent), despite a significant number expressing pessimism about the national economy (31 percent) or local economy (23 percent). - Sky’s the Limit: More than three in four (77 percent) hope to grow their business over the next two years. Where’s the Growth? - Save More, Spend Less: Seven of 10 (71 percent) “definitely” or “probably” will conserve cash in the next six months, and 59 percent say they plan to reduce capital spending. - Cutting Back: More than two-thirds (68 percent) will reduce or eliminate expenses in the business while 15 percent intend to reduce staffing. - Avoiding Risk: Fewer than one in four (24 percent) plan to take out a new loan or line of credit, while 62 percent will trim debt. Family is Key to Success - Family Affair: the majority of Hispanic Business owners have their family involved in business operations (60 percent), and nearly half (45 percent) intend to keep the business in the family when they retire. - Moral Support: When starting their businesses, owners considered encouragement from friends and family (46 percent) as important as having a strong group of customers (45 percent). - My Own Two Cents: Nearly three in 10 (28 percent) use personal savings or personal credit cards as their primary funding sources for their business. Only four percent rely on family money. - Following a Dream: “Passion for the business” (48 percent) is the top driver for staying in business followed by “personal satisfaction from the business” (33 percent). Financial success ranks third (29 percent), followed by obligation to family (28 percent). Hispanic Owners are Highly Acculturated Much like other ethnic groups, Hispanic business owners are increasingly acculturated to the U.S. way of life, especially as it pertains to success. Among other findings, the study revealed that: - Most are U.S.-born: More than half of Hispanic business owners (55 percent) were born in the U.S., and for those business owners born outside the U.S., they have lived in the country for an average of 35.4 years. - English is Important: Most Hispanic owners are seeking to hire English-speaking employees, with 85 percent saying speaking English is important, compared to only about one-third (36 percent) who feel it is important to speak Spanish. - Politically Astute: Hispanic business owners have concerns over key public policy issues, with the majority saying they expect a negative impact on their business in the next year from taxes (60 percent) and the federal deficit (52 percent), followed by four in 10 focused on healthcare changes (42 percent). PNC’s Munoz, who has worked extensively with Hispanic business owners over two decades, cites the advantages of acculturation and the importance of business education. “For Hispanic business owners, adapting to the U.S. business climate is an important first step toward success,” Munoz said. “However, it is often the education and insight gained from banks and other business partners that enable an owner to continue making the right decisions to help grow their business going forward.”

What You Should Know Before Buying Life Insurance

2012-09-25T10:10:59+00:00

Three in 10 American households are uninsured and half say they need more life insurance, according to the LIFE Foundation, a nonprofit organization that works to educate people about the importance insurance in protecting their financial futures. Many people realize that life insurance is an important way to provide for their families, but buying life insurance can seem daunting. How do you know if you’re picking the best coverage for you and your family? The American Council of Life Insurers offers the following tips to help you pick out the best plan: - Decide if you need permanent or term life insurance. Permanent policies will provide money to your family no matter when you die. Term policies will pay only if you die during a specific period of time. - When you’re trying to decide between life insurance companies, ask family and friends for recommendations. You can also meet with an insurance agent to talk through your options. - Ask for the outlines of several plans so you can compare the features of the various options you’re considering. - Always answer the questions on your application truthfully. - Once you select a plan, store the policy with your other important financial documents, but not in a safe deposit box. Upon death, boxes are sometimes sealed temporarily by the bank, which could delay your family’s access to the coverage. - Review and update your policy from time to time, especially after major life events like marriages or children being born. Learn more about life insurance and what questions you should ask before buying a policy.

Many Hispanic Families Leaving Themselves Financially Unprotected Should the Unexpected Happen

2012-09-11T10:08:26+00:00

Study indicates that while the majority of Hispanics believe they personally need life insurance, other financial priorities are winning out A recent study indicates that Hispanics, more than the general U.S. population, are concerned about their family’s financial well-being and see life insurance as a way to meet those concerns. However, Hispanics are less likely than the general population to own life insurance. In fact, 37 percent of Hispanics admit that they do not have enough. Hispanic families are being left financially vulnerable should the unexpected happen as other financial priorities, as well as misconceptions around life insurance, keep them from getting the coverage they need. These findings were released today by the nonprofit LIFE Foundation (LIFE) and LIMRA as part of the organizations’ 2012 Insurance Barometer Study, an annual survey designed to increase understanding about consumer attitudes and behaviors regarding a host of insurance and financial planning matters. “In addition to competing financial priorities, Hispanics overestimate the cost of life insurance by more than 10 times the actual cost and think it’s too expensive. What many don’t realize is that life insurance premiums are at an all-time low, making it more affordable than ever to protect your family’s future,” said Marvin H. Feldman, CLU, ChFC, RFC, president and CEO of the LIFE Foundation. “September is Life Insurance Awareness Month, and it’s an ideal time for Hispanics to focus on understanding the importance of life insurance, dispelling some of their misconceptions and taking the next steps in protecting their families.” With that in mind, LIFE, in partnership with Financial Expert Mike Periu, offer these insights into the most common misconceptions Hispanics have about life insurance: -Misconception #1: I don’t need life insurance right now: Most people can probably deal with the consequences of procrastinating on things like re-painting their bedroom. But are you comfortable living your life knowing that if you died tomorrow your loved ones would find themselves in a dire financial situation? If you need life insurance, buy it today. Tomorrow may be too late. -Misconception #2: Life insurance is confusing: Life insurance can be confusing, but there are lots of resources to help consumers navigate the process of finding the right policy for their specific needs. The LIFE Foundation’s website at www.cosaspasan.org is a great source of unbiased information about life insurance and includes interactive resources to help people get a sense of how much and what kind of life insurance might be right for them. Consumers should also consult with a qualified insurance professional in their community or their HR administrator at work. There’s no substitute for expert advice. -Misconception #3: Life insurance is too expensive: Times may be tough, but a lot of people are still buying electronics and going out to dinner several times a month. Hispanics, like the general population, need to realize that life insurance is a necessity, not a luxury. The other thing to understand is that life insurance has never been more affordable. A healthy 30-year-old can buy a 20-year, $250,000 policy for about 42 cents a day. There are policies to fit every budget, so don’t use cost as an excuse to not buy insurance you know you need. For help getting started in assessing your needs, check out LIFE’s insurance needs calculator at www.cosaspasan.org/calculadora.

Importing a Motor Vehicle

2012-08-28T10:04:28+00:00

Warning Imported motor vehicles are subject to safety standards under the Motor Vehicle Safety Act of 1966, revised under the Imported Vehicle Safety Compliance Act of 1988; to bumper standards under the Motor Vehicle Information and Cost Savings Act of 1972, which became effective in 1978; and to air pollution control standards under the Clean Air Act of 1968, as amended in 1977, and 1990. If vehicles manufactured abroad conform to U.S. safety, bumper, and emission standards, it is because these vehicles are exported for sale in the United States. Therefore, it is unlikely that a vehicle obtained abroad meets all relevant standards. Be skeptical of claims by a foreign dealer or other seller that a vehicle meets these standards or can readily be brought into compliance. Vehicles entering the United States that do not conform with U.S. safety standards must be brought into compliance, exported, or destroyed. This pamphlet provides essential information for U.S. residents, military or civilian government employees, and foreign nationals who are importing a vehicle into the U.S. It includes U.S. Customs and Border Protection (CBP) requirements and those of other agencies whose regulations we enforce. Since Environmental Protection Agency (EPA) and Department of Transportation (DOT) requirements are subject to change, we recommend that you contact these agencies before buying a vehicle abroad. Our pages Know Before You Go and For International Visitors contain general information for persons entering the U.S. You may obtain copies from your nearest CBP office or by writing to: U.S. Customs and Border Protection P.O. Box 7407 Washington, D.C. 20044 It is also possible to obtain copies from American embassies and consulates abroad. ( Know Before You Go ) ( For International Visitors ) EPA has a detailed automotive fact manual describing emission requirements for imported vehicles. You may obtain a copy of this manual, called the Automotive Imports Facts Manual, or other information about importing motor vehicles by calling EPA’s Imports Hotline at (734) 214-4100. You may also communicate by fax at (734) 214-4676, or write to: U.S. Environmental Protection Agency Ariel Rios Building, Manufacturer Operations Division (6405-J) Investigation/Import Section 1200 Pennsylvania Avenue, N.W. Washington, D.C. 20460 FOR COMPLETE/ADDITIONAL INFORMATION, CLICK HERE