Back in 2013, ESPN senior writer Steve Wulf published a rundown of all the costs incurred over the course of his daughter’s decade’s-worth of days playing youth hockey. With travel, club/registration dues, and instruction, the grand total came in just under $50,000, and the sport has only gotten more expensive, especially when it comes to reserving ice time, which is generally covered by league registration fees.

Registration fees for the 2018-19 youth hockey season with the Edina Hockey Association (EHA) in Edina, Minnesota, arguably the epicenter of youth hockey in the United States, range from $149 to $1,430. And that doesn’t even include the mandatory EHA registration fee of $200 for all players besides Termites (seven- to 10-year-olds) and a rostering fee of $150 for players on teams in certain leagues. While scholarships can lower those costs for underprivileged families of exceptional youth hockey players, the cost for parents of children playing their first year is at least $150, and not one piece of equipment (except maybe a pelvic protector) is provided. Online equipment outlets and resellers of used gear aren’t making the price to play the sport of hockey less prohibitive either.

You don’t need demographic research to prove that the prohibitive costs of youth hockey are dictating the faces playing the sport. National Hockey League (NHL) teams generally have just one non-white face on the ice if that, and that’s not because non-white kids prefer to play basketball, baseball, or football. It’s because basketball, baseball, and football are made more accessible to underprivileged youth.

High school football’s popularity is what provides the safety pads necessary to play. And while hockey is more popular than football in the Twin Cities area, the similarly expensive safety equipment necessary to play the sport is seldom provided. That's why Gordon Bombay's Mighty Ducks first practiced in football helmets, and it's why the face of hockey is as white as the ice upon which the game is played.

Lacrosse, the only sport with equipment costs comparable to hockey (and only slightly more expensive according to Time Magazine), sees 56 percent of its youth participants come from families making more than $100,000 annually. Just four percent of the sport’s participants come from families making less than $25,000, and it’s not simply because underprivileged kids don’t want to play lacrosse. I’m sure plenty would like to but their parents can’t afford it, and I’m sure youth hockey consists of players from similar economic advantages. I didn't find that research, but what I did find was an estimate of youth hockey equipment costs by Moms Team of $595—$30 more than the cost of lacrosse equipment. Whether hockey or lacrosse equipment is more expensive is irrelevant because the costs associated with off-ice training expected of youth hockey players, like dry-land training and spring hockey, make it the most expensive youth sport to play, and certainly the least accessible given the required playing surface.

I would have loved to play youth hockey, but there wasn’t even an outdoor ice rink maintained in my hometown let alone a youth hockey league. I wanted to play rec soccer, too, but my parents couldn't afford to pay registration fees for both baseball in the summer and soccer in the fall (youth football didn’t start until sixth grade in my hometown). I also played youth football until I broke my ankle in my second season, and despite the high equipment costs associated with that sport, my parents paid next to nothing for me to play it. Even my cleats were hand-me-downs. Basketball was easily the cheapest sport I played in my youth. I got my first basketball for Christmas one year, and there were basketball goals within walking distance of my house had my father not scored a used one he installed on the roof of our garage. Even my days running track in middle school cost my family nothing. All our gear was provided by the school—even my running spikes. Nothing is provided to youth hockey players except pucks.

Minnesota Nice Skates will work to lower the economic barrier to entry into youth hockey by leasing youth hockey equipment in the Twin Cities area. To do so at an affordable yet sustainable rate, however, a thorough understanding of upfront equipment costs and lifetime equipment costs is necessary. Since Wulf’s report on the costs of youth hockey is five years old, and Cindy Pom’s Canadian version is lacking in detail, I set out to discover the absolute minimum costs of equipping your youth hockey player in his or her first year and over a lifetime (10 years), for both used or new gear, and considering the resale value of each piece of equipment. 

Junior and Youth Hockey Skates

Year 1 (Used): $25

The best deal for used, youth hockey skates is going to be on Craigslist, especially in the Minneapolis area. If you don’t live in the Twin Cities, or don’t know someone in the area who can complete the transaction for you and ship it, Mercari had a pair of used, youth hockey skates for less than $30 including shipping. Frankly, in your son or daughter’s first year of skating, you’re better off buying a new pair of hockey skates for beginners. You child is less likely to enjoy hockey if her skates aren’t comfortable, and new skates will form to your child’s feet rather than come preformed to someone else’s.

Year 1 (New): $30 to $50 ($15 to $25 after resale)

In year one of your child’s youth hockey career, you can expect to pay as little as $30 and $50 on average for a new pair of youth hockey skates. Junior hockey skates, if your child is starting early, tend to be more than $50. The nice thing about buying your child new skates the first time around is that they’ll grow out of them rather quickly, so the skates should retain their resale value when you sell them used. Still, getting less than half your investment back leaves you with an year-one expense of $15 at minimum and $25 on average. But that doesn't include sharpening the blades.

Year 1 Skate Sharpening: $60 to $125

If you’re youth hockey player is practicing daily, their skates will likely need sharpening weekly. At $5 a pop, that amounts to another $60 in sunk skate costs over the course of a three-month season. If your youth hockey player is playing on traveling teams, that amount can balloon to over $100 quickly. You shouldn’t have to worry about replacing your rookie's new blades, though.

Lifetime Skate Sharpening/Maintenance: $700 to $1,350

If your child plays youth hockey from age eight to 18, you can expect to pay at least $600 and up to $1,250 just to maintain the blades of her skates. This doesn’t include replacing broken shoelaces or lost blade covers, or repairing the shoe of the skate if it explodes upon puck impact. Both are likely to occur, costing another $100 or so.

Lifetime Youth Hockey Skate Costs (New): $1,000 to $1,130 ($695 to $750 after resale)

You can expect your youth hockey player to grow out of five pairs of skates or more, and they only get more expensive as your child’s feet get bigger and their skating better. While you can get your child onto the ice in $40 skates in year one, their next new pair of skates is going to be double that. The third pair will cost between $100 and $150. A fourth pair will cost between $160 and $200, and your child’s fifth pair of youth hockey skates will range from $200 to $240.

Assuming you can recoup half the purchase price on your child’s used skates, you’re looking at costs of $15 to $25 on pair one, $40 to $60 on pair two, $50 to $75 on pair three, $80 to $100 on pair four, and $100 to $120 on pair five. Pair six, hopefully, your son or daughter will be purchasing and replacing with their own revenue stream.

The sooner your child grows into a senior-sized pair of skates the better. While senior skates for advanced skaters sell for more than $400, they should be the last pair you have to buy. The estimate above is based on a pair of skates listed at $420.

Lifetime Youth Hockey Skate Costs (Used): $435 to $505

Buying used doesn’t save you considerably more money than buying new and reselling. Sure, you can find a used pair of skates in any size and have them delivered to your door for half the price of a new pair, but your child is going to be less comfortable on the ice. You can buy insoles to remedy the situation, but then you’re spending another $50 every time you buy a used pair of skates. Even so, considering you find a deal on a used pair of youth or junior hockey skates for $25 in year one, the next pair of used skates is going to be at least $40. A third pair of used skates could be found for $50 or $60. A fourth pair could cost $80, and a fifth $100, with your sixth costing between $140 and $200. In the end, you’re spending less but won’t likely be able to ever resell the skates.

Total Youth Hockey Skate Costs (Used): $1,135 to $1,855

Buying all used skates throughout a decade of youth hockey is going to cost you more than $1,000 and up to $2,000 including maintenance.

Total Youth Hockey Skate Costs (New): $1,700 to $2,480 ($1,395 to $2,100 after resale)

Buying all new skates for your child over 10 years of youth hockey is going to cost more than $1,500 at minimum and up to $2,500 or more. If you’re able to resell your child’s youth hockey skates, you’re still spending close to $1,400 and up to $2,100 over a decade. And we haven’t even put a helmet on your child yet.

Junior and Youth Hockey Helmets

Year 1 (Used): $20

Craigslist again provided the best deal, and a used youth hockey helmet in year one is perfectly acceptable as long as there isn’t any obvious damage to the helmet that will worsen with hits to the head. They must have a full cage as well.

Year 1 (New): $50 ($30 after resale)

The cheapest youth helmet with a full cage can be purchased new for $50. Helmets aren’t equipment easily resold, however, as sweat smells them up something fierce. If your child does outgrow their first helmet quickly, though, you can maybe make back $20 on the purchasing price.

Lifetime Youth Hockey Helmet Costs (Used): $140 to $170

Wulf said his daughter went through four helmets in 10 years. If your child does the same, you can expect to pay more for each helmet you purchase bigger than the last. If your child’s first helmet was purchased used for $20, the next will be $30 to $40, then $40 to $50, then $50 to $60. When your child’s head stops growing (test this with fitted hats), the last helmet you buy them should probably be new, but that’s not included in this estimate.

Lifetime Youth Hockey Helmet Costs (New): $300 to $1,250

You can spend as much as you like here, and it’s not a bad place to focus your funds. Wulf said he spent $1,250 on the five helmets he bought his daughter, which is insane to think about, but he spent $250 per helmet. Protecting your child’s brain is worth every penny, but helmets can be had for much less than Wulf paid. If your child’s first helmet is $50, the next will be closer to $60, then $80, and then $100 or more, so the cheapest cost of protecting your child’s cranium with new helmets is $300. It is recommended that the last helmet you purchase your youth hockey player when fully grown spares no expense.

Junior and Youth Hockey Sticks

Year 1 (Used): $20 to $40

One of the most prohibitive expenses associated with playing hockey is hockey sticks. You can’t play without them, and they eventually break. This estimate assumes your youth hockey player makes it through the season on one stick, but it’s recommended you buy them at least two so they have a replacement if they break one mid-game. We had two tennis rackets in case we broke strings, or in my case, broke the frame bashing it into the ground in anger. It's the only record I hold at my high school, and it became an expensive habit at over $100 per racket. Sticks are similarly expensive once your youth hockey player gets good at hockey.

Year 1 (New): $20 to $45 ($10 to $20 after resale)

Your child’s first hockey sticks should be made of wood. There’s absolutely no reason to put a carbon composite hockey stick in the hands of your eight-year-old unless you get one for free. She’s going to outgrow that first stick in what seems like a heartbeat, or break it just as quickly. You shouldn’t be in a hurry to spend a bunch of money on hockey sticks. You’ll have plenty of time to do so.

Lifetime Youth Hockey Sticks Costs: $1,380 to $1,750 ($690 to $875 after resale)

After your child’s first hockey stick breaks or is outgrown, you should resist purchasing used hockey sticks; they’re just going to break sooner than a new one would. As your youth hockey player gets better, they’ll want their equipment to be better so they can do more on the ice. Not unlike a youth tennis player graduating from a Kmart racket to her first Prince or Head racket, a youth hockey player should likewise graduate to nicer and nicer hockey sticks as their body and skills grow. I learned how to serve with a wooden tennis racket from the '70s. That said, over the course of a decade, you’ll likely go from paying $20 for your child’s first hockey stick to more than $200 for their last.

So, if you buy two hockey sticks in year one at $20 ($40), two more in year two at $30 ($60), two more at $40 ($80), and so on until the $150 sticks you buy in year 10, you will have spent $1,380 on hockey sticks alone. Wulf estimates he spent $1,750 just to keep a stick in his daughter’s hands. Hockey sticks are also an equipment item you’ll be unable to resell, but not the most likely piece of equipment you'll be unable to resell. That would be hockey gloves.

Junior and Youth Hockey Gloves

Year 1 (Used): $10 to $25

Used, youth hockey gloves are $120 a dozen on Craigslist in Minneapolis-St. Paul, but outside of hockey hubs $20 was the lowest rate on Ebay. Beware: gloves tend to be the stinkiest of all hockey equipment. Wulf said he spent $55 on Febreeze spray and special hockey detergent mostly due to smelly gloves.

Year 1 (New): $25 to $40

Dick’s Sporting Goods has a pair of new, youth hockey gloves for $25 online. Bundled with a five-piece set they’re marginally cheaper.

Lifetime Youth Hockey Gloves Costs: $40 to $400 ($40 to $270 after resale)

If you buy gloves new, which is recommended, don’t expect to resell them or to resell them for much. In fact, while you might end up paying $100 or more for a pair of gloves your kid will outgrow, that pair of gloves isn’t going to retain a resale value comparable to skates. If you sell skates at 50 percent of the retail cost, you’ll probably end up selling gloves at a quarter or a third of their retail cost. If your youth hockey player outgrows four pairs of gloves in 10 years, and you spend $25 on the first pair, $40 on the next pair, $60 on the next, and $80 on the last, you might get $75 back on your $205 investment. Wulf spent $400 and probably didn’t resell a single pair.

Junior and Youth Hockey Pelvic Protectors

Year 1 (New): $20

Here’s another item you won’t often find available for resale and probably shouldn’t buy used.

Lifetime Youth Hockey Pelvic Protector Costs: $100

Whether you need a traditional jockstrap and cup for your son or a “Jill” for your daughter, you can expect to buy about five different sizes over the course of a decade at around $20 each.

Junior and Youth Hockey Neck Guards

Year 1 (Used): $0

You aren’t likely to find used neck guards except for in lost-and-founds at hockey arenas or in the bottom of some equipment bag in the back of some equipment closet at a coach’s house. It’s something your child needs but isn’t prohibitively expensive.

Year 1 (New): $10

Ten bucks is a bargain when it comes to protecting your child’s windpipe from being crushed by a flying puck.

Lifetime Youth Hockey Neck Guard Costs: $0 (Used) to $70 (New)

Wulf said his daughter went through seven neck guards over the course of a decade.

Junior and Youth Hockey Shin Guards

Year 1 (Used): $10

Craigslist, again, served up the best deal on used, youth hockey shin guards in the Twin Cities area, but used shin guards can be found on Ebay or Mercari at similar prices. Used shin guards are perfectly adequate for protecting your child, but the protective padding in them eventually flattens as they take repeated impacts from the ice or from pucks. The last pair of shin guards you buy once your child stops growing should be new.

Year 1 (New): $25 ($15 after resale)

Shin guards are an item you can resell, but you’d still be better off buying used even if you can’t resell the used shin guards.

Lifetime Youth Hockey Shin Guards (Used): $40

Wulf’s daughter grew out of three pairs of shin guards over 10 years of youth hockey.

Lifetime Youth Hockey Shin Guards (New): $100 to $180 ($60 to $120 after resale)

If you bought the cheapest, new pair of youth hockey shin guards every year your child needed a new size, you’d likely be out $100. After reselling the shin guards your youth hockey player outgrew, the lifetime expense of youth hockey shin guards would likely be around $60. Wulf climbed the price ladder a bit when it came to shin guards because his daughter blocked a puck with one of them and limped off the ice despite the shin guard’s protection.

Junior and Youth Elbow Pads

Year 1 (Used): $0 to $10

Like shin guards, junior and youth elbow pads can generally be found used at affordable prices. While the Twin Cities Craigslist page provided plenty of options, Ebay and Mercari offered options that were just a bit more expensive. You might want to search arena lost-and-found bins to score a pair for free.

Year 1 (New): $20 to $40 ($10 to $20 after resale)

I was as surprised as you probably will be to learn something as simple as elbow pads could cost more than $100. Your mite doesn’t need $100 elbow pads, though, and this is a minimalist look into equipping youth hockey players with the necessary safety equipment.

Lifetime Youth Hockey Elbow Pads Costs (Used): $30 to $50

Wulf said his daughter went through three pairs of elbow pads in 10 years of youth hockey.

Lifetime Youth Hockey Elbow Pads Costs (New): $60 to $150 ($30 to $90 after resale)

Wulf spent an average of $50 per pair of elbow pads over the course of his daughter’s 10 years playing youth hockey. But he probably could have gotten $20 to $25 on each pair of elbow pads back by reselling them.

Junior and Youth Shoulder Pads

Year 1 (Used): $10 to $20

Junior and youth shoulder pads tend to be as plentiful as elbow pads and shin guards, so they can be found on Craigslist for the same price as both. You aren’t likely to find a set in the lost and found, however.

Year 1 (New): $25 to $50 ($15 to $25 after resale)

If you choose to buy junior or youth hockey hockey shoulder pads new and resell them, you’re looking at a similar albeit slightly more expensive option.

Lifetime Youth Hockey Shoulder Pads Costs: $60 to $270 ($75 to $135 after resale)

Your child will grow into three sizes of shoulder pads in 10 years, and depending on what you’re willing or feel you need to spend (maybe your child delivers or receives hard checks), protecting your youth hockey player’s shoulders will run you at least $60 and up to $270, according to Wulf’s budget.

Junior and Youth Hockey Pants

Year 1 (Used): $15 to $30

Used junior and youth hockey pants in good condition are harder to find than used shoulder pads and elbow pads. The cheapest option in the Twin Cities as of this writing was $15, and most listings on Craigslist were around $30, which is what you can expect to pay at minimum online.

Year 1 (New): $35 to $65 ($20 to $50 after resale)

Buying new hockey pants for your child will be slightly more expensive than buying used, but you’ll have the comfort of knowing no other child has sweated into those pants. They can get pretty stinky from absorbing the water from the ice as well. 

Lifetime Youth Hockey Pants Costs: $120 to $240 ($60 to $170 after resale)

You’re child will likely go through four pairs of pants over 10 years of youth hockey. Wulf spent $240 in total. You can certainly outfit your youth hockey player in used pants throughout the decade. You’ll likely spend at least $30 per pair, or $120 in total.

Junior and Youth Hockey Socks

Year 1 (Used): $0 to $10

Unless you do laundry everyday, your child will need multiple pairs of hockey socks as well as undersocks, which can simply be non-cotton, dress socks. They should be thin as to maximize your child’s control over her skates (unless her skates run big, which means you have to fill them up). Hockey socks, however, aren’t as easily substituted. Luckily, they’re pretty easy to find. In the Twin Cities there was a listing on Craigslist advertising free socks with the purchase of any of their items. You can even mix and match lost socks you find. If you aren’t in a hockey hotbed, Ebay’s cheapest listing for a new pair was around $8 with shipping.

Year 1 (New): $30 to $40

At a retailer like Dick’s Sporting Goods, you can expect to pay $15 to $20 per pair of youth hockey socks. That’s outrageous given your child will outgrow them every few years and that a cap full of bleach can pretty much clean anything, including used, youth hockey socks.

Lifetime Youth Hockey Socks Costs: $0 to $150

Wulf estimated that he spent $150 just on socks for his daughter to play 10 years of youth hockey. You can get away with paying nothing in places like Minnesota, Maine, or Canada, but that’s not likely the case in Las Vegas. Since socks are being given away, don’t expect any recouping of costs via resale.

Junior and Youth Hockey Practice Jerseys

Year 1 (Used): $0 to $15

You can’t practice without practice jerseys, and you’re child will probably want more than one. You might find these in the lost and found at your local arena or for cheap on Craigslist or Ebay. Otherwise, an oversized shirt will work, preferably something breathable like Under Armour or Nike Dri-FIT material. A football jersey is fine if you can find a long-sleeved, non-cotton shirt to go under it. 

Year 1 (New): $15 to $30

Dick’s Sporting Goods has a youth hockey jersey for less than $15, which is on par with the prices you’ll find on Ebay for new practice jerseys.

Lifetime Youth Hockey Practice Jersey Costs: $15 to $100

Wulf spent around $100 just on practice jerseys throughout his daughter’s 10 years of youth hockey. You can expect your youth hockey player to grow out of at least three if not four sizes, so unless you can get your hands on hand-me-downs, expect to spend at least $45 on practice jerseys over 10 years...and that’s if you only provide your player with one.

Other Necessities: Up to $1,000 over Lifetime

Tape: $3/roll and up to $550 over Lifetime

It might not seem essential, but before you know it your youth hockey player will demand to have tape so she doesn’t have to borrow from teammates. It’s recommended you buy black, white, and clear tape in bulk, which saves you a dollar on each roll. Over 10 years, Wulf estimates he spent $550 on tape alone.

Bags: $50 to $200 over Lifetime

Your youth hockey player can’t carry all that expensive gear in a garbage bag, and while you can find cheap or even free gym bags to work as substitutes, when your son or daughter stops growing, you might consider buying a nice hockey bag for the final set of gear you’ll be buying for them.

Under Armour or Nike Dri-FIT Undershirts: $20 to $150 over Lifetime

Again, you can find hand-me-down workout gear but eventually you’re youth hockey player will want their own undershirts or even tights to wear under their gear.

Undersocks: $20 to $100 over Lifetime

Those non-cotton, dress socks will work for as long as you can find them for free or cheaply, but you will eventually need to invest in a couple pairs of undersocks for your full-grown, youth hockey player. They run about $10 per pair.

Total Minimum Cost of Youth Hockey Equipment in Year 1: $285 (assuming you find nothing for free)

This estimate is based on the availability of used, youth hockey equipment in the Twin Cities area and will be more for those living in places that aren’t youth hockey hubs.

Total Cost of Purchasing Used Youth Hockey Equipment in Year 1: $320  

This estimate is based on the availability of used, youth hockey equipment for sale online.

Total Cost of Purchasing Used Youth Hockey Equipment over Lifetime: $2,965 to $4,725

This range is based on the availability and costs of used, youth hockey equipment available online.

Total Cost of Purchasing New Youth Hockey Equipment over Lifetime: $6,430

This estimate is based on the availability and costs of new, youth hockey equipment available online.

So, if your child plays one season of youth hockey, on equipment alone, you’re out at least $285 in year one, unless you can find practice jerseys, hockey socks and undersocks, neck guards and elbow pads for free. That would save you $50, but when is anything free? You still have to go somewhere to get it.

Minnesota Nice Skates comes to you and properly sizes your child for gear. If your child outgrows any piece of equipment or something breaks at no fault of their own (including sticks), Minnesota Nice Skates replaces it. And there’s no need to bring back the equipment if it still fits at the end of the lease. Just keep the gear that fits and replace the gear that doesn’t. It’s that simple. The annual lease for equipment automatically vests if gear isn’t returned within a year.

A $250 annual lease with Minnesota Nice Skates will save parents between $465 and $3,930 over 10 years of youth hockey. More importantly, it lowers the cost of entry into the sport by allowing underprivileged families to pick and choose which gear they want to lease and which gear they want to try to find for free. If you only want to try and find elbow pads, neck guards, practice jerseys, socks and undersocks for free, do it. It’ll only cost you $200 to get your child the necessary equipment to play youth hockey. The most important thing is that more kids play youth hockey so better athletes end up hockey players instead of football players, growing the popularity of the sport.

Published in Money

If you think the American economy is booming now, just think what it would be like if American collegians had an extra $1.5 billion to spend—especially with President Donald Trump’s tariffs set to raise the prices of imported consumer goods despite he and his administration saying the tariffs won’t result in price hikes.

 

Well, if prices aren’t increasing, tariffs aren’t working. The point of a tariff is to make locally produced products more attractive to local consumers by raising the price of imported alternatives. This, in theory, would result in more local production and fewer imports. But a tariff is paid by the importer of a product, not the exporter. So the 25-percent tariff Trump recently leveled on Chinese imports is transferred to the American consumers of those goods, not the Chinese producers.

 

The trade war isn’t taking money out of the pockets of Chinese manufacturers; it’s taking money out of the pockets of American consumers of Chinese products and Chinese consumers of American products. And since the United States runs a $375 billion trade deficit with China, the only way Trump can “win” his trade war is if Chinese economists can’t do the math to match Trump’s tariffs dollar-for-dollar. It’s even becoming more likely trade with China ends altogether. China has already cancelled planned trade talks with Trump.

 

It is impossible for America to run a trade surplus with China because China produces more products Americans consider essential than America produces for the Chinese, including car, computer and mobile phone components. It’s lower labor costs and Americans’ addiction to consumption allow China to perpetually have the upper hand in a trade war. If an iPhone were made entirely in America, it would cost as much as a brand new car, so while Trump might be making some American-made products more attractive to American consumers, he’s doing so at the expense of American consumers who can’t do without many of the Chinese imports found in their technology and automobiles. Even the Tesla Model 3 can only be 95-percent American-made at most.

 

Since Americans will be paying more for computers, mobile devices and cars, it’s not entirely unreasonable to forgive the $1.5 billion in student loan debt and allow those accepted into college two years of college education free of charge. Students and parents are going to pay more for the devices required to attend college, and colleges are going to pay more for them as well, which will be reflected in tuition costs, which will further increase student loan debt while decreasing consumers’ available income for spending in the American economy, potentially sinking the stock market.

 

There are other reasons besides boosting the economy for the government to payoff student loan debt. First, today’s Associate’s degree, usually obtained in two years at a community college, is the equivalent of a 1980s high school diploma. Advances in technology have made working in what is now a global economy much more complicated and necessitates further education be obtained. Students are not leaving high school with the education necessary to provide for themselves let alone a family, and it’s not their fault.

 

Secondly, with 17 states offering tuition-free college programs, the trend seems to be students at least delaying the accumulation of student loan debt for two years, potentially lowering accrued interest as well as principal loan balances. In short, future college students in the United States will be saddled with considerably less student loan debt than current and past college students. Meanwhile, entire generations (and student loan debt does span generations), are suffering student loan debt and unable to stimulate the American economy by spending money on anything but debt and living expenses.

 

Finally, the collective credit rating of American college students, past, present and future, would receive a boost that could spur entrepreneurial growth and investment in businesses as a whole. America was the land of opportunity, where you could go from “rags to riches” with enough hard work. America used to be the best place to start a small business and be your own boss. That isn’t the case these days because despite incomes increasing for middle-class Americans, their purchasing power has barely budged since 1965. You can’t grow an economy in which most consumers have hardly more purchasing power than their grandparents did over 50 years ago, and consumer confidence in the stock market can’t increase if consumers have no means to express their confidence by purchasing stocks.

 

Lifting the $1.5 billion in student loan debt owed by 44.2 million American borrowers would allow 44.2 million Americans to spend their student loan payment, averaging $351 per month, stimulating the American economy instead of simply paying off interest. Lenders can’t be the only ones making money if the American economy is going to grow.

 

--

If you like this, you might like these Genesis Communications Network talk shows: The Costa Report, Drop Your Energy Bill, Free Talk Live, Flow of Wisdom, America’s First News, America Tonight, Bill Martinez Live, Korelin Economics Report, The KrisAnne Hall Show, Radio Night Live, The Real Side, World Crisis Radio, The Tech Night Owl, The Dr. Katherine Albrecht Show   

Published in Opinion

In the poker game of American life, the white man is on tilt, bleeding chips like he’s giving them away—because that’s exactly what the white, American man has been doing for 150 years. White, American men started comfortable and stayed comfortable. Some got lazy, and now the chip leader in the poker game of American life senses his chip stack dwindling at the poker table that is American capitalism.

Income inequality grew in 2017 to the largest income gap ever recorded, but for roughly 200 years the white man was the only person at the poker table that is American capitalism. His chips were safe and regularly augmented along with a glass of lemonade by a slave who did the work responsible for the chip stack while his master played solitaire alone.

But when the white man’s first challenger arrived in the 1820s, he felt immediately threatened despite his massive chip stack and perceived mental and physical advantage over his opponent. White men were threatened by women entering the workplace because they’d work for less and advanced machinery made factory jobs easier for them to do. So when a white, American woman approached the poker table with her modest chip stack in hand, the white man went to work, teaching the white woman about American capitalism by using his superior stack of money to take hers. The white man didn’t take the white woman lightly, but he enjoyed her company and gave her enough time and just enough money to learn the game—opportunities not afforded his male opponents. When civil war broke out in the states the white woman’s chip stack grew considerably, and when slavery was abolished, more new players sat at the poker table that is American capitalism.

When a black, American man brought his meager chip stack to the poker table in 1865, the white man might have lost his means of subsidizing his stack, but he knew he could still steal chips from the black man as he did the white woman. And he did and continues to do so, but less often and at an ever-decreasing rate of success.

In 1910, the Mexican Revolution sparked a wave of immigration in the United States, but the first successful labor movement of immigrants in America took place in 1903, when Mexican and Japanese farm workers unionized. It was the first union to win a strike against the giant, California agriculture industry. Then the first wave of Asian immigration to the United States during the California Gold Rush in the 1950s brought more players to the table, each with a larger chip stack than the last. The white man gained another opponent to bully each player who dared sit at the poker table of American capitalism, but that window of opportunity grew shorter with each new player. 

When your chip stack is bigger than everyone else’s, you don’t actually have to play poker, or any game for that matter, including the game that is the American economy. You just have to use your money to repeatedly force the poor to decide whether they’re ready to lose everything they have, and they seldom are regardless of the amount. That’s not poker; it’s old-fashioned bullying. The haves lean on the have-nots until they break, at which point the white man borrows them money to buy back into the game, with interest, of course.

The rules of both a poker game and a capitalistic economy cease to govern the gameplay when the majority of wealth is controlled by an extreme minority of players. The game has never been fair and still isn’t, but white, American men are scared anyway. While their chip stack hasn’t decreased significantly, there are more players at the table, and the white man fears there will be more coming for his ill-gotten gains. They can sense the table turning, which is why they’re expressing their anger more boisterously than in the past. They didn’t have much reason to complain while they were buying pots with busted, gutshot straight draws and suited connectors that found no similar suits nor connections amongst the community cards. The white, American man was probably only called and forced to show his cards once every few years in the poker game of American life.

The wealth gap between white and black households in America persists, as does the gap between white and black men. And the wealth gap between white and Hispanic-American men is expected to widen until 2020. But that’s not the case for white and black women. While women have and continue to make less than their male counterparts, white women do not make considerably more than black women raised in similar households. So while white and black women aren’t winning pots as big as the white or black men, they are winning similarly-sized pots relative to each other.

The white man has managed to avoid losing chips to the black man, but the white and black women at the table have charmed the chips right out of the hands of the white man. And he’s enjoyed losing to the women so much the white man has only just realized the growing chip stacks of his other opponents at the table, like the Hispanic- and Asian-Americans. Worse yet, the white and black women at the table are starting to call the white (and brown) on their attempts at getting more than just a handful of chips from the ladies. 

Instead of observing the tendencies of his opponents and acting on them, the white man has resorted to bullying the rest of the table with his chip stack, over-betting the pot and forcing his opponents to either risk all their chips or fold. But it’s harder to buy pots with a dwindling chip stack, and the rest of the table has him figured now. The white man doesn’t have the chips to bluff with garbage cards anymore, and while he thinks he’s on a frozen wave of cards you read about, he’s really just scared of all the new action at the table. More players means more cards are out, too, so with every new player at the table, every hand becomes less and less valuable. But that doesn't make immigrants a threat; they can actually pad the chip stack of white, American men, too

"Meat packing plants and lumber mills that rely on refugee employees need many more. Manufacturing and other industries across the country are looking to hire refugees." —Sasha Chanoff, USA Today

Immigrants work the jobs American men and women won't do, and they pay income taxes for doing them, and spend their income in the American economy, creating more jobs and more wealth for everyone. More players means more action, which means bigger pots and bigger swings of fortune. That worries the white man, as it should, because he's the only one who hasn't been playing poker these last 150 years or so.

White, American men have always been unreasonably angry, but how can you be mad after enjoying an economic advantage built on the backs of slave labor for over 150 years? White, American men tilted the economic playing field so much with slavery and ensuing racial discrimination that their advantage persists to this day. But they sense that advantage dissipating with every immigrant that arrives at the poker table of American capitalism, and that pisses them off, but not rightfully so. Simply being entitled to earning more money isn’t reason enough to be angry about that entitlement decreasing ever so slightly. Being the reason for providing that entitlement against your will, as black Americans were and continue to be (as well as women), is reason enough to be angry, and to be angry for however long the table is tilted in the white man’s favor.

Published in Opinion

This was originally published at Grandstand Central, where we cover sports from unique angles. 


 

A great American tradition born of the struggle to fill great American ballparks with great American baseball fans is dying. The ballpark giveaway is giving way to greed.

The Ohio Supreme Court heard arguments last Wednesday in a dispute over taxes on promotional items purchased by the Cincinnati Reds and offered to fans through promotional ticket packages. Ohio state law exempts companies from paying taxes on items they buy and resell, but the issue is whether promotional items like bobbleheads are being sold as part of a ticket package or given away in an effort to increase ticket sales. Simply put, if the team gives away bobbleheads, they pay tax. If they sell them with the ticket, they do not.

Regardless of whether the Reds’ techniques are legal or not, the attempt to avoid paying $88,000 in state taxes is pretty insensitive given the Reds’ recent history, both on and off the field. The construction of Great American Ball Park cost Hamilton County taxpayers $349 million and deprived federal taxpayers of $142 million in revenue — the third-most costly of any Major League Baseball stadium according to a Brookings Institute study. The Reds share responsibility with the Cincinnati Bengals for burying Ohio’s Hamilton County in debt, resulting in cuts to social services, including the sale of a hospital, and forcing Hamilton County Commissioners to refinance $376 million of stadium bond debt in 2016. Property owners in Hamilton County were promised 30 percent of the revenue raised by the half-cent increase to the sales tax in the form of reduced tax bills, but the county has rarely had the money to pay the stadium debt and offer the full tax rollback.

Meanwhile, the Reds could go from increasing attendance by giving away items for which they once paid tax to profiting from tax-free items while also increasing attendance. And they’re not the only ones.

The Minnesota Twins are also offering more of these promotional ticket packages and fewer giveaways after winning a similar case back in 1998. Like Ohio, “goods and services purchased solely to resell, lease or rent in the regular course of business” are tax exempt in Minnesota. In fact, most states allow businesses to purchase items tax-free as long as those items are to be resold. So this is only the beginning, and already, great American ballparks are turning giveaways into takeaways, likely turning a profit on what was a cheap means of advertising and now is a cheaper means of advertising.

According to a sales representative at Associated Premium Corporation, a preferred vendor of MLB promotional items, a seven-inch bobblehead purchased in bulk exceeding 10,000 units could cost a ballclub between $3 and $5. Markups on promotional ticket packages are considerably higher than that, and in some ballparks, they vary by seat location.

Senior manager of group sales for the Twins, Phil McMullen, informed me that the prices for their promotional ticket packages are based on the price of their group tickets, which explains why the markup for the promotional item appears to vary by seat location when compared to buying a single game ticket alone. The same cannot be said for the Reds.

The June 19 promotional bobblehead in Cincinnati is available at three different price points in three different sections of the ballpark. The promotional ticket package is $25 per “View Level” ticket, $55 for a seat in the “Field Box” section and $80 for an “Infield Box” seat. The price of a ticket to the same game in the “View Level” section is $17. A field box seat is $41, and infield box seats range from $65 to $68. So the same bobblehead costs $8 when purchased with a “View Level” ticket, $14 when purchased with a “Field Box” ticket and between $12 and $15 when purchased with an “Infield Box” ticket. Assuming the “Field Box” price is based on one ticket price, Cincinnati fans purchasing the promotional ticket package will pay three different prices for the exact same product in the same store.

“It’s consistently very close…the difference is negligible,” Reds’ group sales representative Kristen Meyers said of the varying costs for the promotional items. She attempted to explain the difference in price to accommodate fans buying tickets with exact change, but the Twins’ ticket prices are also full-dollar amounts and their cost of the promotional items don’t vary by seat location.

Minimal research revealed that the Twins and Reds aren’t the only Major League Baseball teams selling promotional items at varying prices depending on seat location. On June 23, the Colorado Rockies are selling a promotional ticket package available in five different sections of the ballpark that includes a University of Nebraska hat. Based on the Rockies’ group ticket prices, fans will pay either $8, $11 or $12 for the hat, depending on their seat location. In Milwaukee on July 7, fans will pay four different prices for a bobblehead depending on their seat location.

If MLB teams are going to sell promotional items on a sliding scale to make those items more accessible to lower-income fans, that should be advertised and owned. But forcing fans who pay more for their tickets to also pay more for a promotional item without their knowledge is theft. While buying a promotional ticket package might be preferable to standing in line for hours with no guarantee of scoring a giveaway item, don’t think for a moment you’re taking advantage of a business desperate to sell tickets. Quite the opposite is true, and the degree to which they fleece you varies as much as the prices of the promotional items they claim to sell in order to avoid paying state tax. But if you must have a promotional item offered with one of these promotional ticket packages, you’re likely best off buying the cheapest seats.

Published in Money

Sure, a business card will remind a potential customer who you are, how to contact you and what your business does, but you can be sure most people will never look at that business card again unless they absolutely need your services. And even then, they’ll probably have a hard time remembering where they stashed it. I know I have multiple stacks of business cards on my desk and bookshelf in the office that were organized in a certain manner I can no longer remember.

 

Even the nicest business cards get lost in the literal shuffle. Your business needs more than just business cards to convert potential customers into paying customers. If you really want to make a good first impression, you need to leave potential customers with promotional items they love so much they won’t even consider them advertisements. They’re just cool things they want, or even need. So here are the best promotional items to advertise your business and turn potential customers into paying customers.

The Best Promotional Items

5) Clever T-shirts

While more expensive than your typical promotional item, a clever t-shirt worn by a loyal customer is the best walking billboard in which you can invest. Not only do you have ample space to let people know what makes your products or services unique, but you have an ambassador who can pay lip service to your company’s quality, too.

 

T-shirts are an especially effective investment for nonprofit organizations because their supporters are much more likely to represent the organization on their backs, or even pay for the t-shirt to represent their favorite nonprofits. Nonprofit supporters associate themselves with their nonprofits of choice like sports fans associate themselves with their favorite teams. They aren’t just consumers or spectators -- they have a real effect on the game. Some nonprofit fans even get in on the marketing efforts by designing t-shirts for their favorite nonprofits. That’s the case for the Marijuana Policy Project, which holds a t-shirt design competition annually.

 

You can save some money by printing your own t-shirts. Here’s a video on how to do just that. Personally, I can attest to how difficult it is to make great looking t-shirts, not because making the t-shirt is difficult. The problem is never applying the ink to the shirt, but properly exposing your silk screen. If you mess it up, you’re out at least $50 -- $25 for the screen you ruined and $25 for the new screen you’ll have to buy. The best screens we’ve worked with we built ourselves rather than buying at the arts and crafts store. They still work to this day despite bottles upon bottles of ink going through them.

 

Building and exposing your own screens might not be worth your time given the many options to design custom t-shirts online for around $3 to $6 per shirt, depending on quantity. But if you intend to print a ton of t-shirts over a long period of time, having a means to print them yourself whenever you need them would be a wise investment.

4) Mugs

Ranging from 60 cents to around $2 each, a customized, ceramic mug is something everyone can use and everyone around them can see. Giving your potential customers or even loyal customers a mug is commonplace in many industries. Most of my mugs advertise something: the title company who helped me close on my house, Burlington Northern Santa Fe Railway, New York Air Brakes, Makoshika State Park, Hershey’s Chocolate. In fact, just one of my six mugs lacks advertising.

 

Mugs are always useful and tend to be used in the company of others. People at the office drink coffee or tea from their personal mugs at meetings, and people at parties drink beer from glass mugs. Both of which should be advertising your business.

3) Mobile Phone Wallets

As phones get larger, pocket space gets smaller. Enter the mobile phone wallet -- a silicone wallet to hold identification, credit cards and cash right on the back of your phone. The backs of people’s mobile phones are like billboards for your brand. People are on their phones constantly, so your brand is bound to reach people while giving your potential customer the convenience of carrying less stuff.

 

You can easily design your mobile phone wallet using online software and choose multiple colors so your potential customers are comfortable affixing your promotional item to their precious mobile phone. You can order mobile phone wallets in bulk at less than 70 cents each.  

2) Calendars

Classic car calendars are my personal weakness. Everytime I see a classic car calendar for free I take one. I could have two at home and still find another place to put a third. You can never have enough calendars or pictures of hot cars. It’s cheap wall art as well as a practical item that serves a purpose. But not all calendars provide the same promotional payoff.

 

First of all, don’t bother with the peel and stick calendars that simply have your company logo atop a small, plain calendar capable of nothing more than telling your potential customer the date. There’s no space to write on it, so it’s not likely to get much attention. It also can’t be easily seen nor does it attract the eyes of passersby. If you’re going to give a potential customer a calendar, make it a calendar that draws their eyes as well as the eyes of anyone in the vicinity.

 

The same could be said of desktop calendars. They’re just too small, and while more practical and useful than the peel and stick calendars, you’re not going to catch the eyes of anyone except the person behind the desk.

 

The traditional, spiral-bound, hanging calendar is still king of the calendars. The average price of a customized calendar is less than $1, and you can design one yourself using online software and your own images.

 

Magnetic calendars are starting to catch on because they combine two great marketing materials into one. Most people’s magnets on their refrigerator/freezer were probably free and probably advertise something. Of the eight magnets on my fridge, I paid for one, and that’s because I wanted a momento from The Mob Museum in Las Vegas, which is well worth your time and money if you’re in Sin City. While I have no use for a calendar on which I can’t write, a magnet always comes in handy, which brings us to the best promotional item to advertise your business.

1) Magnets

While most calendars have a promotional life of one year, magnets will promote your business for as long as they’re magnetized, so don’t pinch pennies, which is all you’ll be pinching. Most magnets can be had for less than 50 cents each unless you’re going big. While I really like the practicality and convenience of magnetized notepads, they too have a limited promotional life, so stick with a magnet that won’t exhaust its usefulness.

 

Invest in a thick magnet that will stand the test of time and secure a bunch of stuff to the fridge. There’s nothing more annoying than a cheap magnet that struggles to keep my cousin’s holiday, family photo attached to my freezer. But don’t pay the premium for the magnetized paper clips. They don’t allow you to convey any other information about your business besides your logo, which will be lost amongst the many papers the clip will hold.

 

The only real drawback of magnets is the competition. Refrigerators are consumed by children’s drawings, “A+” test papers, grocery lists, to-do lists and all manner of coupons or receipts -- each suspended there by a different magnet likely advertising a different company -- maybe even a competitor of yours. So it’s very important that your magnet stands out from the crowd.  

The Worst Promotional Items

3) Keychains

The only people who see keychains are the owners of said keychains, so you can’t expect your investment in this promotional item to payoff. But I’ve seen variations of this promotional item that keeps it out of last place.

 

After a football game one day, I was handed a keychain that doubled as a windshield scraper. I’ve seen others that serve as flashlights. The best keychain I’ve seen is a bottle opener with a beer brand advertised on it. So if you’re going to go this route, make sure your keychain serves a purpose besides hanging from people’s keys.

2) Hats

People who regularly wear hats tend to have hats they prefer to wear. A cheap, trucker hat with your company’s logo is not likely one of those preferred hats. The only time I wear promotional headgear is when I’m doing construction work outside and don’t want to ruin one of my preferred hats. That’s not going to get your brand noticed.

 

Hats are also expensive promotional materials, especially given the limited return on investment. You can expect to pay about the same amount for a hat as you would a t-shirt, which is just asinine.

1) Pens

Pens are too small to allow others to see what’s advertised on them. And while they’re an affordable investment (less than 40 cents each), the return on investment in terms of lead generation is next to nothing.

--

If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, American Survival Radio, Jim Brown’s Common Sense, Drop Your Energy Bill, The Tech Night Owl

Published in News & Information

The stock market is not the economy. It is not indicative of the economy’s health. The stock market is a human collective reacting emotionally to news and numbers. It is merely a means to measure the perceived value of publicly-owned companies based on human emotion and expectations. Those perceived values can be overvalued, undervalued or properly valued, and with the Dow Jones Industrial Average dropping nearly 1,000 points the last three days, it seems stocks were overvalued.

Why did stocks fall?

Stocks were overvalued due to a myriad of factors. According to the “Shiller PE Ratio,” stocks were more expensive than they were on “Black Tuesday” in 1929, but less expensive than they were at the height of the dot.com bubble. So historically speaking, stocks were dangerously expensive.

Stocks are overvalued when things are going right. A lack of volatility over the past few years has culminated in a perfect storm that’s seen the VIX -- the stock market’s most popular measure of stock volatility -- rise more than 300 percent in a month.

“One big change affecting the market is interest rates, which have climbed sharply in 2018 to multiyear highs in the U.S. and around the world as economies have picked up steam,” Ed Carson writes for Investor’s Business Daily. Higher interest rates mean higher borrowing costs, which result in people consuming less. Much of the stock market’s recent losses are tied to an expectation that consumers will be spending less in 2018.

What to expect from the stock market in 2018

Don’t expect the stock market to continue providing 2017 rates of return, and with interest rates likely to increase, bonds aren’t necessarily the best place to put your money, but not the worst either.

There is good news for this newly volatile stock market. Midterm elections are more often good for the stock market than bad. “[T]he seasonality associated with midterms has brought positive returns for the stock market a lot more than it has brought losses,” according to Dominic Chu of CNBC. “On average, the S&P 500's return between Oct. 31 of the midterm year and Oct. 31 of the following year has been an eye-popping 17.5 percent.” So it’s not time to pull your money out of the stock market; it’s time to invest in the stock market.

What’s the best approach for investing in 2018?

The best approach for investing in 2018 is the same approach for investing in 2017 and any other year: invest and forget. You’re not going to get rich buying Exchange Traded Funds (ETFs), but you will realize a better return than you would from putting your money in a savings account or buying a Certificate of Deposit (CD).

Attempting to time the market is also a mistake, as is reacting to the market like stock traders did this week. Pulling your money out of the stock market at the first sign of adversity is the same emotional response that drove the stock market down in the first place. Traders selling shares in fear worsened the market’s decline because they had come some accustomed to the market’s lack of volatility. In fact, regular contributions to the stock market help limit volatility. So expect volatility and accept it. Just keep feeding the beast and try to forget that it’s there.


If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, American Survival Radio, Jim Brown’s Common Sense, Drop Your Energy Bill, The Tech Night Owl

Published in News & Information
%PM, %28 %828 %2017 %18:%Oct

5 steps to get out of student loan debt

It might be a while before post-secondary education is free for any American accepted to a public college or university. New York has become the first state to offer residents a tuition-free, post-secondary education at community colleges and public colleges and universities, and California could be next. That doesn’t help those of us who have already graduated from college with massive student loan debt, but you can get out of student loan debt without paying it all or worrying about interest accruing. The earlier you take these steps the better.

1) Don’t get scammed by student loan “negotiators”

There are a ton of corporate scammers out there preying on recent college graduates struggling to repay their student loan debt. These companies offer nothing you can’t do yourself from the StudentLoans.gov website but charge a monthly fee for playing middle man between you and your student loan servicer(s).

You should be able to identify these scammers by their too-good-to-be-true offer, but if you ever call any other number besides (800) 557-7394 or (800) 557-7392, you’re likely dealing with a scammer. Keep in mind, though, that these companies already get a bad rep, so if you do end up being scammed, do not hesitate to demand a full refund.

2) Don’t take on new debt

This might sound impossible for an unemployed, college graduate, but it’s essential to improve your borrowing power during the six-month grace period you have before your first student loan payments are due.

What you can borrow depends on your debt-to-income ratio, which is probably pretty terrible for any recent college graduate looking for a job. But even if your income is low (or nonexistent), you can take steps to improve your financial situation by simply moving your debt around. The first step is prioritizing your non-student-loan debt.

Credit cards can be an asset if you use them correctly. If you’re struggling to find a job to improve your debt-to-income ratio by increasing your income, you must improve your debt-to-income ratio by reducing your debt. But how can you reduce your debt without income?

You should know which credit cards are costing you the most in interest. Some of these rates can be upwards of 30 percent, so check to see if there’s an opportunity to transfer your highest credit card balance to a credit card with a lower rate. You might pay a three percent fee on the balance transferred, but if that’s less than you’d pay in interest over the life of the introductory rate, better to pay that amount upfront during your six-month grace period.

The key is to never allow your credit card balance to grow. At the end of every month, your credit card balance should be less than it was when you graduated. That way, when the six-month grace period on your student loans expires, you can work with smaller (or nonexistent) credit card payments.

3) Consolidate your student loans under one servicer

If you are tired of paying multiple student loan servicers, consolidate your loans under one servicer. This will make your student loan payments one payment paid to one servicer. The important thing to keep in mind when consolidating, though, is when asked the question of whether you work for a nonprofit, answer “yes,” even if you don’t. This will assure that your loans are consolidated with a servicer who qualifies for the Public Service Loan Forgiveness Program (PSLF). So if you end up working for a nonprofit in the future, your loans already qualify for the program.

4) Apply for an income-based repayment plan

You can only pay what you have, so anyone with student loan debt should be on an income-based repayment plan, unless, of course, you make a ton of money. If that’s the case you should just pay off your student loans as quickly as possible to avoid paying interest.

While you must reapply for an income-based repayment plan annually, regardless of your change in adjusted gross income, it will result in the lowest qualifying payment you can make on your student loans.

If your income is low enough, you could end up paying $0 per month, but unless you intend to work for a nonprofit for 10 years and have the remaining balance of your student loans forgiven, interest will accrue at an astronomical rate.

5) Work for a nonprofit for 10 years, or start your own

Under the PSLF program, if you make 120 payments -- even of $0 -- while working at least 30 hours per week for a nonprofit organization, the remaining balance of your student loans after those 120 payments will be forgiven. It will disappear.

You don’t necessarily have to be paid by the nonprofit. If you volunteer for 30 hours per week with a nonprofit or multiple nonprofits, you just need an executive of that nonprofit to verify that you work 30 hours per week for them using this form.

You can even start a nonprofit and have a member of your board verify your work hours. I just found out all the work I did for a nonprofit I started to grow ice sports in my hometown qualifies me for the PSLF program, so if there’s a cause near and dear to your heart that isn’t being addressed by a nonprofit, start one. It’s as easy as raising some money and filing some corporate paperwork with the state to acquire tax exempt status. (Note: partisan political nonprofits and labor unions do not qualify.)

Don’t let student loan debt cripple your economic outlook. Take these steps as soon as possible to get out of student loan debt.

--

If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, American Survival Radio, Jim Brown’s Common Sense, Drop Your Energy Bill, The Tech Night Owl

Published in Money

Attending a first-time homebuyer workshop is a great way to prepare yourself for purchasing your first home. You’ll learn how much home you can really afford and how mortgage interest rates are determined, the importance of home inspections, what to look for in a home and how to thoroughly inspect a home during an open house. But an eight-hour, first-time homebuyer workshop isn’t enough time to completely prepare you for the home-buying process. Here are 5 things they don’t tell you at first-time homebuyer workshops.

1. Check the light bulbs and faucets when you tour a home

You’ll probably be looking at homes during the day, so you might not turn on all the lights to make sure they work. You should. When I moved into my house I found almost every light bulb dead, which isn’t a big or expensive problem, but one fixture had a connection that needed cleaning with steel wool and electronic parts cleaner. It could have been worse. I could have had to replace the entire fixture, or worse yet, the wiring to the fixture. So turn on every light switch.

Flush the toilets and turn on all the faucets, too. You might find out your kitchen faucet or sink leaks, or your toilet doesn’t flush, or your shower head needs to be replaced, or your washer or dryer doesn’t work. These are all things you should request the seller repair, and you should go so far as to request all the carbon monoxide and smoke detectors and thermostats have fresh batteries. When buying your first home, you should nitpick.

2. Check crawl spaces, attics and basements for rodents

Even your home inspector might not do a thorough inspection of your attic or crawl spaces. Their biggest concern is with the insulation of those areas, which they can see from afar. When you tour a home, check those areas for rodents or places where rodents could enter the home. If there are holes where rodents can enter, request the seller cover those holes with steel, which rodents can’t chew through. This will save you a lot of trouble you really don’t want.

3. Find out the cost of the average utility bill for the home

You can get a sense of what utilities will cost you before offering on a home by making a few calls. Call the city or county regarding garbage and water, and call the electric company to see what the monthly electricity bill will run. If your home has natural gas, that should excite you, as it’s more efficient and cheaper than electricity. Once you have an idea what your monthly living expenses will be, you’re ready to make an offer.

4. The seller can verbally accept your offer and deny it two weeks later

Even after you submit your highest and best offer and it’s verbally accepted by the seller, the seller has more than a week to sign the papers officially confirming the acceptance of your offer, which is contingent on your request for work to be done on the house prior to the sale. If the seller decides to go with another offer because they don’t want to do the work you’ve requested, they can. So don’t get too excited when your realtor says your offer was the highest and best, and the seller has verbally accepted it, because the next eight to 10 days (depending on whether your offer is accepted around a weekend) will be the longest in the entire home-buying process unless your realtor has made you aware of it. Now you’ll be prepared.

5. Owning certain dogs will raise your home insurance rates

If you’re the owner of an “aggressive breed” or “bully breed” dog, you won’t even qualify for home insurance policies with some insurers. Others will raise your rate because of the perceived risk associated with your dog, even if your dog is the gentlest dog on the planet. So before considering homeownership, shop around for home insurance so you get the absolute best policy and price.

--

If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, American Survival Radio, Jim Brown’s Common Sense, Drop Your Energy Bill, The Tech Night Owl, What’s Cookin Today

Published in News & Information

If the tax plan presented by Donald Trump and Republicans is adopted, the average American stands to benefit very little. According to a new report by the nonpartisan Tax Policy Center, four-fifths of American taxpayers can expect their after-tax income to increase .5 percent or less, while the top fifth of earners would see a three percent increase in after-tax income.

The study also found that 80 percent of tax benefits would go to the top one percent of American earners. Households making more than roughly $900,000 a year would save $200,000 on average. The top one percent of American earners can expect a tax cut of 9.8 percent between now and 2027. Repealing the estate tax would cost the federal government $240 billion in tax revenue over the first decade, most of which would stay in the pockets of the super rich.

Big businesses stand to benefit from the Trump tax plan, too, thanks to a decrease of the corporate tax rate from 35 percent to 20 percent. But businesses that rely on debt to finance their investments, like real estate companies, private equity firms and financial companies, will likely see costs increase, because Trump’s tax plan proposes limiting the deductibility of corporate interest.

Realtors have been especially opposed to the Trump tax plan, because while it preserves the mortgage interest deduction, fewer people would benefit from itemizing their mortgage interest given the plan’s proposed increase to the standard deduction, which is closer to a 15 percent increase than a doubling of the standard deduction. This could make homeownership less attractive and hurt the housing market.

High-tax states like New York and California would be especially affected by Trump’s plan to eliminate the state and local tax deduction, which allows taxpayers who itemize to deduct property, state and local taxes. Congressional Republicans in high-tax states have already expressed their concern, so Trump’s tax plan might not pass without the state and local tax deductions being preserved.

Who is paying for these tax cuts for businesses and the super rich? The Tax Policy Center found that a majority of households earning between $150,000 and $300,000 would pay more in taxes under Trump’s tax plan, as would almost 30 percent of Americans earning between $50,000 and $150,000 annually.

Trump’s tax plan also doesn’t come in under budget. The tax plan would increase the deficit by $2.4 trillion over the first decade, and by $3.2 trillion over 20 years. And while the Royal Bank of Canada thinks Trump’s tax plan will raise gross-domestic product by .5 percent annually, even if that were sustainable over the next 20 years, Trump’s tax plan still increases the federal deficit by $1.252 trillion.

--

If you like this, you might like these Genesis Communications Network talk shows: The Costa Report, Drop Your Energy Bill, Free Talk Live, Flow of Wisdom, America’s First News, America Tonight, Bill Martinez Live, Korelin Economics Report, The KrisAnne Hall Show, Radio Night Live, The Real Side, World Crisis Radio, The Tech Night Owl, The Dr. Katherine Albrecht Show, Free Talk Live

Published in News & Information
%PM, %01 %751 %2017 %17:%Aug

The 5 best places to keep your money

Loyalty to your bank doesn’t pay. In this era of online banking, there is no reason to keep all your money in one bank. Even if you live in a small town and use a credit union, online bank accounts at the very least give you leverage over your bank to negotiate higher interest rates, but I would suggest taking some of your money out of that credit union or bank and stash it accordingly:

1. Discover Checking

Discover Checking is the best checking account on the planet. Most checking accounts don’t allow you to accrue interest on your money, or if they do, it’s a very small amount of interest. Discover doesn’t offer interest, either. It offers cashback rewards.

 

Every time you spend the money in your Discover Checking account you get free money. Every check you write is worth 10 cents in rewards, and you’ll get enough free checks to last you a decade. Every time you use your Discover debit card, you get 10 cents.

 

Consider you pay every monthly bill with your Discover Checking account: rent, water, energy, credit card and a student loan or car payment. That’s 50 cents. Now consider all of your debit purchases each month. You probably buy groceries and fuel at least once every two weeks. There’s another 20 cents, and if you go out for dinner or entertainment a couple times per month, you’re making at least $1 per month in cashback rewards in lieu of interest. I’ll take that over a miniscule interest rate on my tiny checking account balance.

 

Oh, and if you ever need cash, you can withdrawal on your Discover Checking account at over 415,000 ATMs and do so for no fee at 60,000 of those ATMs. There’s an even better checking account if you live a mobile lifestyle, though.

2. Aspiration Summit Checking

The Aspiration Summit Checking account offers an interest rate up to 100 times bigger than the big banks. I get .25 percent APY on my Summit Checking account balance currently, and one percent APY when my balance reaches $2,500. The best part is I never pay an ATM fee no matter where I am in the world. Instead of getting traveler’s checks before going on vacation, you can just open an Aspiration Summit Checking account and use your debit card anywhere.

 

So those are my recommendations for checking accounts, but where should you keep your savings?

3. Synchrony High Yield Savings

Synchrony is one of three banks that offer 1.2-percent APY on savings accounts (Barclays, Goldman Sachs), but Synchrony comes with easy access to your money, which could be a good thing or bad thing. Regardless, Synchrony offers discounts on hotels and car rentals that Barclays and Goldman Sachs don’t offer.

4. Discover Savings

Since I already have a Discover Checking account, I opened a Discover Savings account as well. It stacks up well against the competition when it comes to its interest rate (1.1 APY), but it makes this list because of its $100 bonus offer. If you make an initial deposit of $15,000 into your new Discover Savings account, you get $100.

5. Wealthfront

For an even better return on your savings, you can open a Wealthfront personal investment or retirement account by answering a few simple questions. Before opening your account, Wealthfront asks you questions about your preferred savings goals. If you want to take more risks for the chance at a better return, you can do that. If you want to preserve as much of your investment as possible, you can do that, too. Wealthfront will invest your money based on your answers to those questions, and they’ll even sell investments that have dipped in value so you can deduct the amount from your taxable income if you enable tax-loss harvesting. That’s why Wealthfront makes the list of 5 best places to keep your money: ease of use. You can open the account and never check it again until it’s time to collect.

--

If you like this, you might like these Genesis Communications Network talk shows: USA Prepares, Building America, Free Talk Live, American Survival Radio, Jim Brown’s Common Sense, Drop Your Energy Bill, The Tech Night Owl, Travelers411, What’s Cookin Today  

Published in News & Information
Page 1 of 2

Warning: mysqli::stat(): Couldn't fetch mysqli in /home/gcnlive/httpdocs/JW1D/libraries/joomla/database/driver/mysqli.php on line 213

Warning: mysqli_close(): Couldn't fetch mysqli in /home/gcnlive/httpdocs/JW1D/libraries/joomla/database/driver/mysqli.php on line 220