Connect with us

The Daily Digm (News)

Nike AIMS to Get on the Right Side of History + How to Be on the Right Side of Your Legacy

Published

on

Nike has pulled a U.S.A-themed sneaker from its range after receiving objections from Colin Kaepernick, The Wall Street Journal reports, citing anonymous sources. The former NFL player reportedly told the company that the early American flag featured on the Air Max 1 USA, created in celebration of July 4, was offensive due to its connection to slavery. Nike also recently stopped selling some products in China after a designer’s support for Hong Kong protests sparked backlash, and reportedly cancelled a sneaker in May following objections.

The flag in particular is the Betsy Ross flag which Wikipedia states: The Betsy Ross flag is an early design of the flag of the United States, attributed to Betsy Ross, using the common motifs of the alternating red-and-white striped field with five-pointed stars in a blue canton. Grace Rogers Cooper noted that the first documented usage of this flag was in 1792.[1] The flag features 13 stars to represent the original 13 colonies with the stars arranged in a circle. The 13 Colonies has a deep connection to Slavery which is where the objection is coming from.

It is good to see that someone is using their influence in the right way, but also this tells you how influence can affect the bottom line. This move is helping Nike create or clean up its legacy.

We are now in graduation season, and for many students, graduating college is an enormous feat that starts the beginning of their legacy. But after you are now free to do as you wish, how do you continue to add to that legacy? Yes, you are going to start a billion dollar business or work as an exec for a fortune 500 company but beyond your title and accolades, what else can you bring to the table? The truth of the matter is that what you do with your money is more important than how much you have. It is said that a good man (or woman) leaves an inheritance for his (or her) children’s children. And even if we don’t have children, leaving an inheritance of wealth on earth for the benefit of others is the truest form of what we call being rich. If one is truly wealthy, he or she freely gives. Making your riches count is found in your legacy. So, while we may not fully understand what our legacy will be when all is said and done, we can aim to leave the following:

Knowledge & Wisdom.

Maya Angelou told Oprah Winfrey that no one truly knows their legacy because they can influence different people differently. No matter your level of education, you have the ability to give a word of wisdom because the wise are those who have experienced life and learn lessons along the way. Never underestimate your ability to encourage another person.

Kindness.

Ellen DeGeneres is synonymous with kindness. At the end of each show, she can be heard saying Be Kind to One Another. The impact that she has had on students, families, young stars, and animals is surely a legacy. Something as simple as kindness, an ability we all have access to because it resides in us, goes a very long way. It literally changes lives.

Money & Assets.

Robert Kiyosaki said money isn’t everything, but it does affect almost everything in our lives that is important. Leaving beyond money and financial assets to your children and their children can put your loved ones ahead 10, 20, and even 50 years. While you are building wealth, keep future generations in mind. Most of our early adulthood is spent paying school loans, discovering our purpose, and laying a financial foundation. Imagine what life would be like if your parents set up twice as much as they did for you financially. You’d most likely be at least five years ahead of where you are.

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is the Head of Financial Education at BankMobile and Editor-in-Chief at Paradigm Money. The views and opinions expressed are those of Ash Cash and not the views of BankMobile and/or its affiliates.

The Daily Digm (News)

Amazon Prime Day Kicks off W/ Competition + How to Kick off the Habit of Paying Full Price

Published

on

Ready, set, go! Amazon’s Prime Day starts today and continues through Tuesday, bringing a whole new meaning to retail wars, as Walmart becomes the latest rival to try to get in on the mid-summer online-shopping bonanza. This year marks Amazon’s fifth year of Prime Day, and according to Salesforce’s Rob Garf, the shopping event has prompted “rising shifts” for the entire month of July. Target and eBay have also announced sales of their own. There is definitely competition in these mean retail streets but how do you compete with yourself to save money?

I have a friend who spent time as an intern and then as an assistant buyer at a Fortune 500 specialty brand, and from her experience, she vowed never to pay full price for a pair of jeans again (unless the price is already right of course). Working in the buying department opened her eyes to reality behind retail. For instance, jewelry can be marked up to at least five times its value. As a buyer, you’re the one who actually chooses what looks go into each door. You also have the privilege of watching sales trends and dealing with a lot of retail math. You consider the cost of goods sold, retail price, and yes, the markup.

Markup is when a company produces or purchases a good at one price and then sells the good for a higher price.

Here’s how it works:

Selling price = [(Cost) ÷ (100 – percentage markup)] × 100.

So, a company buys a pair of jeans at wholesale for $60 and needs to sell it at a 60 percent markup. The calculation would be [($60) ÷ (100 – 60)] x 100. This breaks down to ($60 ÷ 40) x 100, resulting in a selling price of $150.

By having a markup on goods, a company is able to earn profits even when goods go on sale. But what does that mean for the consumer? Well, your pricey luxury shoes, shirt, and hand bag aren’t all that expensive. You just paid an absurd amount for it.

This leads me to the premise of this article – start at the sales rack. Being trendy with your finances should come before fashion. See what deals you can get before paying full price. There is nothing more fashionable then extra cash in your money bag.

Continue Reading

The Daily Digm (News)

Another One! U.S. Women’s Soccer Team Wins Again + How to Win in Your Personal Finances

Published

on

The U.S. women’s soccer team are the World Cup champions after beating the Netherlands 2-0. It’s the fourth title overall for the Americans, and the first time they have won back-to-back trophies. The team has also launched itself into the gender pay gap debate with its lawsuit against the U.S. Soccer Federation: the women can expect a guaranteed payday of about $250,000 with Sunday’s title, says the New York Times, while the winning team of the men’s World Cup would have received roughly $1.1 million each, per CNBC.

What about in your personal finances? How do you win? The short-term sacrifice of becoming financially focused early on has long term benefits that are totally worth it also. Here are just a few:

Financial Freedom. The definition of financial freedom varies depending on the person, but it boils down to being able to cover life’s necessities, including food, clothing, and housing expenses. Buckling down in your twenties and thirties to focus on laying a financial foundation leads to financial freedom. And the sooner you get there, the better off you’ll be.

Stress Free Living. Most stress is self-imposed and generally centered around money. Some relationships crumble due to tension perceived by finances. The highest liability we encounter is housing. The second and third largest consist of health care and food. While food and medicine are ongoing obligations, owning a home can eliminate a chunk of financial responsibility, freeing up more money to save and invest. Start early when it comes to homeownership. You may miss a few parties, but the peace that comes with owning the home you rest in will be made up for it.

Generational Wealth. Chances are you’re considering starting a family. What better way to honor those you love with an abundant financial future? Each generation should be able to start a notch above the last. Investing five years of your young adulthood can make a 10-year difference in the lives of your unborn children. This sacrifice isn’t only for you but for those to come after you.

More Time. We are not so much looking for more stuff but for more time to enjoy the stuff we already have and the people we can share that stuff with. The reason most look to retirement is to enjoy what they have worked so hard for. The moment you decide to be financially responsible is the moment you begin to enjoy the journey, both the highs and lows of creating wealth. By all means, don’t save the party until the end. Celebrate while you build but remember to never lose focus of the building. 

Continue Reading

The Daily Digm (News)

Warner Bros Cleans up Their Image + How to Clean up Your Summer-Time Finances

Published

on

ReutersWarn

Warner Bros. appointed its first woman CEO and chair to replace a male studio executive who resigned amid allegations of an improper relationship with an actress. Ann Sarnoff, president of BBC Studios Americas, will take the reins as the studio prepares to launch a streaming service after its acquisition by AT&T, as part of the $108.7 billion Time Warner deal. Warner Bros. is on a mission to clean up and tune up its image, but how do you apply that to your finances? Especially during the summer?

You’re most likely looking forward to a nice break, but summer is also a great time to tune up your finances. Here are five financial “to-dos” everyone should consider in preparation for a smooth and stress-free fall.

1. Review Your Spending Habits

Even with the ability to check bank account balances at any time, many of us forget to review where our money is actually going. People think that as long as they have a positive balance, they’re good to go. But taking the time to examine each of your transactions provides important “mental moments” that can remind you of how much you are spending and on what. It can be pretty humbling to see all those trips to fast-food restaurants or late-night takeout orders in writing. Add up a list of all those things that you really could have done without and imagine how that money would help you pay for next semester’s books or build up your emergency fund.

2. Get in a Saving State of Mind

Many college students think that there is no way to save while in school, but it’s really more about the psychological and emotional hurdles that lead to overspending. Next time you are at the beach or taking a walk in the park, think about two or three mottos that will help you to visualize a more positive financial state of mind, such as “I don’t need things to make me happy” or “I have enough right now.” Place reminders of these sayings on your refrigerator or bathroom mirror to serve as daily reminders that you are working toward longer-term goals that may require a little more sacrificing right now.

3. Set Some Personal Rules of Thumb

Let’s face it, we all like to shop or treat ourselves once in a while, and it is important to have fun and enjoy some of the money you may be earning over the summer. However, it can easily get out of hand if you are not careful. In a recent survey by the American Institute of Certified Public Accountants (AICPA) and the Ad Council, over 50 percent of millennials admitted that they were impulse shoppers, meaning they make unplanned purchases of $30 or more on a daily or weekly basis even though they ranked saving as their top financial goal! One way to help avoid these impulses is to set some personal rules of thumb. These “rules” of course will vary depending on how your income, current living expenses, and family circumstances. Here are a few examples:

  • Never spend more than $30 a week on going out with friends this summer
  • Never pay more than $40 for a pair of shoes
  • Bike to work at least 3 times a week to save money
  • Only purchase things you really need and only if they are marked at least 50% off the original price

Again, write them down and display them somewhere; you will see them every day. Or set them up as reminders on your calendar or another mobile app.

4. Make a Spending Plan

While it may be the furthest thing from your mind right now, you will thank yourself later on if you set up a budget for next semester before it begins. You can use the information you obtained when you reviewed your spending earlier to estimate what your monthly expenses are likely to be, with an eye on keeping those things you really don’t need to a minimum. You’ll also want to add up all of your expected income, including summer earnings, expected financial aid and other support (i.e., from your parents) and compare that to your expenses. Use a spreadsheet or budget worksheet such as the ones provided by CollegeInColorado.com or Mint.com to help you balance your budget.

5. Increase Your Competitive “Net Worth”

You should also be thinking about ways to increase your chances of landing that dream job after you graduate. If you are not doing an internship this summer, be sure to research opportunities for next year. Many internship programs have application deadlines that are earlier than you might think, so check with your school’s career counseling center for advice. Take time to either create or update your resume (and LinkedIn page) and include any relevant skills and abilities you may be developing no matter what job you currently have such as teambuilding, problem-solving or customer/client relations. Also, make a list of your job supervisors, college advisors, and professors who you think would be good job references for you. Be sure to include their titles, contact information, name of the course or job and appropriate dates, and save it on your computer for future reference.

While summer is a time to relax and refresh, reserve some time for these important financial “5s” and you’ll be way ahead of the game for next year.

Continue Reading

Trending

Copyright © 2019 PARADIGM.MONEY, All Rights Reserved. PARADIGM.MONEY is owned/operated by BankMobile, a Division of Customers Bank. The opinions/Views expressed on PARADIGM.MONEY are not considered opinions/Views of BankMobile, a Division of Customers Bank.