The West Virginia Supreme Court docket explained Monday a lessen court’s get prohibiting insurers from pursuing litigation against an opioid pharmaceutical distributor in other states was overly broad.
In 2012, West Virginia’s legal professional general submitted a lawsuit against Conshohocken, Pennsylvania-based AmerisourceBergen Drug Corp., a wholesale distributor of prescription opioid treatment in West Virginia, in search of to keep it liable for the prescription opioid epidemic in the condition, in accordance to the ruling in St. Paul Hearth and Marine Insurance policy Co. v. AmerisourceBergen Drug Corp. et. al.
Right after that litigation was settled, numerous other plaintiffs named ABDC as defendants in as numerous as 165 equivalent lawsuits in West Virginia courts, according to the ruling.
The circumstance just before the point out Supreme Court derived from ABDC’s endeavours to set up it has protection beneath key, umbrella and excess industrial common liability insurance policies it experienced acquired, the ruling explained.
In March 2017, it filed a complaint from five insurance policies firms trying to find to create coverage below 16 policies issued concerning 2007 and 2013, the ruling said.
In November 2020, one of the insurers, St. Paul, submitted a competing insurance coverage coverage motion in California condition court from ABDC and its corporate subsidiaries in search of a ruling it experienced no responsibility to defend or indemnify the enterprise.
Later on that month, ABDC filed a movement with the West Virginia circuit court seeking an “anti-accommodate injunction” enjoining St. Paul and all other parties to the lawsuit from proceeding with the California lawsuit.
In the interim, the circuit court issued an buy discovering that there was insurance protection out there to ABDC beneath St. Paul’s coverage.
In January, the circuit court granted ABDC’s motion for an anti-fit injunction that prevented all events for pursuing collateral insurance litigation involving the firm in California or somewhere else.
In overturning that ruling on appeal, the Supreme Court docket said although West Virginia law permits its courts to enjoin parallel circumstances in other states’ courts, the decrease court’s ruling was overly wide.
The order “enjoins all get-togethers to the West Virginia action from instituting or prosecuting any authorized proceeding relating to ABC’s coverage coverage.
“Our concern is that ABDC’s West Virginia criticism is constrained in scope and seeks a declaratory judgment concerning only sixteen insurance plan policies by five insurance plan corporations,” it reported.
The circuit court’s get “impairs the parties’ means to litigate against just about every other or with third functions, about policies separate from the sixteen insurance policies identified by ABDC,” the ruling explained, in reversing the reduced court and remanding the case for more proceedings.
Lawyers in the circumstance did not react to requests for remark.
Stock futures traded mixed Tuesday evening as buyers awaited another established of corporate earnings final results out Wednesday early morning.
Contracts on the S&P 500 were being somewhat larger. The index experienced shut out Tuesday’s session bigger, led by a increase in technological innovation stocks, which also pull the Nasdaq increased to outperform towards the other two big indexes. Tesla (TSLA) shares steadied in late investing following jumping 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for their initial increase in 4 sessions. Peloton (PTON) shares had surged by nearly 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} all through the session in its best day given that Might 2020, soon after the firm declared a secondary stock supplying that would internet far more than $1 billion.
Better-than-expected economic facts, with retail gross sales escalating by the most considering that March in October, and sturdy earnings outcomes from key companies together with Walmart (WMT) and House Depot (High definition) assisted gasoline the broader markets’ most current leg larger. Earnings outcomes from the upcoming batch of merchants like Target (TGT) and Lowe’s (Low) are due for launch Wednesday early morning.
The upbeat details aided investors at the very least temporarily glance outside of concerns around nonetheless-elevated inflation. And indeed, some of the progress in retail income — which are reportedly nominally in the Commerce Department’s month-to-month reports — possible stemmed from mounting prices. Walmart executives through their earnings simply call Tuesday early morning also observed that they have been “seeing inflationary price pressures in some locations” but were being performing with suppliers to “handle margins properly.”
Irrespective of these inflationary issues and the possible impacts of growing price ranges on corporate profits and paying, shares have hovered in close proximity to document highs. The S&P 500 was within just .5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of its all-time intraday higher by Tuesday’s shut. And according to some strategists, these moves suggest marketplaces may well be warming to the notion that inflationary pressures will eventually moderate below present-day levels.
“The marketplaces typically are seeking at it benignly – they are not discounting some for a longer time-time period inflation of far more than, let us say, 2.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a},” Steven Wieting, Citi World wide Prosperity chief financial commitment strategist, informed Yahoo Finance Reside. “You can see this in the pricing out on the yield curve of Treasuries. You can see this in the composition of the current market with advancement stocks not actually staying crushed down by any concerns about some lurch increased, tightening of monetary plan. We think that story is mostly correct – it’s benign for marketplaces. It does not signify we get to repeat the returns the previous yr, having said that.”
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6:15 p.m. ET Tuesday: Stock futures open up mixed
Here is the place marketplaces have been buying and selling Tuesday evening:
S&P 500 futures (ES=F): +.75 details (+.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,696.75
Dow futures (YM=F): +14 factors (+.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,075.00
Nasdaq futures (NQ=F): -4.75 details (-.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,296.50
NEW YORK, NEW YORK – NOVEMBER 15: Traders get the job done on the floor of the New York Inventory Exchange (NYSE) on November 15, 2021 in New York Metropolis. Subsequent good financial news out of China, stocks have been up in morning buying and selling on Monday with traders searching at retail revenue and earnings results out from main U.S. firms later on this 7 days. (Image by Spencer Platt/Getty Illustrations or photos)
As element of its ongoing evaluation of Arizona groundwater policy, Chamber Company Information is viewing with drinking water authorities and policy leaders about their sights on groundwater and what they think are the defining challenges for just one of the state’s most urgent challenges.
Nowadays CBN visits with Todd Reeve, CEO of the Bonneville Environmental Foundation and co-director of Enterprise for H2o Stewardship.
Todd Reeve
This interview has been edited for clarity and duration.
Chamber Small business News: Inform us about the Bonneville Environmental Basis and Enterprise for Drinking water Stewardship.
Todd Reeve: BEF, the Bonneville Environmental Basis, is a nonprofit firm that is a dad or mum business for quite a few core pillars of do the job. Maybe the largest pillar of perform is Enterprise for Drinking water Stewardship. Business enterprise for H2o Stewardship is BEF’s platform wherever we collaborate with the non-public sector, with organizations, big and compact, to assist advocate for and reinforce proactive and progressive drinking water remedies. The objective for Business of H2o Stewardship is to recognize personal sector and business enterprise requirements and assistance develop out policies, projects, platforms that can enable stretch the profit of each individual drop of water to help atmosphere, neighborhood, and business desires. We’re very committed to our company associates, but we also see h2o protection as owning more than enough h2o to assistance business, community, and ecosystem.
CBN: It’s central to the premise of Business enterprise for Drinking water Stewardship that your group believes that non-public companies can make improvements to Arizona’s water standing?
Todd: Absolutely–in really, truly significant methods. Certainly, they all can do a good position of conserving drinking water in their functions and facilitating reuse and water effectiveness, which is great and really important. But I imagine the actual potential is when we feel about how Arizona has developed from a very rural variety of groundbreaking, ranching, farming, mining condition to a place the place Fortune 50 enterprises are significantly finding and escalating. Corporations are critically important. They are enormous companies in the point out, they’re bringing expenditure. And so enterprise affect has the opportunity to influence policymakers, community customers, stakeholders. So, just viewing organizations move up, make recognition all around these challenges and occur to the table has unbelievable influence. I sincerely feel that activating small business affect is 1 of the largest levers that we can force on to progress optimistic h2o coverage and action necessary to obtain very long expression drinking water protection for Arizona.
CBN: A single of the issues that we have heard as portion of these discussions with associates from field is the perception that enhancement in and of alone does not automatically will need to be a destructive for Arizona’s water placement. Would you agree with that posture?
Todd: I do concur. And I think what we’re talking about is changing the narrative to say, if we do items suitable, we have received incredible guarantee and upside in the condition of Arizona. This is not just a dire disaster and factors are likely to get worse from in this article. This is an opportunity to truly change the narrative and say, we’ve got the technological know-how, we have acquired the capacity, we’ve bought the vision. We can build the coverage and observe to genuinely aid and mature business investment and manage enough h2o for ecosystem and for communities.
I would have to point out that it can also go the mistaken way. Presumably any company use of water, any enhancement, can undoubtedly guide to adverse repercussions around h2o, but I think progress and company engagement on this is about recasting the narrative and accomplishing it in the suitable way. And there are illustrations from Las Vegas and Israel and other spots in which people today continue to do far more with fewer. I assume that’s what the chance is below.
CBN: There appears to be to be an emerging opinion that there may well be a technological solution here, that there are other arid areas in the earth that are figuring out how to even now maintain agriculture in arid locations. Is that your practical experience?
Todd: Absolutely. I assume we’re seriously at the idea of the iceberg in terms of turning the corner on better, wiser water use. There’s no dilemma that technological know-how and agriculture can deliver unbelievable gains, and we’re looking at articles or blog posts every working day and examination exhibiting that there’s new know-how that enables agriculture to do extra with a lot less h2o. In some parts of the point out agriculture is already very efficient, nonetheless, there are still large gains to be built in several areas. It is exciting to replicate on this and consider about our groundbreaking heritage. Most of our irrigation programs ended up hand-dug by pioneers a century ago, and since water flows downhill and mainly because h2o legal rights exist–if you have accessibility to it, h2o can be relatively cheap. We actually haven’t upgraded some of these programs in major means. I think that’s one particular of the alerts we’re seeing–it’s actually time to make people investments. Leverage federal funding for infrastructure, leverage point out, federal personal programs that can place income into extensive-phrase irrigation, modernization, and definitely shore up the ag sector for long-phrase profitability and achievements. I think that is at the leading of the checklist: How do we spend in and deploy engineering and infrastructure to sustain agriculture, to sustain ranching and use a lot less h2o?
CBN: You’re also declaring that about the agricultural sector as very well. We never automatically have to get rid of agricultural or ignore Arizona’s agricultural legacy. We can do it, but we could possibly want to do it in a distinct way.
Todd: I imagine that is ideal. Agriculture has advanced in lots of approaches above the very last century, and you seem at some of these basins in the West and they’ve shifted what forms of crops they plant, they’ve shifted how they use water above time. I assume we’re at that stage where we’ve been employing h2o in a specified way for a selected type of crop and we actually really do not want to modify. But I believe opportunities are just about the corner and the demographic shift that exists in ranching and farming—combined with the technology–I assume we’re correct on the cusp of earning that change. That’s the place I feel there is amazing prospect, and I’m optimistic the two in the municipal, urban setting and in the ag location that we will make that changeover and will use h2o in which it gives high value to rural communities and farming passions and be in a position to maintain our agricultural heritage.
CBN: Let us say that you experience a new legislator and they say, “Todd, I know I require to get smarter on this, but where do I get started? What do I have to have to know? Or at least what kind of guidepost really should I adhere to as I consider about groundwater?”
Todd: Provided the dialogue in Arizona these days, I would say it is definitely important to comprehend that Arizona was a pioneer in groundwater administration 40 yrs ago in a smaller portion of the state. As a outcome, about 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the point out has demanding, lively management of groundwater, largely some of the city locations, notably Phoenix and Tucson. And I imagine the most important issue to know is that exterior of individuals places, in around the remaining 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the point out, groundwater is open up obtain, unmanaged. And what has shifted is the demands for that groundwater have adjusted significantly since there is open up access, there is danger of overexploitation, there’s possibility of exterior functions that are far better capitalized, drilling further, pumping extra, undermining existing farmers and ranchers or ones that even were there a hundred in addition yrs back. So, for me, that’s a central difficulty suitable now: 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of Arizona’s groundwater, largely in rural spots is unprotected, unmanaged, and the resources don’t exist to allow for community communities to develop their have pathway to comprehend, regulate, defend, ensure groundwater supply, whether or not it is for businesses, small farms, huge farms, period.
Number two from my standpoint is this issues! Regardless of whether you’re a massive business or your district is in Phoenix or Tucson, the over-all notion of drinking water administration and water security in Arizona matters to everyone. Even if you’re in Phoenix and you sense that water is fairly perfectly managed in your location and you’re guarded, I don’t assume we can pay for to have articles or blog posts in the New York Periods and other countrywide shops each 7 days declaring that Arizona’s functioning out of drinking water, because I see our small business associates scrutinizing h2o risk—and community notion of hazard IS h2o hazard for companies and companies. So, knowledge that Arizona is comprised of an built-in drinking water story is crucial, and it would be quite sensible for us to be certain that we’re having care of drinking water in the rural regions in the exact same way that we’re using care of h2o in the urban areas.
CBN: Is Arizona groundwater coverage continue to carrying out its occupation or do we want to reimagine a complete new regime of groundwater coverage?
Todd: I really don’t consider we require to reimagine a whole new regime, but I do assume we want to replicate on basic variations that have happened over the previous 40 yrs. We expected that the Colorado River would be a trusted enter of renewable water source to the state that, in concert with groundwater, could be managed to maintain long phrase water availability. We’re now observing with 20 additionally decades of drought, with weather modify and aridity, that renewable freshwater provide from the Colorado will not be capable to deliver what we assumed it would. So, that places more pressure on groundwater, which boosts the stakes. That has improved how we require to reflect on extended-term drinking water source.
I imagine Arizona put a lot of really incredible management parts into the groundwater puzzle in 1980 and a lot of — probably most — of those people items are valuable and must remain. There certainly are queries about how the present-day Lively Management Regions are functioning and no matter if there could possibly be some tuneups that could enrich all those region’s capacity to maintain prolonged-time period h2o supply for business and communities. That is critical.
I consider most vital is not to toss those people devices out. They’ve labored nicely, and we need to sustain them and maintain all those devices so that they can continue on to be refined and shield these h2o sources.
CBN: Will drinking water source essentially constantly be depleting, or can we enhance h2o provide?
Todd: The remedy is indeed, we can adjust the supply photo. Some of it is by means of management actions. If we feel about aquifer storage tasks, if we believe about reuse jobs, effectiveness, that can be viewed as growing h2o provide. And from time to time we feel about if there had been federal or point out incentives for additional reuse and h2o recycling—right out of the gate, we’d have opportunity for far more h2o accessible for extra uses. And undoubtedly Arizona is exploring other pathways that could enhance water availability in the condition. And discussions about desalinization, about brackish water, there are pathways out there that have opportunity to deliver a lot more h2o.
I consider there’s a whole lot of space to do extra with significantly less, with a clearer pathway to drinking water protection and drinking water benefits at less expense for the in close proximity to expression. And there are some quite compelling pathways that perhaps could free up additional h2o. These must be explored and evaluated, however, it is essential to be aware that some of these answers could take lots of a long time to put into practice.
CBN: Received it. That’s all I have received for you. Is there a little something else I need to have asked?Todd: I individually sense like we never want to place force on everyone to bounce into some seriously challenging coverage that no 1 understands. It’s about creating consciousness so that in the end, we can make improved decisions. There are in the vicinity of-phrase chances. There are extended-time period chances. There’s growing the supply facet. There is taking care of the demand aspect. And I just think altering the narrative, that’s where by we want to be. Let’s transform the corner and get forward of this. I think what is inspiring to me.
Collaboration will Amplify Local community Affect of Canoo Investments
JUSTIN, Texas, Nov. 15, 2021 /PRNewswire/ — The George Kaiser Spouse and children Basis (GKFF) and Canoo (Nasdaq: GOEV), a company of breakthrough electric powered vehicles (EVs) that are reinventing mobility, currently declared a groundbreaking new partnership to draw in, train and retain a dynamic and globally competitive Tulsa technological know-how workforce.
(PRNewsfoto/Canoo)
Sparked by Canoo’s planned expansion in Oklahoma, such as an R&D heart and a software advancement middle that will carry at minimum 375 substantial spending work to Tulsa with a focus on recruitment, coaching and growing workforce diversity, the partnership will mobilize new means and leverage existing courses to create regional expertise and draw varied talent to northeastern Oklahoma.
“I thank George Kaiser for his management in guaranteeing Tulsa is the land of possibility, generating a path for families and staff to realize success. Doing work alongside one another, Canoo and the George Kaiser Relatives Basis will amplify the affect of our particular person investments in Tulsa and add to a more diverse, dynamic and aggressive nearby financial system,” stated Tony Aquila, Trader, Chairman and CEO of Canoo, Inc. “Canoo’s American built electrical autos will be a catalyst for talent, advancement and innovation in Oklahoma.”
“We are energized to have the Canoo software engineering and tech hubs in Tulsa. The presence of these substantial quality work opportunities from Canoo can reward from and enhance the numerous community-personal systems that are centered in Tulsa, supported by GKFF and which focus in essential parts this sort of as automotive and computer software engineering, cyber safety, sophisticated mobility, amongst different other folks,” claimed Ken Levit, Executive Director of GKFF. “I know Tulsa will welcome these new customers of our group with open arms and support their achievement in every single way.”
The better Tulsa region is quick rising as a heart of electric motor vehicle study, improvement and production electrical power. In June, 2021 Canoo chosen Mid The usa Industrial Park in Pryor, Oklahoma as the website for its U.S. manufacturing facility.
“About the past calendar year, we have designed considerable investments in the City’s innovation infrastructure as a result of partnerships like the 36 Levels North Incubator at Metropolis Corridor and the Greenwood Entrepreneurship Incubator at Morton – the two of which have been executed with the aim of supporting the growth of the subsequent generation of progressive organizations,” explained Tulsa Mayor GT Bynum. “Present-day announcement is still one more indicator of the energy of these investments, as well as the need to craft innovative workforce and coaching approaches to prepare much more Tulsans for technological know-how-dependent employment.”
“Canoo has previously created transformative investments in northeast Oklahoma, and we are grateful the business is furthering its motivation to our region and our workforce,” mentioned Arthur Jackson, senior vice president of economic enhancement at the Tulsa Regional Chamber. “Canoo’s planned software advancement middle and partnership with GKFF will spur the region’s expanding engineering ecosystem and bolster our efforts to draw in and build a very-skilled, varied workforce. Investments like this wouldn’t be achievable with no the strong community-personal partnerships and regional collaboration facilitated by way of Tulsa’s Foreseeable future.”
About the George Kaiser Family Foundation
George Kaiser Loved ones Foundation (GKFF) is a charitable group focused to breaking the cycle of poverty as a result of investments in early childhood training, community well being, social expert services and civic enhancement. Dependent in Tulsa, Oklahoma, GKFF works mostly on initiatives produced in collaboration with Tulsa-centered direct service businesses. For additional facts about George Kaiser Loved ones Foundation, pay a visit to GKFF.org.
About Canoo
Canoo’s mission is to provide EVs to Everyone. The firm has produced breakthrough electrical cars that are reinventing the automotive landscape with daring innovations in style and design, groundbreaking systems, and a exceptional company product that spans the whole lifecycle of the auto. Distinguished by its skilled team from primary technological innovation and automotive companies – Canoo has made a modular electric powered system purpose-constructed to produce utmost automobile interior space that is customizable across all homeowners in the auto lifecycle to aid a broad selection of auto purposes for individuals and companies. Canoo has places of work in California and Texas.
For more information, make sure you check out www.canoo.com. For Canoo push elements, including images, make sure you check out push.canoo.com. For buyers, please go to traders.canoo.com.
Ahead-Hunting Statements
The info in this press launch incorporates “ahead-searching statements” inside of the that means of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Forward-looking statements may well be recognized by the use of words this sort of as “estimate,” “plan,” “venture,” “forecast,” “intend,” “will,” “count on,” “anticipate,” “imagine,” “look for,” “focus on” or other related expressions that forecast or show long run events or tendencies or that are not statements of historic issues. These ahead-hunting statements involve, but are not confined to, statements pertaining to estimates and forecasts of financial and functionality metrics, projections of market prospect and industry share, anticipations and timing relevant to commercial merchandise launches and achievement of other operational milestones, together with the capacity to meet up with and/or speed up expected generation timelines, Canoo’s skill to capitalize on commercial chances, anticipated customer orders, and anticipations pertaining to development of amenities and the negotiation, availability or receipt of point out incentives. These statements are based on different assumptions, no matter whether or not determined in this press launch, and on the existing anticipations of Canoo’s management and are not predictions of genuine general performance. These ahead-on the lookout statements are delivered for illustrative reasons only and are not meant to provide as, and will have to not be relied on by any investor as, a warranty, an assurance, a prediction or a definitive statement of fact or chance. Genuine gatherings and situation are tricky or not possible to forecast and will differ from assumptions. A lot of genuine gatherings and situation are outside of the control of Canoo. These ahead-wanting statements are matter to a quantity of risks and uncertainties, together with adjustments in domestic and overseas small business, market, monetary, political and lawful circumstances failure to know the anticipated benefits of the enterprise mix with Hennessy Money Acquisition Corp. IV the rollout of Canoo’s small business and the timing of envisioned business enterprise milestones and professional start upcoming market place adoption of Canoo’s offerings threats connected to Canoo’s go-to-current market strategy and producing method the consequences of opposition on Canoo’s upcoming company the potential to problem equity or fairness-linked securities, and individuals elements talked about beneath the captions “Chance Components” and “Management’s Dialogue and Assessment of Financial Condition and Success of Operations” in Canoo’s Yearly Report on Kind 10-K for the fiscal yr ended December 31, 2020 submitted with the U.S. Securities and Exchange Fee (the “SEC”) on March 31, 2021, as perfectly as its Quarterly Reviews on Sort 10-Q and other filings with the SEC, copies of which may well be acquired by visiting Canoo’s Buyers Relations web page at buyers.canoo.com or the SEC’s website at www.sec.gov. If any of these pitfalls materialize or our assumptions confirm incorrect, true final results could differ materially from the success implied by these ahead-looking statements. There may possibly be further hazards that Canoo does not presently know or that Canoo at this time thinks are immaterial that could also cause actual results to vary from all those contained in the ahead-searching statements. In addition, ahead-hunting statements replicate Canoo’s expectations, programs or forecasts of future events and views as of the day of this push release. Canoo anticipates that subsequent occasions and developments will result in Canoo’s assessments to change. On the other hand, even though Canoo may elect to update these forward-wanting statements at some position in the potential, Canoo specially disclaims any obligation to do so. These ahead-on the lookout statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press launch. Appropriately, undue reliance need to not be put upon the ahead-seeking statements.
My son loves learning – both inside his elementary school classroom and wherever his curiosity takes him. These days he’s been learning all he can about money and investing. I don’t know exactly what prompted this interest in personal finance. But he’s learning everything from what a dollar bill is made of to how the stock market works.
It’s thrilling to watch him learn and grow – and to learn and grow through his interests, too.
In fact, I’m learning how to handle questions from him like, “How much money do you and Dad make?” Here’s some more on that and about what else I’ve learned during this chapter of my son’s life.
There are a lot of great books about money matters for kids and adults.
My son enjoyed reading Investing for Kids: How to Save, Invest and Grow Money. It’s a kid-friendly take on topics like why saving money is important and what portfolio diversification is and why it matters. (It would make an excellent holiday gift, by the way.) Thanks to this book, my son can tell you what a certificate of deposit is and about the history of the stock market. When he read about the United States Mint, I told him about how Charlotte, North Carolina, where we live, was home to the first U.S. branch mint, which specialized in gold coins, some of which you can see on display at what is now the Mint Museum.
The book’s author dives into three other factors, besides showering them with gifts, toys and fancy clothes, involved in spoiling a child:
A lack of responsibilities (like chores).
A lack of rules and parameters (like having unlimited access to electronics).
And undivided attention from parents all the time (like being able to interrupt Mom on the phone over something that can wait).
Even though I think I do a pretty good job in these areas, it was a refreshing reminder that there are multiple ways to spoil a child — and how not to do that.
Also, during this month of gratitude, it occurs to me that instilling an attitude for gratitude is also a way to combat overindulging ourselves or our children. Here’s an idea: Why wait for Thanksgiving to go around the table and have everyone say what they are thankful for? Why not do it all month – or all year – long?
Spending and saving are important, but so is debt.
When I was growing up, my parents did an excellent job extolling the virtues of saving money. But they didn’t talk about how to use debt or the difference between good debt (a mortgage) and bad debt (credit card balances). I figured it out on my own, but I could have figured it out earlier with some coaching.
I want to be an active participant in my children’s education, including when it comes to learning about personal finance. My son’s and my extracurricular reading reminded me that I need to teach my children about debt so that when they are young adults with credit cards and sights on buying homes, they have a solid understanding of debt and solid credit histories to back them up.
Policies on allowance vary from family to family, and that’s OK.
Having a policy on an allowance – whether to give it at all or tying it to chores or not – is important. After all, in parenting consistency is key. And if you are trying to teach your kids how to manage money, they must know consistently what they are – or are not – working with.
The Opposite of Spoiled author doesn’t mandate that allowance be tied to chores. He advises to instead give kids a small amount each week to teach the value of wise saving and spending, and to then increase that amount as children get older.
I disagree. I think payments should be linked to services or extra contributions beyond being a participating member of the household. I take this approach from one of my kids’ preschool teachers (shout out to Ms. Sarah!) who always said, “No one pays me to unload my dishwasher.” Likewise, I don’t get paid to make my bed, clean my room, or take my plate to the sink, and neither do my children. I will gladly pay for leaf blowing, grass mowing, getting trash out of cars, and doing any extra dirty job (that I don’t want to do myself!).
Kids need financial training wheels.
Your kid probably learned to ride a bike with training wheels. Why should learning how to manage money be any different? Fortunately, I learned there are debit cards made especially for children. For example, Greenlight® debit cards allow children to set financial goals – maybe they want a new bike or skateboard – and work toward them. They can see the benefit of saving their allowance and birthday money or setting aside earnings from babysitting or extra chores. And if they blow it all on something dumb, they get to experience their buyer’s remorse as they work to ratchet up their savings again.
Meanwhile, parents have flexible control – that’s the training wheels – and are alerted when their child makes a purchase. This could be a great solution for parents who always feel they are hit up for small amounts of money – for Starbucks, concessions at the pool, movie tickets and more, because all that stuff adds up. And all those small moments can be big teaching moments.
This makes me recall my adolescence. I don’t remember all the dumb stuff I wasted money on, but I do remember at age 15 saving up for something I wanted very much: a pair of Birkenstocks. Those shoes held up, and I wore them for years. They were worth every penny.
There’s always a kid-friendly, age-appropriate answer to tough money questions.
Many parents dread questions like, “How much money do you make?” Or, “Why does so-and-so live in a bigger (or smaller) house?”
In practicing family law, I have learned that what kids need most growing up is security and consistency. This does not mean that plans, living arrangements, schedules and financial arrangements cannot and should not change. It means children need to know that life does change, but there will be constants like family, friends and after-school activities.
Kids really don’t care if you make $60,000 or $600,000. What they care about is knowing when they get to see you … or their friends. They want to know that they are safe and cared for and loved. They want to know that you want them to do well in school and pursue their dreams. So, the next time you feel yourself squirming as your child asks you an uncomfortable money question, respond with a question back: “Why do you ask?” This gets to the real root of their thoughts and usually will allow you to not disclose your entire compensation package when they didn’t care anyway.
Going with your kid to open a bank account is fun.
All this reading up on money led my son and me to the bank, where we set up his first bank accounts. It was a thrill. He pointed out the bank vault(!) with excitement. Then we discussed a strategy for him to regularly add earned money to his account so he would not incur any monthly bank fees.
I love watching how he dives into learning. I love watching him become a young man – a curious, thoughtful, skillful, interesting young man. I wonder what we’ll learn together next.
This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
Founder, GraserSmith, PLLC
Tonya Graser Smith is a Board Certified Specialist in Family Law, licensed North Carolina attorney and founder of GraserSmith, PLLC, in Charlotte, N.C. She focuses her practice on divorce, child custody, child support, alimony, equitable distribution, prenuptial agreements and other family law matters.
This upcoming Thanksgiving weekend is expected to be the busiest travel holiday in more two years. Experts, like travel insurance expert Omar Kaywan, say travelers need to plan ahead. “This particular Thanksgiving weekend we are expecting about 80 to 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pre-COVID traffic,” Kaywan said. As things start to get back to normal, the travel expert says it will be some time before airline travel gets there.“The last couple of weeks we’ve seen thousands of people stranded in airports and not know what to do,” Kaywan said. He says airlines are doing all they can to handle the return to normal levels, but it’s been a struggle.“Flights are getting delayed. Airlines are dealing with a lot of different issues, shortage of staff is just one of them. The vaccination mandate, although it has been delayed until January 1, it’s still out there and still a problem for them to be dealing with,” Kaywan said.He says travel insurance makes more sense now than ever.“One thing that COVID has been teaching us more so than ever before is that you need to travel with travel insurance,” Kaywan said. Kaywan says insurance can get you rooms in local hotels if flights are cancelled. It can also get refunds you might not get from the airline.“We also recommend using a flight tracker or Flight Aware so you know exactly where the origin of your flight is,” Kaywan said.The expert says this year, if possible, travel a day before or a day after the peak on Thanksgiving weekend. He says the most important thing is to stay patient before the flight.Kaywan says the best bet is just to download a travel insurance app and use it as you need it.
KANSAS CITY, Mo. —
This upcoming Thanksgiving weekend is expected to be the busiest travel holiday in more two years. Experts, like travel insurance expert Omar Kaywan, say travelers need to plan ahead.
“This particular Thanksgiving weekend we are expecting about 80 to 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} pre-COVID traffic,” Kaywan said.
As things start to get back to normal, the travel expert says it will be some time before airline travel gets there.
“The last couple of weeks we’ve seen thousands of people stranded in airports and not know what to do,” Kaywan said.
He says airlines are doing all they can to handle the return to normal levels, but it’s been a struggle.
“Flights are getting delayed. Airlines are dealing with a lot of different issues, shortage of staff is just one of them. The vaccination mandate, although it has been delayed until January 1, it’s still out there and still a problem for them to be dealing with,” Kaywan said.
He says travel insurance makes more sense now than ever.
“One thing that COVID has been teaching us more so than ever before is that you need to travel with travel insurance,” Kaywan said.
Kaywan says insurance can get you rooms in local hotels if flights are cancelled. It can also get refunds you might not get from the airline.
“We also recommend using a flight tracker or Flight Aware so you know exactly where the origin of your flight is,” Kaywan said.
The expert says this year, if possible, travel a day before or a day after the peak on Thanksgiving weekend. He says the most important thing is to stay patient before the flight.
Kaywan says the best bet is just to download a travel insurance app and use it as you need it.
