Tag: Finance

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PERSONAL FINANCE: Five ways to teach your children to give back | Business

PERSONAL FINANCE: Five ways to teach your children to give back | Business

In the era of Covid-19, many charitable organizations find themselves in a precarious financial position while experiencing unprecedented demand, and they could benefit greatly from the generosity of those in their community.

This may present an opportunity to instill the value of giving to others in your child. If you’re a parent, here are some ways you can encourage your kids to become budding philanthropists.

Talk about why you giveHelp your child understand the importance of giving to others in need. Talk early and often about why sharing your knowledge, abilities, possessions or wealth matters to you. Instilling a culture of giving in your family is a process—not a one-time event. Remember to embrace the joy of giving, doing your best not to make giving back feel like a homework assignment or chore.

Find causes your child cares aboutYour child is more likely to develop a habit of giving back when he or she is passionate about the cause. Start by brainstorming the possibilities of who your child can help, such as their classmates, animals, the homeless, or the environment. Then, encourage him or her to identify what talents to offer in service. Does he love to bake? Does she enjoy music or caring for animals? Next, help your child choose one or two charities whose missions reflect his or her interests. Involve older children in the search and vetting process, teaching them how to have confidence that a charity is doing its best to help the cause.

Give and volunteer togetherWhen your children see you volunteering your time, talent and treasure, they see your values at work. Find ways to involve your children in your own giving. Your children will learn first-hand how rewarding giving to others can feel, and you’ll have the bonus of creating family memories to cherish too.

Encourage disciplined savingKids need to learn how to manage their own money in order to become responsible givers as they grow older. When your children get an allowance, or otherwise receive money, they can practice making responsible choices. Introduce the idea of “save, share and spend” — setting aside a portion of their money for the future, a portion to help others and a portion for fun spending.

Create a family foundationConsider establishing a foundation to fund causes you care about. Formalizing your giving in this way creates ongoing opportunities for you and your children to make a lasting impact on the community. Talk to your financial advisor for advice regarding establishing a foundation and leaving a legacy of service to the next generation.

Holley Smaldone-Cragg, CMFC, is a Financial Advisor with Ameriprise Financial in Geneva. She specializes in fee-based financial planning and asset management strategies and has been in practice for over 35 years. Her website is ameripriseadvisors.com/holley.com.

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5 Personal Finance Tips To Survive Holiday Shopping

5 Personal Finance Tips To Survive Holiday Shopping

Despite developing COVID-19 strain stress, inflation woes and the hesitation that many Americans have to ring in yet another new year that doesn’t seem so new, people are planning to spend more this holiday season. A wealth of surveys suggest that consumers are feeling more comfortable shopping in stores and are leveraging their online purchasing power after the wash that was the 2020 holiday season.

In fact, the National Retail Federation is predicting that, as jingle bells swing and jingle bells ring, Americans will spend up to $859 billion this year—the highest holiday retail sales on record. The average American, according to the research, will spend a cool K on the holidays. Similarly, Mass Mutual projects that Americans expect to spend an average of $1,243 on holiday purchases. The survey finds that 42 percent expect to spend at least $500 more than they did last year throughout the holidays, and 25 percent expect to spend at least $1,000 more.

However, not everyone is so quick to jump on the spending sleigh. A Deloitte survey finds that 11.5 percent of people are planning to sit out the season without spending anything on gifts. Those who do plan on going out dancin’ and prancin’ around retail stores are likely bigger earners. High-income households (raking in at least six figures) will spend five-times that of lower-income households (making less than $50,000) this holiday season. They’ll spend an average of $2,624 each over the holidays, which accounts for a 15 percent increase from 2020 and compares to the $536 that each lower-income household will spend, marking a 22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline from last year.

After all, according to a NerdWallet report, one in three shoppers still have holiday debt incurred last year hanging over their heads. And a LendingTree survey purports that 41 percent of people anticipate going into debt this season, too.

Wherever you fall on the spending spectrum, debt doesn’t do you well. Follow these personal finance tips for holiday shopping to make jingle bell time a swell time without spilling all your eggnog. 

And don’t forget to check out Q.ai’s Limited Edition Holiday Shopping Kit, which helps you tap into the holiday shopping frenzy in a less conventional way. The Kit considers where everyone else is spending their money, and then allows you to invest in the major retailers that are crushing it this season—so you can get a piece of the pie, err, ginger bread.

1. Build a budget that’ll keep you and your wallet merry.

Holiday shopping without a budget is like going grocery shopping on an empty stomach—but with even more glittering garnish to attract your attention. It’s important to make a budget of how much you can feasibly spend this holiday season without breaking the bank—and to make that budget before you hit the stores. 

2. Make a list, and check it twice.

Make a list of the people for whom you’re shopping, and even include yourself if you know that you’re someone who tends to treat yourself along the way. Consider those to whom you really need to give gifts (perhaps people like your family and your favorite boss) and the people who you’d ideally love to celebrate should you have any budget leftover (like your neighbor down the road).

Once you prioritize these people, give some serious thought as to what exactly you plan to purchase for them. Having a list of what you need to snag from the stores will help hold you accountable and not spend extra dollars (that add up) on that shiny ornament or adorable stocking stuffer you didn’t need. It’ll also help you save money if, for example, you can buy some stuff in bulk—like two-for-the-price-of-one candles for your colleagues. 

3. Ask Santa for better prices.

Once you know what you want to buy, don’t be so quick to do it. Shop around for the best prices. Some shops offer holiday sales or coupons you could collect to shave dollars off the price tag.

While physically going into all the dizzying stores crawling with shoppers can be daunting, you could shop online or call stores ahead of time to see what they have in stock—and for what cost to you.

4. Take advantage of all the holiday miracles.

Look out for little ways to save money here and there, like through shopping cart abandonment. This is an e-commerce term that refers to placing items in your online cart, but not completing the checkout process. Some retails may email you coupons to commit to checking out if they see that you’re sitting on some stuff. 

Also keep an eye out for discount codes that are floating around your social media, which will certainly serve you ads tailored to your online shopping history.

5. Keep your receipts at the ready.

At the end of the day, be sure to hang onto your receipts and collect gift receipts when necessary. The last thing you want to do is waste money on gifts that don’t fit or function properly, which would be a bummer for both the recipient and your wallet.

Keeping your receipts can also help you track your expenses and stay on track of your holiday budget.

Liked what you read? Sign up for our free Forbes AI Investor Newsletter here to get AI driven investing ideas weekly. For a limited time, subscribers can join an exclusive slack group to get these ideas before markets open.

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The new qualifications for $500k jobs in finance

The new qualifications for 0k jobs in finance

Two decades ago, when the euro was created and pan-European markets were formed, foreign languages became the skill du jour. More recently, Javascript, Python and other programming languages have been the differentiating factors. And now?  ESG credentials are becoming the new must-haves for finance jobs.

Senior ESG fund managers can earn £500k ($666k) in London. In the U.S., private equity funds and hedge funds are paying seven figures for ESG expertise. ESG jobs are growing rapidly: candidates with the right qualifications are reportedly receiving as many as 25 approaches from headhunters each week. – But which qualifications are they?

The CFA Institute’s ESG Investing Certificate 

Three years ago, CFA Institute launched its own ESG Investing certificate, a one-time, self-study exam, which is easier than the institute’s famous three-level charter. Recognized by the UN Principles for Responsible Investment (UN PRI), the certificate focuses on how to analyze and integrate ESG factors into the investment process. For those less keen on taking the course, the institute also provides a comprehensive 52-page guide.

Certification recognizing technical or scientific knowledge

The demand for ESG expertise is such that candidates who combine finance qualifications with scientific qualifications in fields such as climate change, risk policy and environmental research are also valued. 

Qualifications in this category include:

Traditional Education

Universities have also been quick to fill the education gap: In the U.S., Harvard University offers a $1,920 online course on Sustainability and Impact Investments, among many others; Columbia Business School runs an online, 7-week Certificate in ESG Investing for $2,350; while NY University’s Stern School of Business will offer in April an on-campus, five-day executive progamme on Sustainable Finance and ESG Investing for $4,119.

In the UK, the University of Cambridge runs a number of courses, some short and online, such as Business and Climate Change; amongst others, Oxford offers an MSc in Environmental Change and Management, while the University of Edinburgh has postgraduate degrees in Energy & Climate, and the Environment & Society.

Personal learning 

Finally, and as ever, the best credentials often are one’s own: Olivia Albrecht, former head of ESG Business Strategy at PIMCO, told hiring firm Lawson Chase: “Read books; listen to podcasts; go to lectures; and ask lots of questions. And lastly, be willing to add to your workload by incorporating sustainability workstreams. Don’t think of an ESG/impact focused role as either/or. Most of us started by having 2twojobs until the efforts really took off!”

These courses and certificates will give candidates the technical knowledge needed for ESG investment and finance roles. The good news is that because of the deep specialization required, the right expertise will help non-financial candidates access investment jobs.

The ESG job market is indeed buoyant, from demand for basic data and research analysts, to requirements for six figure product strategists who can explain to clients how a firm is integrating ESG factors in its research. ESG Marketing, investment writers and RFP professionals are also in demand, and so are top professionals aiming to become directors of sustainable investment or global heads of sustainability.

Photo by Casey Horner on Unsplash

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International Finance Forum Releases Global Finance and Development Report 2021

International Finance Forum Releases Global Finance and Development Report 2021

GUANGZHOU, China, Dec. 3, 2021 /PRNewswire/ — International Finance Forum (IFF) today released the Global Finance and Development Report 2021 (GFDR) and Global Green Finance Development Index (GGFDI) along with country rankings.

“This is the first year that IFF is releasing the GFDR report and it will be released annually during IFF global meeting in the future,” introduced Zhuang Juzhong, chief economist of IFF and a former deputy chief economist of the Asian Development Bank. “The report aims to provide an annual assessment of global economic trends and prospects, financial development and innovation, and address long-term challenges and policy issues based on cross-country data, and eventually, promote international discussion and cooperation,” added Zhuang.

The GFDR consists of three chapters:

Chapter 1: Global economic outlook, risks and policy priorities. This chapter provides the latest updates on the COVID-19 pandemic and recent global economic development, and assesses the economic outlook, risks, and policy priorities. It encourages the global community to work together to speed up the vaccination rollout and eliminate vaccine inequality, ensure a smooth monetary policy transition, end trade tensions, promote green recovery, and support low-income countries.

Chapter 2: Global green finance development index and country rankings. This chapter focuses on recent global developments of green finance and launches GGFDI with country rankings. Jointly developed by IFF and the Central University of Finance and Economics in China, GGFDI applies a quantitative measure of progress in developing green finance at the country level and focuses on three areas: policy and strategy, product and market, and international cooperation. The GGFDI also provides rankings in green finance development of the world’s 55 largest economies as of the end of 2020.

Chapter 3: Roadmap to global carbon neutrality and China’s actions. This chapter reviews and assesses the measures on transformation of global energy systems and industrial sectors, and policy measures required to achieve the 2°C and 1.5°C climate targets set by the Paris Agreement. It also summarizes China’s technical solutions and policy options for achieving dual carbon goals.

With the launch of GFDR and GGFDI, IFF is encouraging more global discussions on policies needed to end the pandemic, reduce risks to the global economic recovery, promote green investment, fight against climate change, and make development more inclusive and sustainable.

For the full report, please visit: http://iff.org.cn/uploads/2021GAM/GFAD-report20211202.pdf

SOURCE International Finance Forum (IFF)

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Finance jobs: All your options

Finance jobs: All your options

Finance jobs can offer practical experience, in a diverse set of roles, for graduates with strong financial and analytical skill sets. Graduates may apply their industry knowledge and explore a broad range of finance careers. 

From accountants and economic analysts to other fulfilling career options, such as investment bankers and portfolio managers, the opportunities are limitless.

What’s it like to work in a finance job?

Personal finance, corporate finance, and government finance are widely recognized as the three finance subfields. Other subfields include investments, money and credit markets, and financial management. 

Graduates and working professionals can pursue careers in corporate financial management, securities analysis, and commercial lending, along with several other financial career institutions. Finance professionals typically interact with attorneys, accountants, and insurance agents. In the right work setting, both introverts and extroverts can enjoy rewarding financial jobs and long-term careers. 

Finance job seekers may seek remote opportunities as financial analysts, financial advisors, accountants, and other offsite career opportunities. Industry professionals may work between 50 and 70 hours per week. Investment bankers may log as many as 70 to 100 weekly hours. Long hours can contribute to burnout. 

Salaries range from $61,000 to $137.000 plus. Finance professionals are driven by a lively, exciting, and challenging workplace with advancement opportunities and unlimited career opportunities around the world.

Finance career options

The finance industry is ever-growing for those who possess a finance degree and strong analytical and accounting skills. Explore your finance career options below and check out the best online finance master’s programs.

Accountant

Minimum degree level required: Bachelor’s

Salary expectations: $73,560

Good fit for individuals who: 

  • Are organized professionals
  • Are skilled at working with numbers
  • Possess strong analytical skills
  • Like collaborating with diverse clientele
  • Are current with accounting trends

Accountants assemble, examine, validate, and organize financial documents. They also monitor the organization’s cash inflow and expenditures and ensure the legalities of financial transactions. Accountants operate with integrity, comply with accounting control procedures, and resolve accounting discrepancies.

Actuary

Minimum degree level required: Bachelor’s

Salary expectations: $111,030

Good fit for individuals who: 

  • Are detailed-oriented professionals
  • Are organized and self-motivated
  • Possess strong project management skills
  • Possess advanced statistical analysis and database manipulation training

Actuaries investigate financial outcomes and risk. They also apply financial theory alongside math and statistical data to examine the uncertainty of events and reduce their organization’s risk. Actuaries assist top executives with preparation for risk management, strategic solutions, and company-wide growth.

Budget analyst

Minimum degree level required: Bachelor’s

Salary expectations: $78,970 

Good fit for individuals who: 

  • Possess advanced mathematical and analytical skills
  • Have strong knowledge of economic trends
  • Are well-versed in financial markets and banking
  • Are experienced in resource allocation 

Budget analysts prepare income statements, balance sheets, and cash flow statements. Additionally, budget analysts review the organization’s accounting documents, expenditures, and revenue. Budget analysts oversee payouts, resolve accounting issues, and generate regulatory reports.

Chief financial officer

Minimum degree level required: Bachelor’s 

Salary expectations: $137,390

Good fit for individuals who: 

  • Are results-oriented professionals 
  • Possess leadership and team-building skills
  • Have excellent communication skills
  • Have cash management, financial accounting, and corporate finance competencies

The chief financial officer (CFO) is the organization’s top-ranking finance executive, balancing expenditures and revenue, monitoring financial planning and analysis, and overseeing the company’s overall fiscal health. Additionally, CFOs manage cash flow along with the organization’s assets, mergers, and funding.

Corporate finance manager

Minimum degree level required: Bachelor’s

Salary expectations: $93,714

Good fit for individuals who: 

  • Have management consultative experience
  • Possess communication and organizational skills
  • Are proficient in math
  • Possess solid technical skills

Corporate finance managers identify the organization’s financial resources, evaluate and forecast financial earnings and risks, and offer investment recommendations. They also guide leadership on achieving targets, generating capital, and preparing legal records.

Credit analyst

Minimum degree level required: Bachelor’s

Salary expectations: $86,170

Good fit for individuals who:

  • Can communicate effectively with colleagues, superiors, and subordinates
  • Enjoy collecting and processing data
  • Like programming and writing software
  • Can evaluate information
  • Enjoy gathering information from resources

Credit analysts evaluate prospective borrowers’ eligibility for loan approval and repayment. They also evaluate credit data and financial records and generate reports for credit risk. Credit analysts validate financial and credit operations and collect debt for past due balances.

Economic analyst

Minimum degree level required: Bachelor’s

Salary expectations: $61,322

Good fit for individuals who: 

  • Are organized
  • Possess analytical thinking and problem-solving skills
  • Have programming expertise
  • Possess statistical and database software experience

Economic analysts study economic trends and develop forecasts about the economy. Additionally, economic analysts use their math and programming knowledge to gather financial data and predict financial outcomes. Economic analysts perform microeconomic analyses and determine the best times to invest the organization’s assets.

Financial analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who: 

  • Are analytical and strategic thinkers
  • Have excellent presentation skills
  • Are technologically proficient
  • Are detail-oriented

Financial analysts research business and economic trends, analyze financial records, and define the organization’s value. Financial analysts also explore the organization’s financial projections, weigh the leadership team’s capacity, and propose assortments of investments.

Financial examiner

Minimum degree level required: Bachelor’s

Salary expectations: $81,430

Good fit for individuals who: 

  • Possess strong analytical skills
  • Are detail-oriented
  • Are proficient in math, economics, and accounting 
  • Have experience with compliance software 

Financial examiners evaluate the organization’s profits and losses along with their assets, equity, and liabilities. Additionally, financial examiners guarantee compliance with governing laws for financial institutions and form guidelines that abide by the most improved and latest regulations. Financial examiners generate reports of the organization’s safety and soundness.

Financial manager

Minimum degree level required: Bachelor’s

Salary expectations: $134,180

Good fit for individuals who: 

  • Are proficient in math 
  • Possess strategic and analytical skills
  • Have strong oral and written communication skills
  • Have commercial awareness
  • Possess problem-solving skills 

Financial managers monitor assets of large-scale and small-scale organizations. Additionally, financial managers and their team members manage accounting processes and prepare fiscal reports, cash flow statements, and profit and loss forecasts. Financial managers adhere to laws and regulations and assist employees with understanding the organization’s reports.

Financial planner

Minimum degree level required: Bachelor’s

Salary expectations: $64,993

Good fit for individuals who: 

  • Are knowledgeable about personal finance
  • Have budgeting and investment experience
  • Possess analytical skills
  • Have debt management experience

Financial planners assist clients with investing, retirement savings, and maintaining wealth. These professionals also develop and monitor financial programs for employee benefit packages. Financial planners may specialize in niche areas such as estate planning, risk management, and tax planning.

Insurance agent

Minimum degree level required: Bachelor’s

Salary expectations: $52,180

Good fit for individuals who:

  • Possess strong customer service skills
  • Have sales and marketing experience
  • Possess solid math and critical thinking skills
  • Are knowledgeable about legal codes and laws 

Insurance agents market health, long-term care, life, and property and casualty insurance along with several other insurance types. They also review insurance policies, personalize insurance plans, and maintain policy renewals with new and existing clients.

Investment banker

Minimum degree level required: Bachelor’s

Salary expectations: $101,237

Good fit for individuals who: 

  • Possess analytical and numerical skills
  • Have interpersonal Skills
  • Are well-versed in financial markets
  • Have a background in investment trading 

Investment bankers raise capital for an organization’s expansion and improvement efforts. Investment bankers also negotiate mergers, arrange bond offerings, and organize confidential placement of bonds. Investment bankers crunch numbers and effectively communicate with financial institutions.

Loan officer

Minimum degree level required: Bachelor’s

Salary expectations: $63,960

Good fit for individuals who: 

  • Are data-driven and organized
  • Are accountable and responsive
  • Possess excellent communication skills
  • Welcome and encourage questions

Loan officers communicate with applicants to assess their needs for loans. Additionally, loan officers discuss loan options and terms, respond to applicants’ questions, and review financial documentation. Loan officers approve or deny applications, examine loan agreements, and adhere to federal and state regulations.

Management analyst

Minimum degree level required: Bachelor’s

Salary expectations: $87,660

Good fit for individuals who: 

  • Are accounting professionals
  • Have auditing experience
  • Possess analytical and communication skills
  • Have a background in computer systems analysis

Management analysts evaluate financial records such as profits, costs, and employment reports. These professionals also propose organizational changes, methods, and systems. Management analysts interview staff and administer in-person observations to assess the organization’s needs.

Personal finance advisor

Minimum degree level required: Bachelor’s

Salary expectations: $89,330

Good fit for individuals who: 

  • Have a background in accounting and economics 
  • Possess math and analytical skills
  • Are good at public speaking 
  • Have sales experience

Personal finance advisors communicate with clients and ascertain their income, costs, and insurance coverage while assessing their financial goals and risk tolerance. Additionally, personal finance advisors develop financial plans, oversee clients’ portfolios, and provide cash management and investment planning strategies.

Portfolio manager

Minimum degree level required: Bachelor’s 

Salary expectations: $89.286

Good fit for individuals who: 

  • Are leadership Professionals
  • Are goal-oriented
  • Possess analytical and quantitative skills
  • Exhibit initiative 

Portfolio managers invest mutual, closed-end funds or exchange traded holdings. They also institute investment plans and monitor daily portfolio trading. Portfolio managers develop investment strategies and determine best times for purchasing and selling assets.

Quantitative analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who: 

  • Are economics and accounting professionals
  • Possess statistical and complex problem-solving skills
  • Have expertise in computers and electronics 
  • Are good critical thinkers

Quantitative analysts apply math techniques to assist organizations with business and financial decisions. Quantitative analysts also determine lucrative investment opportunities and minimize risk. Quantitative analysts evaluate cost effectiveness and benefits of the organization’s developments, products, and services.

Risk specialist

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who: 

  • Possess analytical or scientific software skills
  • Have financial analysis and word processing software skills
  • Are good problem-solvers and project managers
  • Pay attention to details

Risk specialists investigate potential risks that could reduce cash flow and increase the organization’s insurance rates. They also develop strategic plans to lessen the organization’s losses. Risk specialists examine financial records, design risk assessment models, and institute contingency plans.

Trader

Minimum degree level required: Bachelor’s

Salary expectations: $131,000

Good fit for individuals who: 

  • Are analytical professionals
  • Are excellent at product sales
  • Enjoy working with financial data
  • Are detail-oriented
  • Possess solid customer service skills

Traders purchase and sell securities such as stocks and profits to generate revenue. These professionals may work for large-scale investment management firms, banks, or exchanges. Traders are typically hired by hedge funds or partnerships investing in stocks, currencies, and other investment options. 

Venture capitalist

Minimum degree level required: Bachelor’s

Salary expectations: $192,525

Good fit for individuals who: 

  • Are detail-oriented
  • Have excellent decision-making skills 
  • Are excellent notetakers
  • Have experience in the financial sector
  • Are proficient in locating new profit opportunities

Venture capitalists supply investments at various stages of the venture process. These professionals are also private equity investors that allocate capital to organizations with strong potential to generate large financial gains. Venture capitalists provide capital for startup companies and small businesses seeking to expand their products and services.

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Library grant to bolster personal finance collections | News

Library grant to bolster personal finance collections | News

The Haywood County Public Library plans to expand its personal finance collections following the receipt of a grant from the FINRA Investor Education Foundation (FINRA Foundation).

The additional resources will help ensure that residents have the information they need when making critical money decisions as they repair, rebuild and clean up.

“When disaster strikes, the community comes together,” said Library Director Kathy Vossler. “The Haywood County Public Library provides residents with unbiased information to guide financial choices that will have lasting impact.”

Filing claims, accessing government resources, managing lump-sum payments from insurance companies and meeting immediate expenses when income might be disrupted — these are just a few of the money challenges that residents in disaster areas must navigate.

FINRA Foundation President Gerri Walsh noted, “Many of us lack experience with these decisions. Nonetheless, we have to get it right the first time around or face long-term financial consequences. Fortunately, the Library has information that can help.”

The expanded personal finance collections at the HCPL are made possible by a $5,000 grant from the FINRA Foundation. For nearly 15 years, the FINRA Foundation has provided funding, staff training and programs to build the capacity of public libraries to address the financial education needs of people nationwide. Much of this has been accomplished in partnership with the American Library Association through a program known as Smart investing@your library®.

It is estimated that consumer financial fraud costs Americans more than $50 billion a year, according to FINRA Foundation research. Financial fraud is especially prevalent following major natural disasters. Since it was established in 2005, the National Center for Disaster Fraud, which is part of the U.S. Department of Justice, has logged more than 220,000 disaster-related complaints from all 50 states. Financial fraud makes tough times all the more difficult for people recovering from the trauma inflicted by disasters.

Walsh observed, “Recovery follows disaster, but the path to recovery can be smooth or very bumpy. And financial fraud can be one of the biggest potholes along that road. The Haywood County Public Library has information to help people avoid the financial potholes and bring the route to recovery into sharper focus.” As a result of the grant, the Library is adding both print and digital materials to all branch collections.

The FINRA Foundation supports innovative research and educational projects that give Americans the knowledge, skills, and tools to make sound financial decisions throughout life. For more information about FINRA Foundation initiatives, visit finrafoundation.org.