July 2020
Monthly Money News, Every 1st Tuesday
Curated by: Coretta, Founder and Principal of Urban Money, LLC; B.A. in Economics and M.S. in Urban Policy/Planning
In this issue:
Home-Ec: Does Congress Still CARE?
Team Spend vs. Team Save
To The Suburbs And Beyond…
The Tale Of Robinhood
Future Of Retail: Who's Left Standing?
Ongoing + Upcoming
Home-Ec(onomics): Does Congress Still CARE?
Where we left off:
Executive - Trump thinks we need another round of economic stimulus
The House - proposed a comprehensive HEROES bill last month.
The Senate - wants to wait and see what happens.
While we're waiting to find out if Congress still CARE, here's what's we know:
July 26, 2020. The expanded unemployment benefits ($600/week) available until the week ending 7/26/2020.*
August 20, 2020. The NYS moratorium on evictions related to COVID-19 expires.
July 20, 2020 - August 7,2020 - The 15 working days for Congress throughout July and August.
Still feeling the financial effects of COVID-19? Download our Guide to Managing Money in a Pandemic!
To The Suburbs And Beyond
It used to be sexy to have a matchbox apartment in a 5-story walk-up with at least one other person and a pet in a walkable neighborhood. Now... folks want out! With a need and desire for space, suburbanization is the latest trend.
Now What?
Thinking about moving to the 'burbs? Make sure you've made these 5 considerations before buying a home!
Team Spend vs. Team Save
2020 has been extraordinary; up is down and left is right. Some were able to hold on to jobs, shop, pay down debt and/or save; while others were trying to figure out how to pay rent or mortgage. It has been a tale of two recessions! Wherever you landed, the last few months has been the perfect example of why we should put away for a rainy day. With all additional aid coming to an end in a matter of weeks, safeguard your finances by continuing to reduce debt and discretionary spending, and build up that savings!
Tip: Regardless of your position, try to stash a little something to the side; we may need to brace ourselves for all the uncertainty that is to follow. However, if the worst is over, you'll have a nice pot of gold at the end of your rainbow. 🌈
Should You Buy It? We made a list, if you can say yes, then get what you want!
The Tale of Robinhood
Financial analysts came up with all these theories that online trading companies such as Robinhood, e-trade, and the like caused a disruption in the stock market. Stocks that were supposed to sink, were able to swim and analysts pulled at their hair in frustration. As it turns out, reducing barriers to entry and allowing all income levels to participate in investing through online platforms, left analysts unprepared.
Tip: Safeguard your finances while investing:
1. Build an emergency fund first
2. Don’t spend more than you’re willing to lose
3. There's no such thing as a guaranteed return
4. Do your research; and diversify
Future of Retail: Who's Left Standing?
Bankruptcies are still ripping through our fan favorites, and we're keeping track:
J Crew, Neiman Marcus, and JC Penny called their fate earlier this year. Now, 24-hour fitness is said to close over 100 gym locations. Meanwhile, Crossfit is losing coins due to the racist comments from their founder.
In other retail news;
Facebook lost major ad revenue for not denouncing racists advertisements or filtering hate-groups.
The Gap struck a deal with Kanye West’s Yeezy (or maybe it was the other way around?)
Macy’s let go almost 4,000 corporate employees. Again.
Amazon postponed Prime Day. Again. This time until October.
Black Businesses saw significant boom in the wake of the racial injustice protests. #BuyBlack
Ongoing + Upcoming
Virtual Meetups & Workshops July Monthly Meetup: Back to Basics: Budgeting
Let's meet up, and talk about money! In a safe space, we'll get back to basics to help you find financial peace. Register today, space is limited!
Workshop: Achieve Your Money Goals
Always have an emergency for your emergency fund? Don't know where your money is going? Let's take a look at how making good-enough choices will bring you closer to achieving your money goals! Limited donation-bases spots available. Get your ticket today!
Financial Counseling
Seeking guidance is a great first step to manifesting financial peace. Schedule your appointment, and let us guide you on your financial journey.
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