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5 ways to win your financial marathon | Regions Private Wealth Management

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Sponsored content from Regions Private Wealth Management
Jan 31, 2017, 4:41pm EST

By making a regular habit of saving and monitoring progress toward your financial goals, you can build stamina to reach the finish line and bask in the glow of a race well-run.

Whether preparing for your first marathon or your fourteenth, you know that you can’t finish the race without preparation and discipline. With 26.2 miles to cover, it’s most certainly not a quick sprint. The same can be said for financial goals.

It doesn’t matter whether you’re establishing relatively short-term goals, such as paying down credit card debt by year-end, or taking a longer view and planning for a first home, child’s college education or retirement, Regions Bank has some healthy financial habits that can move you closer to the finish line.

1. Create a plan

Going from couch potato to long-distance runner won’t happen overnight. Just as you’d need to plan a training regimen and determine milestones before tackling a long race, you’ll need to do some research and planning to figure out how to best reach your financial target.

Maybe your goal is to buy a first home, so start with some research to determine exactly what dollar amount you’ll need and when. Online savings calculators can provide details on how much you need to set aside each month to reach your goal. Once armed with that information, develop a budget around that goal and track your spending to be sure you stay on course.

2. Create a support network

A training partner can offer motivation and support before and during a race, and it’s no different with household budgets. Spouses should work together to keep tabs on their spending and savings, as teamwork can help everyone stay on track and focused on the ultimate goal.

Even kids can play a role, such as by helping to grow a college fund. By setting aside birthday or babysitting money, children can learn about the importance — and the rewards — of sacrifice and hard work.

3. Be flexible and change things up

Training with the same workout every day can not only result in losing interest, but it can make progress stagnate. If a budget is too restrictive and resulting in frustration, then it may be time to take another look. If you’ve focused on belt-tightening, think about how you can bring in additional cash to allow for some breathing room and an occasional treat. Consider working extra shifts, selling unneeded belongings, or renting out a room or parking spot.

Once you’ve made progress, look for other ways to supplement your savings. If you’re maintaining investment portfolios to help reach your goals, periodically rebalance them to make sure they reflect changing risk environments and to free up capital to take advantage of any new opportunities.

4. Adjust for the final stretch

As a big race approaches, it’s important to maintain conditioning while being wary of regimens that could bring on an injury from which you may not have time to recover. Similarly, with savings goals, as the need becomes more immediate, your savings and investment accounts will have less time to recover from a sudden dip in value, whether it’s from a market downturn or an emergency withdrawal.

For instance, when saving for retirement while in your 20s and 30s, higher-risk investments may provide greater growth potential over time. As you near retirement, however, you’ll want to start protecting the growth achieved and consider lower-risk holdings that can help preserve value.

5. Prepare for the unexpected

Life throws us curves, and it’s not unusual for a training program to get off-track for any number of reasons. Our financial goals can also be at risk, such as from unexpected home or auto repairs, a job loss or an injury. To be able to meet these challenges head-on, prepare an emergency fund to cover expenses. Experts at Regions Bank recommend saving enough to cover three to six months of expenses. If you’re not at that level yet, consider adding this purpose to your monthly budget.

By making a regular habit of saving and monitoring progress toward your financial goals, you can build stamina to reach the finish line and bask in the glow of a race well-run.

References:

  1. https://www.regions.com/Insights/Wealth?WT.ac=VanityURL_wealthinsights
  2. https://www.bizjournals.com/bizwomen/channels/cbiz/2017/01/5-ways-to-win-your-financial-marathon.html?page=all

Growth vs. Value

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“Empirical evidence suggests that value stocks outperform over the long term, even if growth has out performed value in recent years.” Bankrate

Recently, growth stocks, such as Microsoft, Amazon, Tesla and Apple, have handily outperformed value names. But it’s not always that way, and many seasoned investors think value will once again have its day, though they have been waiting on that day for more than a decade.

The difference between the two approaches are:

  • “Growth investors look for $100 stocks that could be worth $200 in a few years if the company continues to grow quickly. As such, the success of their investment relies on the expansion of the company and the market continuing to value growth stocks at a premium valuation, as measured by a P/E ratio maybe, in later years if the company continues to succeed.”
  • “Value investors look for $50 stocks that are actually worth $100 today, not in a few years, if the company continues its business plan. These investors are typically buying stocks that are out of favor now and therefore have a low valuation. They’re betting on the market’s opinion changing to become more favorable, pushing up the stock price.”

“Value investing is based on the premise that paying less for a set of future cash flows is associated with a higher expected return,” says Wes Crill, senior researcher at Dimensional Fund Advisors in Austin, Texas. “That’s one of the most fundamental tenets of investing.”

Growth investing and value investing differ in other key ways, too, as detailed in the table below.

Many of America’s most famous investors are value investors, including Warren Buffett, Charlie Munger and Ben Graham. Still, plenty of very wealthy individuals own growth stocks, including Amazon’s founder Jeff Bezos and hedge fund billionaire Bill Ackman, and even Buffett has shifted his approach to become more growth “at a reasonable price” oriented as of late.

Yet, sometime in the future, and unfortunately no one can forecast when, it appears guaranteed that value will outperform growths as an investment for a long period of time.

Typical investing wisdom might say that “when the markets are greedy, growth investors win and when they are fearful, value investors win,” says Blair Silverberg, CEO of Capital, a funding company for early-stage firms based in New York City.

If you’re an individual retail investor, it is wise to stick to fundamental investing principles or otherwise consider buying a solid index fund, such as the S&P 500 that takes a lot of the risk out of investing.

References:

  1. https://www.bankrate.com/investing/growth-investing-vs-value-investing/

COVID-19 vs Seasonal Allergy

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For allergy sufferers, hay fever season is upon us and the treaded ragweed pollen has arrived with a vengeance causing eyes to itch, noses to run, and serious sinus congestion and sinus headaches.

During the fall allergy season, it may be hard for sufferers to tell the difference between COVID-19 and allergies. Allergy symptoms happen partly because of inflammation within a sufferer’s body, according to the CDC.

The allergy symptoms are caused by your body overreacting to things like pollen or mold. Common signs of allergies include:

  • Runny nose and sneezing
  • Dry, tickly cough
  • Itchy or watery eyes
  • Sinus Congestion

And, COVID-19 and seasonal allergies share many symptoms, but there are some key differences between the two. For example, COVID-19 can cause fever, which is not a common symptom of seasonal allergies. Additionally, the new coronavirus doesn’t cause sneezing. But if you do sneeze, it’s important to cover your nose and mouth with a tissue to keep the virus from spreading. Wash your hands right away.

Furthermore, if you get allergies every year, watch for symptoms that are different from what you’ve had before.

Learn more about the differences in COVID-19 and seasonal allergies, and ways to protect your health: https://bit.ly/3j8vLUL.

References:

  1. https://www.webmd.com/lung/covid-allergies#2

Wells Fargo’s CEO believes there is a Limited Pool of Black Executive Talent

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“The more things change, the more they stay the same.”  Alphonse Karr

What a classic example demonstrated by a major U.S. financial institution of the quote “the more things change, the more they stay the same”.  The saying is a reference to situations where there appears to be a meaningful change, but many underlying fundamentals are still the same.

Recently, Charlie Scharf, Wells Fargo’s CEO, wrote in a June memo to employees, “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black to recruit from,” according to Reuters. Scharf also repeated this claim in a Zoom meeting over the summer, exasperating Black employees.

According to the Washington Post, less than 5 percent of those holding senior executive positions at Wells Fargo in 2018, a year before Scharf became chief executive officer, were Black.

Committing to diversity and inclusion shouldn’t just be a marketing ploy; it should just be who you are.

Like Wells Fargo, many corporations have released marketing statements committing to change and to the elimination of structural racism and racial inequality. But, they have not released comprehensive data on the racial diversity of their employees and in leadership positions to the public. Regrettably, we must assume that many CEOs harbor similar shortsighted beliefs, and they continue to embrace the excuse that there exist a paucity of Black executive talent in America.

“We value and promote diversity and inclusion in every aspect of our business and at every level of our organization” Wells Fargo’s Diversity and Inclusion Policy

Although Scharf apologized profusely for his bonehead remarks and commented that his remarks reflected his “own unconscious bias”, we must asks whether his beliefs, which one must assume is also the company’s mindset, have actually changed.

“The point isn’t to get people to accept that they have biases, but to get them to see [for themselves] that those biases have negative consequences for others.” — Theresa McHenry, HR Director at Microsoft UK

“Wells Fargo is badly broken in multiple ways and that starts at the top,” Senator Elizabeth Warren commented. “Its CEO has an unfathomable blind spot about how and why this giant bank fails to hire, promote, and fairly compensate Black talent.”

Consequently, it’s difficult to argue against Senator Warren’s point. Since, the primary benefit of hiring from a racially and gender diverse talent pool is that it immediately expands the depth of the pool and increases your chances of hiring the best executive talent.

References:

  1. https://www.businessinsider.com/aoc-sherrod-brown-criticize-wells-fargo-ceo-scharf-black-talent-2020-9
  2. https://www.msn.com/en-us/news/politics/wells-fargo-ceo-issues-apology-after-saying-there-was-a-limited-pool-of-black-talent/ar-BB19mize?ocid=uxbndlbing

Experimental Monoclonal Antibody Treatment Lowers COVID-19 Hospitalizations

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Eli Lilly reports a reduced rate of hospitalization for coronavirus patients using its neutralizing antibody treatment

Eli Lilly said its experimental monoclonal antibody treatment (LY-CoV555) has helped patients rid their systems of the coronavirus sooner, potentially preventing them from hospitalization. The monoclonal antibody was identified from a blood sample taken from one of the first U.S. patients who recovered from Covid-19.

Eli Lilly said it tested three different doses of LY-CoV555 against a placebo in a trial enrolling roughly 450 patients. The middle dose of 2,800 mg met the trial’s target of significantly reducing the presence of SARS-CoV-2 after 11 days.

“The results reinforce our conviction that neutralizing antibodies can help in the fight against COVID-19.” Dr. Daniel Skovronsky, Lilly’s chief scientific officer and president of Lilly Research Laboratories.

Most study hospitalizations occurred in patients with underlying risk factors (age or BMI), suggesting a more pronounced treatment effect for patients in these higher-risk groups. Ongoing studies will seek to confirm this finding. Across all treatment groups (including placebo), no patients progressed to mechanical ventilation or died. Exploratory analyses indicated a more rapid improvement in symptoms for patients treated with LY-CoV555 versus placebo, supporting the hospitalization effect.

“These interim data from the BLAZE-1 trial suggest that LY-CoV555, an antibody specifically directed against SARS-CoV-2, has a direct antiviral effect and may reduce COVID-related hospitalizations,” said  Dr. Daniel Skovronsky, Lilly’s chief scientific officer and president of Lilly Research Laboratories. “The results reinforce our conviction that neutralizing antibodies can help in the fight against COVID-19,” Skovronsky said in a statement.

References:

  1. https://www.cnbc.com/2020/09/16/coronavirus-eli-lilly-reports-a-reduced-rate-of-hospitalization-for-patients-using-its-antibody-treatment.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Message
  2. https://investor.lilly.com/news-releases/news-release-details/lilly-announces-proof-concept-data-neutralizing-antibody-ly

C.D.C. Testing Guidelines for People Without Covid-19 Symptoms

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“It is critical that science, evidence and data continue to serve as the foundation of every C.D.C. recommendation.” Dr. Mary Pittman, president and chief executive of the nonprofit Public Health Institute

The Centers for Disease Control and Prevention reversed its earlier controversial recommendation suggesting people who have had close contact with a person infected with the coronavirus do not need to get tested if they have no symptoms.

The new guidance recommends that anyone exposed to an infected person for more than 15 minutes needs a test. The change comes after widespread criticism of the earlier guideline.

Those who have been within 6 feet of a person with the coronavirus for at least 15 minutes, and those without symptoms, “need a COVID-19 test”. The Centers for Disease Control and Prevention

The previous phrasing, which suggested asymptomatic people who have had close contact with an infected individual “do not necessarily need a test,” now clearly instructs them: “You need a test.”

Public health experts welcomed the change as consistent with research showing that people without symptoms can spread the virus to others.

Read more: https://www.nytimes.com/2020/09/18/world/covid-coronavirus.html

References:

  1. https://www.cdc.gov/coronavirus/2019-ncov/hcp/testing-overview.html
  2. https://www.miamiherald.com/news/coronavirus/article245840460.html#storylink=cpy

America’s Mental Health Epidemic

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“Be sure to give each other a lot of grace and be kind and forgiving to each other. We’re all experiencing heightened levels of uncertainty and anxiety right now. Giving an extra beat of patience to others is critical.” Dani Fallin, chair of the Department of Mental Health at the Johns Hopkins Bloomberg School of Public Health

The mental health impact of COVID-19 are real, widespread and growing exponentially. The immense stress and emotional trauma experienced by vulnerable individuals, families and households amid the pandemic has given rise to an unprecedented mental-health crisis. Additionally, there’s strong evidence showing that social isolation and distancing can increase symptoms of mental illnesses like depression and anxiety.

Data is staggering

The latest data reveals some of the most frightening and staggering spikes in anxiety, depression, substance use, drug overdose and suicide rates that behavioral-health experts have ever witnessed, according to Babette Hankey, president/CEO of Aspire Health Partners in Orlando.

A recent survey by the Centers for Disease Control and Prevention on adult mental health found that more than 40% of U.S. adults have reported at least one mental health issue during this pandemic, and more than 1 in 10 adults had seriously considered suicide. During this period, 7 out of 10 young adults (18-24 years old) reported experiencing symptoms of anxiety and depression and more than 25% have seriously considered suicide.

In the wake of the coronavirus COVID-19 outbreak, many people may feel anxiety or stress.

Everyone responses differently

Everyone reacts differently to stressful situations such as the seemingly enduring COVID-19 pandemic infectious disease outbreak. It is normal to experience a wide range of emotions. Yet, it’s important for people to take care of themselves physically, emotionally, and mentally.

According to the CDC study, the rate of substance abuse and/or suicidal thoughts among unpaid caregivers more than tripled between May and the end of June.

Older Americans appear to be more resilient to the strain of the pandemic compared to the young: The study found rates of anxiety, depression, substance abuse and suicidal thoughts were most prevalent among those aged 18 to 24, and the prevalence of these issues “decreased progressively with age.”

Black and Hispanic Americans tended to have higher rates of mental health issues tied to the pandemic than did whites, the study also found.

Of course, unemployment or the threat of it is a major source of anxiety for millions in 2020. So, efforts aimed at “strengthening economic supports to reduce financial strain” should be part of an effort to boost mental health, the researchers said.

According to the CDC, reactions during the outbreak can include:

  • Fear and worry about your health status and that of your loved ones who may have been exposed to COVID-19.
  • Increase levels of stress, anxiety, hopelessness and depression.
  • Changes in sleep or eating patterns.
  • Difficulty sleeping or concentrating.
  • Worsening of chronic health problems.
  • Increased use of alcohol, tobacco, or other drugs.

Learning to cope with anxiety and stress

Figuring out ways to cope with anxiety and stress can help you, your loved ones and your community. If stress begins to interfere with your daily life, reach out to your healthcare provider.

These numbers, although startling, are unsurprising to mental health experts given the emotionally taxing measures local and state governments have taken to reduce the spread of the virus: children and grandchildren have been separated from their parents and grandparents; students are prevented from attending school; and the sick and dying have been denied the embrace of loved ones.

During this unique moment in the nation’s history, American society and economy have slowed down, we’re experiencing unprecedented social unrest and political rancor, and, many have been left feeling powerless and uncertain about their physical health and financial wellbeing as well as that of their loved ones.

The importance of self-care during this challenging time.

“Seek out ways to have social and professional engagement while adhering to social distancing…can help people feel connected socially with their colleagues, family, and friends, and maintain a sense of belonging.” Dani Fallin, chair of the Department of Mental Health at the Johns Hopkins Bloomberg School of Public Health

  • Avoid excessive exposure to media coverage of COVID-19. Be aware and conscious of your news and media intake. The more time you spend consuming news about the pandemic, the more likely you are to feel anxious and concerned. That’s especially true at home, when you’re able to access news media 24/7.
  • Take care of your body. Take deep breaths, stretch or meditate. Eat healthy, well-balanced meals, exercise regularly, get plenty of sleep and avoid alcohol, smoking and drugs.
  • Make time to unwind and remind yourself that strong feelings will fade. Take breaks from watching, reading, or listening to news stories. It can be upsetting to hear about the crisis and see images repeatedly. Try to do some other activities you enjoy to return to your healthy life.
  • Learn a new hobby or skill like gardening, a foreign language or a musical instrument. Devote yourself to learning and growing everyday.
  • Connect with others. Share your concerns and how you are feeling with a friend or family member. Maintain healthy relationships.
  • Maintain a sense of hope that “this too shall pass” and maintain positive outlook and thinking. Have faith in your inherent resilience to persevere and overcome life’s extraordinary challenges brought on by the pandemic.

Take care of your mental health

Mental health is an important part of overall physical health and emotional wellbeing. It affects how we think, feel, and act. It may also affect how we handle stress, relate to others, and make choices during uncertain situations or an emergency.

Again, we stress to contact your healthcare provider if you think you have new or worsening mental health symptoms or stress (or anxiety) gets in the way of your daily activities for consecutive days.

References:

  1. https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/managing-stress-anxiety.html
  2. https://www.orlandosentinel.com/opinion/guest-commentary/os-op-coronavirus-mental-trauma-aspire-health-20200914-xw7kcjahvbfrlgcd2s4bmvbmzi-story.html
  3. https://www.webmd.com/lung/news/20200813/levels-of-anxiety-addiction-suicidal-thoughts-are-soaring-in-the-pandemic#1
  4. https://hub.jhu.edu/2020/04/06/dani-fallin-mental-health-challenges-coronavirus/

Vitamin D: The supplement Dr. Fauci takes to help keep his immune system healthy | CNBC

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HEALTH AND WELLNESS  | CNBC
Date Tue, Sep 15 20208:00 PM EDT

“Vitamin D is a key nutrient for your immune system.” Dr. Anthony Fauci

According to Dr. Anthony Fauci, most “so-called immune boosting supplements” actually do “nothing.” However, there are two vitamins Fauci does recommend to help keep your immune system healthy.

“If you are deficient in vitamin D, that does have an impact on your susceptibility to infection. So I would not mind recommending, and I do it myself taking vitamin D supplements,” Fauci said during an Instagram Live on Thursday, when actress Jennifer Garner asked Fauci about immune-boosting supplements.

“COVID-19 infection is more prevalent among African Americans, older adults, nursing home residents and health care workers—populations who all have increased risk of vitamin D deficiency.” University of Chicago Medicine

Researchers at the University of Chicago Medicine recently found a link between vitamin D deficiency and the likelihood of being infected with COVID-19.   Those with an untreated deficiency were more likely to test positive. Half of Americans are thought to be deficient in vitamin D, with much higher rates seen in African Americans, Hispanics and individuals living in areas where it is difficult to get enough sun exposure in winter.

“Vitamin D is important to the function of the immune system and vitamin D supplements have previously been shown to lower the risk of viral respiratory tract infections,” said David Meltzer, Chief of Hospital Medicine at UChicago Medicine and lead author of the study. “Our statistical analysis suggests this may be true for the COVID-19 infection.”

The research team looked at 489 patients at UChicago Medicine whose vitamin D level had been measured within a year before being tested for COVID-19. Patients who had vitamin D deficiency (defined as less than 20 nanograms per milliliter of blood) that was not treated were almost twice as likely to test positive for COVID-19 compared to patients who had sufficient levels of the vitamin.

In addition to vitamin D, Fauci said that vitamin C is “a good antioxidant.” “So if people want to take a gram or two at the most [of] vitamin C, that would be fine,” he said.

Vitamin C “contributes to immune defense by supporting various cellular functions” of the body’s immune systems, according to 2017 study published by The National Institutes of Health, and vitamin C also appears to prevent and treat “respiratory and systemic infections.” according to researchers.

But “any of the other concoctions and herbs I would not do,” Fauci said.

During another interview with actress Tiffany Haddish released on Sept 4., Fauci said in clinical studies most “so-called” immune-boosting supplements didn’t really help people unless they had some sort of a deficiency. If fact, a lot of these herbs “either do nothing, or, if you take too much of them, they harm you,” Fauci told Haddish.

Overall, the best way to boost your immune system is to get good sleep and exercise, Fauci said. “Those are the things that are so much better than a bunch of herbs that really have never really been shown to do that,” Fauci told Haddish.

To read More:  https://www.cnbc.com/2020/09/14/supplements-white-house-advisor-fauci-takes-every-day-to-help-keep-his-immune-system-healthy.html

References:

  1. https://news.uchicago.edu/story/vitamin-d-deficiency-may-raise-risk-getting-covid-19-study-finds
  2. https://www.cnbc.com/2020/09/14/supplements-white-house-advisor-fauci-takes-every-day-to-help-keep-his-immune-system-healthy.html

Without another round of financial assistance, Black business owners facing tough choices | Bizwomen

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Without another round of financial assistance, Black business owners facing tough choices

Caitlin Mullen, Bizwomen contributor, Sep 14, 2020, 9:01am EDT

The pandemic has presented challenges for most business owners, but new research indicates recovery could take longer for Black-owned businesses. 

About 4 in 10 Black small business owners who received Paycheck Protection Program loans have had to lay off staff or cut worker pay as that money has run out, Goldman Sachs discovered. By comparison, 32% of all respondents said they had done so. 

Although just 16% of all business owners surveyed reported less than one-quarter of their pre-Covid revenues have returned, more Black business owners said this — almost 33%, reports Business Insider. 

The situation has prompted Grammy-winner Alicia Keys to create a $1 billion fund to support Black-owned businesses; the NFL is one of the organizations contributing to the fund, per Billboard. 

“As an artist, I’m always thinking about how can I use my platform to further racial equity. This fund is one of the answers and our goal is to empower Black America through investing in Black businesses, Black investors, institutions, entrepreneurs, schools and banks in a way to create sustainable solutions,” Keys told Billboard. 

Keys acknowledged the initial $1 billion goal won’t close the economic gap, but it’s a start.

“The next steps are to reach out to different industries to invite them to invest in racial justice and create a multi-billion dollar endowment across business sectors,” Keys told Billboard. 

A National Bureau of Economic Research working paper released earlier this year indicated the spring’s pandemic lockdown was particularly devastating for Black business owners: The number of working Black business owners went from 1.1 million in February to 640,000 in April. 

Black business owners also have faced discrimination as they’ve sought coronavirus-related financial assistance. About 95% of Black-owned businesses had little chance of receiving funds in the first wave of PPP loans, the Center for Responsible Lending said. 

The National Community Reinvestment Coalition found Black business owners had a tougher time securing loans at banks and faced bias their white counterparts did not, reports The New York Times.

The Federal Reserve Bank of New York recently noted counties with the highest concentration of Covid-19 also have the highest concentration of Black businesses and networks, and there were clear PPP coverage gaps in those communities.   

“Covid has basically been a very severe, devastating scenario for Black-owned businesses that were already struggling to survive,” Kenneth L. Harris, national president and CEO of the National Business League, a trade association representing Black businesses, told the Detroit Free Press.

The NBER working paper noted the pandemic’s effect on these businesses could result in near-term impacts on economic advancement and job creation, and long-term effects on wealth inequality. 

Congress has yet to agree on legislation that would provide another round of funds and unemployment benefits. If Congress doesn’t take action this month, 43% of Black small business owners say their cash reserves will run out by the end of the year, Goldman Sachs found; 30% of all respondents said this. 

And 40% of Black small business owners said they’ll have to cut wages or lay off workers without another round of stimulus funds; 36% overall expect they’ll have to do this.

Babson College and David Binder Research conducted the Goldman Sachs survey of 860 small business owners in the U.S. and U.S. territories in early September; 55% of respondents were women.

Main Street America has said almost 7.5 million businesses could close permanently this year due to the pandemic, leaving 35.7 million workers without jobs.

Source: https://www.bizjournals.com/bizwomen/news/latest-news/2020/09/without-more-assistance-black-business-owners-fac.html