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Indianapolis City-County Council approves final allocation of CARES Act funds – WISH-TV | Indianapolis News | Indiana Weather

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INDIANAPOLIS (WISH) — An emergency City-County Council meeting was called to order Wednesday; it ended with a unanimous vote to approve Mayor Joe Hogsett’s funding distribution plan.

Councilors were on a time crunch to get the plan passed. States that received coronavirus relief funds have until December 30 to disperse the money or it has to be sent back to the federal government.

To date the city has used more than $92 million in CARES Act funding. Indianapolis received its first round of funds in April but it wasn’t until the end of the month when states received spending guidance.

In May, city leaders began conversations to assess areas of need, then in June millions of dollars in federal funds went to programs throughout the city.

Here is the breakdown of how the remaining dollars will be spent:

Public Health Investments
Personal Protective Equipment (PPE) for teachers: $250,000

Mental health public awareness campaign: $175,000
Immigrant welcome center – public health outreach: $58,320

Social Service Investments

Rental assistance: $7,500,000
Foreclosure prevention and mortgage refinancing: $7,000,000
Non-congregate housing -hotel program: $3,180,000
Homeless services -winter contingency: $5,132,000
Food bank – community distribution support: $2,100,000
Gleaners meal school distributions: $750,000
Step-up violence reduction student outreach: $102,000
Door to door tenant outreach and eviction prevention assistance: $65,000
Reentry credit repair and financial coaching: $150,000
Internet connectivity pilot: $732,150
Home delivery food services for at risk population: $760,000

Economic and Small Business Recovery

Small business assistance grant (hospitality program): $7,500,000
GED equivalency program extension: $2,060,000
JAG dropout prevention program: $500,000
Indy achieves -promise scholarship: $172,500
KIB jobs program: $152,400
Arts and cultural institutions emergency relief grant: $500,000
Music cities recovery program round two: $150,000

Technology and Government Expenses

Building modifications for Indiana convention center: $7,000,000
Government operations reimbursement: $30,028,964 – mostly public safety salaries
Mobile worker app: $100,000

Mayor Hogsett said while these funds will help some, he knows this is not a long-term solution.

“We know that these funds, we know that these dollars, huge as they seem are woefully insufficient. Our request of those in Washington is just as urgent, please act to provide additional relief to those suffering in our city.”

President of Indiana Restaurant and Lodging Association Patrick Tamm said with 80,000 people in Indianapolis who rely on tourism to pay their bills, his industry is just barely scraping by.

Part of the federal dollars would put an additional $7.5 million into the service and entertainment industry, but given all that’s been lost, Tamm isn’t sure how much good that will do.

“The mayor is absolutely correct, $7 million we appreciate his attention to that, but the reality is we need federal help and we need federal help now,” said Tamm.

Coronavirus links

Indiana coronavirus timeline

With updated information from the Indiana Department of Health through Sept. 16, this timeline reflects updated tallies of deaths and positive tests prior to that date.

  • March 6: Indiana State Department of Health (ISDH) confirms the first case in Indiana. Officials say the Marion County resident had recently traveled to Boston to attend a BioGen conference as a contractor.
  • March 8: ISDH confirms a second case. An adult in Hendricks County who had also traveled to the BioGen conference was placed in isolation. Noblesville Schools say a parent and that parent’s children will be self-quarantining after attending an out-of-state event where someone else tested positive.
  • March 9: Avon Community School Corp. says a student on March 8 tested positive.
  • March 10: ISDH launches an online tracker. Ball State University basketball fans learn the Mid-American Conference tourney will have no fans in the stands. Three businesses operating nursing homes in Indiana announce they will no longer allow visitors.
  • March 11: The Indianapolis-based NCAA announces the Final Four basketball tournaments will be conducted with essential staff and limited family attendance. The Big Ten announces all sports events, including the men’s basketball tournament at Bankers Life Fieldhouse, will have no fans starting March 12. Ball State University suspends in-person classes the rest of the spring semester. NBA suspends all games, including the Indiana Pacers, until further notice. Butler University and the University of Indianapolis extend spring break, after which they will have virtual classes.
  • March 12: Gov. Eric Holcomb announces new protections that led to extended public school closings and the cancellation of large events across the state. The NCAA cancels its basketball tournaments. The Big Ten suspends all sporting events through the winter and spring seasons. The league including the Indy Fuel hockey team suspends its season. Indy Eleven says it will reschedule four matches. Indianapolis’ annual St. Patrick’s Day Parade is canceled. 
  • March 13: The Indiana High School Athletic Association postpones the boys basketball tournament. Wayzata Home Products, a Connersville cabinet maker, shuts down and lays off its entire workforce due to market uncertainty. Gov. Holcomb announces actions including the elimination of Medicaid co-pays for COVID-19 testing and the lifting of limits on the number of work hours per day for drivers of commercial vehicles. Franklin College says it will begin online classes March 18 and empty residence halls of students in two days. The Children’s Museum of Indianapolis closes indefinitely. The Indianapolis Public Library joins other libraries across Indiana and closes all facilities indefinitely.
  • March 14: The Indiana Gaming Commission says all licensed gaming and racing operations will close in two days for an indefinite period.
  • March 15: Indiana had its first death. St. Vincent Hospital in Indianapolis announces it will suspend all elective, non-urgent surgeries.
  • March 16: Indiana had its second death. Gov. Holcomb announced the first Hoosier death. He closes bars, restaurants and nightclubs to in-person patrons, but maintains carryout and delivery services.
  • March 17: Indiana had its third and fourth deaths. ISDH announces Indiana’s second death. Indiana’s Catholic bishops cancel masses indefinitely. Gov. Holcomb activates the National Guard. Purdue, Butler and Indiana State universities cancel May commencement ceremonies.
  • March 18: Indiana had its fifth death. Eli Lilly and Co. says it will use its labs to speed up testing in Indiana. The 500 Festival suspends all events. Simon Property Group closes all malls and retail properties.
  • March 19: Gov. Holcomb extends Indiana’s state of emergency into May. Holcomb says he’ll close all K-12 public and nonpublic schools. Standardized testing was canceled. The state’s income-tax and corporate-tax payment deadline was extended to July 15. Holcomb says the state will waive job search requirements for people applying for Temporary Assistance to Needy Families. The IHSAA Boys Basketball State Tournament was canceled. The Marion County Emergency Operations Center upgrades to Level 1 status.
  • March 20: Indiana’s death toll rose to 9. ISDH announces Indiana’s third death. Gov. Holcomb moves the state’s primary election to June 2. Indiana University says it is postponing May commencement ceremonies on all campuses.
  • March 21: Indiana’s death toll rises to 14. ISDH announces Indiana’s fourth death. Indiana National Guard says it and the Department of Transportation are distributing medical supplies to hospitals.
  • March 22: Indiana’s death toll rises to 19. ISDH announces seven deaths.
  • March 23: Indiana’s death toll rises to 24. Holcomb orders Hoosiers deemed nonessential to “stay at home” from March 24-April 7. Eli Lilly & Co. begins drive-thru testing for the coronavirus for health care workers with a doctor’s order. Ball State University cancels the May commencement.
  • March 24: Indiana’s death toll rises to 29. Fred Payne of Indiana Workforce Development says any Hoosiers out of work, including temporary layoffs, are eligible to apply for unemployment benefits.
  • March 25: Indiana’s death toll rises to 35. Indianapolis Motor Speedway announces the Indianapolis 500 is moved to Aug. 23.
  • March 26: Indiana’s death toll rises to 44.
  • March 27: Indiana’s death toll rises to 47.
  • March 28: Indiana’s death toll rises to 58.
  • March 29: Indiana’s death toll rises to 76.
  • March 30: Indiana’s death toll rises to 91.
  • March 31: Indiana’s death toll rises above 100, to 113. Gov. Holcomb extends the limits of bars and restaurants to offer only “to go” and “carryout” through April 6. Indiana health commissioner Dr. Kristina Box, asked about when Indiana will be in a surge of COVID-19 cases, says she thinks the surge is starting.
  • April 1: Officials extend Marion County’s “stay at home” order through May 1. Marion County health officials say they will start COVID-19 testing services for front-line employees.
  • April 2: The state announces K-12 schools will be closed for the rest of the school year. The Indiana High School Athletic Association cancels spring sports seasons.
  • April 3: Gov. Holcomb extends the “stay at home” order through April 20. The state receives a federal Major Disaster Declaration for all 92 counties. The Indiana National Guard says it, the Army Corps of Engineers and state health officials will begin to assess sites for alternate health care facilities.
  • April 4: Indiana’s death toll rises above 200.
  • April 6: The state reports a Madison County nursing home has had 11 deaths. Gov. Holcomb extends the “stay at home” order through April 20. He also limits additional businesses to carry-out only.
  • April 7: Indiana’s death toll rises above 300. Indiana health commissioner Box says four long-term care facilities have 22 deaths that appear to be related to COVID-19.
  • April 10: ISDH said 24 residents of a long-term care facility in Madison County have died from COVID-related illness.
  • April 11: Indiana’s death toll rises above 400.
  • April 14: Indiana’s death toll rises above 500.
  • April 16: Indiana records more than 10,000 positive coronavirus tests. The governor says he expects Indiana to experience a reopening in early May.
  • April 17: Indiana’s death toll rises above 600. The governor says that he will extend the “stay at home” order through May 1.
  • April 20: Indiana’s death toll rises above 700. Gov. Holcomb extends the “stay at home” order to May 1. The governor also says, if the medical supply chain is in good shape, other elective medical procedures can resume April 27.
  • April 22: Indiana’s death toll rises above 800. The Tyson facility in Logansport voluntarily closes so 2,200 employees can be tested for COVID-19.
  • April 24: Indiana’s death toll rises above 900. The Indianapolis City-County Council approves $25 million to help small businesses. Fishers City Council creates a city health department with a plan to test every resident.
  • April 25: ISDH says it will launch an antibody testing study for Hoosiers; thousands of residents were randomly selected to participate in the study.
  • April 27: Indiana’s death toll rises above 1,000.
  • April 28: Indiana officials say they will open COVID-19 testing to more Hoosiers, with expanded criteria and new testing services at 20 sites around the state.
  • April 29: The state says it will spent $43 million on contact tracing.
  • April 30: Indianapolis extends its stay-at-home order through May 15.
  • May 1: Gov. Holcomb announces a phased reopening plan for the state of Indiana. He also extends the stay-at-home order to May 4.
  • May 3: Indiana records more than 20,000 positive coronavirus tests.
  • May 4: Indiana enters Stage 2 of its Back on Track plan, which excludes Cass County until May 18, and Lake and Marion counties until May 11.
  • May 6:The state begins testing for all Hoosiers at 20 sites, with plans to expand the number of sites to 50 in a week. Ivy Tech Community College says it will continue virtual classes when summer courses begin in June. 
  • May 8: Cris Johnston, director of the Office of Budget and Management, says the state missed out on nearly $1 billion in anticipated April revenues; all state agencies will be given budget-cutting goals. Purdue University OKs plans to reopen for the fall semester with social distancing and other safety measures.
  • May 10: Indiana’s death toll rises above 1,500.
  • May 13: Indiana’s death toll rises above 1,600.The first phase of a state-sponsored study of the coronavirus estimated about 186,000 Hoosiers had COVID-19 or the antibodies for the novel virus by May 1. Indianapolis Mayor Joe Hogsett announced plans for limited reopenings of worship services, retail establishments, libraries and restaurants.
  • May 15: Simon Property Group reopens Castleton Square Mall, Circle Centre Mall, and Fashion Mall at Keystone
  • May 16: Indiana’s death toll rises above 1,700.
  • May 17: Marion County’s death toll rises above 500.
  • May 18: Indiana reports its first case of multisystem inflammatory syndrome in a child. The Farbest Foods turkey-processing plant in Huntingburg is closed for three days; 91 people had tested positive there.
  • May 19: Indiana’s death toll rises above 1,800.
  • May 21: Indiana records more than 30,000 positive coronavirus tests.
  • May 22: Indiana advances to Stage 3 of the Back on Track reopening plan. Indianapolis closes portions of five streets to allow restaurants to reopen with outdoor dining only.
  • May 23: Indiana’s death toll rises above 1,900.
  • May 27: The U.S. death toll rises above 100,000. Indiana University says the fall semester will have in-person and online courses, plus an adjusted calendar through May 2021. Ball State University says the fall semester will be 13 straight weeks of in-person classes with no day off on Labor Day and no fall break.
  • May 28: Indiana’s death toll rises above 2,000.
  • May 29: Places of worship in Marion County can begin holding indoor services at 50% capacity with proper social distancing. Jim Schellinger, Indiana secretary of commerce, said the federal Paycheck Protection Program has made 73,430 loans in Indiana totaling $9,379,164,461, the federal Economic Injury Disaster Loan program has made 5,070 loans in Indiana totaling $445,428,500, and the federal Economic Injury Disaster Loans Advance program has made 38,365 grants in Indiana totaling $136,554,000.
  • June 1: Marion County restaurants begins serving customers indoors and outdoors with 50% capacity. Marion County salons, tattoo parlors reopen by appointment only. Marion County gyms, fitness centers and pools reopen with 50% capacity and no contact sports. However, a Marion County curfew that began the night of May 31 and continued into the morning of June 3 after rioting impacted the reopening of some businesses.
  • June 3: Indiana’s death toll rises above 2,100. Phase 2 of statewide testing of random Hoosiers by the Indiana University Richard M. Fairbanks School of Public Health at IUPUI and the Indiana State Department of Health begins.
  • June 5: Indiana reports May tax revenues were 20% short of projections made before the coronavirus closings started.
  • June 8: Indiana’s death toll rises above 2,200. Indianapolis leaders agree to spend $79 million in coronavirus relief funding on contact tracing, rent relief, personal protective equipment and support for small businesses.
  • June 12: Indiana, excluding Marion County, advances to Stage 4 of reopening plan.
  • June 14: Indiana’s death toll rises above 2,300.
  • June 15: Casinos and parimutuel racing reopen in the state. Marion County’s public libraries begin a phased reopening.
  • June 19: Marion County advances to Stage 4 of state’s reopening plan.
  • June 21: Indiana’s death toll rises above 2,400.
  • June 24: The governor says the state’s moratorium on the eviction on renters will be extended through July. Indiana announces it will create a rental assistance program July 13. Indiana Pacers guard Malcolm Brogdon says he has tested positive for COVID-19.
  • June 27: Indiana hospitalizations for COVID-19 begin to increase, with about 33 new patients a day through July 1.
  • July 1: Indiana’s death toll rises above 2,500. The governor pauses Stage 5 final reopening plan, announces Stage 4.5 from July 4-17.
  • July 4: Indiana’s Stage 4.5 reopening plan begins.
  • July 9: Indiana records more than 50,000 positive coronavirus tests. Marion County mandates mask-wearing.
  • July 10: Indianapolis Public Schools announces its reopening plans.
  • July 11: Indy Eleven resumes 2020 season with victory at Lucas Oil Stadium. The Children’s Museum of Indianapolis reopens.
  • July 12: Indiana’s death toll rises above 2,600.
  • July 13: Indiana begins rental assistance program for all counties but Marion County. Marion County begins its own rental assistance program.
  • July 15: Indiana announces the Stage 4.5 reopening plan will continue another two weeks. The WNBA season will begin.
  • July 16: Indianapolis suspends applications for its rental assistance program due to overwhelming demand.
  • July 22: Indiana’s death toll rises above 2,700.
  • July 23: Indiana records more than 60,000 positive coronavirus tests. MLB begins delayed season.
  • July 24: Bars, taverns and nightclubs in Indianapolis are shut down again. City officials also return to other previous restrictions.
  • July 25: Indiana Fever begins WNBA season after delays.
  • July 27: Indiana governor’s order to wear face coverings begins. Great Lakes Valley Conference, which including University of Indianapolis, postpones most fall sports, including football, men’s and women’s soccer, and volleyball, until spring.
  • July 30: NBA season resumes.
  • Aug. 2: Indiana’s death toll rises above 2,800.
  • Aug. 4: Indianapolis Motor Speedway announces the Aug. 23 Indianapolis 500 will be run without fans.
  • Aug. 5: With more than 1,000 positive tests reported in a single day, Indiana jumps to a total of 70,993 positive coronavirus tests.
  • Aug. 10: Indiana records more than 75,000 positive coronavirus tests.
  • Aug. 11: The Big Ten announces it won’t play football this fall.
  • Aug. 12: Indiana’s death toll rises above 2,900. With more than 1,000 positive tests reported in a single day, Indiana records more than 77,000 positive coronavirus tests. Delta Middle School and Delta High School were closed through Aug. 24 after 228 students went into quarantine; students were moved to e-learning.
  • Aug. 13: With more than 1,000 positive tests reported in a single day, Indiana records more than 78,000 positive coronavirus tests.
  • Aug. 14: With more than 1,000 positive tests reported in a single day, Indiana records more than 79,000 positive coronavirus tests.
  • Aug. 17: Indianapolis Public Schools restarts with online-only classes. News 8 learns the 2021 NBA All-Star Game will not happen on Presidents Day weekend in 2021.
  • Aug. 20: Indiana’s death toll rises above 3,000. Purdue University suspends 36 students after a party at a co-op.
  • Aug. 21: Indiana high school football season begins with some teams not playing due to COVID-19 concerns.
  • Aug. 23: Butler University tells undergraduates that instruction will occur remotely for the first two weeks of the semester, starting Aug. 24, instead of in classrooms.
  • Aug. 24: Purdue, Indiana, IUPUI and Ball State universities resume in-person classes.
  • Aug. 25: Reports say a fraternity, a sorority and a cooperative house at Purdue University are under quarantines.
  • Aug. 26: Indiana records more than 90,000 positive coronavirus tests. Gov. Holcomb extends the mask mandate through Sept. 25. Indiana’s rental assistance program will take applications for one last day.
  • Aug. 27: Indiana University says eight Greek houses are under 14-day quarantines.
  • Aug. 29: Indiana’s death toll rises to 3,100.
  • Sept. 1: Indiana records more than 95,000 positive coronavirus tests.
  • Sept. 2: With more than 1,100 new cases, Indiana records more than 96,000 positive coronavirus tests. Indiana University tells 30 Greek houses in Bloomington to quarantine.
  • Sept. 3: With more than 1,000 new cases, Indiana records more than 97,000 positive coronavirus tests.
  • Sept. 4: With more than 1,000 new cases, Indiana records more than 98,000 positive coronavirus tests.
  • Sept. 6: Indiana records more than 100,000 positive coronavirus tests.
  • Sept. 8: Indiana records more than 101,000 positive coronavirus tests. Marion County allows bars and nightclubs to reopen with 25% capacity indoors and 50% capacity outdoors.
  • Sept. 9: Indiana records more than 102,000 positive coronavirus tests.
  • Sept. 10: Indiana’s death toll rises above 3,200. With more than 1,200 new cases, Indiana records more than 103,000 positive coronavirus tests.
  • Sept. 11: With more than 1,000 new cases, Indiana records more than 104,000 positive coronavirus tests.
  • Sept. 12: With more than 1,200 new cases, Indiana records more than 105,000 positive coronavirus tests. The Indianapolis Colts open their season with a loss in a Jacksonville stadium with a limited number of fans.
  • Sept. 13: Indiana records more than 106,000 positive coronavirus tests.
  • Sept. 14: Indiana records more than 107,000 positive coronavirus tests.
  • Sept. 16: Indiana records more than 108,000 positive coronavirus tests.
  • Sept. 20: The Indianapolis Colts home opener will be limited to 2,500 fans.
  • Sept. 26: Stage 4.5 of Indiana Back on Track plan to end. Indiana mask mandate to end.
  • Sept. 27: The Indianapolis Colts second home game will be limited to 7,500 fans.
  • Oct. 23: The Big Ten will begin football season.
  • Nov. 25: The NCAA men’s and women’s basketball seasons will begin the day before Thanksgiving with no fans in the stands.

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how to boost a bad credit rating

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HOLLAND, Mich. — Your credit score is just a number, but it can make a difference in your ability to get a loan, house, or even a job ,and after a tough year for finances, now is an important time to pay attention to your score.

“You need to have options, and you need to be able to have access, and all of that boils right back down to your credit score,” says Bree Austin-Roberts, a credit expert and founder of Lakeshore Credit Management and Repair Services in Holland. “I think it was a reality check for a lot of people to saying, ‘Hey, it’s time for me to start thinking about my financial situation.’”

Bree’s story is similar to so many of her clients. A few years ago, before she founded her credit repair business, she and her family were evicted from their apartment. Searching for a house and facing homelessness, Bree noticed a similar roadblock everywhere she looked.

“The credit became a problem,” she said. “It always boiled back down to the credit.”

Bree buckled down on payments and in no time had raised her credit score enough to move her family into a home and start up her business. Now helping others achieve the same success, Bree says a few simple adjustments can make a big difference. Her first call was to the three major credit bureaus to check the accuracy of her score.

“Like 80 percent of people in the United States have something that’s inaccurate on their credit report, but a lot of people don’t know because they don’t monitor their credit.”

So start by checking with TransUnion, Equifax and Experian on the accuracy of your score.

If you’re having a tough time making payments this year on bills or installment loans (which Bree says you should always have at least one of), try contacting your creditors to see if they can delay payments or work out some sort of payment plan that works for you.

“Directly related to the pandemic, a lot of lenders are being very lenient,” said Bree.

In addition to making all your monthly credit card payments on time when you can, Bree says it also matters how often you use your credit card, and on what. She says most repair experts will recommend you keep your card usage below 30 percent, but Bree recommends a lower limit for her clients.

“When you’re in the building process, you want to keep it 10 percent or below,” she said. “If you’re planning on making a major purchase in like 30 to 60 days, you probably want to keep your credit card balances between 1 and 3 percent.”

Other tips include becoming an authorized user on a loved one’s credit card. If they have good credit, spending responsibly on their account could help boost your score faster. Just have them ask their bank or credit union about adding you as an authorized user.

You can also open a secured card on your own. A secured credit card is essentially a prepaid card that ensures you don’t miss payments.

And remember: no credit doesn’t mean good credit. Lenders want to see you can responsibly handle debt.

“Having something to report is positive, but it’s the amount that reports that shows your credit worthiness,” said Bree.

What it boils down to, Bree says, is having good habits and sticking to them. Building or rebuilding credit is a marathon, not a sprint, and Bree says patience is key.

“I was never always a credit expert. It was trial and error,” she said. “I have been there before, and it doesn’t take much to end up right back there again if you’re not budgeting well–if you’re not being credit conscious.”

You can reach Bree at [email protected] or on her website or her Facebook and use the hashtags #lakeshoreCredit and #CreditQueen to join the conversation with her.

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Adam Reich On His Journey From A Bodybuilder To Building His Own Empire And Making People Financially Independent

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Adam Reich

Adam Reich was born on December 17th, 1985, and brought up in Long Island, New York. Gym and fitness lover, Adam Reich, founder of True Credit Repair, Passive Profits Ecom Automation, ReinventU wellness center, and Health Supplements didn’t always have it all. He found a great deal of success in bodybuilding competitions when he was young. He was falling short of turning professional and thus, in the time that he had, he built a late online personal training business with over 100 subscription-based clients. In 2014, Adam Reich was blessed with twin daughters and a few months later, he had to go take up a job for the New York City department of corrections on Rikers Island. He worked 16 hours a day for 5 years straight surrounded by a bunch of violent people. It was an unsafe job. Adam Reich got fed up and decided to invest all the little money he had onto himself. He worked hard and invested all of his time to finally have something of his own and he did, not just one but multiple companies with 7 figure turnovers.

Adam believes that the success he has had by far is because of the client relations and the results and satisfaction that he and his company have given over time. He believes that he should treat his clients exactly how he would expect to be treated as a customer himself. The reason behind investing in a credit repair agency was because Adam Reich first paid to have his credit repaired by the same parent company and 4 months later his credit soared from 550 to 740 and that opened a plethora of financial opportunities for himself. All of his companies are driven by customer satisfaction. He has learned that he must never over-promise to make a sale. He provides a service to his clients that he is proud of but sometimes he tends to over-deliver but he has learned from his past mistakes. Adam Reich believes that delivering a product is important but what’s more important is building a brand along with a reputation as this would help him and his company in the longer run.

Since Adam Reich realized his worth was more than that 9 to 5 job, within 6 months, he left the prior job to invest in himself, moved to Boca with his family, and built a beautiful life in South Florida. It has been great for Adam since then as he has been able to increase his salary tenfold and all the credit goes to his determination and hard work. He also worked towards making it easier for his clients to change their financial situation by providing them with abundant opportunities. That’s all that Adam has always wanted, to help others better their situations. He has had the time to experience a 9-5 job and knows how it feels to miss important events and not being able to spend time with family because of lack of financial freedom which is why he has built this empire so that nobody else has to go through what he went through.

Adam Reich has always kept his priorities straight and his clients are everything to his brand. He goes out and about for them and relates with each individual. He believes in the saying, “show me your friends and I’ll show you you’re future” and that’s why he surrounds himself with the right people always. Since he moved down to South Florida from New York, he has made sure to keep the right people beside him who give him the motivation he strived for. Adam Reich even met his fellow investors at that time and is friends with them. These are the people he used to look up to and hoped to become like them one day. To the colleagues in his industry, Adam Reich wants to mention that people should focus their energy more on customer service. Building results and winning client’s trust is very important to go far ahead in this business.

 

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A year into pandemic, 15% of Americans find themselves in a deepening financial hole, poll finds

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While most Americans have weathered the pandemic financially, about 38 million say they are worse off now than before the crisis began in the U.S. a year ago.

Overall, 55% of Americans say their financial circumstances are about the same now as a year earlier, and 30% say their finances have improved, according to a new poll from Impact Genome and The Associated Press-NORC Center for Public Affairs Research. But 15% say they are worse off. 

The problem is more pronounced at lower-income levels: 29% of Americans living below the federal poverty line say their personal finances worsened in the past year. Roughly that many also find themselves in a deepening financial hole, saying they struggled to pay bills in the past three months. 

The financial outlook for Americans below the poverty line also appears bleak, as 18% say they’ve fallen short on their bills by between $100 and $500 every month. Another 4% say they fall short more than $500 per month.

Despite this high financial need, just 15% of these Americans are getting help from financial services such as debt relief, credit repair, or financial counseling. When they do use these services, low income Americans are more likely to seek some of these services from government or a nonprofit, as opposed to private firms than those with higher income (32% vs. just 4%). Affordability is often cited as a barrier among those lower income adults who do not use these services.


Fed chair says economy set to make turnaround…

00:28

“Living paycheck to paycheck” but paying bills

Britney Frick, 27, is among those whose finances have taken a hit. She worked as a substitute teacher before the pandemic but her role was eliminated. Initially, she found a telecommunications job that allowed her to work from home, but the hours began to dwindle then dried up altogether.

Frick ended up unemployed for six months but was able to get by using her savings, reduced rent and help from her parents.

“I am slowly getting back on my feet but am nowhere near where I was before COVID,” she said.

Frick got a job at a daycare in March, and the steady work is helping her rebuild her financial picture.

“I am still living paycheck to paycheck but at least the paycheck is covering the bills,” she said. “But I am happy to be back at work honestly and happy that things are kind of returning to normal.”

The pandemic has wreaked havoc on the economy — the United States still has 8.4 million fewer jobs than it had in February 2020, just before the pandemic struck.

The government has passed three major relief bills in response, which included direct economic relief payments to individuals. That has helped ease the suffering of some.

The latest round of government payments — $1,400 to individuals — were sent out beginning last month. Households, on average, are using, or plan to use about one-third of the money to pay down debt, about 25% on spending and put the rest into savings, according to a report released last week from the New York Federal Reserve. That closely mirrored spending of prior relief payments.


Paying the price: Income inequality and coron…

08:04

Stark contrast in savings

Overall, the Impact Genome/AP-NORC poll found 52% of Americans say they were able to save money for most of the past three months, while 37% broke even and 10% were short on paying bills. Among Americans living below the poverty line, 29% say they struggled to pay bills recently, while just 16% have saved. By comparison, 61% of those living far above the poverty line say they have been able to save, including some who are putting away more than $500 per month.

Nearly a third of all Americans had not set up a long-term savings account up, such as a 401(K) retirement plan or college savings account, before the start of the pandemic, while 11% of those who did made an early withdrawal to pay for an immediate financial need.

There also are wide racial disparities in financial wellbeing, with 57% of White Americans, 47% of Hispanics and just 39% of Black Americans saying they have saved recently. Black and Hispanic Americans are about twice as likely as White Americans to say they have come up short on bill payments.

Andrew Holland said his family’s finances were fairly steady for most of the pandemic. The California resident worked as a hospice nurse and case manager and his wife kept her job with a refinery. But the stress and isolation of the pandemic led him to reconsider his work.

Unlike before the pandemic, he had no in-person interaction with colleagues or friends to relieve some of the pressure of his job. So he quit and found a new job in hospice care with fewer hours. His wife also got a new job with better pay.

While their family finances took a temporary hit and they spent some savings, he expects to recover. Holland and his wife have started tracking their spending more closely and are now planning for an earlier retirement.

“This really made me look at what do I want to do and when do I want to do it,” Holland, 35, said. “I feel incredibly lucky that the worst that happened is I lost a month’s wages and got a job with fewer hours.”

The poll found many Americans — nearly a third — had not had investment or similar long-term savings accounts set up even before the pandemic. Another 19% say they have been able to add more to investments like a 401(k) or a college savings plan, and 38% say the amount hasn’t changed compared to last year.

Holland said he is disheartened by the inequality of how the pandemic has played out for people, and is concerned the imbalance will never be corrected.

“I am glad that it gave me the push to look at my finances and plan a little bit more for the future,” Holland said. “I definitely wish it had come at a much lower cost for the world as whole.”

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