Latest news with #NancyAnderson
Yahoo
03-07-2025
- Business
- Yahoo
Can Millennials Ever Catch Up to Boomer Wealth?
Baby boomers seem to have gotten the best of everything financially — they are the generation that bought homes and cars, raised families, took vacations, paid for college and have strong retirements, and all on one income in many cases. Additionally, 'pensions were still a thing, and the cost of living didn't eat your paycheck before it even hit the bank,' according to Trevor Houston, CEO at ClearPath Wealth Strategies, LLC. Learn More: Read Next: Millennials, on the other hand, inherited student debt, wage stagnation and recessions at every critical career milestone, Houston pointed out. It's unsurprising that boomers hold as much as 53.2% of the wealth in the U.S. compared to millenials' 4.6% of the wealth, according to Bloomberg. Can millennials catch up? Experts suggested it is possible, especially as more of them head into their higher earning years. 'Baby boomers may have had lower education and housing costs, but they didn't make the salaries that many millennials make today,' said Nancy Anderson, regional planning director at Key Private Bank. Additionally, she said it's important not to forget that boomers also experienced severe inflation in the 1970s, characterized by persistent high inflation rates, rising food and energy prices and the end of wage and price controls. Millennials, who have been investing and making smart financial choices, could be well on track to catch up. Find Out: Good financial habits that can help millennials bridge the gap include prioritizing saving with consistency in your saving and investment plan and budgeting, Anderson said. 'It is important to balance saving for the future while maintaining a comfortable lifestyle.' That can be accomplished by keeping fixed expenses in check while prioritizing saving and investing, she pointed out. 'A big mistake that some professionals make is to increase lifestyle expenses and sacrifice wealth building as income levels rise.' Also, millennials should build their budgets with wealth creation in mind, Anderson said. Start by setting aside 10% of your paycheck into your long-term savings plan such as a 401(k) especially if you have a company match. Then she recommended a breakdown of expenses as percentages of income as follows: Fixed Expenses: Total of 50% to 55% of income Housing: 32% to 40% Utilities: 4% to 6% Transportation: 5% to 10% Medical and health insurance: 4% to 8% Variable Expenses: 25% to 30% of income Groceries: 8% to 13% Entertainment (includes dining): 6% to 11% Subscriptions and miscellaneous: 2% to 5% Savings and Investing: 20% of income 401(k) pretax or Roth: 10% Personal saving and investing: 10% If you feel late to the game and are playing catch-up, Houston recommended, 'Start where you are. Even if you feel late, the best time to plant that money tree was 10 years ago, the second-best time is today.' Make smart choices like automating your savings, regularly investing and finding ways to bring in additional income. 'You don't need to hit a home run, just get on base. Momentum is more powerful than timing,' he said. Don't forget about the power of compound interest, Houston said. 'Compound interest doesn't ask how old you are it just asks if you're consistent,' he said. He urged millennials to use what's available to them, starting with a Roth IRA, contributing to your 401(k) if there's a match and automating savings where you can. 'The key isn't picking the perfect strategy, it's getting started and staying consistent. The key is automation. Set it and forget it. And don't try to time the market, time in the market is what builds wealth.' In this economy, 'a single income is too close to zero,' Houston said. 'Side hustles aren't just for extra cash, they're for building freedom.' Whether it's consulting, freelancing or monetizing a skill online, every additional income stream gives you more control. Try turning your talents into tools, he urged. As most financial experts will agree, you can't build wealth just by earning and saving it — you have to invest it, be strategic about it and set goals. 'That means budgeting with intention, tracking your net worth and realizing that financial freedom isn't about having it all, it's about owning your time,' Houston said. 'Small consistent habits beat big occasional efforts.' More From GOBankingRates 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on Can Millennials Ever Catch Up to Boomer Wealth?
CBS News
14-02-2025
- Business
- CBS News
Canton crafter impacted by closure of Joann Fabrics: "I'm out of business"
Fabric and crafts retailer Joann Fabrics filed for a second bankruptcy this week, announcing the closure of nearly 500 stores nationwide. More than 30 stores in Michigan, including a handful of stores in Metro Detroit, are set to close. The store in Novi is expected to close. When it will close remains to be seen. However, many crafters rely on it, including one local business owner in Canton who says this closure seriously impacts her business. Since 2018, Nancy Anderson has crafted coats for canines, specifically greyhounds and great Danes. "It began when I adopted my first greyhound. I started making coats for them, and it grew into a business where I realized, 'My gosh, I was making a lot of money from it,'" said Anderson. It was a hobby that became a blossoming business called UpTown Hound Apparel, an online Canton-based company that took off globally. "I celebrated when I had 500 customers. Then all of a sudden, next time I'm looking, I'm at like 2,800 people. All over the United States I've shipped. Ireland and to Germany and the U.K. and Canada," Anderson said. She gets all the supplies Anderson uses, primarily fabric, from Joann Fabrics. "Heck, I'm at Joann Fabrics five days a week. I really am. Buying pieces and parts," she said. News of the retailer filing bankruptcy and closing hundreds of stores, including many in Metro Detroit, has devastated Anderson, whose business relies on the materials she can only get from the retailer. "The inside fabric, the solid ones, you can't even get those anywhere else. I've tried other stores; I've tried everything. I'm kind of like feeling like I'm out of business," Anderson said. Anderson is now stocking up on supplies and customer orders while the future of her business continues to loom. "I mean, I'm going to have to eventually just close it down," said Anderson.
Yahoo
08-02-2025
- Health
- Yahoo
County seeks to establish medical, behavioral health unit in KCSO jails
Kern County is looking to improve medical and behavioral health services in local jails by adding therapists, recovery specialists and other staff to a new section within the Sheriff's Office Detention Bureau. A funding request coming before the Board of Supervisors at its Tuesday meeting seeks an additional $5.7 million for staff positions for a proposed Medical and Behavioral Health Section. The unit "will manage key programs for the improvement of mental health services and the overall well-being of justice-involved individuals," Chief Administrative Officer Nancy Anderson wrote in the funding request. The establishment of the section aims to add to and improve programs for mental health assessment, out-of-cell time social interaction, mental health care, programs, in-cell resources, cleanliness, reducing administrative segregation of vulnerable populations, and partnering with agencies and stakeholders for diversion and/or pre-release coordination. The detention bureau currently has 16 funded positions providing those services and the new unit would require an additional 11 positions with funding for a total of 34. If approved, the request would provide funds for one sheriff's support technician position in the sheriff-coroner budget, one behavioral health planning analyst position, seven behavioral health therapist positions and two behavioral health recovery specialist positions. While some of the funding for the new unit will come from opioid-lawsuit reimbursement programs and state reimbursement, county staff anticipates most of the cost of the unit will have to be incorporated into the general fund budget as an ongoing cost. KCSO on Friday referred questions about the program to the Department of Behavioral Health and Recovery Services, which did not respond to request for comment. The creation of the new unit comes as communities across the country continue to grapple with an ongoing mental health and drug abuse crises. The passage of Proposition 36 has strengthened punishment for certain drug crimes and last year the state debuted its new CARE Court program, which seeks to give authorities additional power to compel people into mental health treatment. Another new law, Senate Bill 43, expanded the state's definition of gravely disabled to include mental health and substance abuse disorders, though many counties — including Kern — have opted to delay implementation of that law until 2026.
