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Financial Literacy 101

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Financial Wellness

Financial Wellness

(Family Features) Financial anxiety is on the rise in the United States, making financial literacy – simply put, the ability to understand and effectively utilize various money management practices including budgeting, investing and saving among others – as important as ever.

In fact, 36% of the U.S. general population feel anxious about their current financial situations with 26% feeling strained, according to research from World Financial Group. Taking steps to become more financially literate and manage money more effectively can help.

While there isn’t one “right” way to gain financial literacy, these steps can help grow your understanding and confidence around your finances.

  1. Understand Your Finances

    Understanding your finances and how your financial decisions impact your future self is essential for making appropriate choices.  Without this understanding of your income and expenses, you become vulnerable to making the wrong decisions and can put yourself at greater risk in the future.

    To further expand your knowledge base, consider taking a financial literacy quiz to test your understanding of concepts such as compounding interest, inflation and risk diversification. If necessary, don’t be afraid to seek the advice of a professional before making important financial decisions.
  2. Take Control and Plan with Confidence

    To take control of short- and long-term financial priorities and aspirations, individuals should plan ahead. Establishing these goals is the first step to effective planning, whether lifestyle goals, hopes for retirement or specific items you wish to acquire, such as a new vehicle or home. This approach provides a target for building your savings and protection plans.
  3. Prepare and Plan for Life’s Unexpected Events

    If not adequately prepared, unexpected events can have catastrophic impacts on household finances. For example, having to leave the workforce early due to illness could mean years of lost earning power, which could impact your short- and long-term priorities and aspirations. Therefore, it’s essential to ensure backup plans, such as a retirement account or life insurance that includes income protection if unable to work, are in place, if the unexpected happens. This “cushion” can contribute to greater confidence in your future financial outlook and stronger feelings of security going into waves of economic uncertainty.

Test your literacy to assess your understanding and confidence around finances at WorldFinancialGroup.com.

Photo courtesy of iStock

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SOURCE:
World Financial Group

Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.


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Lifestyle

A How-To Guide for Participating in Clinical Trials

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(Family Features) Clinical trials help researchers studying chronic conditions answer important questions about the diseases and their treatment options. However, uncertainty about what to expect and a lack of knowledge about how to get started can prevent patients from joining a clinical trial.

Choosing to take part in a clinical trial means helping a study team figure out if a new method of diagnosis, treatment or prevention is effective. If you live with a chronic condition, such as Crohn’s disease or ulcerative colitis, and want to help find answers for others who share your experience, a clinical trial is an option to consider.

Once you identify a study that interests you, you’ll want to talk with the professionals involved in your ongoing treatment, a clinical research coordinator and your family to gather information necessary to determine whether the clinical trial is a good fit.

To find additional information about clinical trials and begin exploring trials in your area, visit crohnscolitisfoundation.org, and consider these steps for participating in a trial.

Clinical Trials

1. Talking with Your Doctor
Your gastroenterologist and other care providers can help determine whether a clinical trial is right for you and may be able to help point you toward recommended trials. It’s important to ask if or how your doctor will continue to be involved in your care if you participate in a trial.

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2. Finding a Study
If you need help beyond your care team in identifying clinical trial opportunities in your area, organizations dedicated to your condition can be a good resource. For example, the Crohn’s & Colitis Foundation offers an online Clinical Trial Finder for individuals with inflammatory bowel disease.

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3. Talking with the Research Coordinator
A clinical trial research coordinator can provide details specific to your circumstances and needs. You can discuss potential benefits and risks, why the trial is being conducted and who is involved in the health care team. You can talk about past treatments and how this study may differ from your previous experiences. Other questions you might ask include what your options are if the trial doesn’t work, any costs you might expect and what your personal commitment will be.

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4. Evaluating the Fit for You
Once you have the necessary information, you’ll be able to consider whether you’re ready to move forward with registering for the trial. You’ll want to weigh factors like your time commitment, travel distance and whether the trial will affect your personal or professional obligations.

Photos courtesy of Shutterstock

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SOURCE:
Crohn’s & Colitis Foundation


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Consumer Corner

Trump’s opening tariff salvo will hurt US consumers − following through on Canada, Mexico threats will increase the price pain

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tariff

Jason Reed, University of Notre Dame

If U.S. voters reelected Donald Trump hoping for relief from higher prices, his recent threats to impose tariffs on America’s three largest trade partners might make them think again.

On Saturday, Feb. 1, Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China, which he said would take effect on Tuesday, Feb. 4. While markets braced for the news to some degree, they still saw a steep premarket sell-off on Monday, Feb. 3, followed by morning volatility.

While Canada and Mexico negotiated monthlong reprieves on Monday, the new tariffs on China went into effect as expected Tuesday, Feb. 4. And while the ultimate shape of Trump’s tariff policy remains to be seen, the president warned that American consumers could feel “some pain” as a result.

Given my training as an economist and finance professor, I think Trump could be right on that score. In fact, if the tariffs go into effect, they could spell disaster for the Federal Reserve’s inflation reduction efforts.

From grocery stores to homes

U.S. consumers might be surprised to find out that almost every economic sector could be affected by this opening salvo of tariffs, should they go ahead in March. Imports from Mexico and Canada reached close to US$1 trillion in 2024, almost double the amount the U.S. imports from China.

The U.S. is particularly reliant on Mexico for fresh fruits and vegetables, and on Canada for lumber. So if the tariffs go into effect, Americans who have been waiting for home prices to ease may have to continue waiting, as tariffs on lumber and other building materials could worsen the affordable-housing crunch. And let’s not even talk about avocado prices.

Meanwhile, the 10% tariffs on Chinese goods will likely boost the price of electronics, and China has already imposed retaliatory measures. Trump has also proposed 25% tariffs on Taiwan and its semiconductor industry, in an attempt to push Taiwanese companies to invest more in U.S. manufacturing. If that tariff were to go into effect, prices for U.S. consumers would be even higher.

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A tax by any other name …

Tariffs are an import tax. They’re passed through the supply chain in the form of higher prices and are eventually paid by consumers. Traditionally, governments have used tariffs as a fiscal tool to encourage businesses and consumers to move away from foreign-made products and support domestic businesses instead.

In theory, new tariffs could encourage foreign businesses to invest in the U.S. and make more stuff on American soil. Unfortunately, domestic manufacturing has seen a systemic decline since the 1980s, resulting in lower prices for consumers but severely limiting U.S.-produced products. In the short term, at least, import taxes on Canadian, Mexican and Chinese products would ultimately be paid by U.S. consumers.

Although this round of tariff threats may seem arbitrary to some, the Trump administration says it considers tariffs deeply intertwined with national security concerns. Stephen Miran, Trump’s pick to chair the president’s Council of Economic Advisers, has laid out a path for Trump’s tariff plan, which he says is aimed at putting American industry on fairer ground against the rest of the world.

In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

Jason Reed, Associate Teaching Professor of Finance, University of Notre Dame

This article is republished from The Conversation under a Creative Commons license. Read the original article.

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Business and Finance

Reasons to Consider an Up-and-Coming Career in 2025

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Career

(Family Features) If you’re thinking about making a career change, re-evaluating your long-term career path or looking for a career with purpose, there is one path you may not have considered – and it might be the perfect fit: funeral service.

Consider this: Funeral service is facing a critical shortage of skilled professionals in the next decade due to retiring funeral home owners and rising death rates. In fact, the National Funeral Directors Association (NFDA) estimates 5,700 openings for funeral service workers during each of the next 10 years.

In a world where Gen Zers said having a sense of purpose is important to their overall job satisfaction and well-being, according to a study by Deloitte, there’s an opportunity for business-minded individuals, young professionals and those seeking second career paths to explore this distinguished and fulfilling profession. While 1 in 10 (12%) adults would consider a career as a funeral director, Gen Zers (44%) and Millennials (38%) admit they do not know enough about the profession based on a survey by the NFDA.

There are several reasons to consider funeral service as a career, whether you’re a new grad, a young professional looking to get your foot in the door or someone with years of experience who’d like to test your transferable skills in a new career.

1. Fulfillment and Purpose
Funerals and memorial services are an important part of the grieving process and an opportunity for family and friends to gather to comfort one another and say goodbye to their loved one.

Funeral directors are not just in charge of logistics. They play a vital role in helping families navigate one of the most challenging times in their lives. They provide emotional support, guide families through funeral arrangements and ensure the service honors the deceased’s life.

2. Community Involvement
Funeral directors are often deeply involved in the communities they serve, volunteering with local nonprofit and community organizations, sponsoring little league teams and organizing collections for troops overseas. This sense of community extends beyond the immediate responsibilities of the job, as many funeral directors take on the role of mentors and leaders, guiding the next generation of professionals.

“As I look ahead to the next 15 years of my career and beyond, I ask myself one question and encourage others to do the same, no matter what career they are in: Are you doing the work to inspire a new generation of leaders and being the person you needed when you first started out?” said Allyse Worland, CFSP, licensed funeral director. “For me, the answer is always yes, and I am excited to see what the future holds.”

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3. Ability to Own a Business
A career in funeral service offers the opportunity to own your own funeral home. With experience and business skills, you can manage and grow a company that provides essential services to your community. It’s a unique blend of compassion and entrepreneurship, allowing you to make a meaningful impact while running a successful business.

If you’re looking for a meaningful career that combines purpose, community and the opportunity for growth, funeral service might be the path for you. With the occupation’s demand for skilled professionals on the rise, now is the time to consider how you can make a difference in the lives of others while shaping the future of a growing profession.

Learn more about the career path and take a quiz to determine whether it’s right for you by visiting rememberingalife.com/careers.

Photo courtesy of Shutterstock

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SOURCE:
National Funeral Directors Association


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