Daily 5 report for Aug. 23: The conundrum of automotive safety technologies
Whenever new automotive safety devices or technology emerge, a debate quickly arises on whether they should be mandatory or optional.
UAW workers rally outside Stellantis truck plant, blast CEO
The union has threatened to strike the automaker for failing to meet its commitment to reopen the idled Belvidere plant by 2027. Stellantis said the union has agreed to language in the contract that allows it to do so.
Supporting grown kids? How to land the financial helicopter
By Kimberly Palmer | NerdWallet
Kids, it turns out, need their parents even after they’re all grown up.
About 6 in 10 parents say they’ve helped their young adult children financially within the past year, according to a report released earlier this year from the Pew Research Center. The most common forms of assistance? Household expenses, cell phone bills and subscriptions to streaming services.
“Parents have always helped their children, but one of the real questions is, ‘How much is too much?’” says Anne Lester, author of “Your Best Financial Life.” The answer, she explains, depends on how much parents can afford to help, as well as each family’s parenting values.
To navigate the challenge of helping young adults achieve financial independence, money experts suggest these strategies:
Talk about money early
Setting up young adults for self-sufficiency starts when they’re younger and still living at home, says Mindy Oglesby, certified financial planner and founder of Oglesby Wealth Strategies in Watkinsville, Georgia.
Are annuities a good investment?
Logan Moore | (TNS) Bankrate.com
Although annuities are not for everyone, the assurance of guaranteed income in retirement and tax-deferred growth can be very attractive for certain people looking to invest their money. Meanwhile, the high fees and mind-numbingly detailed contracts are a big drawback.
Here’s a look at whether an annuity might be a good investment for you.
What is an annuity?
An annuity is a financial contract, typically with an insurance company, that pays guaranteed income over time in exchange for what you originally paid either through a series of payments or a lump sum.
There are a few different types of annuities to choose from.
—Fixed annuities offer a fixed payout over a fixed term and may guarantee a minimum rate of return, which can be appealing to those looking for a lower risk option with lower fees.
—Variable annuities offer a payout linked to the performance of the underlying investments, such as stocks and bonds or both. Variable annuities have higher fees and offer no guarantees on returns.
NAMAD asks members to share their thoughts as leaders assume new roles
MIAMI BEACH, Fla. — The National Association of Minority Automobile Dealers is conducting its own survey of members’ attitudes to provide a more focused view of the group’s needs and how they might differ from other U.S. car retailers.
Damon Lester, NAMAD’s new chair, launched the survey as a complement to the group’s twice-yearly surveys, which he called a “great tool” for evaluating manufacturers and their brands.
Minority automobile dealers — many of whom are capital-constrained — sometimes have different needs and priorities, Lester said.
“Out of the 19,000 dealerships — and we’re only 1,400 — we can kind of get lost in that data mix,” he said in an interview for the Daily Drive podcast.
Lester said his focus for the next two years will be increasing the number of minority dealers, dealer profitability and highlighting the unique needs of Black, Hispanic and Asian auto retailers in the U.S.
Lester, formerly the president of NAMAD, succeeded Damian Mills as chairman. Other new roles include Vice Chairman Ray Fregia Jr., Treasurer Robert Valdes and Secretary James “Jay” Rivchin.