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During her workshops, she focused on finances and how to secure grant funding for their businesses. I spoke with her about how Black entrepreneurs can set themselves up for financial success in both business and personal finance. In 2023, we saw an increase in the number of grants available for Black entrepreneurs. Lastly, she said, "Create a grant funding budget. Books and podcasts for Black entrepreneursFinally, I asked Bobb what resources Black entrepreneurs should look to for more ideas.

Persons: Renee Bobb, —, Bobb, Rashad Bilal, Troy Millings, Brown, Mandi Woodruff, Tiffany Aliche, Dennis Kimbro, Daymond John Organizations: Service, Bunker Labs, Entrepreneurship, Music, Tennessee Titans, American Express, Black Chamber of Commerce, Business Development Agency Locations: Black

☆ Financial advisors say dividend stocks can be good for young investors, but they still require a deliberate strategy
▼ + stars: | 2024-02-22 | by ( Kena Shah | Avril Ayers | ) www.businessinsider.com time to read: +5 min

"Dividend funds hope to offer dividend income. AdvertisementDue to their slower growth, dividend-paying stocks are often more reliable than growth stocks, making them a good addition to a young person's investment portfolio for diversification. For example, adding a few dividend-paying stocks to a portfolio of volatile growth stocks can offer diversification. Particularly for young people just getting started with investing, dividend stocks are a good way to learn, says Michael Dinich, a financial advisor. Dividend-paying stocks are also safe for the most part in comparison to growth stocks.

Persons: —, Casey Hayden, Alissa Musto, Julie George, George, Michael Dinich, Hayden Organizations: Service

Generational wealth makes investments more importantIn short, generational wealth is the wealth that’s passed down through a family from generation to generation. AdvertisementIn order to understand generational wealth, I had to understand the history of Black people in America. He and his siblings didn’t receive generational wealth when their parents died, and they also didn’t have the same opportunities as white families. AdvertisementNow that I understand generational wealth, I’m still frustrated, but I no longer feel like I’m inadequate or unintelligent, because I now understand the privileges that I didn’t have. Fortunately, now I can take my frustrations about generational wealth and use it when I go to the voting booth.

Persons: I'm, I've, That’s, didn’t, you’re, we’d, grandpa, I’m Locations: America, Modesto , California

For Love & Money is a column from Business Insider answering your relationship and money questions. This week, a reader's husband isn't willing to consider renting out part of their home. Write to For Love & Money using this Google form. AdvertisementIf your husband isn't fully onboard with the idea, then it's a no-go. Write to For Love & Money using this Google form .

Persons: isn't, —, doesn't, you've Organizations: Business, Service, Security

Our experts answer readers' tax questions and write unbiased product reviews (here's how we assess tax products). I always start tax prep at the end of December, but doing so felt especially important this year. Finally, I send tax forms to the people whom I subcontracted with. I like the idea that he’s spending a bit more time on my taxes during the quiet start to tax season. Starting my taxes early lets me plan and feel in control, which reduces my stress about my tax bill.

Persons: —, Uncle Sam, I’ve, He’s Organizations: Service, Disney

After living through the Civil Rights movement, he became the first Black man to build a billion-dollar business in the 1980s. Black History Month is also Black Futures Month — and it's a chance to remember him. Make money while you sleepMy father said he wanted to make money while he was sleeping, and he certainly accomplished that through investing. Follow-up is keyThe second thing I want to share that my father taught me was about following up. One day, an employee of his dropped the ball on an initiative, and my dad wanted to use it as an example of what not to do.

Persons: Reginald F, Lewis, it's, —, ” Organizations: Service, Civil Rights, Harvard Law School Locations: Southern

1 reason to use a business bank account. However, it is essential that you do not overlook the value of opening a business bank account — usually both a business checking account and a high-yield business savings account. Here are four things I tell my business owner clients to consider when choosing a business bank account. Ease of paying contractorsSome business bank accounts, especially online accounts, offer free invoicing and bookkeeping software/features. If you use accounting software (such as QuickBooks) to manage your business finances, accessing a business bank account that offers integration features may be desirable.

Persons: — Organizations: Service

It would be nice to have a larger apartment, but a larger place would come at a much greater cost. I went from paying a couple hundred dollars a month in rent to around $1,500 to live in the living room of a one-bedroom apartment in Manhattan. We live in a small apartment that’s in our budgetMy husband and I have lived in the same one-bedroom apartment in Williamsburg, Brooklyn since 2019. The apartment is under 600 square feet, and the rent is around $3,400 a month. We’d only be able to afford that rent if we cut back in other areas.

Persons: —, Zumper, nannies, I’ve, We’ve, We’ll Organizations: Service, Day Care, New Locations: New York City, Florida, Manhattan, Williamsburg , Brooklyn, It’s, New York

I left big city life behind in 2020. I knew I couldn't achieve these goals living in a big city. I'd lived in big cities my whole life, including notoriously unaffordable cities in the world like Toronto, Zurich, and Geneva. I knew I couldn't do this, at least not in the way I wanted to, in a big city. If I want to live in a big city again someday and still have some space around me, I need to plan very carefully.

Persons: I'd, I've, I'm Organizations: Service, Mastercard Locations: Toronto, Zurich, Geneva

For Love & Money is a column from Business Insider answering your relationship and money questions. This week, a reader feels he deserves a larger share of his mom's inheritance than his siblings. Write to For Love & Money using this Google form. I plan to ask my siblings for a larger share of my mother's legacy that I can put toward teaching college. When you ask your siblings for a larger share of the inheritance money, be direct, honest, and confident.

Persons: —, I'd, I'm, isn't, you've, Lay Organizations: Business, Service

Read previewThere are many ways to invest, and one that has grown in popularity recently is real estate investing. Clinton has five tips that anyone considering real estate investing should remember. Use real estate as one component of a diversified portfolioClinton says that people include real estate investing as part of a portfolio across asset types, also known as a diversified portfolio. This can include a high investment in money and time, though you can also invest in real estate using real estate investment trusts, which won’t require you to be a landlord. “If you’re investing in property, you’re not limited to where you want to physically live or work.”4.

Persons: —, Charles Clinton, Clinton, ” Clinton, “, you’re Organizations: Service, Business

Not having a car means I don't have to worry about having bills for car payments, gas, parking, and car insurance, not to mention regular and surprise maintenance costs. I spend a lot of time planning out my bus routes, especially to nearby cities. I see the bus ride as my third place, somewhere I can spend time doing things that make me happy. Learning the bus routes has also helped me explore neighborhoods in Seattle. And if I ever need a car ride, an occasional Uber ride is much cheaper than owning a car on my own.

Persons: I've, I'm Organizations: Service Locations: Seattle, Portland, Vancouver

The tax return my CPA prepared instead reported a $16,000 gain, and it took months to fix the error. I get started with tax season in January now — even with a CPA, things can go awry. They had helped me resolve an issue with a previous tax return. Content to have identified the problem, I reported my findings, expecting my CPA would simply amend the return. If I had known how day trading could complicate my return, I might have changed my approach.

Persons: —, aren't Organizations: CPA, Service, GameStop

To achieve your long-term financial goals, investing must be part of your financial plan. Do not worry too much about when the perfect time to start investing is. Target date funds are simpleThe main appeal of target date funds is their simplicity. Investing in a target date fund is a true hands-off investing experience. Do not be afraid to reach out to a financial advisor who can help you identify which option is best for you based on your financial goals.

Organizations: Service

Filing your taxes early means you have more time to make last-minute retirement account contributions. Finishing your taxes early also gives you time to plan ahead for next year. But as a financial planner, I always recommend getting them done as early as possible. Even if you're not a freelancer, filing early can ensure you get your return early or have more time to pay your bill. Plus, evaluating my latest tax return early gives me a game plan for next year's liability.

Persons: —, I've, Uncle Sam, You'll, That's Organizations: Service, IRS

A variety of home upgrades come with federal and state tax rebates, which can offset the cost. New programs are being rolled out — your state might have new tax rebates available this year. AdvertisementMany upgrades have tax incentives"The Inflation Reduction Act has put a really large bank account at the fingertips of most Americans for most electrical upgrades," Richardson says. Rebates can be stacked for added valueQualifying energy-efficiency home upgrades made between January 1, 2023, and 2032 can get a federal tax credit of up to $3,200. "To maximize the financial value of the project, you want to get efficient equipment, and you want to maximize the rebates," Richardson says.

Persons: —, DR, Richardson, You'll Organizations: Service, DR Richardson, Elephant Energy, Energy Locations: Colorado and Massachusetts, Denver, Colorado, America

It's important to fill out your tax return consistently each year — and keep your employer up to date. Even if you aren't the one filing taxes, you should check the return to make sure it's accurate. In 2023, when we had a baby, we started to have conversations about filing taxes together. If we continued to file taxes separately, we both couldn't claim our child as a dependent, and that could impact the amount of taxes one of us owed. AdvertisementAfter meeting with certified public accountant Logan Allec, we realized that it was finally time to file taxes together.

Persons: —, we've, Logan Allec, Allec, isn't, it's, wasn't Organizations: Service

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. One year ago, we moved from a tiny, rural town in Texas to a suburb of Salt Lake City. We made the move to be closer to extended family, but a major sticking point was the increased cost of living. The complexity of the so-called simple lifeMany of the costs of living in rural Texas were unseen. So while certain budgeting items were cheaper in rural Texas, life is simpler now — even if it costs a little more.

Persons: —, Uber haven't Organizations: Service, Business, Housing, Walmart, Texas Panhandle Locations: Texas, Salt Lake City, Utah, Salt

AdvertisementWe expect our energy bill to remain high in the coming months unless we make crucial changes around our apartment. But having the heat on for 12 hours is making our energy bill higher than we'd like. But I am willing to invest a little money if it will decrease my monthly energy bill. Minkel also says that it's important to stay safe with your actions even when you're eager to lower your energy bill. AdvertisementInstead, Minkel says that it's important to put safety first as you're looking for ways to reduce your energy bill.

Persons: —, we've, Maureen Minkel, Minkel Organizations: Service, Business, South Jersey Industries, weatherstripping Locations: South

After I got hit with thousands of dollars in taxes, I realized I needed to have a proactive plan. I keep a portion of my side hustle earnings in a high-yield savings account. I knew I had to take a different approachWhen my tax bill came, it was thousands of dollars that I didn't have. I keep my tax savings in a high-yield savings accountMy goal is to put about 30% of each payment into this savings account. I may end up using a tax preparation companyLastly, I'm considering using a tax preparation company, which typically costs a few hundred dollars at least.

Persons: —, I've, I'm, Gregory Becker Organizations: YouTube, Service, IRS, Small Business

For Love & Money is a column from Business Insider answering your relationship and money questions. Write to For Love & Money using this Google form. Dear For Love & Money,My husband believes we should have six months of spending saved up at all times. I try to add money to our high-yield savings because, in my opinion, savings means savings. Write to For Love & Money using this Google form .

Persons: —, I'm, It's, that's, You've, Tell Organizations: Business, Service Locations: —

I value both saving for retirement and saving for my son's college, but retirement is my first priority. Recently, I spoke with Ashley Rittershaus, a CFP and founder of Curious Crow Financial Planning, a fee-only comprehensive financial planning firm. Advertisement"Some common advice is that it's more important to save for retirement than college because your children can take out loans for college, but you can't take out loans for retirement," says Rittershaus. "Setting your child up for financial success can come in forms other than paying for college," says Rittershaus. Ultimately, I don't want to be a burden on my child later in life, so it's crucial that I continue saving for retirement.

Persons: he'll, —, Ashley Rittershaus, Rittershaus, we're Organizations: Service, Curious, Education Data Initiative Locations: Tennessee

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). After our relationship got to a point where we realized we were better off as friends, we researched how to get out of a domestic partnership, and it's pretty simple. I took out a personal loan for debt consolidationDuring the time we were domestic partners, we took out a debt consolidation loan for $25,000 from Lending Club in June 2022. The loan was for $25,000, and it was taken out as a personal loan that we were using for debt consolidation. The reason we went into a domestic partnership was partly romantic and partly practical.

Persons: Ethan Hamm, Kyle Leon Henderson, we'd Organizations: Lending Club Locations: California, Sacramento, Alabama, New York City, Los Angeles, COVID

AdvertisementA few months later, she canceled the wedding due to the domestic violence she experienced from her fiancé. I found out by seeing a post on social media. Her husband posts pictures on social media washing brand-new four-wheelers they purchased for him and their two kids and an expensive truck. Research from the University of Wisconsin-Madison's Center for Financial Security tells us that 99% of domestic violence cases have a financial element. Certainly, remember what may happen before you give your niece money in the future, but don't stop showing up for her in other ways.

Persons: It's, she'll, we're, fiancé, Don't Organizations: University of Wisconsin, Madison's, for Financial Security

However, as a financial planner, I always recommend being deliberate when it comes to your annual bonus. AdvertisementHere are four things you should avoid buying with your hard-earned bonus money — and some advice on what you should do with it instead. These costs can add up and crunch your budget long after the bonus money is spent. But technology changes and upgrades so rapidly that pouring bonus money into flashy new gadgets often means buyer's remorse sets in fast. But make sure you're using it wisely so that short-term excitement doesn't result in long-term financial regret.

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