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Happy Senior African American Couple Man Woman on Beach

Your Path to Retiring in 12 Years: A Simple Guide<figure id="figure-08lfzmcb7wm5t0irqf"><img id="08lfzmcb7wm5t0irqf" src="https://media.gettyimages.com/id/1439715143/photo/multiracial-senior-couple-sitting-on-stairs-looking-at-laptop-in-the-city-focus-on-asian-man.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=7_7hL8Mwl4xOWizEcI2Fkor3dFp4XIIs9gBMCCfd0PY=" alt="Multiracial senior couple sitting on stairs looking at laptop in the city. Focus on asian man" title="Multiracial senior couple sitting on stairs looking at laptop in the city. Focus on asian man" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1439715143/photo/multiracial-senior-couple-sitting-on-stairs-looking-at-laptop-in-the-city-focus-on-asian-man.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=7_7hL8Mwl4xOWizEcI2Fkor3dFp4XIIs9gBMCCfd0PY=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Let's talk about how you can retire in 12 years using two main tools: a Solo 401(k) and mutual funds. I'll break this down into simple, actionable steps that anyone can follow.First Things First: Figure Out Your NumbersBefore we dive into investing, you need to know your target. Ask yourself, "How much money will I need each year in retirement?"&nbsp;Here's a real example: If you think you need $60,000 per year now, you'll actually need about $85,000 per year when you retire (because of inflation). Planning to live about 25 years in retirement? Then your total target would be around $2.125 million.The Big Picture: Your Savings GoalFinancial experts use something called the "4% rule" it" means you can safely withdraw 4% of your savings each year in retirement without running out of money. To get $85,000 a year, you'll need that $2.125 million we mentioned.Breaking Down Your Annual SavingsTo reach $2.125 million in 12 years, assuming your investments grow by 7% each year, you'll need to save about $108,000 per year. Don't panic! If you already have some savings, you won't need to save this much.Your Two Main Tools1. Solo 401(k): &nbsp; &nbsp;This is your secret weapon if you're self-employed In 2024, you can put away up to $66,000 per year &nbsp; &nbsp;If you do this consistently, you could have about $1.2 million in 12 years2. Mutual Fund: &nbsp; &nbsp;- This is where you put any extra money after maxing out your Solo 401(k) &nbsp; &nbsp;In our example, you'd put $42,000 here ($108,000 - $66,000) &nbsp; &nbsp;This could grow to about $750,000 in 12 yearsA Common Mistake to AvoidMany people keep too much money in cash, thinking it's "playing it safe." But here's the truth: cash sitting in a savings account won't grow enough to help you retire. Most of your money should be invested in things that can grow, like stocks and bonds through your Solo 401(k) and mutual funds.Making Your Money Work HarderThink of your investments like a garden; you want different types of plants. This means putting your money in different types of investments: Some in stocks for growth Some in bonds for stability Maybe some in other investments to spread out your riskDon't Forget About TaxesSolo 401(k): You don't pay taxes on this money until you take it out in retirement Mutual Funds: Look for "tax-efficient" funds that won't hit you with big tax bills each yearMaking AdjustmentsIf saving $108,000 a year seems impossible, you have options: Work a few years longer Cut back on what you plan to spend in retirement Look for ways to earn more now Start with what you can and increase your savings over timeA Real-World ExampleLet's say you follow this plan: Put $66,000 a year in your Solo 401(k) Add $42,000 a year to mutual funds After 12 years, you could have your $2 millionThe Bottom LineRetiring in 12 years is like building a house; it takes planning, the right tools, and consistent work. The key is to: 1. Start now, even if you can't save the full amount 2. Use both your Solo 401(k) and mutual funds 3. Keep your money invested, not sitting in cash 4. Stay consistent with your savings 5. Check your progress every few months and adjust if neededRemember: Every journey starts with a single step. Even if you can't save the full amount right away, starting with what you can and increasing it over time will get you closer to your retirement dreams.Making Your Money Last: Healthcare and International OptionsIf you're like me, you may plan to retire overseas or split your time between the U.S. and destinations like Africa, Asia, or beyond, living in your villa or enjoying various pied-à-terre around the globe. Let's Talk About Healthcare Costs The numbers we discussed might seem huge, but here's a reality check: The average 65-year-old couple in the USA needs about $315,000 just for medical expenses in retirement. This covers things like: Joint replacements ($50,000+ per knee) Dental work ($20,000+ for full dental implants) Regular medications ($5,000-$10,000 per year) Insurance premiums and copaysBut there's good news! You have options to make your money go much further.The International Advantage<figure id="figure-c2xonbhajhm5t0o62o"><img id="c2xonbhajhm5t0o62o" src="https://media.gettyimages.com/id/2181418215/photo/pitchman-man-with-dreadlocks-cut-coconut-outside.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=RI6KuVoC4eykjcd9MsuHmJe7D2NzFBmn3Sh7nU0Cx7M=" alt="pitchman man with dreadlocks cut coconut outside" title="pitchman man with dreadlocks cut coconut outside" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/2181418215/photo/pitchman-man-with-dreadlocks-cut-coconut-outside.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=RI6KuVoC4eykjcd9MsuHmJe7D2NzFBmn3Sh7nU0Cx7M=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Many retirees are discovering they can live better for less in other countries. Here's what you should know:<figure id="figure-wmfjpn7kazm5t0sq70"><iframe id="wmfjpn7kazm5t0sq70" src="https://www.youtube.com/embed/l0RAkurjgcU" class="w-full bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" allowfullscreen="" data-url="https://www.youtube.com/watch?v=l0RAkurjgcU&amp;list=PLAsWxvLMDC82DeEjxFJIpntBWS7Zgh0Nq&amp;index=1" data-corners="default" data-fullwidth="false" data-mce-src="https://www.youtube.com/embed/l0RAkurjgcU" data-mce-style="aspect-ratio: 16/9;"></iframe></figure>Mexico: Healthcare costs are 50-70% lower than the USA High-quality private hospitals in major cities Retirement visa requires about $2,000 monthly income Popular expat communities in places like San Miguel de Allende and Puerto Vallarta Close enough for regular visits back home<figure id="figure-8qg1gmjd3m5t0urzr"><img id="8qg1gmjd3m5t0urzr" src="https://media.gettyimages.com/id/1389319315/photo/beautiful-african-fashion-model.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=rboGtgo4tBFIjeRz5Xuv6plx7T1FPa7bDdIcUq1hObA=" alt="Beautiful African fashion model" title="Beautiful African fashion model" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1389319315/photo/beautiful-african-fashion-model.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=rboGtgo4tBFIjeRz5Xuv6plx7T1FPa7bDdIcUq1hObA=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>South Africa: Medical care in private hospitals is excellent and affordable Retirement visa available with proof of monthly income Beautiful climate and landscapes The Cost of living is 40–60% lower than in the USA Strong English-speaking communitiesOther Popular Options: Portugal: Great healthcare, easy residency process Malaysia: Modern medical facilities, low cost of living Costa Rica: Established expat communities, good healthcare Thailand: Excellent medical tourism infrastructureBuilding Your Global Safety NetHaving friends and family around the world isn't just about socializing; it's a practical retirement strategy. Local knowledge about healthcare and housing Help navigating systems in different countries Emergency support network Shared experiences and resources House-sitting opportunities to try different locations Cultural insights that save you moneySmart Strategy: Start Building Connections Now Join international retirement forums Connect with expat groups online Visit potential retirement locations Make friends with people who've already retired abroad Learn about different healthcare systems Consider teaching English online to build international connectionsThe Real Cost ComparisonLet's put this in perspective. Your monthly expenses might look like this: USA: $5,000-7,000 Housing: $2,000 Healthcare: $1,500 Food: $800 Utilities: $400 Other: $1,300Mexico or Portugal: $2,000-3,000 Housing: $800 Healthcare: $400 Food: $400 Utilities: $200 Other: $700This means your retirement savings could last 2-3 times longer in some countries, while potentially giving you a better quality of life!Final ThoughtsWhile saving for retirement in the USA is important, remember you have options. Building international connections and understanding global opportunities isn't just about saving money; it's about creating a richer, more secure retirement. Start exploring these possibilities now, even if you think you'll stay in the USA. Having options is never a bad thing, especially when it comes to your golden years.Remember: The world is getting smaller, healthcare is getting more expensive, and being open to international options could be the key to a comfortable retirement, even if you don't reach your full savings goal. If you need help we are here to help you now at <a data-mce-href="http://www.colemanprfirm.com" href="http://www.colemanprfirm.com">Colemanprfirm.com</a> don't wait till its too late.<figure id="figure-xjvwn1jvkydm5t4lzr3"><iframe id="xjvwn1jvkydm5t4lzr3" src="https://www.youtube.com/embed/1Ex5TP7_84E" class="w-full bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9" allow="autoplay; encrypted-media" allowFullScreen="" data-url="https://youtu.be/1Ex5TP7_84E" data-corners="default" data-fullWidth="false"></iframe></figure>

Your Path to Retiring in 12 Years: A Simple Guide

Young Black Parishioner With Bible In Hands

Favor Is Not Fair, But It’s Mine: A Biblical Perspective<figure id="figure-h3u27hbbtnm5sz3s3g" class=""><iframe id="h3u27hbbtnm5sz3s3g" src="https://www.youtube.com/embed/UNieiaNMHbw" class="w-full bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" allowfullscreen="" data-url="https://www.youtube.com/shorts/UNieiaNMHbw" data-corners="default" data-fullwidth="false" data-mce-src="https://www.youtube.com/embed/UNieiaNMHbw" data-mce-style="aspect-ratio: 16/9;"></iframe></figure>In life, we often witness circumstances that feel unfair. Why does one person seem to prosper while others struggle? Why do blessings seem to flow toward some who don't appear to deserve them? The phrase, "Favor is not fair, but it’s mine," resonates deeply with many Christians because it acknowledges the divine nature of God’s blessings and grace—given not by human merit but by His sovereign will. This truth is underscored throughout the Bible, revealing God’s grace, the nature of favor, and how the world’s rewards pale compared to eternal life in heaven.&nbsp; 1. God’s Favor Is a Sovereign Gift The Bible clearly states that God’s favor is not earned; it is given according to His will and purpose. Human fairness does not dictate God’s blessings, as seen in these verses:Exodus 33:19 (NIV): "I will have mercy on whom I have mercy, and I will have compassion on whom I have compassion." God’s favor is not something we can demand or manipulate. It’s His to give. Romans 9:15-16 (NIV): "It does not, therefore, depend on human desire or effort, but on God’s mercy." This highlights that blessings are not based on our works but on God’s grace. Favor is a divine act of love and purpose. Psalm 5:12 (NIV): "Surely, Lord, you bless the righteous; you surround them with your favor as with a shield." God’s favor not only blesses but also protects those who walk in His ways. &nbsp; 2. Favor May Seem Unfair to the World The concept of favor can provoke jealousy or confusion because God’s choices often don’t align with human perceptions of fairness.Genesis 37:3-4 (NIV): "Now Israel loved Joseph more than any of his other sons... When his brothers saw that their father loved him more than any of them, they hated him." Joseph’s story is a prime example of how favor can attract envy. Despite the hatred he faced, God’s plan for Joseph’s life unfolded in powerful ways. Luke 15:28-31 (Parable of the Prodigal Son): The elder son felt it was unfair when the father celebrated the return of the prodigal son. Yet the father’s favor reflects God’s grace—a gift undeserved but freely given.<figure id="figure-flvw5bzpq9m5sz8okn"><img id="flvw5bzpq9m5sz8okn" src="https://images.unsplash.com/photo-1479741789870-7e3f31a2ed07?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8YmxhY2slMjBwcmF5ZXJ8ZW58MHx8fHwxNzM2NjQ3NzkwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="baseball player kneeling on ground" title="baseball player kneeling on ground" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1479741789870-7e3f31a2ed07?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNXx8YmxhY2slMjBwcmF5ZXJ8ZW58MHx8fHwxNzM2NjQ3NzkwfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>3. The World’s Prosperity Is Not Heaven’s Reward Sometimes, it seems that those who do wrong are blessed with wealth, power, or success. However, the Bible warns that worldly prosperity is fleeting, and the ultimate reward lies in heaven:Psalm 73:3-7 (NIV): "For I envied the arrogant when I saw the prosperity of the wicked... They have no struggles; their bodies are healthy and strong... From their callous hearts comes iniquity." This passage acknowledges the frustration of seeing the wicked thrive, but their end is destruction. Matthew 6:19-21 (NIV): "Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven." Earthly success means nothing compared to eternal life in heaven. Matthew 7:21-23 (NIV): "Not everyone who says to me, 'Lord, Lord,' will enter the kingdom of heaven, but only the one who does the will of my Father who is in heaven." Even those who appear to have God’s favor—through wealth or outward success—may be far from Him if they do not follow His will. &nbsp; 4. The World Belongs to the Evil One The Bible makes it clear that this world is not heaven. It is a place of trials and temptations, influenced by the evil one:John 12:31 (NIV): "Now is the time for judgment on this world; now the prince of this world will be driven out." The "prince of this world" refers to Satan, who holds temporary sway over earthly systems. 1 John 5:19 (NIV): "We know that we are children of God, and that the whole world is under the control of the evil one." The worldly rewards of power, wealth, and fame are often tools of the enemy to distract from God’s eternal purpose. James 4:4 (NIV): "Anyone who chooses to be a friend of the world becomes an enemy of God." Seeking the world’s favor often leads to spiritual downfall. &nbsp; 5. True Favor Is Eternal While the world’s rewards are temporary, God’s favor is eternal. Heaven, not earth, is the ultimate reward.John 14:2-3 (NIV): "My Father’s house has many rooms... I am going there to prepare a place for you." The true inheritance of God’s favor is eternal life with Him. Revelation 21:4 (NIV): "He will wipe every tear from their eyes. There will be no more death or mourning or crying or pain, for the old order of things has passed away." The struggles of this world are temporary compared to the joy of heaven. &nbsp; Living with God’s Favor Recognize Grace: Understand that God’s favor is not earned but freely given by His mercy. Avoid Envy: Do not compare your blessings to others; trust in God’s plan for your life. Focus on Eternity: Remember that the world’s rewards are fleeting, but God’s favor is eternal. Walk in Faith: Even when life feels unfair, trust in God’s sovereignty and His promise of eternal life.<figure id="figure-sfqijtsskm5sz78iu"><img id="sfqijtsskm5sz78iu" src="https://images.unsplash.com/photo-1543525238-54e3d131f7ca?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8YmxhY2slMjBwZW9wbGUlMjBpbiUyMGNodXJjaHxlbnwwfHx8fDE3MzY2NDc3MTF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="man praying" title="man praying" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1543525238-54e3d131f7ca?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxMHx8YmxhY2slMjBwZW9wbGUlMjBpbiUyMGNodXJjaHxlbnwwfHx8fDE3MzY2NDc3MTF8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The Bottom LineFavor may not seem fair by human standards, but it is a divine gift. God’s blessings often defy worldly logic, and His ways are higher than ours. While the world offers temporary rewards, true favor comes from a life aligned with God’s will, leading to eternal joy in heaven. The next time you reflect on the phrase, "Favor is not fair, but it’s mine," let it remind you of the incredible grace and purpose God has for your life.Would you like to explore your journey with God’s favor? Share your thoughts or reach out at ColemanPRFirm.com for encouragement and guidance!

Favor Is Not Fair

Benjamin Franklin On A One Hundred Dollar Bill With American Flag And Gold Bar High Quality

Understanding Inflation: A Complete Guide for AmericansInflation is a term we hear all the time. It shows up in news headlines, at the gas pump, and in your grocery bill. But what exactly is inflation, why is it rising in the United States, and how does it affect everyday life? This guide will help you understand the basics of inflation and what you can do about it.&nbsp;What is inflation, and Why Should You Care?Inflation occurs when the purchasing power of your money decreases over time. In simple terms, if something cost $100 last year and now costs $105, that’s inflation. It’s a natural part of a growing economy, but when inflation rises too quickly, it can stretch your budget and make life more challenging.&nbsp; Why Has Inflation Risen in the USA?1. Demand-Pull InflationThis happens when there’s too much demand and not enough supply. Examples: housing market booms, PS5 shortages driving up prices. Causes: increased government spending, strong economic growth, population growth. 2. Cost-Push InflationWhen production costs increase, companies pass those costs to consumers. Examples: Oil price spikes affecting transportation costs. Triggers: Supply chain disruptions, natural disasters, trade restrictions. 3. Built-in InflationA cycle where workers demand higher wages to cover rising costs, and companies raise prices to pay those wages. Example: Higher grocery prices force higher wages for retail workers, which in turn increases grocery prices further. &nbsp; How is inflation measured?Consumer Price Index (CPI)The CPI tracks the prices of over 80,000 everyday items, from groceries to housing. It’s weighted by importance:Housing (42%) Food (14%) Transportation (18%) Fun Fact: Different regions in the U.S. have different CPIs based on local costs.Other Measures of InflationProducer Price Index (PPI): Tracks prices at the wholesale level. Personal Consumption Expenditures (PCE): Used by the Federal Reserve for policy decisions. GDP Deflator: Includes all goods and services produced in the economy. &nbsp; Inflation vs. Wages: The Growing GapWhile prices have been rising, wages—especially minimum wage—haven’t kept up.Minimum Wage and PovertyFederal minimum wage: $7.25/hour (unchanged since 2009). To live above the poverty line, a single worker would need to earn at least $14/hour. Example: A minimum-wage worker earning $15,080/year struggles to afford rent, groceries, and transportation. Middle Class Under PressureThe middle class is shrinking as inflation outpaces wage growth. Example: A family making $60,000/year might have felt comfortable 10 years ago but now struggles with higher housing, healthcare, and education costs. &nbsp; How Inflation Affects YouYour Money’s Changing Value$100 in 2000 is worth about $172 in 2024. Everyday items like groceries, housing, and healthcare are rising faster than wages. Common Items Most AffectedFood: Prices for meat and fresh produce can swing 10-15% annually. Housing: Rent, property taxes, and maintenance costs are rising. Healthcare: Prescription drugs and insurance premiums are climbing faster than general inflation. &nbsp; What Can You Do About Inflation?Short-Term StrategiesShopping Smarter: Buy generic brands (saves 30-50%). Stock up during sales. Cutting Costs: Review subscriptions. Negotiate bills. Transportation Savings: Use apps to find cheaper gas. Maintain your car regularly. Long-Term StrategiesInvestments: Consider TIPS (treasury inflation-protected securities) or real estate. Stocks with growing dividends can outpace inflation. Career Growth: Negotiate salary increases. Build skills for higher-paying jobs. &nbsp; Understanding Fed Policy: How Inflation is ControlledTools Used by the Federal ReserveInterest Rates: Higher rates slow spending, while lower rates boost it. Money Supply: Adjusting bank reserve requirements or using quantitative easing/tightening. Impact TimelineChanges in policy take 6–18 months to affect the economy. Housing and consumer spending are typically the first to respond.&nbsp;A Personal Action Plan to Manage InflationWeekly:Compare prices for regular purchases. Track spending. Monthly:Adjust your budget. Check savings and investments. Annually:Review your salary versus inflation. Update your financial goals.Key points not covered in detail in this article, which could be their own articles on how high interest rates impact inflation:Rates also rise to maintain dollar strength internationally Political pressure can influence timing of rate changes Regional Fed banks provide input on rate decisions Rate changes affect government borrowing costs&nbsp;The Bottom LineInflation affects us all, but understanding it can help you take control of your finances. While rising prices might feel overwhelming, smart budgeting, investing, and planning can make a big difference. Remember, inflation doesn’t have to derail your financial goals. Stay informed and adjust your strategies to keep moving forward.Want more tips? Share your thoughts in the comments below or reach out to us at <a href="http://www.ColemanPRFirm.com">www.ColemanPRFirm.com</a> !

Understanding Inflation: A Complete Guide for Americans

Delicious, fresh, sugary and freshly made Mexican dead bread that is made for the Day of the Faithful Dead and All Saints that is celebrated in November in Mexico

Business Plan Projection for a Bakery to Break Even and Achieve ProfitabilityPurpose of "Let’s Teach" Blogs/VlogsThe "Let’s Teach" segment of my blogs and vlogs is designed to educate and empower you in business, no matter your level of experience. Whether you're just starting out or looking to refine your skills, these posts are here to break down complex topics and provide practical insights to help you succeed. Let's learn and grow together!<figure id="figure-vohob0zd3im5ltu8lo"><img id="vohob0zd3im5ltu8lo" src="https://media.gettyimages.com/id/1463386327/photo/team-of-bakery-owners.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=SGB7Jo-Z3RV72BRGn_8qrDlGUwIFYXd4QodjHyO1Fpc=" alt="Team of Bakery Owners" title="Team of Bakery Owners" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1463386327/photo/team-of-bakery-owners.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=SGB7Jo-Z3RV72BRGn_8qrDlGUwIFYXd4QodjHyO1Fpc=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Initial Investment Cash Investment: $100,000 Loan Amount: $50,000Loan interest rate: 6% annually (assumed) Loan term: 5 years Monthly repayment: ~$966 (principal + interest) &nbsp; Fixed and Variable Costs 1. Fixed Costs Rent: $2,500/month Utilities: $500/month Insurance: $300/month Loan Repayment: $966/month Marketing and Advertising: $500/month Miscellaneous: $300/month Total Fixed Costs: $5,066/month2. Labor Costs Owner’s Salary: $4,000/month Two Part-Time Employees:Hours/week: 20 hours each Hourly wage: $15/hour Total wage per employee: $1,200/month Total for two employees: $2,400/month Total Labor Costs: $6,400/month3. Operating Costs (Variable) Raw Materials and Ingredients: ~$5,000/month Packaging and Supplies: $500/month Maintenance/Repairs: $300/month Total Operating Costs: $5,800/monthMonthly Cost Breakdown Fixed Costs: $5,066 Labor Costs: $6,400 Operating Costs: $5,800 Total Monthly Costs: $17,266Revenue Projections To break even, the bakery needs to generate enough revenue to cover its total monthly costs of $17,266.1. Average Sale Price per Item: $5 2. Average Daily Sales Required: Monthly costs: $17,266 Working days/month: 22 (5 days/week) Required daily revenue: $784 Items sold/day to break even: $784 ÷ $5 = 157 items/day &nbsp; Profit Projection To generate a profit, the bakery must exceed $17,266 in monthly revenue.Target Profit: $5,000/month Total Monthly Revenue Target: $17,266 (break-even) + $5,000 = $22,266 Daily Revenue Target: $22,266 ÷ 22 days = $1,012/day Items Sold/Day for Profit: $1,012 ÷ $5 = 203 items/day &nbsp;<figure id="figure-yefa5qqokm5lty2bz"><img id="yefa5qqokm5lty2bz" src="https://media.gettyimages.com/id/1386396397/photo/african-american-woman-bakers-looking-at-camera-chef-baker-in-a-chef-dress-and-hat-cooking.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=REU2xFDEgmPYTzMowBse2ysH1e8aOXtZVe2CagYrLC8=" alt="African American woman bakers looking at camera.Chef baker in a chef dress and hat, cooking together in kitchen.She takes fresh baked cookies out of modern electric oven in kitchen." title="African American woman bakers looking at camera.Chef baker in a chef dress and hat, cooking together in kitchen.She takes fresh baked cookies out of modern electric oven in kitchen." class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1386396397/photo/african-american-woman-bakers-looking-at-camera-chef-baker-in-a-chef-dress-and-hat-cooking.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=REU2xFDEgmPYTzMowBse2ysH1e8aOXtZVe2CagYrLC8=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Key Strategies to Achieve Profitability Increase Average Sale Price: Offer premium items like specialty cakes or gift baskets priced higher to boost the average ticket size. Upselling and Bundling: Encourage customers to buy combos (e.g., coffee + pastry) to increase per-customer spend. Expand Operating Days: Adding one more operating day per week (26 days/month) reduces daily sales needed to break even. Catering or Delivery Services: Offer bulk orders for events or partner with delivery apps to increase reach. Loyalty Programs: Create a loyalty program to encourage repeat business and customer retention. &nbsp; Break-Even Timeline Assuming steady sales growth:If the bakery reaches the break-even point of $17,266/month by month 4, it can begin turning a profit by month 5. With targeted strategies, achieving a $5,000/month profit is realistic by month 12. Now let's say for most its going to take longer 3-5 years longer for many. The SBA has this break-even calculator that can help take guess work out: <a href="https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs/break-even-point/calculate" data-mce-href="https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs/break-even-point/calculate">https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs/break-even-point/calculate</a>&nbsp;Profitability scenarios for a bakery that grows slower than estimated.Let’s revisit Scenario 1 (Monthly Revenue = $15,000) and clarify how long it might take to reach profitability, even with a recurring loss.&nbsp; Scenario 1: Monthly Revenue = $15,000 Monthly Loss: $17,266 - $15,000 = $2,266 Annual Loss: $2,266 × 12 = $27,192 Time to Profitability: With steady revenue of $15,000, the bakery would accumulate $27,192 in losses annually. To offset cumulative losses and eventually turn a profit, revenue would need to increase by at least $2,266/month to meet the break-even point. If revenue stays at $15,000/month, losses will continue indefinitely, delaying profitability indefinitely unless adjustments are made. However, let’s consider a gradual revenue increase:Revenue increases by $500/month starting in Year 2:By Month 12: Revenue is still at $15,000/month with an accumulated loss of $27,192. By Month 24: Revenue rises to $15,500/month. Loss reduces by $500 × 12 = $6,000/year. By Month 36: Revenue hits $16,500/month. Loss reduces further, approaching break-even by Month 42. Projected Break-Even Timeline:With slow, steady growth, profitability can be achieved in approximately 3.5 years. &nbsp; Scenario Adjustments Unexpected Expenses: Major costs like an appliance failure or rent increases could delay profitability, even with steady revenue growth. 3-5 Year Industry Reality: Many bakeries experience 3-5 years of losses before achieving profitability due to high startup costs and market competition. We can help you here at <a href="WWW.CPRFIRM" data-mce-href="WWW.CPRFIRM">WWW.CPRFIRM.COM﻿</a><figure id="figure-qtyxfk093bm5mrmlcu"><iframe id="qtyxfk093bm5mrmlcu" src="https://www.youtube.com/embed/JhDES8NOYQo" class="w-full bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9" allow="autoplay; encrypted-media" allowFullScreen="" data-url="https://youtu.be/JhDES8NOYQo" data-corners="default" data-fullWidth="false"></iframe></figure>

Business Plan Projection for a Bakery to Break Even and Achieve Profitability

Woman, grocery store and shopping with price discount, sale and and graphs overlay of wholesale and fruits. African customer check cost, retail and food choice at convenience store or supermarket

Investing in the Stock Market: Breaking It Down for Everyone<figure id="figure-88z22jhrr8m5ikzso7" class=""><img id="88z22jhrr8m5ikzso7" src="https://media.gettyimages.com/id/1259909239/photo/smiling-african-woman-in-office-financial-chart.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=UnCq-1Kh2mDsv5tYJBJP0Qa_IRdbwuh5gQZ9_xa_nXY=" alt="Smiling African woman in office, financial chart" title="Smiling African woman in office, financial chart" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1259909239/photo/smiling-african-woman-in-office-financial-chart.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=UnCq-1Kh2mDsv5tYJBJP0Qa_IRdbwuh5gQZ9_xa_nXY=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Hey there! Kellen here. I know investing can seem overwhelming at first—all those numbers, charts, and fancy terms. But don't worry! Today, I'm going to break down U.S. stock market investing in a way that actually makes sense. No fancy jargon, just straight talk about growing your money. This is not financial advice<figure id="figure-j3bx4qqklkm5irf4wn"><iframe id="j3bx4qqklkm5irf4wn" src="https://www.youtube.com/embed/BeRDJKv9IQ0" class="w-full bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9;" allowfullscreen="" data-url="https://youtu.be/BeRDJKv9IQ0" data-corners="medium" data-fullwidth="false" data-mce-src="https://www.youtube.com/embed/BeRDJKv9IQ0" data-mce-style="aspect-ratio: 16/9;"></iframe></figure><blockquote>&nbsp;What Are These "Indices" Everyone Talks About?</blockquote>Think of a stock market index like a playlist of companies. Just like you might make a playlist of your favorite songs, these indices are collections of different companies grouped together. Let's look at the most popular ones:<figure id="figure-iq627bpntam5imz56v"><img id="iq627bpntam5imz56v" src="https://images.unsplash.com/photo-1648275913341-7973ae7bc9b3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxzJTI2cCUyMDUwMHxlbnwwfHx8fDE3MzYwMjI1MjB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="a close up of a clock with different colored numbers" title="a close up of a clock with different colored numbers" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://images.unsplash.com/photo-1648275913341-7973ae7bc9b3?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxzJTI2cCUyMDUwMHxlbnwwfHx8fDE3MzYwMjI1MjB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>&nbsp;The S&amp;P 500: The "Greatest Hits" PlaylistThis is like the Billboard Top 500 of companies. It includes 500 of America's largest businesses, think Apple, Amazon, Coca-Cola, and other household names. Over the past 40 years, it's earned about 10.5% per year on average. That means if you invested $1,000 and earned that average return, in 20 years you'd have about $7,400. Not too shabby!<figure id="figure-ih60i65ssom5in0fwn"><img id="ih60i65ssom5in0fwn" src="https://media.gettyimages.com/id/1412213837/photo/dow-jones-us-stock-market-neon-sign-with-green-up-arrows.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ufhdb02jJoIp6A4mlImFq7MxIRM19QhNF6T-Alse-DI=" alt="Dow Jones US Stock Market Neon Sign with Green Up Arrows" title="Dow Jones US Stock Market Neon Sign with Green Up Arrows" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1412213837/photo/dow-jones-us-stock-market-neon-sign-with-green-up-arrows.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ufhdb02jJoIp6A4mlImFq7MxIRM19QhNF6T-Alse-DI=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The Dow Jones: The "Classic Rock" PlaylistThis one's been around forever and includes 30 of the biggest, most stable companies in America. It's like the classic rock station of the investment world: reliable, steady, and time-tested. It usually returns around 10% per year over the long haul. <figure id="figure-c58yieew6hm5in1q77" class=""><img id="c58yieew6hm5in1q77" src="https://media.gettyimages.com/id/1341547799/photo/nasdaq-advertisment.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=rBmZnIMxGC8FA5afpcDTH8p03LKBLaKfovneX8J0RUc=" alt="NASDAQ Advertisment" title="NASDAQ Advertisment" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1341547799/photo/nasdaq-advertisment.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=rBmZnIMxGC8FA5afpcDTH8p03LKBLaKfovneX8J0RUc=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The NASDAQ: The "Tech-Heavy" PlaylistIf you're into technology, this is your jam. The NASDAQ includes over 3,000 companies, with a heavy focus on tech firms. It's more volatile (meaning the value goes up and down more dramatically), but it's also delivered higher returns around 13% annually over the past 40 years.&nbsp;How Can You Actually Invest in These Indices?Here's where it gets really interesting. You don't have to buy shares in hundreds of companies individually (thank goodness!). Instead, you can use something called an ETF (Exchange-Traded Fund) or a mutual fund. Think of these as buying a concert ticket instead of paying each band member separately.<figure id="figure-y8iaik8owom5in2qo4"><img id="y8iaik8owom5in2qo4" src="https://media.gettyimages.com/id/1472468191/photo/high-profits-with-etf-on-the-international-stock-exchanges.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=yOYQz7bfTx6PdyadjBUojLgLZLd_eyFY-5SBl8YrrpM=" alt="High profits with ETF on the international stock exchanges" title="High profits with ETF on the international stock exchanges" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1472468191/photo/high-profits-with-etf-on-the-international-stock-exchanges.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=yOYQz7bfTx6PdyadjBUojLgLZLd_eyFY-5SBl8YrrpM=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>&nbsp;ETFs: The Easy ButtonThey're like buying one stock that gives you access to all the companies in an indexYou can buy and sell them any time during the trading dayThey usually have really low fees (more money stays in your pocket!)Popular examples: SPY (tracks S&amp;P 500) or QQQ (tracks top 100 NASDAQ companies)<figure id="figure-24axcpd1pvm5in4biv"><img id="24axcpd1pvm5in4biv" src="https://media.gettyimages.com/id/1617910856/photo/mutual-funds-business-stock-profit-growth-investment-money-income-mutual-banking-asset.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=1Y5yvGawWghy3eJ5UbFmWdUtbV1wnQzomDSqpbbiJDA=" alt="MUTUAL FUNDS business stock profit growth investment money income mutual banking asset economy interest mutual fund coins money saving" title="MUTUAL FUNDS business stock profit growth investment money income mutual banking asset economy interest mutual fund coins money saving" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1617910856/photo/mutual-funds-business-stock-profit-growth-investment-money-income-mutual-banking-asset.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=1Y5yvGawWghy3eJ5UbFmWdUtbV1wnQzomDSqpbbiJDA=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>&nbsp;Mutual Funds: The Professional Concert OrganizerSimilar to ETFs but managed by professional investorsYou can only buy or sell once per dayusually have higher fees than ETFsGood for hands-off investors who want professionals managing their money&nbsp;How to Get Started (Without Losing Your Mind)1. Start Small&nbsp; &nbsp;Don't think you need thousands of dollars to start! Many brokers now offer "fractional shares," meaning you can invest with as little as $5 or $10. It's like buying a slice of pizza instead of the whole pie.2. Make It AutomatcSet up automatic investments every payday, even if it's just $25 or $50. This is called "dollar-cost averaging," and it's like putting your investing on autopilot. You'll buy more shares when prices are low and fewer when they're high, pretty smart, right?3. Think Long-Term&nbsp; The stock market goes up and down like a roller coaster in the short term, but historically, it's like an escalator over the long term, gradually moving up. Don't panic when you see drops; they're normal and expected.Which Index Is Right for You?Playing it safe? Start with an S&amp;P 500 ETF. It's like ordering the most popular dish at a restaurant; it's popular for a reason!Feeling tech-savvy? The NASDAQ might be your speed, but be prepared for a wilder ride.Want a Bit of Everything? Consider the Wilshire 5000, which includes practically every publicly traded U.S. company.&nbsp;The Secret Sauce: Reinvesting DividendsHere's a pro tip: When companies pay dividends (basically sharing their profits with shareholders), don't pocket that money. Reinvest it! It's like planting seeds from your garden's vegetables; you'll grow even more next season.<blockquote>&nbsp;Remember This</blockquote>Investing isn't about getting rich quick; it's about growing your money steadily over time. The U.S. stock market has had its ups and downs (including some scary drops), but over the long term, it's helped many regular people build wealth.Start small, stay consistent, and don't panic when the market gets jumpy. Think of it like learning to ride a bike; it might be wobbly at first, but once you get the hang of it, you'll wonder why you were ever nervous!Personal story: Back when I was in Ottawa University before going to Grambling State University, aka Harvard of the South, I invested in satellite radio, drawn to the growing potential of the industry. One day, I woke up to find that XM and Sirius Satellite Radio had undergone a horizontal merger, combining forces to dominate the market as SiriusXM. This type of merger, where two companies in the same industry join together, was a game-changer. It eliminated competition, expanded content offerings, and strengthened their market power. Watching my investment grow as the industry evolved was a real-life lesson in how strategic corporate moves can create big opportunities for investors.What If You Forget Your Username, Password, or Where You Bought It? Even if it’s been decades since your purchase, your investment is still yours. If you’ve lost track of your account, here’s what you can do:Contact the Company Directly: Most companies, like SiriusXM, have investor relations teams that can help locate your account or guide you to the right resources. Reach Out to Brokers: Contact brokers you’ve used in the past, as they often keep records of historical purchases. Check Unclaimed Property Databases: If your investment was deemed inactive, it might be listed as unclaimed property with your state or country. Use Identifying Information: Companies or brokers can often track your account using details like your SSN, old account numbers, or transaction records. Don’t worry once you own an investment; it’s always yours. With a bit of effort, you can reconnect with your stake and enjoy the rewards of your financial foresight.What's your next move? Consider opening an account with a reputable broker (companies like Vanguard, Fidelity, or Charles Schwab are well-known options) and start with a simple S&amp;P 500 ETF. Your future self will thank you!*Remember: While I've tried to make this as clear as possible, investing always carries risks. Past performance doesn't guarantee future results. Consider talking to a financial advisor for personalized advice based on your situation.* This is not financial advice

Investing in the Stock Market: Break Down

The Case for a 10% Credit Card Interest Cap: A Step Toward Financial Freedom <figure id="figure-vh4itdxbum5cw9beq"><img id="vh4itdxbum5cw9beq" src="https://cdn.durable.co/blocks/35eJgxzBEWoTJoNAmsnsXnMnZYvdImk6iW8F3Kl57zwMvtIpG8iM0UPBA4hmnhw4.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/35eJgxzBEWoTJoNAmsnsXnMnZYvdImk6iW8F3Kl57zwMvtIpG8iM0UPBA4hmnhw4.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>When Bernie Sanders and Donald Trump agree on something, it tends to grab headlines. The proposed cap on credit card interest rates at 10% has sparked discussions across the political and financial spectrum, and as someone who values financial literacy and responsibility, I believe this policy is a move in the right direction.Here’s why I Kellen Kash Cache Coleman as a "credit card deadbeat." Despite the negative connotation of the term "deadbeat," in this context, it describes someone who pays off their credit card balance in full and on time each month, thereby incurring no interest I support it and why I believe it’s a step toward helping low-income households break free from the vicious cycle of debt.<figure id="figure-jhufnva36m5cwa9g8" class=""><img id="jhufnva36m5cwa9g8" src="https://cdn.durable.co/blocks/22VoCKdKGRxEbDGmrzsjx3l4yGw9TIJrMFVz6kzTWYbv6IuaD5P6wwCEaPP8p3Ud.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/22VoCKdKGRxEbDGmrzsjx3l4yGw9TIJrMFVz6kzTWYbv6IuaD5P6wwCEaPP8p3Ud.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Understanding the ProposalCurrently, credit card interest rates range from 16% to as high as 36%, especially for subprime borrowers. For many, this creates a crushing financial burden that is hard to escape. By capping interest rates at 10%, this proposal would significantly reduce the cost of borrowing, making it easier for consumers to pay off their balances without falling into deeper debt.Why as a credit card deadbeat, I Support the 10% Cap1. Protecting Low-Income Households High-interest credit card debt is a trap for many low-income families who use credit cards for basic needs or emergencies. A 10% cap provides relief and ensures that the cost of borrowing doesn’t spiral out of control.2. Dave Ramsey Is Right Dave Ramsey has long advocated for living without credit cards, pointing out that most people, regardless of income, don’t pay off their balances in full each month. The result? They get hit with high interest, wasting hard-earned money that could be invested or saved. A cap reduces this burden, but it also reinforces a critical point: low-income households should avoid using credit cards altogether.3. Encouraging Financial Responsibility Lowering interest rates can make borrowing less punitive for consumers who are trying to stay afloat. While I believe that credit cards should be avoided whenever possible unless a credit card deadbeat, this cap gives people a fighting chance to get out of debt and build better financial habits.4. Combating Predatory Lending The credit card industry thrives on risky loans and sky-high interest rates that disproportionately affect the most vulnerable. This cap would curb some of these predatory practices and shift the focus toward more ethical lending standards.<figure id="figure-5qi4levsam5cwxr7y"><img id="5qi4levsam5cwxr7y" src="https://cdn.durable.co/blocks/7ZVuvMgyUyCBtv65hq6TOeZBTfjFBip1vSlfaJDTJeceIr1fsvWfopFWrWWb0FQw.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/7ZVuvMgyUyCBtv65hq6TOeZBTfjFBip1vSlfaJDTJeceIr1fsvWfopFWrWWb0FQw.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The Potential ChallengesWhile the 10% cap has many benefits, it’s not without potential downsides. Credit card companies might:Tighten their lending standards, making it harder for low-income individuals to qualify for credit.Reduce or eliminate popular perks like cashback, travel rewards, or introductory offers, which would stop a lot of us deadbeats from using cards.Introduce higher fees to make up for lost interest revenue, which could also stop us deadbeats from using cards.These changes could limit access to credit and shift costs in ways that are less obvious but still impactful.<figure id="figure-mpj0kw378hm5cwzub2"><img id="mpj0kw378hm5cwzub2" src="https://cdn.durable.co/blocks/20HwyMRsKrdUvN3RkdfzonLO5MZboJ1jOFX3wKEi0iFCG8LxGsMt0uf0cTD6ezEd.jpg" alt="" title="" class="object-cover bg-gray-100 rounded-lg md:rounded-xl lg:rounded-2xl" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/20HwyMRsKrdUvN3RkdfzonLO5MZboJ1jOFX3wKEi0iFCG8LxGsMt0uf0cTD6ezEd.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>The Bigger Picture: Credit Cards Are Not the SolutionUltimately, we need to address a larger issue: credit cards are not a financial safety net. Low-income households should not rely or have credit cards for emergencies or everyday expenses. Instead, we should focus on:Building Emergency Funds: Even small savings can prevent the need to rely on credit cards.Financial Education: Teaching people how to budget, save, and manage money is critical to breaking the cycle of debt.Community Support: Strengthening programs that provide resources and assistance for those in need can reduce dependence on credit.As Dave Ramsey has repeatedly proven, most people can’t handle credit cards without paying interest. The system is designed to benefit lenders, not borrowers. A 10% cap is a step in the right direction, but the ultimate goal should be helping people avoid credit card debt altogether.ConclusionThe proposed 10% cap on credit card interest rates is a policy I support because it protects consumers and encourages financial responsibility. But let’s be clear: the long-term solution lies in helping people break free from the credit card trap entirely.By focusing on education, savings, and responsible spending, we can empower individuals to live without credit cards—and that’s the real path to financial freedom.Kellen Coleman "It’s A Family Business. It’s Different."<a data-mce-href="https://linktr.ee/kellenkash" href="https://linktr.ee/kellenkash" title="BOOK TIME HERE">https://linktr.ee/kellenkash</a>

The Case for a 10% Credit Card Interest Cap: A Step Toward Financial Freedom

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