7 Money Rules To Never Break

It’s #4 and #5 for me. If you are at a point in your life where you feel stuck use the many resources around you to get out of your situation:

• The Library
• Book Stores
• The Internet (Financial Blogs/YouTube)
• Social Media Money Profiles
• Seminars

As an adult you have two choices; to complain about how your life isn’t going, or to make the active changes needed to place you in the position that you want to be in.

Article By Aura Bea Carter

700 And Higher: The American (Credit Score) Dream

Three major credit bureaus — Experian, Equifax, and TransUnion — regularly collect information about your payment history, while your credit report contains additional details regarding your payment history, credit utilization ratio and any open and closed credit accounts.

The information in your credit report is used to calculate a three-digit credit score, which lenders then utilize to evaluate a borrower’s likelihood of defaulting on a loan.

By having a higher score, you’ll typically qualify for loans or credit products with lower interest rates and more favorable terms.

Continue Reading

This Book Can Make You Rich

Stop struggling financially and start creating the life of your dreams.

Change your life and how you think about wealth by developing a money mindset. The Manifesting Money With The Law Of Attraction journal will help transform your prosperity patterns. Studies have shown that your beliefs around money dictates how much you will earn during your life.

Don’t limit yourself!

With this guided journal you will learn how to set yourself up for success by training your mind to see money as being something that is abundant in this world. (Because it is!)

Are you ready to start reaching financial freedom? Click the link and order your copy today.

U.S. Federal Reserve Bans Employees From Trading Crypto, Bonds And Stocks

The Federal Reserve banned senior officials from engaging in several forms of active trading, finalizing a sweeping series of changes to its ethics rules after several Fed officials it became engulfed in controversy over their trading actions. 

Since September, three top Fed officials, including former Vice Chairman Richard Clarida, have resigned since disclosing trading activity at the start of the pandemic. The disclosures led to a widespread backlash, and prompted Fed Chair Jerome Powell to order a review of the ethics rules for top officials.

The new rules were previewed in October, and “aim to support public confidence in the impartiality and integrity of the Committee’s work by guarding against even the appearance of any conflict of interest,” the central bank said in a statement

The Federal Open Market Committee announced on Friday that it had unanimously adopted the guidelines, which go into effect on May 1. These prohibit senior officials from purchasing individual stocks or sector funds, shorting a stock, entering into derivatives contracts, or purchasing securities on margins. They also prevent them from holding individual bonds, agency securities, cryptocurrencies, commodities or foreign currencies.

In addition, senior officials will be required to provide 45 days’ notice before selling or buying securities and obtain approval for the transactions. They will need to hold investments for at least one year. The requirements for advance notice and pre-clearance take effect on July 1. 

The committee will also extend a blackout trading period running up to regularly scheduled FOMC meetings by a day after each meeting.

People covered by the rules range from Fed Board members and Reserve Bank presidents to Reserve Bank first vice presidents, research directors, staff officers, and any other person designated by the Chair—and their spouses and minor children. 

When the changes take effect, Reserve Bank presidents will be required to publicly disclose any transactions within 30 days, as Board members currently do. Officials have 12 months from when the rules take effect to dispose of any impermissible holdings.

Continue Reading

NFTs Causing U.S. Treasury To Raise Alarm Over Money Laundering In Art Industry

The U.S. Treasury Department on Friday issued a set of recommendations to combat illicit finance in the high-value art market and warned that the emerging digital art market, such as non-fungible tokens (NFTs), may present new risks.

In a study published on Friday, the Treasury found that there is some evidence of money laundering risk in the high-value art market, but limited evidence of terrorist financing risk, the Treasury said in a statement.

It said that those most vulnerable in the market are businesses offering financial services that are not subject to anti-money laundering or countering terrorism financing obligations, warning that asset-based lending “can be used to disguise the original source of funds and provide liquidity to criminals.”

A senior Treasury official told reporters next steps include engaging stakeholders such as those in Congress or in the industry to get their feedback, adding that the Treasury hopes the study will encourage industries to take additional steps to make it harder to launder illicit proceeds through the art market. The Treasury will give further thought as to whether additional regulatory steps are needed in this market, the official said.

The study also said that depending on the structure and market incentives, the digital art market, such as NFTs, may present new risks, as the characteristics of digital art make it vulnerable to money laundering.

NFTs are a form of crypto asset which exploded in popularity last year. All kinds of digital objects – from art to videos and even tweets – can be bought and sold as NFTs, which use unique digital signatures to ensure they are one-of-a-kind.

Continue Reading