Finance

Hermon High Seniors teach finance to fourth graders

Published

7 months ago

April 29, 2024

Hermon High Seniors teach finance to fourth graders

HERMON, Maine (WABI) – Hermon High School Seniors taught fourth graders the basics of finance.

“We’re reading a book, and it talks about things you can spend with a dollar, things you can spend with $10, and it’s like penny candy or balloons. So, in our presentation, it talks about how you can either save your money or you can buy something, you want to spend or save it up for something important, or you can spend your dollar and buy 25 pieces of penny candy, or like it kind of just shows an example within our presentation of real-life situations,” said Saige Lang, Senior, Hermon High School.

The aim was to have the kids leave with a grasp of the value of money.

“They don’t have the physical cash. They might get a check from somebody that’s older, but they don’t see their parents using cash. So many people don’t spend with cash now. So, it’s so important that they know the value of cash, and, you know, you swipe it, it still is your money being spent,” explained Hermon High School Career Prep Teacher, Margie Deabay.

They say it’s important to teach the subject at an early age.

“It’s important because it’s good to teach kids young. It’s good to start them out young so they can start picking it up as it goes on. It’s better to, I feel like it’s better to learn young than it is now, like as a senior in high school.”

“If we wait until high school, I don’t want to say it’s too late, but it is kind of to get all the kids come to high school and they are so used to swiping cards, it’s so important for them to learn at an early age. That you know the value of money.”

Finance

Assess your financial risk before new policies affect the economy

Published

8 hours ago

November 23, 2024

Press Room

Assess your financial risk before new policies affect the economy

I’ve been thinking about financial risk lately.

Should I change my asset allocation in my retirement portfolio, considering Donald Trump’s successful bid for the White House? Stock market valuations have risen smartly in recent years, which real income growth, productivity improvements, technological innovation, low unemployment rates and healthy corporate profits have largely powered. Yet with the election of Trump, voters have approved a massive economic experiment.

The Trump administration comes into power with many policy goals, but four economic initiatives stand out: Enacting significant tax cuts; imposing broad-based and significant tariffs; sweeping raids, mass deportations and tighter immigration controls; and slashing federal government regulations. The extent that these plans turn into reality and how each policy will interact with the others is uncertain. The risks are obvious. The outcome isn’t.

Enter risk management, a critical concept in finance. Professionals often associate risk with volatility. The tight link makes sense, since owning assets with high volatility hikes the odds of losses if there is a pressing need to sell the asset to raise money.

However, for the typical individual and household, risk means the odds money decisions made today don’t pan out. Managing risk means lowering the negative financial impact on your desired standard of living from decisions gone wrong and when circumstances take an untoward turn.

“Anything that makes reaching or maintaining that more likely reduces your risk, and anything that makes this less likely increases your risk,” writes Bob French, the investment expert at Retirement Researcher. “Everything else is just details.”

The key risk management concept is a margin of safety, a bedrock personal finance idea broader than investment portfolios. It can include having an emergency savings fund, owning life insurance to protect your family and investing in your network of friends and colleagues to hedge against the risk of losing your job. The right mix depends on the particulars of your situation.

In my case, after studying my portfolio, running household money numbers and reviewing lifestyle goals, I’m comfortable with the asset allocation in my retirement portfolio. There is too much noise in the markets for comfort, and market timing is always tricky. The prudent approach with my individual situation is to stay the course.

Finance

Shannon Bernacchia Appointed Interim Finance Director for Regional Schools – Amherst Indy

Published

16 hours ago

November 23, 2024

Press Room

At a Zoom meeting on Friday, November 22, School Superintendent Dr. E. Xiomara Herman recommended to the Regional School Committee and Union 26 School Committee that Shannon Bernacchia be appointed interim Finance Director for the schools, replacing Doug Slaughter who had served in that position since 2019. Bernacchia has served as Assistant Finance Director under Slaughter. Her appointment was approved unanimously by both school committees.

In recommending Bernacchia for the interim director position, Herman cited her “impressive career, dedication, and accomplishments during this transitional period [to a new administration],” adding, “Since joining our district, she has demonstrated exceptional proficiency in managing complex financial operations, including preparing budgets, overseeing audits, and providing detailed financial reporting to the school committee.”

Bernacchia holds a Bachelors Degree in Business Management from Bay Path University and professional training in school fund accounting. She currently holds an emergency School Business Administrator license valid through 2025 and has completed all requirements for her initial license, except for the 300 hours of mentorship. She anticipates completing that requirement in January, 2025. Former Amherst Regional Public Schools and Town of Amherst Finance Director Sean Mangano is serving as her mentor.

Herman expressed confidence in Bernacchia’s ability to head the district’s financial operations.

In acknowledging her appointment, Bernacchia thanked the school committee members and said that she was excited to work with superintendent who is woman.

Finance

US SEC obtained record financial remedies in fiscal 2024, agency says

Published

1 day ago

November 22, 2024

Press Room

US SEC obtained record financial remedies in fiscal 2024, agency says

NEW YORK (Reuters) -The U.S. Securities and Exchange Commission obtained $8.2 billion in financial remedies, the highest amount in its history, in fiscal 2024, the agency said in a statement on Friday.

The SEC filed 583 enforcement actions in the year that ended in September, down 26% from a year earlier, it said in a statement.

The $8.2 billion in financial remedies included $6.1 billion in disgorgement and prejudgment interest, a record, and $2.1 billion in civil penalties, the second-highest amount on record, according to the SEC’s statement.

Much of the total financial remedies came from a single action: a $4.5 billion settlement with the now-bankrupt crypto firm Terraform Labs, following a unanimous jury verdict against the firm and its founder Do Kwon. The SEC is expected to collect little of that settlement amount because it agreed to be paid only after Terraform satisfies crypto loss claims as part of its bankruptcy wind-down.

The SEC also obtained orders barring 124 individuals from serving as officers and directors of public companies, the second-highest number of such prohibitions in a decade. Holding individuals accountable for misconduct has been a priority of the agency under Chair Gary Gensler, who is stepping down in January.

“The Division of Enforcement is a steadfast cop on the beat, following the facts and the law wherever they lead to hold wrongdoers accountable,” Gensler said in a statement about the agency’s 2024 enforcement results.

(Reporting by Chris Prentice; Editing by Leslie Adler and Jonathan Oatis)