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NBA star James Harden is putting his nonprofit’s support behind an effort to boost financial literacy among young adults

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NBA star James Harden is putting his nonprofit’s support behind an effort to boost financial literacy among young adults

James Harden of the Philadelphia 76ers seems to go towards the Toronto Raptors throughout recreation 5 of the Japanese Convention First Spherical on April 25, 2022.

Tim Nwachukwu | Getty Pictures

For NBA participant James Harden, boosting monetary know-how amongst younger adults is private.

Harden, a degree guard and taking pictures guard who not too long ago signed a reported $68.6 million two-year contract with the Philadelphia 76ers, remembers being a 20-year-old rookie in 2009 with a all of the sudden sizable wage. As a first-round draft choose — third general — he had simply signed a two-year contract with the Oklahoma Metropolis Thunder value $4.76 million, based on Spotrac.com.

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“You need to purchase every little thing,” Harden instructed CNBC in a cellphone interview. “And also you deserve it, so you purchase your first automotive, your first home or whatnot.”

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However Harden needed to find out about cash issues on the fly. 

“For me, it was studying find out how to not simply save, however find out how to make good investments,” Harden stated. “You might need cash in a checking account or in financial savings, however for longevity, your cash’s received to be working for you whenever you sleep.

“That is one thing I’ve realized.”

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Harden’s nonprofit covers value of e-course

To succeed in younger adults who may benefit from studying about cash issues, Harden’s Impression 13 Basis is partnering with monetary advisor Jordan Awoye, managing companion of Awoye Capital in Babylon, New York, on what’s billed as a monetary literacy tour.

The initiative includes connecting with numerous schools, the place Awoye meets with small teams of scholars to speak about life and funds, and provides them entry to a private finance e-course that they’ll full at their leisure. Via scholarships, Impression 13 is masking the $795 value of licensing the e-course — developed by Awoye —  which covers matters akin to budgeting, debt, credit score and investing.

“I feel simply coming from the place I am from and the place I’m now — making it to the NBA, being there for 14 years and seeing how cash is dealt with — it is greater than essential to permit Jordan and folks like me to clarify and present find out how to handle cash,” Harden stated.

The NBA star might make shock visits at a number of the seminars, stated Awoye, who has already visited six establishments — together with Towson College in Maryland and Norfolk State College in Virginia — as a part of the tour. 

Understanding find out how to handle cash makes a distinction, analysis reveals. Individuals who scored above the median on a seven-question monetary literacy quiz had been extra more likely to make ends meet than these whose know-how is extra restricted, based on a research from FINRA’s Investor Training Basis.

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For instance, those that scored larger spent lower than their earnings (53% versus 35%) and put aside three months’ value of emergency funds at larger ranges (65% versus 42%). Additionally they had been extra more likely to have executed some future planning by calculating retirement financial savings wants (52% versus 29%) and opening a retirement account (70% versus 43%).

As soon as I began to do effectively in wealth administration, it actually began to develop into a mission of mine.

Jordan Awoye

managing companion of Awoye Capital

With lots of the nation’s youth reaching maturity with a scarcity information about cash issues, some state legislatures have handed legal guidelines requiring public faculty methods to show private finance. Fifteen states assure, or have dedicated to guaranteeing, that every one highschool college students will get a standalone private finance course, based on Subsequent Gen Private Finance’s 2022 State of Monetary Training report. Different states have the curriculum baked into one other class (i.e., economics) or supply it as an elective. Nonetheless others don’t have any private finance requirement in any respect.

On the similar time, People are shouldering $890 billion in bank card debt, which comes with rates of interest that common greater than 18%. Moreover, 56% of U.S. adults could be unable to cowl an sudden $1,000 invoice with financial savings, based on a Bankrate survey.

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In different phrases there’s room for lots of enchancment relating to monetary literacy.

For Awoye, his curiosity in boosting monetary information is a matter of “if solely I knew then what I do know now,” he stated.

“As soon as I began to do effectively in wealth administration, it actually began to develop into a mission of mine to assist with monetary literacy,” Awoye stated.

“If we may give that to the subsequent technology, all people will probably be higher off for it,” he stated.

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Trump bull market is just beginning: Fmr. TD Ameritrade CEO

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Trump bull market is just beginning: Fmr. TD Ameritrade CEO

Corporate America is gearing up for Trump 2.0, having already gotten a flavor of what Trump has in mind. Potentially crushing fresh tariffs on China, even if it means higher levels of US inflation. Mass deportations come with their own set of economic risks. And soon, potentially, a new leader atop the Federal Reserve. Is there any way a top executive could prepare for uncertain outcomes tied to these initiatives from the Trump administration? How does one lead their teams when uncertainty begins to reign supreme again? Yahoo Finance Executive Editor Brian Sozzi sat down with former TD Ameritrade CEO and former head football coach at Coastal Carolina University Joe Moglia. Moglia is not only considered a market master for his work from 2001 to 2008 building TD Ameritrade into a trading powerhouse but also a leadership expert. Moglia shares his perspective on the record-setting year for markets, what’s next for investors, and how to lead with a clear focus in 2025.

For full episodes of Opening Bid, listen on your favorite podcast platform or watch on our website.

Yahoo Finance’s Opening Bid is produced by Rachael Lewis-Krisky.

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UK finance minister to revive regular economic talks with China in January trip, sources says

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UK finance minister to revive regular economic talks with China in January trip, sources says

By Joe Cash

BEIJING (Reuters) – Britain’s finance minister Rachel Reeves will visit China on a two-day trip in January to revive high-level economic and financial talks that have been frozen since 2019, three people with knowledge of the plan said.

Reeves is scheduled to meet China’s vice premier He Lifeng, the country’s economy tsar, on Jan. 11 in Beijing to restart what had been annual talks known as the Economic and Financial Dialogue (EFD), they said.

If those discussions show progress, the two sides could look to re-launch what had been a regular and wider meeting known as the Joint Economic and Trade Commission (JETCO) later next year, the sources said.

British businesses have also pressed to restart meetings of the UK-China CEO Council, a group established by then-Prime Minister Theresa May and then-Premier Li Keqiang in 2018, one of the sources added.

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Reuters reported on Thursday that HSBC Chairman Mark Tucker will lead a business delegation that will visit China next month in a bid to boost trade and investment with a particular focus on financial services.

Reeves will also go to Shanghai, where she will meet with British companies operating in China on Jan. 12, according to the sources, who asked not to be named because they were not authorized to discuss the plans.

Britain decided to suspend most economic dialogues with China in 2020 after Beijing imposed a national security law in Hong Kong, the former British colony. Since then, spying allegations, the war in Ukraine, and the sanctioning of lawmakers have increased tensions between the two countries.

The Labour government, in power in Britain since July, has made improving ties with China one of its main foreign policy goals after a period under successive Conservative governments when relations plunged to their lowest in decades.

In 2022, then-Prime Minister Rishi Sunak, a Conservative, declared the end of a “golden era” of relations with China that one of his predecessors, David Cameron, had championed.

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Over the preceding decade, British and Chinese officials had met annually for high-level trade and investment talks, holding an EFD almost every year and a JETCO every two years.

Those talks resulted in the London-Shanghai stock connect scheme, Britain joining the Beijing-based Asian Infrastructure Investment Bank, and joint investment into green technologies, including the UK’s Hinkley Point C nuclear power plant.

(Reporting by Joe Cash)

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Bloomberg’s Essential (Aussie) Summer Reading List

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Bloomberg’s Essential (Aussie) Summer Reading List

Hello! It’s Rebecca here with your final Australia Briefing of 2024. And what a year it’s been. From the re-election of Donald Trump and the ongoing slowdown in China, to the blockbuster IPOs and corporate scandals closer to home — 2024 will go down as one for the ages.

Before we all revert to the sanctity of our beach towels, I thought I’d load you up with a selection of my favorite pieces from Bloomberg’s Australia newsroom this year. A stockpile of stories, videos and podcasts to help you while away those days by the pool, at the campsite, or wherever the onset of summer takes you…

Is ‘Bluey’ Ending? Disney’s Worried Biggest Kids Show Ever Is at Risk — Essential reading for anyone with a kid, or honestly, a pulse. Did you know that Americans watched 731 million hours of Bluey in 2023, more than NCIS, Grey’s Anatomy, Gilmore Girls or that perennial of the broadcast, cable and streaming eras, Friends? That’s almost as much as my kids.

Australia Has a Top Pension Program. Why Are Many Retirees Still Struggling? — It’s official: Australia’s retirement system is the envy of the wealthy world. So why aren’t we all diving Scrooge McDuck-style into a vat of cash?

Malaria Rates Surge After Mosquito Net Changes Complicate Global Fight — Travel to the depths of Siar Village, Papua New Guinea with our reporters as they explain why the world is losing its fight against malaria.

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World’s Top Retailer Is Now Trying to Save Air New Zealand — We report a lot on the former CEO of this airline, you may know him as the New Zealand PM. But what do you know about the new one?

Investing for the Ultra-Rich: Family Offices Are Booming in Perth, Australia — Twiggy lives there, and so does Gina — but those two reasonably well-off citizens aside, why is Perth a magnet for family offices?

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