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The Carr Report: Essential Tips for Building a Strong Financial Foundation

CHICAGO DEFENDER — Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals. 
The post The Carr Report: Essential Tips for Building a Strong Financial Foundation first appeared on BlackPressUSA.

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By Damon Carr | Chicago Defender

Building a strong financial foundation is a crucial step toward achieving both short-term and long-term financial stability and security. Just like constructing a sturdy building requires a solid foundation, your financial future depends on sound financial practices. By implementing effective money management strategies and adopting smart financial habits, you can set yourself on the path to achieving your financial goals. Regardless of your age or income level, implementing sound financial practices can help you effectively manage your money, pay off debt, save for emergencies, save for small and large purchases, invest for your future and lay the groundwork for better overall financial health.

Here are some essential tips to help you build a strong financial foundation:

Educate Yourself and Continue Learning: No one cares about your money as much as you do. No one benefits from making good decisions with your money than you. No one suffers the negative consequences of making bad decisions with your money than you do. It’s your responsibility to expand your financial knowledge and stay informed about personal finance topics. Being well-informed empowers you to make better financial decisions.

Set SMART Financial Goals (SMART: Specific, Measurable, Attainable, Relevant, Time Bound). Start by defining your short-term, intermediate, and long-term financial goals. Whether it’s building an emergency fund, paying off debt, buying a home, saving for retirement, saving for college, starting a business, or building wealth, having specific, measurable, attainable, relevant, time-bound goals will help you prioritize your spending and your savings. It will provide a roadmap for you to follow. Lastly, it will help stay focused on achieving your goals.

Create a Budget: A budget is the cornerstone of financial stability. A budget in its most basic definition is a spending, saving, investing, and giving plan. Having a budget is essential to having a financial plan. A budget ensures that you’re both living within your means and living a financial life that’s consistent with your financial goals.

Establish an Emergency Fund: Life is full of unexpected surprises in the form of unexpected events and unexpected expenses. Unforeseen events such as medical emergencies or job loss can have a significant impact on your financial stability. Having an emergency fund can save you from financial ruin. Establish an emergency fund by setting aside an amount you can realistically set aside. Start with $500. Over time build it up to $1,000, then $3,000, then $5,000. Eventually you want to have an emergency fund that’s equal to 6-12 months of your monthly living expenses.

Reduce Debt/Erase Debt: Debt is hazardous to your wealth. Debt can prevent you from building wealth and achieving true financial freedom of owing no bank, no man/woman, or no entity anything. Use strategies like my financial guardrails to avoid being buried in too much debt. Use strategies like the debt snowball or debt avalanche to accelerate your debt repayment.

Build a Good Credit History: Here’s the best advice you’ll ever hear when it comes to having a good to great credit score: PAY THOSE PEOPLE! Yep, slow pay and no pay has the biggest negative impact on your credit score than anything else. Paying loans and credit cards on time and paying them off early will reduce debt, erase debt, build your credit score and build your net worth.

Save Regularly: Saving money is how you flex your money muscles. You develop your saving muscles by consistently saving money for various goals over an extended period of time. Automate your savings by setting up a direct deposit into a savings or money market account. Start with as little as $25 per month. Over time, gradually increase your savings.

Invest Wisely: Investing your money can help grow wealth and secure your financial future. Educate yourself about different investment options, such as stocks, bonds, mutual funds, exchange traded funds, and real estate. Diversify your investment portfolio to mitigate risks and maximize returns over time.

Protect Yourself and Your Assets: Insurance is a necessary evil. It’s the only financial product we buy and hope that we’ll never need. Having the right insurance coverage is essential to protect your financial well-being. Evaluate your insurance needs, including health, life, disability, home, auto and long-term care insurance. Review policy limits and ensure you have adequate coverage to guard against potential financial setbacks.

Plan and Save for Retirement: Everyone wants to retire. At some point we will all retire. Yet, most people don’t plan and/or save for retirement. Start planning and saving for retirement as early as possible. Maximize contributions to employer-sponsored retirement plans such as a 401(k) and consider opening an individual retirement account (IRA). Take advantage of employer matching contributions to maximize your retirement savings potential.

Review and Adjust Regularly: Life comes at you FAST.  There are a lot of things that are going to happen in your life that you won’t see coming. When life happens, you have to be agile, fragile and most importantly, proactive. Financial circumstances change over time. It’s important to review your financial plan regularly. Revisit your budget, track your progress towards goals, and make necessary adjustments. Life events, economic conditions, or personal goals may require modifications to your financial strategy.

Hire a “trusted” Financial Advisor: When it comes to money management, ignorance ISN’T bliss. What you don’t know can set you back financially—even bankrupt you. Financial decisions like buying a car, buying a home, saving for retirement, saving for college, investing, selecting insurance, minimizing taxes, transferring wealth, etc., can be complex. It’s always good to have someone you know and trust on your side helping you to make sound financial decisions.

Building a strong financial foundation is a journey that requires discipline, patience, and commitment. By following these essential tips, you can lay the groundwork for a secure and prosperous financial future. Remember that financial success is not about getting rich overnight; it’s about making consistent, smart choices that lead to long-term stability and wealth. It’s never too late to start! Each step you take today will lead you closer to financial stability and financial freedom in the future.

Start today, and your future self will thank you.

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website @ http://www.damonmoneycoach.com.)

The post The Carr Report: Essential tips for building a strong financial foundation appeared first on Chicago Defender.

The post The Carr Report: Essential Tips for Building a Strong Financial Foundation first appeared on BlackPressUSA.

Chicago Defender Staff

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LIHEAP Funds Released After Weeks of Delay as States and the District Rush to Protect Households from the Cold

BLACKPRESSUSA NEWSWIRE — The federal government has released $3.6 billion in home heating assistance after a delay that left states preparing for the start of winter without the program’s annual funding.

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By Stacy M. Brown
Black Press USA Senior National Correspondent

The federal government has released $3.6 billion in home heating assistance after a delay that left states preparing for the start of winter without the program’s annual funding. The Low-Income Home Energy Assistance Program, known as LIHEAP, helps eligible households pay heating and cooling bills. The release follows a shutdown that stretched 43 days and pushed agencies across the country to warn families of possible disruptions.

State officials in Minnesota, Kansas, New York, and Pennsylvania had already issued alerts that the delay could slow the processing of applications or force families to wait until December for help. In Pennsylvania, more than 300,000 households depend on the program each year. Minnesota officials noted that older adults, young children, and people with disabilities face the highest risk as temperatures fall.

The delay also raised concerns among advocates who track household debt tied to rising utility costs. National Energy Assistance Directors Association Executive Director Mark Wolfe said the funds were “essential and long overdue” and added that high arrearages and increased energy prices have strained families seeking help.

Some states faced additional pressure when other services were affected by the shutdown. According to data reviewed by national energy advocates, roughly 68 percent of LIHEAP households also receive nutrition assistance, and the freeze in multiple programs increased the financial burden on low-income residents. Wolfe said families were placed in “an even more precarious situation than usual” as the shutdown stretched into November.

In Maryland, lawmakers urged the Trump administration to release funds after the state recorded its first cold-related death of the season. The Maryland Department of Health reported that a man in his 30s was found outdoors in Frederick County when temperatures dropped. Last winter, the state documented 75 cold-related deaths, the highest number in five years. Rep Kweisi Mfume joined more than 100 House members calling for immediate federal action and said LIHEAP “is not a luxury” for the 100,000 Maryland households that rely on it. He added that seniors and veterans would be placed at risk if the program remained stalled.

Maryland Gov. Wes Moore used $10.1 million in state funds to keep benefits moving, but noted that states cannot routinely replace federal dollars. His administration said families that rely on medical equipment requiring electricity are particularly vulnerable.

The District of Columbia has already mapped out its FY26 LIHEAP structure in documents filed with the federal government. The District’s plan shows that heating assistance, cooling assistance, weatherization, and year-round crisis assistance operate from October 1 through September 30. The District allocates 50 percent of its LIHEAP funds to heating assistance, 10 percent to cooling, 13 percent to year-round crisis assistance, 15 percent to weatherization, and 10 percent to administrative costs. Two percent is used for services that help residents reduce energy needs, including education on reading utility bills and identifying energy waste.

The District’s plan lists a minimum LIHEAP benefit of $200 and a maximum of $1,800 for both heating and cooling assistance. Crisis benefits are provided separately and may reach up to $500 when needed to resolve an emergency. The plan states that a household is considered in crisis if it has been disconnected from energy service, if heating oil is at 5 percent or less of capacity, or if the household has at least $200 owed after the regular benefit is applied.

The District’s filing notes that LIHEAP staff conduct outreach through community meetings, senior housing sites, Advisory Neighborhood Commissions, social media, posters, and mass mailings. The plan confirms that LIHEAP applicants can apply in person, by mail, by email, or through a mobile-friendly online application and that physically disabled residents may request in-home visits.

As agencies nationwide begin distributing the newly released funds, states continue working through large volumes of applications. Wolfe said LIHEAP administrators “have been notified that the award letters have gone out and the states can begin to draw down the funds.”

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Seven Steps to Help Your Child Build Meaningful Connections

BLACKPRESSUSA NEWSWIRE — Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think

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By Niyoka McCoy, Ed.D., Chief Learning Officer, Stride/K12

Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think: They lay the foundation for some of life’s most important skills.

Through everyday play, young children begin learning essential social and emotional skills like sharing, resolving conflicts, showing empathy, and managing their emotions. These social skills help shape emotional growth and set kids up for long-term success. Socialization in early childhood isn’t just a “nice-to-have”—it’s essential for development.

Yet today, many young children who haven’t yet started school aren’t getting enough consistent, meaningful interaction with peers. Research shows that there’s a decline in active free play and peer socialization when compared to previous generations.

There are many reasons for this. Children who are home with a parent during the day may spend most of their time with adults, limiting opportunities for peer play. Those in daycare or preschool may have restricted free play, and large classrooms can reduce supervision and social coaching. Some children live in rural areas, are homebound due to illness, have full schedules, or rely on screens to fill their playtime. And for some families, finding other families with young children to connect with isn’t easy.

While these challenges can feel significant, opportunities for connection still exist in every community. Families can take simple steps to help children build friendships, create a sense of belonging, and strengthen social skills. Here are some ideas to get started:

  • Storytime sessions at libraries or local bookstores
  • Community offerings such as parent-child workshops, art, music, gymnastics, swimming, or sports programs
  • Weekly events at children’s museums, which may include art projects, music workshops, or science experiments
  • Outdoor exploration, where kids can play with peers
  • Local parenting groups that organize playdates and group activities
  • Volunteer opportunities where children can participate, such as pet adoption events or packing meals at a food bank
  • Classes for kids at local businesses, including hardware, grocery, or craft stores

Some of these community activities are free or low-cost and give kids the chance to build friendships and practice social skills. Parents can also model positive social behavior by interacting with other parents and encouraging their children to play with their peers.

These may seem like small moments of connection, but they can have a powerful impact. Every time your child shares a toy, plays make-believe with peers, or races a friend down the slide, they’re not just playing—they’re learning the skills that build confidence, empathy, and lasting friendships. And it’s good for you, too. Creating intentional opportunities for play also helps you strengthen your own network of parents who can support one another as your children grow together.

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#NNPA BlackPress

Seven Steps to Help Your Child Build Meaningful Connections

BLACKPRESSUSA NEWSWIRE — Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think

Published

on

By Niyoka McCoy, Ed.D., Chief Learning Officer, Stride/K12

Swinging side by side with a friend on the playground. Sharing chalk over bright, colorful sidewalk drawings. Hiding behind a tree during a spirited game of hide-and-seek. These simple moments between children may seem small, but they matter more than we think: They lay the foundation for some of life’s most important skills.

Through everyday play, young children begin learning essential social and emotional skills like sharing, resolving conflicts, showing empathy, and managing their emotions. These social skills help shape emotional growth and set kids up for long-term success. Socialization in early childhood isn’t just a “nice-to-have”—it’s essential for development.

Yet today, many young children who haven’t yet started school aren’t getting enough consistent, meaningful interaction with peers. Research shows that there’s a decline in active free play and peer socialization when compared to previous generations.

There are many reasons for this. Children who are home with a parent during the day may spend most of their time with adults, limiting opportunities for peer play. Those in daycare or preschool may have restricted free play, and large classrooms can reduce supervision and social coaching. Some children live in rural areas, are homebound due to illness, have full schedules, or rely on screens to fill their playtime. And for some families, finding other families with young children to connect with isn’t easy.

While these challenges can feel significant, opportunities for connection still exist in every community. Families can take simple steps to help children build friendships, create a sense of belonging, and strengthen social skills. Here are some ideas to get started:

  • Storytime sessions at libraries or local bookstores
  • Community offerings such as parent-child workshops, art, music, gymnastics, swimming, or sports programs
  • Weekly events at children’s museums, which may include art projects, music workshops, or science experiments
  • Outdoor exploration, where kids can play with peers
  • Local parenting groups that organize playdates and group activities
  • Volunteer opportunities where children can participate, such as pet adoption events or packing meals at a food bank
  • Classes for kids at local businesses, including hardware, grocery, or craft stores

Some of these community activities are free or low-cost and give kids the chance to build friendships and practice social skills. Parents can also model positive social behavior by interacting with other parents and encouraging their children to play with their peers.

These may seem like small moments of connection, but they can have a powerful impact. Every time your child shares a toy, plays make-believe with peers, or races a friend down the slide, they’re not just playing—they’re learning the skills that build confidence, empathy, and lasting friendships. And it’s good for you, too. Creating intentional opportunities for play also helps you strengthen your own network of parents who can support one another as your children grow together.

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