In the U.S. and abroad, women have disproportionately lost jobs and income. More women are low-wage workers whose jobs are more likely to have been furloughed or eliminated. Or if they managed to keep their jobs, the demands of child care have often forced many to give up work to care for children. And for those who work from home, women have often taken on more domestic duties—such as cooking, cleaning, and childcare—than men, making doing their jobs even more difficult. 

While many people have returned to work as the pandemic starts to ease, women still account for more than 57% of pandemic job losses as of October 2021. As we continue to celebrate Women’s History Month, we examine the implications these job losses have not just for women, but for the entire economy. 

The pandemic’s outsize impact on women

In December, 2020 alone 100% of the job losses in the U.S. were women. Women lost 156,000 jobs in that month, while men gained 16,000. 

And during the first months of the economic shutdowns, when 20.5 million people lost their jobs, women were affected most when businesses closed their doors, losing more than half of jobs. (Women lost 5.3 million jobs, compared to 4.6 million jobs  for men.)

Here’s how that breaks down in some key sectors and industries:

Source: CNBC, May, 2020

One reason women have dropped out of the labor force more than men is reportedly the increased demand for child care at home, while schools and daycare facilities close. This trend is especially true for women of color. “This crisis continues to have a racially disparate impact, and to really hit hardest Black women and Latinas who are doing jobs we can’t do from home,” Emily Martin, vice president for education and workplace justice at the National Women’s Law Center (NWLC) told Fortune Magazine. Martin says that women of color are more likely to work jobs that don’t allow them to work from home and care for their children simultaneously. Workforce participation fell 2.4% among white women with children, 3.8% among Hispanic women with children, and 6.4% among Black women with children. 

The negative impact of the pandemic on women’s employment isn’t just happening in the U.S., but all over the world. Women’s jobs are nearly twice as vulnerable as men’s, according to a July, 2020, study from consulting firm McKinsey & Company. And although 39% of jobs throughout the world are held by women, 54% of those who have lost jobs globally are women. 

These job losses could be a drain on the global economy, with global GDP growth expected to fall by $1 trillion in the next nine years as women leave the workforce. 

Women need more social support

But there is an alternative. Making changes during the pandemic to increase gender equality both in the workplace and outside of it could mean $13 trillion in GDP growth by 2030, the same study found. Building better childcare infrastructure and increasing access to technology, for example, can create jobs and opportunities for women to advance. If those changes happen once the economy has recovered from the pandemic, that predicted growth would fall by $5 trillion.  

Historically, women entering the workforce has been beneficial for economic growth. In the U.S., every 10% increase in the participation of women in the working world has resulted in 5% growth in median real wages for men and women, according to a Harvard Business Review July, 2018, study. Making employment more accessible to women may further that growth.

In order to achieve greater gender equality, legislators need to improve the solutions in place for working parents to allow them to work and take care of their children, says a Brookings Institution report. Designing a greater and more affordable childcare infrastructure could allow mothers to more easily return to work after having children, according to a February, 2021, study from American Progress. 

This study urges legislators to increase wages, including raising the federal minimum wage to close the gender wage gap. The report also pushes for increased protections for women, LGBTQ people, people of color, and people with disabilities in the workplace. 

There seems to be some acknowledgment from government policymakers that increased support is necessary for women. Jerome Powell, the chair of the Federal Reserve, the nation’s central bank, suggested in February, 2021, that legislation setting up infrastructure for childcare could help improve the circumstances for working women. And in his campaign, President Biden called for increased workplace protections for women and measures to close the wage gap between men and women.

Stash supports Women’s History Month

Stash hopes to provide financial knowledge and tools to help women start building wealth and make the most of their money. 

With Stash, you can start saving for retirement by opening an individual retirement account¹ (IRA) with just $1. You can also start investing in a diversified portfolio of stocks, bonds, and ETFs with any dollar amount.

For more resources on how Stash is supporting women during Women’s History Month, go here.

The post Here’s Why Women are Hit Hardest by the Pandemic appeared first on Stash Learn.

“I’m fully vaccinated… and decided to go to Puerto Vallarta, Mexico as it’s the ‘queer capital of Mexico,’” says Méndez, a 31-year-old journalist based in Florida. “It is on the beach, close to nature, extremely vegan-friendly, and has had an effective Covid-19 response.”

LGBTQ+ community leads in post-pandemic travel

LGBTQ+ travelers have historically led the way for leisure travel, and post-pandemic life is no exception. “Gays lead and the rest follow,” Roger Dow, president and chief executive officer of the U.S. Travel Association, told the National LGBT Media Association recently. 

“They travel more and spend more when they travel,” Dow says. “They’re the darlings of the travel industry.”

LGBTQ+ adults reported taking an average of 3.6 leisure trips in the past year compared with 2.3 trips taken by non-LGBTQ+ adults, according to a 2020 report by the Harris Poll.

And they have been anxiously awaiting the chance to dust off their suitcases—more than 75% of respondents were ready to vacation again, according to a Consumer Marketing Insights (CMI) survey on post-Covid-19 LGBTQ+ travel. 

Covid-19 was “devastating” for Out Adventures, a LGBTQ+  tour company based in Ontario, Canada.

“We went from our best year ever to cutting our staff by 75%,” said owner Robert Sharp. “We are lucky that our clients are extremely loyal, and that LGBTQ+ travelers are often among the first to start traveling after times of global or economic uncertainty.”

After a gut-wrenching 15 months without running a tour, business is now picking back up. Not only did most of the company’s guests choose to keep their deposits, they are now rebooking, Sharp says, and Out Adventures began seeing a spike in inquiries and new bookings once vaccines began rolling out in the U.S.

“At this point in time, 2022 is set to be our best year ever with about 20% more sales than what was forecasted for 2020,” he says, adding that U.S. customers make up about 75% of the company’s clientele. 

Travelers are still exercising caution

But travelers are taking precautions. Road trips are looking more popular than flights — 86% prefer the former while 27% prefer the latter, according to CMI. And people are looking to book smaller accommodations to cut down on the chances of large crowds, with 35% saying they’d prefer a small hotel with minimal or no public areas, 34% looking to book an AirBnb or Vrbo rental and 33% opting to stay with family and friends. 

“Most of our clients are travelling domestically right now, with very few interested in international destinations in the short term,” Sharp says. “Those who are interested in international travel are looking at destinations that have managed the pandemic well, and who are allowing vaccinated travelers, such as Iceland.”

LGBTQ+ travelers have their own set of priorities, out of both preference and necessity. LGBTQ+ friendliness (80%) and safety (74%) rank among the top considerations when picking a travel destination, according to the most recent CMI Annual LGBTQ Tourism & Hospitality Survey.

LGBTQ+ acceptance is key

Other top-ranked priorities? Destinations that offer natural beauty (80%), diverse ethnic and cultural experiences (68%), and lower travel costs (62%).

Méndez had booked a 6-day trip to Uruguay to visit family when Covid-19 lockdowns started happening in quick succession around the world. She chose to stay put with her family and her girlfriend in Uruguay, since that country boasts extensive LGBTQ+ protections. 

Now that she’s back to traveling, LGBTQ+ acceptance is a top priority. 

“I’m traveling as an out pansexual woman for the first time and am now considering how queer-friendly a destination is for my safety,” Méndez says, adding that she also researches crimes against the LGBTQ+ community. “I like to stay in one place for a few months so I do look for conveniences like vegan food and decent WiFi.”

Méndez plans to keep travelling around Mexico and has already booked trips for Oaxaca in October and Mexico City in November.

Sharp, who is gay, also touted the importance of LGBTQ+ acceptance while traveling, both for safety reasons and peace of mind.

“As LGBTQ+ people, we don’t come out once in our life. We come out in new jobs, when we meet people, and every day when we’re on vacation, which is why the LGBTQ+ travel industry exists,” he says. “We want to get away from it all, just like everyone else, without having to spend most of our holidays navigating the safety of a destination, or how welcoming hotels and travel providers are.”

“Professionals in the LGBTQ+ travel industry make it possible for their guests to relax, enjoy their holiday, and know that they are well taken care of,” he added.

Post-Covid LGBTQ+ travel tips

While many are excited to vacation for the first time in more than a year, there are a few Covid-19-specific considerations. 

“The ever changing landscape of entry restrictions is complicated,” Sharp says. “It is a moving target for most countries, so what we see today could be different in a month or two, which is why anyone planning travel right now should do so with flexibility in mind”

Other tips include booking refundable or flexible fares or vacation packages, and buying travel insurance to cover the costs of a potential medical emergency or cancellation.

TravelPulse.com has a list of top post-Covid-19 LGBTQ+ destinations for those needing a bit of inspiration. They include:

• Palm Springs, California
• New York City
• Fort Lauderdale, Florida
• Provincetown, Massachusetts
• Puerto Vallarta, Mexico
• San Francisco, California
• New Orleans, Louisiana
• Los Cabos and Cancun, Mexico
• Las Vegas, Nevada

Vaccinations are helping to make inroads against Covid-19, but the pandemic is still a top concern in many destinations. Whether or not you identify as LGBTQ+, it’s important to take precautions and travel safely this summer. 

The post LGBTQ+ Travelers Pack Their Suitcases, Leading the Travel Industry Rebound appeared first on Stash Learn.

Starting July 15, 2021, the Internal Revenue Service (IRS) will increase the child tax credit for children under the age of six to $3,600, and for children between six and 17 to $3,000 from its current $2,000 per child. 

This money is part of the $1.9 trillion stimulus package, called the American Rescue Plan, signed into law in March, 2021. It is an expansion of the existing child tax credit of $2,000 per child. The child tax credit began in the 1990s as a $400 per child credit for lower income families.

These payments for children follow the three rounds of direct payments sent out as a result of various pandemic-related stimulus packages. The tax credit increase is currently only for the 2021 tax year, but President Biden and other lawmakers are reportedly exploring making the changes more permanent.

The changes to the tax credit come as inflation has driven costs for families to their highest level since 2008. Prices have increased for everyday items including food, clothing, shelter, fuel, transportation, doctors’ and dentists’ services, drugs, and other goods and services.

Meanwhile, the Covid-19 pandemic has rattled the U.S. economy, hurting the lowest earners the most. The economy lost more than 8 million jobs in the spring of 2020, with the lowest quarter of wage earners shouldering 80% of the total job losses for 2020. The leisure and hospitality sector saw the biggest dip, followed by government, education, and health services. And in those industries, lowest average wage and lowest average hour occupations are suffering the most even a year later. 

How the tax credit works

The revamped tax credit will reportedly benefit 88% of American families with children. Individuals who earn an adjusted gross income (AGI) of $75,000 or less, married couples who earn $150,000 or less, and heads of household who earn $112,500 or less will be eligible to receive the credit. 

The credit begins to phase out for individuals and married couples who earn more and completely cuts off for individuals who make $95,000 or more annually and married couples who make $170,000 or more. The credit ends completely for individuals who earn approximately $200,000 or more, and married couples who earn $400,000 or more.

Additionally, those who qualify can receive half of the benefits as monthly payments, and the other half after filing their tax returns for 2021. Those monthly payments reportedly will be $250 per child between six and 17, and $300 per child under 6. Taxpayers can still opt to receive the full amount after filing. Dependents who are 18 years old or 19 to 24 years and in school full time for at least five months per year are eligible to receive a $500 annual nonrefundable tax credit.

How to claim your credit

Families who qualify for the tax credit and who filed taxes for 2019 or 2020 will automatically be enrolled to receive the direct monthly payments starting in July. The IRS sent letters to more than 36 million families alerting them of their eligibility for the payments. If you earned less money in 2020 than you did in 2019, and you have yet to file your taxes because of an extension, you may want to consider filing soon to receive the monthly payments. 

If you don’t typically file taxes because you earn little or no income, you can use a tool from the Treasury Department and the IRS known as the Non-filer Sign-up tool. People who are underserved, experiencing homelessness, or who don’t file for another reason can use this tool to register for the monthly payments if they are eligible.  

Families can opt out of monthly payments and instead receive the money in one lump sum as a tax refund when they file at the end of the tax year. In that case, parents must unenroll for the monthly payments using the Child Tax Credit Update Portal.

Using your child tax credit

You probably have a good idea of how you plan to use your child tax credit, whether it be on school supplies or groceries for your kids, or whether you want to save or invest the money for your kids’ future. 

If you set up Direct Deposit with your 2020 tax return, you’ll receive your child tax credit via Direct Deposit. Your Stash account can help you spend or save the money for your kids. You can set up Goals in your Stash account, such as spending on child care or paying for groceries or school supplies.² 

You can also set up a custodial account for your children with Stash.³ A custodial account is essentially a brokerage account for children to access when they reach the age of majority, which differs from state to state, with some investing and tax benefits. Custodial accounts have been around for decades. They’re also known as Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts. Generally speaking, different states typically allow one versus another. UTMAs allow for investments in more types of assets, including real estate. UGMAs confine themselves to more traditional securities.

With Stash+⁴, you can open two custodial accounts.

The post How a Bigger Child Tax Credit Could Mean More Money for You appeared first on Stash Learn.

Remote work during Covid-19 has allowed many Americans to move away from the places where they previously lived and worked, even if only temporarily.

Relocating to less expensive locations or to be with loved ones has been one way to save on housing costs and other bills in a year where millions of Americans have lost their employment, or been furloughed. But if you moved out of the state in which you worked during the previous year, keep in mind that you may owe taxes in both of those states, unless they have something called a reciprocity agreement. 

As you prepare to file your 2020 taxes, here’s what you should know.

Know the rules in your state

Even if you consider one state your primary residence, once you’ve lived in another state for 183 days or more, many states consider you a resident for tax purposes there. In that case you’re likely to have to pay taxes to that state for the amount of time you worked there, as well as to the state you left. Note that every state has its own regulations, so you should consult with a tax professional on your specific situation.

Taxpayers who do owe taxes in multiple states should likely “file a part year return for each state that indicates the dates that they were in each state, and the income earned in those states,” says Christopher Jervis, an Enrollment Agent (EA) from Lone Wolf Financial in Winder, Georgia. 

You should check individual state tax laws, since some might consider you a full-time resident if you’ve been there 183 days or more, says Jervis. “Full-year residents are often taxed on all income, regardless of the state in which it was earned,” Jervis says. However, you might be able to claim a credit or allowance in your state of full-time residence.

Some states might have reciprocity agreements, meaning that you can live in one state and work in another without incurring double taxation. For example, Pennsylvania has reciprocity agreements with Indiana, Maryland, New Jersey, Ohio, Virginia, and West Virginia. So you could live in Pennsylvania and work in Maryland without being taxed twice. 

Every state has specific tax laws so you should familiarize yourself with those laws if you’ve moved between states this year. Many, like Florida, have no individual state income tax laws. In fact, six other states—Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming—don’t deduct a state income tax. In New Hampshire and Tennessee, residents don’t pay state taxes on earned income but they do pay taxes on investment income. So if you’ve moved to or from one of these states, you may want to keep that in mind when you file.

Find out which deductions you can take

Itemizing deductions when you’re filing your taxes can be one way to reduce your taxable income. You should familiarize yourself with updated regulations on what may be deductible for you, as allowances do change. For instance, while taxpayers were once able to itemize moving expenses, most no longer can because of the 2017 Tax Cut and Jobs Act. “In order to deduct moving expenses on your federal tax return, you must be an active member of the US armed forces (or a spouse or dependent) moving related to a permanent change of station,” says Josh Zimmelman, the managing partner of Westwood Tax & Consulting in Rockville Centre, New York. 

Talk to your human resources department

As of July 2020, 22% of American adults said that they moved or know someone who moved as a result of the pandemic, according to a Pew Research Group survey. If you’ve moved, you may want to speak with whoever is in charge of payroll at your organization, if you haven’t already done so. You can update them on your new address so that the correct deductions are being made to your paycheck, and they can provide you with the right W-2 tax forms for filing.

Doing this can “avoid confusion and can even be used for a tax saving advantage,” depending on where you moved, says Sam Otto, a Certified Professional Accountant (CPA) from Uncle Sam’s Accounting in Helenville, Wisconsin. Otto cites Florida as an example since the state has no state income tax. In that case, moving to Florida and changing your residence might save you money in taxes.

File as soon as possible

Whether you moved in 2020 or not, you should aim to file your taxes as soon as you can. Employers are required to provide their workers with W-2s and other tax forms needed to file by February 1, 2021. Once you have that and any other relevant paperwork, you should be able to file. 

“One thing that every taxpayer should expect, whether they moved or not, is a longer than normal turnaround to receive refunds. We expect tax processing to be very slow this year, with refunds possibly delayed due to the nearly nine-month backlog that the IRS is still working on for 2020,” says Jervis. So filing your taxes in a timely manner could help you see a return more quickly if you receive one. 

With your Stash account, you can set up Direct Deposit and have your tax refund deposited directly into your account. You might save that refund in a partition for a certain goal, such as buying a house, or use it when you invest.

The post Why Your Taxes Might Change if You Worked in Another State in 2020 appeared first on Stash Learn.

More economic help is on the way.

A $1.9 trillion economic aid package proposed by President Joe Biden cleared the Senate over the weekend and is headed to the House for final approval Tuesday, March 9. The president is expected to sign the bill into law, which could take effect as soon as March 14.

Called the American Rescue Plan Act, it is one of the largest economic aid packages in U.S. history, and it’s the third federal relief package since the pandemic shuttered large parts of the economy and the country, starting in March, 2020. 

Here are highlights.

$1,400 checks

Individuals making up to $75,000 and couples earning up to $150,000 will receive direct payments of $1,400 per person. Dependent children will also be eligible for $1,400 checks per person. Checks will gradually phase out and disappear for people who earn $80,000 or more, and couples earning $150,000 or more. 

The income caps are lower than initial earlier House plans for the checks. Biden’s initial proposal would have allowed payments for individuals earning up to $100,000, single parents making up to $150,000, and married couples earning up to $200,000. 

Unemployment benefits

An $300 supplemental benefit per week will remain in place for people who have lost their jobs, through September, 2021. Biden’s original plan called for increasing the supplemental benefit to $400. Federal income tax for people who lost their jobs and received unemployment benefits in 2020 will also be waived for amounts up to $10,200 for people who earned under $150,000.

Child tax credit updates

The stimulus package will temporarily increase the child tax credit to $3,600 from $2,000 for children up to the age of 5, and $3,000 for children between the ages of 6 and 17  in 2021. The bill will also expand the credit to lower-income earners who previously did not qualify for the credit. The credit will take the form of a monthly payment from the Department of Treasury.

Aid to cities, states and businesses 

The bill provides $350 billion for cities, states, territories and tribal governments struggling in the wake of the pandemic. The money will go to help colleges and universities, transit agencies, as well as child care providers and food assistance organizations. Money will also go to small businesses, live venues and restaurants. Additionally, about $14 billion in aid is slated for U.S. airlines that do not furlough their workers. 

Health care

The package temporarily increases subsidies for Affordable Care Act health care plans, and includes subsidies for COBRA continuation of coverage through 2021, for people who have been laid off or furloughed.

Also included is approximately  $15 billion for Covid-19 vaccination distribution, and hiring of health care workers to assist in vaccination efforts, as well as $46 billion for additional Covid-19 testing, tracing, and monitoring. 

Managing your money during Covid-19

Consider putting some of the payment towards savings. It might be a good idea to pad your emergency and rainy day funds with extra cash in case financial stress continues or if something unexpected like a layoff happens. Consider maximizing your savings by contributing to your retirement fund, or paying off debt.

Good to know: The U.S. Treasury  is in the process of updating information about its online portal for stimulus checks, which it launched in 2020. If you have questions about stimulus checks, you can find answers from the Internal Revenue Service (IRS) here. 

And for more information about managing your money during the pandemic, check out our Covid-19 resource center.

The post Here’s What’s Inside the $1.9 Trillion Stimulus Bill appeared first on Stash Learn.

In fact, much of 2020 can be summed up in one word: Covid-19. The global pandemic, which descended quickly and unexpectedly, has reshaped world economies, infecting millions around the globe, shutting down businesses, creating record job losses, and causing market volatility. At the same time, the year saw a contentious presidential election, demonstrations of political protest in support of the Black community, and the seeds of an economic recovery.

Stash has attempted to keep you informed of the rapidly changing events, publishing nearly 300 stories this year to help you navigate the news and keep you up to date about business and your money. 

With that in mind, let’s take a look back at some of the biggest stories shaping 2020, as well as some important milestones achieved here at Stash. 

January

Australia on fire. Australia faces the ecological and financial impact of climate change as the country fights enormous bushfires, reportedly made worse by record-breaking heat. The brush fires spread across 25.5 million acres and produced nine times more carbon emissions than California’s record-breaking 2018 fire season.

Taco Bell’s salary boost. The fast-food chain commits to increasing the salaries for the general managers of its restaurants in 2020 in some locations to a whopping $100,000, up from a range of $50,000 to $80,000.

A global health emergency begins. The World Health Organization (WHO) calls Covid-19, the illness caused by a novel coronavirus, a global health emergency. The outbreak of the deadly virus, which began in Wuhan, China, begins spreading to other countries such as Japan, South Korea, and the U.S.

February

Tesla accelerates. The electric car company’s stock price increases by 20% on February 3, making the biggest jump for Tesla in six years. The spike follows Tesla’s positive fourth-quarter earnings. Tesla remains one of the largest players in the growing electric vehicle industry.

Markets tumble. Major indices from the S&P 500 to the Dow and Nasdaq react to the news of the novel coronavirus, dubbed Covid-19, which appears to be spreading more quickly than people had expected. The S&P 500 and Dow each fall more than 10%. The virus begins interrupting global supply chains stretching from China to the U.S., as tens of millions of people stay home due to a regional quarantine.

1,681,497 new investors joined Stash.¹

March

Congress passes a stimulus package. Congressional leaders negotiate a deal on a $2 trillion economic stimulus package in response to layoffs caused by the Covid-19 pandemic, one of the largest aid packages in U.S. history. Known as the CARES Act, the package includes direct payments of $1,200 for most individuals, expanded unemployment benefits,  as well as aid to states, small businesses, struggling industries, and hospitals. 

Stashers invested $25.15 at a time, on average.²

April

T-Mobile officially ties the knot with Sprint. T-Mobile finalizes its $30 billion merger with Sprint two years after talks began about combining the two companies. The new company, which is known as T-Mobile, comes under the leadership of the former Chief Operating Officer Mike Sievert. 

Unemployment climbs. In four weeks, the number of unemployed Americans reaches 22 million, erasing all of the employment gains achieved over the previous ten years. The economy added 21.5 million jobs starting mid-2009 until March, 2020, during the longest period of economic expansion in U.S. history.

May

Hertz declares bankruptcy. As a result of the pandemic, the global car rental chain files for Chapter 11 bankruptcy, following the bankruptcy filings of other well-known companies including Neiman Marcus, J. Crew, and J.C. Penney. 

June

Protests across the country. Hundreds of thousands of people take to the streets to protest the police killing of George Floyd, an African American man killed while in police custody in Minneapolis, Minnesota in May. The protests last through the summer, and spark a national conversation about race.

The Big Apple gets back to work. Following a three-month shutdown that ground the city and state economy to a halt due to Covid-19, up to 400,000 New Yorkers in the manufacturing, retail, and food-service industries return to work. 

Court victory. In a landmark victory for LGBTQ+ people, the Supreme Court rules that LGBTQ+ people are included in Title VII of the Civil Rights Act, protecting millions of LGBTQ+ workers from employer discrimination.
The summer spike. Some states start to roll back reopening plans as the U.S. reaches a record number of new daily Covid-19 cases—more than 45,000 cases—on June 26.

Stashers earned over 14 million pieces of stock with the Stock-Back^® Card.³

July

Job gains reach records. The U.S. adds 4.8 million jobs in June, 2020, the biggest gain since 1939, according to reports, bringing the unemployment rate down to 11.1%., from its April peak of 14.7%. The jobless rate remains significantly higher than its pre-pandemic level.

The gold bug. The price of gold reaches a record high of $1,944 per ounce on July 27. The previous record price of gold was $1,921 per ounce, set in 2011.

August

Apple serves up slices. Apple announces a 4-for-1 stock split. The split means that investors will get three additional shares of Apple’s stock for every one share that they own. The share price will also decrease to roughly $100 from its then-current price of approximately $400.

Tesla splits. Electric carmaker Tesla announces a 5-for-1 stock split. Investors will get fiveshares of Tesla stock for each one that they own.
TikTok heads to court. Video-creation and sharing app TikTok, which is owned by Chinese company ByteDance, reportedly plans to sue the Trump administration over an executive order banning TikTok in the U.S.

Stashers set aside more than $624 million with Auto-Stash.⁴

September

TikTok and Oracle reach a deal. Software and cloud-computing company Oracle reportedly agrees to buy the U.S. operations of video-creation app TikTok. Microsoft and Walmart had previously been frontrunners to acquire operations of the app from its Chinese parent ByteDance. 

Supreme Court vacancy. Supreme Court Justice Ruth Bader Ginsburg, the second woman ever to serve on the high court’s bench, dies at age 87 from complications related to pancreatic cancer.

October

Max to fly again in Europe. The European Union Aviation Safety Agency (EASA) says that Boeing’s 737 Max could begin flying in Europe before the end of 2020 following changes made to the plane’s anti-stall system. The plane, previously Boeing’s fastest seller, had been grounded globally after two crashes involving the aviation system killed more than 300 people in March, 2019. 

Google does not pass go. The Department of Justice announces that it will sue Google for allegedly maintaining a monopoly over internet searches and search advertising.

November

Biden wins. Former Vice President Joe Biden wins the 2020 presidential election on November 8, surpassing the 270 electoral votes needed for the presidency after winning in Pennsylvania.

Good news for the vaccine. Pfizer and Moderna announce that their Covid-19 vaccines are 95% and 90% effective respectively in late stage trials. Their vaccines are created with something called messenger RNA, which has never been tested in humans before.   

Tesla joins the big leagues. S&P Dow Jones Indices announces that Tesla will join the S&P 500after the electric car company reported five consecutive profitable quarters. Valued at approximately $400 billion, Tesla is one of the largest companies to ever join the index. 

737 Max gets the nod from the FAA. The Federal Aviation Association (FAA) approves Boeing’s 737 Max for domestic passenger flights again in the U.S., following the plane’s 2019 grounding globally for its faulty aviation system.

The #1 places Stashers earned Stock-Back^® were Netflix, Walmart, and Spotify.⁵

December

Movie theaters move in. Media conglomerate WarnerMedia says that it will release all of its 2021 movies on HBO Max, as well as in theaters, due to pandemic restrictions and closures.

Vaccination nation. An intensive-care nurse in Queens, New York receives the first dose of Pfizer and BioNTech’s Covid-19 vaccine, as medical centers around the U.S. began the largest inoculation program in the nation’s history, following emergency authorization from the Food and Drug Administration (FDA).

President-elect Biden. The electoral college meets and affirms Joseph R. Biden’s win as the 46th president of the U.S.

The post Check out Stash’s 2020 Year in Review appeared first on Stash Learn.

With people spending more time at home and working from home as a result of the virus, many Americans have taken that opportunity to foster or adopt pets from shelters and breeders. Pet stores and shelters across the country have reported an increase in demand during the shutdown. Meanwhile, sales of pet food and pet products have also climbed.

How pet ownership has changed during the pandemic

Americans have gravitated toward pets during the pandemic. In one survey from TD Bank, 33% of those surveyed said that they had considered getting a pet during economic shutdown. Of those surveyed, 50% of millennials, 33% of Gen X people, and 25% of baby boomers said they had considered getting an animal. 

Shelters and breeders have directly experienced a surge of interest in pets. One animal shelter in Los Angeles, California, reportedly had 10 to 13 adoptions a day in June, 2020, roughly double its daily average, according to the Washington Post. And a New York City shelter experienced a 15% increase in adoption rates among people fostering animals. Some shelters have even reported temporarily running out of pets, and have even put prospective adopters on waiting lists.

Eighty-five million households in the U.S., or 65% of households, own a pet, according to a 2019-2020 survey. In 1988, 56% of households owned a pet. More dogs are owned in the U.S. than any other type of pet. Americans collectively own 63.4 million dogs, 42.7 million cats, 11.5 million freshwater fish, 5.7 million birds, 5.4 million small animals, 4.5 million reptiles, and 1.6 million saltwater fish. 

How the pandemic has affected companies in the pet industry

The boom in pet ownership has also led to a boom in the pet food and product industry. Owning a pet comes with a whole new set of expenses on food, veterinary trips, medicine, toys, and more. In 2019, Americans spent $75.38 billion on their pets. Dog owners spend $259 on food and $76 on treats every year and cat owners spend $228 and $58 respectively on the same items. 

As Covid-19 began spreading in the U.S. in March, 2020, pet owners started buying pet food and supplies in bulk, with e-commerce sales totaling $828 million in March, a 77% increase from the previous year. Brick-and-mortar sales of pet food also increased by 18.5%. 

Chewy, an online pet product retailer owned by PetSmart reportedly hired 10,000 additional people to keep up with the demand. Chewy recorded a 47% increase in year-over-year sales in September, 2020. Between March 8 and March 12, 2020, PetValu reportedly experienced a 42.4% increase in sales, while Petco saw a 41.8% increase, and Pet Supplies Plus had a 76.4% boost. 

Pet spending has remained high through 2020, with sales 36% higher year-over-year in September, 2020. General Mills, which makes the pet food line Blue Buffalo, announced that it increased its market share in the first fiscal quarter 2020. Natural pet food company Wellpet also said that sales of puppy and kitten products increased 15% during the pandemic. 

Tractor Supply, which makes pet products for stable animals, could reportedly see bigger sales. Consumer products companies Clorox and Church & Dwight, producers of cat litter and pet-cleaning products, could also benefit according to industry experts. Meanwhile, ahead of the holiday season, Walmart said it would offer an inventory of 3 million pet beds for new pet owners to browse, according to MarketWatch. 

Remember, all investing involves risk, and you can lose money in the market. While many products in the pet industry are considered consumer staples—meaning they can be defensive stocks during a recession—ownership of pets can be subject to changing preferences.

Investing in the pet industry

Adopting a pet can be a big expense. If you’re not ready to take the plunge yet, you can still invest in the pet industry. With Stash, you can invest in fractional shares of pet product suppliers and companies that make pet food such as Chewy, Nestle (which makes Fancy Feast), Walmart, and more.

The post Find out Which Pet Product Companies are Benefiting During Covid-19 appeared first on Stash Learn.

Last year, a one-bedroom apartment in the fancier nearby neighborhood would never have gone for $1900. In 2020, such offerings were my bargaining chip. And this isn’t just happening in New York: A new study shows apartment rent prices have dropped in 41 of the 100 largest U.S. cities since the pandemic began. 

The cities with the most drastic rent decreases in order, according to Apartmentlist.com, are: 

1. San Francisco
2. New York 
3. Seattle
4. San Jose
5. Boston
6. Washington D.C. 
7. Oakland
8. Los Angeles
9. Minneapolis
10. Miami 

And Portland, Austin, Denver and Chicago aren’t far behind. 

But how do you actually obtain a rent decrease if you don’t have a pushy sister-in-law to do it for you? And how could I possibly do it for myself? (It’s always easier to negotiate on someone else’s behalf, after all.) I asked people on both sides of the equation—renters and real estate professionals—about their experience with rent decreases.

Here’s what they have to say.

Renters’ stories

Renter Jon Stenstrom in Los Angeles,California got his rent reduced  to $1650 from $1850 a month.

“With any negotiation, it comes down to leverage and the ability to walk away. I’ve always paid my rent on time and when the pandemic hit, I knew that I saved enough to weather the storm. However, as an entrepreneur, any amount that I’m not putting into my business will hurt my employees and company growth.

So with that, I went to my landlord, since I was transitioning from a year lease to a month to month with a proposition. I’d like a slight reduction in rent and will stay or you can go through the headaches to find a new tenant that may or may not pay rent on time, cause you pain, and be overall annoying.

My landlord offered to reduce my rent $200 to not deal with that burden. If she said no, I was happy to walk away as I already had a few other options to entertain.”

Renter Diana Mora in Brooklyn, New York,  got her two-bedroom apartment rent reduced to $2230 from $2530:

“It was time to renew the lease … so I referenced the current landscape, mentioned that two bedrooms are now $2,000. I asked him to come down closer to that. 

I put it off for a few weeks but knew that I needed to do it. [My boyfriend] tried and his landlord shot him down. I used a different strategy—don’t give too much info and keep it factual. Also, the tenants before me consisted of four college students, so I’ve been a dream tenant. The apartment looks immaculate.”

Diana’s landlord agreed to come down $300 per month.

What rental experts have to say

From the other side of things, Monica Palmer is an administrator in a downtown Chicago real estate office, and has been following developments in the rental market there:

“There are a number of places that rented for well below half what they would have pre-pandemic, and the rental buildings have been running … winter concessions of months free and higher commissions all summer, which is unprecedented. But that’s after steady increases for the last 10 years or more. We have more leaving before the end of their leases than usual, too. Only one guy that we work with asked for extra time to get caught up on payments. Mostly we’re sitting on a lot of vacant units with not a lot of people looking.” 

And finally, Marina Vaamonde is founder of HouseCashin.com and a commercial real estate investor. She’s decreased some of her tenants monthly rents by 10 % to 20%, and offered these tips for negotiating:  

1. Open up the line of communication with your landlord as soon as possible. If you know you won’t be able to make a rent payment and haven’t spoken to your landlord yet, you are making a big mistake. What you don’t want to do is wait until the last minute and find yourself without options.

2. Share with your landlords. Don’t expect landlords to give a blanket rent extension, abatement, or reduction to every tenant just because they asked.  Landlords will be more willing to accommodate if they are aware of your current situation. Since everyone is dealing with a slightly different set of elements, landlords will make decisions based on individual needs.

3. Be ready to state the exact amount you know you can pay each month, and how you came to that number. Once you inform your landlord of your current financial situation, make sure you are 100% transparent. This will show the landlord that you are not just trying to take advantage of the current situation without giving it much thought.

4. If you are already behind on rent, make a partial payment before you get into negotiations. You need to show the landlord your commitment to future payments. If the landlord knows that you don’t plan on moving out without paying them, they will feel more comfortable working out a discounted rent amount.

5. Knowing and expressing what it would cost your landlord to replace you with a new tenant is an important factor that should be delicately inserted into your conversation. Holding costs associated with the home being empty, realtor fees, and any upgrades required to whip the property into shape will usually push the landlord into working out a compromise with the current tenant.

While some landlords will refuse to negotiate, this is still the best time to ask,  and to find out what your landlord is made of. It’s not shameful to need a rent decrease during a pandemic that has caused millions of people to lose work. Plus, with rent decreasing all over major cities, many of us have a negotiation advantage. 

Good luck! 

The post Tips for Negotiating Lower Rent During the Pandemic appeared first on Stash Learn.

The political battle between President Donald Trump and former Vice President Joe Biden is projected to be the costliest presidential election in U.S. history. Add in several high-profile Congressional races and a host of high-ranking state seats and the estimated spending for this 2020 election cycle is nearly $2.2 billion.

Political candidates are leaning heavily on your money to win their seats. But what’s the best way to donate to your candidate of choice? Does your donation actually make a difference in their campaign? And how are they spending all that money?

“For this particular presidential race, I think a lot of money is going to be spent on getting out the vote,” said Sarah Bryner, director of research and strategy at the Center for Responsive Politics in Washington D.C. “Getting their people motivated to get to the polls is probably the most significant activity that the campaigns will be doing.”

To date, Trump and Biden have raised nearly $1 billion collectively.  Trump has raised $505.5 million and spent $376.9 million. Biden has raised $479.2 million and spent $343.6 million.

Their financial focus is largely on the so-called swing states, including Michigan, Wisconsin and Florida where every vote counts toward what could be a slim victory.

They are trying to turn campaign donations into votes largely through media advertising and, in the COVID-19 era, fewer public appearances than are typical for a presidential election year.

Trump, as an incumbent president, is also required to use campaign money to reimburse taxpayers for use of Air Force One or security details that he uses while on the campaign trail.

“All of the presidential candidates, the incumbent presidents have to do that,” Bryner said, including Presidents Barack Obama, George W. Bush and Bill Clinton. “That’s a pretty significant expense.” 

How Much You Can Donate to Your Favorite Candidate

Smaller, individual donations are highly coveted by candidates in all races, Bryner, said, because they allow the campaigns to boast that they are working for and supported by the people. In the Congressional arena, she added, Democratic incumbents Alexandria Ocasio-Cortez of New York and Republican Matt Gaetz of Florida have leaned particularly hard on their prowess for collecting individual donations.

About 55 percent of Trump campaign money has come from small individual donations of less than $200, compared to 42 percent for Biden.

But there are rules and regulations for how much one person can donate. The Federal Election Commission sets limits on individual political donations that are adjusted each year for inflation. 

“Campaign donation limits are in place to prevent corruption, [such as] a donor giving a million dollars to a candidate and the candidate being so beholden to them as to grant favors once in office,” Bryner explained.

This year’s contribution limits for individuals include $2,800 to a candidate’s committee or a combined $10,000 for state, district or local party committees. The FEC also maintains a database of people who donate more than $200 per individual campaign or PAC, including their name, location, employer, how much they have donated and who has received their donations.

So while you may throw all your support behind a particular candidate, you need to keep tabs on your political spending. Penalties for willfully ignoring federal campaign finance limits can include hefty fines and even jail time. 

Where You Can Donate to Your Favorite Candidate

If you want to donate directly to your candidate of choice, your best and safest bet is to go directly to their website.

Both  Donald Trump and Joe Biden have official campaign websites where you can purchase merchandise and make a political donation. But there are many other ways to make your dollars count. 

You may choose to donate to a House or Senate race or a smaller race closer to home. Every candidate, no matter how big or how small their campaign, should have an official site where you can donate. You could also donate to a race outside of your district, which you may want to do for high-profile or high-stakes races.

Knowing who the players are and how they are polling can help you figure out how your money could make a difference.

“A candidate might be in a district that’s pretty safe for the incumbent and be so far behind in the fundraising game that it’s really unlikely they’re going to win. On the one hand you want to support that person because you believe in them, but then, on the other hand, you could allocate that money to someone in a closer contest,” Bryner saud. “Generally, a closer contest, your dollar is going to go a little bit farther.”

How to Donate to a Cause or a Committee

If you’d rather donate to a cause, instead of than a candidate, you could donate to a politician action committee or a PAC. A PAC is an organization that uses money to influence or lobby for legislation that benefits that particular group. 

If you are passionate about environmental causes, you may choose to donate to Sierra Club Political Committee or the League of Conservation Voters, which advocate on behalf of candidates and legislation that are pro-environment. 

There are thousands of possible options for cause-related PACs, from public education to medical advocacy to gun rights or gun control to religious or atheist communities to organizations based on race and ethnicity.

You can also donate to PACs that are related to your occupation.

“If you work for a business or if you are in a profession, like you are a dentist, your profession or your business likely has a PAC affiliated with it that you might be able to donate to,” said Bryner, noting that realtors have one of the biggest PACs in the country. “These are oftentimes non-partisan or are bi partisan.”

You can also donate directly to your political party. The Democrat National Committee and the Republican National Committee, as well as third-party organizations such as the Libertarian National Committee and the Green Party, all accept donations and will send your money to the candidates they feel need the most help to win a race or a particular swing state.

That could mean high profile Senate or Congressional races, swing states in the presidential election or even gubernatorial elections.

Make Sure Your Donation Dollars are Safe

When donating, whether to a candidate or a PAC, or a local or nationwide race, make sure you are donating to the actual campaign and not a fraudulent site.

Always use a credit card and never send cash, Bryner cautioned. Also be wary of making political donations via social media as they can be harder to verify and may look strikingly similar to a candidate’s actual donation ads.

“I wouldn’t go through a social media platform because there’s a lot of manipulative Facebook sites that…are really random dudes in Wisconsin,” Bryner said. “So just be careful with that.” 

And while authentic donation sites may ask for your name, your location and your political party affiliation, they will not ask for your social security number or personal financial information.

Your Political Donation is Not a Tax Write Off

While you can deduct a certain amount of non-profit or charity donations on your taxes, donations to political candidates or PACs do not count as approved write offs.¹

An IRS-approved deduction is a donation made to a charitable or non-profit organization with a 501(c)(3) designation. Political committees are designated as 501(c)(4) organizations and are not tax deductible for individuals. 

Make Sure You Are Registered to Vote!

While candidates rely on campaign contributions to win their election, there’s something they want more than your money — your vote.

You need to register to vote before you head to the polls. You can visit your local Board of Elections or register to vote at Vote.org.

The post Want to Donate to a Presidential Candidate? Here’s What to Know appeared first on Stash Learn.

If you’re confused, don’t be. Here’s a breakdown of what’s going on with voting around the country. 

REGISTERING TO VOTE

If you aren’t already registered to vote, each state requires you to register by a rolling set of dates in October. You can find your state’s exact date on this list. Most states have multiple options for registration, such as in-person, by mail, and online. It’s important to check your particular state’s rules so you don’t miss a deadline. 

What is absentee voting, and how is it different from mail-in voting? 

In practice, there isn’t much of a difference. Absentee voting encompasses any voter who cannot be at the polls. Most states include chronic or severe illness, citizens overseas, poll workers, and those who are traveling as valid reasons to request an absentee ballot. This year, Covid-19 concerns count as a valid reason to request an absentee ballot in 44 states and Washington D.C. (See below.) 

Absentee ballots are almost always mailed in. However, an absentee ballot can also be hand-delivered to your local board of elections, or a polling place. Mail-in ballots, on the other hand, are always—ahem—mailed in. A small number of states allow you to vote by mail even if you don’t have an absentee excuse (for that list, also see below). So: most absentee ballots are also mailed in. And—because only a small number of states allow for mail-in voting without an absentee excuse —most mail-in ballots are also absentee. 

VOTING

This is where things can get confusing, since different states have different rules.

Mail-in ballots sent automatically

A handful of states and one district  will automatically mail paper ballots to all registered voters. Some of these are the “universal mail-in” states that have conducted elections this way for years. Others, like California, New Jersey, and Vermont are automatically mailing ballots in response to the pandemic. 

Here’s the full list: 

Washington

Oregon

California

Utah

Nevada

Colorado 

New Jersey

Hawaii

Washington D.C.

Vermont

Application for mail-in ballots necessary

Another 35 states will allow you to cite the pandemic as a valid reason to vote absentee by mail, but you need to apply for your ballot. Some of these states may automatically send you an application to vote absentee. In the other states, you must request your absentee ballot either online or by mail. (Here’s where you can do that. And here is a list of deadlines by state to request your ballot. The deadlines begin Oct. 9. )

Pandemic-related absentee ballots are permitted in the following states:

Alabama 

Arkansas

Alaska

Arizona

Connecticut

Delaware

Florida

Georgia

Idaho

Illinois

Iowa

Kansas

Kentucky

Maine

Maryland

Massachusetts

Michigan 

Minnesota

Missouri

Montana

Nebraska

North Carolina

North Dakota

New Hampshire 

New Mexico

New York

Ohio

Oklahoma

Pennsylvania 

Rhode Island 

South Dakota

Virginia

West Virginia

Wisconsin

Wyoming

States that require a non-pandemic excuse to vote absentee

Finally, six states will not allow absentee voting due to the pandemic. That means that if you’re not traveling and have no other valid excuse to vote absentee (see above), you must vote in-person. 

The states that are not allowing mail-in voting because of the pandemic are: 

Texas

Louisiana

Mississippi

South Carolina

Indiana 

Tennessee

Is voting by mail safe? Will my vote be counted? 

There’s been a lot of speculation that mail-in ballots will not be counted, and for good reason. Thirty-five states will allow you to request a ballot so close to the voting deadline that the U.S. Post Office may not be able to return the ballot in time, according to The New York Times.  If you live in one of the ten regions that are sending out ballots automatically, or in one of the states that won’t send out ballots close to the deadline (Maryland, New York, New Mexico, Rhode Island, Iowa or Alaska), you can rest easy that your vote will be counted if you send your ballot in on time.

However, you can ensure that your mail-in vote will be counted no matter where you live by requesting your ballot early and sending it back early. To be safe, you should allow the ballot one week to arrive and one week to be delivered. Not all ballots must be delivered by Nov. 3 to be counted. Again, that varies by state. This list shows which states require a postmarked ballot by Nov. 2 or 3, as well as acceptable delivery dates for each state.  

What is voting early, and should I do it? 

Roughly two thirds of states allow you to vote up to 45 days early by voting in person. But remember, voting by mail is also voting early. Once you’re confident in your decision, you should vote as soon as you can to make sure your ballot is counted on time. As mentioned above, voting by mail too close to the deadline could result in your vote not being counted in some states.

The post Here’s How to Vote in All 50 States in 2020 appeared first on Stash Learn.