With five months left to 2019, it is my fervent wish that your financial journey thus far has been prosperous. Although I am certain that unforeseen mishaps, and unexpected costs, may have briefly hindered progress, the key is to remain diligent and steadfast in the completion of short – and long-term goals. Thus, whether you resolved to budget twice and thrice as hard as the months before, have reduced your credit card, an overall, debt, or are ready to book that long overdue vacation, again, full commitment to creating and executing steps for success is crucial.
In examining credit card debt, and the eradication of this lingering debt, further, it is important to note that while education on credit is abundant, access can be limited. Additionally, because every level of comprehension is as unique as the individual, one cannot assume that the information available is easy to digest – it is not. Truly comprehending what credit is, credit laws, interest, and the consequences of poor credit management takes time. To help individuals in this process, Experian held another #CreditChat on Wednesday, July 17th. As such, financial advisors, educators, and enthusiasts spent an hour showcasing their expertise while reflecting on current and past experiences regarding credit. Below you will find my answers to these compelling questions and I encourage you to share your own answers, too! Q1: When did you start realizing how important credit is? WW: Whenever my mother’s monthly credit card statement arrived, she would focus all of her energy on this singular piece of mail before anything else. Setting aside the necessary funds to pay her credit card bill was of the utmost priority! #CreditChat Q2: How did you start building credit? WW: Through student loans. I had borrowed one $6,000 subsidized loan as an undergraduate and was diligent about successfully paying it off upon graduation. #CreditChat Q3: How often do you check your credit report? WW: Whenever Chase emails me about changes to my credit score via the Chase Credit Journey report, I immediately check. #CreditChat Q4: How do you fix an error on your credit report? WW: Similar to many of the responses throughout this thread, immediately contact the credit bureau should you believe information is incorrect. Bureaus like Experian will investigate the claim and report back with a response within 30 days. #CreditChat Q5: What are some pros and cons of being an authorized user on a credit card? WW: My uncle was an authorized user for my first credit card and the benefits were plentiful, including me building credit. However, I often struggled to pay the monthly balance due to inconsistent income and funds, so he often had to pick up where I could not. #CreditChat Q6: Is it a good idea to request a credit line increase? WW: If your credit is top notch and your track record is sold, requesting a credit increase, and subsequent approval, should not pose as an issue. Moreover, with the increase, you should be able to continue making consistent monthly payments. #CreditChat Q7: In what order should you pay off your credit cards? WW: The credit card with the highest interest rate should be paid off first. Choosing this card first will allow you to repay the debt in a shorter amount of time and will help you avoid unnecessary charges. #CreditChat Q8: Should you cancel credit cards that you don’t use? WW: Canceling credit accounts can negatively impact your credit score, especially if the balance(s) on all other cards still need to be paid. Additionally, if the credit card you seek to close is your oldest, leave it open! #CreditChat Q9: How do you stay motivated to work on increasing your credit score? WW: Remind yourself that you are working to achieve long-term financial goals, and a solid credit score assists in achieving this goal. Likewise, the road to financial freedom and security is exhausting; however, it needs to be done. Also, finance must work in the best interest of the people, too! #CreditChat Q10: Any final tips on improving credit scores? WW: Don’t close unused credit cards; keep credit card balances low; and pay all bills on time. #CreditChat
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On Sunday, July 7, 2019, the United States Women's National Soccer Team defeated the Netherlands Women's National Football Team in stunning fashion (2-0) to secure their fourth World Cup victory. Thus, for four weeks (June 7 – July 7), the world watched a myriad of women athletes in awe, bewilderment, and pride as these athletes played for the countries they call home. Additionally, the world watched as these women played to dispel the outdated myth that women athletes will never be equal to, or better than, their male counterparts. Well, the United States Women's National Team not only busted this myth, but they also proved that they are here to be a mainstay in the hearts and minds of fans and media alike. Unfortunately, however, one area that continues to be a thorn in these athletes' side is related to Equal Pay and the fact that the gender wage gap is ever-widening.
To understand why the current gender wage gap is abysmal, we must first examine the law whose mission it is to ensure that wage disparities among the sexes are prohibited, the Equal Pay Act. Enacted in 1963 under the purview of the Equal Employment Opportunity Commission, the Equal Pay Act requires that "men and women be given equal pay for the work conducted in the same establishment." Additionally, it is "job content, not job titles" that determines whether the jobs performed are substantially equal. As a result, employers are prohibited from paying unequal wages to men and women who perform the same duties that require the same effort, responsibility, and skill performed under similar working conditions. Therefore, when analyzing the effort, responsibility, and skill of the women who performed throughout the 2019 Women's World Cup, the argument can be made that they should not be paid equally, but in fact, paid more. To substantiate the overall claim of increased to equitable pay, let us refer to the immediate reaction from the fans as the woman began to celebrate and hoist their trophy: “Equal Pay! Equal Pay!”. Yes, an entire stadium compromised of international fans, from various backgrounds, cultures, and societies, under vastly different economic and political conditions, shouted in unison what we can no longer ignore – the U.S. Soccer Federation has engaged in wage discrimination for far too long and we cannot allow these unfair practices to persist any longer. Thus, one of the first steps taken to eradicate this unjust system of pay began with 28 members of the USNWT filing a class action suit against the U.S. Soccer Federation in March of this year, three months before the official kickoff of the Women's World Cup. According to Graham Hays and ESPN News, the women are seeking class-action status over "institutionalized gender discrimination" towards the team as a whole. Moreover, "despite the fact that these female and male players are called upon to perform the same job responsibilities on their teams and participate in international competition for their single common employer, the USSF, the female players have been consistently paid less money than their male counterparts” (Hays, 2019). Again, we can no longer ignore the evidence that the gender wage gap is abysmal and should cease to exist. When examining just how less these women were paid in comparison to their male counterparts, one of the forty-one complaints filed alludes to the fact that for twenty (20) matches won by the women in a single year, they would earn a maximum of $99,000 ($4,950 per game). However, for the twenty matches won by the men in a single year, they would earn a maximum of $263,320 ($13,166 per game). Midfielder Megan Rapinoe said it best when she exclaimed that “The next best step for us is to continue to fight for what we believe is right, what the law recognizes, equality under the law, equal working condition, and equal pay.” Thus, whether declared by Rapinoe, her teammates, advocates, economists, and fans, the sentiment is the same, pay these women what they are owed. Paychecks should reflect the raw, cultivated talent of these amazing women. And, while are actively working to pay these athletes, let us also pay women as a collective. According to the Bureau of Labor Statistics in 2019, women nationally earned 80.7 cents for every dollar that a man has earned thus far. In breaking this down further, for the first four months of 2019, the overall median weekly earnings were $905; women earned $806 weekly. Peeling back the layers a bit more, the median weekly earnings for Black women were $709 compared to the $826 earned weekly by white women. Latinx women earned $631 weekly as compared to white women. Asian woman earned relatively higher weekly than Black, Latinx, and White women with $1,017; however, this earning is still lower when compared to the median weekly earning of White men who earned $1,033. So, how can we join in the fight for equal pay? The first step is education, specifically knowing the various Equal Pay Days. As such, All Women’s Equal Pay Day is April 2nd; Asian-American Women’s Equal Pay Day is April 5th; Latinx Women’s Equal Pay Day is November 20th; Mom’s Equal Pay Day is June 10th; Black Women’s Equal Pay Day is August 22nd; Native Women’s Equal Pay Day is September 23rd; and White Women’s Equal Pay Day is April 19th. In knowing these important dates, and mobilizing with these dynamic ethnic and racial groups, we can continue the fight in raising awareness about pay inequities and the damaging effects these inequities have on the economic, political, and social fabric of our society. If we are going to tout that we are advocates for women, we must put action behind our words. Pay women; that’s it. That’s the sentiment. |
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