Rhonesha Byng’s Post

Minnesota PROMISE Act Funding to Support Disadvantaged Small Businesses is Becoming Available Applications for the first round of funding from the Providing Resources & Opportunity & Maximizing Investments in Striving Entrepreneurs (PROMISE) Act are becoming available from the Neighborhood Development Center (NDC), the Minnesota Initiative Foundations and the MEDA - Metropolitan Economic Development Association (MEDA). The Minnesota PROMISE Act, created by the Minnesota Legislature in 2023, establishes two programs – PROMISE Act Grants and PROMISE Act Loans – that provide financial support for small businesses located in legislatively-designated communities and neighborhoods that have been adversely affected by structural racial discrimination, civil unrest, lack of access to capital, a loss of population or an aging population or a lack of regional economic diversification. Follow the link below to see which Minneapolis and Saint Paul neighborhoods and which Greater MN communities are eligible. The link also provides application deadlines. Northwest Minnesota Foundation, Northland Foundation, West Central Initiative, Initiative Foundation, Southwest Minnesota Initiative Foundation, and Southern Minnesota Initiative Foundation

What will your family do if you can't earn an income? Here are steps you can take today.

What will your family do if you can't earn an income? Here are steps you can take today.

I was recently asked by The Australian Financial Review to contribute to this article on the interesting topic of inter generational wealth & the traps people can fall into from a legal perspective if issues are not properly addressed from the start. It can be done, and given the current cost of living crisis & housing affordability ‘crunch’, it will become more common in the future. However it is important to get the right structure in place from the beginning to avoid future issues. Please see the link to the article here 👇 https://lnkd.in/gFiZd8xC

By 2034, over one million UK families will have at least two retired generations, a 32% increase from today. * This shift will stretch family finances, impacting inheritances and daily expenses. Strategic financial planning is crucial to ensure security and wellbeing across generations. Consider discussing inheritance strategies, long-term care plans, and tax efficiency with a financial adviser to navigate these complexities effectively. We are here to help. *Research conducted for St. James's Place by Opinium, among 4,000 UK adults between 27th February – 8th March 2024. Full source info on the website. #PlanningYourFuture #IntergenerationalWealth #FamilyFinance #AnglianWealthManagement #WealthManagement

"Jada was released from prison in 2010 and has been paying off her criminal legal debt since she came home. In 2022, she learned that she owed thousands of dollars in another county; she had no idea this debt existed: 'I’ve been paying off this case so much. It’s like a regular bill, like a mortgage. Every time I look at it I’m like, ‘It still is at how much? This is crazy.’ That’s when I found out about all the other charges that are still attached to the case, including being supervised at probation. Every day that you’re on probation, you’re being charged.'" pg.23 📶 The financialization of the criminal legal system has resulted in widespread indebtedness, leading to immense emotional and financial stress. Family members often bear the burden, risking their assets to bail out loved ones or facing financial strain due to legal costs. The opacity in financial systems makes it difficult for justice-impacted individuals to determine the total owed amount. Many find themselves caught in a cycle of poverty, because of the money they owe. 📚 As a reminder, for further context: "Research shows that the criminal legal system punishes Black people more severely than White people (Rehavi and Starr 2014; Schmitt, Reedt, and Blackwell 2017) ... With respect to purely financial impacts, some research shows that the family of an incarcerated person pays over $13,000, on average, in court- related costs, and one in three families go into debt to cover costs (deVuono-Powell et al. 2015). Women bear the brunt of these financial burdens. This is money that could otherwise be used to invest in assets and build wealth." pg. 9 This report is broader effort by Federal Reserve Bank of Philadelphia and United Way of Greater Philadelphia and Southern New Jersey to bring a more nuanced discussion of wealth-building to Philadelphia. S/O to co-authors Samantha Porter and Lisa Servon.

What will your family do if you can't earn an income? Here are steps you can take today.

🔒 Unlock Tax Benefits with Loans to Family Trusts 💼 Ready to explore advanced tax strategies? Let's dive into the world of family trusts and maximize your financial advantage! 🚀 👉 Loan to Family Trust: When you make a prescribed rate loan to a family trust, magic happens! 🌟 By lending money to the trust, you open doors to income splitting and tax efficiency. Here's how it works: 1️⃣ Fund Expenses: Use the spousal/partner loan strategy to support your children's expenses through the trust. Benefit from payments made to them while minimizing taxes. 2️⃣ Tax-Free Income: Allocate net investment income to your children, and they can receive it tax-free if their income is minimal or non-existent. Embrace the power of family trusts and gain control over your wealth. 💪💼 Link to complete blog post in comments Real. Wealth. Advice. For #physicians #dentists #entrepreneurs #FamilyTrusts #TaxStrategies #WealthManagement #FinancialAdvantage

If you have children or grandchildren, you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it's never too late to impart your wisdom. #FinancialPlanning #MMRCPA

What will your family do if you can't earn an income? Here are steps you can take today.