With everyone's Instagram feeds flooding with endless places to donate, there have been a slew of chances to help BLM non-profits that desperately need it.
However, choosing a place of donation at random is never a good call. There are plenty of scams floating around online, so make sure the charity of your choosing is still accepting donations and that you've found their official account. Places like the Brooklyn Community Bail Fund and the Minnesota Freedom Fund, for example, have received an overwhelming number of donations, and they are providing a list of alternative places to donate. As we all look for ways to help, here's a selection of charities where your donations will actually make a difference.
Labeled as an "unprecedented effort" to combat mass incarceration, The Bail Project pays bails for those who need it and aims to reunite families and restore the "presumption of innocence" for incarcerated people. All donations go directly towards paying bails and helping to fight for this cause.
Offering a fantastic crisis hotline to help victims report abuse, the Communities United Against Police Brutality offers legal, psychological, and medical resources to victims, and helps callers fight back against police violence.
SURJ's main initiative is education. It seeks to dismantle and re-educate white people who want to tackle their inner racism. The multi-racial movement is always looking for donations and applications.
BVC is an organization focused on self-love and empowering people of color. "We need to integrate healing justice into all that we do," a statement reads on their website. "We are insisting on conditions that can carry us towards the next generation of work, and towards a deeper place of freedom for all of us."
The NYC-based collective aims to keep New York from allowing the construction of new jails. The aim is to divert funds to helping with housing, mental health, and other means of support for dismantled communities.
Founded by Colin Kaepernick, the Know Your Rights Camp educates and trains communities of color to help them learn their legal rights. The organization even set up a legal fund for Minneapolis protestors.
MOODI stands for Mobile Outreach and Outdoor Drop-In. Developed as an initiative in Minneapolis, the organization provides immediate relief for those without shelter.
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When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.