Economic inequality and racial inequality are fundamentally intertwined. During the last 50 years, a fairly large improvement in the relative position of African Americans was entirely undone by national economic shifts with no superficial connection to race. Going forward, high levels of overall inequality will make it harder to achieve racial income parity, since any improvement in relative terms means less in terms of dollars.

In 2019, several states have passed laws to increase the minimum wage to at least $10 per hour. These states have made significant wage increases:

1. California – $11 per hour
2. Arizona – $11 per hour
3. Colorado – $11.10 per hour
4. Virginia – $10.10 per hour
5. Alaska – $9.89 per hour
6. Maryland, Prince George County $11.50 per hour
7. Alabama, Mississippi – $7.25 per hour

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The changes in income distribution meant that reaching the middle class didn’t mean the same thing for African Americans as it did for social groups that climbed the income ladder earlier in U.S. History.

Of course, rising income inequality has hurt Americans of all races: even whites, the median income has declined by 14%. But because African Americans remain overrepresented among the poorer segments of society, economic shifts that have harmed almost everyone has also increase the average gap between blacks and whites.

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Starting in the 1970’s, changes to the economy and to public policy began concentration a larger and larger share of national income in the pockets of the richest members of society. Incomes for the middle class and the poor have stagnated: after adjusting for inflation, average incomes of the poorer half of society actually shrunk from 1968 to 2014, while incomes for the richest 1% almost tripled.

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Income inequality has increased in the United States over the past 30 years, as income has flowed unequally to those at the very top of the income spectrum. Current economic literature largely points to three explanatory causes of falling wages and rising income inequality: Technology, trade, and institutions such as tax changes and federal monetary policies.

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Income inequality in America refers to the extent to which income is distributed in an uneven manner among persons in the population. In the United States, income inequality, or the gap between the rich and everyone else, has been growing markedly, by every major statistical measure for some 30 years.

Financial literacy education attempts to provide tips and tools to ensure individuals make the best financial decisions for themselves for every phase of life.

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Here is how to get your finances in shape for your golden years, one step at a time. After years of dreaming, its finally almost here: Sometime soon, you plan to retire. Perhaps you intend to quit working a decade from now – or this summer. Either way, you still have time to get your finances in shape before beginning what could be happiest period of your life. Following are seven key steps to ready your nest egg for retirement.

1. Consider talking to a pro
2. Establish a monthly budget
3. Decide on a withdrawal amount
4. Figure out how to cut unnecessary costs
5. Weigh whether to dial down your risk
6. Estimate health care costs
7. Get rid of remaining debt

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Thinking of padding your federal tax return by deduction these expenses? Find out why that could be a costly mistake. No one wants to pay more taxes than they have to. Don’t make the mistake of trying to claim one of the following 14 items:

1. Unreimbursed work expenses
2. Travel expenses for work
3. Home insurance
4. Interest on a home equity loan
5. State and local taxes over $10,000
6. The kitchen counter that doubles as a work desk
7. Losses from a house fire
8. Cosmetic surgery
9. A doctor-ordered vacation
10. Funeral costs
11. Moving expenses
12. Volunteer hours for charity
13. Political contributions
14. Baby sitter for your date night

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Financial flu symptoms: Headache, that queasy feeling in your stomach, and an urge to hide under the covers. You sign into your retirement account and see a quarter where your balance looks like it’s taken a significant hit. The new reports wane consumer confidence. It’s no wonder you have that sick feeling in the pit of your stomach and a pounding headache.

Take a breath. Remember it is just another day  the and chances are good that the sun will rise in the east tomorrow morning.

Help is on the way.

1. Understand that news reports will exist forever, even when the markets are soaring. It’s the media’s job to add a dash of danger to keep you from changing the channel.
2. Acknowledge that yes, markets are violatile and the markets go up and down.
3. Examine your biggest risks, and make changes if necessary to prevent the biggest losses.
4. Don’t allow fear, anxiety, and panic to cause you unnecessary pain and suffering. Try it, you’ll like it!

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Here’s what you miss out on when you pay by cash, check or debit card – even purchases of less than $10. For small purchases, cash remains king. But paying with physical dollars and cents can sometimes be a mistake. Folks are passing up opportunities to earn rewards and missing out on other advantages of credit cards – including consumer protections. These three reasons are important:

1. Rewards
2. Credit building
3. Credit protections from credit card company against fraud

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Applying for credit soon? Here’s a simple list of things you can do to get your credit score in top shape ASAP.

1. Check your credit score and credit history
2. Lower your utilization ratio ($1000 limit – debt owed should be less than $500)
3. Pay debt twice per month to pay debt faster

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