Category: Personal Finance

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US Banks Form Group to Offer USDF Stablecoin Backed by the FDIC

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the staff of the Ridgewood blog

Ridgewood NJ, a group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group’s members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins. What could possibly go wrong with that?

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Inflation Hits 7% Highest Rate Since 1982

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the staff of the Ridgewood blog

Ridgewood NJ, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent in December on a seasonally adjusted basis after rising 0.8 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.0 percent before seasonal adjustment. Increases in the indexes for shelter and for used cars and trucks were the largest contributors to the seasonally adjusted all items increase. The food index also contributed, although it increased less than in recent months, rising 0.5 percent in December.

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Richard H. Clarida announces his intention to resign from the Board of Governors of the Federal Reserve System on January 14, 2022

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the staff of the Ridgewood blog

Washington DC, Richard H. Clarida announced on Monday his intention to resign from the Board of Governors of the Federal Reserve System on January 14, 2022. He has been a member of the Board and Vice Chair since September 17, 2018.

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PayPal, Venmo, CashApp and Zelle To Report Payments Of $600 Or More Starting January 1st

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the staff of the Ridgewood blog

Ridgewood NJ, beginning January 1, 2022 payment platforms ,PayPal, Venmo, CashApp and Zelle will be required to issue 1099Ks to any taxpayer who receives $600 or more for transactions tagged as “Goods and Services”.  This is a change from our current state of affairs which requires 1099Ks to be generated only for $20,000 of gross revenue and 200 individual transactions of this type.

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Important Things To Remember When Investing in Glimmer Tokens

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In a not so distant future, cryptocurrencies have taken over every financial transaction around the world. One of the best representing virtual currencies is Glimmer. It has become very popular with its high-tech blockchain technology. So if you want to invest, here are some things to remember.

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Fed Accelerating Rate Hikes to Cut Again Soon

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By Charles Stampul

Stocks declined sharply yesterday in response to the release of FOMC meeting minutes showing a commitment to increase (or normalize) rates sooner than expected.
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Apple first U.S. company to reach $3 trillion market cap

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the staff of the Ridgewood blog

Ridgewood NJ, Apple hit a market cap of $3 trillion during intraday trading on Monday. It was the first publicly traded US company to hit a $1 trillion market cap in 2018. Apple showed annual growth across all of its product categories in its fourth-quarter earnings. Investors remain bullish, with many predicting more growth in the near future. Apple’s peers aren’t far behind, with Microsoft worth about $2.5 trillion, Google about $2 trillion, and Amazon around $1.75 trillion.

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Direct Lender Bad Credit Loans with Guaranteed Approval: Is It Possible?

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Almost 35% of Americans have their credit scores below average. When they have financial problems, they still have the right to direct lender bad credit loans with guaranteed approval. Let’s try to figure it out!

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Understanding The Pros And Cons Before You Take Out A Quick Loan

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I’m sure you know how difficult it can be to make ends meet in these tough economic times. If your car breaks down, or if an emergency arises, and you need money fast-you may not have the luxury of waiting for a paycheck to come in before you get that loan. You want to act quickly, but don’t want to take on more debt than necessary, either. That is why it is important to understand what happens when you take out a quick loan from a payday lender.

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Yes It’s an Inflation Contagion

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No, inflation isn’t going away. No, inflation isn’t transitory. And, sorry, no, CNN, and some blog readers inflation isn’t good for you 

the staff of the Ridgewood blog

Ridgewood NJ, the chart shows the Biden inflation effect. Since this time last year inflation is up roughly 7%.  The November pace on an annualized basis is close to 10. Half of Americans were born after 1980, so never in their lifetimes have they experienced this kind of sticker shock.

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Kickstarter Plans to Move its Crowdfunding Platform to Celo blockchain

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the staff of the Ridgewood blog

Ridgewood NJ, Kickstarter has announced plans to create an open source protocol to decentralize the platform’s core functionality. Its goal is for multiple platforms to use the protocol. The company launched a new organization called Kickstarter PBC to develop the protocol and will be establishing an independent governance lab to engage with the public on the topic of protocol governance. It will use the Celo blockchain, which uses a consensus mechanism that is apparently carbon negative.

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Financial Planning Competition Awards Three NJ Students Financial Scholarships

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the staff of the Ridgewood blog

Dunellen NJ,  the Financial Planning Association of New Jersey (FPA of New Jersey), the leading membership organization for CERTIFIED FINANCIAL PLANNERTM professionals in the State of New Jersey, is pleased to recognize three college students for their performance in the 2nd Annual Cheddar Bowl, a competition designed to showcase the financial planning understanding of students in financial planning programs in several New Jersey colleges and universities.

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Fed Chair Jerome Powell Admits It’s Time to Retire Phrase “Transitory Inflation”

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the staff of the Ridgewood blog

Ridgewood NJ, Federal Reserve chairman Jerome Powell has put his tail between in legs and admitted at a Senate hearing the other day that inflation isn’t “transitory.” With inflation now at 6% Powell acknowledged: “I think it’s probably a good time to retire that word and try to explain more clearly what we mean.”

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New Jersey-based Biopharmaceutical Executives Arrested for Insider Trading

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the staff of the Ridgewood blog

Newark NJ, the former chief financial officer and the former head of corporate communications for a biopharmaceutical company were arrested for their roles in an insider trading scheme, Acting U.S. Attorney Rachael A. Honig announced today.

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