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Ways to recover from a financial shock and be prepared next time

Published Tue, 05 Nov 2024 03:49:42 GMT

By Kimberly Palmer | NerdWalletFinancial shocks come in many different forms: An unexpected medical bill, house repair or job loss are among the typical ones. The reasons for financial shocks may be common, but recovering from them can be unexpectedly challenging.“These things happen once or twice over a financial lifetime,” says Spencer Betts, a certified financial planner and financial consultant with Bickling Financial Services in Lexington, Massachusetts. “They can be pretty big, even for a relatively well-off person.”To recover from a financial shock and to protect yourself from the impact of one before it happens, consider these guideposts from financial experts:Turn to your emergency fund or start oneBetts recommends using an emergency fund as a first line of defense against financial shocks. “The general guideline is to have three to six months of your expenses set aside,” he says, adding that the money can be kept in an interest-bearing account so it continues to grow.If yo...

Five questions the Orioles will face this offseason

Published Tue, 05 Nov 2024 03:49:42 GMT

The Orioles’ offseason began much sooner than they hoped it would. Its true start is approaching.With the World Series over, the MLB offseason is set to begin. The Orioles will enter it coming off a campaign in which they won 101 regular-season games and the American League East only to lose their only three playoff games to the eventual champion Texas Rangers.Despite the season generally being a success, plenty of questions hang over the club this winter. Here are five of the most significant.What happens first: Mike Elias signs a player to a long-term deal or John Angelos signs a long-term lease?The Orioles, as both a team and a business, are lacking long-term commitments.Next month will mark five years since Elias became the Orioles’ executive vice president and general manager. In that time, the only guaranteed multiyear major league contracts Baltimore has given out have gone to a pair of pitchers who were about to miss significant time because of Tommy John elbow r...

Pressure rises on Israel to pause fighting and ease siege as battles intensify near Gaza City

Published Tue, 05 Nov 2024 03:49:42 GMT

By NAJIB JOBAIN and KAREEM CHEHAYEB (Associated Press)DEIR AL-BALAH, Gaza Strip (AP) — Israeli troops fought with Hamas on the edges of Gaza City on Thursday, as the Palestinian death toll rose above 9,000. With no end in sight after nearly four weeks of war, U.S. and Arab leaders raised pressure on Israel to ease its siege and at least briefly halt its attacks in order to aid civilians.U.S Secretary of State Antony Blinken was heading to the region for talks Friday in Israel and Jordan, after President Joe Biden suggested a humanitarian “pause” in the Gaza fighting to let in aid for Palestinians and let out foreign nationals.On Wednesday, an apparent agreement among the U.S., Egypt, Israel and Qatar, which mediates with Hamas, allowed hundreds of Palestinians with foreign passports and dozens of wounded to leave Gaza for the first time. Dozens more left on Thursday. Hamas has been designated as a terrorist organization by the United States, Canada and the European Union.Israel did ...

UAW members at the first Ford plant to go on strike overwhelmingly approve the new contract

Published Tue, 05 Nov 2024 03:49:42 GMT

By TOM KRISHER (AP Auto Writer)DETROIT (AP) — Autoworkers at the first Ford factory to go on strike have voted overwhelmingly in favor of a tentative contract agreement reached with the company. Members of Local 900 at the Michigan Assembly Plant in Wayne, Michigan, west of Detroit voted 81% in favor of the four year-and-eight month deal, according to Facebook postings by local members on Thursday.Two union officials confirmed the accuracy of the percentage Thursday. Neither wanted to be identified because the vote totals had not been made public.About 3,300 United Auto Workers union members went on strike at the plant Sept. 15 after the union’s contract with Ford expired. They remained on the picket lines until Oct. 25, when the union announced the tentative deal with Ford.Production workers voted 81% to ratify the deal, while skilled trades workers voted 90% in favor. Voting at Ford will continue through Nov. 17. Local union leaders from across the country at Jeep make...

Minnesota justices appear skeptical that states should decide Trump’s eligibility for the ballot

Published Tue, 05 Nov 2024 03:49:42 GMT

By CHRISTINE FERNANDO and NICHOLAS RICCARDI (Associated Press)ST. PAUL, Minn. (AP) — Minnesota Supreme Court justices appeared skeptical Thursday that states have the authority to block former President Donald Trump from the ballot, with some suggesting that Congress is best positioned to decide whether his role in the January 2021 attack on the U.S. Capitol should prevent him from running.Justices sharply questioned an attorney representing Minnesota voters who had sued to keep Trump off the state ballot under the rarely used “insurrection” clause of the U.S. Constitution. Citing Congress’ role in certifying presidential electors and its ability to impeach, several justices said it seemed as if questions of eligibility should be settled there.“And those all seem to suggest there is a fundamental role for Congress to play and not the states because of that,” Chief Justice Natalie E. Hudson said. “It’s that interrelation that I think is...

Senate sidesteps Tuberville’s hold and confirms new Navy head, first female on Joint Chiefs of Staff

Published Tue, 05 Nov 2024 03:49:42 GMT

WASHINGTON (AP) — HOLD FOR VOTE The Senate circumvented a hold by Alabama Republican Sen. Tommy Tuberville on Thursday and confirmed Adm. Lisa Franchetti to lead the Navy, making her the first woman to be a Pentagon service chief and the first female member of the Joint Chiefs of Staff. Franchetti’s historic confirmation as the chief of naval operations comes as Tuberville has drawn bipartisan criticism for holding up almost 400 military nominations in an effort to protest Pentagon abortion policy. In a remarkable display, several Republican senators angrily held the floor for more than four hours on Wednesday evening and called up 61 of the nominations for votes, praising each nominee for their military service. Tuberville showed no signs of letting up, standing and objecting to each one. The Senate confirmed Franchetti with an overwhelming 95-1 vote. Senators are scheduled to confirm two other top officers on Thursday — Gen. David Allvin to be chief of staff of the U.S. Air ...

UN votes overwhelmingly to condemn US economic embargo on Cuba for 31st straight year

Published Tue, 05 Nov 2024 03:49:42 GMT

UNITED NATIONS (AP) — The U.N. General Assembly voted overwhelmingly Thursday to condemn the American economic embargo of Cuba for a 31st straight year.The vote on the resolution in the 193-member General Assembly tied the record for support for the Caribbean island nation: The vote was 187 in favor, with the United States and Israel opposed, and Ukraine abstaining.The “yes” vote was up from 185 last year and 184 in 2021, and tied the 2019 vote of 187.Cuban Foreign Minister Bruno Rodriguez urged the assembly before the vote to support “reason and justice,” the U.N. Charter and international law, and declared: “Let Cuba live without the blockade!”He said the U.S. embargo “constitutes a crime of genocide” and “an act of economic warfare during times of peace” aimed at weakening Cuba’s economic life, leaving its people hungry and desperate, and overthrowing the government.General Assembly resolutions are not legally binding and are unenforceable, but they reflect world opinion and the ...

The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

Published Tue, 05 Nov 2024 03:49:42 GMT

LOS ANGELES (AP) — The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb — modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market.The average rate on the benchmark 30-year home loan fell to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.95%.“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,” said Sam Khater, Freddie Mac’s chief economist. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, held steady. The average rate was unchanged from last week at 7.03%. A year ago, it averaged 6.29%, Freddie Mac said.High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in rock-bottom rates in recent years from se...

Investigators focus on railway inspection practices after fatal Colorado train derailment

Published Tue, 05 Nov 2024 03:49:42 GMT

An investigation into a Colorado coal train derailment and bridge collapse that killed a truck driver is focused on whether inspection and maintenance practices at BNSF Railway contributed to the accident, federal officials said Thursday.The steel bridge built in 1958 collapsed onto Interstate 25 Oct 15, when a broken rail caused 30 cars from a BNSF Railway train hauling coal to derail, the National Transportation Safety Board said based on preliminary findings.The accident just north of the city of Pueblo closed the main north-south highway through Colorado for four days while crews cleared hundreds of tons of coal and mangled railcars.Killed in the accident was Lafollette Henderson, 60, of Compton, California, who had been driving under the bridge.Broken rails and other track problems are a leading cause of derailments, according to federal accident data.The BNSF train was travelling about 32 mph (52 kph) — below the 45 mph (72 kph) limit for the area, the NTSB said.BNSF has said ...

Hold the olive oil! Prices of some basic European foodstuffs keep skyrocketing

Published Tue, 05 Nov 2024 03:49:42 GMT

BRUSSELS (AP) — These days, think twice before you lavishly ladle olive oil onto your pasta, salad or crusty bread. Olive oil, a daily staple of Mediterranean cuisine and the life of many a salad throughout Europe, is experiencing a staggering rise in price. It’s a prime example of how food still outruns overall inflation in the European Union.Olive oil has increased by about 75% since January 2021, dwarfing overall annual inflation that has already been considered unusually high over the past few years and even stood at 11.5% in October last year. And much of the food inflation has come over the past two years alone.In Spain, the world’s biggest olive oil producer, prices jumped 53% in August compared to the previous year and a massive 115% since August 2021.Apart from olive oil, “potato prices were also on a staggering rise,” according to EU statistical agency Eurostat. “Since January 2021, prices for potatoes increased by 53% in September 2023.And if high- and m...