Monthly Archives: December 2016

Why Parents Need to Minimize Their Financial Support to Their Adult Children

Parents will always have their children’s wellbeing close to their hearts. However, successful lawyer and hedge fund strategist, Sam Tabar, suggests that once children grow up and start working, their parents need to minimize the amount of financial support they offer them. While parents still feel that they need to help their children live comfortably in a safer neighborhood, eventually they need to stop paying their child’s bills altogether.

Fidelity Survey

Fidelity carried out a survey that sought to identify how many millennials still receive support from their parents. Fidelity surveyed millennials aged 25 to 35 years and found startling conclusions. 47 percent of the people surveyed admitted to having received financial help from their parents to pay their expenses and bills.

Most of the financial support received helped pay for their mortgage or rent (12 percent), entertainment (14 percent), clothing (16 percent), cell phone bills (21 percent), utilities (14 percent), and groceries (20 percent).

Fidelity uncovered that all the millennials surveyed had saved an average of $9,100. This figure is higher than the U.S. national savings average that stands at only $400. This proves that millennials have the capability to meet most of their direct expenses without the help of their parents. Furthermore, half of the millennials surveyed had invested in both a retirement savings account and an investment account.

Planning for Retirement

Since millennials are already showing signs of financial sense by planning for their retirement, parents need to limit their support to plan for their own retirement. Many parents are leaving themselves vulnerable after retirement by supporting their children who already earn a steady income. It is high time that parents stop risking their future and have a viable discussion with their adult children about financial responsibility.

Sam Tabar

Sam Tabar is an accomplished New York state lawyer and a seasoned hedge fund manager. He studied law at Oxford University and later received his LLM from Columbia School of Law.

In 2000, Tabar started his legal career after being admitted to the New York State Bar. He has worked for major law firms including Merrill Lynch & Co., Skadden, Arps, Slate, Meagher & Flom as well as Schulte, Roth & Zabel LLP.

Sam Tabar is also a renowned hedge fund manager with extensive experience in Asian markets. Thanks to his time in Asia, he learned to speak fluent French and Japanese. One of the major firms he worked for in Hong Kong was PMA Investment Advisors.

During his stint at the company, he helped initiate various successful asset raising strategies, which later became quite lucrative. According to Crunchbase, Sam Tabar’s other interests include philanthropy and entrepreneurship. Sam Tabar has invested in a promising startup called THINX that helps African and Asian women.

Squaw Valley Releases Statement On Water Quality

On November 8th, the Placer County Department of Environmental Health revealed that the water used in some resorts at Squaw Valley might be contaminated with E. coli. Officials at Squaw Valley have now released a statement of their own addressing this issue. This statement was released to the public on November 30th at 8:07PM.

In the statement, Squaw Valley said an unseasonably large rainstorm affected the water systems used throughout Placer County. This rainstorm, which occurred in October, inundated the new water systems at both Gold Coast and High Camp. Although these two water systems were contaminated, Squaw Valley said that no other water systems were affected. The Squaw Valley team went on to say that nobody who visited their ski resort was ever at risk of drinking E. coli when using their water system.

Once members of the Squaw Valley team found out about the E. coli contamination, they acted fast to prevent its further spread. First, Squaw Valley contacted water safety experts in the region. These experts on cbs.com helped Squaw Valley implement healthy strategies to contain the spread of E. coli.

Squaw Valley continues to work on fully eliminating E. coli in both the High Camp and Gold Coast water systems. This team promised that it wouldn’t let any customer drink the water produced by these systems until it could be certain there’s absolutely no contamination.

People who are staying at either Gold Coast or High Camp will have all the same utilities and comforts as before, except for the use of tap water for drinking. Instead of tap water, guests at these two locations will be given unlimited supplies of bottled water.

Squaw Valley closed this statement by thanking the Squaw Valley Public Service District, local water experts, and Placer County officials for their continued support. Squaw Valley also thanks their customers for their patience and understanding.

Ever since releasing this statement, the waters have been treated by local experts extensively. Most recent tests have shown great improvements in Squaw Valley’s water systems. Wesley Nicks, the director of Placer County Environmental Health, said that the latest tests showed absolutely no E. coli in three of the four wells used in the upper mountain. He also said that there was very little coliform in these wells.

There have been no reports of health concerns at any of Squaw Valley’s resorts. All the guests at Gold Coast and High Camp are informed about the water situation and are not allowed to drink the contaminated water.

All restaurants on the upper mountain were closed once Squaw Valley heard about the E. coli issue. These restaurants will remain closed until the water systems are completely purified.

For those who don’t know, Squaw Valley is located in central California right by Lake Tahoe. This area is famous for hosting the 1960 Olympics.

The current CEO of Squaw Valley is the charismatic Andrew Wirth. Wirth is one of America’s most famous CEOs, especially after his 2013 appearance on the popular TV show Undercover Boss.

ClassDojo App To Supplement Parent-Teacher Meetings

Parents and teachers will not have to attend meetings to monitor the kids’ progress in school related activities. Through an app developed by a tech start-up; Class Dojo, teachers will be able to snap and send videos and photos of student’s participation in activities, and share their latest assignments with parents. A schedule of student activities will also be availed on a daily basis using the class dojo app. The app will function as a communication platform between parents and teachers, similar to social media apps such snap chat or Facebook, but it is custom made for the sole purpose of education.

According to one of class dojo’s co-founders, the start-up is using the capital to develop a team big enough to create useful features, and avail content helpful to both parents and teachers. One of class dojo’s objectives is to initiate change and digitize school related functions from the ground up. Through class dojo app, parents, teachers and school leaders can create a community where all parties can engage freely for the betterment of the children’s education. Class dojo recently partnered with researchers at Stanford University to help students instill the new concepts of intelligence. It also helps teachers to weave a growth mindset in their daily teaching routines. This goal will be attained through a series of short YouTube videos.

ClassDojo Will Not Utilize Users’ Data to Generate Revenue

ClassDojo started in 2011 and has grown into an education app aimed at helping students by imparting regular positive feedback in the learning environments. The company is based in San Francisco and has a total of 25 employees. To date, the start-up has raised over $31 million dollars in project funding. Instead of generating revenue from the user’s data, the company has promised to create premium content and features that parents would quickly pay for to gain access. The company’s primary goal at the moment is to distribute the app to more parents and teachers throughout the country.

Over 85,000 Users Countrywide

Most of the app’s users are teachers distributed from the 1st to 8th grade. Over 85,000 teachers across private and public schools in the United States are currently using ClassDojo. The app’s creators wanted a different app that would create a smooth collaboration between parents, teachers, and their students, while building a positive culture. Other companies in the education tech business include Kickboard, Nearpod, FreshGrade, and Remind.

Handy Inc.: Growth From Complaints To The Number One Cleaning Service

Handy formerly known as Handy.com is an online app that enables users to book cleaners, plumbers, handymen and other household service providers. OisinHanrahan and UmagDua met as classmates at Harvard Business School and came up with the idea of the cleaning company Handy. In 2012 the two friends together with Weina Scott and Ignacio Leonhardtcame together and founded Handybook. As of 2016 Handy caters to 28 cities.

In their first year, Handybook was known as ‘’Uber for home’ and was able to secure $2 million from Highland Capital Partners and General Catalyst. Despite their success, the growth of the company was not without its ups and downs. They had large competitors namely Homejoy, Mopp and Exec. In 2013 and 2014 they were able to acquire a total of $43.73M. Despite all this, the company was hounded by bad reviews and ratings as well as complaints from their customers.

With all the bad press surrounding them, Oisin and Umag decided that the company needed to do better. They realized that they needed to pull themselves from growth to profit. In Jan 2014 they acquired one of their competitors Exec and later in September they rebranded, from Handybook to Handy and acquired Mopp which helped them grow their UK business. Things started looking up as they were able to hit $1 million a week in bookings.

Finally, in July 2015 their final competitor Homejoy shut down, and Handy was left as the only cleaning company and were able to get $50M in funding. From here things kept looking up as the burn rate has been steadily falling. Now the company has grown for just cleaning to shopping, delivering and assembling furniture for their clients and they expect that by the second half of 2017 they will have launched into new cities and to have flipped over to profitability. 5For more info, visit https://www.handy.com/cleaning-services/new-york.

 

Wengie: Life Hacks

Born in Guangzhou, China on January 9, 1986, 30 year old Australian-Chinese Wen-Jie, or Wengie as you probably know her, has definitely made a name for herself in the YouTube community. With over 4.5 million subscribers, Wengie could make videos about anything and everything, which she has. From “Draw My Life” to “10 Period Hacks All Girls NEED To Know“, Wengie isn’t afraid to talk about anything.

To be honest, I hadn’t even heard about her until I took this assignment. In my defense, I live in the United States and she is more well known in Australia and China. But, I am so glad I did take this assignment! Wengie is a very colorful, silly and has a very vibrant personality. After watching a few of her life hacks videos I absolutely plan to start doing some of them myself. In one video she shows us how to get all the extra lint off of your favorite sweater with a shaver and in another video she shows you how to do perfect winged eye liner with just a piece of tape.

I can guarantee that if you start watching her videos you will not want to stop. I will add the link to her YouTube channel at the bottom of this post, along with the links to some of the videos that I found helpful myself. I hope you enjoy watching her videos as much as I do!