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Tri-County Sentry
Friday APRIL 25, 2014
Homeowners Desire American-Made Solar Panels
Reining in Prom Expenses By Jason Alderman If you've got teenagers, you already know how expensive high school can be. Besides food, clothing and school supplies, a whole host of extracurricular activities are competing for a share of your wallet – even as you frantically try to save for college and your own retirement. One of the biggest expenses you'll encounter is prom. Gone are the days of borrowing dad's suit and crepe paper streamers in the school gym: Today's proms are often more like a Hollywood premiere with limousines, designer gowns and swanky afterparties. I'm not kidding. According to a recent nationwide survey conducted by Visa Inc., the average U.S. family with a high school student attending the prom expects to spend $978 this year. Surprisingly, that's down 14 percent from last year's survey average of $1,139 per family. A few other interesting statistics the survey uncovered: • On average, parents plan to pay for about 56 percent of prom costs, with their kids picking up the remaining 44 percent. • Parents in lower income brackets (less than $50,000 a year) plan to spend an average of $733 – a considerable share of the family budget. Thankfully, that's down significantly from last year's $1,245 estimate. • Those earning over
$50,000 will spend an average of $1,151. Here's a breakdown of how those prom dollars typically get spent: • New prom dresses often cost $100 to $500 or more. • Plan on spending another couple hundred for shoes, accessories, flowers and professionally styled hair, nails and make-up. • New tuxedos cost several hundred dollars, not to mention the formal shirt, tie, studs and shoes you'll need. Even renting all this will likely run over $150. • Figure at least $80 an hour plus tip to rent a limousine for a minimum of four to six hours. • Prom tickets typically cost $50 to $150 per person, depending on venue, entertainment, meals, etc. And don't forget about commemorative photos. • The couple will probably need at least $50 for a nice pre-prom meal. • After-parties can run anywhere from a few bucks at the bowling alley to hundreds of dollars for group hotel suites. As with weddings and vacations, spending on prom can easily spiral out of control, especially if your teenager isn't used to sticking to a budget. Use this as a learning experience by getting your kid involved making tough decisions, helping to prioritize expenses from vital to non-essential. To help with the prom budgeting process, Visa
launched a free smartphone app last year called Plan'it Prom. You simply enter your budgeted amounts for each item and then track actual spending on your phone or tablet as you shop. The app also includes budgeting tips, a photo gallery and a timeline for tracking preprom deadlines. Plan'it Prom is available at the iTunes store, the Google Play store and from www. practicalmoneyskills.com/ prom. Here are a few prom cost-saving ideas: • Shop for formal wear at consignment stores or online. As with tuxedos, many outlets rent formal dresses and accessories for one-time use. • Have make-up done at a department store's cosmetics department or find a talented friend to help out. • Split the cost of a limo with other couples, or drive yourselves. • Team up with other parents to host a pre-prom dinner buffet or after-party. • Take pre-prom photos yourself and have the kids use their cellphones or digital cameras for candid shots at various events. Bottom line: You want to ensure your child has a memorable high school experience, but not at the expense of your overall budget.
Why Your Financial Advisor is Probably Not Your Friend
The importance of money is impressed upon most Americans as soon as we’re old enough to buy candy. But the importance of money management is an entirely different story, says self-made millionaire
Mike Finley. “Think about all that we do to prepare children for the world; we fill them up with things we think are most important for doing well as adults and spend tens of thousands of dol-
West Oxnard Job & Career Center
May 2014 Career Shops
Wednesday, May 14 and Friday, May 30 The Power of CalJOBS: CalJOBS is an online resource that can be used to navigate California’s workforce services providing employment and labor market information. The newly enhanced system allows users to easily search for jobs, build résumés, access career resources, and find information on education and training programs. The career shop will be from 8:30 a.m. to 12 noon on Wednesday and 1 p.m. to 4 p.m. on Friday. Thursday, May 15 Resumes that Sell: Workshop providing hands-on assistance in completing a resume, cover and thankyou letters. Walk away with a portfolio that shows off professional skills and experience. The career shop will be from 8:30 a.m. to 12 noon. Friday, May 16 Winning Interviews: Supplies the tools to make a lasting first impression when interviewing. The career shop will be from 1 p.m. to 4:30 p.m. Career Shops are offered at no cost to Job Seekers. Space is limited. Prior registration required by calling the West Oxnard Job & Career Center at (805) 204-5171 to enroll. The West Oxnard Job & Career Center is located at 635 S. Ventura Road, in Oxnard. Career Shops are presented in partnership with Ventura County Job & Career Centers and are sponsored by the Human Services Agency and the Workforce Investment Board. Equal opportunity Employer/Program/Service – TDD/TT Inquiries call 1 (800) 7352922. Auxiliary aids and services are available upon request to individual with disabilities.
lars for higher education, but they never take a class on how to manage personal finances,” says Finley, author of “Financial Happine$$,” (www.thecrazymaninthepinkwig.com), which discusses his journey to financial literacy and applying the principles that allowed him to retire from the Army a wealthy man. “Our culture celebrates privacy and self determination, which is why, I think, we don’t want to tell students how they should spend their money, but I think young people are hungry for guidance.” Seventy-six percent of Americans are living paycheck to paycheck, according to a recent CashNetUSA survey. That percentage varies with other studies; however, the percentage never dips below at least 50 percent of Americans who have very little in savings, says Finley, whose voluntary night class on financial literacy at the University of Northern Iowa is always packed beyond capacity. ADVISOR, See page 12A
(NewsUSA) - With solar installation booming in the U.S., a growing number of consumers are choosing American-made solar panels for their homes. To date, about 13 gigawatts of solar electric capacity have been installed nationwide -- enough to power over 2 million households. Simultaneously, 82 percent of people who responded to a recent solar survey said they support making solar panels on American soil. "We've all heard about the importance of manufacturing to the American economy," said Robert Fortunato, whose California home hosts 26 solar panels made by SolarWorld in Hillsboro, Ore. "We selected our U.S.-made solar system for its quality, reliability and financial return and because we think it's important to support American workers." Solar installers and electricians offer a range of domestic products.
"We made a decision at PetersenDean to only source our solar products from North America. As a result, we're supporting the American economy, supporting American workers and reinvesting those dollars back in America," said Jim Petersen, founder of PetersenDean, a nationwide solar and roofing company. According to industry experts, here are the top reasons that homeowners select solar panels from American manufacturers:
Quality and reliability. A residential solar system is, effectively, a power plant installed on a home rooftop, and it's designed to last at least 25 years. Consumers trust American solar manufacturers to stand behind their product guarantees because these companies rank high in measures of quality, responsiveness to warranty claims, accessibility for customer service and compliance with safety requirements. SOLAR, See page 12A
Home Decorating For Mass Appeal:
Choices You Make May Affect Your Home Sale
By Phoebe Chongchua One of the advantages of owning your own home is the ability to decorate it and make structural changes the way you like. However, when it comes time to list and sell that same home, those changes may help or hurt you depending on what you have done to the house. When it comes to homes listed for sale, being unique can be both a blessing and a curse. It’s a blessing if what makes the home unique is appealing to most. For instance, the only lot with a larger than normal backyard. It’s a curse, if the home is unique because of its outrageous color, or incredibly small storage space. If, for example, a two bedroom home was remodeled to remove a closet and make the room a den or study, this could negatively impact the home because it will appear to many buyers that while the room can be
Phoebe Chongchua used for sleeping, it’s not practical because it lacks a closet. Many buyers will see this as a flaw. While they might appreciate space for a den or office, it’s better to not remove the closet because then when it comes time to sell it, the den can be shown as both - an office or a bedroom. Wood floors offer a timeless appeal to the masses. Yes, some may not prefer wooden floors but, generally speaking, most buyers will appreciate
them. They also know that they can easily cover up the wood with their own area rugs to keep the home cozier-appearing in winter months. Wood floors, kept in good condition, can create an anti-aging look. Over the decades they hold their appeal. Slightly worn furniture. I don’t mean worn as in the baby threw up on the sofa. Rather, I’m referring to pieces of furniture that have slight imperfections. These imperfections can actually enhance the furniture. Instead of being seen as an eyesore, this style, sometimes called “distressed”,is often coveted and more easily assimilated into current decor because any slight imperfections are perceived as “the way the piece was meant to be” rather than a flaw. When you buy something that must be kept precisely perfect like new in order for it to look good, DECORATING, See page 12A
In order to afford a modest, two-bedroom apartment at Fair Market Rent in Southern California, renters need to earn at least $26.88 per hour in the Los Angeles metro region, $21.54 in the Riverside/ San Bernardino metro region, and a high of $31.62 in Orange County. This is Southern California’s 2014 Housing Wage, revealed in a report released today. The report, Out of Reach 2014, was jointly released by the National Low Income Housing Coalition, a Washington, DC-based research and advocacy organization, and the Southern California Association of Non Profit Housing (SCANPH). Every year, Out of Reach provides this figure, referred to as the Housing Wage, and other housing affordability data for every state, metropolitan area, combined non metropolitan area, and county in the country. An estimated 65% of renters in Los Angeles metro region, 58% in the
Riverside/San Bernardino metro region, and 60% in Orange County do not earn enough to afford a two-bedroom unit at the Fair Market Rent. It is estimated that 61% of renters statewide cannot afford this rent. According to Robert Dhondrup at SCANPH, “the divergence between the ever growing costs of housing to real income levels of Southern California working families has gotten wider. Real income has stagnated or remained flat for most Southern California households but the cost of housing, even with the financial crisis, has kept increasing – especially with regards to the rental market. Those foreclosed families are now renters adding to the market pressure.” Working at the minimum wage in California, a family must have over three full-time wage earners working full-time, or one full-time earner working 130 hours, to afford a modest two-bedroom
apartment. This would demonstrate that arguments calling for increasing the minimum wage at both the State and local levels, as with the City of Los Angeles, could provide a substantial amount of economic relief to these minimum wage households. The national Housing Wage is $18.92 in 2014. In California, the Fair Market Rent (FMR) for a two-bedroom apartment is $1,354. In order to afford this level of rent and utilities – without paying more than 30% of income on housing – a household must earn $4,514 monthly or $54,168 annually. Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a Housing Wage of $26.04 in California – the second highest in the nation only behind Hawaii. In California, the estimated mean (average) wage for a renter is $18.50. In order to afford the FMR RENTS, See page 12A
High Rents Make Housing Unaffordable in Southern California