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  • I grew up in a penny-pinching household and kept it up when I moved out on my own.
  • Living frugally helped me save $5,000 in a year when I was earning just $30,000. As my income rose, I didn’t let my expenses rise with it.
  • That’s when I had a lightbulb moment: The key to building wealth and savings isn’t frugality or increasing your earning potential, it’s a smart balance of both.
  • Find out what a financial planner can do for you with Personal Finance Insider’s free e-book »

Growing up in a single-parent household, where the state of our finances waxed and waned, my mom was incredibly frugal. We’d go to Big Lots to buy sundry food items and school supplies, and I wore hand-me-downs from an older cousin. 

From an early age, I made the connection between frugality and abundance. I also made the connection of not having enough money to stress and anxiety. In turn, I turned out to be quite the penny-pincher. And being that way helped me save aggressively.

When I was in my early 20s, I lived well within my means and managed to save $5,000 within the first year of living on my own in Los Angeles. At the time, I was earning a salary of $30,000. For the first decade or so of being gainfully employed, I practiced an extreme form of frugality.

Because of my extremely frugal ways, I was able to keep around $10,000 in my emergency fund and set 12% of each paycheck toward retirement. But it wasn’t until

As restaurants across Texas continue to suffer due to inadequate revenue during the coronavirus pandemic, representatives at the Texas Restaurant Association have drastically changed their rallying cry.

No longer is Texas Restaurant Association CEO Emily Williams Knight telling restaurant owners to lean on the government for help during a once-in-a-lifetime crisis. She’s now saying that more federal financial aid is not coming. At least, not fast enough to save another 10% of restaurants in Texas from failing.

“I can no longer string along our restaurants,” Knight says. “There isn’t financial relief coming.”

Discussions, though rocky, had continued between Democrats and Republicans until President Donald Trump told them to “stop negotiating,” he wrote in a tweet on Oct. 6.

Knight believes that this news from the White House “means thousands of additional restaurants will close.”

President Donald Trump holds his face mask as he stands on the Blue Room Balcony upon returning to the White House on Monday.

The Democrats’ $2.2 trillion bill, an updated version of the HEROES act, might still provide stimulus checks someday. The House of Representatives passed the act on Oct. 1. But even before Trump halted talks, Knight believed that financial help for restaurants seemed unlikely. Major news events like the Supreme Court justice nominee discussion, last week’s presidential debate, the president’s COVID-19 diagnosis and, of course, the upcoming presidential election slowed Congressional talks.

“We have given up,” Knight says. “Washington, D.C., and our elected officials have played games. … There’s nothing but partisan politics to blame for this.”

Representatives from the national Independent Restaurant Coalition are still optimistic that both Democrats and Republicans want to help restaurants eventually. Secretary of the Treasury Steve Mnuchin offered a separate plan that gives $120 billion to restaurants and hotels in his $1.62 trillion proposal. Trump called Mnuchin’s plan “very generous” in a tweet.

Congress remains gridlocked over how to provide Americans additional relief related to the coronavirus pandemic. (Photo by Win McNamee/Getty Images)

University of Houston professor Nancy Beck Young, Ph.D., guesses a relief package could land in mid to late

As many as 50,000 airline workers could be furloughed starting Thursday morning after Congress failed to pass a last-minute deal to extend coronavirus relief aid to the embattled industry.

American Airlines CEO Doug Parker confirmed late Wednesday that his airline would go ahead with 19,000 layoffs — or 14 percent of its pre-pandemic workforce — but said it would “reverse” them if an agreement were reached.

“Tomorrow, we will begin the difficult process of furloughing 19,000 of our hardworking and dedicated colleagues,” Parker wrote in a memo to staff members. “I am extremely sorry we have reached this outcome. It is not what you all deserve.”

United Airlines confirmed that it will cut thousands of jobs, telling employees in a letter: “We regrettably are forced to move forward with the process of involuntarily furloughing about 13,000 of our United team members. We implore our elected leaders to reach a compromise, get a deal done now, and save jobs.”

At stake are the jobs of close to 50,000 pilots, flight attendants, baggage handlers, counter agents and other airline and airport personnel.

A provision of the CARES Act, which President Donald Trump signed in March, covered nearly 75 percent of airlines’ payroll expenses, with the stipulation that airlines not let any workers go until Oct. 1. The provision expires Wednesday night.

House Democrats have proposed an overall coronavirus relief package that would include an extension of the protections, but Senate Republicans have yet to agree. Substantial progress on the deal could not be made before the time limit, Treasury Secretary Steven Mnuchin told Fox Business on Wednesday night.

Talks on the larger package will continue Thursday, he said, adding, “There’s money for airlines.”

However, those talks could come too late for many in the industry.

“Tomorrow, tens of thousands of essential aviation

(Bloomberg) —



a group of people sitting at a train station: Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept. 30, 2020. Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking of one of the deepest workforce reductions of the Covid-19 era.


© Bloomberg
Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept. 30, 2020. Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking of one of the deepest workforce reductions of the Covid-19 era.

Tens of thousands of job cuts announced by blue-chip companies in a 24-hour period are a warning sign for the world’s recovery and emerge just ahead of two key reports forecast to show limited progress in the U.S. labor market.

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In one of the biggest layoff announcements since the pandemic caused widespread economic shutdowns, Walt Disney Co. said late Tuesday that it’s slashing 28,000 workers in its slumping U.S. resort business. In the hours that followed, the pace of job cuts at some of the world’s biggest companies — across in a range of industries from energy to finance — quickened.

On Wednesday, Allstate Corp., the fourth-largest car insurer in the U.S., said it will cut 3,800 jobs, roughly 8% of its workforce. And Bloomberg reported that Goldman Sachs Group Inc. plans to cut roughly 400 jobs after temporarily suspending job reductions at the beginning of the crisis.

Announcements like these point to further challenges in a rebound that’s already slowed after an initial bounce back in May and June. Weekly figures due Thursday are estimated to show filings for U.S. unemployment benefits remain far above pre-virus levels, while Friday’s jobs report — the last before the November presidential election — is expected to reveal that employers added a half-million fewer workers in September than in August.



a group of people sitting at a train station: Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept. 30, 2020. Walt Disney Co. is slashing 28,000 workers in its slumping U.S. resort business, marking of one of the deepest workforce reductions of the Covid-19 era.


© Bloomberg
Guests take pictures outside the closed gates of California Adventure theme park, part of the Disneyland Resort, in Anaheim, California, U.S., on Wednesday, Sept.