The financial industry generally places more emphasis on style than substance. Because of this, when their work is actually evaluated, results tend to be disappointing. Wall Street’s earnings forecasts? Overly optimistic. Performance of mutual fund managers? Quite embarrassing. You may be wondering: Do Morningstar ratings also belong in the same category?
You’re probably familiar with Morningstar and their one- to five-star mutual fund ratings. Many investors rely on Morningstar for stock and mutual fund research, and mutual fund companies love using Morningstar ratings in their marketing materials. But is there any value in a five-star Morningstar rating? (Disclosure: I use Morningstar software sold to investment advisors almost everyday.)
The Morningstar ratings for one of the funds J.D. owns.
Fortunately for us, researchers recently looked into these ratings and published their results. They compared Morningstar ratings to fund expense ratios as a predictor of future performance.
The expense ratio is the annual fee for investing in a fund. This fee is charged by the mutual fund manager, and it’s one of my favorite metrics. If you assume that mutual fund managers have no value — which I find to be a very good approximation — you would expect lower costs to predict better performance. And the report found just that:
Expense ratios are strong predictors of performance. In every asset class over every time period, the cheapest quintile produced higher total returns than the most expensive quintile.
What about Morningstar ratings? Five-star ratings predicted better performance than one-star ratings in 13 of 20 observations — a success rate of just 65%. That sounds pretty good on its own, but it’s still worse than a metric that anyone can look up in seconds.
Since Morningstar uses prior performance (after fees) to calculate its ratings, the ratings already include information about expense ratios indirectly. So what is Morningstar adding with its fancy algorithm? Let’s use a little high-school algebra to find out. (Geek Alert!)
Morningstar Rating = Expense Ratio + Morningstar’s Additional Analytics
And we just found out that:
Expense Ratio > Morningstar Rating
Finally, using my graduate degree in math, I get this:
Morningstar’s Additional Analytics < 0
Yes, Morningstar’s algorithm is horrible. And that’s not all.
Morningstar reserves its five- and one-star ratings for the top and bottom 10% of funds. However, the researchers conducting this study divided expense ratios into quintiles — or, as normal people would say, 20% buckets. The expense ratios were handicapped by using 20% buckets instead of 10%, and still beat Morningstar ratings. Ouch!
Well, there’s one thing I forgot to tell you. People have performed this evaluation many times with similar results, so it isn’t news to serious students of investing. The interesting part of the report I quoted is the publisher: Morningstar. If you read its report [PDF], it sounds like a politician answering a tough question — uncomfortable. Independent thinkers can go directly to the results here [PDF].
Note: After writing this, I noticed that Morningstar clarified that ratings are indicators of past performance, and should not be used to predict future performance. If Morningstar were concerned about substance, it would tailor its ratings to how investors actually use them — as an indicator of a good investment. If it did that, most five-star rated funds would just be index funds. Unfortunately, Morningstar emphasizes style (and money), so it ends up with an imperfect rating system that benefits one of its biggest clients: mutual funds.
Another Note: Morningstar responded to a version of this article that was published on Mariposa Capital Management’s blog in August. You can read the comments here.
I’ve always been a car guy. It’s not that I’m mechanically inclined or that I get into the latest makes and models — neither of these is anywhere close to the truth — but that a car has always been my primary mode of transportation.
When I was a boy, my family lived in rural Oregon, six miles from the nearest town. Automobiles were our only real option for getting around. Even when I went away to college, I relied on a car for most of my mobility. And so it’s been for forty years. As I say, I’ve always been a car guy.
This summer, though, I’ve had a sort of epiphany, one prompted by your comments and suggestions. I’ve learned that I can save money and improve my fitness by leaving my car at home — by exploring alternate modes of transportation.
The Bus
After my small adventure riding the bus in April, I’ve begun to view it as a valid means for getting around town. I think it helps that our friends Chris and Jolie are huge bus advocates, and use it to travel to and from our house. If they can use the bus, so can I — right? Now, instead of seeing the bus as something other people use, I know it’s something that I can use as well.
For example, I’m hoping to take a French class at a local college when the fall term starts. (Kris and I are teaching ourselves French in preparation for our planned vacation to Paris next autumn.) If I do this, I intend to take the bus to school three mornings a week.
I still don’t use the bus often, but it’s now in my pool of options, especially if I don’t want to hassle with a car. Portland’s transit system has an awesome website, so it’s easy to find a route that works for me.
The Bike
I love cycling, but I rarely hop on a bike anymore. For a couple of years during the late 1990s, I regularly rode my bike 5.8 miles to-and-from the box factory during the summer. I was biking over 1000 miles a year. I’ve biked occasionally here at our new house, but I’m older and fatter than I used to be, and my bike no longer really fits me.
I spent the better part of this summer avoiding a bike purchase — I just bought a car, for goodness sake — but two weeks ago, I finally realized that I was being foolish. I bought a city bike, one that actually fits, one that I actually use. Even though I could afford it, I felt apprehensive spending the money. (Still haven’t shaken all of the old mindsets.) But after a fortnight using my new vehicle, I’m pleased with the purchase.
A bicycle is handy not only for exercise, but also for handling middle-distance errands. If a destination is within 10-15 miles and it’s not raining (an important consideration here in Oregon), a bike is a viable option. Biking to my friend Andrew’s house takes about 25 minutes, for example; that’s only 10 minutes longer than it takes by car. And biking to the nearest grocery store barely takes any time at all.
Now that I have a bike that fits me — and one specifically designed for city cycling — I’m eager to make frequent use of it. It’s been over a decade since I had a 1000-mile year. It’d be great to ride that far again in 2010!
My Feet
The bus and the bike are great, but the real revelation in alternate transportation this summer has come from my own two feet. I’ve been walking all over the place.
Kris and I don’t live in a very walkable neighborhood. Despite a “somewhat walkable” Walk Score of 68, there’s nothing much close by. (In calculating walkability for us, the Walk Score counts two minimarts as grocery stores and two bars as restaurants — including one with the dubious distinction of being named “the best dive bar in Portland”.)
After I developed another running injury in June, I decided that I’d have to get my exercise by walking. That meant jaunting five or six miles each day to get the same time on my feet that I’d spent running. It also meant learning to see the surrounding communities in new ways.
For example, I’ve always felt that the nearest city was too far to walk to. It’s 2-1/2 miles to the near side of town and three miles to the far side. But I recently made a deal with myself: Once per week, I allow myself to go to the comic book store and to eat at the cheap taco place — but only if I walk. Walking creates a barrier. By setting this requirement, I can’t just indulge myself on a whim.
It’s not just the comic book store and the taco stand, though. I walk three miles to the credit union. I walk a mile-and-a-half to the public library. I walk a mile to the grocery store. And once, I even walked two miles to the lawnmower repair shop, and then pushed my mower home.
I never thought I could make the time to walk five miles per day, but I was wrong.
And here’s something I’ve learned: Once you start walking five miles a day, your world gets bigger. I know this seems counter-intuitive — a car takes you further faster — but it’s true. You begin to realize that things are closer than you thought they were. Walking is a great way to save money, see your neighborhood, and have fun.
Other Options
Although I may be new convert to alternate modes of transportation, many GRS readers have been working to reduce their car use for a long time, and for a variety of reasons. On Twitter last week, I asked people to share their stories:
Here are some of the replies:
@apricotrabbit wrote: “Between the bus & Zipcar, I don’t need a car in the city & I save tons of money. Plus, I can read while someone drives me around.”
@mrawdon wrote: “I’ve been biking to work twice a week this summer, for the exercise. Cuts down on gas consumption significantly, too.”
@grouchyladybug wrote: “i take the train & bus to work b/c it’s cheaper & more relaxing than driving”
@sarahperiwinkle wrote: “I take the commuter rail b/c its free with employer transit pass, w/in walking distance of home and work, and as fast as car.”
@jessemecham wrote: “is a sweet scooter alternate transportation? 70 mpg and I look good. (Yes, it was partially to save gas).”
It’s important to note that not everyone likes biking or taking the bus. I heard from some people who wish they could use a car more often, or who opt not to use other methods because they’re inconvenient.
Conclusion
Not all Americans have the luxury of being able to explore alternate means of transportation. For good or ill, we’re a car-centric nation that has built car-centric cities that encourage us to stay in our automobiles. But I suspect that there are a large number of people who could travel by bus, bike, or feet — if they only realized how easy it is. (That was certainly true in my case, anyhow.)
For some people, time is an issue, but I have intentionally created a lifestyle that allows me an opportunity to explore more leisurely modes of transportation.
All of this is well and good during the warm, dry months. But what happens when the Oregon rain returns in mid-October? I’m not sure. I suspect my bicycle will go into hibernation, I’ll only walk a couple of times each week, and I’ll really get to learn how Portland’s bus system works. And my spending on gas and car maintenance will continue to drop.
Walking photo by The Giant Vermin. Bus photo by Jason McHuff, who appears to be something of a bus fanatic.
It’s almost time for Dodger baseball. You’re rolling west along Sunset Boulevard, visions of Mookie Betts and Clayton Kershaw and Julio Urías happily dancing through your mind.
You’re one block from turning onto Vin Scully Avenue and into Dodger Stadium when you notice a black billboard, looming ominously above an auto repair shop called Fernando’s Tires. The billboard features this name, in bright white letters: Frank McCourt.
That guy?
Yes, that guy, the one who traded two Boston parking lots and what one of his attorneys said was “not a penny” of his own cash for ownership of the Dodgers. Yes, the one who dragged the storied team into bankruptcy amid Major League Baseball allegations he had “looted” $189 million from team revenues for personal use. And, yes, the one who laughed all the way to the bank, selling the Dodgers for a billion-dollar profit in 2012.
He did not, however, sell the parking lots that surround the stadium. In 2018, he pitched a gondola that would transport fans from Union Station to Dodger Stadium.
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Five years later, the proposal is still alive, now shepherded by an environmental organization delighted at the prospect of the gondola taking cars off the streets and keeping pollutants out of the air. That Sunset Boulevard billboard and others like it are brought to you by opponents of the gondola, taking aim at the project in part by relentlessly associating it with McCourt.
The Dodgers are guaranteed to play 81 games at Dodger Stadium every year, with playoff games traditionally added in October and concert dates sprinkled throughout the year. That leaves skeptics within the community to wonder why McCourt would promote a gondola ride to a stadium parking lot that would be empty three out of every four days during the year.
Unless, of course, the lot would not be empty.
McCourt’s company, now known as McCourt Global, highlights this slogan: “Building for tomorrow.” McCourt did not sell the Dodger Stadium parking lots because he anticipated building something there, some day.
What might that be? And is the gondola intended to carry us to that day?
The pursuit of those answers took me to Dodger Stadium, to City Hall and to a meeting of MLB owners. First, however, I stopped at a weathered red brick building in the Arts District, an old furniture and fabric warehouse reimagined as a laboratory for energy innovation.
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Three colorful banners greeted visitors, one with the hue of a bright blue sky. “Welcome,” that banner read, “to the Cleantech Future of Power and Water.”
The interior comes alive with vibrancy and urgency, and with work on dozens of concepts. Any one of them, building managers say, could emerge as “the next big idea to fight climate change.”
The Dodger Stadium gondola represents such an idea, according to its proponents. Climate Resolve, a nonprofit based in that building, agreed to take the reins from McCourt in leading the project.
“From my perspective,” said Climate Resolve founder and executive director Jonathan Parfrey, “to have a gondola transporting people from Union Station to Dodger Stadium, and to have that exciting, beautiful conveyance identified as a climate action?
“It changes the way people approach public transit. So it was very attractive to us.”
With baseball’s new hurry-up rules, you could miss half the game if you get stuck in Dodger Stadium’s oft-snarled traffic and get to your seat an hour after the first pitch.
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The gondola alternative: get to Union Station, hop aboard a spacious cabin that could arrive every 23 seconds, soar high above the city, and arrive at Dodger Stadium in seven minutes.
The climate benefit is easy to envision: fewer fans in cars powered by gasoline; more fans in gondolas powered by electricity.
A promotional video for the proposed Dodger Stadium gondola project released by Los Angeles Aerial Rapid Transit.
The climate downside is easy to envision too: massive development at Dodger Stadium, with neighborhood disruption for years of construction, and with cars converging upon the stadium every day, not just on game days.
“I’m involved in this project,” Parfrey said, “and I brought my organization into this project, predicated on there not being development on that land.”
Not now, or not ever?
“Not for the foreseeable future,” he said.
Parfrey said he had been given “assurances” that the gondola was not a first step toward Dodger Stadium development. I asked who had given him those assurances, or who I could ask to get those same assurances.
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“Ask Frank,” he said.
Near Lot G at Dodger Stadium, along the long slog from the outer reaches of the parking lots to a stadium entrance behind left field, a colorful model of a gondola cabin awaits you. You can step inside the 24-seat cabin, then imagine a ride that would allow you to skip traffic to the ballpark and instead, as the signage reads: “GET THERE BY AIR.”
You can even find a helpful decal, showing you where to stand to take a picture with the gondola cabin in the foreground and the stadium in the background.
The display of a model cabin takes a page from the playbook for pitching a new stadium or arena. Models and renderings can excite fans, but they also can obscure a critical question about any big project: Looks cool, but who is going to pay for this?
The cost of building the gondola was estimated at $300 million in 2020 and is expected to rise by the time a financing plan is finalized, said David Grannis of Point C Partners, a transportation and land use consultancy working with Climate Resolve.
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The McCourt entity that originated the gondola concept, LA Aerial Rapid Transit, has agreed to fund the approval process, including environmental studies and permit applications, project spokesman Nathan Click said. It is up to Climate Resolve to figure out how to pay for construction, as well as for annual operating costs Grannis estimated at between $5 million and $10 million.
The gondola won’t make money, at least not under the current plan of free rides for fans with a Dodgers ticket and neighborhood residents with a Metro pass.
Parfrey said taxpayers would not be asked to subsidize the gondola.
The hundreds of millions would come from private financing, Grannis said, and largely from sponsorships and the purchase of naming rights.
In 2012, the airline Emirates agreed to pay about $60 million for a 10-year sponsorship of a London gondola — then called the Emirates Air Line — that carried riders above the River Thames and cost $96 million. The current one-way adult fare on the London gondola is $7.50.
“In this case,” Grannis said, “you have a venue that happens to be the best attended in Major League Baseball, and therefore the iconic nature of this cabin flying to Dodger Stadium and taking you there is going to attract a lot of sponsors, a lot of people who want naming rights or sponsorship.
“That’s the big revenue.”
Jeff Marks, the founder and chief executive of Innovative Partnerships Group, brokers naming rights and sponsorship deals between companies and teams, leagues and venues. He said it “could be doable” to cover the cost of building and operating the gondola through corporate sponsorships, but he said even the most generous sponsor might not be willing to strike a nine-figure deal without exposure beyond simply slapping the company’s name on the side of the gondola.
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Marks, speaking generally because he is not involved in the project, said a title sponsor might also want a benefit such as the company name on the field. A hypothetical example: Verizon Field at Dodger Stadium. The Dodgers have hired firms to solicit corporate offers for naming rights to the field and patches on the team jerseys.
Or, Marks said, a primary sponsor might prefer naming rights to whatever development might rise atop the parking lots: Take the Verizon Gondola to the Verizon Village at Dodger Stadium!
Rick Caruso, the developer behind the Grove and Americana shopping and entertainment centers, pursued the Dodgers when McCourt put them up for sale. Caruso commissioned studies on how to improve the notorious congestion for cars getting into and out of the Dodger Stadium parking lots.
Without control of the lots, however, Caruso believed he might not have been able to implement any changes. McCourt insisted he would not sell the lots, and Caruso withdrew from the bidding.
Guggenheim Baseball Management, the winning bidder, took a different approach. Guggenheim, led by Mark Walter and Stan Kasten, bought the Dodgers and their stadium from McCourt. In a separate transaction, a Guggenheim entity formed a joint venture with a McCourt entity to control the parking lots.
In land use documents filed by the joint venture in 2012 and intended to “facilitate the orderly development” of the Dodger Stadium parking lots, the potential property uses cited include homes, offices, restaurants, shops, entertainment venues, medical and academic buildings, a separate sports facility and a hotel and exhibit hall.
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“It is an ill-conceived concept that the highest and best use of Chavez Ravine is 260 acres for parking,” an attorney for McCourt, Tony Natsis, said at the time. “I consider that to be an ill-conceived notion for the owner of the parking lots and the owner of the stadium.”
Walter, the Dodgers’ chairman and controlling owner, said McCourt cannot develop anything on the property without Guggenheim’s consent. What might Walter be thinking in terms of development now?
“I haven’t been thinking about it at all,” Walter said.
Kasten, the Dodgers’ president and chief executive, said the Dodgers support the gondola project but are “really not involved” in it. Walter had a simple explanation for why the Dodgers would back a project that would chew up a chunk of the parking lots in the stadium.
“Hopefully, it will make it easier for people to get there,” he said.
Of the 18,889 parking spaces at the stadium, the gondola station at Dodger Stadium would result in the loss of 194 spaces, according to the environmental impact report for the project.
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To the Dodgers, that would not be a big deal. But this might be: The report projects 10,000 people would ride the gondola to each game by 2042, which could translate to a loss of about 20% of parking revenue.
Kasten called those figures “hypotheticals that I don’t have an answer for,” and project opponents dismissed the ridership projections as unrealistically high, citing a UCLA study.
But a person familiar with the Dodgers’ business model, speaking on condition of anonymity so as not to jeopardize his professional relationships, said the team likely would not agree to give up millions in annual parking fees without some way to recoup that money.
“It does not make sense for the Dodgers to do it if they’re going to lose parking revenue,” the person said. “It does make sense if the gondola is serving a larger development.”
The California Endowment, a nonprofit with offices that would sit beneath the shadow of a 195-foot gondola tower, is leading and largely funding a coalition opposing the project. In court papers, the Endowment cited the Dodger Stadium development proposal McCourt unveiled when he owned the team and alleged the gondola would be “a loss leader for the future development of parking lots at Dodger Stadium.”
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What would Kasten say to Angelenos who would like to know whether the gondola comes first and development comes next?
“That’s a question you’ll have to address to someone else,” Kasten said.
To the people proposing the gondola?
“Yes,” Kasten said. “That’s where I would direct my questions.”
I had. And what had I been told? Ask Frank.
On April 9, 2021, for the first time in 32 years, the Dodgers raised a World Series championship banner. The Dodgers bestowed the honor of hoisting the treasured flag upon five people, including three of their own: Dodgers co-owners Magic Johnson and Billie Jean King, each decorated champions in their own right, and Hall of Fame broadcaster Jaime Jarrín.
The other two: Eric Garcetti, then the mayor of Los Angeles, and Gil Cedillo, then the city councilman representing the district that includes Dodger Stadium.
The Dodgers forged a strong working relationship with Cedillo. The team and nine of its senior executives combined to make $13,800 in campaign contributions to him from 2013 to ‘22, according to city records.
Cedillo lost his bid for re-election last year, defeated by community activist Eunisses Hernandez. Kasten and Hernandez each expressed a desire to work together for the benefit of the fans and the community.
Garcetti, who has backed the gondola from the time McCourt first pitched it five years ago, said the Dodgers never have hinted to him that mass development would be in the works at Dodger Stadium.
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“I think there is a vision of trying to make it less of a once- or twice-a-year kind of a place for a family, when you go to a game,” Garcetti said before he left office last December, “and more of an asset: the best view in L.A., a place for more special events, a place where baseball history can be celebrated.
“I think their core business is baseball, and they want to protect that.”
The environmental impact report does not contemplate development at Dodger Stadium. The report states “no housing units are proposed” as part of the project and “additional approvals requiring further environmental review would be necessary” for any development at the stadium or elsewhere along the gondola route.
For Hernandez, that language is not enough. The councilwoman said she has “a lot of concerns” about the gondola.
“I am not convinced that this is an effective solution to reducing vehicle congestion,” she said, “and I share the neighborhood’s concerns about displacement and disruption.”
Hernandez said she is not necessarily opposed to development at Dodger Stadium, provided affordable housing is a priority. She is opposed to considering the gondola on its own, without any consideration of whether development might follow and what it might involve.
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“I don’t think it’s appropriate to undertake such large-scale projects without a full and clear understanding of long-term plans,” Hernandez said. “This shouldn’t be piecemealed out, and I want to see additional development plans made clear.
“That is the honest approach, and that’s what will allow the community, the city, and all involved entities to make a clear-eyed decision.”
Steve Soboroff, who was the mayoral point man on the construction of Staples Center and later president of the Playa Vista development near LAX, worked briefly with McCourt in the final year of his Dodgers ownership.
Soboroff is not involved in the gondola project. He said the most effective way to build community support for the project would be to offer transparency about the long-term plan, even if the gondola would come first and any development would come later.
“That would be the path that I would choose,” Soboroff said.
It was time for me to do what Parfrey had suggested: Ask Frank.
The Dodgers have prospered without McCourt, and McCourt has prospered without the Dodgers.
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He bought the storied French soccer club Olympique de Marseille. He donated $200 million to what is now called the McCourt School of Public Policy at Georgetown University. He launched Project Liberty, an initiative to reform the Internet in the interest of serving “people, not platforms.”
As McCourt told Leaders Magazine: “Our technology today is great if you want to support autocracy, but it is not so great if you want to support individual rights and the freedoms and liberties assorted with democracy.”
McCourt still owns the Los Angeles Marathon, which starts at Dodger Stadium. During the past two months, as Urbanize LA reported, McCourt entities revealed plans to construct 502 apartments in three buildings on two sites along Stadium Way and another one block south, overlooking the 110 Freeway. The apartment buildings are planned regardless of whether the gondola is approved, said Brin Frazier, a spokeswoman for McCourt.
The applicant for the apartment projects is listed in city records as Jordan Lang, president of two McCourt entities: McCourt Partners Real Estate and Aerial Rapid Transit Technologies.
Lang’s company biography makes no mention of any experience in other transportation projects but touts his leadership in completing “millions of square feet of office, hotel, residential and mixed-use projects.”
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The prospect of developing such a large site on the outskirts of downtown is so rare that the city’s movers and shakers have floated concepts for decades. Caruso and I talked about some of them 18 years ago, long before McCourt put the team up for sale or Caruso ran unsuccessfully for mayor.
Peter O’Malley, the revered former Dodgers owner, proposed building an NFL stadium in the Dodger Stadium parking lot in 1995. McCourt revived the idea in 2005.
The other four MLB teams in California all have pursued mixed-use developments surrounding their ballparks. The Angels’ most recent proposal — since killed by the city of Anaheim amid a corruption scandal — would have included more than 5,000 homes on a site roughly half the size of the Dodger Stadium property.
“We need more housing,” Garcetti said. “We need it to be centrally located. We need it to be affordable. I think, if you meet those criteria, you can start a conversation with the city.”
Or, perhaps, development at Dodger Stadium could mean a selection of food halls, restaurants and bars, enticing enough to lure fans to arrive long before the game and stick around after it ends. That in itself could ease the neighborhood traffic bottlenecks on game days, gondola or no gondola.
Parfrey, who said his nonprofit agreed to take the lead on the gondola project based on what he said was a promise of no development on the land, said his organization would not support a ballpark neighborhood arising on the property but would support a plan to put a restaurant here and there within the parking lot.
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“We would go early and go to the restaurants,” Parfrey said.
Parfrey, remember, was the guy who told me to “ask Frank” about the “assurances” that the arrival of the gondola would not trigger development. I mentioned that to Frazier, McCourt’s spokeswoman, and asked if I could speak to him about that.
“Frank,” she said, “is not available.”
Watch L.A. Times Today at 7 p.m. on Spectrum News 1 on Channel 1 or live stream on the Spectrum News App. Palos Verdes Peninsula and Orange County viewers can watch on Cox Systems on channel 99.
In Buddhism, they call a wandering mind “monkey mind.” I have more of a “gorilla mind”, stampeding out of control, acting on every impulse, and laughing off my attempts to tame it.
That’s why I found the CEO Schedule so effective. It’s not a regimen; it doesn’t require you to get up at 4:45 am, pound 40 grams of organic protein, and perform yoga poses during conference calls.
Rather, the CEO “Schedule” is merely a list of habits. Extracted during a 12-year Harvard Business School study of 27 CEOs, the CEO Schedule highlights ways high-level executives can more effectively manage their time.
While I’m neither high-level nor an executive, certain elements of the CEO Schedule have massively helped me manage my time better without disrupting my existing regimen (i.e. upsetting my gorilla).
In this article, I’m going to highlight certain habits within the CEO Schedule that I think would help anyone manage their time better and make work more enjoyable. Even if you can implement just one habit from the CEO Schedule, it can be a huge help.
What’s Ahead:
Bundle together similar tasks
Ever feel like you’re “shifting gears” too much during a workday, between emails, personal stuff, and the primary task at hand?
The problem with “shifting gears” too often is twofold. First, it wears out your clutch, aka your brain. Second, when your brain has to constantly start over and refocus, productivity is lost.
While minute-to-minute focus can be achieved through meditation and mindfulness, a quick fix you can perform on your calendar is to bundle together similar tasks. The study found that highly effective CEOs all made an effort to stack admin/meeting/problem-solving tasks together so that they could preserve mental energy and momentum.
Try this:
Head over to your calendar and try to create as many large blocks of tasks as possible. Instead of peppering meetings throughout the week, try to stack all of your meetings on, say, Wednesday and Thursday, and keep Monday and Tuesday sacred for hunkering down and writing.
Put downtime on your calendar
Time spent away from work is just as, if not more important, than the work itself. For that reason, it deserves a spot on your calendar! (Note, I’m keen on calendars -see my piece on keeping your finances on track with a financial calendar!)
The study found that even the busiest CEOs spend at least three hours socializing with friends and family, two hours on hobbies or TV, and one hour in the gym. The precision timing is no coincidence; the 27 CEOs treat their mental and physical health like clients – they’re never late to a meeting and they give them full attention.
Try this:
A simple checkbox in my Gmail settings provided a nice boost to my mental health.
First, set your default view from five-day to seven-day, so that each time you visit your calendar you can see your weekend activities and not just your work.
Next, bake your personal time into your calendar. Color code your gym time, your quality time with family and friends, and your solo downtime, whether it’s spent gaming, browsing Netflix, or figuring out your next investment.
All of these restful activities are just as important at work, so they deserve space on your calendar.
Pick up the phone more often
Despite most of their jobs revolving around communication, the 27 CEOs spent just 24% of their time on email, and 76% of their time face-to-face or on the phone.
While that might sound inefficient and a little old-fashioned, communicating in-person or at the very least on the phone is actually a huge time saver. Emails are disruptive, prone to misinterpretation, and are no faster than a telegraph for communicating with a single individual.
Plus, CEOs value meetings and Zoom calls because they build trust and relationships. Tone, emotion, and subtlety are lost in plaintext format.
Try this:
If an email upsets, annoys, or confuses you, or if your email might elicit such emotions in the other party, pick up the phone instead. By communicating more directly via voice, you’re less likely to have a miscommunication and end up saving time in the long run.
Shorten your meetings
During the study, one of the most common “confessions” among CEOs is that many of their one-hour meetings could and should have been 30- or even 15-minute meetings. However, they generally refrained from suggesting shorter meetings because they didn’t want to appear too busy or self-important (49% of their meetings were scheduled by the other party).
I’m sure you’ve been in a meeting that went on way too long because someone was arbitrarily trying to fill the hour they asked for, or the conversation was caught in a “swirl” where attendees began repeating themselves and somebody says “what we need to find is a balance.”
When meetings are shorter and end early, you’ll find that the first casualty is that time-wasting fluff and swirl. Tighter time windows push for expediency and let everyone return to their days sooner.
Try this:
Reset your default meeting duration from one-hour to 30-minutes. You’ll end up saving yourself and all in attendance a lot of time. To fit everything in, stick to a strict agenda, take notes, and establish clear owners/due dates for all follow-ups.
If you end even earlier and want to wrap things up politely, simply say “if there’s nothing left to cover, I’ll give you 15 minutes of your day back.”
Always have an agenda
Perhaps unsurprisingly, the word “agenda” appeared 27 times in the HBR report. Most of the time it wasn’t in the context of a meeting, but rather in reference to a greater set of personal goals.
At one point during the study, the researchers asked the CEOs to describe their goals for the quarter and the hours devoted to achieving them. All 27 CEOs provided this data on the spot.
As someone who’s battled feelings of depression, I’ve learned that one of the secret killers of mental health is a feeling that you’re lacking momentum. You have things that you want to accomplish, but you’re not moving towards them. Consciously or subconsciously, that feeling of stagnation really sucks.
Thankfully, by contrast, any feeling of progress, or that you’ve pushed the ball forward just a little bit, can be a huge source of reprieve.
Try this:
Right now, make a list of three goals. They can be a mix of personal or professional, like “lose 10 pounds” or “get my personal finances in order”.
Next, look at the last two weeks of your calendar and ask yourself: how many hours did I devote to those goals? Which might need more attention next week?
By keeping an agenda of any kind, and chipping away at it each day, you can ensure that you’re always moving towards your goals.
Summary
As you can see, there’s a reason CEOs can pack so much into their days. And you too can take some of the most common CEO strategies and apply them to your own life.
No matter if you take all of these and run with them, or you find just one way to improve your productivity, you’ll certainly be happy you did.
First comes love, then comes marriage, and then comes house hunting?
Lesbian, gay, bisexual, transgender, and queer Americans are increasingly buying homes as they get engaged or married, or form other formalized relationships, and have children, according to a recent report from the LGBTQ+ Real Estate Alliance. The alliance is a national trade group of LGBTQ+ real estate professionals and allies. The report was based on a survey filled out by nearly 400 alliance members in March.
“The LGBTQ+ community’s homeownership journey follows a very traditional cycle,” says Ryan Weyandt, CEO of the alliance. “They start as renters early in their careers and just like everybody else. Relationships, jobs, and advancements in their careers are driving homeownership. Children are also becoming more impactful in buying decisions.”
There are more than 1.2 million same-sex couples in the nation, according to U.S. Census Bureau data included in the report.
More than a third of the surveyed LGBTQ+ first-time buyers, 37.7%, said that a formalized relationship was one of the top three reasons they wanted to become homeowners. For lesbian couples, it was a much stronger motivator, with 58.4% reporting it was one of the main reasons to buy homes.
This is compared with 53.8% of straight survey respondents.
Children were another top reason that members of the LGBTQ+ purchased homes, whether their first or their fourth. It was a motivating factor for nearly 44% of survey respondents. About 29% of LGBTQ+ individuals have children, according to the Williams Institute at the University of California, Los Angeles.
Where LGBTQ+ people want to live
Cities remained the destination of choice for members of the LGBTQ+ community as they’re just beginning their careers, often as renters. Nearly two-thirds of members of the alliance chose to live in an urban area or central part of the city with gay men more likely to pick these destinations than lesbians or straight individuals.
That’s likely because the social and dating scenes of a prospective area are important when they’re choosing a first place to live. Being in a place with a strong LGBTQ+ presence and good nightlife was also important to many younger members of the community.
However, the community isn’t monolithic. Interestingly, nearly a fifth of lesbians started their professional careers in small towns—compared with almost 5% of gay men and about 6% of straight folks.
“The LGBTQ+ community is everywhere,” says Weyandt.
Nearly half of LGBTQ+ folks bought their first homes in urban areas, compared with about a third of straight people. More than 40% purchased in the suburbs, while roughly 10% bought in small towns or rural areas.
When purchasing a home, the social, dating, and nightlife scenes weren’t top considerations. That might be because many buyers are older, in relationships, and more settled down—and they might not be as interested in partying into the wee hours.
“We value so much of the same things as everyone else,” Erin Morrison, alliance member and a Realtor® in Texas, said in a statement. “We want access to good jobs, affordability, to be near our friends and family, have loving relationships and live in welcoming communities.”
LGBTQ+ Americans still face housing discrimination
A record 520-plus anti-LGBTQ+ bills had been introduced in state legislatures as of late May, according to the Human Rights Campaign. Seventy have been enacted.
In the past year, about 29% of LGBTQ+ people said they had experienced housing discrimination or harassment, according to the Center for American Progress. And about a fifth of alliance members say that discrimination against LGBTQ+ homebuyers is on the rise.
“Discrimination and the fear of it are a pervasive problem,” says Weyandt. “Imagine your LGBTQ+ child looking for a home and having to consider so many aspects to the decision that others might not. It’s not only the home, the neighborhood, and the schools they’re looking at. It’s how will they be welcomed? Will they be welcomed? What if they have children? How will the children be received in the neighborhood, in the school district?”
Transgender buyers might have to sign forms with names that do not reflect their gender identities. Sellers might be reluctant to choose LGBTQ+ buyers. And real estate agents, landlords, and leasing agents might discriminate against members of the community.
This is leading many LGBTQ+ Americans to consider moving out of their communities and states. Some are worried about being harassed or bothered by their neighbors because of their sexual orientations or gender identities.
“The hope is this period of anti-LGBTQ+ legislation and rhetoric are just another blip and a barrier to overcome for the community to be fully accepted,” says Weyandt. “The most important thing we have to remember is that LGBTQ+ people are people. And we have to welcome them for who they are.”
Facing a persistent housing crisis, Los Angeles is doubling down on converting unused commercial buildings into residential properties. Last month, as part of the DTLA 2040 Community Plan, the City Council approved a long-awaited update to the Downtown Adaptive Reuse Ordinance adopted in 1999, which enabled the production of more than 12,000 units of new housing. The update would make more commercial buildings eligible for incentives such as streamlined permits and flexible regulations.
This might seem like the perfect time for office-to-apartment conversions: The persistence of remote work has led to record office vacancy rates in L.A. But the dramatic increase in interest rates over the last year made refinancing loans for office buildings very difficult, prompting defaults and distressed sales. “Maturity defaults” — loans that have come due and cannot be refinanced — have surged. Nearly 90% of office loans maturing this year are likely to face difficulty in refinancing.
In downtown L.A., skyscrapers are selling for half of what they did a decade ago. Given that high commercial real estate prices have typically hurt the financial feasibility of adaptive reuse projects, a steep decline in office building prices could be helpful in theory. But high interest rates also make conversions more costly to finance. Measure ULA — the so-called “mansion tax” that took effect this April — is another disincentive for both selling and converting office properties, applying a 4%-5.5% tax to transactions for commercial properties and multifamily housing properties as well.
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From a local government perspective, there is significant risk in leaving the fate of these properties to chance. Steep declines in sale prices mean steep declines in local tax revenue. To mitigate this risk, L.A. should consider fiscal policy to tip the scale more convincingly toward adaptive reuse. One approach worth entertaining is a temporary property tax abatement program for office-to-residential conversions.
A multiyear tax abatement for eligible projects would decrease the initial costs of adaptive reuse projects. A simple example of a 10-year abatement program might reduce an eligible property’s tax bill by 100% for the first year after approval, then by 90% in the second year, 80% in the third year and so on until the property returns to the full taxable value of the converted housing development. In addition to encouraging new purchases, an effective abatement program could also spur current owners to convert their buildings and avoid the financial disincentive of Measure ULA on property transfers.
In New York City, a tax abatement program helped produce nearly 13,000 housing units in Lower Manhattan between 1990 and 2020, representing more than 40% of the total housing growth in the area over this period. A similar program may be scaled up in Washington, D.C.
Tax abatements to encourage housing production have been decried by opponents as unnecessary giveaways to developers. But these criticisms do not account for the cost of doing nothing.
Consider an unconverted office building that had a current tax valuation of $50 million but would become a distressed sale at half that value in 2024. Suppose that sale results in a 50% decline in property tax revenue over the next 10 years. Now suppose that, instead, the building is converted into 200 units of housing while benefiting from a tax abatement program that means forgoing 50% of tax revenue over the same 10 years. This conversion to housing could be expected, conservatively, to preserve the full 2023 valuation of the property. After a decade, the forgone tax amount is equal to the decline in tax revenue under a distressed sale — but Los Angeles ends up with 200 more units of housing instead of an underutilized office building.
Beyond helping to meet Los Angeles’ ambitious housing production goals, adaptive reuse conversions can provide a more stable source of property tax revenue because the housing sector is much more insulated from factors such as remote work and other economic shocks affecting the office sector. And they can also help to maintain office prices through a reduction in supply. Both of these forces could place city and county finances at less future risk.
In Greater Los Angeles, 20% of office building loans are coming due by 2025 and will need to be refinanced. Creating a tax abatement program or comparable incentive in time to avoid huge declines in property tax revenue would be a big lift for policymakers to pull off. But other massive fiscal programs such as California’s Project Homekey — which provided $600 million in the first year of the COVID pandemic to convert housing for individuals experiencing homelessness — have been quickly formulated and expanded in times of crisis.
The clock is ticking to address L.A.’s potential “doom loop” for office real estate. Decisive action could increase housing production and lead to robust property tax revenue that could benefit Angelenos for decades to come.
Jason Ward is an economist, associate director of the Rand Center on Housing and Homelessness in Los Angeles and a professor at the Pardee Rand Graduate School.
Today we’ll take a hard look at First Internet Bank, which is a frequent advertiser on the Zillow Mortgage Marketplace.
Their full name is actually First Internet Bank of Indiana, but seeing that they’re licensed to do business nationwide, why focus only on the Hoosier State?
Interestingly, their name is in fact factual because they are apparently the first FDIC-insured institution to operate entirely online.
Aside from offering checking, savings, and money market accounts, they also originate lots of home loans. That segment of their business will be the focus for this review.
First Internet Bank Fast Facts
Publicly traded bank founded in 1999 by David Becker
Corporate headquarters located in Fishers, Indiana
First FDIC-insured institution to operate entirely online
Offer home loans, personal loans, student loans, credit cards, depository accounts, and more
Originated about $700 million in mortgages last year
Licensed nationally but most active in Indiana, California, and Texas
First Internet Bank of Indiana was founded in 1999 by current CEO David Becker, who had a vision to conduct banking exclusively online.
He’s seemed to be on to something, because here we are 20 years later applying for home loans on our smartphones.
Anyway, you can be pretty confident they’re up to speed on technology seeing that their humble beginnings were driven by innovation and technology.
But they’re also a pretty large publicly-traded bank, so despite not having physical branches, they’ve got the soundness and security of a large financial institution.
Last year, the online mortgage lender mustered about $700 million in home loans, and may be on track for a $1 billion+ origination year in 2020.
They’re licensed to conduct business nationwide, but did the most volume in their home state of Indiana. A good chunk of business also came from California and Texas.
How to Apply for a Home Loan with First Internet Bank
Since they’re an e-bank you can apply for a mortgage directly from their website
Their digital mortgage platform is powered by fintech company Blend
It’s also possible to call them directly or chat with any of their loan officers online
Borrowers can complete most of the loan process remotely and paperlessly
You’ve got a few options to get the ball rolling with First Internet Bank. If you head over to their website, it’s possible to apply for a mortgage without any human assistance.
Simply navigate to their mortgage page, then select either “apply now” or “get pre-approved.”
Both options lead to the same place, a digital mortgage application powered by Blend.
It allows you to complete most of the application electronically, including the ability to link financial accounts, pay stubs, and employment information.
You can also eSign documents for fast delivery and once approved, you’ll be able to use their loan portal to satisfy any required conditions and to check loan status.
Those who wish to generate a pre-approval letter can do so via the same online mortgage application.
Alternatively, you can navigate to the loan officers tab and check out all the folks who work at First Internet Bank.
You can view their profile, contact information, and even chat with them immediately online if it shows they’re available.
If you’re old school, you can also simply call them up on the phone to get started.
All in all, you’ve got plenty of options when it comes to applying for a home loan, which is a nice touch.
And the fact that they use fintech company Blend for their digital mortgage process is also a big plus.
Home Loan Programs Offered by First Internet Bank
Home purchase loans
Refinance loans
Conforming loans
Jumbo home loans
FHA loans and VA loans
Construction-to-perm loans
Home equity loans
Home equity lines of credit
Fixed-rate and adjustable-rate options are available
First Internet Bank has home loan programs to suit most borrowers, including home purchase loans, refinance loans (rate and term and cash out), and construction loans.
The only big loan category they’re missing is USDA home loans.
However, they still offer conventional loans backed by Fannie Mae and Freddie Mac, jumbo home loans with just 10% down, FHA loans, and VA loans.
Additionally, you can get a home equity line of credit (HELOC) or a home equity loan, something many of the nonbank lenders can’t offer.
So if you’re in need of a second mortgage, even a piggyback mortgage, they might have the edge there.
They lend on all types of properties, including primary residences, second homes, and investment properties.
You can get a fixed-rate mortgage, such as a 30-year or 15-year mortgage, or an adjustable-rate mortgage, such as a 5/1 ARM or 7/1 ARM.
First Internet Bank Mortgage Rates
While they don’t list mortgage rates on their own website, Zillow shoppers may come across them when shopping rates via the Zillow Mortgage Marketplace.
From what I saw on Zillow, they offered competitive rates relative to other lenders listed, and often advertised lender fees under $100, or even just $1 on certain loan products (basically a no cost refinance).
They may have been an eighth of a percent higher than the cheapest lender listed, but with lower fees. So potentially still the best combination of rate and fees.
The fact that they operate entirely online means they can cut down on typical overhead costs incurred by brick-and-mortar banks. Hopefully those savings are passed onto you.
Why they don’t list mortgage rates on their own website is another question, but that’s their choice and not necessarily a bad thing.
However, you can request a free rate quote on their website, though only after providing your contact info. So calling or chatting may be best if you wish to remain anonymous at first.
All in all, they appear to be very reasonable pricing-wise on both rates and fees, so that shouldn’t be a concern for most prospective customers, but always put in the time to shop and compare with other lenders.
First Internet Bank Mortgage Reviews
First Internet Bank has a stellar 4.87-star rating on SocialSurvey based on over 1,200 customer reviews specifically regarding their mortgage division.
They’ve also got a 4.9 out of 5 rating on LendingTree with a 97% recommend rating.
On Zillow, they have a 4.7-star rating out of 5 based on over 600 customer reviews, with many reviewers indicated that both closing costs and rates were lower than expected.
Additionally, they take the time to respond to all the reviews on Zillow, so if you want feedback from your feedback, you’ll probably be in luck.
The company is also Better Business Bureau accredited and has been since 2013. They currently sport an ‘A+’ BBB rating.
So it seems clear they are a well-liked bank and mortgage lender across all the major ratings companies.
In summary, First Internet Bank is certainly worth considering if shopping for a home loan, assuming you are comfortable working remotely.
But this may make them better suited for refinances as opposed to home purchase loans.
First Internet Bank Mortgage Pros and Cons
The Pros
Offer a digital home loan process powered by Blend
Can apply for a mortgage without human assistance
Ability to chat with loan officers via their website
Excellent customer reviews from past mortgage customers
A+ BBB rating and accredited company
Appear to offer low mortgage rates with limited lender fees
Lots of different loan programs to choose from including home equity loans and lines
Some parents will tell you firsthand there’s no expiration date on this raising kids gig. For some, that means they extend financial help to their kids into adulthood. When I was 21 and got into a master’s program at a college of my dreams, my mom swooped in to help me pay for my degree. Many parents have been kind enough to do this and more.
When I say “many,” I’m backed up by a 2023 survey from Savings.com that found 45% of parents with a child 18 or older spend an average of over $1,400 per month supporting their kids financially, excluding adult kids with disabilities.
But is this financial support always a good idea? A certified financial planner and a therapist who both have experience in this department share their thoughts.
Why parents support adult kids
There are many reasons a parent may choose to support their adult kids. Disabilities and wanting to help them achieve major life milestones are a couple. Shelmeshia Hill-Brown, the CEO of Wholistic Resolutions LLC in Chesapeake, Virginia, is a social worker and therapist who works with parents who financially support their adult kids. A major theme she sees is parents helping pay for school, especially since the pandemic. Buying a home and exploring infertility treatments are other reasons her clients financially support their kids.
While some parents offer financial support because they want to, others feel obligated even when it’s financially inconvenient. Sometimes, the obligation stems from guilt of not preparing their kids for financial independence early on, Hill-Brown says.
“They didn’t do that one-on-one time with them, to sit down and actually teach them,” she says. “But a lot of that also stemmed from, it never [being] done with them, as well, so they were learning along the way, and it made it a little bit more challenging to sit down and come up with a plan to implement with their own children.”
Risks of supporting adult children
Supporting your kids can be satisfying, but it also may be detrimental if you’re not financially secure. It also can affect retirement savings, which many Americans already have concerns about. Fidelity’s 2023 Retirement Savings Assessment tells us 52% of American households may not be able to cover essential expenses in retirement. And roughly 50% even plan to work during retirement.
Nonetheless, some parents think about dipping into their savings so their adult kids don’t have to take out loans, says Kayla Walter, a certified financial planner at Bailey Wealth Advisors in Silver Spring, Maryland. She advises clients against that, seeing as there are student loans, but no loans for retirement.
“You’re blowing through your savings at a much faster rate, and it’s not going to last you as long as maybe you intend to live,” she says.
Protecting your finances and relationship
The risk in providing for adult kids is twofold: It can affect your finances and relationship. Yes, it may give you a sense of purpose and make you feel connected to your child, but it also can cause resentment, says Hill-Brown.
“There are some [parents] who actually find themselves in a financial bind because they were not open with their own financial responsibilities and how it would be impacted,” she says. “And that’s where that resentment and guilt takes place as a result.” She adds that resentment can happen even for parents who can afford to support their kids.
To protect your finances, make sure you can afford to extend help to your kids before saying yes, and know your limits. You can then communicate these limits with your child. For those who have kids who are financially dependent on them, gradually reduce support and set boundaries around how financial support will look moving forward, Hill-Brown says. Also, be willing to say no when necessary.
If you’re feeling guilty about it, keep in mind that financial support without limits could keep your child from becoming financially independent, which is something Hill-Brown says they could then pass on to the next generation.
Encouraging financial independence
After setting those financial boundaries, you can start steering your child toward financial independence.
One way to help do this is by bringing them into your finances, Walter says.
“If they’re feeling like they didn’t do enough for their children, a good time to kind of help them learn more about finances would be bringing them into the meeting with your advisor and make it a family meeting so that way they can see what’s going on,” she says.
Another option is to point adult kids to financial services that can help. For instance, instead of loaning them money if they’re in serious debt, you could direct them to a debt consolidation service.
Finally, Walter suggests being a good example to your kids and mirroring healthy money habits. “There’s never not a good time to set a good financial example for your children.”
This article was written by NerdWallet and was originally published by The Associated Press.
Lori’s Ace Home & Hardware will host the Women in Power workshop to teach women how to operate lawn and landscaping equipment with confidence.
The workshop will be from 4 to 5 p.m. July 11 at the hardware store, 2800 Raeford Road, Suite 24A, according to a news release.
Participants will learn to safely operate a leaf blower, weed trimmer and hedge trimmer; the features, benefits and pros/cons of various gas and battery models; and how to maintain the equipment, the release said.
“Since opening in March, we’ve had several female customers ask us how to operate the outdoor power equipment,” said Lori Tracy Stobbe, president and co-owner. “Many women are taking care of the lawn and landscaping duties but may not feel confident in their ability to use the equipment. We can help them.”
The workshop will include a hands-on demonstration and Q&A session. Presenters will include Nate Stobbe, co-owner, and Aaron Russell, assistant store manager. Both have extensive experience operating outdoor power equipment and teaching customers how to use it, the release said.
Reservations can be made by calling the store at 910-900-4455.
Lori’s Ace opened March 15. The nearly 20,000-square-foot store includes an outdoor garden center, patio furniture, home decor and gifts, toys and games, kitchen and bath accessories, and wild bird food and feeders.
Optometrist opens practice on Ramsey Street
Optometrist Joseph Ballard has opened his own practice, Northside Family Eye Care, at 5811 Ramsey St.
Ballard is a graduate of the University of North Carolina at Pembroke and has a doctoral degree from the Southern College of Optometry. He worked at Professional Eye Care in Hope Mills for eight years before opening his practice at the first of the year.
Northside is a full-service eye care practice that helps patients with routine eye exams for eyeglasses and contact lenses, emergency eye care needs, chronic eye treatment and prevention of diseases such as glaucoma, cataracts, and dry eye disease. It is the only locally owned and operated eye care practice in north Fayetteville, according to a news release.
New patients are being accepted, and most insurance coverage is accepted.
Stress recovery center secures art therapy grant from Arts Council
SPRING LAKE — Enclave Stress Recovery Center has received a Mini Grant from the Arts Council of Fayetteville-Cumberland County.
The grant is for seed funding for art supplies and equipment to host adult art therapy classes called “Weekly Wind-Down,” according to a news release. The counselor-led therapy classes will begin at 6 p.m. June 30.
“We are very fortunate to have an art therapist and two licensed counselors on our team at the Enclave,” said Executive Director Taneshia Kerr. “They put a lot of time and research into the curriculum creation, and we are ready to use this award as a steppingstone to bring even more stress recovery opportunities to Cumberland County.”
The Weekly Wind-down will be a 90-minute art therapy program that is open to the public. Participants will meet in a suite that has been prepared with therapeutic-grade aromatherapy diffusion and Tibetan singing bowls, the release said. These modalities are designed to lower physical tension and improve mood.
The program includes a five-minute talk about a stress recovery technique, a guided deep breathing exercise, and an art station with mixed media, the release said.
The Enclave has been providing mental wellness and emotional support services to Cumberland County since 2020. For more information, call 910-354-6287 or email [email protected].
School resource center named for former Superintendent Harrison
Cumberland County Schools’ Educational Resource Center, located at 396 Elementary Drive, has been named in honor of William “Bill” Harrison, former superintendent of the school district.
Principals, Board of Education members, district staff, elected officials, retired personnel who served with Harrison as well as his family and friends attended a renaming ceremony on June 13.
Current Superintendent Marvin Connelly Jr. presented Harrison with a plaque.
“Today, we stand on the shoulders of Dr. Harrison’s remarkable legacy,” Connelly said. “His tireless efforts, vision and passion have transformed the lives of countless students, educators and families in our community.”
Harrison spoke candidly about the significance of the honor.
“This is more special to me than a school would have been … because of my history with it and because of how important I think professional development is,” he said.
Harrison began teaching in Fayetteville after receiving a bachelor of arts degree in intermediate education from Methodist College in 1974. His work began at Vanstory Elementary School in 1974. He was superintendent starting in August 1997 and served until March 2009.
He was appointed by former Gov. Bev Perdue as chairman of the North Carolina Board of Education and served from 2009 to 2012. He then was superintendent of the Alamance-Burlington County School system and retired in 2018. In total, Harrison served Cumberland County for 26 years.
The Board of Education approved naming the center for Harrison on Feb. 14.
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America was largely settled by immigrants: These cities lean into that fact.
Moving to a new place can be pretty scary for anyone, but it’s especially intimidating if you aren’t welcomed with open arms. This happens all too often, despite the fact that immigrants and migrants from other states are vital components of any area’s economic and social well-being.
In fact, they actually make up a significant portion of the workforce, and cities with higher immigrant populations tend to experience greater economic growth than other areas. Immigrants also help to offset population decline, which heads off economic disasters. Plus, they readily invest in their new area by opening businesses and thus creating jobs. In short, immigrants tend to show up and take care of business.
These types of cities are the most welcoming to immigrants
The Bush Institute-SMU Economic Growth Initiative recently ranked cities based on how welcoming they are to newcomers. The outfit says that certain cities, like those that are “knowledge-centric,” are the best options. This includes cities renowned for their technology or finance industries — and college towns where education and forward-thinking are paramount.
Many such cities offer a lot of opportunities compared to where a person comes from, thanks to their economic and professional profile. So a city with a higher opportunity score is likely to provide the chance at a higher quality of life than some others. Now, let’s dissect this data, figure out what comprises a higher life quality and reveal these cities in all of their hospitable glory.
The first entry in the top 10 most welcoming cities in the U.S. is State College, Pennsylvania, the appropriately named home to Penn State University. From the period 2010-2021, the city saw an ever-so-slight decline in domestic migration’s contribution to population growth in the area (minus 3 percent), but experienced an uptick of 6 percent related to immigration.
With an overall population of just over 157,000, State College is one of the smallest on our list, but the numbers are hardly what you would call irrelevant. In fact, the opportunity score in State College is one of the highest on our list, at 117 percent, meaning that newcomers average greater quality of life/opportunity by 17 percent compared with their parents. Some of the influx of immigrants to this area is due to the fact that more than 11,000 students from various countries head to Penn State for its varied educational opportunities.
9. Orlando-Kissimmee-Sanford, Florida
Both domestic migration and immigration contributed to the population in the Orlando-Kissimmee-Sanford, Florida metro area, at basically the same rate of 9 percent! With a total population of nearly 2.7 million, this area is the third-largest on our list, which translates to big numbers, in terms of newcomers to the area. The opportunity score is slightly lower than that of State College, at 92 percent, however, it’s mitigated by the area’s reputation for being friendly to newcomers!
The draw is likely due to a preponderance of jobs thanks in part to the state’s booming tourism industry, but also the fact that central Florida already has a lot of immigrants makes it appealing to newbies. This section of Florida is a well-oiled machine for welcoming newcomers, and it translates into more and more each year.
Not so far away from the OG immigrant spot, Plymouth Rock is the metro area of Boston/Cambridge/Newton, which spans parts of Massachusetts and New Hampshire. Immigration to the area went up by 7 percent, although domestic migration took a dip of minus 4 percent.
The metro’s population totals 4.9 million, making even tiny immigration upticks extremely significant. These days, most immigrants to the area come from China, the Dominican Republic and Haiti, the City of Boston says, and are likely lured there by its opportunity score of 117 percent. They most often matriculate into jobs that are blue-collar (construction, production, repair, natural resources) or within the service industry. As these are all very important to growth, the immigrant population is filling a lot of important roles.
7. Naples-Marco Island, FL
Moving back to sunny Florida, the metro of Naples-Marco Island, Florida is considered another particularly hospitable area to newcomers. Found near the southern end of the state outside of Miami, many of these newbies are important to the local agriculture scene and are drawn to the area by such jobs. They’re also critical to recovery from all-too-frequent hurricanes that hit the area, which necessitate skilled hands at construction and other trade jobs.
Domestic migration actually contributed more to population growth here than anywhere else on our list (up 18 percent!) and immigration was also higher by 7 percent. The opportunity score hovers at 101 percent.
6. Fargo, North Dakota/Minnesota
The next metro area on our list could not be any more different from Naples if it tried, weather-wise. The far northern area of Fargo, North Dakota/Minnesota is especially dependent on immigrants to fill important positions within both the manufacturing and production industries, although many also work in sales and healthcare positions.
Many relocate to the chilly, but friendly area from the Philippines, in particular. Domestic migrants to the area were up by 7 percent, while immigrants were also higher by 4 percent. The opportunity score of 133 percent is one of the best on our list, meaning that someone who moves to this area can experience 33 percent worth of improvement in opportunity compared with where they came from.
5. Miami-Fort Lauderdale-Pompano Beach, Florida
Although domestic migration to the Miami/Fort Lauderdale/Pompano Beach area of Florida has declined by five percent in recent years, immigration is up quite a bit at 12 percent the highest uptick on our list). With nearly 6.1 million residents in this metro area, that translates to quite a few newcomers.
Miami has indeed turned into a hotbed of opportunity for Latines, in particular, as they frequently hold STEM positions and 73 percent of local businesses are owned by immigrants. They are also attending local colleges and universities and contribute tremendously to the local economy as consumers.
4. San Jose-Sunnyvale-Santa Clara, CA
The lone West Coast metro on our list, the area of San Jose-Sunnyvale-Santa Clara, California has experienced a decline in domestic migration of minus 11 percent, but an increase in immigration of eight percent. Asian-born immigrants make up a significant portion of this population, although it certainly sees plenty of Latine newcomers, as well.
Many flock to the area for the tech opportunities it is known for, as well as the excellent school systems for their children. However, the ever-rising cost of living in California is making it difficult for many to stay in the area. That said, the opportunity is so rich in the area that the typical person enjoys 23 percent greater opportunity (score of 123 overall).
Moving back over to the Midwest, Iowa City, Iowa is considered the third most welcoming city in America. Perhaps this is because the area has a reputation for welcoming immigrants historically. Whatever the reason, the city/state regularly takes in people fleeing natural disasters or devastating conflicts in their home countries, including those from Ethiopia and Bosnia. There’s also a strong contingent of Hispanics who come to the area looking for professional opportunities.
Both domestic migration (1 percent) and immigration to the area (7 percent) have increased in recent years, continuing this region’s longstanding reputation as one that welcomes others with open arms. Much like San Jose, the opportunity score in this area is 123 percent.
The central Minnesota city of St. Cloud is runner-up as the most welcoming city in America. Immigration to the metro is up by 4 percent, however, domestic migration declined in the same time period by three percent. St. Cloud boasts the highest opportunity score on our list at 145 percent, meaning that people can earn and live at a better quality by nearly 50 percent compared the previous generation.
Immigrants to the area tend to come from East African countries like Somalia, however, people from Kenya, Vietnam, Mexico and Korea also make up significant portions of the newcomer population. They contribute to the local economy by filling major gaps in the employment force, but also by paying taxes and contributing to Social Security.
1. Ames, Iowa
The smallest city on our list is also the most welcoming of them all. Slightly north of Des Moines is the unassuming metro of Ames, Iowa, with a population of just over 126,000 people.
Domestic migration is down slightly there, however, immigration is on the rise at 7 percent. This Iowa city is known as a safe haven for people seeking asylum from the dangers of their homeland. Many newcomers hail from Ukraine, Honduras and the particularly war-torn parts of Africa.
The community is very much a part of this effort, as volunteers with the Ames Interfaith Refugee Alliance advocate for refugees and help them acclimate to the area upon arrival. They also aim (pun intended) to educate people about immigration and the positive impact they can have on a given area. It also doesn’t hurt that the cost of living in Iowa is way below the national average and that the opportunity score is an impressive 132 percent.
A little bit of hospitality goes a long way
Obviously, there are still many kinks to work out related to the often difficult immigration process. That said, it’s good to know that some cities are doing their best to make it a positive experience for everyone hoping to breathe free in a new land.