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Curating your ideal wardrobe shouldn’t put your finances in the red. While the internal debate to splurge on an item or save your money is a constant hardship for many, here are a few items you should and shouldn’t spend your hard earned money on.

1. T-shirts: Save your money. T-shirts can shrink in the dryer, get stains from your drink spilling, and even the nicest $80 ones can fall apart. You’re better off heading to Target to pick up a couple tees for wear and tear.

2. Jeans: Splurge. Yes, you heard me correctly. From personal experience, I have a flawless pair of jeans that cost me $200, and I’m on year three of wearing them. In the past three years, I would guess I have worn the trusty pair of skinny jeans at least 300 times. In terms of cost per use, that’s about 66 cents per wear. If you find a high-quality pair of denim that fits you like a glove and you will wear multiple times a week for years to come, it’s worth the splurge.

3. Winter Coat: To me, it makes so much sense to splurge on a coat. A good coat will keep you toasty and you will wear it five to seven times a week in the frigid temperatures of winter (you don’t want a flimsy one when a blizzard comes either). Plus, a well-made coat is possible to wear for maybe three to five winter seasons. This winter, try finding one on sale after the Christmas holidays so that way your splurge doesn’t do too much damage to your bank account.

4. Skirts/Pants: With a surplus of fast fashion stores offering pants and skirts of all kinds, you can save money on these products. The only thing I will remark on is to make sure the pants or skirt you buy fit you nicely. Don’t compromise on the shape because a cheap pair of pants or skirt can still look sophisticated if they fit you impeccably.

5. Blouses/Shirt: Think about saving in this category. A blouse or shirt can be tempting to splurge on to look oh-so-chic for an enviable Instagram post, but think about how trendy shirt silhouettes and loud prints can be. One-minute polka dot print is in and then next, leopard can be spotted all over the gram (pun intended). Be careful about spending too much on a blouse or shirt that won’t carry you into the next season.

6. Boots: Coming from experience, splurge. You will wear a pair of classic boots far more in your 20s than ever before. Comfortable, neutral boots will look put-together with a multitude of outfits. Just be sure to take care of them to ensure the longevity of their life.

7. Dresses: There are endless affordable options for you to save money on dresses. Simply put, a flattering dress can be found on the lower side of your wardrobe budget.

8. Jewelry: There is no trendy jewelry worth more than 30 dollars. Sure, a family heirloom may grace your hand or neck from time-to-time, but unless you are gifted a beautiful piece of jewelry, try not to spend too much on the item. Instead, opt to find cheap alternatives to pricey pieces at places like Forever 21, Urban Outfitters, or even Etsy.

9. Sweaters: Splurge on one, singular knit sweater. The key word in that sentence is one! A chunky, wool sweater is a staple you will wear for years to come. However a tight, thin turtleneck you can save on and buy a sleek one from one of the many post-holiday sales going on.

10. Hats and Scarves: This is really a preference. Cold-weather essentials are easy to find deals on so my best advice is try to save on these. Luxurious, cashmere hats and soft, alpaca scarves may seem smart to invest in, but there are plenty of alternatives out there.

11. Jackets and Blazers: Consider splurging on timeless jackets and blazers. A classic denim jacket and black, streamlined blazer never go out of style and both items you will wear consistently throughout the year. Also, having a great jacket or blazer draped over a cheap t-shirt makes that t-shirt look expensive (when in reality you paid very little for it).

12. Gym Clothes: There is no excuse not to save. With workout outlet stores a plenty, gym clothes should be a small expense. Those clothes will soak up sweat and it’s more about the work out than how you look. Consider that when fancying yourself a new pair of the infamous Lulu Lemon leggings.

13. Underwear and Socks: Most of us can agree to save in this category. You’re most likely going to go through underwear and socks much faster than most clothing items. Why spend 40 dollars on a single pair of socks? That’s pure lunacy. Get a three pack for ten dollars or less at most department stores.

Image via Unsplash

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Source: https://thefinancialdiet.com/13-wardrobe-staples-how-i-decide-whether-to-splurge-or-save-on-each/

Enrollment of both undergrads and graduate students has been declining for years. Meanwhile colleges are getting more creative in finding new ways to make money.

A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.

Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attracts 28 per cent tax.

The eight-member Group of Ministers under Maharashtra Finance Minister Sudhir Mungantiwar favoured hiking GST rate on the state-organised lottery to either 18 per cent or 28 per cent. While the GST rate on state-authorised lottery would be retained at 28 per cent or brought down to 18 per cent.

"The GoM favoured a uniform GST rate for both state-organised and state-authorised lotteries. A final call on whether that rate should be 18 per cent or 28 per cent would be taken by the GST Council on Wednesday," an official said.

The other members of the committee are West Bengal Finance Minister Amit Mitra, Kerala Finance Minister Thomas Isaac, Assam Finance Minister Himanta Biswa Sarma, Punjab Finance Minister Manpreet Singh Badal, Goa Panchayat Minister Mauvin Godinho, Karnataka Finance Minister Krishna Byre Gowda, Arunachal Tax and Excise Minister Jarkar Gamlin.

While Isaac did not attend the GoM meet on medical ground, Badal was not present as he had to present the state budget in Punjab Assembly.

Tax officers from West Bengal attended the meeting and is said to have flagged the issue of rate rationalisation in the light of the general election slated to be held by May.

"Other states, including major ones like Maharashtra, Assam, favoured a uniform GST rate," the official added.

The GoM was also tasked to suggest whether private persons authorised by the states were misusing the lower rate and getting enriched themselves at the cost of the state and suggest measures to curb it.

It was also mandated to examine issues related to enforcement including the legal frame work, so as to prevent evasion of tax on lottery and suggest appropriate tax rate to address the problem.

"It was decided in the GoM meet that decision relating to tax rate changes should be brought before the GST Council on February 20. Evasion aspect in lottery can be dealt in subsequent meetings," the official said.

The ministerial panel was set up last month to suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued.

The 33rd GST Council meeting would also take up the issue of lowering Goods and Services Tax (GST) on under-construction residential properties to 5 per cent without ITC, from 12 per cent currently. On affordable housing segment, it was suggested that GST be slashed to 3 per cent, from 8 per cent.

Currently, GST is levied at 12 per cent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.

The effective pre-GST tax incidence on such housing property was 15-18 per cent.

GST, however, is not levied on buyers of real estate properties for which completion certificate has been issued at the time of sale.

There have been complaints that builders are not passing on the ITC benefit to consumers by way of reduction in price of the property after the rollout of GST, following which the GST Council had set up a ministerial panel to suggest ways to boost realty sector.

For our “Artist Reflections” series, we asked artists responsible for some of the year’s best records to discuss a topic that’s been close to their hearts over the last 12 months. In this piece, Canadian vocalist Ayo Leilani—aka Witch Prophet—to discuss the long journey leading up to this year’s emotional debut album, The Golden Octave; her upcoming anniversary plans for 88 Days of Fortune, the Toronto-based collective she co-founded in 2009; the importance of raising up women, queer, and non-binary-identifying artists in her hometown and beyond; and more.

When I say that my album, The Golden Octave, was 10 years in the making, it’s literally because I was too scared to share a full body of work for 10 years of being in the music scene in Toronto and in Canada. I would release singles here and there, but nothing that was like…this is my album. It was fear: fear of rejection, fear of failure, fear that nobody would like my music. A lot of it also had to do with the fact that I could not find production that I could use. A lot of my earlier material had this classic hip-hop styles, almost like a mixtape: I’d find a 9th Wonder beat and sing over it, but it was like, ‘I can’t release this for real.’

Over the past five years, my partner Sun Sun had been really pushing me to finish the album and get over my fears. I found a handful of producers who were really eager to be a part of the project. Sun Sun was the main producer; she helped create five of the 11 instrumentals I sang on, but also helped me in terms of not thinking of the album as this one, big thing, but rather to take it one step at a time, one song at a time.

That’s really what helped me overcome the fear of doing this large-scale project. I applied for a lot of Canadian Arts Council grants for funding, but didn’t get them—so I was lucky that the producers that I worked with were happy to just get a cut of publishing and online sales, rather than upfront fees. (I still plan on applying for grants for future projects, though, because getting a lump sum of $10,000 is a lot better than taking it out of your own pocket, which is what I had to do.)

Before the album dropped, I was really close to going back to catering gigs, which is what I used to do. It killed me, working in catering, the long hours spent on my feet; I never got to pursue my music. Three or four years ago, I quit to focus on music full-time, working to get any bookings or licensing deals that could help me raise money: just kind of living on the edge, teetering on poverty. Financially, I’m definitely not out of the woods—but being an artist is more fulfilling than working a 9-to-5, even if you’re never not working. And I love it. I love music. I’m willing to put in the work and sacrifice a lot of the things that I would normally be able to do if I had a full-time job by just focusing on music.

I think the number one thing that’s kept me going is that I get physically ill when I’m not doing music. That’s happened with every other job I’ve had, including the catering gig. I know how my body reacts, and I can’t not do art: this is what I have to do, and the arts are where I belong. Whenever people write me to tell me that my songs—especially ‘Listen,’ which deals with themes of mental illness and suicide—have touched them, I’m always a little surprised, because when I write, I’m not thinking about how it’s going to affect other people; I’m thinking about whether or not it heals me, and in that aspect, maybe it’ll heal somebody else. I’ve also had people hit me up to tell me the opposite: one friend told me that they were really nervous about listening to the album at first, because they knew that it contained ‘Listen’—which I had dedicated to them—and they’d struggled with those same issues.

But my friend did listen to the album. And and they loved it. They even sent me a video of themselves crying and singing along. I’m tearing up just thinking about it: I’ve always wanted to create something that would touch other people, and not just make them want to dance and party. (That said, I’d love to make a dance party record! It’s just not something I can do right now, because I have my own issues, and until I get to the point where I don’t have anything to deal with except what I’m going to be wearing on Friday night, or who I’m going to dance with, my songs are going to be pretty, uh…intense.)

I’ve also had people say—before even listening to my music—that my stage name alone frightens them! ‘Yeah, your name really scared me,’ they’ll say, ‘but then I listened to the songs, and they really touched me.’

I think that speaks to how we’re so afraid of powerful women; it’s why women were called witches to begin with. It’s always interesting, the perception people have on the basis of name alone. No, I’m not going to put a curse on you.

When I was growing up, my mom always asked me if I had a plan B if music didn’t work out; I’d always say, ‘I don’t want to focus on a plan B because then I’m not one hundred percent on my plan A.’ In a way, she was right. My plan B, in terms of thinking of the future, is having a label and helping other artists so they don’t have to struggle the way I did as an independent, self-made musician. When we started 88 Days of Fortune, in 2009, there was no platform that specifically showcased women or queer people or non-binary people in Toronto’s hip-hop, R&B, and urban scenes, which were very separated at the time. We started out as a boutique label that also did bookings and showcases, as well as PR. Things change, and people change, and you change along with them. If you don’t, you become stagnant. There are other organizations in the city who don’t recognize that growing with the scene is better than romanticizing one part of it.

That was really the basis of me recognizing the importance of building community support and creating the scene you want: if someone’s not giving you a platform, you have to build one yourself. Working with 88 Days really showed me just how talented musicians from Toronto (not to mention neighboring areas like Scarborough, and Mississauga) really are, and how we lack the structure and foundation for it. It also showed me the value of my own self-worth, because I didn’t go to school for any of this stuff; I just learned it along the way. In the beginning, I was more timid—’I’m doing this thing, I hope you like it!’—whereas now, I’m like, ‘I helped shed a spotlight and provide a platform for this scene that was already here that nobody was paying attention to, and I’m proud about that.’

2019 will mark the 10th anniversary of 88 Days of Fortune. For our 10th year, we’re really focusing on organizing the business better. As such, 88 Days has transformed into Heart Lake Records, which is the record label, and Fortune Bookings, which is our bookings agency.  It’s still 88 Days—the same people, the same mission of supporting women and non-binary artists and their allies—just with a name change. We recently purchased a farm just 45 minutes outside of Toronto, and Sun Sun and I spent the past year or so renovating the farmhouse; our plan is to make the main floor an artist residency space, as well as a place to hold events. Additionally, we’ll be launching a outdoor music and arts festival next summer, which will also double as the launch of the label: the Heart Lake Music & Arts Festival.

One of my main goals with The Golden Octave was to challenge people’s perceptions of black women as artists—not just in terms of what they can sing about, but who they are onstage. Looking back, I think I achieved that, at least to some degree. Most of the songs deal with existential questions, and they’re not necessarily love songs: this album isn’t exactly what most people would consider R&B. And with regards to the Canadian music industry, I think I have definitely changed people’s minds. I’ve been invited to play over 30 festivals, many of which featured predominantly white audiences, and relatively few hip-hop acts; I was on the cover for NOW, one of Toronto’s biggest weekly magazines.

On the other hand, there are plenty of people who don’t get it. Sun Sun DJs during my live show, so whenever we’re onstage, we’re automatically treated as a hip-hop group, even if I’m singing a folk song. I’m still recognized as an R&B or hip-hop artist, which I definitely am (although I go back and forth on it), but I want that definition to be expanded, or at the very least, for people to acknowledge the legitimacy of having a DJ onstage. All said, I do plan on growing my stage performance to include live musicians in the future once I have the money to support them.

All of the things that have happened to me this year—from the album, to the tour, to the press—I did as an independent, self-managed artist, with no PR, agent, or anything. I’m so grateful for all the editorial teams that put me on, and I’m also grateful for Bandcamp (for real, I always tell people how great the platform is!). A new Witch Prophet album is on the way for 2019, so be on the lookout!

-As told to Zoe Camp

Dow Jones futures rose solidly late Wednesday, along with S&P 500 futures and Nasdaq futures, but that came after Wednesday's stock market rout slammed the major indexes. After the close, Tesla (TSLA), Microsoft (MSFT), Advanced Micro Devices (AMD), Visa (V), Align Technology (ALGN) and O'Reilly Auto Parts (ORLY) were notable stocks moving on earnings.

Tesla stock soared late, while Dow Jones components Visa and Microsoft advanced. But AMD stock, Align stock and O'Reilly stock crashed.

Dow Jones Futures Today

Dow Jones futures rose 0.3% vs. fair value. S&P 500 futures advanced 0.4%. Nasdaq 100 futures popped 0.7%. Remember that action in Dow futures, Tesla stock, AMD stock and elsewhere doesn't necessarily translate into actual trading in the next regular session. That's often been true in the current stock market correction, with big moves intraday and after hours.

In Wednesday's stock market trading, the Dow Jones slid 2.4%, falling below its 200-day line even with Dow giant Boeing (BA) rising on earnings. The Nasdaq composite plunged 4.4%, and the S&P 500 index lost 3.1%. All three indexes undercut Tuesday's intraday low. The latest stock market rout wiped out all the Dow Jones and S&P 500 gains for 2018.

Bottom line: It's a stock market correction.

Tesla Earnings

Tesla earnings came in at $2.90 a share, blowing out estimates for a 19-cent loss. Revenue soared to $6.8 billion as Tesla Model 3 output picked up.

Shares jumped 12% in late trading. Tesla stock closed down 1.9% to 288.50. Shares shot up nearly 13% Tuesday after short-seller Citron Research went long on Tesla.

Analysts likely will have questions about Model 3 production, operating costs, capital spending and more for Elon Musk in the post-earnings conference call beginning at 6:30 p.m. ET.

AMD Earnings

AMD earnings met adjusted per-share views, but sales came in light. Graphics chip sales were a weak spot.

Shares crashed 22% in late trading. AMD stock closed down 9.2% to 22.79, hitting a two-month low amid several negative chip earnings reports. The Philly Sox index tumbled 6.6% Wednesday to a 13-month low.

AMD stock ran up sharply after its last earnings report on July 25. It hit a 12-year high of 34.14 on Sept. 13. A big part of the stock's rally stemmed from Intel (INTC), which cited delays in its next-generation chip. One reason for AMD stock's subsequent fall was Intel indicating that it was making progress on that front. Intel earnings are due Thursday.

Microsoft Earnings

Microsoft earnings and revenue for the software giant's fiscal first quarter were well above estimates.

Shares rose 2.6% late. Microsoft stock closed down 5.35% to 102.32, falling further from its 50-day line and approaching its 200-day. But the Dow Jones tech giant's relative strength line, which tracks a stock's performance vs. the S&P 500 index, is still near a record high.

Visa Earnings

Visa earnings topped views, but the card giant's revenue came in light.

Shares rose 1.7% late. Visa stock closed down 3.5% to 134.26, consolidating since its Oct. 1 peak of 151.56. The Dow Jones component is trading between its 50-day and 200-day averages.

Align Technology Earnings

Invisalign maker Align Technology earnings topped forecasts, but guidance came in light. Align stock tumbled 18.5% in late trade. During Wednesday's session, Align stock slid 6.7% to 290.83, losing sight of the 200-day line and hitting a five-month low.

O'Reilly Auto Parts Earnings

O'Reilly Auto Parts earnings drove past forecasts, but sales missed and the auto parts retailer gave weak EPS guidance.

Shares skidded 4% late. O'Reilly stock already closed down 5.1% to 322.83, tumbling below its 50-day line and hitting a two-month low. Shares have been working on a 351.75 flat-base buy point.

Several other notable stocks reported late Wednesday, including ServiceNow (NOW), Vertex Pharmaceuticals (VRTX), Las Vegas Sands (LVS) and many more.

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Popular K-pop boy band EXO is almost back, and they’re revving excitement up with their latest teaser video ahead of their upcoming album.

Earlier on Sunday (Oct. 21), the nine-member group shared their Tempo Concept short film, revealing a hint of what's to come from their upcoming Don't Mess Up My Tempo album and the upcoming single “Tempo.”

The brief, 30-second clip revealed the group as a charismatic biker gang, driving along a nighttime road and posing amid dusty dunes with motorcycles. Though there aren’t any group shots of EXO unmasked, each of the nine men -- Sehun, D.O., Kai, Chanyeol, Xiumin, Lay, Chen, Suho and Baekhyun -- are featured in their own leather and jean-clad looks.

The video gave a brief hint of the sound of "Tempo" starting off with a dramatic synth melody, pulsating beat and the phrase "I can't believe."

A promotional poster shared on the group's official website hints at the plot of the upcoming music video for “Tempo,” showing eight of the members sans Lay, who will be featured on an EXO album for the first time since 2016's For Life. The image includes a caption that reads: “Speed loving bikers enter the fragment of frozen time as they log into the red cube. Solving the given puzzle is the only route for all to escape. However, the bikers are unable to resist the temptation and reenter the cube.”

All of EXO’s social media accounts have been updated with icons of red cubes.

Don’t Mess Up My Tempo will be EXO's fifth LP, and is set to be released on Nov. 2. It will feature 11 songs, including two variants of “Tempo,” one in Korean and one in Chinese.  

Following the Tempo film's release, the album's name trended worldwide for several hours on Twitter.

Nowadays, the exact opposite is true. While Americans will still complain about the prices they pay at the grocery store and gas pump, real inflation as economists define it hasn't been around for pretty much all of the 21st century.

In fact, Fed officials are concerned enough about the lack of inflation that they will be examining it closely this year as part of a broader look at how they execute policy and convey their actions to the public.

Related video: There is simply no inflation in the system

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"It's an acute failure on the Fed's part," said Danielle DiMartino Boothe, a former top aide to ex-Dallas Fed President Richard Fisher and author of "Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America." "They have generated inflation, just not where it's needed."

Where policymakers would like to see inflation is in areas like wages so workers can improve their standard of living, and even some discretionary consumer goods so companies can have pricing power. While paychecks have been growing more strongly of late , and there is some evidence of price pressures, the Fed's preferred inflation gauge has remained stubbornly below the central bank's 2 percent goal for the most of the economic recovery that began in mid-2009.

There's been some inflation

There has been, however, inflationary pressure elsewhere, particularly in prices of risky assets like stocks and corporate bonds.

Indeed, a New York Fed gauge that includes prices, real activity and financial asset values — the Underlying Inflation Gauge — sees inflation running right around 3 percent. The stock market, of course, has soared since the depths of the crisis, thanks in large part to the Fed's moves to boost risk-taking.

But that's not the measure the broader Fed follows, and it remains a struggle to break out of the inflation abyss.

"Had the Fed been using a 2 percent target based on the UIG, [former chairs] Janet Yellen and Ben Bernanke would have been compelled to raise interest rates much earlier than they did," said Booth, who also is CEO of Quill Intelligence. "We would not have entered this era of utter complacency where economies are less and less responsive to quantitative easing."

QE, as it is called, was a bond-buying program exercised in three rounds that was aimed at lowering long-term interest rates and jacking up asset prices, which would be used as a "wealth effect" transmission mechanism to boost the economy. Along with all that was supposed to come inflation that critics of QE thought eventually would run out of control and force the Fed into a Volcker-like pattern of monetary policy tightening.

The ultimate effects of the program, though, have been long debated, with St. Louis Fed economist Stephen D. Williamson issuing two papers suggesting that QE had limited or no benefits.

Current Fed Chairman Jerome Powell also has questioned QE's effectiveness in the past , and told Washington lawmakers last week that he wants the Fed to get better at the inflation issue.

Specifically, Powell said in response to a question from Sen. Pat Toomey, R-Pa., that he wants to "make that 2 percent inflation target credible, so that inflation kind of averages around 2 percent, rather than only averaging 2 percent in good times and then averaging way less than that in bad times, which would drag expectations down."

"No decisions have been made," the chair added. "There are plenty of questions and concerns to be addressed. But there's also a problem that I think we owe it to the public to try to think our way through the best possible way to address that problem, so that we can carry out our mandate."

Falling short of expectations

Powell subscribes to a popular mindset among central bankers that inflation is most influenced by expectations — in essence, that it becomes a self-fulfilling prophecy if business leaders, investors and the public think inflation will be high.

One possible solution, then, would be for the Fed to say it wants a higher inflation level. That, however, was dimissed by Powell during the hearing.

Another way would be for the Fed to target a price level rather than a percent target, as it does now.

Finally, it could simply let the economy run hotter than normal, thus driving up inflation and perhaps achieving its goal that way.

"A reasonably good model of inflation expectations is adaptive expectations: the public usually expects the inflation that has recently prevailed to prevail in the future. To generate higher inflation expectations, the Fed then should focus on generating higher realized inflation," J.P. Morgan Chase economist Michael Feroli said in a recent note.

"To do this it simply lets the economy run hot by keeping rates lower than it otherwise would. Over time this should stimulate aggregate demand, eventually pushing up wage and price inflation," he added. "Higher inflation leads eventually to higher inflation expectations [and] higher nominal interest rates."

That has proven to be true, but there's one key ingredient for it to happen: credibility. In other words, there has to be belief that the Fed can deliver on the inflation it promises.

"The Fed could come out tomorrow and say, 'We're going to target 4 percent inflation.' Great — You can't even get 2," said Joe LaVorgna, chief economist for the Americas at Natixis. "It's a weird situation where some people might say they've got too much credibility [in keeping inflation low]. Others might say they have no credibility because they can't get the inflation they want."

Moreover, LaVorgna thinks the Fed gets too much credit — or blame, as it were — for low inflation.

Other factors, particularly inherently disinflationary technological advancements, and the continuing trend toward globalization, have conspired to keep inflation low, he said.

The policy ramifications

On a policy level, this creates several issues for the Fed.

For one thing, it's making it harder for Powell and his fellow central bankers to justify further interest rate hikes, especially with U.S. and global GDP easing back from a strong 2018. Where Fed officials said in their latest forecast that they anticipate two quarter-point hikes this year, the market is pricing in almost no chance of even one move this year.

In turn, that gives the Fed less wiggle room in the case of another economic slowdown or crisis and increases the chance that the benchmark funds rate once again will head toward zero — or even to negative numbers, as one recent paper suggested.

Booth, the former Dallas Fed official, said the central bank is in a quandary of its own making, caused by easy policy that generated huge amounts of debt and overcapacity, where the economy created more than it could consume.

"You have to take that overcapacity out of the system. If you have zombie companies walking around, if you have a bunch of dead weight in the economy, you're never going to be able to grow," she said. "Piling more debt onto that funeral pyre isn't going to do that. It's just going to make a bigger fire."

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