Posts made in September 2020

Six-Time World Champ Comes out of Retirement

A former six-time World Boxing champion from Miami is making a highly anticipated comeback to the sport at the ripe age of 40 years old, as part of a mission to reclaim the title once hers and raise the caliber of women’s professional boxing.

Puerto Rico-born Melissa Hernandez has been living in Miami for the last nine years, building a name for herself as one of the region’s most reputable boxing instructors—teaching a hardened class of fitness enthusiasts at the Continuum on South Beach Sporting Club for the last three years. As someone who is self-confessed as Married to Boxing, Hernandez now yearns for gold again, since retiring from the sport in 2016 and while keeping a watchful eye on the women rising up the ranks with utmost contempt for whom she considers as not that great.”

Last year, Melissa re-laced her gloves and returned to her New York gym to resume training at Gleason’s in Brooklyn, where she sparred at the height of her career. While considering Miami her home, she regularly travels to New York to train with her eye on the prize, after recently becoming the number one contender for the World WBC Welterweight Title, currently held by American fighter, Jessica McCaskill. With her new Las Vegas-based manager and promotor in New York behind her, Melissa is determined to de-throne the reigning champion when boxing resumes in the wake of COVID-19.

I decided to retire in 2016 after winning all the titles in my weight class because the purse that came with the glory was ridiculously low says Melissa when asked why she threw in the towel. “I decided to return to the sport because I’ve seen how competitively weak the field has now become and I want to change that. I love working with my classes at the Continuum Sporting Club in Miami Beach and I’ve seen the passion and hard-working talent that comes from Miami as a city with a strong boxing history. I like pushing the envelope and my body and mind feels just as able as I was ten years ago.”

Melissa moved from Puerto Rico to the Bronx in New York with her family in 1984. Melissa’s mother was as scientist and father a psychologist and she attended the Bronx Community College, but dropped out to pursue her love for the arts and a career in film, video and photography after an internship at the Whitney Museum at the age of 15 years old. Melissa wanted to be an editor in film but ended up in the fashion business working for the likes of Patagonia and The GAP in New York City for four years until she was 22 years old.

Melissa admired fellow Puerto Rican boxer, Héctor Camacho, and began hanging-out with friends at a local boxing gym in the Bronx. In 2002 at 22 years old, Melissa started sparring with a trainer who saw tremendous potential and encouraged her to train for participation in the prestigious New York Golden Gloves boxing tournament at Madison Square Garden where she lost in the final. Melissa grew to enjoy her time in the ring and realized she was made for boxing.

After fighting at the USA Boxing Nationals as an amateur, Melissa became certified by USA Boxing in 2003 to train amateur boxers, but was determined to continue with her own career in Florida where she was scouted by a number of trainers. Melissa continued to hone her boxing skills for a year before moving back to New York City, where she continued her training in the Bronx at The Webster Police Athletic League Center. Melissa won the New York Golden Gloves tournament over two consecutive years in 2004 and 2005 and turned pro in the winter of 2005 under the mentorship of trainer Belinda Laracuente. Melissa began training as a professional at the renowned Gleason’s Gym in Brooklyn and fought her first WBA Junior Welterweight World Title fight against Kelsey Jeffries in 2006. In the same year, Melissa claimed her first title and became the WIBA Super Bantamweight World Champion after beating Lisa Brown in Edmonton, Canada. By 2008, Melissa became the top ranked pound-for-pound fighter in the world and would travel the globe defending her titles and claiming many more along the way, before moving to Florida in 2011 where she would train at the world famous 5th Street Gym in Miami Beach.

After winning six World Boxing titles over a ten-year period, Melissa decided to hang up her gloves in 2016, citing how female boxers were financially being treated unfairly. Over the next several years, Melissa would concentrate on being a successful boxing instructor, teaching at local gyms throughout Miami and building her individual client base for one-on-one instruction. Melissa’s elite talent as a boxing instructor was spotted by a fellow trainer who introduced her to the Continuum Sporting Club in Miami Beach, where Melissa would become immensely popular among the residents and homeowners at the luxury beachfront community.

Last year, Melissa resumed her training at Gleason’s Gym in New York City in her quest to reclaim the WBC Welterweight title that she hopes will be planned for later this year, after winning her first comeback fight in Louisiana in 2019. Known as Melissa “HuracanShark” Hernandez, her previous titles include: WIBA Super Bantamweight, GBU Lightweight World Title, WIBA Lightweight World Title, WIBA Super Featherweight World Title, WBA Intercontinental Featherweight Title, WIBA Interim Lightweight Title, IBS Light Welterweight World Title, WBC Featherweight World Title and UBF Super Lightweight World Title.

While age 40 is considered old for women’s boxing, this doesn’t deter Melissa, who wants to continue fighting for another two years until she claims the one or more titles she vows to bring home to Miami. Her long-term plans are to open her own boxing studio while continuing to paint and discover new art galleries in her spare time. Melissa lives in Miami Beach, Florida and is currently single.

Green Car illustration done by Mina Tocalini of 360 MAGAZINE.

Tesla Hits $460Bn in Market Cap

Tesla Hit Over $460Bn in Market Cap, Seven Times More than Ferrari, Porsche and Aston Martin Combined

The coronavirus outbreak has affected many industries, but the automotive industry is among the hardest hit. After carmakers stopped production and dealerships closed showrooms amid COVID-19 lockdown, global car sales slumped worse than ever before. However, the luxury car market was generally less affected by the financial downturn caused by the coronavirus pandemic.

According to data presented by StockApps.com, the market capitalization of the world’s most valuable car company, Tesla, hit over $460bn this week, almost seven times more than Ferrari, Porsche and Aston Martin combined.

Tesla Market Cap Soared 513% Since January

The 2020 has been a fantastic year for Tesla (NASDAQ: TSLA), despite the COVID-19 effects on the global automotive industry. The company’s stock price surged by nearly 200% in the last three months and they’re up about 500% on the year, despite a 4.9% revenue drop in the second quarter of 2020.

One of the reasons for such a premium valuation is Tesla’s ability to convince investors that it’s much more than just an automaker, and plans to make its vehicles capable of deploying into an autonomous “robotaxi” ride-sharing service prove that.

In December 2019, the market cap of the world’s most valuable car company stood at $75.7bn, revealed the YCharts data. By the end of the first quarter of 2020, this figure rose to $96.9bn, despite the COVID-19 crisis. Statistics show Tesla market cap surged by 107% in the next three months reaching $200.8bn value at the end of June. At the beginning of this week, it jumped over $460bn, which is four times the IBM market cap. Since the beginning of the year, the Tesla market cap has soared by 513%.

Ferrari Market Capitalization Rose by $7.1bn in 2020

The disruptions of the COVID-19 pandemic caused a substantial hit to the Italian supercar maker Ferrari (NYSE: RACE), who was forced to close its factories for seven weeks. The Q2 2020 financial report revealed a 42% plunge in revenue year-on-year and halved shipment of vehicles due to both production and delivery suspensions.

The company also narrowed the range of its full-year profit guidance with the estimated revenue of more than €3.4bn, compared to previous guidance of €3.4bn to €3.6bn, and the adjusted earnings before interest, tax, depreciation and amortization of between €1.07bn and €1.12bn.

Nevertheless, the Italian luxury carmaker has performed better than most other car manufacturers and remains confident of a bounce-back in the second half of 2020 thanks to its strong order book.

In December 2019, the market capitalization of the Italian luxury carmaker touched nearly $41.2bn. After the Black Monday crash in March, this figure dropped to $38.7bn. However, the second quarter of 2020 witnessed an increasing trend, with the Ferrari market cap rising to $42.3bn in June. Statistics show the company’s market capitalization stood at $48.3bn at the beginning of this week, a 17% increase since January.

Porsche and Aston Martin Market Cap Plunged in 2020

While Tesla and Ferrari’s stocks performed well amid the coronavirus crisis, other leading luxury sports car manufacturers witnessed a plunge in their market capitalization since the beginning of the year.

Statistics show the combined value of shares of Porsche dropped by 19% in the last eight months, with the figure falling from $23.1bn in January to $18.7bn this week.

The financial results for the first half of the year revealed the German automaker’s sales decreased by 7.3% year-on-year to €12.42bn. The company recorded an operating profit of €1.2bn, while deliveries in the first six months of 2020 dropped by 12.4% globally to under 117,000 vehicles.

Statistics show Aston Martin (LON: AML) more than quadrupled its operating loss for the first six months of 2020 after a sharp fall in sales and revenue amid the COVID-19 pandemic. The British sports car manufacturer sold just 1,770 vehicles in the first half of the year, while total retail sales stumbled to £1.77bn, a 41% plunge year-on-year.

Moreover, the company’s market capitalization halved in 2020, with the combined value of stocks falling from $1.6bn in January to $760.2 million in August.

Disability illustration for 360 MAGAZINE

What Qualifies You for Social Security Disability Benefits?

To qualify for Social Security Disability benefits, you must have a qualifying disability and have worked in jobs that required you to pay into the Social Security system. If you meet these requirements and your doctor says you won’t be able to work for one year or longer, you may be able to receive benefits until you can work again—if that ever happens. 

So which conditions qualify you for disability benefits? Read this and see if your diagnosis is on the list. If it’s not, don’t worry, your condition may still be qualifying. 

  • Asthma
  • Anxiety 
  • Autism
  • Back injuries
  • Blindness
  • Cerebral palsy
  • Coronary artery disease
  • COPD
  • Deafness
  • Disorders of bone marrow failure
  • Epilepsy
  • Heart failure
  • Hemolytic anemias
  • HIV/AIDS
  • Irritable bowel disorder
  • Intellectual disorder
  • Kidney disease
  • Liver disease
  • Lupus
  • Marfan syndrome
  • Multiple sclerosis
  • Parkinson’s disease
  • Rheumatoid arthritis
  • Sjogren’s syndrome

Any disease, injury, or disorder that prevents you from working for at least 12 months could potentially be a qualifying condition, depending on the severity. You’ll need to discuss your condition with a Social Security disability lawyer to determine whether or not you qualify.

There are certain conditions that will automatically qualify you for benefits so you can begin receiving payments right away without having to go through the approval process first. These include early-onset Alzheimer’s disease, Lou Gherig’s disease, stage IV or inflammatory breast cancer, cancer of the pancreas or gallbladder, and several other cancers.

How to Apply

If you want the Social Security disability process to run smoothly and efficiently, there are some things you need to know before your first appointment. To get the process started immediately, come prepared. Bring your Social Security number and those of your spouse and children, your W-2 information from the past year, and discharge papers if you were in the military.

The first thing you’ll need to do after you’ve gathered your information is to fill out a Social Security Disability report form. You can download this from their website and fill it out in advance. This form will ask you for information like your doctors’ contact details, the medications you’re taking, your past jobs, and any claims you’ve filed.

The next step in the process is to schedule your appointment with the Social Security Administration. You can make your appointment over the phone by calling 1-800-772-1213 or schedule your appointment online. 

Another thing you can do to speed up the application process is to get a copy of your medical records from your physician in advance. Once you’ve requested your record, your doctor has 30 days to get it to you. Many doctors will turn it around faster than that, but it’s still smart to request it at least 30 days ahead of your appointment. 

You can download this Disability Starter Kit to learn more about what to expect throughout the process. This helpful guide contains information, a worksheet, and a checklist that’ll help you prepare.

If Your Benefits Are Denied

According to the Social Security Disability lawyers at Bader Scott, in many cases the initial claim will be denied by Claims Examiners, who often make mistakes due to a lack of experience. With an attorney’s help, you may be able to successfully appeal so your application for benefits can be settled on favorable terms. 

You can apply for an appeal hearing on the Social Security website, but be forewarned, you’re going to be waiting for this hearing for a long time. On average, the wait time for an appeal will be twelve months or longer. If your appeal goes well and your benefits are approved, you’ll get retroactive benefits either in payments or a lump sum. 

You will have 60 days after you receive the notice of denial to file your claim. If you are denied, you should get on this right away. Your benefits may depend on it.

AUTHOR: Cheryl Roy

The Millennial’s Financial Guide to Homebuying

Around 4.8 million millennials are turning 30 in 2020. This is the largest age bracket among millennials, according to CNBC. Many of them have families and are looking to buy their first home.

Compared to older generations, saving for a house hasn’t been easy for millennials. In 2017, millennials who bought homes paid around 39 percent more than baby boomers who bought houses in the 80s. With higher costs of living and rising student debt, it takes millennials longer to afford a home. Now, considering the economic impact of COVID-19, it’s tougher for people to make major life purchases.

But don’t fret. Knowing your mortgage options and proper financial planning will make a difference. If you commit to a budget now and work on your savings, it’s possible to purchase a house in the near future. Here are essential financial tips you need to know before buying a home.

When to Consider Buying a House

Before taking a mortgage, improve your credit score. Give yourself time to improve your credit. Make sure to pay your loans and credit card on time. If you have large outstanding debts, be sure to pay them down. Check your credit report and see if there’s any inaccurate information. Disputing errors like unrecorded payments can help improve your credit score.

Most conventional lenders usually approve a credit score of 680 and above, and some may approve 620. Conventional loans are offered by lenders that are not sponsored by the government. You can get them from banks, credit unions, and non-bank mortgage companies.

If you have an excellent credit rating, you’re eligible for lower interest rates. This makes your monthly mortgage more affordable. It will help you save on total interest costs throughout the life of your loan. Make sure to shop around for loans and choose the lowest interest rate.

Know how much house you can afford.

Compare real estate listings to know what price range you can manage. As a rule of thumb, you shouldn’t buy property beyond your means. How do you know if your dream home fits your budget? You must understand your debt-to-income (DTI) ratio.

DTI ratio compares your gross income with how much debt you owe. If your DTI ratio is too high, your loan will not be granted. A low DTI ratio makes it more manageable to make monthly mortgage payments. This decreases your risk of defaulting on your loan and losing your house to foreclosure. Once you’re perceived as a low-risk borrower, lenders are more likely to approve your mortgage.

Lenders check these two important DTI ratios before approving a loan:

  • Front-end DTI ratio – The percentage of your income that pays for mortgage-related costs. It includes monthly mortgage payments, property insurance, and association dues. Your front-end DTI must not exceed 28 percent. This is the standard requirement for conventional mortgages which are not federally backed by the government.
  • Back-end DTI ratio – The percentage of your income that pays for your mortgage-related costs along with your other debts. This includes auto loans, credit cards, student loans, etc. Your back-end DTI ratio must not exceed 36 percent. But for federally backed government mortgages such as Federal Housing Administration (FHA) loans, the DTI limit is 43 percent.

Know how much you can borrow.

To know this, get pre-approved for a mortgage. Speaking to a lender determines the specific amount you can borrow. It’s one of the best ways to know how much home you can afford. To do this, you must authorize your lender to review your credit report. Getting pre-approval does not require you to borrow from the lender. But once you’re ready to make an offer, you can choose one with the best rates and terms. Lowermybills.com mentions that “Like all things connected to home buying and mortgage rates, do your research.” Furthermore, they state that “If you find a rate you are comfortable with, and it gets you the mortgage payment in your price range, it might be a good idea to decide to lock in the interest rate.”

Know when and where house prices are low.

A year before buying, research local market conditions in your preferred area. Check common house prices and pay attention to big price shifts. There are periods when real estate prices are depressed or generally low. In other times, they can be awfully expensive. It also pays to check houses in low-cost locations such as less crowded suburbs. Homes in busy metropolitan areas and coastal states usually have expensive price tags.

How Much Down Payment Should You Save?

Ideally, homebuyers should make a down payment that’s 20 percent of the home’s value. For instance, if you’re buying a $250,000 house, your down payment should be $50,000. These days, you might notice buyers making a smaller down payment. This has its drawbacks, which come in the form of mortgage insurance costs.

Conventional loans come with an annual private mortgage insurance (PMI) policy, which is 0.25 percent to 2 percent of your loan amount. It’s typically required if your down payment is less than 20 percent. PMI is usually rolled into your monthly payments and is canceled once your mortgage balance reaches 78 percent.

Meanwhile, federally backed mortgages such as FHA loans come with mortgage insurance premiums (MIP). If your down payment is less than 20 percent, MIP is required. It’s paid both as an upfront fee (1.75 percent of the loan amount) and an annual insurance fee (0.85 percent of the loan amount). MIP is usually paid for the entire life of the loan, which makes it a lot costlier in the long run.

How do you save for your down payment?

Start gathering funds as early as you can. Saving your tax refund is a great source. As of 2020, the average tax refund is $3,100, which is a large amount that can bolster your down payment. You can also use work and holiday bonuses you get from your employer. Save cash gifts during birthdays, as well as windfall inheritance funds from relatives. To earn extra income, work overtime hours or get a freelance job on the side. This will take time. So the earlier you save, the better.

Low Down Payment Options for First-Time Homebuyers

More often, people do not usually have enough time to save for a higher down payment. They need to relocate because of a new job or a growing family. When this happens, you can opt for low-cost mortgages options. If you need a loan with low down payment and relaxed credit requirements, consider government-sponsored mortgages. These are loans meant for low to moderate income families who need assistance in buying a home.

FHA Loans
You can qualify for an FHA loan if your credit score is between 500 to 580. Your down payment can be as low as 3.5 percent if your credit score is 580 and above. If your credit score is below 580, your down payment must be at least 10 percent. All FHA loans require MIP regardless of your down payment amount.

USDA Loan
The U.S. Department of Agricultural approves home loans if your credit score is 640. Down payment is not required but is definitely an option. To get a USDA loan, you must purchase a house in a USDA-approved rural area. This includes many suburbs and around 97 percent of land mass in the U.S. Moreover, your household income must not be over 115 percent of the median income of your area. USDA loans come with a guarantee fee, which is paid as an upfront fee and an annual fee rolled into your monthly payments.

VA Loans
The U.S. Department of Veterans Affairs offers special loans to active military members, veterans, and qualified military spouses. VA loans are flexible with credit scores, but it’s better if your credit score is at least 620. Down payment is also not required but is an option. However, instead of a mortgage insurance premium or guarantee fee, VA loans require a VA funding fee. Paying at least 5 percent down payment helps reduced this added cost.

Worried about poor credit? There are local housing agencies per state that can help you. Your state agency can assist you in looking for housing options that can accommodate your low credit score. They can also provide down payment assistance for mortgages. Just get in touch with your state housing agency soon.

The Importance of Saving a 20 Percent Down Payment

Making a 20 percent down payments eliminates private mortgage insurance costs. This reduces the amount you need to borrow, which effectively lowers your monthly mortgage payment. The higher payment also decreases your loan-to-value ratio, which is the amount of your loan compared to your home’s value. It also allows you to secure a much lower mortgage rate.

To give you a better idea how it affects your mortgage payments, let’s see the table below. It compares the same mortgage. One made an 8 percent down payment, while the other made a 20 percent down payment.

30-year Fixed-Rate Mortgage
Home price: $350,000
Interest rate: 3% APR
Mortgage5% Down Payment20% Down PaymentDown payment$17,500$70,000Borrowed amount$332,500$280,000Monthly payment$1,401.83$1,180.49Total interest paid$172,160.03$144,976.87Loan-to-value ratio95%80%Total PMI cost$18,038.130

In the example above, making a 20 percent down payment reduces your borrowed amount to $280,000, while 5 percent only reduces it to $332,500. Your monthly mortgage payment will be $221.34 lower with a 20 percent down payment. As for interest cost, you save $27,183.16 more in total interest with a 20 percent down payment. Meanwhile, with a 5 percent down payment, you still need to pay $18,038.13 on top of interest charges. Basically, you’ll gain more saving in the long term if you make a higher down payment.

Need help with your mortgage budget? Use this mortgage payment calculator to estimate your monthly mortgage payment, total interest, and PMI costs.

Here’s a tip: If you take an FHA loan for the low down payment, there is a way to remove MIP. If your credit score is at least 620, you have the option to refinance into a conventional mortgage after a few years. Refinancing is basically taking out a new loan to replace your existing one. You can refinance to a conventional loan with a lower rate. You may consider this option to get rid of costly MIP charges.

The Bottom Line

Now that you know your housing options and requirements, you can better prepare your finances. As early as now, start improving your credit score to qualify for a loan. Borrowers are offered lower interest rates when their credit score is high. It’s also ideal to save up for a 20 percent down payment.

Next, keep track of your debt-to-income ratio. As long as you don’t accumulate large debts, you should be eligible for a mortgage. Moreover, start checking home prices at low-cost areas. If you time your purchase when house prices are generally low, you can score a better deal.

If you can’t make the 20 percent down payment, there are low-cost mortgage options to choose from. Check out FHA loans and USDA loans. If you’re a veteran or military member, you’re qualified for VA loans. Just take note that government-backed loans come with extra costs, such as mortgage insurance premium for FHA loans. If you take advantage of these options and plan your finances, soon you can purchase your own house.