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Millennial retirement saving struggle: why are they grappling to catch up?

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Millennial retirement saving is extremely hard. Even if millennials are doing everything right, the system seems to have been made to beat them up and their savings. And with odds stacked against them, it’s not surprising that the millennial retirement crisis is playing out before our eyes. In the last 40 years alone, the price of owning a home and student loans has skyrocketed.

Despite saving more, this group of people is having difficulty putting money aside for their future. It’s not a secret that millennials are just as capable of saving as people in other age brackets. They save to retire but are just behind the previous generations’ income and savings. And the sad thing is, they are not even to blame.

What do the numbers say?

Millennials seem to be the butt of the joke in news articles and other media content. Some people think they complain too much, and some people just straight up think they are not responsible for their finances. But the truth is that millennial retirement saving is harder than it looks. They encounter several problems in their journey to financial security.

Now, numbers show the world what we suspect: millennials are so overqualified yet so underpaid. A 2021 study by the Center for Retirement Research found that individuals between 28 and 38 got a lower net wealth to income ratio than other age brackets. 

Angie Chen, the assistant director of the center, said that this age bracket has also recorded low in a lot of indicators. These factors include earnings, participation in the labor force, homeownership, and marital status.

Millennials are said to have entered the worst labor market in all age brackets. Since most of them graduated from college in the early 2000s and during the 2008 Great Recession, Chen says that this had a negative impact on fresh grads at the time. True enough, college graduates at the time had a hard time finding good jobs. 

The numbers get grimmer as these people are some of the most educated age brackets in the world, yet they are also the most underpaid. This makes millennial retirement saving hard and almost impossible.

What can they do about it?

There are many reasons why people from ages 28 to 38 can’t save money, but it is not their fault at all. Most personal finance experts would like to disagree. Student loan debt, for instance, accounts for 40 percent of the income of millennials. Rising inflation has made it harder for everyone to afford fresh produce, gas, and other needs. 

If anything, companies and changing policies are to blame. A 2014 survey from the National Institute of Retirement Security revealed that the shift from benefit plans to contribution plans is one reason why the age bracket can’t keep up.

A 2014 survey found that only 55 percent of millennials were eligible to participate in employer retirement plans. The number is much higher for the other brackets, specifically, 77 percent for Generation X and 80 percent for Baby Boomers. Thankfully, more and more companies are making it easier to open 401(k)s. 

Millennials’ retirement numbers aren’t looking too good, and people are starting to notice. But it’s not right to place such a significant burden on one age bracket alone. Many officials are slowly pushing for better working conditions, so people from all sectors can help save money for the future. In short, it’s not just about the millennials but about the whole workplace dynamics, in general.

One thing is for sure, though. It’s that the millennial retirement saving crisis runs deep. And it’s not just because they’re spending their money on lattes.

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Business

The TikTok Ban: What It Could Mean for Marketers

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Since its founding in 2016, TikTok has had a massive impact on culture—and business. Now, it’s leaving an impression on politics as well… but not necessarily a good one.

Amidst increasing tensions between the US and China, lawmakers across the board have been flirting with the idea of banning TikTok. But what would a TikTok ban actually look like? And what would it mean for the many businesses that make the social network part of their marketing strategy?

Is TikTok getting banned?

Judge gavel smashing the TikTok app

TikTok has reportedly already been banned in a handful of Asian countries. Many countries, including the EU, UK, Australia, France, and the US have banned TikTok for use by government officials, citing privacy concerns.

The question on everyone’s mind, however, is whether TikTok is going to get banned nationwide in the US. Many government officials want to ban TikTok out of fear that the Chinese government has access to users’ data and might use it for spying, targeting dissidents, or election interference.

Timeline of attempts to ban TikTok in the US

Sen. Josh Hawley speaking about TikTok ban
  • December 2019: The US Army bans TikTok on government-issued phones.
  • August 2020: Trump signs an executive order requiring TikTok to be taken off the market in 90 days unless its parent company (ByteDance) sells it.
  • August 2020: Florida and Nebraska ban TikTok on government devices. As of May 2023, at least 34 states have enacted similar bans.
  • September 2020: Trump’s TikTok ban is halted by a federal judge.
  • June 2021: Biden revokes Trump’s executive order, but asks the Secretary of Commerce to investigate the app’s national security risk.
  • June 2022: FCC Commissioner Brendan Carr asks Apple and Google to take TikTok off the app store.
  • December 2022: Numerous bills are introduced targeting TikTok.
  • December 30, 2022: Biden signs the No TikTok on Government Devices Act into law.
  • January 2023: Sen. Josh Hawley introduces a bill to ban TikTok nationwide, which does not pass.
  • March 2023: Sen. Mark Warner introduces the RESTRICT Act, a bill which would allow the Secretary of Commerce to ban TikTok. It has not yet passed.
  • May 2023: Montana Gov. Greg Gianforte signs a law banning any business with TikTok. The bill is being challenged in court.

Could a TikTok ban ACTUALLY happen?

Google search results for TikTok ban

Nobody really knows. The US government could certainly try to ban TikTok—and it increasingly seems like they will—but there’s no precedent for the government banning an app entirely.

The FCC has asked Apple and Google to consider taking TikTok off their app stores. That might be the closest thing to a full ban we’ll see, but it won’t do anything to stop the 150m+ Americans who already have TikTok. Plus, there are other ways to download an app.

Trump’s executive order would’ve banned any transactions between US citizens and ByteDance. This would have removed TikTok from the app store while also preventing US companies from advertising or doing business with TikTok. Still, it wouldn’t keep people from using it.

The government could ask Apple and Google to change their systems to make TikTok unusable on their phones. At this point, the ban could be considered a violation of the First Amendment and would likely result in a lengthy legal battle.

What they can’t do, experts say, is make it illegal for a private citizen to log into TikTok. As long as TikTok exists, you will technically be able to access it. And of course, no ban would fix the mountains of user data that ByteDance already has.

How do marketers use TikTok?

Person holding up their phone in a mall using TikTok

As TikTok has blown up pop culture, it’s become a crucial part of many companies’ social media strategies. Some of the ways companies use TikTok include:

  • Ads
  • Branded content
  • Collaborating with influencers
  • Participating in viral trends and memes

Many corporate TikTok accounts will post multiple times a day in an effort to reach a Gen Z audience. Some videos will sell the company’s products or services, but most are made with the goal of raising brand awareness.

What does a TikTok ban mean for marketers?

If TikTok gets taken off the app store, marketers will have to work fast to keep their audience’s attention.

In the short term, TikTok’s massive audience could quickly flock to other short form video platforms, such as YouTube Shorts and Instagram Reels. They may also seek out brand new social media sites.

Brands who fail to keep up with this audience could stand to lose millions. TikTok is also a reliable source of new viral trends. It could suddenly become a lot harder to identify the latest rising stars, music, fashions, and memes among Gen Z.

3 ways marketers can prepare for a TikTok ban

1) Invest in high quality visuals

Penji graphic design service website

TikTok makes it easy to go viral, even with a small production budget. But if the social network goes away, you’ll have to work harder to stand out.

If your marketing demand outweighs what your current team can produce, try working with a service. Consider things like…

In our own review, we found Penji to be a quick, easy, and high-quality option for extending your design team. If you lose TikTok, you’ll have to make up for the loss with high-quality branding.

We also have a special promo code you can use for 35% off your first month with Penji — TTBAN35.

2) Stick with video, but use other platforms

Phone on table with various social apps showing

Short form video is addictive, and the American public isn’t likely to quit cold turkey. Don’t let debates over TikTok dissuade you from making short videos. Keep making them, but don’t make them just for TikTok.

Nowadays, practically every social site is investing in short-form video, and many are actively promoting those videos to as many people as possible. Post your clips on YouTube, Facebook, Instagram, LinkedIn, anywhere you have a brand account. You might be surprised by where you find your audience.

3) Take another look at your strategy

At its cultural peak, brands started to see TikTok as an absolute must for staying relevant. You may see your brand awareness suffer when it goes away, but step back and think. What does TikTok do for you?

For some brands, it might not be much. Have your TikToks brought sales? Do they improve brand awareness? Do they reach an audience you really want to target?

Developing a brand strategy can be difficult, but it’s important to go back to the drawing board when you’re losing a whole social network. First figure out what you want to retain from TikTok, then worry about how to retain it.

Conclusion

Is TikTok getting banned? Maybe, kinda, maybe not. If tensions between the US and China escalate, the platform may get taken down, but efforts to fully ban it are legally dubious and none have gained much traction so far.

Still, it’s best to stay prepared by diversifying your video content, staying on top of new trends, and investing in great visuals.

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Top 10

8 Best Word Processing Software to Use in 2023

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writer

The amount of documents written in an organization comes in large volumes. Managers, marketers, entrepreneurs, and individuals jot down quick notes or write long-form content daily. With the help of word processing software, this mundane and time-consuming task is made easier and faster. Here are free and paid word-processing software tools you can try. 

1. Google Docs

google docs screenshot

Everyone has undeniably heard of Google Docs. This cloud-based word-processing program is a team’s go-to for collaborating on documents. It has a clean interface packed with many helpful features when editing your document. Since it’s cloud-based, you can access it anywhere and from any device with a Google Doc app.

Features:

  • Templates for faster writing
  • Table of content for easy navigation
  • Work in offline mode
  • Personal dictionary
  • Voice typing to enter text
  • Bookmarks for quick reference
  • Version history to monitor changes
  • E-signature tool

Pricing: 

  • Business Starter $5.40/user/month
  • Business Standard $10.80/user/month
  • Business Plus $18/user/month
  • Enterprise (Contact sales)

Visit website

2. Microsoft Word

microsoft word screenshot

Image Credit: TechRepublic

Microsoft Word was one of the first-ever word-processing platforms before the cloud-based online tools took over. It’s a powerful word processor that anyone can use, from jotting down notes and writing meeting minutes to creating blog posts and reports. 

Features:

  • Check grammar, capitalization, spelling, punctuation, and more
  • Share documents with anyone
  • Add comments and suggest changes in real-time
  • Save documents to OneDrive so that anyone can access them from any device
  • Offers customizable templates and content

Pricing:

  • Microsoft 365 Apps for Business $8.25/user/month
  • Microsoft 365 Business Standard $10/user/month

Visit website.

3. Grammarly

grammarly screenshot

Image Credit: UIT

Writers, editors, entrepreneurs, and marketers have used Grammarly to proofread and edit write-ups. The best thing about this word-processing software is it provides fantastic integrations with many other apps. It can be downloaded as a browser extension to ensure everything is error-free. 

Features:

  • Catch grammatical errors, typos, insufficient punctuation, etc. 
  • Full-sentence rewrites for hard-to-read sentences
  • Custom style guides to ensure a unified voice within the team
  • Available in more than 500,000 web, desktop, and mobile applications

Pricing:

  • Free
  • Premium $12/month
  • Business $15/month

Visit website.

4. Scrivener

scrivener screenshot

With versatility at its core, Scrivener caters to all kinds of writers. This word-processing program is tailored for long-form writing projects and fits lawyers, novelists, and blog writers. Users love this tool because it helps you compose thoughts and ideas by allowing you to scribble anything that comes up and squeeze it into the right place later.

Features:

  • Powerful software that lets you gather writing materials and browse various parts
  • Familiar text editing
  • Use Styles to indent block quotes and make texts smaller at the same time
  • Import writing projects from other apps to Scrivener projects
  • Use the Corkboard to work with synopses you’ve written
  • Check the overview of your manuscripts through Outliner
  • Create templates and icons for new sections
  • Keep track of progress like word count or writing history
  • Take a snapshot before revising your docs so you can return to the former version

Pricing:

  • 30-day free trial
  • Standard License for macOS $59.99
  • Educational License for macOS $50.99

Visit website

5. Dropbox Paper

dropbox paper screenshot

Image Credit: Capterra

Dropbox is one of the leading cloud-based services online, and Dropbox Paper is nothing new in companies worldwide. This is where you can keep everything on the same page by gathering all your meetings, docs, minutes, agenda, and task assignments in one place. This co-editing tool is also free, which makes it an even better alternative for startups!

Features:

  • Enjoy task management tools that let you add due dates, assign tasks, and mention people
  • Use annotations and emojis to add comments to any part of an image
  • Integrates with your meeting calendar so you can easily find the particular document for a meeting
  • Drop a link from your Pinterest board, YouTube channel, SoundCloud, or Google Map
  • Capture inspiration on tablets and phones
  • Transform docs into presentations

Pricing: 

  • Free

Visit website

6. ProWritingAid

prowritingaid screenshot

ProWritingAid is a robust word processor that offers unique features you won’t find elsewhere. It is built for every writer, and this tool dramatically improves your writing.

Features:

  • Over thousands of spelling, grammar, and readability improvements
  • 20 in-depth writing reports 
  • Use hand-coded rules to help you with your writing style and strength
  • Enjoy in-app suggestions, videos, quizzes, and explanations
  • Find the right words through Word Explorer and contextual Thesaurus
  • Integrate with other apps, such as Open Office, Google Docs, Scrivener, etc.
  • Install as browser extensions
  • Use data visualization for an in-depth understanding of writing projects

Pricing:

  • Free
  • Premium $6.58/month

Visit website

7. Evernote Web

evernote screenshot

The genius behind Evernote was aware of the growing amount of information online and how the human brain couldn’t contain it. And this is why Evernote was born. It is meant to save your quick notes, schedules, and tasks in one place. 

Features: 

  • Create a space for your essential ideas and information
  • Quickly search your notes via keyword tags
  • Add images, files, and to-do lists to notes
  • Flexible organization
  • Annotate and save images, web pages, and PDFs via the Web Clipper feature
  • App integrations, including Slack, Outlook, Zapier, Google Drive, Gmail, Zapier, etc.

Pricing:

  • Free
  • Premium $7.99/month
  • Premium Professional $9.99/month

Visit website

8. JotterPad

jotterpad screenshot

Image Credit: Android Community

Android users can make JotterPad their writing assistant. It lets you format your texts into MLA or APA papers, articles, mindmaps, screenplays, books, presentation slides, and more. This word-processing application is convenient as you can access it from any device, allowing ideas to flow.

Features: 

  • Simple text formatting via Lightweight Markup
  • Seamless integration with Google Drive, Microsoft OneDrive, Dropbox, etc.
  • Powerful integrated plugins
  • Brainstorm and generate content with Wizard A.I. 
  • Embed images to markdown files
  • Quick Research lets you search words 
  • Export to multiple formats
  • Create formatted eBooks
  • Over 100 beautiful-designed templates

Pricing:

  • Free
  • Monthly plan costs $6.99
  • Annual plan costs $29.99

Visit website

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Entertainment

FN Meka, the world’s first AI rapper, gets booted out by record label

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fn meka

It’s not unusual for companies to use artificial intelligence (AI) to create artist personas. In the 2022 VMAs, Eminem and Snoop Dogg performed in the metaverse with their digital alter egos. And AI rappers are no different. In April 2019, FN Meka debuted as the world’s first AI-powered rapper. 

Soon enough, he gained a huge following on Tiktok for his Hypebeast aesthetic and larger-than-life personality. In 2021, his Tiktok ballooned to 10 million followers. His popularity prompted Capital Records to sign him on August 14 this year. But, internet users began pulling up records of his questionable online behavior. Ten days later, his label booted him out.

Here’s how it happened. 

Apparently, AI rappers exist. 

FN Meka’s concept isn’t a true original. In fact, when it comes to virtual rap avatars, you’d probably think of British rap group Gorillaz first. 

Brandon Le created the AI rapper avatar to sell non-fungible tokens. However, executive Anthony Martini led the avatar to new heights. Martini signed the rapper to Factory New, a record label he made for virtual artists. 

His first single, “Florida Water,” features Gunna and Cody “Cix” Conrod, a Fortnite player. On the day FN Meka signed the deal, the single was released.

The rapper is the first artist to sign in Factory New. 

The downfall

A few days after his new record deal, Industry Blackout, an online activist group, called out FN Meka over his questionable actions. 

For one, the AI rapper had used the N-word in several of his songs, including his first single. He also mocked police brutality and posted a picture of himself being beaten up by the police. 

Plus, FN Meka was criticized for racially stereotyping Black people because of his appearance and aesthetic. Furthermore, rumors began circulating that no actual Black people were involved in his creation in the first place. 

Other news outlets also criticized the AI rapper for collaborating with Gunna, who is in jail for racketeering. 

The record company has since dropped him. In a statement, the record label offered “their deepest apologies to the Black community.” Because of FN Meka’s actions, the label has cut ties with him “effective immediately.” 

More and more problems

It doesn’t end there.

Kyle the Hooligan has come forward as the voice behind FN Meka. And the rapper has dropped new information on the issue. He alleges that the company did not pay him for the first three songs he made for the AI rapper. He also claims to have been ghosted by the creators at around 2021, when FN Meka just started gaining traction.

Of course, this comes as a surprise. Factory New claims that the AI writes the song while the humans only perform it.

Kyle doesn’t know who currently voices FN Meka, and he hasn’t probed it. What we know for sure, though, is that the rapper is based on other trendy rappers like Ice Narco, Lil Pump, and 6ix9ine. 

On August 28, Kyle the Hooligan announced that he would file a lawsuit against Brandon Le and Factory New. 

There’s a sort of irony in FN Meka. The AI rapper, voiced by a Black artist, is the product of white creators. And some activists and critics even call the AI rapper a new form of blackface. Here, critics argue that anyone can use and adopt Blackness without being Black. Today, a majority of FN Meka’s music and videos have been deleted from TikTok. Martini has also walked away from Factory New and FN Meka, leaving the rapper’s fate hanging in the air.

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