Money Management

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What happenedA record number of Americans will bet on the big game this weekend. According to the American Gaming Association (AGA), over 50 million adults will wager an estimated $16 billion. That’s over 60% more than last year, which the AGA says is due to the expansion of legal sports betting.”As interest in legal sports betting continues to expand, the gaming industry remains committed to responsibly delivering world class entertainment,” said GA President and CEO Bill Miller, in a press release.
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So whatIt’s been almost five years since the Supreme Court struck down a law that banned commercial betting in many states, and the industry has expanded dramatically since then. According to the Guardian, Americans bet over $125 billion in the first four years after the law changes — more than they spent on pet food and veterinary care in a single year.If you’re considering a flutter on the game this weekend, it’s important to be honest with yourself about why you’re betting. It’s one thing to do it for entertainment, it’s another if you’re trying to make the money you need to pay bills this month. You may not win. Only spend money you can afford to lose and make sure you understand what the odds are and how it all works.Now whatSure, the game is more exciting when you’ve got something riding on it. But when many Americans are taking on debt to pay for essentials it’s worth thinking about what else you might do with that money. The AGA doesn’t break down how much each person planned to bet, but it works out at an average of over $300 per person.To put in perspective, let’s say you invested $300 on the stock market and earned an APY of 8%. The S&P 500 has average returns of around 10% a year over the long-term so 8% is not unreasonable. The power of compound interest means that as your investments earn interest and the interest earns interest, it adds up over time.Assuming you leave it alone, a $300 investment could be worth almost $650 in 10 years. And in 25 years, it could be worth over $2,000 — likely a lot more than you’d earn on the game. There are no guarantees, but if you want to build wealth, there’s a lot to be said for consistently investing small amounts in relatively safe assets. Over time, it’s the way some people have become millionaires.Buying stocks isn’t for everyone. Especially if you don’t have an emergency fund that will cover three to six months of living expenses. There’s a lot of economic uncertainty right now. Having cash in a savings account to cushion you against the unexpected may not be as fun as a sports bet. Nonetheless, it might mean you sleep better at night and are better able to handle a job loss or other financial crisis.Our best stock brokersWe pored over the data and user reviews to find the select rare picks that landed a spot on our list of the best stock brokers. Some of these best-in-class picks pack in valuable perks, including $0 stock and ETF commissions. Get started and review our best stock brokers.We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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What happened

A record number of Americans will bet on the big game this weekend. According to the American Gaming Association (AGA), over 50 million adults will wager an estimated $16 billion. That’s over 60% more than last year, which the AGA says is due to the expansion of legal sports betting.

“As interest in legal sports betting continues to expand, the gaming industry remains committed to responsibly delivering world class entertainment,” said GA President and CEO Bill Miller, in a press release.

So what

It’s been almost five years since the Supreme Court struck down a law that banned commercial betting in many states, and the industry has expanded dramatically since then. According to the Guardian, Americans bet over $125 billion in the first four years after the law changes — more than they spent on pet food and veterinary care in a single year.

If you’re considering a flutter on the game this weekend, it’s important to be honest with yourself about why you’re betting. It’s one thing to do it for entertainment, it’s another if you’re trying to make the money you need to pay bills this month. You may not win. Only spend money you can afford to lose and make sure you understand what the odds are and how it all works.

Now what

Sure, the game is more exciting when you’ve got something riding on it. But when many Americans are taking on debt to pay for essentials it’s worth thinking about what else you might do with that money. The AGA doesn’t break down how much each person planned to bet, but it works out at an average of over $300 per person.

To put in perspective, let’s say you invested $300 on the stock market and earned an APY of 8%. The S&P 500 has average returns of around 10% a year over the long-term so 8% is not unreasonable. The power of compound interest means that as your investments earn interest and the interest earns interest, it adds up over time.

Assuming you leave it alone, a $300 investment could be worth almost $650 in 10 years. And in 25 years, it could be worth over $2,000 — likely a lot more than you’d earn on the game. There are no guarantees, but if you want to build wealth, there’s a lot to be said for consistently investing small amounts in relatively safe assets. Over time, it’s the way some people have become millionaires.

Buying stocks isn’t for everyone. Especially if you don’t have an emergency fund that will cover three to six months of living expenses. There’s a lot of economic uncertainty right now. Having cash in a savings account to cushion you against the unexpected may not be as fun as a sports bet. Nonetheless, it might mean you sleep better at night and are better able to handle a job loss or other financial crisis.

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What happenedBankrupt crypto lender BlockFi has written to customers to tell them what steps they need to take to register claims and set out the timeline for the coming months. BlockFi declared bankruptcy on Nov. 28, 2022 after freezing customer withdrawals a few weeks before. According to its filing, it has over 100,000 creditors and owes between $1 billion and $10 billion. So whatIf you’re a BlockFi customer, it isn’t yet clear whether you’ll be able to get your money back, nor how much you’ll be able to claim. We haven’t seen enough crypto exchange bankruptcies to know how this will play out. What is clear is that BlockFi is doing more than other crypto platforms to both communicate with its customers and return their funds.
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Cash held in banks is protected against failure by FDIC insurance for up to $250,000 per account. SIPC insurance gives brokerage customers protection. But there’s no such coverage for crypto held on cryptocurrency exchanges. Some U.S. dollar deposits on some platforms may be FDIC insured, but this does not apply to crypto. This leaves crypto investors in a precarious position when it comes to recovering their money if a platform collapses.Now whatAs a BlockFi customer, watch out for an email or letter from BlockFi’s claims agent, Kroll. BlockFi has submitted a list of money owed to the court, and Kroll will tell you what assets it thinks you had on the platform. You should also be able to check your balance on Kroll’s website. It’s important you check that this information is correct. If Kroll has the right records, you don’t need to do anything.According to BlockFi’s FAQ, if the information you receive is not correct, you have until March 31 to tell Kroll it’s wrong. To do this, you’ll need to submit something called a proof of claim. This is a form that Kroll will send along with the info about your holdings. If you don’t receive a message from Kroll, you may need to call them toll free on (888) 773-0375 or email blockfiinfo@ra.kroll.com to update your contact information. Many crypto investors were aware of the volatility risks associated with buying Bitcoin (BTC) or other digital currencies. But, until last year, the dangers of platform failure were less known. If you hold your crypto on a centralized exchange, consider what might happen to your assets if the exchange collapsed or got hacked. Look into the pros and cons of moving your funds to a non-custodial crypto wallet.If you earn interest on the crypto you hold, make sure you understand where your rewards come from. There’s a big difference between staking rewards and lend-earn products. Crypto staking is where a specific crypto pays holders rewards for helping to keep the network secure. It is less risky than crypto lending, where a platform might lend out your funds and pay you some of the interest.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Emma Newbery has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. 

What happened

Bankrupt crypto lender BlockFi has written to customers to tell them what steps they need to take to register claims and set out the timeline for the coming months. BlockFi declared bankruptcy on Nov. 28, 2022 after freezing customer withdrawals a few weeks before. According to its filing, it has over 100,000 creditors and owes between $1 billion and $10 billion.

So what

If you’re a BlockFi customer, it isn’t yet clear whether you’ll be able to get your money back, nor how much you’ll be able to claim. We haven’t seen enough crypto exchange bankruptcies to know how this will play out. What is clear is that BlockFi is doing more than other crypto platforms to both communicate with its customers and return their funds.

Cash held in banks is protected against failure by FDIC insurance for up to $250,000 per account. SIPC insurance gives brokerage customers protection. But there’s no such coverage for crypto held on cryptocurrency exchanges. Some U.S. dollar deposits on some platforms may be FDIC insured, but this does not apply to crypto. This leaves crypto investors in a precarious position when it comes to recovering their money if a platform collapses.

Now what

As a BlockFi customer, watch out for an email or letter from BlockFi’s claims agent, Kroll. BlockFi has submitted a list of money owed to the court, and Kroll will tell you what assets it thinks you had on the platform. You should also be able to check your balance on Kroll’s website. It’s important you check that this information is correct. If Kroll has the right records, you don’t need to do anything.

According to BlockFi’s FAQ, if the information you receive is not correct, you have until March 31 to tell Kroll it’s wrong. To do this, you’ll need to submit something called a proof of claim. This is a form that Kroll will send along with the info about your holdings. If you don’t receive a message from Kroll, you may need to call them toll free on (888) 773-0375 or email blockfiinfo@ra.kroll.com to update your contact information.

Many crypto investors were aware of the volatility risks associated with buying Bitcoin (BTC) or other digital currencies. But, until last year, the dangers of platform failure were less known. If you hold your crypto on a centralized exchange, consider what might happen to your assets if the exchange collapsed or got hacked. Look into the pros and cons of moving your funds to a non-custodial crypto wallet.

If you earn interest on the crypto you hold, make sure you understand where your rewards come from. There’s a big difference between staking rewards and lend-earn products. Crypto staking is where a specific crypto pays holders rewards for helping to keep the network secure. It is less risky than crypto lending, where a platform might lend out your funds and pay you some of the interest.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Emma Newbery has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

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Make sure you have these snacks on hand. 

The big game is right around the corner. This year, 192.2 million adults plan on watching the game with 103.5 million planning to throw or attend a party. Total spending related to the game this year is expected to reach $16.5 billion, with food and drink making up 80% of that.

Whether you’re hosting a party this weekend or just snuggling up on the couch, snacks are an essential part of any football game. If you’re looking for the best bang for your buck, warehouse club Costco is one of the best places to pick up some popular game day snacks. Here are some of our favorites.

1. Buffalo wings

The National Chicken Council (NCC) projects that Americans will eat a record-breaking 1.45 billion chicken wings this weekend. This is enough to give every person in the world four wings and assuming you can eat three wings per minute, it would take you 900 years to eat all those wings!

Costco offers a variety of different chicken wings for the big game. It offers 10 lbs. of Kirkland Signature Chicken Wings for $31.99 or you can purchase a 4 lb. bag of Foster Farms’ Take Out Crispy Chicken Wings for $23.49 in either classic buffalo or sweet chipotle BBQ. Your local Costco store may also have other options for you to choose from.

2. Chips and pretzels

Chips are one of the most popular snack choices. Costco offers over a dozen different varieties of chips, pretzels, dips, and more. Some of the popular offerings are the Frito Lay Classic Mix Variety 54-Pack for $23.99, PopCorners Gourmet Popcorn Variety 30-Pack for $15.99, Snyder’s of Hanover Pretzel Snaps for $8.59, a 40 oz bag Chex Mix for $8.99, and Costco’s Kirkland Signature tortilla chips. You can make nachos, guacamole dip, or settle for regular salsa to go with them. Prices and availability for tortilla chips will vary based on where you live.

3. Mixed nuts

You can’t go wrong with Kirkland Signature’s Extra Fancy Mixed Nuts. The 2.5 lb. jar costs $18.99 and includes almonds, Brazil nuts, cashews, macadamia nuts, and pecans. If you prefer one nut over the other, you can also find individual containers of your favorite type.

4. Meat and cheese tray

Costco offers plenty of cheeses (including cheddar, Swiss, and pepper jack), meats (salami, ham, and turkey), breadsticks, and crackers that you can make a meat and cheese platter for your party guests. Want to add shrimp? Right now you can also get $40 off Coastal Seafood Cooked Premium Seafood Collection.

5. Party platters and snack packs

Costco’s deli and produce section offers a wide selection of healthier options as well. You can get deli platters with carrots, celery, bell peppers, and other fresh vegetables. Costco is also known for its organic produce, and depending on where you live, you may be able to find Kirkland Signature Chicken Salad, Kirkland Signature Roasted Chicken, and more. The prices and availability for these products vary based on where you live.

6. Rotisserie chicken

You can’t go wrong with Costco’s rotisserie chickens. These chickens are sold at a heavy discount, as the price has stayed at $4.99 since 2009! With the prices of groceries continuing to go up, buying rotisserie chickens at Costco is a great way to stay within your budget.

There are plenty of other options for your gathering, such as pizza, steaks to grill, pre-packaged salads, candy, and more. Costco is one of our favorite places to shop for game day snacks because their selection is always so vast yet affordable. And if you don’t have time to shop in-store before your party starts, don’t worry — you can order online from Costco’s website or use its Instacart service for same day grocery delivery service.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Being wishy-washy could hurt you in today’s rental market. 

There’s a reason so many people are clamoring to rent homes today rather than buy them. For one thing, home prices are still quite elevated on a national level, so anyone who buys a home today is likely looking at a sizable mortgage payment.

Plus, mortgage rates are considerably higher these days than they were at the start of 2022. That, combined with higher home prices, is putting many would-be buyers in a position where they simply can’t afford to make an offer on a home today.

Not surprisingly, a tough housing market and an uptick in rental demand is putting higher profits into landlords’ pockets. The median rent price across the U.S. was $2,305 as of the end of 2022, according to new data from HouseCanary, a national real estate brokerage.

But it’s not just that landlords are able to charge more for their properties. Rental units are also getting scooped up really quickly. Rental properties stayed on the market for an average of just 22.6 days in late 2022, so if you’re looking for a new place to live, it’s important to put yourself in a position to be able to move quickly.

Go in prepared

There was a point in 2021 when prospective home buyers pretty much had to make an offer to purchase a home on the spot or otherwise get shut out. Today’s rental market is actually pretty similar. And so if you’re eager to rent a home, you should be prepared to ask to sign a lease on the spot if you come across a place that checks off the right boxes and is also affordable.

Keep in mind that rental inventory is lower in some cities than others right now. If you’re using the services of a broker to find a rental, they should be able to advise you as to how much time you have to ask to sign a lease after seeing a rental unit. But if you’re going through the process alone, assume that you need to pounce.

Now that said, to be able to sign a lease on the spot, you’ll need to do a few things. First, you should access a copy of your credit report and credit score, and bring that information with you. Your landlord, or the property manager who shows you a rental, might opt to do their own credit check anyway. But that way, you’re at least giving them some information to work with.

At the same time, get a letter from your employer stating you’re gainfully employed, and bring it along. You should also bring a reference letter from a current or former landlord if you have one (meaning, if it’s not your first time renting).

Finally, bring copies of your most recent pay stubs and a copy of your most recent savings account statement. You’ll generally need to provide proof you’re in a strong enough financial position to cover the rent at hand, so that information is crucial.

Act quickly

Clearly, there’s plenty of competition these days when it comes to snagging a rental. If you don’t want to miss out on a suitable home, be prepared to act quickly when a great rental hits your radar. That could, in many cases, mean offering to sign a lease on the spot, or at least within 24 hours.

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What happenedZoom announced Tuesday it plans to lay off about 1,300 employees, representing close to 15% of its total workforce, CNN reported. It’s just one of several big tech companies to announce a large reduction in headcount since the start of the year.So whatIn a memo to employees, Zoom CEO Eric Yuan confirmed that layoffs would impact every area within the company.“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today — and I want to show accountability not just in words but in my own actions,” Yuan wrote. “To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”Over the past six weeks, a number of major tech companies have announced layoffs. That may seem concerning, but this trend seems to be limited to the tech sector.During the pandemic, tech companies saw a huge uptick in demand for their services — Zoom was especially poised to capitalize on the remote work wave. But now that society is settling back into pre-pandemic routines, the tech bubble seems to be bursting. Many tech companies are trying to cut costs by slashing their headcount after going on hiring sprees in 2020 and 2021.The good news, though, is that the U.S. labor market is in great shape despite this recent string of tech layoffs. In January, the economy added 517,000 jobs, and the national unemployment rate hit a 54-year low of 3.4%.Now whatWorkers both inside and outside the tech field can, and should, do their part to gear up for added layoffs — if not in the near term, then eventually. Having a solid emergency fund could make a period of unemployment much easier to cope with, so workers should aim to sock away enough money in savings to cover at least three full months of essential bills.Boosting job skills is something tech workers in particular should also focus on right now. Those who make themselves indispensable may have a greater chance of surviving the next round of layoffs that comes down the pike.Alert: highest cash back card we’ve seen now has 0% intro APR until 2024If you’re using the wrong credit or debit card, it could be costing you serious money. Our expert loves this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee. In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes. Read our free reviewWe’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. 

What happened

Zoom announced Tuesday it plans to lay off about 1,300 employees, representing close to 15% of its total workforce, CNN reported. It’s just one of several big tech companies to announce a large reduction in headcount since the start of the year.

So what

In a memo to employees, Zoom CEO Eric Yuan confirmed that layoffs would impact every area within the company.

“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today — and I want to show accountability not just in words but in my own actions,” Yuan wrote. “To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”

Over the past six weeks, a number of major tech companies have announced layoffs. That may seem concerning, but this trend seems to be limited to the tech sector.

During the pandemic, tech companies saw a huge uptick in demand for their services — Zoom was especially poised to capitalize on the remote work wave. But now that society is settling back into pre-pandemic routines, the tech bubble seems to be bursting. Many tech companies are trying to cut costs by slashing their headcount after going on hiring sprees in 2020 and 2021.

The good news, though, is that the U.S. labor market is in great shape despite this recent string of tech layoffs. In January, the economy added 517,000 jobs, and the national unemployment rate hit a 54-year low of 3.4%.

Now what

Workers both inside and outside the tech field can, and should, do their part to gear up for added layoffs — if not in the near term, then eventually. Having a solid emergency fund could make a period of unemployment much easier to cope with, so workers should aim to sock away enough money in savings to cover at least three full months of essential bills.

Boosting job skills is something tech workers in particular should also focus on right now. Those who make themselves indispensable may have a greater chance of surviving the next round of layoffs that comes down the pike.

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In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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What happenedThe IRS is advising millions of taxpayers to hold off on filing their tax returns until the agency can issue guidance on whether state rebate checks issued in 2022 will count as taxable income. Last year, 19 states approved stimulus or rebate payments, and the IRS still hasn’t figured out what tax treatment will apply to those funds.So whatIf you have already filed your 2022 returns, the IRS does not recommend changing your submission.
Discover: Find the best tax software for your situation hereSave: We researched free tax software and put together a list of the best here
“The IRS is aware of questions involving special tax refunds or payments made by states in 2022; we are working with state tax officials as quickly as possible to provide additional information and clarity for taxpayers,” the IRS said in a statement. “There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex. We expect to provide additional clarity for as many states and taxpayers as possible next week.”If you have not filed your 2022 tax returns yet or have questions about how you should file, the IRS recommends you “wait for additional clarification on state payments rather than calling the IRS.”Now whatThis year, taxes are due on April 18, so if you need to delay your filing for a bit, don’t sweat it — there’s still plenty of time to get in before the deadline. Of course, you may have to wait a bit longer for your refund to hit your bank account, but you can get the ball rolling by finding yourself a tax preparer as soon as possible.Your best bet in that regard is to ask for recommendations from friends, neighbors, and colleagues. And of course, always check a tax preparer’s credentials before signing up to work with them. The IRS has a directory you can use for this purpose.That said, you may not need to hire a tax preparer, and you may be eligible to file your taxes on your own for free if your adjusted gross income is $73,000 or less.Even if you’re required to pay taxes on your state rebate check, there are other steps you can take to eke out savings. Claiming the right deductions, whether it’s mortgage interest or IRA contributions, could help lower your tax burden. There are also numerous tax credits you may be eligible for, from the Earned Income Tax Credit to the Child Tax Credit (which did not go away in 2022, but rather, reverted to its non-boosted value). It pays to explore these individually or with the help of a tax preparer.Our picks for best tax softwareOur independent analysts pored over the perks and user reviews for the most popular tax provider services to land on the best-in-class picks to file your taxes. Get started by reviewing our list of the best tax software.We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy. 

What happened

The IRS is advising millions of taxpayers to hold off on filing their tax returns until the agency can issue guidance on whether state rebate checks issued in 2022 will count as taxable income. Last year, 19 states approved stimulus or rebate payments, and the IRS still hasn’t figured out what tax treatment will apply to those funds.

So what

If you have already filed your 2022 returns, the IRS does not recommend changing your submission.

“The IRS is aware of questions involving special tax refunds or payments made by states in 2022; we are working with state tax officials as quickly as possible to provide additional information and clarity for taxpayers,” the IRS said in a statement. “There are a variety of state programs that distributed these payments in 2022 and the rules surrounding them are complex. We expect to provide additional clarity for as many states and taxpayers as possible next week.”

If you have not filed your 2022 tax returns yet or have questions about how you should file, the IRS recommends you “wait for additional clarification on state payments rather than calling the IRS.”

Now what

This year, taxes are due on April 18, so if you need to delay your filing for a bit, don’t sweat it — there’s still plenty of time to get in before the deadline. Of course, you may have to wait a bit longer for your refund to hit your bank account, but you can get the ball rolling by finding yourself a tax preparer as soon as possible.

Your best bet in that regard is to ask for recommendations from friends, neighbors, and colleagues. And of course, always check a tax preparer’s credentials before signing up to work with them. The IRS has a directory you can use for this purpose.

That said, you may not need to hire a tax preparer, and you may be eligible to file your taxes on your own for free if your adjusted gross income is $73,000 or less.

Even if you’re required to pay taxes on your state rebate check, there are other steps you can take to eke out savings. Claiming the right deductions, whether it’s mortgage interest or IRA contributions, could help lower your tax burden. There are also numerous tax credits you may be eligible for, from the Earned Income Tax Credit to the Child Tax Credit (which did not go away in 2022, but rather, reverted to its non-boosted value). It pays to explore these individually or with the help of a tax preparer.

Our picks for best tax software

Our independent analysts pored over the perks and user reviews for the most popular tax provider services to land on the best-in-class picks to file your taxes. Get started by reviewing our list of the best tax software.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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