Category Archives: Financial Independence

Commentary

We will cultivate a trading center and pricing mechanism that puts China first () and actively promote settlement in local currency. excerpt from the Chinese Communist Partys (CCPs) 14thfive-year plan for 202125.

The CCPs yuan liquidity pool with the Bank for International Settlement is not just a challenge to the dollar, its also one more example of Chinas increasing influence over global organizations.

The CCP has been trying for years to internationalize the yuan as well as decrease the dollars dominance in international trade as both an exchange and reserve currency. On June 25, the Peoples Bank of China announced its plan to partner with the Bank for International Settlements (BIS) and five other central banks to create a yuan liquidity pool aimed to stabilize economies during periods of market volatility. Apart from the PBC, the founding members of the new pool are Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore, and the Central Bank of Chile.

Under the terms of the agreement, each member will contribute $2.2 billion worth of dollars or yuan to the pool known as the Renminbi Liquidity Arrangement (RMBLA). The balance will be held by BIS which will release funds to members, in times of need, through a collateralized liquidity window.

Over the decades, BIS has cooperated with the central banks of reserve currency-issuing countries to implement liquidity support packages, which they provide to other nations during times of market stress and instability. The Yuan Liquidity pool is the first such arrangement that has been made using yuan and is a step toward achieving the CCP goals laid out in the 14th five-year Plan. This plan calls for a return to globalization and a gradual internationalization of the currency.

The plan also refers to the weaponization of finance in recent years, which is a veiled reference to the U.S. economic sanctions against Russia in response to the invasion of Ukraine.Among those sanctions was a ban that blocked seven Russian banks from using theSociety for Worldwide Interbank Financial Telecommunication (SWIFT).

In an attempt to insulate itself from a U.S.-dominated financial system, China created its own SWIFT-like system in 2015 called the Cross-Border Interbank Payment System. In the same year, China managed to have the yuan added to the International Monetary Funds (IMFs) special drawing rights currencies. In 2020, U.S. sanctions on CCP officials over the dissolution of Hong Kongs freedoms accelerated Beijings efforts to circumvent the U.S.-led global financial system. To this end, they have been in negotiations with Saudi Arabia to settle oil trades in yuan and to settle trade with Russia in rubles or yuan. There have also been discussions through the Belt and Road Initiative for African countries to increase their yuan reserves and to settle trade with China in yuan.

Russia has served as a cautionary tale for the CCP. Seeing the damage that U.S. sanctions and removal from the SWIFT system can do to an economy, Xi Jinping is redoubling his efforts to create a parallel China-led global financial system. Given the current state of the Chinese economy, with growth projections the lowest in decades, many analysts feel it is unlikely that China would make a move on Taiwan until it has first found a way to function outside of the U.S. system and without dollars.

The U.S. Federal Reserves increasing interest rates to combat inflation has attracted investment to the United States, but it has also made borrowing in U.S. dollars more expensive. As the Bank of China has so far refused to raise interest rates, borrowing in yuan may be more attractive for the five member countries of the RMBLA. In August, the yuans allocation in the IMFs special drawing rights currency will be increased to 12.28 percent, a signal that the yuan is becoming internationalized. Currently, the yuan accounts for only 2.14 percent of global payments. As China is a major trading partner of the other RMBLA members, it may become expedient for them to hold more yuan in reserves and to settle trade with China in yuan.

So far, the internationalization of the yuan has been slowed by the CCPs tight controls on capital flows, manipulation of the currency, and lack of transparency. However, the new cooperation with BIS will put the world one small step closer to yuan globalization while the CCP moves toward its goal of financial independence and a yuan-backed world financial system.

Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times.

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Antonio Graceffo, Ph.D., has spent more than 20 years in Asia. He is a graduate of the Shanghai University of Sport and holds a China-MBA from Shanghai Jiaotong University. Graceffo works as an economics professor and China economic analyst, writing for various international media. Some of his books on China include "Beyond the Belt and Road: Chinas Global Economic Expansion" and "A Short Course on the Chinese Economy."

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CCP Partners With Bank for International Settlements to Displace the Dollar - The Epoch Times

The Web3 space has opened up many opportunities, bringing in a wave of disruption and innovation across the globe. According to the World Economic Forum, Web3 is not only a new foundational layer of the world wide web, it is a fundamentally new approach to corporate governance, value creation andstakeholder participation.It presents an opportunity where people are not merely products or beneficiaries of technology-powered business models but builders and owners ofdigitally unique assets.

The potential of Web3 to unleash the next wave of digital disruption is clear. Society is on the cusp of this transformation, technology companies across have been exploring the possibility of its future. Award-winning Dubai-basedDecentralised Investment Group (DIG) is once such company joining the league. DIG and its international subsidiaries are on a mission to unearth and invest in a plethora of innovative products and build within the Web3 space, while instilling the values of decentralisation, financial independence and individual liberty.

A multinational blockchain technology conglomerate, DIG isseeking out exclusive investment opportunities within blockchain and the metaverse space and turns these opportunities into industry-leading products aimed at disruptingthe digital world and global economy as we know it.

This ethos is in line with DIGs chosen location in Dubai, the crypto hub of the region and the world, especially following the recent announcement by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, that the city willhost the inaugural Dubai Metaverse Assembly in September. The Dubai Metaverse Strategy aims to contribute Dhs4bn to the national economy over five years, along with supporting 40,000 virtual jobs.

Under the leadership of founder and global managing partner Haydn Snape, DIG has been at the forefront of metaverse compatibility and preparation, building digital products that promote equitable, accessible and trusted open systems to facilitate economic growth, using innovative and cutting edge blockchain technology.

DIG and its team of more than 250 global innovators, engineers, designers, developers, technologists and creatives have been innovating products that harness the power of decentralised technology in revolutionising the digital world. This includes establishingXYZZY, DIGs GameFi subsidiary, aMiami-based metaverse company bridging the virtual world with the physical. XYZZY provides iconic brands an entry point into the future, while also purchasing and converting traditional fan favourite games into play-to-earn NFT games.

Some of DIGs investments include the state-of-the-art blockchain game development studio Wild Thunder in Vietnam and a pioneering digital marketing agency ROOK Digital in the Philippines. Most recently, DIG and its Wild Thunder team are bringing blockchain to the world of Hollywood by partnering with BRON Studios, where DIGs CEO, Haydn Snape, acts as Digital Advisor to BRON Studios on all film, television and streaming initiatives. Bron Studios is a worldwide and critically acclaimed media and entertainment company that has garnered 32 Academy Award nominations and six wins.

DIG revealed its foray into Hollywood at the NYC.NFT Week 2022, which wrapped up in New York on June 23. This is going to herald the futurisation of film and television, and we will be reinventing how audiences engage with content in the filmmaking world. This is a new era for Hollywood, and we will be developing new financial architecture and interfaces born out of Web3 thinking, which include innovations like tokens, gamification, metaverse compatibility and the like, says Haydn Snape, DIG CEO.

As a company that believes in always giving back, Snape also set up the charitable DIG Foundation, a non-profit subsidiary with a mission to empower underprivileged communities through providing them with cutting edge STEM education, so they may thrive in a growing digital economy.

From foraying into the Web3 space to NFTs to decentralised technology, DIG is slowly heralding into the future of the internet.

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How Decentralised Investment Group is powering the future of Web3 - Gulf Business

The idea of parental leave is widely understood and accepted in modern societies. We value the principle that those in the workforce should be able to take time off for the birth of a child: women, of course, but increasingly men as well. How long this lasts and how much they might get paid during leave varies by country and employer, but the principle of supporting childcare while being employed has been established.

But it wasnt always like this. In the UK, the 1911 National Insurance Act included a maternal health benefit and a one-off maternity grant of 30 shillings (or 162) for insured women. The first maternity leave legislation was introduced in 1975 in the UK, emerging from a huge social shift: the growing presence of women in the workplace and in the public arena, as well as changing social attitudes that women have the right and desire to fulfil their ambitions outside the home, too. Women increasingly felt a need for financial independence and to contribute to the family income.

At the same time, we now have a growing demographic of the elderly a population more sizeable than in past eras and one that is also living longer. Their extended age also brings new kinds of dependencies and care needs.

Which means that the next big social shift is now upon us: caregiving for the elderly. And in particular, caregiving by the "sandwich generation" for parents and children. It is a pressing, rapid social shift and it is expected to only grow in magnitude and impact in the coming years.

These men and mostly women typically fall in the 35-54 age range, although this varies by country. While the term "women in the middle" has existed since 1981, the number of sandwich generation caregivers is now growing significantly, and with increased lifespans, more of an ageing population and people having children later, this number is further set to rise. As anyone who has cared for either children or the elderly will tell you, these are difficult, draining and time-consuming tasks.

Alexandra Harg and baby Hazel (middle) arrive from Sydney to be reunited with Hazel's Grandparents Rob and Maja Fyfe at Brisbane Domestic Airport, Brisbane, Australia, on December 13, 2021. EPA

Now imagine doing them both at the same time while managing a full-time job. And if you are working and enjoying your work, why would you want to give up contributing to society and to the workplace?

We must, therefore, not wait any further before tackling this sandwich generation crisis at the workplace.

It is already engulfing a generation of caregivers and is only set to grow, which means we need to get our workplaces ready now. This is for the sake of not just the women themselves, but also for our employers, the economy, and our physical and mental well-being. Across the world, societies need happy and healthy women who are flourishing, doing well and contributing to work.

More from Shelina Janmohamed

We need to talk bluntly and urgently about sandwich generation women, and what happens to them in the workplace. And for me, it is not just a significant social crisis, its personal, because I am one of those women.

From a societal and workplace perspective, this age bracket is the time when employees are flourishing, gaining experience and skills. Employees in this range are often at the peak of their career, bringing value to organisations. But we also know that the pressure of caregiving is so immense, for women especially, that they often inevitably fall out of the workforce.

If women are falling out of the workforce as result of a crisis that we can see happening in front of our eyes, it is harmful for society as well as to women's self-development, long-term successes and their financial stability with regard to their retirement planning. It's also bad news for employers who need talented staff, in an era in which we are trying to rebalance gender representation.

Employers, policymakers and industries the world over need to address these concerns. Plus, once out of the other side of the sandwich generation (children older, parents perhaps sadly no longer on the scene), it is better to keep them in the workforce than to lose them and have to re-integrate them later at higher cost. Besides, the flipside of multiple responsibilities is that with the right support, it can, in fact, make you more creative and productive in the time that you have.

It is hard to talk about caregiving without worrying about being seen as weak or uncommitted to work. And particularly in the West, where individualism and nuclear families are often the norm, there can often be little understanding or societal openness about caregiving for the elderly.

Employers everywhere have a role to play and it is in their own interest to start addressing this.

Published: August 05, 2022, 9:00 AM

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Employers can ease the burden of the 'sandwich generation' - The National

Perry Newell, Funding College Project announcement.

Its FREE We are trying to spread the word about Honors, Awards and Scholarships. Share this information!

What is The Funding College Project We work with participants from Preschool age and to Adulthood, our process and documents are designed to provide information to an international audience and offer a look ahead for some and a reminder to others. We start where you want and test a number of techniques and strategies to assure success for those actively engaged in finding resources for in school and after school expenses.

The Funding College Project, and Cash for Kids are non-commercial activities and have been asked to supply to individuals, organizations, newspapers, and community bulletin boards with information about active honors, awards, scholarships and insightful advice. Youll find us at: http://www.educatingouryouth.org

The Congressional App Challenge is the most prestigious prize in student computer science. Participation in the challenge has grown exponentially and has reached underserved, diverse, and rural student populations. Members of the U.S. House of Representatives hosting district-wide Congressional App Challenges for middle school and high school students, encouraging them to learn to code and inspiring them to pursue careers in computer science. Deadline: The 2022 Congressional App Challenge launched on June 15th, 2022. Students can enter their apps through November 1st, 2022. Link: http://www.congressionalappchallenge.us/

The Ultimate Guide to STEM Competitions & Events for 2022 The heat of competition is a funny thing. It brings out sides of our personalities we never knew we had lurking. And frankly, its invigorating right? Personally, I love it. (My family on game night, not so much.) More than that, competition just has a way of making us better. And no matter your interest or hobby, there are usually a number of ways to compete. STEM is no different, offering local, statewide, and even national events for beginner to advanced students across a number of related disciplines. 2022 Update: This list includes some events in 2023 and others who have yet to announce their 2022 plans. We recommend bookmarking competitions that look like a good fit and signing up for updates directly from the competition websites. We also set aside a separate online math competitions post and hope to cover additional subjects soon! Link: http://www.idtech.com/blog/ultimate-guide-to-stem-competitions-events

Get in the Arena Academic competitions are a critical part of enhancing your college and career opportunities. Join our global network of academic champions to increase your success in hundreds of exciting programs.

The Institute of Competition Sciences (ICS) was founded in 2012 to help transform learning into an exciting challenge for all students. We exist to support students in realizing the full potential of their future.

Offering opportunities for Elementary, Middle School, High School, Undergraduate Students.

Link: http://www.competitionsciences.org/

Seed Internships invests in the vibrant future of the Puget Sound by identifying exceptional college students and recent grads from underrepresented backgrounds, and matching them with top, local employers. Seeds 10-week, paid summer internship is paired with a robust curriculum of professional development the program provides a tailored path to professional success for homegrown talent and builds a sustainable pipeline of talent for companies seeking to build more inclusive, diverse workplaces. Link: http://www.seedinternships.org/

Washington State What is Unclaimed Property (UCP)? Unclaimed property is money or intangible property owed to an individual or business. Property is considered unclaimed after it has been held for a period of time with no owner contact. It is then turned over to the state of Washington to safeguard until it is returned to the owner. The Department of Revenue oversees unclaimed property for Washington and administers the unclaimed property program to seek the rightful owners. 1 in 2 residents may have Unclaimed Property. Link: dor.wa.gov/about/unclaimed-property-ucp

Gates Scholarship Sponsor: The Gates Scholarship Amount: Cost of attendance that is not already covered by other financial aid and the EFC Closing Date: September 15, 2022 Description: Scholarship is open to exceptional, Pell-eligible, minority, high school seniors who are student leaders. Ideal candidates will have an outstanding academic record in high school (top 10% of graduating class), demonstrated leadership ability, and exceptional personal success skills. Up to 300 Awards Link: http://www.thegatesscholarship.org/scholarship

Questbridge Scholars Sponsor: Questbridge Amount: Full Tuition Closing Date: September 27, 2022 Description: Program is open to high school seniors who are U.S. citizens, permanent residents, or students, regardless of citizenship, currently attending high school in the United States. Applicant must have primarily As in the most challenging courses available, be in the top 5-10% of their graduating class and have strong standardized test scores (if taken). Finalists typically come from households earning less than $65,000 annually for a family of four, and often less. The program is only open for students considering one or more of Questbridges college partners (see website for details). Often finalists are first generation college students. Sponsor: Questbridge Amount: Full Tuition Closing Date: September 27, 2022 Description: Program is open to high school seniors who are U.S. citizens, permanent residents, or students, regardless of citizenship, currently attending high school in the United States. Applicant must have primarily As in the most challenging courses available, be in the top 5-10% of their graduating class and have strong standardized test scores (if taken). Finalists typically come from households earning less than $65,000 annually for a family of four, and often less. The program is only open for students considering one or more of Questbridges college partners (see website for details). Often finalists are first generation college students. Link: http://www.questbridge.org/

United States Senate Youth Program The United States Senate Youth Program (USSYP) is an intensive week-long educational experience and scholarship sponsored by the United States Senate for outstanding high school students who are interested in pursuing careers in public service. High school junior and seniors may qualify to apply through leadership positions they currently hold per the USSYP official criteria for the current 2022-2023 academic year. All student leadership positions are subject to the judgement and verification of the state selection administrators. Link: ussenateyouth.org/wp-content/uploads/2022/05/USSYP-2023-Brochure.pdf

WHEN YOU NEED TO FILE A COMPLAINT There is some very exceptional activity coming from The Attorney Generals Office to protect your rights. We offer an informal complaint resolution service to Washington state residents, and to consumers with complaints about businesses located in Washington state. Through this process, we contact businesses to determine their response to consumer complaints. If a business refuses to respond or to make an adjustment, we cannot compel them to do so. We inform consumers of alternatives if our complaint resolution service is not successful.

The Attorney Generals Office is authorized to bring legal action only in the name of the State of Washington and is prohibited from serving as an attorney for individual consumers. We are further prohibited from giving advice, rendering opinions or interpretations, or conducting research on behalf of individuals or businesses.

Each month our office receives more than 2,000 emails asking for help or information. We have found that many of the constituent inquiries fall into the same categories. In some cases, these inquiries can more efficiently be handled by the agency that specializes in the area of the complaint. In order to help serve you in a more timely manner, we have provided answers to the most asked questions in each of these categories in Help by Topic. Link: http://www.atg.wa.gov/file-complaint

Experienced Attorneys are available for under $30.00 Dollars! Link: plnew.wearelegalshield.com/

SCHOLARSHIPS FOR HISTORICALLY BLACK COLLEGES AND UNIVERSITIES Organizations grant HBCU scholarships based on factors such as financial need, academic achievement, community involvement, and major. Applicants often need to submit essays, transcripts, and/or recommendations. Do HBCUs give scholarships? Yes, many HBCUs offer institutional scholarships and grants, including need-based and

merit-based awards. Link: hbcuconnect.com/scholarships/

Scholarship America Searching for Scholarships? Were Your People Connecting more students to more dollars than any other private scholarship provider. Our network stretches the country and the education landscape. We care about issues that matter for students. With your support, we can get more scholarships into more hands, and advocate for more students. Link: scholarshipamerica.org/students/browse-scholarships/

How the Common Data Set Can Help You Determine Your Admission Odds Although you wont find a crystal ball that can allow you to determine whether you will get into your top college choice, there is a little-known set of data that could possibly shed some light into how you may stack up in the admissions process: the Common Data Set. Each year, many colleges fill out a standardized questionnaire from the College Data Set Initiative, an effort aiming to help improve the quality of institutional data available.

Link: http://www.collegeconfidential.com/articles/how-common-data-set-can-help-admission/

NOT TO SPEAK IS TO SPEAK! NOT TO ACT IS TO ACT!

WASHINGTON SCHOLARSHIPS The beautiful state of Washington is the most populous state on the West Coast after California. It features as part of its natural landscape rainforests, mountain ranges, fjords and hot springs. Also, of course, there is Puget Sound, home to much industry and a favorite destination for tourists. The industry of Washington is made up of a number of key industries including computer software development, aircraft

manufacturing, biotechnology and lumber and wood production. In addition to its natural beauty, Washington is also home to nearly 90 colleges, universities and technical schools. Among these institutions are small liberal arts colleges. There are also larger research universities such as the University of Washington, Washington State University and Gonzaga University. A well-distributed network of community colleges are also available. Link: http://www.scholarships.com/financial-aid/college-scholarships/scholarship-directory/residence-state/washington

SCHOLARSHIPS BY MAJOR Many Search Engines report this data Here are a few

FASTWEB.COM

Link: http://www.fastweb.com/directory/scholarships-by-major

SCHOLARSHIPS.COM

http://www.scholarships.com/financial-aid/college-scholarships/scholarship-directory/academic-major

Woman of Wonder Scholarships Sponsor: Woman of Wonder Amount: Varies Description: Scholarship is open to residents of Washington States who are admitted as a student to attend an accredited college or university and can demonstrate financial need. Preference is given to single moms, women raised by a single parent, and women on their own with no support. Link: http://www.womanofwonder.org/scholarships

Live Your Dream Awards Soroptimists Live Your Dream Awards program is a unique education award for women who provide the primary financial support for their families. The Live Your Dream Awards give women the resources they need to improve their education, skills and employment prospects.

EVERY YEAR, SOROPTIMIST DISTRIBUTES MORE THAN $2.8 MILLION IN EDUCATION AWARDS TO ABOUT 1,700 WOMEN ALL OVER THE WORLD.

Over half of our Live Your Dream Awards recipients are survivors of domestic violence, trafficking or sexual assault. Nearly all of the women and families we serve have overcome enormous obstacles including poverty, teen pregnancy, and drug or alcohol addiction. Live Your Dream Awards recipients may use the cash award to offset any costs associated with their efforts to attain higher education, such as books, childcare, tuition and transportation. Link: http://www.soroptimist.org/our-work/live-your-dream-awards/index.html

SCHOLARSHIPS FOR WOMEN The economy gets tough on occasion. When it does, many adults choose to return to school alongside graduating high school seniors. Both types of students enter higher education for one purpose: to better their chances of getting a job that will help them through the hard times, or to get their dream job they have wanted to do for most of their lives. In some cases, they may not have had the

opportunity to do so, having instead taken time out to marry and raise a family or enter another type of occupation in order to make ends meet. The reasons for wanting to go to college are as numerous as the

people who make the choice to do so. A major part of those students are female. Women represent over half

the undergraduate class for Caucasians, and 62 percent of African American undergrads, but any ethnicity has the same slant between women and men. Some of these young ladies are fresh-faced eighteen-year-olds straight from high school with ambition to change the world, but others may have had to put their lives on hold in order to raise a child. Some women may be furthering their education at the graduate level too.

Because women are coming to college in such great numbers, the need to pay for that education becomes a requirement that can make or break the decision to stay. Link: http://www.scholarshipsforwomen.net/

The Biden administration announced the launch of the National Partnership for Student Success, a three-year, public-private partnership that will recruit and place 250,000 Americans in schools as tutors, mentors, service coordinators and success coaches for students in PreK through high school.

Link: http://www.partnershipstudentsuccess.org/

Meet the 2022 Dream Award Scholars Twenty exceptional students have been selected from across the United States to receive Scholarship Americas 2022 Dream Award. The Dream Award is our flagship renewable scholarship program for students with financial need, who have overcome significant barriers to make it to college. At a time when some students question whether getting a college education is worth the high cost, others are committed to overcoming those challenges. Scholarship America. Theyre determined to meet their education and career goals and were committed to helping them attain those goals. Link: scholarshipamerica.org/2022-dream-award-scholars/

2022 Fall Law Clerk Recruitment Programs The Attorney Generals Office is pleased to invite qualified second-year law students to apply for summer 2023 volunteer or externship positions. Volunteer law clerks and externs glean worthwhile, enriching, and educational experiences working for what we believe to be the best public law firm in the country. The Offices fall recruitment program is available to any qualified second-year law student. At the conclusion of this recruitment program, offers to serve as a volunteer law clerk or extern will be made. Those who receive offers will begin their clerkship during the summer of 2023. Contact the office or search the website. Link: http://www.atg.wa.gov/

Search Scholarships for College Students The nations largest, multi-billion dollar scholarship database create a free account to see all of your personalized matches and start applying today.

Link: http://www.cappex.com/scholarships

Scholarship Deadline: November 15th, 2022 ($1000) To be eligible for the 10 Words or Less Scholarship a student must: A) Be between the ages of 14-25 who will be attending school in the Fall of 2023. B) Be attending a school in the US or Canada in the Fall of 2023. This scholarship is provided by StudentScholarships.org. In order to apply for our scholarship follow these instructions: 1) In 10 words or less, tell us why you deserve the $1,000 scholarship. Please write your answer below. 2) Before or After writing your Answer you will also need to Like our Facebook page at facebook.com/myscholarships. Note we will only read the answers provided by people that have Liked our page. Link: studentscholarships.org/easy.php

WHAT IS ACCESS SCHOLARSHIPS? Were a scholarship search tool striving to connect students with scholarship opportunities, helpful information, and resources that they need to be successful in their higher education journeys and beyond. SEARCH FOR SCHOLARSHIPS You can search for scholarships that are unique to you by entering your info into our scholarship search tool. Or, you can check out our blog posts, or Scholarship of the Day page! CHECK OUT OUR STUDENT RESOURCES We partner with some of the best organizations out there that share our mission of helping students succeed. Link: accessscholarships.com/

RESEARCH NOTE: STATES ARE LISTED HERE OUR FOUCUS IS ON OUR HOME STATE OF WASHINGTON.

Washington State Scholarships And Grants Take Care of Those College Expenses Washington State, like other states across the country, supports a wide range of scholarships, grants and college loans for its resident students. These programs are sponsored by Washingtons state government and administered through the Washington Student Achievement Council. The underlying purpose of all of these state supported financial aid programs is to make college more accessible to the resident students of Washington State. Link: http://www.collegescholarships.org/states/washington.htm

Scholarships For Change At their core, all scholarship grants aim to enact change in the lives of their grantees: through access to education, resources, and powerful networks. Some scholarships, however, leverage their programs to impact society in a broader way, aiming to change whole institutions, industries, and specific communities through these awards. Link: scholarshipsforchange.org/

WHAT IS SCIENCE? While the popular image of scientists still consists of men in lab coats conducting dangerous laboratory experiments, any aspiring science major can tell you that people pursuing careers in science are actually an extremely diverse group with noble intentions. Science is a broad term that encompasses many different forms of inquiry. Nearly any means of asking and seeking to answer questions about the world counts as science, from social science to biology to chemistry to physics. As a result, the possibility for college majors in science and post-collegiate careers in science is wide-ranging, and many dont even require white lab coats, strange chemicals or assistants named Igor. Science majors may wind up conducting research for a company or university, teaching at a high school or college or using their critical thinking and analytical skills within a business or a non-profit agency , among the many career opportunities available to them. They can even find themselves literally helping to save the world through their work. Beyond the diversity of opportunity and possibility for personal fulfillment, science careers also make economic sense. It comes as no surprise that in our increasingly technologically reliant and increasingly environmentally and health conscious society, science and scientists are playing more prominent roles. In fact, organizations right and left are calling for more Americans to pursue college degrees and careers in science, especially fields related to environmental science and clean energy. In order for America to remain competitive in a global economy, many feel that we need more college graduates with science degrees. As a result, everyone from private foundations to the federal government has begun offering science scholarships and grants. Some of the awards can get quite large, like the Intel Science Talent Search and the Siemens Competition, each of which carries a top prize of $100,000. Students with financial need who are pursuing a science education can even receive a specially-designated federal grant, the SMART Grant, to help pay for school.

Lyceum Scholars Program Award: $10,000 Due: December 08, 2022 Clemson Universitys Lyceum Scholars Program awards $10,000 scholarships to study the moral, political, and economic foundations of a free society. The program is open to incoming Clemson freshmen and interested students must apply to both Clemson University and the Lyceum Scholars Program. The program is open to students of any major, but students who complete this course of study fulfill the requirements for a minor in political science. Scholars must maintain a 3.4 GPA. For more information or to apply, please visit the scholarship providers website.

Link: http://www.clemson.edu/centers-institutes/capitalism/lyceum/scholars.html

Hanover College Crowe Scholars Award $5,000 Due: December 01, 2022 The Crowe Scholars Award is given to top applicants in Natural Sciences, Humanities, Social Sciences, Arts and Letters and Undecided majors are invited to compete for a renewable, stackable scholarship ranging from $2,500 $5,000. To qualify for consideration, applicants must have been admitted to Hanover College, with a 3.3 cumulative high school GPA. Candidates also must be able to attend the scholarship competition on Hanovers campus. For more information or to apply, please visit the scholarship providers website.

Link: http://www.hanover.edu/admission/financialaid/scholarships/

The Chronicle Diversity in Media Scholarship Amount: $10,000 Due: August 01, 2022 In our rapidly changing world, fair and reliable journalism matters more than ever. Are you ready to be a part of it? The Chronicle of Higher Education Scholarship for Diversity in Media is part of our commitment to helping foster the next generation of journalists and bringing more diverse voices into the industry. We invite you to apply! Heres everything youll need to know before you get started. In order to apply you must: Be an undergraduate or graduate student at an HBCU, an HSI, or another minority-serving institution. Be pursuing a concentration in journalism. Verify that the scholarship award does not impact any financial aid or other needs-based awards you may have received or can apply for in the calendar year. Be available for a virtual interview if deemed a finalist for the award. Link: connect.chronicle.com/Chronicle-Scholarship.html

Woodrow Wilson National Fellowship Foundation The Institute for Citizens & Scholars is a private non-profit operating foundation based in Princeton, New Jersey. It administers programs that support leadership development and build organizational capacity in education. Its current signature program is the Woodrow Wilson Teaching Fellowship. Fellowships are granted to develop human resources, improve public policy, and help different organizations and institutions in enhancing practice in the United States as well as other countries worldwide. Link: woodrow.org/

College Enrollment in 2022 College enrollment had been dropping nationally even before the pandemic, however, the enrollment crisis at U.S. colleges and universities has deepened in Spring 2022.

This year 662,000 fewer students enrolled in undergraduate programs than last year, representing a decline of 4.7 percent. Also, Graduate and professional student enrollment declined 1 percent from last year.

Since enrollment figures are declining, student debt and college costs are now raising concerns, causing doubts about the value of college and keeping students away. Link: scholaroo.com/college-enrollment/

Best College Majors in 2022 Scholaroos 2022 edition of Best College Majors in America compared 103 different college degrees and how they ranked in terms of 3 categories: Job Availability and Salary, Job Stability, and Career Cost. Link: scholaroo.com/best-college-majors/

Sharon Stephens Brehm Undergraduate Psychology Scholarship The American Psychological Foundation (APF) awards this scholarship to outstanding undergraduate psychology majors with financial need and a minimum 3.5 cumulative GPA. Application requirements include a CV, current transcript, personal essay, and letter of recommendation. Recipients can use the scholarship to pay for tuition, fees, textbooks, and other direct educational costs. Award: $5,000 Link: http://www.apa.org/apf/funding/brehm/

National Institutes of Health (NIH) Undergraduate Scholarship The NIH offers this competitive scholarship to students from disadvantaged backgrounds who plan to pursue careers in biomedical, social science, and behavioral health-related research. The scholarship is renewable up to four years. Award: Up to $20,000 per year, paid summer research training at the NIH, and paid employment and training at the NIH after graduation. Link: http://www.training.nih.gov/programs/ugsp

Franklin D. Boyce Health Scholarship The John Randolph Foundation awards this annual scholarship to undergraduate or graduate students pursuing or planning to pursue a degree in a health-related field, including psychology. Applicants must demonstrate financial need, hold a minimum 3.0 GPA, and submit a completed application. Award: $2,500 Link: johnrandolphfoundation.org/scholarships/

American Addiction Centers (AAC) Behavioral Health Scholarship AAC awards this scholarship to future behavioral health professionals planning to pursue careers in behavioral health and addiction studies. Application requirements include a first-person essay explaining why the applicant wants to pursue a career in behavioral healthcare. Applicants need a minimum 3.2 GPA and can be full- or part-time undergraduate or graduate students. Award: $2,500-$5,000 Link: americanaddictioncenters.org/behavioral-health-academic-scholarship

Did you know the Pell Grant turned 50 years old? The federal program to provide financial aid for students from low-income backgrounds has helped about 80 million Americans to pay for college. In Washington state in just the last year, 90,000 students from low-income backgrounds received nearly $360 million in Pell Grants to help meet college expenses. Given that a majority of job openings in Washington state will be filled by people with a post-high school credential, its as important as ever to ensure students have the support they need to enroll in and complete postsecondary education.

We asked Washingtonians what the Pell Grant has meant to them, and here are a few of the things we heard:

I would never have the chance to pursue my goals without the help of the Pell Grant. To me the Pell Grant means opportunity, says Lizette, a student at Eastern Washington University, class of 2025.

The Pell grant took a huge amount of stress off my shoulders allowing me to focus on school and career building, says Kayla, a Pacific Lutheran University student, class of 2023.

Coming from a single-income, low-income family, the Pell Grant enabled me to pay for 4 years of college and graduate debt-free. It provided financial independence, says Elizabeth, a graduate of Peninsula College who has worked in the colleges Financial Aid Office supporting students for six-plus years.

Link: collegepromisewa.org/

Credit for Life Experience: An Explanation If youve been on the job for a few yearsor a few decadesyour experience may be worth credits at your college. Many schools offer life experience credits to students who can prove they already have the skills taught in a certain course. If you can translate your experience into college credit, you can save money and time earning your degree.

Be wary of schools that offer too much life experience credit, however. Many diploma mills offer degrees based largely on life experience. Legitimate schools usually limit the amount of life experience credit you can qualify for, and youll always be required to prove your expertise.

How To Get College Credit For Your Life Experience

How do you get credit for your life experience? The process depends on the school. Here are some of the most common ways you can prove your knowledgeand translate that knowledge into credits towards a degree.

Speak with the college This is always the place to start. Speak with your school to determine how they judge your life experience. Some schools accept standardized test scores and as they also want to see a portfolio of prior knowledge. Some colleges will even ask for a personal interview to judge the depth of your knowledge.

Submit a portfolio Many schools expect you to submit a portfolio showing your experience. The criteria changes depending on the schools policies. Most of the time, youll have to tailor your portfolio towards demonstrating skills taught in specific classes you feel youre qualified to get credit for.

Include completed work assignments, certifications, personal essays, letters from supervisors or team members, curriculums and assignments from job training classesanything to demonstrate you already know what a certain class is teaching.

Get certified If youre certified for a certain skill, you may be able to get college credit if you can prove that the certification covers topics taught in a certain class. Teaching, counseling, various computer and technology fields, and some administrative and business fields all commonly require certification. Many of these are worth at least a few credits. Others may shave off as much as a year from the time it takes to get your degree.

Leverage your workplace training

If youve completed any on-the-job training programs during the course of your work, you may have been earning college credits without realizing it. There are many schools that offer clearly defined amounts of credits certain on-the-job training courses earn.

Many of these credit-for-training programs are managed through the American Council on Educations College Credit Recommendation Service (ACE CREDIT Link: http://www.acenet.edu/National-Guide/Pages/default.aspx). Participating schools generally share the ACE guidelines.

Returning to school or hoping to advance your career If youve waited to go back to school and earn your degree, you may stand to save some serious money and time. Many offer life experiences that can shorten your time in school by monthsor even a year. It can take some time and preparation to earn life experience credits, but you stand to save thousands in tuition costs. Most students agree that the up-front investment is worth it.

WHAT IS A SCHOLARSHIP OR PRIORITY DEADLINE?

This is a deadline usually listed on the admissions or scholarship pages of a colleges website. This is the deadline to apply for admission to that institutional and be considered for merit scholarships. It could be the Early Acceptance Deadline or a separate deadline. Some of these scholarship deadlines are hard and fast. Miss the deadline and you are not considered for merit scholarships. Other colleges post a soft deadline where you receive the maximum consideration for scholarships if you apply by the deadline. It is very important to note these deadlines when you are making your college list.

Payscales 2021-22 College Salary Report Payscales College Salary Report is based on a comprehensive database. Every year, our sample size becomes larger and more robust. This year, our rankings come from the alumni salary data of 3.5 million respondents, representing more than 4,000 colleges and universities across the U.S. The data presented here will help you research schools, majors and careers. You can use this information to help you discover which fields of study offer the most income potential, as well which are most transferable to different career paths. Link: http://www.payscale.com/college-salary-report

We Art Scholarship Award: $1,000 Due: August 06, 2022. Students who are interested in or are a part of the beauty and/or fashion industry are to submit a creative video presenting their talent in addition to an essay on the topic: Why Im passionate about my career choice. Students must submit only one project and one essay. Only one candidate will be selected. Application submission begins in January and ends the first Saturday in August. Applicant must be a resident of the United States of America and must be at least 16 years of age at the time of application with a maximum age of 25 years old. Must attend or plan to attend a two-year or four-year college, university or vocational/technical school in the State of Georgia. Talent presentation videos must be 1 minute minimal and 3 minutes maximum or posted via TikTok with the hashtag #WeArtScholar. (please indicate your Tik Tok name in the Subject). The Why Im passionate about my career choice essay must be 3-5 Paragraphs, Double Space, 12 font size, and Times New Roman font. For more information or to apply, please visit the scholarship providers website. Link: jaikomagazine.com/we-art

SAS Clean Air Scholarship Award: $2,500 Due: August 05, 2022 The SAS Clean Air Scholarship requires an Air Quality Importance Story Using any format or tools (video, infographics, words, photos, modeling, original art, and imagery) tell us what air quality means to you. Creativity counts! Eligible candidates must also submit a 500-1000 word About Me Essay to help us get to know a little more about you and why youd be a good candidate for this scholarship. In addition, answer just one (1) of the questions on our website about clean air and the environment.

Applicants must be a citizen or legal resident of the United States of America or have a valid student visa; Must be registered as a student at an accredited high school, college, or university within the United States only and must have High School at least a 3.0 GPA on a 4.0 scale or College at least a 2.5 GPA on a 4.0 scale. For more information or to apply, please visit the scholarship providers website.

Link: http://www.sentryair.com/blog/company-news/sas-clean-air-scholarship/

SUBMIT YOUR SHORT FILM TO REEL 13 Reel 13 Shorts is THIRTEENs weekly interactive on-line film competition celebrating the best in independent short film. Link: http://www.thirteen.org/reel13/submit-short/

Read more here:

Hot August Nights. Checking Out Honors, Awards, and Scholarships The Suburban Times - The Suburban Times

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

You know the system is broken when a performing arts degree costs $200,000.

I felt like I was in a cage, says Latasha Peterson. I left college with a pile of debt. The wife and mother of three struggled for years to make real progress on her enormous student loan bill. Something needed to change.

For over two years, federal student loan payments have been paused, and it appears likely President Biden will extend the pause a seventh time later this month. Millions of Americans anxiously await potential forgiveness legislation, a campaign promise that Biden promoted during his election campaign in 2020.

Peterson isnt one of them. She took matters into her own hands and got serious about her debt management. After gaining traction with her finances, fellow performing artists and creatives began asking her how she was making ends meet. The inbound interest motivated her to create Arts & Budgets, a blog of resources to help people create profitable businesses and additional income streams.

I saw a struggle, she says. I saw the problem, and it developed a passion in me to help individuals find legit ways to make more money. @ArtsAndBudgets now averages $10,000 a month in income from ten different revenue streams, and the mompreneur has used the extra funds to pay down $30,000 of her debt over the last 13 months.

If youre tired of waiting on student loan legislation and want to start taking action now, heres what Peterson wants you to know about starting a side hustle and working towards financial independence.

Growing up, debt was seen as normal in Petersons household, and she says she wasnt taught how to manage money. After college, she found herself juggling over $10,000 in credit card debt and roughly $200,000 in student loan debt with no savings.

Related: 4 Signs Biden Will Extend the Student Loan Payment Pause Again

I really wanted to be a stay-at-home mom, she says. So, I quit while my husband continued to work in corporate America. My passion for work never went away, though. Peterson and her husband started their debt payoff strategy by taking an inventory of the households finances.

Money was tight, and we only had $100 in our account at one point, she says. But my husband and I buckled down and set a budget. We really looked at our numbers, started scaling back, and committed to monthly meetings. We didnt do this when we first got married, but I really wish we had. We started to spend with purpose every dollar had a purpose.

Related: My Side Hustle Pays Me $4,300 a Month, But Im Not Putting a Penny of It Towards My $208,000 Student Loan Debt. Heres Why

Latasha also started taking her blog more seriously as a way to bring in additional income.

It was very busy at first, but I worked with my husband to figure out my schedule, she says. In the beginning, its more time than money invested with blogging. Im very big on schedules, but it was very challenging at the beginning. However, we got into the rhythm of things after about two to three months.

Peterson focused on several different blog monetization strategies, including display ads, affiliate marketing, and selling digital products. She also prioritized boosting traffic to her website.

Related: How to Make Money From Blogging in 5 Steps, According to 4 Experts Whove Done It

Over time, her efforts paid off. She increased her blogging income to over $5,000 in January 2021, which she used to start tackling debt, and now sees earnings of $10,000 or more each month.

I continued working with my husband each week to create a schedule that allowed me to spend at least two to three hours each weekday working on the blog, she says. We also worked together as a team to make sure we stuck with our budget and rewarded ourselves each time we met a debt payoff milestone.

Peterson has paid off all her credit card debt and made tremendous progress towards eliminating those pesky student loans. She believes that with patience and consistency, anyone can start a money-making blog to meet their financial goals.

While it doesnt take a large investment to start a blog, it takes a ton of time when youre just starting out, she says. But if you just stay consistent and keep writing great content for your direct target audience, youll see results for sure. If you want to fast track things, invest in a blogging coach or mentor with a proven track record or a great blogging course. Peterson recommends focusing on great content and learning about important blog concepts such as keyword research and search engine optimization (SEO).

Earning money from a blog takes time, but you can expedite the process by focusing on your niche, target audience and investing in a reputable blogging coach. Blogging courses are also an affordable way to level up your blogging knowledge and monetize sooner.

Most importantly, Peterson urges other bloggers not quite getting the results they want to keep at it.

Never compare your beginning to someone elses middle, she says. There will be days where the going may get tough, but you can turn a blog into a profitable business and start reaching your financial goals. You have to stay consistent.

If I can do it, anyone can do it.

Read more here:

Not Waiting For Biden: How This Mom of 3 with $200,000 in Student Loans Has Paid Down $30K During the Payment Freeze - NextAdvisor

When one spouse retires and the other continues to work, Its important to pay attention to the psychological component,Douglas Boneparth, founder and president of Bone Fide Wealth, tells ThinkAdvisor in an interview.

There could be everything from jealously and animosity to uncertainty all the way to everyone is happy doing their own thing, the financial advisor explains.

Boneparth, 37, has seen it all as a certified financial planner for 12 years,10 of them as an independent financial advisor.

The one-spouse-retires/one-works arrangement allows greater distribution flexibility because of the income generated by the working spouse, he notes.

From his office in downtown Manhattan, Boneparth specializes in helping millennials and has $90 million in client assets under management.

There are several pluses to half a married pair continuing to work among them, less reliance on retirement assets.

Also, it reduces income tax, and theres a possibility that the working spouses group health care plan may be superior to and more affordable than Medicare coverage, Boneparth points out.

Further, if youve stopped working, theres likely no longer the need to maintain individual disability and life insurance polices, so those premium payments will be eliminated.

Still, several other big decisions need to be made, like when each spouse should start receiving Social Security benefits and when to begin spending from a retirement account.

In the interview, Boneparth highlights the necessity of a comprehensive financial plan spanning a wide range of contingencies and options.

He has been helpingpeople since his college days, when he worked part time at his fathers Ameriprise Financial practice in Florida.

At 23, he relocated to New York to join another Ameriprise advisors business and began building his own book on the side.

He went independent in 2012, first with a partner, then going solo four years later. Two years before, he received an MBA in finance and management from NYUs Stern School of Business.

ThinkAdvisor recently interviewed Boneparth, who was on the phone from his office at 7 World Trade Center.

The advisor, whose undergrad degree is a B.S. in public relations from the University of Florida, announces that he has just rebranded retirement.

The classic definition, Im not going to work anymore, is a little antiquated, he says.

In the interview, he reveals what he believes is a more up-to-date characterization.

Here are highlights of our conversation:

THINKADVISOR: What should clients be sure not to overlook when one spouse retires and the other continues to work?

DOUGLAS BONEPARTH: Its important to pay attention to the psychological component.

There could be everything from jealousy and animosity to uncertainty all the way to everyone is happy doing their own thing.Ive seen it all.

What actually is retirement nowadays?

I just rebranded retirement to financial independence. The classic definition, Im not going to work anymore, is a little antiquated.

A better definition: Retirement is when not working is optional and affordable. Youre not reliant on [earning] income in order to live comfortably.

When one spouse in a couple plans on retiring and the other wants to continue working, for whatever reason, would that change their retirement plan?

Not necessarily. You have an advantage when one spouse keeps working: an income stream coming in, which obviously allows for a little more flexibility.

The reliance on retirement assets is less than if both were retired with no earned income being generated.

So this [strategy] actually favors planning. It provides more flexibility in what it takes to re-create the level of income needed to live a similar lifestyle during retirement years.

What are some issues that particularly need to be addressed in the retirement plan?

The best time to take Social Security; the best time to begin drawing down assets from a retirement account.

And how one spouses ability to continue earning money may provide less of a burden on the need to draw down those assets.

What about health care insurance?

Theres a lot to think about. The ability to stay on the working spouses group benefits comes into play versus enrolling in Medicare.

In some cases, you might get better health insurance through the working spouse by continuing to be on group health care than through Medicare.

This will come down to a cost-benefit analysis. If the premiums are cheaper and the benefits more robust staying on the spouses plan, then you would choose that versus Medicare.

Should the retired spouse start taking Social Security benefits while the working spouse waits to do so?

Heres my rule of thumb: If you need Social Security to live on, then, obviously, take it starting at full retirement age.

Otherwise, its likely worth waiting till age 70 to claim and get a bigger benefit assuming you think youre going to live well into your 80s.

Does income tax decrease when one of the spouses retires?

More here:

How to Plan When One Spouse Retires While the Other Keeps Working - ThinkAdvisor

Despite the reputation the Midwest gets for being "lifeless and flat," this region of the country is the most economically efficient, says Clever. In the West, the job-to-income ratio is a shocking 4.2, whereas the Midwest offers a 2.9 ratio. As housing prices increased, so did the median household income, meaning Midwesterners have a greater shot at attaining the American Dream (or, as some people are calling it, "financial independence"). So, what makes the Midwest such an affordable place to live? When it comes down to it, the reason living in the Midwest is so cheap is because of supply and demand, ToughNickel says.

Big cities are saturated with people but don't have enough housing available to accommodate all of them. This drives the housing prices (and the cost of living) up, which is why you'll notice a drastic comparison between costs of goods in San Francisco versus Cleveland, for example. The demand for property, fuel, and food is much less in the Midwest, so there's no need to create a competitive market by increasing costs. Combine all of that together, and you get a region in the U.S. that grants its citizens more financial freedom, who are free to live out the American Dream.

More here:

The Most Affordable Region In The US Where The American Dream Is Still Alive - House Digest

[Editor's Note: Are you or someone you know looking for a fulfilling job with a close-knit company thats near and dear to your heart? If so, we know of somebody whos hiring. The White Coat Investor is looking for a full-time executive assistant who has impeccable integrity and effective communication skills. With a competitive salary and great benefits, this could be the opportunity youve been waiting for. The deadline for submitting an application is August 5, so make sure to apply today to become a part of our growing team!]

By Dr. James M. Dahle, WCI Founder

Doctors are notorious for being bad investors. There are a number of reasons for this, but none of them are insurmountable. Let's go over each of them.

Doctors start their investing careers in a different place than most people. Most people start investing, or at least could start investing, at 18-22 years old with a net worth in the -$50,000 to $0 range. That's not the case for most doctors. Most doctors start their investing career at 30-35 with a net worth in the -$100,000 to -$500,000 range. That's a big barrier. Many doctors don't even get back to broke before 40, only to discover that compound interest has been assisting their college roommates' path to financial independence for almost two decades already.

The Solution:

The good news is that doctors also generally earn more than their peers, with the average physician bringing in around $275,000 and the average dentist making approximately $175,000. If they combine that income with a relatively high savings rate, they can get back to broke much sooner and can continue to rapidly build wealth. It's hard to stay poor for long when you are putting six figures a year toward building wealth.

Unfortunately, our progressive tax system is skewed toward those who earn small amounts of money each year for many years and against those who earn a lot of money in just a few years. In fact, it is entirely possible to become a millionaire in this country without ever paying income tax. In 2021, when I originally wrote this piece, a family of four living in a tax-free state and taking the standard deduction could earn up to $62,500. If you maxed out a tax-deferred 401(k) at work, that amount increased to $82,000. That income got you into approximately the top 12% of all earners.

Investing $19,500 a year at 8% would cause you to become a millionaire in just over 21 years.

=NPER(8%,-19500,0,1000000) = 21.2 years

On the other hand, a doctor earning the average physician income of $275,000 pays more than $44,000 in income taxes, or about 16% of incomeagain assuming marriage to a non-earner, two kids, and the standard deduction while ignoring payroll taxes, state income taxes, sales taxes, and property taxes. At $500,000 of income, that figure rises to $115,000, or 23% of income. Whether 16% or 23%, that is simply a lot of income that cannot go toward building wealth.

The Solution:

While there is no doubt that earning more helps to build wealth (especially if you keep that savings rate high as discussed in #1), the real solution to the increased tax burden that doctors face is to minimize the taxes, especially those applied in the highest brackets. This is done using tax-protected retirement accounts, particularly those with an upfront tax deduction such as 401(k)s, 403(b)s, 457(b)s, 401(a)s, Individual 401(k)s, Health Savings Accounts, and Defined Benefit/Cash Balance Plans. Many doctors are eligible for two, three, four, or more of these accounts. Maxing these out can dramatically lower the tax burden. Consider that doctor making $500,000 and paying $115,000 in taxes. By maxing out two 401(k)s, an HSA, and an $80,000 Cash Balance Plan, this doctor can knock more than $200,000 off their adjusted gross income, lowering the tax burden by almost $62,000, or 54%. That's $62,000 more that can be used to build wealth.

Many doctors stink at investing and other financial tasks simply because they do not know how to do them. By the time typical small business owners are making six-figure incomes, they are typically very good at running a business, evaluating risks, budgeting, and negotiating. They understand how the financial world and the tax code work. That's not the case for athletes, entertainers, artists, and doctors. Their high income comes from specialized skills or knowledge, not from any particular business or financial acumen. As a general rule, medical and dental schools and residencies teach next to nothing about personal finance, investing, or business to doctors. They are dumped onto the world with a high income and no idea how to manage it effectively to build wealth.

The Solution:

While there are many of us working on integrating some sort of financial training into the medical education system, the truth is that doctors are mostly on their own to learn this information. Luckily, it's not that hard to learn, especially with resources like The White Coat Investor available to you. Whether you prefer a blog, email newsletters, a podcast, a videocast, an online course, live conferences, books, or forums, we've packaged up this information for you in your preferred format so you can learn it and apply it in your life. Knowledge is power, and the truth is that this is one of the easiest obstacles to overcome.

There are a lot of what I call Dumb Doctor Deals out there. Most of these investments can only legally be sold to accredited investors. An accredited investor is presumed to be smart enough to evaluate an investment on their own (without the assistance of the SEC) and can afford to lose more money by virtue of their wealth. However, the actual definition of an accredited investor is solely based on income or wealth; there is no requirement for investment expertise. To make matters worse, the income level ($200,000) and the wealth level ($1 million in investable assets) were never indexed to inflation. So, most physicians coming out of residency are now technically accredited investors, despite having a negative net worth and little ability to evaluate an investment. They are whales ready to be harpooned by the nearest Captain Ahab hawking a dumb doctor deal.

The Solution:

The solution is to become a REAL accredited investor before ever touching an investment requiring that status. A real accredited investor has the knowledge and skills required to tell a good investment from a bad one, and they can identify investments that are likely to be scams. A real accredited investor can also afford to lose the entire investment. I would suggest that before touching these investments, you make sure you qualify on BOTH the income requirement AND the wealth requirementand double both of them for good measure. If you're making more than $400,000 AND you have more than $2 million in investable assets AND you have developed the ability and interest to objectively evaluate a private investment, then I think it is reasonable for you to include it in your portfolio. If you cannot check all of those boxes, then stick with a portfolio of low-cost, broadly diversified index mutual funds and possibly investment properties that you own and manage directly. There's no need to get fancy to be successful.

Doctors are taught to trust the other professionals in their hospital. They know that the pediatric nephrologist knows more than them about the workings of tiny kidneys, so they defer to their wisdom on those matters, trusting their advice completely. Unfortunately, they do not realize that the entire professional world does not recite the Hippocratic Oath prior to entering their field. They do not realize that not every financial professional has a fiduciary duty to them and that even many who do fail to abide by it. They also don't realize that many financial professionals have little real financial training. This results in doctors getting a lot of bad advice and overpaying for good advice.

The Solution:

Learning how the financial services industry really works and putting on your business hat (the one that makes you skeptical and suspicious) rather than your medicine hat before interacting with financial pros is the only solution. As William Bernstein famously said:

If you act on the assumption that every broker, insurance salesman, and financial advisor you encounter is a hardened criminal, you will do just fine.

I'm not saying they're all crooks (most actually aren't), but an attitude of healthy skepticism is completely appropriate. Like with your teenager: trust, but verify.

Doctors are trained to make difficult decisions quickly with limited information. They are also used to being the smartest person in the room. This leads them to make the classic behavioral error that just because they know a lot about one thing, they know a lot about everything. It is important to know what you know, but it is even more important to be aware of what you don't know. Many doctors think that financial gurus have functioning crystal balls. Even worse, many doctors think they personally have a functioning crystal ball. It is a rare doctor who would not benefit from at least occasional high-quality financial, legal, and accounting advice.

The Solution:

Get advice when you need it. Learn enough about finance to recognize when you need it. Be humble about what you know and what you do not. Develop an investing plan that does not require you to accurately predict the future to reach your financial goals.

On the other side of the scale, there are many doctors who are absolutely terrified of anything financial. While there is a lot to learn to function as your own financial planner and investment manager, there isn't THAT much to the process, especially since you only need to learn those aspects of finance that apply to your situation. But some doctors give up before they even start and become dependent on professionals to do everything for them without even determining if they are getting good advice or whether they are paying a fair price.

The Solution:

Realize that basic financial skills are relatively easy to pick up and implement in your life. Most doctors can function as their own financial planner and investment manager if they have the interest and the will to dedicate a bit of time to the craft. It is clearly the best-paying hobby you can pick up. Successful do-it-yourself investors often discover that their confidence lagged their knowledge by about a year. You can do this and you don't have to do it all on your own all at once from the beginning. Get help from others until you can fly on your own.

Many doctors think they will be able to work forever. They view money as their most renewable resource. See a few more patients, work a few more shifts, or do a few more surgeries, and voila, more money in the checking account. Many doctors don't realize that their career may end before they thought, that children cost more than they thought, or that physician burnout rears its ugly head for many by mid-career or even earlier. Many doctors realize they are different people at 35 or 45 than they were at 25, but they built a financial plan based around practicing full-time until age 70.

The Solution:

Doctors should prioritize their wealth-building activities early in their careers. Pay off your student loans in less than five years. Pay off your mortgage in less than 15. Become rich before you start acting rich. When your financial ducks are in a row, you will have the ability to make burnout-preventing and curing changes in your careeror even leave it completely if necessary.

Doctors are notorious for being bad investors, but this isn't a terminal condition. They can overcome the obstacles in their way, build wealth, and live the good life where they can support their family, focus on their patients, eliminate financial concerns, give to good causes, and even pick up a few luxuries for themselves along the way.

What do you think? Why do doctors have a reputation as such terrible investors? What should they do about it? Comment below!

Read more from the original source:

8 Reasons Why Doctors Are Lousy Investors and How to Overcome Them - The White Coat Investor

August is ABLE to Save Month, and Ohio Treasurer Robert Sprague is using the occasion to tout the importance of STABLE accounts and highlight the programs record-setting growth.

ABLE to Save Month is a national campaign that shines a light on ABLE programs across the nation and how they enhance financial independence for people living with disabilities.

Since January 2019, Ohios iteration of an ABLE program, STABLE Account, has seen overall participation grow three-fold, with total enrollment nearing 30,000 active accounts.

ABLE to Save Month is the perfect time to promote the financial empowerment and independence that STABLE accounts provide for people living with disabilities, said Sprague. These accounts are life-changing as they help individuals to save and invest money, while also staying in the workforce. Were proud to continue the growth of STABLE Account and look forward to empowering more Ohio families.

STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. Accountholders can save up to $16,000 without losing federal assistance, and they can save an additional $12,880 each year if theyre employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology and more.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLE Act, individuals with disabilities could only save $2,000 before losing means-tested benefits, such as Medicaid or Supplemental Security Income (SSI).

Additionally, asset limits hindered opportunities to join the workforce. These regulations made it difficult for many people to work, save and invest, creating barriers to financial independence.

In recent years, the treasurers office has partnered with several private and public sector employers across Ohio to enable eligible employees to make recurring deposits into STABLE accounts directly from their paychecks.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visitwww.stableaccount.com.

See original here:

Treasurer Sprague recognizes August as ABLE to Save Month - The Highland County Press

When thinking about a recession, the first thing that comes to mind for many is the thought of Americans losing their jobs. During a recession, GDP (measure of economic output) goes down and unemployment increases.

The model for a recession has been similar ever since the second world war. Typically, when production begins to slow down because of any reason among various, companies may start to reduce their workforce to compensate.

As businesses reduce their workforce, Americans begin to spend less, either for lack of income or in fear of losing their jobs. While the loss of employment is rarely a risk for federal employees, the overall economic health impacts everyone.

When people spend less, businesses make less money, and when they make less money, they begin to lay off more workers. The cycle repeats itself.

A recession can be caused by various factors, including being manufactured by the Federal Reserve through tightening of monetary policy in order to cool off the economy. Economies that run too hot for too long bring uncontrolled inflation. As difficult as a recession can be on people, long-term and unchecked inflation is much, much worse.

Historically, recessions have given an overheating economy the time it needed to regulate back to healthy levels again. Now lets look at 2022.

Domestic production has retracted, and economists have been on recession watch for quite some time. Jerome Powell, the Fed chairman, has also commented about the potential need for a recession. But the unemployment rate is actually falling. More people are getting jobs, not losing them, according to the US Bureau of Labor Statistics.

Domestic production and unemployment have always been correlated because of the cyclical nature of how a free market economy worksit runs on supply and demand. But with more people being employed, what impact does this have on the potential for a recession?

Recessions can start with any of the three parts of the cycle in that graph. The consumer sentiment index measures how people are feeling about the economy, which tells us how people feel about spending money. Prior to recessions, weve historically had lower sentiment, which accelerated the progression of a recession.

In 2022, people are feeling extremely pessimistic. The cost of goods and services has rocketed, inflation is the highest it has been in 40 years, and the consumer sentiment index is measuring similar to what it did in 2008. If people are feeling negatively about where the economy is headed, then theyre less likely to spend money, which reduces corporate profits, and can worsen the cycle.

But 2022 is unlike any year weve seen before. Corporate profits are at the highest levels weve seen since the 1950s.

Heres another graph with data from the US Bureau of Economic Analysis. The vertical gray bars represent periods of a retracting economy.

Not only are profit margins high, the amount of cash that corporations currently have available to them is the highest its ever been, as shown in the graph below with data also from the US Bureau of Economic Analysis. This is a significant hedge against a contracting economy with reduced profits. Many companies are well positioned for a period of slowing business.

This could mean that businesses feel good about their positions and decide not to cut back their workforce so heavily. This could mean that we could have a much milder recession if we do have one.

There is incentive for companies to retain employees. Even the federal government has not been insulated from the masses of people retiring from the labor force. Corporations across America are having trouble filling the positions they need.

With a generational change of the workforce, as well as expectations of wages and work environments, younger workers have become more selective in their job picks and perpetuated the problem. This helps us understand one reason why corporations may be wanting to hold so much cash. They simply need to retain their people. Could we see higher wage growth as a result?

While overall consumer sentiment is weak, demand continues to be strong, and companies keep scrambling to fill the demand of consumers. This, combined with the high cash and low unemployment has economists scratching their heads in trying to figure out why inflation continues to run so hot.

One simple reason is that the Fed was quite literally 1.5 years late to the party. They were significantly slower to begin reducing economic stimulus than they should have been and kept money cheap for businesses to keep their lights on during the global pandemic.

All of these factors have created a perfect storm, which leads many economists to believe that a recession in 2022 will be unlike any weve seen before. Its not sustainable for an economy to have reducing production levels while companies are still employing and offering tons of jobs. Its an imbalance in economic sciences which can only lead to one of two things.

The first is that the corporations could use the cash on hand to hedge against the reducing production while allowing them to hire workers to increase production again. The economy corrects itself, and were back to normal. The other is that a recession is necessary in order to curb the demand in the market, forcing inflation to drop.

As a financial planning firm, we analyze the activity in the overall markets, and weve seen money managers and large financial institutions begin placing their trades to hedge. The economy and the markets are correlated but they dont always react with proximity to one another. Markets trade ahead of economic news, which is why reacting to news is almost always too late.

Despite whether weve reached the bottom of the market or if theres more to fall, whether were in a recession or if it comes later or not at all, the single most important question federal employees should ask themselves is: will whatever happens impact my financial independence?

Money is a tool to help us accomplish our objectives, take care of our families, and enjoy a life of fulfillment. Having a plan to help you accomplish these things will give you the greatest chance of achieving them. The markets wont always cooperate, neither will the economy, and sometimes your life wont either. But having a good plan in place allows you to know what you need to do to help maintain your financial safety each time the variables work against your plans.

We view a familys greatest financial success as their ability to continue living their lives the way they want to live without being ruled by variables outside their controla life with financial dignity and independence.

That is true financial freedom, and it can be possible with good planning. So dont wait any longer to prioritize your economic well-being, because its not just your money, its your future.

2022 Thiago Glieger. All rights reserved. This article may not be reproduced without express written consent from Thiago Glieger.

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Why A Recession In 2022 Will Be Unlike Any Other - FedSmith.com