Category Archives: Financial Independence

When Jeremy Schneider graduated from college in 2002, the FIRE movement short for financial independence, retire early wasn't really a thing.

But the computer engineering student, who went on to get his master's in computer science the following year, couldn't help but notice that his peers were finding ways to retire well before turning 65.

During the dotcom boom, "I would see these young people just a few years older than me who were making millions with tech startups," Schneider tells CNBC Make It. Though he hadn't heard of financial independence, "I definitely heard of selling an internet company for a lot of money and being financially set."

Jeremy Schneider, now 41, retired at 36 with a net worth of $3 million.

Tristan Pelletier | CNBC Make It

That's exactly what he ended up doing. In 2004, he founded RentLinx, an advertising network for rental properties. He'd sell the firm 11 years later a transaction that netted him about $2 million.

Schneider quit his 9-to-5 job not long after, but found that while he had the financial flexibility to retire, he enjoyed the fulfillment of working on projects he was passionate about. Today, the 41-year-old lives in San Diego, has a net worth of $4.4 million and runs a small business selling financial literacy courses online.

Here's how he did it.

When he graduated from college, Schneider decided to bet on himself. Instead of taking a $74,000-a-year gig with Microsoft, where he'd interned as a software developer, he started his firm. "I preferred to start my own company where if I worked 10 times harder, maybe I would get 10 or 100 times more money," he says.

Between a track scholarship and help from his parents, Schneider graduated with no student debt, and had about $6,000 in savings from summer jobs. But that, combined with the $14,000 in revenue his website brought in during its first year, wasn't enough to pay the bills.

"I was living on credit cards," he says. "I accrued about $10,000 of credit card debt in my first year. And the second year that $10,000 became $12,000."

But things turned a corner in year three, and profits began taking off.

Today, 41-year-old Jeremy Schneider lives in San Diego, has a net worth of $4.4 million and runs a small business selling financial literacy courses online.

Tristan Pelletier | CNBC Make It

For the next eight years, even as the company continued to grow, Schneider kept his salary at $36,000 per year. "For basically the entire time I was running my company, I was as frugal as possible. I wasn't even really budgeting because I had no money to budget," he says.

That meant driving a paid off 1999 Ford SUV, spending as little as he could on food and living in a converted garage to keep his rent low.

Even with his restricted income, Schneider still managed to stash some money away, contributing $5,000 to $6,000 per year to his Roth IRA. By 32, he says, he had about $120,000 in his account, a mix of contributions and investment gains.

In 2015, Schneider fulfilled his goal of selling a company when a competitor offered to buy his business for just over $5 million. Because he owned about 70% of the firm at the time, his take after taxes was about $2 million.

Schneider worked for another two years for the company that acquired his, pulling in a six-figure salary and helping integrate his former employees at the new firm.

But he noticed that the profits in his portfolio, composed almost entirely of index funds, were outpacing his salary. "My $2 million had grown to $3 million just from the growth of the market," he says. "It dawned on me that I don't need to work anymore."

Following the so-called "4% rule," which says that retirees can withdraw 4% of the value of their portfolio per year in perpetuity without running out of money, Schneider could live on $120,000 annually "twice as much as I'd ever spend in a year."

So, did Schneider, then 36, take his money and ride off into the sunset? For the first year after he quit in 2017, he tried, splitting his time between playing video games and going on trips. But the novelty wore off quickly.

"As the year dragged on, I found that, there's something missing in my life. There's no tension," he says. "I wasn't working towards a goal or any progress. And it started to feel a little bit empty."

In 2019, Schneider started an Instagram account where he shared daily personal finance and money tips. Soon, the excitement was back.

"Some people like kite surfing or paragliding or skydiving, and I like Roth IRAs and index funds," he says. "If I can talk to someone for 30 minutes and change their financial future, it's still pumps me up every single day."

"I don't really see retirement as the goal. I think financial independence is the goal," Jeremy Schneider says. "I want to be able to direct my time as I see fit and do the things that I feel passionate about."

Tristan Pelletier | CNBC Make It

By mid-2020, the account had grown to 90,000 followers, and Schneider found many of them were sending in the same basic finance questions. In response, he made a video course, which he began selling later that year for $79. Within a week of launching, he'd made $110,000.

"It took me four years of my first company to make $110,000," he remembers thinking. "So this might actually be a real business."

That business, The Personal Finance Club, has brought in about $1 million in sales since it began generating revenue in October 2020. Schneider and his two full-time employees on the project each bring in $70,000 per year, plus additional payouts in the form of bonuses and profit sharing.

For Schneider, continuing to work despite having reached financial independence beats laying on a beach somewhere.

"I don't really see retirement as the goal. I think financial independence is the goal," he says. "I want to be able to direct my time as I see fit and do the things that I feel passionate about."

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Don't miss: Self-made millionaire who retired early: Do these 5 things now or youll regret it later in life

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How this 41-year-old went from 'living on credit cards' to retiring early with $3 million in California - CNBC

Kassandra Hendrix, LeafHouse; Jacquelyn Reardon, Frandlin Templeton (photo by Prana Portraits)

At the 2022 LeafHouse National Retirement Symposium in Austin, Texas, retirement plan advisers and providers received insight on what employees think about work and retirement.

In a conversation led by Kassandra Hendrix, chief marketing officer at LeafHouse Financial Advisors, Jacquelyn Reardon, vice president, head of retirement insurance and 529 marketing at Franklin Templeton, told attendees the insights are from the firms Voice of the American Worker survey, which is in its second year. We created a dataset to track it year over year in hopes advisers and our partners will use it, she said.

What is not a myth is that Americans are reevaluating what they think about work, Reardon said. Two-thirds (67%) said the COVID-19 pandemic has made them rethink what they expect from their employers. This was not meant to be a pandemic-related survey, but it is hard to ignore the impact that [the pandemic] had, she noted.

Almost half of employees surveyed said they have left or have considered leaving their jobs in the last year, according to Reardon. More than half (55%) werent thinking about it, but they said that seeing their colleagues leave made them start to think about it. The myth is that this is an isolated situation, but I think this will persist, Reardon added.

She said another myth the study revealed is that employees only care about salary. Our findings are clear that workers are looking for the total package, Reardon said. Fifty-one percent said salary is the most important consideration for a job, but 49% said benefits and the way they are treated by an employer is just as important as salary.

Reardon recalled a news report in which someone said that instead of the Great Resignation, the trend of employees making a career change should be called the Great Renegotiation.

Now is the time for employers to reevaluate what they are offering employees, she said. It is urgent for employers so they can retain top talent and have a productive workforce going forward. She added that it is important for advisers and providers in the retirement plan industry to help them do that. They need our resources and tools.

Reardon said her favorite findings from both years of the study concern the concept of financial independence versus traditional retirement. The fact that everyone is working towards one age and that everyone has the same goal to stop working and play golf is a myth, she said. Financial independence to do what they want to do is actually the goal84% said so in the survey.

Reardon said this creates a huge opportunity for the retirement plan industry but also a huge challenge. All the talk about personalization comes into play for financial independence; we have to solve for that in some way as we think about solutions and resources, she said.

The challenge is that personalization requires getting much more information about employees, Reardon noted. The survey found that 63% of American workers said they are comfortable sharing basic information such as their address, but when it comes to sharing information about their spouse, medical history and more, they are less comfortable.

Fifty-five percent of employees surveyed by Franklin Templeton said they would feel comfortable sharing more information with their employers if that meant getting more personalized benefits, versus 45% that said they wouldnt be comfortable sharing more information and employers should just give them the same benefits as their colleagues. We have so much personalization to cater to what we want and needfor example, on our smartphones or Netflix suggesting what shows to watch. We need to leverage that in our industry, Reardon said.

People arent getting cookie cutter anything in any other place, so they shouldnt get cookie cutter investing, she added. We need to start with education, and teach participants, If you give me this type of information, heres what Ill be able to give you.

The Voice of the American Worker survey asked employees to rate the importance of physical, mental and financial wellness. Reardon said that in both years, employees said all three were equally important to their overall wellbeing; however, a majority indicated they feel most out of control of their financial wellbeing.

Reardon said she thinks employers do many more things to show employees they care about their physical and mental health than they do to show concern about employees financial health. And the survey found employees dont feel that their employers care about their financial health.

Reardon pointed out that when employees financial health is out of whack, it affects the other areas of wellness. Employers might promote a step challenge to address employees physical health, but efforts such as addressing the 83% of Americans who said they have debt is missing, she said.

Employees said they would welcome financial help from employers, and when asked what they would like access to and would use, they mentioned advice, a financial adviser and financial education, tools and resources. They didnt mention retirement help at all, Reardon noted. They want help with debt, with short-term finances, which is key to achieving financial independence.

Saying they would welcome financial help from their employers doesnt mean they would actually use it, however. Reardon pointed out that eight in 10 survey respondents said they would welcome incentives around all areas of wellness, including financial, and would welcome employers holding them accountable. I think this indicates an opportunity to help employers figure out the communication mechanism for their demographics to get them to engage and use financial wellness resources, she said. Its not just about building the resources but about ensuring people know theyre there and holding them accountable for using them.

The myths that were busted by the survey were assumptions about different demographics. We cant assume we know what will work with each demographic, Reardon said. For example, we cant assume that gamification will work with all young employees. And I was surprised by the survey finding that younger people are less comfortable sharing information with employers than older generations.

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Insights on What Really Matters to Participants - PLANADVISER

When we speak about empowered women, we visualise women sitting in positions of power; women in politics, in law, in corporate sector, in health, media or academics but we fail to visualise the rural women who work equally hard and are greatly responsible for agriculture, food safety, and nutrition in our country. We often neglect the invaluable contributions of rural women like Rehana bibi, Sajida, Farzana, and many others who are key agents for development and support their families, uplift communities, and enable them to prosper.

In Pakistan, 63 per cent of the population (145 million people) represents the rural sector. This sector contributes 22.7 per cent to the countrys Gross Domestic Product (GDP) and yet their contributions, particularly those of rural women, are often ignored. Over the past two and a half decades, the rural female labour participation has doubled from 16 per cent to 32 per cent. Unfortunately, they do not get the recognition they deserve. Not only that, they also face multiple challenges including limited access to healthcare, education and credit that can help them seek financial independence. These challenges worsen with economic and climate change crisis that Pakistan continues to face.

To empower these women and enable them to become financially independent, the Government of Pakistan launched the Benazir Income Support Program (BISP) in 2008. A social safety net program with an unconditional cash transfer of approximately PKR 7,000 to over 6 million beneficiaries, every quarter. The BISP program when launched was aimed at focusing on the economic wellbeing of rural women, enabling them to earn a livelihood for themselves and their families.

BISP is one of the largest programs of its kind in South Asia with approximately over 6 million beneficiaries. It is dedicated to working on poverty alleviation as the commitment to attaining the United Nations Sustainable Development Goals - 1 & 5 no poverty and gender equality.

However, from a financial emancipation standpoint, it was important to graduate from quarterly cash transfers and enable women to become financially independent by working themselves and becoming a part of Pakistans productive workforce.

Keeping the vision of creating shared value for communities, Nestl Pakistan partnered with the Benazir Income Support Program (BISP) in 2017 to launch BISP Rural Women Sales Program. The program provides livelihood opportunities to the poorest of the poor women to help them become financially independent. Under this program, rural women go through rigorous trainings to become sales agents and are enabled to become microentrepreneurs, selling products to their communities at a low cost and make a profit for themselves.

Till date, this program has enrolled over 1900 BISP beneficiaries as sales agents in different parts of the country, with a few having set up their own small grocery stores in rural areas. These efforts are in line with the companys commitment to the United Nations Sustainable Development Goals 3: good health and well-being, 5: gender equality, 8: decent work and economic growth and 17: partnerships for the goals.

Keeping in mind the importance of successful partnerships to create a larger impact and leveraging niches of different organisations, the company also partnered with Akhuwat Pakistan (the largest interest-free microfinance program) whereby, improving access to finance, micro-loans worth PKR 2 million as revolving credit (to maximise its impact and benefit) been disbursed to many women looking to scale their businesses. As a result, sales agents of this program have been able to open independent set ups in their villages.

Poverty eradication programs for the poorest of the poor are most effective when coupled with upskilling rural communities to become a part of the workforce. We, as part of global and local obligations, believe in Creating Shared Value (CSV) for the communities in which it works and lives. The BISP Rural Women Sales Program helps us do that by empowering rural women through skills and employment that lead them to financial independence, told Waqar Ahmad, Head of Corporate Affairs & Sustainability at Nestl Pakistan.

We are very happy with this partnership. This partnership is enabling rural women to become entrepreneurs and gradually scale up their entrepreneurial ventures and eventually graduate out of poverty, stated Dr. Amjad Saqib, Founder & Chairman Akhuwat.

The impact this intervention has on rural women and their lives extends far beyond words and numbers. Here is a look at some women who have been positively impacted by this program.

Prior to the pandemic, Rehana Bibi was dependent on her husbands income who worked as a daily wage worker and made a minimal amount. Running a family on one income source was always hard but Rehana assumed thats the way of life. She had not seen any different. The pandemic, however, made things worse. Her husband lost his job and for a family that survived on a daily wage, necessities like food and shelter became hard to afford.

After many unsuccessful tries of finding work for Rehanas husband, she decided to do something herself. Luckily, when Rehana was looking for options and was in most need, the BISP Rural Women Sales Program team visited Pindi Bhattian and met women to orient them about how they can become a part of the program, become a saleswoman at one of the 11 shops in the village and gain financial independence. For Rehana, who had never worked in her life, taking this step was itself a challenge but she did it. I had a family to take care of and so I began working. Everyday, I spend 3-4 hours at the shop doing sales and make a decent amount to support my family, she shared.

Rehana began working because her husband lost his job, but it is admirable that this new way of life has inspired her to continue working. When women work, not only do they enrich their own lives, but they also contribute positively to their families and communities.

In todays rising inflation, sustaining families on one income is hard anywhere in the world, let alone in a rural set up where incomes are extremely low, and families often have more members. Farzana Kausar from Renala Khurd faced a similar challenge when sustaining a family on only her husbands income became impossible. As a mother, she wanted to give a better life to her children. She wanted to be a breadwinner for them so they could have better food to eat and could attend better schools. That is when she connected with the company and got a loan from Akhuwat to open a basic grocery shop in her village.

After I opened this shop, the community around us began shopping from us. Thankfully, I have revenues of around PKR 30,000 and save an amount that makes a positive impact on my family, elucidated Farzana.

For others this may not be a big amount, but for her, it has been life altering. She now doesnt have to worry about how to feed and raise her children and her greatest accomplishment post working is that she got her daughter married and took responsibility of those expenses.

Farzanas other children now go to a better school and their living conditions have improved. Not only has this step enabled her to become a supportive and active partner to her husband but she has also been a remarkable example for her community by showing them the role women can play in enabling families to lead better lives.

Finding financial independence in the face of adversity

Sajida Jafer had four children to feed when her husband was diagnosed with a heart disease and couldnt actively work anymore. Not only did she have to deal with her husbands sudden illness but now had an added responsibility as well to take charge of her family financially. Overnight, she had to be the sole breadwinner. That is when Sajida decided to get into the sales business and after many initial challenges; she was approached by the company, which helped her get a loan from Akhuwat.

Sajida then set up a shop in Ahmed Colony in Renala Khurd where she sells everyday use grocery items including water, juices, milk and others. Gradually, her sales increased, and she began doing well, enough to sustain their family expenditure.

I am earning a respectable income and my children now go to good schools, she mentioned. Sajidas efforts are not only helping her raise her family but also enabling her to envision a better future for her children. She sends them to better schools in the hope of a better life for them and is setting an example for her daughters too. Women must also work and contribute to the familys income for a brighter future, added Sajida.

2022 marks five years of the Nestl and BISP partnership that has spread across 25 districts in Punjab and Sindh. In the coming years, the program will expand to more districts across the country, including Haripur, Abbottabad and Mansehra in North, Hyderabad in the South, and Sialkot, Jehlum and Narowal in Punjab. This expansion ensures that more and more rural women who come from poorest of the poor backgrounds will become financially independent.

This program is an example of how public private partnerships can find sustainable solutions to empowering women, increasing livelihood opportunities, and eradicating poverty for wider social empowerment. While traditionally rural women may be unable to participate in structured economic activities, this intervention helps these women become active players in their families and beyond, get into the business of retail and pave a way for economic empowerment. Moreover, it also makes affordable fortified nutritious products available in rural Pakistan, which is equally challenges with malnutrition in young children, adolescents, and young adults.

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On the road to financial independence - The News International

Sangoule Diop / Houston Public Media

The Houston Area Women's Center, also known as HAWC, announced on Tuesday that the organization is expanding in order to address domestic violence throughout the City of Houston.

Members of the group were joined by local and state officials, community members, and the Houston Police Department at its Waugh Drive location.

The new expansion includes a new residential campus and an administrative headquarters that will provide a 135-unit Emergency Supportive Housing that will triple the capacity to serve 360 women and children, and provide shelter, childcare, and access to a Houston ISD elementary school, and other services like counseling and behavioral health and career and finance counseling.

Included in the expansion are four new Survivor Empowerment Hubs located at different locations across Houston. The hubs will offer services including counseling and behavioral health, career and financial counseling, housing and case management, and legal services depending on the location.

"Instead of the one front door we used to have which is behind me and will be no longer, we will have three neighborhood locations where survivors can walk in and access services, said HAWC's Executive Director Emilee Whitehurst.

The Center expects to break ground on its new facility in December and have all four hubs operational in the first quarter of 2023.

"October is Domestic Violence Awareness Month. This is the month, wherever you remember that each and every day. Each and every one of us has a role to play in addressing public health in the epidemic of interpersonal violence," Whitehurst said.

Whitehurst highlighted the importance of the community being there for the announcement of the new expansion and how HAWC has helped survivors for the past 45 years.

"We empower survivors with the tools needed to heal in the wake of harm and to establish independent lives," said Whitehurst. "HAWC, free housing, counseling and legal programs serve thousands of survivors each year, because we know that healing takes time, and that housing and financial independence are the most critical components to long term security."

According to the Houston Police Department, there have been 55 domestic violence-related homicides this year, a 15 percent decline from last year of 65 domestic violence related homicides. HPD has also seen a 9% decrease in reported domestic violence incidents this year.

Mayor Sylvester Turner says the goal is to have no deaths.

"We simply have to get to the point where incidents of sexual abuse and domestic violence simply do not occur, that is the goal."

Under the Mayor's One Safe Houston Initiative, $10 million of ARPA funds have been allocated to domestic and sexual abuse responses.

Congressman Al Green represents Texas' 9th Congressional District; the new location will be in his district. He discussed his National Domestic Violence Awareness Month Resolution that aims to recognize the month of October as Domestic Violence Awareness Month.

Green said the majority of domestic violence cases are inflicted by men and they should be held accountable.

"Men, men, men, men, we have a responsibility. because most of this violence is being perpetrated by men," Green said. "The truth has to be told, and we have a responsibility to do something about it."

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Womens center announces expansion to address domestic violence throughout the region - Houston Public Media

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By Andrew Paulson, CSLP, Lead Student Loan Consultant and Co-Founder of our partner site StudentLoanAdvice.com

The Public Service Loan Forgiveness (PSLF) waiver has been life-changing for many borrowers. But remember, it expires on Halloween this year, so if you were planning to take advantage of this limited-time offer, make sure to get it done before October 31.

Early on, when the waiver was first announced in October 2021, we thought the waiver would be pushed back again because many borrowers would not hear about it in time or would be doubtful of the implementation. However, it seems extremely unlikely the PSLF waiver goalpost will be moved again, especially with President Biden's Student Loan Forgiveness (application now available) plan now at the forefront. Also, I am beginning to see the IDR waiver implemented for student loan clients.

Lets talk about the PSLF waiver first, because it's the highest priority with the upcoming deadline. Then, well cover IDR.

The PSLF waiver is a temporary waiver that relaxes a number of rules for the PSLF program until October 31, 2022. The PSLF program has been riddled with complexity, and many believe the waiver was passed to help offset some of the damage done to older borrowers with regard to the PSLF program.

More information here:

Does PSLF Work? PSLF Success and Why the Current Changes Matter

This waiver mainly applies to those who were making payments on Family Federal Education Loans (or FFEL) loans. It also affects borrowers who made payments in ineligible repayment programs, such as the extended or graduated repayment program. Further, Ive seen borrowers who have different monthly payment credits for PSLF on their federal student loans benefit when they consolidate their loans together. In doing so, they will take the loan with the longest repayment history and apply it going forward, so if you consolidate two loans together, theyll take the loan with the highest payment credits. Let me illustrate with an example.

A doctor who borrowed for undergraduate and medical school is now beginning PGY-2. They graduated in May the year prior and began residency July 1. They complete their first PSLF certification form by having their program director sign it and then send it to the loan servicer. The loan servicer will send them an email with how many payments count to PSLF. Their undergrad loans would show 12 months or one year of PSLF credit, and their med school loans would have 5-6 months of credit. The discrepancy in payments is due to the time the med school loans were in the grace period. The borrower most likely used up the grace period on the undergraduate loans before med school. Grace periods dont count toward PSLF even if you make a payment.

As a result, medical school loans and undergrad loans will often have a difference in payment credits. Thus, if this borrower stays on track to PSLF, they will receive forgiveness twice. First, in 108 months, and the second one in 114-115 months.

The PSLF waiver allows a borrower to consolidate loans with different payments together and have the loan with the longest repayment history applied to all loans. The result would be this doc receives forgiveness at 120 payments from med school and likely recoups five to six months of future payments.

Please note: this strategy will not work when the waiver expires on November 1. The old rules pertaining to consolidation will revert, and consolidation erases ALL prior payments.

More information here:

How to Ensure Student Loan Forgiveness Through the PSLF Program

Since the PSLF waiver, the overall number of borrowers who have seen their loans forgiven via PSLF has increased exponentially. PSLF was created in October 2007, and borrowers first began to receive forgiveness 10 years from that point in October 2017. From October 2017-September 2021, about 16,000 borrowers received forgiveness. As of mid-August 2022, there have now been 211,000 borrowers who have received forgiveness. Thats a percentage increase of 1,219%. The vast majority of the nearly 200,000 who have received forgiveness in the last year has been a direct result of the PSLF waiver.

So, if you are on the fence, it has never been a better time to throw in an application to get this time-limited forgiveness.

Yes, you do. Sure, this should have been done yesterday, but many of us procrastinateand perhaps people wanted to see how this all played out. I dont know if it could have turned out better now that more than 200,000 borrowers have received forgiveness.

If you have FFEL/Perkins loans and would like to apply for PSLF, you need to consolidate your student loans now. The absolute last day you can send in this application is October 31, but I know for a fact that studentaid.gov is going to be inundated with requests so dont wait until the 11th hour. If you already have direct loans, you probably dont need to consolidate your loans now unless you just graduated this spring/summer or have loans with different PSLF counts.

After you submit your consolidation, you need to complete your PSLF certification form. That is the employer certification form which must be signed by your current or past employer(s). This is to be sent only to employers that would qualify as a nonprofit or 501(c)(3). Studentaid.gov has a PSLF help tool that allows you to check employer eligibility. These also need to be submitted by October 31 to qualify under the limited waiver. The process of having these forms signed can take time. So, dont wait until the last minute to have them signed and submitted.

Please note: even if you completed a direct federal consolidation and it is not yet processed by your loan servicer, you can still submit your PSLF certification forms. You probably wont be able to use the nifty file upload, but you can send it via fax or mail. My recommendation is to use certified mail if you cant use the file upload.

More information here:

Is Public Service Loan Forgiveness Worth It for Doctors?

No, this only pertains to Biden student loan forgiveness. You had to consolidate your commercially held FFEL loans by September 29 to be eligible for the $10,000-$20,000 of forgiveness.

Ive written about the IDR waiver sporadically over the last year but want to highlight what it means for borrowers, because I've started to see client accounts FINALLY changing due to the waiver. The IDR waiver, unlike the PSLF waiver, is not just impacting a small segment of federal borrowers who are in public service. This waiver impacts all federal borrowers with some eligible for immediate forgiveness, not only through PSLF but also those on taxable (20- to 25-year) forgiveness.

The Department of Education (ED) will conduct a one-time adjustment to count long-term forbearances to PSLF and IDR forgiveness. The ED has said this will be implemented by fall 2022.

Here are the criteria for what counts as credit:

With forbearances shorter than the criteria provided above, contact the student loan ombudsman, and file a complaint to have them review your situation.

This means if you put your loans into forbearance for four years during residency, you could be eligible to receive four years of payment credit to IDR and PSLF forgiveness.

PSLF has a tracker on the PSLF servicers site which shows your progress, and it will automatically update when the IDR waiver is applied. IDR forgiveness will automatically be updated, but there isnt a built-in tracker yet. However, the ED has mentioned as part of the IDR waiver that a tracker for IDR forgiveness will be created.

In your payment history on your loan servicer's website, you should be able to see certain forbearances/deferment periods of time where Special Waiver will be visible. Heres an example in MOHELA (federal loan servicer)

Here are some other questions regarding the IDR waiver:

How long does it take for my servicer to implement my new payment count after the IDR waiver is applied?

I have seen it implemented for some borrowers already. Other borrower accounts are being updated as we speak. I dont have a definite timeframe on how long it will take for this to happen to all borrowers, but I anticipate it could be weeks or even months to be completely rolled out.

If I'm pursuing PSLF, do I need to submit PSLF certification forms for periods under the IDR waiver to count?

Yes, to receive PSLF credit, you have to submit PSLF certification forms for your periods of forbearances that you would like to have counted.

Do commercially held FFEL loans qualify for the IDR waiver?

No, they dont. You need to complete a direct federal consolidation for the loans to qualify. Also, it's been said that you must have this completed prior to implementing the waiver. The estimated date of implementation is January 1, 2023, so dont delay on consolidation if youd like these loans to qualify as well.

The PSLF waiver has demonstrated that loan forgiveness can work for borrowers if they are working in public service. If youre trying to complete this last minute and want to ensure youre doing it right, our expert team at StudentLoanAdvice.com has helped hundreds of borrowers this year with the PSLF waiver. We are well-versed in both waivers, and we can project exactly when youll have conquered your loans. Dont delay and set up a time with them today!

Have you applied for either student loan forgiveness waiver? How has it worked out for you? If not, are you still planning to take action before the deadline? Comment below!

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PSLF Waiver Application Deadline - The White Coat Investor

TORONTO, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Fairfax Financial Holdings Limited (Fairfax) (TSX: FFH and FFH.U) today announced that all regulatory approvals required to complete the previously announced transaction in which Independence Pet Group and certain of its affiliates, which are majority owned by JAB Holding Company, will acquire all of Fairfaxs interests in the Crum & Forster Pet Insurance Group and Pethealth Inc., including all of their worldwide operations, have been received. The transaction is now scheduled to close on October 31, 2022.

About Fairfax

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

About Crum & Forster Pet

For over 20 years, Crum & Forster Pet Insurance Group has been committed to helping people get access to reliable and affordable pet insurance plans. From routine exams to unexpected illnesses, our plans are available to pet parents of cats and dogs. Plans are customizable based on individual needs, including coverage levels, policy limits, and deductibles. We pride ourselves on pioneering new advancements in the industry. Crum & Forster Pet Insurance Group is founding member of the North American Pet Health Insurance Association (NAPHIA). Pethealth Inc. offers pet services through two brands 24Pet and VioVet. 24Pet are the experts in lost pet solutions, pet adoptions, animal welfare and shelter support. A family of platforms, services, products, and people, obsessed with pets. From connecting them with loving families, to protecting and helping keep them happy, healthy, and home. VioVet is a UK registered veterinary online pet retailer that offers a variety of pet and horse supplies, including prescription and non-prescription medications, supplements, food, toys and more.

About Independence Pet Group

Independence Pet Group is an integrated, full-stack pet insurance platform indirectly majority owned by JAB Holding Company. It offers a comprehensive range of underwriting options, turnkey partner solutions, and consumer-facing insurance products through its wholly own subsidiary, Independence American Insurance Company, a leading provider of underwriting services to the pet insurance sector with licenses in all 50 states. It also is a majority shareholder in Pet Partners, Inc., which distributes and administers through world-class pet insurance brands AKC Pet Insurance and its worksite brand, PetPartners. PetPartners in turn owns Figo, a leading direct-to-consumer brand which utilizes a highly engaging and mobile friendly Pet Cloud that allows consumers to manage their pet's healthcare, socially engage with fellow pet parents, and easily discover and locate services within the pet ecosystem, and Third Party Pet, providing business services to breeders, pet retailers and their customers ranging from live pet inventory management software, scheduling and facilitating adoptions, micro-chip and registration services and customized pet products.

Media Contacts

Crum & Forster Pet: Hallie Harenski, Head of Corporate Communications at mediainquiries@cfins.com

Fairfax: John Varnell, Vice President, Corporate Development at (416) 367-4941

Independence Pet Group: Amanda Trcka, Marketing Communications and PR Manager at (203) 231-9975 or atrcka@petpartners.com and Tom Johnson or Jake Yanulis, Abernathy MacGregor, at tbj@abmac.com or jjy@abmac.com

Forward Looking Statements

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Particularly, statements about the transaction described above and the terms thereof (including relating to the terms, conditions and the timing for closing of the proposed transaction described above) are forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Fairfax to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure to complete the transaction described above which is subject to customary conditions; reduction in net earnings if our loss reserves are insufficient; underwriting losses on the risks we insure that are higher or lower than expected; the occurrence of catastrophic events with a frequency or severity exceeding our estimates; changes in market variables, including interest rates, foreign exchange rates, equity prices and credit spreads, which could negatively affect our investment portfolio; risks associated with the global pandemic caused by a novel strain of coronavirus (COVID-19), and the related global reduction in commerce and substantial downturns in stock markets worldwide; the cycles of the insurance market and general economic conditions, which can substantially influence our and our competitors premium rates and capacity to write new business; insufficient reserves for asbestos, environmental and other latent claims; exposure to credit risk in the event our reinsurers fail to make payments to us under our reinsurance arrangements; exposure to credit risk in the event our insureds, insurance producers or reinsurance intermediaries fail to remit premiums that are owed to us or failure by our insureds to reimburse us for deductibles that are paid by us on their behalf; our inability to maintain our long term debt ratings, the inability of our subsidiaries to maintain financial or claims paying ability ratings and the impact of a downgrade of such ratings on derivative transactions that we or our subsidiaries have entered into; risks associated with implementing our business strategies; the timing of claims payments being sooner or the receipt of reinsurance recoverables being later than anticipated by us; risks associated with any use we may make of derivative instruments; the failure of any hedging methods we may employ to achieve their desired risk management objective; a decrease in the level of demand for insurance or reinsurance products, or increased competition in the insurance industry; the impact of emerging claim and coverage issues or the failure of any of the loss limitation methods we employ; our inability to access cash of our subsidiaries; our inability to obtain required levels of capital on favourable terms, if at all; the loss of key employees; our inability to obtain reinsurance coverage in sufficient amounts, at reasonable prices or on terms that adequately protect us; the passage of legislation subjecting our businesses to additional adverse requirements, supervision or regulation, including additional tax regulation, in the United States, Canada or other jurisdictions in which we operate; risks associated with government investigations of, and litigation and negative publicity related to, insurance industry practice or any other conduct; risks associated with political and other developments in foreign jurisdictions in which we operate; risks associated with legal or regulatory proceedings or significant litigation; failures or security breaches of our computer and data processing systems; the influence exercisable by our significant shareholder; adverse fluctuations in foreign currency exchange rates; our dependence on independent brokers over whom we exercise little control; impairment of the carrying value of our goodwill, indefinite-lived intangible assets or investments in associates; our failure to realize deferred income tax assets; technological or other change which adversely impacts demand, or the premiums payable, for the insurance coverages we offer; disruptions of our information technology systems; assessments and shared market mechanisms which may adversely affect our insurance subsidiaries; adverse consequences to our business, our investments and our personnel resulting from or related to the COVID-19 pandemic; and the failure to complete or realize the anticipated benefits of the transaction described above. Additional risks and uncertainties are described in Fairfaxs most recently issued Annual Report which is available at http://www.fairfax.ca and in Fairfaxs Base Shelf Prospectus (under Risk Factors) filed with the securities regulatory authorities in Canada, which is available on SEDAR at http://www.sedar.com. Fairfax disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law.

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Fairfax Financial and Independence Pet Group Receive All Regulatory Approvals To Complete Sale of Global Pet Insurance Operations - GlobeNewswire

LAS VEGAS, Oct. 18, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. ( CLSK) (CleanSpark), Americas Bitcoin Miner, today announced it will host investors and analysts at two of its bitcoin mining campuses in Atlanta, Georgia, beginning 9:30 a.m. ET on November 3.

CleanSparks executive leadership team will present on the companys significant growth opportunities, financial objectives, and corporate strategy surrounding low-carbon bitcoin mining, followed by a Q&A session with management.

In-person attendees have the chance to take pictures and videos, see the inner workings of an American bitcoin mining facility up close, and interact with CleanSparks senior leadership team. For more information regarding the November 3 investor and analyst day, please contact the investor team at [emailprotected].

There will be an open house at CleanSparks Norcross campus on November 2 for local dignitaries and media beginning at 9:30 a.m. ET. Interested parties can email [emailprotected].

About CleanSpark

CleanSpark ( CLSK) is Americas Bitcoin Miner. Since 2014, weve helped people achieve energy independence for their homes and businesses. In 2020, we began applying that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at http://www.cleanspark.com.

Investor Relations Contact

Matt Schultz, Executive Chairman[emailprotected]

Media Contacts

Isaac Holyoak [emailprotected]

BlocksBridge Consulting [emailprotected]

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Sustainable Bitcoin Miner CleanSpark Welcomes Investors and Analysts to its Mining Campuses in Atlanta - GuruFocus.com

HILTON HEAD, S.C. (WSAV) Hilton Head Islands Deep Well Project is launching a unique family financial stability initiative.

The initiative is called Circles and centers around the idea of building intentional friendships across income lines. The nonprofit has reached dozens of communities across the country pairing low-income families with middle- and upper-income volunteers. The nonprofit says that the relationships that form help those struggling for stability to achieve financial independence.

Relationships across income lines, otherwise known as circles of support, meet every week for a minimum of 18 months as volunteers learn about the culture, challenges, and trauma of poverty. In return, low-income families have a chance to learn how to navigate the middle class.

According to the Deep Well Project, the program is backed up by results. About half of those who start the program end up staying with it and achieve on average a 71% increase in income at the 18-month mark. On average, Circle families achieve an average of a 121% increase in income after three years.

The Circles program is a perfect complement for the stabilization programs that Deep Well has been offering for the last 50 years, says Deep Well executive director Sandy Gillis. After we help a family with an immediate basic needs service, we have been looking for a program to then work with the family longer term to keep them on track and we think Circles is the solution. Because Circles needs a lot of volunteers, and Deep Well is a volunteer-driven nonprofit, the combination is a great fit.

Circles USA, a national nonprofit based in Albuquerque, N.M., began developing the program 20 years ago but officially launched it under the Circles name in 2008. Since then, Circles has helped thousands of families in dozens of states.

The Deep Well Project is currently interviewing potential participants and volunteers for the Circles program.

There will be an informational Open House session for the general public held Tuesday, October 18, 6-7 p.m. at The Childrens Center, 8 Natures Way near Jarvis Creek Park on Hilton Head Island.

For more information about Circles Hilton Head Island, please email Circles@deepwellproject.org, or visit http://www.deepwellproject.org/circles-hhi.

Read more from the original source:

Deep Well Project to host open house for new financial stability initiative - WSAV-TV

Farm Didi is a for-profit social enterprise started by Manjari Sharma in Bihar to empower rural women and provide them with financial independence.

Years back, Manjari Sharma spent 15 days in the remote villages of Bihar as part of volunteer work. It was then that she witnessed the skills of the women there. Apart from managing all the household chores, they found time to start a small-scale food business of pickles, papads, chutneys and more.

Manjari, an IIM graduate and a corporate employee, decided to quit her job and help these women scale up their businesses and provide financial independence to them. She started a for-profit social enterprise called Farm Didi to empower rural women.

Manjaris role here was to make them aware of the food safety components and business aspects. She helps them to market the products all over the world and spread the word about preservative-free locally made food items.

Farm Didi has so far helped 1,080 women from 40 villages and plans to reach a million of them. Around 100 self-help groups of women are already part of this initiative and the women earn a decent income.

To increase income for marginal farmers, we need to bring them together. We also need to increase their role in food processing. Right now the farmers are mostly producers, but if food processing starts happening in villages, farmers will get a higher share of income, said the social entrepreneur to LEF Journal.

Edited by Yoshita Rao

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IIM Grad Quits Job to Help Over 1000 Women in Bihar Scale Their Small Businesses - The Better India

Prince Harry's upcoming memoir promises to be "quite revealing" if it ever hits shelves because his publishers won't want a "resurgence of old news" they've already read in the tabloids, a prominent British author recently told Newsweek.

Lord Jeffrey Archer, the bestselling novelist and long-standing member of the Conservative party, has expressed his belief that the prince's book stands a "50/50" chance of being "scrapped" as reports of tensions with the royal family over the project circulate.

Harry announced his autobiographical project with Random House publishers in July 2021. In a statement at the time, he said: "I'm writing this not as the prince I was born but as the man I have become...I'm deeply grateful for the opportunity to share what I've learned over the course of my life so far and excited for people to read a firsthand account of my life that's accurate and wholly truthful."

It is reported that author J.R. Moehringer will help the prince shape the narrative of his book as a ghostwriter, though this has not been confirmed by the publisher.

The sum paid to Harry as part of his agreement with Penguin Random House has not been released, however, a number of news outlets speculate it could be a figure as high as $40 million.

So far, no further information on the project has been issued despite an initial "late 2022" publication date.

"I'll tell you the problem," Archer told Newsweek. "The press keeps reporting that the advance is $40 million. Now, if that is the case, normal payment would beand I'm only speaking from experienceone-third in advance, one-third on publication of the hardback and one-third on publication of the paperback. That's the norm. So he may well have already received $13 million, a huge amount of money, particularly as I suspect he has already spent it."

"If I was the publisher," he continued, "and it's a very, very respectable publisher, they do not want a resurgence of old news they've read in the Daily Mail. They will be expecting something a bit special for their millions and who can blame them?"

A number of recent reports state that members of the royal family are bracing themselves for the revelations made in the book, as the prince's life story is bound to include details about his upbringing and family relationships.

Author and former editor of Vanity Fair, Tina Brown, said in a recent interview with the Daily Beast that Harry's stepmother Queen Camilla could be a particular target, for the unhappiness experienced by Princess Diana during her marriage to the now King Charles.

"The rehabilitation of Camilla's image has been utterly successful," Brown said, "but she lives in dread of Harry's book. In some ways, Diana's ghost still rattles at the gate."

Since stepping down as a working royal in 2020 and moving to the U.S. with his wife Meghan Markle to seek financial independence, the Sussexes have both spoken of the difficulties they experienced within the framework of the monarchy and with royal family members themselves.

Apart from the couple's landmark tell-all March 2021 interview with Oprah Winfrey in which they revealed the family tensions behind their transatlantic move and allegations of racism against an unknown member of the royal family, both Harry and Meghan have given exclusives to a number of other outlets including New York Magazine, People, Variety and Time.

Archer reflects that there's not much left for the couple to say. "What's left is the relationship between Harry and William, and Harry and his father, the king," he told Newsweek.

"Harry does speak so often and so does she, what is there left to say? Reports state that the author [Moehringer], a Pulitzer prize winner, is famous for digging very deep. So, I suspect, if we ever see [the book], it will be quite revealing. Although it will only be his version, his end of the story, which will be clearly strongly influenced by the duchess," Archer said.

Harry is not the first member of the royal family to write a memoir. In 1996 Sarah, Duchess of York wrote My Story following her divorce from Prince Andrew. Another royal divorcee was also approached a number of times to write her life story, Harry's mother Princess Diana.

Archer, a close friend of the princess', recalled how she turned down the offers as they were presented to her.

"I can assure you," he said, "several [offers to write her memoirs were made to her] and she rejected every one."

On why this may have been the case, the author reflected that times have changed since her untimely death in a Paris car crash at the age of 36 in 1997.

"It was a different age, 25 years ago. We're living in a different age," he added, highlighting that in one way Diana made just as controversial of a move as Harry writing his memoir by agreeing to take part in the polarizing 1995 BBC Panorama interview.

"But of course, she made the mistake of doing that dreadful interview," he said. "Which was in its way almost as bad."

Discussing speculative reports that Harry may choose to withdraw his book from publication following the death of Queen Elizabeth II, Archer believes that anything could happen.

"I think it's 50/50," he said. "I think it could be scrapped, I think it could appear. It's the money that's the problem. If he's accepted the $13 millionand we don't know that he's accepted a pennybut if he's accepted part of the advance, it will have to be repaid."

In his professional opinion as one of Britain's most prolific authors, Archer said he expects the memoir, if published, to be "well written but it will be treated as scurrilous.

"We're not suggesting this is a serious biography," he ended. "The word 'revenge' will appear again and again in journalists' copy."

Newsweek reached out to representatives of Prince Harry for comment.

Do you have a question about King Charles III, William and Kate, Meghan and Harry or their family that you would like our experienced royal correspondents to answer? Email royals@newsweek.com. We'd love to hear from you.

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Harry's Memoir Will Be 'Quite Revealing' 'If We Ever See It'Jeffrey Archer - Newsweek