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Added on the 26/06/2019 00:08:25 - Copyright : Wochit
To build wealth that can be passed down through generations, getting out of debt-- and staying out of debt--is very important. On the other hand, Business Insider personal finance contributor Jannese Torres-Rodriguez argues increasing your income is just as important. It's not always possible to find jobs that progressively pay more and more. But side hustles can serve that purpose instead. Torres-Rodriguez says her side hustles now bring in roughly $100,000 a year, and she uses it in three ways to build generational wealth. She first accelerated her own retirement savings. Then, she helped her niece with college, so she doesn't have to leave school burdened with debt. Now, it gives her enormous pleasure to be helping out her own beloved parents through their golden years!
If you've managed to get your bachelor's degree, congratulations! And if you're thinking about grad school, get your piggy bank out and start saving. According to Business Insider, getting a master's degree or Ph.D. in your chosen field can be a smart career move, but it can also be a financial time bomb. If you want to go to grad school five years from now, start saving. First, research schools, tuition, and determine your monthly and annual living expenses. Research any benefits your company may offer for free or subsidized tuition, and look into state programs and scholarships. Still paying on student loans from your undergrad degree? Refinance them now, when rates are low. Finally, if you have five years to save, consider using a 529 plan. If you want to start sooner, a high-yield savings account may be better.
While jobs in certain industries are readily available across the US, that's not the case at all for university faculty positions. According to Science Magazine, the COVID-19 pandemic has turned thousands of university campuses into veritable ghost towns. Across STEM disciplines, faculty job openings at U.S. institutions are down 70% compared with last year. On the Science Careers Job Board, just 173 US-based jobs were posted between July and September this year, compared with 571 during the same period last year. The dramatic reduction signals anxiety about university finances. Colleges are losing revenue from tuition, sports events, and lodging, so they're going on hiring freezes.
Florence Welch has admitted her mother was "so worried" when she decided to pursue a career in music, and is still disappointed her daughter never went to university.
Nina Kolykhalova proved just how far a grandma's love can go by committing to six years of helping her blind granddaughter Anastasia finish both bachelors and masters degrees. Nina lived in the student dorm with Anastasia and would attend classes and even read to her granddaughter from text books because braille editions didn't exist at that time.
It seems Americans have a new hobby, at least young Americans: not going to school. Enrollment in private superior schools is dropping every second and millennials are to blame.
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