Category Archives: Financial Independence

Who is ready for the good life of Financial Freedom?

When you read articles about financial freedom, you may hear people drone on and on about how they are spending practically nothing so they can retire at a younger age, like 30. Conversely, they may have already achieved financial freedom and are bragging about how frugal they were so they could retire well before the typical retirement age.

This is what I what I hear. Sell all your stuff, except for a tent, and move to the woods so you will never have to pay rent or utilities again. Joking aside, I actually come across a blog that promoted dumpster diving for food. No thank you! Realistically, most of us will not want to do the things required to retire at 30, 40 or 50. In fact, many people who are reading this likely are not saving enough to maintain their current standard of living during their golden years, if they retired at the age of 70. It pains me to report that about 21% of people have zero, zilch, nada saved for retirement, according to theNorthwestern Mutual's 2018 Planning & Progress Study.

Planning for retirement, or even financial freedom, is a marathon and not a sprint, as the saying goes. Breaking up your financial independence goals into small chunks can help keep you on track while making the process a bit more manageable and, hopefully, a little less stressful. Even if you are starting small, the important thing is to get started.

Here are the seven levels of financial freedom that you should work towards achieving.

Not living paycheck to paycheck may leave more time for hammocks and other relaxing fun.

Level 1: Not Living Paycheck to Paycheck

The first level of financial freedom is building up an emergency fund. Ideally, this will include paying off any credit card debt as well.

Unfortunately, living paycheck to paycheck is the reality of millions of Americans. According to the Federal Reserve's Report on the Economic Well-Being of U.S. Households in 2017, some 40% of households could not cover a $400 unexpected expense. Most of us will have some unexpected bills pop up throughout the year such as car repairs, medical bills and nights out drinking with friends. Having an emergency fund will come in handy during those types of situations.

Level 2: Enough Money to Quit your Job (for a bit)

Financial freedom is all about making work an option. Saving enough money to quit your job forever is a huge undertaking. Accumulating enough money to be able to take some time away from working is a big jump in that direction. This does not mean you have to quit your job, but it sure is a good feeling to know you can.

For extra credit you may want to save up for a sabbatical or extended vacation. I dream of spending a month, or two, in a foreign country each year. By no means will I be quitting my job, but it would take some planning in order to be away from my financial firm for that long.

In the shorter term, that extra money could also serve as your emergency fund. I mentioned that just in case some of you wanted some extra motivation to get to this level.

Financial Freedom - means having enough money to travel and still save for the future.

Level 3: Enough to be Financially Happy and still Save

This is a bit more about enjoying your life and having the money to do it. There is an immense sense of relief when you are earning enough to save, doing the things you enjoy and still having extra at the end of the month.

That extra cushion can be used to move up your financial freedom date. That of course assumes you avoid increasing your lifestyle and spending it.

Related: 5 Principles of Happy Money

Level 4: Freedom of Time

What many people desire is more flexibility with their schedules. Freedom of time and financial independence go hand in hand. Together, they are about leaving the rat race to follow your passion, or spend more time with family, and not going completely broke doing it. It could come in the form of more paid time off, flex time or perhaps working remotely on occasion. Not having to take a day off from work just so you can visit the dentist or take your kid to the doctor could be a huge benefit for some.

The basic level of Financial Freedom may leave you doing your own housecleaning.

Level 5: Enough for a Basic Retirement

Do you know anyone who hates their job? I mean really hates it. I have met a few over the years as a financial planner. Those individuals were willing to do almost anything to retire as soon as possible. Some considered things like moving to a foreign country with a low cost of living, selling their home or getting roommates. I should point out that those people were closer to full retirement age.

For those of you looking to retire early with financial freedom, think about what your bare minimum retirement would look like. Could you move to a place with a lower cost of living? Would you give up going out to dinner? Work towards a nest egg that will support this bare-bones lifestyle. You probably will decide against moving to that cabin in the woods without running water, but it might be nice to know you could. Considering your bare minimum retirement, and knowing you have enough money saved to at least cover some standard of living in your early retirement, will also influence other life choices you may make along the way.

Would you lease a new luxury car if you knew it meant you would have to work a few more years? Downsizing your house might look more appealing if it meant you could retire now rather than in 10 years.

Level 6: Enough to Actually Retire Well

Assuming you are doing pretty well and are happy with your current standard of living, what would you need to maintain your standard of living in retirement? Knowing you are on track to accumulate a nest egg to support that lifestyle is a big win. Gold medals go to those who have accumulated enough assets, or passive income streams, to be in a position to retire well.

Related: 8 Questions to Help You Decide if You Should Move in Retirement

Dining oceanfront may be part of your dream retirement. If you want money to things like this, plan... [+] for it.

Level 7: Enough for Dream Retirement

If you did not spend 40, 60 or more hours per week at work, what would your dream life look like? Would it include things like traveling more and spending more time with friends and family? Traveling the world, flying first class, and staying in nice hotels does not come cheap. Think big here. What would really bring joy into your life.

How great would it feel knowing you are on track to have enough money to retire and be able to live your dream life? What is stopping you from getting there before you are 70 years old?

Level 8: More Money Than You Could Ever Spend

This is probably the most exclusive level of financial freedom. Hopefully, your financial freedom plan will allow you to outlive your money. Having more money than you expected to spend is great. Building enough wealth so that you could not possibly spend all of it is another. This group will likely be filled with people who either won the lottery, inherited a fortune or are founders of companies think Bill Gates or Warren Buffet. Even if they went on a spending spree buying planes, yachts and automobiles; they would still have a hard time spending all of it. I should note that both Gates and Buffet have pledged to give away a vast majority of their wealth when they pass. I would be unfair to count that as spending all their money.

Take a look at where you think you fall on the aforementioned levels of financial freedom. Use it as motivation to keep moving towards your most important financial goals. While I love what I do, and plan to help people with financial planning forever, I take comfort knowing that it will be a choice to continue working in my golden years. Although I am still decades away from full retirement age, I am right between bare bones retirement, if I stayed in Los Angeles, and retiring comfortably if I was willing to leave California. Who knows what the future holds and how far up the chain of financial freedom my household will climb? Where are you at, and where do you want to be in five, 10 or 15 years?

Go here to see the original:

8 Levels Of Financial Freedom - Forbes

HOUSTON, Nov. 1, 2022 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended September30,2022.

Third quarter 2022 Highlights

In the third quarter of 2022, the Company reported revenues of $49.1 million, a net loss of $7.2 million, or $0.53 per share, adjusted net loss (defined below) of $4.8 million, or $0.35 per share, and adjusted EBITDA (defined below) of $12.5 million. These results compare to revenues of $24.0 million, a net loss of $4.3 million, or $0.59 per share, adjusted net loss of $13.7 million, or $1.87 per share, and adjusted EBITDA loss of $0.7 million in the third quarter of 2021, and revenues of $42.3 million, a net loss of $2.8 million, or $0.21 per share, an adjusted net loss of $9.8 million, or $0.72 per share, and adjusted EBITDA of $9.2 million in the second quarter of 2022.

Chief Executive Officer Anthony Gallegos commented, "ICD achieved significant progress towards its rig reactivation, rig margin and adjusted EBITDA goals during the third quarter of 2022. The Company achieved quarterly revenue per day and margin per day records during the quarter, buoyed by continued penetration of our 300 series rigs and our marketing strategy of patiently waiting to seek longer-term contracts. All of this drove sequential improvements in quarterly adjusted EBITDA of 35%.

Against a backdrop of greater general macroeconomic uncertainty, market conditions for the Company's services have continued to tighten as overall supply and demand fundamentals driven by historically low underinvestment over the past decade have outweighed general economic headwinds. During the quarter, we began to strategically sign longer-term contracts and have increased our quarter-end backlog by 87% compared to the second quarter. More importantly, our backlog extending into 2023 is priced at levels that we expect will generate revenue per day over 20% higher than our reported third quarter revenue per day levels and margin per day over 55% higher than third quarter levels. In addition, we still have the majority of our fleet on shorter-term contracts that will reprice during the fourth quarter of 2022 or the first quarter of 2023.

With this backdrop, we expect to see further sequential improvements in revenues and margin per day during the remainder of this year and into 2023. Our current expectations are that fourth quarter margin per day will exceed reported third quarter levels between 10% and 15%, and first quarter 2023 margin per day will exceed reported third quarter levels between 28% and 32%. Given pricing already imbedded in our 2023 backlog, we are excited about further opportunities for margin expansion beyond these periods.

Operationally, our rig reactivations remain on schedule and our 200-to-300-series conversion program has commenced with our first conversion in process. Our 19th rig mobilized for operations at the end of October and our 20th rig is scheduled for mobilization at the end of the fourth quarter. Both of these reactivations are pursuant to one-year contracts at leading edge dayrates where expected margins will earn back reactivation costs well within the contract terms. Looking forward into 2023, we are marketing our 21st rig for mobilization early-to-mid first quarter of 2023 and our 22nd rig for the end of the first quarter or early second quarter of 2023."

Quarterly Operational Results

In the third quarter of 2022, operating days increased sequentially by 4% compared to the second quarter of 2022. The Company's marketed fleet operated at 70% utilization and recorded 1,601 revenue days, compared to 1,268 revenue days in the third quarter of 2021, and 1,540 revenue days in the second quarter of 2022.

Operating revenues in the third quarter of 2022 totaled $49.1 million, compared to $24.0 million in the third quarter of 2021 and $42.3 million in the second quarter of 2022. Revenue per day in the third quarter of 2022 was $28,646, compared to $17,141 in the third quarter of 2021 and $24,875 in the second quarter of 2022. The sequential increase quarter over quarter in revenue per day was driven by higher dayrates on contract renewals and reactivated rigs.

Operating costs in the third quarter of 2022 totaled $31.4 million, compared to $20.1 million in the third quarter of 2021 and $28.9 million in second quarter of 2022. Fully burdened operating costs were $17,305 per day in the third quarter of 2022, compared to $13,685 in the third quarter of 2021 and $15,929 in the second quarter of 2022. Sequential increases in operating costs per day were driven primarily by higher labor costs associated with increases in field-level wages implemented during the latter part of the second quarter of 2022, partially offset by improved cost absorption.

Fully burdened rig operating margins in the third quarter of 2022 were $11,341 per day, compared to $3,456 per day in the third quarter of 2021 and $8,946 per day in the second quarter of 2022. The Company currently expects per day operating margins in the fourth quarter of 2022 to increase sequentially between 10% and 15% compared to the third quarter of 2022, driven primarily by favorable dayrate momentum as well as the reactivation of the Company's 19th and 20th rigs.

Selling, general and administrative expenses in the third quarter of 2022 were $7.0 million (including $1.7 million of non-cash compensation), compared to $4.1 million (including $0.8 million of non-cash compensation) in the third quarter of 2021 and $4.9 million (including $0.7 million of non-cash compensation) in the second quarter of 2022. Cash selling, general and administrative expenses increased sequentially during the quarter due to $0.3 million relating to a dispute settlement and higher incentive compensation accruals. Stock-based incentive compensation expense increased sequentially primarily due to full quarter amortization of out-of-the-money stock appreciation rights granted late in the second quarter of 2022.

During the quarter, the Company recorded interest expense of $8.1 million, including $2.0 million, or $0.14 per share, relating to non-cash amortization of debt discount and debt issuance costs. The Company has excluded this non-cash amortization when presenting adjusted net income/loss per share.

The Company recorded a tax benefit of $0.7 million, or $0.05 per share, during the third quarter of 2022, of which $0.1 million relates to cash taxes, attributable to state and local franchise taxes.

Drilling Operations Update

The Company exited the third quarter with 18 rigs operating. Overall, the Company's operating rig count averaged 17.4 rigs during the quarter. The Company's backlog of drilling contracts with original terms of six months or longer is $101.6 million. This backlog excludes rigs operating on short term pad-to-pad drilling contracts. Approximately 31% of this backlog is expected to be realized in 2022. The Company's 19th rig mobilized for drilling operations on a one-year contract in the Haynesville at the end of October 2022 and the Company's 20th rig is contracted and scheduled for reactivation late in the fourth quarter of 2022.

Capital Expenditures and Liquidity Update

Cash outlays for capital expenditures in the third quarter of 2022, net of asset sales and recoveries, were $9.4 million. This included $5.6 million associated with prior period deliveries.

As of September30,2022, the Company had cash on hand of $7.6 million and a revolving line of credit with availability of $19.9 million. The Company elected to pay in-kind interest due under its convertible notes as of September 30, 2022. Following this payment, $170.2 million principal amount was outstanding under the convertible notes.

Conference Call Details

A conference call for investors will be held today, November 1, 2022, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's third quarter 2022 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 2879534. The replay will be available until November 8, 2022.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit http://www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include the Company's expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

CONSOLIDATED BALANCE SHEETS

September30,2022

December31,2021

Assets

Cash and cash equivalents

$

7,566

$

4,140

Accounts receivable

33,967

22,211

Inventories

1,433

1,171

Prepaid expenses and other current assets

2,940

4,787

Total current assets

45,906

32,309

Property, plant and equipment, net

365,160

362,346

Other long-term assets, net

2,159

2,449

Total assets

$

413,225

$

397,104

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$

3,302

$

4,464

Accounts payable

28,859

15,304

Accrued liabilities

13,162

11,245

Accrued interest

122

4,372

Current portion of merger consideration payable to an affiliate

2,902

Total current liabilities

45,445

38,287

Long-term debt (2)

136,756

141,740

Deferred income taxes, net

19,391

19,037

Other long-term liabilities

1,661

2,811

Total liabilities

203,253

201,875

Commitments and contingencies

Stockholders' equity

Common stock, $0.01 par value, 250,000,000 shares authorized; 13,698,851 and 10,287,931shares issued, respectively, and 13,617,005 and 10,206,085 shares outstanding, respectively

See the original post here:

Independence Contract Drilling, Inc. Reports Unaudited Financial ...

1. How Much Money You Need to Retire Early in All 50 States  NextAdvisor
2. Is the concept of financial independence and early retirement truly feasible?  Benefits Canada
3. The Hidden Costs of Early Retirement -- And Why You Might Want to Avoid This Trend  CNET
4. How Soon Can I Afford to Retire?  Yahoo Finance
5. #414: Ask Paula: I Think I Can Retire Early. Am I Delusional?!  Afford Anything
6. View Full Coverage on Google News

View post:

How Much Money You Need to Retire Early in All 50 States - NextAdvisor

Welcome to Sussex Royal, the source for factual information and details relating to the works and structure of Their Royal Highnesses The Duke and Duchess of Sussex. We are so pleased to have you as part of this community. In this section, you will find answers and clarification to questions that have come to the forefront in recent years. Many of you may be familiar with these policies, but for those of you who are not, we hope this page sheds some light on what can sometimes be misreported or quite confusing.

In 2020, The Duke and Duchess of Sussex have made the choice to transition into a new working model. As they step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, they will become members of the Royal Family with financial independence which is something they look forward to. As The Duke and Duchess of Sussex prepare to make this change, the answers to the following questions aim to provide clarity on existing and future funding arrangements.

The Duke and Duchess of Sussex take great pride in their work and are committed to continuing their charitable endeavours as well as establishing new ones. In addition, they value the ability to earn a professional income, which in the current structure they are prohibited from doing. For this reason they have made the choice to become members of the Royal Family with financial independence. Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally. While the contribution from The Sovereign Grant covers just five percent of costs for The Duke and Duchess and is specifically used for their official office expense, Their Royal Highnesses prefer to release this financial tie. More details on the specifics of the Sovereign Grant are outlined below.

The Sovereign Grant is the annual funding mechanism of the monarchy that covers the work of the Royal Family in support of HM The Queen including expenses to maintain official residences and workspaces. In this exchange, The Queen surrenders the revenue of the Crown Estate and in return, a portion of these public funds are granted to The Sovereign/The Queen for official expenditure. This is outlined in the 2018-19 Annual Report of the Sovereign Grant which is linked below. Please note, this structure replaced The Civil List in 2012. More details on this can be found on The United Kingdoms public sector information website: gov.uk

Yes, there is precedent for this structure and applies to other current members of the Royal Family who support the monarch and also have full time jobs external to their commitment to the monarchy.

No, under the current structure and financing arrangements, they are prohibited from earning any income in any form.

No, see above.

AsworkingmembersoftheRoyalFamily,The Duke and Duchess of Sussex remain dedicated to maximising Her Majestys legacy both in the UK and throughout the Commonwealth. They will continue to proudly do so by supporting their patronages and carrying out works for The Monarchy within the UK or abroad, as called upon.

Five percent of the funding for their official office was provided through the Sovereign Grant starting in 2019 (more details on Sovereign Grant below). Public fundinghasnever been used, nor would it ever be used for privateexpenditure by The Duke and Duchess of Sussex, who also do not receive any tax privileges.

Since the establishment of The Office of The Duke and Duchess of Sussex, 95 percent of the funding received for their Office expenditure is derived from income allocated by HRH The Prince of Wales, generated throughtheDuchyofCornwall.This provision has been in place since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales. This information continues to be available on The Duchy of Cornwall website.

As described above, the remaining five percent of funding for the Office of The Duke and Duchess of Sussex, covering costs associated with employing members of their official office, is received through the SovereignGrant. During the course of 2020, The Duke and Duchess of Sussex have made the choice to step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, thereby making them members of the Royal Family with financial independence. This phased approach will take time to transition in consultation with other senior members of the Royal Family, but Their Royal Highnesses are hopeful that this change is in the best interest for all and look forward to carrying out their duties to the monarch as well as their charitable work with financial autonomy.

In the 2018-2019 fiscal report, Her Majesty The Queen surrendered approximately 329 million from the Crown Estate to the government. In exchange for this contribution, in return, the government granted the sovereign approximately 82 million to cover the costs for official expenditure. This constitutes the Sovereign Grant. Further detail as stated on gov.uk can be found below:

The Sovereign Grant Act 2011 came into effect on 1 April 2012. It sets the single grant supporting the monarchs official business, enabling The Queen to discharge her duties as Head of State. It meets the central staff costs and running expenses of Her Majestys official household such things as official receptions, investitures, garden parties and so on. It also covers maintenance of the Royal Palaces in England and the cost of travel to carry out royal engagements such as opening buildings and other royal visits.

In exchange for this public support, The Queen surrenders the revenue from The Crown Estate to the government which for 2017-18 was 329.4 million. The Sovereign Grant for 2019-20 is 82.4 million which is 25% of 329.4 million.

It was announced in November 2019 that the Sovereign Grant for 2020-21 will be 85.9 million. This is 25% of The Crown Estates revenue surplus in 2018-19 which was 343.5 million.

It is worth noting that an annual grant of approximately 30 million has been added to the above figure for the 10 year re-servicing plan of Buckingham Palace, bringing the sum to 85.9 million. The below graphic helps to further explain this exchange. For clarity, in the graphic sourced from The BBC, HM refers to Her Majesty.

The contribution from UK taxpayers towards the full overhead of the British Monarchy is equivalent to approximately 1 per head per year.

The British Royal Family generates an estimated 1.8 billion a year in tourism revenues for The United Kingdom.

The refurbishment of Frogmore Cottage, the Grade-2listedbuilding in Windsor Home Park was funded by Her Majesty The Queen through the Sovereign Grant, reflecting the Monarchys responsibility to maintain the upkeep of buildings with historical significance (see above). Expenses related to fixtures, furnishings, and fittings at the official residence which is owned by Her Majesty the Queen were funded privately by The Duke and Duchess of Sussex. As stated on The Official UK Government website: The occupied Royal Palaces are held in trust for the nation by The Queen as Sovereign. Their maintenance and upkeep is one of the expenses met by the government in return for the surrender by the Sovereign of the hereditary revenues of the Crown (mainly the profit from the Crown Estate). The Sovereign Grant will allow the Royal Household to set its own priorities and thus generate economies. The occupied Royal Palaces are: Buckingham Palace, St Jamess Palace, the residential and office areas of Kensington Palace, the Royal Mews and Royal Paddocks at Hampton Court, Windsor Castle and buildings in the Home and Great Parks at Windsor.

The Duke and Duchess of Sussex chose to move to Windsor for various reasons. Their previous residence of Nottingham Cottage on the grounds of Kensington Palace could not accommodate their growing family. The option of Apartment 1 in Kensington Palace was estimated to cost in excess of 4 million for mandated renovations including the removal of asbestos (see details above on the Monarchys responsibility for this upkeep). This residence would not have been available for them to occupy until the fourth quarter of 2020. As a result, Her Majesty The Queen offered The Duke and Duchess the use of Frogmore Cottage, which was already undergoing mandated renovations, and would be available to move in before the birth of their son. The refurbishment cost equated to 50 percent of the originally suggested property for their proposed official residence at Kensington Palace. It is for these reasons, The Duke and Duchess of Sussex chose Frogmore Cottage as their Official Residence.

Frogmore Cottage will continue to be the property of Her Majesty the Queen. The Duke and Duchess of Sussex will continue to use Frogmore Cottage with the permission of Her Majesty The Queen as their official residence as they continue to support the Monarchy, and so that their family will always have a place to call home in the United Kingdom.

All travel arrangements undertaken by The Duke and Duchess in their private time have always been and will continue to be paid for privately and not by UK taxpayers. With their transition to becoming members of the Royal Family with financial independence this will continue to be the case. Wherever possible and unless advised otherwise on security grounds, their logistical arrangements are undertaken via commercial air carriers, local trains and fuel-efficient vehicles, be it for official or personal travel.

The Duke and Duchess proudly carry out official overseas visits in support of Her Majesty The Queen at the request of the Foreign and Commonwealth Office (FCO), as is the case for all members of the Royal Family. The length and location of these tours are determined by the FCO and the Royal Visits Committee. All Official overseas visits are in support of Her Majestys Governments objectives and paid for by The Sovereign Grant as well as contributions from the host country, when appropriate.

The provision of armed security by The Metropolitan Police is mandated by the Home Office, a ministerial department of Her Majestys Government, responsible for security and law & order. As stated on gov.uk, No breakdown of security costs is available as disclosure of such information could compromise the integrity of these arrangements and affect the security of the individuals protected. It is long established policy not to comment upon the protective security arrangements and their related costs for members of the Royal Family or their residences.

More Information, please visit:

Royal Finances

The Duchy of Cornwall

The Official United Kingdom Public Sector Information Website

Read more:

Funding | The Official Website of The Duke & Duchess of Sussex

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.

(This article was originally published in NextIdea, our weekly newsletter on side hustles and pursuing financial independence. Sign up for it using the box below.)

Weekly commentary on the state of small business, side hustles, passive income, and pursuing financial independence.

Thanks for signing up!

Well see you in your inbox soon.

To break through the noise on social media and bring your brilliant idea to fruition, you need more than great content or a fancy logo. You need passion. Intention. Purpose.

Purpose is the common denominator for the honorees of NextUp, NextAdvisors inaugural list of the 25 most influential new voices in money. NextUp is a collection of the online creators making the biggest impact in the world of personal finance. No matter what your money idea may be, theres something to learn from this inspiring list.

Some of the honorees are certified financial planners or professional advisors. Others are entrepreneurs or side hustlers. There are bloggers, podcasters, authors, and coaches. All of them share a clear purpose grounded in their lived experiences, and theyre brave enough to share that personal motivation with their audience.

Within the online financial world, audiences dont just want authority. They also want relatability. If you have a clear reason for creating a business and establishing a platform, customers want to hear about that and they want to hear about it directly from you.

As you scroll through the NextUp list, find the honorees who are most inspiring to you, and see what you can learn from their story and purpose. With an incredible group of people like this, we know youll connect with at least one of them.

Were popping the proverbial (and perhaps some real) champagne here at NextAdvisor to celebrate this launch. Join us in amplifying the new voices of money.

Check out the full list of NextUp honorees here.

Weekly commentary on the state of small business, side hustles, passive income, and pursuing financial independence.

Thanks for signing up!

Well see you in your inbox soon.

More:

What the Future Voices of Personal Finance All Have in Common - NextAdvisor

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."

Sign up now: Get smarter about your money and career with our weekly newsletter

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

See the original post:

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.

Here is the original post:

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.

See the article here:

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."

Fill out the form below to subscribe our new daily editorial newsletter from the HPM Newsroom.

Read the original here:

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

[Editor's Note: As a physician looking to create lasting wealth, you know that the medical field is challenging enough without having to stress about your personal finances. Thats why we created the Physician Wellness and Financial Literacy Conference (WCICON23). We want you learning from and building relationships with other physicians and financial experts to accelerate your path to financial independence. At the same time, we want you getting some much-needed rest and relaxation at the stunning JW Marriott Desert Ridge in Phoenix. Early-bird registration is now open for the CME-eligible WCICON23that runs March 1-4. Sign up today!]

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!

Read more here:

PSLF Waiver Application Deadline - The White Coat Investor