Tag: Finance

Gas prices have always been a topic of great interest and concern for millions of Americans who rely on gasoline to power their vehicles and homes daily.

A sharp rise in gas prices can directly impact the economy, people’s expenses, and consumer behavior. Recently, events like Russia’s invasion of Ukraine have significantly affected gas prices. As we move forward, understanding the complex relationship between geopolitical factors, strategic petroleum reserves, and energy policies is crucial for accurately predicting the future of gas prices.

See Also: 25 Ways to Save Fuel and Money

Impact of Geopolitical Factors on Gas Prices

The global oil supply chain was severely disrupted when Russia invaded Ukraine in the previous year. The limited availability of gasoline led to increased demand, causing gas prices to skyrocket in response.

In situations where international crises or conflicts arise, the supply of gasoline in the market often suffers due to increased tensions among oil-producing nations and disruptions to the logistics of oil transportation.

Role of Strategic Petroleum Reserves

To counter the escalating gas prices in the wake of the Russia-Ukraine conflict, the Biden administration authorized the usage of strategic petroleum reserves (SPRs).

SPRs are massive emergency oil tanks that can be tapped into when gas prices become uncontrollable. Consequently, this decision led to a decrease in gas prices.

However, utilizing the strategic reserves comes with its own set of challenges. The reserves are now at a 40-year low due to their extensive consumption over the past year.

As a result, gas prices have steadily risen, reaching 52-week highs. The Biden administration has announced plans to refill the SPRs to address this issue.

Balancing Supply and Demand

Refilling strategic petroleum reserves is a delicate matter, as it entails balancing between meeting the growing demand for gasoline and securing a steady oil supply.

Unfortunately, refilling SPRs could potentially lead to another spike in gas prices, especially if no additional sources of oil are brought to the market.

The current administration’s policy is focused on reducing dependence on fossil fuels and promoting renewable energy, which might further complicate this balancing act.

Future of Gas Prices

Considering the current state of strategic petroleum reserves and the administration’s energy policies, increasing gas prices seem likely as SPRs are refilled, and gasoline demand continues to grow. However, many factors could influence the final outcome.

For instance, international cooperation could help stabilize gas prices by ensuring a steady oil supply is available to the global market.

Moreover, the rate at which alternative energy sources are developed and adopted will also have a significant impact on gas prices; an increase in the use of electric vehicles and the shift towards renewable energy sources may eventually reduce the reliance on gas, leading to a potential decrease in prices in the long run.

Conclusion

Predicting the future of gas prices is a complex task that relies on understanding the intricate interplay of geopolitical influences, the status of strategic petroleum reserves, and the overall direction of energy policies worldwide.

Although the refilling of SPRs and the promotion of renewable energy policies suggest an upward trend in gas prices, several factors could potentially work to counterbalance this trajectory.

By staying informed about these factors and adapting to shifting circumstances, society can better prepare for the various challenges in the energy sector.

See Also: 25 Ways to Save Fuel and Money

Frequently Asked Questions

Q1: Why are gas prices so important globally?

Gas prices hold immense significance due to their impact on various aspects of society. Millions of people rely on gasoline for transportation and household energy needs.

Fluctuations in gas prices can directly influence consumer behavior, economic stability, and personal expenses, making them a serious concern worldwide.

Q2: How do geopolitical factors affect gas prices?

Geopolitical factors, such as conflicts or crises among oil-producing nations, can disrupt the global oil supply chain.

For instance, events like Russia’s invasion of Ukraine can lead to decreased availability of gasoline, causing a surge in demand and subsequent price spikes.

Increased tensions and disruptions to oil transportation further exacerbate these fluctuations.

Q3: What role do strategic petroleum reserves play in managing gas prices?

Strategic Petroleum Reserves (SPRs) are emergency oil reserves that countries can tap into during periods of volatile gas prices.

The decision to use SPRs, as seen after the Russia-Ukraine conflict, can help stabilize gas prices by increasing supply.

However, utilizing SPRs poses challenges, including potential shortages if inadequate replenishment, leading to higher gas prices.

Q4: How does the balance between supply and demand impact gas prices?

Balancing the oil supply with the gasoline demand is a delicate process. Refilling strategic petroleum reserves requires careful consideration to avoid creating another price spike.

Additionally, energy policies aimed at reducing fossil fuel dependence and promoting renewable energy sources can further complicate this balance, influencing the trajectory of gas prices.

Q5: What does the future hold for gas prices?

Considering the current status of strategic petroleum reserves and the direction of energy policies, it’s likely that gas prices will increase as reserves are refilled and gasoline demand continues to rise.

However, international cooperation in maintaining a steady oil supply and advancing alternative energy sources like electric vehicles and renewables could mitigate price increases in the long run.

Q6: How can society prepare for the challenges of changing gas prices?

Predicting gas price trends requires understanding the complex interplay of geopolitical influences, strategic petroleum reserves, and global energy policies.

Staying informed about these factors and adapting to evolving circumstances can help individuals, businesses, and governments better prepare for the potential challenges and opportunities in the energy sector.

Featured Image Credit: Photo by Alexis Bahl; Pexels; Thank you!

The post Gas Prices About to Skyrocket, Gas Economics 101 appeared first on Due.

Speculation has grown regarding the possibility of the BRICS countries (Brazil, Russia, India, China, and South Africa) planning to create a centralized currency to replace the US dollar as the world’s reserve currency. While this theory gains traction among critics of the US dollar’s hegemony in the global financial system, experts remain skeptical about the feasibility of such an endeavor.

This article examines the arguments for and against the idea of a BRICS centralized currency and assesses its viability as a contender for the world’s reserve curency.

The Current Dominance of the US Dollar

The US dollar’s role in the global financial system is unparalleled. It serves as the primary reserve currency, accounting for around 90% of foreign exchange transactions. Many international trade, loans, and investments are denominated in US dollars, and numerous countries hold significant portions of their foreign exchange reserves in this currency. This dominance is attributed to factors including the strength of the US economy, the stability of its political system, the liquidity of its financial markets, and its global status as a hub of commerce and innovation.

The Vision of a BRICS Centralized Currency

The notion of the BRICS countries creating a single centralized currency stems from their shared desire to reduce dependence on the US dollar. These nations emphasize the need for a more diversified global financial system to mitigate risks associated with relying on a single currency. However, implementing a centralized currency faces substantial challenges due to the BRICS countries’ diverse political systems, economic structures, and financial regulations. Furthermore, lacking a dominant economy within the group complicates the alignment of interests and establishing trust.

The Improbability of Backing the Currency with Gold

Advocates of a BRICS centralized currency propose backing it with gold to enhance its credibility and stability.

However, several obstacles undermine this idea.

1. The US owns approximately twice the amount of gold possessed by all BRICS countries combined, making it difficult for the BRICS nations to challenge the dollar’s dominance with a gold-backed currency.
2. Linking a currency to gold necessitates stringent monetary controls, potentially hampering economic growth and development trajectories for BRICS nations.

The Difficulty in Making Unanimous Economic Decisions

Achieving consensus among the BRICS countries in making economic decisions, particularly regarding a centralized currency, appears unlikely due to political and economic disparities. Differences between nations like Russia and China compared to Brazil, India, and South Africa hinder cohesive decision-making. Additionally, concerns arise over the willingness of leaders such as Vladimir Putin and Xi Jinping to compromise on monetary and fiscal policies. Navigating these diverse interests poses significant challenges to realizing a centralized currency project.

The Historical Precedent for Changing the World Reserve Currency

History demonstrates that changing the world’s reserve currency is a gradual process, challenging the notion of rapid transformation. The transition from the British pound to the US dollar spanned nearly three decades and required significant global events such as World War I and subsequent economic upheaval. While contemporary global shifts occur, they might lack the magnitude needed for a new reserve currency, particularly one supported by the diverse BRICS countries, to emerge.

Conclusion

In conclusion, the prospect of the BRICS countries creating a centralized currency to replace the US dollar as the world’s reserve currency is ambitious but improbable. While the desire for a more diverse global financial system is evident, challenges including political, economic, and regulatory differences, alongside the feasibility of establishing a gold-backed currency, stand in the way.

Moreover, historical precedent indicates that transitioning to a new world reserve currency gradually requires significant global upheaval and alignment among participating nations. The entrenched dominance of the US dollar presents formidable obstacles, casting doubt on the BRICS countries’ ability to introduce a viable alternative despite their economic strength and aspirations.

Frequently Asked Questions

Q1: What is the basis of the speculation about the BRICS countries creating a centralized currency?

A1: Recently, there has been speculation that the BRICS countries (Brazil, Russia, India, China, and South Africa) might collaborate to create a centralized currency to replace the US dollar as the world’s reserve currency. This speculation has gained traction among critics of the US dollar’s dominant position in the global financial system.

Q2: Why is the US dollar considered dominant in the global financial system?

A2: The US dollar’s dominance is a result of its pivotal role as the world’s primary reserve currency. It’s involved in approximately 90% of foreign exchange transactions, and many international trade, loans, and investments are denominated in US dollars. Factors contributing to its dominance include the robustness of the US economy, the stability of its political system, the depth of its financial markets, and its status as a global hub of commerce and innovation.

Q3: What motivates the BRICS countries’ interest in a centralized currency?

A3: The BRICS countries are driven by a shared desire to reduce their dependence on the US dollar. They highlight concerns about excessive reliance on a single currency and the potential risks associated with this concentration. They envision a more diversified global financial system that mitigates vulnerabilities tied to the dominance of a single currency.

Q4: What challenges could hinder the creation of a BRICS centralized currency?

A4: The proposition of a centralized currency among the BRICS countries faces several challenges. Their political systems, economic structures, and financial regulations differ significantly. The absence of a dominant economy within the group complicates the alignment of interests and the establishment of trust.

The disparities among nations like Russia and China compared to Brazil, India, and South Africa make unanimous economic decisions challenging.

Q5: How feasible is the idea of backing the currency with gold?

A5: Some proponents suggest backing a BRICS centralized currency with gold to enhance its credibility and stability. However, this arrangement faces obstacles. The US owns significantly more gold than all BRICS countries combined, making it challenging for them to establish a gold-backed currency that could effectively challenge the US dollar’s dominance. Additionally, linking a currency to gold requires strict monetary controls that might not be agreeable to all participating countries and could impede economic growth.

Q6: Could the BRICS countries overcome their differences to make unanimous economic decisions?

A6: Achieving consensus among the BRICS countries for economic decisions, particularly in the context of a centralized currency, seems improbable due to political and economic disparities. The varying interests of nations like Russia and China versus Brazil, India, and South Africa make unanimous decision-making highly unlikely. Navigating these diverse interests and achieving compromises poses significant challenges to implementing a successful centralized currency project.

Q7: Is there a historical precedent for changing the world’s reserve currency?

A7: History shows that changing the world’s reserve currency is a gradual process that requires significant global events and shifts. The transition from the British pound to the US dollar spanned nearly three decades and was catalyzed by events like World War I and subsequent economic upheaval.

While contemporary global economic shifts and power realignments occur, it remains doubtful that these changes would lead to the necessary systemic transformation for a new world reserve currency, especially one backed by the diverse BRICS countries.

Q8: What is the likelihood of a BRICS centralized currency replacing the US dollar as the world’s reserve currency?

A8: In conclusion, the idea of the BRICS countries creating a centralized currency to replace the US dollar as the world’s reserve currency is far-fetched. Challenges stemming from political, economic, and regulatory differences and the difficulty of establishing a gold-backed currency make this idea highly unlikely. Moreover, historical precedent demonstrates that transitioning to a new world reserve currency gradually requires significant global upheaval and alignment among participating nations.

The entrenched dominance of the US dollar further casts doubt on the feasibility of the BRICS countries successfully introducing a viable alternative.

Feature Image Credit: Photo by Jaroline Grabowske; Pexels; Thank you!

The post Is the US Dollar Being Replaced by BRICS?! appeared first on Due.

Let’s face it – college costs are increasing, and so is the financial strain on students and parents.  According to a recent report, the average approximate budget for full-time undergraduate students ranges from $18,830 to $55,800, depending on the type of institute, including public colleges and private non-profit ones. The said estimates include boarding fees, tuition costs, and other mandatory expenses.

These figures may seem concerning. But if you strategize around saving for college, you may tackle the costs smartly. There are numerous ways to save for higher education, and this post explores the most effective ones. Read on to find out everything involved!  

The Ideal Time to Start Saving for College

The ideal time to start saving for college typically depends on different factors, including your age and socioeconomic condition. However, most financial experts agree you should start as early as possible. The sooner you start saving, the less reliance you will have on borrowing or diverting money from other essential expenditures. 

It’s always wise to join a side hustle to set aside some money for your college funds. However, in case you fail to manage one, you can talk to your parents and ask them to allocate a certain portion of their income every month for your higher studies. 

If you are already earning, you should develop a consistent saving habit. For example, earning $500 per month from your part-time job can save 20% of the amount ($100) monthly. This will accumulate to $1200 yearly, and if you use the right saving strategies, this amount can turn into a substantial one, which you can later use for your college education. 

Remember, this approach will help you reduce your financial burden in the future, and you will probably experience a smooth transition into postsecondary education. 

What Amount Should You Set Aside for College

While several factors, like your financial condition and plans, influence your savings requirements, there’s a universal rule. You should dedicate a definite part of your income to your college savings. 

Suppose you plan to join an out-of-state college that charges $60,000 for tuition and fees, $54,000 for accommodation, and $6,000 for books over four years. This sums up to $1,20,000. 

You have five years in your hand to accumulate the amount. In this scenario, you will have to save $24,000 every year. If you are entitled to any grants, scholarships, or financial aid, you can deduct them from your total projected college expenses and focus on accumulating the remaining amount. 

The Best Alternatives to Consider When Paying for College

Now that you know the basics, let’s walk you through the seven best alternatives to accumulate money for college expenses. 

Consider Coverdell

If you plan to save for your child’s education, consider opening a Coverdell Education Savings Account (ESA). Instituted by the U.S. government. Its purpose is to assist families in accumulating funds for their children’s education-related expenses. Remember, the beneficiary should be under 18 years old when the account is set up unless they have special needs.

For instance, let’s say you have a 10-year-old child. You could start a Coverdell ESA for them now and contribute up to $2,000 annually, which is the maximum cap for total contributions. Thus, if anyone from the family also wants to contribute, they must ensure the total doesn’t exceed the given limit.

Coverdell ESAs offer a great deal of flexibility as they can be used to cover a broad range of expenses for students enrolled in eligible schools. These funds can be utilized for higher education and primary and secondary schools (grades K–12).

The distributions from Coverdell ESAs are tax-free, provided they don’t exceed your child’s yearly adjusted qualified education expenses.  However, if the distributions are more than the expenses, you’ll pay taxes on the gains at your child’s rate, which is typically lower than yours.

For example, if you withdraw $3,000 in one year but only $2,500 is spent on eligible educational expenses, the remaining $500 will be taxed.

However, remember that Coverdell ESAs come with income restrictions. The adjusted gross income (AGI) for single taxpayers should be $95,000 or less; for married individuals, it should be $190,000 or less to make a total $2,000 contribution.

If your AGI exceeds these limits, your contribution limit starts to decrease and gets phased out at $110,000 for single taxpayers and $220,000 for joint filers.

Invest in 529s

If you’re looking to save for future education costs, a 529 plan could be an intelligent choice. These tax-advantaged savings plans, named after Section 529 of the federal tax code, were initially created for postsecondary education expenses. However, recent changes have made them even more versatile.

There are two types of 529 plans –  education savings and prepaid tuition. 

• With an education savings plan, your investments grow tax-deferred. Besides, withdrawals are tax-free if you use them for qualified education expenses. 
• Alternatively, prepaid tuition plans let you pay current tuition rates for future college or university attendance. Think of it as locking in tuition at today’s rates, which could save you money if tuition costs rise.

Remember, 529 plans aren’t just for postsecondary education. You can also use them for K–12 education expenses and apprenticeship programs. However, remember that tax-free withdrawals for K–12 students are capped at $10,000 per year.

Interestingly, after the SECURE 2.0 of 2022, you can even use 529s to pay off student loans or fund a Roth IRA. That’s some serious flexibility.

However, you should exercise a little caution when withdrawing money from a 529 plan. Withdrawals for non-qualified expenses could leave you with taxes and a 10% penalty. Exceptions are there for circumstances like death or disability, but generally, it’s best to use the funds for intended educational purposes.

While contributions to a 529 plan aren’t federally tax-deductible, over 30 states offer tax deductions or credits for 529 plan contributions. You usually need to invest in your home state’s plan to take advantage of these. However, if you’re ready to skip the tax advantage, some states let nonresidents invest in their plans.

PLUS Loans

If you’re a  graduate student or a parent of an undergraduate student, you can consider PLUS loans.

To qualify for this loan, your child (if you’re a parent) must be registered as at least a half-time student in a recognized institution. Once the loan is approved, it’s used first to pay for tuition, room, and other institutional fees. You can use any remaining money to cover additional education-related expenses.

PLUS loans offer the stability of a fixed interest rate. For example, if you were to take out a loan between July 1, 2021, and July 1, 2022, you’d have a rate of 6.28% throughout the loan term. To apply for a PLUS loan, you and your child (if it applies) must fill out the Free Application for Federal Student Aid (FAFSA). 

You’ll also need to pass a standard credit check. If your credit history is less than stellar, don’t worry, there may be some workarounds. You might still qualify if you can find an endorser for the loan. Alternatively, you can demonstrate specific extenuating circumstances.

However, it’s crucial to know about certain costs associated with PLUS loans. These loans carry a fee, which is deducted from each disbursement. For example, if the loan is taken out between Oct. 1, 2020, and Oct. 1, 2022, the fee is 4.228%. On a $25,000 loan, you’d receive $1,057 less than the total amount you borrowed.

Yet, when it comes time to repay the loan, you’ll have to pay back the full amount you borrowed, including these fees.

Harness Scholarships

Did you know over 1.7 million scholarships are awarded annually to students of all backgrounds? With these awards, you can reduce your college costs significantly. 

To find and secure the right scholarships, focus on applying for alternatives that suit you. Don’t be lured by the number; instead, look at the fit. Are you a volunteer? Or perhaps a “Star Trek” fan? There’s a scholarship for almost anything. By targeting scholarships aligned with your interests and experiences, you’re more likely to win.

Don’t overlook your school’s financial aid office, either. Scholarships offered directly by your school might not be widely advertised, but they could be a gold mine. 

Also, remember to harness the power of scholarship search engines. These platforms can help you find options that align with your needs and qualifications, saving you time and effort.

Submitting an accurate and complete application is crucial. Be vigilant about deadlines, and read through every detail. Ensure you have all necessary documentation ready before you start the application. Simple mistakes like exceeding word count limits or making grammatical errors can cost you a scholarship, so be attentive!

Furthermore, stay organized. Keep track of your applications, deadlines, award amounts, and essay topics. Set realistic earnings goals and monitor your progress. You can use digital tools like Google Docs or good old-fashioned Post-It Notes, whichever works best for you.

There are many types of scholarships available, including:

• External scholarships from private groups or foundations
• School-sponsored scholarships
• Need-based scholarships 
• Merit-based scholarships for those with outstanding talent or who volunteer.

Ideally, you need to aim for renewable scholarships. These scholarships pay a certain amount every year as long as you meet the criteria. Such criteria include maintaining a specific GPA and so on.  These scholarships can typically provide a steady stream of funds for your education.

Remember, the more scholarship money you secure for your college fees, the less you’ll have to pay in student loans after graduation. So take your time, do your research, and make the most of these opportunities. After all, every scholarship won is a step towards an affordable education.

Look for No-loan Colleges

No-loan colleges are institutions that completely cover their students’ financial needs without resorting to student loans in their aid packages. This approach eases the financial burden on students and their families when it comes to paying for college tuition.

Presently, there are around 75 schools in the United States that have adopted some form of a no-loan policy. This includes prominent institutions like Harvard, Princeton, and the University of Pennsylvania.

Usually, no-loan colleges leverage scholarships, grants, and work-study programs,  operating on a need-based financial aid system. They assess your family’s ability to pay and then craft a financial aid package to cover the rest. 

Typically, these generous policies focus on students from lower or moderate-income households.  However, the specific income threshold for qualifying for no-loan financial aid varies widely by institution. 

For instance, Stanford University has a no-loan policy for families making under $1,50,000 a year. On the other hand, Princeton University’s no-loan policy covered all students with a family income of less than $65000.

Wrapping Up

Attaining a higher education isn’t just about the grades you achieve or the degree you earn. It’s also about learning financial responsibility, understanding the value of money, and making smart, forward-thinking decisions. 

With the right financial planning, you can transform the daunting task of paying for college into a manageable part of your educational journey, setting a strong foundation for your financial future. So, don’t let the fear of college costs deter you. Instead, use these strategies as a roadmap to achieving your educational aspirations without the heavy burden of crippling debt. 

Your dream college experience is more attainable than you think!

Frequently Asked Questions

What happens if I save too much in a 529 plan and my child doesn’t end up using all of it for education?

If the funds are not used for eligible educational expenses, the earnings portion of the withdrawal will be subject to federal income tax and a 10% penalty. However, you have options such as changing the beneficiary to another eligible family member, saving it for graduate school, or even using it to pay for your own continuing education.

Can I apply for scholarships even if I’m not a top student or a star athlete?

Absolutely. While some scholarships are merit-based, many others are based on factors like community service, leadership, artistic talents, and even specific interests or hobbies. There are also scholarships that focus on financial need, family background, or intended area of study.

Are PLUS loans available to parents of graduate students or only to undergraduate students?

PLUS loans are available to both graduate students and parents of undergraduate students. These loans have a fixed interest rate and can cover the full cost of attendance minus any other financial aid received.

What’s the difference between a Coverdell ESA and a 529 plan?

Both are designed to help save for education expenses but have key differences. For instance, Coverdell ESAs have an annual contribution limit of $2,000, and the funds can be used for both K-12 and higher education expenses. On the other hand, 529 plans have higher contribution limits, offer potential state tax benefits, and were initially created for postsecondary education expenses. However, recent changes have expanded their use.

Do no-loan colleges cover all costs or only tuition?

No-loan colleges aim to cover the full demonstrated financial need of students. They include tuition, books, etc.  However, the specifics can vary from one institution to another. 

Featured Image Credit: Karolina Garbowska; Pexels: Thank You!

The post 529s, Coverdell ESAs, and More: A Comprehensive Guide to Saving for College appeared first on Due.

Do you know that 1 in every 8 females in the US develops breast cancer at some point in their lifetime?

Although breast cancer takes a significant toll worldwide, women in the US are significantly more susceptible to it. While October is recognized as Breast Cancer Awareness Month, your commitment to fighting this disease should go beyond just a month. One of the strategic means to make a difference is to leverage technology and invest in breast cancer research.

Advancements in technologies to mitigate risk involve research worth millions of dollars.  At $515 million, breast cancer research is currently one of the largest research areas that involve federal funding. Besides, collaborative research on breast cancer often requires support through crowdfunding and charitable measures. Charities at the national and local levels provide financial assistance to families and individuals affected by breast cancer.

In this article, let’s explore how a single click from your end can contribute to funding research. This way, you can donate to a noble cause besides spreading awareness about breast cancer.

The impact of technology in treating breast cancer

Breast cancer is a significant health concern primarily affecting women, but men are also affected in some cases. Among women, it is the most common form of cancer globally. Each year, millions of women are diagnosed with breast cancer. Looking beyond the emotional and physical toll the disease takes on patients and their families, the economic impact on healthcare systems also deserves attention.

Thanks to advanced technology in the healthcare domain in the digital age, the transformation in treating the disease is quite visible. Beyond healthcare technologies, social media and other online platforms have been instrumental in raising awareness and sharing information. Various organizations have also leveraged social media and online technologies to mobilize support for breast cancer research. 

Supporting breast cancer research in a few clicks

Investing in breast cancer research goes a long way in developing better treatments. Besides, proper research can improve the chances of early detection and eventually finding a cure. Concerned citizens can play a crucial role in strengthening scientific research and treatment options by supporting organizational initiatives through funding.

Let’s take a look at the different financing options that you can choose from as you indulge in the noble act.

Donating to cancer research institutions

Some of the leading cancer research institutions focus on innovating new treatment processes for breast cancer. So, you may consider donating directly to these institutions. Your contribution will help researchers conduct groundbreaking studies, clinical trials, and innovative research projects.

To name a few, you can donate to institutes like Breast Cancer Research Foundation, the Susan G. Komen Foundation, and National Breast Cancer Foundation.

Crowdfunding campaigns

One of the common ways to support breast cancer research involves crowdfunding. Individual patients also benefit from these crowdfunding campaigns. Often, these campaigns focus on breakthrough research, personal stories, or innovative projects that need funding.

You may consider participating in these crowdfunding campaigns, making a direct impact on research. Also, this approach can help you financially support patients and their families fighting breast cancer.

Supporting breast cancer patients and organizations

Besides donating and participating in crowdfunding, responsible citizens often support breast cancer patients and organizations providing care. You can contribute to these initiatives and programs directly through online platforms. This way, you can enhance treatment processes and make a positive difference in patients’ lives. You can also support treatment services and raise awareness about the challenges that these families are facing.

Fundraising for supporting patients

How about participating in fundraising events or creating your own fundraising campaigns to support breast cancer patients? Organizations carrying out research, as well as patients, need financial assistance for essential services and treatment. Apart from directly providing financial assistance, you may arrange counseling and transportation. Besides, breast cancer research organizations also design survivorship programs and arrange access to support groups.

Weighing these financial priorities, you may consider investing in popular fundraising platforms such as JustGiving, GoFundMe, or Classy. 

Volunteering to support organizations

Why not think beyond providing monetary assistance and get involved in volunteering? If you have expertise and time, volunteering for organizations supporting breast cancer patients would be a gratifying experience.

As a volunteer, you may indulge in counseling, organizing events, or providing emotional support to patients. Besides, you might channel your professional skills like designing, marketing and providing legal support for the cause. Volunteering is a great way to make a difference, fostering a sense of community.

Investing in awareness programs and education

Both education and awareness go a long way in preventing breast cancer. Also, informed patients can identify symptoms, leading to early disease detection. This justifies why it’s imperative to invest in awareness programs and education. This way, you can spread accurate information and empower patients to make proactive decisions. Also, awareness programs ensure regular screenings to detect breast cancer at the early stages.

Corporate social responsibility initiatives

Walking in the shoes of a CEO or a business owner, how about shaping your corporate social responsibility initiatives to invest in a cure? Many responsible organizations have been supporting breast cancer research and patient care. Besides, you may consider carrying out awareness campaigns.

Even if you aren’t the company head, you can always patronize these companies and indirectly contribute to breast cancer initiatives. Your donations would constitute a part of their philanthropic efforts for the noble cause. Check out organizations that actively engage in breast cancer support and invest in the cure through their network.

Share educational content

Social media channels continue to be a great platform for sharing educational content. By sharing valuable insights, you can strengthen the campaign by doing away with myths. Rather, share practical and genuine information on social media to help patients fight breast cancer or detect the disease at its early stages. 

By sharing reliable resources such as articles, blogs, medical reports, infographics, and personal stories, you can contribute to spreading awareness and promoting healthy lifestyles.

Participate in online campaigns

One of the other ways to support the campaign against breast cancer involves active participation in online campaigns. For instance, you might be aware of initiatives such as the Breast Cancer Awareness Month Self-Examination Challenge or the Pink Ribbon Challenge. Besides participating in these initiatives directly, encourage others to get involved in the mission. By educating others and promoting regular screenings, you can significantly contribute to the cure.

Which are the leading breast cancer research organizations?

Before wrapping up this article, let’s look at the leading organizations showing the way to breast cancer research.

Breast Cancer Research Foundation

This is a non-profit organization carrying out advanced research on breast cancer treatment. The Breast Cancer Research Foundation (BCRF) carries out research on prevention strategies as well as a cure for breast cancer. The organization also funds cancer research across the world. This helps global researchers carry out advancements in generics, tumor biology, treatment, prevention, survivorship, and metastasis.

Charity Navigator reveals that BCRF spends less than 4% of the funds on administrative costs, while it channels as much as 87% to its programs and services.

Lynn Sage Cancer Research Foundation

A charity for breast cancer research and education, the Lynn Sage Cancer Research Foundation is a prominent organization you can consider donating to. The organization aims to support research, understanding, and treatment of breast cancer. 

They have also partnered with Northwestern Memorial Hospital of Chicago as well as Robert H. Lurie Comprehensive Cancer Center. With its extensive network in the healthcare domain, the organization generously contributes to research and patient care.

Ever since the inception of this research foundation, the body has raised over $40 million to fund research on breast cancer. Around 15% of the funds at Lynn Sage Cancer Research Foundation is spent on administration, while 74% is used on funding programs and services.

Gateway for Cancer Research

The Gateway for Cancer Research aims to fund breakthrough clinical trials across the world and assist cancer patients in living a better life. The organization also aims to conquer cancer through research and devising treatment procedures. Interestingly, this institute claims to use 99 cents per dollar for funding clinical trials.

Charity Navigator, the reputed watchdog of charity funds, claims that the Gateway for Cancer Research spends less than 1% of its funds on administrative costs. This highlights the truth behind the organization’s claims.

National Breast Cancer Coalition

The NBCC (National Breast Cancer Coalition) is yet another organization working in the field of breast cancer treatment. The ambitious organization initially set a goal to end breast cancer by 2020. Although this goal wasn’t realized, the organization continues to support research. To date, the National Breast Cancer Coalition has raised over $4 billion to fund research on breast cancer.

NBCC spends less than 6% of its funds on administrative expenses, while 83% is spent on research programs and services.

Carol M. Baldwin Breast Cancer Research Fund, Inc.

The Carol M. Baldwin Breast Cancer Research Fund is an organization that supports both established researchers and new ones. These professionals strive to discover the causes of breast cancer besides devising prevention strategies and treatment options.

The researchers investigate different factors causing the disease. These include molecular, genetic, environmental, and cellular aspects. To date, the Carol M. Baldwin Breast Cancer Research Fund claims to have awarded research grants of more than $5 million for breast cancer research.

As per Charity Navigator, this organization spends around 18% of its funds on administrative costs while channeling 73% on research.

Endnote

Supporting breast cancer research and raising awareness shouldn’t be limited to a specific month. With digital technologies available, proactive initiatives throughout the year can make a lasting impact on patient care. Consider supporting patients and organizations or donating to research institutions besides spreading awareness. Also, try to spearhead impactful participation in corporate social responsibility initiatives to invest in a cure for the disease.

Imagine a world without breast cancer. Doesn’t it seem great to invest in the cause? It’s a goal worth pursuing. Investing in research and patient care to mitigate the risk can significantly streamline treatment procedures. 

FAQ

How can I ensure my donation to breast cancer research is being used effectively?

To make sure that your donation to breast cancer research is appropriately used, research reputable organizations. These institutes should have an established track record of funding breast cancer research. Also, look out for transparency in how they allocate the funds and distribute the same. Check out their websites for detailed information on their partnerships, research programs, and grant allocation processes.

What causes breast cancer?

Breast cancer can be caused due to several factors, including genetic mutations, family history, hormonal influences, gender, and age. Besides, lifestyle choices continue to be yet another reason behind breast cancer. It is crucial to consult a healthcare professional to evaluate the risks and seek guidance if you notice any early symptoms.

What are some signs of breast cancer?

It’s important to detect the signs of breast cancer for early detection and diagnosis. The symptoms of breast cancer can vary between individuals. However, some of the common signs of breast cancer include:

• A lump in the breast or armpit or a thickening in the breast
• Changes in the size and shape of the breast
• Changes in the nipples like discharge, inversion, or pain
• Visible changes in the skin like puckering, dimpling, or redness
• Swelling or a lump in the lymph nodes close to the breast

In case you notice any of these symptoms, make sure to consult a healthcare professional and seek necessary medical treatment at the earliest.

What are some breast cancer support services?

Some of the organizations providing breast cancer support services by funding treatment are:

Can I save tax by donating to breast cancer research?

Yes, donating to breast cancer research can help you save tax. However, you need to be transparent with the documentation. This explains why it’s important to donate to a recognized and reputable organization. Reputed charities post financial details on their websites. For instance, you will find their links to Form 990 and annual reports. Moreover, the IRS can access a searchable list of organizations that receive tax-deductible contributions.

Featured Image Credit: Anna Tarazevich; Pexels: Thank You!

The post Invest in a Cure: Supporting Breast Cancer Research and Awareness with a Single Click appeared first on Due.

Every year, financial markets eagerly anticipate the annual symposium at Jackson Hole, where central bankers and policymakers convene to discuss the current state of the economy and monetary policy. This year was no exception, as market participants paid close attention to Federal Reserve Chairman Jerome Powell’s speech to understand the Fed’s thinking on interest rates and economic growth. To their surprise, what seemed like a fairly innocuous speech led to a sudden drop in the markets, with the S&P 500 falling 1% and the Nasdaq dropping 1.5% in just half an hour. This article will delve into the details of Powell’s speech and analyze the market’s reaction, seeking to understand what drove the sudden stock decline and what this could mean for the economy’s future.

Jerome Powell’s Speech – The Key Takeaways

The Economy might be too strong.

In his Jackson Hole speech, Jerome Powell expressed concern that the US economy may run too hot. In particular, he pointed to low unemployment rates and high consumer spending as indicators that the economy might grow at an unsustainable pace.

The need to fight inflation

Powell’s primary concern is the potential for high inflation levels, which can harm the economy. With a strong economy and lower unemployment, the Fed fears that rising wages could lead to increased consumer spending, pushing inflation. To keep inflation in check, Powell said the central bank might need to consider raising interest rates in the future.

Market expectations vs. the Fed’s views

Interestingly, the markets seemed to have priced in four rate cuts for the coming year, even though Powell and the Federal Reserve suggest the possibility of rate hikes.

The Market’s Reaction and the Canary in the Coal Mine

Sharp market reversal

Despite starting slightly higher during Powell’s speech, the markets experienced a sharp reversal in a matter of minutes, with both the S&P 500 and the Nasdaq losing value. The stock drop reflects market participants reassessing the likelihood of rate cuts in light of the Fed chairman’s comments.

The regional banks’ decline

A particularly eye-catching development on the day of Powell’s speech was the decline in regional bank stocks, which fell by 2%. This has led some market observers to wonder whether this is the “canary in the coal mine” – a warning sign of further decline in the markets as investors try to reconcile their expectations with the reality of the Federal Reserve’s plans.

What Jerome Powell’s Speech Means for the Markets and the Economy

A more hawkish Fed?

Powell’s speech could signal that the Federal Reserve is taking a more hawkish stance on interest rates than previously anticipated. This would starkly contrast the market’s expectations for rate cuts, which would generally be seen as a measure taken to support economic growth.

Reassessing expectations

Given this disparity between the Fed’s stance and market expectations, investors may need to reassess their outlook for interest rate policy in the near future. This could increase market volatility as participants react to the changing monetary policy landscape.

Stress on financial institutions

Financial institutions such as regional banks could suffer if the Federal Reserve opt for a hawkish interest rate policy. With the possibility of rate hikes looming, borrowing costs for these banks will increase, potentially putting pressure on their bottom line.

Conclusion

Jerome Powell’s speech at Jackson Hole has added an unexpected twist to the discussion on interest rates and their implications for the economy and markets. With the Federal Reserve setting a potentially more hawkish tone on interest rate policy, investors now face the challenge of aligning their expectations with the reality of the central bank’s plans. While it remains uncertain how the markets will ultimately respond to these new developments, Powell’s speech has certainly injected a new element of uncertainty into the ongoing debate about the direction of interest rates and the future of the US economy.

Frequently Asked Questions

Q1: What is the significance of the annual symposium at Jackson Hole?

A1: The annual symposium at Jackson Hole is a highly anticipated event where central bankers and policymakers gather to discuss the current state of the economy and monetary policy. It provides insights into the central bank’s direction in terms of interest rates and economic strategies.

Q2: Why did Jerome Powell’s speech lead to a sudden market drop?

A2: Jerome Powell’s speech expressed concerns about the potential for an overheating economy and rising inflation. This prompted market participants to reassess their expectations for future interest rate changes. As a result, there was a sudden drop in the markets, with the S&P 500 falling by 1% and the Nasdaq dropping by 1.5% in a short period.

Q3: What were the key takeaways from Powell’s speech regarding the economy?

A3: Powell highlighted concerns about the strength of the US economy, citing low unemployment rates and high consumer spending as indicators of possible unsustainability in economic growth.

Q4: Why is the Fed considering raising interest rates?

A4: The Fed is concerned that strong economic conditions and lower unemployment might lead to increased consumer spending and, subsequently, higher inflation. Raising interest rates could help to mitigate the risk of inflation getting out of control.

Q5: How did market expectations differ from the Fed’s views?

A5: Interestingly, despite indications from Powell and the Federal Reserve about the potential for rate hikes, the markets had already priced in expectations of rate cuts for the coming year. This expectation divergence contributed to the market’s reaction to Powell’s speech.

Q6: What is the “canary in the coal mine” referred to in the article?

A6: The term “canary in the coal mine” metaphorically describes the decline in regional bank stocks following Powell’s speech. This decline raised concerns among some market observers that it could be a warning sign of further market decline as investors adjust their expectations based on the Federal Reserve’s plans.

Q7: How might a more hawkish stance by the Federal Reserve affect the markets?

A7: A more hawkish stance, indicated by the potential for interest rate hikes, could be at odds with market expectations for rate cuts. This difference in stance could increase market volatility as investors adjust their strategies based on the evolving monetary policy landscape.

Q8: What are the potential implications for financial institutions like regional banks?

A8: A more hawkish interest rate policy could increase borrowing costs for financial institutions like regional banks. This, in turn, might put pressure on their profitability and overall financial health.

Q9: How has Powell’s speech impacted the ongoing discussion about interest rates and the economy?

A9: Powell’s speech injected a new element of uncertainty into the debate about the direction of interest rates and the future of the US economy. The unexpected twist in the discussion has prompted investors to reevaluate their expectations and strategies.

Q10: What should investors consider in light of these developments?

A10: Investors should closely monitor communications from the Federal Reserve and be prepared for potential shifts in interest rate policy. Additionally, they might need to adjust their investment strategies to align with the evolving economic landscape influenced by the central bank’s decisions.

The post Powell’s Jackson Hole Bombshell! Markets on Edge appeared first on Due.

It’s easy to miscalculate your college expenses and lose track of your finances as you embrace your college life. Even the most meticulously designed college budgets tend to fall short by yards. While budgeting for your college expenses, it pays to look beyond tuition fees, housing costs, and meals. What about the cost of your textbooks, socialization expenses, transportation, or joining a club?

There’s a plethora of hidden costs that institutions seldom talk about! Now that you are bracing up for a new life away from home, it’s time to budget like a pro. Let’s explore some of the hidden costs of college that can shock you.

Since 2015, the average cost of college has increased by 4.94% across the nation. This translates to around $1,344 additional expense per student each year. Unless you are realistic with your financial planning, it’s easy to go miserably wrong with your finances.

Statistics showing the impact of hidden college expenses

Unplanned college expenses can affect your family budgets as well as your finances. Let’s take a look at the grim reality through these figures.

• As much as 80% of college students report stumbling across at least one unexpected indirect expense at college.
• 51% of students shelled out higher indirect costs than they expected.
• To manage unexpected financial requirements, 53% of college students had to change their eating and food shopping habits. 42% feared that they wouldn’t continue to remain enrolled.

Besides, many colleges make little or no effort to help students learn about the potential expenses beyond tuition fees. The best path to proceed is to stay abreast of the potential expenses.

What are the common hidden costs of college?

Have a look at the commonly overlooked college expenses. A strategic financial plan for your college can help you plan your expenses without stressing yourself.

Student loan interest

Hardly do parents of students look into the breakup of the financial aid package. Maybe when you graduate or land in a financial crisis, you might scan through these hidden expenses. Loan interests, particularly from private lenders, quickly add to your obligations. You might not realize it, but this burden takes a lot of joy away from your graduation.

Parents and students are shelling out interest worth thousands of dollars. The interest on your education loan might accumulate even when you are in college. Knowing that you have a grace period before you start repaying your debt, you don’t tend to care much about these hidden costs. However, these costs keep inflating deep inside and end up extending your student loan late into your thirties.

Health insurance

For many families, the cost of student health insurance comes as a surprise. Besides, many colleges make having one of these policies mandatory. For the 2022-2023 academic year, the average cost of health insurance for students was $2,915.

For some institutions, the insurance sticker price looks excessively high. For instance, the annual health insurance cost of students at Ohio State University is $3,530, while that at New York University is $4,077.

Textbooks

A study shows that, on average, first-year college students shelled out $1,226 on books and supplies in 2020-2021. With textbooks and study materials getting expensive, it pays to allocate adequate funds to make these upfront purchases.

The specific cost of textbooks depends on the domain your major is in. However, this expense takes a significant bite off your budget.

Some colleges also include Orientation as a fee for the first year, further making education expensive.

Additional dining costs

While you might already have budgeted for your meals, you might already be living on noodles! Regardless of your academic level, meals continue to be an essential expense. Prioritizing your health, you can’t always compromise on your diet, right?

It’s worth noting that many colleges do not cover meals. You may also decide against going for an unlimited meal plan. On average, college students end up spending around $341 a month for buying off-campus meals.

Eating expenses also include the cost of dining out with friends, purchasing groceries, and ordering takeout from eateries. Amidst all the fun, students end up overlooking these expenses when they don’t come under their meal plan.

The expenses for off-campus meals also vary in different localities. For instance, if you live in a large city, grocery expenses can easily mount compared to what you pay in a small town.

Dorm furnishings

Well, you might be right on your housing budget or already be sharing your rooms to curtail costs. Have you factored in the expenses for furnishing your dorm or sprucing up its looks?

Think about couches, rugs, lamps, or futons – all that you are going to bring to your dorm. Then you might decorate the rooms with posters, pictures, and lights.

If you reside off-campus, factor in the cost of purchasing kitchenware and additional furniture. These expenses add up silently, so make sure to have a budget for them too. Depending on the college policies, you may also plan to bring a few pieces of furniture into the common room.

Social expenses

Your college life is the phase when you embrace a larger social circle. Naturally, you end up bearing some inherent social costs of college life.

How frequently do you plan to eat out, visit movies, or spend time partying? Although these might seem like occasional expenses, they add up to hundreds of dollars over the months. Unless you are vigilant about money handling, you will feel cramped with your budget sooner or later.

Depending on your institution, social costs include sorority or fraternity costs, fundraisers, club costs, and events at the end of semesters. All these expenses can financially stress you unless you are already earning good enough through a side hustle or a part-time job.

Hidden social costs also include purchasing gifts for your friends and other unavoidable expenses.

Loss of merit aid

Have you applied for your merit scholarship to manage college expenses? Well, you must be aware that failing to fulfill the desired grade-point average in academics can lead to the loss of your merit aid. This can land up in financial hardship, throwing you off track.

Instances of merit aid loss are more frequent than you expect. Students who are habitually sound in academics may not continue the good work at college. The workload at competitive universities often turns out to be overwhelming. Eventually, students face a rude shock when they start performing below academic expectations. The impact adversely affects their financial planning, with those “free funds’ drying up.

Greek life dues and fees

A typical college life experience in America remains incomplete without the Greek life. While it’s tempting to be a part of a fraternity or sorority, many students fail to realize the hidden costs and fees associated with it. You may be shelling out anything between $600 and $6,000 per semester. Remember, this amount doesn’t cover expenses such as alumni or rush fees.

So, it’s wise to weigh your priorities and decide whether you should go for Greek life. Don’t let hidden costs such as chapter activities, dues, and room costs overburden you.

Professional attire

As you brace up for a smart career, you’d be keen to impress your future employers. However, smart clothing doesn’t come cheap.

Did you consider the cost of purchasing professional attire to visit job interviews or career fairs? These networking events can help you click in your career. Whether you go for paid internships or attend career fairs, you must groom yourself and work on your presentation. Most students overlook these expenses while budgeting for college.

Organization and club fees

College life seems to be bustling with activities. You might be interested in joining different organizations or starting clubs to get involved in campus life. From student publications to intramural sports, there are a lot of activities to engage in. Professional and social activities are available in plenty.

However, did you factor in the cost of running these organizations? At times, students also pay for equipment and travel. Depending on the nature of your activity, the organizational costs and club fees can lead to significant cash outflow.

Emergency expenses and incidental costs

Are you prepared to tackle a financial emergency? It might be a simple mechanical breakdown in your car to an expensive medical emergency!

For most students, managing these unforeseen costs can be overwhelming. A single change in your travel plan can make a difference worth hundreds of dollars. So, it’s wise to build an emergency fund for your college days. When unplanned events arise, your financial resilience should bail you out.

How to avoid financial surprises in college?

As a college student, you can face tons of financial surprises. How do you plan to remain financially afloat?

Realistic and all-encompassing financial planning can make the difference between a stressful and worry-free college life. Here are some strategies that should put your finances on track.

Start saving early

You already know how expensive a college education can be! Considering the value of formal college education for your career, it’s imperative to undergo graduation. Being a parent, you should be proactive in opening a 529 savings account for your child. Your foresight and planning in handling educational expenses can help cover hidden college expenses.

Apply for scholarships and grants

Make the most of the “free money’ from scholarships and grants. Be an early applicant while filling out FAFSA every year as you pursue higher education. This way, you would know whether or not you are eligible for financial aid. Once you know how much grant or scholarship you qualify for, apply for a student loan to make up for the deficit.

Curtail your expenses

There are plenty of avenues where you can curtail college expenses. How about ditching pizza parties or unplanned outings with your friends? Why not share a car or use public transportation to save on gas, car insurance, and traffic tickets?

Cultivating financial responsibility while in college largely shapes your spending habits.

Plan wisely!

A college education is worth your investment. However, it’s critical to weigh your financial stature and plan your expenses logically. Identifying hidden college expenses can be tricky, so make sure to think about your lifestyle and allocate your funds accordingly.

While food and housing costs are tough to cut down on, you can curtail lifestyle and socialization expenses. Living frugally in college delivers its perks as you graduate and takes a stride toward a debt-free life.

FAQ

How much does college cost in the USA?

If you live on campus during your 4-year college in the US, the cost of attending college would be around $25,707 a year. This implies that the cost of education over four years would be around $102,828. However, nonprofit or private university students shell out around $54,501 a year or $218,004 during the course of 4 years.

Can I avoid paying hidden costs?

As a student, it’s imperative to enjoy a decent social life while enjoying your newfound freedom. Rather than refraining from paying hidden costs, it makes sense to identify these costs beforehand. Accordingly, you can set your course as a college student.

For instance, you may refrain from living a Greek life or curtail expenses on eating out. Of course, it’s possible to avoid paying hidden costs, but an informed decision ensures that living frugally as a college student doesn’t come as a shock.

Which part time jobs can I take in college?

It’s wise to take on a part-time job that would add value to your resume. Depending on the stream of your study, choose your job so that you gain relevant experience by the time you graduate. Some of the other part-time jobs for college students in the US include profiles like a tour guide, library monitoring, peer tutoring, and teaching assistant.

Can hidden costs put me in debt?

Like any kind of unplanned expense, the hidden costs of college can put you in debt. Thousands of students graduate with debt, which adversely affects their long-term financial planning. As you feel financially cramped, you may count on easy-coming education loans. Ultimately, the debts keep mounting and you need to clear them off after you graduate.

What are some financial aids in the US?

A plethora of financial aid is available for students in the US, including grants and scholarships. Submit your application at the FAFSA website to check out the grants you qualify for. Also, different institutes and organizations sanction scholarships for students in the US. Since you don’t have any restrictions on the number of scholarships you can apply for, try to maximize the benefits through these financial aids.

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