💰College but richer

Today, we're diving into some hot topics that could impact your wallet and your future. We'll explore the importance of retirement savings, discuss smart strategies for investing at any age to ensure a secure retirement, and highlight a groundbreaking move in the education sector aimed at alleviating financial burdens for future medical professionals. Whether you're planning for retirement, dealing with tuition fees, or looking to make the most out of your investments, we've got you covered. Let's get started on making informed financial decisions for a brighter future!

- Milan

IN THE KNOW

College But Richer

You may not be familiar with Georgetown, TX, but it's been the fastest-growing city in the US for the past three years, thanks in large part to its senior residents. At the heart of Georgetown is Sun City, a planned community for people aged 55 and older. With 17,000 residents, Sun City is a vibrant hub that's boosting the local economy. Mayor John Schroeder likens it to college life but with substantial financial security. With a median household income of $84,000, these retirees are spending their pension checks, stock earnings, and retirement savings freely, and most have their homes fully paid off. One resident even remarked, "We have more fun than our daughter!"

News like this shows us the importance of retirement funds and the earlier you start the better. For all the ways to start and save for retirement, get your very own customized money plan by answering a few simple questions here.

Planning For College

In a transformative move, Johns Hopkins University medical students will see a significant reduction in tuition costs, thanks to a generous $1 billion donation from Bloomberg Philanthropies. Starting this fall, this gift will cover full tuition for medical students from families earning less than $300,000 annually and will also cover living expenses and fees for those from families earning up to $175,000. This initiative aims to alleviate the financial burden for a majority of the students, with nearly two-thirds of those pursuing a Doctor of Medicine degree already qualifying for financial aid. As a result, the average total loans for graduates are projected to decrease substantially, from the current $104,000 to approximately $60,279 by 2029.

This substantial donation will also enhance financial aid for students at Johns Hopkins’ schools of nursing, public health, and other graduate programs. Michael Bloomberg, founder of Bloomberg Philanthropies and a Johns Hopkins alumnus, emphasized the impact of reducing financial barriers on enabling students to pursue their passions and serve communities in need. By significantly easing the financial burden, this donation aims to empower more students to follow their career aspirations in essential fields.

If you’re saving up for a degree, budgeting is key in reaching your savings goals. Get started here.

MONEY MYTH OF THE DAY
“It's Too Late To Start Investing If You're Over A Certain Age”

One common myth about investing is that it's too late to start if you're over a certain age, but this couldn't be further from the truth. While starting early does have its advantages, such as more time to benefit from compound interest, older investors still have plenty of opportunities to grow their wealth. It's never too late to begin investing, and even a few years of smart investing can make a significant difference in your financial future. 

In fact, older investors often have a few advantages of their own, like potentially higher disposable income and a clearer understanding of their financial goals. Whether you're in your 40s, 50s, or even 60s, investing can help you build a more secure retirement, create a financial cushion, and leave a legacy for your loved ones. The key is to develop a well-thought-out investment strategy that aligns with your risk tolerance and time horizon. Remember, it's not about timing the market, but time in the market that truly counts.

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