Here's the chicken or egg of the business world: is an MBA worth it? You may recognize this trend from Chad Harbach's sensational MFA vs. NYC which got the literary world talking about whether writing graduate programs were necessary to crank out bestselling novels, or if living on the streets of NYC was experience enough. The same debate is up for entrepreneurs.
Take a peek inside an MBA class, and you'll be inundated by unsmiling suits and big-time CEOs turned professors aggressively putting chalk to board (or, SmartBoard marker to Smartboard). For a modest fee of around $140k, (and that's not even counting the lost income expense) you'll learn everything you need to become the next Mark Zuckerberg. Right?
Well, not necessarily.
Business school may seem to be the right choice on paper, but it's too broad. There are so many different kinds of business schools that it's difficult to rule them out in general before doing some research on the type that will suit you best. For that, Forbes gives a great guide for knowing what to look for.
According to business owner Tom Castelloe though, you might as well just skip the whole business school thing. According to a US News article, he says, "Jump in the water and try to swim," rather than go the conventional route with education. He tried it (business school) and said it didn't necessarily open the doors that he thought it would. And entrepreneurs should be saving every dollar they can.
But what if there was a way to get the benefits of a business school education on someone else's dime? Some companies will actually pay for your MBA, and in that case, you should totally do it. This will just help you learn the name of the game faster while you work and make an income. But we advise against going to school with no source of income to support you.
We know it's risky to get out in the real world and start the business you've been dreaming up since you were a kid. There is no formula to becoming a successful entrepreneur. Some of it may be taught, but the essence of entrepreneurship is in your own personal drive and passion. You can take a look at some of these awesome tools for entrepreneurs to get started. The MBA vs. NYC debate might be heated, but you won't get anywhere by arguing about it. Just doing something is a step in the right direction.
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- Should You Get An MBA? Is The Degree Worth It? | John A. Byrne ... ›
- Was it worth it? | Which MBA? | The Economist ›
- Is an MBA Really Worth It? ›
It's easy to forget that the presidency of the United States is a government job just like any other–in that it comes with a stipulated salary and benefits.
But regardless of their bombastic rhetoric or self-serious public image, politicians are like all other government employees. The president, vice president, and legislators earn an annual income from the government in exchange for their duties, which include: executing/circumventing the law, upholding/withholding the civil liberties of American citizens, and legislating/sabotaging how societal institutions meet the needs of citizens, from healthcare to education.
If you've ever wondered what American politicians earn for all their hard work arguing across the aisle and starting Twitter feuds, look no further:
- Billionaire Myth 3: Private Foundations Do a Lot of Good - PayPath ›
- No Good Billionaires–Myth: Charity Is Better Than Government ... ›
Maybe you've had a high stress occupation before, like social work or stock trading, and fell victim to the high burnout rate of these kinds of jobs.
Or maybe you're just starting your career, and looking for something that won't take over your life but will still provide you with a good living. Whatever reason you have for looking for a high paying, low-stress job, you've come to the right place. We've compiled a list of the top 5 jobs that promise a solid paycheck without taking too much out of you.
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- 15 High-Paying Careers That Won't Kill You | GOBankingRates ›
- 25 Low-Stress and Fun Jobs That Pay Well | Fairygodboss ›
- 16 Low-Stress Jobs | Best Jobs | US News ›
- 41 Easy Jobs That Pay Well and Offer Low Stress ›
- 17 Low-Stress Jobs That Pay Insanely Well ›
- Top 10 Low-Stress Jobs That Pay Well ›
- High-paying low-stress jobs - Business Insider ›
What do you do when financial hardship hits and you can't make your monthly mortgage payments? This is a question on many homeowner's minds as nearly 17.8 million Americans are reportedly unemployed during the coronavirus pandemic.
When homeowners face financial hardship, such as the loss of a job, they often look to obtain a forbearance agreement from their lender. A forbearance happens when your lender grants you a temporary pause or reduction in monthly payments on your mortgage. Forbearance is not the same as payment forgiveness, in that you still have to pay the entire amount back by an agreed-upon time.
Mortgage lending institutions differ on their mortgage relief policies and qualifications; however, the Coronavirus Aid, Relief, and Economic Security (CARES) Act were signed into law in late March of this year to protect government-backed mortgages.
Federally backed mortgages include:
- Fannie Mae
- Freddie Mac
- The Federal Housing Administration (FHA)
- The US Department of Veteran Affairs (VA)
- The US Department of Agriculture (USDA)
Under the CARES Act, homeowners with a federally backed loan who either directly or indirectly suffer financial hardship due to coronavirus automatically qualify for mortgage forbearance.
Even if your mortgage is not secured by one of these agencies, you still can call and see if you qualify, as many lenders will still offer the option in order to avoid foreclosures.
Under the CARES act, homeowners can claim mortgage forbearance due to financial hardship from COVID-19 for up to 12 months without requiring any documentation or verification. During the forbearance period, mortgage lenders cannot charge late fees or penalties.
Additionally, as long as your mortgage is current at the time you claim forbearance, the lender is required to keep reporting your mortgage as paid current throughout the entire period.
At the end of the forbearance, the CARES act protects consumers from having to make a lump sum payment. Instead, you will be given a repayment plan from your provider. Since repayment options vary, it's important you ask your provider about all of your repayment options.
Possible Repayment Options:
You may be eligible for a loan modification at the end of your forbearance. With modification, the mortgage terms are changed in order to add payments that were missed during the forbearance onto the end of the loan, extending the term.
Another option that may work for some is a reduced payment option. This allows you to keep paying monthly payments at a reduced amount. The amount missed is usually added back into the monthly payments at the end of the forbearance.
Regular payment: $1000 per month
Reduced payment: $500 per month
Payment after forbearance period: $1500 (until caught up)
Balloon payments, or lump sum payments at the end of the forbearance, are prohibited under the CARES Act. However, mortgage lenders may require homeowners who are not protected under the CARES Act to make a balloon payment at the end, so again it is best to check first with your provider.
Mortgage forbearance should only be considered in true financial hardship. In other words, just because of the pandemic, you should not take a forbearance on your mortgage if you can still afford your payments. Likewise, if you are able to start making payments before the forbearance period is up, it's best to do so as soon as possible.
The Next Steps:
Before you get in touch with your mortgage servicer, save time by gathering as much documentation about the mortgage as you can. Also, be ready to list your income and monthly expenses. Due to an influx in calls, financial institutions are experiencing extremely long wait times right now, and having your information at the ready will help.
Have questions ready to ask. Here are some questions you should be asking:
- What fees are associated with the forbearance?
- What are all the repayment options available to you at the end of the forbearance?
- Will you be charged interest during the forbearance period?
If your forbearance is approved, make sure to keep all documentation pertaining to it. Make sure to cancel any automatic payments to the mortgage during the forbearance period, and keep tabs on your credit report to make sure your lender doesn't report the loan as unpaid.
For more information on forbearance, contact your lender and discuss your options. If you need more assistance with understanding your options, you can contact a local agent for the housing counseling agency, or call their hotline at 1-800-569-4287.