With much of the world continuing to emerge from the affects of COVID-19, it seems that some places are still battling the virus. One place that has faced recent problems in China, who has seen a large amount of cases over the last month. According got Hindustan Times, "China reported 32,695 new local cases, of which 3,041 were symptomatic and 29,654 were asymptomatic, up from 31,444 total cases a day earlier. This rise in numbers has caused cities around China to enforce stricter lockdowns, greater safety precautions, and mass testing. Many across the world blame China for the creation of the virus. With the virus originating in Wuhan, it quickly spread throughout the world. This not only disrupted every nations economy, but also disrupted people daily jobs and lives. While there is no exact reason for this recent spike in cases, it will be interesting to watch how the government will react and if any new possible variants will emerge from this rise in cases. https://www.hindustantimes.com/world-news/china-reports-32-943-new-covid-cases-as-outbreak-worsens-101669347696755.html

Image: https://www.reuters.com/business/ftx-scrambles-funds-regulators-take-action-2022-11-11/ Crypto investors are in shambles this week as one of the worlds largest crypto exchanges FTX has filed for bankruptcy. The CEO and co-founder Sam Bankman-Fried has resigned upon the announcement of their troubles. The news rocked the already shaky cryptocurrency markets, as FTX was seen as one of the more reputable companies in the crypto space. The fall also comes after a hard year for cryptocurrencies as the price of coins like BTC have fallen 65% year to date. The story started when journalists at Coindesk wrote an article on the concerning amount of FTX assets owned by another one of Bankman-Fried’s companies, Alameda. Specifically, the firm owned billions of dollars of FTT, a coin issued by FTX. This meant that a large portion of FTT’s price was being held up artificially by one of Bankman-Fried’s own companies. While another company, Binance, looked to buyout FTX, they soon backed out of the deal after looking at the company's financials. After looking into the company, they reported that it had “mishandled customer funds” and announced they were no longer interested in the company. All the news caused a bank run on FTX and sent the price of FTT plummeting from $26 in the beginning of November to less than $2. With all of the money rushing out of FTX, the platform began to halt withdrawals, increasing investors worries that people won’t be able to get their money back. The balance sheet shared publicly before the report showed that the firm had $9 billion in liabilities and assets totaling $9.6 billion, $900 million of which being liquid assets. The news is particularly shocking due to how big FTX is in the crypto industry. The CEO was formerly seen as a reputable name in crypto calling for regulations in congress and having a net worth of $24 billion - most of which is now gone. Major investors like Softbank, Sequoia Capital, and Tiger Global had millions of dollars of combined investment in the firm. The company also advertised with large sports names like Tom Brady and Steph Curry. The Miami Heat even renamed their stadium to“FTX Arena” - which has now been removed. Sources: https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/ https://www.cnn.com/2022/11/09/business/bitcoin-crypto-prices-fall-ftx-binance-ctrp https://coinmarketcap.com/currencies/ftx-token/ https://www.cnn.com/2022/11/11/business/ftx-ceo-resigns/index.html https://www.bloomberg.com/news/articles/2022-11-13/ftx-s-balance-sheet-hack-paint-dim-picture-for-user-recovery https://www.nytimes.com/2022/11/11/business/ftx-bankruptcy.html https://www.forbes.com/sites/johnhyatt/2022/04/05/the-richest-crypto-and-blockchain-billionaires-in-the-world-2022/?sh=54a291e5580d https://www.institutionalinvestor.com/article/b20nnq0gxctxy5/How-Did-So-Much-Smart-Money-Get-Tangled-Up-in-FTX https://www.espn.com/nba/story/_/id/35004915/miami-heat-cut-ties-bankrupt-ftx-rename-home-arena

Image Source: Mondo With inflation and other economic concerns still lingering globally across multiple sectors, major corporations are announcing new layoff plans. This includes Meta and Lyft laying off more than 13%, Twitter over 4000 workers, Amazon up to 10000 and Disney currently in the works. Layoffs are nothing new and they may come unexpectedly, and we should be attentive to what they are and what to do when they occur. What is a layoff? The word “layoff” may seem like a scary word that sounds like employers abruptly firing workers improperly. However that’s not the case. Layoff is a temporary or permanent termination of employment, typically occuring in large numbers. This can be done for a number of reasons, including cutting costs, general restructuring, and preparing during economic decline. What’s required during a layoff? Under the Worker Adjustment Retraining Notifiction Act, or WARN Act, employers are required to provide a 60 days notice. Some states increase this requirement to 90. Employers who violate this rule will pay penalties to the state, as well as paying out up to 60 days in wages and benefits to those laid off. It’s important to confirm your employer’s actions are legal. What do I do after being laid off? Am I protected in any way? Unfortunately, there are no laws requiring employers to offer severance during layoffs. However, some employers may offer severance agreements in exchange for clauses that protect their image and reputation. This includes not speaking against the company, sharing details about them, helping anyone attempting to sue the company, etc You may also attempt to negotiate your severance terms, if you have legitimate claims. Asking for more in your agreement will not hurt. If you’re 40 or older during your layoff, you have to be given at least 45 days to decide signing the severance package, or 21 days if you’re not part of a mass layoff. You retain certain rights, but it’s really up to the employer. Can I avoid layoffs? It’s difficult to pinpoint exactly which industries are specially prone to layoffs, but according to the US Bureau of Labor Statistics, construction, trade/transportation/utilities, professional & business services, and leisure/hospitalty return high layoff rates. So, if you were interested in any of these industries, pay close attention, however there are no jobs safe from layoffs as they occur from uncontrollable factors. Source: https://www.cnn.com/2022/11/08/success/layoffs-advance-notice-severance-packages-ctrp https://www.incharge.org/blog/what-to-do-after-a-lay-off/

Many students head into university not knowing exactly what they want to study. In fact, about 75% of all college students report having changed their major. Some figure out what they want to do after a few years of studies, but others end up regretting what they majored in after graduation. Here are the most regretted college majors according to a recent ZipRecruiter survey: ** Share of graduates who would choose a different major if they could With the average cost of a 4-year degree costing about $100,000 in 2022, it’s important that students consider what they are interested in ahead of time. Job shadowing and internships are great ways for students to learn what a job is like day-to-day and to see if it’s a good fit for their personality. Making the wrong decision in college can lead to decades of debt, especially if the degree’s tenants aren’t in demand and the skills aren’t transferable to other career paths. Here is a list of the least-regretted majors, many of which fall under the umbrella of STEM or business: Finally, I'd like to point out the correlation between the average pay for both groups of most-regretted, and least regretted majors. The average pay for the regret-free majors are significantly higher than the average pay for the most regretted college majors. Could that play a part in the regret? Maybe. Check out this website to compare lifetime earnings by major. Written by: Jacob Patterson November 14th, 2022 Sources: https://www.hamiltonproject.org/charts/career_earnings_by_college_major/ https://educationdata.org/average-cost-of-college https://www.ziprecruiter.com/blog/regret-free-college-majors/ https://www.bridgeport.edu/news/tips-for-college-freshmen-and-undecided-students/

Image: https://time.com/5342599/history-of-interns-internships/ As students going into the Fall continue to look for internships, or maybe have already been accepted into the company of their dreams, it's important to look at the importance that an internship can play in one’s career. As TIME Magazine notes, internships are the new entry-level job. So for those who want to make it into the field of their dreams, an internship is often the best way for students to get their foot in the door. How Much Do Internships Help? The first biggest thing internships can help with is landing a full time position within the company you intern for. According to the National Bureau of Economic Research, 70% of employers offer full time jobs to their interns. So if a student is looking to work with the employer who just hired them to intern, there is a high likelihood they will get offered a full position with that company. But that internship experience is also valued by other companies as well. The National Bureau of Economic Research finds that applicants with previous internship experience were 25% more likely to be contacted by employers. And another study from Labour Economics found that internships increase interview rates by 14%. While these numbers may not sound that impressive initially, it is important to note that response rates for applications are very low. That same NBER study found a positive response rate from about 6% of firms. This means that for every 17 applications someone submits, they will only get one response. And so any increase in response rates is very helpful in securing a job. It is important to note then that all of these are probabilities, and nothing is guaranteed. In order for students to best position themselves then, it is important to work the numbers. Try to apply to many positions online as, though the response rate is low, you will eventually hear back from them. The same goes for the number of internships you take. Two internships is better than one, and it means a higher likelihood of getting an offer from one if not both company’s for a full time position. Internships Make You a Competitive Applicant. While a college degree on its own is still valuable, it is also now more common than ever. According to the Bureau of Labor Statistics, about 62% of recent high school graduates enrolled into a college in October of 2021. This means that in order to set yourself apart from other candidates, you’re likely going to need to get an internship. In 2017, the NACE survey found that 61% of seniors graduating college had an internship during their time in college. The more internships one can get, and the more job experience they can receive, the more likely they are to be employed out of college. If you’re heading into your final year of college without any past internships though, you are not out of luck. A study from Chegg found that 31% of internships happen after college. This means that it is common for people to find their way in the door even after they’ve left university, so don’t feel left out. Sources: https://time.com/5342599/history-of-interns-internships/ https://www.naceweb.org/store/2019/internship-and-co-op-report/ https://www.nber.org/papers/w26729 https://www.sciencedirect.com/science/article/pii/S0927537115001207?via%3Dihub https://www.bls.gov/news.release/hsgec.nr0.htm#:~:text=The%20college%20enrollment%20rate%20of,62.7%20percent%20in%20October%202020 https://www.naceweb.org/uploadedfiles/files/2017/publication/executive-summary/2017-nace-student-survey-executive-summary.pdf https://www.internships.com/career-advice/search/when-do-people-start-internships

Apple has furthered its partnership with Goldman Sachs to offer a high-yield savings account (HYSA) integrated into the Apple Wallet app. This comes at a time when the lines between technology and financial institutions are becoming increasingly blurred. According to Apple’s press release, anyone with an Apple Credit Card (also through Goldman Sachs) can use the HYSA. Apple also announced that the Apple Card’s reward system and the HYSA would be integrated, so when a user buys something, earning 2% back with the Apple Card, that balance would be deposited to the HYSA and would grow at the account’s interest rate. In my opinion, this is a smart move for both parties. Part of the reason why the Apple Card has been so popular is because of Apple’s branding and its ease of use. The Wallet app creates a very clear and easy-to-understand user interface, showing the user’s credit limit, potential interest, and current balance. Apple will make sure that this ease of use carries over to the savings account. This is also a good opportunity for Goldman Sach’s consumer banking arm to take on more assets under management & increase revenue from lending. Consumers have also been more likely to switch to a HYSA due to high inflation. It appears that the Apple/GS HYSA has not been released yet, but if you are interested in opening a HYSA to preserve your savings, here is a link to some accounts with high rates. Sources: 1. https://www.apple.com/newsroom/2022/10/apple-card-will-let-users-grow-daily-cash-rewards-while-saving-for-the-future/ 2. https://www.wsj.com/articles/apple-goldman-sachs-to-offer-high-yield-savings-accounts-11665677447

Image Source: UCLA Anderson Review Written By: Abdullah Al-Ejel Since the pandemic's start, emphasis on labor and wage equality has only grown stronger, and recent developments in salary transparency have emerged. On November 1, 2022, New York City will start requiring businesses with 4 or more employees to list their minimum and maximum salary ranges on job postings. Similarly, California will set this requirement on businesses with 15 or more employees starting January 1, 2023 (CNN). This news comes after states including Connecticut, Colorado, and Maryland enacted similar laws over the last few years. This is a huge milestone not only for New Yorkers and Californians but for the entire nation. A major focal point of wage equality is transparency on salaries offered to new hires and how they compare to current employee compensation. If you are hired at a business with the same education and experience as another employee, the common expectation would be to start at the same salary that they did or at market expectation. However, some employers may lowball offers, and since it’s the social norm to not disclose your salary to coworkers or negotiate until after acceptance, it’s still not absolutely clear whether you’re getting a fair share or not. There are benefits and drawbacks to discussing compensation with coworkers, but approval of doing so is high, especially among Gen Z and millennials. With this positive shift in attitude and states implementing legal standards, there is certainly growth in salary transparency and hope for law implementation at the federal level. At the end of the day, increasing salary transparency is an immense benefit for both parties, helping to avoid any time waste in applying and interviewing if the salary is initially not of interest. Additionally, this can improve a business’s awareness of competing salaries and expectations from applicants, making the optimal salary range more apparent. A world of increased communication and honesty is better for everyone

There are many misconceptions surrounding the need for a will and trust. Some think that wills are only for older people or only for rich people, while others are unaware of the consequences of dying without one. It’s not uncommon for people to die without a will, currently, about two thirds of all Americans do not have a will. Let's explore some of the myths around wills: ‘Wills are only for rich people’ Wills are not only for rich people. Everyone should have a will to ensure that their assets go where they wish in the event of their passing. Households with higher incomes tend to write wills more often than those who earn less, but it is important for those at all income levels. ‘Wills are only for old people’ People tragically die at young ages every day, and your will determines where your assets will go when you die. That's why people of all ages should have a will. If you do not write a will, it is called “dying interstate” and the state will determine where your cash, investments, house, dog, and heirlooms go (instead of you!). Probate can be a long process, often taking months, and sometimes even years to complete. Probate If you do not have a will and your estate (your assets) goes into probate, your heirs will have to go to court, sometimes needing to travel out of state. This is a long and stressful process where there are often disagreements and familial relationships are sometimes degraded or destroyed. What to do next When you choose to write your will, make sure to go to an attorney specializing in wills and trusts. You should not use an online will because estate law is complicated and varies state by state. Even though online wills are cheaper than a will written by an attorney, you should be wary of their accuracy. Written by: Jacob Patterson Sources: https://www.legalzoom.com/articles/estate-planning-statistics#:~:text=Gallup)-,Estate%20planning%20statistics%2C%20by%20wealth,all%20income%20and%20wealth%20levels. https://www.forbes.com/sites/nextavenue/2020/04/20/the-dangers-of-dying-without-a-will/?sh=6bd090d665ca https://generationslawgroup.com/top-5-reasons-people-dont-have-a-will-or-estate-plan-and-the-risk-of-inaction#:~:text=Belief%20that%20Only%20Wealthy%20Folks%20Need%20Wills&text=Do%20you%20own%20anything%20in,any%20part%20of%20your%20Estate%3F https://www.cnbc.com/2022/10/29/here-are-the-legal-and-personal-ramifications-of-dying-without-a-will.html

Image: https://www.usatoday.com/story/news/world/2019/07/11/the-50-most-densely-populated-cities-in-the-world/39664259/ US GDP saw an unexpected increase in the third quarter, turning around this year's downward GDP trends. While the news may seem like a positive sign for the future, economists are still pessimistic about the possibility of a coming recession. Image: https://www.nytimes.com/2022/10/27/business/economy/us-economy-gdp.html GDP rose 0.6% this quarter, a 2.6% annual growth rate. And while overall the economy grew and services spending increased, there was a decrease in goods spending for this quarter - goods which have been the primary driver of inflation. This is in part why economists don’t believe the picture of the economy this news paints is as great as it may seem. Inflation is eating away at Americans' savings, and it also means that people are borrowing more money. According to the Federal Reserve Bank of New York, there is now $887 billion owed in credit card debt as of last June. This represents a strong increase in spending on credit as many Americans are finding it more difficult to pay their monthly bills. Another report from creditcards.com shows that there has been a 10% year over year increase in people holding credit debts for more than 12 months. If debts continue rising to unsustainable levels, it could mean that more people default on their debt and are unable to keep up with spending, which would have drastic impacts on the economy as a whole. Overall, the future still remains uncertain in regards to what will happen to the economy going forward, even with GDP growth coming back. Sources: https://www.nytimes.com/2022/10/27/business/economy/us-economy-gdp.html https://www.newyorkfed.org/newsevents/news/research/2022/20220802 https://www.creditcards.com/statistics/credit-card-debt-poll/

Image Source: ourweekly Written By: Abdullah Al-Ejel In a time of increased cyber security and fraudulent attempt awareness, we would hope to witness a reduction in scams. Unfortunately, this continues to be prevalent and grows at an increasing rate, with reports increasing over 17% from 2020 to 2021. One of these attacks has been made on the recent loan forgiveness program by Biden. Beginning October 17th, the US Department of Education officially released the new loan forgiveness application, and scammers have taken this opportunity for their scheming. With millions of individuals eligible to apply, the number of potential victims grows, broadening scammers' targets. Here are the major tip-offs to notice scams related to this application: You’re not applying at StudentAid.gov/DebtRelief or any .gov website The application is free. If there is a fee, do not fill it out and report it right away Providing financial documents is not required as of now. Do not fill out an application that asks for proof of income or account information Emails coming from suspicious accounts or non-government domains Applications that claim to approve you for a fee. You can apply and get accepted or denied based on qualifications. It’s a fair process for everyone It’s disheartening that scamming exists, especially during these types of situations intended to support those in need. All we can do for now is share awareness as much as possible. If you are applying to this program, remember to only use government resources and avoid the 5 that I have mentioned above. Only time will tell if this forgiveness plan ends up a success, and all who are eligible receive their money. Sources: https://www.cnbc.com/2022/10/18/ftc-red-flags-to-spot-student-loan-forgiveness-application-scams.html https://www.axios.com/2022/10/20/student-loan-forgiveness-application-scams https://www.fbi.gov/contact-us/field-offices/sanfrancisco/news/press-releases/fbi-san-francisco-warns-the-public-about-potential-federal-student-loan-forgiveness-fraud-schemes

Image: https://www.nbcnews.com/news/world/british-prime-minister-liz-truss-resign-economic-plan-turmoil-rcna52946 On Thursday, Prime Minister of the UK Liz Truss resigned making her the shortest serving British P.M. in history. Her term, which began on September 6th, was marked by grief over the queen's death and the economic turmoil which has unfolded in response to her economic policy. The recent announcement of Truss’s tax plan led to the pound’s worst day since 2020 and the firing of her Treasury Chief Kwasi Kwarteng. In her resignation speech, she stated that she came into office looking to cut taxes, grow the economy, and take advantage of Brexit freedoms. "I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party” Truss said on Thursday. “I have therefore spoken to His Majesty the King to notify him that I am resigning as leader of the Conservative Party.” The question now facing the country is who will replace her as the new prime minister during such a pivotal moment with a possible recession on the horizon? The most likely candidate seems to be Rishi Sunak. Sunak currently has the most party members backing him at 164, his closest opponent coming in with 90 pledged supporters in comparison. If Sunak is elected, he plans on imposing higher taxes to pursue more fiscal responsibility for the nation. His plans are in stark contrast to Truss’s previous idea of lower taxes for the country, and shows the party’s reaction to said plans as it completely turns around its economic trajectory for the country. Still, even with a new prime minister, the UK faces major economic challenges as it continues into the winter with the possibility of an energy crisis in Europe and recession worries increasing. Sources: https://www.nbcnews.com/news/world/british-prime-minister-liz-truss-resign-economic-plan-turmoil-rcna52946 https://www.msuwma.com/post/u-k-reverts-tax-plans-to-ease-market-worries https://www.reuters.com/world/uk/uk-pm-liz-truss-resigns-2022-10-20/ https://www.ft.com/content/0cf99f77-c41c-4fab-a15f-4fef98323704 https://www.nytimes.com/2022/10/24/business/sunak-uk-prime-minister-boris-johnson-penny-mordaunt.html

The IRS has made some big changes for the 2023 tax year, including new tax brackets and new IRA/401k contribution limits. First, the IRS increased the tax brackets for both single and joint filers. This change was made to avoid “bracket creep”, where consumers are effectively taxed more because their purchasing power decreases. The IRS is taking this step to keep taxes paid the same as in 2022. Brackets: Single Filers Joint Filers: How do tax brackets work? Many people get confused about tax brackets and there are a lot of misconceptions surrounding them. This is how they work. Looking at the tables above, if you made $44,827 as a single person in 2023, you would be taxed 0% federally on the first $11,001 dollars you earn, 12% on the next $33,725 that you earn, and 22% on the $100 that you made within the third bracket. So, if you are worried about getting into the next tax bracket, don’t be! Moving into the next bracket only affects the dollars before that next bracket, it does not affect all of your earnings. 401(k)/IRA news: The IRS also recently announced that they would significantly increase the caps on 401(k) and IRA accounts for tax year 2023. The cap on the 401(k) was increased from $20,500 to $22,500 and the IRA cap was increased from $6,000 to $6,500. This is good news, as tax-advantaged investment accounts are a great way to keep more of your money! The catch-up contribution (for participants who are 50 and older) increased 15.4% from $6,500 to $7,500. Written by: Jacob Patterson Sources: https://www.cnbc.com/2022/10/20/irs-new-income-tax-brackets-2023-who-will-owe-less-money.html https://www.cnn.com/2022/10/21/success/401k-ira-contribution-limit-increase-2023/index.html Tables made by CNBC - Mike Winters (Source: IRS)