With interest rates on the rise, fewer current homeowners are refinancing — 84% less than this time one year ago and now sitting at a 22-year low. However, this record drop is bound for an eventual rebound. And before they do, it’s probably worth clarifying the difference between refinancing and repricing.&nbsp; Into the details <ul><li> Their differences are clear, even though they share similar goals. Refinancing refers to closing out your current home loan and replacing it with a new one, whereas repricing is simply a re-negotiation of terms with your current bank.&nbsp; </li><li>The costs: A refinance is typically more expensive (the US average is <a href="https://www.valuepenguin.com/mortgages/average-cost-of-refinance" target="_blank">$4,345</a> on a $160K mortgage), varies depending on the principal value of the loan, and can take up to a few months to complete. Repricing on the other hand is a flat fee charged by the bank, usually costing between $500 and $1,000 depending on the size of the loan, and can be finalized in less than a month.&nbsp; </li><li>The decision process: Looking at the differences here, a logical decision-making process is to first investigate repricing a loan with your existing bank, then to explore a refinance to see if the difference is worth it.&nbsp; </li><li>Make it count:&nbsp;Make sure the savings are worth the fees, time, and hassle it takes to go through the process, and if the difference is negligible, wait until it’s not.</li></ul>Take this related lesson on this topic and earn Dibs 🟡 while you're at it:

 With interest rates on the rise, fewer current homeowners are refinancing — 84% less than this time one year ago and now sitting at a 22-year low. However, this record drop is bound for an eventual rebound. And before they do, it’s probably worth clarifying the difference between refinancing and repricing. 

Refinancing vs. Repricing 

MONEY TIP

Believe it or not, credit card debt forgiveness is a real thing. Well, if your definition of real is something with several caveats and potential long-term consequences that follow.Some of the implications&nbsp;Credit card debt “forgiveness” happens when you fail to pay the minimum balance on your account for 180 days or more. That forgiveness is actually a charge-off, which will go on your credit report and likely do some significant damage while it sits there like a dilapidated house in the middle of town. So is it a myth? No, it’s very real.<ul><li>You won’t be able to use your card or make any payments on that balance anymore, because your debt has likely now been sold to a collection agency whose sole business venture is to collect on the crumbs of debt that’s expired.</li><li>You’ll likely be contacted by them at some point, and should be careful about what information you give regarding your financial situation. This debt can usually be settled at a lower price, whether done by yourself or by way of hiring a debt relief company. Borrowers can usually settle for about 50% of what is owed in total. This is best done, and most appealing to the lender or collector, if offered in a lump sum amount.</li><li>Tax implications are a thing as well, with the creditor being required to issue you a form 1099-C if a collector forgives more than $600 worth of debt in any given year. If you settle with a collection agency by paying $5,000 on a total debt of $10,000, then the $5,000 will be reported as income on that form.</li></ul>If necessary, debt forgiveness is an optionIf you have no way to pay your bill on time due to other financial obligations, debt forgiveness can save you in certain cases. It can prevent needing to file bankruptcy, save you hundreds or thousands of dollars, and if your credit is already bad, well... this option won’t be able to create much exponential damage if it’s your only choice.📚Take this related lesson covering what debt settlement means &amp;&nbsp;how it works:

Believe it or not, credit card debt forgiveness is a real thing. Well, if your definition of real is something with several caveats and potential long-term consequences that follow.

Credit Card Debt Forgiveness: Myth or Fact?  

MANAGING DEBT

Estate planning can be an extremely complicated, confusing, and ultimately time-consuming thing to undertake, especially if we wait too late to address it. There’s a lot of terms and strategies used in this space, but they all have the same goal—to protect as much wealth as possible for your heirs.&nbsp; And one of the most popular means of achieving this is through a trust.Revocable vs. irrevocable—the differencesTrusts are separate legal entities designed to hold,&nbsp;protect and distribute a person’s assets during their lifetime or once they’ve passed away. They come in a lot of unique flavors, but they all fall into two main classifications:&nbsp;revocable and irrevocable.<ul><li>A revocable trust: Basically, it means the trust can be changed at any time after it’s created. The grantor (owner) can move assets in and out of the trust, add or remove beneficiaries, and so on at any given time. In this case, the grantor (creator) can also be the trustee (who will manage trust assets).</li><li>An irrevocable trust: Well, it’s the opposite. An irrevocable trust cannot be changed after it’s created (unless there's&nbsp;a court order or all the trust’s beneficiaries approve a change). And with an irrevocable trust, the grantor cannot be the trustee.</li></ul>So, why even make it irrevocable then?Despite the flexibility&nbsp;a revocable trust offers, it&nbsp;also comes&nbsp;at a cost. Revocable trusts do not shield assets in the same way that irrevocable trusts&nbsp;do, meaning that in the event of legal action, a revocable trust might be targeted by creditors and subject to liquidation.&nbsp;On the other hand, Irrevocable trusts can offer certain&nbsp;protections from creditors that their revocable cousin cannot.&nbsp;Also, assets held within an irrevocable trust are usually no longer part of your taxable estate. That means you don’t have to pay estate tax on them when you pass away. And that’s why irrevocable trusts may be most useful to the wealthy those whose estate value is over the <a href="https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax" target="_blank">federal estate tax exemption</a>—$12.92 million for individuals and $25.84 million for married couples in 2023.The takeawayRevocable trusts are flexible, adaptable and more commonly used. If you think your mind will change over time and you want more control to keep managing your assets, a revocable trust may suit. However, if you’re cool giving up control, the value of your assets is higher than the federal estate tax exemption and you don’t want to pay estate taxes, going with an irrevocable trust might just be the right choice.Take this related lesson on this topic and earn Dibs&nbsp;🪙 while you're at it:

Estate planning can be an extremely complicated, confusing, and ultimately time-consuming thing to undertake, especially if we wait too late to address it. There’s a lot of terms and strategies used in this space, but they all have the same goal—to protect as much wealth as possible for your heirs.  

Revocable vs. Irrevocable Trusts

ESTATE PLANNING

HSAs are a savings account dedicated specifically to <a href="https://www.irs.gov/publications/p969" target="_blank">qualified medical expenses</a>, and only accessible to those enrolled under a high-deductible health plan (HDHP). They allow account owners to contribute pre-tax income up to an annual limit, with unused dollars rolling over to the next year.&nbsp; As is the case with other tax-advantaged accounts, the IRS adjusts the contribution limits to these accounts every year, and they’ve just released their revised limits for 2024.&nbsp; Here’s what you need to know<ul><li>New limits: For 2023, the annual contribution limit on these accounts is $3,850 per individual and $7,750 for a family, but the IRS has revised those numbers for 2024. Beginning next year, HSA account holders will be eligible to contribute up to $4,150 per individual and $8,300 for a family. Those aged 55 or older will also be eligible to contribute up to an additional $1,000 per person, meaning a couple that’s both 55+ could pack up to $10,300 in their family HSA. </li><li>Qualifications: Although older couples do have that added $1,000 cushion, it’s still important to remember that your healthcare plan will need to qualify for an HSA. Being enrolled in Medicare and/or a non-HDHP will disqualify you.&nbsp; </li><li>Tax advantages: Even if you’re not likely to use a maxed-out HSA account in any given year, contributing to one can still have considerable advantages come tax season. Because contributions are pre-tax, it’s basically like a health 401(k), and reduces your taxable income in the same way.&nbsp; </li><li>Don’t forget to invest: Your HSA is kind of like a 401(k) for medical expenses, meaning those funds can also be invested in the meanwhile. If you reasonably expect to not need some or all of your HSA funds in the near future, don’t forget to invest that extra amount that you’re now allowed.</li><li>Deductible downside: Let's not forget that in qualifying for an HSA by having a HDHP, you also sacrifice a bit by having a higher deductible than some other health plans. This works out fine for some, but might not be the best fit depending on your situation — analyze accordingly.&nbsp;</li></ul>Take this related lesson and earn 🟡 Dibs:

HSAs are a savings account dedicated specifically to qualified medical expenses, and only accessible to those enrolled under a high-deductible health plan (HDHP). They allow account owners to contribute pre-tax income up to an annual limit, with unused dollars rolling over to the next year.  

Your HSA Contribution Limit is Going up

There are a limitless number of questions in life, and a large swath of those questions are unanswerable — at least with a certainty. Personal finance is no doubt a top category when it comes to such unanswerables, where all we can do is provide guidance, not answers.&nbsp; Perhaps the most infamous of the bunch — how much <a href="https://www.askfinny.com/bites/how-much-should-i-have-saved-for-my-age-63f01d751d" target="_blank">savings</a> is enough? There’s no right answer to this question, but there are undoubtedly some right principles to guide us.&nbsp; Defining how much is enough<ul><li>Concerning numbers: A recent <a href="https://www.cnbc.com/2023/04/11/cnbc-and-momentive-release-results-of-cnbc-your-money-financial-confidence-survey.html" target="_blank">survey</a> of 4,000 U.S. adults by CNBC &amp; Momentive revealed that 53% of respondents did not have an emergency fund and 40% of those who do have less than $10,000 saved. While saving money is surely easier said than done, these numbers should nudge us to evaluate our own situations.&nbsp; </li><li>A baseline: Remaining true to the definition, an emergency fund is meant to be enough to handle a common emergency at its core. What amount that definition constitutes is up to interpretation, but a common baseline to start with is $1,000. </li><li>Your expenses: The amount that makes sense for you largely comes down to what your expenses are. Ideally, your fully furnished version of an emergency fund should include up to 3-6 months of expenses. So, for someone with monthly expenses of $4,000, this could be anywhere from $12,000 to $24,000.&nbsp; </li><li>Your preferences: While 3-6 months' worth of expenses is a solid starting point, everyone has different preferences and risk tolerance levels. Truly, this 3-6 month number could expand out as far as you desire, and it could even be wise to do so if your situation is more uncertain.&nbsp;</li><li>Your end goals: Moving past the basic needs, you can add an additional layer to your emergency fund — goals. If you’ve already funded the essential limit, go ahead and add on the cost of any additional purchases you’d like to make in the future to that amount.&nbsp; </li><li>Aligning this with your overall finances is perhaps the trickiest part of it all. Your money has a lot of different jobs in any given month, and making sure they all get fulfilled can be a tough task. A good way to handle this is to incorporate saving as a part of your existing budget, treating it like a standing expense.</li></ul>Take this related lesson and earn 🟡 Dibs:

There are a limitless number of questions in life, and a large swath of those questions are unanswerable — at least with a certainty. Personal finance is no doubt a top category when it comes to such unanswerables, where all we can do is provide guidance, not answers.  

Emergency Savings — How Much is Enough?

BUDGETING & SAVING

An inheritance is a paradox of a thing. On one hand, having a sum of assets suddenly added to your life can be a great blessing, but there’s also the responsibility of handling it properly.&nbsp;And navigating the labyrinth of estate planning is no joke either.&nbsp; The next generations in line to receive their inheritance (Gen X and Millennials) will shoulder a large burden when it comes time to pass the baton — the largest wealth transfer in U.S. history is headed their way.&nbsp; What to know about this wealth tsunami<ul><li>Massive growth: Adjusting for inflation, the total family wealth in the United States was worth around $38T back in 1989 — that number is now $140T, a tripling in value. Heirs in the Millennial and Gen X cohorts are expected to receive roughly $84T of this generational wealth through 2045, and $16T of it within the next decade alone.</li></ul><img src="https://finny.s3.amazonaws.com/images/a785f7ba-7884-41b0-8501-b48e37d60ac4.png" width="353" height="317"><ul><li>Spread unevenly: The bottom 50% of those wealth holders will account for just 8% of the wealth transfers, while the wealthiest 10% of households will be transferring the vast majority of those riches, primarily the top 1%.&nbsp; </li><li>No more waiting: An inheritance is no longer something only received upon the passing of a loved one either. Thanks to parts of the tax code like gifting and an increasing amount of chatter all around, it’s become common for taxpayers to begin offloading their wealth earlier in life.</li></ul>How to prepare yourself for your situation <ul><li> Know the <a href="https://www.askfinny.com/bites/the-dollar68-trillion-wealth-transfer-and-the-tax-implications-629edf3c51" target="_blank">basics</a>: There is no federal inheritance tax on the money you receive, and only <a href="https://www.policygenius.com/estate-planning/state-by-state-guide-to-inheritance-taxes/" target="_blank">6 states</a> have enacted their own. When it comes to estate taxes (taxes paid directly on the value of an estate, not what you receive), the federal exemption level currently sits at <a href="https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax" target="_blank">$12.92M</a> for individuals and $25.84M for married joint filers.&nbsp; </li><li>Assess your own finances: A&nbsp;reliable way to make the best of your inheritance is to take the time to understand your own financial situation. By understanding where you currently stand and where you want to be, you can plan accordingly in a way that suits your greatest needs and goals. &nbsp;&nbsp;</li><li>Take advantage of help: Passing down an estate can get complicated, especially on the tax front of things if there are a lot of assets and unique investment vehicles like trusts involved. No matter how much you know, it’s almost impossible to handle everything on your own with a sizable transfer. Take advantage of the help that’s available, whether it’s free (i.e., offered as a benefit at work) or something you need to pay out of pocket for, it’s typically worth it.&nbsp; </li><li>Create a long-term outlook: Depending on your situation, the assets you receive could range from thousands to millions. Regardless of the amount, you’ll need to develop a long-term plan of action for what you do receive.</li></ul>Take this related lesson and earn 🟡 Dibs:

An inheritance is a paradox of a thing. On one hand, having a sum of assets suddenly added to your life can be a great blessing, but there’s also the responsibility of handling it properly. And navigating the labyrinth of estate planning is no joke either.  

How to Navigate the Generational Wealth Transfer

FINANCIAL PLANNING

Debit cards have been around since about the 70s, and credit cards perhaps even longer. Their popularity and usefulness has undoubtedly increased exponentially since then though, and so has the divide between those who swear by either.&nbsp; No matter which side you stand on, these two financial pioneers have almost single-handedly come together to crowd out cash lovers all together, and collectively tend to make up over 50% of purchases made. So, which is better?<ul><li>Consider responsibility first: Look, both are great, but credit cards are much easier to abuse, so debit cards take this one. If you trust yourself to not overspend money that isn’t yours, credit cards can be a big asset to you and your credit score if used responsibly.&nbsp; </li><li>Security: Credit cards have this advantage over debit. They serve as a border between your personal money and the transaction and are much less stressful in the event of a stolen card or identity theft.&nbsp; </li><li>Benefits: Credit cards win again here, by offering benefits ranging from cashback to even phone insurance, it’s clear that banks are willing to play ball just to get you to borrow money. (Hint: just pay it off before interest accrues.)</li></ul>

Debit cards have been around since about the 70s, and credit cards perhaps even longer. Their popularity and usefulness has undoubtedly increased exponentially since then though, and so has the divide between those who swear by either.  

Debit or credit? 

MANAGING YOUR FINANCES

In the grand tapestry of professional life, job satisfaction stands as the golden fleece — an elusive prize that many seek, but few seem to grasp. We toil away in pursuit of that ethereal feeling, yearning for the rare harmony between passion and purpose, all while navigating the workday existence. The way we work has changed a lot in just the past few years, and that might lead some to believe that workers have become disgruntled with the change. But not so fast… recent data indicates the opposite. What’s behind it?<ul><li>The data: Back in 2020, 56.8% of people said they were happy with their jobs. That number increased to 60.2% in 2021, and now to <a href="https://www.conference-board.org/pdfdownload.cfm?masterProductID=46114" target="_blank">62.3%</a> for 2022 — representing a 36-year high.&nbsp; </li><li>The drivers: Amongst the happiest workers were those that had switched jobs during the pandemic and those working in hybrid roles that consist of a mix of in-person and remote work.&nbsp; </li><li>The takeaway: Workers really appreciated elevated levels of freedom, flexibility, and trust. Going forward, these should be points of emphasis for HR and employee benefits teams around the world as we seek to make work more sustainable.</li></ul>

In the grand tapestry of professional life, job satisfaction stands as the golden fleece — an elusive prize that many seek, but few seem to grasp. We toil away in pursuit of that ethereal feeling, yearning for the rare harmony between passion and purpose, all while navigating the workday existence. 

Worker Satisfaction is Up

CAREER

Almost every industry has its own icons, and for many investors, that wonder has long been Warren Buffett and his Berkshire Hathaway portfolio. While Buffett and his resume are far from perfect, they’ve served as a lighthouse to the investing world for decades now, and continue to do so in 2023.&nbsp; Berkshire recently held their annual shareholder meeting — one that consisted of 5+ hours of wit and wisdom on the part of Warren and his partner Charlie Munger, and plenty of valuable insights for the average investor.&nbsp; Takeaways for investors<ul><li>Cash isn’t trash: For anyone thinking that cash is trash because of inflation, Buffett says to look no further than the Fed’s balance sheet and their accrual of “$100 bills.” With inflation on the way down and interest rates rising, cash might not be so bad in the long run after all.&nbsp; </li><li>Banks will be fine: Buffett noted that the banking sector “shouldn’t” get stalled out,&nbsp; “could” in the event of a worst-case scenario, but depositors needn’t worry. He reminded viewers that the FDIC along with the U.S. government have 0 interest in having banks fail or seeing depositors lose their money. Essentially, Buffett resembles a long-term perspective on the situation. There has been and will be some fallout as a result of this contractionary period, but let’s not let our fear of doomsday become a self-fulfilling prophecy.&nbsp; </li><li>Diversify with caution: Buffett’s partner Charlie Munger jokingly referred to diversification as “deworsification” during the meeting, mentioning that he believes diversification should not be taught as a necessity when it comes to investing in common stocks. “That is an insane idea. It’s not that easy to have a vast plethora of good opportunities that are easily identified. And if you’ve only got three, I’d rather be in my best ideas instead of my worst.”</li><li>Be wiser, not smarter: Buffett reminded us all that we don’t need to be experts on the technicalities of a stock or a company to make a good investment, and that it takes wisdom and wit rather than smarts to do so. “We’re learning all the time how consumers behave. I’m not going to be able to learn the technical aspects of business. It’d be nice if I knew it, but it isn’t essential. ... We’ve got a business at Apple ... I don’t understand the phone at all, but I do understand consumer behavior. ... We’re learning all the time, from all of our businesses. ... We don’t get smarter over time, we ... get a little wiser, though, following it over time.” </li><li>Take advantage of blunders: Warren also noted that right now, investors are perhaps doing more “dumb things” chasing high returns than ever before and that for the patient ones, this could represent an opportunity. “What gives you opportunities is other people doing dumb things ... In the 58 years we’ve been running Berkshire, I would say there’s been a great increase in the number of people doing dumb things, and they do big, dumb things.”</li></ul>Take this related lesson and earn 🟡 Dibs:

Almost every industry has its own icons, and for many investors, that wonder has long been Warren Buffett and his Berkshire Hathaway portfolio. While Buffett and his resume are far from perfect, they’ve served as a lighthouse to the investing world for decades now, and continue to do so in 2023.  

Buffett's Annual Shareholder Takeaways 2023

INVESTING

Depending on who you ask, it’s generally accepted that the U.S. has hit (and raised) the debt ceiling in some form or another at least 90 times in the 20th century.&nbsp; It’s an ongoing problem, and somewhat of an unusual one considering the nation’s exemplary record as a borrower. The U.S. government has yet to default on its debts — a record that the global economy depends on.&nbsp; And that ceiling was hit yet again on January 19th, and debt repayments have been relying on “extraordinary measures” to keep the lights on ever since. That won’t last forever though, and Treasury Secretary Janet Yellen has estimated that the runway on reaching an agreement could end by June.&nbsp; Some parameters<ul><li>What is it?&nbsp;Simply put, it's the cap that the federal government is allowed to borrow&nbsp;— usually U.S. Treasuries&nbsp;—&nbsp;to meet its financial obligations. The debt ceiling is also referred to as the debt limit.</li><li>The debt story: The U.S. hosts the most robust economy in the world, but holding that title doesn’t come cheap — it runs on debt. The U.S. government was essentially born in debt, and after years of ebbing and flowing, it’s been consistently piling up for almost a century now.</li><li>The history: Congress formally created what we know as the debt ceiling back in 1939 and 1941 via the Public Debt Acts to keep things from getting out of hand. That limit has subsequently been amended countless times ever since to keep up with spending needs.&nbsp; </li></ul><ul><li>Its composition: That debt now stands at roughly $31.5T, and it might not be comprised of what you think. $24.5T of that debt (77.7%) is owned by the public in the form of government debt securities, and about $7.4T (23% of the total) of that is owned by foreign nations and investors. The remaining $7T is due to intragovernmental debt, which is money the Treasury has borrowed from other government agencies.</li></ul><img src="https://finny.s3.amazonaws.com/images/7de9944d-d5a7-4c05-973a-057e1a97a4b2.jpeg" width="381" height="381">Impacts on the market<ul><li>Historically: The U.S. has never crossed the “X-date” on which it officially defaults on some of its debts, so this event would be unprecedented. Simultaneously, markets have navigated debt ceiling standoffs on countless occasions, usually without much fuss over the long haul.&nbsp; </li><li>Current situation: This time could be different, but will it? Congress has been battling the matter for 4 months now with both sides vying for a compromise that no one seems to be willing to make. Moody’s Analytics puts the odds of the debt ceiling being breached at around 10% for now and estimates that even a brief default could result in a GDP decline and over <a href="https://www.whitehouse.gov/cea/written-materials/2023/05/03/debt-ceiling-scenarios/" target="_blank">2 million</a> job losses.</li><li>Word to the wise: If the U.S. were to default on its debt for an extended, or even a brief period of time, the impacts on public markets would likely be catastrophic. While no one can say what’s to come, we also know that this situation is extremely unlikely from a historical standpoint, and even a brief default would likely be remedied in due time.&nbsp; </li><li>Investor takeaways: Does this mean you should pull out your investments at risk of this unlikely scenario? Probably not, especially if you’ve got a long time horizon ahead of you. Oftentimes, the hardest thing to do is nothing, and trying to time the market will only get us in trouble.</li></ul>

Depending on who you ask, it’s generally accepted that the U.S. has hit (and raised) the debt ceiling in some form or another at least 90 times in the 20th century.  

How a Debt Ceiling Debacle Could Impact Markets

MARKET OUTLOOK

Credit card debt has risen precipitously as of late as folks in the US struggle to keep up with the rising costs of living. And this trend will no doubt prove burdensome to the budgets of many this year.&nbsp; When this kind of high-interest debt starts to add up, it’s best to attack it promptly and efficiently with a detailed plan. While it’s never an easy task, we know that the hardest part is getting started, and having some foundational steps to follow makes a world of difference.&nbsp;Handling CC debt like a pro<ul><li>Segment it: The easiest way to climb a mountain is to take it one mile at a time. Breaking down your debt reduction goals into segmented, actionable steps makes it not only much easier to manage but less stressful to execute. </li><li>Snowball vs. avalanche: One popular variation of this is known as the “snowball method,” where you’ll itemize and order your debts from smallest to largest balance and pay them off in that order. While that’s great for building momentum, it’s not the most logical or mathematically friendly course of action — that’s the avalanche method. With the avalanche method, debt gets tackled in the order of interest, with higher-interest debts getting first priority.&nbsp;</li><li> Include it in the budget: If you can’t afford to pay it off all at once, prefer to keep some cash, or have a 0% APR intro offer to take advantage of, then debt is a monthly expense in the budget. Instead of just throwing random amounts of cash at it, it’s best to account for it in your monthly budget to ensure you’re neither over nor under-doing it. This too will give you a sense of progress, control, and authority over your debts.&nbsp; </li><li>Reconfigure the debts: If it makes sense for your situation, reconfiguring your debts by way of consolidating or balance transferring might be your best bet. For example, if you’ve got some debt on a high-interest credit card but find that you can open a new one with an introductory offer of 0% APR on balance transfers, it makes sense to take advantage of this and may even help your credit score in the long run.</li></ul>Take this related lesson on this topic and earn Dibs 🟡 while you're at it:

Credit card debt has risen precipitously as of late as folks in the US struggle to keep up with the rising costs of living. And this trend will no doubt prove burdensome to the budgets of many this year.  

Tips To Pay Off Your Credit Card Debt

Giphy

Working remotely is something that’s been a bit of a budding flower for years now following the advent of the internet and modern communication norms. Prior to the pandemic though, it wasn’t really something that had become fully accepted as normal, and still more of a situational circumstance saved for specific jobs and industries.&nbsp; The last year changed that though, and working from home has now become validated for a lot of careers across the country. This&nbsp;has been a big change for many and can have implications for both employees and those looking to be business owners of their own.&nbsp; Here are some potentials impacts and tips for&nbsp;the future of work<ul><li>Employers can reduce overhead. While it’s impossible to meticulously track everything that contributes to lower monthly costs, it’s undeniable that&nbsp;working fully or partially remote can reduce a business’s overhead. Lower HVAC costs, electricity bills, less admin support, downsizing and savings on office space, and the miscellaneous list could go on.&nbsp; </li><li>Employees are more productive. We don’t often realize just how much time is wasted at a 9-5. Sometimes you’re just there to be there, thanks to office politics&nbsp;and bureaucracy. Many of us have become more efficient and productive working remotely thanks to little to no&nbsp;commute time,&nbsp;feeling more connected to our immediate families or loved ones as a result, and in more control over our schedules.</li><li>Happiness increases. Although sometimes going into work can be a pleasant experience if you love your co-workers and the social interaction, a mixed work environment of both home and office can benefit everyone. A bit more freedom is almost always good for the soul, and working remotely allows employees the flexibility they desire.&nbsp;</li><li>Interactions and exposure matter.&nbsp;Communication skills are probably more important now than ever before. Ask your manager for feedback, stay engaged on video calls, find ways to broaden your career network, attend virtual networking events, and be cognizant about how you're showing empathy and flexibility&nbsp;as we continue to hobble through 2021 and a forever-changed work environment.</li></ul>

Working remotely is something that’s been a bit of a budding flower for years now following the advent of the internet and modern communication norms. Prior to the pandemic though, it wasn’t really something that had become fully accepted as normal, and still more of a situational circumstance saved for specific jobs and industries. 

The Evolution of Work

Like a lot of other things, the labor market has been put through the wringer over the last few years. The pandemic seems to have left an imprint on not only the way we work but who is working, too.&nbsp; What started as a litany of layoffs resulted in a major catch-up period once the economy rebounded, and it’s a game of catch-up that employers are still playing to this day as labor shortages remain.&nbsp; Looking under the hood<ul><li>Working age population: Overall labor force participation has declined noticeably since the onset of the pandemic due to a slew of reasons, but an even bigger problem is the reality that the U.S.’s working age population is dropping as well. Largely due to declining fertility rates and increasing life spans, so-called “prime-age” workers are slowly decreasing in number across many developed nations.&nbsp; </li><li>Not enough resources: The latest data from the Bureau of Labor Statistics (BLS) back in March indicates just 0.5 unemployed persons for every job opening — simply put, there are not enough job-seekers to fill those positions right now.&nbsp; </li><li>What this means: Going forward, a trend like this will likely correct itself in most industries as the economy cools during this contractionary period. Combine this with the advent of AI technology as something we can hopefully use for good, and we might finish with a good outcome here.&nbsp; </li><li>In the meantime though, this means that employers need valuable help more so than ever, especially in certain industries. Sectors like healthcare, transportation, retail trade, and especially the service industry are in need of the most help.</li></ul>

Like a lot of other things, the labor market has been put through the wringer over the last few years. The pandemic seems to have left an imprint on not only the way we work but who is working, too.  