The Paul Schrader-directed movie, The Canyons, may have been slammed by critics when it first came out in 2013, but it still has people talking about it well over a decade later.
The low-budget movie, a unique collaboration between household names like novelist Bret Easton Ellis (American Pshyco, Less Than Zero), and director Paul Schrader (Taxi Driver, American Gigolo), had Lindsay Lohan playing the central role — with her performance receiving stellar reviews, even as the film scored a 21% approval rating on Rotten Tomatoes.
Nevertheless, one of the most memorable parts of the movie was the home featured at the center of the action, a contemporary Malibu home with minimalist finishes and killer views.
And now, moviegoers that have been charmed by The Canyons house have the opportunity to make it their own — provided they have a good budget: the house is now on the market for $7,250,000, with Compass’ Russell Grether and Tony Mark representing the property.
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A modernist Malibu retreat
Beyond its starring role in a Lindsay Lohan-led movie, the Malibu house can hold its own weight.
With its standout modernist architecture, a coveted location atop a promontory that affords it with ocean views, and a total of 4 structures — including a pool house that’s been rated as the #1 Airbnb in Malibu by the Los Angeles Times — the house is far from your ordinary listing.
Set on a promontory with wide-ranging views
Located at 21940 Lamplighter Lane in Malibu, Calif., the house sits on a promontory overlooking Carbon Mesa and the Pacific.
“The setting of this home is incredibly unique, situated on its own promontory,” listing agent Russell Grether tells us. “The private road access makes all of Malibu easily accessible while having true panoramic views of the ocean and surrounding untouched mountains.”
Surrounded by untouched terrain
Surrounded by untouched terrain on over 12 pristine acres, the compound offers unparalleled privacy and unobstructed views of the ocean, Catalina, Channel Islands, and surrounding undeveloped canyons.
It consists of four separate structures
The property consists of the main house and two-car garage, a pool house with rental potential, a detached carport, and a separate studio workspace.
Design inspired by the works of Le Corbusier, Mies van der Rohe
The home’s modernist design pays tribute to some of the style’s chief proponents, including Charles-Édouard Jeanneret, known as Le Corbusier, and Ludwig Mies van der Rohe, two of the best-known pioneers of modern architecture.
Designed by Vitus Mataré
The interiors bear the signature of renowned local designer Vitus Mataré, whose Malibu-based firm, Vitus Mataré & Associates, Inc. specializes in classic modernist residential design — and often tackles technically challenging projects.
Minimalist yet warm interiors
The entry connects to a multi-level atrium of vaulted wood ceilings, which facilitates a natural airflow of ocean breezes throughout the home.
Ocean views from every room
The entire residence provides an elegant balance of open areas for entertaining and zones offering privacy and tranquility with extensive views from every room.
The house once graced the cover of Vogue
According to Realtor.com, the house’s movie appearance in The Canyons isn’t its only claim to fame. It was also featured on the cover of Vogue magazine as the site of a haute fashion shoot.
The pool house is the #1 Airbnb in Malibu
But the main house isn’t the only draw; the pool house is a highly popular rental, highlighted as “One of the most loved homes on Airbnb, according to guests” on the vacation rental platform.
The pool house is also a regular presence on all rankings of best Malibu rentals, and was recently rated as the #1 Airbnb in Malibu by the L.A. Times’ Timeout Travel Section.
Also included in the price: a nearly 9-acre neighboring lot
The sale includes the neighboring lot at 2620 Coal Canyon Road totaling approx. 8.79 acres and coveted access rights via the gated road on Rambla Pacifico, allowing access to PCH in just under 5 minutes.
More stories
Olivia Newton-John’s former Malibu home is now a $25M Scandinavian-inspired compound — that’s for sale
One of Malibu’s largest land holdings (130+ acres) hits the auction block
The Sandcastle House, architect Harry Gesner’s unique personal home in Malibu sells for $13.5 Million
The number of U.S. citizens flying to international destinations reached nearly 6.5 million passengers in March, according to the International Trade Administration. That’s the highest March total in over five years and shows that the post-pandemic “revenge travel” trend is the new normal.
It wasn’t just March, which usually sees a spike in international departures for spring break. In every month of 2024 so far, more Americans left the country than last year and 2019. These trends point to a blockbuster summer for overseas travel.
Nearly half of Americans (45%) plan to travel by air and/or stay in a hotel this summer and expect to spend $3,594 on average, on these expenses, according to a survey of 2,000 U.S. adults, conducted online by The Harris Poll and commissioned by NerdWallet.
That’s despite rising travel prices that have caused some hesitancy among would-be travelers. About 22% of those choosing not to travel this summer cite inflation making travel too expensive as a reason for staying home, according to the poll.
So where are traveling Americans going? And what does it mean for those looking to avoid crowds of tourists and higher travel prices?
New travel patterns
Nearly every region in the world saw an increase in U.S. visitors in March 2024 compared with March 2023, according to International Trade Administration data. Only the Middle East saw a decline of 9%. Yet not every region saw the same year-over-year bump. U.S. visitors to Asia saw a 33% jump, while Oceania and Central America each saw a 30% increase.
Comparing 2024 with 2023 only tells part of the story, however. The new patterns really emerge when comparing international travel trends to 2019. For example, Central America received 50% more U.S. visitors in March 2024 compared with March 2019. Nearly 1.5 million Americans visited Mexico, up 39% compared with before the pandemic. That’s almost as many visitors as the entire continent of Europe, which has seen a more modest 10% increase since 2019.
Only Canada and Oceania saw fewer visitors in March 2024 than in 2019, suggesting that interest in these locations has not rebounded. Indeed, the trends indicate a kind of tourism inertia from COVID-19 pandemic-era lockdowns: Those destinations that were more open to U.S. visitors during the pandemic, such as Mexico, have remained popular, while those that were closed, such as Australia, have fallen off travelers’ radars.
Price pressures
How these trends play out throughout the rest of the year will depend on a host of factors. Yet, none will likely prove more important than affordability. After months of steadiness, the cost of travel, including airfare, hotels and rental cars, has begun to sneak up again.
About 45% of U.S. travelers say cost is their main consideration when planning their summer vacation, according to a survey of 2,000 Americans by the travel booking platform Skyscanner.
That’s likely to weigh further on U.S. travelers’ appetite for visiting expensive destinations such as Europe, while encouraging travel to budget-friendly countries. It could also depress overall international travel as well, yet so far, Americans seem to be traveling more.
For those looking to avoid crowds while maintaining a budget, Skyscanner travel trends expert Laura Lindsay offered a recommendation many of us might need help finding on a map.
“Albania has been on the radar of travelers looking for something different,” Lindsay said. “Most people have yet to discover it, but flights and tourism infrastructure are in place, and there are fewer crowds in comparison to trending European destinations like Italy, Greece, or Portugal.”
On the flip side, American travelers looking to avoid crowds of compatriots would do well to avoid Japan, which has seen a staggering 50% increase in U.S. tourists between March 2019 and 2024.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Tampa is by far one of the finest cities in Florida, and its neighborhoods are some of the best in the state.
Whether you’re looking to immerse yourself in the history of Ybor City or are looking for easy access to Tampa’s nightlife, there are many fantastic areas to call home.
Here are our 10 favorite Tampa neighborhoods.
If you’re looking for a Tampa neighborhood with great schools, consider moving to Bayshore Beautiful. This liberal-leaning community boasts plenty of coffee shops, parks and restaurants for residents to enjoy. It’s a highly walkable district with low crime rates. It is also one of the quietest neighborhoods in the Tampa Bay area.
What makes Bayshore Beautiful even more desirable are its waterfront views and Riverwalk. You can expect to see people biking, walking, jogging and enjoying the Tampa Bay sunset.
The entire Channel District has become increasingly popular over the last few years. It even made the list of the top five Tampa neighborhoods where rent is increasing the most. This highly coveted area is full of condos with panoramic views and local hotspots like Victory Coffee and the District Tavern.
Channel District residents also appreciate being within walking distance of Sparkman Wharf, the Florida Aquarium and Amalie Arena. With all these amenities at your doorstep, it’s easy to see why the Channel District is one of Tampa’s hottest areas.
If you’re looking for an urban community with lots of high-rises, condos and access to first-rate theaters and museums, Downtown Tampa is the place for you. Downtown residents will enjoy having easy access to the city’s business district and major highways.
In addition, there are several dining and shopping options located nearby, and the city’s nighttime hotspots are only a quick taxi ride away.
Although it’s technically a part of Downtown Tampa, Harbour Island truly is a community of its own. Living in this neighborhood is a status symbol by many, and the rental prices reflect that.
Harbour Island has a very low crime rate with access to good schools, which is a strong draw for many residents. Additionally, the Riverwalk area is minutes away.
Tampa’s Hyde Park is an excellent choice for renters looking for a charming place to settle down. This historic area of the city is next to Tampa Bay and attracts young professionals and families alike.
One of the most popular attractions in the neighborhood is Hyde Park Village, which has restaurants, boutiques, bars and specialty stores.
As you might expect, New Tampa is one of the newest communities in Tampa. Close to the University of South Florida, this increasingly popular area of town is a great place to raise a family.
Its easy access to several corporate headquarters also makes this neighborhood popular with professionals. But that popularity comes at a cost, as prices have steadily increased over the past year.
Source: Rent. / Avenue Lofts
North of Downtown Tampa is Seminole Heights, a historic district that honors its roots while maintaining a cool, suburban feel. You’ll find plenty of local bars and restaurants, along with a countless number of antique and second-hand stores.
Due to its popular bar and restaurant scene and its location near the University of South Florida, rent prices in Seminole Heights have increased dramatically in recent years.
Tampa Palms is an excellent option for future Tampa residents who are looking for decent schools and a politically moderate area of town. This enclave has a suburban/urban feel and attracts young professionals and young families alike.
Tampa Palms is highly walkable and known for being a dog-friendly community. Additionally, the neighborhood has a number of local bars and restaurants for residents to choose from. This community also is close to the University of South Florida and its nearby attractions.
If you’re looking for a liberal, family-friendly area of Tampa to settle down in, University Square is a great choice. University Square schools are above average, the neighborhood is known for its safety and the entire area has a good suburban/urban mix. There are also plenty of restaurants, shops and parks, and it’s incredibly close to Busch Gardens and the Museum of Science and Industry.
Convenient to the University of South Florida, this area is also quite popular with students and professors. Furthermore, University Square is near some of the best hospitals in Central Florida.
Source: Rent. / The Warehouse Lofts
Located on the northwest side of Ybor City, Ybor Heights residents enjoy the lifestyle and amenities found in a dense, suburban area. There are plenty of local parks, coffee shops, bars and restaurants and the famous Ybor City Historic District is within walking distance.
Ybor Heights has a good mix of renters and homeowners and is one of the city’s more diverse areas. This young, liberal neighborhood is perfect for renters who can appreciate history while enjoying the famous nightlife. And, although Ybor Heights typically caters to young professionals, the above-average schools make this area attractive to young families, as well.
Find the best neighborhood for you
If you’re thinking about moving to Central Florida, you can’t go wrong by choosing Tampa. The city has amusement parks, world-class universities and hospitals, and some of the best year-round weather in the country. Hopefully, this guide to the best Tampa neighborhoods will help you decide which community is right for you.
Lindsay Mickles is a freelance writer and web designer who has been living in the Tampa Bay area for the past three years. An avid travel blogger, Lindsay enjoys exploring Central Florida’s cities and towns every chance she gets. Whether she’s searching for the area’s best taco truck or discovering the coolest art museums around, Lindsay is determined to experience all that central Florida has to offer.
[1/2]A “sold” sign is seen outside of a recently purchased home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing Rights
Nov 28 (Reuters) – U.S. annual home price growth accelerated again in September, underscoring the rebound of the housing market as it entered the final quarter of the year, data showed on Tuesday.
Home prices rose 6.1% on a year-over-year basis in September, up from an upwardly revised 5.8% increase in the prior month, the Federal Housing Finance Agency (FHFA) said.
On a quarterly basis, annual house prices increased 5.5% between the third quarter of last year and the comparative period this year.
Home prices rose 2.1% in the third quarter compared to the second quarter of this year, reflecting the reacceleration since June that has taken place following a period of softness in the market.
The report also showed prices rose moderately on a month-over-month basis, in line with recent trends. Prices were up 0.6% in September, compared with an upwardly revised 0.7% month-over-month increase in August.
The cost of mortgage loans fell last week to a two-month low after topping out at almost 8% in October, the highest level in more than 20 years. Despite the dip, housing inventory remains low, which has kept a floor under prices paid for properties.
The Federal Reserve kept its benchmark overnight lending rate unchanged earlier this month after raising its policy rate from the near-zero level in March 2022 to the 5.25%-5.50% range in July 2023.
Investors do not expect another rate increase and are currently forecasting a rate cut in May of next year, given the Fed has indicated it would raise interest rates again only if progress in controlling inflation faltered.
Annual house prices rose the most in the New England and Middle Atlantic regions in August, with gains of 11.4% and 8.3%, respectively, the FHFA data showed.
A separate report on Tuesday bolstered the view that the housing market is ramping up again, with the S&P CoreLogic Case-Shiller national home price index posting a 3.9% increase in September on an annual basis. That compared to a 2.5% rise in August.
Prices in Detroit accelerated the most on a city basis, overtaking Chicago, which had held the top spot for fourth straight months, the Case-Shiller data showed.
Reporting by Lindsay Dunsmuir; Editing by Paul Simao
Our Standards: The Thomson Reuters Trust Principles.
For years, Promises Malibu served as a detox destination to the stars. Celebrities such as Britney Spears, Charlie Sheen and Lindsay Lohan flocked to the retreat for an addiction program with a Hollywood spin: rehab, sure, but also tennis lessons, massages and horseback riding.
Now, the coastal compound is hitting the market for $19.95 million.
The listing is the latest development in the property’s storied saga, which started in 1989 when real estate developer Richard Rogg established Promises Malibu as the area’s first luxury treatment center.
It was there that Rogg coined the Malibu Model, an approach that offered a different type of recovery for its celebrity clientele. Cellphones were allowed, and patients could go off-site to hit the gym or keep up with appointments (in between high-end meals of lobster and osso bucco prepared by a chef).
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“It was a combo of serious treatment and health spa,” said Sean Landon of Douglas Elliman, who holds the listing with Jennifer Johnson.
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One of the three homes. (Simon Berlyn)
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The pool. (Simon Berlyn)
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The living room. (Simon Berlyn)
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The family room. (Simon Berlyn)
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The open floor plan. (Simon Berlyn)
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The bedroom. (Simon Berlyn)
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The patio. (Simon Berlyn)
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Aerial view of the compound. (Simon Berlyn)
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The tennis court. (Simon Berlyn)
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The three-acre property. (Simon Berlyn)
The model was a huge success with Hollywood elite, drawing names such as Ben Affleck, Diana Ross and Robert Downey Jr.
Promises Malibu operated as a for-profit business in a traditionally nonprofit space, and before long, Malibu’s sweeping vistas and ocean-view cliffs were loaded with similar-looking rehab facilities wrapped in the sheen of a luxury resort.
But by 2007, the center was facing multiple lawsuits related to consumer rights, breach of contract and unfair business practices. One person told The Times that he paid $42,000 for a monthlong stay for his brother, but after Promises kicked him out for belligerent behavior five days into it, it kept all the money. In addition, its website listed multiple physicians and psychiatrists as staff members despite not being licensed to provide medical care.
Rogg sold the business, but not the land, in 2007. By 2018, the new owners declared bankruptcy, and Promises eventually closed. A new rehab facility opened in its place, and it still operates on the property today.
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The buyer will have to honor thelease of the existing rehab facility, but after that, they can turn it into whatever they want. Landon says he envisions a tech or foreign buyer looking to develop the property into a private oasis, or potentially a developer hoping to turn it into a luxury assisted-living facility.
The three-acre compound boasts three single-family homes with a total of 12 bedrooms and 10 bathrooms across 9,300 square feet. Mostly Mediterranean in style, the homes have been updated multiple times over the years and come with amenities such as two swimming pools and a tennis court.
Oak and fruit trees dot the scenic landscape. In addition, there are three entrances and a sizable parking lot for guests.
“It’s a rare opportunity with three combined lots, so it has the feel of a compound,” Landon says. “There’s a multitude of structures, but also a feeling of privacy.”
Buying a home can be challenging these days. Home prices remain high, and interest rates are up significantly compared to a few years ago. In fact, according to Freddie Mac, the average rate on 30-year loans is now creeping toward 7%.
Will rates stay high for the foreseeable future? There’s no way to tell for sure, but there are ways to get around them if they do.
Find out what today’s mortgage rates are here.
What to do if mortgage interest rates stay high
If you’re looking to purchase a house but high mortgage rates are holding you back, here are the strategies that might help.
Buy now, refinance later
One clear option is to buy a house now, at today’s rate, and then refinance your loan when interest rates inevitably drop.
According to Robert Esposito, director of sales at RelatedISG Realty, mortgage refinancing is a particularly good option for those searching for average-priced homes, as their value will only increase in price as time goes on.
“They will encounter the most competition,” Esposito says. “A property worth $500,000 today might be worth $600,000 a year from now, and then you realize you didn’t save any money.”
Check out current mortgage rates here to start exploring your options.
Make a larger down payment
Making a big down payment can help in two ways. First, “it could offer a lower interest rate,” says Sam Sharp, executive vice president of national sales at Guaranteed Rate.
It will also reduce your total loan balance and help you avoid private mortgage insurance, which means lower monthly payments.
“Making a large down payment lowers the total loan amount and interest rate,” Esposito says.” It also makes you eligible for better loan terms or even to avoid private mortgage insurance altogether.”
Consider different loan options
Exploring less-common mortgage products is another option. Adjustable-rate mortgages, for example, offer lower rates than fixed ones for the first few years of the loan. These are good if you only plan to be in the home for a few years — before your rate can increase.
“Having worked with buyers in every stage of life over the years, we find that most people overestimate the amount of time they will live in a property and thus end up with a rate higher than necessary,” says Lindsay Barton Barrett, a licensed associate real estate broker at Douglas Elliman. “If you can get an ARM, you can save substantially — even if you stay beyond the adjustment date. What happens is that you pay a higher mortgage rate for one year in five years versus paying a higher rate for all six years.”
Getting a shorter-term loan can help, too. For example, the current average rate on 30-year loans is 6.71%, according to Freddie Mac. With 15-year loans, though, the average drops to just 6.06%. This could save you quite a bit in long-term interest. Just keep in mind that you’ll have a higher payment due to the shortened pay-off timeline.
Begin comparing your loan options online today.
Stay put and improve your current home instead
If you already own a home, tapping into your equity with a home equity loan, home equity line of credit (HELOC) or cash-out refinance may be another strategy. These allow you to borrow from your home equity, which could provide funds for improving or expanding your current home as needed.
According to CoreLogic, the typical homeowner has a whopping $274,000 in home equity, so this could be a viable option for many. Still, it depends on where you live. If you’re in a condo or tight urban area, for example, there may not be space to expand.
Using your home equity also means taking on more debt, often at variable rates. These rates can be volatile, particularly as the Federal Reserve continues to fight inflation.
“Home equity lines at a variable rate track higher interest rate numbers since they are tied to factors like benchmark rates, which are currently very high,” Barrett says.
See today’s home equity rates and find out how much you may be eligible to borrow.
Buy down your rate
Buying down your rate can work as well. In this scenario, you purchase “points” — usually for 1% of the loan amount — which reduces your interest rate by a nominal amount (typically 0.125% to 0.25%).
“In recent years, we’ve found it very common for buyers to buy points, which act as prepayment interest and reduce the overall interest rate on the mortgage,” Esposito says.
Some lenders also offer temporary buydowns, where a seller or lender pays to reduce a buyer’s interest rate for a set period. After that, it goes back to the normal rate.
“This will allow for a credit from the seller that will pay the interest difference on a loan over the course of one to three years, resulting in a temporary rate reduction as high as 3% below the market rate,” Sharp says. “This is a great way to lower the monthly payment for homebuyers.”
Wait for rates to drop
Finally, you can always wait it out. As they say, “what goes up, must come down,” so mortgage rates will inevitably fall at some point. The question is when.
Fannie Mae’s forecast currently projects rates will finish out 2023 at an average 6.3%. The Mortgage Bankers Association predicts a bigger drop to 5.8%.
Still, these aren’t guarantees. And even if rates drop, it could mean more buyers in the market, which could drive up home prices.
“If rates decrease because inflation is deemed under control, then the economy overall will be more stable and lend itself to confidence,” Barrett says. “Between more purchasing power and confidence in the market, home prices would increase — meaning many will have missed the opportunity to buy real estate.”
Ready to see your mortgage options? Start by viewing today’s rates here.
Every situation is different
There’s no clear-cut strategy for dealing with today’s high mortgage interest rates. The right move for you will depend on your goals, your budget and your personal situation, so make sure to talk to a mortgage professional before deciding how to proceed.
And once you do decide to move forward, make sure to shop around for your mortgage. Freddie Mac estimates that getting at least four rate quotes can save you up to around $1,200 every year.
The U.S. Department of Housing and Urban Development plans to launch multiple investigations to determine if certain mortgage lenders are denying loans to expectant mothers, new parents, and those on temporary disability.
The move came after a New York Times article exposed the practice, which may violate the Fair Housing Act.
HUD enforces the Fair Housing Act, which prohibits discrimination in lending based on sex, familial status, and disability.
Whether expectant or not, a borrower has the right to a home loan so long as they can demonstrate the ability to afford it, using measures like debt-to-income ratios and the like.
The FHA requires its approved lenders to review a borrower’s income to determine if they can make mortgage payments for the first three years of the loan, though FHA-insured lenders cannot inquire about future maternity leave.
If a borrower happens to be on maternity leave or short-term disability at the time of loan closing, lenders must document the borrower’s intent to return to work and that they qualify for the loan, taking into account any reduction in income due to their leave.
HUD is also reviewing Fannie Mae and Freddie Mac’s underwriting guidelines to determine if they meet Fair Housing Act requirements.
“Denying a mortgage to people just because they’re having a baby is flat wrong,” said Vice President Biden, Chair of the White House Task Force on Middle Class Families, in the release.
“Mothers on maternity leave have jobs, they have income, and they shouldn’t have to lose their deal to close on a house because they had a baby. I applaud HUD for taking action on this practice that could potentially affect untold numbers of families.”
Massachusetts has the highest percentage of adults with a bachelor’s degree or higher in the country — outside of Washington, D.C. — and it’s home to elite schools like Boston College, Harvard University, Massachusetts Institute of Technology and Tufts University.
Massachusetts may have some of the most expensive colleges in the country. But the commonwealth offers more financial aid options than many other states, including valuable tuition waivers, grants and scholarships.
The cost of education in Massachusetts
The Massachusetts public higher education system consists of 15 community colleges, nine state universities and five University of Massachusetts campuses. Students can also attend more than 90 private schools within its borders.
Here’s how much you can expect to pay for a year of tuition, required fees and room and board as a full-time undergraduate student in Massachusetts, based on 2020-21 average rates as reported by the National Center for Education Statistics:
Public four-year school (in-state): $28,317, about $6,980 higher than the national average.
Private four-year school: $65,784, about $19,471 higher than the national average.
Community college (in-state): $5,529, about $2,028 higher than the national average.
Financial aid options in Massachusetts
In Massachusetts, the cost of a public university for an in-state student is less than half the cost of attending a private school. But to qualify for the lower, in-state rate, you must be a qualifying resident.
To qualify for in-state rates in Massachusetts, you must live in the state for at least 12 months prior to enrollment. If you’re applying to a community college, you have to live in the state for six months before enrollment.
You may be asked for documentation or proof of residency. Eligible documents include:
Federal and state income tax returns.
Employment pay stubs.
A Massachusetts high school diploma.
Deferred Action for Childhood Arrivals (DACA) students can qualify for in-state tuition if they meet the residency requirements. However, they aren’t eligible for other state-based aid, such as grants or scholarships.
Undocumented students without DACA status aren’t eligible for in-state tuition or state-based aid.
Residents may be able to use one or more of the following state financial aid programs to offset the cost of education:
529 plans.
Scholarships.
Tuition waivers.
Student loan repayment assistance.
529 plans
For families who want to help their children pay for school, a 529 plan can be an excellent tool.
Massachusetts has two options:
U.Fund College Investing Plan
U.Fund College Investing Plan is a 529 investment plan in Massachusetts run by Fidelity. It allows you to invest and potentially grow your contributions to pay for a child’s education. There is no minimum to get started, and contributions are deductible on your Massachusetts income tax return. You can deduct up to $1,000 each year if you’re single, or up to $2,000 if you’re married and file a joint return.
Massachusetts also operates the Baby Steps program for children born or adopted in the state. If you open a U.Fund College Investing Plan account within one year of your child’s birth or adoption, the state will deposit $50 into the 529 to jump-start your savings.
U.Plan Prepaid Tuition Program
U.Plan Prepaid Tuition Program is Massachusetts’s prepaid tuition plan. It allows you to buy college credits at today’s rates, and your child can redeem them at participating Massachusetts colleges and universities in the future.
This plan has another perk: if your child chooses a school that doesn’t participate in the U.Plan program, you can cash out the fund and receive all of the contributions plus interest based on the consumer price index. There are no federal or Massachusetts tax consequences to cashing out the account.
In-state tuition
Massachusetts has some top public colleges and universities, and they’re about half the cost of private schools. However, Massachusetts is also part of the New England Regional Student Program (RSP), which allows Massachusetts residents to enroll at out-of-state New England public colleges and universities at a discount.
More than 2,500 undergraduate and graduate programs are part of the network. Eligible institutions are in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
Massachusetts grants
Grants, a form of gift aid, are typically issued based on financial need. Massachusetts offers seven state-operated grant programs.
Foster Child Grant Program
For current or former foster children, the Foster Child Grant Program provides up to $6,000 in annual grant funds. You must be between 18 and 25 at the start of study to qualify, and you can receive the award to attend a public or private school in Massachusetts for up to five consecutive years.
MASSGrant and MASSGrant Plus
The MASSGrant and MASSGrant Plus programs are for undergraduates with unmet financial need. Award amounts are based on the student’s household income but can cover the student’s remaining tuition and mandatory fees. However, these programs won’t pay for room and board. MASSGrant Plus may cover other expenses, such as textbooks or school-required fees.
Massachusetts Gilbert Matching Student Grant Program
The Massachusetts Gilbert Matching Student Grant Program provides funding to private schools to give grants to students. Eligible undergraduate students can receive from $200 to $2,500 per academic year, but the funds can only be used at participating private schools within the state.
Cash Grant Program
The Cash Grant Program is a complementary program to the Massachusetts Need-Based Tuition Waiver Program (see below). It provides students with grant money to pay for additional education-related expenses, such as mandatory school fees, at eligible public colleges and universities.
Part-Time Grant Program
Part-time students at public or private schools who are Massachusetts residents for at least one year prior to the start of study may qualify for the Part-Time Grant Program. Award amounts vary, but the minimum amount is $200.
Public Service Grant Program
For children or spouses of individuals killed or missing during their work as public duty servants in Massachusetts, the Public Service Grant Program covers up to the total cost of tuition at qualifying schools.
Paraprofessional Teacher Preparation Grant Program
Residents employed for at least two years as paraprofessionals in Massachusetts who wish to become certified teachers can take advantage of the Paraprofessionals Teacher Preparation Grant Program. It provides up to $7,500 per academic year for programs leading to a Massachusetts teaching certification.
Massachusetts scholarships
Massachusetts has several scholarships for students who display exceptional academic achievements or who have overcome significant personal obstacles. Depending on the award, eligible students can receive scholarships that cover up to 100% of the tuition cost. There are seven state-operated scholarship programs:
Agnes M. Lindsay Scholarship Program
The Agnes M. Lindsay Scholarship Program is for students attending public universities in Massachusetts. Students must have a demonstrated financial need and be a permanent resident of a rural area with fewer than 15,000 inhabitants. Award amounts vary by year.
Christian A. Herter Memorial Scholarship Program
Students who qualify for the Christian A. Herter Memorial Scholarship Program will receive an award that covers up to half of their calculated financial need at any university in the continental U.S. The scholarship is for Massachusetts residents who have overcome difficult personal circumstances, such as poverty, abuse or illness. Students must be nominated in the 10th or 11th grade by a school or qualified community agency or organization.
Early Childhood Educators Scholarship Program
To increase the number and quality of teachers and care providers, Massachusetts created the Early Childhood Educators Scholarship Program. Students pursuing degrees in early childhood education or related fields at select universities may be eligible for up to $4,500 per semester. Awardees must commit to working in an eligible program for at least one year.
Massachusetts High Demand Scholarship Program
The Massachusetts High Demand Scholarship Program is for students pursuing degrees in high-demand disciplines that will help address the state’s workforce needs. Eligible students attending a Massachusetts public university can receive up to $6,500 per year. Students can apply by completing a separate application through the MASSAid portal.
John and Abigail Adams Scholarship
The John and Abigail Adams Scholarship provides students with a credit that can pay for up to eight semesters of undergraduate education at a state college or university. The scholarship is awarded based on the student’s performance on the 10th grade Massachusetts Comprehensive Assessment System (MCAS) test.
One Family Scholarship Program
Low-income, head-of-household parents who are at risk of homelessness or who have experienced homelessness within the past year may be eligible for the One Family Scholarship Program. Award amounts vary, but it can cover tuition and living expenses for eligible students pursuing a degree at a Massachusetts school.
Paul Tsongas Scholarship
The Paul Tsongas Scholarship is awarded to students with high scores on the SAT or ACT and a GPA of 3.75 or higher. Eligible students can qualify for a waiver of mandatory tuition and fees at a state university.
Tuition waivers in Massachusetts
In addition to scholarships and grants, Massachusetts operates several tuition waiver programs. Depending on the program, you could qualify for a full or partial waiver of your tuition costs.
Career Advancement Program Tuition Waiver
Public school teachers within the first three years of teaching may be eligible for the Career Advancement Program Tuition Waiver. It waives the cost of one graduate-level course per year for up to three years.
Categorical Tuition Waiver
Veterans, Native Americans, senior citizens (over 60), members of the U.S. armed forces, and clients of the Massachusetts Rehabilitation Commission or the Commission for the Blind can qualify for the Categorical Tuition Waiver. It waives the full cost of tuition at public colleges and universities within the state.
Collaborative Teachers Tuition Waiver
The Collaborative Teachers Tuition Waiver encourages teachers to become mentors to full-time student teachers from public colleges and universities. The program waives the cost of one graduate-level course at a public school for each mentoring teacher.
Department of Children and Families (DCF) Foster Child Tuition Waiver and Fee Assistance Program
Graduate Tuition Waiver
To encourage students to enroll in graduate school, the state created the Graduate Tuition Waiver program. The waiver’s value varies by year, but it can be used for tuition at public schools like the University of Massachusetts.
High Technology Scholar/Intern Tuition Waiver
Incentive Program for Aspiring Teachers Tuition Waiver
MassTransfer Tuition Waiver Program
The MassTransfer Tuition Waiver Program is for students who earned an associate degree at a Massachusetts community college and are transferring to a participating public school. It waives the cost of tuition for up to two years.
Massachusetts Educational Financing Authority (MEFA) Prepaid Tuition Waiver Program
Need-Based Tuition Waiver Program
Commonwealth September 11, 2001 Tragedy Tuition Waiver
Children or spouses of those who died or went missing due to terrorism on Sept. 11, 2001, can qualify for this waiver, which covers up to 100% of tuition at a state school.
Stanley Z. Koplik Certificate of Mastery Tuition Waiver
UMass Exchange Tuition Waiver
The UMass Exchange Tuition Waiver allows University of Massachusetts students to attend partner institutions without a tuition charge. Eligibility varies by school.
Valedictorian Program Tuition Waiver
Students who were valedictorians of their Massachusetts high school may qualify for the Valedictorian Program Tuition Waiver. If eligible, the full cost of tuition at public schools is waived.
Washington Center Program Tuition Waiver
Through the Washington Center Program Tuition Waiver, students at Massachusetts public colleges and universities are placed in internships in government offices, communication organizations, law firms and professional associations. Students can also qualify for a waiver of mandatory school fees and receive a $2,000 housing scholarship.
MEFA was created by the Massachusetts state legislature to offer low-cost college financing to families. It issues student loans to college students nationwide, and it also offers student loan refinancing.
For undergraduate students, repayment terms are 10 or 15 years. All loans have a fixed interest rate starting at 4.89%, and there are no origination fees.
For graduate or professional students, the repayment term is 15 years. Rates are fixed and start at 5.74%.
Eligibility is based on your credit score, income and whether you have a co-signer.
Massachusetts No Interest Loan Program
While anyone can apply for a MEFA loan, the Massachusetts No Interest Loan Program is more limited. It is a state-funded loan program that issues loans with 0% interest and 10-year repayment terms. Eligible students can borrow from $1,000 to $4,000 per academic year, with a lifetime maximum of $20,000.
It’s only available to Massachusetts residents of at least one year who are U.S. citizens or permanent residents. Eligibility is based on financial need as determined by the Free Application for Federal Student Aid (FAFSA).
Other financial aid programs in Massachusetts
Students can also qualify for up to $250 each semester to pay for other expenses, such as transportation or textbooks.
Student loan repayment programs in Massachusetts
The average student loan balance per borrower in Massachusetts is $33,710, according to a NerdWallet analysis of 2022 Federal Student Aid Office data. If you are a Massachusetts resident with outstanding student loans, you may be eligible for help with your debt through the following state loan repayment program:
Massachusetts Loan Repayment Program for Health Professionals
Primary health care professionals, in areas including dental, medical and mental health, who commit to work for at least two years full time (or the part-time equivalent) in an eligible facility in a high-need area can qualify for up to $50,000 in student loan repayment assistance.
How to apply for financial aid in Massachusetts
To apply for Massachusetts financial aid programs, complete these steps:
Submit the FAFSA. Many of the state’s programs are awarded based on your financial need. Your need is determined by the information you submit on the FAFSA, so submit it ahead of the May 1 state deadline for priority consideration.
Create a MASSAid account. You can create an account through the MASSAid portal.
Complete a separate application. Some programs have their own applications. For example, the Christian A. Herter Memorial Scholarship Program has a separate application through MASSAid for nominators to fill out. Review the award requirements and fill out any necessary forms to apply.
If you have questions about state-based aid or how to apply for different programs, contact Massachusetts’ Office of Student Financial Assistance (OSFA) at 617-391-6070 or by visiting the OSFA website.
Lindsay Mack earned her bachelor’s degree from Georgetown University in 2005. Nearly 15 years later, when she considered the best way to grow her business acumen, an MBA was not it.
Mack, who is from Philadelphia, grew her career without an MBA. When ready to advance her skills in platform strategy, she opted for a faster, lower-cost cohort program instead.
For students like Mack, the cost of a top MBA — averaging $225,605 in the U.S., according to a 2022 report by BusinessBecause, an online publisher of graduate business content — is daunting, and the value is questionable.
“I didn’t see how making such a significant investment (in an MBA) would really leapfrog me to the next level,” says Mack, now Comcast’s executive director of product management.
Cost isn’t the only barrier to attaining a graduate business degree. BusinessBecause reports that the average acceptance rate for the most competitive U.S. business schools is 16%, based on its analysis of data from U.S. News & World Report and other sources.
If you want access to business school education without the price of tuition or hassle of admissions, you have other options.
If you prioritize credentials
Consider a graduate business certification. A certification — offered by accredited colleges and universities — differs from an MBA degree primarily in how long it takes to complete the program.
For example, a graduate business certificate from the University of Nebraska–Lincoln College of Business requires 12 credit hours to graduate. An MBA from the same university needs 48 credit hours for completion.
Because you’re taking fewer credits compared to an MBA, you can expect to pay much less. For example — based on the 2022-23 academic year — tuition for a graduate certificate in strategic management from Harvard Extension School, a Harvard Division of Continuing Education, is $15,500. A Harvard MBA costs $73,440 in tuition, not including fees.
Certificate programs are often more specialized than graduate business degrees. This can be great for those looking to develop a specific skill set — like business analytics — to advance in their career, says Olivia Jobson, associate director of graduate recruitment at Oregon State University College of Business.
If you need a more flexible schedule
Consider a self-guided online course. Companies like MasterClass, Skillshare, Udemy and Coursera let you learn business skills at your own pace.
“Our central tenet is to meet learners where they are,” says Marni Baker Stein, Park City, Utah-based chief content officer at Coursera. The company offers individual courses, professional and credentialed certifications, and full degrees through university partnerships.
Many online companies allow you to access some courses for free, but the full libraries require a monthly subscription. MasterClass, for example, offers unlimited access to existing and new content for $180 annually.
Unless partnering with an accredited institution, these programs typically do not offer credits for completion. If you need credits to transfer to a university, consider enrolling in an accredited program.
If you want more of the MBA experience
Consider a business training cohort. Though it’s hard to replicate the two-year, in-person MBA experience, some companies creatively found ways to incorporate its key components into online learning.
Section, a New York City-based online business education company, for example, offers one- to two-week online sprints structured much like sections within an MBA program. Members participate in live classes online, group discussions and even team projects for $996 per year.
Similarly, the Invited MBA, by Texas-based corporate leadership development company Abilitie, offers a 12-week program that includes live virtual sessions, team business competitions, study groups and even online happy hours. Tuition is $1,850.
Companies like Section and Abilitie are not accredited universities. Graduating from these programs will not result in an MBA degree, but some graduates of the programs say it delivered exactly what they needed — practical business skills, a strong network and greater employability at a fraction of the cost of an MBA.
“I have folks who are at the exact same level as I am, who did full-time MBAs and have school debt, and I am now peers with them,” says Nicholas Schroeder, a Seattle-based graduate of Abilitie’s Invited MBA.
Upon completing the Invited MBA in May 2021, Schroeder, a former U.S. Army officer, transitioned into a career in consulting — the most coveted industry for prospective graduate management students, according to a 2022 survey by the Graduate Management Admission Council, an association of graduate business schools.
This article was written by NerdWallet and was originally published by The Associated Press.
Our rights as women have come a long way since we earned the power to vote on August 26, 1920.
But the financial playing field between men and women still isn’t level. Not even close.
To help you make waves in your own financial life, I interviewed several Millennial and Gen Z women to find out what financial advice they’d give to other women today
Here’s what they had to say.
What’s Ahead:
1. “Don’t be afraid to negotiate your salary.”
Anna Barker, Founder of LogicalDollar, offered me this advice.
There’s no question that it can be scary to ask for more money. Especially as women, we often internalize the feeling that we’re going to be seen as pushy or demanding if we ask for a raise.
However, various studies show this is actually one of the reasons women end up earning less over their lifetimes than men, who tend to be more likely to ask for more money.
2. “Take advantage of any employer match ASAP.”
Barker also talked with me about retirement. One of the best things that you can do for your future financial security is to start investing as early as possible.
If your employer offers any matching of your 401(k) contributions, this is basically free money and you should do everything you can to invest up to the limit of the match.
3. “Avoid high-interest debt.”
According to Barker, a big money mistake that a lot of women in their 20s and 30s make is signing up for high-interest credit cards. To be clear, credit cards can actually be a great tool if used correctly — which primarily involves paying the balance off in full by the end of each billing cycle.
The problems start to arise once those interest-free periods run out and you realize you’re not able to immediately pay off the debt you’ve accrued.
4. “It is SO cliché, so hear me out… please start saving early for retirement!”
Heather Albrecht, Financial Coach and Founder of Balance Financial Coaching, discussed this with me.
It’s hard because when you’re young, you seem to have SUCH a long time until that money is needed. But the math doesn’t lie.
Starting young makes it easier because you can save less. Gosh, I wish I had made the space in our spending plan to save earlier even though it seemed impossible. The $25 here or there would have been huge by now.
5. “Start using a spending plan or budget. Zero it out each month, and save the rest.”
Albrecht also spoke with me here. And I have to say if I had been able to get myself into the mindset of “saving money is spending money on my future freedom” at a younger age, there would have been a lot less stress at times.
Budgeting doesn’t have to be difficult, either. Just pick the right method and it’ll become just another habit.
6. “As a Millennial myself, the best money advice I would give women in their 20s and 30s is to diversify how you save and spend money.”
Siobhan Alvarez, Founder of Budget Baby Budget, shared this wisdom with me.
I am a big believer in not being dependent on one checking and savings account! I have a long-term high-yield savings account for an emergency fund, a savings account at my local bank for big purchases, a checking account for everyday expenses; and a checking account for fun purchases throughout the month.
This has helped me not only pay off a huge amount of debt over the past few years but do it in a way so I didn’t feel like I was missing out on life and fun!
7. “Protect yourself and your people financially.”
Brittney Burgett, Head of Communications at Bestow, gave this little nugget of advice. Emergency savings, disability insurance, and life insurance matter, especially if you have financial dependents.
Insurance, in particular, is more affordable to buy the younger and healthier you are. I, for example, have life insurance because I own a home.
My mom is my beneficiary, so if anything were to happen to me, the payout from a policy would enable her to continue the mortgage payments and decide later on what to do with my house — keep it, rent it or sell it. Life insurance would give her flexibility when it’s needed most.
8. “Educate yourself so you understand how money, interest, and debt works.”
Lindsay Feldman, Publicist and Founder of BrandBomb Marketing, broke down this for me.
It wasn’t until I really started reading financial books and listening to podcasts that I really began to take control over my financial situation. Understanding how money, interest, and debt works are key to being able to make your money work for you. I look at everything differently now which has empowered me to make smarter decisions.
9. “Sign up for Experian Boost. It’s free and will report monthly bills that generally don’t boost your credit like a phone bill, gas, and power!”
Feldman offered up a way for folks to finally help their credit the easy way. Experian Boost™ is free and it takes just a few minutes to sign-up.
Always be on the lookout for ways to improve your credit – it’ll only help you in the long run.
Feldman shares a great tip that can help homeowners own their home sooner (and pay wayyy less in interest). If it’s possible, work those extra payments into your budget.
11. “When it comes to money, you can have your cake and eat it too.”
Youmna Rab, Founder of Brilliantly Budgeting offered me this quote.
You don’t need to save every penny you earn and give up your favorite indulgences like spa days or dinners out.
If you make a plan for your money, you can enjoy what you like while also saving money for the future.
12. “Do not share bank accounts with anyone you’re dating but not married to, even if you live together.”
Shannon Vissers, the Financial and Retail Analyst of Merchant Maverick, shared some tough love here.
If you break up or your partner spends on things you don’t agree with, you’ll have no legal recourse to get your money back apart from suing them in small claims or court (which is expensive and stressful and may not go in your favor).
13. “Do not lease your car. Take out a loan instead.”
Vissers makes a good point here as well. A lease is essentially a very expensive car rental, and it’s a bad choice unless you’re wealthy enough to comfortably afford this luxury.
This doesn’t mean you can’t get a new car when you’re young. Rather than leasing a car out of your price range, opt to finance a cute, reliable car that you’ll own in three or five years (ideally three). You’ll build credit history this way and, in a few years, you won’t even have a monthly car payment.
14. “Be a minimalist, especially if you rent.”
While this tip may not be for everyone, there’s a good reason Visser’s offers this pearl of wisdom as well.
A good case can be made for spending on experiences when you’re young – trips, concerts, etc. — but overspending on retail goods is another story. Ever heard of the saying, what you own, owns you?
It’s true.
Remember, you’ll have to deal with all your clothes, shoes, furniture, kitchen items, knick-knacks, etc. the next time you move — and your headaches will be compounded if you have to move to a smaller place.
15. “The greatest gift you can give yourself is to save and invest early.”
Sarah Jane Paulson, CFP® at Valkyrie Financial, gave me this bit of guidance.
The classic pay yourself first mentality is the easiest way to a financially strong future. Build that emergency fund (or F*** You fund, if you prefer) of three to six months worth of expenses in a separate account other than your everyday checking.
Then go out and open an IRA or Roth for yourself. Put your money into cheap, diverse index funds and keep adding to it. The greatest money strength you have on your side is that you have years for the market to create an avalanche out of the first few snowflakes of money you invest.
16. “Becoming a financially grown-up woman means unlearning a lot of money lessons society taught us as girls: that men are better at money and math (they’re not), that investing is scary (it’s not), and that the best route to financial stability is to marry a high earner (absolutely not!).”
Sara Rathner, credit cards expert at NerdWallet, wanted to share this with other women.
So throw all those old lessons in the garbage, because that’s where it belongs. Now, today, learn everything you can about managing your finances on your own.
There is nothing more empowering than being the boss of your own life, and of being an equal partner in your relationships. No one will ever care as much about your money as you will.
17. “Surround yourself with people with similar money values.”
Sue Hirst, Co-Founder and CFO of CFO On-Call shared her experience when we talked.
When I was in my 20s, I used to hang out with many people who didn’t share my money values. As a result, almost every time I went out with my friends, I splurged money recklessly due to peer pressure.
This was one of the top reasons I was unable to save as much money as I would have liked each month. Looking back, I wish I had either told my friends directly that I wasn’t comfortable spending huge amounts of money routinely, or made new friends whose financial values aligned with my own.
18. “Make saving a habit as soon as you start making income.”
Imani Francies, Finance Expert at US Insurance Agents, shared this little mind shift.
Saving becomes easier when you look at yourself with the same significance that you look at your power bill or any other bill. No matter what, you are going to do your best to pay your power bill. You should feel the same way about putting money into your savings.
Paying yourself first every month is investing in your future. Even if you can only put $5 into a savings account once a month, start early.
19. “Budget, but give yourself room to indulge.”
Lisa Thompson, Savings Expert at Coupons.com, offered up ALLLL the good tips when I spoke with her.
What’s your weakness: designer handbags, weekend getaways, fine dining with a great bottle of champagne? Make room for things you love by controlling what you spend in other areas.
20. “Cash back offers are everywhere, from brands like Rakuten, to credit card perks, to apps like Coupons.com. Use them!”
Thompson also offers this bit of advice. Refuse to pay full price for anything until you’ve looked for an offer. If you can pair a coupon or cash back offer with a store discount or sale, bam! That’s a savvy way to shop.
21. “Learn to use credit cards wisely.”
To tack on, Thompson also had this to say.
She makes a good point, too. Today, there are so many options for credit cards that offer perks from cash back to miles to points, as well as incentives, like a free Dash Pass for DoorDash or money toward a Peloton membership. The key, of course, is to not carry a balance and pay so much interest that it cancels out the perks. But if you can learn to use credit cards wisely by paying them off each month, the perks and incentives can help make everything from dining out to travel more affordable.
22. “Get a side gig by turning a passion into a money-making opportunity.”
Finally, Thompson ended our conversation with the quote above.
Do you love essential oils? Make balms, rollerballs, and pillow sprays, and sell them on Etsy or at pop-up shops.
Do you love thrifting, going to estate sales, and visiting antique shops? Find items worth more than what you’re paying and resell them! Facebook Marketplace is the perfect spot for that, and it’s free.
If you can turn a hobby into a source of income, that’s extra money for you to invest, save, or use as your slush/entertainment fund.
23. “Know your worth and advocate for yourself when negotiating.”
Amy Maliga, Personal Finance Consultant at Take Charge America, tells it like it is with her wise advice above.
Since the gender pay gap is still a real thing (ugh), it’s important to do your research on salaries for your position and advocate for yourself when negotiating a new job or discussing your annual performance review.
24. “Set goals and actively work toward them.”
Maliga offered me a simple but strong piece of advice above.
Whether it’s buying a home, starting a business, or embarking on world travel, setting financial goals gives a structure and framework to how you plan your finances.
25. “Forget FOMO. Don’t be afraid to say no.”
Maliga also makes a good point here.
TikTok made me buy it – or did it?
It’s way too easy to shop these days, and social media knows exactly what it takes to get you to press “add to cart.” When you’re tempted to buy something you hadn’t planned on, or friends are trying to talk you into activities you can’t afford, keep those long-term financial goals in mind, and don’t be afraid to say no.
Summary
We celebrate Women’s Equality Day every August 26th to commemorate the day the 19th Amendment finally recognized that women have the right to vote. But that same equality hasn’t trickled to the financial space yet, where the gender pay gap, wealth gap, and investing gap still exist today.
We’ve made a lot of progress over the decades, but a lot still needs to happen at the company, state, and national levels to achieve equal pay and equal opportunities for equal work. Until then, I hope these financial tips from awesome Millennial and Gen Z women serve as inspiration for how you can up the ante in your own financial life.
Are there any tips you’d add to the list? Let me know in the comments below!