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<ul class="summary-list"><li>I had massive student loan debt due to a combination of low teacher pay and accumulating interest.</li><li>Thanks to recent changes to student loan repayment programs, my $370,000 in loan debt was forgiven.</li></ul>This spring, I received some of the best news of my life: My $370,000 in <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-debt-cancellation-new-bankruptcy-guidance-justice-education-2024-7">student loan debt</a> was forgiven.For over a decade, my loans were an albatross. The amount of debt I owed was so massive that I felt nauseated every time I looked at my balance. I had no idea how I'd ever pay off that much money, and the burden of making payments on my meager <a target="_blank" class="" href="https://www.businessinsider.com/teacher-salary-in-every-state-2018-4">teacher's income</a> was a constant struggle.I got some relief when the COVID-19 pandemic brought a yearslong, <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-cards/best-zero-apr-business-credit-cards">interest-free payment</a> pause. But I knew that would end at some point. I couldn't stick my head in the sand forever.Fortunately, the US Department of Education made some changes to <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-which-borrowers-are-eligible-debt-relief-plan-2024-8">student loan repayment</a>, and the day came when my debt was forgiven. I finally felt free.<h2 id="dec5f22e-a7a7-44c7-b9e9-00344d1d7895">How I got into this much debt</h2>Between my undergrad studies and my combined MA/Ph.D. program, I borrowed about $238,000. This was a massive amount on its own — but not unheard of for 10 years of <a target="_blank" class="" href="https://www.businessinsider.com/student-at-nyu-stern-found-supportive-community-2023-11">higher education</a>.Teaching wasn't always on my radar. I graduated with a BA in criminal justice and political science, but by graduation, I knew I no longer wanted to work in that field. So, I took a short detour through law school, but that wasn't for me either.While trying to figure out my next steps, I got a job as a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/earning-extra-money-holiday-expenses-substitute-teaching-2023-11">substitute teacher</a>. That was when I discovered a passion for teaching.Subbing also taught me I had no interest in managing behavior. But teaching college meant I'd be teaching adults, so I shouldn't have to worry about classroom management. Even better, it also meant pursuing my love of research and writing. But becoming a full-time professor typically required a Ph.D., so it was back to school for me.Unfortunately, I had no idea until well after I graduated how difficult it is to land a professorship. Thanks to an <a target="_blank" class="" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">oversaturated job market</a>, only a tiny fraction of those who earn doctorates to become professors ever get to be one.But I didn't learn this until after I'd borrowed multiple six figures to get an education for a job I'd never have. I spent most of my academic career as an adjunct lecturer, working at multiple schools to earn barely above <a target="_blank" class="" href="https://www.businessinsider.com/jobs-labor-market-federal-minimum-wage-raise-small-business-2024-8">minimum wage</a>.Meanwhile, I enrolled my student loans in an income-driven repayment plan. As a poorly paid adjunct, my <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/how-to-apply-for-income-driven-repayment-student-loans">income-based payments</a> were lower than the interest due on my loans, which at one point amounted to as much as $2,000 a month. Thus, my loans ballooned during the decade after my graduation, accruing $132,000 in interest.<h2 id="a8ad8373-d088-4303-9785-4c39c0d8c0e8">The role of luck</h2>I didn't think I'd ever be able to climb out of that much debt, especially since it wasn't fixed debt like a mortgage or a car loan. Instead, thanks to negative amortization, which happens when you pay less than the amount of interest due, my loans continued to grow despite making payments.Additionally, as an adjunct, I didn't qualify for <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-borrowers-debt-cancellation-pslf-back-processing-applications-2024-7">Public Service Loan Forgiveness</a>, which comes with a shorter repayment term and tax-free forgiveness. Even though adjuncts often work 60-plus hours a week, adjunct hours were reported as classroom hours and didn't include all the additional time spent on class prep and grading.But new fixes to the student loan system eliminated these barriers for me. For one, the new income-driven SAVE plan eliminates negative amortization, which means borrowers' loans won't grow if their payments are less than the interest due.Additionally, the Department of Education closed the loophole for adjuncts by introducing its own method for calculating teaching hours. When I heard that news, I literally sat down and cried.Next, the temporary recount meant that the years I'd spent in <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/are-we-in-a-recession">economic hardship</a> deferment would count toward my total number of required payments.Because of all these changes, I received a letter in the spring of 2024 announcing, "Congratulations! Your loans are forgiven." It felt like I'd won the lottery.<h2 id="2c77dc5f-5a7f-4ef6-a9a4-ce09f339afc7">You shouldn't bank on the same luck</h2>Several pieces had to fall into place for my loans to be forgiven. This included pandemic-era relief and an administration that was friendly toward student loan forgiveness.As an English teacher and the director of the writing center at a small <a target="_blank" class="" href="https://www.businessinsider.com/the-kings-college-financial-troubles-small-christian-college-2023-3">liberal arts college,</a> I work with students who borrow six figures or more to get an education. I feel for them, as college has become prohibitively expensive, and student loans help keep college accessible.Yet student loan debt can become a huge financial burden that impacts students' ability to do things like buy a home, have children, or build savings. Certainly, if I had the chance to do it all over again, I would have made different choices, and I hope my students do too.

I was drowning in $370,000 of student loan debt with my salary as a teacher. Then, it was all forgiven.

<ul class="summary-list"><li>College degrees are under fire given the pain of student debt and political and economic troubles.</li><li>Some public university graduates only need to earn over $50,000 for a decade to make a return.</li></ul><a target="_blank" href="https://www.businessinsider.com/what-are-interest-rates-federal-student-loans-this-fall-borrowers-2024-5">Crushing debt</a>, <a target="_blank" href="https://www.businessinsider.com/historic-campus-protests-that-dwarf-gaza-protests-in-size-disorder-2024-4">political furor</a>, and a <a target="_blank" href="https://www.businessinsider.com/economy-pomboy-consumer-spending-savings-debt-inflation-interest-rates-recession-2024-5">brutal economic backdrop</a> of historic inflation and higher borrowing costs have fueled fresh skepticism about the value of a college degree.Yet, stumping up the cash for one may still be worth it financially if it results in significantly higher earnings. That's especially true for public universities that charge in-state tuition: their average alumnus only has to make $50,000 a year during the decade after graduation to make a positive return on their investment, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/lifestyle/careers/public-college-value-salary-career-7dc157e5?st=odxefre1b17ggsj">reported</a>, citing new research from Strada Education Foundation.Alternatively, graduates who can amass $500,000 before taxes over 10 years typically come out ahead and can repay their student loans. The finding holds for state-school graduates across sectors, The Journal said."As long as you're above that $50,000, even in the most expensive states, you'll still have that positive return on investment," Nichole Torpey-Saboe, Strada's vice president of research, told the newspaper.It <a target="_blank" href="https://www.businessinsider.com/how-much-food-healthcare-housing-cost-most-expensive-us-cities-2024-2">costs more to live</a> in states like New York and California, but recent graduates can still outearn their peers because of the superior job markets in those states, which often provide better access to internships and entry-level roles.Strada found that around 80% of state-school graduates in those states scored a return on their college investment, compared to 60% in West Virginia and just over 50% in Idaho, The Journal said.The nonprofit also revealed that community college doesn't provide as big an earnings bump, and private nonprofit universities tend to be more expensive at $8,000 a year and another $11,000 for room and board.Taking out a student loan and getting a four-year degree can be daunting for many people, as student loans can haunt borrowers for decades, and college campuses have become a hotspot for protests and political clashes. The prices of food, fuel, and housing have all soared, and monthly payments on credit cards, cars, and mortgages have jumped.But an affordable degree that bolsters someone's earnings potential and career prospects without breaking the bank can still pay off nicely.

Some college graduates only need to make a $50,000 salary for a decade for their degrees to be worth it

<ul class="summary-list"><li>Libby Brooks wanted to move out of her parents' house, so she started budgeting. </li><li>The 50/30/20 method worked for a while, but she found it didn't allow her to pay off her debts. </li></ul>This as-told-to essay is based on a transcribed conversation with Libby Brooks, 27, who lives in Wisconsin, about her budgeting journey. The following has been edited for length and clarity.I began to budget after college when I had a significant amount of zeros in my bank account I hadn't had before.I started my first post-college job in January 2020 as a project manager in the power generation industry. The starting salary was $65,000. I previously worked as a bartender and waitress during college, so it was a salary jump.When I started the role, I lived at home with my parents, so my expenses were low, and my disposable income was high. When COVID hit, I tended to shop online, overspending on clothes. I wasn't taking inventory of the things I was buying or thinking about whether I actually needed them.My behavior started to change around August 2020 because I wanted to move out of my parent's house. Realizing how much I'd need for a security deposit and furniture made me want to get my finances under control.My <a target="_blank" href="https://www.businessinsider.com/gen-z-budgets-data-analyst-fun-retirement-savings-2024-4">budgeting journey</a> has evolved since I first started saving to move out. Four years later, I've been able to personalize my budget system to my financial goals and feel more in control of my debt and spending habits.<h2 id="7ebb7cc0-2ac1-4a12-9055-fea94a76430c">The 50/30/20 rule was an easy introduction to budgeting</h2>When I first started to think about <a target="_blank" href="https://www.businessinsider.com/how-to-start-budget-save-money-kids-allowance-tips-apps-2024-4">budgeting</a>, I used a spreadsheet to keep track of what I was spending my money on and the amount. I read some personal finance books, which is how I came across <a target="_blank" href="https://www.businessinsider.com/personal-finance/ignoring-budget-rule-best-thing-for-me-2020-12">the 50/30/20 rule</a>.The rule was very simple and easy for me to understand, like an equation. I could simply take the income that hit my bank account and divide it out into those different percentages. 50% of my income goes to needs, 30% on wants and 20% on savings.<div type="image" title="Libby Brooks taking a selfie in a mirror." height="0" width="0" msid="110668079" hostid="261" sizebytes="222162"></div>Under my necessary expenses, I had $100 set aside every month for my dog's expenses, including food and grooming. And later when I moved into an apartment with my boyfriend, I spent around $800 a month on rent. I commuted to work in my car and gas cost between $300 and $400 a month, I was also spending money on groceries and medical expenses.Under non-essential expenses, I'd budget around $200 a month for dining out with friends and between $300 and $500 for shopping.Within the 20% put toward savings, I typically contributed around $200 to my 401(k) and $100 to my emergency fund with every paycheck, so roughly twice a month.I was able to <a target="_blank" href="https://www.businessinsider.com/personal-finance/money-lessons-moving-out-2022-3">move out of my parent's house</a> and into an apartment with my partner in January 2021. We split the security deposit and the first and last month's rent equally between us. I saved 20% of my paycheck between August and December to afford to move.<h2 id="d26610a4-a295-46d9-87ea-a156f09a2ace">I switched to the 50/20/20/10 rule to make room for my financial goals</h2>I used the 50/30/20 rule until the end of 2021, but I started feeling frustrated because it seemed like I was running out of money every month.I had been putting 20% into savings, but after learning more about <a target="_blank" href="https://www.businessinsider.com/financial-planner-tell-my-clients-focus-2024-04">personal finance</a>, I wanted to spend more on my financial goals. I want to become debt-free by the time I'm 30, which means contributing more than my minimum monthly payment toward my car and student debt and putting more money into my emergency fund.However, whenever I contributed over $100 to my <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-emergency-fund">emergency fund</a> or any other financial goal in a month, I felt I was running out of money. I was putting all of my expenses, necessary and non-essential, on a <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-do-credit-cards-work">credit card</a> to gain the benefits of credit card points, but I would then have to pull money from my emergency fund for some months to cover this credit card bill.<h2 id="59a62f0f-46cf-4449-84fd-bff1f60f25fc">I tweaked the rule to pay off my debt faster</h2>I realized that the 50/30/20 rule didn't really account for my financial goals of <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-to-pay-off-debt-fast">paying off debt</a>.I came across a TikTok creator talking about the 50/20/20/10 budgeting rule. For them, that meant allocating 50% to necessities, 20% to non-essentials, 20% to savings and 10% to investments. At the beginning of 2022, I decided to put my own spin on this method and use that final 10% for my financial goals, like saving and paying off my debts.I <a target="_blank" href="https://www.businessinsider.com/gig-economy-overemployment-quit-job-increase-income-earnings-side-hustle-2024-3">switched jobs</a> in April 2022, and my current salary is $109,000. Per month, I take home around $5,800. I budget $3,100 for necessities, $1,075 for non-essentials, $650 for savings, and around $960 for my financial goals bucket. That doesn't break down exactly into a 50/20/20/10 framework, but I see the rule as more of a guideline.I got engaged in February 2023, so I decided to use the 10% financial goals bucket on saving for my wedding instead of paying off debt. After my wedding, the breakdown may change.I think it's important to be flexible with your budgeting.<h2 id="18c582e3-c0e6-4642-a549-3af4f7bafc26">I've had to cut spending on shopping, but I feel better about my financial goals</h2>Since switching to the 50/20/20/10 rule, I've felt less stressed. Previously, it was more challenging to prioritize financial goals, and it felt like I was going over budget, even though I could usually cover my expenses in the end.Now I've increased my savings budget and decreased my unnecessary spending, I feel more confident in my finances. I <a target="_blank" href="https://www.businessinsider.com/personal-finance/automate-savings-reach-money-goals-2021-3">set up an auto-deposit</a> into multiple savings accounts, so it runs on autopilot, and I don't have to think about it.Right now, the focus is saving for my wedding, but with this budgeting system, I plan to pay off my student loan and car payments by 2027 and 2029. I have a full picture of where my money goes each month, so I know how much I can afford to throw at my debts to work toward a $0 balance.I spent more on new clothes as my salary increased — around $800 to $1,000 monthly. Because I was factoring this into my 50/30/20 budget, I could afford it. Nowadays, I'm allocating $100 to $200 for shopping and using clothing rental services to save money.Renting clothes gives me a similar feeling from shopping but it's more sustainable and doesn't crowd up my closet.The great thing about personal finance is you can always make changes according to what fits best with your lifestyle.

I want to be debt-free by the time I'm 30. Here's how I budget my $109,000 salary.

<ul class="summary-list"><li>Zurich city employees got an unexpected — and short-lived — boost to their pay packets this month.</li><li>A technical error meant that all 30,000 people working for the city were given double their pay.</li></ul>The city of Zurich is trying to recoup roughly 175 million Swiss Francs, about $200 million, after a technical glitch saw all city employees paid double for February, according to local reports.The unexpected windfall landed in employees' accounts on Monday and was "due to a technical processing error," the city's finance department said, <a target="_blank" href="https://www.thelocal.ch/20240227/30000-zurich-city-workers-told-to-pay-back-double-salaries">according to The Local Switzerland</a>.Soon after, the city administration was inundated with calls from puzzled workers, <a target="_blank" href="https://www.tagesanzeiger.ch/datenpanne-bei-der-stadt-tausende-staedtische-angestellte-haben-lohn-doppelt-erhalten-739868085783">Tages-Anzeiger reported</a>, with some joking that the extra money constituted an adjustment for rampant inflation.The boost, paid out to 30,000 people, will likely be short-lived however, with all of them being asked to return the cash.Politicians, too, have received double their fees for attending parliament in February, Tages-Anzeiger reported.Zürcher Kantonalbank, which handles the payments, apologized.The mistake was traced back to a supplier for telecoms outfit Swisscom, which processes the transactions for the bank, although the exact cause hasn't yet been identified, <a target="_blank" href="https://www.nzz.ch/zuerich/riesenpanne-in-zuerich-wie-bekommt-die-stadt-175-millionen-zurueck-ld.1819619">Neue Zürcher Zeitung reported</a>."Swisscom is aware of the explosive nature of this incident and apologizes for the inconvenience caused," the company said, per The Local.The city now faces an administrative headache in clawing back the money.All 30,000 employees are being sent a letter with a QR code linking to instructions for returning the money, NZZ reported. The bank will cover the administration costs, it said."With 30,000 employees, there are many special cases," Claudia Naegeli, a city finance department spokesperson, told the outlet.This includes people who received bonuses, complex shift arrangements, and those who have died in the meantime, the paper reported.

Zurich is trying to claw back $200 million after accidentally paying city employees double their salaries

These 44 pitch decks helped fintechs disrupting trading, investing, and banking raise millions in funding

New Delhi, Jun 15 () Airtel Payments Bank on Monday launched 'Suraksha Salary Account', designed specifically for Micro, Small and Medium Enterprises (MSME). India's MSME sector has over 60 million units and accounts for 29 per cent of India's GDP. These units employ large number of informal labour force who are not eligible for social and healthcare benefits as part of their salaries, and lack of any financial protection makes them vulnerable, particularly in the current times, Airtel Payments Bank said in a statement. "Suraksha Salary Account has been designed specifically for this consumer cohort. Through this innovative account construct, MSMEs and other organisations will be able to make cashless payments and also provide a financial security blanket to their employees," it said. The account offers benefits such as Hospicash Insurance and personal accidental insurance cover, keeping in mind the low penetration of insurance in India. The account has no minimum balance condition. Account holders will be able to make cash withdrawals at Airtel Payments Bank's 500,000 banking points across India. Customers will also be able to make cash deposits and transfer money at these points. "There are no charges on cash withdrawals of up to Rs 50,000 and deposits of up to Rs 20,000 in one month," the statement said. On Hospicash Insurance feature, it said that in the event of hospitalisation, the account holder would be entitled to a fixed cover of Rs 400 a day up to a maximum of 10 days. "The policy will cover COVID-19 as well and mitigate the impact on the account holder due to potential loss of pay and savings during hospitalisation," it said. Commenting on the offering, Airtel Payments Bank CEO Anubrata Biswas said, "Our research reflected how lack of protection makes the workforce susceptible to financial setbacks, particularly in case of illness. With this consumer insight, we developed the Suraksha Salary Account to enable MSMEs to offer financial protection and formal banking experience to their employees." MBI RVK

Airtel Payments Bank rolls out 'Suraksha Salary Account' for MSMEs

<ul class="summary-list"><li>Conservative nonprofit Mackinac Center asked a federal court to immediately end the student-loan payment pause on Thursday.</li><li>It first sued the Education Department last month to resume payments.</li></ul>A nonprofit conservative group <a href="https://www.businessinsider.com/end-student-loan-payment-pause-nonprofit-ncla-joins-sofi-relief-2023-4">asked a federal court last month</a> to end the student-loan payment pause. It's asking again — and it wants borrowers to be thrown back into repayment immediately.On Thursday, The New Civil Liberties Alliance — a law firm aimed at protecting constitutional freedoms — <a href="https://storage.courtlistener.com/recap/gov.uscourts.mied.368986/gov.uscourts.mied.368986.9.0.pdf" target="_blank" rel="noopener">filed a motion for preliminary injunction</a> on behalf of the Michigan-based nonprofit Mackinac Center to end the student-loan payment pause immediately. In April, the group <a href="https://www.businessinsider.com/end-student-loan-payment-pause-nonprofit-ncla-joins-sofi-relief-2023-4">filed its initial lawsuit against the Education Department to end the pause</a> and prevent a further extension. The pause is currently set to expire 60 days after June 30, or 60 days after the Supreme Court issues a final decision on the legality of Biden's plan ot cancel up to $20,000 in student debt for federal borrowers, whichever happens first.Thursday's motion, filed in the US District Court for the Eastern District of Michigan, would effectively end the ongoing pause and resume payments as the legal process plays out. "By keeping student loan interest rates at zero for the past 32 months (even while prime interest rates rose), the Department has unlawfully cancelled debt owed by every student-loan borrower to the U.S. Treasury in an amount equal to the interest that would have accrued over those 32 months," the legal filing said. "A smaller portion of the overall cost to taxpayers is due to deferring all payment obligations during an inflationary period—a dollar repaid today is worth less than when Defendants first extended the Moratorium."The initial lawsuit detailed that as a nonprofit, employees who work at Mackinac Center would be eligible for the Public Service Loan Forgiveness (PSLF) program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments. The group argued that the payment pauses have <a href="https://www.businessinsider.com/end-student-loan-payment-pause-nonprofit-ncla-joins-sofi-relief-2023-4">taken away the incentive to work in public service</a> because the waived interest means that outstanding student debt that would be forgiven under PSLF "is less than it otherwise would be."Additionally, in Thursday's complaint, the group claimed that not every student-loan borrower required the relief the payment pause brought."The Moratorium goes far beyond what is necessary to ensure borrowers are not placed by the pandemic in a worse position financially in relation to their loans," it said. "To be sure, some borrowers were financially impacted by Covid-19, but others were not. Nationwide debt relief that fails to distinguish between the two groups provides an unlawful windfall to the latter. For instance, junior associates at major law firms saw their six-figure salaries increase throughout the pandemic."Amid conservative challenges to its student-debt relief, the Education Department has repeatedly said that the financial impacts of the pandemic can be long-lasting and extend beyond the existence of a national emergency declaration. After SoFi Bank — a student-loan refinancing company — <a href="https://www.businessinsider.com/end-student-loan-payment-pause-sofi-files-lawsuit-block-relief-2023-3">filed a lawsuit in March to end the payment pause</a>, the department <a href="https://www.businessinsider.com/sofi-lawsuit-end-student-loan-payment-pause-financial-harm-education-2023-3">said</a> in a statement that it was "putting many at serious risk of financial harm.""The payment pause is legal, as is our plan to provide one-time debt relief to tens of millions of borrowers most at risk of delinquency and default when they return to repayment," a department spokesperson <a href="https://www.businessinsider.com/sofi-lawsuit-end-student-loan-payment-pause-financial-harm-education-2023-3">told Insider at the time</a>.The department has yet to comment on Mackinac Center's request for a nationwide injunction.

A conservative group just asked a federal court to end the student-loan payment pause immediately — partly because 'some junior associates at major law firms saw their six-figure salaries increase' during the pandemic

<ul class="summary-list"><li>Hunter Biden struggled with to pay his taxes and bills in 2018 and 2019, emails reviewed by CNN revealed.</li><li>A Wells Fargo automated email showed one of his accounts lacked $1,700 for his Porsche payment.</li></ul>Hunter Biden struggled to pay his taxes and bills in 2018 and 2019, <a href="https://edition.cnn.com/2022/07/27/politics/hunter-biden-emails-invs/index.html">emails reviewed by CNN revealed</a> as federal prosecutors investigate President Joe Biden's son for possible tax violations and other crimes.The CNN report references a 2018 email from Hunter Biden's assistant, asking what to do about paying health insurance, a Porsche payment, and her own salary."Pay the health care. Pay the Porsche," Biden responded, and he told her she should pay herself half of the salary she said she was owed, according to CNN.An automated Wells Fargo "insufficient funds" email from December 2018 stated that one of his accounts lacked $1,700 for his Porsche payment.In March 2019, his assistant pleaded with him to let her know if there was a new plan for paying about $370,000 in taxes and $120,000 in other bank debt, CNN reported.The emails include several from his accountant, telling Biden that his tax payments were late.Biden's lawyer told CNN that he has fully paid his IRS tax debts and that Biden struggled during that period with alcohol and drug addiction — something Biden wrote about extensively in his memoir, "Beautiful Things." CNN hired a cyber forensics expert to help authenticate the emails, which were traced back to a laptop that turned up at a Delaware repair shop. Hunter Biden has said he doesn't know if the laptop was his.The report comes as federal investigators are <a href="https://www.cnn.com/2022/07/20/politics/hunter-biden-investigation-critical-juncture/index.html">weighing possible charges</a> related to Hunter Biden's business activities.His father has not been implicated, CNN reported, but <a href="https://www.businessinsider.com/hunter-biden-republicans-investigation-trump-congress-election-midterm-2021-6">Republicans say they will ramp up their investigations</a> of the Bidens if they win control of the House in the midterm elections.

Hunter Biden emails reportedly show him unable to pay his bills, including his assistant's full salary and a $1,700 Porsche payment

<ul class="summary-list"><li>Many <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street" source="Orion">Wall Street</keyword> firms are raising base pay for junior investment bankers. </li><li>The going rate for first-year analyst base pay is now at least $100,000 at many banks. </li></ul>Wall Street investment banks are competing to keep talent by raising pay. Some banks are also going on <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4?r=wallstreetpay-teaser" target="_blank" rel="noopener">big recruiting pushes</a> to staff up amid busy M&amp;A and IPO activity - though headhunters say the <a href="https://www.businessinsider.com/investment-banks-labor-shortage-analysts-hiring-deals-goldman-jpmorgan-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">hiring pool is nearly tapped out</a> for junior talent. The going rate for base pay for first-year <keyword id="48051" type="ORGANIZATION" weightage="60" keywordseo="investment-banking" source="Orion">investment banking</keyword> analysts is now at least $100,000 across many firms. Evercore has <a href="https://www.businessinsider.com/evercore-raises-base-comp-first-second-year-investment-bank-analysts-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">bumped base comp to $120,000 for first-year analysts</a>.Higher levels are likewise seeing big hikes. Lazard is raising base pay for <a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">first and second-year associates</a> to a whopping $200,000 and $225,000. Those raises will go into effect Oct. 14 and be retroactive to July 1.Some firms are also raising pay outside of just IB. Goldman Sachs <a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8" target="_blank" rel="noopener">has raised salaries</a> for first-year analysts and some second-year analysts in markets, wealth, and research. And Bank of America's <a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">latest pay raises</a> applied to analysts in global corporate and investment banking, global markets, and global research.And a second wave of pay hikes has emerged, with firms including Morgan Stanley telling staff about <a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">further bumps</a> to pay that will go into effect in January 2022. Trying to keep up with the latest on pay for junior bankers on Wall Street? Here's a bank-by-bank breakdown of changes in salaries for analysts, associates, and other levels at firms like Bank of America, Goldman Sachs, JPMorgan, Morgan Stanley, and more.<h2><a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Bank of America</a></h2>Bank of America <a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser">announced a second round of pay increases</a> for junior investment bankers that will go into effect in the coming months.The firm is bumping salaries for analysts in global corporate and investment banking, global markets, and global research divisions, according to an internal memo sent by the bank's global banking and markets leadership team and reviewed by Insider.<a href="https://www.businessinsider.com/bank-of-america-bumping-junior-banker-salary-for-second-time-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">See all the pay details here.</a><h2><a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Citigroup</a></h2>Analysts, associates, and vice presidents in Citigroup's banking, capital markets, and advisory division received base salary increases.The raises will be reflected in payments starting in August, according to an internal announcement <a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">first reported by Insider on July 2</a>. Tyler Dickson and Manuel Falcó, co-heads of Citi's BCMA group, sent the memo, which was reviewed by Insider.<a href="https://www.businessinsider.com/citi-investment-bank-raises-base-salary-vp-associates-analysts-comp-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here.</a><h2><a href="https://www.businessinsider.com/credit-suisse-giving-bonuses-raises-capital-markets-advisory-group-2021-3?r=wallstreetpay-teaser" target="_blank" rel="noopener">Credit Suisse</a></h2>The firm raised salaries for people in the global capital-markets and advisory group at the director level and below, which includes vice presidents, associates, and analysts. Salary raises took effect for directors, vice presidents, and associates as early as April.<a href="https://www.businessinsider.com/credit-suisse-giving-bonuses-raises-capital-markets-advisory-group-2021-3?r=wallstreetpay-teaser" target="_blank" rel="noopener">See the full story here. </a><h2><a href="https://www.businessinsider.com/evercore-raises-first-year-banker-pay-amid-talent-shortage-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Evercore</a></h2>Evercore bumped its base compensation for junior bankers to make it among the <a href="https://www.businessinsider.com/evercore-raises-base-comp-first-second-year-investment-bank-analysts-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">top-paying investment banks</a> for first- and second-year analysts. The firm is also bumping base comp for first through fourth-year associates, Insider has learned.<a href="https://www.businessinsider.com/evercore-raises-first-year-banker-pay-amid-talent-shortage-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on the latest pay here.</a><h2><a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8??r=wallstreetpay-teaser" target="_blank" rel="noopener">Goldman Sachs </a></h2>Goldman Sachs is bumping pay for investment banking analysts and associates, <a href="https://www.businessinsider.com/goldman-sachs-raises-salaries-investment-bankers-junior-analysts-associates-salary-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener noreferrer">Insider first reported on August 1</a>. The move came months after the firm's culture regarding junior bankers first <a href="https://www.businessinsider.com/goldman-sachs-analysts-wfh-expenses-equipment-junior-banker-wall-street-2021-3" target="_blank" rel="noopener noreferrer">came under scrutiny this spring.</a>The firm later moved to raise salaries for <a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">first-years in markets, wealth, and research</a>.<a href="https://www.businessinsider.com/goldman-sachs-raises-junior-salaries-jpmorgan-wall-street-pay-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the latest here. </a><h2><a href="https://www.businessinsider.com/guggenheim-securities-raising-analyst-base-comp-salary-investment-banking-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Guggenheim Securities</a></h2>Guggenheim Securities, a division of the financial-services firm Guggenheim Partners, has raised base compensation for investment-bank analysts for a second time in a matter of months.<a href="https://www.businessinsider.com/guggenheim-securities-raising-analyst-base-comp-salary-investment-banking-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the full story here. </a><h2><a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">JPMorgan</a></h2>Wall Street's biggest bank is rolling out pay bumps for junior workers in its investment bank, sources familiar with the situation <a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">told Insider on June 28</a>. <a href="https://www.businessinsider.com/jpmorgan-is-raising-base-compensation-for-first-year-analysts-to-100k-2021-6?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on JPMorgan raises here.</a><h2><a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Lazard</a></h2>Lazard is raising base pay for first and second, and third-year associates. These raises will go into effect Oct. 14 and be retroactive to July 1,It <a href="https://www.businessinsider.com/lazard-raising-first-second-third-investment-banking-analyst-salaries-2021-8?r=wallstreetpay-teaser">previously raised</a> first-year analyst salaries to $100,000; second-years to $110,000, and third-years to $110,000. Those changed went into effect as of the Aug. 13 payroll, retroactive as of July 1.<a href="https://www.businessinsider.com/lazard-bumps-first-year-associate-pay-investment-banking-2021-9?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here.</a><h2><a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Morgan Stanley</a></h2>Morgan Stanley is set to raise salaries for its junior traders and research analysts, as well as raising base compensation for junior investment bankers for a second time, Insider has learned.<a href="https://www.businessinsider.com/morgan-stanley-raises-pay-junior-traders-research-analysts-bankers-gcm-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">More on Morgan Stanley pay here. </a><h2><a href="https://www.businessinsider.com/rbc-guggenheim-announce-new-raises-protected-weekends-junior-investment-bankers-2021-5?r=wallstreetpay-teaser" target="_blank" rel="noopener">RBC Capital Markets</a></h2>RBC raised analyst and associate base pay. The raises impacted US employees and went into effect in June.<a href="https://www.businessinsider.com/rbc-guggenheim-announce-new-raises-protected-weekends-junior-investment-bankers-2021-5?r=wallstreetpay-teaser" target="_blank" rel="noopener">See the full story here. </a><h2><a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">Raymond James</a></h2>The firm is increasing base compensation for <a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">first-, second-, and third-year investment-bank analysts</a>, according to an email sent by James Bunn, Raymond James' president of global equities and investment banking. The raises will take effect on Oct. 1. While Bunn said in his email that the pay bumps should put Raymond James at the "high end of analyst salaries on the Street," junior bankers may not end up taking home more total pay than before.<a href="https://www.businessinsider.com/raymond-james-bumping-first-year-analyst-base-pay-junior-bankers-2021-8?r=wallstreetpay-teaser" target="_blank" rel="noopener">See all the details here. </a><h2><a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">UBS</a></h2>The bank is raising salaries for analysts, associates, and directors within its investment bank, two people familiar with the matter <a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">told Insider</a> on July 21. The raises were effective Aug. 1. And analysts, associates, and directors across all regions are eligible for the raise.<a href="https://www.businessinsider.com/ubs-raising-junior-investment-banker-salaries-starting-analyst-associate-director-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Read the full story here. </a><h2><a href="https://www.businessinsider.com/wells-fargo-raises-junior-investment-banker-comp-salary-cib-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Wells Fargo </a></h2>Wells Fargo raised base comp for analysts and associates in its corporate and investment bank, a Wells Fargo spokesperson confirmed to Insider. These raises are retroactive to July 1. "We can confirm the adjustment of base pay in certain client-facing positions across the Corporate and Investment Bank, which ensures we remain competitive and aligned with market practices," the spokesperson said. "We are committed to offering compensation that attracts, motivates, and retains talent."<a href="https://www.businessinsider.com/wells-fargo-raises-junior-investment-banker-comp-salary-cib-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">See more here.</a><h2><a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">William Blair</a></h2>William Blair <a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">is raising base salaries</a> for bankers from first-year analysts to managing directors. The raises went into effect in the Aug. 15 payroll cycle. A person familiar with the matter told Insider that the raises apply to the firm's investment bankers globally.<a href="https://www.businessinsider.com/william-blair-bonus-20000-junior-investment-bankers-burnout-wall-street-2021-4?r=wallstreetpay-teaser" target="_blank" rel="noopener">William Blair executives earlier this year told</a> its investment-banking analysts, associates, and vice presidents who joined the firm before Jan. 31 they would receive "a special, one-time spot bonus" in the amount of $20,000. More recent hires got smaller bonuses. The special bonuses hit accounts in the April 15 payroll cycle.<a href="https://www.businessinsider.com/william-blair-raising-pay-analysts-predicts-highest-compensation-on-record-2021-7?r=wallstreetpay-teaser" target="_blank" rel="noopener">Keep reading here. </a>

How much junior bankers are getting paid at 14 Wall Street firms after a frenzy of salary hikes

Happy Saturday!Big bank earnings season was in full swing this week. From top execs laying out the rationale behind dealmaking to shedding light on their plans for the future of the physical office, here are some of this quarter's highlights:<ul><li><a href="https://www.businessinsider.com/morgan-stanley-ceo-gorman-explains-eaton-vance-bid-q3-earnings-2020-10">Morgan Stanley's CEO explains why the bank's $7 billion bid for Eaton Vance makes sense even with such a high price tag: 'I'm not ashamed to say it's fully priced'</a></li><li><a href="https://www.businessinsider.com/blackrock-jpmorgan-jamie-dimon-asset-management-mergers-q3-earnings-2020-10">JPMorgan and BlackRock are both looking to do M&amp;A. Their execs just gave a glance at what they could buy.</a></li><li><a href="https://www.businessinsider.com/citigroup-earnings-q3-analysts-corbat-compliance-risk-costs-fraser-2020-10">'Why not step aside now?' Analysts just grilled outgoing Citi CEO Mike Corbat over how he ran the bank and made comparisons to embattled Wells Fargo</a></li><li><a href="https://www.businessinsider.com/finance-ceos-real-estate-footprints-office-q3-blackrock-jpm-citi-2020-10" target="_blank" rel="noopener">Here's what 7 CEOs of major financial firms are saying about the return to office and the future of their real estate footprints</a></li></ul><a href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a newsletter subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Keep reading to learn more about <a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10">what engineers are getting paid at Amex, Mastercard, PayPal, Square, and Visa;</a> a leadership shakeup at mortgage giant <a href="https://www.businessinsider.com/fannie-mae-single-family-leadership-shakeup-reorganization-gse-mortgage-lending-2020-10">Fannie Mae</a>; why big investors like Blackstone have been <a href="https://www.businessinsider.com/brookfield-talks-buy-stake-blackhall-studios-film-production-real-estate-2020-10">snapping up film and TV production space as a hot real-estate play</a>; and a deep dive on how per-diem lawyers have found creative ways to <a href="https://www.businessinsider.com/new-york-contract-lawyers-went-from-200k-to-nothing-courts-2020-10">reinvent themselves</a>. <h3><a href="https://www.businessinsider.com/fannie-mae-single-family-leadership-shakeup-reorganization-gse-mortgage-lending-2020-10">Mortgage giant Fannie Mae is shaking up leadership in its largest business</a></h3><a href="https://www.businessinsider.com/fannie-mae-single-family-leadership-shakeup-reorganization-gse-mortgage-lending-2020-10"></a>US government-controlled Fannie Mae, a key player in the country's massive mortgage market, is shuffling leadership in its largest business line, according to recent internal memos seen by Business Insider. The changes inside Fannie Mae, which the government took over during the great financial crisis and has become a political football, come just weeks before the US presidential election.<a href="https://www.businessinsider.com/fannie-mae-single-family-leadership-shakeup-reorganization-gse-mortgage-lending-2020-10">You can read all the details on the shakeup here. </a><h3><a href="https://www.businessinsider.com/brookfield-talks-buy-stake-blackhall-studios-film-production-real-estate-2020-10">Big money is pouring into film and TV production spaces. Here's a look at the opportunities — and risks — for this hot real-estate play.</a></h3><a href="https://www.businessinsider.com/brookfield-talks-buy-stake-blackhall-studios-film-production-real-estate-2020-10"><div type="image" title="lovecraft country hbo" height="1024" width="2048" msid="78722333" hostid="261"></div></a>Brookfield Property Partners is in talks to take a stake in Blackhall Studios, a production facility with nine sound stages in Atlanta, sources told Business Insider. Dan Geiger and Casey Sullivan chatted with studio owners, private-equity executives and brokers <a href="https://www.businessinsider.com/brookfield-talks-buy-stake-blackhall-studios-film-production-real-estate-2020-10">to learn what's been driving a flurry of activity from big investors.</a><h3><a href="https://www.businessinsider.com/morgan-stanley-earnings-ig-credit-trading-revenue-results-q3-preview-2020-10">A Morgan Stanley credit desk has reaped nearly $1 billion thanks to a surge in corporate borrowing and bond-portfolio trading</a></h3><a href="https://www.businessinsider.com/morgan-stanley-earnings-ig-credit-trading-revenue-results-q3-preview-2020-10"><div type="image" title="James Gorman Morgan Stanley" height="1696" width="3392" msid="78722335" hostid="261"></div></a>As Alex Morrell reported, <keyword id="48670" type="CITY" weightage="60" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> has had a huge year in credit trading — reaping nearly $1 billion from its investment-grade desk.Despite ranking fourth in underwriting IG debt, the firm is a perennial top competitor when it comes to trading it. Helping its cause: Morgan Stanley has one of Wall Street's top operations in algorithmic and <a href="https://www.businessinsider.com/wall-street-giants-chasing-after-explosion-in-bond-portfolio-trading-2019-10">bond portfolio trading</a>, which has accelerated in 2020.<a href="https://www.businessinsider.com/morgan-stanley-earnings-ig-credit-trading-revenue-results-q3-preview-2020-10">You can read all the details on the blowout performance here. </a><h3><a href="https://www.businessinsider.com/att-warnermedia-headquarters-hudson-yards-office-strategic-review-footprint-costs-2020-10">AT&amp;T is putting WarnerMedia's huge NYC headquarters under review </a></h3><a href="https://www.businessinsider.com/att-warnermedia-headquarters-hudson-yards-office-strategic-review-footprint-costs-2020-10"><div type="image" title="WarnerMedia Stankey" height="512" width="1024" msid="78722336" hostid="261"></div></a>AT&amp;T is conducting a strategic review of WarnerMedia's 1.5 million-square-foot headquarters at 30 Hudson Yards, Dan Geiger reported this week. The reevaluation is expected to be complete early next year and could prompt the $200 billion telecom company to shed some of the space.<a href="https://www.businessinsider.com/att-warnermedia-headquarters-hudson-yards-office-strategic-review-footprint-costs-2020-10">Here's a look at what this reevaluation could mean for the NYC office market. </a><h3><a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10">Here's what engineers are getting paid at Amex, Mastercard, PayPal, Square, and Visa</a></h3><a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10"><div type="image" title="PayPal" height="2865" width="5731" msid="78722341" hostid="261"></div></a>For any payments player, tech is a huge part of the budget. Speed and security of a network can make or break a company like Amex or Mastercard.And that means a large part of payments companies' headcount lies in tech. Amex, Mastercard, PayPal, Square, and Visa need to hire the best technical talent to build new ways to pay and keep the systems up and running.<a href="https://www.businessinsider.com/payments-salaries-tech-engineers-amex-mastercard-paypal-square-visa-2020-10#paypal-3">Here's a roundup of what they're paying.</a><h3><a href="https://www.businessinsider.com/new-york-contract-lawyers-went-from-200k-to-nothing-courts-2020-10">Per-diem attorneys could make $200,000 a year from freelance lawyer gigs. But as work has vanished, they've become Instagram cooks, motivational speakers, and reiki coaches.</a></h3><a href="https://www.businessinsider.com/new-york-contract-lawyers-went-from-200k-to-nothing-courts-2020-10"><div type="image" title="Danielle Caminiti" height="1680" width="3360" msid="78722345" hostid="261"></div></a>Hundreds of lawyers in New York and beyond who made a specialty out of showing up for court appearances on behalf of other lawyers have found themselves out of work as courts have moved online. So-called per-diem lawyers could make about $125 per appearance, and for some of them, the numbers really added up.New York courts have gradually been reopening for in-person trials and arguments, but the events that filled a per-diem's day are mostly virtual, so the lawyers who used to send them work can call in themselves.<a href="https://www.businessinsider.com/new-york-contract-lawyers-went-from-200k-to-nothing-courts-2020-10">Jack Newsham took a look at how per-diem lawyers are reinventing themselves. </a><h3><a href="https://www.businessinsider.com/goldman-sachs-joe-duran-wealth-management-hiring-expansion-growth-2020-10">Goldman Sachs is planning to hire dozens of advisors for the firm's wealth business</a></h3><div type="image" title="Goldman Sachs NYSE" height="1249" width="2500" msid="78722347" hostid="261"></div>In <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>' quest to move down-market, part of its <a href="https://www.businessinsider.com/goldman-sachs-reshuffles-divisions-consumer-asset-management-2020-9">newly reorganized wealth management division</a> is preparing to expand. Joe Duran, head of <a href="https://www.businessinsider.com/goldman-sachs-revealed-new-wealth-management-brand-on-investor-day-2020-1">Goldman Sachs Personal Financial Management</a>, told Rebecca Ungarino and Dakin Campbell that the business is looking to hire dozens of financial advisors over the next year.<a href="https://www.businessinsider.com/goldman-sachs-joe-duran-wealth-management-hiring-expansion-growth-2020-10">Here's more on hiring plans, office expansions, and why the firm is so confident in its push. </a><h2>Careers</h2><ul><li><a href="https://www.businessinsider.com/rising-stars-of-wall-street-book-recommendations-must-reads-2020-10">32 books on everything from the roots of value investing to the science of sleep that Wall Street rising stars say you should read to get ahead</a></li><li><a href="https://www.businessinsider.com/private-equity-hiring-recruiting-headcount-investment-operations-staff-dealmaking-2020-10">Private-equity hiring is set to rebound in 2021, with firms looking to add investment pros to handle a jump in dealmaking</a></li></ul><h2>Private equity and hedge funds</h2><ul><li><a href="https://www.businessinsider.com/dislocation-funds-distressed-credit-dry-powder-fundraising-general-atlantic-carlyle-2020-10">Good deals in pandemic-hit companies are proving hard to find. Here's how big investors that raised billions to pounce on corporate distress are changing up their playbooks.</a></li><li><a href="https://www.businessinsider.com/lone-pine-mala-gaonkar-value-investing-growth-facebook-milken-2020-10">A portfolio manager at $20 billion Lone Pine says value investing is alive and well with a new class of company leading the way — and explains why hyper-growth firms like Facebook now fit the bill</a></li></ul><h2>Fintech</h2><ul><li><a href="https://www.businessinsider.com/grayscale-investments-digital-asset-investment-report-bitcoin-crypto-2020-10">The world's largest digital currency asset manager took in $1 billion in new investment in the third quarter. Here's why investors are feeling so bullish about bitcoin and ethereum.</a></li><li><a href="https://www.businessinsider.com/regional-community-banks-digital-transformation-fintech-solutions-branches-deposits-2020-10">The pandemic has created a do-or-die moment for smaller banks. 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<ul class="summary-list"><li>It's possible to get into real estate with little-to-no savings. </li><li>Investors who started with very little share the strategies they used to get their first properties.</li></ul>One of the biggest barriers to entry when it comes to buying <a href="https://www.businessinsider.com/category/real-estate">real estate</a> is capital. Between the down payment and closing costs, purchasing a home can require a lot of upfront cash. It's possible, however, to get your foot in the door with little-to-no savings. Insider has spoken to a handful of successful investors who have done so. Here are the creative financing strategies they used.<a href="https://www.businessinsider.com/invest-in-real-estate-with-zero-money-upfront-seller-financing-2023-4?r=creative-financing-lp">20-year-old friends and college dropouts Caleb Hommel and Chuck Sotelo raised capital and structured a seller financing deal</a><div type="image" title="chuck caleb" height="2274" width="3024" msid="103307825" hostid="261" sizebytes="488578"></div>When Caleb Hommel and Chuck Sotelo were looking for their first property to invest in, they had three stipulations: they wanted a multi-family property, they wanted to inherit tenants, and the seller had to be open to seller financing.The third requirement was the most important, since they wouldn't be able to buy a property without it. Hommel and Sotelo, who met on the first day of high school, were teenagers when they decided they wanted to invest in real estate. They didn't have any savings — except a couple hundred dollars each — nor did they even know what their credit scores were. They were still in junior college at the time and delivering food to pay for an online real estate mentorship program.Seller financing was necessary considering their age and financial standing, Sotelo told Insider: "We worked for DoorDash and made like 400 bucks a month. Nobody's going to give us a bank loan." For their first property, a $900,000, 10-unit building in south Texas, they found three investors who each put in $30,000. "Raising the money wasn't as hard as I expected it to be," said Hommel. "It was just reaching out to anybody and everybody, presenting our deal, and seeing if they'd be interested." It helped that they'd put so much work into finding an excellent deal, he added: "Once we realized that all we needed was the deal to be good enough, the process became a whole lot easier." <a href="https://www.businessinsider.com/how-to-buy-a-home-start-real-estate-investing-strategy-2023-8?r=creative-financing-lp">Zeona McIntyre obtained a private loan, rather than going through a traditional mortgage lender </a><div type="image" title="zeona mcintyre" height="900" width="1200" msid="103307826" hostid="261" sizebytes="258298"></div>Like Hommel and Sotelo, Boulder-based investor Zeona McIntyre couldn't qualify for a mortgage when she first started looking at property. She didn't have a traditional job, nor did she have substantial savings. But she wanted to buy an investment property — specifically, she'd found a $162,000 one-bedroom condo in Boulder. To make it happen, she reached out to one of her former landlords who was also an investor and operated as a private money lender, and asked for a loan."I practiced my speech in the shower, got my courage up, and went and talked to him," she said. "It was surprisingly easy. I must have caught him on a good day with enough money in his bank, but he was very much open and excited to help me out. We worked out a private loan and he didn't need to verify my income or anything. He knew that I was working in massage and I felt like I could afford it."McIntyre continued using various creative financing strategies as she built up her portfolio. <a href="https://www.businessinsider.com/debt-payoff-wealth-real-estate-property-investor-financial-independence-fire-2022-5?r=creative-financing-lp">Sean Allen bought with a friend and split the upfront costs through syndication</a><div type="image" title="sean allen" height="1154" width="1537" msid="103307827" hostid="261" sizebytes="35644"></div>Sean Allen got started with $8,000 in savings. It wasn't enough to buy a place on his own, so he went in on his first property with a friend.Combined, they had about $16,000 in cash, said Allen. They worked backwards and figured they could afford something around $60,000. That purchase price would allow them to put 20% down ($12,000) and have $4,000 left over to go towards closing costs.They were both living in southern California and figured they probably weren't going to come by a $60,000 property in that market. So they started looking in Greensboro, North Carolina, where Allen went to college. They flew to Greensboro to meet with a real-estate agent, looked at properties, and found one they could afford. They put 20% down and did a few minor home-improvement projects. After finding tenants, they started profiting about $220 a month. <a href="https://www.businessinsider.com/building-multi-million-dollar-real-estate-portfolio-property-investing-strategy2022-12?r=creative-financing-lp">Natia and Jervais Seegars used a grant and an FHA loan to buy a $191,000 home with $2,000 upfront</a><div type="image" title="natia jervais" height="3840" width="5119" msid="103307828" hostid="261" sizebytes="1467924"></div>Before Natia and Jervais Seegars could afford to buy their first home, they got a lot of "no's" from lenders. But after three years of building their credit and paying down debt, they finally qualified for a mortgage.They closed on a $191,000 home in North Carolina, where they were living at the time, in September 2006 and spent just $2,000 upfront.That's partly because they financed it with an FHA loan, which is a government-backed mortgage that gives people the opportunity to buy a home with down payments as low as 3.5%. A 3.5% down payment on a $191,000 home, however, would come out to about $5,700 — and that number doesn't include closing costs, which typically end up being 2% to 5% of the loan cost. The couple managed to close with just $2,000 of their own savings thanks to a grant that they qualified for at the time: The Genesis Program, which offers down payment assistance to low- and middle-income home buyers using an FHA loan.

How to get into real estate on a small salary or little to no savings, according to 6 successful investors who used creative financing strategies to get started

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