Category: Brandpoint Business & Finance

2020-07-23T10:01:01

(BPT) – With the end of an unconventional school year, parents around the country are faced with the daunting challenge of saving for their children’s college education. The cost of college is rising, and many American households are already wrestling with their existing student debt. According to NerdWallet, the collective student debt in the U.S. has climbed to $1.6 trillion and shows no signs of decreasing.

Saving for college may seem like an overwhelming task, especially amid the uncertainty surrounding COVID-19, but there are options available to help make the impossible become possible. One option that all parents and students should consider is a 529 college savings plan, which offers a tax advantage to encourage saving for future higher education costs. Tax-advantaged treatment applies to savings used for qualified education expenses. State tax treatment varies.

“Saving for higher education is critical, even during times of uncertainty,” said Russ Tipper, senior vice president at Capital Group, home of American Funds^®, and one of the world’s leading investment management firms. “A 529 college savings plan can be a valuable investment tool and offers an attractive gift option for family members who may also wish to contribute.”

How 529 plans work

With a 529 plan, the earnings are not taxed when you use the money for qualified education expenses. If withdrawals are used for purposes other than qualified education expenses, the earnings will be subject to a 10% federal tax penalty in addition to federal and, if applicable, state income tax. States take different approaches to the income tax treatment of withdrawals. For example, withdrawals for K–12 expenses may not be exempt from state tax in certain states. Here are a few more reasons to consider a 529 plan:

• Families can contribute up to $15,000 ($30,000 for married couples) annually, without gift-tax consequences. Under a special election, you can invest up to $75,000 ($150,000 for married couples) at one time by accelerating five years’ worth of investments.
• 529 plans are flexible. In addition to standard college costs, qualified education expenses from 529 plans can be used to pay an elementary, secondary, private or religious school (for K–12 tuition up to a maximum of $10,000 incurred during the taxable year per beneficiary), vocational school, community college, online educational courses and graduate programs.
• New law further expands uses for 529 plans. Under the SECURE Act, 529 plans can now be used to pay the principal or interest (up to a $10,000 lifetime maximum) on any qualified student loans of a designated beneficiary or the designated beneficiary’s sibling. For distributions made after December 31, 2018, qualified education expenses include expenses for fees, books, supplies and equipment required for the participation of a designated beneficiary in certain apprenticeship programs.
• The account owner can change the beneficiary at any time without tax consequences if the new beneficiary is a member of the family.
• These accounts can be used by anyone looking to go back to school to obtain a degree or seeking to take classes to learn a new skill. Adults can set up 529 plans to cover their own educational expenses.
• Anyone can contribute to a child’s 529 savings plan — parents, grandparents, aunts, uncles and friends could have the opportunity to gift a contribution that goes directly to education savings.
• There are also tax and estate planning benefits. Assets grow free from federal and, in many cases, state taxes if withdrawals are used to pay qualified education expenses. Your contributions are free of gift taxes and can help pare down one’s estate and reduce potential estate taxes.
• For people living with disabilities, consider a tax-advantaged savings plan such as ABLEAmerica, which is designed to help individuals with disabilities and their families pay for qualified expenses. Tax-advantaged treatment applies to savings used for qualified disability expenses. State tax treatment varies.

Saving early pays off

Millennials — many of whom are already impacted by their own student loan debt — are focused on saving for their children’s future education. According to a survey issued by Capital Group, 31% of millennials report that not having enough money to pay for their children’s education keeps them up at night. One in three millennials also ranked 529 college savings plans as an important benefit an employer could offer.

“Starting to save for college earlier truly pays off. Most families begin saving for college at least seven years before they expect to use the money. However, beneficiaries about to enter college (age 18 today) have typically saved less than one years’ worth of estimated public college expenses. Investing early is critical to helping with minimizing the need for student loans and, ultimately, eliminating student loan debt,” said Tipper.

How to choose a 529 plan

Working with a financial professional can help with long-term financial planning. A financial professional can help families understand their choices and determine which investment approaches make sense.

CollegeAmerica^®, the nation’s largest 529 college savings plan,¹ is a strong option that offers low expenses and flexible,² easy-to-use investment options, including target date funds.

Most importantly, do your homework and select the right 529 plan for your family — one that will pay off in the long run. Determine investment goals and then find a plan with flexibility, low fees and low minimum investment requirements.

¹ Largest by assets, according to the 1Q 2020 “529 College Savings Quarterly Update” from ISS Market Intelligence.

² “529 College Savings Quarterly Fee Analysis,” ISS Market Intelligence, 4Q 2019. CollegeAmerica’s fees were in the top quartile of 30 and 18 plans based on the average annual asset-based fees for national advisor-sold and fee-based advisor-sold 529 plans, respectively.

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Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information are contained in the fund prospectus, summary prospectus, CollegeAmerica Program Description and ABLEAmerica Program Description, which can be obtained from a financial professional and should be read carefully before investing. CollegeAmerica and ABLEAmerica are distributed by American Funds Distributors, Inc. and sold through unaffiliated intermediaries.

Depending on your state of residence, there may be an in-state plan that provides state tax and other state benefits not available through CollegeAmerica (such as financial aid, scholarship funds and protection from creditors) or ABLEAmerica. Before investing in any state’s 529 plan, investors should consult a tax advisor.

CollegeAmerica and ABLEAmerica are nationwide plans sponsored by Virginia529.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. This information is intended to highlight issues and should not be considered advice, an endorsement or a recommendation.

American Funds Distributors, Inc., member FINRA.

2020-07-17T08:01:01

(BPT) – Right now, summer is in full swing for many families and planning for fall may seem far away. For parents with college-bound children, however, a time for new beginnings, transitioning and planning for the future is rapidly approaching. That’s especially true for families who are still determining the best way to pay for the upcoming school year — and which funding sources they will use.

A recent College Ave Student Loans survey of parents with undergraduate students, conducted in June by Barnes & Noble College Insights^SM, found 95% plan to help pay for their child’s college education. The most common sources of funding? Grants and scholarships, income and savings, and student loans.

The truth is, most families must explore every financial avenue to make sure their child has the resources he or she needs to move forward with a college career. If you have a child headed to college this fall, here’s a summary of the seven most popular ways parents help finance their child’s higher education, according to the survey:

1. Research all grants and scholarships

In the survey, of parents helping their child pay for college, 64% said that they currently or plan to use some form of grant or scholarship money — which does not need to be repaid. It’s not too late to look for last-minute scholarships, and not all require demonstrated financial need or a history of academic excellence. For instance, College Ave Student Loans gives away $1,000 each month as part of its scholarship sweepstakes program. Make sure you’re fully investigating all possibilities for “free” college money as part of your process.

2. Set aside income and savings

Even though the survey shows 60% of parents plan to use income and savings to cover college costs, you’re far from alone if you haven’t been able to save up in these challenging financial times. The good news is that you can still make college funding a priority, especially if your child is just kicking off their education. You may have to make some tough choices, but you could see if it’s possible to cut expenses in your budget, sell off some unneeded assets, or ask loved ones to shift gifts toward college funding. Any amount can help chip away at a tuition bill.

3. Explore student loan options

More than half of families surveyed (53%) rely on student loans to help bridge a college financing gap. If your family may need to borrow, make sure to take out federal loans in the student’s name first as these come with low fixed rates and unique benefits, such as income-based repayment plans. Federal student loans have annual loan limits, and if you find you need additional funds, private student loans are one option to consider. Just be sure you shop around for a loan that fits your budget, like the flexible repayment plans available at College Ave Student Loans. Applying for help is easy with the three-minute application and great customer service.

4. Encourage your child to find work

Forty-three percent of the parents surveyed noted that their children will work during school (or have already worked) to help finance college. That’s often a sound plan, as it can motivate students to have a greater stake in the outcome of their education. For those families who filled out the Free Application for Federal Student Aid (FAFSA), federal work-study jobs may be available for your student.

5. Use your 529 savings plan

About 1 in 3 families (38%) plan to leverage a 529 savings plan to help pay for college. If you have funds in a 529 plan and have upcoming higher education expenses, you can set up a distribution from your 529 plan account into your own bank account. Money must be used for eligible college-related expenses, such as tuition, room and board, books and supplies, etc.

6. Consider a parent loan

Another possibility you may not have considered is to take out a loan yourself. Parent loans are an option for those with strong credit, and who want to and can take on the debt. When shopping for parent loans, consider private parent loans as some — such as those at College Ave — can save families money as they can offer lower rates and no origination fees as compared to federal options. Of those parents helping a child pay for college, 21% of those surveyed have or are planning to use parent loans.

7. Take on a side hustle

One more option for contributing financially to your child’s education? A side hustle. Taking on a secondary job or venture that generates additional income is a strategy employed by 18% of the parents surveyed. Depending on your time, energy and other commitments, you may be able to take on extra work as a way of earning the extra money needed to get your child the valuable education they need.

As fall approaches, you’ll want to make sure your child has everything she needs to get their college education off the ground. Take time now to plan your best strategy for taking care of the financial aspects, so you can enjoy those last few weeks before sending your student off to college. Learn more tips on planning and paying for college at CollegeAve.com.

2020-07-14T05:31:00

(BPT) – Did you know prescriptions cost more in the U.S. than anywhere else in the world? If you or a loved one need daily medications, you may already know about the high cost of prescription drugs.

Access to affordable prescription drugs is an even more vital concern due to the COVID-19 pandemic. Anyone with pre-existing conditions and who has experienced financial setbacks or lost their employment may be anxious about their health and struggling to afford healthcare and medication costs.

“Americans struggle now more than ever with skyrocketing prescription drug prices and, despite promises from elected officials to lower medication costs, meaningful change remains elusive,” said Jack Pfeiffer, executive director of the Campaign for Personal Prescription Importation (CPPI).

Because this issue is unresolved, Americans are increasingly turning to Canadian pharmacies, from which they can safely order medications online. This year’s annual survey conducted by CPPI explored why this choice is becoming more popular, how much Americans are saving, and who is benefiting most from this option.

How the cost of medications influences where people get their prescriptions

The majority of the CPPI survey respondents (94%) cited the high cost of prescriptions as the primary reason they order medications from online pharmacies in Canada.

Other reasons for importing medications included the consistency in pricing (11%); the convenience of online ordering (7%) and consistency in availability of medications (6%), plus the lack of availability of some medications in the U.S. (4%).

Want to compare prescription costs between the U.S. and Canada? Check out PersonalImportation.org/dramatic-drug-price-differences-canada-vs-us.

How much are people actually saving?

The CPPI survey looked at actual dollar amounts people reported from ordering their prescriptions from Canadian pharmacies. On average, those who ordered pharmaceuticals online from Canada saved $245 per month. This amount is a sharp increase from the $196 average monthly savings reported in last year’s survey.

Breaking the totals down further, among those who saved over $300 per month (20% of the respondents), the average savings added up to $648. Over half of the respondents (53%) reported saving up to $199 each month, and 18% said they saved between $200 and $29 through personal importation of their prescriptions from Canada.

Who is importing their prescriptions?

A recent University of Florida study published in the JAMA Network Open reveals that over 2 million Americans purchased prescription drugs from outside the U.S. to save money.

Perhaps not surprisingly, older adults seemed the most likely to import their prescriptions: Nearly three-fourths of those getting prescriptions from outside the U.S. (72%) reported being on Medicare, while 15% were on employer-based insurance, 9% were self-insured and 7% were uninsured. Interestingly, 33% of the respondents from the CPPI survey learned about online pharmacies from their healthcare provider or pharmacist.

Overall, people who do get their prescriptions from outside the U.S. are very satisfied with that service. The overwhelming majority (98%) of those surveyed who import personal prescriptions would recommend ordering medications via licensed online pharmacies to family and friends.

The politics of prescriptions

Respondents to the CPPI survey overwhelmingly expressed the belief that high drug prices are a critical issue needing to be addressed by elected leaders — as well as by candidates running for public office. For the upcoming presidential election, 86% said this issue was either extremely important or very important, while 12% regarded the issue as somewhat important.

Despite these strong opinions regarding the need to enact reform to deal with the high cost of prescription drugs, Congress so far has not been able to pass any legislation to address it.

5. Ease of savings

While American consumers wait for Congress to act, they still have the option of finding their prescriptions from legitimate, licensed pharmacies as close as Canada by shopping online. Americans with a valid prescription can safely order 30- to 90-day supplies of medications from Canadian pharmacies.

To ensure safety and to avoid scams, CPPI recommends purchasing medications only from pharmacy websites that are certified by the Canadian International Pharmacy Association (CIPA), which lists only licensed pharmacies at CIPA.com/certified-safe-online-pharmacies.

2020-07-09T13:01:00

(BPT) – As the coronavirus crisis causes financial hardship and uncertainty, the National Association of Personal Financial Advisors (NAPFA) offers four resources and additional steps to help you prepare and take control of your personal finances.

2020-07-06T16:03:00

(BPT) – Small businesses are the backbone of the economy. Whether in a busy city or a sleepy suburb, we depend on the many beloved local shops and services that contribute to the vibrancy of our neighborhoods. Where we shop matters, and now more than ever small businesses need our support as they recover and rebuild from the effects of the pandemic.

Small businesses will play a vital role in helping communities around the world get back on their feet. They account for more than half of global employment, and COVID-19 has hit them hard. As a result of the pandemic, 43% of small businesses say they only have money to last six months. Women- and minority-owned businesses have been hit especially hard.

The pandemic has changed the way we shop, work and live — rapidly increasing digital commerce including online shopping, delivery services and curbside pick-up. For small businesses to meet these new essential expectations, they must adopt digital tools across their consumer experiences and back-office operations.

As a long time champion of small businesses, Visa is committing to help 50 million small businesses around the world enhance their digital offerings as they begin to reopen and rebuild. This includes the easy-to-adopt contactless payment technology that has become as much a part of the safe shopping experience in stores as face masks, hand sanitizer and glass screens, and ecommerce technology online.

As individuals, we all play a vital role in supporting the success of locally owned businesses to help our communities thrive. Every effort adds up, so consider these five simple things you can do to support local small businesses:

Make shopping locally a habit

Exploring neighborhood businesses is not only good for the economy, it can make you feel like a real part of your community. Make a daily effort to shop from small businesses for your needs — you’ll likely discover new locally sourced goods, and service providers who cater directly to local taste. From food and clothing to haircuts and car repair, there are many small business owners who would love the opportunity to help you. Use the Back to Business search tool at usa.visa.com to quickly search for local businesses that can help with your needs.

Pay it forward with a gift card

Supporting small business owners now is critical for small business owners. Buy gift cards for neighbors, friends and family as a thoughtful gesture to brighten their day, or just for yourself for future use. It a great way to support local merchants with a revenue stream while they’re operating under limited circumstances — keeping their doors open and workers employed.

Become part of the community on social

Social media platforms have become more than a marketing tool for small businesses — they are vibrant digital communities and can be as unique an experience as walking around Main Street. Sure, you can help grow a small business’s online presence by liking them on social media. And leave them a positive online review so others who might shop there feel confident they’ll have an excellent experience. Even if they don’t have a social media page, you can mention them in your posts to remind your network of your favorite local businesses. But you can also get involved: Yoga studios, wine shops and taprooms, local craft centers and more are all offering virtual experiences and online transactions that keep one-to-one connections alive.

Get it curbside, or on your porch

Although social distancing has changed the way some small businesses can work, many are going above and beyond to meet customer needs. Ask about options like curbside pickup or touch-free delivery, which are becoming another indispensable part of our new normal. Buy online-pickup, in-store orders including curbside, jumped 87% year over year by late March, according to Adobe Analytics. And as shops re-open brick-and-mortar locations, many owners are integrating social distancing, increased cleaning and reconfiguring in-store layouts to help keep customers and employees healthy.

Purchase with purpose

By choosing to make a purchase from a small business, you help support an entrepreneur’s dream and help them get through extraordinary times. You’ll also find that many small businesses in your community are reaching out to help others during the pandemic — whether it’s a restaurant donating food to front line workers, or a local distillery making hand sanitizer for the neighborhood. To help support small businesses during this time when many are struggling, there are ways you can get involved just by shopping. Pay with your Visa card and you’ll be entered for a chance to win $2,000 in small business gift cards and to pick a small business to receive a $5,000 grant from Visa¹.

With more than 30 million small businesses estimated in the United States alone, you have the power to make a difference. These tips can help you support local businesses now, so the community prospers in the future.

1. NO PURCHASE NECESSARY. Open to 50 U.S. & D.C., 18 or older. Void in PR & where prohibited. Ends 07/19/20. For full official rules, including details on non-purchase entries and the link to the grant terms go here: https://usa.visa.com/pay-with-visa/visa-sweepstakes.html.html.

2020-07-06T06:01:00

(BPT) – For many students starting or returning to school this fall, the experience may be far different from what they envisioned last year. In response to COVID-19, a number of colleges and universities are temporarily moving to virtual learning models. At the same time, there are colleges and universities planning to reopen with new social distancing measures—some still determining exactly how to best proceed.

Not only has COVID-19 been an obstacle for how you’ll physically go to college, but also a setback for how students and parents plan to pay for their education. So, what are some strategies to help you stay on track with your financial plan for college?

1. Tally up all the costs of attendance.

“Education costs will increasingly play a central role in a student’s decision of when or where they attend school,” said Aaron Aggerwal, senior vice president of credit cards and education lending at Navy Federal Credit Union. “As you solidify how much space is in your budget to pay for school, be sure to consider expenses beyond tuition, such as room and board, transportation, a computer, and textbooks. This will help you create a reasonable and realistic financial plan.”

2. Talk to your school’s financial aid office.

If you previously submitted a Free Application for Federal Student Aid (FAFSA) and need to alter it, contact your financial aid office. You may qualify for more assistance or ask them to reassess your financial aid package in order to help you afford the cost of school. This may be especially beneficial if your finances have changed since you first applied.

3. Explore private student loans for bridging any funding gap.

Given the rising expenses for education, there’s a chance the financial assistance you received from the federal student loan program, grants or scholarships isn’t enough to entirely cover your college costs. Thus, private student loans can help fill this funding gap.

“When you’re researching private student loans, find the best rate with features that meet your individual needs,” added Aggerwal. “For example, we offer a 0.25% interest rate reduction for setting up automatic payments; a benefit like this simplifies making payments and helps you save money. We also offer payment options to lower your monthly payment while you’re in school.”

If you’re worried about getting approved for a private student loan, a co-signer could increase your chances. Lenders, like Navy Federal, may allow a co-signer to be released from the loan once a qualifying borrower has entered full repayment or graduated, and has made a total of 24 consecutive, on-time payments.

4. Stay instate or take classes at a community college.

In-state tuition is considerably less expensive than out-of-state tuition. You may also save on tuition and related costs by taking classes at a local community college before school begins or during school breaks. Just be sure to confirm before enrolling that the credits will transfer to the college or university of your choice.

5. Already have student loans? Consider refinancing or consolidating them.

Many lenders will allow you to refinance and consolidate federal and private student loans together. Also if you’re graduating this fall or have parent PLUS loans, this strategy could help you save on interest and get a lower monthly payment.

2020-07-06T08:01:00

(BPT) – In a time of global crisis — pandemic, economic or political — fraudsters and scammers are willing and ready to prey on communities. These ‘bad guys’ take advantage of people’s vulnerabilities by offering false employment offers, bogus cures and treatments and fake promises of assistance and products.

Today is no different. Scammers and fraudsters are in full force — in less than six months, consumers across the U.S. have made nearly 100,000 related reports to the FTC.

Zelle^®, a fast, safe and easy way to send and receive money with people you trust, has dedicated resources to studying scammers’ strategies and protecting consumers from abusive scams and fraud. As the largest bank-owned payment network, Zelle has identified today’s top scams and how consumers can protect themselves:

Practice caution when buying a “quarantine puppy”

Families abiding by stay-at-home orders might think now is the perfect time to adopt a puppy. Unfortunately, that means a rise in scammers who advertise nonexistent puppies for sale online. According to the Better Business Bureau, puppy scams have spiked during the pandemic. Red flags include requests for payment in gift cards or wired funds, too-good-to-be-true pricing and no opportunity to see the pup before you buy.

Beware of charity scams

We all want to give back during this time, but be cautious of scammers who may be trying to take advantage of your generosity. Don’t let anyone rush you into making a donation. Urgency is a clear and consistent scammer strategy. Do your homework first. You can refer to FTC Donate Wisely to help you research charities. You should also reconfirm all email and website addresses since scammers will spoof these to look like actual email addresses or websites.

Be extra vigilant when buying products that are hard to come by

Online sellers might claim they have in-demand products, such as cleaning, household, health and medical supplies. But before you place an order, make sure to do your research or you may never get your shipment. Verify the seller by searching online for the person’s or company’s name, phone number and email address, plus words like “review,” “complaint” or “scam.” If everything checks out, pay by credit card and keep a record of your transaction. If you’re concerned about the pricing of products in your area, contact your state consumer protection officials. For a complete list of state Attorneys General, visit https://www.usa.gov/state-attorney-general.

Keep an eye out for suspicious calls, texts or emails

Scammers may use fake emails, calls or texts to get you to share valuable personal information — like account numbers, Social Security numbers, or your login IDs and passwords. They will use your information to steal your money, your identity or both. Do not respond to these emails. Contact companies directly. Protect your computer by keeping your software up to date and by using security software, your cell phone by setting software to update automatically, your accounts by using multi-factor authentication and your data by backing it up.

Only use P2P (person-to-person) payment platforms with those you trust

The majority of scams revolve around customers sending money to people they don’t personally know for products or services that don’t actually exist. Only transact with people you trust and with reputable marketplaces.

Watch out for scams related to stimulus payments

Don’t respond to emails, texts or social media messages about checks from the government. There is no shortcut to get your stimulus payment from the U.S. Treasury Department faster, so watch out for anyone who claims ‘we can speed that payment up for you for a fee,’ or ‘click here for your payment.’

In the COVID-19 era, we are all more emotionally charged than ever. Don’t let scammers take advantage of the situation to take your information or your money, now or ever. If you do get scammed, inform your financial institution as soon as possible. They can help by putting protocols in place in an effort to stop those scammers from not only hurting you again, but also protecting others in the future.

For more tips and resources on how to pay it safe and protect yourself from scammers, visit https://www.zellepay.com/pay-it-safe.

2020-06-24T08:01:00

(BPT) – First impressions matter now more than ever. If you can create a visually impactful, emotional connection with your branding, customers will respond. In today’s world, eye-catching design can be the difference between winning the sale or losing a potential client.

Customers are bombarded by advertising every second of the day. Well-designed business collateral like brochures and posters can help a business break through the clutter and have meaningful connections right from the start of the user experience.

Design tips to create unforgettable marketing

Great design can be hard, but these simple tips can help your designs become that much more engaging.

• Eye-catching color

Color makes everything more enticing. Grab customers’ attention and build excitement with beautiful pops of color that represent your brand.

• Impactful imagery

A picture is worth 1,000 words. Choose relevant, high-quality photography to make food look delicious, products come to life and your space look inviting.

• Striking fonts

It’s not just what you say, but how you say it. Choosing a font that is easy to read, aesthetically pleasing and on brand can help carry your message a long way.

• Beautiful simplicity

Less can be more. It’s easy to go overboard with design by adding in too many distracting prints and patterns. Keep it simple by steering clear of unnecessary copy, colors and font variations.

With so many companies and brands competing for attention, design is one of the best tools to utilize to separate yourself from the crowd.

Introducing the new FedEx Office design tool

As a business owner, your time is valuable and often limited. Between running your business and managing you team, finance, HR, operations and customer service, you may be short on time to develop and design marketing collateral.

FedEx Office’s new design tool makes it easier for business owners to create the professionally printed materials they need to reach and connect with their customers.

Easy to use

• Drag and drop functionality
• No need to learn complicated software
• Access to thousands of stock images, templates and fonts

Flexible options

• Design and print posters, menus, flyers and more
• Explore custom templates tailored to your needs
• Save functionality to tweak designs or reprint favorites

Refreshingly convenient

• Design and print from anywhere, anytime
• Get professional-quality design without spending designer prices
• Fully integrated into the FedEx Office print network for end-to-end design, production and delivery

With access to millions of images and illustrations, an extensive library of templates, and a simple drag-and-drop interface, you can design virtually anything and print at more than 2,000 FedEx Office locations across the U.S. Ready to take your designs to the next level?

2020-06-23T08:01:00

(BPT) – American farm life is often portrayed with images of a happy family, healthy animals, sunshine and green fields. Working in agriculture is a source of pride for many people, but reality is not as perfect as the commercials and storybooks.

In fact, depression and anxiety on the farm are pressing problems that have long simmered beneath the surface with little attention or open discussion. Shelby Watson-Hampton knows this too well; her older brother, Russ, who almost always appeared outgoing and energetic, silently battled depression and anxiety. Suicide claimed his life in 2003. Watson-Hampton farms on their fourth-generation family farm, Robin Hill Farm & Vineyards, located in Maryland.

“Suicide was very stigmatized then. It just wasn’t talked about,” she says. “So I think we did what a lot of farm families do: We just shut down a little bit.”

Anxiety and depression are widespread in agriculture, yet it’s something people often struggle with silently. Farmers and farmworkers say financial issues (91%), farm or business problems (88%) and fear of losing the farm (87%) impact their mental health, according to a 2019 poll sponsored by the American Farm Bureau Federation.

“Rural people take pride in taking care of themselves and handling situations,” says Ted Matthews, director of Minnesota Rural Mental Health. “That positive thing can become a negative when they need help and they have too much pride to ask for it.”

Warning signs of depression

When it comes to warning signs of depression and anxiety — whether in yourself or someone else — Dr. David Merrell says one of the main things to look for is a loss of enjoyment.

“You stop doing the things that you enjoy doing, the activities, the fishing, whatever it is,” says Merrell, the on-site medical doctor for Syngenta in Greensboro, North Carolina. “Individuals who are starting to face depression and anxiety find there’s a mounting weight on them that makes those activities no longer enjoyable.”

Weight gain or weight loss can be another sign, as is increased emotionality, such as becoming tearful over simple interactions. “Maybe deadlines are being missed where they never used to be missed, fields aren’t getting planted when they used to,” Merrell says.

Additional signs indicating that a person might need help include:

• Decline in care of crops, animals and farm
• Deterioration of personal appearance
• Marriage issues
• Opioid abuse
• Withdrawing from family and friends
• Buying more life insurance
• Increase in physical complaints, difficulty sleeping
• Giving away prized possessions
• Comments like: “I have nothing to live for,” and “My family would be better off without me.”

Giving and getting help

Many experts suggest that listening nonjudgmentally, with care and concern, is often the most effective way people can help someone facing anxiety or depression. If someone in your life needs to talk, be sure to listen and don’t blame, Matthews says.

“All of us in rural communities are in this together,” says Matthews. “If people don’t know what to do, they do nothing. More medical doctors and psychologists would be helpful. But without community involvement, little progress will be made.”

For the person suffering from depression, proactively finding that kind of support system is crucial, Merrell says. “This I cannot stress enough: Find somebody you can confide in to say, ‘I’m having a hard time,'” he says. “That person might be a friend, a spouse, a clergy member or a mental health professional who will be able to give you tools and say, ‘Hey, next time this comes up, here’s what you’ve got to do.'”

These conversations don’t always require going into an office. “There are a lot of telehealth opportunities so you can seek help from professionals over the phone,” Merrell notes.

Today, there are more outlets for help than ever before. “Major land grant universities, extension agencies, commodity groups, agribusinesses — they’re all looking at it now. It comes up at almost every ag conference I’ve gone to in the last year or two, which is a huge change,” says Watson-Hampton. “There are farm crisis centers and farm resources like Farm Town Strong, which is a collaboration of the Farm Bureau Federation and National Farmers Union to combat opioid addiction.”

Additional mental health resources

To get mental health counseling or to learn more about mental health issues, contact these organizations:

• American Foundation for Suicide Prevention, afsp.org
• Employee Assistance Program, www.workhealthlife.com
• Make It OK, makeitok.org/resources
• National Alliance on Mental Health, www.nami.org
• National Suicide Prevention Lifeline, 1-800-273-8255
• Ted Matthews, www.farmcounseling.org

To learn more about Syngenta and read more stories about trending agriculture topics, visit www.syngentathrive.com.

2020-06-15T07:01:00

(BPT) – Considering the economic challenges the world is faced with today, including some of the highest unemployment numbers in recent history, now could be an excellent time to begin a career as a freelancer.

Recent nationwide furloughs and layoffs caused by the struggling economy and the social distancing necessitated by COVID-19 make that particularly true. But statistics show the number of freelancers has been growing over the past decade, partly because people enjoy the flexibility, control and better work-life balance that can come with the role. And independent contractors span a range of professions these days, from law to graphic design to engineering.

In a survey conducted in the nation’s top 30 cities for freelancing last year, for example, some six million independent contractors were collectively earning $150 billion. Some of the largest markets for freelancers these days? New York, Los Angeles, Chicago and Washington, D.C. Nashville and Austin are also up-and-comers, with the population of skilled freelancers growing by 26% and 27%, respectively, between 2012 and 2017. Miami’s skilled freelance workforce contributes most to its overall city GDP, making up a full 2.3%.

Here are notable advantages to consider if you’re mulling a move to the freelance lifestyle.

Control over your schedule

Freelancing empowers you with much more control over your workload and when you choose to complete it. Not only can you accept or decline assignments based on your availability and preferences, but in many cases you can finish them during the hours most convenient to you. That can be invaluable when you’re juggling other family or business commitments or simply wish to reserve certain time periods for other endeavors.

Relaxed work environments

As your own boss, you establish your own work space, rules, dress code and core values. Having that kind of flexibility in this uncertain world can be a huge boon to your health, comfort and sense of individuality.

Unprecedented reach

Digital technology enables work-at-home capabilities for those who may not have had that option in the past, allowing those in many professions to work entirely online while keeping a safe distance from COVID-19 and other possible threats. Though many people find their freelance work through word-of-mouth or social media, a full 18% now find their clients through online marketplaces such as Fiverr, according to the survey. Last year Fiverr connected 2.4 million customers with independent contractor clients from more than 160 countries across the globe.

Job satisfaction

Those who freelance often see their work as more rewarding than others. In the Fiverr survey, for example, seven of 10 U.S. freelancers called their work highly satisfying, compared to about half of U.S. workers in general. The primary reasons for that added satisfaction? The freedom to work from home, the flexibility of the work schedules and the interesting nature of their work.

Healthy paychecks

Because they can control their own pricing, profit margins and productivity, many freelancers earn more working for themselves than for others. And they’re not expecting their revenues to change significantly during the COVID-19 pandemic; the Fiverr survey found that 59% of independent contractors surveyed expected to earn equal or increased revenues in 2020.

Income equality

Men and women both find success through freelancing, and the gender pay gap seems to be a non-issue among freelancers. Of freelancers worldwide working through Fiverr, for instance, 44% are women — and they earn almost 20% more than the men.

For many, the option of becoming an independent contractor is becoming more and more attractive.

Ready to become your own boss? Fiverr connects employers with digital service workers in more than 300 categories across eight fields, offering transparency, efficiency and ease as work is managed and completed. Contact us to learn more.