🗞 News you should know 🗞
At least the waiting is over: Russia has launched its invasion of Ukraine.
It could deliver another blow to a U.S. economy that’s already expected to slow after a blockbuster 2021 while driving oil prices and inflation higher and intensifying supply-chain snarls, even though we’re not as dependent on its oil as Europe.
For now, experts say expect $4 a gallon for much of the U.S. by early spring. Some traditionally pricey gas markets, like California and Hawaii, are likely to head past $5 a gallon. Patrick De Haan, head of petroleum analysis for GasBuddy, said a $4 national average is “inevitable” given the current situation.
In announcing sanctions against Russia, President Joe Biden sought to offer reassurance that energy prices will stay under control. He said supplies are being monitored for disruptions, and pointed to ongoing coordination with oil suppliers.
“This will blunt gas prices. I want to limit the pain to the American people fueling at the gas pump,” Biden said in his address. “This is critical to me.”
🚨 More stories you shouldn’t miss 🚨
UKRAINE INVASION AND YOUR STOCKS: Here’s what to do with your investments.
LEAVE IT TO THE PROS? 5 cases where it might pay to have a CPA do your taxes.
TREKKING PATAGONIA IN A WHEELCHAIR: How one woman pulled it off.
💡Daily insight 💡
A huge swath of the nation’s workforce is employed in a job that now qualifies for loan forgiveness through the Public Service Loan Forgiveness program. But many workers, including those who aren’t using their degree or were previously rejected for forgiveness, may not realize they are eligible.
About 35 million jobs in America are technically public service jobs, according to Jason DiLorenzo, creator of PSLFjobs.com. His job board highlights the sheer variety of professions eligible for the program.
They include listings for a manager of a game design studio, a fertility counselor and even a director position for the Golden State Salmon Association.
DiLorenzo says the public service program is more lenient than many relief initiatives, which often require that people work in a specific job or place to access forgiveness, like doctors working in rural areas or teachers in underserved school districts.
💵 Tax hacks 💵
There are certain firsts in life that can be daunting, like buying your first car, renting your first home, and filing your first tax return. If you’re about to tackle the latter task, be aware that you can probably do them yourself, it’s best to file electronically, your refund is likely to take between three and six weeks depending on how you file and the IRS won’t penalize you for being late if they owe you money. It’s the reverse that will get you in trouble.
🎶 Mood music 🎶
LISTEN WHILE YOU WORK: Today’s lyric from Logic goes out to so many of us who have struggled to pay rent or eat under the weight of student loans: “Tryna find a home, but I can’t afford a home ’cause I’m 25 and owe a hundred grand in student loans.Tryna get healthcare, but I’m on welfare.”
Remember, you can listen to this song and every track I’ve quoted in the newsletter in the Daily Money Mood Music playlist on Spotify.