Topline: Robert F. Smith, the billionaire investor who erased the student debt of Morehouse College’s Class of 2019, has launched an internship program for ethnically underrepresented students.
The program, called InternX, will guarantee 1,000 students from ethnically underrepresented groups a paid summer internship in the STEM field.
Rising sophomores with a 2.8 GPA or higher are eligible.
AT&T, PriceWaterhouseCoopers, Deloitte and CitiGroup are reportedly among the companies that will take InternX candidates, the Atlanta Journal Constitution reported.
Who is Robert F. Smith? Smith is the founder and CEO of Vista Equity Partners, a New York-based investment firm focused on software, data and technology. Forbes estimates Smith’s net worth at $5 billion.
Smith made headlines last month when he announced during his commencement speech that he would pay off the student loan debt of each graduate of Morehouse College’s 2019 graduating class. Morehouse College is a historically black, all-male university in Atlanta.
Your Step-By-Step Guide To Retirement Preparation
If you want to help make your retirement a success, begin by following these simple steps:
Step 1 – Decide who should manage your finances.
When planning for retirement, start by asking yourself some simple questions: When am I going to retire? Am I going to manage my own money, or am I going to have somebody else do it for me?
The decision to manage your own money or hire a financial professional is a big one. If you choose to do it yourself, make sure you do your homework and understand that this is something you must do for 15-20 years or longer. Get educated on your finances and retirement, take classes, and figure out what type of investor you want to be in retirement and how you want to structure your financial house.
If you decide to hire a financial professional to help you through this process, consider working with a fiduciary. By law, a fiduciary must have your best interests in mind when making recommendations.
I would also recommend working with an advisor who is independent, meaning they aren’t limited to proprietary products or strategies.
Conversely, a broker is held to a “suitability standard,” meaning that they are required to offer recommendations that are suitable, but not necessarily the “best,” for your particular needs. It’s a good idea to meet with three or more advisors to ensure you are working with someone you like and trust. This person is responsible for helping to protect and grow your assets, so you don’t want to dread going to their office or speaking with them.
Step 2 – Determine your income sources.
Once you have settled on an advisor, determine how much income you have from sources like a pension or Social Security. If you are married, will the pension continue upon your death? If so, how much will your spouse receive?
Add up those income sources and figure out how much total income you will need at retirement, as well as what resources or assets you’ll have to create an income stream for the rest of your life.Step 3 – Calculate your risk tolerance and timeline.
The next important step is to figure out your risk tolerance and timeline. A risk tolerance questionnaire may not be enough to determine your personal risk tolerance. While it can be a helpful tool, you should also have a serious discussion about what risk means to you – is it worth gambling with your savings and risking a potential loss in a market correction?