by Mark Garro | Career & Education, Thrifty Tips
As we step into 2024, the career landscape is evolving rapidly, presenting new and exciting opportunities for those aiming to maximize their earning potential. Whether you’re a student planning your future or a professional looking to pivot, this guide will provide valuable insights into each career path.
#1. AI Engineer
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AI Engineers develop artificial intelligence systems, working on algorithms, machine learning models, and deep learning techniques to simulate human cognition.
Getting Started: Gain hands-on experience through internships and projects. Stay updated with the latest AI technologies and trends.
Average Salary: Approximately $136,620.
Upside: Involvement in cutting-edge technology and high demand.
Downside: Rapidly evolving field requiring continual learning.
#2. Air Traffic Controller
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Air Traffic Controllers manage aircraft movements on the ground and in the air, ensuring safe distances between planes.
Getting Started: Develop strong communication and decision-making skills. Physical and mental health is crucial for this high-stress job.
Average Salary: Around $132,250.
Upside: High responsibility and job security.
Downside: Extremely stressful and demanding work environment.
#3. Medical Dosimetrist
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Medical Dosimetrists plan and calculate radiation doses for cancer patients, working closely with oncologists and radiologists.
Getting Started: Gain experience in radiation therapy and a strong background in sciences. Attention to detail is critical.
Average Salary: Approximately $128,970.
Upside: Critical role in cancer treatment with significant impact.
Downside: Emotionally challenging and requires precise attention to detail.
#4. Computer Network Architect
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These professionals design and build data communication networks, including local area networks (LANs), wide area networks (WANs), and intranets.
Getting Started: Acquire certifications like CCNA or CCNP and gain practical experience in networking.
Average Salary: About $126,900.
Upside: Central role in maintaining and upgrading essential network infrastructures.
Downside: Need to be on-call for emergencies or system failures.
#5. Software Developer
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Software Developers create and maintain applications or systems software, often working in teams to solve complex problems.
Getting Started: Build a portfolio of work, contribute to open-source projects, and develop strong problem-solving skills.
Average Salary: Around $124,200.
Upside: Creative and constantly evolving environment.
Downside: Can involve long hours and tight project deadlines.
#6. Actuary
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Actuaries analyze financial risk using mathematics, statistics, and financial theory, primarily in the insurance and finance sectors.
Getting Started: Gain practical experience through internships and work on developing strong analytical skills.
Average Salary: Approximately $113,990.
Upside: Important role in risk assessment and financial planning.
Downside: A demanding field with a rigorous exam process.
#7. Sales Engineer
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Sales Engineers combine technical knowledge with sales skills to provide advice and support on a range of products.
Getting Started: Develop strong technical and interpersonal skills. Understanding customer needs and technical acumen is key.
Average Salary: Median salary around $108,530.
Upside: Opportunities for high commissions in addition to the base salary.
Downside: Performance-based stress and irregular working hours.
#8. Industrial Production Manager
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These managers oversee the production of goods in industries, ensuring efficiency, product quality, and safety.
Getting Started: Gain experience in production or operations management and develop leadership skills.
Average Salary: Around $107,560.
Upside: Central role in production efficiency and management.
Downside: High-pressure environment with responsibility for meeting production targets.
#9. Financial Analyst
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Financial Analysts assess the performance of investments, companies, or industries to guide business decisions.
Getting Started: Networking and internships in finance sectors are crucial. Strong analytical skills and understanding of financial markets are key.
Average Salary: About $96,220.
Upside: In-depth involvement in financial planning and investment strategies.
Downside: Can involve long hours and high stress during financial market volatility.
#10. Management Analyst
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Management Analysts, or consultants, propose ways to improve an organization’s efficiency, advising managers on various strategies.
Getting Started: Gain experience in a related field and strong problem-solving skills. Networking and MBA can be advantageous.
Average Salary: Approximately $95,290.
Upside: Opportunity to influence organizational efficiency and strategy.
Downside: Often involves tight deadlines and high expectations from clients.
Embarking on a career journey in 2024 requires more than just academic qualifications; it demands adaptability, continuous learning, and a keen eye for emerging trends.
Remember, each career path has its unique set of challenges and rewards. As you consider these lucrative opportunities, weigh the pros and cons carefully and align them with your personal goals and values. The future is bright for those who are prepared to embrace change and seize the opportunities that lie ahead in these dynamic fields.
The post 2024’s High-Paying Jobs: What They Are and How to Get Them first appeared on Thrifty Guardian.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice. For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.
by Mark Garro | Thrifty Tips, Your Money
Living paycheck to paycheck isn’t ideal, yet that doesn’t stop 62% of Americans from living in that matter. If you constantly feel you can’t keep your head above water financially, it’s time to look in the mirror. All people living paycheck to paycheck are guilty of these financial blunders; how many apply to you?
#1. Only Making Minimum Payments
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Unfortunately, although making minimum payments on your bills is admirable, you’re ultimately doing yourself no favors. Minimum payments still incur hefty interest fees; in many cases, the interest accrued is more than the minimum payment itself! To truly pay off bills responsibly, you should devise ways to pay off your balances in full (or, at the very least, make more than the recommended minimum payment).
#2. Too Many Subscriptions
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Let’s face it: In 2023, most of us subscribe to way too many services. From Netflix and Hulu to Spotify and Apple Music (and everything in between), countless services effortlessly take tiny monthly fees from us. In fact, this could very well contribute to our bleak financial situation! If you are struggling paycheck to paycheck, one of the first things you should do is take stock of what you’re subscribed to and make cuts wherever possible.
#3. Societal Pressure
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Keeping up with society’s trends is exhausting; status symbols are everywhere, and unfortunately, they all cost significant money! However, “Keeping up with the Joneses” is a financial pratfall that wreaks havoc on millions of people’s bank accounts! Ask yourself, do you need to upgrade your smartphone every year? Do you need to be seen driving the newest cars while running errands? In most cases, the answer to these questions is resounding, “No.”
#4. Lack of Planning
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Unfortunately, many people don’t have the foresight to adequately prepare their financial futures for success, resulting in them living paycheck to paycheck. It’s a sad state of affairs; too many men and women prefer to ignore warning signs and live in a state of willful ignorance instead of setting themselves up to be financially successful! A lack of planning is one of the main reasons Americans are struggling in 2023.
#5. No Emergency Fund
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Believe it or not, I consider living paycheck to paycheck an emergency. It’s one of the most dire financial situations a person can find themselves in (even if it doesn’t always feel that way). What would come in handy in this situation? That’s right, an emergency fund! An emergency fund exists primarily to relieve pressure; it’s a “break in case of emergency” fund that can mean the difference between considering bankruptcy or finally getting your head above water.
#6. Late Bill Payments
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I can’t overestimate how important it is to pay bills on time. Not only does it negatively impact your credit score, but it instills a lack of urgency on consumers. Sure, you won’t get arrested for paying a bill past its due date, but the result is arguably just as catastrophic. If you consistently pay bills late, consider taking out a small personal loan to get back on track. Otherwise, you’ll find it near-impossible to stop the paycheck-to-paycheck lifestyle.
#7. Impulse Buying
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Tiny, near-imperceptible impulse purchases go a long way to ensuring anybody will stay living paycheck to paycheck. Nobody needs Starbucks every morning; nobody needs to grab a soda or energy drink every time they fill their vehicle with gas. By cutting back on impulse buying, you’ll find significantly more money in your account, leading to getting yourself out of the vicious cycle.
#8. Not Knowing Your Worth
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It’s sometimes too easy to be complacent with jobs and work, but not knowing your worth severely restricts your earning potential! Your occupation (and pay grade) may be to blame if you constantly live paycheck to paycheck. If you have unique skills or traits that make money for your company, demand proper compensation that reflects your impact.
#9. Predatory Automobile Loans
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While automobile loans are a necessary evil in today’s society, getting suckered into a predatory loan helps keep even the most sensible person underwater. Living paycheck to paycheck is exceedingly difficult when you are saddled with a substantial monthly car payment (paired with a sky-high interest rate, of course). Getting yourself into a more sensible mode of transportation will help ease the financial burden.
#10. Laziness
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Being lazy is a harsh accusation, but it’s fair in the financial literacy world. It’s easy not to care about your financial situation. It’s easy to “kick the can down the road” and ignore your responsibilities, but trust me, they will eventually catch up to you! Being lazy isn’t a temporary trait; training yourself to be proactive will take discipline. Sadly, living paycheck to paycheck is a byproduct of being lazy.
#11. Ignoring Your Bank Accounts
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When I was younger, I was one of countless 20-somethings who refused to look at their bank accounts. It was an “out of sight, out of mind” situation, and I knew I wasn’t alone in my strategy. My bank account was always so low that I knew looking at it would ruin my day. But honestly, ignoring your problems never solves them, and the day I started facing my bank accounts head-on was when I began living more fruitfully than paycheck to paycheck!
#12. Not Paying Yourself
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Many believe the key to getting out of the paycheck-to-paycheck grind is paying yourself! What this means is straightforward: Every time you receive a paycheck or income, transfer a pre-determined percentage to another account. The transfer amount doesn’t necessarily have to be significant; smaller amounts tend to fly under the radar, and over time, your separate “pay yourself” account will grow surprisingly! Before you know it, you’ll have a backup account with enough money to get yourself out of the rut.
#13. Credit Card Recklessness
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Interestingly, 80% of consumers who live paycheck to paycheck have at least one credit card, with many having two or more. Responsible credit card use is easier said than done; if you pay off your total credit card balance monthly, you’re golden. However, suppose you let your balance increase over time. In that case, you’ll incur devastatingly high fees that will do you zero favors. If you’re struggling financially, determine whether you’re being reckless with everyday credit card spending.
#14. Ignoring Budgets
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Blowing through weekly, monthly, or yearly budgets is a perfect example of a lack of discipline to succeed financially. Remember, budgets exist for a reason! Putting your expenses and associated income down on paper should give you a clearer perspective on your financial situation; ignoring these figures will spell disaster.
#15. Zero Savings
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If you neglect your savings account, you’re ostensibly neglecting your future, so in theory, it shouldn’t surprise anyone that you’re living paycheck to paycheck. Putting aside small amounts of cash monthly toward a savings account shows forward-thinking, accountability, and financial savviness! Many regard their savings account as a safety net and report feeling greater peace of mind when their accounts are plump with cash! (Who wouldn’t?)
The post Avoid These 15 Money Missteps to Fast-Track Your Finances first appeared on Thrifty Guardian.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
by Mark Garro | Finance Pulse
The burden of student loans has long been a persistent thorn in the side of countless Americans. The Biden administration has taken significant steps to alleviate this burden, yet challenges persist.
Initial Forgiveness Plan
President Joe Biden initially proposed a massive student loan forgiveness plan, only for it to be declared unconstitutional by the Supreme Court. This ambitious plan aimed to eliminate a substantial portion of debt for nearly every federal student loan borrower.
The ongoing pandemic led to multiple extensions of the loan payment moratorium. However, pressure from congressional Republicans eventually forced the resumption of loan collections, leading to penalties on servicers mishandling the restart.
A Second Attempt
Undeterred, the Department of Education recently announced a new initiative to forgive billions in loans for struggling borrowers. This Plan B hopes to successfully liberate individuals who have been under the weight of monthly payments for decades.
The Supreme Court’s previous ruling deemed the initial forgiveness plan excessively broad and unsupported by clear legal authority. This new plan attempts to bypass these concerns by targeting specific borrower groups in need.
Targeting the Overburdened
The new plan offers relief to individuals owing more than their original borrowed amount due to interest accumulation. The principal remains, but borrowers would reset and start paying down their principal balances.
Those who have had outstanding payments for over 25 years would see their balances entirely cleared. This mirrors private lenders’ practice of writing off irrecoverable loans.
Aid for Public Servants
People eligible for forgiveness under federal programs benefiting public servants but who haven’t applied due to bureaucratic hurdles are also addressed in the new plan.
Borrowers saddled with debt from job-oriented programs that failed to lead to well-paying careers, especially those from for-profit colleges, would find their loans wiped out.
Notably, individuals with federal loans through private banks, excluded from the initial plan, are considered candidates for forgiveness in this new approach.
Defining Financial Hardship
The Department of Education is exploring the creation of a category for borrowers facing “financial hardship,” taking into account various financial challenges from medical expenses to age.
Even if successful, implementing the new plan will be time-consuming, with a rulemaking process extending into 2024 and forgiveness likely not occurring until 2025.
Supreme Court Hurdles
The Supreme Court remains a significant potential obstacle, given its prior stance against expansive interpretations of federal statutes related to loan forgiveness.
For those with student loans yet to commence payments, particularly low-income individuals, enrolling in the new SAVE program can be beneficial. This program caps monthly payments and offers forgiveness on some smaller loans within ten years.
The new plan signifies a departure from universal loan forgiveness. While the idea gained traction within the Democratic Party, opposition from the Supreme Court has necessitated more targeted approaches.
An Expansive Effort
Even in its limited form, Biden’s loan forgiveness agenda represents a considerable leap from previous policies, marking a substantial effort to address the student loan crisis.
The administration has had to prioritize certain groups for loan forgiveness due to legal limitations. Future forgiveness plans will likely require overcoming the skepticism of a conservative-majority Court.
While the path to student loan relief remains fraught with challenges, these efforts by the Biden administration signal a commitment to seeking solutions to bring relief to those burdened by student debt.
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The post Biden’s New Targeted Student Loan Relief Plan Aims to Alleviate Borrower Burden first appeared on Thrifty Guardian.
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by Mark Garro | Thrifty Tips, Your Money
The word retirement can excite pure bliss or financial dread. Are you ready to enjoy a peaceful life, basking in all you have accomplished, or are you worried about the money you have saved? A lot of retirees are not ready financially for the change, but luckily, there are some resources for those in need.
#1. Not Setting Goals
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Any good plan should have a set of goals as its backbone. Write out your financial objectives and set specific goals you wish to hit daily, monthly, quarterly, and yearly. It’s okay if you are not perfect every day, but a solid backbone for your plan will keep you honest and allow you to notice trends in your goals. If the goals seem too far-fetched and are not being hit, adjust them accordingly.
#2. Racking up Credit Card Debt
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Debt can grow rapidly and can be a burden on your daily life if not handled correctly. Don’t be frightened if you have amassed some credit card debt; many Americans have. What to do next is understand your credit card debt. Which accounts have the highest interest rates, and can they be combined to pay off quickly? Pay more than the minimum payment to get those balances as low as possible.
#3. Ignoring a Budget
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As mentioned before, setting your financial goals is extremely important. The same goes for setting a budget. A budget should align with your goals and your income/outcome of money. Stick to your budget could be some of the best advice a financial advisor can give you.
#4. Impulses Buy
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What is the one thing that can kill your monthly budget? An impulse buy, of course. I know it sounds nice to treat yourself every once in a while, but if you are focused on getting your finances in order, impulse buys can be deadly. Instead of buying the newest video game console or going on a spending spree at the mall, focus on how that will impact your budget and progress.
#5. Ignoring Credit Score
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Your credit score could be like a little rain cloud, following you around all day, or it could be a guiding light, delivering you to financial freedom. Your credit score can be your ticket for lenders to lend you money for a new house or new car. Keeping balances low and paying your bills on time are factors in your score. Monitor it and monitor it well. It can also be vital to preventing identification fraud.
#6. Buying New Instead of Used
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Everyone wants the new shiny toy that’s sitting on the car lot, but sometimes that could be more practical. If you have a paid-off car that is a few years older, it might be better to drive that car instead of taking out a loan for a new one. Cars generally don’t appreciate, so it is often not a wise investment.
#7. Lack of Investing
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The word investment can be intimidating. I know it is for me. That’s why there are professionals out there to help you. Please only invest some of your money guessing on volatile stock markets by seeking professional help. These people are here to guide you to a wealthy life and usually only succeed if you do.
#8. DIY Retirement Plans
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As I mentioned, nowadays, you don’t have to risk all your savings for retirement investing. Stop shooting in the dark trying investment plans that a friend of a friend told your brother’s mechanic while waiting in line at the store. Would you take engine advice from an accountant? No! Then why let someone without any experience (yea, I’m talking to you) control your retirement?
#9. Emergency Funds
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Financial experts have been telling Americans that having an adequate savings account dedicated to emergencies should always be kept. Put this money away in a savings account, and don’t touch it. Please keep it for when it is needed, like for emergencies. Hopefully, it will never be needed, but it is nice to know it’s there.
#10. Lack of Insurance
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Insurance is an important commodity to have. You never know what life can throw at us. Imagine a tree falling into your home, and you are stuck with the bill because you skimped out on the insurance. It’s better to fork out the money once a month than to have a freak accident come along and whip you out financially.
#11. Frivolous Spending
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Frivolous spending is a lot different than impulse buying. Impulse buying is a big purchase, usually without researching. When I say frivolous spending, I mean a stop at the coffee shop every day, going out to eat every day, and other silly spending habits. A nice latte could be a rewarding treat, but keep track of how much that adds up to overtime.
#12. Not Paying Attention to Rates
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Do you know what your basic savings account interest rate is? Don’t worry; neither did I for a long time. I’m far from retiring, but it is essential to look at and be aware of these rates. They are easy ways to make money while just sitting there. Talk to your bank and see what rates they have on their accounts. Make your money while you watch it grow!
#13. Sitting on a Lump Sum of Cash
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Speaking of making your money make you more money, sitting on a large sum of money might seem smart, but it could be doing so much more. If you have a big credit card debt but have the money to pay it off, you’re silly for not doing so. You are just accumulating more debt. Keep your emergency fund stocked up, pay off some debt, and put the rest into some high-yielding savings accounts we discussed.
#14. Relying on Cash Advances
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Don’t fall into the trick of thinking you are getting free money with a cash advance. Oftentimes, these have incredibly high interest rates that can only do harm instead of good. Pay it off as quickly as possible if you decide to use one. Avoid the crutch these advances have, and instead, focus on changing your budget to accommodate the need. Also, this is what your emergency fund should be used for.
#15. Start Saving First
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The problem many people have with putting money away is they end up paying all their bills, going about their monthly spending, and then saving what is left over. Big problem: often, there is little left for savings. Experts agree that if you want to save 15% a month, it is better to do that at the beginning of the month. These factors come full circle with the importance of a proper budget.
The post The 15 Retirement Mistakes That Could Jeopardize Your Security first appeared on Thrifty Guardian.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
by Mark Garro | Finance Pulse
In an ambitious move, the United States is set to announce a series of economic initiatives to support countries in the Western Hemisphere that host migrants. This decision comes amid ongoing efforts to streamline regional supply chains and manage migrant arrivals at the U.S.-Mexico border.
Americas Partnership for Economic Prosperity
President Joe Biden is expected to meet leaders from Latin America and the Caribbean at the Americas Partnership for Economic Prosperity (APEP) Leaders’ Summit to deliberate on economic and migration issues.
This summit comes on the heels of a similar meeting held in Los Angeles last year, emphasizing the intent to solidify economic relations within the Western Hemisphere.
Leaders from several countries, including Barbados, Canada, Chile, and Colombia, are expected to join the discussion along with representatives from Mexico and Panama.
Financing Platform With IDB
In collaboration with the Inter-American Development Bank (IDB), the U.S. aims to establish a financing platform catering to middle- and higher-income countries in the region.
The proposed IDB financing platform will encompass funds from private sectors and other donors, aiming to enhance the economic conditions within the region.
The U.S. seeks to construct competitive regional supply chains that can stand against markets like China.
Focus On Various Sectors
Officials suggest that clean energy, semiconductors, and medical supplies are potential sectors where the region could thrive globally.
Countries may explore options such as Colombia’s green bonds and the U.S.’s recent debt for climate swap initiative for Ecuador.
Addressing Migrant Issues
The surge in migrants at the southwest border has led to critiques from Republicans and Democratic mayors concerning the strain on resources for housing and food.
Mayors from various cities have appealed to President Biden for federal funding and swifter work permits for migrants. Chicago Mayor Brandon Johnson highlighted the urgency of federal support in light of the approaching colder weather.
Biden’s administration is exploring legal pathways to the U.S. while implementing measures to curb illegal border crossings.
Refugee Resettlement Program
Three Venezuelan families were recently admitted as refugees through a new migrant processing office in Colombia, allowing them a path to U.S. citizenship.
The administration plans to extend migrant processing through centers known as Safe Mobility Offices located in countries such as Guatemala and Costa Rica.
Congressional Funding Request
The Biden administration is urging Congress to allocate additional funds for border security and initiatives to support deportations by other countries.
Panama has shown interest in enhancing migrant screening and deportations, contingent on the availability of funds.
By fostering collaboration and economic cooperation, the initiative aims to create a sustainable environment that benefits both the U.S. and its neighbors in the Western Hemisphere.
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