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Why $148,000 pay can’t fix the air traffic controller shortage



The U.S. has about 6% fewer air traffic controllers than it did a decade ago, even as the number of flights relying on the air traffic control system has grown 10%, according to a January analysis from the U.S. Government Accountability Office. The shortage isn’t confined to American airspace.

Countries from Australia to Qatar now compete for the same small pool of certified controllers, recruiting across borders with work visas and pay pegged to experience. Aviation training company CAE projects that 71,000 new air traffic controllers will be needed worldwide by 2034, or roughly 7,000 a year.

The U.S. can’t join that bidding war. Every FAA controller must be an American citizen, leaving the agency dependent on a domestic pipeline that turns away the vast majority of applicants.

For airlines, that pipeline sets the pace of the whole system. Delta CEO Ed Bastian told Fortune in April that the biggest opportunity for AI in aviation is in air traffic control, not inside the plane, because it would “do more in terms of helping our customers have quicker travel, more efficient travel.”

Why controllers are so hard to keep

The GAO traces much of the decline to disruptions in training. Government shutdowns in 2013 and in 2018 and 2019 froze hiring and training, and the COVID-19 pandemic halted training for four months, then held it at reduced capacity for nearly two years. High attrition from 2019 through 2024 made it harder to catch up.

The 2025 shutdown made things worse: by November of that year, the FAA said nearly half of major air traffic control facilities were short-staffed as controllers worked without pay.

The deeper problem may be the job itself. “It’s one of the highest stress occupations out there,” says Tiffany Bisbey, an assistant professor of industrial/organizational psychology at George Washington University. When controllers show up in academic research, she says, it’s usually as the subjects of studies on stress.

The federal government says as much. The Bureau of Labor Statistics describes the work environment this way: “Their work can be stressful because maximum concentration is required at all times. Night, weekend, and rotating shifts are common.”

The pay isn’t the problem

Money is not what keeps people away. The median American air traffic controller earned $148,080 a year, or $71.19 an hour, as of May 2025, according to the BLS, and the top 10% earned more than $215,610.

The bar to apply is also lower than many people assume. The FAA requires a bachelor’s degree, one year of progressively responsible work experience, or a combination of the two, and new hires then spend more than a year training on the job. When the FAA pitched the job to Gen Z video gamers this spring, it advertised pay of at least $155,000 after three years.

A global scramble for controllers

Other countries are short too, and some are filling the gap by hiring controllers trained elsewhere. In September, Airservices Australia posted a call for experienced international controllers, offering a work visa with eligibility to transition to permanent residency and promising “the perfect balance between work and leisure.”

Australia needs the help. That same month, unplanned absences left eight of Sydney Airport’s 49 controllers unavailable and delayed roughly a third of inbound flights one morning.

The competition cuts both ways. Qatar has been recruiting Airservices Australia controllers, Canada’s NAV CANADA used an outside firm to recruit eight foreign controllers, and South Africa lost 28 controllers in eight months, Reuters reported this month. The country that trains a controller usually bears the full cost of that training, even if the controller later leaves, a spokesperson for the industry group CANSO told the news service.

Why the U.S. can’t hire its way out quickly

The FAA’s qualification rules narrow the pool well before training begins. Applicants must be U.S. citizens under 31 and pass pre-employment tests, a medical exam, and a security investigation. “Less than 10% of all applicants meet these requirements and are accepted into the training program,” the FAA says.

Even fewer finish. About 2% of applicants qualify for and complete the full training process, the GAO found.

The agency is hiring faster than it has in years. The FAA hired 2,235 controller trainees in fiscal 2026, the most in its history, and its 2026-2028 workforce plan puts the certified workforce at about 11,000 as of April, against a target of 12,563.

That target is new. In May, the FAA lowered its staffing goal by about 2,000 controllers, citing forecast demand and changes to scheduling and training. The National Air Traffic Controllers Association said it was not involved in drafting the plan.

Bisbey sees no safe shortcut. Fast-tracking applicants or compressing training, she says, is not a viable fix, and she suspects the people who designed controller training “probably thought they needed to do even more, not less.” As she puts it: “It’s such a high-risk organization, and the training is so arduous for a reason.”

The FAA has experimented at the margins, including a 2024 pilot program that let graduates of two Oklahoma schools skip additional FAA Academy training and go straight to facility training. But certifying a controller still takes years, and until the pipeline catches up, travelers should expect more delays.

Bisbey thinks most will take them in stride, since few would trade a delay for a less safe flight. “As annoying as it is, it’s not going to make people stop traveling.”

Business Finance Mega Masterclass Before You Start a Business in 2026



Learn essential business finance concepts every entrepreneur should understand before your start a business in 2026. This comprehensive masterclass covers cash flow, budgeting, financial planning, profitability, and smart money management for long-term success.

Business Finance Mega Masterclass: Full Course

Intro – 00:00
Revenue vs Profit – 00:47
Why Cash Flow is Important – 01:35
Treat money Like Valuable tool – 03:17
Profit and Decisions – 05:01
Planning Financial Stability – 06:43
How to Control Money – 08:32
Managing Working Capital – 09:49
Inventory Management – 10:55
Account Receivable Management – 12:28
Understanding Accounts Payable – 14:28
Profitability with Liquidity – 16:19
Cash Accounting – 17:26
Accrual Accounting – 18:02
Cash Accounting – 19:24
Who use cash accounting – 21:34
Accounts Receivable and payable – 23:07
Understand Cash Flow – 25:32
Cash Flow Awareness – 28:10
Cash Flow advantages – 32:32
Every Dollar Has Job – 38:11
Cash Reserve Planning – 40:16
Different Businesses Different Reserves – 44:51
Grow Business Funding – 47:23
Budgeting for Unexpected – 51:49
Budgeting Mistakes and Tips – 57:31
Tracking Daily Expenses – 01:00:00
3 Money Mistakes to Avoid – 01:07:32

Most Important videos you must watch on our channel.

Understand Business Assets and Liabilities –
How to Master Business Finance in Your 30s –
How to Track Business Finance Step by step –
How to Avoid Bad Debt in Your Small Business –
10 Business Finance Terms for Small Business owners –
7 Ways to Fund Your Business without a BANK loan –

Avoid costly financial mistakes and build a stronger foundation for your startup with practical business finance strategies, real-world examples, and actionable insights designed for new business owners.

Thankyou for watching Business Finance Mega Masterclass Before You Start a Business in 2026.

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Oil Prices Keep Sinking, But Mortgage Rates Aren’t Getting Much Help


Oil prices are falling again, but mortgage rates aren’t seeing much relief to start the week.

The reason might be that oil and the war have taken a back seat to tech stocks, which are up sizably on the day.

There seems to be a correlation between the two lately, with a recent stock market rout helping mortgage rates move a lot lower.

And with the bellwether 10-year Treasury yield up slightly today, mortgage rates should follow.

Still though, mortgage rates are around their best levels in two months and could be headed even lower soon.

Oil Is Doing Its Part, But Isn’t the Focus for Mortgage Rates Lately

Brent crude is down about 5% to roughly $93 a barrel, after rising above $112 at the start of the month.

The reason is progress with Iran, hopefully. President Trump told CNN that renewed strikes are “highly unlikely” if new talks are successful.

One of the recent drivers of mortgage rates has been higher oil prices thanks to the Middle East conflict, which began in late February.

If oil prices come down, it means inflation becomes less of a worry and that’s good for bonds (and mortgage rates).

Of course, hope of a deal does not equal an actual deal, and we’ve seen this movie a few times already.

But at least that piece is cooperating lately and not fanning the flames.

[Compare mortgage rates and monthly payments side by side with my mortgage rate calculator.]

The AI Trade Matters Most to Mortgage Rates Right Now

What began as a kind of fringe reason for higher mortgage rates is now a mainstream reason for them being a lot lower.

I wrote about how the massive AI buildout was potentially crowding out investors in mortgage-backed securities (MBS) back in late August.

That meant investors were chasing higher returns in places other than MBS, which led to even higher rates to boost demand.

But in recent weeks we’ve seen an AI/tech stock rout that has had a lot of folks questioning if those attractive returns are actually safe.

That has led to a classic flight to safety in something that’s guaranteed to deliver, government bonds.

And to some degree, MBS that are implicitly guaranteed thanks to Fannie Mae and Freddie Mac being government-sponsored enterprises (GSEs).

This might also explain why bonds kind of shrugged off the hot jobs report delivered on Friday.

Normally that would have led to a spike higher in mortgage rates, but the stock market selloff made sure it didn’t.

Strong hiring typically gives the Fed another reason to keep hiking, but right now the stock market is top of mind.

Long story short, investors might be thinking a 6-7% return (current 30-year fixed mortgage rates) is pretty darn good, and that means moving out of tech and into these bonds.

CPI Tomorrow Could Push Mortgage Rates Into the 6s, Or…

As if the current events aren’t exciting enough, we’ve got the October CPI report tomorrow morning.

A soft reading, plus cheaper oil and progress with Iran, plus continued pressure on stocks could give mortgage rates a shot at getting below 7%.

That would be a big win for sentiment, even if affordability remains quite poor.

The housing market has been very quiet lately, and simply getting headlines that say something like “6% mortgage rates” would be enough to wake it up some.

Conversely, a hot reading would pretty much lock in a December Fed rate hike, which is already above an 82% chance, per CME.

And Fed rate expectations can affect mortgage rates, thereby putting upward pressure on them.

So keep an eye on CPI tomorrow, and on any Iran/oil headlines, but perhaps a closer eye on the AI trade, which seems to be dictating mortgage rate movement the most lately.

Read on: How are mortgage rates determined?

Colin Robertson
Latest posts by Colin Robertson (see all)

AmEx/Chase/BofA/etc: YouTube TV, Spend $39.99 & Get $20 Back


Update 11/8/26: There’s an AmEx Offer for $20 back, valid through December 31st. And a similar Chase/Wells/U.S. Bank offer for $20 back after $40/$45 spend, valid either through November or through December. 

Update 9/17/26: Deal is back through 9/28/26. Hat tip to reader Jake

Update 11/9/25: Deal is back through 12/29/25. Spend requirement is now $49.99. Available on AmEx Offer as well.

Update 9/25/25: Extended through 10/29/25. Note the new $59.99 spend requirement.

Update 8/15/25: Deal is back with a lower $49.99 spend requirement to get the $20 back. Offer expires 9/28/2025. Must make first recurring payment by 9/30/2025. (ht Queue_Underflow)

The Offer

Check your Chase Offers for the following deal:

  • Earn $20 back on your YouTube TV subscription, when you spend $57.99 or more.

The Fine Print

  • Offer expires 11/16/2022.
  • Must make first payment by 11/29/2022.
  • Offer valid one time only.
  • Payment must be made directly with the merchant.
  • Offer not valid on subscriptions through other providers. Offer not valid on third-party services. Offer available on YouTube TV English base plan. Terms apply.

Our Verdict

I found this on one personal card and one business card. Nice savings for someone who uses YouTube TV or wants to try it out.

Deal History:

  • Update 1/2/25: Deal is back, this time spend $59.99 and get $20 back. Good through 2/26
  • Update 6/7/24: Deal is back on Chase and other banks through 7/31. This time the spend requirement is $57.99 (lower than the previous offers of $64.99). Similar offer from Amex.
  • Update 1/1/24: Deal is back on Chase/BofA through 2/15/24
  • Update 11/16/23: Deal is now on AmEx Offers as well, can be done twice through 1/3/24. With Chase/BofA can be done once through 11/29/23.
  • Update 11/13/23: Deal is back through December 29th
  • Update 7/20/23: Deal is back through 7/31/23 (ht andrew)
  • Update 4/14/23: Deal is back through 5/21/23, first payment must be made by 6/5/23. The minimum spend is up from $54.99 to $62.99; updated below.
  • Update 12/6/22: Deal is back through 12/29 (ht Brandon and Scott)

How we help move your old accounts to Betterment


Moving investment accounts from one provider to another can be complicated. You may be in the early days of mulling over a move. Or maybe you’re ready to make a switch and simply need a little help making it happen.

Wherever you are in the process, we’re here to help. And once you’re ready to act, you can easily start the ball rolling in the Betterment app. The steps vary slightly different depending on your situation and how willing your old provider is to play ball:

  • ACATS — Most taxable accounts, and even some retirement accounts, can be transferred automatically by simply connecting your old provider’s account to Betterment. You stay invested, and the entire process often takes less than a week.
  • Direct rollover/transfer — Some retirement account providers, meanwhile, require a check be mailed to either you or your new provider. In these cases, we provide step-by-step instructions for reaching out to your old provider to initiate the process, which often takes 3-4 weeks.

And for those considering moves of $20k or more, our Licensed Concierge team can help you size up the decision before helping shepherd your old assets to Betterment, all at no cost. Here’s how.

The Betterment Licensed Concierge experience

Whether you’re already sold on a switch or need help weighing the pros and cons, our Concierge team uses a three-step process to help guide your thinking.

Step 1: Assess where you are, and where you want to be

We start every Concierge conversation by gathering as much information as possible.

  • What are your financial goals?
  • How well do your old accounts align with those goals?
  • How much risk are you exposed to?
  • How much are you currently paying in fees?

We sift through statements on your behalf to decode your old provider’s fees. We analyze your old portfolios’ asset allocations. And we help assess whether Betterment’s goal-based platform could help meet your needs.

All of this information gives us and you the context and confidence needed to take the next step.

Step 2: You make a call, then we chart a course forward

While retirement accounts can be rolled over without creating a taxable event, that’s not always the case with taxable accounts. So in those scenarios, we’re able to provide a personalized tax-impact and break-even analysis. This shows you how much in capital gains taxes, if any, a move may trigger, and how long it might take to recoup those costs. We always recommend you work with a tax advisor, but our estimate can serve as a great first step in sizing up any tax implications.

Should you choose to bring your old investments to Betterment, we help you with every step of that journey.

The mechanics of moving accounts

transfer-flow-chart

This includes sussing out which of your old assets can be moved “in-kind” to Betterment. We’re able to easily accept these assets, and either slot them into your shiney new Betterment portfolio as-is, or sell them on your behalf and reinvest the proceeds.

If any old assets need to be liquidated before they’re transferred, we’ll help you work with your old provider to make it happen. This includes providing you with a full list of relevant assets to give your old provider.

Whether transferring assets or cash, we use the ACATS method whenever possible to help your funds move and settle quicker.

Step 3: Moving day!

account-boxes-dolly

Making a move is exciting. Unpacking? Not so much. So we help set up and optimize your Betterment account to make the most of features like Tax Coordination. Need help setting up your goals? We have you covered there, too.

Once everything is in order, we’ll begin implementing your transfer plan. We’ll communicate all the steps involved, the expected timeline, and handle as much of the heavy lifting as possible. We regularly check-in and, once your assets or funds arrive on our end, we’ll send you a confirmation making sure all your transfer-related questions are answered to the best of our abilities.

Ready, set, switch

Moving accounts to a new provider can be a hassle, so we strive to shoulder as much of the burden as possible. It starts with a simple step-by-step process in the Betterment app, and for those exploring moves of $20k or more, extends to our dedicated team of Concierge members. They’re standing ready to help give your old assets a new life at Betterment. Because whether moving to a new house or a new advisor, it never hurts to have a little help.



Why Physicians Need a Tax Strategist, Not Just a Tax Preparer



Most physicians I know will spend a week researching a $400 home appliance and about fifteen minutes a year thinking about the largest expense in their life.

That expense is taxes. For most attendings it’s a six-figure bill, every year, for the rest of their career. And the way most of us handle it is to hand a folder to someone in March and wait to be told what we owe.

I did that for years. I had a CPA, so I assumed my taxes were handled. What I actually had was someone who told me, accurately and on time, how much I was about to pay. Nobody was working on making that number smaller. It didn’t occur to me that this was a different job.

It is. There’s a real difference between a tax preparer and a tax strategist for physicians. Most doctors only have the first one. Most don’t know the second one exists.

Disclosure: This post may contain affiliate links. If you work with a company mentioned here, Passive Income MD may receive compensation at no additional cost to you. I only recommend people I’ve vetted and would send a colleague to. Nothing in this post is tax or legal advice. Please talk to your own professional about your situation.

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Filing is reporting. Planning is changing the outcome.

A preparer tells you what happened. A strategist changes what happens.

Filing takes place in the spring. Someone takes numbers from a year that’s already over, enters them into a form, and hands you the bill. It has to be done, and it has to be done correctly. But it creates no value. It’s bookkeeping for the IRS.

Planning happens during the year, while the outcome is still open. A strategist looks at your income, your entity structure, your investments, and what you’re actually trying to build, then puts a plan in place to shrink the bill before it exists.

Here’s the part that took me too long to understand. Once January 1 hits, almost nothing can be done about the prior year. You can still file. You can’t really plan. The moves that generate meaningful deductions, like buying a property, putting your kids on payroll, or funding a retirement plan, have to happen inside the tax year.

So if your only contact with a tax professional is in March or April, you are paying someone to report a result you no longer control.

What proactive tax planning actually looks like

“Proactive” gets used loosely, so let me be concrete.

A strategist meets with you during the year, usually quarterly. Those meetings are half planning and half education, so you understand why each move is being made instead of signing where the sticky note says.

The plan is built around your goal, not around the lowest possible tax bill for its own sake. Some physicians want to save as much as they can. Others care more about retirement contributions, or about building enough passive income to drop to four days a week. The toolkit is the same. The mix depends on what you want your life to look like.

I recently had Kim Hopkins on the podcast. She’s an enrolled agent who has spent 17 years in tax and now runs planning for a physician-focused firm. She put the distinction in one sentence: “If you go somewhere that just files the taxes in April, they’re just going to hand you the bill that you owe and tell you to pay it.”

In her experience, a physician earning seven figures can realistically keep an extra $100,000 a year with proper planning. At more typical attending incomes, $30,000 to $60,000 in annual savings is common once the right structure is in place.

Your number will depend on your situation. But the direction isn’t in question. The gap between a preparer and a strategist is not a rounding error, and it compounds every year you leave it open.

The strategies most physicians have never been shown

A strategist earns their fee by knowing which levers exist and which ones apply to you. These are the ones that come up most in our community.

If you’re W-2. The common complaint is that employed physicians have nowhere to find deductions. That’s partly true. You don’t get to write off CME, dues, or subscriptions the way a 1099 physician does. But you still have the basics: a maxed 401(k), an HSA, a backdoor Roth. Beyond that, the two strategies with the most leverage are a short-term rental paired with a cost segregation study, and oil and gas working interests. Both can be treated as active rather than passive income, which is why they can offset W-2 wages when a long-term rental usually can’t.

The short-term rental strategy, briefly. A cost segregation study is an engineering analysis that breaks a property into components, like flooring, fixtures, and cabinetry, that can be depreciated far faster than the standard 27.5 years. With bonus depreciation, those components can be deducted in year one. A reasonable rule of thumb is a deduction around 20 percent of the purchase price. On a $1 million property, that’s roughly $200,000 off your taxable income, for a study that typically costs about $3,000.

Two caveats. It has to be a genuine short-term rental that you materially participate in. And it is far more work than people expect. I’ve watched physicians get excited about the deduction and then get blindsided by the operations.

Real estate professional status. Most physicians can’t qualify. It requires 750 hours a year in real estate and more hours there than in any other activity, and medicine will win that count every time. A spouse without a full-time career often can qualify. If they do, rental losses become active and can offset clinical income.

If you own your practice. The biggest single lever is a cash balance plan, which can allow $100,000 to $300,000 a year in deductible retirement contributions on top of your 401(k). It’s designed as a permanent plan, so it fits best with steady income. Beyond that: hiring your spouse and children, funding retirement accounts for them, and the Augusta rule, which lets you rent your personal residence to your business for up to 14 days a year without the income being taxable to you.

None of these are exotic. They’re well-established parts of the tax code. The reason most physicians aren’t using them is that nobody on their team was looking.

The mistakes a strategist catches

When physicians move from a preparer to a strategist, the same three problems show up.

The most common is an entity structure chosen by default. A lot of physicians get put into an S-corp because that’s what someone told them to do, without anyone checking whether it makes sense for their state and income. In some states, it costs them money.

The most painful is a backdoor Roth done wrong. If you had any money in a traditional IRA on December 31, the backdoor Roth gets complicated, and unwinding the mistake is tedious.

The most expensive is money simply left on the table. Strategists who review prior returns routinely find tens of thousands of dollars in missed deductions. You can amend returns and receive refunds for up to three years from the original due date, so a bad prior year isn’t necessarily closed.

What a strategist costs, and how to think about it

This is the question that keeps people with their current preparer.

The range is wide. TurboTax is a few hundred dollars and is an algorithm with no person behind it. A human preparer typically runs $500 to $1,500 but is still just entering numbers. A strategist can run anywhere from $4,000 to $40,000 a year depending on the firm and the complexity of your situation.

Evaluate value to price, not price alone. If you pay $5,000 and the plan generates $50,000 to $200,000 in deductions, the math is obvious. If you pay $1,000 and get no plan, the cost looks low but the value is zero. For 1099 physicians and practice owners, the fee is also deductible.


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Four questions to ask before you hire anyone

If you decide to interview a new tax professional, these are the questions I’d ask.

  1. Are you fluent in the strategies that apply to physicians? Augusta rule, cash balance plans, short-term rental and cost segregation, backdoor Roths, and the rules in my state.
  2. How quickly do you respond? If a question sits for two months, you’ve lost the window to act on it.
  3. Can you handle the whole picture, including entity formation, payroll, bookkeeping, and the legal side? Or will I be coordinating four firms?
  4. Who will I actually work with? Many firms sell you a senior partner and hand you to a junior associate. You want one experienced person who knows your goals and stays with you.

One more thing. Physicians are increasingly getting tax ideas from ChatGPT. Some of them are right. Some aren’t. If you get audited, “the AI told me” is not a defense. Part of a strategist’s job is to vet what’s real and keep you compliant.

When to make the switch

The best window is right now through February. Filing season for last year is over, and a strategist has a full twelve months to work with for the year ahead. If you want anything done for the current year, start before December so there’s still time to execute.

Here’s where I’ve landed. You do careful due diligence on things that affect your life far less than this does. Taxes shape how much you work, how fast you reach your goals, and how much room you have to change your mind along the way. Talk to a few people. Ask the questions above. Find someone who fits you.

If you want to go deeper, the full conversation with Kim Hopkins and Laxman Pitchappan of DocWealth is on the Passive Income MD podcast. They’ve worked with a lot of physicians in our community, and it’s a good place to start if you’re not sure what to ask.


Were these helpful in any way? Make sure to sign up for the newsletter and join the Passive Income Docs Facebook Group for more physician-tailored content.

Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.


Disclaimer: This article is for informational and educational purposes only and does not constitute financial, legal, or investment advice. Any investment involves risk, and you should consult your financial advisor, attorney, or CPA before making any investment decisions. Past performance is not indicative of future results. The author and associated entities disclaim any liability for loss incurred as a result of the use of this material or its content.

Further Reading



Meet the 23-year-old college dropout making six figures as Walmart’s youngest U.S. store manager



Kiley Pulley is already living a version of the Gen Z dream. At 23, she earns more than six figures, has bought her first home, and is planning a wedding she hopes to pay for without taking on debt. But she isn’t an AI startup founder or an heir to a family fortune—she’s built her career at Walmart and is now the youngest U.S. store manager.

Pulley first joined Walmart at 16 as a part-time cashier, following in the footsteps of her mother and sister, who also worked for the retail giant. At the time, she was simply a high school student looking to earn some extra spending money.

Her climb up the ranks began two years later, when she was promoted to Academy Trainer, a role responsible for training and developing new employees. But the Arizona native had just started her first semester at Grand Canyon University and initially wasn’t interested in turning her part-time job into a career. Six months later, however, she accepted a promotion to Team Lead—a move that changed how she viewed her future at Walmart.

“When I got Team Lead, it really stuck with me that Walmart is something I can make a career out of and something I want to continue to grow in,” Pulley told the Phoenix Business Journal. “That’s when I started applying for salary positions.”

By 19, she became an operations manager, and two years later, Pulley became store manager, making her the youngest person to hold the position at any U.S. Walmart store. Now 23, she still holds that distinction, leading a Neighborhood Market outside Phoenix.

How Pulley became a 23-year-old Walmart store manager making six figures

Pulley told Business Insider that her approach to career growth was relatively simple: show up every day ready to learn something new—and make herself available for opportunities beyond her job description.

She regularly participated in calls with Walmart leaders, including monthly discussions with her market manager, and became involved in succession planning. As she moved into the operations manager role, she also took on projects across her market to prepare herself for the next step.

Pulley even volunteered to cover for store managers on their days off to gain the experience that was needed to be promoted. Ultimately, that willingness to seek out additional responsibility helped her build relationships with senior leaders and develop the skills needed to advance.

“Kiley has embodied ambition, dedication and perseverance since I first met her six years ago as an hourly associate,” Ray Shouse, Walmart’s Phoenix market manager, told the PBJ. “Throughout her career, she has consistently sought out mentors and development opportunities to strengthen her leadership.”

But her ambitions haven’t stopped with store manager, either. Pulley is back in school with the help of Walmart’s tuition-assistance program and hopes to be promoted to a market manager by 27 or 28—and eventually a regional executive vice president.

Walmart’s CEOs started as hourly workers—but climbed to the top by raising their hand and embracing change

As Pulley continues climbing Walmart’s ranks, she’s following a path that has taken others to the top of the Bentonville, Arkansas-based retailer.

Walmart CEO John Furner started out as a part-time hourly associate in the company’s garden center in 1993. He eventually worked his way up to store manager before moving into merchandising roles across Walmart and Sam’s Club.

One of the most important qualities any leader can have, he’s said, is ability to embrace change.

“As long as I’ve been in retail—it’s officially 33 years—it’s always been changing,” Furner said in an interview with Fast Company earlier this year. “Getting comfortable with change in a world that continues to change, I think, is a really great trait for any leader.”

Furner’s predecessor, Doug McMillon, also worked his way up from an entry-level position, starting as a warehouse associate unloading trucks before serving as CEO from February 2014 to January 2026. Like Pulley, he said one of his secrets to climbing the ladder was volunteering for work that was on the horizon for his next promotion.

“One of the reasons that I got the opportunities that I got was that I would raise my hand when my boss was out of town and he or she was visiting stores or something,” he recalled in a 2024 interview with Stratechery.

“I then put myself in an environment where I became a low-risk promotion because people had already seen me do the job,” McMillon added.

People Keep Paying for Trash Pickup. Here’s Why I’d Buy the Company Collecting the Checks.


Nobody overlooks when the garbage truck fails to arrive. Trash collection is one of those services that fades into the background of life — until it doesn’t happen.

For investors, this business is worth a closer look. Waste Management (WM -0.52%) gets paid to handle something everyone needs but no one really wants to think about. Behind the trucks is an impressive infrastructure network – and a business that returns value to shareholders.

Image source: Getty Images.

A service everyone needs

We’ve all been there. You miss trash day, and before you know it, you’re seemingly knee-deep in all the stuff you really don’t want to be knee-deep in. For Waste Management — also known as WM — this scenario creates a steady stream of demand for the collection, processing, and disposal of waste products. Indeed, WM already has about 20 million residential, commercial, industrial, and municipal customers across the U.S., Canada, and Puerto Rico.

While most consumers’ experience with their trash ends at the curb, curbside pickup is only the starting point for WM. The company runs thousands of routes daily, picking up waste, transporting it to processing facilities, and disposing of it. In truth, this makes WM as much of a logistics business as FedEx or United Parcel Service. Processing facilities and pickup routes can serve as assets. One of WM’s main competitive advantages is its existing infrastructure network and route coverage. Adding a new customer along an existing route can drive efficiency and profitability.

WM WM

$235.03-$1.23 (-0.52%)

NYSE · As of 9:31 AM ET 11/09/26

Where the shareholder returns come from

Ultimately, a stock’s value comes from its potential to deliver future cash flows. For example, a company with robust free cash flow can drive shareholder value in a few ways: Paying dividends or buying back its own stock are the two most obvious ways to do so directly.

Free cash flow is the money left over after a company spends on equipment and facilities. WM has generated about $3 billion in free cash flow during the first nine months of 2026. That’s up 42% from a year ago. With that free cash flow, the company can maintain its fleet, improve its facilities, pay down debt, or return value to shareholders through dividends or stock buybacks. Speaking of which, WM already has a $3 billion share repurchase agreement. As for dividends, the stock already boasts a yield of 1.6%.

What to expect from owning WM

Sure, waste processing is reliable, but does it produce growth? In short, the answer is yes, at least for WM. Over the last five years, the company has grown revenue by an average of 8.7% year over year. Since 2021, net income has surged 69% from $1.8 billion to nearly $3.1 billion, an annualized rate of about 11%. Granted, it’s not “knock your socks off” growth, but it’s steady and reliable, like the business itself.

WM Net Income (TTM) Chart

WM Net Income (TTM) data by YCharts.

However, investors shouldn’t assume that WM stock comes with zero risk. Like any stock, price matters. WM stock currently sports a price-to-earnings (P/E) multiple of 31x. That’s slightly above the S&P 500 average of 25.9. However, it’s slightly below WM’s 5-year average P/E of 32.6. That doesn’t mean WM is cheap, but it does offer some comfort that the stock isn’t severely overpriced relative to its own history.

Another key risk is operational. WM relies on several factors that could put pressure on it: labor, equipment, energy costs, and debt. Rising wages and fuel prices could eat into the company’s margins. Equipment must be repaired and upgraded, which can drag on free cash flow. Finally, WM has over $23 billion in net debt. With interest rates already at their highest levels in years, WM’s debt load is becoming more expensive.

Is WM a buy?

For many investors, WM is a stable stock that is worth considering. Its consistent growth in both revenue and profits shows that even though waste processing isn’t sexy, it can be lucrative. Indeed, the same routine that makes trash pickup easy to overlook can also make the business a decent investment opportunity.

Earn Bonus Points on Amazon with New Amex Offer


Earn Bonus Points on Amazon with Amex Offer

This article contains Amazon affiliate links.

A new Amex Offer has just dropped for Amazon, giving cardholders an easy way to earn extra points on their next purchase. As with most Amex Offers, this is targeted, so you’ll want to check all of your cards to see where the deal landed. Here are the details.

Offer Details

Earn additional Membership Rewards® points after using your enrolled eligible Card for qualifying purchases online at Amazon.com by 12/5/2026. There are a couple of versions available:

  • Spend $40 and get 1,000 extra points, up to 3x. Max 3,000 bonus points.
  • Spend $150 and get 1,200 extra points, up to 3x. Max 3,600 bonus points.
  • Spend $150 and get 1,500 extra points, up to 3x. Max 4,500 bonus points.
  • Spend $50 and get 500 extra points, up to 3x. Max 1,500 bonus points.

Offer details and availability may vary by cardholder. Just login to your American Express account(s) to see if you are eligible to add this offer to your card(s). If you find one of these two offers, than you can can just reload your gift card balance with $50 or $150 to trigger the bonus points.

Important Terms

  • Offer valid online only at US website amazon.com or through the Amazon app.
  • Not valid on purchases shipped outside of the US.
  • Excludes corporate gift card and custom-designed gift card purchases.
  • Excludes Prime memberships and auto-renew subscription services.

Guru’s Wrap-up

This is a good offer that can easily earn you extra Membership Rewards points for your Amazon purchases. I found it on my Amex Business Platinum card and two Blue Business Plus cards.

Remember that you can use the search bar within the “Amex Offers” section in the app to find this offer quickly, instead of scrolling through 100+ deals.

An Amazon reload, or Amazon gift card purchase should work. You should be able to also do a single transaction for the total spend requirement to get the total bonus.

Let me know if you are targeted for this offer!

 

Disclaimer: As an Amazon Associate I earn from qualifying purchases made through this article. Using links on the site for Amazon purchases is the best way you can support the site as you normally can’t earn cash back for these purchases. But, you should still check shopping portals such as Rakuten, TopCashback, RebatesMe, ShopBack and others for possible cashback. Your support is always greatly appreciated!

7 Stocks I’m Buying HEAVY Right Now September 2026



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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through dividend stocks, investing and ways to make more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.

Disclosures:
All content on this channel is for informational purposes only and should not be construed as professional financial advice or recommendation to buy or sell any securities. Trading stocks, ETFs, other securities, and/or cryptocurrencies poses a considerable risk of loss. Neither host or guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Should you need such advice, consult a licensed financial or tax advisor. When you make purchases through links in this video description, the author may earn a commission.

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