Bitcoin Halving, a much-anticipated event in the crypto ecosystem, is being monitored closely by crypto enthusiasts across the globe as the price of the super volatile currency Bitcoin (BTC) is expected to set new benchmarks.

A short history of halving has shown us that the price of BTC and other cryptocurrencies have grown exponentially in a short time post the halving event. Trade analysts say that the halving events have the potential to disrupt markets, surge or plunge digital currencies and bring a shift in the economics of the crypto ecosystem.

In this article, we look at the history of halving and how the events unfolded to take BTC to newer heights through bullish sentiments and innovations.

Halving is a programmed event where the reward for mining BTC gets slashed by 50% for every new block created by the miners. As per the algorithm developed by makers of BTC and blockchain technology, a total of 21 million BTCs could ever be generated and the fee for generating BTCs and creating blocks gets reduced by %)% every time a total of 2,10,000 blocks are formed, which usually takes four years. Such a mechanism was introduced to remain intact the scarce value of BTC through controlled demand and supply.

Since its launch in 2009, Bitcoin has experienced three halving events, occurring approximately every four years. The first was in 2012, followed by 2016, 2020, and the upcoming in 2024.

The first Bitcoin halving took place after the network had confirmed 210,000 blocks, resulting in miners rewards being reduced from 50 to 25 BTC per block. At the moment of the halving, Bitcoin was priced at approximately $12 in the market. Following the halving, a bullish trend emerged, propelling Bitcoins price to $1,000 by the subsequent year.

The second Bitcoin halving occurred on July 9, 2016, at block 420,000, reducing the block reward to 12.5 BTC, coinciding with a market price of around $650. Following this event, Bitcoin witnessed another significant surge in value, with its price soaring to almost $20,000 within the subsequent 18 months, marking an extraordinary increase of 3,000%.

Following the third Bitcoin halving on May 11, 2020, occurring at block 630,000 and reducing the block reward to 6.25 BTC, the cryptocurrency demonstrated remarkable resilience amidst global economic uncertainty, with its price experiencing a surge. By April 2021, Bitcoin surpassed $69,000, reflecting an impressive 690% increase from its pre-halving value, which was approximately $9,000.

The upcoming fourth halving of Bitcoin is expected to occur on 19th April 2024, marked by the 840,000th block and a reward reduced to 3.125 BTC. At the current trading price of approximately $70,000, there is anticipation for a substantial surge in value post-halving.

Although the exact price surge is challenging to predict, historical patterns suggest a significant upward momentum, potentially propelling Bitcoin to new highs, with projections ranging from surpassing $100,000 to reaching $200,000 in the subsequent years, fueled by increasing institutional adoption and mainstream acceptance.

Based on the historical data available, there appears to be a diminishing rate of increase in Bitcoins price following each halving event, with the growth rate reducing by a factor of approximately 3.5 to 3.9 compared to the previous halving cycle.

Applying this observed pattern, one might infer that for the 2024 halving, Bitcoins price could potentially experience an uptick of around 200% from its trough.

However, its essential to recognize that past performance is not indicative of future results, and various factors can influence Bitcoins price dynamics, including market sentiment, adoption trends, regulatory developments, and macroeconomic conditions.

Presently, the circulating supply of Bitcoins exceeds 19 million, leaving less than 2 million BTC to be mined before reaching the maximum cap of 21 million. Nevertheless, due to the mechanism of Bitcoin halving, the process of mining these remaining 2 million Bitcoins will extend over approximately a century.

The final Bitcoin halving is projected to occur in the year 2140, coinciding with the completion of the mining of the entire 21 million BTC supply.

As we near Bitcoins fourth halving, the crypto community is on the edge, eagerly waiting for the changes it will bring. With each halving, Bitcoin solidifies its status as the digital equivalent of gold, its limited supply mirroring that of precious metals.

History shows us that after these events, Bitcoin often experiences dramatic price increases, challenging traditional market rules. But beyond its financial gains, Bitcoin represents something more profound: a decentralized ideal, offering financial freedom in an uncertain world.

As we look ahead to the post-2024 halving landscape, one thing is clear: Bitcoins story is just beginning. Its a testament to human innovation, a revolutionary force capable of reshaping economies, empowering individuals, and transforming our understanding of money itself.

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Bitcoin Halving: A History of Economics Shift & Financial Independence - Crypto Times

Hi, r/financialindependence. I posted about quitting my job in 2018 when I was 38 - I'm 42 now - to travel the world via air and the country via van after living frugally since I started working in my early 20s. Retired with about $2.3 million net worth. Here's the story so far ...

Year 0 https://old.reddit.com/r/financialindependence/comments/8pv2yd/38msingle_23_million_submitted_my_resignation/

I started working in my early 20s after getting out of grad school. Salary varied anywhere from $70,000 to $130,000 during those 14 years or so. I live in a state with low cost of living and no state income tax, so I knew when I started that I could save a majority of my income if I stayed frugal and resisted lifestyle inflation. I live in the same starter home I bought around 2010 and drive an old Camry. I did a bunch of set-it-and-forget-it buying of large cap US index funds and Berkshire Hathaway and I did some individual buying of large cap bank and technology names before and after the Great Recession

Year 1 update - I came home after volunteer work in SE Asia https://old.reddit.com/r/financialindependence/comments/bk1rco/1_year_update_38msingle_23_million_submitted_my/

I FIREd and quit my job in the US last year, then moved to Thailand to volunteer at a non-profit teaching English to former prostitutes and low-level criminals for tourism industry jobs. I'm an American, ethnically Chinese.

My apartment and utilities were provided for free by the non-profit and I lived with my fellow expat volunteers. Some were older couples who wanted their privacy, so they booked their own apartments. Costs ranged from as low as $200 a month for a cheap, non-furnished studio apartment to $375 a month for a furnished studio in a newer building near a Skytrain station in the center of town with security. I was pleasantly surprised that because I was in the country on a sponsored work visa, I was eligible to buy health insurance there as a local. It came out to about $150 a month. Getting international expat health insurance here in America would have cost me up to $500 a month, so a huge savings. I also rarely ate at home and never cooked, since Bangkok is one of the great street food capitals of the world. All kinds of Thai, Chinese, Malay, Indian and Arab food served on the street for about 35 to 70 baht each entree (~1 to 2 bucks USD). I ended up not getting a local cell phone or local cell plan, my Sprint plan included international roaming and the 2G data was okay for Google Maps and web/email use when I was away from wifi, which was rare. So monthly fixed expenses came out to

$100 7-Eleven (drinking tap water actively discouraged by authorities due to corroded pipes. Bottled water is substantially cheaper there than here, thankfully. My problem is that when I went into 7-Eleven every day to get the cheap water, I would get sidetracked by whatever tasty unfamiliar snack I would see at the hot food counter that I would then have to try, hence $100 a month blown. Seriously, 7-Eleven in Thailand is amazing, I highly recommend getting lost in one. All kinds of hot noodle soups and baos and sticky rice snacks and cakes.)

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Financial Independence / Retire Early - reddit

This calculator helps you determine your financial independence number (also known as your FI or FIRE number), which is the amount of money you need for the rest of your life.

While you cant control all of the variables (like inflation and investing returns), you can control most of the variables, like how much money you spend and how much money you make. You might need less money than you think.

You can use this calculator to estimate your own FIRE number. But its important to not stress out about it and understand that your number will and should change as you change. The key is to calculate an estimate and to get comfortable with adjusting your own numbers as you grow and your life changes.

There is a direct correlation between your savings rate and the time it takes you to reach financial independence.

Its pretty simple: the more money you save the faster youll reach financial independence. Enter your numbers, test different scenarios, and see for yourself!

At different savings rates, here's how long it'd take you to achieve financial independence:

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FIRE (Financial Independence) Calculator - Millennial Money

Welcome to Sussex Royal, the source for factual information and details relating to the works and structure of Their Royal Highnesses The Duke and Duchess of Sussex. We are so pleased to have you as part of this community. In this section, you will find answers and clarification to questions that have come to the forefront in recent years. Many of you may be familiar with these policies, but for those of you who are not, we hope this page sheds some light on what can sometimes be misreported or quite confusing.

In 2020, The Duke and Duchess of Sussex have made the choice to transition into a new working model. As they step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, they will become members of the Royal Family with financial independence which is something they look forward to. As The Duke and Duchess of Sussex prepare to make this change, the answers to the following questions aim to provide clarity on existing and future funding arrangements.

The Duke and Duchess of Sussex take great pride in their work and are committed to continuing their charitable endeavours as well as establishing new ones. In addition, they value the ability to earn a professional income, which in the current structure they are prohibited from doing. For this reason they have made the choice to become members of the Royal Family with financial independence. Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally. While the contribution from The Sovereign Grant covers just five percent of costs for The Duke and Duchess and is specifically used for their official office expense, Their Royal Highnesses prefer to release this financial tie. More details on the specifics of the Sovereign Grant are outlined below.

The Sovereign Grant is the annual funding mechanism of the monarchy that covers the work of the Royal Family in support of HM The Queen including expenses to maintain official residences and workspaces. In this exchange, The Queen surrenders the revenue of the Crown Estate and in return, a portion of these public funds are granted to The Sovereign/The Queen for official expenditure. This is outlined in the 2018-19 Annual Report of the Sovereign Grant which is linked below. Please note, this structure replaced The Civil List in 2012. More details on this can be found on The United Kingdoms public sector information website: gov.uk

Yes, there is precedent for this structure and applies to other current members of the Royal Family who support the monarch and also have full time jobs external to their commitment to the monarchy.

No, under the current structure and financing arrangements, they are prohibited from earning any income in any form.

No, see above.

AsworkingmembersoftheRoyalFamily,The Duke and Duchess of Sussex remain dedicated to maximising Her Majestys legacy both in the UK and throughout the Commonwealth. They will continue to proudly do so by supporting their patronages and carrying out works for The Monarchy within the UK or abroad, as called upon.

Five percent of the funding for their official office was provided through the Sovereign Grant starting in 2019 (more details on Sovereign Grant below). Public fundinghasnever been used, nor would it ever be used for privateexpenditure by The Duke and Duchess of Sussex, who also do not receive any tax privileges.

Since the establishment of The Office of The Duke and Duchess of Sussex, 95 percent of the funding received for their Office expenditure is derived from income allocated by HRH The Prince of Wales, generated throughtheDuchyofCornwall.This provision has been in place since Prince William and Prince Harry first established their offices in support of The Queen, and is the responsibility of The Prince of Wales. This information continues to be available on The Duchy of Cornwall website.

As described above, the remaining five percent of funding for the Office of The Duke and Duchess of Sussex, covering costs associated with employing members of their official office, is received through the SovereignGrant. During the course of 2020, The Duke and Duchess of Sussex have made the choice to step back as senior members of the Royal Family and no longer receive funding through the Sovereign Grant, thereby making them members of the Royal Family with financial independence. This phased approach will take time to transition in consultation with other senior members of the Royal Family, but Their Royal Highnesses are hopeful that this change is in the best interest for all and look forward to carrying out their duties to the monarch as well as their charitable work with financial autonomy.

In the 2018-2019 fiscal report, Her Majesty The Queen surrendered approximately 329 million from the Crown Estate to the government. In exchange for this contribution, in return, the government granted the sovereign approximately 82 million to cover the costs for official expenditure. This constitutes the Sovereign Grant. Further detail as stated on gov.uk can be found below:

The Sovereign Grant Act 2011 came into effect on 1 April 2012. It sets the single grant supporting the monarchs official business, enabling The Queen to discharge her duties as Head of State. It meets the central staff costs and running expenses of Her Majestys official household such things as official receptions, investitures, garden parties and so on. It also covers maintenance of the Royal Palaces in England and the cost of travel to carry out royal engagements such as opening buildings and other royal visits.

In exchange for this public support, The Queen surrenders the revenue from The Crown Estate to the government which for 2017-18 was 329.4 million. The Sovereign Grant for 2019-20 is 82.4 million which is 25% of 329.4 million.

It was announced in November 2019 that the Sovereign Grant for 2020-21 will be 85.9 million. This is 25% of The Crown Estates revenue surplus in 2018-19 which was 343.5 million.

It is worth noting that an annual grant of approximately 30 million has been added to the above figure for the 10 year re-servicing plan of Buckingham Palace, bringing the sum to 85.9 million. The below graphic helps to further explain this exchange. For clarity, in the graphic sourced from The BBC, HM refers to Her Majesty.

The contribution from UK taxpayers towards the full overhead of the British Monarchy is equivalent to approximately 1 per head per year.

The British Royal Family generates an estimated 1.8 billion a year in tourism revenues for The United Kingdom.

The refurbishment of Frogmore Cottage, the Grade-2listedbuilding in Windsor Home Park was funded by Her Majesty The Queen through the Sovereign Grant, reflecting the Monarchys responsibility to maintain the upkeep of buildings with historical significance (see above). Expenses related to fixtures, furnishings, and fittings at the official residence which is owned by Her Majesty the Queen were funded privately by The Duke and Duchess of Sussex. As stated on The Official UK Government website: The occupied Royal Palaces are held in trust for the nation by The Queen as Sovereign. Their maintenance and upkeep is one of the expenses met by the government in return for the surrender by the Sovereign of the hereditary revenues of the Crown (mainly the profit from the Crown Estate). The Sovereign Grant will allow the Royal Household to set its own priorities and thus generate economies. The occupied Royal Palaces are: Buckingham Palace, St Jamess Palace, the residential and office areas of Kensington Palace, the Royal Mews and Royal Paddocks at Hampton Court, Windsor Castle and buildings in the Home and Great Parks at Windsor.

The Duke and Duchess of Sussex chose to move to Windsor for various reasons. Their previous residence of Nottingham Cottage on the grounds of Kensington Palace could not accommodate their growing family. The option of Apartment 1 in Kensington Palace was estimated to cost in excess of 4 million for mandated renovations including the removal of asbestos (see details above on the Monarchys responsibility for this upkeep). This residence would not have been available for them to occupy until the fourth quarter of 2020. As a result, Her Majesty The Queen offered The Duke and Duchess the use of Frogmore Cottage, which was already undergoing mandated renovations, and would be available to move in before the birth of their son. The refurbishment cost equated to 50 percent of the originally suggested property for their proposed official residence at Kensington Palace. It is for these reasons, The Duke and Duchess of Sussex chose Frogmore Cottage as their Official Residence.

Frogmore Cottage will continue to be the property of Her Majesty the Queen. The Duke and Duchess of Sussex will continue to use Frogmore Cottage with the permission of Her Majesty The Queen as their official residence as they continue to support the Monarchy, and so that their family will always have a place to call home in the United Kingdom.

All travel arrangements undertaken by The Duke and Duchess in their private time have always been and will continue to be paid for privately and not by UK taxpayers. With their transition to becoming members of the Royal Family with financial independence this will continue to be the case. Wherever possible and unless advised otherwise on security grounds, their logistical arrangements are undertaken via commercial air carriers, local trains and fuel-efficient vehicles, be it for official or personal travel.

The Duke and Duchess proudly carry out official overseas visits in support of Her Majesty The Queen at the request of the Foreign and Commonwealth Office (FCO), as is the case for all members of the Royal Family. The length and location of these tours are determined by the FCO and the Royal Visits Committee. All Official overseas visits are in support of Her Majestys Governments objectives and paid for by The Sovereign Grant as well as contributions from the host country, when appropriate.

The provision of armed security by The Metropolitan Police is mandated by the Home Office, a ministerial department of Her Majestys Government, responsible for security and law & order. As stated on gov.uk, No breakdown of security costs is available as disclosure of such information could compromise the integrity of these arrangements and affect the security of the individuals protected. It is long established policy not to comment upon the protective security arrangements and their related costs for members of the Royal Family or their residences.

More Information, please visit:

Royal Finances

The Duchy of Cornwall

The Official United Kingdom Public Sector Information Website

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Funding | The Official Website of The Duke & Duchess of Sussex

Achieving financial independence is deeply embedded in the American dream. Yet millions of young Americans see their parents and grandparents struggling to reach traditional retirement, living with minimal fixed incomes, or having to work far longer than they wanted.

FIRE stands for "Financial Independence, Retire Early." The goal is to attain enough wealth to retire early through a combination of a very high savings rate and a frugal lifestyle. And we aren't talking about retirement at 55. Most FIRE practitioners aim to retire in their 40s or even earlier.

Does FIRE make sense for you? If you're frugal, able to divert a very large portion of your income to retirement savings and investments, and have a do-it-yourself spirit, then adopting a FIRE lifestyle could be a perfect path to financial freedom. Chances are, even if you're not interested in going full-on FIRE, elements of the movement can help you reach your financial goals faster.

Financial independence means, in the most basic sense, that an individual no longer needs to work for money. Put another way, they are no longer financially dependent on an employer to provide them with a paycheck.

At its core, financial independence appeals to those who value their time at least as much as they value an increasing investment portfolio. At a certain point, the value of accumulating more and more assets begins to diminish, which generally makes people more aware of how they're spending their time.

From a purely mathematical standpoint, achieving financial independence requires having enough assets saved to predictably cover your living expenses in perpetuity. A good starting point is to set a savings goal based on the 4% withdrawal rule, which works out to building a nest egg equal to about 25 times your annual spending requirements. For example, someone who needs $50,000 per year would need to have a $1.25 million portfolio.

The FIRE movement is made up of mostly ordinary individuals -- some of whom produce FIRE content via podcasts and blogs, and many who don't -- who have rallied around the principles of financial independence. Some are incredibly aggressive savers, some are remarkable investors, and some are insanely high earners. But all want to reduce the dependence they have on their respective employers and at least have the optionto live life on their own terms.

When it comes to FIRE, you most certainly can have the "FI" piece without the "RE." This serves as a point of caution: Many FIRE movement adherents recommend retiring "to" a career or lifestyle you enjoy as opposed to retiring "from" a workplace you hate.

Being a 35-year-old retiree with nothing but time ahead can seem like a daunting proposition on its own. It's perfectly reasonable -- and abundantly common -- to achieve financial independence but continue to work in some capacity.

Those familiar with FIRE might think its adherents are frugal to an extreme. They might think that FIRE means living a life of pure sacrifice until an arbitrary portfolio value is reached. On the contrary, FIRE principles are freely accessible to almost anyone.

Make no mistake -- there are some strategic sacrifices involved -- but even the most ardent FIRE practitioners make room for enjoyment and self-indulgence. To get to their FIRE number as fast as possible, however, many FI devotees follow some of the value-maximizing principles of financial planning.

Some of the more common FIRE tips include:

The difference between the typical employee and the FIRE adherent is the one seeking financial independence is very deliberate in ensuring that each of these tips is met and surpassed. They are purposeful. Every dollar has a job. FIRE proponents understand that each of their small actions plays a significant role in ultimately hitting their retirement number, which will only come sooner with greater dedication.

It starts with asking yourself some basic questions and then doing the math to figure out how much you'll need to save -- or if you need to adjust your goals.

Once you've answered these two questions, you can start working to determine if your goal is feasible. Let's start with the first number, which is how much you expect to spend each year in retirement.

As mentioned earlier, a helpful rule of thumb is the "4% rule," which says your retirement savings will need to be large enough for you to withdraw 4% per year. In other words, your nest egg needs to be 25 times the amount you'll withdraw the first year. In each successive year, your withdrawal amount may be increased by inflation.

In the previous example, we used this concept to show that someone anticipating $50,000 in annual living expenses would need to accumulate $1.25 million. If your expectations for annual expenses in retirement aren't quite so frugal -- the median U.S. household income is now closer to $60,000 per year -- you may need to accumulate even more.

Let's use $1.25 million as a starting point, along with the next question:When do you want to retire?

If someone who's 25 wants to retire at 40 with a $1.25 million nest egg, they'd have to stick $83,000 per year in a savings account at current interest yields. Needless to say, that's out of reach for many people who don't earn a significant income.

However, there are ways to boost how much you save and to maximize how much your savings grow so you're not doing all the hard work on your own. And remember, FIRE is far from an all-or-nothing proposition. Even reaching 50% of your FI goal is a tremendous accomplishment and will earn you a significant amount of financial flexibility.

Of course, these are simple numbers to illustrate the point: Saving a lot of money is much harder than growing wealth by investing a portion of that savings over the long term. And, perhaps a more salient point: Investing as much money as you can -- as soon as possible -- will pave the way toward financial freedom.

One of the unique things about the FIRE movement is that its constituents come from all walks of life and all income levels. You don't need to be a Wall Street executive to reach financial independence; anyone can accelerate their trajectory toward FI by following a few simple financial planning principles. Retiring early, on the other hand, tends to be more controversial and more self-defined. Becoming financially independent doesn't force you into quitting your job the next day, but it certainly does give you the choice.

Many people are bothered by the idea that FIRE requires too much sacrifice of the "now." Yet many FIRE practitioners say the lifestyle can be deeply gratifying. Sure, there are sacrifices, but learning basic plumbing to fix a leaky faucet can save you hundreds of dollars versus hiring a handyman or plumber. It can also unlock your potential to do far more things on your own.

FIRE devotees also describe the lifestyle as being physically and emotionally healthy. Instead of a pricey resort vacation -- often with the added stress of air travel -- a camping or backpacking trip with family and close friends not only costs less, but it can result in more meaningful experiences.

But howmuch sacrifice FIRE requires you and your family to make really depends on your goals, your disposable income, and what you're prepared to give up or cut back on to get your savings rate as high as possible.

It's also possible to find over time that many things that were hard to give up are things you're better off having left behind. A simpler, less-expensive lifestyle that prioritizes experiences over things, especially when it helps you achieve financial independence as early as you can, is worth striving for.

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Financial Independence, Retire Early (FIRE) - The Motley Fool

INDEPENDENCE REALTY TRUST, INC. : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)  Marketscreener.com

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INDEPENDENCE REALTY TRUST, INC. : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K) - Marketscreener.com

I started pursuing FIRE an acronym for "financial independence, retire early" when I was 22 years old.

It was 2016, and I was making $15 an hour as a marketing associate. I knew it would be many more years until I'd achieve my goal of having a $1 million net worth in my 30s, but I was ready to hunker down.

I embraced frugality and shopped at thrift stores. I waitressed on weekends. I boosted my income by switching jobs. I invested my money wisely.

All that has paid off immensely. I'm on track to meet my goal by 2029, when I turn 35. In August this year, I reached a net worth of $282,000 (via my investment accounts, including my 401(k), Roth IRA and HSA, along with cash in my checking and savings accounts).

But one of the biggest unexpected benefits of my FIRE plan happened this summer: I was able to afford a month-long trip to Europe.

I visited seven countries Iceland, the Netherlands, Luxembourg, France, Denmark, Norway and Sweden and spent less than $2,800 on the entire trip. Here's how I did it:

Like so many companies, my employer made a big push to bring people back into the office.

So naturally, I was nervous about negotiating with my bosses for this trip. I worried that they would question my loyalty, or that I might miss out on work opportunities by taking time off.

But ultimately, I knew that if I lost my job, I'd still have a financial cushion. Thanks to my money-saving efforts, I had enough in my savings to cover living expenses for at least eight years.

I drafted a comprehensive request for two weeks of paid time off, and 12 days of working abroad. I came prepared with details and points about why my bosses wouldn't have to worry, and how much value I brought to the company.

Knowing what you want to experience the most and spending your money on it is a key component of financial independence.

During my Europe trip, I realized that it was important for me to fill my emotional tank with things I love, like art and architecture.

So I budgeted accordingly and bought tickets in advance for castle and museum visits, and taking a chairliftride over scenic mountains.

A view of Stortorget Square in Stockholm.

Photo: Darcy of We Want Guac

My trip was made all the sweeter because I had a clear and specific itinerary that I had planned ahead of time. I didn't have to fight crowds of other tourists or wait in lines or get sidetracked at luxury stores and spending money on things that didn't matter to me.

The most valuable thing I learned from people in the FIRE community (via blogs, online forums and YouTube videos) was how to maximize my credit card points.

I booked over $1,400 worth of flights and hotels with the points I earned from my Chase Sapphire Preferred card. I booked low-cost Airbnbs in advance and only brought carry-ons, which saved me hundreds of dollars in luggage fees.

Oslo, Norway

Photo: Darcy of We Want Guac

Getting flights via credit card points meant I had leftover money to visit more places, such as Aarhus, Denmark and Bergen, Norway.

Throughout my trip, I found myself having to deal with several unexpected changes, like a tour cancellation in Iceland. I also had only a few days to find a new place to stay in Oslo when my Airbnb fell through.

In the past, my default would have been to panic. But instead, I took a breath and looked at my options.

My first thought was no longer "How will I be able to afford something else so last-minute?" Now, I simply ask myself: "What is the best alternative I can do at the last minute?"

In Norway, I booked several different stays, and even though it meant a lot of luggage-moving, I ended up seeing more of what I had planned to. In Iceland, I sprung to explore even more of Reykjavik, including seeing the city from their waterfall church, checking out the opera house, and trying some fermented shark.

Darcy is the founder of personal finance website We Want Guac. She won a Plutus Award for Best Generational Financial Literacy Content and has been featured across multiple publications and podcasts, including MarketWatch and ChooseFI. Follow her Twitter and Instagram.

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This 28-year-old is on track to save $1 million by her 30s: How she visited 7 countries in Europefor just $2,800 - CNBC

When couples divorce, one of the biggest challenges they face is financial independence. Without a joint income, paying for expenses can be difficult, especially if you have children.

However, there are some ways to make the transition to financial independence easier. One option is to take out best emergency loans. These loans can provide you with the funds you need to pay for essential expenses, such as housing and food. Another way to achieve financial independence is to get a job. This can be difficult if you have been out of the workforce for a while, but there are many programs and resources designed to help people re-enter the workforce.

Finally, you may also want to consider downsizing your lifestyle. This can mean anything from moving to a smaller home to getting rid of unnecessary luxuries. By making small changes, you can free up more money to cover essential expenses. With a little planning and effort, financial independence after divorce is achievable.

1. Get organized

The first step is to get organized. Gather all the important documents relating to your finances, including bank statements, investment portfolios, tax returns, and bills. This will give you a clear picture of your financial situation and where you need to make changes.

2. Create a budget

Now that you have a handle on your finances, its time to create a budget. Track your income and expenses so you know where your money is going. This will help you make informed decisions about your spending and ensure that you are meeting your financial goals.

3. Build up your savings

One of the most important aspects of financial independence is having a safety net in case of emergencies. A good rule of thumb is to have three to six months worth of living expenses saved. This will give you peace of mind in knowing that you can cover unexpected costs if they arise.

4. Invest in yourself

Investing in yourself is one of the best things you can do for your future finances. Whether its taking a course to improve your job skills or investing in a solid financial education, making sure you are equipped with the tools you need to succeed will pay off in the long run.

5. Create a debt repayment plan

If you have any outstanding debts, its important to create a plan for paying them off. Start by listing all of your debts, including the interest rate and minimum payment for each one. Then, make a budget and allocate funds each month to pay down your debts. By doing this, youll be on your way to becoming debt-free and financially independent.

Following these steps will help you achieve financial independence post-divorce. It may take some time and effort, but it is possible to find success on your own.

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Financial independence can be achieved easier than you might think post-divorce. Heres how - The Southern Maryland Chronicle

This is an opinion editorial by Pierre Corbin, the producer and director of The Great Reset And The Rise of Bitcoin documentary.

In his book, William N. Goetzmann describes that there have been periods in history during which people had greater financial education than the general public has today.1 One such period was during the great times of Ancient Greece, particularly in Athens.

Athens in 400 BCE was very special, and remains special to our history, because this is where democracy was invented. Their democracy was different from our modern democracy, though. In particular, when it comes to the involvement their citizens had in the day to day activities of the government. Athens had created a complex system of bankers and insurers to simplify the trade of grain and increase the security of investors portfolios. Many ships sunk in the Aegan sea during these times, and these financial instruments allowed them to protect ones investment and share the risk of their business with the industry, through insurance.

Of course, there were often disputes around these topics that needed to be settled in court. The court system in Athens was built to accommodate this particular type of issue, and was used for every other topic, too. Here are a few rules on how their court system worked that Goetzmann shares in his book1 :

Athens, at its peak around the 4th century BC, had 30,000 adult male citizens entitled to vote in the assembly (there were an additional 70,000 citizens that were women, children and other men that were not allowed to vote. There were also 150,000 aliens and slaves living within the city walls who were not counted as citizens and did not take part in the decisions of the city), so 500 people involved in each trial represented 1.6% of the population.

Imagine this in todays world: 5.3 million Americans would have to be part of each jury. Or 22 million Chinese citizens would be involved. Sounds impossible, although we do have one technology that didnt exist in Athens that could simplify the matter: the internet. Maybe this kind of jury could be re-adapted today? The outcome of trials wouldnt be the source of such debate because 1.6% of randomly selected individuals can be considered a big enough sample to represent society as a whole for a given trial. Beyond leading to a fair trial system, it also leads to more transparency and lowers the powers of influence that sometimes exist for the important trials.

In his lifetime, the average Athenian attended multiple trials, including the complex ones, and faced topics such as finance, risk, long term investment, compounding, etc. Today, we still have records of such trials. One example is the story of Demosthenes, an Athenian that had his heritage stolen by his uncles because he was too young when his father died. As an adult, he took his uncles to trial. Here is an extract of his depiction of the situation:

My father, men of the jury, left two factories, both doing a large business. One was a sword-manufactory, employing thirty-two or thirty-three slaves, most of them worth five or six minae each and none worth less than three minae. From these my father received a clear income of thirty minae each year. The other was a sofa-manufactory, employing twenty slaves, given to my father as security for a debt of forty minae. These brought him in a clear income of twelve minae. In money he left as much as a talent loaned at the rate of a drachma a month, the interest of which amounted to more than seven minae a year... Now, if you add to this last sum the interest for ten years, reckoned at a drachma only you will find that the whole, principal and interest, amounts to eight talents and four thousand drachmae".1

How many average citizens of our modern world would be able to follow such an argument? It mentions two businesses, loans, interest rates and their compounding effects. Today, most people dont understand what compound interest is, and it is one of the most simple long-term thinking concepts in finance.

Our financial system has been layered with many levels of complexity and is presented as a complex topic, including when it comes to personal finance. I believe this has been done through time by the people working in the industry for two reasons:

Today, people are starting to understand the impact inflation can have on their lives. They dont necessarily understand where it comes from, but they understand that they need to do something about their personal finances or their savings will slowly be crushed by inflation. This inflationary way of thinking has always been there. This is part of the reason why people invest in real estate and has pushed the prices so high. Today, it is pushing people towards even riskier investments. This is part of the reason why the cryptocurrency world has seen such a boom and seems so attractive to many high reward, but also high risk.

People entering the cryptocurrency space will slowly start making the distinction between bitcoin and altcoins at some point (often because of a shitcoin losing 99% of its value or a hack making them lose their funds). We will write a follow-up article about this topic in particular: Bitcoin is not crypto.

Because of the way Bitcoin is built, people gain their financial independence. You are the sole owner of your assets and no-one can take control of your assets unless you give access to them. This is extremely empowering, but can also be a scary endeavor: it has the potential of opening users up to more risk. This means that people need to take responsibility for their financial decisions. Every decision is their own, and in order to avoid mistakes, people need to educate themselves.

This education starts with understanding bitcoin wallets, but quickly moves on to more complex topics:

And many more that one by one open up the mind to the way our financial system works. There are many great thinkers and contributors in the space that help understand these points.

People are now forced to take control of their own funds and take responsibility for their personal finance. The veil that has always laid on the world of finance is slowly being lifted, and what used to be seen as very complex topics are becoming day-to-day topics for many. This is due to the fact that the trust that we once had in centralized financial institutions is now gone because of decades of abusing customers, bailouts and more.

The Athenian system was not able to scale with the growing number of people in cities and in countries. But given our current technologies, is a similar system so hard to imagine today? Maybe bitcoin can be the asset that leads the way in this direction, thanks to its cryptographic properties, but also thanks to the added benefit of its passive properties, including the fact users need to educate themselves, which can only benefit them and our society.

This is a guest post by Pierre Corbin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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How Bitcoin Educates The World About Finance - Bitcoin Magazine

Bitcoin: Freedom, backed by real-world utility, and a solid tokenomics will enable the fulfillment of Bitcoins original mission, says Jin Gonzalez, Chief Architect of Oz Finance.

When the worlds first cryptocurrency was born in 2008 most people hadnt heard of it, and those that had didnt understand it or made it a punchline.

Things have changed drastically since then. And not just the price of Bitcoin, which rose from a fraction of a penny to close to $70,000 in November 2021, and back to around $20,000 over the last several months. This exciting period witnessed new industries grow, expand, and trigger other sub-industries.

Bitcoin has been the driving force behind all of it, establishing itself as the benchmark store of value and means of exchange with over 81 million wallets in existence. Still, its becoming increasingly clear the worlds first cryptocurrency has yet to fulfill its promise of gaining global adoption as a functioning legal currency, or as an inflation hedge.

In addition to not achieving widespread adoption as a functioning currency, Bitcoin, or any cryptocurrency for that matter, hasnt provided the benefits and freedoms that they originally intended.

In the early days of Bitcoin, staunch advocates believed that the coin would offer complete discretion, privacy, security, and most importantly financial independence. Despite there still being many hardcore Bitcoin believers, many began to realize that Bitcoins public nature doesnt ensure all this because its quite easy to track transactions on the Bitcoin blockchain.

People are still taxed on profit realized on Bitcoin. The blockchain can be used to identify individuals and monitor transactions, and the ledger can be used as evidence against an individual who is compelled to submit their KYC. Then Bitcoin, and by extension all crypto, expanded its vision of freeing the masses from traditional finance to other use cases. That is, as a hyper-secure and efficient transfer of value, a store of value, an inflation hedge.

That didnt quite work out. Instead, it finds itself mimicking the stock market and, in particular tech stocks, albeit with higher degrees of volatility. This doesnt bode well for those who sought to diversify their portfolios in defense against exploding inflation. The current on-going market downturn has exposed Bitcoin as not being truly independent of the mainstream financial world. This is due to its fluctuations being in lockstep with international markets.

Bitcoin actually got a second chance to prove itself as a functioning currency when El Salvador became the first country to pass legislation making Bitcoin a legal tender. But even after that, many businesses in the country El Salvador were unable to accept Bitcoin for a myriad of reasons. And this is on top of a laundry list of other problems plaguing the Bitcoin launch in the small Central American nation of six million.

El Salvadors half-baked launch of Bitcoin so far hasnt produced the results that many citizens and Bitcoin evangelists were hoping for, when the historical announcement was made last summer. Given the idea that Bitcoin hasnt provided the basic freedoms it sought to enable, do cryptocurrencies have a real future going forward?

Crypto has staying power, and this bear cycle has enabled an industry-wide shift that has refocused the emphasis on building. The previous bull cycle placed too much emphasis on token launches and hype. But not enough on building actual products and services to support the tokens value. This is being corrected as we speak, but the industry is still suffering from a lack of real-world utility.

Crypto and blockchain projects need to go a different route than they have been. Instead of rushing to pump a new hyped-up token into the oversaturated market, the focus should be on how to provide the benefits that Bitcoin and blockchain initially intended. This means providing financial freedom through privacy protection, balanced regulatory cover, and a fair-tax regime. Now neither Bitcoin or any other major token or cryptocurrency truly provide this.

Crypto and the greater Web3 environment is still full of potential. But to ensure that this bear cycle produces results, the main priority needs to focus on the freedoms of privacy, regulatory, and tax protections. These freedoms, backed by real-world utility, and a solid tokenomics will enable the fulfillment of Bitcoins original mission.

An ideal token should think big but act local at the onset, meaning gaining recognition and regulation from a national or regional government before expanding or doing an IDO (initial DEX offering). Legal reviews and smart-contract audits can be leveraged to provide transparency and build credibility. This lays the groundwork for legal onboarding into a structured environment with proper regulatory cover.

Crypto projects must wake up and realize Bitcoin has fallen short. If the industry is going to spur a financial revolution and usher us into a Web3 future, it needs to be done by a coin that provides something more than just speculative hype. A crypto industry that prioritizes developing and innovating new products and services, while offering these freedoms, will indirectly benefit Bitcoin as it would benefit the entire crypto ecosystem. Going forward it is imperative that we support projects and use cases that translate in the real world or else this bear market will never go into hibernation.

Jin Gonzalez has established six startups over the years, including two successful exits. Prior to founding Oz, a digital assets project with the aim of connecting a network of special economic zones across the globe, he was responsible for pioneering the adoption and embracing of blockchain technology at the Union Bank of the Philippines, as their Director of BD, Fintech, and Blockchain. Gonzalez is also the Executive Director of the Distributed Ledger Association of the Philippines.

Got something to say about Bitcoin or anything else? Write to usor join the discussion in our Telegram channel. You can also catch us on Tik Tok, Facebook, or Twitter.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin: After Nearly 14 years, Has BTC Met Expectations? - BeInCrypto

VATICAN CITY (RNS) The Church of the Immaculate Blessed Virgin looks out onto the Mediterranean from Torvaianica, a beach town just 20 miles from Rome known more for its Mafia incursions, drugs and sex trafficking than its scenery. On a recent gray morning on its littered streets was a single pigeon wing debris from fights with local gulls.

Immaculate Blessed Virgins high red brick faade conceals a rather low-vaulted interior, which on this morning was fragrant with the perfume of the lilies strewn on the floor, left over from a celebration for the Assumption of Mary a few days before. A handful of middle-aged parish volunteers were at work cleaning up the church.

The Rev. Andrea Conocchia, the pastor, showed up in sweatpants and a T-shirt reading God is great and Jesus loves me, a gift for his 25th anniversary of celebrating his first Mass. He apologizes for his voice, still worn out from guiding the Mary procession down the windy beach.

Conocchia said hes a big fan of liturgies, Masses and processions, but he prefers ministry that is immersed in his community. His primary tools as a priest appear to be a bright orange car and his cellphone, which erupts constantly with WhatsApp messages. His favored office is the coffee shop overlooking the beach just off Torvaianicas main square.

Im not just a priest at the altar. I am a priest right now! he explained as he loaded up with cups of espresso and chunks of jam tart in the coffee bar for the team tidying up after the revelries.

But in the past two years, Conocchia has gained fame for serving a particular community that found him shortly after he arrived at Blessed Virgin: a group of trans women whose lives he has changed both practically and spiritually. Since April, at the invitation of the Vatican, Conocchia hasbrought four groups of LGBTQ people to meet Pope Francis and receive needed medical care.

The trips, he said, have allowed fathers struggling with their childrens sexualityto find redemption. Since becoming known for his work in Torvaianica, he conducts prayer sessions via Zoom with disenfranchised LGBTQ Catholics across Italy.

The trans women in Torvaianica sought out Conocchia for basic needs. Most of them sex workers, they had been left without clients, and therefore income, by the pandemic. Because many are HIV-positive, they are at higher risk for serious illness. As immigrants, they could not take advantage of Italys health care system.

When the pandemic hit, we as trans people had to knock on doors because we had nothing to eat, said Claudia Salas in a mix of Italian and her native Argentine Spanish. When I went to the church, they closed the door on me, she said about a nearby parish. They suggested to go to the parish of Torvaianica.

Don Andrea was the only one to bring God to us, Salas said, her grief repeatedly spilling over into tears. She said Conocchia brought pasta, vegetables and other staples to their homes.

After meeting Conocchia, Salas, who transitioned when she was 11, urged other trans women to go to the parish at Torvaianica.

Conocchia had arrived at Blessed Virgin months before from a small chapel in Lido dei Pini, a half-hour down the coast. Given the chapels tiny capacity, he said, he spent much of his time preaching on the streets it was in Lido dei Pini that he traded his cassock for the more practical pants and T-shirt. Torvaianica was a shock at first. Everything was locked, he said. It was like entering a cloistered monastery.

As the pandemic descended on Italy, the Italian government demanded that churches close. Conocchia obeyed until one morning after saying Mass to the nuns who live at the church complex, he saw a line of people in the churchs piazza. They were families, people dependent on undeclared or seasonal work, migrants, and in the crowd there were three trans women, he said.

Despite fears of spreading COVID-19, not least to his aging mother who lives with him, Conocchia opened the doors. The second day there were four trans women, he said; the next there were eight.

At first, he offered the trans women food and money through the local chapter of Caritas, the Catholic charitable organization. He helped Salas get documented and find work as a cleaner, seamstress and cook to get her off the streets.

As their numbers continued to grow, he came up with idea of having the women write to the pope. They told him they were ashamed to describe their lives to the pope. Several wept to think of it.

But the letters went to Rome, and in April 2020, the pope sent money and food to Blessed Virgin through Cardinal Konrad Krajewski, the papal almoner, the official dispenser of Francis philanthropy. The 58-year-old Pole is known for diving into sewers to restore electricity to Roma refugee camps. More recently Francis sent Krajewski to Ukraine, where he has met with refugees and blessed mass graves.

Since early in his pontificate, Francis has taken a novel approach to LGBTQ issues, beginning with his reply in 2013 to a question about gay priests: Who am I to judge? He has met with a Spanish trans man and his partner at the Vatican and praised the work of the Rev. James Martin, the American Jesuit who advocates for inclusion for LGBTQ Catholics.

Last year, not long after the Vaticans office of doctrine issued a document calling the blessing of same-sex couples a sin, Francis overhauled the office and removed those responsible.

Francis has stopped short of definitively changing Catholic teaching, which still regards homosexuality as intrinsically disordered. He has called gender theory a form of ideological colonization, especially when taught in schools. Measured against this doctrinal stance, the popes steps toward openness to the LGBTQ community are mere gestures, but outside Vatican circles they have been seen as earthshaking.

At Easter 2021, Krajewski called Conocchia to tell him to bring the trans women and others in need to the Vatican to receive COVID-19 vaccines and health checkups. When Conocchia arrived at the Vatican City gates with two busloads in tow, Vatican officials asked the pope whether they should be allowed inside. Francis ordered them to be admitted, saying, Ask for their names, ask for anything they need, but do not ask them about their sex, according to activist Juan Carlos Cruz, a friend of the popes.

The next day at the papal audience, Conocchia ushered the women forward to meet the pontiff. When I touched his hand, I was lost for words, Minerva Motta Nues said. She offered him a traditional leather cup from Peru, where she was born.

Afterward, Conocchia said, the pope told him: Keep going, continue in this ministry, you are doing well.

Conocchia said he has been reinvigorated by the popes approval, especially after Conocchias efforts to open the church to the LGBTQ community have led to pushback.

Some in Torvaianica were angry that the trans women received the vaccine before other residents. Conocchia admits that its not uncommon for disapproving members of his flock to casually ask him for how long he thinks he will be stationed at the parish.

Two local priests, both from Africa, support the pope and his message of inclusion but say focusing on questions of sexuality seems terribly out of touch with the demand for food, medicine and financial independence in their native countries.

The Rev. Blaise Mayuma Nkwa, from Congo, where there are more Catholics per capita than any nation in Africa, wont go on Conocchias trips in the company of the trans women. When the subject comes up at lunch, the otherwise cheerful priest turns quiet.

The Rev. Omero Mananga, Conocchias deputy, displays both respect and skepticism. He worries about explaining Francis vision to the die-hard core of old ladies at Blessed Virgin. Conocchia asks in reply, What will happen when our little old ladies die? before answering, mostly to himself: It will be all over preaching to no one in empty chapels.

According to 2021 data from Italys statistics agency, ISTAT, more than 30% of those who attend Mass once a week are above the age of 75. The same report found that even in Catholic Italy, only 19% of people attend religious services regularly.

We cannot go back, Conocchia said one afternoon after presiding at back-to-back funerals. Pope Francis has pushed the church in a new direction, and I worry about what will happen if we revert to the old ways.

The trans women feel the division between Francis vision and the reality of the church differently. Nues was raised Catholic but avoids attending Mass for fear of judgment. I cant separate myself from what I do, said Nues, hinting at her work as a prostitute, because Im always met by the prejudice of people and the church.

Salas echoed this feeling of rejection. People in the pews shake her hand at the sign of peace but wont give her a glance when they pass on the street.

But Marcella Demarco Muniz said that when she was ushered forward at the general audience to meet Francis in April, he told her in Spanish: Dont worry, we are all the same in the eyes of God. If she could, she said, she would visit him at every general audience.

They believe Francis message of inclusion is slowly changing the church. The pope has opened many doors, said Nues.

Demarco said she loved St. John Paul II and remembers his visits to South America when she was young. But Pope Francis is everything for us, she said. Hes from South America and has a way with everyone.

He moves forward as the world moves forward, she added.

If so, it will be because Francis vision translates into changes like what has happened at Blessed Virgin. Conocchia sheepishly admits he has set a new standard for LGBTQ Catholics in Italy wishing to be reconciled with the church. After his openness toward trans women appeared in several newspapers, other groups from all over the peninsula contacted the priest seeking advice.

At lunch with his fellow priests, meditating on the future of the church, Conocchia had grown somewhat glum. But as he walks away to the jingling of his keys, he returns to his usual gaiety. They dont like it when I say it, he said, but this isnt a reform. Its a revolution.

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How Pope Francis' welcoming message transformed a trans community in Rome - Religion News Service

Aug. 3COLUMBUS August is ABLE to Save Month and Ohio Treasurer Robert Sprague is using the occasion to tout the importance of STABLE accounts and highlight the program's record-setting growth.

ABLE to Save Month is a national campaign that shines a light on ABLE programs across the nation and how they enhance financial independence for people living with disabilities.

Since January 2019, Ohio's iteration of an ABLE program, STABLE Account, has seen overall participation grow three-fold, with total enrollment nearing 30,000 active accounts.

"ABLE to Save Month is the perfect time to promote the financial empowerment and independence that STABLE accounts provide for people living with disabilities," Sprague said. "These accounts are life-changing as they help individuals to save and invest money, while also staying in the workforce.

We're proud to continue the growth of STABLE Account and look forward to empowering more Ohio families."

STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. Accountholders can save up to $16,000 without losing federal assistance, and they can save an additional $12,880 each year if they're employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology and more.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLE Act, individuals with disabilities could only save $2,000 before losing means-tested benefits, such as Medicaid or Supplemental Security Income (SSI).

Additionally, asset limits hindered opportunities to join the workforce. These regulations made it difficult for many people to work, save and invest, creating barriers to financial independence.

In recent years, the Treasurer's office has partnered with several private and public sector employers across Ohio to enable eligible employees to make recurring deposits into STABLE accounts directly from their paychecks.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visit http://www.stableaccount.com.

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Treasurer recognizes August as ABLE to Save Month - Yahoo News

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Fresh out of college and ready to start her first job, Maribel Franciscos new employer asked her what she wanted to be paid. With no idea where to begin, she said $40,000.

She soon realized that was less than what she was worth, but when she asked for more, the employer wouldnt budge.

Its a situation Francisco, the first generation of her family born in the United States, hopes to help others avoid. After working as a financial analyst in the entertainment industry, she launched Our Wealth Matters, a platform to help immigrants on their financial journey in the U.S. by coaching them on saving, investing, and retirement planning.

Shes not alone. Delyanne Barros, a Brazilian-born U.S. citizen, launched her brand, Delyanne the Money Coach, after an unsatisfying career as an attorney. She found investing as an opportunity to work toward financial independence without owning property, and hopes to help others, particularly Latinos, achieve their own version of financial freedom.

Language barriers and a lack of trust in the financial system, Barros and Francisco say, are among the factors that make it difficult to find financial stability in a new country, especially for Latin American immigrants. With the number of foreign-born people in the U.S. rising currently at an historical high of 44 million, 50% immigrating from Latin America a growing number of people are in need of foundational advice on how to navigate the American financial system.

Barros says overcoming these types of hurdles is one of the first steps toward financial stability for this population, which she defines as the ability to walk away from situations or walk towards situations that are going to increase your happiness.

Heres what Barros and Francisco think are the biggest barriers to financial stability for immigrants, and how to begin the process of overcoming them.

Financial stability for new immigrants can look different depending on each persons goals. Getting on the grid establishing credit and opening up a bank account for the first time is a good first step. It is essential to start building your credit score and credit history as soon as possible, according to Barros.

Established credit will make it easier to qualify for loans, credit cards, a mortgage, and better interest rates for all of these. Established credit is also crucial for leasing an apartment, as many rental companies check credit reports.

Gaining financial stability means starting with the basic American financial building blocks. Once these building blocks are in place, that is when financial stability starts giving you choices. You can leave an employer that doesnt value you, negotiate a better salary, or leave an unhealthy relationship with the confidence that you can support yourself financially, says Barros.

Getting started on the path toward financial stability can be daunting, though. There are aspects of the U.S. financial system and the immigration experience that often make this path even less attainable for the immigrant community.

Every immigrants story is different, but some aspects of the U.S. financial system present common difficulties for new Americans. Here are a few, and how to navigate them.

One of the largest hurdles for immigrants who want to be financially independent is accessing information in their native language. Financial products can be complicated. Thats true for everyone, but its especially true for those whose primary language isnt English. There can be serious consequences if you arent clear what youre getting into. The language is purposefully intimidating, Barros says.

Through educating the immigrant community in personal finance (in both English and Spanish), Francisco says she tries to boost their awareness of the possibilities available to them. Its why she decided to produce bilingual content: posting everything in English first, and publishing the exact same content in Spanish the next day. This is how she does her part to combat the language barriers that face Spanish-speaking immigrants. This also helps the families of her audience: She says many will share the Spanish-language versions with their parents and loved ones.

Immigrants bring with them parts of their home country, like language, culture, and values. Some bring with them a fear of financial institutions, rooted in distrust of their home countrys system. There are more protections in the United States than many other countries and youre actually hurting yourself by not engaging with the financial system, says Barros.

The U.S. financial system offers several safeguards for consumers. For example, banks that are insured by the Federal Deposit Insurance Corporation (FDIC) protect up to $250,000 per account in the case of theft or bank failure. Additionally, government agencies like the Consumer Financial Protection Bureau hold banks accountable and can punish them for breaking the law. All consumers can access the CFPB complaint database, which allows for transparency between banks and customers when it comes to violations of federal regulations and laws.

It can be hard for immigrants to find someone who understands their situation. Theres very little representation [of immigrants] in the financial industry, Barros says. This often causes immigrants to feel marginalized and can be a deterrent for those who are already distrustful of banks and investing.

Many immigrants who dont have a Social Security number believe that investing is out of their reach. This is a huge misconception, Francisco says. An individual taxpayer identification number, or ITIN, allows immigrants to do much more than pay taxes. ITINs can be used for opening up bank accounts, savings accounts, credit cards, and applying for loans. Immigrants can also put money into a 401(k) with an ITIN and receive an employer match. The same goes for immigrants who have work permits through their Deferred Action for Childhood Arrivals (DACA) status, Francisco says.

An individual taxpayer identification number, or ITIN, allows immigrants to open up bank accounts, savings accounts, retirement accounts, credit cards, loans, and also to pay taxes without a Social Security number.

If youre looking to begin your journey toward financial stability, here are a few basic steps to help you get started.

Franciscos first step with her clients is pushing them to define their why. This can range from wanting to retire early, support their family, buying a house, starting a stable career, or simply having a secure lifestyle. Defining a why is crucial because it may be the only thing that keeps you from giving up during financial difficulties. If you have a strong enough why, thats gonna get you through those hardships, Francisco says.

Your credit score will consist of several factors, primarily your payment history (paying your credit accounts on time) and credit utilization (how much of your available credit youre using). There are other factors that go into a credit score as well, including the length of your credit history.

There are a few ways to start building credit if you are brand new to the credit system, Barros says. The first way is to find a family member or close friend who is willing to add you to their account as an authorized user. Becoming an authorized user means that you have access to funds, but the owner of the account remains responsible for paying all bills on time. Another way to start building credit is to get a secured credit card. Secured credit cards have relatively low limits, but once you show that you are a responsible user and you pay your credit card off on time, your bank can convert your secured credit card to an unsecured credit card, and your credit limit will increase.

One of the most important steps toward financial stability is opening a bank account. This may be overwhelming since there are tons of banks out there, so Barros recommends doing your research. A Google search will tell you if a bank has been involved in fraud or some other sketchy behavior. You can also browse the CFPBs Consumer Complaint Database to learn about complaints made against a specific bank.

Some other things you should be looking for are banks with minimal fees and penalties for transferring money between accounts and also banks with accessible customer service.

At a minimum, confirm the bank is FDIC insured or, if youre banking with a credit union, be sure that it is NCUA (National Credit Union Association) insured. You can do this by searching a bank name through the FDICs BankFind feature or for a credit union using NCUAs Research a Credit Union

Finally, Barros suggests you look for banks that are catering to a specific minority. This is the best way to ensure that your bank will be empathetic to your situation and cater to your specific needs. For example, if your primary language is Spanish, it will be helpful to find a bank that has Spanish-speaking customer service representatives. Generally, this information can be found on a bank websites homepage or on their customer service page.

Look for tools at the top of the homepage that allow you to translate the entire website, or look more specifically at whether they have Spanish language options on their customer service page.

Informed Immigrant is a trustworthy tool to help find local immigrant-serving organizations, clinics, legal help, and other nonprofits. Local organizations like the ones found through Informedimmigrant.com may be able to provide educational resources or translation services if English is not your primary language.

Growing up as a child with an undocumented father, Francisco was never sure who could be trusted and, as a result, says she and her family simply avoided talking about personal finances with others. To her, finding community is gonna be key. Her advice is to find others who talk openly about finances. Some community centers or churches will offer personal finance workshops that can be beneficial for those who dont know where to start.

The best way to find trustworthy communities is through diligent research, Francisco says. She advises immigrants to reach out to families they know who have been in a similar situation or search for community centers that are specifically servicing the immigrant population. If youre on social media, find and follow people who are openly talking about the topic youre interested in, she says. While immigration is a sensitive topic to speak about openly on public platforms, there are influencers doing it on Instagram, TikTok, and Youtube. Those who are willing to share their stories are usually out to build a community, Francisco says.

You may also be able to find nonprofit organizations in your community that help immigrant groups. Community Development Financial Institutions, or CDFIs are financial institutions that prioritize serving communities and populations that typically lack access to financial products and services. Outside of providing financial services, CDFIs often offer courses and programs to help underserved communities develop financial literacy You can find a CDFI near you using the CDFI locator tool.

The FDIC also offers an educational program, Money Smart, aimed toward people who want to improve their financial literacy and skills.

Both Barros and Francisco warned that one of the biggest mistakes they see is when people allow fear to prevent them from taking action. For example, Barros says she sees frequently that fear of being charged interest keeps people from using their credit cards [and] keeps people from building their credit score. Francisco refers to this fear as analysis paralysis. She says that she often has clients who are so overwhelmed by the amount of information floating around, they end up stuck in a place of inaction. This mistake can be avoided by doing your research and asking questions.

The same can be said for investing. Yes, investing can be risky, but according to Barros, we reduce the risk by investing over a long period of time. So, its important to start early. The best strategies to invest for the long-term include investing regularly and consistently, and investing in broad index funds. Barros says investing and financial stability can be the difference between having to work until the day you die versus you being able to retire with dignity in your older years and not having to put a ton of strain onto your children.

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These Two Latina Money Coaches Are Helping the Immigrant Community Break Financial Barriers. This Is What They Want Immigrants to Know - NextAdvisor

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You know the system is broken when a performing arts degree costs $200,000.

I felt like I was in a cage, says Latasha Peterson. I left college with a pile of debt. The wife and mother of three struggled for years to make real progress on her enormous student loan bill. Something needed to change.

For over two years, federal student loan payments have been paused, and it appears likely President Biden will extend the pause a seventh time later this month. Millions of Americans anxiously await potential forgiveness legislation, a campaign promise that Biden promoted during his election campaign in 2020.

Peterson isnt one of them. She took matters into her own hands and got serious about her debt management. After gaining traction with her finances, fellow performing artists and creatives began asking her how she was making ends meet. The inbound interest motivated her to create Arts & Budgets, a blog of resources to help people create profitable businesses and additional income streams.

I saw a struggle, she says. I saw the problem, and it developed a passion in me to help individuals find legit ways to make more money. @ArtsAndBudgets now averages $10,000 a month in income from ten different revenue streams, and the mompreneur has used the extra funds to pay down $30,000 of her debt over the last 13 months.

If youre tired of waiting on student loan legislation and want to start taking action now, heres what Peterson wants you to know about starting a side hustle and working towards financial independence.

Growing up, debt was seen as normal in Petersons household, and she says she wasnt taught how to manage money. After college, she found herself juggling over $10,000 in credit card debt and roughly $200,000 in student loan debt with no savings.

Related: 4 Signs Biden Will Extend the Student Loan Payment Pause Again

I really wanted to be a stay-at-home mom, she says. So, I quit while my husband continued to work in corporate America. My passion for work never went away, though. Peterson and her husband started their debt payoff strategy by taking an inventory of the households finances.

Money was tight, and we only had $100 in our account at one point, she says. But my husband and I buckled down and set a budget. We really looked at our numbers, started scaling back, and committed to monthly meetings. We didnt do this when we first got married, but I really wish we had. We started to spend with purpose every dollar had a purpose.

Related: My Side Hustle Pays Me $4,300 a Month, But Im Not Putting a Penny of It Towards My $208,000 Student Loan Debt. Heres Why

Latasha also started taking her blog more seriously as a way to bring in additional income.

It was very busy at first, but I worked with my husband to figure out my schedule, she says. In the beginning, its more time than money invested with blogging. Im very big on schedules, but it was very challenging at the beginning. However, we got into the rhythm of things after about two to three months.

Peterson focused on several different blog monetization strategies, including display ads, affiliate marketing, and selling digital products. She also prioritized boosting traffic to her website.

Related: How to Make Money From Blogging in 5 Steps, According to 4 Experts Whove Done It

Over time, her efforts paid off. She increased her blogging income to over $5,000 in January 2021, which she used to start tackling debt, and now sees earnings of $10,000 or more each month.

I continued working with my husband each week to create a schedule that allowed me to spend at least two to three hours each weekday working on the blog, she says. We also worked together as a team to make sure we stuck with our budget and rewarded ourselves each time we met a debt payoff milestone.

Peterson has paid off all her credit card debt and made tremendous progress towards eliminating those pesky student loans. She believes that with patience and consistency, anyone can start a money-making blog to meet their financial goals.

While it doesnt take a large investment to start a blog, it takes a ton of time when youre just starting out, she says. But if you just stay consistent and keep writing great content for your direct target audience, youll see results for sure. If you want to fast track things, invest in a blogging coach or mentor with a proven track record or a great blogging course. Peterson recommends focusing on great content and learning about important blog concepts such as keyword research and search engine optimization (SEO).

Earning money from a blog takes time, but you can expedite the process by focusing on your niche, target audience and investing in a reputable blogging coach. Blogging courses are also an affordable way to level up your blogging knowledge and monetize sooner.

Most importantly, Peterson urges other bloggers not quite getting the results they want to keep at it.

Never compare your beginning to someone elses middle, she says. There will be days where the going may get tough, but you can turn a blog into a profitable business and start reaching your financial goals. You have to stay consistent.

If I can do it, anyone can do it.

More here:

Not Waiting For Biden: How This Mom of 3 with $200,000 in Student Loans Has Paid Down $30K During the Payment Freeze - NextAdvisor

HOUSTON, Aug. 4, 2022 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended June 30, 2022.

Second quarter 2022 Highlights

Net loss, as defined below, of $2.8 million, or $0.21 per share.

Adjusted net loss, as defined below, of $9.8 million, or $0.72 per share.

Adjusted EBITDA, as defined below, of $9.2 million, representing an approximate 158% sequential improvement from the first quarter of 2022.

Adjusted net debt, as defined below, of $158.0 million.

Marketed fleet utilization of 71%.

Fully burdened margin of $8,946 per day, representing an approximate 56% sequential improvement from the first quarter of 2022.

In the second quarter of 2022, the Company reported revenues of $42.3 million, a net loss of $2.8 million, or $0.21 per share, adjusted net loss (defined below) of $9.8 million, or $0.72 per share, and adjusted EBITDA (defined below) of $9.2 million. These results compare to revenues of $19.8 million, a net loss of $14.9 million, or $2.22 per share, adjusted net loss of $14.6 million, or $2.18 per share, and adjusted EBITDA loss of $0.4 million in the second quarter of 2021, and revenues of $35.0 million, a net loss of $58.8 million, or $5.20 per share, an adjusted net loss of $11.1 million, or $0.98 per share, and adjusted EBITDA of $3.6 million in the first quarter of 2022.

Chief Executive Officer Anthony Gallegos commented, "I am extremely pleased with our performance during the second quarter, on both a financial and operational front. Sequential margin improvements of 56% drove sequential EBITDA improvements of over 150%. Dayrates for ICD rigs continue to increase with most ICD rigs now set to reprice one to two additional times before year-end. Based on contracts in hand and current spot prices, we expect to see incremental margin per day improvements in the third quarter of approximately 14% and further meaningful improvements in the fourth quarter as well. All of this should drive meaningful EBITDA improvements through the remainder of this year and into 2023.

Story continues

Operationally, I believe the second quarter was pivotal for ICD. We reactivated our 18th rig on schedule, and on budget, and it has commenced operations in the Haynesville effective August 1, 2022 on a one-year contract with a large independent. Our 19th rig is scheduled to reactivate at the beginning of the fourth quarter and our 20th rig is scheduled to reactivate late in the fourth quarter. We also have begun preparing to reactivate our 21st rig early in the first quarter of 2023. Based upon current spot dayrates for 300 series rigs, all of these rigs should pay back their reactivation costs in one year or less.

But more importantly, we completed all engineering work necessary to convert the significant majority of our 200 series rigs to 300 series specifications with very modest incremental investments of approximately $650,000 per rig. Rigs meeting 300 series specifications are in the shortest supply and command the highest dayrates, and we expect to earn less than one-year paybacks on these conversions based upon dayrate differentials today. These conversions require minimal rig downtime and we plan to execute these conversions as our customer base requires. Today, nine of our ten operating 200 series rigs are eligible for this conversion, and we have already signed two contracts for such conversions in the third and fourth quarters of 2022. In addition, six of our non-marketed rigs are eligible for this conversion, and we have now added two of these rigs to our marketed fleet, increasing our marketed fleet from 24 rigs to 26 rigs.

With this backdrop, I could not be more excited about ICD's strategic positioning in this market dynamic. Our focus on short-term, pad-to-pad contracts is allowing us to quickly convert rapidly improving dayrate momentum into our reported results, and we have now started to build our contractual backlog into 2023. Our overall rig reactivation plan and schedule remains intact, and with our 200-300 series conversion program announced, we have the ability to offer from top to bottom what we believe is one of the most competitive rig fleets in the industry. This is not only driving improved financial performance, but continual high-grading of our customer base. During the second quarter, we added two additional large independents to our customer base, and today, of our 18 operating rigs, approximately 80% are working for public companies or the two largest private operators in the Permian and Haynesville plays."

Quarterly Operational Results

In the second quarter of 2022, operating days increased sequentially by 5% compared to the first quarter of 2022. The Company's marketed fleet operated at 71% utilization and recorded 1,540 revenue days, compared to 1,077 revenue days in the second quarter of 2021, and 1,463 revenue days in the first quarter of 2022.

Operating revenues in the second quarter of 2022 totaled $42.3 million, compared to $19.8 million in the second quarter of 2021 and $35.0 million in the first quarter of 2022. Revenue per day in the second quarter of 2022 was $24,875, compared to $16,514 in the second quarter of 2021 and $21,823 in the first quarter of 2022. The sequential increase quarter over quarter in revenue per day was driven by higher dayrates on contract renewals and reactivated rigs.

Operating costs in the second quarter of 2022 totaled $28.9 million, compared to $17.0 million in the second quarter of 2021 and $27.2 million in first quarter of 2022. Fully burdened operating costs were $15,929 per day in the second quarter of 2022, compared to $13,352 in the second quarter of 2021 and $16,069 in the first quarter of 2022. Sequential decreases in operating costs per day were driven primarily by improved cost absorption, partially offset by higher labor costs associated with increases in field-level wages during the latter part of the second quarter of 2022.

Fully burdened rig operating margins in the second quarter of 2022 were $8,946 per day, compared to $3,162 per day in the second quarter of 2021 and $5,754 per day in the first quarter of 2022. The Company currently expects per day operating margins in the third quarter of 2022 to increase sequentially approximately 14% compared to the second quarter of 2022, driven primarily by favorable dayrate momentum as well as reactivation of the Company's 18th rig.

Selling, general and administrative expenses in the second quarter of 2022 were $4.9 million (including $0.7 million of non-cash compensation), compared to $4.1 million (including $0.9 million of non-cash compensation) in the second quarter of 2021 and $5.2 million (including $1.0 million of non-cash compensation) in the first quarter of 2022. Cash selling, general and administrative expenses continue to remain elevated due to higher recruiting and onboarding expenses.

During the quarter, the Company recorded interest expense of $8.2 million, including $2.0 million, or $0.15 per share, relating to non-cash amortization of debt discount and debt issuance costs. The Company has excluded these non-cash expenses when presenting adjusted net income/loss per share. Following approval of matters submitted to the Company's stockholders at the Company's 2022 Annual Meeting on June 8, 2022, embedded derivative features within the Company's Senior Secured PIK Toggle Convertible Notes due 2026 were deemed extinguished for financial accounting purposes. As a result, during the second quarter of 2022 the Company reclassified the conversion rate feature ($69.2 million) of the derivative liability on its balance sheet to additional paid-in capital and recognized a non-cash gain on the extinguishment of the PIK interest rate feature of $10.8 million. This non-cash gain was excluded when presenting adjusted net income/loss per share.

The Company's forecasted effective tax rate was adjusted during the second quarter of 2022, resulting in tax expense of $2.2 million, or $0.16 per share, compared to a tax benefit during the first quarter of 2022. Of this tax expense, $0.3 million relates to cash taxes, which are attributable to state and local franchise taxes.

Drilling Operations Update

The Company exited the second quarter with 17 rigs operating, with our 18th rig commencing operations August 1, 2022. Overall, the Company's operating rig count averaged 16.9 rigs during the quarter. The Company's backlog of drilling contracts with original terms of six months or longer was $54.3 million as of June 30, 2022. This backlog excludes rigs operating on short term pad-to-pad drilling contracts. Approximately 64% of this backlog is expected to be realized in 2022.

Capital Expenditures and Liquidity Update

Cash outlays for capital expenditures in the second quarter of 2022, net of asset sales and recoveries, were $4.5 million. This included $3.8 million associated with prior period deliveries.

As of June 30, 2022, the Company had cash on hand of $7.3 million, a revolving line of credit with availability of $14.0 million, and $157.5 million principal amount outstanding under its new convertible notes.

During the second quarter of 2022, the Company did not issue any shares of its common stock through its at-the-market ("ATM") offering program.

Conference Call Details

A conference call for investors will be held today, August 4, 2022, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's second quarter 2022 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 8212928. The replay will be available until August 11, 2022.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.

Certain Defined Terms

Pad-Optimal, Super-Spec Rig is defined as an AC powered rig with minimum 20,000ft racking capacity, 1500HP+ drawworks, 750,000lb hookload, three high pressure pumps, four engines and omni-directional walking system. Such rigs also include dual fuel, hi-line power and drilling optimization software options.

300 Series Rigs are defined as a Pad-Optimal, Super-Spec rig with the following additional characteristics: 25,000ft+ racking capacity capable, and hi-torque top drive capable.

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit http://www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include the Company's expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

CONSOLIDATED BALANCE SHEETS

June 30, 2022

December 31, 2021

Assets

Cash and cash equivalents

$

7,294

$

4,140

Accounts receivable

26,820

22,211

Inventories

1,377

1,171

Prepaid expenses and other current assets

2,406

4,787

Total current assets

37,897

32,309

Property, plant and equipment, net

356,537

362,346

Other long-term assets, net

2,115

2,449

Total assets

$

396,549

$

397,104

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$

3,225

$

4,464

Accounts payable

17,065

15,304

Accrued liabilities

9,044

11,245

Accrued interest

6,939

4,372

Current portion of merger consideration payable to an affiliate

2,902

Total current liabilities

36,273

38,287

Long-term debt (2)

122,094

141,740

Deferred income taxes, net

View original post here:

Independence Contract Drilling, Inc. Reports Unaudited Financial Results for the Second Quarter Ended June 30, 2022 and Announces Initiation of 200...

Bill listened to our episode with Bill Bengen, father of the 4% rule, and he wants to know if there was a way for him to figure out how much money he should be keeping in cash.

Heather inherited an IRA but MUST empty it within ten years but she doesnt need it right now. What should she do??

Sheryl gets stock from her company, and she would usually sell itbut the stock value has decreased. And now, she isnt sure what she should do.

Julie and her husband have access to an HSA for ONE MONTH. Can they max it out before they lose access to it?

In todays episode, former financial planner Joe Saul-Sehy and I tackle these tough questions.

Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and well answer them in a future episode.

Enjoy!

Bill asks (at 2:57 minutes): I listened to your episode about the 4% rule, found it very informative.

I have one question about something he said that you didnt go into: he said that hes only 15% invested in stocks right now.

Is there a formula or a method used to determine how much to invest versus keeping cash?

Heather asks (at 9:22 minutes): Im 45 years old and I just inherited a traditional IRA with approximately $30,000 in it.

I have to take the distributions over the next 10 years to empty the account and will owe taxes on it, even though Im not retired and dont really need the money.

However, I do appreciate the gesture and want to invest the money wisely.

What type of asset allocation would you recommend for an account that has to be emptied in 10 years? If I didnt have to take distributions, I would probably put it all into an S&P 500 index fund.

Sheryl asks (at 22:02 minutes): Like many tech employees, I receive a large portion of my compensation in the form of restricted stock units. Also, like many tech companies, our tech company stock has decreased recently.

I was treating my RSUs as income and selling them immediately to either buy diversified stock or to pay for large household items. But with the recent plunge, my company has decreased a larger amount than the S&P 500.

Ive been considering whether I should hold onto this stock to see if there would be any recovery.

For context, the amount that has vested is less than 5% of my investment portfolio, and so I could think of this as my speculative portion of investments, given I dont have any other speculative type assets.

Does it ever make sense to hold on to RSUs in a portfolio? And are there any tax implications that I should be aware of?

Julie asks (at 44:36 minutes): My husband is starting a job with a new company that offers a high deductible health plan with an HSA.

We are really excited about the potential for an HSA. Weve never had one before, but we know that it is a great F.I.R.E. vehicle and we really want to max it out.

We expect that after about a month of my husband having the HSA, my company is going through a change and will be offering new full coverage insurance.

I understand that we cannot have the HSA when I have access to other full coverage insurance.

If for that month before my new benefits take place, can we max out our HSA with my husbands company? The plan would be to put all of my husbands paychecks and max out to the $7,300 limit. We wont be able to contribute to the HSA in the following months, because my husband and I will have coverage through my job.

Can I do this in a month span or do rules around the HSA apply to the entire calendar year?

We have so many changes going on that its a little bit confusing and we really, really want to maximize that HSA if we can for all of the tax advantages.

Resources Mentioned:

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See the rest here:

#394: Ask Paula: Inflation is High! How Much Cash Should You Keep?! - Afford Anything

Twenty-three-time Grand Slam Champion Serena Williams is still focusing on the tennis court, but her life has changed significantly off the court, especially now that shes a mom.

Williams has diversified her business portfolio, is leading her own venture capital firm, and is playing mom to her five-year-old daughter, Olympia.

Now when I prepare for a tournament, I practice in the morning, I take VC calls in the afternoon and then I spend time with Olympia, and that didnt happen five years ago, Williams, 40, told People Magazine.

Williams added that she couldnt imagine that her life would be like this just a few years ago, adding that investing has been the perfect second career for her. Williams parents stressed the importance of financial independence and money management. Something Williams and her husband, Alexis Ohanian, plan on teaching their daughter.

I am a huge proponent of financial independence and education, and accessibility, Williams says. So those things are really important for me to teach my daughter and also important for me to raise awareness.

Williams is also using her platform to make Serena Ventures a home for diversity, which is needed in the venture capital industry. In April, the tennis star announced a strategic investment with Karat, the worlds largest interviewing company, to significantly scale Brilliant Black Minds, a program that improves access and inclusion across the technology industry.

By opening the program to all current and aspiring engineers and serving Karats Champion of Brilliance, Williams will support Karats call on the industry to help add more than 100,000 new Black engineers to the tech industry in the next decade.

Williams is one of the most decorated tennis players ever to grace the court, winning 73 career titles and more than 850 career games. She has won the Australian Open and Wimbledon seven times each, the U.S. Open six times, and the French Open three times. Additionally, she has four Olympic medals to her name.

Follow this link:

Tennis Star Serena Williams Says Her Life Has Changed Now That She's A Mom And Investor - Black Enterprise

When one spouse retires and the other continues to work, Its important to pay attention to the psychological component,Douglas Boneparth, founder and president of Bone Fide Wealth, tells ThinkAdvisor in an interview.

There could be everything from jealously and animosity to uncertainty all the way to everyone is happy doing their own thing, the financial advisor explains.

Boneparth, 37, has seen it all as a certified financial planner for 12 years,10 of them as an independent financial advisor.

The one-spouse-retires/one-works arrangement allows greater distribution flexibility because of the income generated by the working spouse, he notes.

From his office in downtown Manhattan, Boneparth specializes in helping millennials and has $90 million in client assets under management.

There are several pluses to half a married pair continuing to work among them, less reliance on retirement assets.

Also, it reduces income tax, and theres a possibility that the working spouses group health care plan may be superior to and more affordable than Medicare coverage, Boneparth points out.

Further, if youve stopped working, theres likely no longer the need to maintain individual disability and life insurance polices, so those premium payments will be eliminated.

Still, several other big decisions need to be made, like when each spouse should start receiving Social Security benefits and when to begin spending from a retirement account.

In the interview, Boneparth highlights the necessity of a comprehensive financial plan spanning a wide range of contingencies and options.

He has been helpingpeople since his college days, when he worked part time at his fathers Ameriprise Financial practice in Florida.

At 23, he relocated to New York to join another Ameriprise advisors business and began building his own book on the side.

He went independent in 2012, first with a partner, then going solo four years later. Two years before, he received an MBA in finance and management from NYUs Stern School of Business.

ThinkAdvisor recently interviewed Boneparth, who was on the phone from his office at 7 World Trade Center.

The advisor, whose undergrad degree is a B.S. in public relations from the University of Florida, announces that he has just rebranded retirement.

The classic definition, Im not going to work anymore, is a little antiquated, he says.

In the interview, he reveals what he believes is a more up-to-date characterization.

Here are highlights of our conversation:

THINKADVISOR: What should clients be sure not to overlook when one spouse retires and the other continues to work?

DOUGLAS BONEPARTH: Its important to pay attention to the psychological component.

There could be everything from jealousy and animosity to uncertainty all the way to everyone is happy doing their own thing.Ive seen it all.

What actually is retirement nowadays?

I just rebranded retirement to financial independence. The classic definition, Im not going to work anymore, is a little antiquated.

A better definition: Retirement is when not working is optional and affordable. Youre not reliant on [earning] income in order to live comfortably.

When one spouse in a couple plans on retiring and the other wants to continue working, for whatever reason, would that change their retirement plan?

Not necessarily. You have an advantage when one spouse keeps working: an income stream coming in, which obviously allows for a little more flexibility.

The reliance on retirement assets is less than if both were retired with no earned income being generated.

So this [strategy] actually favors planning. It provides more flexibility in what it takes to re-create the level of income needed to live a similar lifestyle during retirement years.

What are some issues that particularly need to be addressed in the retirement plan?

The best time to take Social Security; the best time to begin drawing down assets from a retirement account.

And how one spouses ability to continue earning money may provide less of a burden on the need to draw down those assets.

What about health care insurance?

Theres a lot to think about. The ability to stay on the working spouses group benefits comes into play versus enrolling in Medicare.

In some cases, you might get better health insurance through the working spouse by continuing to be on group health care than through Medicare.

This will come down to a cost-benefit analysis. If the premiums are cheaper and the benefits more robust staying on the spouses plan, then you would choose that versus Medicare.

Should the retired spouse start taking Social Security benefits while the working spouse waits to do so?

Heres my rule of thumb: If you need Social Security to live on, then, obviously, take it starting at full retirement age.

Otherwise, its likely worth waiting till age 70 to claim and get a bigger benefit assuming you think youre going to live well into your 80s.

Does income tax decrease when one of the spouses retires?

Read the original here:

How to Plan When One Spouse Retires While the Other Keeps Working - ThinkAdvisor

The Web3 space has opened up many opportunities, bringing in a wave of disruption and innovation across the globe. According to the World Economic Forum, Web3 is not only a new foundational layer of the world wide web, it is a fundamentally new approach to corporate governance, value creation andstakeholder participation.It presents an opportunity where people are not merely products or beneficiaries of technology-powered business models but builders and owners ofdigitally unique assets.

The potential of Web3 to unleash the next wave of digital disruption is clear. Society is on the cusp of this transformation, technology companies across have been exploring the possibility of its future. Award-winning Dubai-basedDecentralised Investment Group (DIG) is once such company joining the league. DIG and its international subsidiaries are on a mission to unearth and invest in a plethora of innovative products and build within the Web3 space, while instilling the values of decentralisation, financial independence and individual liberty.

A multinational blockchain technology conglomerate, DIG isseeking out exclusive investment opportunities within blockchain and the metaverse space and turns these opportunities into industry-leading products aimed at disruptingthe digital world and global economy as we know it.

This ethos is in line with DIGs chosen location in Dubai, the crypto hub of the region and the world, especially following the recent announcement by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, that the city willhost the inaugural Dubai Metaverse Assembly in September. The Dubai Metaverse Strategy aims to contribute Dhs4bn to the national economy over five years, along with supporting 40,000 virtual jobs.

Under the leadership of founder and global managing partner Haydn Snape, DIG has been at the forefront of metaverse compatibility and preparation, building digital products that promote equitable, accessible and trusted open systems to facilitate economic growth, using innovative and cutting edge blockchain technology.

DIG and its team of more than 250 global innovators, engineers, designers, developers, technologists and creatives have been innovating products that harness the power of decentralised technology in revolutionising the digital world. This includes establishingXYZZY, DIGs GameFi subsidiary, aMiami-based metaverse company bridging the virtual world with the physical. XYZZY provides iconic brands an entry point into the future, while also purchasing and converting traditional fan favourite games into play-to-earn NFT games.

Some of DIGs investments include the state-of-the-art blockchain game development studio Wild Thunder in Vietnam and a pioneering digital marketing agency ROOK Digital in the Philippines. Most recently, DIG and its Wild Thunder team are bringing blockchain to the world of Hollywood by partnering with BRON Studios, where DIGs CEO, Haydn Snape, acts as Digital Advisor to BRON Studios on all film, television and streaming initiatives. Bron Studios is a worldwide and critically acclaimed media and entertainment company that has garnered 32 Academy Award nominations and six wins.

DIG revealed its foray into Hollywood at the NYC.NFT Week 2022, which wrapped up in New York on June 23. This is going to herald the futurisation of film and television, and we will be reinventing how audiences engage with content in the filmmaking world. This is a new era for Hollywood, and we will be developing new financial architecture and interfaces born out of Web3 thinking, which include innovations like tokens, gamification, metaverse compatibility and the like, says Haydn Snape, DIG CEO.

As a company that believes in always giving back, Snape also set up the charitable DIG Foundation, a non-profit subsidiary with a mission to empower underprivileged communities through providing them with cutting edge STEM education, so they may thrive in a growing digital economy.

From foraying into the Web3 space to NFTs to decentralised technology, DIG is slowly heralding into the future of the internet.

See more here:

How Decentralised Investment Group is powering the future of Web3 - Gulf Business

[Editor's Note: Are you or someone you know looking for a fulfilling job with a close-knit company thats near and dear to your heart? If so, we know of somebody whos hiring. The White Coat Investor is looking for a full-time executive assistant who has impeccable integrity and effective communication skills. With a competitive salary and great benefits, this could be the opportunity youve been waiting for. The deadline for submitting an application is August 5, so make sure to apply today to become a part of our growing team!]

By Dr. James M. Dahle, WCI Founder

Doctors are notorious for being bad investors. There are a number of reasons for this, but none of them are insurmountable. Let's go over each of them.

Doctors start their investing careers in a different place than most people. Most people start investing, or at least could start investing, at 18-22 years old with a net worth in the -$50,000 to $0 range. That's not the case for most doctors. Most doctors start their investing career at 30-35 with a net worth in the -$100,000 to -$500,000 range. That's a big barrier. Many doctors don't even get back to broke before 40, only to discover that compound interest has been assisting their college roommates' path to financial independence for almost two decades already.

The Solution:

The good news is that doctors also generally earn more than their peers, with the average physician bringing in around $275,000 and the average dentist making approximately $175,000. If they combine that income with a relatively high savings rate, they can get back to broke much sooner and can continue to rapidly build wealth. It's hard to stay poor for long when you are putting six figures a year toward building wealth.

Unfortunately, our progressive tax system is skewed toward those who earn small amounts of money each year for many years and against those who earn a lot of money in just a few years. In fact, it is entirely possible to become a millionaire in this country without ever paying income tax. In 2021, when I originally wrote this piece, a family of four living in a tax-free state and taking the standard deduction could earn up to $62,500. If you maxed out a tax-deferred 401(k) at work, that amount increased to $82,000. That income got you into approximately the top 12% of all earners.

Investing $19,500 a year at 8% would cause you to become a millionaire in just over 21 years.

=NPER(8%,-19500,0,1000000) = 21.2 years

On the other hand, a doctor earning the average physician income of $275,000 pays more than $44,000 in income taxes, or about 16% of incomeagain assuming marriage to a non-earner, two kids, and the standard deduction while ignoring payroll taxes, state income taxes, sales taxes, and property taxes. At $500,000 of income, that figure rises to $115,000, or 23% of income. Whether 16% or 23%, that is simply a lot of income that cannot go toward building wealth.

The Solution:

While there is no doubt that earning more helps to build wealth (especially if you keep that savings rate high as discussed in #1), the real solution to the increased tax burden that doctors face is to minimize the taxes, especially those applied in the highest brackets. This is done using tax-protected retirement accounts, particularly those with an upfront tax deduction such as 401(k)s, 403(b)s, 457(b)s, 401(a)s, Individual 401(k)s, Health Savings Accounts, and Defined Benefit/Cash Balance Plans. Many doctors are eligible for two, three, four, or more of these accounts. Maxing these out can dramatically lower the tax burden. Consider that doctor making $500,000 and paying $115,000 in taxes. By maxing out two 401(k)s, an HSA, and an $80,000 Cash Balance Plan, this doctor can knock more than $200,000 off their adjusted gross income, lowering the tax burden by almost $62,000, or 54%. That's $62,000 more that can be used to build wealth.

Many doctors stink at investing and other financial tasks simply because they do not know how to do them. By the time typical small business owners are making six-figure incomes, they are typically very good at running a business, evaluating risks, budgeting, and negotiating. They understand how the financial world and the tax code work. That's not the case for athletes, entertainers, artists, and doctors. Their high income comes from specialized skills or knowledge, not from any particular business or financial acumen. As a general rule, medical and dental schools and residencies teach next to nothing about personal finance, investing, or business to doctors. They are dumped onto the world with a high income and no idea how to manage it effectively to build wealth.

The Solution:

While there are many of us working on integrating some sort of financial training into the medical education system, the truth is that doctors are mostly on their own to learn this information. Luckily, it's not that hard to learn, especially with resources like The White Coat Investor available to you. Whether you prefer a blog, email newsletters, a podcast, a videocast, an online course, live conferences, books, or forums, we've packaged up this information for you in your preferred format so you can learn it and apply it in your life. Knowledge is power, and the truth is that this is one of the easiest obstacles to overcome.

There are a lot of what I call Dumb Doctor Deals out there. Most of these investments can only legally be sold to accredited investors. An accredited investor is presumed to be smart enough to evaluate an investment on their own (without the assistance of the SEC) and can afford to lose more money by virtue of their wealth. However, the actual definition of an accredited investor is solely based on income or wealth; there is no requirement for investment expertise. To make matters worse, the income level ($200,000) and the wealth level ($1 million in investable assets) were never indexed to inflation. So, most physicians coming out of residency are now technically accredited investors, despite having a negative net worth and little ability to evaluate an investment. They are whales ready to be harpooned by the nearest Captain Ahab hawking a dumb doctor deal.

The Solution:

The solution is to become a REAL accredited investor before ever touching an investment requiring that status. A real accredited investor has the knowledge and skills required to tell a good investment from a bad one, and they can identify investments that are likely to be scams. A real accredited investor can also afford to lose the entire investment. I would suggest that before touching these investments, you make sure you qualify on BOTH the income requirement AND the wealth requirementand double both of them for good measure. If you're making more than $400,000 AND you have more than $2 million in investable assets AND you have developed the ability and interest to objectively evaluate a private investment, then I think it is reasonable for you to include it in your portfolio. If you cannot check all of those boxes, then stick with a portfolio of low-cost, broadly diversified index mutual funds and possibly investment properties that you own and manage directly. There's no need to get fancy to be successful.

Doctors are taught to trust the other professionals in their hospital. They know that the pediatric nephrologist knows more than them about the workings of tiny kidneys, so they defer to their wisdom on those matters, trusting their advice completely. Unfortunately, they do not realize that the entire professional world does not recite the Hippocratic Oath prior to entering their field. They do not realize that not every financial professional has a fiduciary duty to them and that even many who do fail to abide by it. They also don't realize that many financial professionals have little real financial training. This results in doctors getting a lot of bad advice and overpaying for good advice.

The Solution:

Learning how the financial services industry really works and putting on your business hat (the one that makes you skeptical and suspicious) rather than your medicine hat before interacting with financial pros is the only solution. As William Bernstein famously said:

If you act on the assumption that every broker, insurance salesman, and financial advisor you encounter is a hardened criminal, you will do just fine.

I'm not saying they're all crooks (most actually aren't), but an attitude of healthy skepticism is completely appropriate. Like with your teenager: trust, but verify.

Doctors are trained to make difficult decisions quickly with limited information. They are also used to being the smartest person in the room. This leads them to make the classic behavioral error that just because they know a lot about one thing, they know a lot about everything. It is important to know what you know, but it is even more important to be aware of what you don't know. Many doctors think that financial gurus have functioning crystal balls. Even worse, many doctors think they personally have a functioning crystal ball. It is a rare doctor who would not benefit from at least occasional high-quality financial, legal, and accounting advice.

The Solution:

Get advice when you need it. Learn enough about finance to recognize when you need it. Be humble about what you know and what you do not. Develop an investing plan that does not require you to accurately predict the future to reach your financial goals.

On the other side of the scale, there are many doctors who are absolutely terrified of anything financial. While there is a lot to learn to function as your own financial planner and investment manager, there isn't THAT much to the process, especially since you only need to learn those aspects of finance that apply to your situation. But some doctors give up before they even start and become dependent on professionals to do everything for them without even determining if they are getting good advice or whether they are paying a fair price.

The Solution:

Realize that basic financial skills are relatively easy to pick up and implement in your life. Most doctors can function as their own financial planner and investment manager if they have the interest and the will to dedicate a bit of time to the craft. It is clearly the best-paying hobby you can pick up. Successful do-it-yourself investors often discover that their confidence lagged their knowledge by about a year. You can do this and you don't have to do it all on your own all at once from the beginning. Get help from others until you can fly on your own.

Many doctors think they will be able to work forever. They view money as their most renewable resource. See a few more patients, work a few more shifts, or do a few more surgeries, and voila, more money in the checking account. Many doctors don't realize that their career may end before they thought, that children cost more than they thought, or that physician burnout rears its ugly head for many by mid-career or even earlier. Many doctors realize they are different people at 35 or 45 than they were at 25, but they built a financial plan based around practicing full-time until age 70.

The Solution:

Doctors should prioritize their wealth-building activities early in their careers. Pay off your student loans in less than five years. Pay off your mortgage in less than 15. Become rich before you start acting rich. When your financial ducks are in a row, you will have the ability to make burnout-preventing and curing changes in your careeror even leave it completely if necessary.

Doctors are notorious for being bad investors, but this isn't a terminal condition. They can overcome the obstacles in their way, build wealth, and live the good life where they can support their family, focus on their patients, eliminate financial concerns, give to good causes, and even pick up a few luxuries for themselves along the way.

What do you think? Why do doctors have a reputation as such terrible investors? What should they do about it? Comment below!

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8 Reasons Why Doctors Are Lousy Investors and How to Overcome Them - The White Coat Investor