Those who are on track to be "financially independent and retiring early" -- or "FIRE" -- are.

You'd need to be fired up to sock away enough money to quit your job and retire in just five years. But it's not impossible.

Some people, like Claudia and Garrett Pennington take extreme measures like saving 67% of their income and making big lifestyle choices. They almost never eat out, have no cable subscriptions and even dramatically downsized their home.

While that's probably too much sacrifice for most people, see if you're on track to make it to financial freedom in 10, 15 or 20 years.

This couple is on track to retire -- before they turn 40

Being financially independent means that income from your investments alone is enough to cover all your expenses.

So how do you get there?

The sunshine that makes most retirement funds grow is compound interest. And it takes time to grow. But if you plan to retire early, you might not have as much time as someone targeting a traditional retirement.

As a result, the most important accelerant when working to be on "FIRE" is your savings rate. Most people targeting FIRE are living well below their means and saving more than half their income.

Identifying the percentage of your after-tax income that you're saving to get to your retirement target is key. Finding the right savings rate will get you to financial independence whether you're earning $50,000, $100,000 or $200,000 a year.

In order to make simplified calculation, we'll start with your after-tax income. We'll also assume you have nothing saved right now. You're starting from zero. And we'll assume that your investments earn a rate of return of 5%, and that you'll take 4% a year from your investments to cover your expenses.

You can also use an early retirement calculator like the one at Networthify to fill in your own numbers.

But given our assumptions, here are your target savings rates and a simplified financial picture of what it would take to retire in 5, 10, 15 and 20 years.

To retire 5 years from now

In order to be financially independent in five years, you're going to need to ratchet your savings rate all the way up to 82% of your income.

It's a pretty spartan life if you're earning $50,000 after taxes. Your annual expenses will need to squeeze in under $9,000. Yes, that's for the whole year. It is the sacrifice you'd need to make so that you can bank the other $41,000. Out of your monthly income, about $3,500 will go to savings. You'll need to have a sharp plan to get by on just $750 a month.

Even if you earn closer to $100,000 after taxes, you'll still be living a fairly basic existence on $18,000 a year while pocketing $82,000. Start thinking of creative living arrangements to stretch that monthly living budget of $1,500.

No matter your income, this savings rate is going to be possible only for those people with virtually no debts. That's why many people working toward FIRE start by paying off their mortgage first, or live a car-free life.

To retire 10 years from now

If you want to give yourself a little more breathing room and still become financially independent 10 years from now, you're going to need to boost your savings rate to 66.5% of your income.

That means if you're earning $50,000, your annual expenses will need to clock in under $16,750 a year so that you can sock away the other $33,250.

Out of your monthly income, $2,771 will go to savings and you'll have $1,396 to live on.

Again, housing costs will cut significantly into that money. But if you have incredibly low-cost or subsidized housing, you may be able make this work.

If you make $100,000 it gets a little easier. You'll have $33,500 for living expenses because the remaining $66,500 is going toward your future. You'll need to manage your expenses so you can live on $2,800 month.

To retire 15 years from now

You're up for saving hard to be financially independent, but maybe you have other debts you're carrying or aren't willing to make the extreme adjustments needed to save at a higher rate. Financial independence 15 years from now may be a reasonable goal. You're still saving over half your income, but only just. Your savings rate is 53.7%.

For those earning $50,000, your annual expenses will need to be under $23,150 a year so that you can save the other $26,850.

Out of your monthly income, $2,200 will go to savings. You'll have $2,000 to live on.

If you're earning closer to $100,000, you'll be living on $46,300 a year. You're saving a slightly larger portion: $53,700.

That means you're living on $3,858 a month and pocketing $4,475.

To retire 20 years from now

If you've got a little more time and want to set your sights at being financially independent 20 years from now, you can drop your savings rate to under half of your income and land at 43%.

If you're earning around $50,000, you're going to need to live on $28,500 a year. You'll pocket the other $21,500.

Out of your monthly income, $1,792 will go to savings and you'll keep the larger portion, $2,375, to live on.

For people earning closer to $100,000, this savings rate will leave you with $57,000 for living expenses annually, while you put $43,000 away for later. You'll have $4,750 for monthly living expenses.

This may be the most manageable savings rate of these options, but even this plan, if started early enough will put you on FIRE.

Are you working toward FIRE? Already there? Tell us about it and share your monthly budget, and you could be featured in an upcoming story on CNNMoney.

CNNMoney (New York) First published June 6, 2017: 11:50 AM ET

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How to become financially independent in 5 years - Jun. 6, 2017 - CNNMoney

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Financial Independence | Tardus | Retire Early | Wealth

Area residents can learn about financial independence and high-interest lending practices. (Photo: MGNOnline)

Area residents are invited to attend a public hearing on financial independence and research on high-interest lending practices.

The event is slated for Monday at 5:30 p.m. at the Family Justice Center,5705 Uptain Road, and is hosted by the Mayor's Council for Women.

Attendees will hear from Councilwoman Carol Berz, who co-chairs the council, along with panelists Martina Guilfoil, Tracee Smith, Joda Thongnopnua and Jennifer Harper.They will discuss the impact ofhigh-interestloans and the recommendations of the financial independence workgroup.

Mayor Andy Berke announced the creation of the council during his 2015 State of the City address.

The council addresses issues such as domestic violence, justice, education, health care, economic opportunity, history and leadership.

The city of Chattanooga has adopted three of the councils recommendations, and last year, the Tennessee Legislature passed a bill the council developed. That legislationhelps victims of domestic violence stay in their homes when faced with eviction because of an offenders actions, according to a news release.

Click here for more information.

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Public invited to hearing on financial independence, high-interest lending - Nooga.com

If your child is graduating, there are several ways you can support their transition into financial independence. (Thinkstock)

Its the season for celebrating graduations and a good time to consider how we all might help freshly-minted graduates as they take on their first full-time jobs.

Todays college graduates are starting out with higher tuition debt, challenging labor markets at graduation and, according to a Pew research study, a significant number of these young adults will choose to stay unmarried well into their 30s. These circumstances impact their ability to establish financial independence and build a solid foundation for wealth creation throughout their adult lives.

So how can grads overcome these obstacles when they go from being a student to starting their fledgling careers? If your child is graduating, there are several ways you can support their transition into financial independence. Beyond providing actual funds, we suggest you encourage them to take these steps:

Grads will be transitioning from living off scholarship or loan money and having their parents pay for tuition and living expenses to the reality of paying their own bills. One of the first reality checks is getting that first paycheck and realizing it yields much less cash to cover living expenses due to taxes and other deductions.

One of the most important lessons you can teach them is to live in a way where their spending falls below their net pay. To get started, you might suggest your graduate follow a simple process of determining their known expenses such as rent, cellphone, car payment and utilities then track their spending on incidentals such as entertainment and clothing. Once this analysis is complete, they can begin to think about longer range goals or whether they need to change spending habits in order to have a sustainable and balanced budget.

Your encouragement and occasional checking in on how theyre doing with cash flow can help build confidence in their ability to independently meet their daily needs while still having something left for discretionary spending.

When creating the initial budget, remind your graduate to include the repayment of their college loans. For the class of 2016, the average graduate had approximately $37,200 in student loan debt. Since students are required to begin repaying college loans within six months of graduation, they need to be sure their spending includes this debt repayment requirement.

Graduates with higher incomes can work to pay off college debt at a faster rate, especially given their relatively high interest rates compared to money market earnings rates and the cost of other types of debt such as car loans.

Michelle Singletary, columnist for The Washington Post wrote a fantastic column, College grads face next hurdle: Paying back student loans, that I encourage parents and grads read. She points out that many grads are under the misconception that all loans must be paid back within 10 years. Actually, there are four options for repayment programs based on a grads income which helps with their ability to handle other living expenses while repaying these loans.

The next important lesson for those entering the workforce is the power of tax-favored savings through company retirement savings plans.

In most families today, at least one parent will have participated in some type of 401k or other retirement savings plan. Your experience and knowledge can come in handy when your graduate receives that stack of participant information from their employer. We suggest you review the investment options with them and make sure they are clear on whether the employer has a contribution-matching program. We encourage all participants, including early career employees, to save as much as possible in these plans and to prioritize contributing at least the amount required to receive the free money that comes in the form of the employer contribution.

We cannot overemphasize the benefit of compound returns which come from ongoing investment over a longtime horizon.

For more savings strategies, read Smart Savings Strategies for Millennials from a Millennial.

Another advantage for many younger investors is the ability to contribute to a Roth IRA. Roth IRAs do have income limits so they will need to confirm that their annual income falls below IRS maximums (in 2017 for singles, the contribution phaseout income limit starts at $118,000). Like company retirement plans, these are tax-favored savings plans making them a great wealth building tool when utilized over a lifetime.

Roth IRAs also have provisions allowing access to funds for education spending. This may be a better way to build up savings for graduate education instead of through a traditional 529 plan which is more restrictive than a Roth. We often suggest that parents consider gifting funds or supplementing investment into a Roth to take advantage of the annual maximum contribution limit of $5,500 in 2017.

Many students are able to establish their own credit history while still in college. This can be accomplished with lower risk by obtaining a credit card with both a low total credit limit and a direct link to a bank account. Many banks offer automatic monthly payment as a way to ensure the monthly bill is paid in full and on time to establish a positive credit history. If your college graduate has yet to manage a credit card on their own, get them started now. Having a positive credit rating will help them save money on car loans, home mortgages and on future life insurance.

Another way to establish credit for the purpose of securing a lease is to pay college rent directly from your students bank account. Even if you are supporting the rental costs, its advantageous to establish a history of on-time rent payment by having funds come directly out of an account in your young adults name.

We believe that educating graduates about managing their financial lives can go a long way to establishing their knowledge of the basics of wealth building. Most of us have never had a class to teach us about the fundamentals required for responsible money management. Topics such as establishing credit, managing cash flow, being disciplined about delaying gratification and building an investment portfolio simply arent covered, even in the best universities. For a good book aimed at closing this education gap, we recommend Why Didnt They Teach Me This in School?: 99 Personal Money Management Principles to Live By by Cari Siegel.

For young women, encourage them to build personal financial strength as a way to ensure flexibility and life choice equal to their male counterparts. Heres where the gift of the book Youre So Money: Live Rich, Even When Youre Not by Farnoosh Torabi can play a role. Torabi is well-known for her role in empowering young women financially and this book is highly rated for its entertaining yet practical advice on personal finance.

With your guidance and these financial tips, your graduate will get off to a positive financial start with the tools to establish healthy lifelong financial habits.

Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.

2017 WTOP. All Rights Reserved.

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Financial tips, resources for college grads - WTOP

Related Article Chattanooga Mayor's Council on Women wants to rein in payday loans Read more

Carol Berz, incumbent District 6 candidate for Chattanooga City Council, is interviewed at the Chattanooga Times Free Press on Wednesday.

Carol Berz, incumbent District 6 candidate for Chattanooga...

Photo by John Rawlston /Times Free Press.

We've heard it our entire lives, the old adage reminding us how important it is to "save for a rainy day." But it's impossible to imagine saving for any type of day rainy, sunny, windy or otherwise if you're just barely getting by. The struggles of poverty are real and, as you might imagine, disproportionately affect women and children.

To have "financial independence" means to be able to at least provide the necessities for yourself and your family. That's a far cry from saving for the future, for retirement, for college, for a vacation or an emergency. But that's the reality facing so many in our community. In fact, 2015 Census data shows 15.9 percent of people in Hamilton County are living in poverty that's more than two points above the national average.

Often times, our most vulnerable citizens use payday lending to make ends meet. If you are familiar with the business model, then you know the traps, pitfalls and predatory practices that encumber far too many lured by the promise of quick, easy money. That money may be quick but it's by no means easy, with interest rates much higher than other types of loans.

Research has shown the damage these types of businesses have on individuals, families and communities as a whole.That's why two years ago, Mayor Andy Berke, Councilman Russell Gilbert and I partnered together on zoning legislation to help stop these businesses from flooding our streets. By clearly stating that no new predatory lending business can be located within a quarter mile of another payday lender or pawn shop or within 500 feet of a residential home, the city took a step in at least stemming the flow predatory lenders. It was a major step, but we have more steps in front of us.

What:Public hearing on high-interest lending practices and research from the Mayors Council for Women

When:Monday at 5:30 p.m.

Where:Family Justice Center 5705 Uptain Road

Breaking down the barriers to financial independence starts with education and empowerment. Twelve million Americans use alternative lending institutions, including many people who live right here in Chattanooga. Research paints a stark picture. We know that the most common borrower of a payday loan is female. Payday loans are most often used for recurring, everyday expenses, not unexpected costs or emergencies as you might assume. And perhaps the most jolting statistic? The average borrower racks up eight payday loans per year. That's about one loan every six weeks.

Interest rates for these loans are so high that it burdens Chattanooga families who are already struggling to get by. In some cases, borrowers will always be in debt, never getting to realize financial independence. As far as regulation goes, Tennessee is a permissive state that means payday lending places in Chattanooga can charge initial fees of 15 percent or higher of the borrowed amount.

The Mayor's Council for Women has been analyzing this issue for the past several months, looking at how we can help tear down the barriers that keep our community members from reaching financial freedom. One way we can achieve this is by leveraging existing community resources that teach financial empowerment to Chattanooga workers and encouraging legislation that reduces the amount of predatory lenders, while allowing for traditional lenders to offer loan alternatives.

Reducing payday lending is not meant to limit the choices of citizens and families, but to offer protection and freedom from debt. The issue of high-interest lending practices will be the topic of a public hearing tonight hosted by Mayor Berke and local experts. Participants also will break up into groups to discuss potential solutions.

Tonight is one more step but we need your help. Join the Mayor's Council for Women and get up to date on our policy papers, including the one referenced here. Support existing community resources that empower Chattanoogans. Encourage state legislation to allow loan alternatives. Educate your neighbors, family and friends on payday lending practices to help reduce the number of Chattanoogans using high interest loans. Together, we can take one step after another, building a foundation that can one day help raise up Chattanooga women and their families towards financial independence.

Dr. Carol Berz is a member of the Chattanooga City Council and co-chairwoman of the Mayor's Council for Women.

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Berz: High-interest loans can hamper financial independence - Chattanooga Times Free Press

Learning how to achieve financial independence and retire early (FIRE) is pretty simple in theory. Ive covered some key technical concepts is past articles. These include the math behind building wealth quickly and simple tax planning strategies common in the FIRE community.

While the concepts are simple in theory, they are not always easy in practice. Ive studied early retirees and discovered key strategies and patterns of behavior that separate them from those living a more conventional lifestyle. Continuing that theme, I have identified three actions that have been key in allowing for my own early retirement. Oh, and Im only 41 years old.

The story you tell yourself becomes your reality Chad Kellogg, American alpinist

It is documented that you are more likely to obtain goals when you write them down. I propose you go one step further and write your own story.

In my case, I observed the happiest and most passionate people I knew were my ski bum or dirtbag climbing friends. However, most were living a life of financial risk with little security.

I also observed many on the other side of the spectrum: professional people who had money and prestige. However, they were trading away most of their time working while they still had the health, energy, and vitality to pursue their passions. At the end of the day, few seemed genuinely happy or fulfilled.

The common narrative is that you must choose between a false dichotomy of life focused on career and money or a life focused on things like passion, fulfillment, and family. I wasnt happy with this choice, though. I wrote a simple essay about having the best of both worlds, which I titled Dirtbag Millionaires. Then, I started figuring out how to piece that life together for myself.

This may all sound clich, even a little cheesy. However, if we think about it, someone is writing each of our stories. Its just a matter of who that someone is.

It is important to realize we all have the ability to create our own narrative. And if you want to retire early, writing this story is mandatory.

you should have a running list of three people that youre always watching: someone senior to you that you want to emulate, a peer who you think is better at the job than you are and who you respect, and someone subordinate whos doing the job you didbetter than you did it. Chris Fussell, former US Navy SEAL officer

I recently came across the above quote in Tim Ferriss new book, Tools of Titans. It came in response to the question, How do you define success? Personally, I think this is excellent advice for those looking to do something extraordinary with their lives. Nearly everyone follows the same path: birth, school, work, retire, die. For those of us on a different path, though, it can be challenging to gauge how we are really doing. Having, and watching, these three people in our life gives us a yardstick against which we can compare our progress.

My wife and I worked with a conventional financial advisor for about a decade. He repeatedly told us how well we were doing. Compared to our peers leading a conventional lifestyle, he was right. However, following conventional financial advice meant massive investing and tax planning mistakes. This cost us over $20,000 in excessive fees, unnecessary taxes, and opportunity costs in just our last year of using his services.

About five years ago, Id had enough and took control of my finances. I began reading early retirement blogs like Early Retirement Extreme. Soon after, I moved to Mr. Money Mustache and The Mad Fientist. While each of these blogs was very enlightening and technically helpful, I found that their focus on the fastest and most efficient path to retirement was not consistent with my values.

Related: How to Build Wealth Quickly So You Can Retire Early

I became overly focused on money and retirement. Despite already having a very high savings rate, I began watching every penny we spent. I became excessively focused on regretting past financial mistakes and wanting a future of freedom from work.

For the first time in my life, money became a stressor. While my knowledge and wealth grew, I became less happy.

I needed better benchmarks to compare myself against a way to define our success. So, I began to search for others whose attitudes and values better lined up with my own.

I continued reading early retirement blogs to find others who had already done what I wanted to do. Two that I found extremely helpful were Todd Tresidder at Financial Mentor and Darrow Kirkpatrick at Can I Retire Yet? They demonstrated a more sustainable path to FIRE and were living lives consistent with what I desired in my own retirement.

I then began connecting with peers who had comparable stories and were at similar places on their journey. This included the bloggers behind Our Next Life, who are on our same timeline to retirement and share our passion for the outdoors. I became friends with Chad Carson, who has taken a very different path to FIRE as a real estate investor, but has very similar values, interests, and family situation to my own.

Learn More: How to Make Money Blogging

I also connected with the bloggers behind Slowly Sipping Coffee after reading their description of a fully funded lifestyle change, which was more in line with our values than a traditional retirement. More recently, my wife and I joined a mastermind group of similar couples. Having peers on a similar journey has been very helpful. We are able to share the triumphs and discuss the challenges of this unusual lifestyle.

Finally, I began connecting with those behind me in their journey to FI. This includes Jared Casazza, who writes the blog Fifth Wheel Physical Therapist about his journey from 6 figure debt to FI in 5 years. It also led me to connect with a Dough Roller reader/listener Andrew, who I have been coaching for the past few months.

Helping those behind me has forced me to develop a deeper understanding of our own ideas, theories, and processes. Learning their stories has made me appreciative of how far we have come on our own journey.

the old story was freedom from: freedom from work, freedom from having to get up in the morning, freedom from lots of things. The new story is freedom to. Richard Leider, Author of Life Reimagined

Many people think early retirement is difficult, if not impossible. They think it is too hard to save enough money to support them indefinitely. Following the 4% rule seems like it would be stressful. They do not know how they would ever pay for health insurance. They think they would get bored.

I agree partially (or fully) with all of the above sentiments if retirement is defined in a traditional sense. Worse yet, retirement often deviates from the happy, carefree time so many imagine. In fact, retirement is associated with an increased risk of anxiety and depression! This didnt sound like anything I wanted for myself, so I simply redefined retirement.

I stopped worrying about trying to save every penny, with the idea that retirement meant never again making money. I have accepted that the future is always uncertain, so I focused on building a substantial nest egg while also building great flexibility into my plan. This allowed me to reach a point where earning money will never again be the central focus of my life. Going forward, my life may, at times, look very different. It may look like that of a part-time or seasonal worker, stay-at-home dad, entrepreneur, ski bum, freelancer, student, teacher or any combination of the above.

Related: Is the RAM Better Than the 4% Rule?

Seth Godin has a great quote: Instead of wondering when your next vacation is, maybe you ought to set up a life you dont need to escape from. I chose to apply this idea to retirement planning.

Not needing to make money will give me freedom with my time. Building in a plan to also do some paid work will give me the opportunity to live a lifestyle of abundance, rather than one focused around a strict budget. It will also allow me to continue to build social connections and live a purpose driven life.

There are probably some of you who would criticize this plan as not really retired. However, this definition of retirement is in alignment with the principles of the Life Reimagined program, developed by AARP to address the many challenges and downsides of traditional retirement.

When I started getting serious about early retirement, I became obsessed with the technical how-tos. I needed to plan out where my financial threshold was how much did I need to save now, in order for this flexible plan to really work? While I dont have every step planned out and I dont know exactly what my retirement will look like down the road, I know that I am happy with the freedom and flexibility it provides me. Its important to realize just how possible it is for you to achieve a similar outcome, too.

Write your own story; develop systems to measure your progress, and define what you want for your life. You may be amazed by where you find yourself in just a few short years.

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How I Reached Financial Independence By Age 40 - The Dough Roller

Chattanooga Mayor Andy Berkes Council for Women invites everyone to attend an upcoming public hearing on financial independence to hear the Councils research on the issue of high interest lending practices and to discuss solutions to financial problems impacting the community.

The hearing will be held at the Family Justice Center, 5705 Uptain Road, on Monday at 5:30 p.m.

Financial Independence, a workgroup of the Mayors Council for Women, has completed their most recent policy paper and will be hosting this public hearing to discuss their findings about the impact of high interest lending practices.

Councilwoman Carol Berz, along with panelists Martina Guilfoil, Tracee Smith, Joda Thongnopnua, and Jennifer Harper will discuss the impact of high interest loans and the recommendations of the Financial Independence workgroup.

Mayor Berke announced the creation of the Council for Women during his 2015 State of the City Address. The Council addresses issues such as domestic violence, justice, education, healthcare, economic opportunity, history, and leadership.

The City of Chattanooga has already adopted three of the Councils recommendations, and last year the Tennessee Legislature passed a bill the Council developed. It helps victims of domestic violence stay in their home when faced with eviction because of the offenders actions.

For more info, visit http://connect.chattanooga.gov/councilforwomen/.

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Mayor's Council For Women Invites Public To Financial Independence Hearing On Monday - The Chattanoogan

Chattanooga Mayor Andy Berkes Council for Women convened a public hearing Monday night at the Family Justice Center to help women and their families realize financial freedom. The Councils financial independence workgroup presented findings from its most recent policy paper on the impact of high interest lending practices and solutions to help Chattanoogans get out of debt.

Back when I first ran for state office, people shared their concerns with me about predatory lending and the damage it does to businesses and homes in the neighborhoods where these stores are located," said Mayor Berke during Monday night's public forum. "And we know these high interest loans hurt women and families who are just trying to get by until their next paycheck. Two years ago, we took the first step in curbing the growth of these businesses. And through tonight's Council for Women session, we will continue to move forward on this important issue.

To improve the economic status of all women, the Mayors Council for Women is focused on helping families achieve financial independence by leveraging existing community resources and reducing predatory lending through legislative action. Research and interviews with women informed the councils finding that predatory lending is a major barrier to financial independence.

At Monday nights hearing, Jennifer Harper, director of Bridge Financial Planning, presented the groups findings, including that Tennessee has more payday lenders per each household than compared to nearly any other state and that the state allows annual percentage rates of up to 460 percent.

Tennessees density of predatory lenders is the highest. You can see what that means for the city of Chattanooga if you look at where theyre located, said Ms. Harper, pointing to the map showing the concentration in Brainerd and along public transportation hubs. We want to reduce the number of community members using high interest loans.

In Chattanooga, there is one predatory lender for about every 1,500 households, according to Census data. Being poor or excessive use of credit is one of the top five reasons people go bankrupt, according to Investopedia, and World Atlas ranks Tennessee highest in the nation for personal bankruptcy.

This isnt just about poor people, and this isnt just a problem in Midtown. Its all over our city, said Councilwoman Carol Berz, who is co-chair of the Mayors Council for Women. Predatory lenders exist because they fulfill a need, so we need to look at traditional banking differently. We cant just condemn predatory lending. We have to do more.

During the panel discussion at Mondays event, Tracee Smith, Community Development manager at First Tennessee Bank, told guests about a partnership the bank has with Operation Hope, which focuses on financial education. They work with people in the community to help build their credit scores to 720.

Operation Hope works one on one with these individuals, but they also deal with the emotional side of it, why they are in that situation, and address those issues, said Ms. Smith. Its important to teach people there are other tools out there to improve your finances.

A Council for Women subcommittee is working on financial alternatives to help women in Chattanooga and plans to propose a policy change to address predatory lending. The discussion and feedback from the public at Monday nights hearing will inform their proposal.

For more information on the Mayors Council for Women and how to get involved in advancing the status of women and families in Chattanooga, please visit http://connect.chattanooga.gov/councilforwomen/.

Participants having discussion on financial independence and predatory lending

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Mayor Berke's Council For Women Takes On Predatory Lending - The Chattanoogan

Rep. Kristi Noem, U.S. House of Representatives 11:02 p.m. CT April 3, 2017

For many, preparing for Tax Day only highlights just how much of a persons paycheck is redirected straight into the federal governments bank account.

The truth is our tax returns only tell part of the story. Federal regulations add thousands of dollars more in hidden costs every year for South Dakota families. Ive heard from many that enough is enough and I agree. So regardless of if its tax or regulatory reform, Im focused on giving you more financial independence.

One of the first places Im looking to save you money is on your taxes. Last year, I helped outline a simpler and fairer tax code. In totality, the plan is estimated to save the average family $4,600 per year, according to analysis done by The Tax Foundation. On top of that, they expect the plan would help grow the economy by 9.1 percent over the next 10 years, which translates into more jobs and higher wages.

The way were proposing to do this may save more than money. Under our plan, tax returns may be simple enough to fit on a postcard, hopefully saving taxpayers the 6 billion hours we collectively spend doing our taxes each year.

Like I mentioned before, there are also hidden costs the federal government imposes. Today, almost 25 percent of a new family homes final cost is dealing with regulations to build that home. Under Obama-era motor-vehicle regulations, the cost of a new car could spike almost $3,000 by 2025. Meanwhile, regulations on everything from lightbulbs to dishwashers could increase consumer costs by as much as $1,600. And it just keeps adding up from here!

Already, President Trump and Congress have worked together to delay, repeal or dismantle more than 90 regulations put in place by President Obama. But more must still be done. In addition to dismantling the unnecessary regulations piece-by-piece, Ive supported legislation to make it much more difficult to impose these massive regulations in the first place.

Just days into 2017, the House passed a bill I co-sponsored that would require any major regulation to be approved by Congress. If enacted, it would be an unprecedented check on federal bureaucracy.

After eight years under President Obama, I think too many have accepted a status quo that leaves less money in your pocket and puts more decisions in the governments hands. Whether its regulatory reform or tax reform, there is a path forward that gives you more freedom and financial independence. Ultimately, thats the path I will always pursue.

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Regulatory reform leads to financial independence - Argus Leader - Sioux Falls Argus Leader

As our longevity has increased over the past 100 years, so has our desire to live better lives, ones where we're not tied to a job for 40 or 50 years.

One of the greatest freedoms that we enjoy today is the ability to add value to society and collect wealth as a result.

The goal of many Australians today is to reach financial independence and this can be achieved by understanding some of the facts.

This may sound simple, but dont underestimate its importance. If you spend more than you earn, youll always owe other people money.

If youre spending less than you earn, you should aim to save the difference. However, most Australians who save, save to consume, not to invest. Once theyve accumulated a tidy sum, they spend it.

Of course, no one ever saved their way to true wealth, its just too hard with todays low interest rates and tax eating away at the little interest you receive. The only way to take advantage of true money-growing opportunities is to invest in assets that grow in value and to recognise that becoming financially independent takes time.

If you continue to funnel money into your investment accounts, youll grow your wealth on a larger scale through the magic ofcompounding. You cant get much compounding if youre saving just to save (or to spend, like most people do).

Stay disciplined and keep saving so that you eventually have a big enough sum to invest in property or shares where your return will be greater than the paltry interest you get on your savings account.

Many people believe that a high-paying job will be their ticket to financial independence, but unfortunately theyre wrong. Of course its easier to become wealthy if you have a lot of money coming in, but as Ive already explained, you have to spend less than you earn to really become wealthy.

It seems like common sense, but studies have demonstrated that high-earning doctors are the group least likely to amass significant wealth. So use your income to buy assets that will grow in value and provide you with cash flow, things like well-located residential real estate or blue chip shares.

Wealth creation doesnt happen by chance. It takes a good plan and a team effort, so when it comes to taxes, get the best advice that you can afford.

Everyones tax liabilities are different, so you must consult a professional who understands your personal situation. There are myriad tax deductions available to investors and business owners and its your responsibility to legally minimise your tax liability.

This requires a fine balance because you dont want to sacrifice tomorrow for today, but you dont want to be miserable today either.

Financial independence is a journey that requires some long stretches and it certainly requires patience. Enjoy your journey, because if you dont, its unlikely that youll enjoy the destination. If theres something that youve always wanted to do, dont postpone your happiness, because none of us can know what tomorrow will bring.

Michael Yardney is a director of Metropole Property Strategists, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is a best-selling author and one of Australia's leading experts in wealth creation through property, and he writes the Property Update blog.

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Five facts about financial independence - finder.com.au

March 11, 2017 While great literature is said to transcend audiences, the bestpersonal financebooks are arguably most impactful when they address a particular stage or challenge of your financial life with practical insight and advice.

With this in mind, here are 10 ValuePenguin favorite personal-finance tomes many of them among Amazons best sellers and Goodreads.coms most loved for four different aspects or times of managing your money.

1. Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence

Authors:Vicki Robin, Joe Dominguez and Monique Tilford

Goodreads rating:4.07 / 5

Published during The Great Recession, in 2008, this book looks at personal money management (i.e. getting out of debt, starting to save) in the context of ethics as opposed to spreadsheets. It touches upon mindfulness, building good habits and even being a more environmentally-friendly consumer.

2. The Total Money Makeover: A Proven Plan for Financial Fitness

Author:Dave Ramsey

Goodreads rating:4.28 / 5

Like other books in the financial-management genre, the title tells you what you need to know. Ramseys may be best for readers who are looking to climb out of debt before worrying about the ensuing stages in their personal-finance development.

3. I Will Teach You To Be Rich

Author:Ramit Sethi

Goodreads rating:4.04 / 5

If youre more likely to gain from a step-by-step and goal-oriented approach, Seithis book may be worth picking off the shelf. He offers a practical approach to what he calls the four pillars of personal finance:banking, saving, budgeting and investing.

4. The Millionaire Next Door: The Surprising Secrets of Americas Wealthy

Authors:Thomas J. Stanley and William D. Danko

Goodreads rating:3.99 / 5

Taking the tack that much can be learned from those of us who have already made it, so to speak, these two authors, both with Ph.D.s, examine the best practices of Americas very rich. The books success and value lies in how it makes those takeaways apply to those of us with a lot less in our portfolios than the lux types.

5. The Richest Man in Babylon

Authors:George S. Clason, Charles Conrad

Goodreads rating:4.22

This 100-pager, while nearly a hundred years old, retains as much value as when it was first published, in 1926. Some of the authors of the other books on this list have this classic on their bookshelves, and look fondly on its timeless advice for aspiring wealth-builders.

6. Unshakeable: Your Financial Freedom Playbook

Author:Tony Robbins

Goodreads rating:4.14 / 5

While some of Robbins work focuses on get-rich-quick schemes for the everyman, his latest book offers more traditional advice on investing. Its at its best when it borrows from the strategies and methods of top investors.

7. The Wealthy Barber

Author:David Chilton

Goodreads rating:3.97 / 5

Unlike Robbins effort, this book claims to empower even the average salary-earner to help him or her to gain financial independence. Its more readable than the average personal finance book, in part through its use of a successful barbers experiences to illustrate Chiltons most powerful points.

8. Make Your Kid a Money Genius (Even if Youre Not)

Author:Beth Kobliner

Goodreads rating:4.25 / 5

Also the author of Get a Financial Life: Personal Finance in Your Twenties and Thirties, Kobliner addresses this 2017 book toward readers who have grown into parenthood, and now want to instruct their kids in managing money. She offers a guide teaching toddlers to teens everything there is to know about money, whether its how to use acredit cardor how to pay for college.

9. Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not

Author:Robert T. Kiyosaki

Goodreads rating:3.92 / 5

Kiyosaki takes the stories of his own father, and the wealthy father of his best friend, to explore how parenting affects a long-term outlook on money and investing.

10. How to Retire Happy, Wild, and Free: Retirement Wisdom That You Wont Get from Your Financial Advisor

Author:Ernie J. Zelinski

Goodreads rating:3.71 / 5

At times, this may feel less like retirement wisdom than quiet wisdom you might receive from your yogi. Zelinski goes beyond dollars and cents to address how everything thats important in your life is connected to the time after your work life ends; it also aims to get you to that milestone more quickly.

This story originally appeared on ValuePenguin.

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Ten favorite personal-finance books - Christian Science Monitor

On a beautiful June day in 2009, Harvey was riding his motorcycle up the Pacific Coast Highway (PCH) in Malibu as he had many times before. He enjoyed the scenery and the feel of the open road. However, he has almost zero memory of this particular day.

As he neared the Malibu Pier, a woman driving a sedan ahead of him suddenly made an illegal U-turn turning directly into his motorcycle. Thankfully, he was wearing a helmet that surely saved his life. The highway was shut down and Harvey was airlifted to UCLA hospital where he spent the next two months in a coma.

Harvey had suffered a severe traumatic brain injury (TBI) along with many physical injuries, and he would spend the next six months in hospitals. From UCLA he was transferred to Kindred Hospital in Culver City, and then to the Bakersfield Centre for Neuro Skills residential program.

It was in those first few weeks while Harvey was in a coma that his independence and civil rights would be terminated through a court-appointed conservatorship.

Harvey and his wife Sheila had been married for 16 years and had a six-year-old daughter. Having been born into privilege, Harvey had considerable wealth that he had not co-mingled with his wifes accounts. Additionally, Harvey and Sheila had never prepared a will, power of attorney, or health care directive. Harvey felt that he was a healthy 40-year-old, and he would handle those legal things when he was older.

Sheila and their daughter were living in their family home, where she was responsible for a hefty mortgage, even though she had limited access to Harveys money. She hired an attorney and applied for conservatorship of Harvey and his assets. The case was heard by Judge Reva Goetz, who has handled such famous conservatorship cases as Britney Spears and Mickey Rooney.

Sheila was denied conservatorship over Harvey because they had recently separated and were living under different roofs. Even though she immediately rushed to his side in the hospital and resumed her role as his wife, the court decided that they couldnt be certain whether or not Harvey would want Sheila to have continued access to his money.

Eventually, Harveys father and his attorney were awarded co-conservatorship and were able to pay general bills such as real estate and income taxes, utilities, groceries, etc. Harvey would eventually be awarded a monthly allowance to spend on whatever he wanted, making him feel like he was being treated like a child.

Once youve been put into a conservatorship, you cant hire an attorney, so one is appointed for you by the court. This attorney is called a Probate Volunteer Panel (PVP) attorney. Harveys PVP attorney bragged at an initial meeting with Harvey and the family that she enjoyed causing friction between husbands and wives. She felt it was her duty to decide what was best for her client (Harvey) no matter what he or his family members might say to the contrary.

Harvey had a hearing every six months or so to monitor how things were going. He was supposed to be advised by his PVP attorney, however, she kept falsely telling the court that Harvey wanted a continuance of the conservatorship. Harvey wanted his wife Sheila to be conservator, but the PVP attorney would not allow it, and argued for the continued humiliation of the court-monitored allowance.

At the hearings, the lawyers which by this point consisted of an attorney for his wife, an attorney for his father, Harveys PVP attorney, and eventually a court-appointed attorney for his minor child (known as guardian ad litem) and judge would talk about him as if he were a child (because basically without any of his rights, he sort of was) and they would never refer to him by name only as the conservatoree. Harvey said it was very dehumanizing to be treated this way.

As Harvey began getting better and better, it was becoming obvious that the conservatorship had to come to an end, but doing so was harder done than said. He had to have a capacity declaration performed by a physician. The problem is that when a large amount of money is at stake, doctors are reluctant to say yes, because if they said yes and he lost it all the next day, the doctors decision would be questioned.

Eventually, Judge Goetz gave him the name of a specific doctor that she trusted. Harvey would endure two days of rigorous testing, and in January 2011, the doctor eventually wrote a declaration that Harvey was responsible enough to control his own life. In March of 2011, the judge terminated the conservatorship and Harvey was once again granted all of his civil rights. After the hearing was over, the court reporter approached Harvey and told him she had sat in on thousands of cases like his, and his was only the third one she had ever seen terminated it is that rare to have a conservatorship overturned.

However, his nightmare did not end there.

The court-appointed PVP attorney was supposed to charge at a reduced rate; however, she solicited the judge to bill at her full rate, and was granted permission. This frustrated Harvey, as he felt the lawyer really never had his best interests in mind. Harvey had to file for separate counsel to fight the fee petition, which added two more attorneys fees. In addition to his PVP attorneys fees, he also received a bill from his fathers attorney, the attorney who was acting as co-conservator, the guardian ad litem for his daughter, as well as his wifes attorney despite the fact that she had dropped her petition to be named conservator 18 months prior. Harvey had to pay legal fees, bonding fees, and mandatory accounting fees.

In total, this cost him just over $1 million dollars all because Harvey did not know he should have a durable power of attorney for health care and financial matters which created a situation where others took advantage of his health crisis.

Right after the conservatorship was lifted, Harvey told Sheila he wanted to go to Vegas and gamblebecause it was his money, damnit! She looked at him and said, NOT WITHOUT A WILL FIRST! So in April 2011, Harvey wrote a holographic (handwritten) will in his own handwriting on a piece of paper that said, Everything goes to my wife. Shortly afterwards, he hired a law firm to implement all of their trusts, wills, power of attorney, etc.

Harvey wants everyone to understand the importance of having a durable power of attorney drawn up NOW, no matter your age or health because you never know when life takes a drastic turn like Harveys did. This durable power of attorney is a simple form you file with your attorney for a few hundred dollars, and it directs who is responsible for you and your estate should you become incapacitated. Had he had one, it would have saved him the humiliation of losing his civil rights, as well as causing his loved ones time and grief and of course $1 million in attorney and other fees.

My Brain #donor card arrived today from the Concussion Legacy Foundation #tbi #concussion #braininjury #advocate pic.twitter.com/202PhjK673

amyzellmer (@amyzellmer) March 4, 2017

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This article originally appeared on The Huffington Post

Photo credit:Geneva Vanderzeil/flickr

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A Struggle Back to Financial Independence After a Brain Injury - The Good Men Project

Kiplinger Personal Finance

How to Leverage Your Small Business for Financial Success Kiplinger Personal Finance Your small business can reward you with financial independence if you take action and start saving. Begin by saving 10% of your income, and then increase that amount over time. Ultimately, you want to be saving 15%-20% of your income into a retirement ... and more »

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How to Leverage Your Small Business for Financial Success - Kiplinger Personal Finance

Northern Irish actor Conleth Hill says popular fantasy drama series Game of Throneshas brought some balance in his career, as well as financial independence.

Hill, who is seen as a bald-headed eunuch Lord Varys in the hit TV series Game of Thrones, talked about how his life changed after the series with whatsonstage.com, read a statement from Star World, which airs the show in India.

Asked if the show made it difficult for him to fit in theatre and film too, Hill said not really.

Its such a large cast that you are never overused. Its not so taxing. I suppose earlier in my career I wouldnt have been able to do film and TV as much because I would have been in a play for so long. I did a lot of long runs when I was younger, he said.

Hill also said that with Game of Thrones, they do it six months a year at the most.

So when youre not working on it, you get to do something else. Its a bit like being semi-retired, he said, adding that its a very great and rare thing for an actor to have that.

So I suppose Game of Throneshas given me financial independence. But its never been about the money for me. I always did things I really wanted to do, he added.

The season seven of Game of Thronesis due to be back on Star World Premiere HD in India later this year.

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Game of Thrones gave financial independence to actor Conleth Hill - Bollywood Life

People invest in property for all sorts of reasons. Some want it to support them in retirement, some invest to help get their children on the property ladder, childrens education, others for a bit of extra pocket money. For me, it was about independence and having the freedom to make choices about your life.

My personal journey as a landlady started by accident. My marriage had broken down and I was left in the marital home with my baby daughter. Renting out rooms allowed us to survive and pay the bills that kept on coming.

After I trained as a lawyer I saved enough money to invest in buy-to-let properties and became a deliberate landlady. Initially as an amateur landlady, I learnt the hard way and made a lot of expensive mistakes. I then got financially educated and became a multiple award winning property investor. I have always treated my tenants as customers who deserve excellent accommodation and service, and I found this rewarding both ethically and I wanted them to make it their homes and stay for longer and look after the properties.

My investment continued and I was able to fall back on property income again when I lost my six-figure salary job in a law firm during the 2008 recession. When I became seriously ill three years later and was unable to work, the money from my buy-to-let properties once more become a life line and allowed me the time I needed to recover. Property for me is all about choices and preparing for the unknown, the uncertainties of life. I built my portfolio part time and as a single mum. Its something anyone can do with the right guidance and support. We cant ignore the changes in the private rented sector at the moment, and particularly the tax changes coming into force at the moment. These may alter landlords investment strategies such as whether you should buy, renovate, and sell a property, or buy and hold onto it for longer. What it doesnt change is the reality that quality housing in the private rented sector, in the right areas, remains in high demand. Step by step Ive mentored hundreds of buy-to-let beginners and seasoned investors whose ultimate ambition is to become financially free to the point that they can choose to leave their job. My advice is to work towards financial independence milestones in three phases:- 1. Calculate your monthly expenses and aim for your property to pay for those 2. Grow your property portfolio so that the rental income can replace your full monthly take home salary 3. Work out how much you need to support your lifestyle Working in that way is more manageable than setting out with an immediate ambition of huge monthly income and allows you to learn about property investment at a sensible pace. My own portfolio is now worth several million and Ive made plenty of expensive mistakes along the way. So surround yourself with the right knowledgeable experts such lawyer, a skilled accountant, good letting agents, property mentor and be clear about your financial and personal goals. Financial independence is in your reach.

Bindar Dosanjh is an award winning, financially free property investor, mentor, international speaker and lawyer with a portfolio worth several million pounds all done part time and as a single parent. She has mentored hundreds of people just like you to achieve the similar goals. Her motto is if I can do it so can you"

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International Women's Day - Investing for financial independence - Simple Landlords Insurance (press release) (blog)

QUESTION: I'm a 23 year-old who is seeking some financial advice. I've read some of your articles and have found them to be very motivating, to say the very least. You see, I've often been told that I want to achieve too much too soon and, perhaps, that may be true.

But I'd like to own my house by a respectable age and give back to my community and the nation at large. I'm a young member of the Jamaica Constabulary Force, and quite frankly, the salary can hardly sustain me. But I'm willing to maintain my integrity and not become a 'dirty cop', and that is why I'm writing to you.

I currently own a motor car, which I bought with the help of a loan, and I was also thinking of purchasing either another motor car or a bus to operate as a public-passenger vehicle. I've also considered medium to long-term goals such as investing in stocks and bonds, or even real estate.

I'm a business-minded young man, so I'm always seeking out investment opportunities. I would appreciate if you could shed some light on my blurry path as I seek to move towards financial independence.

- Cole

FINANCIAL ADVISER: The time of your youth is the best time to make your plans, and I believe you are on the right path. You have a goal and a plan to achieve it, although there are some gaps to be filled.

One very positive step that you have taken is soliciting advice to determine if you are on the right path. You have not stated when you want to achieve your ultimate goals and the others between now and then, so I am not qualified to say you want too much too soon.

Although you are at or close to the base of the ladder now, if you work hard and seize opportunities to further qualify yourself, you can go far in the police force - and in a reasonable time. This would mean better remuneration as you progress up the ladder.

You recognise the value of using other people's money to acquire assets, which comes with a cost. A motor car for personal use is essentially a wasting asset as it loses value over time, even while you are still paying for it. But you clearly want to move beyond that.

Your plan includes purchasing another motor vehicle, not for personal use, but to earn additional income. The success of this venture would improve your financial position and help you to move to the point of financial independence as it could provide the means to acquire other income-earning assets.

You have also mentioned stocks, bonds and real estate. You clearly appreciate that the best investment portfolio is one that is diversified. You reduce your risk when you invest in different types of assets, although it is also possible that this may also lower your chances of reaping higher returns.

You do not need to have much money to invest in stocks nor wait too long to make that type of investment as long as you understand how such investments work and you do not encroach on money that you need to take care of your living expenses and other commitments.

Bonds will not give you the kind of return that stocks and real estate are capable of giving, but they give some stability to an investment portfolio. Real estate is likely to pose the greatest challenge because the deposit and initial costs are high, and a small income will put a limit on how much you can borrow.

You know what you want to do, so determine the sequence in which you would like to achieve each goal as well as the time for doing so. The cost of each will bear strongly on whether you succeed, but be prepared to be flexible.

Be realistic as you make your plan and implement it, and bear in mind that every investment has some risk. You have one big advantage over many persons: You are business-minded.

I sincerely hope that you reach your destination of financial independence rather than just moving towards it. Be patient, and accept you may have to sacrifice short-term gratification to achieve long-term success. And continue to maintain your integrity.

- Oran A. Hall, principal author of 'The Handbook of Personal Financial Planning', offers personal financial planning advice and counsel. finviser.jm@gmail.com

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Oran Hall | Young cop seeks financial independence | Business ... - Jamaica Gleaner

Peter Dunn, Special for USA TODAY 7:02 a.m. ET Feb. 25, 2017

Once youve established your Power Percentage, your goal becomes to increase it every single year until the day you retire.(Photo: iStockphoto)

If I were to approach you on the street and ask you how your financial life was going, on what basis would you answer the randomly invasive question?

You can spin your wheels for years and then eventually wander around aimlessly, ifyou use the wrong metric to evaluate your financial standing. Its a sneaky problem that doesnt feel like a problem. You may think youre doing great, but youre only doing great by an inadequate metric.

My dog racked-up a $760 vet bill yesterday, so not so great, a sullen man in his late twenties answered my question earlier in the year. Hes yet another person who chooses to answer the query based on mood and stress derived from current financial events. While tapping your mood to explore your solvency might seem prudent, its way too emotional and subjective to actually matter.

I have an 820 point credit score, one lady answered. Yippee, youre good at borrowing money. Measuring your financial life based on your credit score is as ridiculous as it isself-defeating. Imagine going to the retirement office (there is no retirement office) when youre 65 years old and exclaiming I have an 820-point credit score, now lets get started with retirement. You cant borrow income for a multi-decade retirement. Your credit score, although referenced for auto and home insurance premium rates, becomes increasingly unimportant as you get older.

My wife and I have a household income of $600,000, a man offered to me in an airport. Unless these people were creating independence from this income by saving it, this income will create a monumental level of dependency and make retirement very difficult. A high income is not indicative of much, when it comes to financial health. Its like buying bulk kale. Who cares, unless youre actually eating it.

We have $30,000 in savings, a very nice lady offers with a smile. Awesome. Howd it get there? Money saved is generally a measure of past circumstance or behavior. Unless she was still actively saving, the savings itself doesnt mean much.

Clearly, it appears Im difficult to please. But Im not. I simply refuse to let people lie to themselves about their financial reality. This is precisely why I created my own metric Power Percentage. It measures what youre doing now to improve your financial life, and how close you are to creating financial independence. Power Percentage also happens to sniff-out lifestyle creep, evaluate your mortgage strategy, and recognizes debt elimination.

Begin by adding up the following monthly activities:retirement plan deposit, employer match, college fund deposits, savings deposits (which wont be immediately spent on vacations, holidays, etc.), other investment deposits, HSA contributions (which you dont have immediate plans to use), mortgage principal payment (not interest, property taxes, or insurance), medical debt payments, credit-card payments (from cards which youre currently not using), student loan payments (above and beyond interest-only payments), and any otherdebt in which you are making consistent money payments (except car payments).

Once you add all of those healthy financial activities up, divide by your gross (pre-tax) monthly income. For example, if you add-up all your monthly activity and arrive at $1,500, and your gross monthly income is $5,000, then your Power Percentage is 30% ($1,500 / $5,000 = .30).

(Photo: Provided)

The Power Percentage scale is as follows. Less than10%,and youre in big trouble. Youre way too dependent on your income. Relief is not on thehorizon,because youre not doing anything about it. You are consuming your entire income while not saving money and not paying on debts. If your Power Percentage is between 11% and 20%, youre doing okay, but your Power Percentage has a long way to go prior to retirement. A Power Percentage of 21% to 34% indicates youre living a healthy financial lifestyle. And finally, a Power Percentage of 35% or higher proves to you that youre well on your way to mastering your financial life.

Once youve established your Power Percentage, your goal becomes to increase it every single year until the day you retire.For a complete explanation and exploration of Power Percentage, listen to Episode 120 of my podcast,The Million Dollar Plan.

No matter your income, your assets, your credit score, or your mood, if your Power Percentage isnt healthy, neither are you.

Its worth noting thatusing Power Percentage to measure your financial health is only applicable to those who earn a living wage or higher. Its completely unrealistic and inappropriate to measure your financial health based on a path to income independence when earning below living wage.

MORE:

Investing choices often narrowed by plan's time horizon

Remedies for worrying about money can lead to more worries

Emergency funds are for emergencies, not a vacation

Peter Dunnis an author, speaker and radio host, and he has a free podcast: Million Dollar Plan. Have a question about money for Pete thePlanner? Email him atAskPete@petetheplanner.com

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Another way to measure retirement readiness: Your 'Power Percentage' - USA TODAY

For the fourth quarter of 2016, the Company reported revenues of $18.0 million, a net loss of $10.4 million, or $0.28 per share, an adjusted net loss of $5.2 million, or $0.14 per share and adjusted EBITDA of $2.6 million. This compares to revenues of $14.5 million, a net loss of $7.2 million, or $0.19 per share, an adjusted net loss of $6.5 million, or $0.17 per share, and adjusted EBITDA of $1.0 million for the third quarter of 2016, and revenues of $23.7 million, a net loss of $5.2 million, or $0.22 per share, an adjusted net loss of $0.9 million, or $0.04 per share, and adjusted EBITDA of $7.2 million for the fourth quarter of 2015.

For the year ended December 31, 2016, the Company reported revenues of $70.1 million, a net loss of $22.2 million, or $0.67 per share, an adjusted net loss of $14.4 million, or $0.43 per share and adjusted EBITDA of $16.4 million. This compares to revenues of $88.4 million, a net loss of $7.9 million, or $0.33 per share, an adjusted net loss of $1.8 million, or $0.08 per share, and adjusted EBITDA of $25.4 million for the twelve months ended December 31, 2015.

Chief Executive Officer Byron Dunn commented, "I am very pleased with ICD's performance throughout the extraordinarily difficult 2016 fiscal year. Despite suffering the worst energy industry downturn in history, ICD remained EBITDA positive with substantial margins generated by working rigs. During 2016, the ICD team reorganized and streamlined, and exited 2016 with a much more efficient cost structure. True pad-optimal ShaleDriller rigs were the last rigs to go down during the downturn, and have been the first to return to work as the market recovers. Since the end of 2016, ICD has signed term contracts with tenors ranging from six months to one year or longer for six rigs, and 100% of its marketed fleet is now contracted. ICD will be running more rigs than at any other point in the Company's history. Driven by what we believe is 100% effective utilization of available pad optimal rigs across the industry, dayrates for pad optimal ShaleDriller rigs have now moved higher from trough dayrates. We are in discussions with multiple customers for the addition of three ShaleDriller rigs to our marketed fleet, including our final rig conversion, and expect to resume ICD's growth arc shortly as market conditions continue to improve."

Quarterly Operational Results

The Company's marketed fleet operated at 78.2% utilization and recorded 936 revenue days for the fourth quarter of 2016 compared to 64.7% utilization and 774 revenue days for the third quarter of 2016 and 87.1% utilization and 962 revenue days for the fourth quarter of 2015. Rig operating margins, excluding reactivation and rig construction costs, for the fourth quarter of 2016 were $7,543 per day, compared to $7,806 per day for the third quarter of 2016 and $10,419 per day for the fourth quarter of 2015.

Operating costs for the fourth quarter of 2016 totaled $12.1 million, compared to $11.2 million for the third quarter of 2016 and $14.4 million for the fourth quarter of 2015. Fourth quarter 2016 operating costs included $0.9 million of reactivation costs and $0.2 million of rig construction costs. On an operating cost per day basis, operating expenses, excluding reactivation and rig construction costs, were $10,681 per day for the fourth quarter of 2016, compared to $9,614 for the third quarter of 2016 and $13,298 for the fourth quarter of 2015.

Selling, general and administrative expenses for the fourth quarter of 2016 were $4.3 million (including $0.9 million of non-cash stock-based compensation), compared to $3.2 million (including $1.0 million of non-cash stock based compensation) for the third quarter of 2016 and $3.1 million (including $1.1 million of non-cash stock based compensation) for the fourth quarter of 2015. The sequential increase in selling, general and administrative expenses compared to the third quarter of 2016 relates primarily to the accrual of annual incentive compensation expense during the quarter. Excluding the impact of these compensation accruals, aggregate selling, general and administrative expenses declined sequentially over 8% between the third and fourth quarters of 2016.

Depreciation expense for the fourth quarter of 2016 was $6.2 million, compared to $6.0 million for the third quarter of 2016 and $6.1 million for the fourth quarter of 2015.

Drilling Operations Update

At the end of the fourth quarter, the Company reactivated two idle rigs on one-year term contracts. Since the end of the year, the Company signed contracts with tenors ranging from six to 15 months for five rigs operating under contracts expiring during the first quarter of 2017. In addition, ICD signed a one-year term contract for its remaining idle drilling rig, with expected mobilization during the middle of the second quarter of 2017.

Capital Expenditures and Liquidity Update

Aggregate cash outlays for capital expenditures during the fourth quarter of 2016 were $3.8 million. The Company's capital expenditure budget for 2017 is $14.1 million. The carrying value of assets held for sale at year end, after the write-down to fair value, was $3.9 million.

At December 31, 2016, the Company's backlog of revenues from contracts with original terms of six months or more was $42.5 million, of which $36.8 million is estimated to be realized in 2017. This backlog does not include expected revenues to be earned from six term contracts signed after year end. Adjusted to include these new contracts, the Company's backlog at December 31, 2016 would have been $75.0 million, of which $61.8 million would be estimated to be realized in 2017.

As of December 31, 2016, the Company had drawn $25.8 million on its $85.0 million revolving credit facility and had net debt, excluding capital leases, of $18.7 million. The borrowing base under the Company's credit facility was $91.8 million as of December 31, 2016.

Conference Call Details

A conference call for investors will be held today, February 28, 2017, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the Company's fourth quarter and year end 2016 results. Hosting the call will be Byron A. Dunn, President and Chief Executive Officer, and Philip A. Choyce, Executive Vice President and Chief Financial Officer.

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 10100320. The replay will be available until March 7, 2017.

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.

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 our 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)

BALANCE SHEETS

December 31, 2016

December 31, 2015

Assets

Cash and cash equivalents

$ 7,071

$ 5,344

Accounts receivable, net

11,468

18,240

Inventories

2,336

2,317

Assets held for sale

3,915

-

Prepaid expenses and other current assets

3,102

3,436

Total current assets

27,892

29,337

Property, plant and equipment, net

273,188

283,378

Other long-term assets, net

1,027

2,074

Total assets

$ 302,107

$ 314,789

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$ 441

$ -

Accounts payable

10,031

8,584

Accrued liabilities

7,821

10,206

Total current liabilities

18,293

18,790

Long-term debt (2)

26,078

62,708

Deferred income taxes

396

193

Other long-term liabilities

88

361

Total liabilities

44,855

82,052

Commitments and contingencies

Stockholders' equity

Common stock, $0.01 par value, 100,000,000 shares authorized;

37,831,723 and 24,539,937shares issued, respectively;

and 37,617,920 and 24,403,659 shares outstanding, respectively

376

244

Additional paid-in capital

323,918

276,948

Accumulated deficit

(65,347)

(43,169)

Treasury stock, at cost, 213,803 and 136,278 shares, respectively

(1,695)

(1,286)

Total stockholders' equity

257,252

View original post here:

Independence Contract Drilling, Inc. Reports Financial Results For The Fourth Quarter And Year Ended December 31 ... - PR Newswire (press release)

In addition to the physical and emotional turmoil experienced by cancer patients, tens of thousands are also suffering financially, according to a new report.

More than 30,000 middle-aged people with cancer have had to borrow money from their elderly parents, research by Macmillan Cancer Support found.

An estimated 2,000 people have been forced to sell their homes and move in with their parents because of the costs associated with the illness.

Financial difficulties add a further layer of indignity to suffering cancer, can rob people of their independence and leave them feeling ashamed and distressed, Macmillansaid in thenew report, No Small Change.

Cancer Research's new ad is a live colonoscopy

For 83 per cent of cancer patients, lost income and increased expenditure like travelling to hospital brought about by the disease costs them an average of 570 a month, according to the research.

It is heart-breaking that people in their 40s and 50s with cancer might have to go cap in hand to their elderly parents to ask for money simply to keep a roof over their head or put food on the table, said Lynda Thomas, chief executive of Macmillan.

The cost of cancer is robbing people of their independence and leaving them embarrassed, ashamed and dependent.

Terry White was diagnosed with non-Hodgkin's lymphoma aged 56, and said it was deeply embarrassing having to ask his parents for help with finances during his treatment.

Life before cancer had been comfortable, he said. Id worked hard and saved hard but six months into an eight-month chemo regime our savings had dwindled to nothing and our finances had spiralled out of control.

Mr White, from Nottinghamshire, had to claim benefits for the first time in his life and lived in constant fear of his home being repossessed.

It got so bad that I had to borrow 2,000 from my 78-year-old parents, he said.

It was deeply embarrassing that at this time in my life I was going cap in hand to ask for their support.

Macmillan expressed concern for the future, highlighting the growing numbers of British families in debt and the rising numbers of cancer diagnoses. Nearly half the population is predicted to get cancer at some point in their lives by 2020.

The charity called for urgent action, particularly from the state and financial services.

Borrowing money could cause tension amongst families at a time when people need support more than ever, said Ms Thomas.

While Macmillan is here for anyone facing money worries, we also need the Government, healthcare professionals and the banking and insurance sector to play their part to ease this burden.

People worried about the financial impact of cancer can visit the Macmillan website

Read the original post:

'Thousands' of cancer sufferers forced to borrow money from parents because of financial difficulties caused by illness - The Independent

With the youngest Baby Boomer women now in their 50s, there is no doubt that they have redefined middle age and retirement.It brings to mind Bob Dylans song from back in 1964, The Times They Are-A Changin.

Boomer women have achieved the highest levels of success in business, politics, media and the arts. They deserve much credit for helping to change the mindset that a womans most important job was to bear and raise children.

With that being the case, it is no surprise that a new Allianz Life study finds even more American women today are taking the reins of household finances, with the majority (51%) claiming they are the chief financial officer (CFO) at home. And more married women (37%) today are the primary breadwinner of the family (compared to 31% in the 2013 study). Additionally, 53% of women said they either have a great deal of responsibility or they do it all when managing the households long-term savings and investments.

While that sounds like reason to celebrate, despite having such a large impact on household finances, the number of women who say they have more earning power than theyve ever had has decreased to 50% (compared to 57% in 2013).

Factoring into this perceived decline in earning power, less than half (44%) claim they have leaned in' at work by asking for a raise or promotion they thought they deserved, said Katie Libbe, vice president of Consumer Insights for Allianz Life Insurance Company of North America.

This is a troubling trend and one that many Boomer women have no doubt seen evolve over the decades. Although many of these women are at the tail end of their working years or already retired, there are lessons they can pass on to younger generations about the growth in financial acumen and responsibility they've seen and/or experienced in their lifetimes, Libbe said.

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Here is what Libbe said younger generations can learn from Boomer women:

Keep learning: Although they say they feel financially secure, too many women still report uncertainty about their financial decisions. Sixty-one percent of women wish they had more confidence in their financial decision-making and 63% wish they knew more about financial planning and investing. Likely having experienced an evolution in their own financial knowledge and responsibility over the years, many Boomer women understand the importance of continuing education in this area. Those that put time and effort into increasing their financial knowledge said it paid. Do your homework. It is worth your time to ask questions and find answers.

Build a support system: Even though most women claim they are financially savvy, nearly two-thirds report financial information and the various investment options available to them can be overwhelming. Additionally, running out of money in retirement and managing the rising costs of health insurance remain worries that keep women up at night. Having the right support can make a major difference in addressing these issues. Approximately 40% of Boomer women report using a financial professional for guidance, and more than two-thirds of those wish they had done it sooner. By utilizing available resources or working with a financial professional, women can gain the insight they need to achieve more financial security.

Dont delay, start planning today: When asked, What advice should women pass on to their daughters or granddaughters about money? the majority of Boomer women said they thought future generations should focus on having financial independence and creating a good financial plan. The vast majority of Boomer respondents advise younger women to: start planning early, not depend on others for financial security, create a good financial plan and learn how to invest money. Hopefully, by taking more initiative with financial planning at home, younger women will be more assertive and have more confidence to take risks in their careers.

Excerpt from:

Successful Boomer Women Offer Financial Advice to Younger ... - Fox Business