The top source of financial stress is saving enough for a comfortable retirement, a worry that is trending upward as a result of the pandemic, according toa newly released nationwide survey by Charles Schwab of 1,000 currently employed 401(k) plan participants between the ages of 25 and 70.

The survey, conducted between May 28 and June 11, 2020, by Logica Research for Schwab Retirement Plan Services, revealed that Americans think they'll need to save $1.9 million on average to retire. This is up 12%, from$1.7 million in 2019.Millennial and Gen X savers were slightly more ambitious, putting their target at $2 million, while boomers said they'll need about $1.6 million.

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Yet many believe their retirement goals are out of reach. Thirty-seven percent feel they are "very likely" to achieve their retirement savings goals, nearly half (49%) report they are "somewhat likely" to achieve their retirement savings goals, and 14% say it is "not likely" they will achieve their goals at all. One in five (21%) expects to retire later than originally planned because of the economic fallout from the pandemic.

As a result, the stress from the pandemic has led many to make some money moves:Forty-one percent of survey respondents made changes to their 401(k) as a direct result of the economic impact of Covid-19. Of the 41% who acted, 14% rebalanced their portfolio and 12% increased their contribution rate.

2020 401(k) Participant Study conducted for Schwab Retirement Plan Services by Logica Research

"Times like this make people a little more engaged," saysNathan Voris, managing director for Schwab Retirement Plan Services.

Having a "magic number" in mind may motivate some 401(k) savers to be more disciplined about rebalancing their portfolios and making regular contributions, financial advisors say.

Experts suggest that if you have the means to raise your 401(k) contributions right now, do it. In 2020 the maximum contribution limit for a 401(k) plan is $19,500. If you're age 50 or older, you can add another $6,500 to your account with a "catch-up" contribution.

"If you're already on track to max out your 401(k), then maybe you want to put some of that money in a brokerage account," said certified financial planner Lazetta Rainey Braxton, co-founder of 2050 Wealth Partners and a member of the CNBC Financial Advisors Council. "The good thing about a brokerage account is it gives you liquidity. If you need to sell, you can sell and get funds from your account. It is subject to the market, but the good news is, there is no penalty for taking withdrawals from your brokerage account."

Federal legislation aimed at providing financial relief during the Covid-19 crisis also now allows for penalty-free withdrawals from a 401(k) account this year. If your employer allows it, under the CARES Act, you can take a "coronavirus-related distribution" of up to $100,000 from a 401(k) plan until December 31, 2020, and you won't have to pay an early withdrawal penalty if you are under age 59 1/2.

Thirty-seven percent feel they are "very likely" to achieve their retirement savings goals, nearly half (49%) report they are "somewhat likely" to achieve their retirement savings goals, and 14% say it is "not likely" they will achieve their goals at all.

Schwab Retirement Plan Services 2020 Survey

Given many Americans' worries about jobs, daily finances and the growing concern about how to make ends meet during the Covid-19 crisis, financial planning may put too much focus on retirement goals, said Tim Maurer, director of advisor development at Buckingham Wealth Partners. "It's almost as if every recommendation in a financial plan is serving the sacred cow of an extended, blissful, effortless retirement. I'm all for reaching financial independence, but making financial planning solely about deferred gratification means that the practice adds very little value to our todays."

"To many people, the dollar we can see today is more valuable than the dollar for tomorrow or 30 or 40 years in the future," said Maurer, a member of the CNBC Financial Advisors Council.

"Do most people need to save more? Yes," he says. "The way to do that may be figuring out what's more important to them today and get them to envision what life will look like in the future."

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Pandemic is heightening stress over the $1.9 million retirement number. How you can save more - CNBC

For more than five months, Wall Street and investors have dealt with some of the wildest vacillations in stock market history. The coronavirus disease 2019 (COVID-19) pandemic initially lopped 34% off of the benchmark S&P 500 in less than five weeks. Then, during the second quarter, the broad-based index turned in its best quarter since 1998.

If you're a short-term trader, it's probably been a nauseating ride. But for long-term investors, it's just another bump in the road to reaching financial independence. That's because every single stock market correction in history has eventually proved to be an opportunity to buy great stocks at a discounted price. The same will eventually be said for the coronavirus pandemic bear market.

But picking out great stocks to buy is only half the challenge. Holding onto these positions for lengthy periods of time is the other half of the formula needed to generate significant returns.

Image source: Getty Images.

In other words, if you want to $10,000, all you need to do is simply invest $1,000 into great stocks and wait. Here are four great stocks that offer investors true multi-bagger potential.

If its second-quarter operating results are a guide, social media site Pinterest (NYSE:PINS) is going to become a monster in the years to come.

Though it might seem like social media is an easy formula to get right, user growth tends to slow or stall for most platforms after a few years. That's not been the case for Pinterest, which recorded 39% monthly active user (MAU) growth from the prior-year period, ended June 30. With 416 million MAUs, Pinterest's ad-pricing power continues to grow. Plus, with many of these new MAUs hailing from overseas markets, there's the opportunity to double, triple, or quadruple average revenue per user in the years to come.

But what makes Pinterest such an intriguing long-term hold is the role it'll play in the specialized e-commerce space. With its users willingly sharing their interest, hobbies, and ideas online, it only makes sense for Pinterest to allow small businesses to target these interests. Having partnered with e-commerce platform Shopify, Pinterest is giving small businesses all the tools necessary to turn passive engagement online into action.

Pinterest is the type of company that shouldn't have a problem growing at a double-digit rate for the next 10 years.

Image source: Getty Images.

Don't let it's more than 400% run higher in 2020 scare you away -- healthcare solutions provider Livongo Health (NASDAQ:LVGO) is a volcano that's just clearing its throat.

A big theme this decade is going to be the push toward precision medicine and/or telemedicine. Therapies and devices that are tailored to individual patient needs are expected to thrive; and this is precisely what Livongo is targeting. By incorporating artificial intelligence and collecting mountains of patient data, Livongo is aiming to send tips and "nudges" to its members with chronic illnesses to elicit long-lasting behavioral changes. In other words, it's helping people with serious illnesses stay on top of their disease and live healthier lives.

But this isn't just a feel-good mission statement with no teeth. There are real growth figures to back up its goals. Livongo has seen its Diabetes member patient count at least double on a year-over-year basis in each of the past couple of years, and the company has delivered two consecutive quarters of a surprise profit. What's so impressive about these two quarterly profits is that Livongo is generating income despite only having signed up 0.95% of U.S. diabetes patients -- a little north of 328,000 Diabetes members compared to 34.2 million people in the U.S. with diabetes.

With Livongo Health pivoting its healthcare solutions platform to weight management and hypertension, among other chronic illnesses, it could have a potential addressable market in the U.S. of more than 40% of all adults, in my view. That makes it a near-surefire long-term winner.

Image source: Square.

Investors almost certainly can't go wrong investing $1,000 into fintech stock Square (NYSE:SQ) and letting their money ride for a long time to come. As the war on cash kicks into high gear, Square is going to become a clear-cut beneficiary two different ways.

First of all, Square should see relatively steady growth in gross payment volume (GPV) crossing its seller ecosystem network throughout the decade. Last year, Square saw $106.2 billion in GPV traverse its network. But what stood out was that 52% of GPV in the coronavirus-challenged first-quarter was derived from larger merchants (defined as having an annualized GPV of at least $125,000). Square is a company that's been historically known for providing a processing platform for small and medium-sized businesses. If larger merchants are beginning to latch on, the sky becomes the limit when it comes to fee collection and lending potential.

The other exciting aspect of Square is the company's peer-to-peer payment platform Cash App, which set records for monthly signups in both March and April. Mind you, this comes after MAUs more than tripled from 7 million, to end 2017, to 24 million, to end 2019. Square has all sorts of ways to make money off of Cash App users, via merchant fees, expedited transfer fees to and from a bank account, and bitcoin exchange fees. Within a few years, Cash App should become Square's primary profit driver.

According to Wall Street, Square's revenue is expected to more than quadruple between 2019 and 2023, which makes it one of the fastest growing publicly traded companies.

Image source: Getty Images.

A final way to get $10,000 by investing only $1,000 is by purchasing surgical system developer Intuitive Surgical (NASDAQ:ISRG).

Intuitive Surgical's da Vinci surgical system has been the go-to resource for assistive robotic soft tissue surgeries for the past two decades. The company had 5,764 of its da Vinci systems installed worldwide, as of June 30, which is far more than any of its competitors, combined. What's more, big-name potential competitor Johnson & Johnsonhas run into a snag in its efforts to launch competing surgical systems. This just means Intuitive's already mammoth lead in surgical systems will extend even more.

The beauty of Intuitive Surgical's business model is that it's built to generate improved operating margins over time. The initial sale or lease of a pricey da Vinci system ($0.5 million to $2.5 million) doesn't do a whole lot for Intuitive Surgical considering how intricate and expensive these systems are to build. Rather, the bulk of the company's operating margin is derived from selling instruments and accessories with each procedure, as well as in servicing these systems. Thus, the more systems installed worldwide, the greater the percentage of total sales being derived from these higher-margin channels.

And don't overlook that robotic-assisted surgeries are still just taking off. Intuitive Surgical may hold the lion's share of gynecology and urology surgeries, but there's a huge runway to gain additional share in thoracic, colorectal, and general soft tissue surgeries. Similar to the companies listed above, a double-digit annual growth rate is the expectation.

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Want $10,000? Just Invest $1,000 in These Great Stocks and Wait - Motley Fool

Ray Bassett, the former Irish ambassador to Canada, Jamaica and the Bahamas, believes Ireland needs to give serious consideration following in the UK's footsteps with Irexit. He says a courageous decision will be required to deliver financial independence in parallel. Mr Bassett outlines his ideas about Irexit, and the eurozone, in his new book, Ireland and the UK Post Brexit.

Explaining Ireland's decision to sign up for the Euro in 2002, he said: "The differences of opinion in London between then Prime Minister Tony Blair and his Chancellor Gordon Brown were put down to petty political turf wars.

"In Ireland, we had great admiration for Blair, who had helped deliver the Good Friday Agreement and in a manner which no other British Prime Minister would have been capable of doing.

"Blair was very pro-euro and this only reinforced the Irish Government's view that the euro was a desirable place to be.

"The arguments that Brown articulated, which now look very sound, were given no real hearing.

"Ireland, forfeited with the assurances from Tony Blair that it was on the right course, with its enthusiastic commitment to the European project, sailed on and into disaster."

Mr Bassett, who emphasised the approach continued under former Taoiseach Leo Varadkar, said there had been little doubt in political circles about the wisdom of joining the monetary union - and very little actual analysis.

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He added: "While working inside the Irish Civil Service, I remember, in the build-up to our joining, there was a steely determination in political circles to show the world that, in contrast to the British, we were good Europeans.

"There was even a feeling of smugness at the time, that the UK, for internal political reasons was not joining but no doubt would be forced to sign up later.

"This complacent attitude was to wreak havoc on our economy during the crash.

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"It would not be the last time we totally misjudged political developments in Britain."

In reference to the scepticism of other countries when it came to the euro, Mr Bassett pointed to the Dutch Parliament's unanimous vote, in 2017, to hold an enquiry into the country's future relationship with the euro.

He added: "This did not mean that the Netherlands was going to ditch the Euro in the short term, but it does reflect the dissatisfaction with the common currency in that country."

Significantly, the Dutch, as a prominent member of the so-called Frugal Four, which also includes Austria, Sweden and Denmark, were deeply uncomfortable with the 677million coronavirus rescue plan approved by the European Council last month.

With reference to Italy, where Gianluigi Paragone last month launched his No Europe for Italy Party, modelled on Nigel Farage's Brexit Party, Mr Bassett said: "The Italian general election of 2018 represented an electoral earthquake as the Italian political landscape was reshaped radically.

"Any decision by Italy to drop the euro, something which is probably necessary to revive its economic growth, would seriously endanger the future of the eurozone."

In terms of Ireland itself's future, Mr Bassett conceded: "It would be the height of irresponsibility for any Irish administration not to have well developed plans to depart the euro, giving its underlying weakness.

"There will, of course, be possible emergency measures, on file, ready in case of implosion, but the Government needs, in addition, to look strategically at how it could escape this straitjacket, especially now that the UK has departed the EU."

He concludes: "In the final analysis, it was a profoundly political act to take Ireland into the euro and it will take a profoundly political decision, with courage, to take us out."

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Tony Blair convinced Ireland to join euro now Dublin must get out or sail into disaster - Daily Express

Boris Johnson's official spokesperson has said the Government will ensure the UK's "status as an independent coastal state is properly respected" from next year. When quizzed how Britain will prevent illegal fishing in UK waters, the Downing Street official said: "We will ensure whatever agreement we reach with the EU on fishing rights, or indeed if we are unable to reach one, we will make sure our status as an independent coastal state is properly respected.

It comes as Sir Iain Duncan Smith, the former Tory leader, said it was vital David Frost continues to champion UK sovereignty in the talks, as the issue was fundamental to many Brexit voters.

The Brexiteer highlights this in a recent Express.co.uk comment piece, where he points out most people who voted to leave the EU did so to return sovereignty to the UK.

The Tory MP said a poll conducted by Lord Ashcroft on the day of the 2016 EU referendum found nearly half of leave voters said the biggest single reason for wanting to leave the EU was the principle that decisions about the UK should be taken in the UK.

The survey found only a third said the main reason was to regain control over immigration and its own borders.

When discussing the current trade talks, Sir Iain wrote: Importantly, David Frost, Boriss chief negotiator made it clear he agreed when he wrote that in the negotiations, the UK places sovereignty above all else.

It is in that context that the issue of how these outstanding payments to the EU impinge on the UKs sovereignty which matter now.

The Brexiteer urges Mr Frost to walk away from the talks if the UKs sovereignty risks being impinged.

He said: The WA was always work in progress as at the end of this year, the UK has a right to a comprehensive agreement, one which treats the UK as a sovereign partner.

A failure to observe this must lead to a rejection of the WA.

FOLLOW EXPRESS.CO.UK FOR LIVE UPDATES:

9.30pm update: As businesses open again in Northern Ireland, employment levels fall creating insecurity about future amid post-Brexit condtions.

Business activity in Northern Ireland picked up last month, but employment levels are continuing to fall.

Private sector firms are asked about output, staffing levels and exports amid uncertainty over Brexit.

9.00pm update: University numbers for 2020 and 2021 are predicted to collapse.

There will be a large amount of overseas students not wishing to travel to the UK. There is also a reluctance amoungst UK based students opting to not wish to pay tuition fees for online courses.

8.00pm update:Brexit may offer the UK the opportunity to draw up new laws for dealing with migrants crossing the Channel illegally.

More than 4,000 people are believed to have made the journey so far this year, some of them vulnerable individuals including young children, pregnant women and disabled people.

The Prime Minister's official spokesman said: "We are currently bound by the Dublin Regulations for returns and they are inflexible and rigid, for example, there is a time limit placed on returns, it's something which can be abused by both migrants and their lawyers to frustrate the returns of those who have no right to be here."

7.00pm Boris Johnsons "lucrative" post-Brexit trade deals cast into doubt, study claims

Institute for Government has suggested a lack of vision by Westminster over its post-Brexit trade priorities meant that other countries had the upper hand at the negotiating table.

6.30pm update: UK-EU have still some way off from reaching a post-Brexit trade agreement.

After the latest negotiations in London EU chief negotiator Michel Barnier declared a deal looked "at this point unlikely" given the UK position on fishing rights and post-Brexit competition rules.

6.00pm UK Japan trade deal could increase Britain's trade with the country by15bn per year.

Japanese Foreign Minister Toshimitsu Motegi said there was "substantial" agreements in areas such as financial and digital services.

4.40pm update:The UK Government has pledged 355 million help Northern Irish businesses adjust to Brexit.

A support package has been unveiled to help firms with bureaucracy of moving goods across Irish Sea. Michael Gove said 200m would be spent on a trader support service to help firms handle new bureaucracy to move goods across the Irish Sea, turning the government into a de facto customs agent for traders.

A further 155m will be spent on digital technology to streamline processes required by the new internal border.

4.00pm update: Major recession warning for the UK.

Coronavirus lockdown is set to shrink the UK's GDP by 21percent in second quarter. This is the first time the UK has slipped into recession sincethe 2008 financial crisis.

2.44pm update:Brexit will allow UK to draw up a new framework for dealing with migrants

The Prime Minister's official spokesman said: "We are currently bound by the Dublin Regulations for returns and they are inflexible and rigid - for example, there is a time limit placed on returns, it's something which can be abused by both migrants and their lawyers to frustrate the returns of those who have no right to be here.

"At the end of this year we will no longer be bound by the EU's laws so can negotiate our own returns agreement.

"The Home Office continue to look at all available options to tackle this issue."

1.53pm update:Brexit POLL: Should UK form 'superpower' alliance with Australia, Canada and New Zealand?

Britain could form a superpower alliance with the old Commonwealth allies of the UK, Canada, Australia, and New Zealand after Brexit, a historian has claimed.

The UK could be one step closer to forming the CANZUK Union", the acronym for Canada, Australia, New Zealand, and the UK after it finally unshackle itself from the bloc, four years after it voted to leave.

Historian Andrew Roberts described how the superpower nations whose majority of people speak English could form an alliance to be a free trade zone with the free movement of people.

Express.co.ukis asking you should the UK form new superpower alliance with Australia, Canada and New Zealand?VOTE HERE.

1pm update:Tony Blair convinced Ireland to join euro - but now it must get out, says expert

Ireland was convinced to join the euro by former UK Prime Minister Tony Blair - but now it needs to show courage to free itself from the "straitjacket" of the single European currency, an Irish diplomat has claimed.

Ray Bassett, the former Irish ambassador to Canada, Jamaica and the Bahamas, believes Ireland needs to give serious consideration following in the UK's footsteps with Irexit.

He says a courageous decision will be required to deliver financial independence in parallel.

Mr Bassett outlines his ideas about Irexit, and the eurozone, in his new book, Ireland and the UK Post Brexit.

11.27am update:Boris will struggle to secure lucrative trade deals, study warns

Boris Johnsons promise of lucrative post-Brexit trade deal is on course to fail, a study has warned.

The Institute for Government said Britain has failed to agree what it wants from trade negotiations, giving other countries the other hand.

The think tank criticises the unforced error of launching into complex trade talks before ministers have decided what they want their post-Brexit regulations to be.

Maddy Thimont Jack, a senior researcher, said: Three years ago, we warned that the Government had not set up the necessary structures for effective decision making on key trade policy issues.

The government did not heed that warning then, but it now needs to move urgently to put them in place.

"Otherwise it will find itself losing control of trade and regulatory policy to better-prepared partners.

9.53am update: UK urged to protect healthcare rights post-Brexit

The UK has been urged to ensure healthcare arrangements, such as the EHIC, are included in a post-Brexit trade deal with the EU.

Sam Lowe, a senior research fellow a the eCentre for European Reform, wrote on Twitter: "The thing is, yes - the UK absolutely should be trying to negotiate reciprocal healthcare provisions as part of the future partnership between the EU and UK.

"UK has decided to take the bizarre approach to the negotiations of claiming it doesnt really want anything special from the agreement when it should (and it does)."

Commentators have warned that without such a scheme in place British holidaymakers with existing health conditions may have to fork out hundreds of pounds for travel insurance.

Travellers over 65 can also expect an increase in premiums.

9.33am update:Brexit Britain could form NEW superpower alliance with Australia, Canada and New Zealand

Brexit Britain could form a federation with Canada, Australia, and New Zealand to create a superpower" after fully cutting ties with the EU, a historian has claimed.

Historian Andrew Roberts described the federation of nations whose majority of people speak English could be a free trade zone with the free movement of people.

The idea is based on the concept of the "CANZUK Union", this being the acronym for Canada, Australia, New Zealand, and the United Kingdom.

The union could have a mutual defence organisation and combined military capabilities, the historian claimed.

According to Mr Roberts, the "CANZUK" union would be the fourth-largest economy in the world.

9am update:FTSE-100 shares rose on hopes of Brexit deal

London-listed shares rose on Monday, due in part to renewed hopes of a Brexit trade deal with the EU.

The FTSE-100 was up 0.8 percent, with the mid-cap FTSE-250 also up 0.7 percent - a seven-week high.

Traders are hopeful of a Brexit trade deal after Britain's top minister overseeing negotiations said on Friday he was confident of an agreement with the EU.

Stocks also rose in response to optimism around a post-pandemic economic rebound in China.

8.07am update:Ireland must take a long hard look at Brussels membership

Ireland has been tipped to follow the UK's lead and quit the European Union by a former Irish diplomat who called for "a long hard look" at whether the country's membership of the bloc was worth it.

Ray Bassett pulls no punches in his new book, 'Ireland and the EU Post Brexit', suggesting the benefits bestowed on Dublin by Brussels are drying up, with "difficult choices" on the horizon.

In his book, he writes: "We need a long hard look at our EU membership and pose the question, is it worth the price?"

"The billionaire businessman, George Soros, an ardent europhile, has accepted the inevitable and predicted that unless the EU reforms it will perish.

"The pipe dreams of Emmanuel Macron and his proposals for even a more centralised EU are vanishing against the cold reality of the desire for the citizenry of EU Member States for national sovereignty.

"The disastrous showing of the establishment centre-right and centre-left parties in the 2019 European Parliament elections demonstrated this in a very direct way."

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Brexit LIVE: No10 vows action on illegal French fishers -'Independence WILL be respected!' - Daily Express

BALTIMORE, Md. U.S. Attorney Robert K. Hur of the District of Maryland announced that Maryland has received $999,990 from the Department of Justices Office of Justice Programs and its component, the Office for Victims of Crime, to provide safe, stable housing and appropriate services to victims of human trafficking.

Human trafficking is a barbaric criminal enterprise that subjects its victims to unspeakable cruelty and deprives them of the most basic of human needs, none more essential than a safe place to live, said Attorney General William P. Barr. Throughout this Administration, the Department of Justice has fought aggressively to bring human traffickers to justice and to deliver critical aid to trafficking survivors. These new resources, announced today, expand on our efforts to offer those who have suffered the shelter and support they need to begin a new and better life.

Human traffickers prey on our most vulnerableincluding childrenin order to profit from their victims misery. Traffickers often use violence and exploit drug addictions in order to coerce their victims into such crimes as commercial sex rings, said U.S. Attorney Robert K. Hur. These grants will help to provide resources to the vulnerable victims of this reprehensible crime. The Maryland U.S. Attorneys Office and our partners will never stop working to end human trafficking.

The grant, awarded to the Salvation Army and the University of Maryland SAFE Center for Human Trafficking Survivors, will provide six to 24 months of transitional or short-term housing assistance for trafficking victims, including rental, utilities or related expenses, such as security deposits and relocation costs. The grant will also provide funding for support needed to help victims locate permanent housing, secure employment, as well as occupational training and counseling. The Salvation Army and the University of Maryland SAFE Center are among 73 organizations nationwide receiving more than $35 million in OVC grants to support housing services for human trafficking survivors.

The Salvation Army of Central Maryland is committed to assisting survivors of human trafficking in reclaiming their lives and determining their futures, said Beth Luthye, Anti-Human Trafficking Program Director for The Salvation Army of Central Maryland. Over the past few years, our core focus has been short-term housing and intensive care management. This OVC grant will enable us to expand our services to also provide supportive transitional housing and independent housing assistance, as well as partnering with business and community leaders to build out initiatives focused on employment and financial independence. Ms. Luthye added, The Salvation Army program, based in Baltimore City, targets adult survivors of both sex trafficking and labor trafficking throughout the state of Maryland. It is inclusive of women who often find closed doors at other residential programs, including pregnant women, mothers of young children, transgender individuals, and foreign nationals.

"Stable housing is foundational to human trafficking survivors' ability to rebuild their lives, said SAFE Center Founder and Director, Susan Esserman. We feel fortunate to be partnering with the Montgomery County Department of Health and Human Services in a rapid rehousing model to address this urgent housing need. We are grateful for this OVC funding as lack of safe housing is a driver of trafficking."

Human traffickers dangle the threat of homelessness over those they have entrapped, playing a ruthless game of psychological manipulation that victims are never in a position to win, said OJP Principal Deputy Assistant Attorney General Katharine T. Sullivan. These grants will empower survivors on their path to independence and a life of self-sufficiency and hope.

Human trafficking offenses are among the most difficult crimes to identify, and the scope of human trafficking victimization may be much greater than the limited data reflect. A new report issued by the National Institute of Justice, another component of the Office of Justice Programs, found that the number of human trafficking cases captured in police reports may represent only a fraction of all such cases. Expanding housing and other services to trafficking victims remains a top Justice Department priority.

The Office for Victims of Crime, for example, hosted listening sessions and roundtable discussions with stakeholders in the field in 2018 and launched the Human Trafficking Capacity Building Center. From July 2018 through June 2019, 118 OVC human trafficking grantees reported serving 8,375 total clients, including confirmed trafficking victims and individuals showing strong indicators of trafficking victimization.

For a complete list of individual award amounts and jurisdictions that will receive funding, visit: https://www.ojp.gov/sites/g/files/xyckuh241/files/media/document/htvictimsfactheet.pdf

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Nearly $1 Million In Federal Funds To Provide Housing To Victims Of Human Trafficking In Maryland - Bay Net

Financial Freedom

By Corey Mann

Originally posted August 3, 2020

Updated on August 6 at 4:59 pm

Are you looking for more information about the FIRE movement? If so, you have come to the right place. The FIRE retirement plan is growing in popularity across the United States.

Where did this movement begin? And does it actually work? Learn how saving your money and making smart investments can lead you on a path to early retirement.

First and foremost, FIRE stands for Financial Independence, Retire Early. Its a movement that is built around the ideas of frugality and investing.

It came about it 1992 through the bestselling book Your Money or Your Life by financial gurus Vicki Robin and Joe Dominguez. The FIRE movement has now been embraced by Millennials as a target to retire before the traditional age of 65.

This strategy has given individuals the ability to retire as early as their late 20s and early 30s. But you will need to save the majority of your yearly income to make it happen.

The model gained popularity back in the 2010s via online communities. Various blogs, podcasts and forums began discussing the FIRE movement while people began implementing its ideas into their own lives.

So, what is the FIRE retirement plan exactly? Its a goals-based approach to extreme saving and investing. And the ultimate goal is to reach 30 times your yearly expenses. For most people, that is roughly $1 million.

At this point, you can quit your day job or permanently retire. With the right investment plan, you can take out 3% to 4% each year sustainably. So the more you save up before retirement, the more you can take out later on.

However, the FIRE movement requires you to remain extremely vigilant with your finances. Youll need to remain frugal and monitor your expenses daily.

While you may be able to retire early, you will also have to reallocate your investments from time to time. This will ensure that you arent spending more than you can afford.

According to Social Security, the normal retirement age for anyone born after 1960 is 67. Its no wonder that so many people are trying to discover how to retire early. As each year passes and the cost of living rises, so does the projected retirement age.

The FIRE movement is built around extreme saving techniques, but that is just the foundation to the plan. And keeping your costs low is one of the most difficult parts. Therefore, its important to plan ahead in many aspects of your life.

Start by considering the rising costs of healthcare. If you retire at the age of 50, thats 15 years before youre eligible for Medicare. Some employers will offer healthcare benefits for retirees while others will have to receive their coverage privately.

This will need to go into your savings strategy as you begin to calculate how much money you need to live comfortably. Its also important to keep your other costs down as best as possible.

The FIRE movement doesnt work if you live above your means. You have to make a conscious decision to live below your means before retirement so that you can save enough to live comfortably after retirement.

This means you have to learn how to create a budget and stick to it. Cut costs as best as you can and eliminate your debts. Minimize the costs of your bills as best as possible, such as your cellphone. You dont need premium packages with added costs if youre living with FIRE.

The quickest route to an early retirement is the stock market. In fact, investing in stocks is the greatest form of passive income that can replace your paycheck. And the FIRE retirement plan suggests that you invest in low-cost index funds and dividend stocks.

For the latest stock market trends and analytics, sign up for the Investment U e-letter below. The experts at Investment U will help you find the quickest path to financial freedom with daily investing tips and trends.

Everyone wants to retire early, but are you frugal enough to make it happen? Learn more about the FIRE movement and discover how it fits your specific goals.

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What Is the FIRE Movement? - Investment U

Stan Choe and Alex Veiga, The Associated Press Published 10:56 a.m. ET Aug. 5, 2020 | Updated 7:04 p.m. ET Aug. 5, 2020

Where does the U.S. stimulus money come from? Here's how the Federal Reserve is saving the economy from the COVID-19 crisis. USA TODAY

Wall Streets big rally keeps rolling, and the S&P 500 rose for a fourth straight day Wednesday to sit just 1.7% below its record.

The S&P 500 climbed 21.26 points, or 0.6%, to 3,327.77, echoing gains for stocks across Europe and Asia. If the U.S. market has just a few more days like that, it will erase the last of the historic losses its taken since February because of the coronavirus pandemic and the recession it caused.

The Dow Jones Industrial Average rose 373.05, or 1.4%, to 27,201.52, and the Nasdaq composite added 57.23, or 0.5%, to set another record at 10,998.40.

Much of Wall Streets focus this week has been on Washington, where Congress and White House officialsare negotiatingon more aid for an economy thats shown some improvement but is still hobbling. Investors say such a package is crucial and needs to arrive quickly, with millions of Americans still out of work and $600 in weekly unemployment benefits from the U.S. government having recently expired.

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Treasury Secretary Steven Mnuchin said late Tuesday that the two sides set a goal of reaching an agreement by the end of the week to permit a vote next week, though negotiators said the two sides remain far apart on key issues.

The pressure on Washington to act quickly is mounting. A report on Wednesday suggested thathiring was far weakerlast month than economists expected. Private employers added just 167,000 jobs, according to a survey by payroll processor ADP, well below the 1.2 million that economists had forecast.

It highlights the damage that a resurgence incoronavirus casesacross much of the country is doing to the economy. It also puts an even brighter spotlight on Fridays more comprehensivejobs reportcoming from the Labor Department.

Investors across the stock market seem to be assuming that Congress will reach a deal sooner rather than later, as well as that the economy will continue to improve despite the pandemic, said Willie Delwiche, investment strategist at Baird.

If either one of those gets challenged, then you could see more volatility in stocks, he said.

(Photo: Getty Images)

The Walt Disney Co.rose 8.8% for one of the biggest gains in the S&P 500 after the media giant reported a profit for the spring that beat Wall Streets expectations, even if it was down sharply from a year earlier.

Prudential Financial rose 6.2%, helping to drive the financial sector to one of the markets bigger gains, after it likewise reported results that werent as bad as analysts had forecast.

Thats been the trend across much of the market this reporting season. Stocks have continued to climb even though S&P 500 companies appear to be on track to report a roughly 34% drop in earnings per share from a year earlier, according to FactSet. Thats in part because investors had prepared for an even steeper drop.

The overall theme from earnings has been not as bad as we feared, Delwiche said. Estimates came down, and now everybodys beating that really low bar. Management is as in the dark as everyone else, in terms of what the path of this recovery is going to be. Everyone is kind of waiting to see what happens next in terms of the recovery.

Investors are betting that the plunge in profits will prove to be only temporary and that earnings will recover as economies reopen and a vaccine for the new coronavirus hopefully gets developed to help the world get closer to normal.

Shares of biotech company Novavax jumped 10.4% after it reported data on its vaccine candidate for COVID-19. Analysts cautioned not to over-interpret the data but called it encouraging.

A better-than-expectedreadingon the nations services sector also added to the mixed picture on the economy. The services sector includes retail, health care and transportation, and it makes up the bulk of the U.S. economy. It grew in July for the second straight month, according to a survey by the Institute for Supply Management, and accelerated when economists were expecting a slight slowdown.

Even within that report, though, were seeds of concern. Growth in new orders helped to drive the reading higher, but employment trends in the report werent as encouraging.

Treasury yields rose, reclaiming some of their lost ground from a day before when they sank to a nearly five-month low. The yield on the 10-year Treasury climbed to 0.54% from 0.51% late Tuesday.

Yields have remained very low as investors have continued to worry about the weak economy and as the Federal Reserve has unleashed massive amounts of stimulus.

Gold rose even further into record territory, continuing its strong climb since the spring amid nervousness about the economy and super-low interest rates. Gold for delivery in December, the most actively traded contract, rose $28.30 to settle at $2,049.30 per ounce.

In Europe, Germanys DAX returned 0.5%, and Frances CAC 40 rose 0.9%. The FTSE 100 in London added 1.1%.

In Asia, Japans Nikkei 225 slipped 0.3%, but South Koreas Kospi added 1.4%. Hong Kongs Hang Seng rose 0.6%, and stocks in Shanghai inched up 0.2%.

Benchmark U.S. crude rose 49 cents to settle at $42.19 per barrel. Brent crude, the international standard, added 74 cents to $45.17 a barrel.

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Wall Street keeps rallying; S&P 500 back within 2% of record - USA TODAY

The Louisa County Water Authority will hold a public hearing on Aug. 12 on proposed changes to water and sewer rates paid by their 850 customers, including the town of Louisa.

Rates are slated for an increase to cover growing operational costs, and the authority proposes a new $6 monthly administrative fee.

But the authority is also lowering the base rate from 4,000 to 3,000 gallons per month. The latter change will credit customers who have historically used less water each month than the base amount.

A lot of people, especially those on fixed incomes, use way less than 4,000 gallons, said Pam Baughman, water authority general manager. This ends up saving one-third of our customers some money.

She said a rate increase is needed to keep up with state and federal regulations, and to help the authority work toward financial independence from the county government.

Were closing the gap and have made improvements to be more efficient, but those cost money, she said.

The rate changes affect customers who get their water from Northeast Creek Reservoir and the county wells in the Green Springs area. The water authority treats wastewater at the regional plant just outside the town of Louisa and at its Zion Crossroads facility.

The current base water and sewer rates are $23.56 and $35.48 per 4,000 gallons. The new base rates would be $20.13 and $29.79 per 3,000 gallons.

The water rate per 1,000 gallons would increase from $5.89 to $6.71, and the sewer rate per 1,000 gallons from $8.87 to $9.93.

Even after paying the new administrative fee, a customer using only 3,000 gallons per month would see a savings over current rates. But a customer who continues to use close to 4,000 gallons per month will pay significantly more.

The wholesale user rate per 1,000 gallons, which the town of Louisa pays, is proposed to climb from $4.57 to $5.21. The Louisa Town Council indicated last month it will wait to see what action the water authority takes before deciding whether to change rates for town customers.

The public hearing on the rate changes will begin at 6 p.m. on Aug. 12 in the public meeting room at the Louisa County Office Building, 1 Woolfolk Avenue. In-person access will be limited to the first 28 citizens who want to speak. The meeting will be streamed live on the county website and people can also call 540-967-0401 during the meeting to make comments.

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Water, sewer rates proposed to increase | News - The Central Virginian

This week in our empowerment series we meet three phenomenal women U.S. Representative Anna G. Eshoo (D-CA-18), U.S. Representative Jackie Speier (D-CA-14), and Speaker of the Maine House of Representatives Sara Gideon.

Together they exemplify what it means to be a strong leader blazing trails, empowering women, all while supporting the Armenian American community.

Rep. Anna Eshoo

First, we meet Representative Anna Eshoo. Born in New Britain, Connecticut, Rep. Eshoo is both Assyrian and Armenian and has represented Californias 18th congressional district since 1993.

The first woman elected to serve as Chair of the Health Subcommittee, Rep. Eshoo also serves as the Ranking Member on the Subcommittee on Communications and Technology, as well as the House Energy and Commerce Committee. During her time in office, she has fought for consumers, access to health care for families, advocated for the development of clean energy technology and protected the environment. In order to provide citizens with affordable health insurance, she has drafted parts of the Affordable Care Act and continues to strengthen this law.

Rep. Eshoo has left an indelible mark on US policy from her work on the landmark Telecommunications Act of 1996 to her work in helping fund Next Generation 911 technology following the tragic events of September 11. Recognized as one of the 10 most powerful women in Silicon Valley, she has also been awarded the Statesmanship Award for her commitment to improving the lives of others.

As the only Armenian-Assyrian in Congress, Rep. Eshoo who has served as a co-sponsor of the Armenian Genocide Resolution since 1993, took pride in leading the bipartisan effort to move the Armenian Genocide Resolution, H.Res.296, to the House floor for a vote in 2019. The bipartisan resolution which passed with an overwhelming vote of 405 to 11 fights denial of the Armenian Genocide and encourages truth and justice.

In response to the passage of the resolution, Rep. Eshoo stated, Between 1915 and 1923, 1.5 million Armenians, and hundreds of thousands of Assyrians, Greeks, Syriacs, Arameans, Maronites, and other Christians were systematically slaughtered at the hands of the Ottoman Empire There is an historic parallel today as Turkey is once again engaging in ethnic cleansing, this time against the Kurds in Syria. This resolution not only honors and commemorates my ancestors and all those who perished in the first genocide of the 20th century but serves as a timely reminder that we must remain vigilant to prevent similar atrocities today.

A proud mother of two children, Rep. Eshoo received her degree from Canada College and the CORO Foundation. In 1982, she was voted to the San Mateo County Board of Supervisors where she went on to serve the County Board for 10 years before she became a member of the U.S. House of Representatives.

Rep. Jackie Speier

Another powerhouse in the halls of Congress is Rep. Jackie Speier an Armenian American politician who has served as a US Representative for Californias 14th congressional district since 2008.

A staunch supporter for womens equality, LGBTQ rights and cleaning up government corruption, she was named in Newsweeks top 150 Fearless Women in the world, as well as one of the most influential people in American politics in Politicos 50.

She serves on the Subcommittees on Environment and Government Operations and is also Co-Chair of the Democratic Womens Caucus, Congressional Armenian Caucus, Bipartisan Task Force to End Sexual Violence, and the Gun Violence Prevention Task Force.

A staunch advocate against sexual assault in the military as well as on college campuses, she had over 300 bi-partisan bills signed into law that have helped achieve justice for women and children. Rep. Speier introduced the Me Too movement in the halls of Congress in October 2017, later becoming the basis of the bipartisan Congressional Accountability Act and Reform Act that was signed into law in December 2018.

Although shes had several wins, shes also faced her fair share of challenges. For instance, when Rep. Speier started working on implementing sexual harassment training in Congress in 2014, she was told that anti-harassment training would never take place. However, the CAA Reform Act made sure that anti-harassment training was mandatory.

She tells the story of one of her most tragic and challenging encounters in her book, Undaunted: Surviving Jonestown, Summoning Courage, and Fighting Back. In it, she shares her traumatic experience in Jonestown, Guyana, where she joined the late Congressman Leo Ryans delegation in rescuing defectors from Jim Joness Peoples Temple. Congressman Ryan was murdered, and Rep. Speier was shot five times.

Recovering from this traumatizing experience, she decided that she wanted to show her strength rather than her weakness and fight against inequality and injustice in the U.S. Congress. Her experience highlights her strong leadership and character as she fought her hardest to stay alive and use her voice to help others.

She brings that same passion to the Armenian cause. As co-chair of the Congressional Caucus on Armenian Issues and one of three Armenian American members of Congress, she was a relentless advocate for passage of H.Res.296, the Armenian Genocide resolution.

On the heels of the passage of the resolution, she said, The Houses resounding 405-11 vote to recognize the Armenian Genocide is a great victory for millions of Armenians around the world. Congress has failed to affirm the truth for far too long and Im heartened that we have joined our allies around the globe, and 49 U.S. states, in acknowledging that the Ottoman Empire perpetrated a genocide upon the Armenian people. She went on to say, This vote also sent a critically important message to the world in light of Turkeys modern-day ethnic cleansing campaign of the Kurds in Syria. Today, we sent a message that history cant be rewritten, that America will no longer abandon Armenians with feeble excuses for a so-called ally, and that we will never forget the atrocities of the past and present. Today we affirmed the Armenian Genocide was real and we stand against it and those who seek to perpetuate such evil again.Speier received her B.A. in Political Science from the University of California at Davis and her J.D. from UC Hastings College of the Law. A proud wife and mother, Gideon focuses on making the lives of working families easier, particularly in the current economy.

Maine House Speaker Sara Gideon

Lastly, we meet Sara Gideon, speaker of the Maine House of Representatives. Speaker Gideon, who is of Indian and Armenian descent, is running for US Senate in Maine with a focus on public interest. Speaker Gideon recently won the Democratic primary for the US Senate seat in Maine challenging the seat held by Senator Susan Collins.

During her time in the Maine House of Representatives, she passed a landmark bill in order to provide tax refunds to homeowners in Maine and has focused on opening up more educational opportunities for the people of Maine to have a chance at financial independence.

Additionally, she has addressed delivering resources to battle Maines opioid epidemic. Former Governor Paul Lepage went against Saras opioid legislation, however, that did not result in her giving up. Instead, she brought both political parties together to overturn the veto.

Shes exhibited passion and dedication in her work for the people of Maine, and she brings that same conviction to the campaign trail.

Shes had opportunities to connect with Armenian Americans throughout the region. This past April 24, 2020, she stood by the Armenian American community of Maine in commemorating the 105th anniversary of the Armenian Genocide. As the granddaughter of Armenian refugees, I hold this day as a solemn reminder that we must continue our work to protect human rights, Gideon said.

Outside of her advocacy work, she also helped secure recognition of Artsakhs independence for the state of Maine.

A wife, mother and graduate from George Washington University in International Affairs, Speaker Gideon is poised for a seat in the US Senate.

Whether they are in the halls of Congress, on a trip to Armenia or a stop on the campaign trail, these women have made incredible strides in advancing issues that are paramount to the marginalized. They have used their platforms to advance matters that are not only central to their beliefs and the broader communities they serve, but they have also continuously advocated for the Armenian American communities they represent and the Armenian cause.

We look forward to a day in which the next generation of leaders ascends into the ranks that these women have achieved. They are truly making a difference on the inside in the halls of Congress even and that helps us advance the cause.

Tvene Baronian is a rising sophomore attending Hobart and William Smith Colleges in Geneva, New York. She plans to graduate with a double major in Environmental Studies and English. On campus, Tvene is a member of the Environmental Club, Campus Green Club, Public Leadership Education Network (PLEN), Outdoor Recreation Adventure Program (ORAP), Sustainability Club, Koshare Dance Collective, and the Lacrosse Club. In addition to her involvement on campus, her passion for her Armenian heritage drives her participation in various volunteer organizations including Armenian Youth Federation (AYF), Hamazkayin Nayiri Dance Ensemble, HMEM Scouts and the Armenian National Committee of America (ANCA). During her free time, she loves to sing, dance, write and draw. She has a passion for music and has performed at Carnegie Hall, where she showcased her love of Armenian opera.

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Beyond Motherhood: Powerful Women in Politics - Armenian Weekly

With a Masters degree in entrepreneurship, Claudine Esseiva from Switzerland has over a decade of management experience at the age of 42. A member of city parliament, and the mother of a six-year-old son, she coordinates her various commitments with her husband.

Italian-language journalist, working in Bern since 1989.

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"It has always been clear to me that I wanted to continue working, because financial independence and the fact that there are two people on an equal footing in everyday life are very important to me," explains Esseiva, who has worked as a consultant and partner at a Bern-based public relations agency since 2011.

Since 2017, she has also represented the centre-right Radical Party in Berns city parliament. She also chairs the association BPW Switzerland (Business and Professional Women). She admits that all these commitments are not always easy to handle.

"My husband and I are careful to take equal care of our son," she says. Milan, her six-year-old, attends kindergarten and preschool, and family members also help with childcare.

"We have to make a big organisational effort," she says, adding that she and her husband had many discussions about division of labour before deciding to start a family. In most cases in Switzerland, couples decide that the woman will be the one who primarily takes care of the children, reducing her working time to 40-50%, while the man continues to work full-time.

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'You have to make a big organizational effort' - swissinfo.ch

Digital nomads are defined as professionals who live in a nomadic manner and work remotely, usually operating out of coffee shops, co-working spaces and even, while staycationing in another country. All you need in a lifestyle like this, is a constant internet connection and a laptop or smartphone. Most people choose to become digital nomads for positive reasons, including financial independence and a career that allows one to work from anywhere. The downside, however, is that these set of professionals might feel lonely or easily burnt out when theyre constantly connected to the digital ecosystem - a pattern several professionals have been battling with in the last 5 months weve been adapting to work from home.

The term Digital Nomad was first-heard in the book by the same name, written by Tsugio Makimoto and David Manners in 1997, however, theres no evidence to prove that the term was coined here first or pre-existed. Digital nomads are known to adapt to a minimal lifestyle and may also sell a number of possessions in order to travel lighter and be able to move around easily, without baggages, figuratively and literally.

In the pandemic and post-pandemic world, when travel is looking different as per the forecasts and is expected to serve different purposes for everyone, the term digital nomadism has been doing the rounds again. Countries, especially those whose economies are heavily-dependent on tourism, are competing for a new generation of remote workers in a bid to ride out the pandemic and make up for lost visitors, by offering sunny beaches, cheap living and low infection rates.

A blog called digitalnomads.com reported in 2017 that Bangkok was a digital nomad hub as it only costs $280 per week to live here.

From Barbados to Estonia, several countries are launching visa regimes aimed at wooing digital nomads to revive their tourism-dependent economies, chasing the sort of people who mix work with travel and can set up shop any place with an internet connection.

Work from Paradise, as Barbados 12-month Welcome Stamp Visa boasts, launched in July allowing remote workers to relocate to the Caribbean island for one year.

Our new... (visa) allows you to ... work from one of the worlds most beloved tourism destinations, the countrys Prime Minster Mia Mottley wrote in a welcome message on the page.

Even before the pandemic, numbers were growing, with more than 7 million people in the United States calling themselves digital nomads in 2019, up from about 5 million in 2018, according to research from the firm.

Countries launching the new visa regimes hope that luring some of them could help stimulate local economies hit by the new coronavirus and make up for some of the lost tourism.

Digital Nomad Visa

Estonia launched a Digital Nomad Visa last week in an endeavour to boost the countrys credentials as an innovation hub. The main aim of the programme is to promote Estonia, Annus told the Thomson Reuters Foundation, explaining the scheme was one of the first in the world to target remote-working employees, as well as freelancers and contractors. The more known Estonia is, the more our companies can export our e-services and more and more people are interested in investing ... and of course ... the more tourists we shall have.

In Georgia, which also announced plans for a digital nomad visa last month, economy minister Natia Turnava said she hoped to shore up the countrys real estate and hospitality sectors.

Georgia has an image of a safe country in terms of epidemiological standpoint and we want to use this chance, the local media reported her saying.

Barbados and the North Atlantic British territory of Bermuda - which launched a Work from Bermuda one-year residential certificate this week - also flaunted their virus credentials.

No need to be trapped in your apartment in a densely populated city with the accompanying restrictions and high risk of infection, Bermudas premier David Burt wrote online.

Come spend the year with us working or coding on the water, they added.

In Bermudas Work from Bermuda Certificate Program, visitors only have to show valid healthcare insurance, and pay an online fee of $263. This will allow them to come and work in the country, and leave as often as they like for a year-long period.

Estonia is asking that applicants prove they earn at least 3,504 euro ($4,100) a month, while those moving to the Barbados have to pay a $2,000 fee.

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All you need is WiFi: How Covid-19 could bring in the era of the digital nomad - Hindustan Times

Reaching financial independence is the holy grail of personal finance. But what does financial independence really mean? In this post Id like to determine the three levels of financial independence. Thats right. Even in financial independence there is no one size fits all since everybody has a different desired standard of living.

Contrary to what you may think, financial independence is not all about having enough money to cover all your expenses. Financial independence also means being able to overcome your psychological fears to truly live free.

For example, I have peers who have millions in net worth. Yet, they still make their respective spouses work because they do not feel 100% financially secure. WiFi!Common reasons include the need for health care coverage or their spouses love for their job even though theyd rather be doing something else.

Here are the three levels of financial independence Ive come up with. All three levels of financial independence should meet the following basic criteria:

1) No need to work for a living. Investment income or non-work income covers all living expenses into perpetuity.

or

2) Net worth is equal to or greater than the number of years left in your life X living expenses. For example, $3 million with 30 years left to live is FI if your living expenses are no more than $100,000 a year.

If your household income is less than ~$40,000 a year, you are considered lower middle class. Dont be offended. Its just a definition based on millions of datapoints. The current official poverty threshold is an income of $25,000 per year fora family of four and $19,000 for a family of three.

If you are happy with living a lower middle class lifestyle, then you would need between $800,000 $1,600,000 in investable assets returning 2.5% 5% a year to replicate the $40,000 in gross annual income. Of course if youve been investing in the bull market for the past 10 years, youve likely seen a higher return than 5%. But over the long run, its best to stay conservative since downturns do happen.

Given the 10-year bond yield is at under 1%, everybody should make at least 1% a year on their investable assets risk free. If youre losing money during your financial independence years, you havent been investing properly.

This category of financial independence is interesting because theres a lot of tradeoffs the individual or couple still make, such as:

The question many people have in this stage is therefore: Are you really FI if youve got to do one or many of these things? Many who work a day job argue no, but it doesnt matter because nobody can tell you how to live your FI life. If you dont have to work a full time job and can cover your expenses, you are Budget FI as far as Im concerned.

Budget Financial Independence is where I found myself between 2012 2014. I was earning about $80,000 in passive income, which was more like $40,000 since I lived in San Francisco, and had negotiated a large enough severance to last for 5-6 years of living expenses.

Even with these numbers, I was still afraid that I had made the wrong choice leaving a job at 34. As a result, I tried to sell my house and downsize by 70%, but nobody wanted to buy my house in 2012 thank goodness.

Further, my wife and I agreed that she work for three years until she turned 34 (hooray for equality) to give us enough time to figure out whether we could both leave the workforce. At the end of 2014, she negotiated her severance as well before her 34th birthday.

Related: What Is Lean FIRE?

The median household income in the U.S. is roughly $64,000. $64,000 is therefore considered a comfortable middle class income If you didnt have to work for your $60,000 a year income, then life should be better, maybe even fantastic.

Based on a conservative 2.5% 5% annual return, a household would need investments of between $1,200,000 $2,400,000 to be considered financially independent. Once youve got at least $1,200,000 in investable assets and no longer want to work again, I dont recommend shooting for an overall return much greater than 5%. You can carve out 10% of your investable assets to go swing for the fences if you wish, but not more. There is no need since you have already won the game.

Remember, once youve reached financial independence, you no longer have to save. Everybody striving for financial independence tends to save anywhere from 20% 80% of their after tax income each year on top of maxing out their pre-tax retirement accounts.

Therefore, if youre able to 100% replicate your gross annual household income through your investments, youre actually getting a raise based on the amount you were saving each year.

If you have 20 years left to live and only require $60,000 a year, having $1,200,000 can also be considered enough even if you make zero return. The only problem is that your purchasing power will decline by ~2% a year due to inflation. The other problem is that you dont know exactly how many years you have left to live. Therefore, its always better to have more rather than less.

My blogging buddy Joe from Retire by 40, who is six years older than me, is a good example. He has enough money, but is still finding it difficult to overcome the fear of not working.

Every year, he questions whether his wife can join him in retirement. This is even though he has close to a $3 million net worth. He also has online income and passive income. Every year I tell him she could have retired years ago, but hes adeptly convinced her to keep on working.

Related:Achieving A Two Spouse Financial Independence Lifestyle

This is a level of FI that Ive been trying to achieve since I was 30 years old. I decided back then that an individual income of ~$200,000 $250,000 and a household income of ~$300,000 was the ideal income for maximum happiness.

With such income, you can live a comfortable life raising a family of up to four anywhere in the world. Given Ive spent my post college life living in Manhattan and San Francisco, it was only natural to arrive at much higher income levels than the US household median. Remember, half the country live in more expensive coastal cities.

These figures are partially due to a highly progressive tax code that was implemented in the mid 2000s. The government really went after income levels above these thresholds. Further, I carefully observed my happiness level from making much less to making much more. Any dollar earned above $250,000 $300,000 didnt make a lick of difference. In fact, I often noticed a decline in happiness due to the increased stress from work.

Using the same 2.5% 5% return figures, one would therefore need $5,000,000 $10,000,000 per individual and $6,000,000 $12,000,000 per couple in investable assets to reach Blockbuster Financial Independence. In addition, it is preferable if your home is also paid off.

If you are generating $250,000 $300,000 in passive income without having to work, life is good, really good. In 1H2017, I got to about ~$220,000 in annualized passive income. But then ended up slashing ~$60,000 from the top after selling my rental house to simplify life. Therefore, Ive still got a long ways to go, especially now that I have a son to raise.

Today, my passive income is around $260,000 +/0 $25,000. Its a comfortable amount of money, but it may not be enough given I now have two kids. Therefore, my goal is to shoot for another $40,000 in passive income by 2023. 2023 is when my boy will be eligible for kindergarten.

The way many people reach Blockbuster Financial Independence with income of $250,000 $300,000 is through a combination of investment income and passion project cash flow. Since FI allows you to do whatever you want, heres your chance to follow the clich, follow your passions and the money will follow without worry that there will be no money. My passion so happens to be this site. Everybody should start their own today.

Related: What Is Fat FIRE? The Best Way To Live Life In Retirement

Even if you find yourself in the Budget FI category, its still better than having to work at a soulless day job. Just getting rid of a long commute or a terrible boss makes Budget FI worth it.

Most people who find themselves in Budget FI are either on the younger side (<40), dont have kids, or are forced to live frugally. Ive found that in many cases, folks in Budget FI long to lead a more comfortable life so they either get back to work, do some consulting, or try to build a business within three years to move up the pyramid.

The only way Ive found to successfully overcome the fear of not working is by either negotiating a severance, building enough passive income to cover all your living expenses for at least 12 consecutive months, or trying out FI living first while your partner still works. Feeling comfortably FI doesnt just happen with a snap of the fingers.

There is this natural urge to still make financial progress by continuing the good financial habits that got you there in the first place. And wonderfully, the progress you make is like finding loose diamonds after youve already found a pot of gold.

Related:Ranking The Best Passive Income Streams

Manage Your Money In One Place.Sign up forPersonal Capital, the webs #1 free wealth management tool to get a better handle on your finances. In addition to better money oversight, run your investments through their award-winning Investment Checkup tool. See exactly how much you are paying in fees. I was paying $1,700 a year in fees I had no idea I was paying.

After you link all your accounts, use theirRetirement Planning calculator. It pulls your real data to give you as pure an estimation of your financial future as possible. Ive been using Personal Capital since 2012. In this time, have seen my net worth skyrocket thanks to better money management.

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The Three Levels Of Financial Independence: From Budget To ...

For the concept of independence from another person for support, see Dependant.

Financial independence is the status of having enough income (from investments, passive businesses, real estate, etc.) to pay for one's reasonable living expenses for the rest of one's life without having to rely on formal employment. The core path to achieve financial independence focuses on maximizing one's savings rate through lower spending and/or higher income. Income earned without having to work a job is commonly referred to as passive income.[citation needed]

There are many strategies to achieve financial independence, each with their own benefits and drawbacks. To achieve financial independence, it will be helpful to have a financial plan and budget to get a clear view of current incomes and expenses and to identify and choose appropriate strategies to move towards certain financial goals. A financial plan addresses every aspect of a person's finances.[1]

The following is a non-exhaustive list of sources of passive income that potentially yield financial independence.

If a person can generate enough income to meet their needs from sources other than their primary occupation, they have achieved financial independence, regardless of age, existing wealth, or current salary. For example, if a 25-year-old has $100 in expenses per month, and assets that generate $101 or more per month, they have achieved financial independence. They have no need to work a regular job to pay their bills.

On the other hand, if a (for example) 50-year-old earns $1,000,000 a month but has expenses that equal more than that per month, they are not financially independent, as they still have to earn the difference each month to make all their payments.

However, the effects of inflation must be considered. If a person needs $100/month for living expenses today, they will need $105/month next year and $110.25/month the following year to support the same lifestyle, assuming a 5% annual inflation rate. Therefore, if the person in the above example obtains their passive income from a perpetuity, there will be a time when they lose their financial independence because of inflation.

If someone receives $5000 in dividends from stocks they own, but their expenses total $4000, they can live on their dividend income because it pays for all their expenses to live (with some left over). Under these circumstances, a person is financially independent. A person's assets and liabilities are an important factor in determining if they have achieved financial independence. An asset is anything of value that can be readily turned into cash (liquidated) if a person has to pay debt, whereas a liability is a responsibility to provide compensation. (Homes and automobiles with no liens or mortgages are common assets.)

Since there are two sides to the assets and expenses equation, there are two main directions one can focus their energy: accumulating assets or reducing their expenses.

Accumulating assets can focus one or both of these approaches:

Another approach to financial independence is to reduce regular expenses while accumulating assets, to reduce the amount of assets required for financial independence. This can be done by focusing on simple living, or other strategies to reduce expenses.[2][3]

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Financial independence - Wikipedia

Financial independence is the moment when your investments start paying more than your expenses. Once that happens, youre free.

Free from havingto work for a living.

Free from having to worry about paying rent on time.

And free from a TON of other financial obligations.

BUT how long would it take the average American to become financially independent?

Assuming you earn $75,000 a yearandyour annual expenses are about $60,000, you need to save roughly $1,500,000 to become financially independent.

When youre done picking your jaw up off the floor, Ill let you in on the process of how to get there:

There are no slick tactics or sexy ways to go about this. If youre the average American who needs $1,500,000 to hit your FIRE goal, you need to work hard and be determined. But the feeling of freedom when you reach financial independence will make it all worth it.

Were using the $1,500,000 goal based on the average salary and living expenses of Americans. If you want to find a number more specific to YOUR situation though, youll have to use the 4% Rule.

The 4% Rule is known as the safe withdrawal rate,or the amount of expenses you should be able to withdraw from your savings each year when you retire without touching the principal. (This number is based on a study from Trinity University.)

Finding out your safe withdrawal rate is the first step to learning how to become financially independent.

So how do you find out how much you need to save? Do two things:

This will give you enough expenses to withdraw 4% for years and years to come.

Heres a handy chart to show you how much youll need to save based on possible yearly expenses.

Using the above information coupled with your annual after-tax income, youll be able to come up with an annual savings rate (i.e., how much you need to save each year).

Luckily, you dont have to strain too hard to create this financial plan, as there are a bunch of retirement calculators online. This one is our favorite. It outlines exactly how many years itll take to save depending on your savings rate.

Play around with the calculator until youve come up with a savings rate that works for you. After that, youll know exactly how much you should be saving every time you get a paycheck.

In terms of the percentage, I suggest you save 65% of your after-tax income, says Mad Fientist. That may seem like a ton but its possible. I averaged around 75% to 80% when I was saving.

Meanwhile, Physician on FIRE suggests you should actually save about 50% of your income to go towards your goals.

When pursuing FIRE, PoF says, keep in mind that youre locking yourself into the same lifestyle as when you reach financial independence. [So] if youre making too many frugal choices that dont jive with your persona, start living the way you want to and base your FI target on that.

Remember our example using the average salary and expenses? Looking at the chart, we know now that the average American needs to save about $1,500,000 in order to retire early. Our savings rate will then be about 32% of our annual income each year in order to save enough money to retire early (well go into how long itll take later).

Everyone that goes for FI has to decide something important:Should you try to live as frugally and retire as early as possible and minimize your expenses, or would you rathertake part in the finer things in lifebut retire later?

Luckily, there are two communities that embrace FIRE in different ways that can help you decide.

Bonus: Struggling to take control of your expenses? Check out my Ultimate Guide to Personal Finance to learn how to automate your finances so you can reach financial independence sooner.

There are typically two schools of thought when it comes to financial independence: leanFIRE and fatFIRE.

Though they sound more like weight loss supplements or descriptions of my latest mixtapethan systems for financial independence, theres no need to be intimidated by them.

LeanFIRE and fatFIRE are just terms for how much you plan to live on when you retire, the Mad Fientist says. Theres no better way. Just test out your spending until you find a method that works for you.

While both have the same goal of achieving financial independence, aspects such as how much you spend, save, and even quality of life can be affected by which approach you choose.

leanFIRE

This approach requires you to have a low spending rate each year (typically less than $40,000/year).

To be leanFIRE is to subsist on a comparatively low level of spending much like most of us did in college, PoF says.

This means adopting a frugal lifestyle and sacrificing certain luxuries like cars. It can even determine the places in the world you can live in (its easier to live cheaply in Norman, Oklahoma, than NYC for instance).

On the other side of the coin, theres a FIRE movement that aims to keep up the benefits of financial independence while still retaining a life of semi-luxury: fatFIRE.

Want to turn your dream of working from home into a reality? Download my Ultimate Guide to Working from Home to learn how to make working from home work for YOU.

fatFIRE

FatFIRE is the system of financial independence that allows you to live a more high-class lifestyle. But it takes longer to complete.

FatFIRE is to be financially independent on a more typical level of spending, PoF says. Id say to qualify as fat, your anticipated spending should probably be somewhere north of the national average.

According to PoF, thatd be an annual spending rate of around at least $80,000. That lends itself nicely to a round number of $2 million saved to have a budget with a 4% annual withdrawal rate, he says.

This is the practice that PoF embraces and his reason might convince you to pursue the lifestyle as well.

Lets assume you dont want to sacrifice your $60,000-a-year lifestyle and want to save enough money to get there. Youll need a higher rate of saving AND earning to do that

which brings us to:

Do you know how long itll take you to save $1,500,000 on a salary of $73,000 and a savings rate of 34%?

More than 26 years.

Thats a long time, and if you want to retire early, you might not want to wait that long.

Luckily theres a way to DRASTICALLY shorten that time: Earning more money.

Earning more allows you to increase your savings AND speed up your financial independence goals. While there are a lot of ways to make more money, the best way is starting a side hustle.Its a big win.

Below are our resources that have helped thousands of readers start their side hustles:

To help you get started, today, I want to show you how to find a great side hustle idea. Its one of the biggest barriers preventing people from starting their own business and making extra income. You can find a great idea by answering four simple questions about your life:

Find an answer to those questions and youll be on the same path as thousands of our students who have found a profitable business idea.

Bonus: Need help coming up with a business idea? Click here to receive your very own PDF of 30 proven business ideas.

A lot of us tend to DREAD the idea of cutting costs and with good reason. Thoughts of not being able to go to your favorite fast food restaurant or your father yelling at you when you change the thermostat just a fraction of a degree often crop up.

But Mad Fientist suggests you focus on paying for the things you love and cut out all the rest.

Scrutinize and be conscious of your spending, he says. If you see a nice BMW you think you want consider one thing: You could have the BMW or you could be a year closer to not having to work for anyone ever again. Framing it that way helps. Its not like youre saving. Youre working towards your financial freedom.

Conscious of your spending. Conscious spending

I wonder where Ive heard that before?

Conscious spending allows you to know exactly how much money is in your bank account to spend without you worrying about having to make rent and pay the bills, because its already been done for you.

How? Through automated finances. This is the system where your paycheck automatically divvies up and transfers to where it needs to go as soon as you receive it.

Heres a 12-minute video of Ramit explaining exactly how to do it.

NOTE: If youre pursuing financial independence, youre going to want to adjust the percentage of money you put away to savings when you implement your plan. You can choose to save around 65% like Mad Fientist suggests, or you can choose to put half your paycheck into your savings like PoF encourages. Or you could go a different route. Its all up to you and your savings goals.

Using a conscious spending plan also allows you to not sweat the small things you like.

Realize that the small stuff is just that small stuff, PoF says. The biggest expenses are the big stuff like housing, transportation, and travel. Dont rent or buy too much home, spend too much on a luxury auto or lengthy commute, and learn to be comfortable at a Comfort Inn.

Remember: cut things you DONT care about, to focus on the things you do. Dont just indiscriminately cut everything.

You can also learn to cut costs by leveraging retirement accounts that give you amazing tax advantages.

If you want to find out more about awesome accounts like the Roth IRA and 401k be sure to check out our articles on the topic:

But for now, I want to talk to you about an account with fantastic tax leverages you might not have heard of before: health savings accounts (HSA).

According to the Mad Fientist, HSAs are tax-advantaged savings accounts available for people who are enrolled in high-deductible health insurance plans.

He continues, HSA account holders can contribute pre-tax dollars to the account and can then withdraw money from the account, tax-free, when paying for qualified medical expenses.

So you contribute tax-free money AND withdraw tax-free money.

As of writing this, you can contribute $3,550/year for individuals and $7,100/year for families to an HSA. By maxing it out each year, you can reduce your taxable income by $3,550.

Sure, you cant take the money out other than to pay for certain medical expenses but when you turn 65 you can without incurring any penalties.

That means all that tax-free money is yours, effectively lowering your taxed income over your lifetime by $3,550/year.

You should do all that you can to legally reduce your tax burden, PoF explains. If you max out your workplace retirement accounts and an HSA [Health Savings Account], you can deduct a significant sum from your taxable income. Theres only so much a wage earner can do, but do all that you can to pay the least and save the most.

Once you have your retirement accounts set up, youve taken steps to cut costs, and youre ready to earn more money, congrats! Youre on the road to early retirement.

Now I want to offer you something to dramatically cut down the time it takes to save for retirement even MORE:

This guide will give you the exact systems you need to help you earn extra income on the side and eventually achieve financial independence (if you want it).

Youll find our tactics to:

Download a FREE copy of the Ultimate Guide today by entering your name and email below and start your financial independence journey today.

Excerpt from:

Financial Independence - I Will Teach You To Be Rich

What would you give up if someone said to you, If you give up five things, you can quit your job tomorrow and wont ever have to work again?

What else would you give up if you instead had to give up ten things? Fifteen things?

At some point it may not be worth it and youd rather keep your job but I imagine the list of things youd be happy to give up could be pretty long.

I actually thought about this a lot recently when creating the budget for The Perfect Life.

After determining what kind of life would make me and my wife happiest, I sat down to figure out exactly how much the perfect life would cost.

Before I describe the shortest path to financial independence, its probably a good idea to reiterate my definition of financial independence.

To me, financial independence is having enough income from your assets to cover your essential expenses so that you can survive without ever having to work again.

Never having to work again is very different from never working again.

Since I plan on working in some capacity after I achieve FI (on things I want to work on, rather than what my boss wants me to work on), Im not concerned with saving up enough money to cover my discretionary expenses.

Id rather reach FI as quickly as possible, quit my full-time job, and then slowly build up the amount of fun money I have by doing work that I enjoy.

As Mr. Money Mustache described in his First Retire, Then Get Rich article, its likely you will make more money and spend less post-FI than you anticipate. Therefore, Im happy with this plan and am in no way worried about living a boring life after financial independence.

So how can you achieve financial independence as quickly as possible?

The first thing you should do is list your current essential expenses. This will allow you to understand how much you spend per month and will help you better predict how much you will need to spend after you quit your job.

The number you computed in the previous step assumes your post-FI life will resemble your current life.

Most likely, this will not be the case. When you no longer have to work, the number of expenses that you incur should decrease.

This step is the fun part.

If you really envisage your post-FI life, you can quite happily drop expenses that are no longer necessary or important to you.

We currently own a house but plan on renting after reaching FI. There are a few reasons for this:

The decision to rent smaller apartments/houses in cheaper places will allow me to decrease my future monthly expenses significantly!

Sadly, we currently require two cars for me and my wife to both get to work. The costs associated with these cars is ridiculous and if I never have to own a car again, I wont. Post-FI, we wont need to own a car.

Not having a car will probably result in additional public transportation costs but by cutting out automobile ownership from our future expenses, I can decrease our future monthly expenses even further!

Im sure there are many expenses in your life that youd be happy to substitute for free alternatives post-FI if you take some time to think about it.

Theres a big, exciting world out there with many amazing, free things to do so why not start with those and then move on to things that cost money after you get bored of all the free options?

Library books instead of TV. Running instead of gym membership. Rock climbing on actual rocks instead of on a fake climbing wall that costs money to use.

You get the idea.

This exercise may help you decrease your current expenses even before you achieve financial independence.

If you ask yourself, would I give up x if it meant I could quit my job tomorrow and you answer yes, why would you continue paying that expense now? It is obviously not that important to you so why not remove that expense now and instead use that money to get one step closer to achieving FI?

The beauty of saving enough to only cover your essential expenses is that it will force you to really scrutinize your discretionary spending after you achieve FI.

If you have to go out and make extra money to buy something, youll most likely only buy things you really need or desire. You will truly be trading your free time for stuff so you will most likely only do that for things that are really important to you.

Theres no need to wait until FI to see if you can limit your discretionary spending to what your supplemental income can provide.

If you start developing supplemental income streams by doing things you enjoy now, youll be able to increase your savings rate while cutting out the discretionary expenses that really arent meaningful to you.

In conclusion, here are the simple steps to achieve financial independence as quickly as possible:

What would you consider giving up if it meant you could quit your job tomorrow?

Want to shorten your journey to financial independence even more? Check out this comprehensive guide How to Optimize Your Journey to Financial Independence

Go here to see the original:

Shortest Path to Financial Independence - Mad Fientist

My wife and I are on our path to FI. We are in our 30s and we were a bit late to realize how money works. Although we just started, the thought of achieving something big, that never even crossed our minds before is very powerful and promising.

We are three years into our marriage and we made some bad decisions the first year which put us in a lot of debt and that eventually pushed me to know more about FI and how money works. Since then we have recovered and I can proudly say that we became debt-free 3 months ago. We have been trying to save as much as we can to build an emergency fund and once we achieve that, we will start to invest.

My only concern so far has been that my wife is not a math person. She has been 100% supportive of me taking charge of the finances and budgeting but when it comes to me showing her numbers and graphs, she freaks out and cannot comprehend. Its like she is scared of graphs and math. She told me she has been traumatized by her math teacher in class and she even fears calculators now. Keeping this in mind I never pushed her to learn about numbers and percentages and extrapolating graphs but I always wanted to teach her how investments work just in case I am incapacitated and she can take care of herself.

Yesterday, as I was thinking of ways to at least show her how our budget works, I remembered a diagram (sankey diagram) but I didnt know the name of it so I turn to you guys and tried to explain what I was looking for. I am so thankful to those that replied and told me it was Sankey diagram. I went ahead and make the Sankey diagram for my wife thinking it has no graphs, its very visual and easy to understand. And, when I went home and showed her that, she loved it! She understood everything listened to me with 100% attention while I was explaining everything to her on the diagram.

I just want to emphasize on the importance of your spouse being on-board in the FI journey and that you have to find ways of making it easy for them to get onboard and not push them to do it if they do not know the concept. For those of you who are still single, keep this in mind that once you are not single anymore, the most important thing in FI journey will be your spouse supporting, understanding and working towards your shared Financial Independence goal.

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financial independence / early retirement

Our lives have been radically changed by Covid-19, and this was especially true when stay-at-home measures were in place in the UAE. For the first time in many peoples lives, we were stuck either working from home or on furlough if our companies were temporarily closed. To the detriment of economies around the world, people had far fewer options to spend money.

Ive always been a big proponent of tracking my spending every day. I use a free spend tracker app called Spending Tracker and the process takes me only about 30 seconds each day. It gives me access to great information and allows me to know exactly where my money is going.

Its important to only spend money on the things that really give you what you need, not just momentary bursts of pleasure

Zach Holz

I started to notice a new phenomenon during the lockdown. I was having no spend days days in which I didnt spend a single dirham. I was cooking for myself, not using my car and was unable to shop like I used to. Ive always been naturally inclined towards saving, so as soon as I saw this in my Spending Tracker data, I was excited and tried to have as many no spend days as possible.

And it wasnt just me who wasnt spending. In my home country, the United States, the normal savings rate is about 4 per cent, which is terrible, but thats a topic for another article. However during the Covid-induced lockdown, the savings rate in the US shot up to more than 30 per cent, according to the US Bureau of Economic Analysis. I couldnt find similar data for the UAE, but imagine it was similar, if not more extreme as there are many people here who come from communities where saving is a much more ingrained habit.

With people spending a lot less money, I think there are lessons to be drawn from this that could benefit our financial lives even when Covid-19 is a distant memory.

One key idea of financial independence is that spending more money doesnt automatically lead to more happiness. Its important to only spend money on the things that really give you what you need, not just momentary bursts of pleasure during retail therapy sessions that quickly fade and leave you wanting more.

Could the things we didn't spend our money on during the lockdown be things we could continue to NOT buy when our lives returned to "normal"? Could we reform our spending habits and be able to save more money and reach our financial goals? I hope so, but only if we examine what we did not spend money on and think about how that changed us.

A few categories that saw a significant decline in spend were on things like brunches, entertainment outside the home, clothes, travel, beauty treatments and certain services such as non-live-in maids. Im sure that if you look at your own life, you can find the areas you werent spending money on as well. Here are a few key questions to ask yourself to help use that information:

There are many types of spending that dont make our lives better. Sadly, we are usually so accustomed to those actions that we dont even think about their effects or if theyre necessary. Covid-19 and the lockdown it triggered could be the opportunity we needed to break out of some of our spending habits, but it takes a bit of self-reflection. Dont waste a crisis, use it to improve your life.

Dubai schoolteacher Zach Holz (@HappiestTeach) documents his journey towards financial independence on his personal finance blog The Happiest Teacher

Updated: August 6, 2020 08:42 AM

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What can we learn from our spending habits during Covid-19? - The National

Because our citizens living with disabilities deserve the same chance to achieve financial independence and stability as all South Carolinians do, Im proud to serve as administrator of the Palmetto ABLE Savings Program. Palmetto ABLE provides eligible South Carolinians living with disabilities and their loved ones the opportunity to save, invest and build the financial future they desire, all without losing important benefits like Supplemental Security Income or Medicaid. The spotlight shines on this program throughout August as we observe ABLE to Save Month, celebrating and highlighting the benefits of ABLE accounts.

While promoting awareness of Palmetto ABLE is something we do year-round at the State Treasurers Office, its not something we do alone. Since opening for enrollment in 2017, a variety of partners in the states disability community, legal community and financial services community have joined us to educate residents across the state about the benefits of owning a Palmetto ABLE account. Thanks in large part to their willingness to promote its value among those they serve, we now have more than 1,400 active account owners who have been empowered to take control of their own money and save for the future.

So, during this ABLE to Save Month, I would like to turn the spotlight on themour many partners across the stateand give thanks for their support. From our statewide partners like the S.C. Department of Disabilities and Special Needs, Family Connection of South Carolina, and the S.C. Developmental Disabilities Council to numerous local organizations throughout the state, we appreciate all they have done individually and collectively to support Palmetto ABLE.

The State Treasurers Office is grateful to be a part of this network of organizations that serves South Carolinas disability community. Through events such as community gatherings, benefits fairs, speaking engagements, and the webinars that have become so important during this time of remote work, our collaboration with community partners and advocates has allowed us the opportunity to share how the Palmetto ABLE Savings Program can provide a pathway to financial independence and security. Our partners have truly become champions of the program and have helped grow it to better serve the disability community.

While, together, we have made significant strides, there is still much work to be done. My office remains committed to making financial independence an accessible opportunity for all and will continue to spread this message. With the help of dedicated individuals and organizations in communities across the state, we can continue to share this valuable resource with those who will benefit the most.

If you are interested in becoming a program partner or advocate, please contact Programs@ sto.sc.gov.

To find out if you or a loved one is eligible to open a Palmetto ABLE account, visit PalmettoABLE. com.

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Celebrating ABLE to Save Month with our Partners - Columbia Star

Maryland will be awarded nearly $1 million in federal funds to assist victims of human trafficking with finding safe housing, employment and counseling services.

Maryland will be awarded nearly $1 million in federal funds to assist victims of human trafficking with finding safe housing, employment and counseling services.

The U.S. Attorneys Office for the District of Maryland announced in a news release Tuesday a $999,990 award from the Justice Departments Office of Programs and the Office for Victims of Crime to provide stable housing options and employment opportunities for human trafficking survivors.

These new resources, announced today, expand on our efforts to offer those who have suffered the shelter and support they need to begin a new and better life. said U.S. Attorney Gen. William Barr.

These new resources, announced today, expand on our efforts to offer those who have suffered the shelter and support they need to begin a new and better life.

The White House on Tuesday announced more than $35 million in Justice Department grants to organizations that provide safe housing for victims of human trafficking.

The grants will be shared by 73 organizations in 33 states including Maryland to provide anywhere from six to 24 months of transitional or short-term housing assistance to survivors, including to pay rent, utilities or related expenses, such as a security deposit.

Marylands $1 million allotment will go the Salvation Army of Central Maryland and the University of Maryland SAFE Center for Human Trafficking Survivors, helping provide two years of short-term housing assistance for victims including with rent, security deposits or relocation costs.

The money will provide support for survivors seeking permanent housing, secure employment and occupational training or counseling.

This OVC grant will enable us to expand our services to also provide supportive transitional housing and independent housing assistance, as well as partnering with business and community leaders to build out initiatives focused on employment and financial independence, said Beth Luthye, who directs the Salvation Armys Baltimore-based anti-trafficking program.

Stable housing is foundational to human trafficking survivors ability to rebuild their lives, said Susan Esserman, director and founder of the University of Marylands SAFE Center. We feel fortunate to be partnering with the Montgomery County Department of Health and Human Services in a rapid rehousing model to address this urgent housing need.

Worldwide efforts to combat human and labor trafficking have struggled financially amid a surge in people vulnerable to exploitation during the coronavirus pandemic. American and Canadian non-governmental organizations said traffickers are increasingly taking advantage of heavier Internet usage during lockdowns to target young people.

The Associated Press contributed to this report.

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Maryland to receive $1 million from DOJ to combat human trafficking - WTOP

SANTA CLARA, Calif.--(BUSINESS WIRE)--As Congress debates its next stimulus package to provide financial relief to American families and businesses during the Covid-19 crisis, it must immediately improve many laws and demand that the Executive Branch fix many regulations, says acclaimed financial advisor Ric Edelman.

Millions of Americans continue to struggle to pay for food and medicine as the pandemic rages on, says Edelman, who founded Edelman Financial Engines, the largest independent financial planning and investment advisor. 1 There are many ways Congress and government agencies can provide relief to families and businesses.

Prior to passage of the CARES Act in March, Edelman successfully advocated for two policy changes regarding retirement accounts: waiving mandatory IRA distributions for Americans age 72 and older, and waiving the IRS early-withdrawal penalties on IRAs and permitting loans from those accounts.

Edelmans colleagues, comprising more than 300 financial planners serving about 90,000 clients across the country, have crafted an additional 36 policy recommendations.

These recommendations call for urgent changes involving:

Although some of these recommendations may impact the federal debt, such concerns must be deferred until the crisis is over, Edelman says. When your house is on fire, only one thing matters: Save the house and everyone in it. You cant fret that firehoses might produce some water damage; deal with that later.

All of us at Edelman Financial Engines strongly encourage Congress, the President and the administration to implement these recommendations immediately.

About Edelman Financial Engines

Since 1986, Edelman Financial Engines has been committed to always acting in the best interest of our clients. We were founded on the belief that all American investors not just the wealthy deserve access to personalized, comprehensive financial planning and investment advice. Today, we are Americas top independent financial planning and investment advisor, recognized by both InvestmentNews2 and Barrons3 with 158 planner offices across the country and entrusted by more than 1.2 million clients to manage more than $220 billion in assets.4 Our unique approach to serving clients combines our advanced methodology and proprietary technology with the attention of a dedicated personal financial planner. Every clients situation and goals are unique, and the powerful fusion of high-tech and high-touch allows Edelman Financial Engines to deliver the personal plan and financial confidence that everyone deserves.

For more information, visit http://www.EdelmanFinancialEngines.com and http://www.FinancialEngines.com.

[1] Ranking and status for 2020. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/).

[2] Ranking and status for 2020. For independence methodology and ranking, see InvestmentNews Center (http://data.investmentnews.com/ria/).

[3] The 2019 Top 50 Independent Advisory Firm Ranking issued by Barrons is qualitative and quantitative, including assets managed, the size and experience of teams, and the regulatory records of the advisers and firms. Firms elect to participate, but do not pay to be included in the ranking. Investor returns/experience are not considered.

[4] As of June 30, 2020.

Originally posted here:

Ric Edelman Urges Congress to Make 36 Policy Changes to Support the Millions of Americans Struggling Financially - Business Wire