Daily Archives: February 6, 2017

The power of financial independence – KXAN.com

Posted: February 6, 2017 at 3:56 pm


KXAN.com
The power of financial independence
KXAN.com
Imagine if your investments, your retirement savings were breaking a sweat to generate income you could live on post-retirement, imagine driving to work on Monday next week because you want to, not because you have to, That's the meaning of Financial ...

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3 insider tips for achieving financial independence | The Motley Fool … – Motley Fool UK

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When the FIRE movement (Financial Independence, Retire Early) gained critical mass in the USin the Noughties, it was founded on three principles: spend less, save more and invest in low-cost index trackers.

These axioms can certainly help you achieve financial independence, meaning that your income from investments is sufficient to live on, earning you the freedom to give uppaid work earlier than most. But chatting to those whove done it and reflecting on how I got there myself, I think there are other steps you can take that will liberate you a lot sooner from the need to serve The Man

Academics have shown that start-ups which create business plans are more likely to prosper than those that dont. I reckon the same applies to life projects such as FIRE. The act of producing a document creates a set of commitments, and benchmarks against which performance can be judged.

I think two pages are needed: a profit and loss projection looking at income and outgoings both today and going forward anda balance one, listingyour assets and liabilities today and projecting them into the future.

Producing such spreadsheetsforces you to confrontdifficult questions such as: what you earn, and expect to be paid in the future; your spending; any debts; your asset allocation strategy and your expected returns on them.

Its surprising how often obvious solutions get overlooked. If youre intent on building up investment assets that will one day support you, your income must exceed your outgoings. If thats the case then boosting income by, say, 10% will enhance your savings by more than cutting outgoings by the same percentage.

As the UK labour market tightens, many people whove been in their jobs for a while are earning less than they might if they moved. While there are risks attached to switching employer, presenting a compelling case to your current boss for a raise might yield results. Likewise, investing in your human capital by acquiring new skills and qualifications may generate a sizeable payoff in terms of future earnings.

The sameprinciple applies to the returns generated by your investments. As I demonstratedrecently, there are funds that have historically outshone the safe option of putting everything into a low-cost tracker ETF. So review your investments periodically, to ensure youre getting the best performance.

Youve probably guessedthat Im not an uncritical admirer of the early financial independence bloggers emphasis on frugalism: money invested in your skills, or paying the best active fund managers, is seldom wasted. Nor, in my view, is it reckless to pay forthe things that make work bearable and hence safeguard that income stream for as long as you need it, such as moving home to reduce a commute or eating healthily to ensure you maintain stamina.

Some returns on outgoings are non-financial. Every year you spend in early retirement, not earning wages, carries the opportunity cost of the money you would have been paid had you worked. Its all wasted, if you dont use that hard-won time meaningfully.

Same goes for your leisure hours while youre employed: no amount of money will bring back time. If there are things you want to do with your precious days on this planet that incur costs, such as travelling or pursuing hobbies, by all means find ingenious ways of doing them more cost-effectively. But always remember that the opportunity cost of not doing those things is immeasurable.

Just as following the herd in the FIRE community can be expensive, so research showsthat a handfulof commonplace mistakes dramatically impact on most private investors' returns, and hence their ability to achieve financial independence. The Motley Fool's analysts identify these -- and, crucially, advise how to avoid them -- in our exclusiveFREE REPORT. Simply follow the link and it's yours!

We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

When the FIRE movement (Financial Independence, Retire Early) gained critical mass in the USin the Noughties, it was founded on three principles: spend less, save more and invest in low-cost index trackers. These axioms can certainly help you achieve financial independence, meaning that your income from investments is sufficient to live on, earning you the freedom to give uppaid work earlier than most. But chatting to those whove done it and reflecting on how I got there myself, I think there are other steps you can take that will liberate you a lot sooner from the need to serve The

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House Dems: Trump wants to put Wall Street first – The Hill

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House Democrats on Monday blasted President Trump's executive orders curtailing financial regulation, arguing that the White House wants to bring the country back to the days leading up to the 2008 financial crisis.

"They want to take us right back to that place, by the person who went out there and campaigned against Wall Street," Minority Leader Nancy Pelosi (D-Calif.) said during a press conference.

"We cannot return to the financial catastrophes that we've had in the past," added Rep. Vicente Gonzlez (D-Texas).

Trump on Friday issued two executive orders aimed at cutting back on regulations affecting the financial sector. One of the orders directs federal agencies to create a report within 120 days about what aspects of the Dodd-Frank financial reform law they think do and do not work. The other directs the Labor Department to stop working on the "fiduciary rule," which would require financial advisers to act only based on their clients' best interests.

Democratic lawmakers accused Trump of going against his campaign promises, since he repeatedly attacked Wall Street while he was running for president.

"Instead of fighting for hard-working families abused by our economy, as he promised in the campaign, the president and his billionaire Cabinet have abandoned Main Street to enable Wall Street's corrosive profiteering of the banks on the back of hard-working Americans," Pelosi said.

Republicans often argue that Dodd-Frank has hurt community banks.Rep. Maxine Waters (Calif.), the top Democrat on the House Financial Services Committee,refuted that argument, saying that community banks are making more loans than big banks and credit unions have seen their membership expand.

"In Trump's America, Wall Street comes first and Main Street picks up the tab," she said.

The Democratic lawmakers also defended the fiduciary rule, saying it protects the investments of seniors and the members of the middle class.

The chairman of the House Financial Services Committee, Rep. Jeb Hensarling (R-Texas), praised Trump's actions on Friday.

Dodd-Frank failed to keep its promises, but President Trump is following through on his promise to the American people to dismantle Dodd-Frank," Hensarling said in a statement. "Thats not what Wall Street wants, but it is what hardworking Americans need to have a healthy economy with more opportunities so they can achieve financial independence."

In another statement on Monday, Hensarling accused the Democratic lawmakers of engaging in "alternative facts" during their press conference.

"Thanks to Dodd-Franks red tape, consumers pay more for mortgages, credit cards and auto loans that is if consumers can even get access to them," he said.

Updated at 2:07 p.m.

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Millennial parents still like to tap the Bank of Mom & Dad – One America News Network (press release)

Posted: at 3:56 pm

February 6, 2017

By Bobbi Rebell

NEW YORK (Reuters) The Bank of Mom & Dad is busy these days.

Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.

All told, that adds up to $253 billion worth of financial assistance.

David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges most notably, sizeable student loans and stagnant wages.

In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence and not a way to delay adult financial responsibilities.

In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrades research, although a quarter say they feel embarrassed for the handout.

Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirks parents for a down payment for a new home.

Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland.

But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirks five siblings, as needed.

John Tarnoff, author of Boomer Re-invention: How to Create Your Dream Career After 50, is not surprised that millennials are leaning on their parents to get launched.

As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring.

His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added.

In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence.

That opinion is shared by Kirks mom, April Johnson, who sees any financial support she gives her children as an investment in their future.

Sometimes it just takes another year or two to get over the hump, April said. We talk to them about it as we go.

(Editing by Lauren Young and G Crosse)

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Speaking of Women…Are We Really More Financially Independent Now? – Investopedia

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Speaking of Women...Are We Really More Financially Independent Now?
Investopedia
Two-thirds of the millionaires who responded to the UBS survey, both male and female, said the whole reason to build wealth is achieve complete financial independence, where one setback won't banish them back to the ranks of the un-wealthy. If you can ...

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COLUMN-Millennial parents still like to tap the Bank of Mom & Dad – Thomson Reuters Foundation

Posted: at 3:56 pm

(The opinions expressed here are those of the author, a columnist for Reuters.)

By Bobbi Rebell

NEW YORK, Feb 6 (Reuters) - The Bank of Mom & Dad is busy these days.

Millennials with kids of their own say they received $11,011 in financial support or unpaid labor, on average, from their parents in the past year, according to a recent study by TD Ameritrade.

All told, that adds up to $253 billion worth of financial assistance.

David Lynch, managing director and head of branches for TD Ameritrade, says the generation of young adults aged 18 to 34 faces a different set of financial challenges - most notably, sizeable student loans and stagnant wages.

In other words, these are hardly slackers with their hands out looking for a free ride. In fact, millennial parents tend to view parental support as a tool toward their financial independence - and not a way to delay adult financial responsibilities.

In fact, 56 percent of millennial parents are grateful for the financial help, according to TD Ameritrade's research, although a quarter say they feel embarrassed for the handout.

Chelsea and Kirk Johnson of Lehi, Utah, consider themselves financially independent, yet they borrowed $5,000 from Kirk's parents for a down payment for a new home.

Chelsea, 26, estimates that they are subsidized by about $7,000 annually from their parents, including babysitting, various family meals and a trip to Disneyland.

But they have also drawn up a contract to re-pay the money for the down payment, so that it can be used for Kirk's five siblings, as needed.

John Tarnoff, author of "Boomer Re-invention: How to Create Your Dream Career After 50," is not surprised that millennials are leaning on their parents to get "launched."

As long as grandparents are in sound financial shape for their own retirement, Tarnoff noted they can be in a great position to support millennial offspring.

His advice is to take unexpected occurrences into account, including losing a job early or a debilitating health-related event. The older generation may be in a bit of denial about their own needs, Tarnoff added.

In addition, be sure to be using the money you gift or lend as a teaching tool so that the younger generation stays on a path to independence.

That opinion is shared by Kirk's mom, April Johnson, who sees any financial support she gives her children as an investment in their future.

"Sometimes it just takes another year or two to get over the hump," April said. "We talk to them about it as we go." (Editing by Lauren Young and G Crosse)

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With violin in hand, Mark Menzies finds hope for the future in the past – Los Angeles Times

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Music, we all know, can change moods. But can it change minds as well? Just how crazy is it to expect a single violin to coax us toward utopia?

That is the mission of Luigi Nonos 45-minute masterpiece, La Lontananza Nostalgica Utopica Futura: Madrigale per piu Caminantes con Gidon Kremer. The work for solo violin, eight channels of violin-irradiated electronic music and, importantly, eight to 10 music stands was given a rare and wonderfully convincing performance by Mark Menzies on Friday night at Art Share L.A. downtown.

There is a lot to unpack here. La Lontananza was written in 1989, the year before the avant-garde Italian composer died. Also dying at the time was communism, a movement to which the politically intent Nono was devoted. Nostalgic Distant Utopian Future suggests that through distance the hope of the future might be found in the past, or something like that. Nono then calls the score a madrigal for many travelers with Gidon Kremer.

Kremer was the violinist not only for whom La Lontananza was written but with whose sound the piece is infused. Nono devised the eight-channel tape, operated live during performances, from recordings he made of Kremer improvising. The actual score leaves room for a soloist to find his or her own solutions, which means that each new violinist who takes on La Lontananza offers a new utopian vision applied to what went before in Kremers.

The music stands are spread around the performance space, and the violinist moves from one to the next. Six of the stands hold the music for the six sections of the work. The additional two to four have dummy scores. The performers journey is not linear. Menzies lingered between sections. He zigzagged around the space, sometimes stopping at the dummy stands before reaching his destination. No one said Utopia is just around the corner.

The music itself is like an anatomical, physiological and spiritual examination of the violin: what the instrument can do and what it can do to a listener. An imaginative virtuoso is required. The dynamic range is from what is only audible to a dog to the loudest sounds the instrument can humanly make. Everything Nono could think of doing to a violin with a bow, he has the violinist do.

The result is complex and ever changing. There can be the effect of a sweet singing voice and the effect of horror. Pitches that are familiar contend with microtones that are not. The violin is caressed and attacked with every inch of the bow.Parts of the score are skittish. The second section ended with crunching effects.

For the third, Menzies stood directly behind me, playing ghostly calm drones of sustained harmonics that felt as they entered the mind as vibrations bypassing earand auditory nerve. The room itself was suffused by waves of wondrous violin effects on the surround-sound loudspeakers. Rather than rely on the banality of virtual reality, Menzies and Nono produced virtualunreality, the feeling of levitation.

What is past and what is future, what is utopian and what is dystopian in this political theater of the violin and of the mind? Nono doesnt provide the answers. He shows us not where to go but how to go. Instead of being a destination, utopia is a process of opening up to experiencing the unfamiliar.

As to whether music can change minds, it can. John Cage happened to be at the London premiere of La Lontananza in 1990. Three decades earlier he had had a falling out with Nono, but Cage (who famously disavowed music as emotional expression) said after the London concert, I no longer hold a grudge against Luigi.

After 17 years on the faculty of CalArts and a mainstay in the L.A. new music scene, Menzies has returned to his native New Zealand. But he is back in town celebrating his 47th birthday with the ambitious series four in the time of seven, four solo violin and viola recitals of new and old music in seven days.

He had played La Lontananza here in 2003 at a Southwest Chamber Music concert. This time it was in collaboration with the new music collective wasteLAnd, and Menzies had the advantage of a room ideally reverberant and flexible. The executive director of wasteLAnd, composer Scott Worthington, handledthe electronics with alluring flair.

The program began with two short pieces. Ching-Wen Chaos robustly enigmatic violin solo Elegy in Flight, evoking the Buddhist recitation for the dead, and the premiere of a winningly lyrical viola solo, Elegy, written for Menzies by Erik Ulman.

Menzies seven-day odyssey takes him to REDCAT Monday for a mixed program of New Zealand, European and American solo pieces and to Monk Space in Koreatown on Tuesday for three of Bachs solo sonatas and partitas, an early example of the violins penchant for utopian thought.

------------

Mark Menzies

When: 8:30 p.m.Monday atREDCAT, 631 W. 2nd St., L.A. Also at 7 p.m.Tuesday at Monk Space, 4414 W. 2nd St., L.A.

Tickets: $10-$20

Info: (213) 237-2800 or http://www.redcat.org; (213) 925-8562 or http://www.monkspace.com

mark.swed@latimes.com

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Utopia Pipeline project to bring 300 temporary jobs to New Philadelphia – New Philadelphia Times Reporter

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Jon Baker TimesReporter.com staff writer @jbakerTRStaff Reporter

NEW PHILADELPHIA The start of construction of the 215-mile Utopia Pipeline through Tuscarawas, Harrison and Carroll counties will bring more than 300 temporary jobs to the New Philadelphia area.

Kinder Morgan, the company spearheading the project, and its contractor, Minnesota Ltd., will begin Wednesday with the process of removing trees from the pipeline right-of-way.

While work is being done, Minnesota Ltd. will operate a contractor yard in New Philadelphia on 16th Street SW, between the Eagle Truck Stop and the Tuscarawas County Job & Family Services building. It will be located behind Cardinal Fleet Service.

"This is going to be a big project for Ohio," said Allen Fore, vice president of public affairs for Kinder Morgan. "New Philadelphia has a particular significance to the project because we're also going to be locating one of our contractor yards here. Minnesota Ltd. is our contractor for the project. It's a union contractor. It's going to be utilizing union labor, so a lot of local workforce will be part of this.

"We anticipate, once we get up and running, we'll have over 300 workers working out of that construction yard for several months."

He predicted that those workers who come from outside the area will be patronizing local restaurants and hotels and purchasing items at local stores.

"These folks work very hard, but they're also paid well, and they're going to be living in the area temporarily or already residents here, so a it will be a good boon to the economy over the next several months," he said.

Kinder Morgan and Minnesota Ltd. employees gathered Tuesday at the Schoenbrunn Inn and Conference Center for an orientation session, where they were greeted by New Philadelphia Mayor Joel Day.

"I encouraged them to explore New Philadelphia, to come downtown and go to the east side, take in the restaurants and the Performing Arts Center," the mayor said following the meeting. "I asked them to explore New Philadelphia and told them I'm sure you'll be pleased with what you discover."

Day said the contractor yard will mean a boost in revenue for the city through income tax collections and the bed tax. "It gives us more revenue to do things for the city, and it exposes New Philadelphia to more people, which is a good thing. Some of them might move here."

He said he didn't know the exact amount of revenue the project would bring in. "We won't know until they start working and paying. They are well-paid workers, so it'll give us a nice bump."

The Utopia Pipeline will carry ethane gas from the MarkWest processing facility in Cadiz to an existing Kinder Morgan pipeline in northwest Ohio. From there, the ethane will be taken to the Nova Chemicals plant in Windsor, Ontario, where it will be turned into plastics.

Fore expects construction on the pipeline to begin in April or May and it will go into service on Jan. 1, 2018.

The company has already secured 90 percent of the right-of-way from properties owners that is needed for construction, and Fore said the company will reach 100 percent in the next couple of months. Kinder Morgan will have a 50-foot right-of-way for the pipeline and a 50-foot temporary right-of-way for construction.

Fore said Kinder Morgan works closely with property owners, sometimes making adjustments to the route to accommodate their wishes. The company also works with counties and townships on road use agreements and on how to repair roads after the work is done.

"This is a partnership that could potentially last generations," he said. "These pipelines are going to be in service for a very long time, so starting off correctly is in the best interest of the company because these landowner relationships, these relationships with elected officials are going to last a long time."

The pipeline will be buried a minimum of 3 feet underground. It will go to depths of 8 to 10 feet under roads and 30 feet when going under waterways, such as the Tuscarawas River.

Fore said maintenance of the pipeline will be a top priority after it is completed.

"Our pipelines are built to last a very long time," he said. "The reason that they do is because, first of all, you get good quality pipe. This is American-made pipe, good quality pipe. You test it. You make sure it's built to last.

"We also then coat the pipe with an epoxy that avoids corrosion, because if something is going to happen to a pipe, it will be corrosion or an external impact. We also use a highly-trained workforce to build it, to put it together, to weld it. And then we monitor it."

The pipeline will be viewed regularly from the air and the ground. In addition, Kinder Morgan has an internal inspection tool, called a pig, that is able to go through the line periodically to determine if something is not right.

"So there are lots of protections built into these systems that make sure that these things are built to operate safely and are built to last," Fore said.

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‘Stellaris’ Utopia DLC Gets First Trailer; Will Introduce New Buildings And Perks – iDigitalTimes.com

Posted: at 3:54 pm

The first teaser trailer for a new Stellaris expansion debuted on Thursday, confirming a new wave of content will soon be headed to the beloved 4X title, but there sure isnt much hard information in the Stellaris: Utopia trailer that Paradox Interactive published this week.

According to Paradox, Utopia offers the most significant changes to Stellaris core gameplay since the game was released in May 2016. In fact, the publisher calls it the games first major expansion and has already outlined much grander changes than weve seen in previous Stellaris add-ons, like the Leviathans story DLC or the Plantoids species pack. The biggest change (both literally and figuratively) will be the players newfound ability to assemble truly enormous space stations, called megastructures, including Dyson spheres and ring worlds.

The next Stellaris expansion also introduces a new set of perks, called Traditions, that Paradox says will ease your species expansion across the stars. Traditions will be enabled/adopted through the use of Unity points; however, we dont currently have any information on how that particularly currency will be collected. Players will also be given more microscopic control over how the rights and policies of their empire are applied across its populace.

For a sneak peek at Stellaris upcoming Utopia DLC, take a minute to watch the first teaser from Paradox Interactive. Head down to the comments and let us know if youre still playing Stellaris with any regularity and/or what youd like to see in Utopia.

Stellaris is currently available on PC, Mac and Linux. The games next expansion, Utopia, does not yet have a release date.

Be sure to check back with iDigitalTimes and follow Scott on Twitter for more Stellaris news throughout 2017 and however long Paradox Interactive supports Stellaris in the years ahead.

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Stellaris: Utopia expansion lets you craft megastructural ringworlds – PC Gamer

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Between plantoids, Leviathans, and Alexis Kennedy-inspired Horizon Signals, Stellaris' post-launch updates have grown the space-flung 4x-meets-grand strategy game quite considerably since its May release last year. It's now announced its first major update, Utopia, which encourages players to develop their interstellar empires further still.

With a choice of following a biological path, a psionic path, or a synthetic path"with various options within these broad categories"players will determine how their species evolves and advances by way of 'Ascension Perks'. "Body, Mind or Machinehow will your species challenge the future," asks developer Paradox.

Building new types of space stations and constructions will further aid your domination of the universe, such as Habitat Stations which house larger populations for smaller planets within your increasingly confined empires. New Rights and Privileges keep your populace in check and allow players to choose "an egalitarian paradise or a caste system" and everything in between.

Perhaps the most exciting feature of Utopia, though, is the addition of megastructureswhereby players can build "wondrous" constructs such as Dyson Spheres and ringworlds, both of which add near-impenetrable levels of defence to your worlds.

More information on Stellaris: Utopia can be found this way, including details on the game's free Update 1.5 Banks which ships alongside the new expansion. Utopia is without a concrete launch date and price, however Paradox says both will be revealed at a "later date".

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