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Daily Archives: February 5, 2022
Your Brain on AI: Artificial Intelligence is creating a world without choices – MSNBC
Posted: February 5, 2022 at 5:29 am
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Artificial intelligence goes far beyond just music or clothing recommendations which poses unforeseen risks for all of us. In his new book The Loop, NBC News Technology correspondent Jacob Ward warns AI is eroding our ability to make decisions on our own. He tells Ali Velshi that companies are deploying these pattern recognition systems to figure out what you and I are going to do nextthe capacity for manipulation and even predatory tactics is enormous. He adds AI offers unscrupulous businesses the opportunity to make incredible money off us by just playing to our worst instincts.Jan. 30, 2022
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Your Brain on AI: Artificial Intelligence is creating a world without choices - MSNBC
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Turkey taps artificial intelligence in its fight against wildfires | Daily Sabah – Daily Sabah
Posted: at 5:29 am
The Ministry of Agriculture and Forestry plans to implement artificial intelligence (AI) technology to tackle forest fires, which destroyed large swaths of land last year.
AI will be used in the Remote Smoke Detection-Early Fire Warning System developed by the ministry. It will enable a faster response to fires. Forestry Minister Bekir Pakdemirli said the technology will be used in cameras set atop watchtowers in the forests. In an interview published by Yeni afak newspaper on Wednesday, he stated that cameras can detect smoke from a distance up to 20 kilometers (12.4 miles) through smoke perception, and the new system would reduce the detection time to two minutes.
The system is currently installed in Antalya and Mula, two Mediterranean provinces that lost hundreds of acres of forests to devastating wildfires in the summer of 2021, one of the worst and deadliest outbreaks in the region. AI enables us to keep track of the smoke and deploy our teams as soon as possible, Pakdemirli said.
The ministry has 76 smart watchtowers, entirely operated without staff and 103 towers installed with cameras. Cameras, through AI and machine learning, are able to send alarm signals to authorities, via text or multimedia message, upon detection of smoke. Every tower can scan an area of up to 50,000 hectares in two minutes and can send exact coordinates of the fire.
Forest fires, worsened by the ongoing climate crisis, are a major concern for Turkey, which has expanded its forest cover in the past two decades. President Recep Tayyip Erdoan said on Monday after a Cabinet meeting that they were working to boost infrastructure to fight forest fires. We will increase the number of domestically manufactured unmanned aerial vehicles (UAVs) to eight, the number of firefighting planes to 20 and helicopters to 55, Erdoan said.
Turkey suffered from at least 2,105 forest fires last year, though the worst was in Antalya and Mula. Strong winds and extreme temperatures hampered efforts to douse the fires. The country witnessed an unprecedented surge in forest fires starting from the last week of July, a period with the highest number of almost simultaneous forest fires. It took around two weeks for authorities to put out all 240 wildfires that had raged across the country forcing the evacuation of hundreds of people.
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Turkey taps artificial intelligence in its fight against wildfires | Daily Sabah - Daily Sabah
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Center for AI at IIIT-Delhi and Artificial Intelligence Institute, University of South Carolina Sign MoU to Set Academic Cooperation and Research…
Posted: at 5:29 am
This new connection between the institutions will facilitate the sharing of co-advised thesis or participating on the dissertation committee for students & PhD candidates and the interchange of scholarly papers, research materials, and other information in both parties areas of interest. This cooperation involves collaborative research and activities and strong internship chances at AIISC for IIIT-Delhi students. The MoU further specifies that the parties can develop specific joint educational programmes in the future and enjoy the benefits of interchange of research, teaching, and technical personnel.
The Center for Artificial Intelligence (CAI), IIIT-Delhi and AIISC have many knowledge and skills from world-class academic experts to students. This Memorandum of Understanding will focus on productivity and a desire to bridge the knowledge gap and promote innovation. This association will provide ground breaking results that will benefit all the parties involved.
Artificial Intelligence Institute, University of South Carolina (AIISC) aspires to be a leader in Artificial Intelligence (AI) and its applications. It fosters comprehensive multidisciplinary & translational AI research across the institution, workforce and economic growth in the state through education, technology, and commercialisation, in addition to many primary research topics in AI.
Prof. Amit Sheth, Director, AIISC, commented, "Since I visited IIITD a decade ago, I have seen it build one of the best research ecosystems among Indian universities. AIISC, a university-wide institute at the state flagship, Carnegie R1, University of South Carolina, already has over 30 researchers, strong foundational research in AI complemented by equally strong translational research. I look forward to having CAI/IIITD students among the AIISC's large pool of remote and on-site interns working on world-class research, with access to faculty from both organizations and having access to our exceptional computing resources. The research collaborations will result in excellent publications and add to the eminence of both organizations.
The Centre for Artificial Intelligence (CAI) aspires to be India's primary AI development centre. It comprises basic AI algorithms for furthering research and AI applications for tackling societal problems in the Indian context.
"I firmly believe that this MOU will open up huge opportunities for joint collaboration in terms of not only research but also several academic activities, exchange programs, and so on, stated Dr. Tanmay Chakraborty, Head, CAI, IIIT-Delhi, in response to the collaboration. He added, "AIISC, a recent university-wide institute at the University of South Carolina founded in 1801, has grown massively in the last few years. I, myself, have witnessed the growth. The Center for AI at IIITD (CAI) is also one of the old AI centres in India established by the generous funding of Infosys Foundation with the goal of advancing AI-related Interdisciplinary research. Both the institutions have unique skillsets and would bring in complementary expertise. I am super excited to witness the success of this collaboration."
Indraprastha Institute of Information Technology, Delhi (IIIT-Delhi) has a strong engineering background and connections to researchers and medical professionals from several Indian universities, including AIIMS and others. The Delhi Government established IIIT-Delhi as a state university in 2008, allowing it to conduct research and award academic degrees. IIIT-Delhi has risen to become one of India's most promising new institutions, with world-class professors and an atmosphere that strives to encourage state-of-the-art research and innovation while enabling entrepreneurial activities that bring deep-tech benefits to society.
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Global Artificial Intelligence (AI) in Supply Chain Management (SCM) Market 2022-2027 – Solutions as a Whole Will Reach $16.7B Globally by 2027 -…
Posted: at 5:29 am
DUBLIN--(BUSINESS WIRE)--The "Artificial Intelligence in Supply Chain Management Market by Technology, Processes, Solutions, Management Function (Automation, Planning and Logistics, Inventory, Risk), Deployment Model, Business Type and Industry Verticals 2022 - 2027" report has been added to ResearchAndMarkets.com's offering.
This report provides detailed analysis and forecasts for AI in SCM by solution (Platforms, Software, and AI as a Service), solution components (Hardware, Software, Services), management function (Automation, Planning and Logistics, Inventory Management, Fleet Management, Freight Brokerage, Risk Management, and Dispute Resolution), AI technologies (Cognitive Computing, Computer Vision, Context-aware Computing, Natural Language Processing, and Machine Learning), and industry verticals (Aerospace, Automotive, Consumer Goods, Healthcare, Manufacturing, and others).
This is the broadest and most detailed report of its type, providing analysis across a wide range of go-to-operational process considerations, such as the need for identity management and real-time location tracking, and market deployment considerations, such as AI type, technologies, platforms, connectivity, IoT integration, and deployment model including AI-as-a-Service (AIaaS).
Each aspect evaluated includes forecasts from 2022 to 2027 such as AIaaS by revenue in China. It provides an analysis of AI in SCM globally, regionally, and by country including the top ten countries per region by market share.
The report also provides an analysis of leading companies and solutions that are leveraging AI in their supply chains and those they manage on behalf of others, with an evaluation of key strengths and weaknesses of these solutions.
It assesses AI in SCM by industry vertical and application such as material movement tracking and drug supply management in manufacturing and healthcare respectively. The report also provides a view into the future of AI in SCM including analysis of performance improvements such as optimization of revenues, supply chain satisfaction, and cost reduction.
Select Report Findings
Modern supply chains represent complex systems of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer. Supply Chain Management (SCM) solutions are typically manifest in software architecture and systems that facilitate the flow of information among different functions within and between enterprise organizations.
Leading SCM solutions catalyze information sharing across organizational units and geographical locations, enabling decision-makers to have an enterprise-wide view of the information needed in a timely, reliable, and consistent fashion. Various forms of Artificial Intelligence (AI) are being integrated into SCM solutions to improve everything from process automation to overall decision-making. This includes greater data visibility (static and real-time data) as well as related management information system effectiveness.
In addition to fully automated decision-making, AI systems are also leveraging various forms of cognitive computing to optimize the combined efforts of artificial and human intelligence. For example, AI in SCM is enabling improved supply chain automation through the use of virtual assistants, which are used both internally (within a given enterprise) as well as between supply chain members (e.g. customer-supplier chains). It is anticipated that virtual assistants in SCM will leverage an industry-specific knowledge database as well as company, department, and production-specific learning.
AI-enabled improvements in supply chain member satisfaction causes a positive feedback loop, leading to better overall SCM performance. One of the primary goals is to leverage AI to make supply chain improvements from production to consumption within product-related industries as well as create opportunities for supporting "servitization" of products in a cloud-based "as a service" model. AI will identify opportunities for supply chain members to have greater ownership of "outcomes as a service" and control of overall product/service experience and profitability.
With Internet of Things (IoT) technologies and solutions taking an ever-increasing role in SCM, the inclusion of AI algorithms and software-driven processes with IoT represents a very important opportunity to leverage the Artificial Intelligence of Things (AIoT) in supply chains. More specifically, AIoT solutions leverage the connectivity and communications power of IoT, along with the machine learning and decision-making capabilities of AI, as a means of optimizing SCM by way of data-driven managed services.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Supply Chain Management
2.1.1 Challenges
2.1.2 Opportunities
2.2 AI in SCM
2.2.1 Key AI Technologies for SCM
2.2.2 AI and Technology Integration
3. AI in SCM Challenges and Opportunities
3.1 Market Dynamics
3.1.1 Companies with Complex Supply Chains
3.1.2 Logistics Management Companies
3.1.3 SCM Software Solution Companies
3.2 Technology and Solution Opportunities
3.2.1 Leverage Artificial Intelligence (AI)
3.2.1.1 Integrate AI with Existing Processes
3.2.1.2 Integrate AI with Existing Systems
3.2.2 Integrate AI with Internet of Things (IoT)
3.2.2.1 Leverage AIoT Platforms, Software, and Services
3.2.2.2 Leverage Data as a Service Providers
3.3 Implementation Challenges
3.3.1 Management Friction
3.3.2 Legacy Processes and Procedures
3.3.3 Outsource AI SCM Solution vs. Legacy Integration
4. Supply Chain Ecosystem Company Analysis
4.1 Vendor Market Share
4.2 Top Vendor Recent Developments
4.3 3M
4.4 Adidas
4.5 Amazon
4.6 Arvato SCM Solutions
4.7 BASF
4.8 Basware
4.9 BMW
4.10 C.H. Robinson
4.11 Cainiao Network (Alibaba)
4.12 Cisco Systems
4.13 ClearMetal
4.14 Coca-Cola Co.
4.15 Colgate-Palmolive
4.16 Coupa Software
4.17 Descartes Systems Group
4.18 Diageo
4.19 E2open
4.20 Epicor Software Corporation
4.21 FedEx
4.22 Fraight AI
4.23 H&M
4.24 HighJump
4.25 Home Depot
4.26 HP Inc.
4.27 IBM
4.28 Inditex
4.29 Infor Global Solutions
4.30 Intel
4.31 JDA
4.32 Johnson & Johnson
4.33 Kimberly-Clark
4.34 L'Oreal
4.35 LLamasoft Inc.
4.36 Logility
4.37 Manhattan Associates
4.38 Micron Technology
4.39 Microsoft
4.40 Nestle
4.41 Nike
4.42 Novo Nordisk
4.43 NVidia
4.44 Oracle
4.45 PepsiCo
4.46 Presenso
4.47 Relex Solution
4.48 Sage
4.49 Samsung Electronics
4.50 SAP
4.51 Schneider Electric
4.52 SCM Solutions Corp.
4.53 Splice Machine
4.54 Starbucks
4.55 Teknowlogi
4.56 Unilever
4.57 Walmart
4.58 Xilinx
5. AI in SCM Market Case Studies
5.1 IBM Case Study with the Master Lock Company
5.2 BASF: Supporting smarter supply chain operations with cognitive cloud technology
5.3 Amazon Customer Retention Case Study
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Artificial Intelligence and Blockchain at the Heart of Modern Tech Evolution – Analytics Insight
Posted: at 5:29 am
With the intrusion of artificial intelligence and blockchain technology, the world has reached new heights recently
Many things have changed since the beginning of the 21st century. At the core of all these transformations, a simple concept called technology prevails. Yes, for the past two decades, technology has affected the way we live, work, learn, study, communicate, transport, and even think. As a result of modern trends intrusion, computers are becoming faster, more portable, and higher-powered than ever before. Although the tech evolution has both positive and negative impacts, the good side of the transformation is heavily admired by people.
It all started in 2000 when the dotcom bubble burst and gave birth to disruptive trends like the internet and the smartphone. Even though the stocks of many companies tumbled for a while, it paved the way for tech giants like Amazon to get a stronghold on the market. Many more people are online today than they were at the start of the millennium. The broadband expansion has also introduced artificial intelligence into mainstream adoption. One could argue that technology has continued to improve our lives, keeping us more connected to big data and with each other. But the amazing transformation has also paved the way for increasing complexities.
Today, everything starting from transport vehicles to medical devices, financial transactions, and electricity systems are relying on computer software. While digitization has made things easier for humankind, it has also made technology harder to control. When human-to-human contact is minimized with disruptive trends, it provides a space for machines to entertain bias and dominance.
Although the term artificial intelligence came into existence in the 1950s, it entered mainstream acceptance only in the 2000s. The core motto of developing artificial intelligence technology is to make machines imitate human behavior like thinking and taking decisions on their own. However, that kind of intelligence is yet to be achieved. Meanwhile, humans have come a long way from where they started the 21st on accords with technology. With amazing branches like data science, machine learning, robotics, and business intelligence rocking the digital sphere, modern artificial intelligence can understand data and make real-time decisions.
Initially, AI was intended to defeat more manageable issues like language recognition, playing a game, and picture recovery. With the innovative headways, artificial intelligence is getting progressively sophisticated at doing what people do, yet more effectively, quickly, and at a lower cost in tackling complex issues. Further, the outbreak of the Covid-19 pandemic took artificial intelligence to the next level. Even industries that were extremely slow in adopting technology embraced artificial intelligence at a quicker pace. Today, AI is playing an essential role in supporting and aiding decision-making in every walk of life.
If we step out of the AI ecosystem and enter the blockchain bubble, far more emerging trends are flying around like never before. From being a Bitcoin platform as conceived by Satoshi Nakamoto in 2009, blockchain has come a long way to emerge as a futuristic aspect in the digital sphere. It has reached far beyond the originally planned cryptocurrency realm. Furthermore, blockchain is expanding its wings through new features like decentralized applications, smart contracts, metaverse, and NFTs.
In a nutshell, it looks like artificial intelligence and blockchain technology are here to stay. If you want to be a part of this trailblazing revolution, know more about the important trends in this tech space.
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Analytics Insight is an influential platform dedicated to insights, trends, and opinions from the world of data-driven technologies. It monitors developments, recognition, and achievements made by Artificial Intelligence, Big Data and Analytics companies across the globe.
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Artificial Intelligences Role in Banking 3.0 – Global Banking And Finance Review
Posted: at 5:29 am
By Richard Shearer, CEO of Tintra PLC
In the modern banking world new technologies play a widely reported role in anti-money laundering (AML) protocols preventing financial crime however it is important that we do not overlook technologys potential for establishing financial innocence.
To businesses and institutions operating in and between developed markets, whose international transactions are fast and painless, this sentiment may seem counter intuitive. AML compliance is necessary for regulatory reasons, and catching out bad actors is, of course, a primary goal of any business but why should we view AML technology through the lens of establishing innocence?
This is a question which emerging market corporates will have no difficulty answering if they have ever attempted to interface with counterparts in developed markets.
Entities based in emerging markets are often tarred with the brush of AML risk due to their geography and unrelated to their specific business, and consequently such organisations find international transactions lengthy, arduous and expensive as they navigate an AML compliance process that operates from a base level that is an unfair assumption of their risk.
As such, in my view, embracing advances in technologies such as natural language processing (NLP) and machine learning (ML) is essential not only for financial services firms looking to enhance their ability to properly mitigate, but to progress the much bigger, and indeed more noble, goal of removing the biases against emerging markets, nationalities or cultures that currently colour the AML landscape.
How then, can NLP and ML technologies help, not only in addressing financial crime, but in creating an environment where those in emerging markets with upstanding credentials are treated and serviced free from these baked in prejudices?
Intelligent machines
Its worth taking a moment to define these terms.
Natural Language Processing pertains, in broad terms, to anything related to processing language. As such, NLP varies in terms of complexity it may be employed for tasks like term frequency, calculating how often a given word appears in a text, but NLP can equally be used for the purposes of translation; classifying the sentiment of a piece of text; or even detecting sarcasm, irony, and fake news in a social media context.
In order to perform the more complex tasks in this spectrum however, machine learning may also be required.
Machine Learning describes a variety of artificial intelligence (AI) with an emphasis on allowing machines to learn in a similar manner to humans, through a mix of data and algorithmic methods.
ML differs from traditional programming. Traditional programs see a solution to a problem defined through hand-crafted rules that are implemented in computer code. In ML, by contrast, the algorithm itself learns those rules and, by extension, how to solve the problem by analysing data.
This principle makes ML considerably more powerful than traditional programming, since it is capable of learning a complicated sets of rules that are impossible to define manually.
AML applications of these Technologies
In the context of AML practices, its not difficult to see the appeal of technology like this.
After all, manual investigations into potentially rogue activities are lengthy processes which involve employees investigating vast swathes of transaction histories and other information and often only happen after the event.
This process is made all the more difficult to manage for financial institutions when a large number of suspicious incident alerts are often false alarms. But each potential issue must be investigated with the same vigour to ensure a robust AML framework.
By contrast NLP/ML allows financial institutions to automate these processes the more sophisticated solutions, that my team and I are very focused on, are capable of interpreting the vast amounts of text-based data that a human would otherwise need to analyse.
These systems are able to recognise patterns and relevant information, consider appropriate context and cross reference faster and more accurately than a human, or indeed teams of humans, may overlook.
Crucially for me, NLP/ML performed by intelligent machines capable of learning can potentially undertake these tasks at the same time as neutralising human bias, which has promising implications for organisations and individuals in emerging markets who face these preconceptive biases frequently.
Less human, more humane
This application of NLP/ML has a range of benefits for all stakeholders, not least with reductions in the level of false positives representing savings in time and money for financial services companies.
There is, however, equal value to be found in NLP/ML tools which bring this power to bear on addressing the inequities that currently prevent frictionless transactions between these markets.
This piece began with reference to establishing cases of financial innocence as well as financial crime and, while NLP/ML makes this possible, it would be wrong to assume that such tools will magically resolve the issue of AML bias.
As such, establishing innocence isnt just a different perspective on the benefits of NLP/ML solutions its an ethos that I believe should be actively pursued by financial services businesses as our global economy becomes more and more integrated.
Removing human prejudice from the decision-making process is vital, but a truly fair approach can only be achieved when the creators of these solutions acknowledge that the prejudice exists in the first place.
After all, NLP/ML is entirely subject to bias or algorithmic unfairness,. A good example taken from research published in ACM Computing Surveys is a piece of software called COMPAS, used by US judges to assess offenders risks of reoffending, which was found to exhibit bias against African-American individuals illustrating clearly that human prejudice can inflect algorithmic decision-making. To make the technology better we need to be better, is may be one way of thinking about it.
This kind of example gives food for thought. If NLP/ML tools are trained without thought being given to how to eradicate bias in an AML context, then well be left with intelligent machines that simply replicate that bias meaning that prejudice will be automated rather than eliminated! A terrifying concept and one fraught with complex ethics.
The next step
The financial services sector is in the midst of digital transformation and as such the time is ripe to seize the wheel and ensure, as we embrace more sophisticated tech solutions, that the journey ends at a fair and equitable destination no matter where a given transaction takes place.
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Artificial Intelligences Role in Banking 3.0 - Global Banking And Finance Review
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Five personal checks on your financial health – Firstlinks
Posted: at 5:28 am
What is good financial health? Are there a minimum number of 'big picture', timeless, universal and objective indicators of financial health that can be easily measured and monitored? What benchmarks or targets for those indicators should be met or exceeded to signify good financial health?
These were the questions we asked at my previous financial planning firm, Wealth Foundations, starting around 2010. Our aim was to provide a simple but robust, high-level framework for assessing good financial health, both for existing and potential clients.
After a number of iterations, in mid-2012 we finally settled on five indicators and, subsequently, saw no need for any further change.
Having now retired as a financial planner, and with the consent of Wealth Foundations, the purpose of this article is to introduce this personal financial health framework to a wider audience.
The hope is that it will provide anyone who is willing to do a little homework with a sound basis for understanding the current state of their financial health and the direction they need to head to improve it.
First, What is good financial health?. We equate good financial health with financial independence. Financial independence is having sufficient accumulated investment wealth to support your desired lifestyle, indefinitely, without the need to work.
Of course, you can choose whether and how much you want to continue to work but you dont need to earn exertion income. So, financial independence isnt necessarily retirement.
The first indicator is the Investment wealth ratio, defined as your net investment wealth (i.e. investment wealth less debts), divided by your net worth. Its examining the question Is too much of your wealth allocated to lifestyle assets?.
For good financial health, the benchmark for this indicator is set at a minimum of 55% i.e. at least 55% of net worth needs to be held as net investment wealth and no more than 45% as lifestyle assets (e.g. own residence, holiday home, cars, boats etc.).
The benchmark was chosen based on experience with Sydney-based, high net worth/high income financial planning clients and is, admittedly, a little arbitrary. But its rationale is to highlight that if too much of your wealth is tied up in lifestyle assets, financial independence may be elusive.
The second indicator is called the Retirement expenditure multiple. Its calculated as your net investment wealth divided by your desired annual retirement (or financial independence) spending. Its looking directly at the issue of Will you run out of money?.
The financial independence benchmark for this indicator is a requirement for net investment wealth that is at least 25 years of desired annual retirement spending. Its the equivalent of the often criticised '4% safe withdrawal rate'.
For those who argue that the benchmark should be more than 25, the reality is that most Australians fall so far short of it that pushing for a higher number is largely academic. And, for those who argue its overly conservative, my retort is that you better not plan on living to age 100.
Regardless, the Retirement expenditure multiple benchmark, like all the benchmarks, is a 'rule of thumb', rather than a hard and fast dictate. The benchmarks provide meaningful targets that those who desire to be financially independent can compare their circumstances with.
The third indicator is the Tax effectiveness ratio. Its your total superannuation holdings divided by your Projected lifetime investment wealth. Projected lifetime investment wealth is your current net investment wealth plus an estimate of the amount you expect to save between now and the date of your desired age of financial independence or retirement.
The Tax effectiveness ratio is a proxy measure to answer the question Are your investments held tax effectively?. The benchmark for this measure is at least 75%. Its basis is that since superannuation is currently a very tax effective environment in Australia and its where most people should hold the majority of their investment wealth.
Again, its a rule of thumb rather than a dictate. There will often be legitimate reasons why the benchmark wont or cant be achieved, without jeopardising the goal of financial independence.
The fourth indicator is the Growth asset allocation ratio. Its your growth investment assets (i.e. shares, direct property, share and property managed funds/ETFs) as a percentage of Projected lifetime investment wealth, discussed above.
The focus here is How much investment risk are you comfortable with?. The target or benchmark will differ for each investor. The target asset allocation decision discusses this choice in more detail.
However, for most, we advocate that your maximum risky growth asset exposure when financially independent and/or retired shouldnt exceed a level that would cause you to lose sleep, due to anxiety, and, perhaps, abandon a sound investment strategy in troubled markets. This is generally guided by an assessment of your attitude to investment risk.
The final indicator is the Investment diversification ratio. Its calculated as your diversified investment assets (i.e. your total investment assets less, primarily, concentrated holdings such as investment properties and large individual share holdings) divided by your total investment assets.
The issue this indicator addresses is Have you too many investment eggs in one basket?. Investment theory suggests that concentrated investment holdings offer no expected return premium for their additional investment risk compared with the relevant, well diversified, asset class. Consequently, they arent regarded as consistent with good financial health.
While our benchmark for the Investment diversification ratio is a minimum of 75%, our view is that you should diversify your investment holdings as broadly as you cost effectively can.
The table below summarises the five financial health indicators discussed above and their recommended benchmarks.
Good financial health is revealed by being at or above each of the indicator benchmarks. Youll notice that its not directly dependent on how high your income is or how much youre worth.
While shortfalls on some benchmarks may not be a major problem, the framework encourages you to address the reasons for any divergences.
And, of course, should you fall well short on a number of the benchmarks, the direction of the changes you need to make to improve your financial health, in terms of the framework, should be apparent.
So, hows your financial health?
John Leske is Founder and CEO of finhealth, the provider of an approach to assessing the state of your personal financial health. The article describes a general framework to compare your current situation with some meaningful financial benchmarks. No specific personal financial advice is provided and it is up to readers to determine what actions, if any, they take in response to the article. A more detailed explanation of the indicators can be found in the free eBook, What is finhealth?.
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Bank staff being trained to spot signs of financial abuse – Newstalk
Posted: at 5:28 am
Financial abuse is not just confined to older people, and is commonly used in domestic abuse situations.
That's according to Women's Aid, which is to begin training bank staff to help them assist customers who may be subject to financial abuse and coercive control.
Members of the Banking & Payments Federation Ireland (BPFI) will be taking part in the programme.
This will include AIB, Bank of Ireland, KBC Bank, Ulster Bank and Permanent TSB.
It comes as new research found over 20% of young women aged 18-34 do not have control over their finances - and are more likely to rely on others for help with their money.
Despite this, the research found women in this age group are less likely to be concerned that someone might take advantage of them financially - with only 17% expressing concern compared with 27% overall.
Women's Aid CEO Sarah Benson says the problem is more widespread than people think.
"Often when people think about it they think of vulnerable older people, maybe, having their pension or their other income abused - or a disabled person who may be financially dependent on others, having that situation abused.
"But actually financial abuse is an incredibly common - and a remarkably effective - tactic in domestic abuse relationships, coercive controlling relationships.
"What it means is taking control of the finances or reducing the financial independence and autonomy of somebody who is being coercively controlled".
She says this can also be insidious in the context of coercive control.
"It's usually a gradual process, so it might be a merging of bank accounts.
"It can be putting debt in somebody's name - so taking loans or putting mortgages [in somebody's name].
"What can happen then is somebody can find themselves with no money at all, or shackled to a debt that isn't theirs."
Louise O'Mahony, head of sustainable banking with the BPFI, gives an example of indicators for staff.
"It might be where somebody is earning quite a good income, and yet is still falling into debt.
"This is what's known as coerced debt, where their partner might be spending all their money - so they, despite earning a good income, are not able to manage their money.
"Or it might be a situation where... a frontline staff member would be looking at somebody's credit card bills, and they're really over-spending, but the person doesn't seem to know about that.
"That might a flag that somebody else is using their account, and that they're not in control of their money"
And she says some banks are already fielding calls from customers.
"In fact this morning, some of our members have let us know that some people have already called in to call centres in the banks - looking for guidance on how they can help people who might be in this situation."
Anyone affected by issues raised in this article can contact Women's Aid on 1800-341-900
Additional reporting: Kacey O'Riordan
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‘I feel slighted’: My husband of 10 years stopped paying his salary into our joint account and asked me to pay $900 toward our rent – MarketWatch
Posted: at 5:28 am
Dear Quentin,
Ive been married for 10 years. We share two young kids and I have two stepchildren. Wehad full custody of his two children during our marriage with no financial support from their mother.
He and I basically paid equally for all our expenses as we had a joint checking account for our paychecks. Truthfully, I always felt I shouldnt be paying for my stepkids.
We started having money issues a few years ago. When they got very bad, my husband opened a new bank account and deposited his checks there with me having no access.
He makes $150,000 a year and I make about $45,000. He paid all the bills for several months. He asked me to pay $900 a month toward our $3,000 rent.
Is this fair? I bring home $2,400 per month. I feel slighted. I guess I also feel bitter because I never felt comfortable paying for his kids. What do you think?
Wife, Mother & Stepmother
Its hard to be a stepmother and help raise your husbands children without contributing to their lives financially. As their stepmother, you are their guardian and hopefully their friend. They are or were part of your household, after all. If you were to divide your expenses and they became aware of that, it would have made them feel like strangers in their own home. Make peace with the fact that you made the right decision to pool your resources.
Its always better to have potentially tricky financial conversations before you move in together. Of course, its never easy to become accustomed to a certain way of doing things and suddenly have it change. You have contributed equally to expenses on a salary that is roughly one-third of your husbands salary, while he paid all of your rent. I understand that it must come as a shock to be asked to pay 10 years down the line. Still, changes happen.
Even given the disparity in your salaries, its hard to argue that you should not contribute to the rent. This should be a negotiation, not a fait accompli. Your combined salary of $200,000 would equate to a quarter share for you. You can think of the money you paid toward his two children as your share of the rent, if it helps sweeten that bitter taste. But expressing your displeasure with those contributions now would be a fruitless task, and only lead to ill will.
I do have concern about the suddenness of your husbands move, and the lack of warning. Is this a prelude to a separation?
That does not mean you cant have a larger discussion about why your husband moved money to a separate checking account when you previously pooled your resources. Changes without any discussion raises a red flag. What has changed in your lives and your husbands sense of financial security? Why did he do this without discussing it? Asking questions and expressing how you feel are more productive ways to explore what, if anything, these changes mean.
I have concern about the suddenness of your husbands move, and what this means about your future. Is this a prelude to a separation? You are a team, and whatever financial insecurity he is feeling due to the problems youve had, you should deal with as a couple together. You have come to rely on this money, and $900 is a lot of money for you. This unilateral action must have come as a shock, and made you wonder about your husbands commitment to this marriage as a united front.
The National Coalition Against Domestic Violence says, Economic abuse involves maintaining control over financial resources, withholding access to money, or attempting to prevent a victim or survivor from working and/or attending school in an effort to create financial dependence as a means of control. Victims and survivors are often forced to choose between staying in abusive relationships and poverty or even homelessness.
Im not sure it rises to that level here, given your financial independence and access to your own funds, but its worth flagging. If, at any time, you feel like you are experiencing financial insecurity as a result of your husbands changes, tell him. If he does not listen, seek professional advice from an organization that helps people who find themselves living in a coercive and/or controlling situation. Bottom line: He should not have done this before discussing it with you first.
Youcan email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.com, and follow Quentin Fottrell onTwitter.
Check outthe Moneyist private Facebookgroup, where we look for answers to lifes thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.
The Moneyist regrets he cannot reply to questions individually.
More from Quentin Fottrell:
I live with my girlfriend, 59, who owns several homes and has saved $3 million. I pay utilities and cable, and do lots of repairs. Is that enough?He is the most computer-illiterate person I know: I was my husbands research analyst, caregiver, cook and housekeeper. Now he wants a divorce after 38 years.Our friends always yearned for a relationship like ours: My husband of 16 years left me for another man. I dont want them to live in our properties. What can I do?
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The Normalization of Theft Is Crushing Investors – Energy & Capital
Posted: at 5:28 am
My friend Connie is a nurse.
She lives in Texas and works with cancer patients, most of whom are veterans.
Its a tough job, both physically and emotionally.
She told me few of her patients ever leave the hospital alive. Its sad, but as she says, Its just the reality of the job.
I cant imagine having a job like that. I dont think I have the emotional strength to deal with all that sadness. I think you just have to be a special kind of person to do that job. And certainly, such a job does pay well. It has to, as there arent many folks who can do it.
While Connies job isnt easy, she earns over $160,000 a year. And just to make sure she doesnt leave, she was given a $15,000 bonus last year completely out of the blue.
So many nurses are getting burned out and leaving the profession entirely that hospitals are bending over backward to ensure more dont quit.
Of course, for those nurses who havent quit and have no intention of quitting, theyre doing really, really well financially.
Connie, a single mom, owns her own home debt-free. She has more than $1 million put away for her retirement and has about $100,000 in a trading account that she uses to play the stock market. She also took delivery of a Tesla Model S last year, which she paid for in cash.
Dont get me wrong Connie works hard and puts in a lot of hours. Shes actually been doing weekend shifts for more than a year nowto help with COVID testing and vaccinations on top of her regular weekly hours.
She told me that she always wanted to be a nurse. Since she was in elementary school, she knew nursing would be her chosen career. But she never expected that such a job (along with some very smart investments) would lead her to financial independence.
But it did, and now her daughter will be going to college next year and plans to become a nurse too.
A smart move, as the supply/demand scenario for nurses will always be in her favor.
Unfortunately, there are a lot of other folks going to college who will graduate with no tangible skills to land them a decent job with decent pay. And I suspect those kids will take out huge loans, be unable to pay them back, and then request that the government forgive those loans, which is really just a fancy way of saying you dont want to pay back your debt.
This is becoming a real problem in this country the idea that if you borrow money but find it hard to pay back, you can just walk away from your debt obligations.
They call it debt forgiveness. I call it theft.
Of course, theft is almost becoming acceptable these days.
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I was listening to the Michael Rapaport podcast the other day when the outspoken actor and comedian talked about how he went to his local Rite Aid to pick up some medicine and watched a man fill up a bag with a bunch of random items from the store and then simply walk right out.
He walked right by the security guard, who did nothing, because apparently theyre not allowed to stop these folks.
Rapaport talked to the pharmacist about what he saw, and she said it happens every single day. Its so bad that theyre actually shutting down that location, and she doesnt know if shell have a job after that.
What kind of world do we live in where we give thieves more rights than hardworking folks who are just trying to make a living?
Theres even a website that details how to be an effective shoplifter, offering rules to follow, such as:
Know your rights?
Imagine being a security guard, catching someone stealing clothes, and then the shoplifter says, I know my rights.
And be a good runner?
This isnt a joke.
Its not funny.
People are losing their jobs.
Communities are losing stores that help bolster property values.
From student debt cancellation to illegal music and movie downloads to consequence-free shoplifting, weve literally normalized theft.
And while I may not know how to fix this problem, I do know that you now have to consider how the normalization of theft affects your investment decisions.
In other words, what kinds of companies can you invest in where the normalization of theft will not have an impact on performance?
Here are a few of my favorites:
These are all companies that will never have to worry about brazen shoplifters or folks looking for debt forgiveness.
And these are all companies that could make you a lot of money this year.
Invest accordingly.
To a new way of life and a new generation of wealth...
Jeff Siegel
@JeffSiegel on Twitter
Jeff is the founder and managing editor of Green Chip Stocks, a private investment community that capitalizes on opportunities in alternative energy, organic food markets, legal cannabis, and socially responsible investing. He has been a featured guest on Fox, CNBC, and Bloomberg Asia, and is the author of the best-selling book, Investing in Renewable Energy: Making Money on Green Chip Stocks. For more on Jeff, go to his editor's page.
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