Monthly Archives: June 2022

Our nation celebrates its independence with hot dogs, parades and fireworks this weekend.

As we reflect on our countrys sovereignty and the concept of freedom this Fourth of July holiday, now is a good time to declare a commitment to achieving another form of independence: Financial freedom.

One of the greatest ways to attain personal contentment is by freeing ourselves from the stress of money struggles, like extensive debt, job insecurity and scarcity of savings.John Hancock Financials annual Stress, Finances and Wellness report found that 72 percent of those polled have experienced moderate to extreme stress in the last six months, with 58 percent pinpointing finances as the cause of their anxiety. Respondents to the insurance companys survey claimed economic conditions, retirement savings and credit card debt are their top three worries.

Like Americas fight for freedom, achieving financial independence is a battle, and most of us are never given the proper tools to succeed. But, it's never too late to learn to fight and with financial freedom comes something that will make it all worthwhile, said Megan DeCrosta, CEO and founder of financial literacy program, Cut the Fiscal Fat.

Financial independence means sustainability. It means being able to take different hits and setbacks, readjusting and ultimately being OK.

Creating a safe, healthy and worry-free financial environment is something most of us strive to achieve. The trouble is, financial literacy education isn't something that's readily taught in schools, DeCrosta said. She is hoping to change that.

Eighty-four percent of teens will leave high school and enter adult life with limited financial knowledge. In an effort to equip teens and young adults with the tools and information needed to live a financially empowering life, she founded Cut the Fiscal Fat, a digital course aimed at decreasing the divide in income inequality and combat generational poverty through early education.

A licensed insurance broker, DeCrosta pivoted to become a certified financial education instructor several years ago, launching her program just before the pandemic. The Niskayuna mom of two doesnt have a degree in finance, but thats what makes her program so practical, she said.

It wasnt until I met my husband that I realized how much I didnt know about finances, she said. Together, they dove into debt, spending and savings. They asked a lot of questions, discussed missteps, priorities and goals.

I realized how important that conversation was and that was a conversation I never had, DeCrosta said. The couple studied and developed a curriculum to teach financial literacy and simple debt-reduction tactics to adults. But, DeCrosta was adamant children and teens be invited, too.

I always said to myself, What if I had someone who could give me the tools and resources when I was young?

Today, DeCrosta partners with several local schools, as well as the Boys & Girls Club of the Capital Region, to help teens and young adults learn how to make the most of the money they have and how to use it to achieve maximum success in life.

The first lesson of the program is The Foundation. In it, DeCrosta teaches the basics of investing, borrowing and protecting money, to create personal wealth, establish emergency savings and eliminate debt. The goal is to live without the burden of financial stress. Ultimately, the information is for everyone, DeCrosta said. Its information and education many of us can use, because many of us never received it.

"Youre never too young or too old to learn it. Even though we are geared toward the younger age group and the younger demographic, it still applies to us as adults."

If youre ready to make some adjustments and move toward financial sustainability and freedom,DeCrosta has the following suggestions.

Take stock of your spending: And your lifestyle in general. Audit two to three months of expenses; chances are youll be shocked by how much you spend.

Review your credit: Its important to know what is in your credit report. Check for inaccuracies and review it regularly. You are entitled to a free credit report every 12 months from each of the three major consumer reporting companies, Equifax, Experian and TransUnion.

Everything revolves around credit, DeCrosta said. Poor credit history can lead to higher interest rates, fewer loan options. It can make it more difficult to find quality housing, potentially affect job prospects and impact retirement.

Continue by focusing on debt: Eliminating debt wont happen quickly. Start by trimming excess spending and learn to differentiate wants versus needs. Make a repayment plan and stick to it. With rates rising, transferring existing balances to zero-percent introductory rate credit cards may be a smart move.

There is a system in place that is designed to keep us in debt. Its very difficult to overcome that process, that system, DeCrosta said.

Build savings: Another important step to take when working to obtain greater financial independence is to build savings. Even if you can only manage to set aside a little bit of money each month, something is better than nothing.

Make it a habit no matter what, DeCrosta said. It will help you in the long run.

Focus on the long game: No matter how you arm yourself or what strategy you use, its important to remember that achieving financial independence is a marathon, not a sprint.

We live in an era of instant gratification, DeCrosta said. Its important to understand that youre not going to see instant results.

Bring everyone to the table: If you have children at home, include them in the process and be a good role model.

In addition to including our children in the financial picture as early as possible, it is equally as important to be honest and have a plan," she said. "Since children learn most from parents, it is essential we set an example and practice good financial habits for them to follow. It is pivotal to budget and self-educate in order to spend safely and borrow wisely.

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Work to be debt free with Cut The Fiscal Fat's founder's tips - Times Union

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These money and investing tips can light the way to your own financial independence day - MarketWatch

Did you know that as you read this article, your fixed deposit is actually losing money?

Currently, savings account/ FD interest rates are in the range of 3.5 to 5 per cent per year. Industry experts say inflation this year will be approx. 7 per cent. This means that although your money grows from 100 to 104 this year, your expenses will grow at a faster pace. Cash is trash is a famous saying in the markets for this reason your cash generates negative real returns for you when inflation is high.

Kanika Agarrwal, Co-founder, Upside AI says, Thinking, learning and talking about money is a boring/ intimidating task for most of us, which is why we end up procrastinating on this most important aspect of our life. Hence, our money sits in the bank losing its value.

The most important aspects of saving and investing are: time and the magic of compounding. Therefore, Agarrwal says, it is important to become financially literate to understand how to save, set goals, where to invest, what to buy, how to benchmark the returns.

How should you get started?

Step one is budgeting and saving. Irrespective of age, gender, or professional background, saving and budgeting is a skill everyone should know about. Agarrwal explains, Essentially step 1 is building your own personal profit and loss account where you track your income, expenses and savings.

The next step is to buy insurance health and term. Insurance is not supposed to be an investment product but a safety net. Agarrwal points out, Therefore, stay away from endowment plans and ULIPs and focus on solving for worst-case scenarios which is what term and health insurance do for you and your family.

The next step, experts say is investing that money. The decisions you make to invest are (1) asset allocation (2) stock selection; and (3) market timing.

Of the three, asset allocation, Agarrwal points out, will always have a disproportionate impact on one achieving their financial goals. Asset allocation is essentially deciding which asset classes you will invest in, i.e. equity, debt, gold, real estate, etc.

Once you know what you are able to save every month, you need to spread it across different assets. Experts say this is important because in any given year, a different asset would do well equity, debt, gold, real estate, etc. When you hold a balanced portfolio, you ensure reasonable returns without too much volatility in the portfolio.

For instance, what if you bought only stocks and mutual funds? You would do very well in say 2021 but your portfolio would have fallen 20-30 per cent in March 2020. On the other hand, if you added other assets, you would see a more even curve on how money is growing.

Agarrwal says, Broadly generalizing, the younger you are, the more risk you can take. Therefore, you can perhaps invest more in equity (ETFs, mutual funds, stocks) and less in debt (fixed deposits, liquid funds).

Choosing what to buy

After that, comes choosing what to buy. When investing in equities, try to choose products which give you a diversified portfolio for example, according to Agarrwal, you could buy a NIFTY index fund, a mid and small-cap fund, or an international fund.

For debt, experts say, it is always a good idea to max out your public provident fund because of its lucrative interest rate and tax exemptions. Agarrwal adds, The RBI has even allowed retail investors to buy government bonds directly through net banking. For money needed in the short term, fixed deposits and liquid funds work great. A good rule of thumb is having six months of expenses in liquid funds for emergencies.

For gold, there are gold ETFs which are liquid. Another great option is sovereign gold bonds (SGBs) that the RBI issues regularly these have a favourable tax structure and give an additional 2.5 per cent interest per year. However, these have an 8-year tenure and therefore the money is locked in.

Real estate is now accessible in bite-sized units by way of Real Estate Investment Trusts (REITs) which are like mutual funds in their structure but instead of stocks, the pooled vehicle buys real estate and pays out the rent it earns from those properties as dividends.

This is why, Agarrwal explains, financial literacy is so important because asset allocation is not a static concept. It constantly evolves with ones stage in life, ones liabilities, responsibilities and income stream. Further, there are always new products that are being added that one must try and educate oneself on regularly.

For instance, in the last few years, many investor-friendly products have come to market for retail investors like exchange-traded funds, SGBs, REITs, international funds, and government bonds.

Agarrwal further adds, Its also important to mention that investing is not a race. Your only goal with investing is to make sure your money compounds well for your goals and not to beat your peers/ colleagues/ friends.

Read more here:

Financial literacy is the way to an individuals financial independence - The Financial Express

To this day, while I have a joint bank account with my husband for shared expenses, I also have my own accounts which allow me to make my own choices - it's amazing how empowered you feel.

Image: Getty Images)

One of the greatest lessons my dad ever taught me was to always be financially independent, especially as a woman.

He always encouraged me to work, save a portion of my earnings and have my own money.

To this day, while I have a joint bank account with my husband for shared expenses, I also have my own accounts which allow me to make my own choices.

I was surprised to read YouGov data which shows that many women still rely on their partner to get by financially, even if they work full-time themselves.

Around a third of all women with a partner are entirely (6%) or somewhat (29%) dependent on their other half. Three in five of the women reliant on their partner say they would not cope well financially in a break-up.

This highlights that some women dont enter a marriage with financial independence and personal financial security in mind. Why dont we look further ahead into the future when we meet our life partners?

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If your finances are handled by your husband though, dont panic. Its never too late to start taking control. Being financially aware gives you the ability to safeguard your family, yourself and your future, especially during the current cost-of-living crisis.

The first building block of financial security is to ensure you have enough emergency funds available to navigate a rainy day like if you lose your job.

Many couples hold their cash deposits in joint accounts which means that both individuals are legal owners of that account.

With interest rates historically low and inflation soaring, this means the cash held in your current and savings accounts is eroding in purchasing power and in a years time you will be able to buy less with the same money.

Once you have established what your emergency funds need to be, the next area to look into is the position you would be in if your partner became critically ill or passed away.

Life insurance may cover the big costs, but what about the day-to-day stuff? How would you pay for these if the primary breadwinner was no longer able to provide?

We all want peace of mind and to know that in the event of life-changing circumstances, we have the financial stability to cope.

And what about retirement? With divorce rates high, wrangling over a pension is a nightmare. Its never too late to start your own every bit extra you can manage will be worth it in the long run.

Its amazing how empowered youll feel once you take control of your own finances.

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'More women still need to gain financial independence from their partners' - The Mirror

If you are between the ages of 12 and 18, adulthood is just around the corner. That means learning about financial independence and all the things that come with it.

Travis Credit Union can help with that. Its popular Mad City Money boot camp returns to the Vacaville headquarters building July 15 to teach youth how to have the financial skills that will prepare them for the workforce.

Mad City Money is a three and a half hour simulation that gives young adults the chance to make decisions regarding budgeting, spending and saving in an assigned-life scenario. For example, each participant will be given a temporary identity that includes an occupation, salary, debt, marital status, children and more. The goal is to show the reality of financial responsibilities and equip them with the skills needed to make better financial decisions, according to a TCU news release.

The free event is 11:30 a.m. to 3 p.m. July 15 in the TCU Headquarters community room, 1 Travis Way. The event is open to ages 12 to 18.

To register, go to Traviscu.org/mad-city-money.

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Travis Credit Union hosting youth financial boot camp in July - Vacaville Reporter

From Real Estate to Banking: 4 Ways to Invest in Egypt

Whether through property or gold, investment helps young Egyptians manage their income, and speed up their journey towards financial independence. At a time of uncertainty, and global economic crises, many are struggling to keep up financially; those who know how to save and invest their money are often calmer than those who never considered investment.

In a fast-paced world of continuous economic fluctuations, turning ones life-savings into an investment that he or she is confident about is becoming more important than ever. To ease the complexity of that decision, here are the most common types of investments in Egypt.

Real estate

The most popular expression about the advantages of real estate investment is that it never loses its value; if it does not increase, it will stay as it is. While Egypt suffers a high inflation rate, many have sought real estate as the most rewarding investment option. With ever-changing public needs and continuous development, the real estate market in Egypt has been booming for the past decade.

As the government and private sector continue to diversify construction plans in new cities, such as the New Administrative Capital, Alamein City, and Galala City, there are countless investment opportunities in both residential and commercial properties.

Gold

Buying gold has been a common practice in many Egyptian homes. In Egypt, there are two popular ways to invest in gold, by buying gold jewelry or buying gold bullion bars. Many women buy gold jewelry whenever they can afford it. It is a tool for beauty, and can also be a tool for her familys salvation in case of a sudden financial crisis.

There are plenty of reasons to start investing in gold. However, for those who are new to the market, it can be tricky as one needs to keep following gold market indicators and the adverse effect of global events. Although investing in gold can be a favorable option for many, it can have dramatic downsides when its price fluctuates.

Bank Certificates of Deposit

Plenty of Egyptian children grow up hearing the phrase hamelak shahada fel bank (Ill register a certificate of deposit for you at the bank) by their parents. Oftentimes, parents did so to ensure that when their children were old enough, they could deposit sums of money.

In Egypt, certificates of deposit are considered safe haven investments.

A certificate of deposit is a tool that allows clients to deposit a sum of money in the bank for a fixed period of time, such as one or three years, in exchange for interest from the bank. Upon redeeming ones certificate of deposit, the customer receives the money he or she had originally invested plus an interest rate. The highest interest rates at Egyptian banks currently range between 11 and 14 percent.

Since they are one of the safest investment options, they are often the most commonly-selected for investment in Egypt.

Egyptian Stock Exchange (EGX)

In Egyptian Streets interview with EGX Executive Chairman Mohamed Farid, it was explained that, while certificates of deposit are safe investments, investing in the stock market yields higher returns due to a slightly higher risk.

Despite being uncommon among average Egyptians and small investors, EGX allows you to reap benefits when the Egyptian economy is growing. For beginners, it is recommended to start your investment journey with Exchange Traded Funds (ETFs). ETFs raise funds from individual investors by selling their shares, then use those funds to invest in different financial assets such as stocks, bonds, and commodities, to provide value to its own investors.

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From Real Estate to Banking: 4 Ways to Invest in Egypt - Egyptian Streets

Florida is one of the most independent states, according to a study released byWalletHub.

With Independence Day just days away, WalletHub released a report on2022s Most Independent States. To determine the most self-sufficient states, the personal finance website compared the 50 states across 39 metrics, which measure how dependent Americans are on the government and other people for finances, their jobs and personal vices.

Florida landed at No. 6 on the list, setting the bar high in several key metrics. The analysis found that Florida boasts the fourth-highest share of federal, state and local government employees. The Sunshine State also netted the 8th best share of jobs supported by exported goods, and ranked 13th in median debt per income and government dependency.

Florida is the sixth most independent state. Its financial independence is seen in the low age dependency ratio which is the ratio of dependents younger than 15 and older than 64 on the working age population, as well as the low percentage of seriously underwater mortgages, just 1.35%, said WalletHub analystJill Gonzalez.

The government independence is demonstrated by the low share of federal-, state-, and local-government employees, less than 12%, and by the fact that tax freedom day comes after the first 93 days of the year, which is the third shortest time period in the country. Tax freedom day is the day when the states taxpayers have collectively earned enough money to pay their federal, state and local taxes for the whole year, she continued.

Florida posted an overall score of 60.31, trailing the top state by less than six points. Analysts noted that the state also drew high marks for having the lowest unemployment rate and a healthy job creation index.

The states strong job market is another thing that contributed to the overall ranking. Florida has the lowest unemployment rate nationwide, a high job creation index, and a low share of jobs supported by exported goods, less than 2%, Gonzales added. Vice dependency is another area in which Florida is among the most independent. It has a low share of adult binge drinkers just 15%, the second lowest share of adults with gambling disorders 1.1%, and a small share of smart device users.

Utah took the top spot on the list, leading the way with the highest percentage of residents with rainy day and emergency funds. Utah also boasted one of the highest median incomes, when adjusted for the cost of living, and is one of the states that rely the least on support from the federal government, according to the report.

The other states to round out the top five were Colorado, Massachusetts, Virginia and Nebraska.

Kentucky, Louisiana, Mississippi, Alaska and South Carolina held the bottom five positions on WalletHubs list.

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Study finds Florida among most independent states in the nation - The Capitolist

We knew the fundamentalist-packed U.S. Supreme Court would trample on womens rights. Its been coming.

As medical advancements have saved the lives of premature babies that fit in the palm of our hands, the issue of viability outside the womb has taken center stage, providing radical, right-wing Republican fundamentalists with the necessary ammunition to roll back abortion rights.

What surprises me the most is that anyone is somehow shocked that its now happening. Where have you been?

Reproductive rights are the single most important issue for women of all races and ethnicities, full stop. Any woman who doesnt recognize that is a fool. This is not an issue for the white privileged class the feminist foremothers of the 1960s. Black and brown women were not leaders of the feminist movement for innumerable reasons, but they must now lead the long war ahead to take back a fundamental reproductive right that was just ripped away from us and to prevent other attacks that are surely coming.

Still not convinced? Still think the Black Lives Matter movement, equity and inclusion, prosperity, inflation, gas prices and a host of other issues in America are more important than a womans unequivocal right to abortion on demand? How shortsighted of you.

The first line of defense in our armor for womens equality and full participation in society is contraception. The second is abortion. Being able to delay childbirth and plan our families is what has allowed women and young girls to finish high school, attend universities, become qualified for higher paying jobs, compete with men in all fields and guarantee financial independence.

With financial independence women marry for love, not money (or not) and can exit toxic relationships with men without having to worry about where they will go and how they will be able to support themselves. With financial independence women can raise the children they do have when their men take a walk, as they frequently do. With education and money, women have the smarts and resources to go after the men who abandon their children for child support.

There isnt enough government assistance to pull us out of poverty if we have children we cant afford to feed and educate. The same Republicans responsible for the demise of Roe v. Wade and the erosion of abortion rights from coast to coast are the same Republicans who are constantly trying to cut safety net programs low-income families with children depend upon to simply survive. They want to subjugate all women, but they want to cripple Black and brown women.

The Supreme Court decision made by a bunch of smug, elitist men and one delusional fundamentalist Christian woman is part of a very large and organized movement to push women out of the workforce and into the home with as many babies as possible, so men can rise back up and be in total control. This is about the return of the traditional family, 1950s-style. You know, the good old days when women knew their place, suffered loveless marriages and were dependent on their men for every dollar they spent when scrubbing toilets and changing diapers was their full-time job.

So, this is not just about refusing to return to back-alley abortions. This is about a womans right to determine her own destiny.

This is about freedom and liberty, and without those two things there is no democracy. And right now, there is no democracy for women in America. If we want to live in a democratic country, we need to take our rights back and the only way to do that is at the ballot box.

The Republican party is the single greatest threat to womens existence and they must be voted out of office at every level of government. This is the same political party that votes against minimum wage increases and affirmative action and is trying to dismantle the public education system.

Lets remember that Republican George Bush Sr. put Justice Clarence Thomas on the Supreme Court, who in his concurring opinion on the Roe decision wrote, In future cases, we should reconsider all of this Courts substantive due process precedents, including Griswold, Lawrence and Obergefell we have a duty to correct the error established in those precedents.

Griswold v. Connecticut was a landmark 1965 case which ruled the use of contraception between two married individuals was a matter of privacy and constitutionally protected.

So, if youve not been politically active before, this is the moment to start. In the meantime, every unwanted child born because of this Supreme Court ruling should be left on the doorstep of Thomas and his wife, Ginni. They didnt have any children of their own and they didnt adopt. If they really care about the unborn child so much, its high time they get the chance to raise a few live ones.

Emily Cardenas is the executive editor of The Miami Times. She previously worked as a producer at WTXF in Philadelphia and at WSCV, WFOR and WPLG in Miami.

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Contraception, abortion and womens financial future - The Miami Times