Daily Archives: July 25, 2022

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While the idea of financial freedom can mean different things to different people, a recent report by Bank of America pinpointed the top three areas many women say indicate financial independence.

To get the results, more than 3,500 women ages 22 and up were surveyed about their thoughts on financial confidence, especially when it comes to investing.

Here's a look at the top three indicators of financial independence, according to survey respondents, plus a few easy tips to help you meet those goals.

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For starters, 47% of respondents felt that being debt-free was a huge indicator of financial independence.

While some forms of debt such as a mortgage or student loan can buy you the flexibility to be able to afford an opportunity or acquire an asset, for many, the idea of actually owing money is enough to create a feeling of dread. A great deal of people are emotionally uncomfortable with debt, and those feelings of discomfort are reason enough to prioritize making their balances disappear.

Paying down debt also allows you a little more flexibility in the face of tough circumstances. For example, if your credit card limit was $5,000 and you were carrying a $4,500 balance, you would only have $500 left to float the cost of an unexpected car repair or roof leak if you didn't have an emergency fund to pull from. If, however, you were to pay off that balance, you would still have more room to cover a necessary expense if your emergency fund won't suffice.

There are many strategies out there when it comes to paying down debt. The popular debt snowball method involves eliminating the smallest debt balance first while paying just the minimum on your other debts. The idea is to work your way up to the largest balance until you're completely debt-free.

Another tactic, the debt avalanche method, involves eliminating your highest interest debt first while making minimum payments on the others, and working your way down to the debt with the lowest interest rate. This particular method will help you save the most on interest charges.

Debt consolidation is another strategy that can potentially help you save on interest charges while also organizing your debt into just one monthly payment. With this option, you're essentially using a debt consolidation loan, such as the Marcus by Goldman Sachs Personal Loan or the LightStream Personal Loan, to have your funds sent to each of your creditors to pay off those balances. After that point, you're just left paying back the debt consolidation loan you took out.

Another alternative is to use a balance transfer card with a 0% introductory APR period, such as the Citi Diamond Preferred Card which has a 0% intro APR on balance transfers for 21 monthsfrom date of first transfer, (15.24% -25.24% variable thereafter; there is a balance transfer fee of $5 or 5% of the amount of the transfer, whichever is greater and all transfers must be completed in the first 4 months) or the Chase Freedom Unlimited, which has a 0% intro APR for 15 months from account opening on balancetransfers, then a variable APR of16.49%-25.24%, to transfer a credit card balance with a high interest rate onto a new credit card that charges no interest fees for a limited time. The idea is the 0% introductory APR period will buy you enough time to have your entire monthly payment go toward the balance and not the interest, which should help you pay down your debt faster.

Emergencies are bound to pop up, which is why 39% of women who responded to the survey said being able to weather an unexpected expense was a sign of financial independence.

Having an emergency fund a lump sum of cash that you can access in the event of a dire need can help to offset these unforeseen expenses. For example, you could use money stashed in an emergency fund to replace a damaged car part, fix a leaky roof or pay a medical bill you weren't planning on.

Emergency funds can also help you make ends meet in the event you're laid off from a job with little to no notice. While unemployment benefits might help you to afford some of your daily expenses, those funds are generally not enough to cover your entire cost of living.

It's a good idea to keep your emergency fund in a relatively accessible account, such asMarcus by Goldman Sachs High Yield Online Savingsor anAlly Online Savings Account. With these high-yield savings accounts, you'll be paid interest on a monthly basis just for keeping a balance, helping to grow your emergency fund just a little quicker.

Experts typically recommend that you have an emergency fund with aboutthree to six months worth of living expenses, though the amount you should save is dependent on your individual situation and how much your monthly expenses usually end up being.

According to the survey, 34% of respondents said that not having to ask their families for financial assistance would make them feel more financially independent.

The rising cost of living, student loan debt and stagnating wages have made it tough for many people to keep up with everyday expenses sometimes, they have no choice but to turn to family to help bridge the gap between what they need and what they can actually afford.

While it's usually recommended that you simply find ways to cut back on spending to free up the cash for other expenses, with a highly inflationary environment like the one we're seeing right now, there may not be much room for individuals to cut back on spending more than they already are.

If you do find yourself hitting a wall with your cash flow, it might be time to consider asking for a raise at work or even switching to a higher paying job if you can. If you'd rather stay with your current company, try taking on a side hustle preferably one that you actually find enjoyable to help make ends meet.

If you choose to go the side hustle route, think about your skills and personal interests and try to find a side gig that works best for you. For example, if you have a knack for creating customized digital illustrations, think about selling them through a website such as Etsy.

While taking on extra work can be tiring, there are a few things you can try to mitigate burnout. For one, avoid doing side gigs that force you to use the same skills you're using for your day job. If you already work full-time as a writer, for instance, taking on an extra side hustle as a freelance writer can make it feel like complete writing overload. Consider using another skill you already have that you can monetize so you're not stuck doing too much of the same thing each day.

You should also think about how much time you realistically have to dedicate to a side hustle each week. If you can only spare 15 hours a week, you'll get stressed and burn out very quickly if you're pursuing a a side gig that's going to feel like another full-time job.

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staffs alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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These are the three important things women say would indicate financial independence - CNBC

Kevin wants to hit FIRE (Financial Independence, Retire Early) and believes his motivation comes from witnessing the financial trauma of the Great Recession. Hes wondering if others are motivated to reach FIRE for similar reasons.

Colleen and her husband own SEVEN paid off rental homes. Now theyre heading into retirement and disagree on what to do with some of that equity.

Anonymous wants to learn more about utilizing HSA accounts and Susan is curious about investing in tax liens.

My friend and former financial planner Joe Saul-Sehy joins me to answer these questions on todays episode. Enjoy!

Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave ithereand well answer them in a future episode.

Kevin asks (at 03:47 minutes): Ive given a lot of thought to my motivation for pursuing FIRE.

I believe one of the primary motivations resulted from me being a teenager during the Great Recession. I saw friends and family go through job instability, and some people even lose their homes. I wanted to have financial freedom so something like that doesnt happen to me and my family.

Ive noticed a lot of people who are interested in the FIRE movement are Millennials like myself, and some of them had similar trauma from the great recession.

Do you think many people pursue FIRE for similar reasons? If not, what are your thoughts on what motivates FIRE adherence?

Colleen asks (at 20:13 minutes): My husband and I own seven single-family rental homes, free and clear. Their value along with our personal residence is about $4 million.

We also have about $2.5 million in retirement savings invested in the S&P 500.

Given the massive increase in property values over the past few years, I would like to sell at least one rental house. With the one Im thinking of, we are making about $10,000 net annual cash flow, and I believe we would net about $400,000 after taxes and closing costs.

We could reinvest that $400,000 in a passive real estate fund that weve been invested with for several years, which pays out about 10% annually.

Then instead of $10,000, we could have closer to $40,000 in annual cash flow just from selling this one house.

Were about to retire at the end of 2022 so cash flow is very important. Also, were not interested in doing a cash-out refi because we are 100% debt free and we want to stay that way as we head into retirement.

My husband is hesitant to sell as he likes having a real asset that we have some control of, and he thinks values will likely increase in our area for many years to come. He says, Why should we sell cash flowing, appreciating real estate when we dont really need to? But I just keep thinking of that untapped equity.

Anonymous asks (at 30:54 minutes): I recently have been hearing about the advantages of opening an HSA, a health savings account.

Do you think it is a financially sound and wise decision to open one?

What are some of the advantages of HSAs and are there any tricks to maximize the benefits of an HSA account, like triple tax savings?

Susan asks (at 39:47 minutes): I read Rich Dad, Poor Dad, and then I read The 16% Rule.

Id really love to hear your opinion on tax lien investing and any sort of tips or advice that you may have.

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#392: Ask Paula: Did the Great Recession Lead to the FIRE Movement? - Afford Anything

There's tons of advice online about building wealth and retiring early, but it's hard to know which approach works best for your specific circumstances.

Kiersten and Julien Saunders, a couple who retired in their 40s and host the popular podcast rich & REGULAR, suggest finding out what kind of spender you are before creating your wealth-building plan.

In their new book, "Cashing Out: Win the Wealth Game by Walking Away," the couple explains that there are three different types of spenders.

In the book, the Saunderses say that understanding the true motivations fueling your current spending habits can help you choose a wealth-building plan that actually works for you.

The Saunderses point out that the financially insecure typically have difficult circumstances to navigate that make it harder for them to actually save and invest any money. "Because of this, they adopt a worldview based on the grim realities of life they experience every single day," the couple writes.

The financially insecure are more likely to equate their self-worth with their ability to perform well at work. They are always striving for higher-paying jobs, living paycheck to paycheck, and struggling to feel like they have enough.

To counteract the impulse to keep grinding hard at a 9-to-5 job, the Saunderses remind their readers that a salary is never going to outperform investing in the stock market.

The couple writes, "You must believe your income can work harder than you can. Instead of working for your money, you must adjust to managing your money so that it can multiply over time to serve your future wants and needs."

Of fast spenders, the couple writes, "Money both comes in and goes out at such a fast pace there's no time to build an emotional attachment to it and little incentive to try tracking it."

The couple writes about a friend of theirs who would rather go out for expensive drinks and indulge in luxury vacations instead of funding his retirement. "Plus, he believes that if he wantedto, he could start saving money tomorrow. The problem is, tomorrow never comes."

The book contains "richuals," simple guidelines that help readers change their relationship with money. A good "richual" for fast spenders is to track your income andhow you feel when you earn that money. The couple writes, "A dollar earned doing something you enjoy is always better than a dollar earned doing something you don't."

You will have about

$1,725,000

You will need about

$2,940,000

*Need is based on covering 70% of your annual pre-retirement income and a life expectancy of 100 years.

The Saunderses say that the financially insecure and the fast spenders are less common than the group they've named the middle. They write, "People in the middle often have enough income and are even saving for retirement, but they have no idea what they're saving for, how close or how far they are to achieving that goal, or why they're even doing it."

While their book speaks primarily to those in the middle, they recommend that all spending types create a distinct purpose for their income. The couple writes that income should first be used to gain security. Next comes flexibility to spend and save in alignment with your values. Then independence meaning, earning money is completely optional.

After achieving the first three purposes of money security, flexibility, and independence you can then use your income to achieve financial freedom.

For the financially insecure, financial freedom might be getting a better job or becoming free from a financial obligation. For the fast spender, it can be a state of emotional acceptance around your money, or selling a company that you built from the ground up.

For the middle, however, it can be hard to define what financial freedom actually looks like. This is why it's important to envision why you're trying to build wealth in the first place, and how you're going to assign purpose to your income to achieve those goals. The couple writes, "Financial freedom isn't a number; it's a feeling."

Read this article:

How to Build Real Wealth, According to What Kind of Spender You Are - Business Insider

Keeping all your money in savings is a dangerous bet against inflation, since the purchasing power of that money decreases as inflation rises.

LIKE most people her age, a 63-year-old educator is looking forward to retirement after spending almost 40 years in the classroom.

The veteran educator, who asked that her name be withheld, is dreaming of "simpler days".

"Retirement is something I have been looking forward to for the past few years. My husband and I have been planning for it and one of our biggest dreams is to travel," she revealed.

But despite her plans, she admitted that she has been having second thoughts, as the recent price increases and the economic uncertainties caused by the COVID-19 pandemic have made retirement seem like an unattainable goal.

"Honestly, I've been worried. From the pandemic hit, I have been wondering if I will be able to go through with my plans of retirement and now the rapid price increases have made matters even worse," the Clarendon resident said.

"We're spending thousands of dollars more than we used to each month, just on simple things like food and gas. Life has gotten considerably harder in the two years. I worry if I'll have enough savings to live comfortably, if I retire in the next year or so."

Dr Ransford Davidson, business relationship and sales manager, JN Bank, says it's natural that retirees and those soon to retire are worried about inflation and the impact rising prices will have on their retirement savings.

"It's not hard to understand how inflation can be a daunting prospect for retirees. Even in normal times, anyone who's planning for retirement or is already retired worries about running out of money," pointed out Dr Davidson. "The potential for rising prices only adds to that baseline of anxiety. Even for people with the best-laid plans, inflation is an uncontrollable factor that complicates retirement planning."

Dr Davidson noted that while seniors might be concerned about their future, they can still enjoy a comfortable retirement with the right amount of planning and preparation.

With that in mind, he provides five ways retirees can navigate inflation:

Review your budget

Seniors must ensure they adjust their budgets to account for the rise in prices. This way, they can see how much they're spending and where they may need to cut back. For instance, scaling back on unnecessary driving can help cut down on gas costs. When food shopping it may mean buying less meat and more vegetables, or going to the market for produce instead of the supermarket. Comparison shopping can also help persons save money.

Keep your portfolio balanced

Diversify your investments. Having a mixture of cash, stocks, bonds and other assets is key. "Keeping all your money in savings is a dangerous bet against inflation, since the purchasing power of that money decreases as inflation rises," Dr Davidson said. To ensure you can sustain your financial independence in retirement, consider dividend-paying stocks, growth stocks and real estate. These are assets that are going to fluctuate in the short term, but they are designed over a longer period to give retirees diversification and protection against inflation risk.

Get rid of debts

Many senior citizens are still straddled with debt, including mortgages, credit card and even car loans. This debt will be an anchor as inflation rises. That's why paying off or paying down debt should be top priority for anyone worried about late-in-life inflation.

Keep working in retirement

If possible, keep earning. "Every dollar earned is a dollar you don't have to spend. Your biggest hedge against inflation is your human capital. That doesn't mean you have to stay employed at a job that is stressful or that you were looking forward to leaving," Dr Davidson advised. He said seniors can scale down to part-time jobs, tutoring or consulting. "You can even change industries all together and pursue a venture you've always been interested in."

Talk to a financial advisor

Finally, Dr Davidson said seniors should seek out the knowledge of experts in the financial field to ensure they're armed with the relevant information to make the right decisions. "You don't have to figure this out alone. There are experts who are willing and able to assist you to work out a retirement plan that's right for you and to help you hedge against inflation or any other economic shock on the horizon."

When food shopping it may mean buying less meat and more vegetables, or going to the market for produce instead of the supermarket.

DAVIDSON... it's not hard to understand how inflation can be a daunting prospect for retirees

See more here:

Enjoy a comfortable retirement with right planning and preparation - Jamaica Observer

This is an opinion editorial by Boomer, a long-time and active member of the financial independence/retire early (FIRE) movement and a contributor for Bitcoin Magazine.

I was recently inspired after reading Tomer Strolights piece, Bitcoiners Are Not Toxic They Have Integrity.

For context, I read it a few days after Nic Carters situation really exploded on Twitter, and Strolights article really resonated with me. To be clear, I have a great deal of respect for Carter and all the good work hes done for the Bitcoin community, especially the work hes done to debunk the energy fear, uncertainty and doubt out there. Like him or hate him, he really is one of the most important voices Bitcoin has in the energy and mining space. Over the past few weeks, hes been taking it on the chin from many people in the community for investments in blockchain and crypto companies through his venture capital investment firm, Castle Island Ventures. In his defense, hes been very transparent about his investments in these projects, talking about them quite openly on his On The Brink podcast for at least a year. In retaliation to the criticism, Carter has written a few articles and appeared on a few podcasts where hes punched back at the critics, calling out a vocal group in the Bitcoin space known as toxic Bitcoin Maximalists or derogatorily toxic maxis. I dont intend to go over exactly what was said about him or what he said back, but the whole thing has gotten pretty ugly. In this humble plebs opinion, it feels childish. It might be a symptom of the bear market that people in Bitcoin are turning on each other, or maybe its the Bitcoin immune system doing its job.

Over the past week, Ive been thinking about what the terms toxicity and maximalism mean to me. Ive purposely held back from reading too much on the topic because I want to make sure that I get to my conclusions on my own, but I know that there have been quite a few pieces on the topic recently. Pete Rizzo, Stephan Livera, and John Vallis have all written articles on maximalism over the past few days, and Im looking forward to reading them, but I want to get my own thoughts out there first. I have been listening to my regular rotation of podcasts and Ive heard pretty much every Bitcoin podcaster give their two sats on Carter, maximalists and toxicity. Id like to give a shoutout to Joey and Len from The Canadian Bitcoiners Podcast for discussing Carters recent spat with the maximalists in a way that I felt summed up the situation well. They get into it at the end of the episode.

When I first started my journey into Bitcoin, Elon Musk was in the middle of pumping dogecoin. I remember the mainstream medias fascination with the whole thing. Musk even hosted Saturday Night Live! It all seemed playful to me and it made sense. Musk is this future-centric tech CEO, and I knew that Tesla had put some bitcoin on its balance sheet. Bitcoin, ethereum, dogecoin it was all similar to me at the time, and Musk seemed to fit in perfectly. I remember listening to Bitcoin podcasts that were very critical of Musk, and it confused me. Any publicity is good publicity, isnt it? A lot of the Bitcoiners I was following were really upset over what this guy was doing, and I just didnt get it. I guess this was my first taste of Bitcoins toxic culture, not that I thought much about it. I wasnt ready. I was too busy learning.

Strolight wrote his article around the same time that Musk was hosting Saturday Night Live. It was before I was ready to understand it all, so Im thankful to have stumbled upon it now. It really motivated me to do a personal exploration into how I define maximalism.

Im nowhere near done in this exploration and it might be something that I ponder for a long time. Im still way too new here to have a fully formed opinion on what toxic Bitcoin Maximalism really is, but I know enough now to have a grasp on how Bitcoin continues to shape me and how important it is. Bitcoin means different things for everyone, so it only makes sense that Bitcoin Maximalism is just as personal. I truly believe that in Bitcoin weve discovered the greatest form of money ever and with this discovery, we have the potential to realign many (if not most) of the perverse incentives that plague this world. To me, this belief is Bitcoin Maximalism. Does standing up for that make someone a toxic Maximalist? I guess it depends on your perspective.

Generally speaking, Bitcoiners are leaders: type-A personalities that arent exactly the most politically correct group of people. What we are is a group of sovereign individuals guided by truth, transparency and a belief in a protocol that doesnt have time for bullshit. Of course, we can come off as toxic! Does that really surprise anyone!? There is a difference between being toxic and being an asshole, though. Some of the things Ive read on Twitter coming from defenders of Bitcoin are flat out rude, intolerant and childish. Slinging insults in the name of Bitcoin doesnt make you a maximalist, and it doesnt make you a hero, either. Stop that shit. It isnt helping. But if youre calling a spade a spade, that isnt toxic. And if youre offended by someone being toxic by defending something they believe in, maybe youre the toxic one.

Bitcoin is for everyone. And while there are no gatekeepers, maybe theres a need for protectors. Maximalism is that protection. Bitcoin Maximalists have to fight off threats, and there certainly are a lot of threats out there. Maybe maximalists need to be toxic since Bitcoin is itself, perfectly pure. Maybe Gigi is right and toxicity equals love. It's been said many times before, but I believe that the toxic maximalists serve as Bitcoins immune system. Like a biological organism, sometimes the immune system can go too far and kill off healthy cells from time to time, but it does so to protect the organism. A degree of toxicity is needed because if were not toxic enough, then shitcoins, scammers and fiat bloodsuckers will run rampant. But if were too toxic, well waste our energy fighting among ourselves and well alienate people who are looking on with curiosity. While no degree of toxicity will ever kill Bitcoin, an overly toxic environment could certainly slow down its adoption. Its a fine line to walk, and every Bitcoiner needs to find where they fit in, but we dont need to all agree on where that line truly is.

I know that Nic Carter has studied Bitcoin in more depth and for longer than I have. He knows that bitcoin isnt just an investment tool or an asset class. He knows just how important the discovery was. That being said, he should be allowed to invest in as many blockchain companies as he chooses to, but hes going to be held to a higher standard than some newbie, and he should expect that. He shouldnt be surprised (or triggered) when people call him out on it. Is this a case of the immune system attacking a healthy cell? Im not sure.

Personally, I find myself getting more and more convinced about Bitcoin by the day. I suppose my maximalism is growing and I find myself being less and less tolerant, but you still wont find me hurling insults on Twitter. Thats not who I am, but I reserve the right to be as toxic as I need to be. And you know what? You dont have to like it. We all have a role to play in this Bitcoin world. If I can eventually become the not-so-toxic Bitcoin Maximalist, thats a role Id be honored to serve, but to all the toxic maximalists out there, keep up the good work. Growth only comes from discomfort, and every time your toxicity makes someone uncomfortable, it helps someone else along their journey. Keep calling out bullshit as you see it.

This is a guest post by Boomer. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

More here:

A Newcomers Perspective On Toxic Bitcoin Maximalism - Bitcoin Magazine

NEW YORK Six in 10 Americans believe they can build generational wealth.A recent survey of 2,000 U.S. adults, half of whom are homeowners, finds that 63 percent are confident they can accumulate property, investments, or other things with monetary value that they can pass down to the next generation.

Of those respondents, nearly three-quarters (74%) believe theyve already built generational wealth. However, homeownership isnt the only way to do so: more people who live with their parents or family and dont pay rent (83%) and renters (75%) feel they have already built generational wealth in comparison to homeowners (72%).

So, whats the most popular wealth-generating tool among homeowners? Making improvements to increase the value of a home (26%) tops the list. In comparison, 38 percent of those who dont own a home and currently live in student housing are turning to extreme savings and investment programs like Financial Independence, Retire Early (FIRE), or subletting part of their primary residence (38%).

Conducted by OnePoll on behalf of HomeLight, the survey also looked into other avenues for generational wealth building, including peoples plans to fund continuing education and business ventures.

To help with tuition expenses, 30 percent will take out a traditional loan through their bank or credit card. Those who live rent-free with their parents are more likely than homeowners to cash in their investments (36% vs. 23%), take out a traditional loan (41% vs. 24%), and use money theyve already saved (36% vs. 22%). People who plan to start a business in the next three to five years will take out a traditional loan (34%) or invest their savings (30%) in it.

Respondents also shared how they plan to finance upsizing their home or apartment. Despite the volatility of todays market, more than a third (34%) plan to upsize in the next three to five years, helping pay for it by cashing in investments (46%), taking out a loan (45%), and using money theyve saved up (45%).

Overall, the study proves that privilege pays off, and that those with access to family support and the foundation of generational wealth are already on the path toward accruing wealth. The survey shows that 77 percent of people currently living with family plan to inherit a home. Compared to homeowners, those who live with family without paying rent were also more likely to inherit a larger home to live in (46% vs. 33%) and borrow money from family or friends to afford their own home (42% vs. 28%).

The most expensive regions in the U.S. the Northeast and the West report the lowest homeownership rates, yet the highest numbers of those planning to inherit a home, at 63 percent and 57 percent, respectively. Overall, about two-thirds (64%) of millennials expect to inherit a home.

Despite changes in the market, homeownership continues to be one of the most surefire ways to build generational wealth in the U.S. Home equity surged to a record $27.8 trillion in Q1, but rising interest rates and costs of living have started to curb demand for home buying, says Vanessa Famulener, President of HomeLight Homes, in a statement. Those who have built up equity in their homes can take advantage of numerous tax, repayment, and interest rate benefits that home equity lending offers homeowners especially to help bring costs down for value-add home improvements.

One in three homeowners have plans to sell their current home, more than those who plan to live in it until they pass it down to their kids (20%). Fifty-seven percent are confident in their understanding of todays housing market, including more millennials than baby boomers (60% vs. 49%) and 47 percent of people 77 and older.

However, less than half (45%) are confident theyll sell their home at its highest value, with those in the West feeling the least confident (33%).

Beyond renovations, home equity loans and lines of credit offer an alternative to high-interest credit cards and personal loans for borrowers, but if youre reinvesting your homes equity in something else, its important to consider the collateral risk, Famulener adds. Investment properties are popular among those with equity in their homes one in five homeowners said they would use a home equity loan or line of credit on their primary home to invest in a single-family residence to rent out.

Link:

Generational success: 6 in 10 think they'll build enough wealth to pass to their kids - Study Finds

MILWAUKEE, WI TheVeteran Loan Fundannounced this week that it has raised $15 million to support current and aspiring veteran entrepreneurs, including seed funding fromWells Fargo. The Veteran Loan Fund is a collaborative effort by a national network of Specialized Service Organizations and Community Development Financial Institutions (CDFIs) focused on providing affordable capital and technical assistance to veteran entrepreneurs.

Were so grateful to Wells Fargo for providing funding to continue the important support to veterans that the Veteran Loan Fund provides, says Wisconsin Womens Business Initiative Corporation (WWBIC) President and Chief Visionary Officer Wendy K. Baumann. WWBIC is honored to provide development services to veterans as the Veterans Business Outreach Center for Wisconsin, Illinois and Minnesota and the Veteran Loan Fund helps us to assist even more veteran business owners in our area.

Lack of access to capital, formal business training or a network of peers are often roadblocks for veterans who aim to attain financial independence through entrepreneurship. The goal of the Veteran Loan Fund is to fill this gap. Veterans receiving loans from this program benefit from free access to a national network of business coaches and loans with low interest rates.

National technical assistance partners include Bunker Labs, Vet Met and Vet to CEO. Local partners include Veteran Business Outreach Centers, SCORE and SBDCs. Capital providers (CDFIs) include Access to Capital For Entrepreneurs (GA), Black Business Investment Fund (FLA), Business Impact Northwest (WA, OR), Colorado Enterprise Fund (CO), Dream Spring (NM), Economic and Community Development Institute (OH), Pathway Lending (TN, AL, KY), PeopleFund managing member (TX), Pursuit formerly Excelsior Growth Fund (NJ, NY, PA), and WWBIC in Wisconsin.

Wells Fargo support to the Veteran Loan Fund includes a $3.5 million investment and a $1.5 million grant to make it possible for the CDFIs to provide affordable loans to eligible veterans and for the fund to break even. Since the launch of the fund, member CDFIs have deployed more than $10.5 million in loans, creating more than 500 jobs and providing 2,200 hours of free technical assistance.

The estimated annual demand for capital from veteran entrepreneurs that do not receive any kind of funding for their businesses is $100 million. The Veteran Loan Fund plans to close this gap within five years.

Entrepreneurship can be a very satisfying career path as people transition out of the military, but veterans need more access to capital and expertise to operationalize their business plans, said Jenny Flores, head of small business growth philanthropy at Wells Fargo. We support the Veteran Loan Funds vision for a more inclusive economy and are proud to offer seed funding for this national effort to boost veteran-owned businesses.

Veteran Loan Fund loan recipients in Wisconsin will be complemented by the services of theVeterans Business Outreach Center (VBOC)at WWBIC. VBOC is designed to provide entrepreneurial development services such as business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard & Reserve members, and military spouses interested in starting or growing a small business. VBOCis funded in part by a cooperative agreement with the U.S. Small Business Administration.For more information on VBOC, go towwbic.com/veteransor contact Wisconsin VBOC Co-DirectorDan Newberry.

For more information on the Veteran Loan Fund, please visitveteranloanfund.com. For details on applying locally for a loan through the Veteran Loan Fund, go towwbic.com/loansor contact WWBIC Director of LendingMichael Hetzel.

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Photo courtesy ofHuman Rights Watch

Earlier this month, a news report revealed that a 22 year old woman had filed a complaint with the Human Rights Commission against the Welisara-Mahabage police. She alleged that her parents had subjected her to severe abuse after learning that she was a lesbian and in a consensual, same-sex relationship. She was locked up in her house for several weeks and taken to several Catholic priests in an attempt to convert her into heterosexuality. According to the news report, one of the priests had advised her parents to force her into a marriage and take away her financial independence to cure her.

With the help of a friend, she had manged to make the police aware about her situation, but the tables turned when she was brought into the station. After her parents informed the police that she was being confined due her sexual orientation, the police illegally confiscated her personal belongings and attempted to subject her to physical examinations against her will. Her lawyers from iProbono said that the police attempted to subject her to a psychiatric evaluation as well as a physical examination by a Judicial Medical Officer in order to prove that she suffered a mental illness as a result of her sexual orientation.

This is not an isolated incident. In the wake of Pride celebrations last month, the Sunday Times reported that a lesbian couple had been arrested by the Akkaraipattu Police due to their sexual orientation. It was revealed that one of the women was from India and she was attempting to help her partner migrate to India so they could get married. They were arrested when the father of the Sri Lankan woman lodged a complaint against them at the police. Subsequently, the court ordered the two women to be sent to the Kalmunai Base Hospital for a psychiatric evaluation.

Research and anecdotal evidence show that women who love women (including lesbians, bisexual women, transgender women and queer women) are often subject to discrimination, harassment and violence at home, workplaces and public spaces due to their sexual orientation. Families often try to subject them to conversion therapies (both by medical and religious means) and/or force them into heterosexual marriages to turn them straight. It is difficult to keep track of and document these incidents as often they happen behind closed doors. Nevertheless, coercion into unwanted marriages happen with alarming regularity as families see marriage as a way to avoid the stigma attached to victims sexuality. Often, their financial independence is also taken away by forcing them to quit their jobs and not allowing them to leave the home, resulting in the victims unable to seek help. And in instances legal help is sought, the police often invoke Section 365 and 365A of the Penal Code to arrest the victims and harass them further, even forcefully subjecting them to psychiatric evaluations and physical examinations.

The current legal and social context

Sri Lankan society is structured on strict gender roles and responsibilities where anything that strays from heteronormative and binary gender standards is considered abnormal, deviant and deserving of punishment/discrimination. Due to Sri Lankas colonial past, same sex sexual relations between consenting adults are criminalised by Sections 365 and 365A of the Penal Code, which states that carnal intercourse against the order of nature (in other words, any type of sex that is considered unnatural) and acts of gross indecency are criminal offences punishable by law, carrying a sentence of up to 10 years. In 1995, human rights activists attempted to repeal the Penal Code but instead of decriminalising same sex sexual relations between consenting adults, the amendment substituted the word males in the original legal text with the gender-neutral term people, thereby criminalising same-sex sexual activity between women as well.

Statistics by Human Dignity Trust (HDT) show that Sri Lanka is one of 70 countries that criminalises private, consensual, same-sex sexual activity. It is also one of 42 countries that criminalises private, consensual sexual activity between women using laws against lesbianism, sexual relations with a person of the same sex and gross indecency.

However, it is important to note that while Sections 365 and 365A can be interpreted to criminalise same-sex sexual relations, they do not criminalise diverse sexual orientations and gender identities/expressions. In other words, it is not a crime to be gay, lesbian, bisexual, transgender and/or queer in Sri Lanka. Sri Lankan authorities, particularly the Attorney Generals Department, have on multiple occasions assured to international bodies that the constitution implicitly grants equal rights to LGBTIQ persons and protects them against discrimination.

Nonetheless, it is not surprising that these legal and cultural biases against queer people, especially queer women, have bled into all facets of society including the medical and mental health professions.

Conversion or corrective therapy

Last year, EQUAL GROUND received a complaint from a gay man in his mid-twenties, who sought treatment at a mental health clinic in a state run hospital. The psychiatrist who was supposed to treat his mental health issues reprimanded him, claiming that homosexuality was unnatural and it was the cause of all his problems. He went on to pressure Kamal to change himself if he wants to be helped and claimed that no medical professional in the world would be able to assist him with his mental health issues if he continued to be gay.

It is common for certain hospitals and clinics in Sri Lanka to provide conversion or corrective therapy the pseudoscientific practice of trying to change an individuals sexual orientation and gender identity from LGBT to straight (heterosexual). For instance, Suwasevana Hospitals (Pvt) Ltd in Kandy lists homosexuality and transvestitism as conditions that can be treated with its medical hypnosis service.

While Sri Lanka continues to marginalise its LGBTIQ population, global psychiatry and medical bodies have largely accepted that diverse sexual orientations and gender identities/expressions are not mental or physical illnesses. The Diagnostic Statistics Manual (DSM) published by the American Psychiatric Association (APA) what is considered the standard classification of mental disorders removed the diagnosis of homosexuality from its second edition (DSM II) in 1973 nearly 50 years ago. Further, the World Medical Association (WMA) has strongly emphasised that homosexuality does not represent a disease, but a normal variation within the realm of human sexuality. Meanwhile, the World Health Organisations (WHO), International Classification of Diseases (ICD) removed homosexuality from its list of diseases in 1990 and states that sexual orientation by itself is not to be considered a disorder (ICD 10); in 2018, it announced that being transgender is no longer considered a mental disorder in its latest ICD, published in 2019 (ICD 11). Other prominent mental health organisations have also affirmed that homosexuality and being transgender/gender-variant are not mental disorders or illnesses.

Even the Sri Lanka College of Psychiatrists (SLCP), the countrys main medical body on mental health and psychiatry, last year stated that it does not consider homosexuality a mental illness and called for its decriminalisation. The Sri Lanka College of Psychiatrists would like to categorically state that we do not endorse the view that homosexuality is due to a disease of the mind or body, it said. Modern day psychiatrists do not identify or diagnose homosexuality as a mental illness or treat it as such. This myth that homosexuality is a mental illness is not in keeping with the evidence-based science practiced by our membership, the SLCP added. We would like to strongly urge the authorities to change article 365 of the penal code which states that homosexuality is a criminal act. This archaic law should be abolished and homosexuality decriminalised in Sri Lanka, the statement said.

Since non-heteronormative sexual orientations and gender identities are not considered as mental or physical illnesses or a disorder, there is nothing to cure or correct. In other words, all sexual orientations and gender identities/expressions are natural and valid. Conversion and correction therapies are considered pseudoscientific practices and are widely discredited in the medical field. Also, there are no credible scientific studies that prove that conversion therapy is effective in any way. Mainstream international medical bodies have acknowledged the potential harm and ineffectiveness of such therapies/cures. For instance, in 1998, the American Psychiatric Association listed depression, anxiety, and self-destructive behaviour as some of the key risks of such corrective/conversion therapies. In fact, the United Nations (UN) has stated that such practices can amount to torture or cruel, inhuman, or degrading treatment or punishments.

Earlier this year, Samagi Jana Balavegaya (SJB) MP, Rohini Kaviratne, tabled a private members motion to ban conversion therapies by unregistered clinics in Sri Lanka. However, there has been no updates on its implementation or the next steps so far.

CEDAW ruling on Sections 365 and 365A

In March this year, in a landmark decision, the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW) committee found that the criminalisation of consensual, same-sex relations between women in Sri Lanka is a human rights violation. The decision was in a case brought by Rosanna Flamer-Caldera to at the UN, with the support of the Human Dignity Trust (HDT), and sets a major legal precedent, holding that the criminalisation of lesbian and bisexual women violates the Convention.

The CEDAW Committee said that section 365A of the Penal Code of 1883 (amended in 1995) that criminalises same sex sexual relations between consenting adults compounds discrimination against women in Sri Lanka, and as such, violates lesbian and bisexual womens right to non-discrimination under article 2 (a) and (d)(g) of the Convention. It also noted that that decriminalisation of consensual same-sex relations is essential to prevent and protect against violence, discrimination and harmful gender stereotyping.

As such, the CEDAW committee urged the government to decriminalise same-sex sexual relations. It also asked Sri Lanka to take measures to protect women against gender-based violence by adopting comprehensive legislation against discrimination against lesbian, bisexual, transgender and intersex women, and provide adequate protection, support systems and remedies, including reparation, to lesbian, bisexual, transgender and intersex women who are victims of discrimination. Further recommendations included ensuring victims of gender-based violence including lesbian, bisexual, transgender and intersex women have access to effective civil and criminal remedies and protection, including counselling, health services and financial services, addressing workplace discrimination against LBTI women and providing sensitisation training to law enforcement agencies.

Research has shown that globally, LGBTIQ persons experience much higher rates of depression, anxiety and other mental illnesses, even leading to self-harm and suicide in certain instances as a result of the daily traumas they go through. In this context, discrimination and harassment by families, authorities, as well as medical professionals, especially those working in the field of mental health, cause irreparable harm to LGBTIQ persons. As they are unable to get the help they need, they are forced to live in the shadows, often at the cost of their mental and physical wellbeing. Therefore, it is high time for the government of Sri Lanka to remove oppressive laws and practices against the LGBTIQ community and grant them their basic human rights.

To obtain EQUAL GROUNDs Counselling Services, visit https://www.facebook.com/EGcounsellinghotline/ or call +94-11-4334277 (LB women), +94-11-4334278 (Transgender Persons), +94-11-4334279 (General).

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Out of the Shadows: Violence Against Women who Love Women - Groundviews