Category Archives: Financial Independence

Consumers are not the only beneficiaries of the database. Steven Ramirez, CEO of Beyond the Arc, a consumer-experience consulting firm based in Berkeley, Ca., says his company has mined it for insights to present to financial-industry clients.

"It can be useful to financial services companies because it is the one source of data that is comparative across institutions," he says. Ramirez points out that businesses can see complaints filed against other companies as well, and that by reviewing the complaints a business can better understand its strengths and weaknesses.

While Hensarlings office did not return a call requesting comment for this article, the Congressman has previously maintained that his bill will benefit consumers.

The Financial CHOICE Act will help grow the economy for all Americans, not just those at the top," Hensarling's office wrote in a press release about the original bill last September. "It promotes strong and transparent markets to revitalize job creation in our poorest communities and ensures every American has the opportunity to achieve financial independence, no matter where they start out in life.

Consumer advocates, though, do not share that opinion.

"All of the strides and changes, the safeguards, the protections that were put into place to avoid another financial crisis will disappear," says Pamela Banks, staff attorney for Consumers Union, the policy and mobilization arm of Consumer Reports. "It's like back to the wild, wild west."

Read more:

Days May Be Numbered for the Consumer Complaint Database - ConsumerReports.org

Inside Higher Ed (blog)

How to Prioritize Financial Goals When You Can't Do It All Inside Higher Ed (blog) The one caveat I'll make to allowing your personal disposition to hold sway over the math is for a very risk-averse person: you will have to start investing eventually, even conservatively, if you want to reach financial independence. You will ...

Here is the original post:

How to Prioritize Financial Goals When You Can't Do It All - Inside Higher Ed (blog)

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

By Bobbi Rebell

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

View Original Article

Go here to read the rest:

Millennial Parents Still Like to Tap the Bank of Mom & Dad - WealthManagement.com

Forbes

Getting To Know You Tuesday: Elliot Dole Forbes The advice I received is that financial independence comes first. Tax management is part of that, but it is critical for people to understand the risks involved and make informed and, ideally, unemotional decisions. Ask for and pay for (GASP) help. The ...

View original post here:

Getting To Know You Tuesday: Elliot Dole - Forbes

text "need help" with tax form, money and calendar.

text "need help" with tax form, money and calendar.

RICHMOND, Va. Families with low to moderate income can get tax preparation help, thanks to the United Way of Greater Richmond and Petersburg.

The program MetroCASH provides free tax-preparation and financial guidance to families earning $54,000. There are 13 locations across Richmond, Henrico County, Hanover County, Chesterfield County, Charles City and Petersburg.

IRS-certified volunteer tax preparers guide individuals through the process of electronically filing federal and state returns.

The program promotes financial independence and utilizes the Earned Income Tax Credit (EITC), a benefit for working people with low- and moderate-incomes.

Research shows that the EITC is one of the best ways to lift people out of poverty, said United Way of Greater Richmond & Petersburg president and CEO James Taylor. These short-term income gains provided by EITC can help families with health and educational outcomes in the long-term.

In addition to free tax-preparation services, metroCASH promotes prosperity by educating attendees about savings techniques and other financial best practices.

Locations are open at different times and days to fit a variety of schedules.

The program is free and open to all who qualify, said United Way metroCASH program director Cara Cardotti. Our goal is to help everyone who is eligible claim this credit.

Last years metroCASH program in Richmond and Petersburg assisted more than 3,200 households with tax preparation.

A total of $898,971 in EITC refunds was distributed by the IRS to local families that visited metroCASH sites.

For more information, please visit http://www.metrocash.org/. A list of metroCASH locations is below.

CHARLES CITY COUNTY

Charles City Commissioner of Revenue

10780 Courthouse Rd., Room 2013

Charles City, VA 23030

Dates: March 8-April 10

Hours: Monday-Friday, 9 a.m.-4 p.m.

*Charles City residents only

CHESTERFIELD COUNTY

Chesterfield at Trinity United Methodist Church

6600 Greenyard Rd.

Chester, VA 23831

Dates: Feb. 1-April 12

Hours: Wednesdays, 2-6 p.m. *Do not arrive before 1:30 p.m. or after 5:30 p.m.

HANOVER COUNTY

Hanover Department of Social Services

12304 Washington Highway

Ashland, VA 23005

Opening Dates: Feb. 7-April 11

Hours: Tuesdays, 5-7 p.m.

HENRICO COUNTY

Fairfield Library

1001 N. Laburnum Ave.

Henrico, VA 23223

Dates: Feb. 4-March 11

Hours: Saturdays, 9 a.m.-1 p.m.

Libbie Mill Library

2100 Libbie Lake East Street

Henrico, VA 23230

Opening Date: Feb. 2-April 13

Hours: Wednesday/Thursdays, 4-8 p.m.

RICHMOND CITY

CAPUP Richmond

1021 Oliver Hill Way

Richmond, VA 23219

Dates: Feb. 6-April 12

Hours: Mondays/Tuesdays, 2-5 p.m.

Richmond Department of Social Services, Southside Community Service Center

4100 Hull Street Rd.

Richmond, VA 23224

Dates: Feb. 1-April 5

Hours: Tuesdays/Wednesdays, 2-6 p.m.

Blackwell Community Center

300 E. 15th St.

Richmond, VA 23224

Dates: Jan. 23-April 6

Hours: Mondays/Tuesdays/Wednesdays, 6-8 p.m.

VCU School of Business

301 W. Main Street

Richmond, VA 23284

Dates: March 18-April 15

Hours: All Saturdays, 9 a.m.-3 p.m.

*International & self-prep returns only

Sacred Heart Center, Southside Building (Se habla Espaola)

1420 McDonough Street

Richmond, VA 23224

Dates: Jan. 28-April 15

Hours: Saturdays, 11 a.m.-4 p.m. (*closed Feb. 4)

Neighborhood Resource Center

1519 Williamsburg Road

Richmond, VA 23231

Dates: Feb. 4-April 4

Hours: Select Tuesdays, 6:30-8:30 p.m. (*open 2/7, 2/21, 3/7, 3/21, 4/4);

Select Saturdays, 9:45 a.m.-1 p.m. (*open 2/4, 2/18, 3/4, 3/18, 4/1)

University of Richmond Downtown campus

626 E. Broad Street, Suite 100

Richmond, VA 23219

Dates: Feb. 6- April 18

Hours: Tuesdays/Thursdays, 3:45-7 p.m. (*closed 3/7 and 3/9)

Select Saturdays, 9:45 a.m.-1 p.m. (open 2/11, 2/25, 3/18, 3/25, 4/8)

Petersburg Library (sponsored by CAPUP Petersburg)

201 W. Washington St.

Petersburg, VA 23803

Dates: Feb. 2-April 13

Hours: Tuesdays/Thursdays, 10 a.m.-2 p.m.

*Select Saturdays (open: 3/18 and 4/1, 9:45 a.m.-1 p.m.)

Read more from the original source:

Find out if you qualify for free tax preparation and financial advice - wtvr.com

Legislative Activity

President Trump Orders Review of Financial Regulations

Last Friday, February 3, President Trump issued an Executive Order related to financial services regulatory reform (generally) and an Executive Memorandum specifically targeting the Department of Labors (DOL) Fiduciary Rule. The Executive Order on Core Principles for Regulating the United States Financial System directs the Secretary of the Treasury to consult with the other Financial Stability Oversight Council (FSOC) member agencies (CFTC, CFPB, FDIC, FHFA, Federal Reserve Board, NCUA, OCC, and SEC) and to report to the president within 120 days (June 3, 2017) on the extent to which existing laws, regulations, and guidance promote the following Core Principles:

The report must:

The first report is due June 3, 2017, and the Executive Order calls for subsequent periodic reports.

As for the Fiduciary Rule, President Trump signed an Executive Memorandum (Memorandum) instructing DOL to examine the rule in order to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice. The Fiduciary Rule, which is set to take effect on April 10, 2017, requires financial advisers to act exclusively in their clients best financial interest when offering retirement advice.

The Memorandum calls for DOL to conduct a legal and economic review concerning the likely impact of the Fiduciary Rule. The review shall consider, among other things, the following:

If DOL makes an affirmative determination on any of the above provisions, then the Memorandum instructs DOL to rescind or revise the rule. Additionally, DOL is instructed to rescind or revise the rule if it concludes for any other reason that the rule is inconsistent with the Trump Administration priority to empower Americans to make their own financial decisions, to facilitate their ability to save for retirement and build the individual wealth necessary to afford typical lifetime expenses, such as buying a home and paying for college, and to withstand unexpected financial emergencies.

Not unexpectedly, Congressional Republicans praised the Trump Administrations moves. Of particular note, Senate Banking Committee Chairman Mike Crapo (R-ID) applauded the reform efforts, emphasizing that financial regulators should review all rules and regulations in an effort to minimize unnecessary burdens on our financial institutions and promote economic growth, while ensuring the safety and soundness of the financial system. Similarly, House Financial Services Committee Chairman Jeb Hensarling (R-TX) supported the Presidents actions, stating that the Executive Order on regulatory reform closely mirrors provisions that are found in the Financial CHOICE Act to end Wall Street bailouts, end too big to fail, and end top-down regulations that make it harder for our economy to grow and for hardworking Americans to achieve financial independence.

Democrats, however, have come out in strong opposition to the Administrations efforts and are no doubt going to oppose any actions that would be seen as undermining financial regulation.

House Financial Services Committee Opens with Partisan Debate; Committee Democrats Get Subcommittee Posts

Last Thursday, the House Financial Services Committee held an organizational meeting to approve the Committees rules for the 115th Congress and welcome the Committees new members. Chairman Hensarling urged his fellow lawmakers to act in a bipartisan way; however, the hearing proved to be a partisan debate over the Committees rules. Ranking Member Maxine Waters (D-CA) and other Committee Democrats introduced several amendments aimed at increasing transparency and preventing conflicts of interest within the Committee. While all of the amendments were voted down, the contentious debate provided a glimpse into what may be in store for the Committee this Congress.

Separately, Ranking Member Waters announced subcommittee assignments for Democrats. Rep. Daniel Kildee (D-MI) will serve as the Committees Vice-Ranking Member.

This Weeks Hearings:

Regulatory Activity

SEC May Reconsider Conflict Minerals Rule; Congress Votes to Repeal SECs Resource Extraction Rule

Last week, Acting Chairman of the Securities and Exchange Commission (SEC) Michael Piwowar asked the agency to reconsider its public guidance for implementing a rule that requires companies to disclose information about how they extract conflict minerals in Africa. He requested that the public provide comment about the guidance the SEC issued in 2014 for its conflict minerals rule, which has been long opposed by Republicans.

Separately, the House and Senate voted last week to repeal a Dodd-Frank-required rule related to resources extraction by oil, gas, and mining companies. After the House voted in favor of the rules repeal, the Senate approved a resolution eliminating the resource extraction rule, which requires certain companies to publicly state the taxes and other fees they pay to governments. President Trump is expected to sign the bill providing for repeal of the law.

Federal Reserve Finalizes Stress Test Rules, Faces Criticism Over Basel Participation

Last week, the Federal Reserve finalized a rule aimed at simplifying the stress test process for banks with less than $250 billion in assets. The rule applies to banks with assets between $50 and $250 billion and average total nonbank assets of less than $75 billion. Pursuant to the rule, the Federal Reserve will no longer scrutinize those banks risk management systems as part of the stress tests. Moreover, having an on-balance sheet foreign exposure of above $10 billion is no longer an exception to the rule.

Note too, the Federal Reserve continues to receive criticism from Congressional Republicans. In fact, last week, Vice Chairman of the House Financial Services Committee Patrick McHenry (R-NC) called on the Federal Reserve to unilaterally disengage its work with the Financial Stability Board and Basel Committee on Banking Supervision until President Trump has installed his nominees on the Federal Reserve Board of Governors. Specifically, Rep. McHenry sent a letter to Federal Reserve Chair Janet Yellen noting that continued participation in those international standard setting forums is predicated on achieving the objectives set by the new Administration, thus the Federal Reserve must cease all attempts to negotiate binding standards burdening American business until President Trump has had an opportunity to nominate and appoint officials that prioritize Americas best interests.

View post:

Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance - Lexology (registration)

KXAN.com

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

Continue reading here:

The power of financial independence - KXAN.com

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

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

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

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

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

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

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

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

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

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

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

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

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

Updated at 2:07 p.m.

Link:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

More:

3 insider tips for achieving financial independence | The Motley Fool ... - Motley Fool UK

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

Read the original:

Speaking of Women...Are We Really More Financially Independent Now? - Investopedia