Category Archives: Financial Independence

The new eleven-person firm was created by two former Merrill Lynch teams in order to create a superior advisory experience for clients at any asset level

INDIANAPOLIS, Sept. 9, 2022 /PRNewswire/ -- Sanctuary Wealth, home to the next generation of elite advisors, welcomes its latest partner firm, Auric Capital Partners. The new firm was formed by the melding of two former Merrill Lynch teams Mittman & Associates, a Private Wealth Management Group team led by Michael J. Mittman, CEPA, CFA, CPWA in Denver as well as McKelvy Schellenberg & Associates, a traditional wealth management advisory team led by Luke R. McKelvy, CIMA and William A. Schellenberg and has offices in Orange County, California and Denver, CO.

"We've been working hard over the past couple of years to enhance our ultra-high net worth solutions for Sanctuary partner firms and their clients," said Jim Dickson, CEO and Founder of Sanctuary Wealth. "Auric's decision to launch their new firm with Sanctuary is a testament to the breadth and depth of resources and capabilities that we've added on this front."

"As an independent firm, we will now sit on the same side of the table with our clients and have the ability to provide truly objective advice, as our only goal is adding value to each client's financial future," said Michael Mittman, CEPA, CFA, CPWA, Partner, Managing Director, Advisory, Auric Capital Partners. "With Auric Capital Partners, we have assembled a team that has the scalability and expertisethrough the wealthmanagement spectrum.Ourfirm has the ability to serve clients whether they have several hundred thousand dollars or several hundred million."

Michael Mittman has 24 years of investment management experience, the last 14 with Merrill Private Wealth Management, where he worked with a small number of ultra-high-net-worth families, institutions, and private foundations. He has earned the Certified Exit Planning Advisor (CEPA), CharteredFinancial Analyst(CFA), Personal Investment Advisor, andCertified Private Wealth Advisor (CPWA) designations and has a degree in economics from Duke University.

Prior to the launch of Auric Capital Partners, Luke McKelvy, and William A. Schellenberg each spent 25 years with Merrill Lynch Wealth Managementand held the title of Wealth Management Advisor, Senior Vice President. McKelvy has earned the Certified Investment Management Analyst (CIMA) designation and is a graduate of Chapman University, while Schellenberg did his undergraduate work at University of Texas. Together they have worked to strategically align both sides of their clients' balance sheets in order to better position them for sustainable growth.

"We made the decision to partner with Sanctuary Wealth rather than set up our own RIA because after decades in the wirehouse environment, we had a tremendous experience in serving clients, but did not want to have to take on the responsibility of things like compliance and technology that were outside of our comfort zones," saidLuke McKelvy, CIMA, Partner, Managing Director, Operations, Auric Capital Partners. "Sanctuary offered us the type of support we were used to getting, but with the freedom to manage our business as we saw fit. We can own the client relationship and their information, and yet we have a strong partner to assist us on the aspects of the business that never touch the client. It's really the best of both worlds."

Also joining Auric Capital as Partners are Jeffrey A. Dewees, Managing Director, Investments; Arman Melikian, Managing Director, Investments; and Jay Tamkoc Managing Director, Advisory. Additionally, the 11-person teams includes: Anna T. Walters, Vice President, Operations; Kristen Freeman, Vice President, Client Service; Meghan Ide, Senior Associate, Client Service; John Kincannon, Associate, Client Service; and Francine England, Associate, Client Service.

"Auric Capital Partners serves as a great example of the flexibility that Sanctuary Wealth has to offer advisors seeking independence," saidVince Fertitta, President, Sanctuary Wealth. "The synergy that the union of these two great teams makes possible is not only a positive development for the advisors, but most importantly, it brings a lot more to their clients. Now that they are independent, they'll be able to have a truly bespoke relationship with their clients on their terms, without the distractions often found when employed by a large institution."

"When we met with the team at Sanctuary, we were instantly comfortable with their culture and how they have constructed their business model," added William Schellenberg, Partner, Managing Director, Advisory, Auric Capital Partners. "It was a refreshing change from what we had experienced in the past and definitely got us excited."

To learn more about Auric Capital Partners, please visit: http://www.auriccapital.com

About Sanctuary Wealth

Sanctuary Wealth (sanctuarywealth.com/) is the advanced platform for the next generation of elite advisors, who have the entrepreneurial spirit to build and own their own practices and desire the freedom to deliver the tailored service their clients deserve. Sanctuary Wealth's ecosystem of partnered independence provides a complete technology and operations platform, as well as support from a community of like-minded advisors and the resources of invaluable affiliated businesses. Currently, the Sanctuary Wealth network includes partner firms in 27 states across the country with approximately$25 billionin assets under advisement. Sanctuary Wealth includes the fully owned subsidiaries; Sanctuary Advisors LLC, an SEC-registered investment adviser, Sanctuary Securities, Inc. a FINRA member broker-dealer as well as Sanctuary Alternative Holdings, Sanctuary Asset Management, Sanctuary Insurance Solutions, Sanctuary Global, and Sanctuary Global Family Office.

SOURCE Sanctuary Wealth

Originally posted here:

Auric Capital Partners is the Latest $1 Billion+ Team to Choose Partnered Independence With Sanctuary Wealth - PR Newswire

On 19th June 2008, I started investing in mutual funds. These 14 years have changed my view of risk and day-to-day money management. This is my story and the lessons I have learned. The broad trajectory should be well known to regular/old readers. This is an account of how I went from spendthrift to debt-bearer to financial independence: The Financial Arrow of TimeandMy journey: driven by the fear of making the same mistakes again. My story was featured in Livemint.

I had already sharedmy lessons from mutual fund investing this was specific to mutual funds. This post discusses other aspects of portfolio management and outlook on money growth. First of all, let me make it clear that 14 years is not a big deal. I know many investors who have been investing in the markets for much longer, but they are too private to discuss their journey.

This is only apersonalmilestone. There is so much to learn. Be it the stock market or life, the moment you sound like you have some experience, you will get kicked to the ground. The simple truth is that life selected one for me out of a million ways to go from point A to point B in ten years. This does not mean this is the only way to success (or failure).

It was late 2007. My father had passed after an 18-month bed-ridden battle against multiple myeloma. We were all emotionally exhausted. Two months after he passed, my mother was diagnosed with Parkinsons disease there is nothing fair or unfair about life; it is just a potluck.

Finally, I had some time to take stock of my life. Since I had a hospital expense debt of about 3 lakh (thankfully interest-free as it was from my brother-in-law), I swore that I should never put my family in such a money situation again.

I started reading news articles, and the idea of beating inflation with equity caught my eye. So I asked my health insurance agent about investing in mutual funds. Like many, my first mutual fund was an ELSS fund (in hindsight, this is an unnecessary mistake, but that is life).

So my first fund was Sundaram Tax Saver Dividend Option. I had no idea what that meant or how it differed from the growth option. This fund and this option were selected by him, and since my investment was small, I did not mind. So I started with a SIP of Rs. 1500.

When I started, the stock markets all over the world were in chaos thanks to the Lehmann crisis but I had no idea (thankfully). About a year or so later, I called my agent again and wanted to start another SIP. He said he would send someone home but no one came. Why?

From Aug 1st 2009, SEBI banned entry load in mutual funds. This meant that sales guys would only get commissions from the investment value, not the investment amount. Perhaps because of the climate then (post-crash), perhaps because of innumeracy, I was told many distributors quit over this ban. They perhaps did not realize that commission taken out of the investment value would grow at the same rate as the investment.

Whatever the reason, this forced me to DIY. If no one would come home to set up a SIP for me, I decided to go directly to the AMC. Perhaps it is a generation thing I did not look for the next easy option invest via the bank.

So I became a direct investor almost three years before the introduction of direct plans. So for three years, AMCs were gobbling up the commission money as there was no distributor. If I wanted a Sundaram Fund, I went to their office. If I wanted an HDFC fund, I went to their office. I had no idea who or what CAMS was.

Around this time, AMCs started opening up proper investing portals. It was possible to buy and sell units online. Then on Jan 1st 2013, the no of funds that I held doubled. All my funds had a regular plan and a direct plan. The new SIPs were automatically routed direct.

By this time, I had stopped my SIP gradually as the amount I was trying to invest each month became higher and higher, and I could not lock that much into a SIP as it may affect expenses. So I began buying units manually each month. The first time I did that, I realised a SIP = monthly lump sum. This was about 5-6 years ago.

Initially, I used to invest manually at the start of the month. Then to get used to the volatility, I used to wait for a dip within a month and invest then (the stupid things we do!). Then I did not care. I just invested when I could. Sometimes they were more than a month apart if expenses became high. I religiously started to track investments from 2010 or so in this excel sheet: Using Excel to track investments. I still use it.

By this time, I was also making calculators for retirement and other needs (these seeds of freefincal were sown in late 2010ish). I made a financial plan template projecting future needs. This latter became theRobo Advisory Software Tool to build a complete financial plan!

Once I realised the power of tracking investing after setting clear goals, I stopped tracking expenses:How tracking investments instead of expenses changed my life!From that point on, it was all about reviewing portfolio growth (not individual funds) based on goals and periodic rebalancing.

This is my retirement portfolio (as of 24th July 2022). Details of my childs future portfolio can be found here: Lessons from investing for my sons future for the last 12+ years.

The weights listed below are within each asset class. That is, Parag Parikh FlexiCap has a weight of 55% in my equity MF portfolio. ICICI Gilt has a weight of 20% among debt instruments.

The asset allocation is 55% equity and 45% debt.

In addition, I have a stock portfolio worth about 22% of my equity MF retirement portfolio and about 11% of my total retirement portfolio. Details are here: Stock Portfolio Analysis: July 2022.

This is the growth of the equity MF retirement portfolio from June 2008 to July 2022. The last few transactions are missing, but this will not change the overall evolution.

The gain or loss in my equity mutual fund retirement portfolio up to Dec 2019 is shown below. I cannot update this graph as I have rebalanced the portfolio.

Notice for the first five years and three months, returns were zero. In hindsight, I am thankful I did not quit during those years; otherwise, I would never have achieved financial independence. You see the gains suddenly shoot up due to this graph.

The gain or loss is again plotted (green). The yellow dots represent the annual increase in investment amount. Or What I refer to as the investing CAGR (not investment CAGR). Notice the huge year-on-year increase in the amount invested in equity MFs in 2010, 2011, and 2012. When you dump in money when the market moves sideways, you reap the gains when the tide turns in my case, around the time when economic conditions were favourable and NaMo was announced as the PM candidate -sheer coincidence.

Please note the above does not mean I invested more in 2010,11,12 than now. That is not possible as I am salaried. What you see above is merely big jumps in equity investment. This was possible because I already had some NPS and PPF investments. So equity had some catching up to do in order to get to 60% in the portfolio. Today my investing CAGR has stabilised (it has too!)

I am pointing this out to show I am an unintelligent brute force investor who was lucky enough to invest more. My investing rate is higher than my investment return: Why increasing investments each year is crucial for financial freedom.

If I can call myself successful, it is only because of three aspects

My portfolio growth has nothing to do with my ability to choose good funds or my education or training. By nature, I am disciplined and hate information.

If I had to list my lessons (even if no one is asking me to!), they would be:

1: Get a life! Identify your goal, invest in them and leave them alone until it is time for your annual review.

2: Get rid of Financial contacts or groups on WhatsApp, Twitter and Facebook. An investor is defined by her ability to process information and the best way to do that is to avoid information. Just like the best way to manage time is to avoid work (or learn to say no).

3: Invest like your rear end is on fire, or life will light it up for you later.

4: If your needs are far away and you see a sideways market, pump in money. That is the best time to invest. Of course, not many can do this.

5: Never forget that these gains are notional. A single event can decrease your holdings by half. Mountaineers believe that they can climb a peak if the mountain lets them. Markets are not different. Remember, notional losses are real losses. Only notional gains are notional. A goal-based systematic risk management strategy is essential.

6: Your attitude towards money itself and towards profit and loss depends on how much money you have. I have seen my portfolio gain or lose 10s of Rs, 100s > 1000s > .. And along the way, I realised that to be successful, we need to not only learn to lose/gain lakhs every day but not also yearn for it.

7: Money is a drug. The more you have, the more you want to have. So at some stage, you will have to draw the line. Increasing the amount you give away to help others at the same rate at which your portfolio grows will keep us grounded.

8: To be rich, we must first think like a rich person. Have a 10Y, 25Y or 35Y year view of your life. Want To Get Rich? Write Yourself A One Crore Cheque!

9: We cannot buy stuff with returns. Having enough money is more important than getting high returns; they are not the same.The 2016 Personal Finance Audit: Returns do not matter!

10: Concentrate on the portfolio return the most. Individual funds will have up and down ride. It is fine as long as the portfolio moves along at a healthy pace. This is the main reason for developing the freefincal mutual fund and financial goal tracker This is the only sheet I use to track my goals and investments.

11: To make money, two things are necessary: money and time. Returns are not in our control. Those who want to become financially free much invest like their lives depend on it. For all others, try to invest for retirement at least as much as you spend or as close to it as possible. So ask yourself: What is your investing growth rate (CAGR)?

12: Get a proper hobby so that you forget about money. Freefincal is, unfortunately, my hobby. Just because I write about investing does not mean I look at my portfolio daily and tinker with it. Every statue was once a rock. It will become a rock again if we do not know when to stop sculpting.

Do share this article with your friends using the buttons below.

You Can Be Rich Too with Goal-Based Investing

Your Ultimate Guide to Travel

Read more from the original source:

Fourteen Years of Mutual Fund Investing: My Journey and lessons learned - freefincal on YouTube

Financial domination has been around since at least the 1990s, but has gained more attention since the pandemic after some women starting using it as a side hustle to boost their earnings and gain more financial independence.

The psychological fetish involves mostly men, or "pay pigs", taking on a submissive role and worshiping their "findommes", or dominant women, by paying them for nothing tangible in return.

One findomme, who has nearly 20 years experience, says the industry has changed since the advent of social media platforms in the early 2000s.

"Some people will post on Twitter and ask pay pigs to offer a tribute fee of $15," says a woman who uses the name Diamond Diva Princess. "That's not findom at its core, as it usually involves a lot of money with the possibility of a 'wallet drain'."

A "wallet drain" is jargon for when a findomme empties the pay pig's bank account, or takes the maximum amount of money that they can afford to give away. It can happen within minutes, or occur over the space of a few days, she tells Insider.

Diamond Diva Princess became a findomme in 2003 before social media platforms like YouTube and Twitter were available using online forums and chat rooms. Most of these have since disappeared or have completely changed over time, she says.

Findommes would communicate with pay pigs over email as well as personal websites and messaging platforms.

Diamond set up her own website after getting a $100 tribute on her first day. She first heard of financial domination after a fan of her modeling approached her and asked to become her money slave.

She claims to have coined the term "findom" in about 2005, although there is no official record of its origins. "Findomme" refers to a woman who practices financial domination.

"A lot of people started using Twitter I would see people using the hashtag findom on Twitter and the term became quite popular," Diamond says.

During the mid-2000s many porn sites started to use the term findom in a different way, muddying the waters for many.They started producing fantasy videos costing $5 to $20 in which "findom fantasists" watch reenactments of actresses draining the wallets of imaginary pay pigs.

"It was no longer about financial domination, respect or reverence," says Diamond. "They use the term when displaying or talking about nudity and pornography, whereas for me, the true meaning of financial domination involves no sexual content or nudity."

She adds: "If people send pay pigs content like that, they will no longer revere or respect you and it goes against its true origins of goddess worship and findom."

While findommes use sites such as Twitter, Instagram and TikTok, Diamond says they traditionally do not go looking for pay pigs, because most want their "goddesses" to be dominant.

At its core, she says financial domination is a "psychological dance" between a findom and a pay pig. The findomme needs to know what to say, how far she can push a pay pig and when to stop.

"If they can manipulate you then it's game over and the power dynamic shifts," Diamond says. "True pay pigs are usually very intelligent and influential. The findom dynamic gives them balance in life and they enjoy it because they are usually in control or in positions of power."

Read the original:

A findomme reveals the secrets of findom 'wallet drains' - Business Insider

The Curve Finance hack has been a major news article within the crypto community over the past weeks after a DNS attack left over $570 Thousand missing from the platform and its users.

It was recently revealed that 83% of these stolen finances have been recovered, with further efforts set to recover the remaining tokens and discover the identity of the hacker being pursued by Binance (BNB).

Still, this incident has left many shaken in their trust in Curve Finance, and in the overall crypto market. If exchanges as big as Curve Finance can be hacked, is any large crypto project truly safe?

With this in mind, there is a legitimate possibility that some may now seek alternative platforms to engage with crypto outside of Binance (BNB) and Curve Finance. One such possibility is HUH Token (HUH), with some articles already speculating on this potential.

But what exactly happened in the Curve Finance hack, and how is Binance (BNB) connected? And why might these hack lead some to seek out new projects like HUH Token (HUH)?

Curve Finance is a crypto DeFi exchange with one of the biggest current market shares, with a reported $6 Billion in locked value as of the writing of this article.

Experts have blamed the lack of security on the fact that the platform employed GoDaddy as its DNS provider; a susceptible platform that Binances (BNB) Changpeng Zhao claims No Web3 project should use.

The funds were able to be retrieved by Binance (BNB) after the hacker is alleged to have attempted to send the stolen funds through the Binance (BNB) exchange, which the platform was able to detect and freeze in the hopes of returning the stolen funds.

Despite this incredible work from Binance (BNB), it is understandable why this incident may have shaken some crypto users. Curve Finance has since stated that its platform is now safe for use, after the DNS settings had been propagated to account for the safety weaknesses, but will this be enough?

This story is still ongoing, so be sure to stay tuned as the situation develops.

With the Curve Finance hack causing some to question their faith in big-name crypto endeavours, some may wish to try out an alternative. HUH Token (HUH) is one such example of this,

HUH Token (HUH) is the native token of the HUH network, which is an independent blockchain playing host to a variety of services including a HUH Wallet, HUH Exchange, and NFT marketplace. The platform uses the renowned Proof-of-Stake system in its block validation, making for a blockchain with quick and affordable transactions all while remaining environmentally conscious.

The wide range of choice within the network have allowed some to draw a comparison between HUH Token (HUH) and Binance (BNB), as the latter also features a host of services on their network designed to maximise the potential of the token and give financial independence to users.

HUH Token (HUH) can also be compared to Binance (BNB) in their use of celebrities to promote the potential of their products. In a recent move that saw 10,000 social media influencers posting about HUH Token (HUH) in an attempted roadblock, the project has been able to reach more crypto users than ever before, with plans only expected to further this.

Stay posted for their next roadblock in December, which will utilise 50,000 influencers. You will not want to miss it.

Want to know more about HUH Token (HUH)? Check out this article.

Or, find out more at the following links:

Presale: https://presale.huh.social/Website: https://www.huh.social/Telegram: https://t.me/HuHTokenTwitter: https://twitter.com/HuhToken

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

See the original post here:

Amidst Binance Curve Finance Hack, Is HUH Token In With A Chance of Taking The Throne? | Bitcoinist.com - Bitcoinist

When our country is celebrating the 75th festival of independence, it becomes necessary to talk about the change that has come in our society after years and these changes have brought women of the country. Today we are talking about those women, who did not care about the old thinking for their financial independence and made themselves self-reliant.

They chose those jobs which for some years were considered to be the work of men only. Just imagine, does a carpenter sister ever come to make your home sofa or cupboard or you go to a woman to make a washing machine at home. But now all this is happening and the common women of the country are doing it.

We have brought the stories of five such women of the country, who are doing unusual things despite living in a very normal family and environment.

Preeti Hinge

Preeti Hinge, a resident of Nagpur, has been running her business in the city under the name Jai Shree Ganesh Furniture for the last eight years. After learning woodworking from his father, he was always interested in this work. But she never thought that one day she would become a businesswoman due to this work.

After marriage, to support her husband, she started making furniture in a small shop. She is the first woman carpenter of her city and she is running this business well taking care of her three daughters.

Soon she is also going to open her big show room. She is so happy and successful with her financial independence that she is educating her three daughters on her own. For years, women were not coming forward, considering the work as the work of men only, with the courage and passion with which Preeti does that work, she is also showing a new avenue of employment to many more women.

After studying civil engineering, Shatabdi Sahu from Bhubaneswar chose a job that was not considered a womens job instead of taking up a job. But her work standing out from the crowd has earned her the title of the only female plumber trainer in Odisha today.

Usually, even a small tap in the house gets damaged, so we look for a plumber for months. But Shatabdi Sahu of Bhubaneshwar solves every problem like tap or leakage in her house along with neighbors house in a jiffy.

27-year-old Shatabdi, herself knows well the work of plumbing, as well as she has so far trained 1000 people in plumbing. Although till date not a single woman has come to him for training, but he wants women to adopt this work.

She has also received the award of Odishas only female plumber trainer by Dharmendra Pradhan, Minister of Skill Development, Government of India and all this was possible because she only listened to her heart for her financial independence.

Sita Devi from Gaya (Bihar) is working as an electrician since last 15 years and can fix everything from bulb to microwave. He had started this work under compulsion at one time. But today she does this work with pleasure. Because this work helped him to run the house in difficult times and also to make a new identity.

Sita Devi never went to school, but still manages to do all the work very easily. Actually, her husband Jitendra Mistry is an electrician. But due to health problems, he was unable to work, after which Sita took up the responsibility of the house and later taught her sons to make electric appliances.

The story of Sita proves that no work belongs to a woman or a man.

Santoshini Mishra of Sambalpur, even at the age of 74, works as a catering service in many weddings and other functions of the city. She is also providing employment to many through her catering agency.

About 40 years ago today, Santoshi Mishra of Sambalpur (Odisha) used to cook food in the house of others to take care of the expenses and responsibilities of her family.

At that time working outside the four walls of the house was a big deal. But troubled by the financial condition of the house, he had to go out to work under compulsion.

She says, Years ago, when people started catering, leaving the job of cooking in their homes, most of the catering businesses in the city were run by men. I also had to face many types of opposition from family and society. At one point of time, I was also finding it difficult to find a girl for my son.

But she continued to do her work by fighting every trouble and even today she does this work with pleasure and is completely self-sufficient.

Until recently, gardening was considered only a hobby. Nobody thought of it as a business option. Gardeners were also used for the work of plant nurseries or plant care. But today many women are running nursery business from home.

One such youth is Deepika Lakra of Jharkhand. Deepika Lakra, who lives in the government quarters in Ranchi, has a special love for gardening. She is growing a variety of ornamental plants as well as running a nursery.

Deepika is also running the YouTube channel of Gardening since the year 2017. But at that time due to college and studies, she could not make many videos. In the lockdown last year, he started uploading more videos, due to which the number of his subscribers also started increasing. Now she also earns some money through this, as well as preparing and selling some rare varieties of plants.

All these women living a self-reliant life have proved that achieving financial independence for them is not just to earn money, but to do the work which they enjoy doing and by which they can make their own identity.

Breaking every social shackles and stereotypes, leading a financially independent life and all these women The Better India Salute to

Editing: Archana Dubey

Also read: From farming to spice business, read the inspiring story of a widow who was once in debt!

This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.

Excerpt from:

From Carpenter to Plumber! These women broke all the bonds for their financial freedom - News Day Express

EconomyTuesday August 16 2022

Chief Justice Martha Koome. PHOTO | DENNIS ONSONGO | NMG

After six years of wait, the Judiciary Fund has finally been activated giving courts financial independence to run their affairs.

The Judiciary Fund Act was passed in 2016 but its operationalisation has been delayed over the years as the Judiciary fought with the Executive over the activation of the Fund.

On Friday, the Judiciary announced that the Treasury had loaded Sh9 billion into the Fund for the half-year budget for 2022/23.

Operationalisation of the Judiciary Fund will aid in the planning and timely execution of operations and projects, and further eliminate previous challenges of delayed disbursements or budget cuts, the Judiciary said in a statement.

The statement added that although the budgetary allocation sought by the Judiciary was not met, the Fund is a crucial step in securing the financial independence of the courts.

Treasury CS Ukur Yatani had promised in his budget speech in April that courts will start operating the Fund in July after making the necessary procedures including opening an account at the Treasury and regulations to guide its operations.

There was a standoff in 2020 when then Chief Justice David Maraga dismissed calls by Central Bank of Kenya governor Patrick Njoroge to seek Treasurys approval to open the Funds account. Justice Maraga also complained of budget cuts, which he pointed out of having shrunk to 0.69 percent of the national budget.

Dr Njoroge had then directed the Judiciary to engage with the Treasury and the Controller of Budget as required by the Public Finance Management Act (PFMA).

Justice Maraga, however, said no cabinet secretary runs the affairs of the Judiciary or Parliament because they are independent institutions.

Article 173 of the constitution established the Fund, which will be administered by the Chief Registrar of the Judiciary, to meet court administrative expenses.

The failure to operationalise the Fund has been compelling the Judiciary to surrender funds collected every year from court fees and fines to the Treasury.

The Fund was among key priorities of Chief Justice Martha Koome when she assumed office (in May 2021). It has been established and operationalized with the support of the Executive, Legislature, the Central Bank of Kenya and Controller of Budget," the Judiciary added in the statement.

The Constitution says the Fund will be used for administrative expenses of the Judiciary and such other purposes as may be necessary for the discharge of the functions of the Judiciary.

The activation of the Fund was one of the campaign pledges of Deputy President William Ruto-led Kenya Kwanza Alliance should they win the Presidency in the 2022 polls.

Dr Ruto had on numerous occasions pledged to operationalize the Judiciary Fund and ensure independent constitutional offices such as the National Police Service Commission, have their own financial accounting officers to address concerns of manipulation by the State.

Under the framework outlined in Article 173, the Chief Registrar will be required in every financial year to prepare estimates of expenditure for the following year, and submit them to the National Assembly for approval.

Upon approval by the National Assembly, the expenditure of the Judiciary shall be a charge on the Consolidated Fund and the funds shall be paid directly into the Judiciary Fund.

[emailprotected]

Read the original:

After six years of wait, fund hands court independence from executive - Business Daily

Working from home in Robbinsville as a roadside assistance manager for a transportation company gave Stephen Gruzlovic some financial independence until he was forced to quit five years ago. The 33-year-old college graduate couldnt live without the Medicaid benefits that pay for the home health aide who helps him out of bed every day and into his wheelchair. The rules said he earned too much to keep his benefits.

In January, however, Gov. Phil Murphy signed a law that promised to end these difficult choices for people with disabilities who can and want to work. The new NJ WorkAbility program allows people to earn a living without income and age limits while continuing to qualify for the expensive services they cannot live without that are covered under the state and federally funded Medicaid program.

Read the original post:

Disabled people want to work, and Murphy signed a law to help them. Why are state officials holding it up? - NJ.com

Personal loans have become a popular financing option, especially in the case of an emergency or unforeseen expense that often strikes when you least expect it. Key benefits such as processing of these unsecured loans being quick as it can be done with minimal paperwork work in the favour of personal loans in India.

The fact that personal loans can also be availed of without pledging any collateral or security to the lender and the interest rates on personal loans are lower when compared to those on credit cards, which is why we see most individuals opt for personal loans to meet their expenses or tide over a cash crunch, have made them quite popular.

Even with uptake in personal loans, borrowers will always be on the lookout for options to reduce or consolidate their debt. Today, most banks offer loan prepayment options where borrowers are given the opportunity to prepay the loan in full or in part, before the full tenure of the loan. Lets take a closer look at what prepayment of a personal loan is all about and what are its primary benefits.

Loan prepayment is one of the most crucial aspects that you must consider if you plan on availing a personal loan.

Most financial institutions today offer borrowers the loan prepayment facility, where they are allowed to pay their loan prior to the expiry of the loan due date. In other words, loan prepayment refers to the payment of the outstanding loan balance either in part or in full before the maturity of the loan.

The borrower can choose to repay an amount greater than the monthly installment or the entire loan amount in full, before the end of the loan tenure. That said, the full repayment of a loan would result in a loan foreclosure.

Loan prepayment can not only reduce your debt but also helps you save on money that you would be otherwise paying as interest. Thats not all, there are multiple benefits that you stand to gain as a borrower when you prepay your loan. Lets run by the key benefits of prepayment of a personal loan.

Prepaying your personal loan before the end of a loan tenure is a good decision. Here are some of the key benefits that you stand to gain by opting for loan prepayment.

When you take a personal loan to meet your rising financial needs, you also need to ensure that you are prudent to repay it. Failing to do so, will result in great financial distress. Prepaying your personal loan will help you bring down the financial burden of repaying loans or better yet, it allows you to go completely debt-free.

As personal loan EMIs often cost you a chunk of your monthly savings, it is recommended to prepay your personal loan as early as possible to save up on the interest payments. This, in turn, will ensure that you have more disposable income in your hands, lead a stress-free life and sooner than later attain financial independence.

When you prepay your loan, you are wiping out your financial burden which also has a positive impact on your credit score. As outstanding loans are linked to your credit score, prepayment of personal loans whether partially or in full will automatically result in your credit score going up. Alternatively, this will increase your chances of availing of another loan. A spotless credit report, a credit score above 750, and a clean record of loan repayment are what will close your next loan application and even give you the opportunity to negotiate favourable terms with the lender.

Prepayment of personal loans helps you to save big on the interest outgo amount. When you prepay your personal loan, you have to pay a nominal prepayment fee. This prepayment fee is comparatively a small price to pay for the amount you will save on the interest outgo when you choose to close the loan account before maturity.

With no more obligations to pay monthly interest on the personal loan, you can save this money or even consider investing in fixed deposit schemes or mutual funds, as per your convenience.

Owing to financial constraints, it may not be possible for you to prepay the entire loan amount in one go. In such cases, if you have received any additional source of income or earned a bonus, then you can consider opting for a partial prepayment of the personal loan. While partial prepayment may not allow you to go completely debt-free, it helps you lower your debt burden. Partial prepayment will also reduce the amount of interest that you need to pay on the total outstanding loan amount. If you have plans to prepay your personal loan amount, then doing it in the early years of your loan tenure is recommended.

As mentioned earlier, most banks and non-banking financial companies (NBFCs) charge a nominal fee when borrowers opt to prepay their outstanding loan amount.

Why is a prepayment fee charged?

The amount spent by the bank to borrow funds is lower when compared to the cost incurred for lending. After lending the amount, the bank will earn the difference in the amount as profit for as long as the loan runs.

In a scenario where the borrowers plan to prepay the loan amount prior to the maturity date, the bank loses out on the rate of interest that they would have otherwise earned, had the borrower continued to repay the loan throughout the loan tenure.

To make up for the loss of this potential income, most financial institutions charge a fee to the borrower on opting for prepayment of the personal loan.

The prepayment fees will vary from one bank to the other and is also dependent on the completed tenure of the personal loan. In most cases, banks charge a rate of interest that ranges from 4% to 5% of the outstanding loan amount. After the completion of three years, some banks choose not to charge any prepayment fee, while some others offer a discount on the prepayment fees on completing a stipulated time period.

The personal loans sanctioned by banks and NBFCs have different lock-in periods as determined by the lenders. The lock-in period is a key factor that you need to consider before applying for a personal loan. The lock-in period is the time during which borrowers are not allowed to prepay their personal loans in full or partially. This lock-in period could range from anywhere between six months to 1 year or even more in some cases. Today, we see many lenders relaxing their norms and allowing personal loans to be sanctioned without any lock-in period.

Before you set out to prepay your loan amount, you need to plan well and calculate the actual benefit that you will receive. The benefit from personal loan prepayment is dependent on the prepayment charges, the outstanding loan amount, and the remaining tenure of the loan.

Upon using an online calculator, you can confirm the amount that needs to be paid and the interest outgo that you are liable to honour. If the interest outgo amount is higher than the prepayment fees, then your best option would be to proceed with the prepayment of the personal loan.

To repay your dues before the end of the loan tenure, you need to follow the below steps:

Personal loans should not be considered as an extension to your paycheck and they should be availed of only to tide over a crisis. Prepaying your personal loan has some clear-cut advantages such as interest savings. While prepayment of loans will bring you into the good books of the credit bureaus, you need to be mindful of the prepayment penalty fee that is charged by banks and NBFCs.

It is important to take into consideration all the factors mentioned above before proceeding to prepay your personal loan amount. Be sure to calculate your savings from the prepayment and ensure that you are benefitting significantly from closing your loan account.

It is important to remember the rules and regulations when it comes to prepayment of a personal loan vary from bank to bank. Ensure that you check with your bank on the guidelines in place, before taking a step forward.

View original post here:

What are the Benefits of Personal Loan Prepayment? Forbes Advisor INDIA - Forbes

The year 2022 is of special significance to every Indian, given that it marks the 75th anniversary of Indias Independence. As we celebrate Azadi ka Amrit Mahotsav to commemorate our hard-earned freedom from the shackles of British Raj, we also embark on the onward journey towards Amrit Kal an era of inclusivity and progress.

This journey of our independence was a movement that parallelly led to the encouraging progress of women in India. A satyagraha in itself. A journey of self-belief, courage, sacrifice, and camaraderie, spearheaded by some revolutionary women. They believed in their capabilities and refuse to be defined by any gender roles set by society.

The year 2022 is also very special in the timeline of womens history in India. We saw the appointment of Ms. Droupadi Murmu as the first tribal and second woman President of India. Her win is a tribute to the generations of women who through our nations history, paved the way for that moment and whilst we took long to get here, let us soak in the moment in all its glory and what it means for the future.

As more and more women got access to education, it facilitated the transformation of young girls into resilient women ready to take on leadership roles, irrespective of economic or social background. And so, in this 75th year of Independence, we look around us and see women becoming icons in a well-entrenched democracy. This also reflects in our legal system, which has recognised the need for empowering women. It has been a journey from Ms. Leila Seth, the first woman Chief Justice of a High Court in India to soon having the First Woman Chief Justice of India- Justice B. V. Nagarathna. These women have questioned and taken to bits the gender constructs that once obstructed womens growth in leadership roles. Weve seen in our lifetime Mary Kom, Mithali Raj, Kalpana Chawla and so many more. Women in India fly commercial planes, fighter jets, send probes to Mars, innovate, run public-enterprises, cause social change, are legislators, judges and executives, provide jobs to the masses through successful ventures as entrepreneurs, head scientific bodies; and all of this while most of them are also fulfilling the expectations of their conventional gender roles.

Women have learnt to do it all. There is a common element to all these stories- access to education leading to financial independence, inclusivity and most importantly, empowerment. Sustaining gender parity and diversity is critical to the success of women. Empowerment is necessary. It is no longer an option. Over the years, India has been reshaping its policies to empower the average Indian women by granting access to education and by enabling financial inclusion. This has ensured that woman can be Atmanirbhar. Equal opportunity is a must in all regards. It is true that the hand that rocks the cradle rules the world.

We must bring women into the mainstream and equally into the unconventional. I believe this applies also to the corporate world. Women need to be where innovation and decision are taking place. Women need to be present in traditional industries that need reform. We need more women scientists. More women engineers. More women politicians. More women CEOs, CFOs, CTOs, etc. More women judges. More women athletes. More women cops. Frankly, we need diversity at all levels. Equally, we need more diversity in areas where women have typically been stereotyped, for example, in the role of primary caregivers. Why dont we have enough male caregivers? For this, all the stakeholders of the country, including the judiciary will need to step up their role. Women will need more funding, more opportunities, less hurdles to success, more facilitative policies (e.g. the maternity benefit Act). Some of the biases that set in during our early years need to be shed for otherwise they fundamentally stunt our future. This starts at the time of birth and is passed on from home to school to workplace to marital home.

Whilst we have won quite a few of these battles, we are tired of having to fight for basic rights enough. Today we have reached a point where women are independent wealth creators. We need to prioritise welfare and dignity, particularly health and economic welfare. Unfortunately, rurally women lack so much on the health front; access to hygienic living conditions or basic medical care are still off limits.

Today, we still see ghastly crimes ranging from rape, acid attacks, sexual harassment, bullying, etc. against womenboth from well-to-do as well as marginalised sections of the society. India cannot be free if even one of its citizens is unfree. While ushering in amrit kal, where we rightfully celebrate the dreamers, the disruptors, the warriors, the nurturers, the achievers, unsung sheroes, etc., we must not forget to work towards building a progressive and safe nation for women. Its in only when we are able to leave our homes to without having to worry for safety issues, that we can get rid of social divisions and regressive mindsets.

In the initial years of our independence, women were contributing to the informal economy and in this journey to the present India, women redefined their roles as the ones fueling economic growth in addition to being culture custodians. In rural India, women entrepreneurs have emerged as leaders and job creators. More importantly they have discovered a voice to bring about a positive change transcending national boundaries and generations. I read a quote somewhere- in woman, there is hidden the revolutionary energy which can establish paradise on Earth.

In the words of Coretta Scott King If the soul of the nation needs to be saved, women, I believe you must become its soul. At present, the world needs a womens idealism, her determination, and her empathy far more than ever. In politics, in law enforcement, in classrooms. Therefore, lets take an earnest pledge that not only we will celebrate an independent India, but also seek an empowered India. Please, lets make our female voices heard whether shrill or melodious. Lets be seen whether brown, black or white.

The time has come to change the game, the time has come to break the bias. Perhaps its time to take an exponential leap of faith. Amrit Kal presents a catalyst moment for bringing about fresh and purposeful change, for sustainable nation building. We aim to develop an environment for the modern Indian women to be more empowered and for our home makers to be nation builders.

We need to engage with children, parents, men, women, educators, influencers, etc. to break some of the biases and to rebalance the social contract. These engagements are necessary to arrive at a solution which can work towards shaping a more inclusive and sustainable future.

As lawyers, we also wish to recognise and thank the role of the law, especially the judiciary, which has called out many issues, extinguished stigmas and brought about real change especially on aspects of financial safety and independence, dignity, status in the society. Such decisions have helped in breaking regressive beliefs and mindsets. We must recognise that all this will play a greater role and serve a larger purpose. We may not see or understand it today but perhaps our children will.

Views expressed above are the author's own.

END OF ARTICLE

Read the original post:

From homemakers to nation builders; From independent to empowered - Times of India

Dear Quentin,

My son is 27 years old. Hes very smart. He scored a 32 on his ACT test without cracking the book.

However, he cant manage life. He blew up the motor on his car because he didnt change the oil. He didnt fix the sunroof, so water leaked into the car. He doesnt like his bank, yet he cant manage to change banks. When his health insurance ran out under our plan, he didnt sign up with his employer.

He has been living with his father and stepmother for the last few years in a house that they own. He pays half of the bills in the house, despite six adults living there. His stepmom has access to his bank account. She transfers money and pays bills with his account. His stepmom was caught embezzling from a local club a couple years ago. Obviously, I am very concerned.

My son lost access to his bank account. He cant manage to get his account log-in reset. Furthermore, he doesnt even have a room at his dads house; he sleeps on his couch. I have advised him that the amount at most should be divided by the number of adults in the household equally (even if the others dont work) and he should only pay that portion.

My son agrees that he is likely being taken advantage of. But he has taken no action. He is resistant to me helping. I have offered to be a payee or power of attorney. But he says he can handle it on his own. I even suggested a six-month trial with me or someone else helping him out.

I still have a little money left over from what I saved for him to attend college. Could I offer it to him as an incentive to take the steps to financial independence? I am at a loss on how to help him. I am worried about his stepmom cleaning his account out. Should I talk to his dad? Any other suggestions?

Standing on the Sidelines

Tell his father that your son needs help, and that this living situation is untenable. But from what you say, your father and his wife and their crowded household appear to be part of the problem. Dont rely on him for help, and dont delay your plans to help your son because of his father.

Throwing money at the problem will only indirectly reward your son for being a procrastinator, while being overly critical will only serve to compound his anxiety, or whatever factors may have made him unable to take action.

Anxiety-related procrastination is a cycle that gets worse over time. Its not related to laziness or being a bad person or being incapable of doing ordinary tasks; its a kind of paralysis that builds up. The more things you havent done, the more stuck in the mud you become.

Throwing money at the problem will only indirectly reward him for being a procrastinator, while being overly critical will only serve to compound his anxiety.

Tell your son that he is smart, and there is a way out. Tell him he is kind and compassionate, and will do anything for other people, but he needs to have boundaries because not everyone will meet him halfway. Some people will take advantage of his good nature.

Instead of giving him money, pay for therapy for him, and bookend the therapy by driving him there and/or meeting him for coffee and meeting him for lunch or dinner afterwards. That will help ensure he attends, but will also give him the sense that he is secure and supported.

The two top priorities are his living situation and bank account. Your son would not be the first person to become overwhelmed with the seemingly endless cycle of being told he has the wrong username or password. Only his cell number should be connected to that account.

A financial therapist is another good option here: They deal with managing and budgeting your finances, and also managing and controlling your anxieties. Anxiety can manifest as inaction, but also as fear or anger. The Financial Therapy Association will have more leads.

If it is not possible for your son to live with you until he gets back on his feet, you can also do some research to show him the kind of apartments that are available within his budget, and the kind of job it would take to get there. He needs a plan. It wont all happen overnight.

People only need one good parent, and one good friend. Go with him to the bank, the auto dealership and apartment rental. Drive him to his job interview, if you are able. Fear and anxiety can be all-consuming, but they will only get worse if he is left alone. Living in an emotionally and financially unstable environment will not help.

Without knowing your son, Im cautious about involving a financial power of attorney. It would need to be someone you trust completely, and at this point in your sons life, the goal should be moving him gradually toward financial independence, and giving him the tools and support to do that.

Learn how to shake up your financial routine at theBest New Ideas in Money Festivalon Sept. 21 and Sept. 22 in New York. Join Carrie Schwab, president of the Charles Schwab Foundation.

Check outthe Moneyist private Facebookgroup, where we look for answers to lifes thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

By emailing your questions, you agree to having them published anonymously on MarketWatch.By submitting your story to Dow Jones & Co., the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Also read:

I call his kids spoiled. He gets mad: My partner and I each have two children. He gives his kids gifts worth $1,000. I say we should cut that to $100. Whos right?

My eyes rolled so far back in my head it gave me a headache: I carpool with two co-workers. One refuses to take turns. With gas prices so high, is that fair?

I came into the marriage with a lot more money: Is it ethical to give cash from my pre-marital investment accounts to my kids without telling my second wife?

View original post here:

He pays half of the bills in the house, despite six adults living there': My son lives with his dad and stepmom. They take advantage of him. How can I...