Category Archives: Financial Independence

We might think of freedom as some kind of right that someone else has to give us. That could be true at the political and sociological levels. But psychological freedom emanates from within. The kind of freedom that helps us navigate the labyrinth of emotions and projections, and anchors us in the moment. Such freedom doesnt necessarily mean eternal happiness. Although, it could mean that too. Neither does it mean punishing self-reliance. It also doesnt mean one is free of responsibilities. It simply is the belief that whatever the situation, we will be taken care of.

Often we feel attaining financial freedom would pave the way for ultimate freedom. Partly, it is true. Financial independence does give us a great deal of autonomy over our lives but it also takes away control over our time. It is not the harbinger of ultimate freedom. We are constantly rallying for more freedom political, sociological, religious, and cultural. We want to be free in terms of what we wear, what we eat, who we marry, whether we marry or not, and so forth.

Even as we are moving towards a world of more and more individual freedoms, we are nowhere close to feeling any degree of liberation. Because at the psychological level we have created another prison. Even if legally, socially, and politically we are rendered free, psychologically we are finding it difficult to deal with our new-found freedoms.

We have become efficient in demanding freedom when the source is external. Yet, internally, we like to imprison ourselves in delusion, desires, and many other forms of externally-planted imagery of what a perfect life should look like. We deny many freedoms to ourselves and its time we realised the freedoms that we can give ourselves. Our limited experience creates many traps for ourselves. The freedoms that we should be demanding from ourselves are:

Freedom from self-sabotage

The only thing thats standing between us and freedom is our own psychological trappings. We tend to over-learn the lesson from experiences bad and good. Our destructive streak often meddles with our well-being. When we do not see new experiences in our lives as isolated events and try to apply a formula, we tend to self-sabotage. Our inner demons need to be tackled before we can demand freedom.

Absolute freedom is scary for those who havent dealt with their worst impulses. It may lead to the worst kind of self-destructive behaviour. Drug abuse or a propensity to fall for toxic people all are part of self-sabotage. We need to be mindful of circumstances we tend to self-sabotage. Can boredom and security trigger self-sabotage? When chaos is our way of life, security, stability, familiarity can feel disturbing. Every time you make an impulsive decision, ask yourself if that is what you truly want. What is the primary motivation behind the impulse? Pondering over the motivation and intent of your action consciously, and meditating over it for long periods protects us from self-sabotage.

Freedom from what others think

The moment you stop taking things personally, you will immediately attain freedom. However, it is harder said than done. Often peoples behaviour is a reflection of their limited experiences and not a statement on you as a person. Only when people directly reach out to you on how you are affected, do you ought to take it as feedback. Rest is merely a story played in the other persons head.

Freedom from perfection

Perfection is a dream killer. Once, we are okay to be judged harshly, commented upon, and scrutinised without taking things personally, we will be freed of the burden of trying to be perfect all the time.

Freedom has to be anchored in self-knowledge or else it can be destructive. Without self-knowledge, we are prone to take away our own freedom. Without self-knowledge, we are just trapped in a series of projections and reactions as our lens is always coloured by our traumas and successes.

In the book Win your inner battles Defeat The Enemy Within and Live with Purpose, author Darius Foroux gives the following questions as a route to understanding oneself:

What am I good at?

What am I so-so at?

What am I bad at?

What makes me tired?

What is the most important thing in my life?

Who are the most important people in my life?

How much sleep do I need?

What stresses me out?

What relaxes me?

What's my definition of success?

What type of worker am I?

How do I want others to see me?

What makes me sad?

What makes me happy?

What makes me angry?

What type of person do I want to be?

What type of friend do I want to be?

What do I think about myself?

What things do I value in life?

What makes me afraid?

Try answering these as quickly as you can and write them down. Go over it again and again. The causes of what is stopping you from granting yourselves the freedoms that we spoke about earlier are hidden in the answers.

(The writer is a mental health and behavioural sciences columnist, conducts art therapy workshops and provides personality development sessions for young adults. She can be found @the_millennial_pilgrim on Instagram and Twitter)

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This Independence Day, lets focus on the freedoms we dont demand from other but can give ourselves - Free Press Journal

Two child influencers seven-year-old Russian girl Nastya and US-born ten-year-old Ryan Kaji have made it into YouTube's most recent top 10 earners list.

Between them, Nastya and Ryan earned over US$50 million last year.

And that's not including sponsorship and TV deals.

"There's a lot of money to be made in that [online video] space," Tama Leaver, Professor of Internet Studies at Curtin University, tells ABC RN's Life Matters.

And he can understand why parents might nottry to stop their children from entering it.

"It is seductive to think, 'Oh, well, I know this person and they're making hundreds of dollars every time they make a post, surely that's something that my kid could get [into]," he says.

But when a child progresses from mucking around with videos online to a paid job even if they're not one of the few earning millions what are their rights? And what are their parents' responsibilities?

It's not just YouTube offering a means for children to monetise their videos platforms like Instagram and TikTok can too, says Professor Leaver.

Helping kids navigate that space safely takes work, he says.

He'd like to see Australia take a leaf from France's book, and introduce more protections for young creators of online content.

"France is probably at the forefront where they have a pretty clear rule now around child influencers," he says.

The country has regulated the hours an under-16-year-old can work online and enshrined the "right to be forgotten", meaning platforms must take down a child's content if requested.

The child'searnings are also put into a bank account that they can only access after they turn 16.

Professor Leaver says the UK and other jurisdictions are currently trialling or considering different laws.

"But we also have to acknowledge that Australia doesn't have much at all," he says.

The need for Australia to adopt legislation surrounding child influencers is becoming more pressing, as it's a cohort on the rise.

Jordan Michaelides, managing director of talent agency Neuralle, says while he only has three children on his books at the moment, parents approach him regularly.

"We get requests all the time," he says.

And he says he's spoken with up to 60 parents in the last year who are managing their children's budding influencing careers.

He says there's a clear point at which an online hobby ticks over into something more.

"The moment you hit 100,000 followers, and you're averaging 100,000 views per video, or per post, it starts to become a job," Mr Michaelides says.

And that's when parents often start looking for managers.

But it can be hard for them to find representation.

He says there's a reluctance among talent managers to represent child influencers in Australia, in part because of the lack of clarity around rules and regulations, and managers' responsibilities.

The legislation in Australia is "very murky", he says, including around payment and being able to ensure that pay, which is usually to a parent's bank account, will "go to the child at the end of the day".

"That's the thing that I think really needs to change [in] the industry here, hopefully, at least.

"It just makes everything very complex for your role as a manager."

In Australia there are only a handful of full-time child influencers, says Sarah Letts, head of content solutions at digital media organisation, TotallyAwesomeTV.

Ms Letts works with several of them, and says she's built close professional relationships with most of their parents, who act as the children's managers.

Content is usually shot on weekends and parents "always have their [children's] best interests at heart", she says.

"All of them talk about saving for the future and that the child will have a savings account and that they teach them to manage and plan for the future," she says.

"Some will do very well and can save towards an apartment, if they get to that point, but for many it might just be for smaller goals. Some parents may take the standard 20 per cent management fee, but oftentimes they don't as they want to help their child save as much as possible and guide them towards financial independence."

Child influencers are more common in America, Ms Letts adds, where some parents create up to six videos per week with their family.

"Some succeed, but many also fail," she says.

Ms Letts' own son attempted a career in influencingthrough his surfing vlogs. It didn't pan out, but she says he gained skills from the experience.

"Even though he's never made money through his YouTube, he's gained confidence, a belief in himself, on-camera experience and had a lot of fun," she says.

She and her husband have supported their son's online video work, appreciating him "capturing [his] childhood for us".

"All those moments documented his journey and growing up in a way that is quite unique and fun to look back over now he's 17."

For other parents considering supporting their child in being an online influencer, she recommends never pushing an agenda.

"It always must be led by the child," she says.

If they show a genuine interest, she believes parents should support them.

Mr Michaelides says it's a topic that's only going to be coming up more in Australian families.

"I think we're typically behind the US by about three years," he says.

"So at least they're talking about it overseas. It's probably just a matter of time before it becomes a prominent conversation here."

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Child influencers are becoming more common in Australia but who is looking after their rights? - ABC News

By Amit Khatri

Make in India, What started as a mere phrase has now become one of the largest Govt. led initiatives in the country with the goal to transform Indian industries and reposition India as a manufacturing and export hub on the global map. In a country where the services sector makes up for more than half the GDP, boosting manufacturing becomes a major priority for the industries to become self-reliant. Make in India along with key initiatives like Skill India, Digital India and Startup India, has played a huge role in scaling localisation and encouraging brands to manufacture in-house, while propelling Indias rapid growth as a catalyst and drive entrepreneurial zeal in the country.

The Govt. of India even recognised and layered special emphasis on 25 sectors, including Electronic system design and manufacturing, for the first leg of the campaign. Further in the post-covid life, wearables emerged as a promising category to bring opportunities and growth prospects to consumers, brands and the industry. The growth trend still continues with increased adoption which gave the industry a 20.1% YoY growth in the first quarter of 2022. While the work-from-home model and health-first lifestyle are the key factors accelerating this uptick, we are now witnessing the birth of new homegrown brands serving this accelerating demand. Make in India with a vision to make India Aatmanirbhar has made this process for new brands even more seamless with its lucrative incentives schemes and programs, giving the homegrown manufacturers a chance to lead from the front.

Adoption and expansion of Make in India

Up until a few years ago, industries in India were limited to rebranding imported products and retailing these white-labelled units in the country. However, the industry has witnessed a massive transformation since then. Easy access to labour, availability of resources and government initiatives like the Production Linked Initiatives (PIL) scheme and Phased Manufacturing Programme (PMP) have enabled numerous brands to move their manufacturing hub to India and scale up localised production. Make In India gives homegrown brands the opportunity to contribute to the economy in multiple ways creating employment, building a platform for Indian talent, unlocking new innovation, boosting exports, creating opportunities for homegrown vendors, etc. Hence, building and expanding manufacturing operations in the country has become a lucrative option for leading brands across industries.

Emerging demands of new-age consumers

The prime consumers of majority wearables brands have been the Gen Z and modern millennials. The new generation is informed and connected, has a preference for brands/ products that contribute to the growth of their nation. They believe in building the local economy and thus significantly support Vocal for Local as their key agenda. Another interesting reason for their inclination towards everything homegrown is that consumers believe homegrown brands have an in-depth insight into their needs and preferences and thus, understand the pulse of the nation better. All these factors are strongly supported by the strong innovation and technical ability of the young brands to create aspirational products that were once available only for a niche community.

Unlocking the Future of Made in India Smart Wearable

The future of smart wearables in India is inclined to look a lot more diverse than the present scenario. This is because the industry has seen a rise in need based demand and found a huge customer base across demographics. Apart from the youth, the older generation, also known as baby boomers, is creating a huge demand for smart wearables today. This is strongly followed by demand driving in for the youngest generation (children). Meanwhile, Gen-Z and millennial consumers are becoming more conscious about the integration of design and innovation. Thus, were witnessing a unification between lifestyle watches and fitness trackers credited to the numerous options that offer the best of both worlds. With the increasing demand for premium tech in the country, the manufacturing sector in India would have to adapt at a much faster rate to beat the global competition and manufacture quality products in-house, end-to-end, eventually becoming a global hub for not just to serve the nation but also exports.

The electronics manufacturing industry has grown from $37.1 billion in 2015-2016 to $67.3 billion in 2020-21. With various government schemes like National Policy on Electronics (NPE), Electronic Manufacturing Clusters (EMC), Production Linked Incentive Scheme (PLI) etc. aiming to boost domestic manufacturing, India has already started witnessing initial movement with increased production and assembly activities across products and the next stage of growth will be a more revolutionary stage for us as a country to position ourselves as the manufacturing leaders of the world where well be Making in India for the World.

The author is co-founder of Noise. Views expressed are personal.

Also Read: Independence Day 2022: From Yeh Dil Maange More to Tedha Hai Par Mera Hai and Har Ghoont Me Swag, a look at PepsiCo Indias campaigns over the years

Also Read: 75 years of Independence: Yesterday, today and tomorrow: Hindi Serials which got remade success or failure

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Independence Day 2022: Why Indian wearable brands are betting big on Make in India - The Financial Express

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Fresh out of college and ready to start her first job, Maribel Franciscos new employer asked her what she wanted to be paid. With no idea where to begin, she said $40,000.

She soon realized that was less than what she was worth, but when she asked for more, the employer wouldnt budge.

Its a situation Francisco, the first generation of her family born in the United States, hopes to help others avoid. After working as a financial analyst in the entertainment industry, she launched Our Wealth Matters, a platform to help immigrants on their financial journey in the U.S. by coaching them on saving, investing, and retirement planning.

Shes not alone. Delyanne Barros, a Brazilian-born U.S. citizen, launched her brand, Delyanne the Money Coach, after an unsatisfying career as an attorney. She found investing as an opportunity to work toward financial independence without owning property, and hopes to help others, particularly Latinos, achieve their own version of financial freedom.

Language barriers and a lack of trust in the financial system, Barros and Francisco say, are among the factors that make it difficult to find financial stability in a new country, especially for Latin American immigrants. With the number of foreign-born people in the U.S. rising currently at an historical high of 44 million, 50% immigrating from Latin America a growing number of people are in need of foundational advice on how to navigate the American financial system.

Barros says overcoming these types of hurdles is one of the first steps toward financial stability for this population, which she defines as the ability to walk away from situations or walk towards situations that are going to increase your happiness.

Heres what Barros and Francisco think are the biggest barriers to financial stability for immigrants, and how to begin the process of overcoming them.

Financial stability for new immigrants can look different depending on each persons goals. Getting on the grid establishing credit and opening up a bank account for the first time is a good first step. It is essential to start building your credit score and credit history as soon as possible, according to Barros.

Established credit will make it easier to qualify for loans, credit cards, a mortgage, and better interest rates for all of these. Established credit is also crucial for leasing an apartment, as many rental companies check credit reports.

Gaining financial stability means starting with the basic American financial building blocks. Once these building blocks are in place, that is when financial stability starts giving you choices. You can leave an employer that doesnt value you, negotiate a better salary, or leave an unhealthy relationship with the confidence that you can support yourself financially, says Barros.

Getting started on the path toward financial stability can be daunting, though. There are aspects of the U.S. financial system and the immigration experience that often make this path even less attainable for the immigrant community.

Every immigrants story is different, but some aspects of the U.S. financial system present common difficulties for new Americans. Here are a few, and how to navigate them.

One of the largest hurdles for immigrants who want to be financially independent is accessing information in their native language. Financial products can be complicated. Thats true for everyone, but its especially true for those whose primary language isnt English. There can be serious consequences if you arent clear what youre getting into. The language is purposefully intimidating, Barros says.

Through educating the immigrant community in personal finance (in both English and Spanish), Francisco says she tries to boost their awareness of the possibilities available to them. Its why she decided to produce bilingual content: posting everything in English first, and publishing the exact same content in Spanish the next day. This is how she does her part to combat the language barriers that face Spanish-speaking immigrants. This also helps the families of her audience: She says many will share the Spanish-language versions with their parents and loved ones.

Immigrants bring with them parts of their home country, like language, culture, and values. Some bring with them a fear of financial institutions, rooted in distrust of their home countrys system. There are more protections in the United States than many other countries and youre actually hurting yourself by not engaging with the financial system, says Barros.

The U.S. financial system offers several safeguards for consumers. For example, banks that are insured by the Federal Deposit Insurance Corporation (FDIC) protect up to $250,000 per account in the case of theft or bank failure. Additionally, government agencies like the Consumer Financial Protection Bureau hold banks accountable and can punish them for breaking the law. All consumers can access the CFPB complaint database, which allows for transparency between banks and customers when it comes to violations of federal regulations and laws.

It can be hard for immigrants to find someone who understands their situation. Theres very little representation [of immigrants] in the financial industry, Barros says. This often causes immigrants to feel marginalized and can be a deterrent for those who are already distrustful of banks and investing.

Many immigrants who dont have a Social Security number believe that investing is out of their reach. This is a huge misconception, Francisco says. An individual taxpayer identification number, or ITIN, allows immigrants to do much more than pay taxes. ITINs can be used for opening up bank accounts, savings accounts, credit cards, and applying for loans. Immigrants can also put money into a 401(k) with an ITIN and receive an employer match. The same goes for immigrants who have work permits through their Deferred Action for Childhood Arrivals (DACA) status, Francisco says.

An individual taxpayer identification number, or ITIN, allows immigrants to open up bank accounts, savings accounts, retirement accounts, credit cards, loans, and also to pay taxes without a Social Security number.

If youre looking to begin your journey toward financial stability, here are a few basic steps to help you get started.

Franciscos first step with her clients is pushing them to define their why. This can range from wanting to retire early, support their family, buying a house, starting a stable career, or simply having a secure lifestyle. Defining a why is crucial because it may be the only thing that keeps you from giving up during financial difficulties. If you have a strong enough why, thats gonna get you through those hardships, Francisco says.

Your credit score will consist of several factors, primarily your payment history (paying your credit accounts on time) and credit utilization (how much of your available credit youre using). There are other factors that go into a credit score as well, including the length of your credit history.

There are a few ways to start building credit if you are brand new to the credit system, Barros says. The first way is to find a family member or close friend who is willing to add you to their account as an authorized user. Becoming an authorized user means that you have access to funds, but the owner of the account remains responsible for paying all bills on time. Another way to start building credit is to get a secured credit card. Secured credit cards have relatively low limits, but once you show that you are a responsible user and you pay your credit card off on time, your bank can convert your secured credit card to an unsecured credit card, and your credit limit will increase.

One of the most important steps toward financial stability is opening a bank account. This may be overwhelming since there are tons of banks out there, so Barros recommends doing your research. A Google search will tell you if a bank has been involved in fraud or some other sketchy behavior. You can also browse the CFPBs Consumer Complaint Database to learn about complaints made against a specific bank.

Some other things you should be looking for are banks with minimal fees and penalties for transferring money between accounts and also banks with accessible customer service.

At a minimum, confirm the bank is FDIC insured or, if youre banking with a credit union, be sure that it is NCUA (National Credit Union Association) insured. You can do this by searching a bank name through the FDICs BankFind feature or for a credit union using NCUAs Research a Credit Union

Finally, Barros suggests you look for banks that are catering to a specific minority. This is the best way to ensure that your bank will be empathetic to your situation and cater to your specific needs. For example, if your primary language is Spanish, it will be helpful to find a bank that has Spanish-speaking customer service representatives. Generally, this information can be found on a bank websites homepage or on their customer service page.

Look for tools at the top of the homepage that allow you to translate the entire website, or look more specifically at whether they have Spanish language options on their customer service page.

Informed Immigrant is a trustworthy tool to help find local immigrant-serving organizations, clinics, legal help, and other nonprofits. Local organizations like the ones found through Informedimmigrant.com may be able to provide educational resources or translation services if English is not your primary language.

Growing up as a child with an undocumented father, Francisco was never sure who could be trusted and, as a result, says she and her family simply avoided talking about personal finances with others. To her, finding community is gonna be key. Her advice is to find others who talk openly about finances. Some community centers or churches will offer personal finance workshops that can be beneficial for those who dont know where to start.

The best way to find trustworthy communities is through diligent research, Francisco says. She advises immigrants to reach out to families they know who have been in a similar situation or search for community centers that are specifically servicing the immigrant population. If youre on social media, find and follow people who are openly talking about the topic youre interested in, she says. While immigration is a sensitive topic to speak about openly on public platforms, there are influencers doing it on Instagram, TikTok, and Youtube. Those who are willing to share their stories are usually out to build a community, Francisco says.

You may also be able to find nonprofit organizations in your community that help immigrant groups. Community Development Financial Institutions, or CDFIs are financial institutions that prioritize serving communities and populations that typically lack access to financial products and services. Outside of providing financial services, CDFIs often offer courses and programs to help underserved communities develop financial literacy You can find a CDFI near you using the CDFI locator tool.

The FDIC also offers an educational program, Money Smart, aimed toward people who want to improve their financial literacy and skills.

Both Barros and Francisco warned that one of the biggest mistakes they see is when people allow fear to prevent them from taking action. For example, Barros says she sees frequently that fear of being charged interest keeps people from using their credit cards [and] keeps people from building their credit score. Francisco refers to this fear as analysis paralysis. She says that she often has clients who are so overwhelmed by the amount of information floating around, they end up stuck in a place of inaction. This mistake can be avoided by doing your research and asking questions.

The same can be said for investing. Yes, investing can be risky, but according to Barros, we reduce the risk by investing over a long period of time. So, its important to start early. The best strategies to invest for the long-term include investing regularly and consistently, and investing in broad index funds. Barros says investing and financial stability can be the difference between having to work until the day you die versus you being able to retire with dignity in your older years and not having to put a ton of strain onto your children.

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These Two Latina Money Coaches Are Helping the Immigrant Community Break Financial Barriers. This Is What They Want Immigrants to Know - NextAdvisor

COLUMBUS August is ABLE to Save Month, and Ohio Treasurer Robert Sprague isusing the occasion to tout the importance of STABLE accounts andhighlight the programs record-setting growth. ABLE to Save Month is anational campaign that shines a light on ABLE programs across the nationand how they enhance financial independence for people living withdisabilities.

Since January 2019, Ohios iteration of an ABLEprogram, STABLE Account, has seen overall participation grow three-fold,with total enrollment nearing 30,000 active accounts.

ABLE toSave Month is the perfect time to promote the financial empowerment andindependence that STABLE accounts provide for people living withdisabilities, said Sprague. These accounts are life-changing as theyhelp individuals to save and invest money, while also staying in theworkforce. Were proud to continue the growth of STABLE Account and lookforward to empowering more Ohio families.

STABLE accounts are529-like specialized savings and investment accounts for people livingwith disabilities. Accountholders can save up to $16,000 without losingfederal assistance, and they can save an additional $12,880 each year iftheyre employed. Earnings on STABLE accounts grow tax-free if they arespent on qualified expenses, which include housing, transportation,living expenses, healthcare, assistive technology, and more.

TheSTABLE Account program was launched in 2016 following passage of thefederal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLEAct, individuals with disabilities could only save $2,000 before losingmeans-tested benefits, such as Medicaid or Supplemental Security Income(SSI). Additionally, asset limits hindered opportunities to join theworkforce. These regulations made it difficult for many people to work,save, and invest, creating barriers to financial independence.

Inrecent years, the Treasurers office has partnered with several privateand public sector employers across Ohio to enable eligible employees tomake recurring deposits into STABLE accounts directly from theirpaychecks.

Through STABLE Account, Ohioans living withdisabilities can enjoy a higher quality of life and build a strongfinancial future. Signing up for a STABLE account takes about 20 minutesand can be done online from home. For more information about STABLEaccounts and to sign up, visit http://www.stableaccount.com.

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Treasurer Sprague recognizes August as ABLE to Save Month - The Paulding County Progress

Investing in the stock market successfully can be a way to make big money by leveraging your knowledge but, as the golden rule goes, the value of your investment can always go down as well as up. Betting on sports and casinos, meanwhile, can also be a way to use strategy and knowledge to run a profit, and it also comes with an element of risk. Putting these facts side by side, a lot of people will be tempted to say that there isnt a lot of difference between stock trading and betting. So the question should at least be asked. Are they that different? Or are these speculation methods just two sides of the same coin?

If youll pardon that unfortunate and accidental pun, its time to apply some analysis to the argument. While one of the two is considered more respectable than the other, weve seen over the years that a respectable reputation is absolutely no guarantee of respectable behavior or success. So we wont be comparing the two on that metric, because conventional wisdom is often not worth the paper it is written on. Instead, well look at the elements they share, and see whether theyre alike on anything more than a surface level.

There is always an element of risk

While its comforting to tell yourself that your stock investment is more valid than a sports bettor, who are using bonuses and offers at sites listed at oddsninja.com to place a sports bet, the truth is that thats a hard argument to justify on the numbers. Your stock trade has the potential to gain in value only because the possibility exists that it will also lose value. The market forces that drive value up can also work in reverse. And while some investors make enough money to retire in their late 20s with their financial independence assured, they are in the minority. Some traders also see their kids college funds wiped out in a weekend of market turbulence.

Sports betting is more prone to emotion

One way in which the markets and gambling do diversify is that sports betting is not just a case of numbers going up and down. Its people on a court, a field or any other playing surface, sweating and bleeding until they win or lose. And if youre a sports bettor, youre likely to also be a sports fan, which makes it hard to divorce emotion from the process.

Even if your team is not involved, its hard not to bring a bias into play when you bet for long enough. You may be a fan of Barcelona, and resolve never to bet on them because emotion and investment should not mix. But how far does that go? Do you also not bet on Real Madrid, because you hate them? Or on Manchester City, whose coach once coached your team? Betting emotion-free is a tricky thing to do.

Analysis and predictive tools exist for both

Its easy to point to the graphs and charts that make up market analysis and say that investment is based in real, verifiable data. Its harder to keep making that argument after ten minutes talking to any sports fan about stats. They can tell you how many games their quarterback has won in games on the road during the month of December in each of the last five years. And usually, they can tell you what the weather was like in those games. The existence of value betting is based in its entirety on analyzing where bookies have made a misstep. There may be many differences between betting and investment, but those differences are usually a lot shallower than we like to tell ourselves they are.

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Are stock trading and betting just two sides of the same coin? - Times Square Chronicles

In light of how volatile the markets have become this year, many federal employees have looked to the G Fund for safe refuge. But the G Fund serves a greater purpose than simply reducing the volatility in your TSP (Thrift Savings Plan) account.

The G Fund is like a savings account on steroids, figuratively speaking. Its returns are not great but are much better than your banks savings accounts. When building a well-diversified portfolio, you need to have not-great-returning investments as well as ones that do provide you with healthy returns over time.

This applies to all age groups. A healthy balance sheet starts with having a cash position, either in your investment accounts or in your banks, so that you have cash to cover your needs for a short period of time. Beyond that will depend on the specifics of your life.

The ratios between the kinds of investments in your portfolio will differ with each family, based on various factors including but not limited to economic indicators, market cycles, lifestyle choices, timelines, goals, tolerance for risk, need for risk, health expenses, and many others.

Its critical that as a federal employee you understand the G Fund and its role in relation to the overall portfolio that youre building. Incorrect use can lead to a portfolio that does not perform as you need it to in order to maintain financial independence.

If youve seen any number of our articles or videos, then you know that were not advocates of trying to time and outperform the markets. The markets are a tool with which you can grow your wealth to help you accomplish the goals youve set for yourself.

Ergo, picking hot stocks is out, which then redirects ones investment strategy to the most important fundamental factor: asset allocation. This is simply the mix of investments of which your portfolio is comprised.

Some parts of it will be invested more aggressively to grow your money for the future. Other parts will be conservative to help you meet your more immediate needs. The rest is everything in between. Heres an example:

When we think about our needs on a shorter-term basis, those are most commonly met with your portfolio by means of conservative investments, and sometimes cash. Your portfolios asset allocation should shift over time, being influenced by the various factors mentioned above. Sometimes holding more cash and/or G Fund is better. Other times its not.

For example, if youre still earning an income, the cash and conservative portion of your portfolio can be reduced. The need for tapping your saved capital is less. However, if youre planning to renovate your kitchen and master bathroom, then perhaps its appropriate to hold a heavier conservative position despite the fact that you may still be workingunless you choose to utilize a Home Equity Line of Credit (HELOC) to fund the project, which may have deductible interest if youre making improvements to your primary home. This way you can keep your money working for you while also having the home renovation you want.

You see, there is no blanket answer in determining how much of a cash position to hold in your portfolio. Its formulaic at best. The answer must be driven by the factors that will be influencing your choices. Much of financial planning must take this approach to be successful.

Despite a familys asset allocation being highly personalized, there are some general rules by which investors should abide if they have not yet put together their formalized plan.

Under normal market conditions, families with only one income for their household should be looking at roughly 4-6 months of cash or money market funds if theyre still earning an income. Dual income households can reduce that down to about 3 to 4 months, provided both spouses are still working and earning an income.

The reason for this is because the economy and the markets can become volatile in the short term, as demonstrated by this year, and you dont want to be tapping portfolios if theyve suffered from declined values in the event that you need cash.

This general basis should give you a good starting point in determining how much of a cash position you should be holding. From here, you should determine what your upcoming expenses outside of normal may be, and how best to fund them. Sometimes its cash, other times its leverage, philanthropic goals may be met with investments instead of cash; so it truly depends.

The amount of cash you should hold goes up when markets get rough, because when volatility returns, the probability of markets being lower when you need cash is higher, so therefore you hedge against that risk by holding more cash.

If youre no longer earning an income and your pension, Social Security and your portfolio must now support you, so the current economic environment would call for closer to 12 months worth of expenses, and possibly more.

The G Fund offers slightly better returns than a high-yielding savings account, so you can certainly use the G Fund as your cash position, so long as you understand how TSP withdrawals work. You must remember that the TSP does not allow you to withdraw only from the G Fund unless the G Fund is the only investment in which you are invested.

This could make your strategy of holding cash for use in volatile markets useless, as selling the other TSP funds when markets have fallen makes your losses permanent unless you reinvest equally as aggressive. This is known as sequence-of-returns risk.

Unfortunately, the TSP does not currently have a solution for this, and the challenge with holding only the G Fund in your portfolio is that your money will not grow fast enough to support the rest of your life.

One solution is to use the TSP merely as the G Fund custodian and have another custodian with less restrictions for the rest of your portfolio. That way, whenever you need the cash, the TSP only has one fund from which to sellthe G Fund. This has been successful for many of our clients.

The other alternative, especially for federal employees still in service, is to have the cash portion of their portfolios housed inside savings accounts with their banks, and perhaps utilize the G Fund in their TSP accounts solely as a volatility reducer. It does this well, at the cost of not growing once the markets rebound.

A Bloomberg report shows us that the equity markets have historically bottomed an average of 5-6 months ahead of the economy and the economic indicators. This could mean that the markets are recovering for months before you see real signs of an improving economy.

This is why most investors are rarely ever able to get back into stock market again at an opportune moment after a decline. That moment is generally in the midst of a still degrading economy, and why the strongest returns in the markets have been offered during bear markets. So using the G Fund as a volatility reducer can be a double-edged sword.

Remember, bear markets are defined by market performance, while economic news, such as recessionary pressure, is based on GDP.

The G Fund will have missed out on all of that potentially slow but sure recovery. The slower the recovery is, the more challenging it is to realize the market cycle has flipped. This risk can mean that you locked in your losses, especially if you moved to the G Fund after sustaining losses.

This is why the importance of planning cannot be overlooked. It allows you to develop a strategy around your needs, wants, and desires, so that youre able to live the life you want to live despite how the markets are performing.

If you dont have a plan, take the time to plan this year. If you do have one, now is the time to review what you have to help make sure youre still on track, because its not just your money, its your future.

2022 Thiago Glieger. All rights reserved. This article may not be reproduced without express written consent from Thiago Glieger.

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How To Use The G Fund In Bear Markets - FedSmith.com

Twenty-three-time Grand Slam Champion Serena Williams is still focusing on the tennis court, but her life has changed significantly off the court, especially now that shes a mom.

Williams has diversified her business portfolio, is leading her own venture capital firm, and is playing mom to her five-year-old daughter, Olympia.

Now when I prepare for a tournament, I practice in the morning, I take VC calls in the afternoon and then I spend time with Olympia, and that didnt happen five years ago, Williams, 40, told People Magazine.

Williams added that she couldnt imagine that her life would be like this just a few years ago, adding that investing has been the perfect second career for her. Williams parents stressed the importance of financial independence and money management. Something Williams and her husband, Alexis Ohanian, plan on teaching their daughter.

I am a huge proponent of financial independence and education, and accessibility, Williams says. So those things are really important for me to teach my daughter and also important for me to raise awareness.

Williams is also using her platform to make Serena Ventures a home for diversity, which is needed in the venture capital industry. In April, the tennis star announced a strategic investment with Karat, the worlds largest interviewing company, to significantly scale Brilliant Black Minds, a program that improves access and inclusion across the technology industry.

By opening the program to all current and aspiring engineers and serving Karats Champion of Brilliance, Williams will support Karats call on the industry to help add more than 100,000 new Black engineers to the tech industry in the next decade.

Williams is one of the most decorated tennis players ever to grace the court, winning 73 career titles and more than 850 career games. She has won the Australian Open and Wimbledon seven times each, the U.S. Open six times, and the French Open three times. Additionally, she has four Olympic medals to her name.

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Tennis Star Serena Williams Says Her Life Has Changed Now That She's A Mom And Investor - Black Enterprise

HOUSTON, Aug. 4, 2022 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended June 30, 2022.

Second quarter 2022 Highlights

Net loss, as defined below, of $2.8 million, or $0.21 per share.

Adjusted net loss, as defined below, of $9.8 million, or $0.72 per share.

Adjusted EBITDA, as defined below, of $9.2 million, representing an approximate 158% sequential improvement from the first quarter of 2022.

Adjusted net debt, as defined below, of $158.0 million.

Marketed fleet utilization of 71%.

Fully burdened margin of $8,946 per day, representing an approximate 56% sequential improvement from the first quarter of 2022.

In the second quarter of 2022, the Company reported revenues of $42.3 million, a net loss of $2.8 million, or $0.21 per share, adjusted net loss (defined below) of $9.8 million, or $0.72 per share, and adjusted EBITDA (defined below) of $9.2 million. These results compare to revenues of $19.8 million, a net loss of $14.9 million, or $2.22 per share, adjusted net loss of $14.6 million, or $2.18 per share, and adjusted EBITDA loss of $0.4 million in the second quarter of 2021, and revenues of $35.0 million, a net loss of $58.8 million, or $5.20 per share, an adjusted net loss of $11.1 million, or $0.98 per share, and adjusted EBITDA of $3.6 million in the first quarter of 2022.

Chief Executive Officer Anthony Gallegos commented, "I am extremely pleased with our performance during the second quarter, on both a financial and operational front. Sequential margin improvements of 56% drove sequential EBITDA improvements of over 150%. Dayrates for ICD rigs continue to increase with most ICD rigs now set to reprice one to two additional times before year-end. Based on contracts in hand and current spot prices, we expect to see incremental margin per day improvements in the third quarter of approximately 14% and further meaningful improvements in the fourth quarter as well. All of this should drive meaningful EBITDA improvements through the remainder of this year and into 2023.

Story continues

Operationally, I believe the second quarter was pivotal for ICD. We reactivated our 18th rig on schedule, and on budget, and it has commenced operations in the Haynesville effective August 1, 2022 on a one-year contract with a large independent. Our 19th rig is scheduled to reactivate at the beginning of the fourth quarter and our 20th rig is scheduled to reactivate late in the fourth quarter. We also have begun preparing to reactivate our 21st rig early in the first quarter of 2023. Based upon current spot dayrates for 300 series rigs, all of these rigs should pay back their reactivation costs in one year or less.

But more importantly, we completed all engineering work necessary to convert the significant majority of our 200 series rigs to 300 series specifications with very modest incremental investments of approximately $650,000 per rig. Rigs meeting 300 series specifications are in the shortest supply and command the highest dayrates, and we expect to earn less than one-year paybacks on these conversions based upon dayrate differentials today. These conversions require minimal rig downtime and we plan to execute these conversions as our customer base requires. Today, nine of our ten operating 200 series rigs are eligible for this conversion, and we have already signed two contracts for such conversions in the third and fourth quarters of 2022. In addition, six of our non-marketed rigs are eligible for this conversion, and we have now added two of these rigs to our marketed fleet, increasing our marketed fleet from 24 rigs to 26 rigs.

With this backdrop, I could not be more excited about ICD's strategic positioning in this market dynamic. Our focus on short-term, pad-to-pad contracts is allowing us to quickly convert rapidly improving dayrate momentum into our reported results, and we have now started to build our contractual backlog into 2023. Our overall rig reactivation plan and schedule remains intact, and with our 200-300 series conversion program announced, we have the ability to offer from top to bottom what we believe is one of the most competitive rig fleets in the industry. This is not only driving improved financial performance, but continual high-grading of our customer base. During the second quarter, we added two additional large independents to our customer base, and today, of our 18 operating rigs, approximately 80% are working for public companies or the two largest private operators in the Permian and Haynesville plays."

Quarterly Operational Results

In the second quarter of 2022, operating days increased sequentially by 5% compared to the first quarter of 2022. The Company's marketed fleet operated at 71% utilization and recorded 1,540 revenue days, compared to 1,077 revenue days in the second quarter of 2021, and 1,463 revenue days in the first quarter of 2022.

Operating revenues in the second quarter of 2022 totaled $42.3 million, compared to $19.8 million in the second quarter of 2021 and $35.0 million in the first quarter of 2022. Revenue per day in the second quarter of 2022 was $24,875, compared to $16,514 in the second quarter of 2021 and $21,823 in the first quarter of 2022. The sequential increase quarter over quarter in revenue per day was driven by higher dayrates on contract renewals and reactivated rigs.

Operating costs in the second quarter of 2022 totaled $28.9 million, compared to $17.0 million in the second quarter of 2021 and $27.2 million in first quarter of 2022. Fully burdened operating costs were $15,929 per day in the second quarter of 2022, compared to $13,352 in the second quarter of 2021 and $16,069 in the first quarter of 2022. Sequential decreases in operating costs per day were driven primarily by improved cost absorption, partially offset by higher labor costs associated with increases in field-level wages during the latter part of the second quarter of 2022.

Fully burdened rig operating margins in the second quarter of 2022 were $8,946 per day, compared to $3,162 per day in the second quarter of 2021 and $5,754 per day in the first quarter of 2022. The Company currently expects per day operating margins in the third quarter of 2022 to increase sequentially approximately 14% compared to the second quarter of 2022, driven primarily by favorable dayrate momentum as well as reactivation of the Company's 18th rig.

Selling, general and administrative expenses in the second quarter of 2022 were $4.9 million (including $0.7 million of non-cash compensation), compared to $4.1 million (including $0.9 million of non-cash compensation) in the second quarter of 2021 and $5.2 million (including $1.0 million of non-cash compensation) in the first quarter of 2022. Cash selling, general and administrative expenses continue to remain elevated due to higher recruiting and onboarding expenses.

During the quarter, the Company recorded interest expense of $8.2 million, including $2.0 million, or $0.15 per share, relating to non-cash amortization of debt discount and debt issuance costs. The Company has excluded these non-cash expenses when presenting adjusted net income/loss per share. Following approval of matters submitted to the Company's stockholders at the Company's 2022 Annual Meeting on June 8, 2022, embedded derivative features within the Company's Senior Secured PIK Toggle Convertible Notes due 2026 were deemed extinguished for financial accounting purposes. As a result, during the second quarter of 2022 the Company reclassified the conversion rate feature ($69.2 million) of the derivative liability on its balance sheet to additional paid-in capital and recognized a non-cash gain on the extinguishment of the PIK interest rate feature of $10.8 million. This non-cash gain was excluded when presenting adjusted net income/loss per share.

The Company's forecasted effective tax rate was adjusted during the second quarter of 2022, resulting in tax expense of $2.2 million, or $0.16 per share, compared to a tax benefit during the first quarter of 2022. Of this tax expense, $0.3 million relates to cash taxes, which are attributable to state and local franchise taxes.

Drilling Operations Update

The Company exited the second quarter with 17 rigs operating, with our 18th rig commencing operations August 1, 2022. Overall, the Company's operating rig count averaged 16.9 rigs during the quarter. The Company's backlog of drilling contracts with original terms of six months or longer was $54.3 million as of June 30, 2022. This backlog excludes rigs operating on short term pad-to-pad drilling contracts. Approximately 64% of this backlog is expected to be realized in 2022.

Capital Expenditures and Liquidity Update

Cash outlays for capital expenditures in the second quarter of 2022, net of asset sales and recoveries, were $4.5 million. This included $3.8 million associated with prior period deliveries.

As of June 30, 2022, the Company had cash on hand of $7.3 million, a revolving line of credit with availability of $14.0 million, and $157.5 million principal amount outstanding under its new convertible notes.

During the second quarter of 2022, the Company did not issue any shares of its common stock through its at-the-market ("ATM") offering program.

Conference Call Details

A conference call for investors will be held today, August 4, 2022, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's second quarter 2022 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 8212928. The replay will be available until August 11, 2022.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.

Certain Defined Terms

Pad-Optimal, Super-Spec Rig is defined as an AC powered rig with minimum 20,000ft racking capacity, 1500HP+ drawworks, 750,000lb hookload, three high pressure pumps, four engines and omni-directional walking system. Such rigs also include dual fuel, hi-line power and drilling optimization software options.

300 Series Rigs are defined as a Pad-Optimal, Super-Spec rig with the following additional characteristics: 25,000ft+ racking capacity capable, and hi-torque top drive capable.

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit http://www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include the Company's expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

CONSOLIDATED BALANCE SHEETS

June 30, 2022

December 31, 2021

Assets

Cash and cash equivalents

$

7,294

$

4,140

Accounts receivable

26,820

22,211

Inventories

1,377

1,171

Prepaid expenses and other current assets

2,406

4,787

Total current assets

37,897

32,309

Property, plant and equipment, net

356,537

362,346

Other long-term assets, net

2,115

2,449

Total assets

$

396,549

$

397,104

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$

3,225

$

4,464

Accounts payable

17,065

15,304

Accrued liabilities

9,044

11,245

Accrued interest

6,939

4,372

Current portion of merger consideration payable to an affiliate

2,902

Total current liabilities

36,273

38,287

Long-term debt (2)

122,094

141,740

Deferred income taxes, net

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Independence Contract Drilling, Inc. Reports Unaudited Financial Results for the Second Quarter Ended June 30, 2022 and Announces Initiation of 200...

Not everyone strives to become a billionaire; most just try to make ends meet. But the dire reality of the federal minimum hourly wage in the US makes it a daunting mission. Failing to keep up with the times, the amount of $7.25 per hour has remained glued since 2009. No wonder people still fall short when covering their basic expenses, right? As Americans continue to live paycheck to paycheck, activists have been fighting to raise the national wage floor to a $15 threshold, something that most workers see as a living wage.

But as it turns out, $15 per hour just wont cut it anymore. As researchers at the Massachusetts Institute of Technology (MIT), who developed the Living Wage Calculator, stated, families and individuals working in low-wage jobs make insufficient income to meet minimum standards given the local cost of living. So they created this tool to help people better understand the pay required to meet bare minimum standards of living in their region.

Recently, New York-based Redditor 6inchsubstrate came across a report from MIT and shared some illuminating statistics with the AntiWork community. Raising awareness about todays financial situation, the post immediately sparked an important debate about living wages in the comments. Scroll down to read the users post, as well as the reactions it received from people online, and be sure to weigh in on the discussion in the comments.

Image credits: Alexander Mils (not the actual photo)

Image credits: Alex Kotliarskyi (not the actual photo)

Source: MIT

The user urged readers to check their regions living wage using the calculator (providing links to the mentioned New York-Newark-Jersey City, NY and Bronx County, New York areas), as well as to take a look at the amount they should be spending on rent in the Fair Market Rent Documentation System. They also raised awareness that the current economic downturn, coupled with soaring inflation, can make people fall behind on paying their landlords. If you use the inflation calculator and this data and compare it with this, you can see rent has outpaced inflation.

In the MIT report shared by the user, the researchers stressed that the living wage is the basic income standard that, if met, draws a very fine line between the financial independence of the working poor and the need to seek out public assistance or suffer consistent and severe housing and food insecurity. In light of this fact, the living wage is perhaps better defined as a minimum subsistence wage for persons living in the United States.

The user also mentioned that the Living Wage Calculator is the same one used by The Fight for $15, a global movement that started in 2012 demanding a pay boost and union rights. We are fast-food workers, home health aides, child care teachers, airport workers, adjunct professors, retail employees and underpaid workers everywhere, it states on their website. Struggling to survive, the activists organized and fought for what they knew was right. Weve already won raises for 26 million people across the country with 10 states at or on their way to $15/hr all because workers came together and acted like a union.

But, according to Judy Conti, government affairs director at the National Employment Law Project, a worker advocacy group, When people are screaming [that a $15 minimum wage] is such a radical proposition, the radical thing about it is, quite frankly, how low it would actually be.

See, if the minimum wage had kept pace with gains in the economys productivity since its value peaked in 1968, it would be nearly $23 an hour today, or an annual income of $46,000, economist Dean Baker wrote in a blog post for Center for Economic and Policy Research.

Having the minimum wage track productivity growth is not a crazy idea. The national minimum wage did, in fact, keep pace with productivity growth for the first 30 years after a national minimum wage first came into existence in 1938, Baker explained. While [$23 an hour] is hardly a luxurious standard of living, it is certainly enough to support a middle-class lifestyle. For a two-earner couple, this would be $110,000 a year. Imagine this is what people at the very bottom of the labor force could reasonably expect when they are in their thirties and forties.

As the Redditor explained in the post, increasing the hourly minimum wage to an amount that would allow families and individuals to cover their basic expenses is the barest of the bare minimums. Do you agree with their insights, dear readers? Wed love to hear your thoughts on this matter, so be sure to share them with us in the comments below.

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This Is Literally Only Enough Money Not To Be Homeless: People Are Validating This MIT Report By Sharing How Much The Basic Necessities Actually Cost...