Category Archives: Financial Independence

Anonymous (Jennifer) keeps hearing us say that you should start with the end in mind that your investments should match your goals and timeline. But what if you dont have any specific financial goal? What if your risk tolerance is different than you once thought?

Rachels new employer wont let her contribute to retirement for more than a year what should she do??

Carris parents are in poor health and cant work much what should they do about their life insurance policy and their health insurance?

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

Enjoy!

Anonymous asks (at 05:53 minutes): If you dont have a specific financial goal, what is a good strategy to make sure that you can be flexible with your money and also allow it to grow in a smart way, both within brokerage accounts and retirement accounts?

And how do you make changes when you realize your risk tolerance is actually different than you thought without going down a rabbit hole about trying to time the market?

Im a tenured professor in my late thirties and I love my job I dont see myself wanting to retire until my late eighties, if possible.

When I retire, Ill get a pension and Im also investing in my 403(b) in a way that would give me the option to retire at 65, but I really dont think Ill retire at that age.

After taxes and retirement contributions, Im spending about half of my net income on my childs 529 plan, travel, general living expenses, as well as our mortgage, on which we still owe about $144,000. My total retirement savings are at about $235,000. I have a nine month emergency fund and $140,000 in investments.

We would like to move to a bigger condo within the next 10 years, but were not sure when. Were open to selling or keeping our current condo as a rental.

Beyond that I really dont have a goal, but I want to keep my money in a flexible place because of my planned retirement timeline.

28% of my total investments are in the Vanguard Core Bond Index Fund, within a brokerage account and a Roth IRA, and I think thats too much. I would like higher returns and Im okay with the risks.

Id like to exchange most of it for shares in the VTSAX fund, where I already have about 53% of my investments. But if I do that now, Id be selling at a loss. This gets a little bit into timing the market, but wouldnt it be smart to wait until the bond fund is up and perhaps other funds Id like to buy are down?

In addition, I wonder when and how to start moving some money into safety, for a down payment for our next condo. I like the idea of I-bonds, but I can only buy $10k per year. TIPS arent a good option in case we want to buy a condo in less than five years. Any suggestions?

The remaining 19% of my investments are in mutual funds with TIAA-CREF. Through TIAA-CREF, I have about 75% of my 403(b) in a 2050 fund, but I dont know what my strategy should be for investing my retirement funds since I dont really plan to retire in 2050. Any thoughts?

Rachel asks (at 35:39 minutes): I changed jobs about a month ago and I cant contribute to my new jobs 401k for about 13 months.

Im a W-2 employee and my salary is $100k. I live in a state with higher income taxes, so Id really like to contribute to pre-tax retirement funds.

If not for this lockout, I would be maxing it out. Ill be fine for 2023 because I can enroll in July and double the monthly contributions so that I can still max it out the issue is 2022.

Based on my income, I wont be able to deduct traditional IRA contributions. Im also maxing out my Roth IRA and it is done already for this year so I cant backdoor that. Correct?

I also have some 1099 income from a side gig. Its just a few grand per year, but I had an idea to open a solo 401k and put the income from the 1099 gig into that.

I could also roll my previous jobs 401k into the solo 401k. I need to get the money out of that previous 401k because the fees are super high, so this option would be convenient.

I dont know much about solo 401ks and Im anxious about opening one. Do you see any problems that Im not thinking of, or do you have any better ideas for retirement savings options while Im in this situation?

Heres some background: I own a house and my mortgage is my only debt. I have about $70k in a Roth and $90k in pretax funds. I also have a brokerage with about $7k with index funds in it. Im in the Midwest and I am 31 years old.

Carri asks (at 50:19 minutes): My parents are reaching a new phase of life because of their poor health.

My dad is 58 and my mom is 53. My dad has been on disability since 2010. My mom currently works full time making about $30,000 a year and she spends the majority of her time off work, just trying to recuperate. My siblings and I have finally convinced her to cut back her work hours.

My parents have a flexible premium, whole life insurance policy set up by my sister. I dont think its a terrible idea for my parents to keep their whole life insurance policy. My gut feeling is if they pay the minimum, theyll keep the life insurance benefit.

What questions should I ask about their policy? Under which circumstances would you recommend they back out of their policy altogether? What else should we consider as my parents enter their pre-retirement years?

Also, we have a few options were looking into as far as their health insurance. They own their trailer house and pay $600 a month for their space. They dont have any debt. They also dont have much as far as retirement savings. Their vehicles are old, but my mechanic siblings keep them running. They dont travel much.

Resources Mentioned:

For Carris question, here are other podcast episodes that talk about whole life insurance:

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#385: Ask Paula: How to Invest When You're Unsure of the Goal - Afford Anything

Many people have embraced investing as a tool for financial freedom, and with increased access to technology, the crypto market represents an important step toward democratizing wealth.

Cryptocurrencies reached new heights last year. It has evolved into a tool for financial equality, redistributing power to investors. Many projects have proven to be valuable assets, and they have provided investors with incredible financial utilities.

Analysts believe that there are crypto projects that will benefit investors financially. The following are their top choices.

Gnox is creating a decentralized ecosystem that passively rewards holders of its native token. It is the first DeFi earning protocol to offer yield farming as a service to private and institutional investors.

Each transaction is subject to a ten percent tax, with six percent of the proceeds going to the DeFi treasury. Gnox leverages this treasury to provide liquidity to safe pools while also earning interest from them. Based on the size of their portfolio, their holders share a portion of the rewards generated by these investments in BUSD.

Gnoxs objective is to provide an easy-to-use DeFi earning solution for those new to the crypto industry. They encourage investors to buy, hold, profit, and delegate the grunt labor to them.

DeFi professionals believe Gnoxs strategies will revolutionize the DeFi space. Even those with little knowledge can reap rewards higher than any interest-bearing financial product.

Ethereum is not new to the market, but its early stages are truly remarkable, demonstrating the financial benefit of participating in crypto presales early. During the Initial Coin Offering (ICO), the price of an Ethereum coin was $0.311, and over 60 million Ethers were sold.

The Ether presale, on the other hand, began in July 2014 and had already raised $2.3 million by midday (a total of 7.4 million ETH). Ethereums ability to make money did not stop there; it has since risen to become the second most profitable cryptocurrency. In November 2021, the coin reached an all-time high of $4,878.26, a 3 million percent increase over its presale price.

The developer teams scientific rigor has caught the attention of investors. On the Cardano blockchain, there are over 3.4 million registered, and ADA is the seventh-most valuable cryptocurrency. Better yet, last year saw the launch of smart-contract functionality, allowing developers to create decentralized software and services on the platform. In the coming years, this could result in a significant price increase.

Cardano is a blockchain smart contract platform powered by the ADA digital coin. The developer team built the ecosystem methodically, publishing in academic journals. Ouroboros, the first peer-reviewed consensus protocol, secures Cardanos blockchain.

Nowadays, cryptocurrency is proving to be the most viable option for achieving financial independence. In recent years, cryptocurrency prices have skyrocketed, making hundreds of people millionaires. The cryptocurrencies listed above will help you in becoming financially independent.

Learn more about Gnox:

Join Presale: https://presale.gnox.io/registerWebsite: https://gnox.ioTelegram: https://t.me/gnoxfinancialDiscord: https://discord.com/invite/mnWbweQRJBTwitter: https://twitter.com/gnox_ioInstagram: https://www.instagram.com/gnox.io

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.

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Buy these now to achieve financial freedom: Gnox Token (GNOX), Ethereum (ETH) and Cardano (ADA) | - Bitcoinist

For Luis Alvarado, the founder of Unlimited Leverage, learning how to touch his inner resources through meditation gave an upward spike to his career as a DeFi investment mentor over the past year.

In my work as an investor and my life in general, meditation has become critical; it really changed my life, said Luis during a recent interview. With meditation, you are not tied to your identity or limitations, and you can become whoever you want and create whatever you want.

Luis is a successful DeFi investor and a renowned DeFi investment mentor. He developed the Unlimited Leverage Passive Income Accelerator program, an online course that teaches students to generate high-return passive income streams through crypto. At his company, Luis has helped hundreds of investors worldwide dive into the crypto market and gain financial independence.

Working as an investor can become a mental prison if one is caught up in the grind of the ever-fluctuating market. Precisely, this was the case for Luis, who in early 2020 found himself hunted by anxiety and stress, which began to deteriorate his health.

After not finding an answer from doctors on how to alleviate his condition, Luis discovered in meditation a medium to free his mind from stress and tap into his inner strengths to reach his full potential.

In a video interview back in January, Luis sat to talk about some of the daily habits that have been critical in his work. He discussed how his encounter with meditation became a game-changer in his career as an investor and investment mentor.

In early 2021, Luis began his meditation journey out of a desire to relieve the inflammation caused by stress and overcome the anxiety that his fast paced life was creating. Searching through the internet how to break the vicious cycle he had fallen into, he stumbled upon his first mentor in the art of meditation and healing, Dr. Joe Dispenza.

I am big on personal development and investing in myself, so when my illness happened, I said, ok, who is the expert? Who do I need to learn from? narrated Luis. I came across Dr. Joe Dispenza. I liked his story because he was hit by a truck and was almost paralyzed, and then, he healed himself through thought alone.

Luis invested to attend a retreat with Dr. Dispenza, which proved to be a life-changing experience.

Before attending the retreat, Luis had little knowledge about meditation. On the first day of the retreat, he recounts sitting in a room full of strangers and meditating for a total of eight hours. Here, he finally understood what it meant to connect with his inner self.

Many people were trying to heal an illness or overcome a trauma, recounted Luis, but the real goal was to connect to the whole and enter a realm of infinite possibilities, where there is no time nor space.

Gamechanger was the word that Luis repeatedly uttered as he described his first encounter with meditation. Dr. Dispenzas retreat taught him how to overcome his personal limitations and access a state where he could create anything he could imagine.

Meditation became a habit for Luis after attending Dr. Dispenzas retreat. Almost instantly, this new habit reshaped his mindset and changed his perception of the world.

When you reach that breakthrough and access that elevated state, you are in balance, in a state of gratitude, where you are not worried about anything else, said Luis. Now, I practice meditation each morning before starting my day. I do a one-hour meditation, and that gets me aligned and allows me to enter an elevated state where I know everything is possible.

Luis considers that meditation completely transformed his life perspective, giving him a renewed sense of purpose. Meditation opened his eyes to his call to teach others how to liberate themselves from the economic barriers of society. Today, with his Passive Income Accelerator program, he is committed to helping people from all corners of the globe transform their lives and gain financial independence.

I have the ability to empower other people financially and help them break their own barriers and gain freedom, concluded Luis. I learned through meditation that we all have the power within ourselves to become the masters of our own life.

By Juan Sebastian RestrepoWith Artistic Initiative Agency

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Meditation, a Habit and a Lifestyle, With Luis Alvarado, the Founder of Unlimited Leverage - Markets Herald

Are money worries impacting your relationship? Whether youre a family with a household budget to balance, co-habiting or in the early throes of romance, money can be a contentious topic between partners.

The rise in cost of living and the financial pressures that come with it will inevitably test peoples relationships, whether or not they have differing views on handling money, says renowned therapist and bestselling author Marisa Peer (marisapeer.com).

Money is the number one reason couples fight, so any additional problems that add to existing stress can exacerbate this and mean taking things out on those closest to them.

For couples who are polar opposites when it comes to money, it could result in a serious strain on things if they dont learn how to ring-fence problems, allowing it to cloud every aspect of their lives together, Peer adds.

Here are some expert tips

According to Jeremy Helm, financial analyst for Modern World Business Solutions (mwbsolutions.co.uk), issues in relationships relating to finances almost always come down to a lack of communication and not confronting the issue. Not everyone grows up having money conversations and it can feel like awkward or emotional territory but its important to build the habit.

When either party is left in the dark on incomings or outgoings, or one party bottles up all the financial troubles, it can be hard for the other to truly understand the situation theyre in, says Helm. While this might make them feel temporarily better, not having to discuss the matter, it will play havoc with their emotional state and wont be good for their mental wellbeing.

Peer says: A lot of people dont feel comfortable talking about money. However, its vital to establish financial boundaries as a couple and set aside a regular time to review spending, incomes vs savings, and forthcoming expenses. It sounds tedious, but going through those bank statements and bills will alleviate stress and can actually be a bonding experience.

How to have these conversations without things escalating? Dr Elena Touroni, co-founder of The Chelsea Psychology Clinic (thechelseapsychologyclinic.com), says: Avoid any blaming language, like, You spend too much, or words like always and never, which tend to be triggering and unhelpful.

Criticism and blame are two ways of being in a relationship that can have a very damaging effect, she adds. Focus on using I statements where you can, like: I feel worried about how much money were spending and Id like us to talk about it.

Peers next advice? Dont keep secrets about money worries or spending from each other. Honesty is always the best policy, so if there is something bothering one of you, talk to your partner immediately, and look at ways of cutting corners, she says.

Agree what are luxuries, and what is a must-have. Its also worth discussing the worst-case scenario, such as what you would do if you lost your house realising that there is a way to deal with all your fears will stop them keeping you awake at night.

Helm says debts and how to deal with upcoming costs are another thing people may want to hide from their partners because they dont want to look at their finances and try to work out how theyre going to pay for all their costs, therefore they will bury it. But this often leads to them expressing frustration or anger elsewhere, he notes.

Id recommend facing your demons; sitting down, and working out all of your income and finances available, work out exactly what needs to be paid and by what date. Once you have got your head around the costs, a lot of the stress will lift.

Peer thinks most arguments over spending occur because one person is given the responsibility of managing the household finances. This can lead to misunderstandings, lack of trust, and also feel like a burden to the one in charge. Its much better to work through everything as a couple, so it is transparent and both people take responsibility.

This will also mean couples think about their spending from a joint perspective, and given they are both aware of how their finances stand, there is much less likelihood of recriminations or accusatory behaviour.

Keeping a degree of financial independence is always important no matter how secure you feel in a relationship, or whether one partner is better or more confident with money. But how you handle money jointly is also part of the picture.

Having a joint bank account and agreeing how much there is to spend on non-essentials each month can also help alleviate arguments, suggests Peer. This enables both individuals to have the freedom to buy something they want, but by sticking to a budget, it means there are no nasty surprises when the next bank statement arrives.

4. Dont forget to enjoy life

No matter how tight things get, happy relationships need ongoing TLC and Touroni says: Dont forget to make space for activities that will bring you together and provide you with a sense of fun and wellbeing too. Its even more important to stay connected through challenging times.

Peer says: Coming up with ideas for a date night or a day out on a shoestring budget can actually be a great way for a family or couple to end a regular money discussion on a high note. Taking a picnic to a park, cooking together, or finding free events being held locally can be as much fun as an activity that costs a fortune.

In fact, when people look forward to an expensive restaurant or theme park, it can lead to disappointment if it doesnt match up to their expectations. Simple pleasures often turn out to be the most enjoyable.

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Arguing about money? As the cost of living soars, what to do if you and your partner dont agree - NewsChain

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Reducing barriers to care | Access to community-based care

Having access to quality, affordable health care is an important foundation for a better quality of life, also known as a social determinant of health*. When individuals or groups of people experience ongoing barriers to care, they may also experience health disparities. Providence is taking action to reduce and eliminate these disparities, and a key strategy is by listening to and then partnering with community organizations in several states. As a family of organizations, we are committed to ensuring equal access to care for historically marginalized and/or underserved populations.

Hypertension or high blood pressure is a priority focus for Providence in Los Angeles and for our community partner, Live Chair Health, a nonprofit organization that is creating a network of clinical and non-clinical resources to reduce health disparities among minority populations. Inside trusted spaces such as barbershops, beauty salons and churches, Live Chair Health is creating more access points for people to get health care screenings, resources and education for life-threatening conditions.

In 2021, Providence became Live Chair Healths first west coast partner as part of a broader commitment to reach 100,000 people through our hypertension reduction project. Live Chair Health installed blood pressure cuffs at kiosk stations in barbershops and salons and trained staff to serve as community liaisons inside their business. They are equipped to communicate with customers about the benefits and often necessity of preventive screening.

Once customers complete a screening and get set up in Live Chair Healths system, they have access to a complete health care journey including recommendations for a primary care provider, a Smartphone app to track vital readings and reminders to seek additional services. The partnership between Providence and Live Chair Health works because of established local relationships that flourish with the right support.

In Humboldt County, Providences Paso a Paso (Step by Step) program provides free health education and assistance to members of the Latinx community who are parents or preparing for parenthood. Expert, bilingual caregivers connect with community members through the Paso a Paso program to offer a wide range of support, including childbirth education and preparation, parenting classes, home visits, postpartum counseling, and infant and child wellness checks.

In 2021, Paso a Paso received $688,397 in Providence community benefit funding to provide care and services to members of the Latinx community in Humboldt County.

Paso a Paso offers 200 classes and support groups each year, and since 2020, many of those classes have moved online to provide continuity for families throughout the COVID-19 pandemic. Families appreciate interacting with a caregiver who understands their culture and speaks their primary language. With highly personal and culturally competent care, family members are more comfortable asking questions or committing to follow-up care.

In 2021, Providence provided Paso a Paso with $688,397 in community benefit support to ensure members of the Latinx community in Humboldt County continue to receive care, navigation support, and advocacy from a health care professional who speaks their first language.

In the coastal town of Astoria, Oregon, the team at The Harbor knows that domestic violence can affect anyone people of all backgrounds, cultures and income levels in this community of 10,000. Using a trauma-informed empowerment model, The Harbor experts validate a persons strengths, instill confidence and provide care tailored to each survivors unique needs.

In situations where victims may lack financial independence from their abusers, The Harbor has partnered with Financial Beginnings, a nonprofit organization expert in financial literacy education and empowerment. In the fall of 2021, The Harbor staff were trained by Financial Beginnings so the two organizations can co-lead financial workshops in 2022.

In 2021, Providence in Oregon provided a $25,000 community benefit grant to support a range of The Harbors lifesaving and life-changing services for domestic violence survivors. It is the only program of its kind on the North Coast.

To better reach under-resourced communities and provide culturally respectful services, in 2021 The Harbor trained its team in diversity, equity and inclusion including implicit bias. The Harbor has formed a trusted alliance with a local nonprofit organization, the Q Center, to build even more inclusive programming and services for members of the LGBTQIA+ community. There was more work to do, and The Harbor sent a health coordinator into Latinx communities who was a well-known, trusted and respected community leader. Her outreach efforts led to a series of eight online Spanish-language workshops in 2021 about healthy relationships.

Thanks to our community partners leading these local and culturally competent programs, access to care is increasing by meeting people where they are. This includes helping people navigate complex systems, providing resources and information, and ensuring respectful care is available to all. Providence is honored to work alongside such organizations, reducing barriers and improving health equity for the most vulnerable among us.

*Social determinants of health include factors like socioeconomic status, education, neighborhood and physical environment, employment, and social support networks, as well as access to health care. Addressing social determinants of health is important for improving health and reducing longstanding disparities in health and health care.

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Meeting people where they are to bridge health gaps - Providence

I spent the final days of my vacation at Santorini Island in Greece. There, I saw a lot of young people partying, walking around the marble streets, and lounging at the hotel pool. Im sure among them were recent law school graduates. Since it was late May, I assumed they were having their post-graduation celebrations. Im sure they will post photos on their social media profiles flexing their hotel rooms with ocean views and eating dinner at restaurants overlooking the Mediterranean sunset. But when they return, many of them will begin adulting, which includes repaying their student loans.

Some people will see this as the typical reason for not forgiving student loans. Otherwise, taxpayers will be paying for their all-expense paid vacation. They will say something like, Did these people have to spend thousands of dollars on plane tickets, hotels, and expensive restaurants? Couldnt they instead have celebrated a staycation at the local TGI Fridays and use the rest of the money to pay down the loan principal? Why cant these people exercise some delayed gratification and personal responsibility?

Most of these people seem to think that student loans (or just debt in general) should take priority before spending on fun stuff. And generally, this advice is sensible. Others take it a few steps further and advise that you spend all of your money early on to both pay down debt and save for retirement, even if it takes a decade or more. These tend to be the people who advocate the Financial Independence, Retire Early lifestyle. While saving excessively is good, I am not sure whether I can live on rice and beans for years.

Some will have trouble dealing with their student loan debt. There are some who are just not good at managing their money. But others are hurting because they suddenly lost their job.

But others can live with debt even if they do earn a large income. Probably their biggest debts are their home, their cars, taxes, and their student loans. But they are not living paycheck to paycheck. They can probably pay everything off in a few years if they really wanted to and are willing to sacrifice a few things and experiences to do so. But they choose not to because they want to have money in a savings account or just splurge on occasion. Would the personal responsibility crowd object to these people spending money on vacations instead of paying off their debts early? I doubt they would so long as bills are paid as agreed, and the vacation was planned and budgeted ahead of time.

Lastly, there are some people whose debt load is so large that it will take decades to pay off their loans, even if they saved and sacrificed. But by then they will have given up the best years of their life. I am not sure if I want my headstone to say, At least I paid off my student loans.

On that note, going back to the young people celebrating at Santorini, I dont know their student loan situations, but its safe to say that each has a unique story. Some took no loans at all because of a generous scholarship or because someone else paid their vacation costs. Others probably saved up for it by working extra overtime at their part-time work-study jobs. And some just said the heck with it and paid for their vacation with their credit card.

Generally, it is not a good idea to use student loan money to pay for lavish vacations. And if you are out of school and earning money, it is better to use your earnings to lower debt instead of hoping that a fairy godpresident will make all student loans disappear by waving his magic executive order pen. But debt should not be a barrier to taking vacations so long as people are financially responsible about it. This means setting up a budget plan and saving enough money for travel costs. We shouldnt use lavish vacations as the main talking point for making student loans difficult to discharge. If paying debts off should be a priority, then by that logic, everyone should pay off their mortgage and car loans before they can spend money on a vacation.

Steven Chung is a tax attorney in Los Angeles, California. He helps people with basic tax planning and resolve tax disputes. He is also sympathetic to people with large student loans. He can be reached via email at stevenchungatl@gmail.com. Or you can connect with him on Twitter (@stevenchung) and connect with him onLinkedIn.

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Don't Let Student Loans Scare You Away From Taking Vacations - Above the Law

First Step Alliance,a New Jersey 501(c)(3) non-profit organization working on behalf of formerly incarcerated individuals, has been approved as a Membership Association for Diverge.

FORT LEE, N.J., May 25, 2022 /PRNewswire/ --The National Credit Union Administration (NCUA) has extended its approval for a new charter application for Diverge, a Proposed Federal Credit Union (PFCU), whose mission is to advance economic empowerment for historically marginalized and unbanked communities.

Discrimination in financial services is a significant problem for millions of formerly incarcerated individuals, and especially impacts people of color and women. An unwelcoming financial system forces people to rely on check cashers, payday lenders and other high-cost, non-bank alternatives. Diverge will address systemic discrimination by improving access to affordable products and financial education to help people build long-term financial health.

"I'd like to commend the team behind Diverge PFCU's charter application. Their concept is an example of true financial inclusion, and it's also an example of why reforming NCUA's chartering process is one of my top priorities," saidKyle S. Hauptman, NCUA Vice Chairman.

Individuals, businesses, and other organizations can join the proposed new credit union through approved membership organizations, including First Step Alliance, whose membership is broadly open to formerly incarcerated people, their families, and supporters. Future credit union members will be able to access their accounts online and with a mobile banking app, as well as through a large fee-free ATM network. Credit union staff will provide more personalized service by phone and at planned branch locations.

"Justice-involved individuals are frequently shut out of mainstream banking, forcing them to use high-cost, often predatory non-bank providers," saidNancy Eiden, Founder and Board Chair for First Step Alliance. "Everyone deserves a fair chance to restart their lives, and access to financial services is an integral part of successful reentry."

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There are several ways individuals and organizations can get involved and show their support for the project:

First Step Allianceis a 501(c)(3) non-profit organization headquartered in New Jersey committed to charitable and educational causes that help advance successful reentry and sustainable financial independence for justice-involved individuals. First Step Alliance partners with reentry programs, Departments of Corrections, credit unions, and other community organizations to fulfill its mission. For more information, visit http://firststepalliance.org/and follow First Step Alliance on LinkedIn, Facebook, and Instagram.

ContactNancy Eiden862-294-0355337219@email4pr.com

Cision

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The National Credit Union Administration Has Given The Green Light for a New Charter Application for Diverge, a Proposed Federal Credit Union. This...

There was a time in India when financial education was restricted to the financial shelf in bookstores.

Today, the game has changed largely due to internet penetration and the availability of affordable data, leading a whole new group of consumers to the digital economy.

Retail participation in the Indian stock market has increased dramatically over the last two years.

According to a survey by S&P, more than 75 per cent of Indian adults do not adequately understand basic financial concepts. The gap is more when it comes to women, standing at 80%.

While India is moving towards bridging the financial literacy gap, multiple challenges prevail. The first is information overload and data paralysis.

Information presented online is often presented in a fragmented manner, and there is lack of credibility.With around 50 per cent of the 1.37 billion population in India having internet access and almost 70 crore having a smartphone today, why is democratizing financial education important?

Bridging the urban-rural divideRural residents face numerous constraints in accumulating assets from their savings. Lack of financial literacy and available investment avenues make it challenging for rural investors.

A considerably large part of the rural savings go into informal savings avenues like gold, chit funds, real estate, and most predominantly bank deposits.

Institutionalization of such savings can improve their efficiency by promoting better allocation among different areas, sectors, and economic activities. This is where financial literacy and education plays a paramount role.

Digital financial services companies need to start communicating with the rural markets in a language they understand, a channel they relate to and using influencers they connect with.

The objective of literacy programs conducted by various stakeholders needs to address the concerns of small investors, such as what and where to invest so that they can secure their future effectively.

As savings and investment of individuals in an economy are the two variables by which the strength of an economy can be measured, democratizing access to financial education will unlock a plethora of opportunities and investment streams for rural India to enhance their savings.

Elevating the role women investors can play for accelerated economic growth. Low financial literacy is exacerbated by patterns of vulnerability among specific population subgroups.

Most women fail to take charge of their own money and are dependent upon their parents or husbands for managing their finances.

Moreover, due to factors like less risk appetite and limited investment knowledge, women prefer traditional methods of savings and investment with low returns such as FDs, gold ornaments, provident funds etc over volatile instruments such as stocks and Mutual funds.

Despite women being more savings-oriented, by traditional methods, their wealth lies idle in bank accounts and tends to lose value over time owing to inflation.

Additionally, social conditioning, patriarchy, steep gender-pay gap, and pink tax disproportionately impact Indian women financially.

Today, India has the largest number of single women in its history. Hence, there is a need for financial autonomy and there's never been a greater need for financial education and awareness.

Studies have shown that women have a shorter span of working careers owing to family needs, have greater life expectancy than men and are paid less compared to men for the same work profile.

These factors arise the need for women to develop healthy investment habits for a secured future. Encouraging women to invest will not only ensure the financial independence of women but also increase the flow of money to the financial market, and the time is now.

More capital investment will ensure increased production of goods and services, which will boost the country's economic growth.

Empowerment of Indias youth by making them financially independentAs a country with one of the largest young populations in the world and a booming economy, youngsters in India expect a brighter future.

As a result, today's young investor shows an unprecedented degree of financial prudence. Modern investment portfolios like crypto, stock market, US stocks, etc have played a major attraction point for the young Indians to begin their investment journey.

However, there is still a long way to go and a dire need to inculcate financial investment habits amongst Indias youth today. Including financial education as part of the school, the curriculum is a fair and efficient policy tool. Financial education is a long-term process.

Building it into curriculums from an early age allows children to acquire the knowledge and skills to build responsible financial behaviour throughout each stage of their education.

Financial education would also encourage increased participation amongst the youth in the financial markets to meet financial goals and objectives, develop credit discipline and availing credit from formal financial institutions as per requirement, and improve the usage of digital financial services in a safe and secure manner.

The way forward for financial literacy and what worksTo be effective, financial literacy initiatives need to be large, scalable and consistent. Schools, workplaces, and community platforms provide unique opportunities to deliver financial education to large and often diverse segments of the population.

Furthermore, stark vulnerabilities across the country make it clear that specific subgroups, such as women and young people, are ideal targets for financial literacy programs.

Financial education is a crucial foundation for raising financial literacy and informing the next generations of consumers, workers, and citizens. A key lesson is that when it comes to providing financial education, one size does not fit all.

In addition to the potential for large-scale implementation, the main components of any financial literacy program should be tailored content, targeted at specific audiences.

In todays world, financial literacy should be considered as important as basic literacy, i.e., the ability to read and write. Without it, individuals and societies cannot reach their full potential.

(Co-authored by Harsh Jain (Co-founder & COO, Groww) and Hena Mehta (Co-founder & CEO - Basis)(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Financial education and its importance in making investing accessible across India - Economic Times

The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/Files

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May 26 (Reuters) - Ernst & Young is evaluating options to improve their audit quality, Chief Executive Carmine Di Sibio said on Thursday in an internal memo seen by Reuters, at a time when the Big Four accounting firms are often blamed for their lack of independence.

The memo was sent in response to a report by the Financial Times that said the accounting firm is planning to split its audit and advisory operations worldwide. (https://on.ft.com/3LPvNie)

"No such decisions have been made," Sibio said in the memo, while referring to the media coverage on plans to spinoff. An EY spokesperson told Reuters the firm routinely evaluates strategic options, but the process is in its early stages.

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A spinoff, if it were to take place, will create an audit-focused firm separate from the rest of the business, but the exact structure of the shake-up remains under discussion, the FT report said.

London-based EY is one of the Big Four accounting firms along with Deloitte LLP, PricewaterhouseCoopers and KPMG that audits companies, which also pay fees for consulting and advisory work.

The companies have previously drawn criticism from regulators over their conflicts of interest that undermines the ability to conduct independent reviews.

In the United States, the country's securities regulator is probing conflicts of interest at the nation's largest accounting firms, the Wall Street Journal had reported in March. (https://on.wsj.com/3tUMVMq)

CEO Sibio said in the memo to the firm's partners that "with the changing competitive, regulatory and market landscape, work is ongoing to evaluate strategic alternatives".

The EY spokesperson said any significant changes would only happen in consultation with regulators and after votes by EY partners.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath and Arun Koyyur

Our Standards: The Thomson Reuters Trust Principles.

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EY evaluating strategic options to improve audit quality - Reuters

Its not often new propositions come into the cryptocurrency space with a big buzz but Mushe (XMU) and Goddess Nature Token (GNT) seem to be doing just that. As it stands anticipation for the launches of both tokens is high.

Mushes presale began on April 18th and has just entered the second stage. Since the Mushe presale began the token price has increased by a staggering 880% going from $0.005 to $0.049 per XMU token. GNT an offering from former WeWorks CEO Adam Neumann via his new startup Flowcarbon is currently completing its private token sale ahead of its wider presale which is expected to begin in the next few days.

Flowcarbon recently announced they raised $70 million in their private sale from VCs and other investors, the news of this war chest coupled with the high profile of its founder has caused many to believe the project will be a success when it launches. Flowcarbon aims to accelerate climate change by tokenizing carbon credits using its flagship Goddess Nature Token (GNT).

Mushes buzz has come from its ethos of making crypto simple and its ambition to revolutionise crypto and metaverse banking. Mushes flagship product is the XMU token but the roadmap also shows there is a feast of Mushe World products on the way including:

Mushe is currently built on the Ethereum blockchain network but will also build on Solana and Stellar blockchains adding flexibility, scalability and more freedom for XMU token holders in the future. Mushes full launch dubbed Financial Independence Day will take place on July 4th 2022 when the token will be available on UniSwap. In the meantime you can join in the presale at the official mushe.world website.

The future looks bright for both XMU and GNT, there is still time to give your portfolio the breath of fresh air it needs with these two tokens.

For more on Mushe (XMU)

Official Website:https://www.mushe.world/Presale Registration:https://portal.mushe.world/sign-upCommunity Links: https://linktr.ee/musheworld

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.

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Mushes XMU and Flowcarbons GNT set the crypto world alight | Bitcoinist.com - Bitcoinist