Category Archives: Financial Independence

Most youths 'age out' of care system between 18 and 21

California starts cash payouts for foster care leavers

New York City considers extending support to age 26

By Carey L. Biron

WASHINGTON, May 23 (Thomson Reuters Foundation) - Like many teenagers in foster care, Korah Loyd dreaded her 18th birthday - a milestone that leaves thousands of vulnerable young people facing homelessness and an uncertain future in the United States each year.

"It was a collective joke among foster kids: When you turn 18, what street are you going to live on?" Loyd, who is now 28 and lives in Seattle, told the Thomson Reuters Foundation. "You're literally giving yourself up to be homeless."

The COVID-19 pandemic has spurred policy action targeting social inequality in the United States, and concern about the plight of youngsters "aging out" of the care system has prompted moves to help foster youths shift to financial independence.

The U.S. foster system includes youths placed with relatives, other families and group homes.

California - one of several states to have more recently raised the age for those leaving care to 21, though only on an opt-in basis - has begun cash handouts as a way to cushion the transition to the outside world.

It is helping local jurisdictions give $1,000 a month to foster youths aging out, part of a universal basic income (UBI) program approved by the state last year.

The extra money can be transformative, said Marie-Christine Busque, vice president of programs at Pivotal, a nonprofit in San Jose, California, that mentors foster youths.

She cited the example of one young care leaver who had previously been living on $1,100 a month.

"You can imagine an extra $1,000 is life-changing - it prevented her from being homeless, allowed her to continue her studies, and now (she) is stably employed," said Busque.

Because they lack parental support, many young people leaving care often need to work while in school more than other students do, potentially delaying or even derailing their graduation, she said.

For those who have their own children, such payments "stabilize a whole family," she added.

More than 400,000 youths have been in the U.S. foster system at any given time in recent years, said the Annie E. Casey Foundation, a nonprofit focused on child welfare issues.

Youths from low-income families and people of color are disproportionately represented in the system, said Jacqueline Burbank, communications director with the National Foster Youth Institute, which advocates on care matters.

"Income is a huge concern," she said. "Often parents can't provide stable housing for their youth because they don't have stable income, or are living below the poverty line."

About 23,000 young Americans each year reach leaving age in the foster system, and the effects are stark, she said.

More than 20% become homeless, and a quarter come into contact with the criminal justice system in the first two years - a trend Burbank said is "steadily growing worse."

At a rally in Washington D.C. earlier this month, campaigners released what they billed as the largest-ever survey of former foster children and others involved in the care system.

The survey from nonprofit iFoster found that respondents think the system is "failing to prepare youth to be independent when they age out," and want transition benefits to be extended.

As the pandemic spurred an array of policies aimed at tackling inequality and keeping people housed, emergency federal legislation was passed to prolong assistance to former foster youths for housing, groceries and other needs up until age 27.

The measures expired in September, and some advocates and lawmakers - including President Joe Biden - are now pushing for some of those to be made permanent.

Last month, Biden spoke of the pandemic's "disproportionate impact" on those in foster care, pledging to boost resources for youths leaving the system and proposing to let states support them until age 27, according to information provided by the Department of Health and Human Services.

Advocates have been pushing for such steps for years.

"Having that extra time from 21 to 26 means so much in their development and in their ability to succeed," said Kimberly Hardy Watson, president and chief executive of Graham Windham Services for Children and Families, a New York nonprofit.

Amid budget negotiations set to wrap up by July, Watson and others in New York City are pushing for $35 million to extend a model called Fair Futures to all young people aged 11 to 26 who are in or have left the foster system.

The model, which was launched in 2019, connects foster youths with specialists in education, housing, employment and other fields.

It has had some startling results, organizers say, citing as an example a jump in high school completion rates among former foster children from 21% to 94%.

"This model has meant the difference between many of our youth being able to start and finish college or vocational programs," said Watson.

"It's meant the difference between kids who have been homeless or would end up in other systems, whether it was incarcerated or part of mental health systems."

Mentoring and guidance is also vital for the success of cash handout programs such as California's because former foster children often lack the money management skills that other youngsters learn from their parents, experts said.

"We need to focus on financial literacy, on building these young people up," said Dontae Lartigue, founder and chief executive of Razing the Bar, a nonprofit in Santa Clara County, California, that mentors youths coming out of the foster and juvenile justice systems.

The state's cash aid program has its roots in a 2020 initiative in Santa Clara by then-county supervisor Dave Cortese, now a state senator.

"I've seen young people get UBI, and they say, what do I use it for?" said Lartigue, who consulted with the county.

Now 31, Lartigue came through the foster care system himself, and when he aged out, his lack of credit, renting history and other issues made it almost impossible to find somewhere to live.

Partly as a result, his transition towards independence was, he said, "more of a burden than a blessing."

Related stories:

'Runway' to stability: U.S. urged to boost housing for homeless youth

From cell to where? New U.S. focus on home post-prison

'Schools are survival': U.S. coronavirus closures put homeless students at risk

(Reporting by Carey L. Biron; Editing by Helen Popper; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

Our Standards: The Thomson Reuters Trust Principles.

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US youths leaving care given cash, and time, as COVID spurs action - Thomson Reuters Foundation

What GAO Found

Based on the limited procedures GAO performed in reviewing the independent public accountant's (IPA) audit of the Congressional Award Foundation's fiscal year 2021 financial statements, GAO did not identify any significant issues it believes require attention. Had GAO performed additional procedures, other matters might have come to its attention that it would have reported. The IPA provided an unmodified audit opinion on the Foundation's fiscal years 2021 and 2020 financial statements. Specifically, the IPA found the Foundation's financial statements were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. Further, for fiscal year 2021 the IPA did not identify any (1) deficiencies it considered to be material weaknesses in the Foundation's internal control over financial reporting nor (2) instances of noncompliance or other matters that are required to be reported under U.S. generally accepted government auditing standards. The Foundation concurred with the IPA's conclusions.

GAO's review of the Foundation's fiscal year 2021 financial statement audit, as differentiated from an audit of the financial statements, was not intended to enable GAO to express, and it does not express, an opinion on the Foundation's financial statements nor conclude on the effectiveness of its internal control over financial reporting. Furthermore, GAO does not express an opinion on the Foundation's compliance with provisions of applicable laws, regulations, contracts, and grant agreements. The IPA is responsible for its reports on the Foundation dated February 17, 2022, and the conclusions expressed therein.

GAO provided a draft of this report to the Foundation's National Director and the IPA's Audit Principal for review and comment. They responded that they had no comments on GAO's report.

This report presents the results of GAO's review of the Foundation's fiscal year 2021 financial statement audit. The Congressional Award Act established the Congressional Award Board to carry out a program to promote excellence among the nation's youth in the areas of public service, personal development, physical fitness, and expedition or exploration. The Board created the Foundation as a nonprofit corporation to assist in carrying out this program. The Congressional Award Act, as amended by the Government Reports Elimination Act of 2014, requires the Foundation to obtain an annual financial statement audit from an IPA. The act also requires GAO to review the audit and report the results to the Congress annually. GAO's objective was to review the Foundation's fiscal year 2021 financial statement audit in order to identify any significant issues it believes require attention. To satisfy this objective, GAO (1) read and considered various documents with respect to the IPA's independence, objectivity, and qualifications; (2) analyzed key IPA audit documentation; (3) read the Foundation's fiscal years 2021 and 2020 financial statements, the IPA's audit report on the Foundation's financial statements, and the IPA's report on internal control over financial reporting and on compliance and other matters based on its audit; and (4) discussed matters pertinent to its objective with IPA representatives and Foundation management officials.

For more information, contact Beryl H. Davis at (202) 512-2623 or davisbh@gao.gov.

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Congressional Award Foundation: Review of the FY 2021 Financial Statement Audit - Government Accountability Office

SAN DIEGO, May 25, 2022 /PRNewswire/ -- Two Elite Advisors at Independent Financial Group, LLC (IFG) have been ranked best in state among America's 2022 Top Women Wealth Advisors by Forbes in collaboration with SHOOK Research, and nationally among the Top Wealth Advisor Moms for 2021 by Working Mother and SHOOK Research. The advisors are Mary Huntley of Prescott, Arizona (AZ) and Kathy Keadle of Augusta, Georgia (GA).

"Mary Huntley and Kathy Keadle have worked hard to build their successful practices while raising families and thriving as women advisors in the profession. IFG is proud to support them and their organizations in pursuing their professional goals," said David Fischer, IFG Co-Founder. "On behalf of myself and the entire IFG team, I want to congratulate Mary and Kathy on these dual accomplishments."

"It's exciting to be recognized as a woman advisor because there is still a significant lopsidedness in the industry," said Mary. "I believe that radical change is on the way," said Kathy, adding that "women advisors are bringing a more holistic understanding of wealth to the industry" by centering their clients' goals and building close relationships.

As working moms, Mary and Kathy have refined their approach to financial advising:"Being a working mom requires that you are present in any situation, be it parenting or meeting with clients," said Mary. "My clients understand that I am right there with them and bringing the same kind of focus I do when I'm present with my children." Kathy finds it affirming to hear how her children describe her job to others: "they see that I'm taking care of other people and their families and that I am making an impactful difference for others."

Both Mary and Kathy expressed that IFG's commitment to independence for its advisors has enabled them to thrive: "IFG is so family-oriented that I never feel like I have to choose between being a mom and my work," said Mary, adding, "it's not just independence, it's empowerment." Kathy said IFG has "never not allowed me to think outside the box" or "not approved something I wanted to do just because it has never happened before." In 2020, IFG was ranked #4 in highest percentage of women representatives among independent broker-dealers by Financial Planning Magazine.1

Mary is a Certified Financial Planner and serves as Head of Cambium Wealth and Legacy Strategies. A 20-year financial services industry veteran, she and her team joined IFG in 2014. Mary currently serves on the Arizona Community Foundation of Flagstaff Board of Advisors and has previously served on various local public and private boards, including the Camp Verde Chamber of Commerce, YES The ARC, Yavapai County Community Foundation, Flagstaff's STEM City, Zoning, and Ordinance Review Committees. Mary earned her B.A. in Biology from William Jewell College before starting her career in financial planning.

Kathy is the Founder of Keystone Financial Services, Inc. and has over 25 years of experience in the financial services industry. Since 2005, Keystone Financial Services has worked with power company employees throughout the Southeast, specializing in the intricacies of power company employees' pensions and savings plans. She is also the Founder of Keystone Foundation for Financial Education, a non-profit providing financial literacy to underserved communities. Kathy holds the Certified Financial Educator designation and earned her degree from The University of Georgia.

America's Top Women Wealth Advisors Methodology

The Forbes ranking of America's Top Women Wealth Advisors and Top Women Wealth Advisors Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative data, learned through surveys and interviews conducting in-person, by telephone and virtually to evaluate best practices, level of service, investing models and compliance records as well as quantitative data, such as revenue trends and assets under management. All advisors have a minimum of seven years' experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. For more information, see http://www.shookresearch.com.

Top Working Mom Wealth Advisors Methodology

SHOOK Research considered women advisors with a child 21 or younger still living at home. The ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC. Neither SHOOK nor Working Mother receive compensation from the advisors or their firms in exchange for placement on a ranking. For more information, see shookresearch.com.

About Independent Financial GroupIndependent Financial Group, LLC (IFG) is a privately-held independent broker-dealer based in San Diego, California. Founded in 2003, IFG provides an array of business solutions supporting more than 640 independent financial professionals across 389 offices nationwide. IFG was named among the "Fastest Growing Private Companies in the US" by Inc. 5000 in 2020 for the eighth time since 2010. San Diego Business Journal ranked IFG "#12 Among the Largest Private Companies in San Diego" in 2020. To learn more about IFG, visit ifgsd.com.

1Salinger, Tobias. "IBD Elite 2020: IBDs with highest percentage of women advisors." Financial Planning. July 6 2020. Accessed May 2, 2022. https://www.financial-planning.com/list/ibd-elite-2020-ibds-with-highest-percentage-of-women-advisors.

Media Contact:Pamela SaundersIFG(800) 269-1903[emailprotected]

SOURCE Independent Financial Group

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Two IFG Elite Advisors Honored by Forbes and Working Mother as Top Wealth Advisor Women and Working Mothers - PR Newswire

Contrary to popular belief, you dont need to have lots of money to invest in Wall Street, and you dont need a broker either.

What people dont know is that you can invest in Wall Street through investing platforms currently available to anyone. You can do it remotely you dont even need to be in Manhattan. And you dont need enormous amounts of money to invest. You can literally buy just one share of any given company, explained Gabriela Berrospi, an investment advisor and founder of Latino Wall Street (LWS).

According to Berrospi, people need to realize that investing in the stock exchange provides the possibility of achieving financial independence and the stability necessary to reach our goals.

Gabriela Barrospie, Founder of Latino Wall Street

I started out investing while I was still a student in college and, it goes without saying, everybody knows students dont have money to spare, recalled Berrospi.

The stock exchange is like a supermarket: there are different prices for different things. From penny stocks to Amazon shares that cost upwards to $2,000. So, there is a price range from where you could choose, depending on your possibilities, she added.

Berrospi mentioned that there are many other companies at the same level as Amazon whose stocks trade at more affordable prices. The advisor mentioned tech giants Apple and AT&T, whose shares sell for $140 and $19, respectively, at the time of this interview.

The investment advisor said the only thing needed to start investing in the stock market is a trading account in one of the online investing platforms available. It is similar to a bank account, but the difference is that, instead of having your money inactive in a bank account, you are actually managing it by investing in the things you consider will provide a good return of investment.

While Berrospi admitted there are some inherent risks to investing, she assured markets have a historical uptrend, despite their sometimes extreme fluctuations.

We have been through everything: the Great Depression, world wars, terrorist attacks, natural disasters, pandemics and the market always recovered, she said. If you follow statistics and invest conservatively, you dont run too many risks, then you would be able to position yourself so that you have a financially secure future.

Berrospi specializes in providing people the necessary tools to be able to work their way through Wall Street and have the possibility of achieving their financial goals.

There are many companies at the same level as Amazon whose stocks trade at more affordable prices.

Latino Wall Street strives to educate its audience, so it can generate passive income through financial investments following professional strategies, she said. Its all about financial empowerment.

Originally, Berrospis audiences were Latino women looking to achieve financial independence from their parents or spouses. But these women brought along their sisters, brothers and friends, and Gaby Wall Street eventually turned into Latino Wall Street.

Berrospi recalled that, since she got interested in investing in Wall Street, and even today, people operating in the stock exchange are almost exclusively white middle-high class males. So, Im trying to provide access to Latinos for them to have a chance at financial stability.

Latino Wall Street will be hosting its annual conference next May 27th at the Puerto Rico convention Center.

Originally posted here:

Wall Street as an Alternative for Financial Empowerment - The Weekly Journal

The Supreme Courts latest ruling that the recommendations of the Goods and Services Tax (GST) Council are not binding on the central and state governments is likely to give fresh force to the debate on the financial independence of the states and the importance of cooperative federalism for the success of GST, according to experts.

A Bench, comprising Justices D Y Chandrachud, Surya Kant and Vikram Nath, on Thursday held that the recommendations of the GST Council will have a persuasive value. The Court also held that both Parliament and the state legislatures can equally legislate on the matters related to GST. It said the GST Council is only a recommendatory body and its recommendations are not binding on the Centre or states.

The Bench was deciding appeals filed by the Centre against a Gujarat High Court judgment that dealt with the issue of levying IGST on importers on the component of ocean freight paid by the foreign seller to a foreign shipping line, on a reverse charge basis.

The reverse charge is a mechanism where the recipient of the goods or services is liable to pay GST, instead of the supplier.

Before the GST regime, service tax on ocean freight was exempted but it was lifted in 2017under the new indirect tax regime. The Gujarat High Court later in its judgment said the integrated GST (IGST) on ocean freight is unconstitutional.

Sandeep Chilana, managing partner at Chilana & Chilana Law Offices, said, While such observations of the SC are in line with Article 279A, it is likely to give fresh force to the debate of financial independence of the states to take its own decision and the importance of cooperative federalism for the success of GST.

He added that the SC ruling has confirmed the Gujarat High Courts judgment that the government does not have any authority to collect GST on a reverse charge basis from any person who does not qualify as recipient of services.

In the instant case, the Centre and state government attempted to collect GST on ocean freight payable by foreign supplier to the shipping companies, even when the supply was on CIF (cost, insurance, and freight) basis i.e. Indian importer had no privity of contract with the shipping lines and therefore was not the recipient of such services, Chilana added.

Rajat Bose, partner at Shardul Amarchand Mangaldas & Co, said this is a significant observation from the Supreme Court as it clearly defines the roles of GST Council, Centre and states and their interplay in the GST regime.

He added that the GST Council is a constitutional body whose role is to advise and recommend on GST issues. To accept such advice and pass appropriate amendments in law is purely the domain of the central and state legislatures.

Inderpal Singh Pasricha, senior partner at IP Pasricha & Co, said, The Supreme Court has correctly ruled that the GST Councils recommendations are not binding on Union and state governments since until such recommendations are given effect through relevant notifications/ circulars/ law amendments which alone will have the force in law that is always mentioned in press release containing recommendations of the GST Council.

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GST: SC Ruling To Give Fresh Force To Debate On States' Financial Freedom, Say Experts - News18

JEANETTE CLARK: We are living in economically volatile times, and the debate is around where the markets are more volatile now than theyve ever been in the past. Do we have more black swans circling the pond, or do we simply have access to more information and markets than we had before? One thing is certain: making investment decisions in this complex environment can be tricky, whether you choose to partner with a financial advisor or go the DIY [do-it-yourself] route with direct-to-consumer digital investment platforms.

Today we chat to Higgo van Biljon, CEO and founder of the community-based financial education app FinMeUp. The app connects industry experts and mentors with users, with the goal of taking them to financial independence.

Higgo, thanks for joining us today. What is your take on what is currently going on in the global markets, and how should anyone navigate these uncertain times to find the right opportunities?

HIGGO VAN BILJON: Yeah, its crazy times. There are a few reasons why we are seeing what were seeing. Some of the reasons include fears of inflation, and we are seeing that inflation fears and uncertainty on interest rate hikes, uncertainty of geopolitical risks, uncertainty of recession. So there are so many contexts. Usually when we see that, there are red days in the market and weve seen various consecutive red days, especially in the US market. And this is where I usually tell myself that when we invest in the stock market its important to know your plan and stick to your plan, and know that this is a long-term game. Investing should not be a speculative day-to-day thing, otherwise youre a trader. So, know your plan, stick to your plan, and think long term.

JEANETTE CLARK: What advice would you have for investors who want to take control of their financial lives, and also have the appetite and risk profile to invest? Where do they find the insights and information required to make the right decisions?

HIGGO VAN BILJON: There are different appetites in the market. Some people prefer doing it themselves. Some people prefer giving their money to a financial advisor, or maybe investing in a low-risk index funds.

For me, make sure you have a plan and stick to that plan. Once you have that plan, stay in control of your emotions, look at history, look at all the charts [to see] what happened previously.

You know, if you look at the entire [JSE] All Share Index market, weve been through wars, weve been through recessions, weve been through bubble pops, and still the market goes up over the long term if you have high-quality investments and if you stick to [your] plan.

Its also important to know your time frame, thinking long term and not short term, and sticking to your high-conviction investments, because you need to be able to back yourself that youve done your research to stick to that long-term investment thesis.

One of the places and thats what we are addressing at FinMeUp is giving the retail investor, the entrepreneurs and the hustlers, the necessary resources and information and education to make the best possible decisions in their investment lives. So we provide research, we provide the news, the information, all of that.

But it all boils down to personal belief and personal preferences when it comes to risk management, as everyone has different [approaches]. But its important to know your plan.

JEANETTE CLARK: So if you dont have that personal conviction in whatever youve chosen, is that when you then run the risk of the classic knee-jerk [reaction] when we then do see a black swan on the horizon?

HIGGO VAN BILJON: The thing is, when you dont have that plan and if you dont have the conviction, and if you havent done the research or learn[t] from other people, or have various sources of information, you are likely to be emotional and make emotional decisions. Even in my own life, emotional decisions with investing and finances usually lead to regret. So its important to know why you buy something when you buy or invest, and to know what your plan is.

you need to be able to ask yourself, if the stock market falls 20%, would you be fine? Usually when people invest their emergency savings, for example, it can end in regret. Theres a quote that says if you have trouble imagining a 20% loss in the stock market, you shouldnt be in stocks. That is just on the stock market, but there [are] so many asset classes that you can consider low risk, high risk, medium risk.

We cover all of those on the FinMeUp app itself, but its important to obviously [know] your risk level and know that shares and investments go up and down. But if you look at the long term, it goes up if you are in high-quality investments. Its all about knowing your conviction and doing your own research and making sure that you know your plan, once again.

JEANETTE CLARK: Is the question When is it a good time to buy? a relevant question, or is it actually always a good time to buy? Does it just depend on your goal, risk profile, choice of investment or stock?

HIGGO VAN BILJON: I actually had a question yesterday from a friend who asked me how low the US markets will go before he should buy. You cant answer that, because nobody knows when [its] the bottom or the top of any share price. The strategy I use is dollar-cost average. But its important to note that not all falling knives are good opportunities. That is where high conviction comes in. So, if youve done your research on a specific company, and you are committed for the long term because of various strategies and various reasons, and belief in the management and the vision and all of that, then if its at a lower price think of it like Warren Buffett. If its, lets say, bread; if bread is R20 and it falls R12 then its a bargain. You can buy it at a sale. The same with a farm. If you invest in a farm and nothing in the farm has changed, none of the fundamentals have changed and you get it for 20% less, it actually makes it a bargain.

So I use the strategy of where its something I believe in and it falls, I buy as it goes down not all at once because a low can even go lower. So, its [about] sticking to your high-conviction investments.

JEANETTE CLARK: And where should investors turn to find long-term winners, and what exactly is long term? People have different views on that.

HIGGO VAN BILJON: I view long term as five to 10years, or five to 10years-plus. It can even go longer, because [with] anything shorter than that theres obviously going to be volatility. There are uncertain factors, there are black-swan events. So many things can happen, [whether] good or bad, that I see it as fiveyears-plus. If you look at ETFs [exchange-traded funds] over the five-year time horizon you usually do well. It sometimes even outperforms some index or fund managers. So thats my take on that.

JEANETTE CLARK: Youve mentioned a little bit about what FinMeUp does, but can you tell us a little bit more about the FinMeUp app, and how you curate the content on the app? You mentioned that you have to look at a range of voices when you are gathering information to make investment decisions, so how do you curate the content that you then offer on the app for investors?

HIGGO VAN BILJON: FinMeUp is curated in the form of various industry experts creating content on the FinMeUp app. So, before a mentor is accepted on the FinMeUp app to create content various forms of content, videos, podcasts, stock picks, or just normal notes and blogs we first go through a vetting process, making sure that the mentor is vetted and that the content that they will produce is high quality.

Its not like Twitter, where anybody can just post, for example. They have to be industry experts that will contribute value to the FinMeUp platform.

And its various forms of content, as I just mentioned, but its specifically for the retail investor that wants to get an extra bit of research.

So some of our mentors take many, many hours to research one company and they post in a very simplified format on the FinMeUp app.

For example, for US Tesla shares, or in South African Shoprite shares, theres likely to be a research note on one of the companies you are watch-listing, and every day theres more and more content. Theres also daily information, but only the highlighted information.

So back to the curation aspect. If you go on the internet or on YouTube or news channels, theres so much content; so we focus on only providing our users with the relevant content that they need to know to stay updated and informed about the daily happenings as well so when directors of companies are buying or selling big portions, or when a company releases new results. Because, if you are investing in individual stocks, it is important to stay updated with the various companies that you follow, and also get research from other people than just yourself, because sometimes we can miss some information.

JEANETTE CLARK: And could you share some numbers? How many users do you have at the moment?

HIGGO VAN BILJON: FinMeUp is extremely community-focused. We have a community off-app as well, which is around 50000 now. But on the app, the new app launched three weeks ago, we currently have around 5000 app users, and thats growing by the day. The more the users grow, the more mentors we add, the better the platform gets.

But for us its all about creating value in everyones financial life on the app. As I said previously, our mission is to get a way to financial independence for our community, and all the decisions we make on a daily basis are to do exactly that.

JEANETTE CLARK: All the data in the world will not help investors make good decisions unless it is distilled into insights. So, whether you are comfortable picking stocks and funds on your own, or you would like to follow the guidance of an investment specialist, the fact remains that it has been proven better to do in-depth and proper research before investing, and then investing for the long term.

That was Higgo van Biljon, founder and CEO of the financial education app FinMeUp.

Brought to you by FinMeUp.

Moneyweb does not endorse any product or service being advertised in sponsored articles on our platform.

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Investing: Partner with a financial advisor or go the DIY route? - Moneyweb

International Law

By Matt Reynolds

May 18, 2022, 10:48 am CDT

Moscow's Red Square with the Kremlin, left, and St. Basil's Cathedral. Image from Shutterstock.

With pressure mounting on Western companies after Russias invasion of Ukraine, some law firms realized they needed to do more than just part ways with clients and decided to wind down operations in the country altogether.

The mass exodus has included the corporate giants McDonalds, Starbucks, Netflix and Google, who have either announced they would leave or suspend business. But at least 25 international law firms have also said they plan to hit the off-ramp.

Many of those firms announced they would close their Russia offices and exit the country. In March, Allen & Overy said it was winding down its Moscow office and would try to place 55 of its colleagues in other offices. Morgan Lewis announced that it would cease operations, and lawyers working in Moscow would be shifted to other regions.

But othersincluding giants Dentons, DLA Piper, Baker McKenzie and Clifford Chanceare taking a different approach.

In April, Clifford Chance said it was closing its office in Moscow and shifting all its Russian work to a new independent firm, Bortkevicha & Partners, which will be led by the managing partner of Clifford Chances office in Moscow. It said it also planned to relocate other members of its team to the new firm but says redundancies are expected.

And in March, Dentons announced it would spin off its Moscow and St. Petersburg offices into an independent firm. In a statement, the firms global CEO Elliott Portnoy said the exit was orchestrated with the firms Russian colleagues to meet its legal and ethical obligations. DLA Piper and Baker McKenzie also left stand-alone firms behind.

We have enjoyed more than 30 years of collaboration and friendship with our colleagues in Russia who bear no responsibility for this crisis nor for the circumstances that have led to this decision, Portnoy said in prepared remarks. Our hope is that at a future time we will be able to come back together when it is lawfully and practically possible to do so. Portnoy declined a request for an interview.

But as the war rages in Ukraine and the West has ramped up economic sanctions and export controls, Oliver M. Krischik, a trade law attorney with the Washington, D.C., firm GKG Law, says many businesses are likely focused in the short term on compliance rather than eyeing a potential return.

Its hard to predict what any type of reentry would look like, even under ideal circumstances, Krischik says.

Then there are Russian countersanctions and threats to penalize companies that have exited. In a May advisory to its clients, the law firm Gibson, Dunn & Crutcher warned international companies and firms leaving Russia to expect more in the way of economic retaliation.

Proposed countermeasures against exiting companies have been outlined in a proposed bill that could allow the government to take control of their assets and nationalize their property.

Moreover, allegations of war crimes and human rights abuses create a moral and ethical incentive for global companies and firms, says Josh Gerben, a trademark attorney and founder and principal of the firm Gerben Perrott in D.C. Its possible firms and companies may not contemplate a return until there is regime change, he says.

Theres an understanding that if you do business with Russia, you are turning your back on the atrocities that are happening, Gerben says. That is a really difficult place for companies to be if theyre going to be doing business in that country going forward.

Law firms also have to factor in the colleagues they are leaving behind who are just caught up in the war, explains Andrea Al-Attar, a solo practitioner and former enforcement officer in the Enforcement Division of the Office of Foreign Assets Control and former section chief of its Licensing Division.

At the end of the day, a company is based on relationships. Rebuilding those relationships can be one of the most difficult aspects, Al-Attar says.

In April, Dentons spokeswoman Astrid Egerton-Vernon said that the firms two Russian offices will remain part of the Dentons Europe Region until they become an independent firm.

Following the separation, the teams in Moscow and St. Petersburg will continue to serve the legal needs of clients in Russia under a new name and brand. We will collaborate on client work as permitted by applicable sanctions and internal policies, Egerton-Vernon wrote.

Baker McKenzie spokesman John McGuinness said in an April 19 email that its firms spinoff is an ongoing process. It has 130 lawyers working in its Moscow and St. Petersburg offices.

In a statement, DLA Piper said after 17 years in Russia, it was winding down its operations and closing its offices in Moscow and St. Petersburg.

Our intention is to transfer the Russian business to our team there, the firm said on March 14.

All three law firms are organized as Swiss vereins. Under the verein business model, law firms typically have several partnerships or member firms within the broader partnership. And unlike a financially integrated model, such as an LLP, partnerships and member firms in a verein have regulatory and financial independence.

Kristin Stark is principal at Fairfax Associates, which is based in D.C., California and London, and advises law firms on organizational strategy and structure. She says the Swiss verein model offers several advantages to firms that are spinning off.

For the firm to spin off a partnership, theres already a governance model for that partnership that has its own profit model and partnership agreement. It makes that cutting of ties much cleaner than when youre in a financially integrated partnership, Stark says.

Parting ways under a verein can be less unsettling for a firms employees and lawyers than breaking up a financially integrated partnership, which Stark likens to a divorce. And the model would allow those left behind to preserve positive relationships with the larger partnership, she says.

In theory, that could make it easier for firms to reunite. And that flexibility is one of the reasons why vereins have grown so rapidly, Stark says. She adds the model means firms dont take on as much structural and financial risk in countries or regions of the world where there is economic and political instability.

But regardless of a law firms organizational structure, exiting from any country and leaving an independent firm behind is an incredibly complicated exercise, Stark adds, and there are downsides to any split.

Stark says one reason is because of the uncertainty it creates for clients. Given the circumstances, she believes they will be understanding. But the transition can be fraught, especially if an international law firm is leaving behind pending cases and clients used to working under one team and brand.

Exiting Russia will shift firms global strategies, and some could be considering whether or not to return, Stark says.

Its too early to determine whether or not thats even a possibility, Stark adds. I think firms are uncertain about what the future holds.

Uliana Kozeychuk, an associate at Littler Mendelson based in Irvine, California, advises clients on Russian employment law issues. She says that under Russian law, law firms doing business in the country must register as either a field office of a foreign legal entity or register as a stand-alone Russian legal entity.

Kozeychuk says that from an employment law standpoint, exiting is complicated because of strictly mandated notice and severance requirements tied to redundancies and layoffs. In addition, registering a new Russian legal entity or a Russian limited liability company can be a drawn-out process that can take up to two years, she says.

But for firms that might be contemplating a return, the path back to the country should be simpler, Kozeychuk believes.

Im sure Russia would welcome them back with open arms because of extra tax revenue and jobs for Russian citizens. As much as theres hostility now, I cant imagine anybody being denied an opportunity to come back to Russia and do business there, Kozeychuk says.

But as allegations of war crimes and human rights abuses stack up, will law firms ever have the appetite to do business in the country again?

Jeffrey A. Sonnenfeld, senior associate dean for leadership studies & Lester Crown professor in the practice of management at Yale School of Management, has been working with a team of researchers to track 1,000 companies, including law firms, that have curtailed operations in the country.

Several surveys suggest that Gen-Zers and Millennials are more likely to demand corporate social responsibility as consumers and employees. And Sonnenfeld says the managing partners hes been talking to say younger lawyers have been vocal about the need to leave.

It is their internal constituency of young lawyers that makes a big difference. That seems to be whats driving it, Sonnenfeld says.

If they werent already deterred before, they will certainly be deterred now, Gerben adds. There arent going to be many U.S. companies that would even consider entering Russia, because they saw what happened, and they dont know when itll happen again, and theyre not going to be willing to take that risk.

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Lights Out: Is there a way back for international law firms in Russia? - ABA Journal

Operating under the brand name, Exclusive Leasing and Finance Private Limited", an NBFC, the company focuses on lending credit to low-income households residing in the Tier-2 and Tier-3 cities and towns. The enterprise conducts its business through the registered office in New Delhi and associate branches in Ludhiana, Jalandhar, Ghaziabad, New Delhi & Faridabad.

From the Founders Precinct

In the words of Mr Vijay Bhandari, the towns and rural entrepreneurship can be the nostrum for alleviating the problems of poverty, economic disparity and unemployment. All that shall end by offering a chance by lending necessary funds.

The Financial Products on offer

Wholesale Funding

The wholesale funding gets offered to other NBFCs and financial institutions in Tier-2 and Tier-3 cities. The intent is to uplift the lower-middle-class people unable to avail of the necessary funds from banks or vice versa. These women have the potential to garner financial independence and growth capabilities. The company aims to tap this lending gap.

Co-Lending/Business Correspondence

EZ Capital offers two-wheeler loans and MSME loans, along with north-based traditional lenders. The former caters to the transportation requirements and the latter to the business-side dynamics.

The crux of this service is to enable us to disburse the agreed percentage of the loan amounts to other NBFCs and assist them. The objective? These NBFCs can now lend effortlessly to women entrepreneurs. The impetus for two-wheeler vehicles was served by the social distancing norms and limited options for public transportation.

Loan against Property

In remote regions where banks do not have an extensive reach, EZ capital has stepped up to provide loans against exceptional houses to encourage small-scale businesswomen in the rural areas to elevate their lifestyles and aspirations.

The company believes that doing is what separates aspirations from reality. And women who possess that potential can now benefit from our heightened sense of responsibility and passion.

What sets EZ Capital apart?

With women breaking the bulwark in gaining financial independence, EZ Capital starts by getting to know the customers and their financial needs. Caring for customers stands at the pinnacle of relationships for the team at EZ capital.

Women entrepreneurs can now secure quick and easy loans through easy documentation and processing, dedicated relationship management, value-added services and door-step documentation. With this, rural womenpreneurs need not fret!

Their experts have devised a transparent, cash-flow based lending model that offers attractive interest rates and repayment terms. Plus, women can make easy monthly instalments via electronic clearing and even apply for loan insurance.

The crux of the service renderings is to make lending an easy and convenient task for women.

In leveraging the Atma Nirbhar sentiment

The term Atma Nirbhar means self-reliant. But, to attain that, a wave of encouragement and motivation is paramount. So, this is where the partnership with Dhanvarsha Finvest Limited (DFL) comes to the rescue for businesswomen. With this, womenpreneurs can now apply for the Mahila Udyog Working Capital Loan. Easy and convenient documentation and favourable lending terms are the holy grail for women-led rural businesses.

What matters

While To Care is an appreciation of the truth, To Do Right represents the act of integrity. The latter involves serving women entrepreneurs with honesty, transparency and fairness. In the call for courage, businesswomen can now get a unique identity and transform the same into strength with the help of EZ Capital.

EZ Gold Loan with EZ for women Empowerment

EZ Capital giving Gold loan on easy documentation to women entrepreneurs those who want to start a new venture or expand their working business.

EZ is also giving special ROI to women entrepreneurs and concession on other charges.

Gold loan schemes from EZ to women is specifically provide financial support for women who want to grow and contribute towards growth of countrys economy.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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Ez Capital becoming The Bridge Between Womenpreneurs And The Capital Market | Mint - Mint

Through the program, which will be facilitated by Generac Grid Services, PosiGen's solar customers in Connecticut will be able to obtain a Generac PWRcell battery and Generac PWRmanager load management system to pair with existing solar panels, to provide power to customers' homes when the grid goes down. Additionally, when tied to the grid and not providing backup power to the home, the PWRcell battery can be configured to provide up to 18kWh of usable energy back to the grid to help manage peak demand. Generac Grid Services will manage and optimize each battery's contribution to the grid, using its Concerto distributed energy resource control platform.

"Over the last few years, PosiGen has served thousands of low- and moderate-income homeowners in Connecticut, providing rooftop solar and energy efficiency measures to help them save money and upgrade the comfort and efficiency of their homes," said Tom Neyhart, CEO of PosiGen. "But resiliency via battery backup has historically been out of reach. Now, in partnership with Generac, we can deliver a truly holistic package that will support this traditionally underserved population when weather events disrupt the grid, while also delivering tremendous ongoing value to the grid as a whole."

Generac Grid Services and PosiGen intend to replicate the program across the country where there are favorable incentive structures and a strong interest in helping low- to moderate-income customers gain power resiliency.

"This is an exciting new model that brings all the right players together to provide an outstanding experience for customers of modest means," said Bud Vos, president of Generac Grid Services. "Our goal is that many more people in our region will experience the comfort and peace of mind that comes with having a resilient and clean source of power."

Generac Grid Services works with utilities to develop effective energy storage solution (ESS) programs that provide the incentives required to support this unique offer, potentially including both including upfront and performance-based incentives and integration with existing programs. In this pilot, Generac will work with the Connecticut Energy Storage Solutions program, a state program that helps customers install energy storage at their home or business.

Additionally, Generac Grid Services and PosiGen will work jointly to raise customer awareness of the program. In particular, PosiGen anticipates offering this new solution to its entire installed base of customers across the state of Connecticut, with an immediate focus on those living in underserved cities and towns, while incorporating the product going forward as a recommended option for every new solar system it installs in the state.

About Generac Grid ServicesGenerac Grid Servicesis a subsidiary of Generac Power Systems (NYSE: GNRC), a leading designer and manufacturer of energy technology solutions and other power products. Generac Grid Services is working to change the way the world generates and uses electricity. From turnkey solar + storage solutions, to backup generators, additional distributed energy resources and virtual power plant software, Generac Grid Services is helping to accelerate the world's transition to a cleaner, more reliable power grid. Via the company's energy-balancing platform, power generation and storage products that might otherwise sit idle are now able to be dispatched and orchestrated as part of a distributed energy solution, thereby generating value for the home or business owner, while also delivering value to the energy grid.

About PosiGenHeadquartered inNewOrleans, PosiGen is the nation's leading residential solar, energy efficiency, and energy education provider for low-to-moderate income families. PosiGen has more than 19,000 residential customers, over 460 direct employees and supports more than 150 employees through its contractors inLouisiana,Mississippi,Connecticut,New Jersey,Pennsylvania,New York, andFlorida. PosiGen's unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families, and businesses the opportunity to achieve greater financial autonomy and energy independence by lowering their utility bills. To learn moreaboutPosiGen, please visitwww.posigen.com.

SOURCE Generac Grid Services; PosiGen

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Generac Grid Services, PosiGen Announce a First-of-its-Kind Program to Expand Access to Clean Energy for Low- to Moderate- Income Residents - PR...

Financial planning simply means you need to take charge of your finances. This includes you charting out your incomes, expenses, assets, liabilities along with your financial goals. Thereafter, you create a financial portfolio and invest in different avenues to meet your goals. With high inflationary expenses looming and the rising cost of lifestyle, insurance appears inevitable, especially with the shift toward nuclear families in India..

As a first step towards creating your financial plan, you need to identify your goals, their horizon and your disposable income (income expenses). Next you need to allocate your disposable income to different investment avenues to create a fund for goal fulfilment. However, in all your planning, where does insurance fit in? The question that you may need to answer is insurance important, and if yes, how important?

To protect your family from any form of financial stress in your absence, insurance assumes importance. Insurance works as your safety net and it could be a good time to consider taking an insurance plan, heres why.

Insurance, as a product, is beneficial in safeguarding your finances. Here are some reasons which make insurance a quintessential part of your financial portfolio:

Insurance is a risk mitigation tool. So, it prepares you to face the financial loss that you may incur in any unforeseen event such as death or hospitalization.

By compensating for the loss that you suffer in an emergency, insurance policies provide financial security. You are secured in the knowledge that if an emergency strikes, the insurance policy would shoulder the loss. This helps you plan your finances and accumulate a corpus for your goals. It also ensures that the planned corpus is secured and is not used in emergencies.

There are different types of insurance plans to cover the different types of risks that you might face. Life insurance policies cover the risk of premature death while health insurance policies cover medical emergencies. Similarly, motor insurance plans cover the risk of road accidents or theft of the vehicle and travel insurance plans cover trip-related contingencies.

You can, thus, choose different policies based on the risks that you face and create yourself a 360-degree layer of financial protection.

Life and health insurance plans are tax saving too. Life insurance premiums qualify for a deduction under Section 80C while health insurance premiums qualify for deductions under Section 80D. Both these deductions help you lower your taxable income by INR 2.5 lakh (INR 1.5 lakh under Section 80C and up to INR 1 lakh under Section 80D). If you fall in the 30% tax bracket, this deduction helps you save a tax of INR 75,000.

Furthermore, under life insurance plans, the death benefit is completely tax-free. Even the maturity benefit is tax-free (subject to specific terms and conditions) under the provisions of Section 10 (10D). This means, by investing in insurance plans, you can also plan your taxes.

Insurance plans give you peace of mind knowing that your savings would not be threatened in emergencies. This gives financial independence to you and your family.

According to the financial planning pyramid, a derivation from Maslows Hierarchy of Needs, the five steps can be categorized as:

These are the five stages of financial planning wherein insurance comes in the second step, before accumulating wealth.

The choice of insurance policies depends entirely on your needs. You need to assess the financial risks that you face and then buy suitable plans to insure such risks. However, some insurance plans are universally relevant and demand a place in everyones portfolio. These plans are as follows:

A term insurance policy is a basic life insurance plan that covers the risk of premature death. The policy comes with a specified tenure and if the insured dies during the tenure, a death benefit is paid.

Term insurance plans are a must simply because of the fact that death is uncertain. If the breadwinner of the family dies prematurely, the family might suffer a considerable financial loss. A term plan covers such loss. It pays the family a death benefit enabling them to meet their lifestyle expenses and also fulfil their goals.

Moreover, modern-day term plans have become all-inclusive. You can find different coverage variants that not only secure you against the risk of premature death but also against critical illnesses, terminal illnesses and accidental deaths. You can also opt for the whole life option and enjoy coverage up to 99 or 100 years of age.

Health insurance plans prove relevant because of the incidence of medical contingencies and the coverage that these plans provide. If you suffer an illness or are injured in an accident and require hospitalization, a health plan covers your medical bills.

In todays age, medical costs are increasing considerably and are rapidly becoming unaffordable for most families. According to official inflation data, medical inflation jumped to 8.4% in May 2021 compared to 3.8% in December 2019. The report also stated that the cost of medicines jumped 8.6% YoY while those of medical tests increased by 6.2%. Similarly, hospital charges jumped 5.9% YoY while consultation charges increased by 4.5%.

In such a scenario, having a health insurance plan has become a must. It ensures financial protection when medical emergencies strike.

A motor insurance policy becomes relevant if you own a vehicle. Whether you drive a two-wheeler or a four-wheeler, a motor insurance plan is mandatory under the provisions of the Motor Vehicles Act, 1988.

Motor insurance plans protect you from the financial liability that you might face if you injure someone else or damage third party property. The plan handles the financial obligation and compensates the third party for the loss suffered.

Furthermore, if you opt for comprehensive plans, you also get coverage for the damages that your vehicle suffers in an accident or in any other calamity. The plan also covers the theft of the vehicle and provides you with a lump sum benefit to help you replace the stolen vehicle.

These three policies are a must for your financial portfolio and should not be given a miss. They help you secure your finances if an emergency strikes.

The problem of underinsurance is very common in India since the penetration and the density is below the global average. Moreover, when it came to health insurance, General Insurance Councils data showed that between March 2020 and 14th May 2021, policyholders paid 40% of their medical bills out of pocket despite having health insurance.

Numbers dont lie. First, the penetration of insurance is low and, second, even those who have insurance are grossly underinsured. In such situations, buying optimal coverage is as important as buying insurance in the first place. If the coverage is not sufficient, the whole purpose of insurance stands defeated.

When buying insurance, opting for optimal coverage is important. Here are some simple formulae to consider:

Opt for a sum assured of at least 10 to 12 times your annual income. For instance, if your annual income is INR 25 lakh, you need coverage of at least INR 2.5 to 3 crore.

Opt for a sum insured which is equal to 50% of your annual income and the aggregated hospital bills over the last three years.

So, if your annual income is INR 25 lakh and you have suffered hospitalisation over the past three years the bill of which amounted to INR 2.5 lakh, your sum insured should be at least INR 15 lakh.

Remember, these are basic calculations that do not take into consideration other variables. Ideally, the coverage should depend on your financial needs that can be ascertained from different factors. Some such factors are as follows:

So, when buying insurance, do not make a hasty decision. Assess how much coverage you need and then pick the right plan.

The best-laid plans can go awry. Life has a tendency to throw the regular curveballs your way. You, thus, need a contingency plan. Insurance is that contingency plan which helps your portfolio absorb the financial shocks of emergencies.

Emergency planning is the first step of financial planning and insurance plans allow you to do just that. So, before you make elaborate savings and investment plans for your goals, do the insurance planning groundwork. Lay the foundation of secured financial planning, immune to emergencies. Thereafter, embark on your financial planning journey, plan your portfolio and watch your investments help you meet your goals.

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Insurance As The First Step In Financial Planning - Forbes