Category Archives: Financial Independence

NEW YORK, Dec. 16, 2021 /PRNewswire/ -- Dress for Success Worldwide has added three powerhouse executives to its Board of Directors Anu Aiyengar, Global Co-Head of Mergers & Acquisitions at J.P. Morgan; Cheryl Kern, Vice President of Diversity, Equity, and Inclusion at MillerKnoll; and Janessa Cox-Irvin, Global Head of Diversity and Inclusion and Corporate Citizenship at AllianceBernstein.

Anu, Cheryl and Janessa represent companies actively engaged in helping to advance Dress for Success' mission through a variety of initiatives, making their additions to the organization's board especially meaningful. Additionally, Anu, Cheryl and Janessa will leverage their expertise in driving growth and building diverse, equitable, and inclusive environments to help propel Dress for Success forward as it seeks to enhance its services and offerings to combat the biggest economic crisis facing women globally.

"We are thrilled to have these three dynamic women on our Board of Directors during a momentous time in our organization's history against the backdrop of the first global female recession," said Joi Gordon, CEO of Dress for Success Worldwide. "Anu, Cheryl and Janessa are joining us as we enter our 25th anniversary of economically empowering women around the world and I am certain that their insights will be invaluable to elevating our strategic vision."

About Anu Aiyengar, Janessa Cox-Irvin and Cheryl KernAnu Aiyengaris the Global Co-Head of Mergers & Acquisitions at J.P. Morgan, a member of the Global Banking Management team and serves on the Steering Committee of Women on the Move for JPMorgan Chase.

Since 1999, Anu has advised both domestic and international clients on nearly $1 trillion-worth of transactions, including mergers, acquisitions, divestitures/separations, leveraged buyouts, proxy contests, unsolicited transactions, and special committee assignments. She recently advised LVMH on its acquisition of Tiffany, E*Trade on its sale to Morgan Stanley, Home Depot on its acquisition of HD Supply, Navistar on its sale to Traton, Siemens Healthineers on its acquisition of Varian, Allergan on its sale to Abbvie, Standard Industries on its acquisition of W.R. Grace, and Waddell & Reade on its sale to Macquarie.

Anu has been recognized by American Banker as one of the "Most Powerful Women in Finance" and named to Barron's list of the "Most Influential Women in U.S. Finance." She was also the recipient of the "2021 Asian American Business Award," the "Impact and Innovation Award" by Dress for Success, as well as the "Rising Star Award" by Women's Bond Club. Anu is involved with several initiatives across J.P. Morgan and Wall Street to recruit, mentor and develop women. Anu is a panelist and speaker at several events including Wall Street Women's Forum, Women Corporate Directors, Women's Private Equity Summit, The Asian Women in Business, and the South Asian Bar Association Leadership Awards. Anu is a guest lecturer at Chicago Booth and Harvard Business School.

Anu lives in New York City with her husband. She holds a BA in economics from Smith College and an MBA from Vanderbilt University. Anu is on the Board of Trustees of Smith College and the Board of Youth INC. Additionally, she is a founding member of the Smith Business Advisory Council. She is also actively involved with Rock the Street Wall Street.

Cheryl Kernis MillerKnoll's Vice President Diversity, Equity and Inclusion and leads strategic development and alignment of key priorities related to driving business results, maximizing the contributions of its people, fostering supplier and community engagement, which leads to a better world, and advancing a workplace culture of inclusion.

She is an experienced executive with cross-disciplinary expertise in the manufacturing, distribution, and consumer packaged goods industries, where she led diversity and inclusion for Lockheed Martin, Johnson Controls, Amway, and International Paper.

Cheryl has been recognized as a Top Diversity Executive in Corporate America by Black Enterprise, was a Champion of Diversity Award recipient, has been honored with the Diversity Salute Award, and was named one of the 10 Top Global Leaders in Diversity and Inclusion by Diversity Global Magazine. Recently, Cheryl was named a 2021 Top DEI Influencer by the National Diversity Council. As a thought leader, she has partnered on designing in-country inclusion solutions with stakeholders in the Americas, Asia, Europe, and Australia.

Cheryl is frequently invited to bring voice to complex diversity and inclusion challenges, including her recent perspectives related to COVID-19 and racial inequity issues where Forbes featured her in sharing her views on the pandemic and realities faced by various diverse communities.

Cheryl's professional affiliations are as a member of the African American Policy Forum, the Women's Business Collaborative, and the Chief Diversity Officer Board. Cheryl is also a member of Alpha Kappa Alpha Sorority, Inc. She is married and the mother of two daughters and finds great joy in spending time with family and friends. Her hobbies include hiking and focusing on becoming a lifestyle guru.

Janessa Cox-Irvinis the Global Head of Diversity and Inclusion (D&I) and Corporate Citizenship at AllianceBernstein (AB) and a member of the Operating Committee. In her role, she partners closely with the CEO, other executive committee members and human capital to lead AB's global D&I strategy and provides thought leadership on advancing efforts that align with business priorities, meet the needs of a diverse range of clients and positively impact over 3,800 AB employees worldwide. Following the 2018 announcement of a headquarters relocation to Nashville, Tennessee, Janessa has led the development of a formalized D&I philosophy for Nashville, including a framework for community and employee engagement and corporate partnership.

As D&I continues to be a critical focus area for many clients and prospects globally, she has successfully positioned AB's approach to D&I as a differentiating factor. Janessa and her team have personally been involved in multiple client proposals and mandates. Known for her dynamism, she creates spaces for authentic discussions on challenging topics and often serves in an advisory capacity for clients, providing thought-provoking, practical solutions for organizations and individuals at various stages of the D&I journey.

Prior to joining AB in 2015, Janessa spent 11 years at Deutsche Bank, where she served as Diversity & Inclusion Manager for the Americas region, responsible for integrating diversity practices within the corporate banking and securities and global transaction banking businesses globally. She holds a BBA in human resource management from Pace University.

Janessa's thought leadership has been featured in Bloomberg, The Wall Street Journal, Ignites, FundFire and CNBC and she has been recognized in Oprah Daily for her commitment to advancing women in leadership. She was a 2018 Council of Urban Professionals (CUP) Catalyst in Finance awardee and named to Crain's 2020 list of Rising Stars in Banking & Finance. Additionally, she is a member of the Society for Human Resource Management (SHRM), the National Association of African Americans in Human Resources (NAAAHR), the Securities Industry and Financial Markets Association (SIFMA) D&I Advisory Council and the Investment Company institute (ICI) Diversity and Inclusion Committee.

Janessa resides in Brooklyn, NY with her spouse, Lanaya.

About Dress for SuccessDress for Success is a global nonprofit organization that empowers women to achieve economic independence by providing a network of support, professional attire, and development tools to help them thrive in work and in life. Since starting operations in 1997, Dress for Success has expanded to 143 cities in nearly 25 countries. To date, the organization has helped more than one million women work towards financial independence. Visit http://www.dressforsuccess.org to learn more.

Contact: Patricia SteeleGlobal Communications Vice President [emailprotected]

SOURCE Dress for Success Worldwide

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Dress for Success Worldwide Adds JP Morgan's Anu Aiyengar, MillerKnoll's Cheryl Kern and AllianceBernstein's Janessa Cox-Irvin to its Board of...

For better or worse, social media is here to stay a reality that SoFi Technologies, Inc. (Nasdaq: SOFI) is literally taking to the bank. And with SOFI currently trading well below its 52-week high, investors have the potential to bank significant gains of their own if the fintechs business plans become a reality.

Founded in 2011 by four students at the Stanford Graduate School of Business, SoFi grew out of the groups desire to provide students with a more affordable lending option, getting its start as a pilot program at the university with alumni backing for its initial round of loans.

Since then, its activities have expanded to include auto loans, personal loans, credit cards and even money management accounts, among other services, all of which it overlays with a practice of giving customers daily advice from financial advisors through its app to help them achieve financial independence. SoFi is also pursuing status as a bank holding company and is looking to land a charter by acquiring Golden Pacific Bank, a California-based regional bank.

This one-stop shop approach has proven popular with consumers, particularly younger generations, and comes at a time when the COVID-19 pandemic is only enhancing peoples acceptance of mobile and online banking. Other benefits of the platform include the fact that its partnerships with multiple banks allows it to provide customers with higher interest rates than they would otherwise get from traditional savings accounts, as well as its ability to insure individual customer accounts for losses of up to $1 million, four times above the standard $250,000 FDIC insurance coverage provided by typical banks. And if SoFis acquisition of Golden Pacific Bank is successful, the bank will be able to offer both deposit accounts, as well as even more competitive rates by eliminating its need to pay third-party licensing fees.

All this has helped the company, which went public through a special purpose acquisition company (SPAC) merger with venture investment firm Social Capital back in June, generate major investor interest and reaching a market cap in excess of $12 billion. And the support of Social Capital certainly hasnt hurt, with that firm being headed by former Facebook executive (now Meta Platforms, Inc. -Nasdaq: FB) Chamath Palihapitiya.

I tried really hard to find something I dont like about this company, I really did, said Nick Burgess, founder and head of research for http://www.makingamillenialmillionaire.com, who believes the stock is a good long-term investment. This company is incredibly well positioned to continue its rapid ascent in the next few years, and the 2024 profitability target is the icing on the cake. We all know how annoying it is to change banks, and SoFi is making themselves even stickier with their massive suite of products and services that make their value proposition too hard to ignore.

One of the biggest benefits Burgess points to in SoFis business model is its ability to cross-sell its ever-expanding array of products and services. With the company having acquired payment processor Galileo Technologies in 2020, whose system includes a built-in checking account infrastructure, SoFi is likely to attract customers away from traditional banks who are looking for greater diversity in addition to traditional banking services.

The fintech also offers access to cryptocurrency trading through its SoFi Invest brokerage; an ETF that provides customers with the ability to invest in IPOs and even payment cards that include cash-back rewards that can be enhanced by using them in other SoFi offerings.

Following completion of its SPAC merger, SoFis shares opened at $21.97 in its first day of trading on Nasdaq on June 1st, closing that day at $22.65. After climbing as high as $24.46 on June 9, by the end of the month the stock slid below $20 per share and traded in the mid-teen range until mid-October. On November 17, the day before news of Social Capitals plans to scale back its stake in SoFi, the companys stock closed at $21.12. Since then, however, it has continued to trend down, closing its most recent day of trading on December 14 at $14.48.

Though SoFi faces massive competition, with competitors ranging from several of the banking industrys largest players who have been aggressively expanding their own offerings to fend off fintech to payment giants such as PayPal and Venmo, analysts remain fairly bullish on the companys long-term prospects.

For investors looking for a promising long-term play, SoFis current price makes it an attractive investment opportunity particularly given the reality that even though Social Capital and others have cashed out a bit on their investments in the company, they remain significant investors. And in the case of Social Capital, Palihapitiya noted that the firms sale of its SoFi shares was made in order to finance other investments.

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SoFi Technologies Inc: "it's hard to find something I don't like" - The Armchair Trader

While the young may be shunning marital bliss, it seems that more over 50s are ready to try their luck again, with rising rates of remarriage later on in life according to the Office for National Statistics.

Falling in love again is a wonderful feeling, but managing your money in a new relationship can be a headache, especially if you have some baggage from the past. Many couples choose to go all in and get a joint bank account, but should you?

Our expert financial journalist explains everything you need to know about joint bank accounts to help you make an informed decision if you're in a new relationship or if you're assessing how you manage your finances with your long-term partner.

Very similar to your regular current account, a joint bank account is one that two or more people can use. You can both pay money in and take it out, get a debit card to use, have access to the online banking and mobile app facilities and, importantly, you are both liable for any debt you accumulate.

While normally used by married or cohabiting couples or those in civil partnerships, you can get a joint account with almost anyone, such as housemates, friends or other family members.

This might be your only account or you could choose to each have your own and open a separate account together for your joint spending, such as bills, holidays, trips to restaurants and gifts for the family.

If you want to open a joint account, then it is important that you are both totally clear on why youre setting it up and how you are going to use it. There are some clear benefits, notably transparency over what is being spent, which can avoid awkward conversations down the line.

This complete clarity over where all the money is going can make it easier to manage the overall household budget more effectively, says Sarah Coles, personal finance analyst at Hargreaves Lansdown.

It also means you support each other with every household expense, and when one of you dies, the other can continue to access money in a joint account.

Before you both march straight off to the bank (or more likely download the app) to open up your joint bank account, there are things you should think about.

Having to agree on everything means losing control of spending your own money, says Coles.

This could lead to more arguments about spending decisionsespecially if you have different approaches to money or earn very different amounts.

Given the fact that over two-fifths of us believe our other half spends too much, according to research from the law firm Slater and Gordon, you can see how arguments can start. If you are particularly careful with your money, but your partner is less than frugal, there is a risk that they could overspend on the account and run up debts for which you are both liable.

(Image credit: Future)

Smart With Money is our dedicated money channel created to give you expert, easily digestible information to help you make the most out of your money.

By holding a joint bank account or taking out other forms of credit such as a mortgage, for example, you officially link your finances to that of the other person on your individual credit report. This is of particular concern if your partner has problems managing money, says Coles, As you will have also linked yourself to those problems.

Your credit report and score is what lenders use when deciding whether or not to lend to you and at what rate. The better your score, the more likely you are to be able to borrow using the cheapest deals because lenders know that they can trust you to pay back that money.

Linking your finances means you will be co-scored when you apply for credit, meaning that you are both assessed. If your partners score is terrible, it could bring down yours and therefore you could struggle to get credit personally.

Its not exactly romantic, but its really important that you both check your credit rating and share it with each other before you combine your finances.

If you are still keen to keep your financial independence then you could opt to open a joint account only for bills and keep everything else separate. Over a fifth of couples choose this option, according to Hargreaves Lansdown.

Its a good idea to retain a solo bank account, especially if you are coming together in your later years, says financial coach Rachel Rowley.

This approach has the advantage that you can pay into the joint account in whatever way you both consider fair, and pay all bills out of it. Bills wont get missed, but you still have complete freedom with the rest of your money to spend as you want. You also have financial freedom within the relationship, adds Coles, which can give you the security of having money of your own if you break up.

This sense of financial independence within the relationship is crucial, believes Rowley. Relinquishing total financial control can cause anxiety and, at times, resentment. Its important to retain some financial independence, to have some of your own moneyits more liberating, and can positively influence your confidence and your mood.

Besides, how can you arrange a surprise weekend away if your partner can see everything?!

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How do joint bank accounts work? The pros and cons of joining finances with your partner - woman&home

Managing Director of EDC Investments Ltd, Paul Kofi Mante, has explained that the journey to financial independence is not a sprint but a marathon.

He attributes the rise in the get rich mentality amongst the youth to the unrealistic notion that the road to financial independence is a 100m sprint.

We dont acquire money all at once but in bits. The journey to financial independence is not a sprint but a marathon. It is not a day event, but in bits, timing and consistency, one can make money. We need our young ones to understand that making money is not an event but a painstaking process.

We want people to understand that with discipline, we can achieve and get the money we desire, he said at the launch of the financial literary segment on Happy FM dubbed Wo Sikasem on the Epa Hoa Daben current affairs show.

According to Mr Mante, life is not an event but a journey with many learning experiences; he, therefore, urged Ghanaians, especially the youth, to set financial goals for themselves if they want to make clean money.

EDC and Happy FM are collaborating in teaching and promoting the culture of investment through this radio broadcast. We want to explain the principles of making money to the Ghanaian populace and in the process help many people to attain financial independence.

Money is considered a major life course regardless of ones profession, or social status and this campaign seek to build capacity and knowledge of money.

As multiple income streams are a necessity and not a luxury, all listeners are entreated to tune in daily for these money-making nuggets from EDC investments.

Ecobank Development Corporation (EDC) Ghana is the securities, wealth and asset management subsidiary of the Ecobank Group in Ghana.

EDCs flagship fixed income fund is the biggest fund in Ghana and has grown to over 2.7 billion ever since its inception in 2012.

With over 80 per cent of the fund invested in government and quasi-government securities, investors are assured of the security of their funds.

One can join the EDC family by walking into any branch of Ecobank and needs a minimum of 50 to subscribe to a preferred policy.

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Financial independence is a marathon EDC MD, Paul Mante ...

There are countless sites/articles/forums about financial independence (FI) on the world wide web. Ive often come across really clever, well developed calculators that offer a really good visualisation on how long you have to go before you reach FI. But the longer I searched for the best calculator the longer I realised that they were all geared towards other countries.

One of the main reasons I created this site was to offer my fellow countrymen quality information that was tailored for an Australian audience.

The biggest issue I had with every single one of these FIRE calculators out there was they didnt factor in our Super system. The US system, which is the main system upon which I found almost all of the calculators accounted for, has a fundamentally different way their citizens can withdraw from their retirement accounts.

To put it simply, in the US you only need one portfolio to be at a certain amount before you are considered FI. But because you cant access your Super before your preservation age (99% of the time) you end up with two.Your Super portfolio and a portfolio outside of it.

So whats one to do? Do I just keep plugging away at my personal portfolio until I reach my FI number? That seems like a waste since Super has such a big tax advantage. Youre not likely to beat the 15% tax breaks on your Super.

But I dont want to put money into Super because I want to retire young! And I wont be able to touch the money until my preservation age (60 for me).

Decisions decisions decisions!

IntroducingTheAustralian Financial Independence Calculator

The above are two screen shots from the calculator showing the basic settings and the graph that it generates.

You will notice there are two lines in the graph. The Pre Super number is what you will be living off until you can access your Super. The Super number is obviously whats in your Super.

In a nutshell, the most optimal way to reach FIRE here in Australia is to:

Pretty cool huh!

Video Of The Calculator In Action

Work In Progress

The calculator has some flaws. Its a work in progress.If you find a flaw please let me know and Ill try to fix it.

Download Now

Enter your email address and not only will I send you the calculator. I will send you updated revisions of it ever time I fix a bug or the laws in Australia change.

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Australian Financial Independence Calculator - Aussie Firebug

Domestic violence should not happen to anybody. Ever. Period. But it does and when it does, there is help. Maybe you have lived with abuse, maybe it happened just once; maybe you work or live next to someone who is being abused right now. Whoever you are, this book can show you how and where to get help.

In 1994, 1995, and again in 2000, Michigan changed the laws that deal with domestic violence to make it easier for the victims of abuse to get protection through the legal system.

We have tried to include information to help you get support and plan for your safety including resources to the best and most affordable divorce attorneys in Detroit and other Michigan locations.

If this booklet applies to you, you just need to remember two things: first, abuse is never okay; second, you are not alone. Help is yours for the asking. Your safety as well as the ones attached to you is a priority.

If you know someone whom you think is being abused a friend, family member, co-worker, client, patient or parishioner please consider contacting one of the agencies listed below to discuss ways to safely help them.

Domestic violence can be considered as violence committed by someone to another person in the same domestic ties. This can occur between partners, relatives, and even divorcees and ex-partners.

Domestic violence does not necessarily refer to physical abuse; rather, it encompasses physiological, emotional, sexual, and even financial abuse. Most abusers use domestic violence as a way for them to acquire power over a victim.

99% of the time, domestic abuse is a deliberate form of control; however, there are times when abuse comes from escalating problems. This may manifest in the form of a lack of financial support, where one lives with an abuser. In such scenarios, the abuse starts creeping in; the abuser gets frustrated.

Most people living in domestically violent situations will convince themselves that the situation will improve.

This is a typical lie victims of abuse tell themselves, as domestic violence only escalates most of the time.

What starts as simple verbal abuse and threats of violence, most of the time, progresses to assault, rape, and even murder.

Also, bear in mind that children witnessing domestic violence progress to a cycle of violence where they may be future aggressors or victims of domestic violence out of its normalcy growing up.

Most of the time, women feel like they cannot go anywhere, as they have no financial capability to do it; neither do they have the will power to pick up and run. They come to accept abuse as a norm, based on a cycle of psychological, emotional, physical, and financial abuse.

It is essential to ensure that domestic violence victims are informed one way or the other that it is wrong for them to experience domestic violence. They should also be sensitized on what they can do to help get away from such situations.

There are many resources available for victims of domestic violence, including calling law enforcement and prosecution. Restraining orders can also be sort after, plus institutional support.

However, financial support can be regarded as one of the most important ways for a domestic violence victim to flee or escape their abuser. Many people lack ways of making money, escape, and end up stuck in a bad relationship.

There are, however, plenty of ways women can make money from home and help finance their escape and settlement away from an abuser as seen below.

The following are some of the work from home jobs that you can do to free yourself financially.

Try affiliate marketing where you get a commission for every sale you recommend and go through. If by chance you have a website, it is an even better way for marketing.

The good thing with affiliate marketing is, the work itself is not hard, plus you get to recommend something you like.

If you are into writing, you can start blogging to share your information or stories with other people. The more the people visiting your blogs, the more ways you can monetize the blog.

If you are any good with numbers and can keep a clean and neat record, you can be a bookkeeper. Bookkeepers help people, including business owners, bloggers, and celebrities, to track their income.

An experience such as a relationship full of domestic violence leaves a victim with the will and passion of helping others experiencing what she or he went through.

A conference founder starts a series of conferences where you can get victims of abuse to come and listen to your experiences while providing a retreat for guidance and counseling.

You might be an expert in a certain field and dont have the chance of going for work; maybe the abuser has kept you away. Consultancy is a great opportunity for you to make enough money to escape.

You will be contacted for advice on the area of your expertise and get paid for it!

You may be an avid reader, with knowledge on good grammar and sentence structures and all the details of a well-written piece of work, then editing might prove worthwhile for you.

Due to the increased number of editable work from books to thesis, people are looking for editors to go through their work.

Several online companies will offer work if you are interested just as long as you have some access to the internet.

Do you have some skills in art? Online platforms like Etsy are a great place to sell your art. They accept all kinds of pieces ad you have a lot of control over pricing. It is a great place to start working and making money on the side on your path to some financial freedom.

America will alarm you when it comes to the statistical analysis of domestic violence cases. Roughly 20 people will get harassed and domestically assaulted per minute. That is quite alarming, considering the number of phone calls received in a day concerning domestic violence is well over 20,000.

At least 10 million people were domestically assaulted this year, with at least 1 in four women and 1 in nine men having experienced domestic violence one way or the other in their lifetime. Domestic violence accounts for at least 15% of all violent crimes in the US.

1 in 7 women and 1 in 188 men will experience domestic violence in their lives.

For families with guns within their homes, the chances for a domestic incident resulting in a homicide rise to 500%.

Domestic violence cases are also kept on the low, and within families, till the abuse becomes unbearable; this can be proven by the fact that less than 34% of domestic violence cases go for treatment.

Women experience more domestic violence cases, even when excluding Transgender and gay women.

Physical abuse is one of the most common forms of domestic violence. It ranges from anything from a shove to a physical attack that may result in injury or death.

On the other hand, emotional and psychological abuse tends to drain a persons self-worth, convincing them of their uselessness through insults, humiliations, and constant criticism. It has the result of the victim-blaming themselves for getting beat up or mistreated.

Sexual abuse takes the form of rape, unwelcome touching, and other demeaning sexual advances and acts.

On the other hand, financial abuses will involve the financial restrictions of a partner, where the husband prevents the wife from any financial freedom by preventing them from working or getting an education.

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Domestic Violence and Financial Independence: Work From ...

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Investing isnt just for other people. Its for all peopleregardless of their age.

Investing in the stock market can seem overwhelming, the best thing you can do is jump in carefully. These steps can get you on the right track.

Investing helps your money work for you. By investing, your money can keep up with inflation and it can help you get on track for financial independence.

Investing is one way to achieve many monetary goals, says Akeiva Ellis, CPA, CFP, and Founder of The Bemused, an online website for financial literacy. Retirement or financial independence is one popular long term goal [or] planning for the next generation, such as childrens education expenses.

Its easy to put off investing for another time, especially as other bills and financial responsibilities start to pile up. But the sooner you start, the more youll have in the long run. The earlier you start, the more compound interest can work in your favor. Thats when your money starts making money on top of itself.

Getting started with investing involves a little leg work upfront but can have immediate results. Do your homework first.

You dont have to learn the intricate ways of the market to start investing. Many platforms nowadays handle the hard work for you.

You can get your feet wet with micro-investing, she says. This means you invest small sums of money, even as low as $5. There are several investing and robo-advising platforms that work well for this type of investing.

If youre not sure how to get started, heres how to start in 5 steps.

How much you put towards your investments can help you decide a lot of other parts of your investment strategy, like how much you can regularly contribute to your account, where you open your account, and the securities you invest in.

The first step and most important component in achieving any financial goals is to thoroughly understand your expenses, says Katie Coleman, Certified Financial Planner with Ameriprise Financial, a financial planning firm. I also think it is extremely important to be realistic about what you are trying to accomplish.

Dont worry about starting out small. Even if you have other major financial obligations, there are ways you can invest right now. Even $5 is good enough to get started.

In many cases, its a good idea to pay off any high-interest debt before investing large sums of money, Ellis says. However, this does not mean that you should not or cannot start investing at all.

The type of investor you are comes down to risk tolerance, how much time you want to spend managing your account, and when you plan to use the money.

The longer your time horizon, the more risk you may be able to take over time, Ellis says. If youre more of a set it and forget it type of person, you may be more inclined to invest in funds that give you exposure to multiple holdings instead of buying individual stocks, bonds, or other assets that you may need to monitor more closely. Target date funds are good for the investor who likes the set it and forget it approach. These funds will automatically adjust your risk tolerance based on your age, and experts love them for this reason. But just because this approach means it will adjust itself, dont forget to keep checking in on your investments and continue to invest money on a regular basis.

The type of investor you are will determine the platform you use. Most full brokerage and robo-advisors dont have an account minimum but keep in mind that youll need a few dollars to start investing. Check NextAdvisors list of best online brokers to get started today.

If youre new to investing, robo-advisors are a great option. These are software-run platforms that ask you a few questions about your risk tolerance and investment time to determine the best investments for you.

Its time to open your account, deposit funds, and choose your investments. Dont worry too much about your opening deposit, but remember and try to add funds regularly to your account.

As a beginner investor, you can start with as little or as much money as you would like, Ellis says. Even small amounts of money, invested at a consistent pace that works for you, can result in a sizable portfolio balance over time.

Like anything that needs regular maintenance, you should always check on your investment portfolio regularly. Try to set a calendar reminder to review your investments once a month, or even every quarter.

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If Youre a Beginner Investor, Use This Step by Step Guide To Get Started - NextAdvisor

Whenever we come across the term financial technology (fintech), we get the image of abstruse apps that deal in digital payments, trading of marketable securities, or crypto. Although fintech did begin with something like that, it is now undergoing notable changes to cater to the needs of different age groups.

Off late, there is a rise in fintech for kids, which is making them financially independent. Let us understand below the reason behind such a rise.

Children below the age of 18 constitute nearly 41 percent of the country's population, a large and underdeveloped market with high potential for growth. And, the growing interest of children in fintech is apparent. In recent times, even kids are joining the race to make money and become financially independent.

And, entrepreneurs have realised this, and are coming up with more fintech startups aimed at children as customers. Investors and capitalists are backing such startups by making investments in their series of funding rounds.

These fintech startups know that their thriving customer base is children below 18 years of age, and hence they are coming with a specification where parents can also keep a track of their children's expenditure and savings.

Many apps have the feature where parents can directly transfer to their children accounts on a monthly basis. The apps also give kids the facility of setting goals and save money until the goal is achieved. Upon the completion of the goal, the user is notified to buy what he was saving for. Besides this, some apps also teach children money management skills through gamification and AI-led insights.

Fintech apps are also playing a prominent role in skilling kids by teaching them financial skills that are not usually taught at school by teachers or at home by parents.

In India, only 2.5 percent of the population invest in the stock market, which is an alarmingly low rate compared to other countries..

The young adults of today are increasingly independent in every aspect of life, especially financial freedom. They do not want to bother their parents for day to day transactions made by them.

By learning money-making and money-saving skills, they are gaining valuable insights on financial independence, which is sure to help them make notable contributions in the field of investment and will help in making the future economy more sturdy.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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Why is there a rise in fintech for kids? - YourStory.com

If you get an employer match for contributing, socking away enough money in your 401(k) to maximize your match should be your first investing priority. Once you get beyond that point, though, many 401(k) plans have limited choices and high fees that make them less-than-ideal places to invest your money.

If you have no 401(k) or are stuck with a plan like that and maxing out your match isn't enough to get you to a financially comfortable retirement on the timeline you'd like, you can invest money elsewhere. These three approaches are better ways to save for retirement than socking away too much money in a high-cost, limited-choice 401(k).

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If you're eligible to put money into a Roth IRA either directly or through a backdoor contribution, they are a tremendously powerful place to invest for your retirement. Once you've put your money in your Roth IRA, it can grow tax-free inside the account for the rest of your life. In addition, you can take completely tax free withdrawals in retirement, making it one of the most tax efficient places to build retirement wealth available to most Americans.

In addition, many brokerages offer Roth IRA accounts with $0 maintenance fees and $0 stock trading commissions, making them incredibly operationally efficient ways to build wealth over time as well. Indeed, for those that are eligible, working to max out a Roth IRA is the best choice after maxing out a 401(k) match for retirement savings money.

There are a few things to watch out for, though, as you're building your plan. In 2021 and 2022, contributions are limited to $6,000 per year ($7,000 if you're age 50 or higher). In addition, if you're considered high income or are married and file your taxes separately from your spouse, you could be restricted from directly contributing to a Roth IRA. Also, you may pay taxes and penalties on any growth in your plan if you withdraw it before age 59 and a half.

If you manage your money carefully, an ordinary brokerage account can be a wonderful place to save money for your retirement. There are absolutely no limits or restrictions on the amount of money you can invest in an ordinary brokerage account, and you aren't penalized for withdrawing your money early. That makes ordinary brokerage accounts great places for investors who want to follow the FIRE (Financial Independence / Retire Early) approach to leaving the rat race early.

Recognize, though, that ordinary brokerage accounts have to be carefully managed to be good sources of retirement money. First, because there's no penalty for early withdrawals, it's tempting to take money out of those accounts early when "life happens." If the money doesn't stay in your account compounding on your behalf, then it and its potential growth won't be there when you retire.

Second, because they're not tax-advantaged, you'll be subject to taxes on the capital gains, interest, and dividends you receive on your investments in ordinary brokerage accounts. As a result, following a "buy with an intent to hold" strategy of keeping portfolio churn low can help your money compound more efficiently for you inside an ordinary brokerage account.

The primary purpose of a health savings account is to enable people to cover the costs of healthcare. They allow folks to make tax-deductible contributions to the account, letting the money in the account grow tax-deferred, and then allow completely tax-free withdrawals to cover healthcare expenses. This triple-tax-advantage makes health savings accounts an incredibly powerful purpose-driven way to save for your future.

This is particularly true when you recognize that healthcare costs are one of the key costs that seniors face that tend to rise over time -- both because of their increasing ages and inflation. Should you reach retirement with more money than you need to cover your healthcare expenses, you can withdraw money from your health savings account penalty free once you reach age 65. That makes HSAs similar to Traditional IRAs that also offer taxed, but penalty-free withdrawals in retirement.

Recognize, though, that to contribute to a health savings account, you have to be signed up for a qualifying high deductible health insurance plan. As a result, you will need to cover the early portion of your actual healthcare costs either out of that health savings account or another source of money. Also note that annual health savings account contributions are limited in 2022 to $3,650 for single people and $7,300 for families, with a potential $1,000 catch up contribution for those 55 and up.

Between a Roth IRA, an ordinary investment account, and a health savings account, you will likely able to fill in the gap from either not having a 401(k) or only having expensive choices in your plan. Just remember that saving for retirement is best done over the course of a career. So get started now, and give yourself the longest runway possible to build your retirement nest egg.

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3 Better Ways to Save for Retirement Than a 401(k) - The Motley Fool

Trainer Vernica Vidales shows a punch to some of the girls of Box2Grow. Photo from Box2Grow

The road to Manrique La Honda is among the most difficult to navigate in Medellin, Colombia. Its nearly a one hour journey in the hills to reach the invasion, or informal settlement. The barrio was started 20 years ago and is home to nearly 1,000 families, some of whom live in extreme poverty, surviving on less than a dollar a day. Some are refugees from the political strife in Venezuela, or are indigenous people who have been displaced, or are fleeing violence in their homes.

The homes are built from discarded plastic and wood. The community only received access to electricity, roads and running water three years ago.

Many of the women there are victims of physical and sexual abuse, with few prospects for gaining financial independence to break the cycle of violence.

This is where Andrea Gonzalez decided to set the roots for her non-profit organization, Box2Grow, a boxing training project aimed at empowering some of the countrys most vulnerable women. The program, which arose from her foundation, Volunteers in Colombia, teaches boxing skills and physical conditioning twice a week, as well as social and emotional skills training every 15 days, educating the participants about womens rights, self esteem and relationships.

Box2Grow was founded in February of 2021 and has close to 50 participants, ranging from ages 7 to 65.

What we see right now with the women is more discipline, they come on time, they connect better with themselves, who they are as a person. They also have improved self esteem, said Gonzalez, 32, of the program, which is coached by two members of Medellins amateur boxing team: Diego Beltran, who trains the teenagers and adults, and Vernica Vidales, who trains the youngest participants up to age 12.

In the beginning it was like, No I cannot do this, Im not strong enough, I cannot run five miles, but now they can. They see what their bodies can do so their attitudes are different, now they are not saying, I cannot do it. Theyre saying OK lets try.

That shift in attitude makes a big difference, not just in the gym but in life as well, Gonzalez says. She notices an uptick in their self respect and empathy towards others. The gym also provides a safe environment where the women can seek support from one another if they need help leaving an abusive or exploitative environment.

For Gonzalez, helping the women of this community is a personal issue. Born in the countrys capital of Bogota, she was adopted at six months old by a family in Ijlst, the Netherlands after her biological mother was a victim of domestic abuse. She moved to Curacao, an island off the coast of Venezuela, after completing her social work degree, and then relocated to Medellin, where she looked more like the average person than where she had grown up in the Netherlands countryside.

She founded Volunteers in Colombia, working as the conduit between international volunteers looking to connect with smaller, localized non-governmental organizations. She began assisting the underserved La Honda area during the COVID-19 pandemic, soliciting donations to provide food packages for those in need. The women she connected with were grateful for the assistance, but also were in need of recreational activities to engage their minds and body.

A lot of the time the women are only sitting in their house, not doing much, feeling disconnected from the neighborhoods. Violence and sexual violence, it was already bad but during the pandemic and lockdown the numbers were only getting worse, said Gonzalez.

The programs success is measured more so in its emotional impacts instead of trophies. There are success stories like Ximena, a 12-year-old girl who had difficulties controlling her rage at first, but now has better control of her emotions and can focus better on her school work. Then theres an 11-year-old girl identified under the pseudonym Juanita, whose family fled their village six years ago due to armed conflict. She had feelings of abandonment after her mother took a job selling ice cream in Medellins city center, but has learned to connect better with her community through boxing.

Some of the women have begun sparring, testing their limits in competition with one another. They hope to enter some of the women into tournaments next year, but that requires funding for the program. Box2Grow receives no funding from the Colombian government, and made it through its first year thanks to donations from Gonzalezs friends and family.

A GoFundMe page set up in October has raised 5,425 towards its 25,000 goal. The women are also in need of equipment and gear for their training, like gloves and hand wraps, which can also be donated.

The women can take inspiration knowing that one of the greatest female professional boxers ever, Cecilia Braekhus, was also born in Colombia. But even if they dont become fighters, the program is helping them win rounds in life.

I really like boxing because it takes a special attitude. I never had doubts about boxing because I know what it can do for your mind and body, said Gonzalez, whose foundation also offers classes for women to learn English, or how to cut hair, or become baristas through its Un Paso Adelante program.

I want to see that they find their passion, they find their dreams and they make it a reality. I want them to be empowered in body and mind and that they financially are getting stronger and dont have to depend always on a man.

Ryan Songalia has written for ESPN, the New York Daily News, Rappler and The Guardian, and is part of the Craig Newmark Graduate School of Journalism Class of 2020. He can be reached at [emailprotected]

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Box2Grow empowers Colombia's most vulnerable women through boxing - The Ring - The Ring