Category Archives: Financial Independence

Meghan Markle has finally made her Ellen debut. The Duchess of Sussex was a guest at comedian and talk show host Ellen DeGeneres eponymous chat show and shared many of her lifes significant moments, including the birth of her kids, her life as a royal, and living in the US with her husband, the Duke of Sussex, Prince Harry.

The duchess a former actor reminisced about the time when she used to audition a lot, and would drive into the same parking lot in an old car, whose drivers side door would not open. So, she would have to crawl in through the trunk! Amid all the laughs, she reminded people how relatable and real she is, despite all these years of being a royal.

Archie and Lilibet

The mother-of-two, who moved to the US early 2020, giving up on her role as a senior royal and practically detaching from the UK royal institution, also talked about her kids, which is a first, considering she has not been a talk show guest ever since her wedding in 2018.

Of their Halloween 2021 costumes, Meghan said her son Archie was a dinosaur, but that only lasted about five minutes. DeGeneres, who seemed to have spent the holiday with them, countered saying it was not even five minutes, and that Harry talked him into putting the head on. Her baby daughter Lilibet (born earlier this year), however, was dressed as a skunk.

She also told the audience that Lilibet has begun teething and Archie loves to dance.

Settling in California

Harry and Meghan, as mentioned earlier, stepped down as senior royals and left the UK to settle in the US, Meghans home country to seek more financial independence. More than a year later, people are still talking about the big move. When Ellen asked the Duchess how her husband has been dealing with the transition, considering he was born and raised in the UK, she said, He loves it. Weve just been able to spend a lot of time at home, and create our home.

Interestingly, DeGeneres is the couples neighbor in Montecito, where they live.

Secret Halloween party

When they were keeping their relationship a secret, Meghan and Harry had secretly attended a Halloween party in Toronto, Canada, shortly before the world found out about their romance. The couple was also joined by Princess Eugenie and her husband. She spoke about that time, saying, The four of us snuck out in Halloween costumes to have just one fun night on the town, before it was out in the world that we were a couple.

The Bench

The duchess also talked about her book, The Bench, saying that it was initially her idea to write it in a poem form and present it to her husband on Fathers Day. The couple had welcomed their first child Archie in 2019. It was about my observation of him, and him being a dad, which was the most beautiful thing to watch, she said, adding that when she shared it with friends, she was told it resonated with them, because it was inclusive. And that is when she decided to turn it into a childrens book.

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Meghan Markle talks about Archie, Lilibet, Prince Harry and more on The Ellen Show - The Indian Express

A majority of Americans have less than one years worth of expenses saved and know they need to make strides to improve their finances. The pandemic was a turning point for many. As a result, 1/3 of people report that they became more disciplined with their money, and they plan to keep it that way.

To help keep this positive personal finance momentum going, weve gathered insights, advice, and tips from those whove seemingly done the impossible reached financial independence three decades before the average person. Heres how five people saved and invested enough money that theyve reached financial independence in their 30s.

Kyle, 36, who lives in the midwest, hit a net worth of one million dollars at 36. Yet, even though hes financially independent, he still works full-time and blogs about his financial journey at Inimitable Path.

Kyle credits the act of saving money for his financial success. His ability to keep a majority of his income fueled his investments, leading to a jump in wealth.

Saving money formed not only my emergency fund for peace of mind, but it also provided the basis of my investments. I typically can save about 67% of my salary. I have invested since the age of 15 and have been fortunate through the years that my investment gains account for about 75% of my current assets, he says.

Like other people, Kyle struggled with staying the course over a long period.

There have been a couple of times in my life where I have lost focus of my goals. Ive had money lent out or just left it sitting in a bank while ignoring my investments, he said. Much of ones success can be mental and remaining focused on your personal goals.

Put systems in place so that your hard-earned money is both working to grow your wealth and helping you celebrate important and special occasions in life.

Put your money to work. Have an emergency fund, enjoy the moments and friends who are important to you. All other money should constantly be working to make you more, Kyle says. Every dollar is another worker in your workforce, going away in an investment of your choice and recruiting more capital for you.

An anonymous ad industry-alum who blogs under the name Purple recently retired at 30 with a current net worth of $708,460. By residing in Americas low cost of living areas, shes able to live without sacrificing or decreasing her standard of living on an annual budget of $15,886.

Through a combination of increasing her income through job-hopping and decreasing her spending, she accelerated the wealth-building process.

Investing, then earning, then saving were the biggest drivers for me, in that order. At this point, my investments have made more money than I could have in my career, she said. However, the fact that I job hopped almost every year at the beginning of my career and was able to get promotions and $20,000 jumps with most of those hops helped me save more and retire faster.

Just like 69% of Americans, Purple didnt understand the concept of compounding interest and how her money would multiply to the point where she could retire this early.

Compounding math is difficult for our human brains to understand, and hearing something wild like that I could retire in my 30s sounded too good to be true, she said. I just didnt believe it was possible. However, once I gave the idea a chance and ran the numbers myself, I realized its completely possible if your income is high enough (or will be relatively soon through job hops) and if you dont need to spend a lot of money to be happy.

Be as intentional as you can with how you spend your money and your time.

My top tip is, to be honest with yourself. Id recommend thinking about what makes you happy and work towards it, no matter what that is. Also, dont be afraid to be weird and do whatever you want. People will judge you regardless, so you might as well be happy, she said.

Together with his wife, James reached his goal net worth of $1.1 million at age 36. His wife continues to work because she truly enjoys her role. At the end of 2020, becoming financially independent allowed him to leave the corporate world to pursue his passion of starting a company, Smartmov.

Like others, he grew his wealth by living significantly below his means and investing about half of his total household income. By maximizing what we could save and invest it, we were able to grow our wealth fast. We maxed out both of our 401ks, saving nearly all of my income while living mostly on my wifes salary. After saving in our 401k, we heavily invested in mutual funds and ETFs to mimic index funds while minimizing fees, James said.

After we paid off all our debts, we made sure that we had savings sinking funds created for housing, transportation, vacations, emergency, etc. By having those accounts, we were no longer surprised by bills and able to take unexpected expenses in stride instead of having to rely on costly loans to cover costs.

While being married enabled him to fuel his investments with a higher amount of income, theres more than one persons mental endurance thats in play in the race.

The mental side of personal finance and ensuring that both partners have the same goals was one of our biggest roadblocks. Knowing the money is there, but still trying to keep the mindset that we are broke to ensure that we dont spend it just because we see other folks doing it has been challenging.

Its a roadblock that returns now and again, but focusing on their financial wins has helped keep lifestyle inflation at bay.

If people can find ways to cut spending, they can free up dollars that can then go to work to propel increases in wealth.

Find ways to live below your means while still enjoying the good things in life. For example, I love locally roasted coffee and love to support them, but I still buy the beans to make my own coffee at home instead of visiting the restaurant to save money, he said. Similarly, learning to cook means that you can enjoy higher quality food regularly while still saving money. Plus, when you go out, youll really enjoy those meals prepared by the experts.

Andrew, 36, lives in Dallas, Texas, with his real estate agent wife and two young children. Currently, his net worth is just shy of $2 million, with half of it coming from real estate investments. About two years ago, their passive income began to cover their yearly expenses. Still, he continues to work a full-time job he enjoys for the health insurance, benefits, and additional funding of investments.

Between rental properties, a personal finance blog, and an online lead generation business, his side hustles bring in about $80,000 a year, which more than covers his familys living expenses. As a result, they avoided lifestyle inflation and funneled that additional income into other investments while still working full-time inside of spending it. For them, it was a repeated combination of earning, saving, and investing that fueled their success, not a high-paying job with multiple six figures.

While I make a low-six-figure salary at my day job, the majority of our net worth was built through our real estate side hustles. About eight years ago, we began by buying a dilapidated duplex, fixing it up, and renting it out, he said. From there, we continued buying distressed properties that needed a lot of work for significant discounts. We built up a portfolio of about ten rental properties and did several flips and wholesale deals along the way.

As our kids are getting older, we have slowed down on active real estate investing. Instead, we took advantage of the huge run-up in the market during COVID to sell a few of our rental properties and moved that money into more passive commercial real estate syndications.

While he recognizes the tremendous financial footing they started on, they learned some very costly real estate investing lessons along the way. After losing close to $100,000, some might have given up, but they kept going and more than made up for their losses.

We have been enormously blessed and recognize that we had a lot of opportunities that others didnt. Both my wife and I graduated college with only a few thousand in debt. I had a stable job that paid the bills and gave us evenings and weekends to work on our side hustles, Andrew said.

We started investing in real estate in 2013 near the beginning of one of the greatest real estate bull markets in history, which greatly increased our real estate equity position, he said. We also did most of the hard work of building up our businesses and real estate investments before we had kids, so we could take our foot off the gas a little when our kids were born.

But our story is not all sunshine and rainbows. Working full-time while running a real estate business, online business, and blog was not easy. We had to make sacrifices and trade-offs with our time. There were many, many times I wanted to give up, he said.

Our very first real estate deal, we learned an expensive lesson when our contractor walked away with $15,000 of our money. Then, on another deal, we lost $30k, and another, we lost $50k. After each one, I questioned whether it was worth it to continue. But in the end, we learned from each mistake and offset our losses with even more gains.

If people want to retire early, they have to live an unconventional lifestyle. It is hard to keep up with the Joneses and still reach financial independence. Dont increase spending along with income increases. Invest the difference wisely.

Everyone has different strengths, and your story may not look like our story. In our case, aggressively earning more money and investing it for passive income got us to this milestone. Take advantage of the skills you have, he said.

Lastly, as with everything in life, balance is also important. Yes, financial independence is an admirable goal, but if you forego everything you enjoy to get there, you will burn out and ultimately never reach your goal, Andrew says.

John, 41, lives in the San Francisco Bay area and reached financial independence at 37 with a liquid net worth of $1.2 million, not including his homes value. In the past four years, his net worth has doubled to $2.5 million.

By being open to moving around the country, he increased his earnings and invested the money, which grew significantly over time.

I credit my early career decisions for the success in growing my income. For example, when I took my first $39,000 job in the U.S. at a consulting group based in the Northeast, it didnt take me long to realize that many American-born employees didnt want to travel to middle America, he said.

As an immigrant, I didnt have family in the U.S. and little affinity for the Northeast. I showed my flexibility by taking the assignments in less desirable locations. I would often move to the area, which showed the client that I was invested in their success, John said. Clients loved it and provided positive feedback to my employer, which helped with annual raises and bonuses. It also set me up for a big move to Silicon Valley, where I would see a significant jump in salary.

Despite roadblock after roadblock, he took one of the few advantages he had, his flexibility, and turned it into his unfair advantage.

Being an immigrant and not knowing anyone was a significant disadvantage for me. When I came to this country, I had no safety net. I had to devote myself first to the basics like finding a place to live, setting up a bank account, purchasing a cell phone, and figuring out how to get around, he said. Bear in mind; I had no credit score, which made all these routine tasks ten times harder. Also, no car or knowledge of driving which meant I had to rely on public transportation.

Although being an immigrant who came here by myself was hard, I turned it around by being flexible and figuring out how to provide value to my employer, John said.

Growing knowledge and personal skills are a valuable investment too. For those feeling uncertain, spend time learning about personal finance, credit cards, and retirement accounts, as well as career-related marketable skills.

I am a firm believer in maximizing your Human Capital. So often, a lot of clickbait headlines focus on frugality and not drinking lattes. All these efforts pale in comparison to the money you can make by growing your career, he said. The best way to improve your Human Capital is by investing in yourself. You can learn new skills, add value outside of your team at work, ask for that promotion, network with recruiters, apply and interview for jobs one level above your current title, and keep your bridges open.

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5 People Who Reached Financial Independence in Their 30s ...

Slovenska Bistrica, Slovenia, Oct. 22, 2021 (GLOBE NEWSWIRE) --

As part of the newly launched investment webinar, Robert Rolih will teach attendees how to take control of their financial future. According to DMJ Marketing, he can empower participants to manage their personal finances and learn how to build wealth, whether they are a beginner or have previous investing experience.

Further details are available athttps://thyfinancialfreedom.com

Aside from learning how to achieve financial independence, those who attend Robert Rolihs investment webinar will learn how to retire early, what investments are worthwhile, and how to create a stable investment portfolio. The launch of the new webinar reflects the demand for reliable investment insights.

Many factors are driving global economic uncertainty, which is causing new and experienced investors to search for alternative options to help them increase their wealth. The newly launched webinar highlights traditional options such as investing in stocks and shares as well as increasingly popular alternatives, such as cryptocurrencies.

There is no fee to join the webinar, which makes it accessible. This is just one way Robert Rolih breaks down the barriers to financial security. As well as learning how to build wealth, those who join the webinar will gain insights to help them manage their personal finance. This key life skill is often either passed on through conscientious family members or is self-taught, which is why there are broad differences in financial understanding.

Robert Rolih is the bestselling author of The Million Dollar Decision: Get Out of the Rigged Game of Investing and Add a Million to Your Net Worth, which has an average rating of 4.3 stars on Amazon. Like the webinar, Roberts book empowers readers and helps them build their confidence so they can make informed investment decisions.

A company spokesperson said: Robert Rolih recognizes that there is a lot of information out there on how to become financially successful. However, beginners may still have a hard time finding success in these institutions because they are often rigged in favor of the already elite and wealthy.

If you are looking to get past such obstacles to invest in your future and increase your personal knowledge, you can benefit from the free webinar offered by Robert, they added.

Interested parties are encouraged to visit this link to take control of their financial future today:https://cutt.ly/thyfinancialfreedom

Website:https://thyfinancialfreedom.com

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Robert Rolih Investment Webinar For Financial Independence ...

The grass is greener outside of the Golden State. Thats the message from other states that are trying to lure workers and businesses out of California.

Some Califorians are taking advantage of remote work options and exploring to live in other states, where the pace of life is slower and the cost of living is cheaper.

But Christina and Amon Browning from the Bay Area took it one step further by retiring early and moving with their children to Portugal.

Zcalo Public Square commentator Joe Mathews has been talking with the Brownings about their adventure and how they managed to pull it off.

Opinion column by Joe Mathews:

Californians obsess about the sheer number of people leaving our state. But maybe we should worry more about the quality of these departures.

Californians are supposed to dream big. So why do our ambitions get so small when they head for the exits?

Enough with vamoosing to vapid Vegas subdivisions. Cool down before you sign a lease in hot Phoenix. Think twice before taking a mortgage on that house in Houston. If youre going to depart a state as fabulous as ours, why not make your leaving a fantastic triumph?

Amon and Christina Browning can show you how.

Two years ago, entering their 40s, the Brownings retired and left the state with their two teenage daughters. Their destination: Portugal and a lifestyle that rivals Californias at a much lower price.

The Brownings documented their move on their YouTube channel Our Rich Journey, fueling fantasies of flight among Californians, including this columnist. When I reached out to the couple, I learned that nothing was ever so Californian as their leaving it.

Amon, an urban planner, and Christina, a lawyer, met at Cal Poly San Luis Obispo. Christina grew up in Stockton. Amons family moved around the East Bay. And at one point, they were homeless.

Growing up without wealth made the Brownings take finances seriously. And when they returned to the Bay Area a decade ago after stints in San Diego and overseas, they embraced the FIRE movement (Financial Independence Retire Early) and made a plan to retire in 10 years.

To achieve it, they saved relentlessly (70% of their income), added income through side hustles (including Uber and Lyft driving), and bought run-down homes, fixing them up as they lived in them, before selling them. They hit their financial target two years early.

I dont think we would have been able to make as much money and be as successful on our journey if we werent in California, says Amon.

If they were going to stay in the United States, they would have remained in California. But their money could go further elsewhere, and they wanted to live overseas.

Portugal offered similarly amazing weather but with less crime (its the worlds third safest country). Lisbon also tops rankings of the best cities for raising children, and the Brownings say schools there feel more welcoming than American high schools. Portugal is healthier too, with an average lifespan four years longer than Americas and cheap universal health care.

Amon and Christina have marveled at how their neighbors embraced COVID vaccinations, making Portugal one of the most vaccinated countries on earth.

And the housing is much cheaper. After renting for a year to study the market and establish residency, they bought a house on Portugals central coast, not far from the beach, for 190,000 Euros (about $220,000 USD).

Even as they grow their YouTube channel, create online financial classes, and make media appearances, including on Good Morning America, the Brownings are enjoying retirement. They have more time for their children, for themselves, and for trips around Europe.

Its this very relaxed environment, peace of mind. You dont feel like youre looking over your shoulder, says Christina.

The Brownings are African American, and friends often ask how race is shaping their European experience. Their answer is that Lisbon is diverse, and they feel comfortable.

When Im in California, when Im in the United States, I have to be conscious of race wherever I go, says Amon. Ive never had a problem here, or a bad interaction with people here.

Life in Portugal isnt perfect. Learning Portuguese is harder than they thought. And they miss family, friends, and their home states unmatchable culinary diversity (especially Mexican and Chinese food).

The Brownings say they love California and will continue to visit as much as possible. They could eventually become bicoastal, splitting their time between the west coasts of Portugal and the Golden State.

We couldnt see ourselves living in any other state, Christina says. We positioned ourselves where we could leave, experience what its like in another place, and then go back if we couldnt handle being away from California.

After all, the perfect California departure is one that leaves the door open for a return.

Joe Mathews writes the Connecting California column for Zcalo Public Square.

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Ex-Californians explains why they ditched the Golden State and retired to Portugal - KCRW

Just this week, I was sitting in a meeting with my team in Baltimore, Maryland.

My non-fungible token (NFT) analyst who had designed a proof-of-attendance NFT for folks that had attended the meeting was sitting on my left. My lead crypto analyst (a Caltech physics grad who has poured his life savings into crypto) was on my right.

Source: Shutterstock

Source: Shutterstock

We were meeting with various folks across our business to chat cryptos.

Wheres the market at these days? Wheres it going? Where are the big opportunities?

We talked about all of it.

The conclusion: The crypto markets are going to go higher. A lot higher.

But personally, I arrived at a much bigger picture conclusion.

As some of you know, Im a talker. I like to converse with intelligent people, share ideas, and debate trends. Water cooler talk has never been difficult for me. But sometimes, I find it more valuable to sit back and observe.

This meeting was one of those times.

As I sat back and observed the passion and fervor that my NFT and crypto analysts had while they talked cryptos, I came to a very powerful realization.

This isnt about making money. Sure, cryptos have made some folks millionaires. Thats great.

But cryptos mean so much more than that. This is about fundamentally changing the world.

This is about a generation of individuals spanning from teenagers to Boomers who feel like theyve been screwed over by the establishment for years, and are finally getting their chance.

This is about leveling the playing field for those folks.

Its about the kid who did everything right growing up, went to a great school like his teachers told him to do, got a great degree that made his parents proud, and yet still cant afford a home because the markets too hot and hes sitting on $250,000 in debt. Its about giving that kid the opportunity to get a home, pay off his debt, and start a family.

Its about the 55-year-old who worked his whole life in a solid 9-to-5 job, never got in trouble, saved money his entire life, and yet still feels like hes decades away from having enough to retire comfortably. Its about giving that person the opportunity to pay off the mortgage, retire early, and enjoy the financial independence they deserve.

This is about giving people a fair chance.

Unmistakably, we have become a society of haves and have-nots. I cant tell you why. But I can tell you that it is true. You feel it. I feel it. We all feel it.

More importantly, though, I can tell you how to fix it: Cryptos.

Cryptos are the fix here. They are the great equalizing force that society needs today, stripping away power from the few, and giving it back to the many.

A modern-day Robin Hood, if you will.

They are exactly what society needs today. They are exactly what we need today.

I always knew this. But it really hit home this week as I watched my crypto and NFT analyst go on and on about the crypto markets. Their passion. Their fervor. It was admirable. It was inspirational.

It was all the proof I needed to confirm my belief that cryptos arent an investment theyre a revolution.

And as a revolution, cryptocurrencies are going to reshape our world over the next several years, all while being passionately supported and adopted by a generation of folks who feel left behind.

This is an eventuality. Its an inevitability.

Decentralized finance, or DeFi, is going to become the status quo, as we all migrate our finances onto the blockchain. Decentralized applications, or dApps, are going to become a ubiquity, as Netflix, Facebook, Spotify, and more all move onto the blockchain.

As those things happen, guess whats going to happen to the price of Bitcoin? Of altcoins?

Theyre going to go higher. Way higher.

By owning cryptos, youre putting yourself in the best position possible to make a lot of money over the next several years.

Youre also playing a part in the worlds biggest revolution since 1776.

Whats better than making a ton of money? Changing the world. With cryptos, you can do both at once.

Its the most compelling investment opportunity of our lifetimes and the party is far from over.

If you agree with this sentiment if you agree that cryptos are your tool to finally win big in life then join the revolution that is minting millionaires at the fastest rate in human history.

On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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The Moment I Realized Cryptos Arent an Investment - InvestorPlace

The season of giving is here, and there are numerous organizations that South Dakotans support in their communities. Food pantries, shelters for women and children, clothing drives and toy drives are all causes that fill our hearts while helping those less fortunate, especially during the holiday season.

As kids, we are taught that our purpose in life is to serve others. We know that giving someone a meal serves an immediate need, but that food may only go so far in helping our neighbors face other challenges in their lives. We also know that giving of our time to support local organizations should go beyond seasonal solutions when helping to lift people out of their struggles.

There are many organizations throughout our state that operate year-round to provide services to meet both short-term and long-term needs in our communities. These organizations are grateful for our financial support for their missions; however, perhaps we should all go beyond financial donations. For those who want to give the gift of service and time, there are many opportunities for giving this holiday season.

For most of us. time is limited because of how much we pack into our daily schedules. This makes time a gift that we all cherish. When you give of your time, think about how that can positively impact someone who is struggling with working and raising a family on their own. Compassion Child Care is a group that strengthens working families through affordable daycare, housing solutions, and options for early childhood education. This organization serves many homeless single moms who are working and struggling to provide for their children.

Consider giving your time as a house manager for Compassion Child Cares housing program and encouraging the young families who this group supports. Also, volunteering at their daycare program gives these working moms an affordable option so they can work during the day to support their families.

You may want to help others by mentoring them or preparing them for their next career or job. Love INC is an organization that coordinates volunteers for more than 60 churches in Rapid City and the surrounding area. These volunteers mentor individuals and families who are in need of shelter, housing, training and guidance to get back on their feet. This also includes training them for financial independence and teaching interview skills for job seekers.

You can also serve others by using your skills to help head up an organization or teach leadership skills to those who have never had the opportunity to step into a leadership role. Our young people are looking for leaders to follow. Social media is so attractive to the younger generation, and it offers access to a variety of personalities who can fill those leadership roles. We know real leadership comes from a tangible connection. Groups like the Aberdeen Boys and Girls Club, Teen Challenge, and the McCrossan Boys Ranch are taking kids away from their devices and teaching them to develop skills and seek positive mentorship. There is also the OneHeart group that is teaching young adults life skills after overcoming addiction. You could be the one who gives your neighbor a second chance at life.

There are myriad ways to help others rather than just contributing funds or resources. I know that however you choose to give back this season and beyond, it will make South Dakota a better place. No matter the season, we are a reflection of our values, and I hope youll join me in ensuring our South Dakota values will always be rooted in serving others.

Link:

A little goes a long way during this season of giving - Brookings Register

Since faring the worst of the pandemic, attitudes towards protection policies have changed across the generations. Weve seen an uptake in interest from younger earners such as Millennials and, in particular, from Generation Z (those born after 1997).

Entering the job market in the midst of a global pandemic has been unkind to this generation, with many of them now looking to build their financial futures and achieve financial independence as quickly and as securely as possible.

Unbeknown to 50% of this demographic, getting income protection in place as early as possible is one of the most effective and affordable ways of safeguarding their financial futures, as they strive to make their dreams become reality in a tumultuous economic landscape.

Heres how to engage this age group on the benefits of income protection and why this product is perfect for Gen Zs specific needs.

A familiarity with digital tools has lead to a go-it-alone attitude

Statistically Generation Z are the most comfortable when it comes to using digital financial services and managing their money online. They are also one of the most proactive age groups when it comes to finding the right services for them.

Known as digital natives, its likely that this age group will obtain their own research online before approaching an advisor, as well as already doing the majority of their banking purely online - in particular with challenger services on mobile phones, and avoiding services provided by typical High Street banks.

The risk is that through this independent research, they could become overwhelmed with options, or make decisions purely based on their independent research, rather than through the broader perspective an advisor might be able to offer. Protection policies are a long-term commitment and its essential that younger savers find the best options for their particular set of circumstances or risk leaving themselves vulnerable with inadequate or inappropriate cover.

As a distributor, make sure your digital services are up to scratch and that you provide a clear user journey to demonstrate the value in protection products and to educate younger clients as they do their own research. This educational material should focus on explaining how this complicated product works and the long-term value within it, which might not be apparent to a client who is making financial decisions within a crowded and oversaturated marketplace.

Job instability is a reality for young savers

The reality for Gen Z is an incredibly crowded and competitive job market. Due to the ramifications of the pandemic, theyve entered a hiring environment based on a boom-and-bust model, directly affected by fluctuating government lockdowns. Plus, as the newest employees to many companies, its often this age group that bears the brunt of mass layoffs or redundancy, as companies struggle to keep their heads above the water when the going gets tough.

Knowing this as an advisor, its your responsibility to provide advice with this wider context in mind, and to consider how income protection might offer some security in such a turbulent landscape. Income protection can offer an affordable way for your client to access long-term financial support should they have to stop working due to illness or circumstance. This support not only benefits your clients financial well-being but also gives them peace of mind in an unpredictable job market.

Getting onto the property ladder is a key concern

For Gen Z, one of the most noticeable differences between their financial aspirations and that of other demographics, is their desire to get on the property ladder as soon as they can. Owning your own home is one of the most stable ways of managing assets and obtaining financial independence. This aspiration reflects the turbulent reality many earners have had to face over the last few years in particular for young workers or graduates trying to lay the foundations of their financial future.

Getting income protection will help younger learners live up to their financial commitments and hopefully continue to save to achieve goals like owning their own home. Promoting income protection online and linking it home ownership on platforms like social media, can help to increase awareness of this option within the Gen Z age group, whilst also sparking intrigue to help young earners in their own research. Its likely this demographic will only get in touch with an advisor in relation to managing a new mortgage, so make sure your user journey and subsequent advice explicitly makes this link.

Fairing bad weather for a brighter future

As one of the most motivated and active age groups when it comes to managing their finances, Generation Z are hungry for information on how to make the most from their money with financial independence at the heart of this desire. As an advisor its crucial to understand how income protection can greatly benefit this demographic of earners and through the use of digital tools and open information, how we can help more young people protect their financial futures from the word go.

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Gen Z will benefit more from income protection than any other age bracket - Finextra

Corn muffin mix is stocked and on display for Thanksgiving dinner items at a Pete's Fresh Market Tuesday, Nov. 2, 2021, in Glen Ellyn, Illinois.

John J. Kim | Chicago Tribune | Tribune News Service | Getty Images

There's going to be an extra guest at Thanksgiving dinner this year, making it more expensive than ever.

It's inflation.

In October, the consumer price index a basket of goods rose 6.2% from a year ago and hit a 30-year high, according to data from the U.S. Bureau of Labor statistics.

And under those headline numbers, food costs rose 5.3% on the year, with the largest gains driven by price increases of meat, poultry, fish and eggs.

"Inflation remains stubbornly high, to the surprise of many that expected prices to come back to earth sooner," said Ryan Detrick, chief market strategist at LPL Financial. "The truth is you can't shut down a $20 trillion economy and not feel some bumps as it restarts, but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well."

The USDA is also projecting that food-at-home costs will be up 2.5% to 3.5% for the entirety of 2021.

"I wouldn't be surprised if we see the Thanksgiving basket up about that percent," said Veronica Nigh, senior economist at the American Farm Bureau Federation.

The expected increase will be a shock to many households already feeling the pressure of higher prices. In comparison, in 2020, the average price of Thanksgiving dinner declined 4% from the previous year to $46.90, or about $5 per person, according to the Farm Bureau.

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There are a few reasons nearly all the ingredients seen in a Thanksgiving dinner will be more expensive this year.

Supply chain issues have persisted throughout the pandemic and have raised costs. This may contribute to limited supply, as some foods take longer to be delivered.

There are other deficits that may be pushing prices up, as well. Turkeys, which are generally the most expensive item in a Thanksgiving feast, are in shorter supply this year than they were last year.

"It's probably the lowest bird inventory we've had for perhaps 10, 11 years," said Curt Covington, senior director of institutional credit at AgAmerica.

Turkeys between 8 pounds and 16 pounds cost 25 cents per pound more than they did a year ago, while prices for birds between 16 pounds and 24 pounds are about 21 cents more expensive, according to an Oct. 29 report from the Department of Agriculture.

Other costs associated with Thanksgiving dinner have also gone up gas prices have increased nearly 50% on the year, appliances are 6.6% more costly and even things such as cookware and tableware are more expensive.

"Just the cost of metal to put cranberries into a tin can has gone up," said Covington. "It's across the board and it's going to take the supply chain well past Thanksgiving and Christmas to get back to normal."

There are a few things that consumers can do to keep their Thanksgiving meal as inexpensive as possible, according to experts.

1. Start early: First, start shopping for your dinner as soon as possible, so you aren't caught off guard by last-minute price hikes.

Many consumers have taken note of increased prices and have started purchasing some items for the November feast. Some 63% of consumers expect rising food costs to make Thanksgiving more expensive, according to a recent survey by FinanceBuzz, a financial independence site.

The same survey showed that consumers are planning to combat rising costs by shopping sales, using coupons or cutting back on food or guests.

Others have already started stocking up on non-perishables some 35% of those surveyed by Shopkick said they'd begun their Thanksgiving shopping already to get ahead of product shortages and last-minute price hikes.

2. Look for deals: Starting early also gives consumers more time to look for deals, which will be especially important to those on a budget this year.

Scan for sales on any items you can stock up on ahead of time and check prices at multiple grocery stores, including discount merchants such as Aldi, Lidl and WinCo foods, said Brittain Ladd, a global strategy and supply chain consultant.

Buying frozen foods is also generally less expensive than fresh, so people can look for deals in the freezer aisle.

Consumers should also consider shops that offer Thanksgiving deals, such as throwing in a free turkey if you buy most of your ingredients there.

3. Share costs: People may also be looking to have larger Thanksgiving gatherings than last year due to Covid. Having more friends and family over may present an opportunity to keep costs down instead of the host being solely responsible for the meal, you could split costs across guests.

"It's really important to have conversations with your family and your friends," said Kaitlin Walsh-Epstein, senior vice president of marketing at Laurel Road. "Ask everybody to bring a part of the meal."

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For women, financial independence is of utmost importance, and Neelofar Jaan knows this all too well. There was a time when the Pulwama resident could not even afford to pay her Rs 16,000 semester fees. But today, she makes around Rs 70,000 a month and takes care of the needs of her entire family.

Thanks to a lucrative crop we call mushroom, Neelofar has been able to lead a better and more financially stable life. It all began when the 22-year-old attended a one-week course on button mushroom cultivation conducted by a local agricultural centre.

Very soon, she was growing mushrooms at home and earning thousands per month. While her initial investment was Rs 15,000 a month, Neelofar, who is pursuing a masters degree in social work from Indira Gandhi National Open University, today earns a profit thats good enough to cover her education expenses.

Watch this video to learn how the young girl is employing unique farming techniques to gain financial independence:

Link:

Can Mushrooms Fund Your Education? Kashmiri Girl Does It By Earning Rs 70000/Month! - The Better India