Category Archives: Financial Independence

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Financial decisions dont have to be agonizing.

Money coach Shang Saavedra recently heard from an entrepreneur who had spent an entire year debating whether to open a Roth or a traditional 401(k).

Getting hung up, the person wrote. Its holding up investing in either.

Toss a coin, Saavedra responded.

She wasnt kidding. Choosing between a Roth or traditional account is one of a handful of money decisions that you can literally flip a coin over if youre stuck, according to Saavedra and other personal finance experts. In either scenario, youll get a tax-advantaged investment vehicle that can set you on a path to financial independence.

The important thing is to do something. Among people who have the means and the knowledge to invest, the fear of uncertainty is the No. 1 thing holding them back, according to research from Bankrate as well as Saavedras experience. The founder of Save My Cents, she is a millionaire investor who became work-optional in her 30s after aggressively raising her income and pouring it into index funds. Even so, she says, she still feels butterflies in her stomach when she makes a big investing move.

Its OK to feel uncertain, Saavedra tells her clients. Dont let that uncertainty stop you.

If youre stuck on this investing decision, or a few others, heres what to know about how to move forward and make your next best money move.

Getting stuck in doubt or uncertainty can be more costly than making the wrong investment choice, says Anna NJie-Konte, a Certified Financial Planner and the founder of Dare to Dream, a financial planning firm. Thats because it robs you of time your most valuable asset.

Its all about getting your money working, says NJie-Konte. Time in the market is irreplaceable.

On top of that, laboring over certain steps of the process can waste precious mental energy. Your attention is better spent on things that actually move the needle, says NJie-Konte, such as developing a sustainable budget, getting clear on your financial priorities, and planning a career that will increase your skills and income.

The stress of trying to make the perfect decision can be particularly acute for people of color and first-generation Americans, she says. These groups get paid less on average, tend to have less access to financial resources, and face systemic discrimination. We feel we have less room for error, NJie-Konte says.

One way to alleviate the tension is to remember that many financial decisions including whether to invest in a Roth or a traditional account can be re-evaluated later on. Its not like you can never change it, NJie-Konte says.

There is no perfect financial decision, says Susie Moore, a business coach and author of Let It Be Easy, a collection of short essays about how to bring ease into supposedly stressful situations.

The future belongs to no one, she says. Things change all the time. But if you look at people who get rewards, they make decisions, theyre flexible, they notice what theyre getting, and theyre not too hard on themselves.

If youre hung up on a stressful decision, Moore has some tips. Try to catch yourself when youre in a good mood and feeling calm, like after a workout or a restful sleep. Think back to times in your life when youre wrestled over a choice, and notice when youve been too hard on yourself.

Sometimes, the most important thing isnt to make the right decision, says Moore. Its to make a decision. Nothing happens until something moves, as Einstein said.

If youre looking to level up your finances and have the means to do so, consider whether there are any decisions you can make easier for yourself. These are some of the most common, according to personal finance experts.

You deserve a tax break for investing. And whether you choose a Roth or a traditional account, thats what youll get.

The decision between Roth and traditional is one youll face when opening a 401(k), which is an investment account thats opened through your employer, or an Individual Retirement Arrangement (IRA), which you can open on your own.

The difference is when you get the tax break. With a Roth account, youll contribute money that youve already paid taxes on. That way, when you withdraw it later in life, the money and all of its earnings can be taken out tax-free. With a traditional account, youll contribute pre-tax money, meaning you get an immediate tax break equal to the amount you invested. When you withdraw it later in life, thats when youll pay taxes on your money and its earnings.

Investors are often advised to choose between a Roth and a traditional account based on what they believe will happen to their tax rate in the future. If you suppose your rate will be higher in the future, you can open a Roth and take the tax hit now. On the other hand, if you believe your taxes will be lower in the future, you can open a traditional account and delay the tax bill.

But the truth is that no one knows what will happen in the future. Tax rates are political, as administrations change and Congress passes new laws, says Saavedra. The way that we are taxed also changes over time.

There are other nuances at play, such as income limitations and withdrawal rules. On balance, young investors with high earning potential tend to love Roth accounts. But as your life and financial circumstances, you can choose to pivot between both types of accounts. Thats something NJie-Konte encourages among her clients, because it diversifies their tax burden.

Having money in different buckets gives you flexibility, she says.

Once youve opened an account, youll need to choose your investments. Index funds are a favorite among investors because theyre cheap and they tend to outperform more expensive, actively managed funds.

The idea is to buy and hold an index fund that tracks either the entire stock market or a large portion of it. That way, you can benefit from the overall growth of the economy without having to place bets on specific winners and losers.

Dont let the array of available index funds put you off, financial advisors say. Many brokerages have their own versions of a total market index fund. Whats important isnt the particular fund, but whether it has broad exposure to the market and a low fee.

QQQ vs VOO literally is like splitting hairs, says NJie-Konte, referring to the ticker symbols of two popular index funds. For some great options, start with NextAdvisors list of the 5 best index funds with low expense ratios.

People drive themselves nuts over this one, says Jill Schlesinger, a CFP, Emmy-winning business analyst at CBS News, and host of the podcast Jill on Money.

Exchange-traded funds (ETFs) and mutual funds are more similar than they are different. Both are groups of securities, like stocks or bonds, that you can buy in one swoop to add instant diversification to your investment portfolio.

Many index funds, for example, can come in the form of an ETF or a mutual fund. The two types of funds are traded somewhat differently on the market, but for the majority of investors the nuances arent significant. As long as the fees are low, either investment vehicle will get you what you need, says Schlesinger.

Any expense ratio below 0.5% is great, and keep in mind that some expense ratios can be as low as 0.02%, financial educator Rita-Soledad Fernndez Paulino recently told NextAdvisor.

Its OK to invest when youre in debt, according to some experts, depending on your individual situation. But for those who are burdened with debt from multiple sources, it can be overwhelming to prioritize which debt to pay off first while pursuing other goals.

There are a variety of debt payoff methods, including the debt avalanche approach, in which you tackle the debt with the highest interest rate first, and the debt snowball approach, in which you pay off the debt with the smallest balance first.

Theres a mathematical component that cant be completely ignored, says NJie-Konte. But she often sees clients place undue attention on this particular decision instead of the more impactful work of creating a sustainable and realistic budget.

A cardinal rule of investing is to first set aside an emergency fund of liquid savings to cover unexpected expenses. That money should be kept separately from your investments, which fluctuate in value over time, in a more stable high-yield savings account.

Which high-yield savings account is not as important.

Interest rates change over time, and banks occasionally offer sign-on bonuses. When choosing a high-yield savings account, focus on finding an online bank, which will have lower overhead fees and higher interest rates than a brick-and-mortar. Make sure its FDIC-insured, low-fee, and that you meet any required minimums. NextAdvisor has a list of the best high-yield savings accounts.

NJie-Konte once advised a couple who waffled for nine months over which high-yield savings account to use. A sign-on bonus wont make or break your financial situation, she says. But spending mental energy has concrete effects.

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5 Big Money Decisions You Can Make With the Toss of a Coin, According to Financial Experts - NextAdvisor

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Inflation is coming for your Thanksgiving feast.

In September, the consumer price index a basket of goods rose 5.4% from a year ago, nearly hitting a 30-year high, according to data from the U.S. Bureau of Labor statistics.

And under those headline numbers, food costs rose 4.6%, with the largest gains driven by price increases of meat, poultry, fish and eggs.

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

"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.

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 part of 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.

That's driven up prices. 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 more than 42% on the year, appliances are 9.6% more costly and even prices on cookware and tableware have gone up.

"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.

As a result, 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 began 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.

Look for sales on any items you can stock up on ahead of time and check the prices at multiple grocery stores, including discount places 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 purchasing fresh, so people can look for deals in the freezer aisle.

Consumers should also consider grocery stores that give Thanksgiving deals, such as throwing in a free turkey if you buy most of your ingredients at one place.

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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Inflation is coming for Thanksgiving dinner, making it more expensive than ever this year - CNBC

HOUSTON, Nov. 2, 2021 /PRNewswire/ --Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended September30,2021.

Third quarter 2021 Highlights

In the third quarter of 2021, the Company reported revenues of $24.0 million, a net loss of $4.3 million, or $0.59 per share, adjusted net loss (defined below) of $13.7 million, or $1.87 per share, and adjusted EBITDA (defined below) of $0.7 million. These results compare to revenues of $10.2 million, a net loss of $15.2 million, or $2.67 per share, adjusted net loss of $15.5 million, or $2.73 per share, and adjusted EBITDA loss of $0.5 million in the third quarter of 2020, and revenues of $19.8 million, a net loss of $14.9 million, or $2.22 per share, an adjusted net loss of $14.6 million, or $2.18 per share, and adjusted EBITDA loss of $0.4 million in the second quarter of 2021.

Chief Executive Officer Anthony Gallegos commented, "Market conditions continue to improve for our business, buoyed by strong macro supply and demand fundamentals and shrinking availability of super-spec rigs across our key operating basins. This is manifesting itself in rapidly improving incremental operating and EBITDA margins and utilization, as well as increased forward visibility into 2022.

We realized sequential margin per day improvements in the third quarter of 9% and expect to realize further improvements in the fourth quarter over third quarter levels between 30% and 40%. With further visibility into 2022, we currently expect first quarter 2022 margins to increase over 100% compared to third quarter 2021 levels. With respect to utilization, by year end we expect to be operating 17 of our marketed rigs, seven of which will be 300 series rigs. Overall, we remain on course to achieve our goal of entering 2022 generating positive free cash flow and believe ICD is very well positioned to capitalize on what we believe will be a very strong 2022 and the early innings of an extended up-cycle in demand for our contract drilling services and super-spec rig fleet."

Quarterly Operational Results

In the third quarter of 2021, operating days increased sequentially by 18% compared to the second quarter of 2021. The Company's marketed fleet operated at 58% utilization and recorded 1,268 revenue days, compared to 460 revenue days in the third quarter of 2020, and 1,077 revenue days in the second quarter of 2021. The Company currently expects operating days in the fourth quarter of 2021 to increase sequentially by approximately 9% compared to the third quarter of 2021.

Operating revenues in the third quarter of 2021 totaled $24.0 million, compared to $10.2 million in the third quarter of 2020 and $19.8 million in the second quarter of 2021. Revenue per day in the third quarter of 2021 was $17,141, compared to $18,078 in the third quarter of 2020 and $16,514 in the second quarter of 2021. The sequential increase quarter over quarter in revenue per day was driven by higher dayrates on contract renewals and reactivated rigs.

Operating costs in the third quarter of 2021 totaled $20.1 million, compared to $8.7 million in the third quarter of 2020 and $17.0 million in second quarter of 2021. Operating costs during the third quarter of 2021 included $0.1 million associated with the reactivation of rigs compared to $0.2 million during the second quarter of 2021. Operating costs during the third quarter of 2020 included $0.8 million of rig reactivation costs. Fully burdened operating costs were $13,685 per day in the third quarter of 2021, compared to $14,155 in the third quarter of 2020 and $13,352 in the second quarter of 2021. Sequential increases in operating costs per day were driven primarily by higher labor costs associated with a tightening labor market.

Excluding the impact from reactivation costs, fully burdened rig operating margins in the third quarter of 2021 were $3,456 per day, compared to $3,923 per day in the third quarter of 2020 and $3,162 per day in the second quarter of 2021. The Company currently expects per day operating margins in the fourth quarter of 2021 to increase sequentially between 30% and 40% compared to the third quarter of 2021 driven primarily by favorable dayrate momentum.

Selling, general and administrative expenses in the third quarter of 2021 were $4.1 million (including $0.8 million of non-cash compensation), compared to $2.8 million (including $0.7 million of non-cash compensation) in the third quarter of 2020 and $4.1 million (including $0.9 million of non-cash compensation) in the second quarter of 2021. The sequential increase in cash selling, general and administrative expenses was primarily due to increasedrecruiting costsand corporate insurance costs.

Drilling Operations Update

The Company exited the third quarter with 15 operating rigs and with one additional rig reactivating in October 2021. Overall, the Company's operating rig count averaged 13.8 rigs during the quarter. The Company expects to reactivate one additional rig by year end. The Company's backlog of drilling contracts with original terms of six months or longer was $19.7 million as of September30,2021. This backlog excludes rigs operating on shorter term pad-to-pad drilling contracts. Approximately 52% of this backlog is expected to be realized during the remainder of 2021.

Capital Expenditures and Liquidity Update

Cash outlays for capital expenditures in the third quarter of 2021, net of asset sales and recoveries, were $4.3 million.

As of September30,2021, the Company had cash on hand of $4.3 million, a revolving line of credit with availability of $8.9 million, and $132.8 million principal amount outstanding under its term loan. The term loan includes a committed $15 million accordion that remained undrawn as of September 30, 2021. The Company applied for full forgiveness of the $10 million Payroll Protection Program loan ("PPP loan") under the CARES Act during the second quarter of 2021. During the third quarter of 2021, the Company received notice that the PPP loan was forgiven and paid in full. As a result, a gain on extinguishment of debt of $10.1 million was recognized during the third quarter of 2021.

During the quarter, the Company instituted an additional at-the-market ("ATM") common stock offering with a maximum approved offering amount of $7.5 million. During the third quarter, the Company issued an aggregate of 686,739 shares of common stock pursuant to this program at a weighted average gross selling price of $3.03 per share, resulting in gross proceeds to the Company of $2.1 million. During October 2021, the Company completed this offering process, raising an additional $5.4 million of gross proceeds and issuing an additional 1,588,251 shares. During the third quarter, the Company also sold 40,800 shares pursuant to the terms of its equity line of credit at a weighted average gross selling price of $3.03 per share, resulting in total gross proceeds to the Company of $0.1 million.

Conference Call Details

A conference call for investors will be held today, November 2, 2021, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's third quarter 2021 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 10161416. The replay will be available until November 9, 2021.

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

Certain Defined Terms

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

300 Series Rigs are defined as a Pad Optimal SuperSpec rig with the following additional characteristics: 25,000ft+ racking capacity, hi-torque top drives, and 1,000,000lb hookload option.

About Independence Contract Drilling, Inc.

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

Forward-Looking Statements

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

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

CONSOLIDATED BALANCE SHEETS

September30,2021

December31,2020

Assets

Cash and cash equivalents

$

4,302

$

12,279

Accounts receivable, net of allowance of zero and $0.5 million, respectively

16,939

10,023

Inventories

1,078

1,038

Assets held for sale

50

Prepaid expenses and other current assets

2,764

4,102

Total current assets

25,133

27,442

Property, plant and equipment, net

364,813

382,239

Other long-term assets, net

2,723

3,528

Total assets

$

392,669

$

413,209

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$

3,710

$

7,637

Accounts payable

13,265

4,072

Accrued liabilities

12,773

10,723

Current portion of merger consideration payable to an affiliate

2,902

Total current liabilities

32,650

22,432

Long-term debt (2)

137,526

137,633

Merger consideration payable to an affiliate

2,902

Deferred income taxes, net

591

505

Other long-term liabilities

2,810

2,704

Total liabilities

173,577

166,176

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Independence Contract Drilling, Inc. Reports Financial Results For The Third Quarter Ended September 30, 2021 - PRNewswire

(Greensboro) November 4, 2021 The James G. Hanes Memorial Foundation has given JuniorAchievement of the Triad a $45,000 grant for programs to serve students in Winston-Salem /Forsyth County Schools.

This grant will be used to implement Junior Achievement (JA) programs that will help ForsythCounty students cultivate an entrepreneurial mindset, prepare for the jobs of the future, anddevelop the skills to achieve financial independence. JAs successive approach will ensure thatkindergarten through eighth grade students will benefit from JA programs and mentors everyyear, exposing young people to knowledge and skills they need to own their economic success,plan for their futures, and make smart academic and economic choices.

This funding will equip young people inthe Winston-Salem / Forsyth County area with the lifeskills critical to their success in the working world. We aregrateful to The James G. Hanes Foundationfor their commitment to our next generation and the future of our workforce.

-Jacqueline McCracken, President andCEO of Junior Achievement of the Triad.

The James G. Hanes Memorial Fund was founded in honor of James Gordon Hanes, who fornearly 40 years lead the development of the Hanes Hosiery Mills Co, into the worlds largest producer of seamless stretch nylons. Mr. Hanes was born in Winston-Salem in 1886 and served as mayor of the city from 1921 to 1925. To learn more about James Gordon Hanes, visit our website at http://www.triadja.org.

###

About Junior Achievement of the Triad

Junior Achievement of the Triad (JA) is a high-impact organization dedicated to empoweringyoung people to believe in themselves and own their economic success. Junior Achievement ispreparing the future workforce that is vital to our regions success in the global economy. Toensure education and workforce development efforts fulfill the future needs of the community,JA is leveraging our expertise in collaboration with local school and business partners. JAsfocus is reaching 35,000 K-8th grade students in the Triad annually by 2023 by deliveringprograms that align with industry needs, building awareness around the diverse careeropportunities in the Triad and focusing on entrepreneurship to expand the culture of innovation.For more information, visit http://www.triadja.org

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The James G. Hanes Memorial Fund awards Junior Achievement of the Triad $45000 Creating opportunities for students in Forsyth County - Yes! Weekly

HOBOKEN, N.J., Nov. 2, 2021 /PRNewswire/ --Celsius Network, the leading cryptocurrency lending and borrowing platform, announced today that it has appointed Tushar Nadkarni as Chief Growth & Product Officer. Nadkarni has a track record of over 20 years of building and leading teams at consumer technology companies through their growth phase across product, marketing, and analytics including similar positions at Facebook and Uber. In his role, Nadkarni will oversee Celsius' Product, Growth, Design, and Marketing teams globally, and will report to Celsius' Chief Executive Officer Alex Mashinsky.

"As we prepare for the next chapter of our growth, I am excited to bring on a world-class leader like Tushar to scale Celsius from our first 1 million customers to our vision of 100 million customers," said Alex Mashinsky, CEO of Celsius. "Along with his leadership, Tushar brings a deep empathy for our customers and will help build that understanding into how our product and marketing touches every Celsian."

"The rapidly evolving crypto market is at an inflection point, and Celsius has been leading the innovation to bridge the gap between centralized and decentralized finance. At its core though, Celsius is all about its community, and so it's our mission to keep the consumer at the center, and make this seemingly complex world more accessible and simple for everyone. We want Celsius to be a part of the everyday lives of people for years to come," said Tushar Nadkarni, the Chief Growth & Product Officer of Celsius. "I am thrilled to join Alex's leadership team, combining my love for building products with my passion for creating financial freedom for more people. Not only is Alex a visionary founder, but also one of the most mission-driven leaders I've come across. He truly embodies the Celsius mission of Do Good And Do Well."

Nadkarni joins Celsius from Slingshot Growth Lab, where as Founder & Managing Partner, he helped companies rapidly scale their businesses using a combination of continuous experimentation, an understanding of the consumer journey, and a scientific approach to marketing, product development, and interface design. Prior to Slingshot, he built and led teams across growth, marketing, and operations at Uber and Facebook, where he played a pivotal role in the early years of their growth and monetization. Before that, he served large financial services and technology clients on strategic and operational priorities as Associate Partner at McKinsey & Company.

Nadkarni holds a Master's degree in Engineering from the Pennsylvania State University. He also earned a Master's degree in Business Administration from the Ross School of Business at the University of Michigan Ann Arbor.

About Celsius Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visitwww.celsius.network.

Media Contact[emailprotected]

SOURCE Celsius

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Celsius Announces the Appointment of Consumer and Financial Technology Executive Tushar Nadkarni as Chief Growth & Product Officer - PRNewswire

My Indian father and Chinese mother thought the concept of camping was absurd. Born in the British colony of Malaya in the 1950sliving in simple wooden homes on stilts and showering outdoors among bullfrogs and snakesthey could imagine nothing worse than sleeping in a tent in the forest.

Looking back, I wonder if they were influenced by the subtle racism that permeated their childhoods. Under colonialism, they had been made to feel uncivilized and backward by their white rulers; they spent their lives trying to escape those labels. All this meant that I rarely spent time in nature growing up. Our holidays consisted of flying to cities like Singapore and Paris, away from trees and wildlife. I now wonder whether I missed out on something important as a child.

As a person of color, I am far from alone in feeling uncomfortable in the great outdoors. For decades, camping in the United States has been an overwhelmingly white pastime: As recently as 2012, 88% of campers were white, according to research from KOA, the largest system of campgrounds in North America. But were at a turning point. For the first time, the representation of campers is beginning to align with the demographics of the United States. In 2020, 63% of campers were white; 12% were Black, 13% were Hispanic, and 7% were Asian. Crucially, KOA found that 60% of first-time campers in 2020 were non-white.

How did this happen? The answer is complex. The pandemic is part of it. Camping is a safe, socially distanced way to travel: People who would never have considered sleeping outdoors under normal circumstances gave it a go last year. But even before COVID-19 hit the U.S., outdoor brands and organizations had been under pressure to become more inclusive and market to broader audiences. This year, finally, their efforts bore fruit.

Its a strange irony that people of color have felt so excluded from camping, says sociologist Marya T. Mtshali, a postdoctoral fellow at the Harvard Kennedy School. After all, historically, Black and brown people have had strong ties to the land. Mtshali points out that both Native Americans and enslaved Africans had ancestral knowledge about the natural world, including how to hunt and use herbs. For African Americans in bondage, the outdoors was a rare space for socializing; and later, free African Americans relied on the land for their survival and financial independence.

But European settlement in North Americawhich involved forcibly taking land from some people while forcing outdoor labor on othersmade the outdoors dangerous for people of color. In the late 1800s, this colonization was framed as a brave act of conquering the wildernessalong with the Native Americans who inhabited it. Frederick Jackson Turner, a historian at the time, developed the concept of the frontier as the meeting point between savagery and civilization, along with the mythos of Americans as tough individuals who prized freedom and individualism. The myth of the frontiersman permeated pop culture at the time, embodied in figures like Buffalo Bill Cody and Kit Carson, who appeared in dime novels, comic books, and shows. In these stories, Native Americans were portrayed as villains who were often violently killed.

In the early 1900s, President Theodore Roosevelt used the wilderness as a backdrop for speeches and photo ops (often wearing Stetson hats) to promote his persona as a rugged cowboy and counter the image of him as an effete Harvard graduate. According to Dan White, author of Under the Stars: How America Fell in Love with Camping, Roosevelt took widely publicized hikes and camping trips, which associated him with a fantasy version of an idealized pioneer past.

When Roosevelt went on to establish five national parks and 150 national forests, these spaces seemed designed for white men who were roughing it in order to find deeper meaning in nature. And indeed, over the following decades, the national parks explicitly excluded people of color: Until 1964, many national parks in the United States did not admit people of color, while others were segregated.

The legacy of this racism endures. As recently as 2018, only 2% of national park visitors were Black. For centuries people who looked like me were not welcome in outdoor spaces, whether by law or because it was coded through Jim Crow, says Danielle Williams, founder of the blogs Melanin Base Camp and Diversify Outdoors, which help people of color start hiking and camping and push outdoor brands to recognize them. So we just did not go.

[Images: United States Library of Congress]Mtshali says that for centuries, European Americans cultivated a culture of leisure in the great outdoorscamping, hiking, kayakingwhich actively excluded people of color. Growing up in South Carolina, she was told over and over again that camping is not something that Black people do. Today, she sees it differently. People say that as though there is some kind of natural law at play: that African Americans naturally dont want to do these things, while white people do, she says. But the truth is that white people have socially engineered their ownership of outdoor culture.

As a person of Asian descent, there are historical reasons why I also feelout of place outdoors. When the British colonized India and Southeast Asia, they justified their rule by portraying the natives as uncivilized, partly because of their rural lifestyles and dependence on nature.The colonial narrative described people of color as savage,' Mtshali says. This narrative was used to disenfranchise people of color and take away their land. They were essentially saying, You cant be trusted to rule over yourselves because you are too much like animals.'

Its only now, after years of engaging with the history of colonization, that Ive begun to connect the dots between my fear of the outdoors and my anxiety that I might live up to colonial caricatures of brown people.

Camping and outdoor brands have known for a long time that their industry had a diversity problem. Toby ORourke, president and CEO of KOA, which owns more than 500 campgrounds across North America, began seriously thinking about the demographics of camping when she joined the company a decade ago. At the time, an Asian American board member pointed out to her that nearly 90% of all KOA campers were white, while only 6% were Blackand Latino and Asians were barely represented at all. I was put on notice very early, ORourke recalls. She asked me point blank: How are you going to increase diversity on our campgrounds?'

To ORourke, these statistics meant that KOA was underserving people of colorand there was a business opportunity in expanding the companys customer base. Over the past decade, shes focused on including people of color in photoshoots (using real campers) and intentionally inviting influencers of color to visit campgrounds. KOA has also partnered with groups that advocate for diversity in camping, including the In Solidarity Project,The Outbound Collective and Latino Outdoors. In the wake of recent violence against Asians, New York-based activists launched the Yellow Whistle campaign to distribute whistles as a symbol of solidarity. KOA was an early financial supporter of the campaign and distributed whistles on campgrounds. These efforts appear to be working. Under ORourkes watch, theres been a steady growth in campers of color at KOA sites, from 12% in 2012 to 37% in 2020.

But despite this progress, racism still permeates some corners of the great outdoors. In 2019, a white manager of a KOA campground in Mississippi pulled a gun on a Black couple who were picnicking there. The manager was promptly fired, but the incident served as a wake-up call for ORourke. It was a pivot point, she says. This is not just about marketing. We need to be very thoughtful about who we bring into our brand, from our employees to our franchisees. Since then, she has launched a diversity-training program and has established diversity standards for hiring.

Brands that sell outdoor gear have also been wrestling with the legacy of racism in their industry. In the past, many of these brands appealed largely to white consumers. When members of Patagonias human resources team set up a booth at an internship-recruitment session at historically Black Morehouse College in 2017, they discovered that many of the students who attended had never heard of the brand.

But thats changing as these companies begin to feature more people of color in their ads and bring on more diverse employees. We realized a few years ago that many people did not feel like outdoor marketing is inviting or welcoming, says Jean-Marie Shields, head of brand experience at Fjllrven, a Scandinavian brand that sells tents, sleeping bags, and other camping gear. Looking at our imagery about camping and being outside, they didnt see people who looked like them. They asked, How is this a relatable story to me?'

Two years ago, Fjllrven started partnering with outdoor experts (or guides, in the companys parlance) within the communities where its 37 stores are located, making a specific effort to find people of color. The brand brought on Black nature photographer George McKenzie to be a New York guide. He often photographs green spaces and wildlife in urban environmentsdemonstrating that nature is everywhere, not just in national parks and campgrounds. Shields says that McKenzies approach is relatable to people who might be overwhelmed by the idea of a two-day hike. Part of the magic is in the exchange, says Shields. Its learning about how [people] view nature, because one communitys relationship with the natural world is so specific and different from anothers.

Diverse marketing is usually a win, even if its done primarily to boost business, says Williams, of Melanin Base Camp. As long as it is done ethically and is not appropriating things, just seeing myself represented in [in a brands] advertising is exciting, showing me that the outdoors can be for me, too.

In October, REI launched the Cooperative Action Fund, a public charity that operates separately from its business and provides grants to organizations that support racial equity in the outdoors. The first $1 million investment went to organizations like Black Girls Do Bike and the Center for Native American Youth at the Aspen Institute. Now, the company is enlisting its customers and employees to provide support. Theres an awareness in the outdoor community that diversity is a problem, says Kristen Ragain, managing director of the fund. Were using our megaphone to draw attention to organizations helping to increase access to the outdoors, especially those led by people who have been historically excluded.

While brands had been making progress in diversifying the outdoors, the pandemic became the catalyst for real change. It spurred Americans of all ethnicities to rethink their vacation options. As the months of lockdown wore on, people were desperate to get out of their houses but felt unsafe flying or staying in hotels. Suddenly, they were willing to consider campingor its slightly more upscale cousin, glamping, which involves staying in wilderness settings in cabins equipped with comfortable amenities.

The number of households that camped for the first time in 2020 was 10.1 million; of these, 6 million were non-white, the highest rate since KOA started collecting this data. The glamping industry, meanwhile, exploded during the pandemic, with startups like Cabana, Autocamp, and Hipcamp rapidly expanding, with the help of VC funding.

This was a boon to novice campers like me, who felt intimidated by the idea of setting up a tent or building a fire. In the summer of 2020, I began searching for nearby glamping sites that wouldnt require any knowledge about how to set up a tent or build a fire. I discovered Getaway, a company that builds tiny houses in beautiful locations; my family and I began driving to a site an hour away from our house every month. A year later, with the pandemic still raging, we went further afield to Bar Harbor, Maine, where we stayed at a KOA-owned glamping site called Terramor that sets up luxurious tents in the woods.

Williams points out that its not just historical racism that prevents Black and brown people from enjoying the wilderness; its also not having the technical skills and knowledge of the outdoors. A veteran camper, she grew up with a father in the army who took her family on wilderness trips. But in her years running her blogs, shes found that many of her readers dont have any experience with the outdoors.

A lot of outdoor knowledge is multi-generational, she says. There are some skills and instincts that you cant just acquire through a book or YouTube. If youre not white, you may not have parents or grandparents that can teach this to you. She also points out that seasoned campers often have a lot of technical gear for their trips, which can make it prohibitively expensive to get started.

Williams says that glamping can be a good introduction to the outdoors for people of color. But it is also much more expensive than traditional camping, which can be a barrier. And ultimately Black and brown folks shouldnt need to pay more for an experience that should be affordable. Thats why she believes it is important for the National Parks system and other organizations to partner with existing outdoor leaders from marginalized communities to make it easier for people of color to access these spaces.

I challenge you to find a state park that is working with local indigenous communities, she says. These parks have a burden of responsibility to get information out to marginalized communitiesand this means doing more than relying on a website and communicating entirely in English. (The National Parks Service did not respond to our request for comment at the time of publication.)

More people of color than ever tried camping during the pandemic. The question now is whether these novices will continue to do so when the coronavirus recedes.

I certainly plan to keep exploring the outdoors, and not just because Ive found it fun and relaxing. For too long, Ive felt excluded from these wide open spaces. The truth is that they belong to all of us. Its about time I savored them.

Read more:

How the pandemic diversified camping, one of America's whitest pastime - Fast Company

"Arch Grants is deeply committed to making St. Louis a destination where people want to live, work, and stay," said Emily Lohse-Busch, Executive Director of Arch Grants. "It is gratifying to partner with NISA Investment Advisors' Charitable Fund, a like-minded St. Louis success story, to provide much-needed capital to well-positioned startup firms that are on the precipice of making significant economic contributions to our local region. We look forward to working with NISA and other firms to expand economic opportunity across St. Louis as together we are all stronger."

NISA Investment Advisors' Charitable Fund partnered with Arch Grants to meaningfully increase the funding available through the nonprofit's Startup Competition model for 2021under an innovative platform called #STLOnward Awards. The Charitable Fund's contribution of $270,000 enabled Arch Grants to fund five additional high-growth startups with the hope that other established companies will be inspired to support both Arch Grants and subsequent #STLOnward Awards.

The five startups receiving the grants were chosen because their missions align closely with NISA Charitable Fund's strategic pillars of education, workforce development, and access to capital for traditionally underserved populations. The winning startupsinclude Equalizer Games, oneKIN, PlaBook, Rock The Score, and ZenHammer. These five startups will be recognized at the 9th Annual Arch Grants Gala event on Wednesday, November 17, 2021, as the #STLOnward Awards Powered by NISA.

The NISA Charitable Fund is a donor-advised fund established in April 2020 and funded by NISA Investment Advisors, LLC, with operational support by St. Louis Community Foundation.

"Arch Grants' program is a model for driving economic empowerment and developing the next generation of employers, civic leaders, and philanthropists for the St. Louis region," said David Eichhorn, CFA, NISA's CEO and Head of Investment Strategies. "Our organization is inspired by the entrepreneurial spirit of the five high-growth startups we are supporting through our partnership with Arch Grants. We look forward to watching their businesses grow and contribute to the vitality of the St. Louis economy in the months and years ahead."

About Arch GrantsAs a 501(c)(3) nonprofit, Arch Grants' mission is to transform the economy in St. Louis by attracting and retaining extraordinary entrepreneurs. Since 2012, Arch Grants has awarded $11.5 million in cash grants to attract or retain 208 early-stage businesses in St. Louis, invigorating the city's startup scene with new talent and ideas and helping to shape the future economy of the region. Of the total cash grants, $10.5 million has been awarded through Arch Grants' annual Startup Competition, and an additional $1 million has been provided in additional follow-on funding.Through its program, Arch Grants' portfolio companies have gone on to create over 2,347 jobs in the St. Louis region, generate over $479 million in revenue and attract over $411 million in follow-on capital. To learn more, please visit our website at archgrants.org and be sure to follow us on LinkedIn, Facebook, and Twitter.

About NISA Charitable FundNISA Charitable Fund's mission is to promote equity in St. Louis among underserved populations by supporting organizations focused on creating systematic change in education, access to capital, and workforce development. We believe that improvement in these critical foundational areas can lead individuals toward greater financial independence with a multiplier effect that can change the trajectory of the next generation. We are a donor-advised fund established in April 2020 and funded by NISA Investment Advisors, LLC, with operational support by St. Louis Community Foundation.

About NISA Investment Advisors, LLCNISA manages assets for some of the largest institutional investors in the U.S. The firm is 100% employee-owned and based in St. Louis, Missouri. Client portfolios include investment-grade fixed income, derivative overlay, and equity investments. As of September 30, 2021, NISA managed $317 billion in physical assets and $174 billion in derivative notional value in separate account overlay portfolios. NISA is also known for its Pension Surplus Risk Index, or PSRX, a forward-looking estimate of the funded status volatility of U.S. corporate defined benefit plans and is published monthly. For more information, please visit our website atwww.nisa.com and be sure to follow us onLinkedIn.

Media Contacts:Andy Painter, Marketing & Communications Manager for Arch Grants[emailprotected] or 314-322-0680

Eriko Clevenger Pope, NISA Charitable Fund Director[emailprotected]

Michael Herleyfor NISA Investment Advisors, LLC[emailprotected]or 203-308-1409

SOURCE Arch Grants; NISA Charitable Fund

http://archgrants.orghttp://www.nisa.com

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Arch Grants Aims to Further Advance Economic Empowerment Across Greater St. Louis Region with Support of NISA Charitable Fund - PRNewswire

Fellow GenXers: of all the fire drills weve experienced in our decades on Earth, it seems that many of us missed the retirementFIREmemo in our early adult years: Financial Independence, Retire Early.

Indeed, many members ofGen X now between the ages of 41 and 56 are still traveling the road to financial independence with retirement as a future destination, instead of a current reality. The opportunity to retire and say see ya to our bosses and employers has already passed us by. But its not too late to make a few smart money moves to help achieve financial security in retirement. Ill share them with you below.

But first, lets look at where weve been and where we are. When we started our careers and families, retirement seemed unattainable. We were slammed early in our adult years with the dot.com bubble, the Y2K scare and then the housing bubble. Financial panic defined our modus operandi.

To top it off, weve since evolved into the forgotten middle children, sandwiched between three living generations ahead of us (The Greatest Generation, The Silent Generation, and baby boomers) and three behind us (Millennials, GenZ and The Alpha Gen). We have the responsibility of caring for parents and children while trying to maintain our own fragile financial sanity and security.

Also see: How this woman went from six figures in debt and unemployed to financial independence

With around a decade or two before our first retirement milestone Medicare eligibility at 65 and the optimal milestone of Social Security income at 70 (the claiming age when monthly benefits are largest), our best course of action is FIRE drills. That means preparing ourselves for retirement readiness, better late than never.

By knowing where you stand, what you want and what you need to reach retirement readiness, you can achieve financial security. Heres how Im advising clients to do so:

Know where you stand.Your financial picture is best summarized by a Net Worth Statement. This statement lists all your assets (what you own) and liabilities (what you owe), with the difference between the two reflecting whats available after paying off debt.

Now that youve likely reached your high-earning years, consider these questions:

Know what you want.It is not easy detangling your identity from the familial and professional roles that demand your attention, time and money. As the sandwich generation caring for parents and children while holding middle- to senior management jobs, we have limited opportunities to determine what we want now, let alone plan for what we desire in the future.

Read: The FIRE movement confronts the 4% rule

Our confidence in retiring comfortably waivers with each decision that pulls at our financial resources and our human capital the ability to sustain the jobs that demand so much from us.

Many of us have taken a piecemeal approach to our personal finances, gathering money tips here and there from family members, co-workers and the media and financial professionals.

Most Americans still believe that financial planners are a luxury reserved only for the wealthy. According to a 2021 study by the Magnify Money site, only30% of Americans use a financial plannerto create and follow a dynamic financial plan anchored in their values and goals, reflective of key areas such as taxes, retirement, investments, insurance and estate planning.

Does this sound like you?

Know what you need.Fortunately, many Americans are living 30 years in retirement almost as long as our working careers. As such, we Gen Xers must modify our needs or adjust our strategy to support this newfound time.

Consider how much money you may need to support activities like travel and exploration. Dont forget about planning for rising health care costs or the possibility of long-term care, as well. According to the financial services firm Fidelity, a 65-year-old might need to earmark as much as $300,000 after taxes to cover themselves.

Finally, what have you done to prepare to leave wealth for the next generation? The Gallup polling firm recently reported that less than half of the U.S. adult population(46%) has a will. How about you?

Read: Im 52, wont live past 80 and have $1.6 million. I am tired of both the rat race and workplace politics. Should I retire?

Well likely need to revisit these drills until our retirement goals are realized. But by knowing where we stand, what we want and what well need to retire comfortably, we can reach our destination faster.

Lazetta Rainey BraxtonCertified Financial Planner Lazetta Rainey Braxton is co-CEO and co-founder of2050 Wealth Partnersand CEO and founder ofLazetta & Associates. She is passionate about amplifying diversity, inclusion, equality and belonging in the financial planning profession and does so through financial planning, public speaking, writing, consulting and coaching. She was named a 2021 Crains New York Business Notable Black Leader and Executive as well as one of the Top 10 of Investopedias 100 Top Financial Advisors in 2020 and 2021. In all her endeavors, she is on a mission to create wealth for the common good.

This article is reprinted by permission fromNextAvenue.org, 2021 Twin Cities Public Television, Inc. All rights reserved.

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FIRE drill: GenX, do you have what it takes to retire? - MarketWatch

A couple managing their finances and doing taxes. .

Financial advice often boils down to what steps a person can take to achieve a specific goal. If you want to pay off your student loan debt faster, for example, then advice will detail what specific steps you must take to reduce your discretionary spending and increase your loan payments. Based on that increase, then you can determine how long it will take to pay off the loan.

In practice, though, creating a financial plan and building financial independence requires making choices. Sometimes the choice is obvious, like should you save retirement money in a savings account or an investment portfolio? (If you want the money to grow faster than inflation, then it must go into a mix of stocks and bonds.)

Other times, however, these choices create real-world changes to our well-being, sense of financial security and even impact our attitude towards how we view ourselves. Part of the strategy behind the financial independence retire early (FIRE) movement is removing this focus on money and its impact on our wellbeing to determine where we can spend to produce the most happiness in our life.

For instance, if you love travel, then someone in the FIRE movement would suggest making sure to spend money on travel and cut back on everything else that you can to increase savings rates and budget for more trips.

Such an approach allows one to home in on the areas of our life where the money has the most impact, while saving everything else.

But even if you have gone through this process and cut back significantly, you still may face decisions, which impacts how the money grows and what goals you reach. Here are some common, difficult decisions that when youre ready to build a financial plan, or in the middle of executing said plan, will face.

Theres good news about the battle between whether you should save more or pay down debt faster. No matter which way you choose, its hard to go terribly wrong.

The case for allotting money to savings and investing for retirement has to do with compound interest. The sooner you place money into your retirement account, the greater impact that compounding interest can have over the lifetime. Say you invested $10,000 30 years ago, and never added another dime. With a 6% growth rate and annual compounding, the money would reach $57,400. A large reason for the growth has to do with the compounding of returns over time.

To take advantage of compounding, however, theres one requirement: Time. Therefore, the need to place the money into the retirement account as early as possible in life creates the tension in this decision process.

Meanwhile, paying down debt also has very significant impact on the ability to save, invest, spend and plan. Having a $500 minimum student loan payment every month can sap resources and limits options when you face financial concerns. This encourages cutting the debt faster.

But if you cut the debt, it means saving less while you do. So, then, how do you choose? Often, it will come down to the interest rate on the debt. If the interest on the debt is less than the expected returns of saving, then you may want to focus on investing as you weigh the two options. For instance, if you have a debt that only has a 4% interest or you can invest money beyond the debt payment into a S&P 500 index fund, which has historic returns after inflation of 7%, then you may consider investing instead of paying down the debt faster. Then again, if you have credit card debt with a 19% annual percentage rate increasing the amount you owe every day, then getting rid of it makes the best financial move.

Of course, many feel the debt will hold you back in other ways, serving as an albatross flying over your head until its gone. If thats how you feel about the debt, then improving your wellbeing can still have value that also compounds over time.

One of the most difficult battles you may face in your planning, as well as in your everyday money decisions, is whether to put off fun to save more. Theres a direct correlation to reducing your spending therefore potentially cutting spending on fun things to increase the amount of money you can put towards your retirement at the end of each month.

If this battle becomes too difficult, then its time to either address what you view as fun or cut back on savings. After all, you dont want to save for the future by living in misery today.

Instead, turn to the things that truly provide you joy, happiness or whatever emotion has the most meaning to you. What activities stand above everything else in that thought experiment? Spending should continue as needed in this area of your budget.

Now that you know where the spending you should keep resides, where else in your budget could you cut? Does the food delivery five days a week really provide value? What about the magazine subscriptions? Or the luxury vehicle? Cutting back on areas that dont provide that emotional heft will give you more money for the savings part, without making the battle between fun and savings too difficult.

What do you worry about more, having enough time to do the things that you want to do or having enough money? According to a recent survey, people are split. TIAA-CREF asked people between the ages of 27 and 75, finding that 55% of respondents were more concerned about running out of time before doing the things that they want to do in life.

On the other hand, 45% said they worried about running out of money to do the things they want.

The split epitomizes the battle you may face in thinking about your goals. You want to make sure you achieve certain goals in life, while it may also take enough funds to do so.

The one positive about those that fear running out of time? Among respondents that had this concern, 45% said that retiring early was a top priority.

Sometimes, attacking your biggest concern is the best way to plan. If fear of losing out on time results in higher savings rates and more robust retirement portfolios, then its a concern that can have positive impact on the rest of your life. This makes it a battle worth waging.

Read the rest here:

Three Tough Financial Decisions You Face (And How To Make Them) - Forbes

Who doesnt like the idea of being completely prepared for retirement? The thought of it is liberating.

Late in the 1990s, when I was a teen, the financial independence, retire early (FIRE) movement started. These people were obsessed with early retirement and were willing to sacrifice just about anything to contribute significant sums of money to their nest egg as quickly as possible so that they could quit their jobs generally before age 50 and start to live.

For many, this meant going without vacations, eating beans daily and just being a cheapskate. The theory was that the nest egg would produce steady income for that person for the rest of their lives say, for example, $4,000 per month generated by a nest egg of $1 million until age 85.

I have two major issues with the concept. Firstly, the lifestyle of ultra-frugality is not appealing. Secondly, banking many thousands of dollars every month throughout your 20s, 30s and 40s is pretty unattainable for most people living in just about any city in Canada. The cost of living and debt are major preventative barriers.

Also, who retires at 50? You could have a whole other life, career and so on at that age!

Enter now the newer and more relevant Coast FIRE movement that everyone is talking about on reddit, social media and finance blogs.

This concept emphasizes the financial independence part, but rather than retiring early and not working another day in your life, you coast into retirement still having an income and significantly better balance.

To achieve Coast FIRE, you steadily build up your nest egg until it reaches a point where it can grow independently through the power of compound interest and reinvested returns to the ultimate nest egg size you want, without you having to save another dime after you get to that initial savings point.

So, once you reach the point where you no longer need to add another dollar to your retirement portfolio, you can have loads more freedom to do what you want like work part-time or at a different job you like better, enjoy more cash flow for vacations and fun because you no longer have to tuck away 20 per cent of your income into your RRSP and TFSA.

The other nifty part of the concept is that its more balanced because theres less of a rush. Sure, it takes longer to sock away all that money to reach the initial savings point, and it assumes you keep earning an income until your ultimate retirement date, but on your journey you can still have a life.

Your role in Coast FIRE is twofold.

First, you need to put your retirement nest egg to work through investing well and keeping up with at least the long-term market rate of return (in other words, dont underperform the market.)

Second, you need to decide when you want to retire and the approximate size of your nest egg you want. By the way, this is what a financial plan includes and if you dont have a plan yet, you should probably get one. Those with a written financial plan are two to three times more likely to achieve their goals. I get that visions change, and thats OK, but being relatively clear on your retirement date and amount is key to your Coast FIRE calculation. And, heres my pro tip: assume you need more money than less.

There are many Coast FIRE calculators out there for you to Google and play around with and I encourage you to do so. Heres what youll need for the calculation:

Current age, desired retirement age, a safe withdrawal rate (I recommend four per cent), an inflation-adjusted growth rate (I recommend five per cent) and what your annual expenses in retirement are projected to be (I recommend assuming 70 to 80 per cent of what you spend today).

The calculator will give you your Coast FIRE number and that is the number you need to save towards. Once you hit it, you get to coast the rest of the way into retirement so long as your investments keep growing.

If you like this concept of coasting into retirement, my best advice is to pace yourself so that you can still enjoy your life, because thats what financial independence is really about.

Original post:

Opinion | 'Coast' into retirement while still enjoying life as you save - TheSpec.com