Category Archives: Financial Independence

November is Financial Literacy Month in Canada, and in anticipation of this, a poll was conducted by TD Bank to assess Canadian parents thoughts on teaching their children the value of money.

The survey yielded many interesting results, including:

25% of Canadian parents not regularly talking about money with their children.

63% avoid this talk because they think their child is too young.

33% of Canadian parents not being confident that theyre setting a healthy financial example for their children.

Only 10% of Canadian parents considering their household to be in excellent financial health.

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45% of Canadian parents not having a household budget.

Gaurav Kapoor, who is a parent himself, decided to create an app called Mydoh, that makes money management a fun and interactive experience, something he says is important to keeping kids engaged in the prospect of financial literacy.

When it comes to the right age to start speaking to children about the importance of money, Kapoor believes there is a prime window of opportunity.

Between 10-15 years old is actually that sort of sweet spot, where theyre noticing a lot and theyre starting to use actual money to buy things. I think thats the actual sweet spot where the habits are formed. And when they become more independent after 16 or 17, how theyve approached those previous years when it comes to money is what they carry with them when they actually start making money and spending it, said Kapoor.

The survey revealed only 11% of parents in Saskatchewan and Manitoba say that they are detailed with their financial planning, which ranks last in the country.

Parent in these provinces are also most likely to admit that they dont know much about managing finances (24%).

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Kapoor says a good stepping stone for teaching kids how to successfully manage money is to teach them the difference between their financial wants and needs, and encouraging financial independence.

When it comes to the interaction between parents and kids, while parents are paying for needs, they can start encouraging them to save and pay for their wants, he said.

Budgeting is not rocket science, you just need to take the time as a family and be willing to talk about money, said Kapoor.

2021 Global News, a division of Corus Entertainment Inc.

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Financial survey shows parents avoiding the money talk with their kids - Global News

Nearly 4 million low-income households are behind on rent, bills or debt payments, up threefold since the pandemic hit, according to a study revealing the growing cost of the living crisis facing the UKs poorest families.

A third of the 11.6 million working-age households in the UK earning 25,000 or less were found to be in arrears on their rent or mortgage, utility bills, council tax bills or personal debt repayments, according to the Joseph Rowntree Foundation (JRF).

The charity called for urgent government action to support families at the sharp end of pandemic-related financial pressures, including the reinstatement of the 20 uplift in universal credit, which was withdrawn earlier this month, and help with debts.

Behind these figures are parents gripped by anxiety, wondering how they will put food on their childrens plates and pay the gas bill; young people forced to rely on friends to help cover their rent and avoid eviction, said Katie Schmuecker, the JRF deputy director for policy and partnerships.

Meanwhile, the Tory-controlled District Councils Network (DCN), which represents 200 councils in English towns, has warned of a surge in homelessness this winter as a result of the end to government support measures such as furlough and the eviction ban.

A survey of district councils completed earlier this month found that just under three-quarters reported an increase in homelessness acceptances over the past four months, while nearly two-thirds said people they had housed during the pandemic had recently slipped back in the homelessness cycle.

District councils also reported increased numbers of families seeking support, and increases in the numbers of residents with severe mental health and other complex needs using council services. More than a third of councils reported significant increases in referrals to local food banks.

Phil King, a DCN spokesperson and the Conservative leader of Harborough district council in Leicestershire, said that without extra financial support for councils and struggling households, the government risked undoing much of the work it had done to tackle homelessness over the past 18 months.

He said: The findings of this survey reveal the stark impact the pandemic and the ending of emergency support measures continues to have on households across the country.

The JRF surveyed 4,200 UK adults in households in the lowest 40% of incomes earlier this month. The findings indicate that 3.8 million households are behind with household bills, 950,000 are in rent arrears, 1.4 million are behind on council tax bills, and 1.4 million are behind on electricity and gas bills.

A third of all low-income families are in arrears, up from 11% prior to the pandemic, it estimated. This rises to 44% of working-age households and 71% of younger households aged between 18 and 24. Families with children and black, Asian and minority ethnic households were particularly hard hit.

The JRF said there were signs the financial impact of the pandemic had dragged families who were previously just about managing into arrears on essential bills. Nearly 90% of households now behind on their household bills said that they were always or often able to pay all their bills in full and on time before the pandemic.

Families are facing a range of financial pressures over the coming months including rising energy and food bills and a rise in national insurance contributions next April to pay for the governments social care reforms.

A Department for Work and Pensions spokesperson said: We know the best route towards financial independence is through well-paid work, which is why our multi-billion pound Plan for Jobs is helping boost skills and opportunity, while universal credit continues to provide a vital safety net for millions.

The Household Support Fund is helping the most vulnerable with essential costs through this winter, and is distributed by councils, who are best placed to ensure those in need in their local areas can be identified and supported as soon as possible.

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Third of low-income households unable to pay bills, finds research - The Guardian

Retirement isnt an ageits a financial number. And theres no law that says you have to work until youre 65. Thats a myth!

Weve talked to many people who are well on their way to leaving the workforce early. But theres a new wave of younger workers who are trying to take early retirement to another level. Theyre on a mission to blaze a new path toward retirement as part of the F.I.R.E. movement.

They believe its possible to retire sometime in their 30s or 40s. You read that right! But how? Is it actually realistic to retire at age 45? Or even 35? Lets take a closer look at the F.I.R.E. movement to find out whether or not its right for you.

F.I.R.E. stands for Financial Independence, Retire Early. The goal is to save and invest aggressivelysomewhere between 5075% of your incomeso you can retire sometime in your 30s or 40s.

Thats right: You need to save at least half of your income.

How much will you need for retirement? Find out with this free tool!

How do people do it? In order to sock away that much money for investing, folks who are on F.I.R.E. are always looking to do two things: keep their expenses extremely low and find ways to raise their income.

The general idea is that the higher your income and the lower your expenses, the faster you can reach financial independence. Think gazelle intensityexcept the gazelle is literally on fire.

For those in the F.I.R.E. movement, financial independence doesnt just mean sitting on some tropical beach or playing golf all the time. It means reaching the point where you dont have to work a full-time job if you dont want to. You can scale back to a part-time job or simply stop working altogether. The choice is yours . . . imagine that.

We have mixed feelings about the F.I.R.E. movement, but the one thing we can get behind 100% is the focus and intensity these people have toward reaching their retirement dreams. And no matter where you are on your financial journey, there are some key lessons we can all take away from the F.I.R.E. movement:

The best thing about the F.I.R.E. movement is that its getting younger workers to start thinking about retirementespecially since less than half (41%) of Americans have tried to figure out their retirement savings needs.1 Thats like trying to aim for a target with a blindfold on. Define what you want your retirement to look like and make a plan to get there.

These F.I.R.E. followers take the time to look at where their money is going. They define wants and needs and cut out any spending that doesnt make sense for them. They get on a budget and stick to it.

Saving a few dollars here and there really adds up over time. And thats exactly what will help you make serious progress toward your goals.

Theres no way around it. If you want to retire earlyor really earlyyou have to get creative about finding ways to make extra cash.

Maybe youre on a career path thatll lead to that six-figure salary. Or maybe youve got a side hustle that youre turning into a small business on nights and weekends. It could mean delivering pizzas for a while or saving up to buy a rental property.

Whatever that looks like for you, additional income will play a huge role in helping you take a step back from the workforce and enjoy an early retirement.

If you want to retire early, you have to save and invest. There are no ifs, ands or buts about it. Thats why folks in the F.I.R.E. movement are radical about throwing huge chunks of their income toward their retirement.

Maybe saving 50% sounds like too much for you right now. (Thats a lot for most of us.) And thats okay! But we all have to start somewhere. Thats why we recommend you start by investing 15% of your income into retirement savings after youve paid off all your consumer debt and saved up 36 months of expenses in a fully funded emergency fund.

The key is to get into a regular habit of saving and investing every single month. When you do that, time and compound interest work for you instead of against you.

The first big barrier to following the F.I.R.E. movement is having a large income (and we mean large). No matter how much you cut down your lifestyle, its going to take a big incomeprobably somewhere in the six-figure rangeto have the ability to save enough to retire before your 40th birthday.

But that shouldnt discourage you from building wealthanyone can do it. In our study of millionaires, we discovered that one-third of millionaires never had a six-figure household income in a single year. We also found that the average millionaire worked, saved and invested for an average of 28 years before hitting the $1 million mark.2

No matter what kind of career or salary you have right now, dont fall for the myth that you need a high-paying job to build the wealth you need to enjoy a worry-free retirement. Anyone can become a millionaireit just takes a little time.

All income aside, there are some other issues with the F.I.R.E. movement that we want to tackle head on:

Many F.I.R.E. advocates actually promote the idea of using credit cards for the points and rewards. Say what?

From student loans to credit cards, Americans are carrying an average debt balance of $26,621.3

Listen: Its hard to save and invest when almost a third of your budget is going toward paying back debt. Thats not a recipe for financial success.

Dont mess around with credit cards. Seriously. Not only is it easier to swipe that plastic without thinking, but there are studies to back it up. According to The Survey of American Finances by EveryDollar, 90% of people say they spend more using a credit card or debit card than with cash.

You may be thinking, But I pay my credit card bill on time every month! That might work for a little while, but youre not beating the system. All it takes is one missed payment or one major emergency that forces you to bite off more than you can chew and find yourself in serious trouble. Theres a reason why Americans have tallied $820 billion in credit card debt.4

When you play with fire . . . well, you know what happens.

You might be drawn to the F.I.R.E. movement if you hate your job. After all, only 31% of American workers say theyre engaged at work.5 Its no wonder that a growing number of young workers are dreaming about leaving the workplace altogether.

But theres a deeper problem that lies beneath the surface, and F.I.R.E. isnt going to solve it. If you hate your job, you dont need F.I.R.E. What you really need is a new career path. Ramsey Personality Ken Coleman calls it finding your sweet spot. Thats the place where your greatest talents and passions intersect. Even folks who follow F.I.R.E. will tell you that!

If your sole desire is to retire early so you can escape going into work on Monday, youre going to be very disappointed. Life is too short to waste decades or even one year working a job you hate.

Whether your goal is to retire at age 65 or 35, you need a plan. You have to know how much money youll need to have saved in order to retire when you wantand how much youll need to save each month to get there.

This step-by-step plan will help put you on the path toward early retirement:

Debt is holding back millions of younger workers from investing for retirement. Thats why you have to get focused. Chop up those credit cards and attack your debt with everything youve got.

After you become debt-free and before you start investing for retirement, its time to build up an emergency fund. When you have enough money in a savings account to cover 36 months of expenses, you wont have to worry about a broken air conditioner or a flat tire derailing your investing plan.

Here comes the fun part! Now youre ready to start saving for retirement. Begin by saving 15% of your gross income every month in retirement plans like a 401(k) and a Roth IRAand be sure to invest your retirement money in mutual funds with a great track record.

Have kids? If so, its time to start saving for their college fund. This is important because itll help give them a head start on covering college expenses (and put them on a path toward graduating debt-free).

While youre doing that, get intense about paying off your home early. This is a huge goal thats going to give you momentum toward early retirement! Think about it: How much more money would you be able to save for retirement if you didnt have a house payment? What could you do if you were completely debt-free with a paid-for house?

Now that youve got your little darlings college fund in place and a paid-for house, you can really start to make some headway on your early retirement goals. First, go back to your 401(k) and IRA and max out your contributions. For 2021, you can put up to $19,500 into your 401(k) and $6,000 into an IRA.6 Thats $25,500 combined.

But remember: In most cases, you wont be able to withdraw money from your 401(k) or IRA without facing an early withdrawal penalty until you hit age 59 1/2. For example, with a traditional 401(k), youll not only have to pay income taxes on the money you take out, but Uncle Sam will be taking another 10% on top of that. Not a good plan!

But theres a solution to that problem that most people who want to retire early forget about: a bridge account.

If you want to retire early, the bridge account will help you bridge the gap between when you want to retire and when you can take the money out of your retirement accounts. As you plan your retirement dream, set a retirement age target and figure out how much money youll need to live on.

Then make sure youre on track to have that much saved in your bridge account for each year of your early retirement until you can access your retirement accountswithout penalty.

Once youve maxed out your 401(k) and IRA, open up a taxable investment account to serve as your bridge account.

Heres what we like about taxable investment accounts:

The one big drawback to these investments is that you pay taxes on any money your account earns. Its a good idea to sit down with your investment professional to work through the numbers and set a goal for how much you need in your bridge account to achieve your retirement goals.

There are a lot of different moving parts that go into successfully retiring early, but it is possible! And the best way to turn your dream into a reality is by working with a trusted financial advisor or investment professional who can help you get there.

With Ramsey SmartVestor, well connect you with up to five trusted investment pros in your area. The best part? Its free! Find your financial pro today and theyll help you start planning your dream retirement. Go check it out.

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What Is the F.I.R.E. Movement? | RamseySolutions.com

MORE AFFORDABLE- -BY MAKING THEM AVAILABLE AT MORE RETAILERS AND ONLIN E. A NEW LEVEL OF INDEPENDENCE FOR PEOPLE LINGVI WITH DISABILITES IN MAINE- THANKS TO A NEW TYPE OF BANKING SERVICE FROM BANGOR SAVINGS BANK. IT WORKS LIKE A CHECKING ACCOUNT, WITH ACCESSO T CHECKS AND A DEBIT CARD -- THE FEDERAL PROGRAM IS DESIGNED FOR SAVING AND LONGER TERM INVESTMENTS. BUT NOW, MAINERS WITH DISABILITIES HAVE MORE FREEDOM AND ACCESS TO MAKE DAY ILFINANCIAL DECISIONS. THIS GIVES FOLKS RECEIVING DISABILITY BENEFITS ALL OF THE ABILITY TO BOTH SAVE F OR THEIR FUTURE AND ALSO TO SPEND SOME OF THE MONEY THAT THEY'RE SAVING ON QUALIFIED BENEFITS. IN PARTNERSHIP WITH E TH STATE, OFFICIALS S

Bangor Savings Bank partners with Maine on novel benefits program

Updated: 4:15 PM EDT Oct 19, 2021

Bangor Savings Bank is launching a first-of-its-kind product in partnership with Maine State Treasurer, Maine ABLE Benefit CheckingSM, created for people with disabilities. The account allows greater accessibility for financial products and services, while also protecting eligibility for federal and state of Maine means-tested benefits, announced Bangor Savings Bank. A $2,000 limit in resources for individuals receiving benefits like Supplemental Security Income or Social Security Disability Insurance has been the norm until now. The account, available to all qualifying Maine residents, can be opened at any Bangor Savings Bank branch.Being the first such program in the country, ABLE Accounts offer a unique public-private collaboration, Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, said. "Creating and offering this program supports the financial independence and well-being of Maine's residents with disabilities and reflects our ongoing commitment to provide better banking experiences for all community members," Montgomery-Rice said. ABLE Accounts will give opportunities for "financial health, planning and empowerment" to individuals with disabilities and their families.Originating from the Federal ABLE Act, created in 2014, ABLE accounts are established and managed at the state level, overseen by the Office of the Maine State Treasurer.

Bangor Savings Bank is launching a first-of-its-kind product in partnership with Maine State Treasurer, Maine ABLE Benefit CheckingSM, created for people with disabilities.

The account allows greater accessibility for financial products and services, while also protecting eligibility for federal and state of Maine means-tested benefits, announced Bangor Savings Bank.

A $2,000 limit in resources for individuals receiving benefits like Supplemental Security Income or Social Security Disability Insurance has been the norm until now.

The account, available to all qualifying Maine residents, can be opened at any Bangor Savings Bank branch.

Being the first such program in the country, ABLE Accounts offer a unique public-private collaboration, Bob Montgomery-Rice, president and CEO of Bangor Savings Bank, said.

"Creating and offering this program supports the financial independence and well-being of Maine's residents with disabilities and reflects our ongoing commitment to provide better banking experiences for all community members," Montgomery-Rice said.

ABLE Accounts will give opportunities for "financial health, planning and empowerment" to individuals with disabilities and their families.

Originating from the Federal ABLE Act, created in 2014, ABLE accounts are established and managed at the state level, overseen by the Office of the Maine State Treasurer.

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Bangor Savings Bank partners with Maine on novel benefits program - WMTW Portland

The 2021 TD Financial Literacy Month Survey Reveals:

33% of Canadian parents surveyed aren't confident they're setting a healthy financial example for their children.

10% of Canadian parents surveyed consider their household to be in "excellent financial health."

45% of Canadian parents surveyed don't have a household budget.

TORONTO, Oct. 19, 2021 /CNW/ - A recent September 2021 Ipsos survey conducted on behalf of The Toronto-Dominion Bank (TD) ahead of Financial Literacy Month in Canada, reveals that one-third (33%) of Canadian parents surveyed aren't confident they're setting a healthy financial example for their children. The survey also reveals that only 29 per cent of Canadian parents surveyed consider their household to be in "excellent" or "good" financial health" which includes the ability to pay bills on time, carry manageable debt, have short and long-term savings, and a financial plan.

TD Bank Group Logo (CNW Group/TD Bank Group)

"Parents can be the biggest influence on their child's financial know-how, yet our survey shows many aren't sure about the kind of example they set for their kids when it comes to money management," says Jennifer Bishop, Head of Financial Health & Education at TD. "Asking for help when it comes to managing and talking about money can be an important step towards improving financial health. Speaking to a financial advisor can help a parent be better prepared to have the "money talk" with their children and support the development of healthy financial habits."

Bad Budgeting HabitsHaving and maintaining a budget is a fundamental behavior to achieving good financial health, yet the TD survey reveals that nearly half (45%) of Canadian parents surveyed say they do not set a household budget. Setting a budget now can help set the stage for responsible financial behaviours in the future, especially for older teenagers who are looking to leave the nest and are taking on their own financial obligations like saving for post-secondary education or making their monthly cell phone or car payments. That way, before this age group flies the coop, they will understand the benefits of putting in the effort to create a detailed budget.

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According to the TD study, of the parents surveyed that do have a household budget, only one-in-four parents (25%) believe they take a thorough approach to their financial planning - indicating most households aren't planning for the unexpected.

"If the pandemic has taught us anything, it's how important it is to have a household budget that includes setting aside funds for emergencies," says Bishop. "The unpredictability of the pandemic has shown us that it's important to plan for the unexpected. It is also a good opportunity to start the money conversation with our children, as it can foster healthy approaches to budgeting for parents and financial independence for children."

Wants vs NeedsAn allowance is a great tool to help younger children for example those under 13 - understand the concept of money and budgeting. According to the TD survey, nearly a quarter of parents surveyed give their children an allowance for completing household chores (21%) or as a reward for good behaviour (5%).

When it comes to parents with kids aged five and up, 28 per cent of survey respondents say their child does not know the difference between a want and need. "Kids will often see something, like candy at a check-out, and want it immediately," says Bishop. "These are good moments to teach kids the concept of needs versus wants, and that money is finite. If we buy the chocolate bar now, we won't have enough money to buy that toy you really want."

When to have the "money talk" When it comes to having the money talk, the TD survey reveals a lack of consensus on timing. One quarter (25%) of Canadian parents surveyed don't regularly talk to their children about money, with the primary reason being that they feel their child is too young. Other reasons for not talking about how to manage money include not believing it's an important topic for kids or not something they need to worry about (12%), because they'll learn about finances in school (11%), or because it's a taboo topic that shouldn't be discussed with anyone (4%).

The survey also reveals that conversations about finances between parents and kids are often reactive. Among surveyed Canadian parents, the most common catalyst for these conversations is their child receiving money as a gift (27%), when the child shows interest or asks questions (20%) and when they start getting an allowance (19%).

"It's never too early to have fun, creative and open conversations about money with your kids. From counting coins in a piggy bank to opening-up a first bank account and looking at the account activity together, there are many ways to involve kids in managing their finances," says Bishop. "Financial education is critical, and when children learn to manage money at a young age, they are more likely to have a long-lasting responsible and healthy relationship with money as adults."

Building Financial ConfidenceAs a long-time advocate and supporter of financial education, TD has several sources of information available as follows:

TD Ready Advice provides information and articles on a variety of financial topics, from how to keep track of day-to-day expenses to how to navigate the first-time homebuying process.

TD advisors are available at our TD branches across the country to help provide personalized advice and help customers with their financial goals.

Learn more about how we are supporting Financial Education in communities across Canada and the United States by visiting The TD Ready Commitment Financial Literacy page.

TD recently announced a CDN $10 million commitment to the Black Opportunity Fund, where part of the funds will go to Black-serving community and non-profit organizations focused on areas of financial security.

About the StudyTD Bank Group commissioned Ipsos to conduct a national online survey of 1,000 Canadian parents aged 18+ with kids under 18 in the house. This poll was conducted between September 17 and 22, 2021.

About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.7 trillion in assets on July 31, 2021. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

SOURCE TD Bank Group

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1-In-3 Canadian Parents Surveyed Aren't Confident They're Setting a Healthy Financial Example for Their Kids - Yahoo Finance

Asante Financial Services Group (Asante) announces $7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.

We are delighted to welcomeour new investors including Goodwell, Sorenson andForsagein our inaugural institutional fundraise. Together, we will advance access to finance, and financial independence and wellbeing for the millions of small businesses on the continent, said Chidi Okpala, Founding CEO of Asante.

MSMEs have a significant impact on the economies of most countries, especially emerging markets, representing 90% of all businesses, 66% of all jobs created and 50% of the worlds GDP. Yet according to the World Bank, the annual SME credit gap in Sub Saharan Africa is about US$330 million. MSMEs are often neglected by lenders due to a combination of factors. These include the high cost of customer acquisition and due diligence, insufficient data availability for accurate credit assessments, lack of collaterals, uncertain customer lifetime values, and the high costs of distribution and servicing.There is a large opportunity for lenders who are able to overcome these challenges.

Asante differentiates itself with its ecosystem-based digital lending platform that uses alternative data and a proprietary AI loan decisioning management system to approve loans to MSMEs. The company works directly with ecosystem channel partners to collectconventional and non-conventionalMSME data, with the prior consent of the clients. Its channel partners include Africas largest telcos, mobile-based marketplaces, airlines, retailers, payment processors, insurance companies, smartphone phone OEMs and large FMCGs. This significantly reduces the cost of customer acquisition and due diligence, while providing sufficient alternative data for credit underwriting.

As a result, Asante is in a strong position to address the credit gap and accelerate its rollout. Asante has executed over 16 strategic corporate channel partnerships, giving Asante direct access to 2m MSMEs with a monthly lending opportunity in excess of US$200 million.

With over650% growth in lendingactivitiessince Q1 2021 and a sustained average all-in default rate of 2.5%, Asante is well-positioned to fast track scaleand deepen our impact in our operating markets. Our bold post-COVID response is helping small businesses recover, reconstruct and reposition for growth while ensuring that thousands of jobs are safeguarded. We look forward to a round extension very early in the new year to support the solid growth momentum, notes Okpala.

MSMEsparticularly those in the informal sectorare being held back by a lack of responsible lending from traditional financial services providers who are unable to run accurate credit checks and offer profitable loans to this segment of the market. Asante has solved these problems through its innovative digital platform and ecosystem approach. The companys success to date is proof that the model works, and we are very confident that the business will scale quickly and successfully with this round of funding, explains Bitta Wycliffe, Senior Investment Associate atGoodwellInvestments.

This is the 20th investment byGoodwellInvestmentsuMunthufund, of which 50% is invested in financial inclusion. Asante is a perfect fit and a great addition to our portfolio of other socially responsible financial services providers.

Asante is a strategic partner of Mastercard for digital lending in Africa and the only African fintech in a class of 6 scaling start-ups selected in May 2021 to join the award-winning Mastercard Start Path program. Asante is currently piloting its Business Lending Platform, to further extenditslending and other services to small business clients with essential tools like Business Financial Manager, Management Toolkit and Tax Advisoryto assist them to operate more efficientlywhile infusing resilience into their operations. Via the platform, Asante will also be able to offer insurance, payments, and other products to its clients.

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Asante closes first tranche of $7.5m Series A funding to bridge the gap in MSME lending in Africa - Finextra

A popular leader whose words are followed closely by millions of American voters just unveiled a political platform out there in left field with Bernie and AOC: Universal basic income, a shorter work day, a Big Tech crackdown on hate speech, curbs on the global arms trade and deep cuts in pollution. Unfortunately for Democrats, Pope Francis is constitutionally barred from seeking the White House.

Did someone forward you this email? Sign up to receive this newsletter weekly at inquirer.com/bunch, and youll get politics without the infallibility.

America has learned a lot in 2021 about West Virginia Democratic Sen. Joe Manchin and the things he doesnt like, as he positions himself as the decider on what legislation can or cant through the Congress. Hes not a big fan of what he calls the entitlement society apparently any government action that benefits working folks instead of those who float on or near the senators luxury houseboat or anyone bad-mouthing fossil fuels. But what the most conservative Democrat on Capitol Hill really hates is people asking him about his money.

In late September, Manchin snapped at a Bloomberg reporter, Ari Natter, who asked about the annual dividend checks the lawmaker still collects from a coal company now run by his son. Ive been in a blind trust for 20 years, Manchin insisted. I have no idea what theyre doing. When Natter continued to press about the millions Manchin has received from Enersystems, Manchin angrily asked, You got a problem? and when Natter asked another question, Youd do best to change the subject.

Lets not, shall we? In fact, lets make Manchin and the conflict of interest that now threatens Planet Earth the main subject of todays newsletter.

After all, it was less than three weeks later that word leaked on Capitol Hill that Manchin knowing that President Bidens ambitious climate agenda cant pass the 50-50 Senate without his support is successfully blocking the critical $150 billion component to help utilities replace dirty fossil fuels, including coal, with clean energy. Experts say that without the program, the lynchpin of the White House climate strategy, the United States wont meet scientists timeline for reversing global warming.

So, yeah, we do have a problem, Senator Manchin. And part of the problem is this: When the senator says that his not-insignificant fortune is in a blind trust his robotic response, for more than a decade hes technically not lying. But Manchins wealth isnt in a blind trust in the sense that most people would understand that term. The senator knows that coal dollars are floating his boat. Like much of what passes for ethics in Congress, the whole thing is a farce. As any hardened investigative reporter would tell you, the corruption of Joe Manchin is the worst kind the legal kind.

Its a misnomer these are not blind trusts whatsoever, Craig Holman, the Capitol Hill lobbyist on ethics and related matters for the good-government group Public Citizen, told me on Monday. He added that Manchin is one walking conflict of interest.

There are several loopholes that a senator could steer a houseboat through. For one thing, despite Manchins sanctimonious answer, his money is not in a traditional blind trust in which all assets are liquidated and a manager invests the proceeds without the beneficiary knowing what stocks or funds that theyre buying. As Holman explained, members of Congress hold qualified blind trusts in order to comply with other financial disclosure rules so while an outside manager might be making investment decisions, a lawmaker often knows where his money sits.

READ MORE: Joe Manchin beats his chest for D.C. elites while struggling W. Va. waits for help | Will Bunch

It seems an assault on the English language to call Manchins coal stake a blind trust especially when the nations most prominent newspaper, the New York Times, reported in 2011 Sen. Manchin Maintains Lucrative Ties to Family-Owned Coal Company. Presumably Manchin noticed the name Enersystems or a second coal company, Farmington Resources, as he cashed their checks for $4.5 million since getting elected to the Senate.

And yet Senate rules have held over the years that lawmakers can not only retain their investments but dont have to recuse themselves from votes broadly affecting that industry only from very narrow legislation that would only affect their specific company (such as a federal contract specifically for Enersystems). The rationale is that a senator like Manchin should be able to vote on coal legislation since he represents mine owners and their employees back in West Virginia, but the sizable amount of Manchins income raises questions.

Virginia Canter, who was White House ethics counsel for presidents Barack Obama and Bill Clinton before becoming chief ethics counsel for Citizens for Responsibility and Ethics in Washington, or CREW, repeatedly used the word stunning when describing Manchins conflict of interest, noting that his coal income a reported $491,949 in 2020 is nearly triple his Senate salary of $174,000.

Canter said she fears that because of his blatant conflict, Manchin may not be able to see the forest for the trees and see whats in the best interest of his constituents, because the dollar signs have blinded him.

It doesnt have to be this way, of course. But currently Congress is such an ethical quagmire that the legislation seen as having the best chance of passing like the Ban Conflicted Trading Act, to prevent members and their staff from selling individual stocks while in office is the lower hanging fruit. A bill backed by the Project on Government Oversight, or POGO, that would address the Manchin problem head on by requiring elected representatives to liquidate their holdings into actual blind trusts or index funds is seen as having little support.

Its something of a clich to say that the Founders who drafted the Constitution here in Philadelphia didnt anticipate this or that, but, seriously, could James Madison or Alexander Hamilton ever have dreamed that humankinds industrial pollution would cause droughts, wildfires, or floods, or that one U.S. senator with a stunning conflict of interest could block any legislation to save civilization from that problem? Serving as a U.S. senator is a privilege, not a right. Anyone seeking the job must be required to sacrifice a bit of their (financial) independence to guarantee that their greed wont threaten your independence, or mine.

Brian Eno said, most famously, that only about 5,000 people bought the first LP from The Velvet Underground the avant-garde 1960s Manhattan rock band godfathered by Andy Warhol and fronted by Lou Reed but that every one of them went out and started a band. Which makes it weird that the band never got a documentary worthy of their legend ... until now, streaming on Apple TV+. Acclaimed filmmaker Todd Haynes shuns the predictable MTV Behind the Music framing to instead tell The Velvet Underground story in the trippy, Warhol-like pop art style from which these rock and roll icons were spawned.

As anyone whos followed the last few years of climate protests particularly the 2016 fight against the Dakota Access pipeline at the Standing Rock Reservation knows, the moral power of Indigenous culture and politics is thriving in modern America. Which makes it hard to explain why the publics fascination with the Native American story tends to fall off after the Wounded Knee massacre in 1890, and the end of Americas frontier days. In The Heartbeat of Wounded Knee: Native America from 1890 to the Present, writer David Treuer fills in the gaps in the saga so deeply threaded through our national narrative, such as the American Indian Movement of the 1970s.

Question: Why does Pennsylvania stagger its elections for AG and governor? Via Ira Goldman (@KDbyProxy) on Twitter

Answer: I cant tell you exactly what Pennsylvanias Founders (and the subsequent tinkerers, such as those who, in 1968, began to allow two terms for governor instead of one) were thinking. But staggered elections are one of the best features in the Keystone States mixed bag of modern democracy. The ballot mix including state Supreme Court justices and big-city mayors in so-called off-year elections, and statewide row offices separated from the gubernatorial race has the laudable goal of encouraging citizens to stay engaged with annual voting. As for governor and attorney general, staggered races has meant the two officials are often (although not currently) from separate parties, or at least not ticket-mates. This promotes independence, which is always a good thing.

In a week where most of the American political chatter centered on the fate of President Bidens economic agenda or the extreme radicalization of the Republican Party, the biggest story of the 21st Century may have flown under the radar. I mean, literally. Im talking about the Financial Times report that China caught U.S. intelligence and the rest of the world off-guard by testing a hypersonic missile that is capable of carrying nuclear weapons and would be more difficult for Beijings would-be adversaries to intercept. (China denied the test, as one does.) Its no secret that China has ratcheted up its worst evil-world-domination tendencies, from Uighur concentration camps to crushing democracy in Hong Kong. But the scariest part is the Xi regimes aggressive posture toward Taiwan, the densely populated island survivor of Chinas 1949 political partition that the United States has, to quote Bruce Springsteen, a vow to defend.

READ MORE: Does Never Again! mean anything if we do nothing about Chinas concentration camps? | Will Bunch

As a child of the baby boom born in 1959, I arrived just 41 years after the end of World War I and 14 years after World War II. I grew up assuming there was a darn good chance Id see World War III in my lifetime. Instead, the accumulated decades of avoided global conflict have brought complacency ... perhaps too much? The rising authoritarianism and middle-class angst of the 1930s flowed into World War II, so how should we reconcile the similar developments of the 2010s and 20s? History isnt always fated to repeat, though. Global trade, for all its flaws, provides the Biden administration and our allies with ways to pressure Beijing economically before the first bomb, hypersonic or otherwise, drops. Similar to Europe in 1939, Chinas bad behavior cant be ignored. But at the end of the day, avoiding World War III at any cost needs to trump the foolishness of macho superpower posturing.

The protests after the May 2020 police murder of George Floyd in Minneapolis were nothing like the world has seen before, with estimates that as many as 17 million to 26 million people joined marches. And yet 17 months later, the changes wrought by those rallies havent measured up. There have been scattered local reforms, but the federal bill collapsed and were seeing a trend toward spending more on traditional policing, not less. In my Sunday column, I asked if the marches were too white, too educated, and too transient to bring real change.

The growing vibe surrounding 2021 is that the sense of hope that launched with President Bidens inauguration is dissipating. Thats in part because of the growing extremism of a Donald Trump cult on the right, and in part because the corruption of key Democrats is thwarting Washington from changing those bad dynamics. Over the weekend, I urged those who were energized during Trumps presidency to get back at it, in the off-year voting booth and in the streets, if need be.

The Inquirers tireless Samantha Melamed, who covers criminal injustice in a city overflowing with it, is one of the best beat reporters in America. Last week, she paid homage either to Donald Trumps ice cream addiction or those old Raisin Bran commercials with two scoops. Her shocking expose of the violence, uprisings, and dangerous conditions in the Philadelphia jails dropped at roughly the same time as a longer investigative report on the citys wrongful-murder-conviction racket of the 1990s, and the new allegations of perjury against the detectives who perpetrated it. In the 21st Century, this old-fashioned kind of accountability journalism can only survive if readers like you will support it. Please consider subscribing to The Inquirer today.

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Joe Manchin's 'blind trust' is an utter farce | Will Bunch Newsletter - The Philadelphia Inquirer

BENGALURU: HCL Technologies Ltd has launched its TechBee early career programme in Vietnam with plans to onboard 2,600 candidates in the next five years, starting in 2021.

Designed exclusively for high-school graduates, the TechBee programme prepares students technically and professionally for global IT careers in HCL, where candidates undergo an extensive 12-month training to become successful IT professionals and work for global companies.

HCL Vietnam strives to foster growth and train the nations talent pool in collaboration with high schools and local ICT (information and communications technology) and engineering institutions. Any local student who has successfully completed high school and holds a high school graduation certificate or its equivalent, can apply for the TechBee programme. Enrolment in the programme will take place through an entrance test," the company said in a statement.

After the successful completion of the 12-month training programme, the candidates will join HCL Vietnam and will be paid salary equivalent to the job roles.

Vietnam has great market potential and talent pool for global technology companies to harness," said Sanjay Gupta, corporate vice president, HCL Technologies. The programme will give students an early start in high-tech career roles. With this program, HCL aims to hire the best talent from the country and give them financial independence early in their lives."

HCL started this programme in India in 2017 with an aim to hire the best talent and enable them to achieve financial independence. Running successfully in India, Australia and Sri Lanka, HCLs TechBee programme involves training selected candidates on high-tech niche technologies to make them job-ready early in their lives.

Till date, more than 3,000 students have completed the TechBee programme and now work with HCL. The Noida-based IT major began its business operations in Vietnam in July 2020. According to HCL, a key part of its business and development strategy in Vietnam is to provide the right skilling and platforms to train the local talent in high-tech domains and provide them with the requisite exposure of working on global assignments.

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HCL Technologies to onboard 2,600 students in Vietnam in five years - Mint

In a wide-ranging study in which women pass on life tips to the younger generation, they say that being perfect doesnt exist and to always trust your gut

Image: Getty Images)

More than half of women aged over 50 insist that sex gets better as you grow older.

And in a wide-ranging study, in which they pass on life tips to the younger generation, they say 53 is the best age to be but warn that being perfect doesnt exist.

Instead, they advise younger women to appreciate the small things in life, to love themselves and always go with gut instinct.

In the study of 1,500 women, 27% described losing your sex drive as you go through the menopause as a complete myth.

Dr Paula Briggs, consultant gyne-cologist at the Liverpool Womens NHS Foundation Trust and chair of the British Menopause Society, was delighted by the findings. She said: Menopause can be a positive thing for women. However, for many its something they face with fear, not knowing what the future holds.

Image:

Other tips included making sure of financial independence, never staying in a job which you hate and to travel as much as possible.

More practical advice included making time for yourself and looking after your teeth.

In the survey by womens health company Organon, a third of women over 50 recommended marrying for love and nothing else.

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Women over 50 insist sex gets better as you get older - and 53 is the best age - The Mirror

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Everyone dreams of financial freedom, if not early retirement from work-life. The Financial Independence, Retire Early (FIRE) movement caught attention because of this common goal. FIRE proponents say the retire early concept is simple and achievable.

However, some people doubt the process and say its an overhyped strategy. Making big sacrifices today might not bring retirement happiness in the future. The FIRE movement is good as it encourages people to save. Unfortunately, socking away up to 70% or 80% of yearly income is easier said than done.

If there are serious challenges to saving enough to retire by age 60 or 65, what are the obstacles to calling it quits at 40 or 50? Canadians are lucky because they have retirement foundations in the Canada Pension Plan (CPP) and Old Age Security (OAS) when they retire. All they need to do is create extra income to supplement the pensions.

Since the CPP and OAS are partial replacements of the average pre-retirement income, you can do the math. Compute the amount of income youll need to fill the gap. It wont entail setting aside the bulk of income toward savings and living an extremely frugal lifestyle.

The key is to save consistently every year within a specific time frame while controlling spending. Your next step is to invest wisely because success depends mainly on your investment choices.

The Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is a no-brainer choice if youre saving for retirement or building a nest egg. Canadas second-largest bank has been through the worst recessions and financial crises. Despite the economic downturns, the $155.62 billion bank has kept investors whole on dividend payments for 164 years.

COVID-19 is no exception. TD emerged stronger from the global pandemic thanks to the governments intervention and stimulus programs that averted a financial meltdown. The anticipated deterioration of its loan portfolio didnt happen. After Q2 fiscal 2021 (quarter ended April 30, 2021), its excess CET1 capital reached $14.6 billion.

Apart from pursuing strategic M&As, TD can deploy funds to increase dividends. Only the restrictions on dividend hikes prevent them from rewarding investors with more payouts.

The North West Company (TSX:NWC) is a dependable income provider like TD. This mature company hardly faces competition in the markets it serves. The food retailer and grocer has been around since 1668. Its captured markets are in far-flung, hard-to-reach communities of Canada, Alaska, the South Pacific, and the Caribbean.

The $1.62 billion company averaged $2.1 billion in annual revenue in the last three years. Regarding stock performance, North Wests total return in 31 years is 58,397.12% (22.76% CAGR). Because of the solid Q2 fiscal 2021 results, its President and CEO Dan McConnell announced a 2.8% increase in quarterly dividends.

The current share prices of TD and NWC are $85.51 and $33.64, while the average dividend is 4.06%. Given the yield, a $100,000 ($50,000 in each) investment can generate $1,015 in quarterly income. You can start small, accumulate shares, and keep reinvesting the dividends to harness the power of compounding.

While the FIRE concept inspires people to save, youd have to save aggressively and give up more in exchange for early retirement. Its better to have a slow-but-sure plan without having to live frugally every year until you reach your goal.

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1 Overhyped Strategy Isnt the Way to Retirement Happiness - The Motley Fool Canada