Category Archives: Financial Independence

Theres an emotional reward that comes with giving adult children money to buy a house.

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Theres an old saying that its better to give with a warm hand than a cold one. Put another way, for many parents, there are benefits to gifting money to the next generation while youre still alive or providing whats known as a living inheritance.

Theres an emotional reward that comes with giving adult children money to buy a house, start a business, or simply support their families, experts say, as well as financial benefits of reducing the value of your future estate. The trick is not giving away too much so that it spoils the kids, or worse, curbs your retirement lifestyle.

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Assuming parents are in a strong financial position to do so, and if there are excess funds beyond their income retirement needs, then thats when gifting should often be considered, Kelly Ho, a partner and certified financial planner at DLD Financial Group Ltd. in Vancouver, tells Joel Schlesinger.

Its sometimes said that people in certain professions tend to make poor investors simply because theyre too busy with their own fields of endeavour.

So, it is with Dennis and Gwen, a middle-aged couple imagining how theyll live once their teenage children have grown up and moved out. Dennis, 52, earns more than $160,000 a year in the sciences. Gwen, 45, is a self-employed wellness consultant grossing $97,390 a year.

Once the children have gone, Gwen and Dennis plan to downsize, keeping a small place in Vancouver and a modest cabin on one of the Gulf Islands. An immediate question is what to do with the $97,000 or so Dennis has built up in his chequing account over the years on top of the $872,500 from an employee buyout. They wonder whether they should pay down their mortgage more quickly or invest.

Dennis plans to retire at age 65 although he wants to scale back before then. Gwen plans to keep working to age 70. Their retirement spending goal is $100,000 a year after tax.

In the latest issue of Financial Facelift, Cecilia Tsang, a certified financial planner at RGF Integrated Wealth Management in Vancouver, looks at Dennis and Gwens situation.

Early retirement is a dream for many investors, particularly those in the financial independence, retire early (FIRE) movement. It requires aggressively saving and investing in your 20s and 30s to be able to retire decades earlier than most.

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But workplace changes brought on by the pandemic have put a new lens on early retirement. For some, no longer having to commute to an office every day or the ability to do your job from any location has made work more attractive.

The pandemic has opened our eyes to a new way of working, says Amin Mawani, an associate professor at York Universitys Schulich School of Business, which may lead to the FIRE movement losing some momentum in the aftermath of the pandemic. If you can work from home, and home can be anywhere, it gives you a lot more options and a lot fewer reasons to quit, he says. Why give up income if you dont have to?

FIRE proponents say the movement isnt necessarily about planning to stop working entirely, but about reaching financial independence and working as much or as little as you want to, in a job you enjoy. Some who have reached financial independence with the intention of never working again have changed their minds, realizing there is worth to work that goes beyond a paycheque. Brenda Bouw reports.

Lily Eng has lost track of just how many courses shes taken since retiring from her teaching job two decades ago: 20 or 30. Probably more.

Shes studied art history, womens art, Cantonese, Chinese history, comparative religion, critical thinking and the list goes on.

When I was teaching, I always wanted time to sit down and learn different things, says Ms. Eng, 80, of Vancouver. I had to wait until I retired. Canadians are living longer, healthier lives and, in many cases, are retiring earlier than any previous generation.

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Some, like Ms. Eng, also prefer going back to school to more traditional retirement activities like gardening. And, as Dene Moore reports, there is a growing body of evidence that novel learning is one of the most important measures people can take to maintain brain health as they age.

Toronto actor Nicole Fairbairn entered the pandemic lockdown with long ginger locks. The 50-year-old is coming out of it ready to embrace her now natural salt-and-pepper.

It wasnt just the inability to professionally maintain her hair colour with salons closed as part of public health measures, but the self-reflection and shifting of priorities that she experienced in the face of an urgent global crisis.

I was one of those people that said theres no way. Ill go to my grave with dyed hair, she says. But then when the pandemic happened, I was like I dont want to be fussing around with this. There are more important things.

If the proliferation of Facebook groups for women who dare not to dye, is any indication, Ms. Fairbairn is far from alone. Dene Moore reports.

Many Canadians consider moving to the U.S. in retirement, in particular to hotter states like Florida, Arizona and California. However, some Americas are also looking to move up here in their old age.

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This article looks at what Americans looking to move to our country need to know, including the type of visa and residency to pursue, cost of living and taxes.

Many Americans assume that moving to Canada is easy and that theres a special pathway for Americans, since our two countries are so closely connected, Cori Carl, author of Moving to Canada: A Complete Guide to Immigrating to Canada Without an Attorney, says in the piece. However, thats not the case. Theres no simple way for Americans to retire in Canada.

Solo travel wasnt considered safe, ideal or trendy for Indian women 25 years ago. Those who travelled alone were often criticized for defying cultural and societal norms dismissed as adamant, single women who didnt care about their own safety.

But that didnt deter Dr. Sudha Mahalingam.

When she tagged along on her husbands work trips abroad, she used the opportunities to tap into her adventurous side.

Her husband, not fond of exploring, would ask Mahalingam to visit the touristy landmarks with a local guide. But she disliked planned trips and packaged tours.

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Packaged tours are so predictable, she tells CNN Travel. They show you what they want to show not what you want to see.

Two decades ago, Mahalingam quit her job in mainstream print journalism and switched careers to take up energy research. Soon after, she started receiving invitations to speak at international conferences in oil producing countries and the world of travel opened up to her.

Today, at 70, she has visited 66 countries across six continents, which she recounts on her blog Footloose Indian as well as in her book The Travel Gods Must be Crazy.

Question: My spouse and I are considering selling our primary residence to downsize and potentially reduce operating costs, as well as to get some capital. Were considering that renting might make sense, because we are not certain we want to stay in the city long-term. On the other hand, does it make sense to stay with the house we own for the time being?

We asked Dan Bortolotti, portfolio manager at PWL Capital Inc. in Toronto, to respond:

The decision to sell your home in retirement has many facets, and not all of them are financial.

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Many Canadians have the majority of their net worth tied up in their homes, and downsizing can allow retirees to turn some of their home equity into cash. This can be an attractive option if youre not sure your investment portfolio and government benefits will provide enough income for your day-to-day expenses.

Downsizing can also make sense for lifestyle reasons: a bungalow will be attractive for folks who are worried about perilous staircases, and condos are a boon for those who are tired of mowing the lawn and shovelling snow.

Selling your home and becoming a renter adds a few more layers. If you wont be purchasing a new home, youll free up all of your home equity, so there will be more cash available to top up your portfolio. And, as you note, renting will provide flexibility if you think your next move might not be your last. But unless youre currently making mortgage payments, renting might actually make your monthly costs go up, not down.

When making the transition from homeowner to renter, especially in retirement, youll need to consider the non-financial factors, too. The life of a renter can be liberating: that broken dishwasher or leaky ceiling becomes the landlords problem, not yours. But if youve been a homeowner all your life, youll need to accept that youre no longer master of your domain. Hate that kitchen countertop, or wish you could knock out that wall to open up the family room? Well, now youll just need to live with it.

Whats more, after your first one-year lease is up, youre vulnerable to being asked to leave if the landlords decide they want to sell the property or rent it to a family member. If youre happy in your new home, that can turn your life upside-down in a hurry.

If you need to sell your home for financial or health reasons, the decision is easier.

But if your medium-term plans are still up in the air, make sure youve carefully considered all the factors before you make the leap.

Have a question about money or lifestyle topics for seniors, or want to suggest a story idea for the Sixty Five series? Please e-mail us at sixtyfive@globeandmail.com and we will find experts and answer your questions in future newsletters.

Originally posted here:

Why parents might want to give kids part of their inheritance now, how the work-from-home trend could slow the FIRE movement and advice for Americans...

Opinions expressed by Entrepreneur contributors are their own.

Starting a business is one of the most exhilarating experiences you can have. After all, youre the beating heart and soul of your new company, and its success is your success.

But the will to form and own a business doesn't automatically equip you with all the information you need to make your dreams a reality. You'll have a full list of things to research and understand on the way to financial independence.

One of those research items is understanding the kinds of companies out there and then asking yourself, "What kind of company is right for me?" Answering this question takes some thought about what you want to accomplish with your company, what you'll provide and who you plan to employ.

Related:7 Mistakes to Avoid When Choosing Your BusinessEntity

If you're a crafter or an artist creating something unique your ownor a freelance designer, editor, writer or other service provider who works alone for different clients as needed, this is most likely the kind of company you'll be starting (at least until you decide to expand).

Doing business as a sole proprietorship is simple and easy in almost all instances, your taxes and other business accounts are merged with your personal identity, and there are no special forms to fill out to get started. In some instances, you'll want to lay the groundwork for a larger company by setting things up in a slightly more comprehensive way. Read on to learn about the most common way sole proprietors take the next step: an LLC.

A Limited Liability Company, or LLC, does just that: It limits your personal liability when it comes to business accounts and dealings. When you form an LLC, whether alone or with partners, you separate your business and personal finances, meaning you are not personally liable for the company's debts and liabilities.

An LLC is similar to a corporation, but it allows itsincome to flow directly from the company to the individual owners. And those owners then pay their personal income tax rate on the profits, rather than a corporate rate. An LLC will likely require an Employer Identification Number (EIN). An LLC is usually the most common business entity formed.

Related:How to Set Up and Maintain Your BusinessEntity

A corporation stands apart from its owners in every way, from taxes to liabilities and debts. Most corporations tend to be larger companies, and shareholders own them with a board of directors tasked with making decisions. However, in most states, you only need one person to incorporate your business. Different types of corporations can be formed, such as a C or S Corp, depending on the number of shareholders and other factors. This is the most complex kind of common business formation, but it can be the right fit if you have a large and involved company structure in mind.

Choosing the right kind of business formation can be easy in the case of a sole proprietoror more difficult as your vision for your company becomes more complex.

"EIN" stands for "Employer Identification Number," and the IRS issues it. It's a free service provided online.

If you are a sole proprietor without employees or partners, the IRS says an EIN is not necessary for your business. However, if your company is a corporation or LLC, you'll need to apply for an EIN, even if you don't have employees right away. You'll also need an employer-identification number if you file employment and excise alcohol, tobaccoand firearms (ATF) tax returns. In addition, if you withhold taxes on income paid to a resident alien or are involved with the following kinds of agencies, you'll need to apply for an EIN:

An EIN is also required if you have something called a Keogh plan. This is a special kind of tax-deferred pension plan that is made available to those who are self-employed unincorporated. You must have self-employment income to set up a Keogh plan. Keogh plans are also often referred to as HR-10sor qualified retirement plans.

When starting a business, you're eligible to apply for an EIN online if your principal business is in the United States or a U.S. territory. The application must be completed in one sitting, and you'll need a valid taxpayer ID number or Social Security number. Thankfully, the application is a simple, interview-style series of questions, and you'll receive your EIN immediately upon completing it.

Related:5 Tips for Structuring Your New Business Like a Pro

Originally posted here:

Starting a Business? Get Familiar With the 3 Most Common Entity Types. - Entrepreneur

LOOKING for inspiration when it comes to bagging yourself some extra savings? One woman has revealed her tips and tricks that have helped her bank $1million.

Caitie T, known as the Millennial Money Honey, on social media is 29 years old and has already revealed her plans to retire at 35.

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After putting away a huge $1million (727k), she's now sharing the tricks she swears by to pocket extra cash here and there, including getting cheaper haircuts and ditching her false lashes.

To start with, Caitie, who is based in Los Angeles, decided to track her spending after being left inspired by FIRE - the Financial Independence/Retire Early community, a movement devoted to extreme saving.

Realising just how much she was spending and what her monthly outgoings were, Caitie decided to make changes and she has five areas of cost-cutting that have allowed her to rack up the dollars and secure herself early retirement.

Everyone loves getting their hair done regularly and splashing out on pamper treatments or a gym membership, but these were material things Caitie realised she could go without and pocket the cash instead.

According to Insider, Caitie was spendign $230 (167) on a gym membership, $30 (21) a pop on eyelash treatments and $600 (436) twice a year on hair appointments.

Making little tweaks to her lifestyle, Caitie decided to ditch her luxury gym membership and stop having her eyelashes done - and she even took her hair back to its natural colour to prevent paying out to keep it bleach blonde.

When she does need her hair cut, she now opts for a budget salon that charge just $15 (10), saving her hundreds of dollars already.

Caitie also put herself through a no-spend year, where she only paid out for her expenses and nothing else.

She revealed on TikTok: 'I didn't buy any new clothes or home goods... basically material stuff! Some people do a week, month or quarter to start!'

If you're hoping to secure a pay rise at work, then maybe it's time to look for a similar role, using your same skill set, but in a more lucrative industry.

Caitie was previously working as a graphic designer at an ad agency, but decided to get creative and increase her income by looking for similar work elsewhere.

She landed a role as a graphic designer at a tech company - finding her feet in a much more higher-paying industry doing pretty much the same role.

Prior to throwing herself head first into excessive saving, Caitie had already racked up $30,000 (around 22k) in savings and decided to invest what she had into a robo-advisor - a digital investement service.

The money she makes now, she splits her savings between index funds, an individual retirement account and a health savings account.

For Caitie, moving back in with her parents was a no-brainer as it allows her to live rent-free.

Albeit spurred on by the pandemic, Caitie ended up back at her parents and it led to her being able to save much more of her income, as she had less outgoings as a result.

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Putting away savings doesn't mean that you can't enjoy life too and while Caitie chooses to cut back where she can to save 80 per cent of her monthly income, she doesn't budget her day-to-day spendings.

While she always makes sure she can cover her monthly expenses, she still lives her life and will go out and enjoy dinner and drinks with friends, or pay out for a holiday from time to time.

She's all for 'conscious spending over deprivation' and clearly it seems to be working for her.

Sharing her story on TikTok, Caitie - who is now thinking about taking a sabbatical for a year in 2022, despite it pushing back her early retirement by a year - revealed: 'Four years ago, I was 26 and had no money to my name even after working for many years.

'I had to work hard until I was 65 and then I could finally retire. Then I learned about financial independence and early retirement (FIRE), I realised that I could actually retire by the time I was 35. Through my investments, I've grown my net worth to almost $400,000.'

She explained: 'I'm on track to retire in five years. The first step to financial freedom is believing you can do it.'

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Investigation

For more money-saving tips, mum-of-two who struggled with money saves 1.5k on food shopping and shares her best tips so YOU can too.

Plus, Martin Lewis explains three ways to get FREE cash how to get up to 1,845.

And a mum of four pays just6 for 50 worth of shopping with money-saving tip heres how you can too.

See the article here:

Im 29 & on track to retire by 35 with $1m saved heres FIVE ways Ive managed it including getting chea... - The US Sun

While contemporary discourse predominantly focuses on India being a young country, there is little talk about people on the other end of the age spectrum. There are global demographic shifts; BBC reports how in 1960, those older than 65 made up just 4.9 per cent of the global population, but by 2050, they'll account for a staggering 17 per cent.

As per census data, the population of the elderly in India has been continuously on the rise. In the first decade of the twenty-first century i.e. from 2001 to 2011, the number of people above 60 years of age went up from 77 million to 104 million comprising around 8.6 per cent of total population.

Simultaneously, the life expectancy has also substantially increased to around 70 years compared to about 63 years about a decade ago and estimates show that the population of elderly people in India by 2050 will reach a gargantuan figure of 300 million.

In the prevalent regimes of employment, this means that the 'retired' population in India shall be tremendous and a lot of older people will be left without opportunities to self-sustain. This is undeniably a cause for worry and merits discussions on ways out of an unfavourable demographic phenomenon.

Retirement does not imply a loss of employability and skill sets and several people who hit a declared retirement age are in perfect physical and mental conditions to continue contributing to the economy. Proclaiming them unemployable is a massive disrespect to human capital and the closing of a profitable avenue for the economy.

On an individual level, the elder populations in India are left to fend for themselves financially in the absence of substantial pension schemes and a substantive social security system in India. With potential health trouble, progressively increasing medical expenses and high rates for health insurance do not bode well for them.

Declaring an employable population retired also has negative consequences for the economy. As per the International Monetary Fund's reports and other publications, in Japan, pensioners make up 12.9 per cent of the labour force and its GDP has been among the slowest growing for the last 20 years and the impact of aging could potentially drag down Japan's average annual GDP growth by 1 percentage point over the next three decades.

Therefore, there is more reasons for nations to figure out ways to re-employ retired workers and generate more employment in its wake.

As noted by The Financial Express, a major global response to this potentially precarious scenario has been to progressively increase the retirement age, helping governments in keeping the pension system solvent while ensuring continued engagement and participation of seniors in the workforce.

The aforementioned publication mentions how Japan, for example, introduced a voluntary re-employment system for retirees who can and at will, join back the workforce as part-time employees with different work hours and wages.

This allows especially those willing to re-enter the workforce after retirement to invest in necessary skill upgradation and lead a healthier lifestyle. A similar policy in India can be crucial in letting people who are fully fit both physically and mentally and want to contribute to society more be hired on a part-time basis for jobs they have been perfectly doing for years.

This way, the expertise of senior workers shall continue to be harnessed for national and individual good.

The ravages of the pandemic led to an unprecedented deployment of technology and the consolidation of the work from home regime, which is ideal for engaging retired populations, as they can carry on tasks from the comfort of their homes. In fact, this has been a good bouncing back plan even in pre-pandemic times.

AARP Foundation documents the story of Jackie Booley who retired from her position as an AT&T call centre manager in 2007 and began working as a customer service agent from home, logging in about 24 hours each week at $9 an hour, answering questions and processing orders. This shift enabled Jackie to be her own boss while enjoying financial independence.

India needs to harvest the financial potentials the elderly hold and empower them at the same time, through re-employment or employment in alternative roles or on part-time basis. Done on a macro level, this shall revitalize the economy and also enable the elderly to keep themselves secure and independent.

The younger workers can keep benefitting from the experience of senior employees and India's burgeoning youthful demographic dividend can be backed by the competence of its most trusted and proficient workers. The young and the elderly can come together to catapult the Indian economy to new heights and this opportunity is ours to seize.

(The author is Founder Upsurge Global and President SAHE (Society for Advancement of Human Endeavour)

The rest is here:

Making post-retirement life productive for the country - The Hans India

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When you have a family to cater to the above-listed, you always have to put them first in every decision you make as regards your daily life. Providing shelter and protecting them should always come first, especially when you are just building your own family. One thing that keeps recurring in being there for your family is your finances. It is essential for daily existence.

One of the best moves for protecting you and your family from unforeseen circumstances and disaster is through diligent financial planning; it allays your fear that they will be well-catered for even in your absence. This is a financial planning guide you can follow diligently to protect you and your family.

It is in your best interest to set goals for your family; you can project your proposed income for a 1-5-year period, then create an estimate for your family expenses, including tuition, buying a car, owning a house. When you set your career and income goals, it is easy to create a budget to make you diligent in spending less. This will help save more for your kids college education, buying a family car, owning a home, starting a business, investing, and other financial needs.

A good financial plan opens an avenue to help you achieve financial independence with your income. Not minding your annual gross, you can choose the suitable investments that suit you and your set goals when you plan your finances well. That way, you have an alternate nest egg tucked in either stocks, shares, cryptocurrency, or family business.

Yes, you may have primary insurance that covers your medical expenses, home, and automobiles, but your financial plan should include disability and life insurance. It may look like additional expenses, but they may come in handy in the distant future. The folks at Life Insurance Stamford explain that your life insurance policy has multiple benefits, including college funding, college, long-term care, and legacy funding, depending on your choice of a plan when you buy the policy. Purchasing a life insurance cover is the best way you can protect your family from demise. Think about it.

As much as you need to invest or cut back on your expenses, you need to open an account to save a few hundred dollars as emergency funds. Emergency funds account come in handy when you least expect it, especially when you need floating cash or have to deal with petty expenses.

Life has many curveballs, so plan for it. You could get involved in an accident that makes you unconscious for days or weeks. Draw up a power of attorney for your wife or trusted family member to act in your stead and provide for your family while you recover. This is a sound financial plan that doesnt leave your family stranded and vulnerable.

An excellent financial guide helps you plan for your present and future only if you follow it diligently. The above listed tips will help you but beyond them, your commitment to protecting your family matters a lot in this case.

See the original post:

A Financial Planning Guide: How To Protect Your Family And You - TechBullion

The National Retirement Risk Index measures how many Americans will be able to maintain their standard of living after retirement. Are you at risk? Find out in this episode of Motley Fool Answers, as Motley Fool personal finance expert Robert Brokamp goes right to the source, with special guest Geoffrey Sanzenbacher from the Center for Retirement Research at Boston College.

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video.

This video was recorded on August 31, 2021.

Alison Southwick: This is Motley Fool Answers. I'm Alison Southwick, joined as always by Robert Brokamp, CFP, MVP, homecoming king, and personal finance expert here at The Motley Fool. He really was the homecoming king. In this week's episode, we warned you we were changing up the show's format a bit, and here's another change. Rather than bring you a mailbag episode the last week of every month, we'll aim to bring you interesting interviews with outside experts in the field of retirement, money, finance, and honestly, whatever we want to talk about. This week, Bro sits down with Geoffrey Sanzenbacher, economist with the Center for Retirement Research at Boston College. They're going to talk about the big trends in retirement today, as well as what to do about social security. All that and more on this week's episode of Motley Fool Answers.

Robert Brokamp: Long-time listeners know that one of my go-to sources for academic research into financial independence is the Center for Retirement Research at Boston College. Beside the steady stream of studies and analysis, both on their main website and their Squared Away blog, the center also created the national and retirement risk index. A measure of the percentage of Americans that will be able to maintain their standard of living once they leave the working world. Here to talk about the index and plenty of other topics is Dr. Jeff Sanzenbacher, Associate Professor of the practice of economics and a research fellow at the Center for Retirement Research at Boston College. Dr. Sanzenbacher, welcome to Motley Fool Answers.

Geoffrey Sanzenbacher: Thanks so much, Robert.

Brokamp: Let's start with the national and retirement risk index. What is it and what's it saying about retirement preparedness in America nowadays?

Sanzenbacher: Yeah. The national retirement risk index is an index that basically takes where people are on their life track for retirement savings and projects them out to the time when they're going to retire. It looks and see are they likely to have enough money to maintain their standard of living. If they do have enough money, then we would say they are not at risk. If they don't have enough savings so that it looks like when they get to retirement, they're going to fall short and not be able to keep living how they are, we would say they are at risk. The index shows that about half of people are at risk of not having enough wealth to maintain their standard of living once they retire.

Brokamp: That's generally speaking at the retirement age of 65. Is that around the average nowadays?

Sanzenbacher: That is actually around the average. Nowadays, a lot of people, like any average, a lot of people don't make it, a lot of people work longer, but yeah, the average is right around 65.

Brokamp: What happens to the other half? Are they still retiring and then they figure out later that maybe they shouldn't have?

Sanzenbacher: Yeah, I mean, I think we've looked at some data on what happens to people who reach that threshold without enough money, and there are a couple of things that show up. Their health outcomes appear worse, slightly more likely to die within the study period. More likely to report being in poor health. They also report being less satisfied with their retirement, which makes sense. If you think about the goal of retirement savings is to be able to maintain your standard of living once the major source of your earnings is gone. When we say you don't have enough wealth to retire, that means you retire and then your standard of living drops from what you've been used to your whole life. Of course, you're going to be dissatisfied. That's really one of the main things we see.

Brokamp: Do we know much about the process by which people make the decision to retire? I mean, to me, it's amazing when people choose to quit before they have sufficient resources. Are they getting bad advice? Are they underestimating how much retirement costs? Or are there just too many people saying, "Okay, I'm 65, it's time to retire." That really didn't do much analysis?

Sanzenbacher: I think a lot of that. I mean, I think if you look at when people retire, there are these huge spikes at 62 and 65, 62 being when you can first claim Social Security, 65 being when you can first get Medicare. I think those benchmarks play a big role in people's thinking. If there's one thing -- I hate to admit this as a researcher -- but if there's one thing I've learned, doing lots and lots of regressions on people's retirement decisions, it's we can't explain a whole lot. We might explain 25-30% of people's decision-making. As an econometrician that's not so bad. I mean, 25-30% of what people do is not the worst thing in the world, but that means there's 70% we really don't know. I think a lot of it comes down to how much does someone hate their job or likes their job. That's obviously hard to capture in data. I think a lot of it comes down to these rules of thumb based around these ages that we've drilled into our heads as being important ages. I think some of the more salient things that people do consider is their health. Are they well enough to keep working? Spouses play a big role. If your spouse retires, you're more likely to retire. Those are things we can measure. I think one of the big things that we really can't measure are these soft job characteristics. Someone hates their job, they don't like their boss, they're stressed out. Those are really just hard to pick up in economic data, so I think that plays a big role, too.

Brokamp: One solution for people who don't have sufficient resources is to work longer. A previous Center for Retirement Research publication suggested that 85% of workers would be prepared if they worked to age 70. Is this what we should be aiming for as a society, is 70 the new 65 when it comes to retirement?

Sanzenbacher: I wish that it was Robert, but there's an inequality in who can work longer. We did a study, a colleague and myself to the study looking at variation and how easy or difficult are jobs to do for a while. One that consistently comes up is, first of all, and this maybe goes without saying, blue-collar jobs are much harder to do into your 60s than is a white-collar job on average. The reason for that is pretty simple. A lot of those jobs use physical strength and physical strength does decline with age. On top of that, I think the ability to switch jobs to find and create something that's both meaningful but also easy to do is easier for white-collar workers who might have more options by the time they reach that age. On top of that, I think white-collar workers have more options to self-employed consulting, things like that on the side and maybe keeping them in the labor force, but aren't like a full-time job and yet still pay pretty well. We see a lot of independent contracting in the form of consulting among older white-collar workers. I think all those things basically mean that there is this inequality in who can work longer.

On top of that, that inequality is really correlated with wealth inequality. The people who maybe need to work the longest, the most who have the lease savings a lot of times, are the very same people who can't really work longer because they're in a physical job or they're in poor health. There are these cross-correlations that I think are dangerous for people.

Brokamp: We've talked before on the show about how many people end up retiring sooner than expected.

Sanzenbacher: Yeah.

Brokamp: A lot of that, the No. 1 reason is health. People think, "Oh, yeah, I am going to be able to work until 65 or maybe 67 or 70, no problem." Then something happens and they are not able to do that.

Sanzenbacher: Yeah, health is by far the biggest measurable reason we could find. Again, it's one of those situations where we did a study saying, "How do we explain why people retire before they plan?" If you ask people in their early 50s, they'll say, "Yeah, I want to work 'till 65. I want to work 'till 66." A lot of people don't make it. We did a study looking at why they don't make it. Again, health was a really big reason. Another big reason was they lost their job. They got laid off and couldn't find a new job. But we also couldn't explain a lot of it. Again, we couldn't explain 70% of it. We have this, well, we're doing a pretty good job statistically, it's not bad. But at the same time, it leaves a lot of uncertainty as far as people have this plan, not when they're 30, I mean, they're in their 50s. They should have a number in their head that's so realistic. Yet, a lot of people don't make it and we don't exactly know why. I suspect it's some combination of maybe a spouse retired faster than they thought. Maybe they had grandkids and they want to go see the grandkids. Maybe the job they hated more than they thought. But a lot of it is hard to tell, so health, losing a job, are big observed factors, but a lot of it's stuff we can't see.

Brokamp: Now I'm sure you're seeing some of the evidence that's come out that many people have retired during the pandemic. One report, I saw that estimated maybe 2 million people retired more than they would've expected. I guess that's a combination of maybe people lost their jobs. Also, maybe because the stock market has done well. But certainly, these things happen and people didn't plan on them happening and then they are at this point in life like, "Well, heck, why not? Why don't I just retire?"

Sanzenbacher: I think the COVID recession's interesting because what you typically see during a recession, like everything in life, unfortunately, things that are bad for the economy tend to hit lower-income people worse. Typically during a recession, we see lower-income people retire at a higher rate. I'd put retire in quotes because I think they leave the workforce, maybe not voluntarily. Look a little bit and then say, "You know what? I'm done with this." That happens to low-income people a lot more during recessions. We were at the COVID recession, we saw it happen to high-income people more than we would expect to. I think you're right, Robert, I think the stock market is doing well probably plays a role. I think those people may also have been fairly well prepared and who want to go to work if there's this dangerous virus out there. That's especially dangerous to you in your 60s. I think that also plays a role. We do see this different pattern during the COVID recession we know we had seen before. One of the things I'm working on with a colleague at the center is doing some work on unretirement. One thing we're always interested in is how many people unretire? They retired, they thought it was a good idea. They realize that no, it's not, "The economy is coming back, I can find a job easily" so they unretire. We're trying to look into that and see if that's happening in this recession.

Brokamp: Interesting, I look forward to that research.

Sanzenbacher: Yeah.

Brokamp: Theoretically, another solution might be to use home equity, especially since many Americans have more in home equity than they have saved in their 401(k). But how often is that used as a retirement resource and should it be?

Sanzenbacher: Yes, first approximation never. I think it's very rarely used. I think that it's always worth noting, as much as we talk about the stock market and as important as that is for retirement, probably a third of workers have nothing in retirement accounts. Probably another third don't have that much, so their house is by far the biggest asset they have for retirement. You have a top third that maybe has roughly equal amount on both. For that bottom really, 70%, the house is really important. The main two ways, I guess that people can access the house, or maybe three ways. One is downsizing, so people go from the house they had in the 30s, 40s and 50s and downsize to a smaller house and pocket the profit. That is somewhat uncommon. People are really attached to their house. I gave a talk in Newton Massachusetts. It was at a senior center. It was about these options, so one is downsizing, one is doing a reverse mortgage, and one is doing something called a property tax deferral, where you're just basically using your home equity to pay your property taxes while you're alive then when you sell the house, it gets paid off. People hated all these things, no one wanted to hear it. I'm not used to a hostile crowd, it was not a happy crowd.

People don't want to sell their house, they have a lot of memories in their house. People don't want to take a reverse mortgage because I think somewhat rightfully they don't quite trust that industry. I think the industry has made a lot of strides over the last couple of years, has done a lot, to reform things like, for example, you have a non-borrowing spouse now. They've done a lot to make it easier for that non-borrowing spouse to stay in their house. I think the industry is making strides, but people still don't trust it. Then the property tax deferral, a lot of times our income is restricted, so that's a bit of a problem. It seems like a means tested program, and people don't like that. Also, it is a lien against your house, and people don't like it. People very rarely use any of these options, which is understandable but also frustrating as someone who sees that as the biggest store of wealth that the typical person has.

Brokamp: Yeah. People do have very emotional attachments to their house and they are very uncomfortable with any concept that's similar to spending your house, because then what's going to happen.

Sanzenbacher: Right.

Brokamp: But clearly it's going to be the lifeline for millions of Americans.

Sanzenbacher: I think the one way it is used is like an emergency, or something really bad happened, you use the house as your lifeline. As economists, we want to see people use their wealth in a linear, nice, orderly way. As an economist, I pull my hair out saying, "Come on, use this store of wealth" but as a person, I know that the economist is a crazy one, because people do have these attachments to their homes and that's normal, I think. The economist in me is frustrated, but the person does get it.

Brokamp: Yeah. Besides, running out of money, another risk in retirement and one that I don't think is discussed enough is cognitive decline as we age. We've all had experiences speaking with older relatives and you noticed how there's slipping and then sometimes slipping a little bit and sometimes maybe on the road to full-blown dementia. How prevalent is cognitive decline in retirement and how does it potentially affect money management?

Sanzenbacher: I think in people's 60s and even early 70s, it's probably common as mild cognitive decline. Probably not to comment that will get in the way of financial management resources right away. By the late 70s and 80s, I would say, it becomes quite common. People should be looking for help with managing their money. A lot of times it's subtle things, people are missing bill payments they never missed before. But it can evolve into full-blown fraud risk and things like that. It's not just old timers, I think even people who don't get Alzheimer's can have enough natural cognitive decline by their late 80s, they're going to need help.

The good news is most people have help. We do this study where I think about 85% of people have some form of help most of the time, from family. Sometimes from outsiders, most of the time from family. But the problem is that the other 15% are bad off. They're a lot more likely to miss bill payments, a lot more likely to struggle with hunger, a lot more likely to report not having enough money for basic necessities. Making sure that when you're in your 60s, or early 70s, when you are able to really plan ahead, do you make sure you have a family member who is ready to help you? Do you make sure you're not relying entirely on your spouse, who you think you'll live with forever, but who might pass away before you? Making sure you have a backup plan in that case is really important. I don't think people really make those plans often enough, so I do think at least considering who would i have help me? Then maybe formalizing that financial power of attorney, are making sure your will is in order, those things are all very smart.

Brokamp: Obviously, Wealth Management had a report on this, and told the story of a woman who is a successful children's book author and illustrator. Her husband handled all the finances as well as their business and she didn't know that he went five years without paying taxes, made some bad investments, all due to gradually progressive cognitive decline, and they pretty much lost everything. Most couples, one person does all the financial management and the other person trusts them. There is a point where you have to get other help, everyone, maybe more than one or two people have an eye on what's happening to the bills, make sure the bills are getting paid or not being repeatedly paid over and over again.

Sanzenbacher: Yeah.

Brokamp: I think it's also key that people have to accept that this could happen to them. When you dig into the legal community, you find story after story of family members clearly seeing that someone is in trouble, but that person is not willing to accept help, not willing to acknowledge, and not willing to give up control.

Sanzenbacher: Yeah. The taking away the keys conversation, I think is really hard for people. Especially, a lot of times it's a child helping a parent, and that role reversal is really difficult. Taking away the keys, driving is literally one of the things where this conversation happens pretty early, but financial management is another place where I think it happens, and it's hard. Social Security does have a program called the Representative Payee Program that can help with that, but it's a really big step to take because basically it means Social Security is paying the money directly to another person, who's charged with taking care of the beneficiary. That's a big step and Social Security doesn't take it lightly. It is hard to formalize these arrangements, but it's worth thinking about doing.

Brokamp: Staying on the topic of health. The evidence about the healthiness of retirement itself is actually mixed. Some studies indicate that it is associated with cognitive decline because you lose the intellectual stimulation of work, could lead to social isolation, could lead to depression. Other studies, on the other hand, find that general happiness levels rise after retirement. What's your take on that? Do you think retirement is good for people?

Sanzenbacher: I tell everyone who listens to me, which does not include my family, unfortunately, does not include my parents especially, but I tell them work as long as you can and are happy working. My sense is the overwhelming amount of literature on health suggests that retirement is associated with worsening physical health. Notwithstanding having a jobs that are very physical, but in general, there's a study showing that at age 62, there's a discrete uptick in mortality because there's a discrete change in retirement. Some colleagues at the Center for Retirement Research just did a research using Dutch data, and they showed that in the Netherlands, there was a change in policy that suddenly changed people's retirement age, and the people who are affected in a way where they retire later, live longer. My sense is the majority of the evidence is on that side. When you combine that with the idea that working longer helps your financial wellness, my sense is that there's no way that it doesn't help your financial wellness. Most of literature says it helps your physical wellness. To me that says just work longer if you can. Like I said, easy advice to give, hard when someone doesn't feel like working anymore. I've been frustrated with every single one of my relatives and in-laws, but I will keep saying it.

Brokamp: I totally agree. I said it in a previous show that I certainly expect to work to age 67, if not longer. But then I come across stories of people who died at age 67 or 68.

Sanzenbacher: Yeah.

Brokamp: Nanci Griffith the folk singer said it like, "Man, I don't want to wait. Don't want to save everything until retirement."

Sanzenbacher: Yeah. I completely understand that. I think again, like the economist in me looks at the numbers and I say, look, if you're a healthy 67-year-old man, it is worth it. Claiming at 67 or 68 probably maximizes your lifetime benefit from Social Security. Because your life expectancy is probably 85, 86. Of course, not everyone is going to get that life expectancy. You don't want to miss out on years of retirement and benefits that you might get. I think it is tough. But the economist who says maximize lifetime benefits, that is like 67 years old for a healthy man.

Brokamp: Is there anything about retirement planning either on an individual or national level that you think doesn't get as much attention as it should?

Sanzenbacher: On the individual level, the big thing that I've been thinking a lot about is the decumulation of 401(k)s. We have spent a lot of time trying to understand what's the best way to give you 401(k). What are the best investment options? How do you get people to say it? Do you auto enrollment, auto-escalation, all these cool features all give money into the system? I don't think most of you will have a clue how to get it out. It is really hard for people to go into this thing we've been building for their whole life. They have this pile of mine that they've grown very attached to, they like to look at the balance. They like to feel like it's there. To go and take money out of that is a completely different experience. It used to be people had pensions. A pension is very much like a paycheck, which is how we all live. We're used to the idea that I get a paycheck every month or every two weeks and I take that and I spend it and I save a little bit of it and then I go on and that's where more money comes. But the 401(k) is the opposite of that. You've got a big pile of money that you got to choose how to draw it down. They're obviously rules like when you start at age 70, you got to start pulling money out. But people don't know how to do it. I think as a society, we should be thinking harder about how do we do this. People don't want to buy annuities. Again, it's like using your house, I think people should do it. People don't like annuities.

I basically say a lot of things, people don't listen to you, buy annuities, [laughs] use your house, delay retirement. No one listens. But those are all reasonable things to do. But on the national level, something that has really been driving me crazy is Social Security. For a lot of people, Social Security, probably a third to a half, Social Security as their main source of retirement income. We know that 12 years from now benefits are going to drop by 20% if we don't do anything. I think that if the past is any indication in 2032 we'll start talking about it in 2033 we'll do something a month before it's done, but I do worry that the something we do will be damaging that some people maybe unintentionally. One of the things that of course, is always talked about is pushing back the full retirement age, which is a reasonable thing probably you talked about doing. But it does hurt those people who can't extend their careers, more than it hurts people that can extend their careers. That means basically blue-collar workers or disproportionately people of color are going to suffer relative to white-collar workers. I really do think having that discussion a little bit earlier can help us talk about some of the creative ways we can deal with it. Instead of just doing what I think will happen, which is in 2033 they'll increase payroll tax by a percent, and increase FRA by two years and we will move on. But I don't know if that's the best way. I would like to have the conversation now. Nationally, that'd be what I'd like to see.

Brokamp: FRA stands for full retirement age, of course.

Sanzenbacher: Absolutely.

Brokamp: I appreciate all your comments about moving the age back is difficult for some people. I definitely think it makes sense to move up that minimum age of 62.

Sanzenbacher: I do, too.

Brokamp: If you are unable to work, that's a disability issue.

Sanzenbacher: Yes. We have a program for that, yes.

Brokamp: But as you pointed out, actually this recently changed, but 62 was the most popular claiming age just because it's there.

Sanzenbacher: I think it just changed, but I think it was forever. I think it's still pretty much like a tie with I think 65 probably. Sixty-five is not a year, it's Medicare, it's not anything to do with Social Security anymore, it's the old full retirement age. But yeah, it is. I agree with you on that I think pushing up early age and I actually think increasing the full retirement age makes sense. But if for no other reason people are living longer. But it's worth noting that people are living longer unequally, too. I think thinking a little bit about how we do this in a way that maintains the purposes of the program is worth doing, although I also agree it probably needs to be done somehow.

Brokamp: Final question here whenever I talk with a retirement expert I'd like to close the interview by asking about their own plans. What does retirement look like for you? Obviously, you are going to work as long as you can. Are you going to keel over your desk at Boston College there one day?

Sanzenbacher: I'm very lucky in that I do a job that I absolutely love. It's hard to imagine retiring from, I teach college because, if you ask me, it's like a great job. But what I can see doing is phasing out where I teach a class or two for income and to keep myself engaged with the school where I'm not using a full time slot or I'm moving out a little bit like that. Because I do think that working full-time well into my 70s probably isn't a goal of mine, but I would like to work into my 60s full-time, well into my late 60s and then probably transition in teaching a class or two will be great if that's still an option for me. That would be an ideal situation for myself. But certainly, having a job that isn't physically demanding. Fortunately, we all experience cognitive decline. But the things that we know and I've known our whole lives are the things that stick with us the longest. If you teach a microeconomy class, that hasn't changed since Adam Smith that looks like I knew forever. It is easier across econometrics, that's a little harder because it does change over time. Hopefully, I'll be able to teach a class that it's stuff that really is the bedrock of the discipline.

Brokamp: Our guest today was Dr. Jeff Sanzenbacher, associate professor of the practice of economics and a research fellow at the Center for Retirement Research at Boston College. Jeff, thank you so much for joining us on Motley Fool Answers.

Sanzenbacher: Yes, thank you. That was great.

Southwick: Well, that's the show. It's edited quickly by Rick Engdahl. Our email is answers@fool.com. For Robert Brokamp, I'm Alison Southwick. Stay Foolish everybody.

Original post:

A Look at the State of Retirement - The Motley Fool

Niamkemudera Muhammad is the founder of The B Network Group, a family-owned company that seeks to among other things make more Black entrepreneurs successful. The company is seeking to give $50,000 twice per month for the next 100 years to Black entrepreneurs with solid business plans.

The firm is not seeking corporate backing, celebrity support, or sponsorships to make the project work but wants the support to come from the American people. A mere sacrifice of not hanging out and a donation of $50, The B Network Group feels the company would be on its way to becoming financially independent and in a position to help individuals that are helping the community, the company says, according to Black News.

The B Network Group says it believes there are hundreds of thousands of African-American people with great ideas that can help and support the Black community but have no finance to get started. Therefore, it wants to fund these ideas that will also encourage millions of people to go after their dreams and live their best life.

The $50, 000 funding support will be given to anyone who has a business plan that has the potential to create jobs and industry in African American communities across the globe. Muhammad plans to choose one company, corporation, or non-profit a year to give $500,000 that aligns with his companys goals, principles, and advocations.

We are simply asking four million people to donate $50. This small one-time donation will provide generational wealth and motivate millions to become entrepreneurs. We believe if we can show the world that by giving up one night of partying, we can provide one hundred years of financial independence. That will be a great start and a true sign of community maturity, Muhammad says.

According to The B Network Group, if four million people donate $50, $200 million will be raised to fund African-American entrepreneurs. In the spirit of transparency, The B Network Group has broken down the allocations in this manner: $120 million will be allocated to the companys $50k giveaways while $50 million will be allocated to the annual $500,000 grant.

Muhammad has worked for over 10 years in finance for companies like Rolls Royce and the Discovery Channel, according to his nonprofits website. The nonprofit says that Muhammad utilized his accounting degree for years before going back to his other love cutting hair. He opened his own barbershop while maintaining a 10-year contract as the barber on base for the United States Coast Guard.

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Nonprofit founder to give away $50,000 twice a month for the next 100 years - Face2Face Africa

Currently, the market of eCash (XEC) experiences negative dynamics of 3.7%. eCashs price stalled right at $0.00024050 during this day. The company takes the trading volume by $200,669,482. The cryptocurrency started the trading session at 03:00 with a value of $0.00024991 and slightly declined. However, a couple of hours later r it reached the point of $0.00027289. A little time after it decreased to the volume of $200,669,482. eCash is developed from one of the most well-known names in the cryptocurrency world, BCHA, which was previously known as eCash. With the idea of the great Milton Friedman, eCash aspires to take financial independence to a new level. According to the official website, eCashs objective is to become sound money that anybody may use anywhere in the globe. This is a technology that will revolutionize society and greatly improve human freedom and prosperity. The roadmap gives a high-level technical direction overview of the eCash protocol, allowing various technical teams to collaborate on the projects advancement. The creators of eCash provide high-quality professional software that meets the demands of consumers, miners, and merchants.

Finance and Business Reporter

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eCash (XEC) Rapidly Plunges 3.7%: Here What You Should Know About It Own Snap - Own Snap

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WASHINGTON, Sept. 10, 2021 (GLOBE NEWSWIRE) -- The Thurgood Marshall College Fund (TMCF) today announced the first cohort of students selected to participate in the Capital One Build to Best HBCU Early Talent Program, an integrated program to support students attending TMCF member-schools, which are Americas publicly supported Historically Black Colleges and Universities (HBCUs) and Predominantly Black Institutions (PBIs). One hundred (100) second-year students have been selected to the program, which will begin in the fall 2021 semester.

This effort is a part of TMCFs larger missionto advance pathways toward economic mobilityfor Black students and intentionally diversify the future work force within corporate America. As the McKinsey Institute for Black Economic Mobility and the McKinsey Global Institute found in their recent report, significant economic and human value can be gained when Black Americans are fully engaged in the economy. HBCUs are uniquely positioned to foster such engagement.

This program reflects our intention to invest in communities of color and support the career aspirations of HBCU students, consistent with our mission of preparing the next generation of work force talent through leadership development, said TMCF Chief Programs Officer Dr. Eric D. Hart. We look forward to partnering closely with Capital One to support rising talent in an effective and meaningful way.

The Capital One Build to Best HBCU Early Talent Program will provide professional development to rising sophomores with an emphasis on CreditWise, Capital One's credit management program, soft skills, career readiness training, and personal education plans for on-time graduation.

Through dedicated programming to prepare students for financial independence in their post-graduate careers, TMCF and Capital Oneare addressing some of the nations most difficult issues while creating both short-term impact and sustainable outcomes with underrepresented groups.

At Capital One, we recognize HBCUs and PBIs as champions for academic excellence and the integral role they play in paving career pathways for students, said Shavonne Gordon, Vice President of Enterprise Diversity Recruiting at Capital One. Last year, we committed $1M in grants to the Thurgood Marshall College Fund and United Negro College Fund in an effort to support HBCUs and increase the number of Black college graduates across the country, and we are thrilled to continue expanding these partnerships.

The partnership builds off Capital One's Impact Initiative, a $200M multi-year commitment which invests in diverse communities and businesses, and supports organizations that expand economic opportunity, particularly for Black and LatinX communities.

The Capital One Build to Best HBCU Early Talent Program Inaugural 100 can be viewed here.

About the Thurgood Marshall College Fund

Established in 1987, the Thurgood Marshall College Fund (TMCF) is the nations largest organization exclusively representing the Black College Community. TMCF member-schools include the publicly-supported Historically Black Colleges and Universities and Predominantly Black Institutions, enrolling nearly 80% of all students attending black colleges and universities. Through scholarships, capacity building and research initiatives, innovative programs, and strategic partnerships, TMCF is a vital resource in the K-12 and higher education space. The organization is also the source of top employers seeking top talent for competitive internships and good jobs.

TMCF is a 501(c)(3) tax-exempt, charitable organization. For more information about TMCF, visit: http://www.tmcf.org.

About Capital One

Capital One, headquartered in McLean, Virginia, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol COF and is included in the S&P 100 index. Capital One was founded on the principle that great talent, great analytics and great technology could revolutionize financial 2 services and democratize credit. We believe that attracting, hiring, and enabling great people can change banking for good. To learn more about Capital One, visit http://www.capitalone.com/About.

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Thurgood Marshall College Fund and Capital One Launch Inaugural Class for the Build to Best HBCU Early Talent Program - StreetInsider.com

Andrew, a middle-aged individual became a millionaire at 45 years. He wanted to spend more time traveling and sharing his knowledge in different countries. By 50, his savings had grown, even more, granting him financial independence.

Andrew didnt inherit wealth and never won any lottery. So how did he attain financial independence at the age he desired?

He held various internships throughout his college, and he started his investments early with his internship stipends. At one point, he chose to take out a loan for his higher education tuition fee.

To become debt-free and fulfil his financial dreams, Andrew resorted to making a lifestyle choice and stick to his monthly investments which were following his financial goals and asset allocation.

From there, Andrew continued to invest without stopping. He started with index funds and NPS. Once he gained confidence in investments he started investments in actively managed funds and individual stocks.

Small steps by Andrew helped him achieve his financial freedom.

It is absolutely important to grow your money so that you can retire like a king or queen while still being able to enjoy hobbies, vacations, or whatever else you desire.

Analyse your existing financial situation

Many understand the significance of honest self-evaluation. This concept is also useful when it comes to financial planning. To begin with, you can examine your income, existing debts, and current investments. You can then plan the appropriate and subsequent steps for financial planning.

It may become difficult to assess your current assets and liabilities, as well as which investment avenues to pursue. Obtaining financial advice from a Registered Investment Advisor can assist you in achieving financial independence.

Identify your debts

Debts have to be analysed and dealt with carefully. Debt traps are the most common reason for people to lose their financial independence. If you have a debt that you can pay off, make sure you do so as soon as possible.

Before you embark on your journey to financial independence, make sure that you have paid off all of your debts. Creating and sticking to a financial plan is the most effective way to avoid debt. Some debts, such as student loans, may be necessary, and it is reasonable to consider them based on your budget.

Emergency fund is a saviour

Unexpected events in life such as job loss or medical emergencies, can be addressed with the assistance of an emergency fund. An emergency fund is essential for unwelcome rainy days such as the COVID-19 pandemic.

During an emergency, you should always have access to funds. One of the most important characteristics of emergency funds is their quick ability to be converted to cash (liquid). When choosing investment options for an emergency fund, make sure you don't sacrifice liquidity for a high return.

Start early

If you start saving early in life, you can avoid taking more risky bets. The compounding effect teaches us that saving a reasonable amount of money does not necessarily require a large sum of money. What you will need is the discipline to save regularly. The longer the period, the more fruitful the returns.

However, this should not deter anyone who has begun their investments in later periods of life. Investing has no age limit, but the sooner you begin, the more time you will have to accumulate wealth.

Managing your finances is one way to practice self-care. Mastering financial freedom will enable individual freedom.

(Nitin Mathur is CEO, Tavaga Advisory Services--a Robo Advisory platform)

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

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Learn smart ways to save your money; here's how - Free Press Journal