Category Archives: Financial Independence

OnlyFans, the platform that allows creators to sell material directly to customers, will soon implement new restrictions on the publication of adult content. Starting in October, the company will ban the sale of sexually explicit content and depictions of sexual acts. The move does not cover all nudity, but says that specific rules will be outlined in an as-yet unpublished acceptable use policy. In a statement, OnlyFans said that the changes were prompted by requests made by its banking partners and payout providers. In short, the companys arm has been twisted by the same big banks that have waged war on online sex work for years.

The business can certainly attribute much of its success to enabling sex work and helping sex workers to get paid. Over the last two years, OnlyFans has grown from relative obscurity into a brand that is synonymous with adult content. Earlier this year, it boasted that its creators had earned more than $3 billion, and the platform was name-checked in a Beyonc remix. Its believed that the company, which had around 7 million users in 2019, has seen that figure reach closer to 130 million in recent months. And, on June 16th, Bloomberg reported that the site was looking to attract investors in order to raise more funding at a valuation of more than $1 billion.

It is clear, however, that a number of people who both create content for, and use, the site feel that the impending adult content ban is a betrayal. In a statement shared with Engadget, Isaac Hayes III, founder of Fanbase a social media site that lets users sell their content summed up the general sentiment rather neatly. Hayes said that the move was disgraceful, and that OnlyFans had made billions off that user base. He added that dumping sex workers after becoming a household name was exactly what these platforms do. Discard the users who make it popular once they get what they want. And in this case, it does seem as if the twin aims of securing more money from investors and retaining access to banking is what prompted the move. Its a story that weve heard several times before.

The most recent example, and one that we covered extensively at the time, was the cultivation and subsequent dumping of a sex work community on Patreon. Before 2017, the site had passionately and publicly courted sex workers, encouraging them to use its platform. In 2016, it loudly defied PayPals longstanding ban on payments to sex workers, allowing users to support content creators through its platform. At the time, Patreon even criticized PayPals lack of transparency, saying that its opaque policy impacts the lives of Adult Content creators.

This attitude did not, however, last very long. On September 15th, 2017, Patreon raised $60 million from investors, and updated its content policy a month later, seeming to repudiate the sex workers it had previously courted. In subsequent interviews, the updated policy was described as not a big deal, with the company pledging to work with creators to ensure compliance. The general notion was that Patreon would crack down on content that was illegal or otherwise nonconsensual.

A year later, however, and the site would further toughen its rules, saying that any and all adult content including the famous erotic art project Four Chambers was no longer permitted. (Four Chambers, the name of a British art-erotica collective led by artist Vex Ashley, was long held as the canary in the Patreon coal mine.) Patreon said that it had stepped up proactive review of content [...] due to requirements from our payment partners. In short, the same banks that Patreon had battled so loudly the year before had tied the site in knots, demanding it hunt out any and all content that could be considered adult.

It's worth noting that swerving away from sex work doesn't ensure the future prosperity of a business. In 2019, Patreon CEO Jack Conte told CNBCthat its business model was not sustainable, and in April 2021, the Wall Street Journal said the site was still not profitable. Tumblr meanwhile, which under Engadgets parent company mass-purged adult content from its site in 2018 but left a wide variety of neo Nazi content on its platform, saw its valuation fall from $1.1 billion in 2013 to just $3 million in 2019.

Back in April, MasterCard announced that it would further toughen the reporting requirements around adult content. John Verdeschi, Senior Vice President, wrote that banks using its network would need to certify that the seller of adult content has effective controls in place to monitor, block and, where necessary, take down all illegal content. This includes rules requiring platforms to keep a record of the identity of every performer shown, as well as who uploads the content. In addition, all content would need to be reviewed prior to release, and all platforms need to run a beefed-up complaints resolution process to take down illegal or non-consensual material within seven days.

As TechDirt wrote back then, as reasonable as these policies sound, they seem intentionally designed to block all adult content, not just the illegal stuff. As it explains, the new policy [...] makes it impossible for streaming platforms to comply with the new rules. Since theyre not able to prescreen streamed content, theyre [sic] just going to start blocking anything that seems like it might lead to MasterCard pulling the plug. Mary Moody tweeted, upon announcement of the policy change, that OnlyFans, MyFreeCams & more are in danger. As with Patreon, MasterCard's reporting requirements appear to be such a burden that companies would rather avoid the issue altogether than attempt to comply.

This isnt a new story, however, and in 2015 Engadget laid out in detail how banks were systematically withdrawing access for adult content platforms. This isnt just prohibitions on working with select adult content sites, but a blanket-ban that impacted individuals beyond their life in the sex industry. JPMorgan Chase shut down a number of bank accounts owned by adult performers, and refused banking services to a company that makes condoms. This crackdown had an disproportionate impact on individual accounts held by women and LGBTQ people.

This crackdown is part of a broader alliance between banks, lawmakers, right-wing pressure groups and religious extremists. As The New Republic explained late last year, these groups have been able to use the cover of sex trafficking to push an anti-porn, anti-sex agenda. The movements most successful victory was the passing of FOSTA-SESTA, a US law designed to tackle human trafficking by neutering the safe harbor provisions of Section 230 of the Communications Decency Act 1996. Despite contravening the first amendment, the move has not shut down many groups of human traffickers, but has closed safety services created for, and used by, sex workers, and even forced Barnes & Noble to purge its ebook store of erotica.

Naturally, OnlyFans became a clear target of those campaigners both because of its success and because it contradicted their narrative. By enabling individuals to sell their material to consumers without intermediaries, it was allowing people to make a living. You can also argue that sites like OnlyFans have enabled people otherwise excluded from the workforce this report from Arousability explains that a person with chronic pain who cant work a 9-to-5 job found that sex work offered them financial independence they couldnt have found otherwise.

While creators wait for OnlyFans to detail just what content will be allowed, in its brave new world, many may wish to take their business elsewhere. There are a number of platforms that occupy a similar space in the market, including AVN Stars, FanCentro, Unlockd and AdultNode. Just For Fans, for instance, says that it is a sex worker owned-and-operated platform, and that it will welcome any and all creators that OnlyFans has abandoned. Similarly, a number of in-progress projects to build more sex-worker owned and operated platforms are currently underway.

Its likely that this will be seen as another reason to switch to a blockchain and cryptocurrency-based system as a way of escaping the reach of big banking. There are several, including SpankCoin and Nafty, that offer sex workers the ability to sell content through their systems. And as more major platforms are picked off by a combination of payment processors and regulators, this space is going to grow.

But there are inherent risks to switching, including currency fluctuations and the risk that a sex work-specific currency can still be excluded from mainstream exchanges. And then theres the fact that if a platform gets big enough, it gets noticed and targeted by anti-sex advocates. Crypto can shore up the finances, but pressure can always be exerted on providers, hosts and platform owners wherever they may be.

And that often forces creators to leap from platform to platform to keep one jump ahead of the people who want to strip them of their ability to make money. But every time they do so, they risk losing their user bases, and have to expend time and energy to recover the fans that they already had. Either way, until there is better political and corporate leadership who can handle the nuanced situation of online sex work, individuals will often be left with no choice but to keep moving, or sink.

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OnlyFans policy switch is the latest victory in Big Bankings war on sex - Engadget

NEW YORK Rachel Perry didnt break down and cry until a month after leaving her abusive husband.

I finally realized I was no longer under the thumb of this ogre. It was a moment to exhale, a moment of freedom, Perry told The Times of Israel.

The mother of eight, who requested to use a pseudonym to protect the privacy of herself and her children, had considered leaving him many times. Aside from considering the wellbeing of the children, Perry said she lacked the financial independence and educational skills to make it on her own. Additionally, and perhaps most importantly, the years of living with someone who would threaten, humiliate and intimidate made it harder to leave.

The hardest part for anyone is getting out, Perry said. Even after you acknowledge the issue, there is this crazy glue that can keep someone there especially when children are involved. I have eight children, some with special needs.

Although Perry was ultimately able to leave her marriage and find a level of financial support from her community, a report released this past spring by Jewish Women International (JWI) found that significant survivor needs remain unmet in Jewish communities across all denominations. From safe housing to legal help, proper training for clergy to financial aid, there is a significant lack of support systems, the report found.

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The Jewish community is failing survivors and their children by not centering their needs. Survivors value the Jewish community but often feel stigmatized by it, said Deborah Rosenbloom, JWIs chief program officer, in a Zoom interview. The biggest gap we found was how to make the community safer and more welcoming.

Jewish Women International chief program officer Deborah Rosenbloom. (Courtesy)

Nationwide, one in four women and one in seven men experience abuse during their lifetime. Nevertheless, the idea that it doesnt happen here persists, said Dr. Shoshana Frydman, executive director of the Shalom Task Force, which works to assist domestic violence survivors.

Broadly speaking, we accept it happens. We just dont accept it happens here. Its the Haredi, the Sephardic, the Reform. Its someone else. People fill in whatever stereotype they have about another group and the result is devastating, said Frydman, who has 20 years of experience in the field.

The report found that the biggest obstacle facing survivors once they decided to leave an abusive situation was finding adequate transitional housing and affordable permanent housing.

There is a service gap in the macro population and also in the Jewish community. The Jewish community needs are unique culturally sensitive shelters are needed. Other religious symbols might make someone feel uncomfortable. Its not just the kosher [food] or keeping shabbat, said Eden Mitrany, who graduated from Touro College in New York with a masters degree in social work.

Now a doctoral candidate, Mitrany focuses on domestic violence in the Jewish community. She recently came in first place in her category in the New York City Business Plan Competition and aims to open a kosher domestic violence shelter in Nassau County.

Without a place to go, many women will end up back in an abusive situation, Mitrany said.

Social worker and doctoral candidate Eden Mitrany says Jewish communities arent equipped to handle the needs of domestic abuse survivors. (Courtesy)

For example, it took Perry years to leave her husband partly because there was no readily available housing.

When Perry left her ex-husband, she ended up remaining in the house they had rented together, and her ex-husband moved out. She sought a spot in a womens shelter unaffiliated with the Jewish community, and though she had an eviction notice pending, she was told the shelter had no openings for months ahead.

Then her ex-husband attempted reentry. Perry didnt feel safe in her home, but she had nowhere else to go.

It was quite scary. He came back in the house, opened the refrigerator, began making demands on me, and was terrifying the kids. He was screaming and threatening me, Perry said. My eldest daughter ended up becoming so terrified that she called the police and the Shomrim [Jewish neighborhood watch group]. The Shomrim volunteer was able to get him to leave and the police prevented him from attacking me. The police report from that incident helped me to get an Order of Protection.

While Perry ultimately moved away from her community, some survivors want to stay. They want continued access to their synagogues, schools, youth groups and overall Jewish life without having to start over in a new place.

Dr. Shoshana Frydman, executive director of the Shalom Task Force, speaks to students about safety and domestic violence. (Courtesy)

There is a tendency to conflate leaving an unsafe relationship with leaving the community. Its all about safety, but its critically important to understand we have a communal responsibility to make sure a survivor can stay in her community, Frydman said. We have to be nonjudgmental as a community and ask, Why should the survivor have to leave the community to get what they want which is safety?

To achieve that level of safety, according to the report, organizations should explore partnerships with businesses such as Airbnb to help meet housing needs and Lyft to help transportation costs. For example, Project S.A.R.A.H., a nonprofit based in New Jersey, partnered with the State of New Jersey and offers hotels as a temporary housing option.

According to attorney Roberta Rob Valente who assisted with the JWI report, litigation abuse is common in domestic violence cases. As such, its important to increase funding at Jewish domestic violence programs to ensure there is at least one trauma-informed attorney with expertise in family law on staff, she said.

Abusers often have better resources and access to slicker lawyers. They learn what the legal line is and push up against it. They know what to say and know the courts are biased towards the lets have those parents work it out line of thinking, Valente said.

Roberta Valente is an attorney with Jewish Women International and one of the authors of the recent report on the US Jewish communitys ability to respond to domestic abuse. (Courtesy)

Although Valente said there is often no shortage of people who want to volunteer to help people get protective orders, they frequently lack the right background. Without proper training or knowing the lexicon of abuse, one can re-traumatize a client.

As a licensed clinical social worker and director of Project S.A.R.A.H., Shira Pomrantz said survivors frequently tell her they want to better understand their rights in custody and alimony disputes. The nonprofit, which serves people in New Jersey, often invites trauma-informed attorneys to speak to support groups and connect survivors to resources.

At Shalom Task Force there are three trauma-informed attorneys and a paralegal who can accompany survivors as they navigate both the civil and religious Jewish court system. They are equipped to address issues regarding the get, or Jewish writ of divorce, and help survivors secure tuition for private Jewish schools, which are the norm for observant Jews but can also be very costly, Frydman said.

Beyond issues relating to housing and finances, the JWI report found Jewish clergy as a whole need better training to deal with domestic violence.

Although most clergy across the spectrum are interested in helping survivors of domestic abuse, many dont know how to implement safety plans for survivors, how to respond to a domestic violence emergency or crisis, or how to honor the safety needs of survivors during life cycle events.

I think that Jewish organizations should really, really find ways for people to feel safe. My synagogue didnt have any safety planning, said a survivor quoted in the report who wished to remain anonymous.

When I told them about the situation I was in, they said they didnt have any protocols and didnt have any relationship with a domestic violence program. Now they do. I think a rabbi should be prepared to understand how to make the synagogue safe. Ive witnessed that both parents are in a synagogue and its not safe, even in our preschool, the survivor said.

For years, Perry told herself that staying with her abuser was better than striking out on her own. She believed that as long as the abuse was only directed at her, she could cope.

Then her former husband started targeting their eldest daughter and she realized it didnt have to be this way.

Here was this outwardly looking very pious, very Jewish man who spoke beautiful Torah but would crush my spirit and try to control me, Perry said. Then I realized continuing to live in a home where there was so much terror and anger was much worse than going through the hard part of leaving, the process and the uncertainty. I decided I would rather be alone for the rest of my life than live like this.

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Report finds US Jewish communities ill-equipped to aid domestic abuse victims - The Times of Israel

By Vernon Pillay Aug 16, 2021

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It is inspiring to see women empowering themselves and others, especially when it comes to financial independence something that was seen by many as the exclusive terrain of men until not too long ago.

Womens Month highlights the many great achievements of women across sectors but one often overlooked area is that of personal finances. This August, take the right steps to secure your own financial freedom with advice from three women who are paving their way to financial security, one good decision at a time.

Start early

Mother of one Keabetswe Mafafo started her retirement savings journey at the age of 26. That was too late, she says. "I should have started from my first paycheque."

There was no one around at the time to advise her, says Keabetswe, which Is why she is now on a mission to help others get on track early. She believes that a lot of people are hesitant to start saving because they are afraid they will get caught up in a scam. Her advice to them is to get yourself educated, get more information the sooner the better. Following this path is how the young mother has set herself on course for financial freedom. Now, she says, she looks forward to being able to relax and not have to stress about anything" when she retires.

Being on track to retire comfortably puts Keabetswe in a better position than more than half of the women in South Africa. The 10X Investments South African Retirement Reality Report 2020 (RRR2020) found that 53% of women didnt even have a retirement savings plan in place.

Women might not be able to magically level the playing field with men, but Keabetswe prefers to focus on the things she can control in her journey to financial freedom. If you have discipline, a goal and a plan, nothing will stop you from getting where you want to go, she says.

Take charge of your money

After many years of poor performance, Felicia Roman realised her investments were only growing by the contributions she was making. The problem, she admits, is that she never paid too much attention.

When she decided to have a closer look at her investments, she got a nasty surprise at how bad things were, and now hopes to spare others a similar experience. She emphasises that investors should not entrust their lifes savings to companies simply because their names are familiar. Take control and take charge. Dont always believe in brands that you have been familiar with and brands that sell you a solution. I was with a brand for many years and the only time I heard from them was at the point at which I told them I wanted to move my money."

She points out that it is not that difficult to inform yourself. The beauty of new tech means you sit in your bedroom, you can sit watching TV, and Google everything.

While you may feel overwhelmed at first, just keep in mind that an investment in knowledge always pays off. Besides, she says, it shouldnt take a degree in finance to understand your investments. Using technology wont just help you find the best service provider, adds Felicia, client platforms, will help you stay on top of your investments.

Having a clear understanding of her financial position puts Felicia in a small cohort of women in South Africa. Only 25% of women surveyed for the RRR2020 reported that they felt they were doing well financially while 27% said they were not sure how they were doing and 47% felt they were not doing well.

Don't rely on your partner to take responsibility for your finances

Sarah-Jane Wagg, who spent 15 years working in senior roles in the finance industry around the world, says it is too easy for women in a patriarchal society like South Africa to hand responsibility for finances to men. At the end of the day, she says, it is a personal choice but she recommends that women at least look at doing it yourself, at taking control.

Her advice is, however, the same for men and women when it comes to selecting a retirement fund provider: You need to look at performance as well as costs because then you will get more of your money going back into your pension fund and growing for your retirement.

Sarah-Jane is right. High fees are a significant contributing factor in South Africas retirement crisis. Seemingly small regular charges against savings compound to leave a large hole in peoples pensions.

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3 women share their financial freedom tips - IOL

With the endless opportunities that the world of financial literacy has created, businesses and individuals alike were bound to find unique ways by which to grow investments for their clients. The digital world has also opened many doors for individuals and companies, helping them to create an audience and make the most of their following. Chartered Accountant, Sola Adesakin, has already taken it upon herself to use a unique style of financial literacy courses to her advantage.

Adesakin found that many corporations and individuals lack the experience and means to create meaningful, impactful and lasting financial literacy learning programs in this hyper-competitive market. She has therefore created a unique universe in which any individual can find themselves at the forefront of financial independence simply by knowing how and when to strike. In a very short span of time, Adesakin has managed to establish herself as one of the premier financial literacy experts. With a strong background in finance, Adesakin learned the value of building simplified money management programs and continues to emphasize the need to have the right money mindset.

After resolving her own financial issues, Adesakin sought out a way to diversify and expand herself as a finance management coach. She started Smart Stewards (smartstewards.com), a tech-enabled Financial Literacy organization that currently provides financial literacy courses, communities, content and coaching to people in over 30 countries. Through Smart Stewards, Adesakin wants to help Africans home and abroad to achieve their crucial financial milestones.

Smart Stewards is today a growing community of about 8,000 professionals, many of whom invest regularly in local and global opportunities through The Smart Investment Club, another of Adesakins creations. Of these multi-million dollar investment opportunities, Adesakin revealed that bringing them to the doorsteps of Nigerians would sometimes require twice as much effort from her as is required of her contemporaries in the western world.

Adesakin shares further: After getting a glimpse of personal financial success, I immediately realized how valuable it will be on both sides to impart this knowledge. Since then I have also published eight books to teach financial literacy to people at different professional levels and in all age brackets. Adesakin has put a tremendous amount of time and energy into fostering relationships with key individuals and institutions relevant to her business domain. The access she has created, coupled with an impressive clientele list has allowed her to build a reputable company in just over 5 years.

There remains a high percentage of financially-excluded people in her home country, Nigeria, and around the world, too. As the world shifts more and more towards one where perception is wholly reality, someone like Adesakin can play an incredibly powerful role in building out massively credible financial literacy footprints. She believes that in building a credible organization, one mainly needs to maintain integrity in all interactions. As well, one must make a clear distinction between those who are keen on growing legitimate wealth and those who arent, then focus on empowering the former. It is this ideology that guides Adesakin as she continues to establish herself as an authority in the financial literacy space.

Looking ahead, Smart Stewards will continue to help Africans around the world acquire financial literacy and gain access to viable investment opportunities in their home countries and around the world. Anyone can reach out directly to Adesakin on LinkedIn and Facebook: Sola Adesakin or on Instagram: Sola_Adesakin.

The idea that an individual has the power to influence public perception so easily is not one that should be taken lightly. While there are many possibilities, only time will be able to tell us what to expect of the future of financial management. And whatever that future may hold, expect to see Sola Adesakin at the forefront of it.

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Who Is Sola Adesakin? Inside With the Nigerian Chartered Accountant Thats Rocking the Financial Literacy - LatestLY

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What if you could retire in your mid-30s and never work a 9-to-5 job ever again? For most people, the prospect of doing so seems like a fantasy there's a mortgage to pay off, student loan debt that's accumulated, childcare expenses and a monthly car insurance payment. If you're a millennial and want to collect your social security benefit, you'd have to wait until you're in your 60s to begin receiving the monthly checks.

All of these factors make early retirement implausible for most people. However, for a small swath of those who follow the 'financial independence, retire early' movement, or FIRE, retiring in their 30s is a goal made possible by cutting expenses and aggressively saving and investing more than half of their annual incomes.

Kristy Shen and Bryce Leung, authors of the Millennial Revolution, are one such couple. In 2015, Shen and Leung retired in their early 30s from their careers as computer engineers. Before the pandemic, they spent their retirement living nomadically around the world in countries like Vietnam, Portugal, Germany, Malaysia and Hungary.

Shen and Leung first discovered FIRE in 2012 through blogs like Mr. Money Mustache, one of the pioneers of the movement who retired at age 30 after working as an engineer.

The couple had been saving up for a down payment on a house in Toronto in 2012. After doing the math, they realized that early retirement was attainable if they ditched the traditional dream of owning a house. They used the $500,000 they had saved up for the house and instead put it towards retirement.

"So for me, discovering financial independence really was a wake up call that the old rules don't apply anymore and this is the new rule of life and I'll find it," Shen said.

Shen emphasizes that the FIRE movement is inclusive to all people, regardless of race and socioeconomic status, though she notes it's easier to partake if you have a high salary. Shen is Chinese immigrant who arrived in Canada when she was eight. She says her experience growing up in poverty influenced her desire to seek financial independence.

"But there is a misconception that FIRE is only full of white privileged males who are in engineering. I actually do not subscribe to that definition," Shen said. "At one point, I was in China living off 44 cents a day and one of the reasons the FIRE movement appealed to me so much was because I never wanted to be poor again."

Three years after discovering the movement, they managed to collectively save up $1 million in cash and investments, including the money they had previously allocated towards buying a house. The year before they retired they were saving around 70% of their post-tax annual income of $150,000 CAD. Before that, their target savings rate was 50% to 60% of their annual income.

In order to build a retirement nest egg worth $1 million, Shen and Leung took steps like cutting certain lifestyle expenses they stopped eating out and skipped purchasing a car, opting for the subway and a car-sharing service instead. They never stopped taking vacations but put a yearly limit on the amount of money they would allocate towards traveling. And with the money they saved, they invested in index funds.

Most FIRE followers choose to invest a portion of their money in a low-fee index fund. An index fund is a portfolio of stocks and/or bonds that are meant to mimic the performance of an index like the Dow Jones Industrial Average or the S&P 500. This means that investors don't have to choose individual stocks.

For Shen and Leung, index investing was easy they could sit back and watch their money grow without having to time the market or rely on the performance of just a few companies. They opted for index funds that had annual returns that mimicked the performance of the world economy.

When investing in index funds, a trading platform is a good option because it won't charge commission fees for executing the trade. Free commission trading platforms may still charge expense ratios and management fees, but there are many index funds with low expense ratios.

In order to avoid market fluctuations or volatility associated with investing in the stock market, another option is putting money in a high-yield savings account, although this will make it harder to grow wealth over the long term.

The general rule of thumb that FIRE adherents follow is the 4% rule. The rule suggests that retirees don't spend more than 4% of their retirement investments each year, adjusted annually for inflation. This means that if your retirement investments are worth $1.25 million, you should try and keep your annual living expenses under $50,000.

Leung and Shen's goal was to have their total living allowance be around $40,000 per year. Doing so required saving and investing a significant portion of their income before they retired.

They also made sure to have a back-up plan to live in lower cost cities in case the market had a downturn and the value of their savings decreased. By splitting their time in countries between countries high costs of living, like Switzerland, and low costs of living, like Thailand, they're able to keep their average cost of living low.

"It [geographic arbitrage] is a concept that you earn the money in a strong currency. For example, money in Canadian dollars or American dollars or Euros, you actually spend the money in a place with a very weak currency so for example, like Thailand... so as a result you end up retiring faster," Shen said.

While travelling internationally is expensive for most people, Shen and Leung keep their total living expenses at around $40,000 even when taking regular trips.

They stay frugal choosing by choosing Airbnbs, apartments and homestays over fancy resorts and hotels. They also cook at home most of the time when travelling rather than eating out.

Using points and miles to keep travel costs low

Using points and miles from travel credit cards can help keep costs low when traveling. Many credit cards offer valuable welcome bonuses that can be worth thousands of dollars in travel.

Using the points from travel credits cards can also be a way to help keep costs low when traveling.

While Shen and Leung have taken a hiatus from travelling due to Covid-19, they're eager to start travelling once Canada eases international travel restrictions. In the meantime, they've been staying in Toronto and taking domestic trips to Vancouver and Nova Scotia, looking forward to their next adventure on a budget.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staffs alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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How this couple retired in their early 30s and still travel the world - CNBC

To be sure, list down all your assets like bank accounts, investments, house and property, valuables, and your liabilities. The difference between what you owe from what you own is your net worth.

By Urvashi Varma

Financial independence refers to being in possession of sufficient money to sustain the current lifestyle for an indefinite longevity. The first step towards attaining financial independence starts with assessing ones net worth or current financial position.

To be sure, list down all your assets like bank accounts, investments, house and property, valuables, and your liabilities. The difference between what you owe from what you own is your net worth.

To achieve financial independence the net worth should always grow. A financial plan having lifetime goals or short-term goals will help achieve this. There are two basic principles: spend less and earn more. The greater the gap between earnings and spending the faster the net worth grows.

Financial independence is misrepresented with higher income. The more we save the easier is the path to financial independence.

Takeaways on financial independence:

The journey towards financial independence starts now because the best time to start saving and investing is always right now.

The writer is assistant professor, Finance, Amity Business School, Noida

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Your Money: Eight steps to walk the financial independence path - The Financial Express

I entered my 30s several thousand dollars in debt. With a car loan, graduate school loans, credit card debt, and medical bill payments, a good percentage of my monthly income was eaten up with payment to creditors.

It was around that time that I came across Dave Ramsey's book, "Total Money Makeover," and realized that I had dug myself into an unacceptable financial hole. I had done what society expected of me worked hard, finished school, and bought the things I thought I deserved. But I had little to show for it financially. Instead of building a healthy investment portfolio, I had racked up a mountain of debt. It was time for a change.

My debt-free journey is what brought me to the FIRE movement. FIRE stands for "financial independence/retire early" and is a financial movement that thousands of people are following today, often due to a desire to escape toxic corporate work environments or to travel and spend their days pursuing personal interests. I had started researching ways to cut down my budget, and came across FIRE blogger Pete Edney, author of the Mr. Money Mustache blog. His extreme frugality had allowed him to retire at age 30. I was intrigued.

I started researching the FIRE movement, and I learned about the Black female author of A Purple Life blog, who recently retired at 30. I learned about one of my favorite financial bloggers, Paula Pant, whose Afford Anything blog covers the ins and outs of personal finance and freedom. I learned that a reasonable lifestyle combined with index-fund investing could equal long-term financial freedom.

As I paid off my debts, I started putting extra money into an index-fund -based portfolio. Just a couple of years into my journey, I had eliminated thousands of dollars in debt and built up a six-figure investment portfolio. Today I am 100% debt-free and just years shy of achieving financial independence, at which point the earnings from my investments will be enough to cover my living expenses. This means that I will be completely financially free.

I count myself lucky to have found a career that is incredibly meaningful for me, and that I enjoy. Unlike my fellow FIRE community members who are seeking to escape toxic work environments, my motivation is less about escaping the working world and more about enjoying a level of freedom that my ancestors could only dream of.

There is a widely known sentiment in the African American community that we, today, are our ancestors' wildest dreams. I can't help but imagine that my ancestors dreamed of an unimaginable level of freedom for me. Freedom over when and with whom I worked, and freedom to rest whenever needed.

For me, FIRE meant that I could gain control of my money once and for all. Not only would I get out of debt, but I would use all of the money I saved from making debt payments to invest. FIRE taught me how my investments could shelter me from the unpredictable and give me the freedom to make choices based on my personal interests and values rather than taking jobs simply for the money.

When I got laid off in February of 2021, I was already years into my FIRE journey and in a financial position to pause and consider my next steps. While exploring options for the perfect next job, I was able to travel to visit friends I hadn't seen for quite some time given the pandemic. I was also able to write a book about my financial journey so that women like me could enjoy the freedom I found. FIRE isn't just about retiring from work. It's also about having the freedom to choose jobs that bring us joy and fulfillment, and to take breaks from working when needed.

Most importantly, FIRE is about freedom. Freedom from worrying about having money to pay the bills, freedom from anxiety over losing a job, and freedom to enjoy life despite what's happening in the economy. Most of the FIRE bloggers I read actually increased their net worth during the pandemic. It's the ultimate insurance policy against life's inevitable ups and downs. And in my opinion, it's the financial plan that every American could benefit from adopting.

Paris Woods is author of the forthcoming book, "The Black Girl's Guide to Financial Freedom: Build Wealth, Retire Early, and Live the Life of Your Dreams." She is a two-time graduate of Harvard University with a Bachelor's degree in African American studies and a...

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I Didn't Join the FIRE Movement to Escape the Working World - Business Insider

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Interest in ESG investments has exploded over the past few years among individual investors who are concerned about the impact of their investments, helping drive short-term outperformance. But some observers question whether such investments can deliver the longer-term market-beating returns that would likely be required by investors who are pursuing financial independence or looking to retire early.

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Cody Garrett, a certified financial planner at Houston-based Measure Twice Financial, isnt surprised that environmental, social, and governance investments have piqued the curiosity of his clients who are FIRE adherents. The philosophy behind financial independence is aligning financial objectives with personal values, he says. That closely mirrors the mindset of many ESG investors. The FIRE community is waking up to what their investments are supporting and how their money is being used.

But does restricting investment options to socially responsible assets hinder FIRE plans, where the ultimate goal is to maximize returns for the long haul?

Garrett says no, and he has some tips for aligning a FIRE portfolio with ESG tenets:

ESG for the right reasons: ESG funds are often overweighted with growth stocks that tend to be more ESG-compliant, such as big tech. These funds handily outperformed the broader stock market during the pandemic, Garrett says, though he warns that the lead may not be sustainable as value stocks recover.

That said, he believes large market cap-weighted ESG funds will likely remain closely correlated to their non-ESG counterparts. Why? As ESG funds make exclusions, they push more assets into the biggest companies by market cap, including big tech, which can help their performance relative to non-ESG funds, Garrett explains.

I think a lot of people are tempted to move into the ESG space because theyre attracted to the short-term gains made over the last year or so, Garrett says. Yet he cautions investors against the temptation to chase returns. What happens if ESG ends up underperforming, are you, as an investor, going to change your mind? he asks. The decision to use ESG should be a decision to align your money with personal values, not merely a financial choice.

Choosing funds. There is no consensus definition of an ESG asset. A particular company could excel in environmental issues while falling short at corporate governance. Whats more, ESG funds set their own criteria of inclusion or exclusion.

To know for sure whether investments match individuals values, investors have to take a look under the hood. The funds prospectus will explain its methodology, and Garrett recommends looking at Morningstars sustainability rating, which is continually improving, so theres more consistency, he says.

Ditch the one-size-fits-all approach. When considering the individual goals and values that bring people to the FIRE movement, the advice they receive is often strikingly generic: Put your money in a low-cost index fund and wait. The strategy is sometimes known as VTSAX and chill, referring to the Vanguard Total Stock Market Index Fund Admiral Shares commonly used by FIRE investors.

ESG strategies are inherently more varied, and Garrett encourages his FIRE clients to branch out and build a portfolio that better reflects their individual values.

When building out the equity portion of an ESG portfolio, Garrett recommends a core and explore strategy. Practically, that means a core investment representing about 90% of the equity portfolio that includes broad ESG index funds. These funds are typically based on broad-market indexes and exclude stocks that dont meet their ESG criteria, like petroleum companies, for example.

For Garrett, the remaining 10% of the equity portfolio represents a chance for clients to explore specific funds or sectors they are passionate about, such as alternative energy or funds that invest in women-led companies.

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Yes, You Can Align Your Pursuit of Early Retirement With ESG Ideals. Here's How. - Barron's

High costs, low wages: Solutions for barbers trying to avoid student loan debt

Laura Faith Kebede| MLK50: Justice Through Journalism

For years, barbers and cosmetologists have not only created a safe place for Black people to gather, but used the profession to forge a path to entrepreneurship and financial independence.

Tennessee regulations require 1,500 hours of training. That, coupled with high tuition at local barber and cosmetology schools along with inadequate public funding and financial aid, has turned that career path into a high-debt obstacle course that too often ends in financial ruin.

The majority of students attending for-profit barber and cosmetology schools often their only choice because of a long waiting list at theonly public program in Memphis end up borrowing from the federal government to pay tuition.

A disproportionate share of those borrowers struggles to pay back their loans. In fact, for-profit barber and cosmetology schools make up eight of the 10 schools nationwide with the highest student loan default rates, according to the U.S. Department of Education.

Even among this troubled group, Memphis stands out. One school, Vibe Barber College, ranks fifth-worst in the nation with 61% of students defaulting within three years of leaving school.

Defaulting on a federal student loandefined as failing to make a payment in nine months is financially ruinous. Borrowers are hounded by collectors, who can worsen the debt load by adding fees. Collectors can garnish wages and withhold tax refunds. Default ruins a borrowers credit score, making it difficult or expensive to get future home or car loans.

Of course, solving the shortage of affordable and effective career training will take a long time and a huge investment. But as the economy emerges from the pandemic shutdown, and President Joe Bidens administration attempts to address the issue of oppressive student debt, there are growing efforts to help Memphians achieve their dream of becoming a barber or cosmetologist without burdening them with unaffordable debts.

Barbers University School in Memphis purposefully offers cheaper training and does not accept federal loans so students can avoid debt traps. One of the instructors, Courtney Triggs, said having about $10,000 in student loan debt when he got his barbers license caused him and his wife to cut back on expenses and has kept him from pursuing a business loan to open up his own shop.

Its all about the loans, he said. The loans are what are holding a lot of barbers back from being able to own their own shops and see the money thats available to us to support our family comfortably.

Soon after Emancipation, hair care became a source of financial independence for Black people.

Self-sufficiency has been a key component of the meanings of Black freedom since slavery, writes Quincy T. Mills, an associate professor of history at the University of Maryland, in his 2013 book Cutting Along the Color Line: Black Barbers and Barber Shops in America. Barbershops have historically been one of the most accessible paths to business ownership and economic independence.

For example, Madam C.J. Walker famously made hair products and became the nations first woman millionaire while employing an army of saleswomen. Alonzo Herndon became Atlantas first Black millionaire through a chain of barbershops.

Today, Black people are overrepresented in the barbering field. Though Black people make up about 12% of the U.S. population, the profession is about 25% Black.

And local demand for trained hair stylists is above the national average. The U.S. Department of Labor expects a 7% increase in barber and cosmetologist jobs in the state by 2028, compared to a 2% decrease nationwide.

The average barber in the U.S. makes just over $38,000 per year, or roughly $18 per hour full time, which is similar to Tennessees average, according to the Bureau of Labor Statistics, but that doesnt include cash tips.

To become a barber in Tennessee, students must complete 1,500 hours of training, which can take anywhere from 14 to 24 months. By comparison, police officers typically receive just under 500 hours of training, which in Tennessee is completed in about three months.

For barbers, a long training period means higher costs. The for-profit schools in Memphis charge up to $18,000 for tuition.

At Memphis only public program, Tennessee College of Applied Technology, or TCAT, the annual price for tuition, fees and books is about $5,400.

But the state only provided enough funding to allow TCAT to serve 40 aspiring barbers per year. There are 80 people on the waiting list, a TCAT counselor said, which means students may have to delay their education for at least two years.

As a result, eager students have little choice but to enroll in expensive for-profit schools, which have plenty of room, explained Bob Obrohta, who leads the Tennessee College Access and Success Network in Nashville.

The student is sitting here saying, I dont want to wait for another year or two years trying to get into this TCAT program, I want to go to work now in this profession that I want to do, Obrohta said.

Most these students have to take out federal loans to pay the bulk of their tuition. These students are more likely to be people of color with low incomes. Three-quarters of for-profit college students take out loans, compared to one-fifth of community college students and just under half of students at four-year public colleges.

Aspiring barbers and cosmetologists are at a high risk of not being able to pay back those loans, which come due six months after leaving school. The U.S. Department of Education estimated the average 2019 graduate from Memphis barber and cosmetology schools that accept federal loans, pay between $80 and $170 per month on a standard repayment plan.

But it typically takes several years for barbers or cosmetologists to build up a profitable business or clientele. In the first two years after graduation, the typical graduate of a Memphis barber or cosmetology program makes about $16,000 a year, according to federal data on five area schools. (This likely doesnt include unreported cash tips.) That translates to about $7.70 per hour working full time or $10.25 an hour working 30 hours per week.

Whatever the actual earnings, its clear that for many students, they simply arent enough to cover the student loan payments.

Its sort of a perverse outcome that federal financial aid, including loans, is supposed to help provide access to education to help increase their economic mobility, said Amy Laitinen, the director of higher education for the liberal think tank New America. And sometimes those loans end up doing the exact opposite.

You combine abysmal earnings with really high debt loads and you have a recipe for disaster, said Laitinen.

To prevent the problem from getting worse, local, state, and national leaders are working on student loan debt forgiveness, lower training costs and income-based loan repayment programs.

All federal student loan borrowers can apply for an income-driven repayment plan that adjusts monthly payments to typically around 10% of a borrowers discretionary income income above a basic living budget. Borrowers who sign up for these plans and make payments on time usually can have the remainder of their debt forgiven after 20 years.

But the program is notoriously difficult to navigate. Borrowers must reapply every year or get dropped. And the federal governments bureaucracy has been slow to approve forgiveness applications.

As a part of its pandemic response, the federal government suspended loan payments for all federal student and parent loans at least through Sept. 30. And Secretary of Education Miguel Cardona has hinted that the pause may be extended further.

Long-term relief may be on the horizon if Biden makes good on his campaign promise to back federal student loan forgiveness of $10,000.

While he has yet to act on that promise, many advocates and elected officials are continuing to push for forgiveness. Sen. Elizabeth Warren, a Democrat, recently stalled confirmation of Bidens nominees for the U.S. Department of Education until his administration implements some student loan reform.

Judith Scott-Clayton, a Columbia University associate professor, says forgiving a little would go a long way because the majority of people who fall behind on their loan payments owe less than $10,000.

Its not necessarily about the amount thats being borrowed, said Scott-Clayton. Its about whether you have the capacity to repay even a small amount of debt.

Another popular option to reduce student debt has been the free community college program, Tennessee Promise.

In 2015, Tennessee became the first state in the nation to pay tuition costs for thousands of students headed to community college and public technical schools. After students exhausted other forms of scholarships and grants, the state kicks in the rest, or about $2,000 for the average student. Recent research shows the program has dramatically reduced student debt.

Since the state launched Tennessee Promise, the number of students taking out loans at community colleges decreased by about 40%. The average students debt load also decreased by about 32%, according to a study the Journal of Higher Education published in April.

But the rising affordability of public schools has attracted more applicants, leading to capacity issues and waitlists for job certification programs at the states technical schools, said Emily House, the executive director of the Tennessee Higher Education Commission.

The capacity constraints are real in TCAT, House explained. A lot of that has to do with equipment. You cant learn how to do automotive technology if you dont have a car to work on.

So, Tennessee plans to spend $80 million on equipment and building renovations for technical schools across the state to accommodate more students. The effect wont be immediate as projects start in phases, but the hope is to significantly increase the number of students attending publicly funded trade schools.

Entrepreneurs are also trying to fill the vacuum. Jwan Buck Buckhalter founded Barbers University School in Memphis in 2017 so he could continue the tradition and train future business leaders.

I wanted people to understand it could be done. You can run a business. You can earn a living, he said. Lets keep the barbering industry as strong as we possibly can.

Buckhalter has the cheapest regular tuition for barber training in Memphis, at $4,800, payable in monthly installments. (Bluff City Barber College recently halved their tuition to $3,000 to attract more students during the pandemic but will eventually raise the price again.) Students typically attend morning or evening classes as they work other jobs.

Buckhalter, who has been a barber for 20 years, purposefully decided not to participate in federal student aid programs because he didnt want to encourage students to borrow. He saw the toll debt took on his colleagues. Buckhalter attended a school that offered low-cost tuition in New Orleans and wanted to offer the same opportunity in Memphis.

One student, Jerry Johnson, enrolled last year to fulfill the dream hes had since he was 15 years old when he picked up his first set of clippers in high school cosmetology class. He says he lives for the moment his clients smile as they turn to the mirror and see their finished haircut. He even started a TikTok account to promote his work.

Johnson, 22, was previously a certified nurse assistant at an urgent care clinic but craved a career change as the pandemic began to take its toll on medical workers. If national salary averages hold true for him, hell make more money as a barber. He researched and called several area barber schools and started applying for scholarships. Taking out a loan was a possibility, but he hoped to avoid it. The decision was easy after he called Buckhalter during his work break and heard the cost.

Compared to other area barber schools he researched, were learning the same material at a lower cost, Johnson said. And for him, that leaves more money for helping take care of his girlfriend and her child as well as investing in his own career.

I expect to make a good living once I receive my license. Thats the whole purpose of school: to better your future, he said.

Part of what has made the school affordable is its small size, Buckhalter said. The school currently has three instructors and 12 students. Another 12 have graduated and most of them passed their license exam.

Buckhalter hopes to expand, but he worries that he wont be able to without participating in federal student aid programs. He loses dozens of potential students every year who call and ask if the school accepts federal loans. But with federal loans come federal rules, including one that prohibits operation of a barbershop and a barber school in the same building, as Buckhalter does now. Getting a separate building would force him to raise tuition.

So now you ask yourself: Do I go for the money? he said. Or do I go for the cause and what Im trying to accomplish?

The cost of attending Memphis barber schools. Price includes tuition, supplies and books.

The rest is here:

How Tennessee schools are helping aspiring barbers with high debt kickstart their careers - Commercial Appeal

Lafayette Consolidated Government has announced that their Social Securitys "Ticket to Work" Program will allow people with disabilities to return to work.

The goal of their program, they say, is to help individuals with disabilities progress toward financial independence.

Lafayette Consolidated Government is a Ticket to Work services provider known as an Employment Network and they are authorized to help people who receive Social Security disability benefits prepare for, find, and maintain employment.

Their services include: career counseling, resume assistance, job referrals, mock interviews, disability disclosure discussions, and job accommodation requests.

To decide if LCGs Employment Network is right and to discuss individualized services, the public can email TicketToWork@lafayettela.gov or call (337) 291-8421.

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LCG's 'Ticket to Work' program is available to assist those living on social security - KATC Lafayette News