Category Archives: Financial Independence

Peter Dunn, Special USA TODAY Published 1:45 p.m. ET May 9, 2021 | Updated 5:16 p.m. ET May 9, 2021

USA TODAY's Janna Herron got married and changed her name years ago, but her maiden name keeps haunting her and her personal finances. USA TODAY

Dear Pete,

My daughter is graduating from college and she landed a great job in our hometown. The plan was always for her to get an apartment right away, but with the pandemic, her father and I are rethinking that plan. She doesn't have student loan payments and she has a decent amount in savings, but for some reason being conservative seems more prudent. At least that's what we're trying to convince her of. We've offered her the ability to live at home for a little while. What do you think?

Elizabeth; Raleigh, N.C.

Congrats to your daughter and your entire family. To graduate debt-free, with savings to boot, is quite the accomplishment. Looks like your plan worked thus far, now for what's next.

One of the more interesting challenges I've dealt with over the past nine months or so is trying to decide how much I should account for pandemic realities when making otherwise unrelated decisions.

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At first, that was happening involuntarily, like in April 2020 when I found my spending had tightened significantly, despite the fact it didn't need to. I've since chalked that decision up to a healthy mix of fear and prudence. The pandemic has tried to weigh in on several other financial decisions since then, from the December holidays to our interest in supporting restaurants. What I've learned is the pandemic doesn't affect as many of my financial decisions as I thought it did.

Given what you've shared, I'm not quite sure the pandemic, or the economy it leveled, are relevant to your daughter's decision.

It's fascinating how our goals as parents evolve. In the past five years or so, you wanted your daughter to get accepted by the college she wanted, graduate debt-freeand secure a job quickly. And just like that, she's accomplished all three. Though I'm sure you want to give your daughter the best start toward long-term success, the next goal in line is actually her complete financial independence from you.

Graduates line up before the Bergen Community College commencement at MetLife Stadium in East Rutherford, N.J., on May 17, 2018.(Photo: Seth Wenig, AP)

There is no better time in your daughter's life to struggle financially than right now. She's employed, she has no debt, she has savings, and it sounds like she wants to live on her own. If you over-curate her experience, you will absolutely regret it. Just like when you taught her to ride her bike, the training wheels coming off were the inflection point to success.

If she didn't have a job, then yes, she should move back in with you. If she had a ton of student loan debt, then yes, she should arguably move back in with you. If she had zero savings, then yes, she should conceivably move back in with you. None of those blemishes is reality. If your daughter can't venture off on her own, no one can. Seriously.

Ask Pete: Your fears help you make smarter choices about personal finance during an economic crisis

Will she struggle from time to time? Hopefully. That's how all this works. Her resiliency, a quality we've all come to value as of late, can't develop unless independence develops.

If you want to weigh in one last time on her financial life, encourage her to set her household budget off her net paycheck, after she's made a healthy retirement plan contribution of at least 10%. Since she doesn't have student loan debts to satisfy, she can afford a reasonable apartment and the lifestyle surrounding it. All the while, she can build up her short-term savingsand, more importantly, her independence from you.

The sooner your daughter learns how a work income can support her chosen lifestyle, the better. This is especially true when it comes to housing costs. Both you and she have earned the privilege for her to start her work career living on her own. Congratulations on your efforts, and now you can both start to enjoy the independence you've collectively created.

Peter Dunn is an author, speaker and radio host, and he has a free podcast: "Million Dollar Plan." Have a question for Pete the Planner? Email him at AskPete@petetheplanner.com.

The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

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The pandemic doesn't affect everyone's financial decisions: Why after graduation could be the best time to struggle - USA TODAY

MINNEAPOLIS--(BUSINESS WIRE)--Crosstown Financial Advisors, a wealth management practice managing $192 million in client assets, joined the independent channel of Ameriprise Financial, LLC (NYSE: AMP) from Waddell & Reed. The team, which operates two office locations in Sugar Grove, Illinois and Lisle, Illinois, includes financial advisors Christopher Forbes, CFP, Thomas Morrissy, CFP, Kathleen Morrissy, CFP and David Servatius. When the sale of Waddell & Reed was announced in late 2020, the advisors felt it was in the best interest of their clients to do their due diligence on a variety of firms. They were looking for a values-driven partner that would provide independence, and robust succession planning expertise while enabling them to deliver a superior client experience grounded in goal-based financial planning. After evaluating the marketplace, they found that Ameriprise was the best fit.

Ameriprise gave us confidence that they would not only guide us through the transition process, but they would also support our future growth, said Forbes, who has over a decade of experience in the industry. The technology platform far exceeded our expectations. The integration of tools and capabilities makes it efficient for us to do business and seamlessly engage with clients whether were meeting face-to-face or screen-to-screen. Its a game changer that clients only need one login to see progress toward achieving their goals.

Thomas Morrissy, who plans to retire later this year after 30 years in the business, said about the decision to move, I have peace of mind that my clients will be in good hands. Ameriprise has a strong reputation for serving clients with integrity. I am assured that my fellow team members particularly my daughter, Kathleen are surrounded by leaders and corporate office experts who are ready and able to support their personal and practice growth.

Crosstown Financial Advisors is supported locally by senior field vice president Trish Moll.

Ameriprise has continued to attract experienced, productive advisors, with approximately 1,700 joining the firm in the last 5 years.1 To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

Ameriprise Financial Services, LLC is an Equal Opportunity Employer.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

2021 Ameriprise Financial, Inc. All rights reserved.

1 Ameriprise Financial 2020 10-K.

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Strong Values, Goal-Based Planning, and Independence Draws Waddell & Reed Team With Nearly $200 Million in Assets to Ameriprise - Business Wire

How to attain financial stability to meet different life stage goals?

What is Financial planning? Financial planning should ideally evaluate the best savings, credit, investment and protection mix to meet one financial milestone. Having said so, according to industry experts most people are usually not in line with their finances. Usually seen, people have huge debts, credit card dues, and not the proper line of savings and investments in place to meet their financial milestone.

What is balanced financial planning?

Financial experts say balanced financial planning is the key to financial stability.

Navin Chandani, MD and CEO, CRIF High Mark, says A good financial plan can help individuals achieve financial independence that is key for stability. It should factor in the risk appetite and evolving financial demands of a person and is a long term process.

He further adds, A balanced portfolio should proportionately distribute assets in growth and savings instruments through investments in various asset classes. In addition, if a person has taken a loan or uses a credit card, it is crucial that the EMI and credit card bills are paid on time. Hence, a holistic approach to savings, investment, insurance and credit utilisations is critical in financial planning.

How to attain financial stability to meet different life stage goals?

Experts say, financial needs of every individual evolve over time and one should plan accordingly. Chandani, adds It is important to chart these out across expenses such as higher education, leisure, wedding, child care, starting ones own venture or even early retirement. Availing loans for meeting some financial requirements not only helps in systematic financial planning but also helps in tax management and parking aside savings for better investment avenues.

Here is how you can bring financial stability;

Discipline is the key Begin early and make it a habit to set aside a portion of monthly income in a savings instrument. Stick to the budget Create a monthly budget by analyzing all the expenditures and adhering to a strict spending plan. Chandani says, Its the most effective way to keep bills paid and savings on track. Keep a check Take advantage of credit options that are tailored to an individuals repayment capability. Track credit reports on a regular basis to keep a track of financial standing. Dont be late Make good use of credit cards and make sure payments are made on time. Work smart Experts believe it is better to invest in income-generating investments that are expected to appreciate in value over time. Create a balance Ascertain that portfolio is well-balanced, using the right asset allocation strategy and a good mix of secured and unsecured loans for suited financial goals. Prevention is better than cure Create an emergency fund apart from daily investments to cover unexpected expenses, ensuring that savings are never depleted. Chandani says, An emergency fund can also be used to pay off an EMI and prevent defaults. Additionally, take health and term insurance, to help you stay protected during a crisis. Maintain a good credit score It will assist an individual in obtaining the best credit opportunities at any point in life.

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Whats the right way to financial planning? Find out - The Financial Express

Dogecoin was started as a joke in 2013.

Yuriko Nakao/Getty Images

New York Attorney General Letitia James on May 6 took legal action to halt operations of cryptocurrency trading platform Coinseed.

The state AG alleges that Coinseed allocated investors' money into dogecoin without permission.

Per the filing first viewed by Bloomberg, Coinseed on April 16 converted all investor assets into bitcoin "without notice or authorization" and disabled all functionality in the application, so that they will not be able to withdraw their money.

In the evening of the same day, Coinseed traded the bitcoins for dogecoin, described as "an extremely volatile virtual currency" in the filing, and which at that time was experiencing a sharp selloff.

"[The Office of Attorney General] has received dozens of complaints from investors describing that [Coinseed] conducted these unauthorized trades and transferred all investor assets into dogecoin," the filing said.

An example of an investor complaint on April 17 was included. The investor alleged that Coinseed transferred all his cryptocurrency to dogecoin without his permission and blocked his ability to withdraw his money. From a $20,000 balance the night before, he said the transfer to dogecoin immediately dropped his balance to $7,000.

Read more: Real-estate investor Brandon Turner owns 1,500 units and achieved financial independence by age 27. He shares 6 steps for buying a first rental property within 3 months.

Four other complaints followed a similar narrative.

"Unregulated and fraudulent virtual currency trading platforms have no place in New York," the Attorney General said in a statement.

She continued: "Three months ago, we filed this case against Coinseed and its executives alleging that they violated New York state laws and illegally squandered investors' monies. However, in the months since we filed our suit, the greed perpetrated by Coinseed and its CEO has not only continued but grown."

In February, the office of James filed a lawsuit against Coinseed and its two top executives.

At that time, James accused Coinseed of defrauding investors out of more than $1 million via undisclosed fees and through the sale of "worthless" CSD tokens. CSD tokens were Coinseed's own cryptocurrency.

But in the last month, dogecoin has had a stellar performance. It is up more than 70% since the middle of April and is now the fifth-largest cryptocurrency by market capitalization according to CoinGecko. It may also be enjoying institutional backing soon.

Tesla chief executive Elon Musk tweeted a poll Tuesday asking if his followers want Tesla to accept the cryptocurrency as payment.

Still, James has alleged in her filing that Coinseed has "drained both bank and virtual currency accounts that held investor deposits and moved investor assets overseas."

The AG said that in the nearly three months since James filed her lawsuit, they received over 130 complaints from investors regarding Coinseed's conduct.

The Office has therefore asked the court to issue a temporary restraining order and a preliminary injunction. They have also asked the court to appoint a receiver to oversee all assets in an effort to safeguard investments as the lawsuit proceeds.

Coinseed CEO Delger Davaasambuu, however, told The Block that the complaints were "full of false accusations." The CEO maintained that Coinseed left New York in 2019 and has not accepted any users from New York since 2018.

As the meme cryptocurrency with the Shiba Inu as its mascot skyrocketed an astronomical 10,000% year-to-date, more and more people are jumping in.

A report published by the blockchain intelligence provider TRM Labs on Monday detailed how fraudsters manipulated Musk's dogecoin promotion during his anticipated hosting of the iconic Saturday Night Live Show on May 8 and pocketed dogecoin worth $5 million.

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Coinseed moved all of its clients' assets into dogecoin without telling them, new report says - Markets Insider

By Opinion May 10, 2021

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According to Colin Long, a Director and Advisory Partner at Consolidated Wealth, very few South Africans can afford their lifestyles. Being financially free means that you have enough savings, investments and cash to afford the lifestyle that you want for yourself and your family, Colin explains. And the truth is that most South Africans suffer from stuffitis. We buy things we dont need with money we dont have to impress people we dont like.

The result is that many of us live with more debt than we can afford and we become hamsters on a wheel, working harder and harder to maintain momentum because if we slow down, we will be unable to maintain our lifestyles.

Treasury estimates that only 6% of South Africans will retire on a livable income. These findings are based on a survey of more than 15 million economically active people with a monthly income of over R8 000. Thats really concerning as it confirms that debt is a national issue, a very real problem across our entire society, Colin reports.

But how do you achieve financial freedom? Colin recommends a five-step process that will give you the structure you need.

1. Start a Budget

The first step towards financial independence is setting a budget. Be ruthless and separate your needs from your wants. Include all your regular spending such as your bond or rental costs, utilities, credit card bills and other loans as well as your groceries and school fees. Its possible that you are spending more than you are making, so you will have to figure out where you can cut back. Once youve got a realistic budget in place, stick to it.

2. Pay off your small debts first

List all your debts from the largest to the smallest and include the interest you are paying for each. Now make a plan to pay off the smallest debt first and then tackle the next smallest debt and then the next. It may seem strange that you pay off your smallest debt first but this will give you a psychological win that will keep you on track.

3. Create a Financial Plan

Once youve got your budget and your debt is under control, its time to speak to a financial planner. Their first goal will be to put together a plan that protects your income and provides cover for your family should you fall ill or pass away. This will include medical aid, gap cover and life and disability cover. Make sure you are working with a Certified Financial Planning Professional (CFP) as this will ensure you will get good financial advice.

4. Draw up a Will

Your next step is to draw up your will. If anything happens to you, this will help your family as there is a clear set of guidelines about how your assets should be distributed.

5. Start saving for your Retirement

With everything in place, you can now start working with your financial planner on your retirement plan. Ideally, you should consider saving 10 to 15% of your income for retirement and your adviser will tailor a plan thats attuned to your circumstances. They will meet with you regularly to ensure that your plan is on track and make any necessary adjustments should your circumstances change.

Now you have some direction, its time to start putting your financial plans in place. These five steps will help you develop a solid structure that will put you on the track to true financial freedom so that you are better able to provide for your family and yourself, not to mention the awesome feeling of being debt-free.

PERSONAL FINANCE

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Struggling to create a financial plan? Here are a few tips - IOL

Illustration by Janie Hao

So, where is your apartment around? she asked me.

Even before answering, I know where this is going. She isnt asking because of romantic interest, the subtle hint of inviting herself over. Perhaps she wants to size me up, or maybe its just one of those gold-standard small talk questions someone asks, similar to what do you do? Either way, I dont have the answer she wants to hear. Uhhh. Bathurst and St. Clair,

I cautiously respond, avoiding the fine print: that I am 33 years old, do not have an apartment, and live with my parents. I am also quite happy to.

There is a common assumption that children should move out of their parents home at a certain age, and failure to do so is greeted with suspicion of the family, or even judgment of ones financial situation. (What age that is, is anybodys guess, but anecdotally, somewhere around 25 years old.)

Historically, I have used an impressive amount of mental gymnastics to avoid the question of where I live. When cornered, and the reality of my family living arrangements are unveiled, I have what feels like a list of a politicians talking points readythat I am close with my parents; that we have a beautiful, spacious home in midtown Toronto, equipped with a sprawling backyard in a walkable neighbourhood; that our house is a salon for intellectual discussion, debate and humour; that I save money on Torontos monstrous rent, and that I maintain a sense of independenceall of which is true. If I look at my potential date and fail to notice any visible signs of persuasion, a quiet oh or a small nod or smile, I try to soften them by mentioning that I am helping take care of my newborn nephewgreatly exaggerateda painkiller for my hard-edged, opinionated disposition.

Yet for all the motivational self-talk and reasonable arguments, the stigma prevails. Hollywood star Michael B. Jordan was shamed online for admitting that at age 32, he lived with his parents. You get home-cooked meals, he said, and cited his love and admiration for his parents. Even then, he was defensive about his choices, saying he planned to move out as soon as he could. (In 2020 it was reported that Jordan has since moved out of his parents home.)

When Toronto Life shared a 30-year-old Chinese-Canadians story of living at home with his parents on social media, there was a barrage of negative comments. Independence man! one person wrote, with another adding, what a joke. It seems like a lot of people with high income are mooching off their parents. One person responded, some of you arent immigrants and have no understanding of cultures outside of North America and it really shows, while another commentator added, I knew a lot of people who COULD have lived at home and saved, but they chose to move out. Reading through the commentators names, one could see a difference in cultural perspectives.

That said, the pandemic and public awareness of diversity have encouraged an openness to new perspectives, with an eye on the bank balance. Job loss, financial reasons, loneliness, or the need for daycare, have led 1.5 million Canadiansand six percent of adult children in Ontarioto move back home. This boomerang generation (young adults who have previously left their parents home, only to return) is an increasing trend in Canada and the U.S., bolstered by multiple economic crises in the past few decades, a weak labour market, and student debt. It is definitely not where I thought Id be at this stage in my life, 24-year-old Elsa Anschuetz told American news website Axios in an interview, but it is definitely better than living in an apartment alone during this crazy pandemic.

For many ethnic Canadiansincluding within my own Indian heritageit is unusual, even abnormal, to move out before marriage. While financial status tends to be a chief motivator for adult children to remain at home, the number of adults living with their parents doubled between 1995 and 2017, according to Statistics Canada in 2017, 21 percent of South Asians and 19 percent of Chinese Canadians aged 25 to 64 lived at home, compared with nine percent of the total Canadian population aged 25 to 64. These groups may have cultures which value intergenerational living arrangements.

Seven years ago, my sense of individualism was publicly questioned. Appearing on The Agenda with Steve Paikin, a public affairs show on TVO where I spoke about the millennial generation and the labour market, I mentioned that at 26 years old, I lived at home with my parents. It wasnt your first choice or wasnt the most fabulous thing or you certainly hope to be on your own one day, the host asked me, to which I responded that a staple of the immigrant mentality is if you dont need to spend the money, why spend it? If I dont need to spend the money to, if I can afford to, live at my parents in downtown Toronto, why would I live somewhere else? To prove to them I am independent?

Yet it is precisely that last ideaindependencethat is being called into question. When a relatives husband asked my mother why her children still lived at homedidnt she want to teach her kids independence?she retorted that there were many ways to teach them independence.

This disconnect is a byproduct of cultural psychology, with many eastern cultures valuing a collectivist mindset, social cohesion, interdependence, and deference to elders. Krystal Ng, a 30-year-old recruitment manager in Toronto, values both family connections and a sense of financial independence. She told me that while she moved out at the age of 25, primarily for investment reasons, she visits her Chinese-Canadian family three times a week in Richmond Hill.

Prior to the pandemic, her colleagues asked what she was doing on the weekends, and she left them baffled when she responded that she was hanging out with her parents. They did not understand why I would do that on a weekend. Was I doing something with them? No, just running errands and being with them. A frequent traveller with her parents and brother, she told me that when she was 23 years old, one couple could not believe she was still at home.

I began to think about the intersection of culture and household structures in 2013, when I read a Toronto Star report about Punjabi-Canadians disagreeing with a townhouse developer in Brampton, Ontario, leading to a war of words between two city councillors and a resident meeting with about 500 attendees. The issue wasnt about pricing, but architecture. Townhomes is not our concept of buying property, said Paramjit Singh Birdi to the Toronto Star. Every house here has two or three families. The Punjabi community lives in joint families and no joint family can fit in a townhouse.

Despite the suburban desire for a single-family home with a white picket fence and 2.3 children, much of the worldfrom Africa to the Arab Gulf, and especially in South Asialive in joint families, which extends beyond the nuclear family and it typically grows when children of one sex do not leave their parents home at marriage but bring their spouses to live with them, notes the Encyclopaedia Britannica.

I saw this phenomenon close-up, when shortly after meeting my aforementioned GPS-inquisitive date, I moved to Mumbai for work. My newly married-friend, an Ivy League-educated family business owner, who lives with his wife, parents and grandmother, told me that it was important to him to be close to his grandparents. He also noted the ease of lifestyle in coalescing resources togethermaids, drivers, and cooks.

From 2001 to 2011, joint families in urban India grew by 29 percent with even the vice president of India advocating for them in a national newspaper. Indian joint families are considered to be strong, stable, close, resilient and enduring with focus on family integrity, family loyalty, and family unity at expense of individuality, freedom of choice, privacy and personal space, write psychiatrists Rakesh K. Chadda and Koushik Sinha Deb in the Indian Journal of Psychiatry.

Bollywood films have featured joint families, and superstar Amitabh Bachchan found his joint family most enjoyable and entertaining, with the patriarch living with his wife, his son Abhishek and daughter-in-law Aishwarya Rai Bachchan, a former Miss World winner. When Oprah Winfrey asked in a 2009 interview how Abhishek lives with his family, he turned the question around asking if Oprah lives with her family, How does that work? to which the audience roared. Were a different culture where we are trying to get the parents outside of the house, Oprah added. In many parts of the world that is not normal. Its normal to bring the parents in, to have respect for the elders.

Its easy to consider joint families as relics of a different world and adverse to Canadian values of individualism and self-reliance. But even the pandemics economic instability has not changed Canadians opinions of inclusiveness, with our country amongst the highest in the world in valuing immigrants. If we are to go beyond a superficial dance-dress-and-dining multiculturalism, well realize that, according toStatistics Canada, as of 2016 six percent of Canadians live in a multigenerational household (of at least three generations), and it is one the fastest-growing demographics. Urban policy writer Diana Lind wrote in the Globe and Mail: We have codified and glorified the stand-alone home with a white picket fence. We have praised the price appreciation that comes with home ownership, ignoring the increasing percentage of non-homeowners who bear the brunt of rising property values. We have endorsed the aspirations of privacy, space and exclusivity without a strong countervailing public discussion about the downsides of this lifestyle: increased carbon emissions owing to greater dependence on cars; loneliness and obesity owing to less social interaction and fewer walkable neighbourhoods; and class and racial segregation.

She adds that we have innovated in all forms of life, from ride-hailing apps to the gig economy, but our view of housing feels stuck in that postwar period. Just as the pandemic has made us rethink ideas like working from home, visiting overlooked parks, and even the purpose of shopping, surely we can reconsider alternative arrangements?

My family friend lives in a gorgeous and leafy neighbourhood in Johannesburg, and the parents along with six friends bought a piece of land in the city, and developed six beautiful houses with lots of light and a shared garden and pool, a former colleague told me. He informed me that theyre not hippies, but are affluent economists and architects, adept at living on their own. Its a modern kibbutz, he said, referring to the traditional Israeli collective community based on agriculture. Far from the hippie branding, wohngemeinschaft (or communal living) is common in Berlin, even making way for more upscale cohousing projects, in which an architect facilitates discussions between developers and residents.

After four years of living alone in Mumbai, I recently moved back to my parents home in Toronto. Tolerating differences was always going to be an adjustment, but I began to see my parents differently. Long-term care had been frequently in the news for COVID-19 outbreaks, but I pondered how so many children could leave their parents in their wisest years to slowly fade away?

Not every family has the capacity to live together, but many of our modern urban crisesloneliness, burdensome financial obligationsincluding exorbitant rentageism, childcare, and even interpersonal intolerance and imprudencecould be alleviated through different ways of living. It has taken us a pandemic to rethink; what will it take for us to take action?

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I'm 33 years old. I live at home. And I love it. - This Magazine

Nowadays, the Internet is full of articles and systems such as the Lotto Dominator system that guide you on how you can become rich. Additionally, on YouTube, you can find tons of videos in which their creators claim that waking up at 5 am or working out every day can turn you into a millionaire faster than you know it. We want to convince you that working your way to the top is the best way to go. Here is why you should consider working hard and eventually work your way to becoming rich.

The number one reason why people fail in their quest of getting rich quickly is that they are impatient. They want to achieve their goals right away without investing any time or effort, which is impossible. If you want to become rich fast, you should forget about this goal and start focusing on long-term goals.

The process of becoming a millionaire takes a lot of hard work and time. For example, if you invest $500 per month, with an average of 10% return, you will be able to amass a $1 million portfolio in approximately 20 years. However, if you save $2,000 per month, you will be able to become a millionaire in just 10 years. The more money you try to save, the faster you will become a millionaire.

Many people envy successful millionaires, thinking that they have achieved their success by cheating or being extremely lucky. No matter what kind of person you want to become, you need to be aware that it wont happen overnight.

If you work hard to earn money, there is a high probability that you will enjoy the process and will be able to feel the fulfillment that comes with every small win. Being able to witness your progress and knowing that you are responsible for it makes the difference between feeling happy and satisfied and feeling miserable and frustrated.

If you work hard towards your goals, by taking it one step at a time, you will learn just how capable you are of achieving them. You will realize that once you can get over a challenge, it becomes much easier to overcome the next one. Another benefit of working your way to becoming rich is that you will be able to build self-confidence. Additionally, you will be able to acquire new skills and knowledge that may help you achieve future goals.

To become rich, you need to think big and set ambitious goals. If you want to make it happen, you need to commit yourself fully to a plan of action. This means that you have to focus on your primary objective and ignore any distractions. In order to do so, it would be best if you work together with other people instead of trying to achieve your goal on your own. Youll be able to stay focused on your goals and gain motivation every day when realizing how much closer you are getting towards achieving them.

While some people claim that laziness is one of the main reasons why they are not able to get ahead in life, others argue that they tend to procrastinate because they find it difficult to work hard and stay motivated. If these are the reasons why you are not getting rich, try changing your mindset so you can start working your way to become rich and see if this is the solution for your problems.

By working hard to achieve your goals you will start to feel more fulfilled in life. Additionally, if you work toward achieving a common goal with other people, youll be able to share the experience and learn from each other. Working with other people is proven to help you stay motivated and achieve your goals faster.

Another reason why its best to work your way to becoming rich is that you can let your money work for you while you are not spending time on your business. For example, buying dividend stocks and letting them compound over time is one of the best ways to make money while not being involved in the process. Investing your money in the stock market is a great way to earn passive income.

If you are eager to start investing but dont know how to do it, check out this article: 7 Best Ways To Start Investing Money.

One way to get rich quick is by winning the lottery. If you win a jackpot, you will be able to buy whatever you want right away without having to worry about how to make the money. However, winning the lottery is extremely rare, so most people think that this is not a realistic way to become rich. Instead of wasting your time and energy on trying to win the lottery, try working your way to becoming rich. If you have a well-thought-out plan for achieving your goals, you will likely be able to achieve them much faster than if you were to try your luck and win the lottery.

Financial independence means that someone has enough savings and investments that allow him or her to stop working and live off their passive income and still be able to maintain his or her current lifestyle. Most people never reach financial independence because they are not aware that it is a possibility. Additionally, they dont believe that they can achieve their goals because they are thinking only of their short-term goals. Once you start working your way toward becoming rich, youll be able to become financially independent much quicker than you had expected.

Being financially independent means that you dont need anyone else to survive. Once you achieve this goal, you will be able to spend more time with your family and friends and will no longer have to worry about money all the time. This will allow you to focus on whats really important in life.

When working hard toward reaching a goal, most people notice that they need more perseverance and self-discipline to achieve their goal. Once they start feeling the fulfillment that comes with every small win, it becomes much easier for them to stick with their plans of action and continue working toward their primary objective until they achieve it.

While trying to get rich overnight might be a dream for most people, its actually almost impossible. Most people who are rich will tell you that by working hard, you can steadily make that dream a reality. If you start thinking about long-term plans and setting goals for the future, there is no reason you cant be successful too. Not only will you become successful, but hard work will also improve who you are as a person. You will need to learn new skills, learn how to become more determined, and how to persevere to reach your goals. When you set long term goals for yourself, you give yourself and your life a purpose. Having a purpose will give you a reason to jump out of bed in the morning. If you take into account all the things discussed above you can reach your goals faster than you ever imagined.

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Why Its Best To Work Your Way To Become Rich - Business MattersBusiness Matters

This story originally appeared on SmartAdvisor Match, by SmartAsset.com.

The COVID-19 pandemic has forced many Americans into an early retirement: In fact, the majority of the seven-percentage-point drop in the labor participation this past spring can be attributed to unemployed people who have prematurely decided to exit the workforce for good, according to a paper from the Becker Friedman Institute for Economics at the University of Chicago.

And though less than 1% of workers in the U.S. ordinarily retire before 50, according to data from the LIMRA Secure Retirement Institute, the rise of the Financial Independence Retire Early (FIRE) movement has Americans searching for ways to leave the labor force in advance of what may be the typical age range.

Thats contingent upon such factors as lowering your tax burden and living expenses while also enjoying low housing costs as a percentage of income while working to have the wherewithal to grow your nest egg. With all that in mind, SmartAsset crunched the numbers to uncover the most affordable cities for an early retirement.

To do so, we analyzed 100 of the largest U.S. cities across the following metrics: effective income tax, health insurance costs, cost of living, housing costs as a percentage of income, various other taxes, crime rates, medical facilities and unemployment rate.

For details on our data sources and how we put the information together to create our final rankings, check out the Data and Methodology section at the end.

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The 10 Most Affordable Cities for an Early Retirement - MSN Money

The public health and economic toll the coronavirus pandemic caused are well documented. Perhaps less understood are the social impacts. According to a report from Pew Research Center, young adults in the United States were more likely to be living with at least one parent in July 2020 than at any time since the Great Depression.

The historic numbers of young adults either moving back home or choosing to remain there during the pandemic appears to have been a continuation of a broader trend. According to data from the U.S. Census Bureau, 34.4% of Americans between the ages of 18 and 34 lived with at least one parent, grandparent, or former guardian in 2019 -- compared to 31.5% in 2010.

The likelihood of young adults residing with their parents varies considerably from state to state.

In Illinois, young adults are more likely to live with a parent or grandparent than in any other state in the Midwest. An estimated 36.2% of the state's population between the ages of 18 and 34 live with their parents.

One potential explanation for the greater likelihood is the state's relatively weak job market, which can make it more difficult for those in the early stages of a career to achieve financial independence. An average of 9.5% of the state's labor force were unemployed in 2020, and as of March 2021, the jobless rate in the state stood at 7.1%. Meanwhile, the comparable unemployment rates nationwide were 8.1% and 6.2%, respectively.

To determine the states where the most young adults live with their parents, 24/7 Wall St. reviewed data on family and household type from the Public Use Microdata Sample summary files of the U.S. Census Bureau's 2019 American Community Survey. States were ranked on the percentage of adults 18 to 34 years old who live with their biological parents, adoptive parents, steparents, foster parents, or grandparents in 2019. Supplemental data on the median age at first marriage of the 15 to 54 year-old cohort came from the Census Bureau's 2019 ACS. Data on regional price parity used to calculate cost of living came from the Bureau of Economic Analysis and is for 2019.

The focus of the work of The Center Square Illinois is state- and local-level government and economic reporting that approaches stories with a taxpayer sensibility. For more stories from The Center Square, visit TheCenterSquare.com.

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Study: Young Adults In Illinois Are More Likely Than Average To Live With Their Parents - Patch.com

The public health and economic toll the coronavirus pandemic caused are well documented. Perhaps less understood are the social impacts. According to a report from Pew Research Center, young adults in the United States were more likely to be living with at least one parent in July 2020 than at any time since the Great Depression.

The historic numbers of young adults either moving back home or choosing to remain there during the pandemic appears to have been a continuation of a broader trend. According to data from the U.S. Census Bureau, 34.4% of Americans between the ages of 18 and 34 lived with at least one parent, grandparent, or former guardian in 2019 -- compared to 31.5% in 2010.

The likelihood of young adults residing with their parents varies considerably from state to state.

Maine is one of only a few states in the Northeast where a smaller than average share of young adults live with their parents. Just 27.8% of the state's 18 to 34 year olds live with parents or grandparents.

The reduced likelihood of young adults living at home in the state is likely due in part to certain economic conditions that make it easier for those in the early stages of a career to achieve financial independence and afford a place of their own. For one, the state is relatively inexpensive, with a cost of living 0.7% below the national average. Young people in the state are also more likely to be employed than their counterparts nationwide, as the unemployment rate in Maine stands at 5.4% -- below the 6.2% unemployment rate nationwide.

To determine the states where the most young adults live with their parents, 24/7 Wall St. reviewed data on family and household type from the Public Use Microdata Sample summary files of the U.S. Census Bureau's 2019 American Community Survey. States were ranked on the percentage of adults 18 to 34 years old who live with their biological parents, adoptive parents, steparents, foster parents, or grandparents in 2019. Supplemental data on the median age at first marriage of the 15 to 54 year-old cohort came from the Census Bureau's 2019 ACS. Data on regional price parity used to calculate cost of living came from the Bureau of Economic Analysis and is for 2019.

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This Is How Many People Live With Their Parents In Maine - The Center Square