Category Archives: Financial Independence

Entrepreneurs are rule breakers, but the wisest of them know that barriers are broken for a bigger purpose. They don't break rules arbitrarily. These entrepreneurs see the inherent flaws in the system that produced these rules and then deploy critical thinking, diligent work, and strategic efforts to create their own rules that pave the road to abundance and financial independence.

Working with this same agenda, Kenny Simpson established his own entrepreneurial venture from the ground up. He did it by deviating from the conventional path that the majority of today's youth are inclined to follow - spending thousands of dollars on receiving a degree just to be later employed in a 9-to-5 job that makes them live with limited means.

Knowing of a teen earning 6-figures a month in his 20s sounds absolutely crazy, until you hear the inspirational story of Kenny Simpson, a 1998 born businessman who discovered the secret to achieving a high degree of entrepreneurial riches in network marketing and forex trading.

Followed by the completion of elementary education from his hometown Winter Haven, Kenny shifted to Jacksonville where he completed his schooling, and then went on to study two semesters at Saint Leo University in Saint Leo, Florida.

Though he was born with the entrepreneurial spirit, he owes a great deal of success and mindset to his mother, who runs a beauty salon. Seeing her financial independence enabled him to create a vision for himself of being his own boss. With this mindset of moguls, unlike his peers, Kenny disliked the notion of jumping into post secondary education only to later seek employment under someone else.

The whole time I was in school I never had a major. The concept of paying thousands of dollars for any field that I knew I wasnt passionate about never sat well with me. I ended up dropping out due to my lack of passion, says Kenny.

He was ready to say Yes to hard-work, Yes to challenges, and Yes to grind... but all those Yess for the sake of striking gold as an independent business owner, and not becoming a Yes-Boss, Ok-Boss type person!

Story continues

The perfect opportunity to say his first yes to entrepreneurship arose when he was introduced to network marketing. After months of hard-work and continued persistence, Kenny abandoned his studies knowing he had found what would bring him wealth, success and satisfaction for the rest of his life. Through this new opportunity, Kenny gained the invaluable skill of trading in the financial markets.

Kenny's vision didn't stop at trading alone. Later, with more experience and money in the field, he decided to go further and built TDC, a company that offers the youth a roadmap to success as independent business owners. Talking about the objectives of his company, the entrepreneur says:

The main goal of TDC is to teach and educate on trading/investing and helping individuals develop more streams of income to propel their ventures in life.

My goal is to impact over 1million people by the end of 2021. Teaching and helping them develop and learn how to turn your saving account into major profits.

While most rich people prioritize themselves over others, Kenny is the opposite. He loves helping others unlock 95-point greatness in life, and for this reason, he spends all his free hours on the welfare of cash-strapped individuals. Having been through the school of hard knocks and knowing what it takes to hit the jackpot, Kenny doesn't want others to fall into the trap of trials and tribulations involved when switching gears to entrepreneurship. Therefore, he is using TDC to offer a clear-cut way to riding the gravy train with minimal investment and risks.

A lot of people in this work focus mainly on making money for themselves, and for some of those, it definitely works. However, what do you think would happen if you helped 5 of your friends become millionaires? By default, you yourself would be a multi-millionaire. When you shift your focus to helping people achieve their goals and change their situation, your situation will change somewhere in the mix and youll smash straight through any goal you ever had, says the influential entrepreneur.

About Kenny Simpson:

From the day he was born in 1998 in Florida to him overcoming systematic barriers, Kenny Simpson is a great example of that 'extraordinarily special' breed of individuals who trusted their guts and paved their paths to extreme riches. Having an absolute zero passion for 9-to-5 employment, Kenny abandoned his studies midway to pursue entrepreneurship at the cost of ferocious hard work and indefinite stamina for challenges just to be later rewarded with a prosperous career as a network marketer and trader. After amassing 6 figures in wealth, Kenny is now en route to helping youngsters strike rich as entrepreneurs.

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Meet Kenny Simpson: An Inspiring Teen Who Built His Road To Riches In His 20's, Read His Recipe To Entrepreneurial Success! - Yahoo India News

WEST CHESTER Women have been disproportionally impacted by the pandemic and have left or lost their employment at higher rates than men. Now, the Chester County Womens Commission (CCWC) is supporting three local organizations that are directly serving and supporting women to gain meaningful employment.

The CCWC awarded $4,000 to the Chester County Opportunities Industrialization Center, which provides opportunities for individuals to prepare for sustainable employment and financial independence through education, training, and support services. This support will enable one woman to attend and complete their Certified Nursing Assistant program.

And $3,200 was given to Good Samaritan Services to increase the number of attendees in their Getting Ahead Workshop. This workshop supports women in the Coatesville area and provides education on finding and keeping secure housing, gaining new employment, and other services and life skills.

Wings for Success (WFS) served more women in 2020 than any year in its 22 years of service in Chester County. The CCWC provided $3,300 to WFS to support clothing for domestic violence victims, work clothing for frontline workers, and technology upgrades.

The Chester County Womens Commission supports organizations that promote opportunities for all women in Chester County.

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Chester County Women's Commission looking into impact of pandemic on women and jobs - Daily Local News

SAN RAMON, Calif., April 15, 2021 /PRNewswire/ --The Diamond Group Wealth Advisors is pleased to announce its 6th "Savvy Women Summit Women Inspiring Women" on Wednesday, April 21 from 4:30-7 p.m. PDT on Zoom.

The Virtual Savvy Women Summit showcases three amazing women who will share their stories and their path to clarity, confidence, and abundance. Sharing their experiences and stories are Sharon Burstein, "America's Leadership Image Speaker," Michele Gooch, "Transition Guru," and the Honorable Catharine B. Baker, Vice Chair of the California Fair Political Practices Commission.

"We have designed this spring's agenda to continue empowering our Savvy Women community. We have experienced a most challenging year, 2020, with all that we manage, with work, finances, family and taking care of ourselves," said Marilyn Suey, Founder of the Diamond Group Wealth Advisors and Savvy Women. "Our three Savvy Speakers will inspire and motivate you to take renewed action and continue to strengthen your positive mindset, as we look ahead and re-imagine our lives and businesses in 2021."

"Women in leadership is a subject I am most passionate about and have built my speaking business around enabling women to lead successfully," said Sharon Burstein, CEO of Sharon Burstein International.

"I am a passionate leader of our Plaid for Women community delivering value added services to our cohort of Savvy Women," said Michele Gooch, founder of LIFE by Design. "Every woman needs a supportive community. The benefits are endless. I'm eager to be in the mix with the Savvy Women Community to encourage and empower, as well as be encouraged and empowered."

"I am pleased to be able to share my experiences in the public sector with the Savvy Women community as we recover from this challenging year," said Catharine Baker,Vice Chair of the California Fair Political Practices Commission. "It's rewarding to see more women involved in the public sector and being advocates for all citizens."

In its sixth year, our Savvy Women Summit, supports women to "Dream Bigger, Dream Bolder for a Brighter Future." It brings together women business owners, executives, entrepreneurs, and successful retirees. Our goal is to convene women from all walks of life to an afternoon of education, inspiration and community building for the Bigger Dreams that we all have in our hearts and minds," said Marilyn Suey. "What has sprung from a little book called, 36 Quick Tips for Savvy Women - Taking Control of Your Work, Your Wealth and Your Worth, has made an enormous impact on our community."

To RSVP to the Virtual Savvy Women Summit, please register at diamondgroupwealthadvisors.com/events or call Rachael Curtis at 925-219-0080.

About: Sharon Burstein-America's Leadership Image Speaker

Sharon Burstein is one of America's most in demand and respected motivational speakers and is an award-winning author. She has worked with hundreds of thousands of people globally for more than 25 years inspiring and creating business and leadership images. Author of three award-winning books, Sharon has been recognized and received numerous National and International achievement awards. President-CEO of Sharon Burstein International consulting and speaking, her successful global career has included: owning and working with private and publicly traded companies, International Marketing, Speaker, Manufacturer, Patent owner, Media Producer, and Educator. Sharon created Leadership Summit America Symposium in 2016 and in 2017 launched the successful YOUniquely YOU! Putting Women First The Power of Possible retreat for women of all ages and walks of life.

Michele Gooch, Transition Guru

Michele S. Gooch is referred to as the Transition Guru. She is insightful, inspiring and challenging as she helps women get clarity on their direction, explore their mindset and uncover their own design. Michele is the founder of LIFE by Design, a coaching business that supports women in transition by helping them reconnect with their passion and realign with their purpose. She also directs Plaid for Women, a digital media company providing relevant content for women on the business of life.

She has a Bachelor of Arts in Psychology and a Masters in Counseling. She is certified in DISC: Behavioral Analysis and holds a certificate in Coaching Mastery. Michele has been able to combine her formal education with her passion for seeing people succeed in life to move people toward pursuing the best for their life. She leads Impact: A Women's Collaboration Group in the Dallas/Fort Worth area of Texas.

Honorable Catharine B. Baker - Vice Chair of the California Fair Political Practices Commission

Catharine Baker is a former California State Assembly member who represented the 16th Assembly District from 2014 through 2018. She is a Vice Chair of the California Fair Political Practices Commission, which administers and enforces California's landmark government ethics laws. Catharine is Special Counsel at Hoge Fenton, where she advises businesses and non-profits and practices election law.

The Diamond Group Wealth Advisors

The Diamond Group Wealth Advisors is an independent wealth management firm that empowers its clients to design and define their ideal lifestyles starting today, for tomorrow and for life. We follow a disciplined planning process that enables our clients to build their customized Prosperity Blueprint that guides them as they travel on their path toward financial independence. Our clients understand that their wealth is more than their money. Working with us, using our Prosperity Blueprint TM Process, we help guide our clients to take care of their families, and the people and causes they care about deeply. For more information visit http://www.diamondgroupwealthadvisors.com or follow us on Facebook at https://www.facebook.com/The-Diamond-Group-Wealth-Advisors-1921023328178564/ and find us on LinkedIn at https://www.linkedin.com/in/marilyn-suey-933134.

Marilyn Suey is a registered representative with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Strategic Wealth Advisors Group, LLC, a Registered Investment Advisor. Strategic Wealth Advisors Group, LLC. And the Diamond Group Wealth Advisors are separate entities from LPL Financial. CA Insurance License #0E01981.

Media Contact: Lorna Stegall817.807.2257[emailprotected]

SOURCE The Diamond Group Wealth Advisors

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The Diamond Group Wealth Advisors Produces the Spring Savvy Women Virtual Summit 'Women Inspiring Women' - PRNewswire

ATLANTA & NEW YORK--(BUSINESS WIRE)--Morgan Stanley and Spelman College today announced its first cohort of students selected to participate in the inaugural HBCU Scholars Program, an integrated program to support students at three Historically Black Colleges and Universities (HBCU). Five outstanding first-year students have been selected to receive the four-year scholarships to Spelman, which will cover tuition, room and board in order to fully remove financial barriers to higher education.

The goal of the HBCU Scholars Program is to set students up on a path to educational attainment and financial independence by lifting the barrier of higher education costs. In addition, Morgan Stanley is implementing programming aimed at preparing scholars for their post-graduate careers, as well as related programming offered to the broader student body and faculty, including virtual and on-site components to complement the on-campus curriculum. To round out the support, the HBCU Scholars Program will include Morgan Stanley mentors and sponsors to support the scholars along their journey.

Educational attainment is a key focus area for our Institute for Inclusion, which includes investing in the institutions, such as Spelman, that contribute to diversifying the talent pipeline entering the workforce, said Susan Reid, Global Head of Diversity & Inclusion at Morgan Stanley and Director of the Institute for Inclusion. I would like to congratulate the five incoming Spelman students we are welcoming into the inaugural class we are greatly impressed with their achievements so far and look forward to working with them on their journey to success.

The initiative was developed by Morgan Stanleys newly established Institute for Inclusion and is a part of the Firms larger mission to create an integrated, holistic and transparent diversity and inclusion strategy, both internally and externally.

From volunteers at local hospitals to talented musicians, the first five students selected to become Morgan Stanley HBCU Scholars at Spelman possess impressive resumes that include internships, community service projects and academic achievements.

We know that income inequality in the African American community often creates a barrier between the best and brightest students and their college education, said Mary Schmidt Campbell, Ph.D., President of Spelman. Through this generous scholarship our students will have the opportunity to focus on their studies and future careers without the burden of financial debt.

The program will begin in the fall 2021 semester. The 2021 class of Howard University and Morehouse College scholars will be announced in the coming weeks.

Spelman College Class of 2025 Morgan Stanley HBCU Scholars:

A'miyah AdamsPhiladelphia, Pennsylvania

Cheyenne CisseAurora, Colorado

Kenya HandfieldMiami, Florida

Trinity McKinneyMemphis, Tennessee

Lanasya ThomasChicago, Illinois

To learn more about the participating HBCUs, please visit Spelman College, Howard University, and Morehouse College.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit http://www.morganstanley.com.

About Spelman College

Founded in 1881, Spelman College is a leading liberal arts college widely recognized as the global leader in the education of women of African descent. Located in Atlanta, the Colleges picturesque campus is home to 2,100 students. Spelman is the country's leading producer of Black women who complete Ph.D.s in science, technology, engineering and math (STEM). The Colleges status is confirmed by U.S. News & World Report, which ranked Spelman No. 54 among all liberal arts colleges, No. 19 for undergraduate teaching, No. 4 for social mobility among liberal arts colleges, and No. 1 for the 14th year among historically Black colleges and universities. The Wall Street Journal ranked the College No. 3, nationally, in terms of student satisfaction. Recent initiatives include a designation by the Department of Defense as a Center of Excellence for Minority Women in STEM, a Gender and Sexuality Studies Institute, the first endowed queer studies chair at an HBCU, and a program to increase the number of Black women Ph.D.s in economics. New majors have been added, including documentary filmmaking and photography, and partnerships have been established with MITs Media Lab, the Broad Institute and the Army Research Lab for artificial intelligence and machine learning. Outstanding alumnae include Childrens Defense Fund founder Marian Wright Edelman, Starbucks Group President and COO Rosalind Brewer, political leader Stacey Abrams, former Acting Surgeon General and Spelmans first alumna president Audrey Forbes Manley, actress and producer Latanya Richardson Jackson, global bioinformatics geneticist Janina Jeff and authors Pearl Cleage and Tayari Jones. For more information, visit http://www.spelman.edu.

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Morgan Stanley and Spelman College Announce Inaugural Class of HBCU Scholars Program - Business Wire

The 2021 B.E.T.A. Challenge finalistsa total of nine Babson College alumni, graduate, and undergraduate venture teamswork across many industries and geographies, but they share at least one common trait: Theyre seeking to solve problems through their entrepreneurial leadership skills.

The B.E.T.A. Challenge finalists are competing for more than $250,000 in cash and prizes. The finals will be held Friday, April 16, and the winners will be announced Friday, April 23, on the final day of Babson Connect: Worldwide.

The final nine teams are working on a diversity of problems, including giving patients a voice in clinical trials, reducing single-use plastic trash, and even creating delicious, sustainable alternatives to meat. And, three of the finalists share even more, as women-led teams working to empower women.

As a medical esthetician, Sara Ferrer 08 saw how many women deeply struggle with body image and confidence. In 2017, she set out to create a line of bath and body products for girls that would promote positive messages such as girl power and creativity. Her first product was the Pamper Pouch, a DIY spa kit designed to give girls an at-home spa experience.

Today, Zoey Koko offers 50 products on several e-commerce platforms, including ZoeyKoko.com, Maisonette.com, and Etsy, and in 44 retail store locations across the country. The Zoey Koko team has clear growth goals, and winning the B.E.T.A. Challenge would fund production runs and help the business scale faster. Ferrer hopes to put Zoey Koko products in 60 stores by May and launch an Amazon Store this summer.

By reaching girls with positive messages and developing their self-confidence, Ferrer dreams of having an outsized impact.

They begin to realize what they can do and what they can be. This culminates to girls feeling worthy, capable, and strong. This is the impact that I hope Zoey Koko creates, Ferrer said. Empowered girls, after all, become strong women.

Register now for the B.E.T.A. Challenge finale on Friday, April 16.

Aria Mustary 21 and Maya Mutalik 21, both finalists in the undergraduate track, are seeking to create impact for women in developing countries.

Inspired by her mothers experience of an arranged marriage, Mustary founded Mai Soli Foundation, a social venture seeking to break the cycle of gender inequality through education. Mustary and her team partner with local educational institutions in Bangladesh to deliver mentorship and an entrepreneurship and business curriculum to young girls.

Our mentors also create opportunities for the girls to showcase and apply what they have learned, putting theory into practice and preparing them to succeed in life, Mustary said. While other companies and organizations may push girls into paths they do not want, we make sure we address the root of the problem, by creating economic value and self-sufficiency.

Currently, Mai Soli Foundation is working with 200 girls and their families to prevent child marriages. When the organization relaunches its pilot program, it plans to work with another 200 girls. If Mustary wins the B.E.T.A. Challenge, the $20,000 grand prize will help fund multiple initiatives, including expansion of the program into Dhaka, Bangladesh.

The impact that I hope to have on our girls is to help them unlock their full potential, Mustary said. These girls are not in need to be saved from anything or anyone but given a chance to climb heights they never thought they would be able to climb, to have the opportunity and guidance to solve problems, and to amplify the voices they already have.

See all alumni, graduate, and undergraduate B.E.T.A. Challenge finalists.

Likewise, Mutalik, a fellow Babson senior and B.E.T.A. Challenge finalist, was first inspired by a personal story. In 2017, Mutalik traveled to Ghana and met a seamstress named Vida. Their conversation about fabrics, patterns, and Vidas life experience left a lasting impression on Mutalik. She learned that Vida didnt own an electric sewing machine and was unable to grow her sewing business, and that access to financial resources was a handicap for many other seamstresses in Ghana.

Upon returning home, Mutalik realized that there was a demand for the unique, beautiful prints of West Africa. Bringing together her desire to empower and help women achieve financial independence and this demand for cross-cultural fashion, she founded Hope Sews, a socially conscious fashion brand. Today, Hope Sews partners with grassroots organizations including the Alliance for African Women Initiative (AFAWI) to provide resources and skill-building opportunities to low-income seamstresses in developing communities and invests 5% of profits into those efforts.

Aligned with the spirit of the B.E.T.A. Challenge competition, Mutalik is intentional about thinking big and taking action. Though she first set out to provide sewing machines to seamstresses, she quickly realized they needed capital and offered microfinance loans. When she determined microfinance loans were not enough to truly drive impact, she shifted focus to financial trainings, community support groups, and more.

In doing so, Mutalik demonstrates her mindset and commitment to solving a pressing problem and creating value.

Our team now recognizes the importance of taking a step back while trying to solve complex problems and not getting attached to a single solution, Mutalik said. To truly create meaningful change for a group of individuals, organizations need to implement a holistic approach.

Posted in News & Announcements

Tagged Women-Led Entrepreneurship, Entrepreneurs of All Kinds, Alumni, Undergraduate, Graduate, Entrepreneurship Education, Startups

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Women-Led Teams Empowering Women Babson Thought & Action - Babson Thought & Action

Savings or pocket money should be redirected to a bank account to earn interest

Financial analysts have stressed the importance of attainingfinancial independence at a young age, especially for thoseyoungsters in their 20s who areprofessionals working inindustries. Financial independence is key to early retirement and theconcepts are inter-related to each other. If one does not achieve financial independence on time, then it is difficult to retire early. To provide a comprehensive guide on understanding financial independence for early retirement, Chartered Accountant (CA) Rachana Ranade, recently addressed a session inThrive 2021- an event organised by stocks and mutual fundsinvestments platformGroww.

According to CA Rachana, financial independence means that instead of us working for money, money should work for us. She explained that a movement known as 'FIRE' predominantly started in the US, which comprises of two basic concepts - financial independence and early retirement. FIRE is an abbreviation, in which 'F' stands for financial, 'I' stands for independence, 'R' stands for retire, and 'E' stands for early.(Also Read:Balancing Income And Expenses: How To Create A Monthly Budget And Stick To It)

There are two types of income, explains CA Rachana. One is active income and the other is passive income. Active income is what one earns through a job, by putting in actual efforts in work. Whereas, passive income is what one can earn by not putting in any physical effort. Passive income is mostly earned through investing in equity etc.

Financial independence is achieved when two major conditions are fulfilled. Firstly, if the passive income of an individual exceeds active income, then there is a possibility of achievingfinancial independence. Secondly, if an individual is not completely dependent on a full-time job, but has other sources of income that can earn revenue, then financial independence can be achieved. The FIRE movement of the US, which zeroes in on early retirement with financial independence,is based upon three major parameters.

How long will it take for youto achieve financial independence?

One can know at what age he/she will retire by following a three-step process, according to the FIRE method:

Step 1: Determine your savings percentageThis means that one must fix a certain amount of percentage of the income for savings. According to FIRE method, it should be around50 per cent to 70 per cent of total income.

Step 2: Calculate your target retirement amountFor knowing your retirement fund or retirement corpus, multiple your annual expenses with 25. If one needs to know the annual withdrawal amount after retirement, then multiple your retirement corpus amount with four per cent.

Step 3: How long will it take for you to achieve FIRE?For knowing at what age one will retire, visithttp://fireagecalc.com/. Input your data such as the amount of saving, amount of investment etc, and you will be able to find your retirement age.

According to CA Rachana, some of the major points to keep in mind in order to save more and attain financial independence are as follows:

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Financial Independence, Early Retirement: What To Do In Your 20s To Retire Before 40 - NDTV Profit

Most people strive to attain financial independence the moment when they are no longer concerned about how they will pay their bills, rent, or other basic amenities because they are already taken care of. Passive income, on the other hand, makes this dream a reality. Andreas Kffner, a German Entrepreneur, believes that passive income is the secret to true financial independence. Here, he talks about the major changes to the business industry due to COVID-19 and how the industry will change in the Post-COVID Era.

Local Supply Chains will become the backbone of the economy

With the pandemic, it has become obvious that centralized supply chains very nearly kill the whole system. Disruption in supply from centralized locations can be seen country-wide. Therefore, as a first step, supply chains will be set up much more locally than ever before to ensure a steady supply of products even in the worst of times.

Worldwide, governments will be forced to implement new regulations

There has been a clear difficulty in setting up laws in the rush of the pandemic. But now, since the situation has come a little under control, governments worldwide need to sit down and figure out new laws to implement to keep their supply chain untarnished. It implies rules and regulations regarding distribution in cities, truck queues, customs clearances, increased autonomous driving, smarter infrastructure, and other areas. Since air and ocean routes are more easily affected by disruptions, it is necessary to assist rail and road routes to meet the anticipated demands while ensuring that the existing infrastructure does not become overburdened.

Automation is the key to the future

Simply put, automated services cannot contract COVID-19. Or any other virus! The risk of exposure means that businesses and facilities will be looking for more non-exposure options. Automation will easily see a rise in the coming times.

New plans for businesses

The old way of doing business is probably dead. With less contact and more exposure, it seems that businesses will have to come up with new ways to display their products to consumers without risking or spreading infection. Stressful times force people to become creative about things. This pandemic has certainly forced people to become more creative and approachable. Therefore, it is plausible that entrepreneurs seek other plans like VR events, digital showrooms, etc. to display their business. This method even allows them to personalize their business according to consumer needs, says Kffner.

Essential Goods will see more focus against Non-Essential Goods

It is predicted that the retail industry will suffer the consequences of the pandemic for some years to come; it is also notable that there was a stark rise in sales for essential goods, compared to non-essential goods, the sales of which were so low that retail shops had to close. Although retailers are now taking stock of this scenario and acting accordingly, it is obvious that essential items will be the only mainstay for business for a while.

Online Sales are on the rise

Consumers consumption patterns are changing as a result of staying at home. Consumers are now wising up to the ease of online shopping for the first time, and their journey is shifting towards an online-only model. The benefits of online shopping during the pandemic are becoming even clearer. If they havent already done so, retailers should get ready to shift course by making their online stores as streamlined and user-friendly as possible. There are several methods to do this, which can be researched thoroughly and with ease to engage with users.

Physical spaces for retails become more casual

The pandemic saw a major drop in the efficiency and value of physical retail stores. Many major brands suffered tremendous losses and had to eventually shut down when the lockdown hit. The situation is not likely to become any better. There is a very good chance that physical retail stores are going to lose focus in the coming year with a majority of the consumers opting for online sales. Still, it is too early to declare the death of the concept of retail stores. Even if the retail store loses focus, it is still possible that it will become something of an experience, existing only to serve customers who prefer it, says Andreas Kffner.

Banking and transaction will turn digital

With everything going digital, it is not a surprise that banking is also turning digital. Traditional banks are strengthening their collaborations with financial technology (Fintech) services to bridge the gap between consumers and small businesses. Small businesses are likely to move towards Fintech services to obtain loans easily rather than struggle with traditional setups. Banks will therefore reach out for collaboration with Fintech services to help small business owners.

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Andreas Kffner on How the Business Industry Will Undergo a Shift in the - The Jerusalem Post

By investing in knowledge and relationships you can create more value, which then allows you to ... [+] make more money.

There are so many budgeting tools and programs out there that all say the same thing: scrimp, save, sacrifice, defer and delay. Essentially, spend all your mental energy on what you can eliminate. But thats reductionist thinking rather than production thinking, and if theres one thing Ive learned in my life, its that you cant save yourself rich. Even if you end up with a good sum of money decades down the road, what good is money if you dont enjoy it. There is a different way, one where you can enjoy the process along the way.

I tried shrinking my way to wealth once. I read The Millionaire Next Door in college, so when my wife and I got married, I threw out the option of moving into her parents basement. What a great way to save money, right? Her response stopped me dead: Rent free and sex free too.

I allowed room in our budget for our own place, but my mind was consumed by what we spent and how we could reduce or eliminate those expenses. My wife and I got into arguments about the utilities being too high or if she bought resources for her classroom as a teacher. It was a miserable existence, one I wouldnt wish on anyone.

Dale Clarke, a contributor to my book Budgeting Sucks, knows what Im talking about. In 2005, Dale showed up at the first full day event we ever hosted because Id been working as his dads financial advisor. Dales dad bought him a ticket, and when he heard there was free food, he decided to attend (true story). Dale was a miserable miser who spent less than $5 on holiday and birthday presents for his kids, often going to Goodwill to do his shopping. It drove his wife crazy. She once told him, Youre obsessed with money. Its all you talk about.

Eight hours later, after going through our Curriculum for Wealth, Dales life was changed. He told me, Im going to become financially independent within a year. I told him that was a bold proclamation since most people achieve this goal in three to seven years if they really work at it.

But Dale was determined. He spent twenty hours a week investing in himself and growing a portfolio of real estate properties. He wanted to escape a job he hated: designing airplane engines, especially since he couldnt stand the smell of the burning gas and oil. Sure, the job had good benefits, but they didnt benefit Dale. He was 70 pounds overweight. He had a retirement plan, but at the rate he was going, retirement was decades down the road.

After 362 days, Dale was financially independent. He was able to quit his job and started doing something he enjoyed, working in finance. Over the next five years he was making 10 times more money because he expanded his means, and focused on value creation rather than budgeting.

Oh, and hes 70 pounds lighter.

Dale did three things that allowed him to become financially independent in a staggeringly short amount of time. Well get to those three actions in just a moment, but first, I cant skip over the transformation that kickstarted his journey. Before he could take the first step to becoming financially independent in one year, Dale had to completely change how he thought about money.

He discovered that wealth is something far beyond accumulation.

Heres why: accumulation has you believe that wealth is a function of how much money you can put away and how much risk you can take.

Heres the problem: this is a slow process that neglects cash flow and invites unnecessary risk. You have likely heard that high risk=high return. But risk equals a chance of loss and one of the reasons people do not achieve financial independence.

What Dale had been led to believe was actually a failed financial experiment, retirement planning. It doesnt work. We know that now, yet most of us stick to it because its all we know. We are told it is complicated or that we dont have time to worry about it, just hand your money over to the professionals. But Dale took a different route. When Dale saw the possibility before himto become financially independent and enjoy lifehe took it.

Dale not only is financially independent and just moved into his dream home, he is also living better. He took his wife on a dream trip to Hawaii. They also went to Europe multiple times a few years ago, where Dale played the violin because he used to be a professional violinist.

Dale never wouldve done this without first shifting his mindset. It was that shift that led to his financial shift, which was made possible through three distinct actions Dale took.

Dollars follow value, so the first thing Dale did was make himself more valuable. He studied up on real estate and invested in properties that could offer people value in the form of a home.

As income came in from those properties, Dale kept investing in himself and the business. He bought more properties, which allowed him to serve more people. He was able to upgrade his properties, which served his existing clients in a deeper, more meaningful way.

This is production based thinking. It was a radical departure for Dale, who had blisters on his fingers from squeezing every last penny. His sole focus used to be living within his means, but as he learned at our event, there are three ways to do that.

1- Budget and cut back.

2- Be more efficient so you can keep more of what you make.

3- Expand your means. Dale expanded his means.

By investing in knowledge and relationships you can create more value, which then allows you to make more money.

Automatically save, then deliberately invest. In other words, pay yourself first. The easiest way to do that is with an automated structure. Ive seen it countless times that those who dont automate usually fall victim to Parkinsons Law, which says as your income increases, your expenses will rise to meet or exceed that increase. Its why people buy a new house or a new car after getting a raise.

If you spend two dollars for every dollar you make, get your spending under control first, budgeting is the right step for you. The key is to set up a separate account and automatically sweep money into it each month. See if your payroll service will deposit one check into your checking account and a separate one into a savings account.

This can build up a peace of mind fund. With this fund, youll have staying power and wont be wiped out by one financial setback. You wont have to borrow on a credit card to pay for an unexpected health crisis or cash flow crunch.

Thats an important rule that Dale followed: he didnt borrow to consume. He borrowed to invest, but for his expenses, he used the cash on hand rather than credit.

To achieve something hed never done before, Dale had to find people who challenged him to think bigger and better. He needed cheerleaders and advocates who excited and inspired him, but also held him accountable.

Dale found friends who pushed him closer to his goal and did business with them. They were the rocket fuel that propelled him to economic independence in less than a year.

The key is progress over perfection.

Get started.

Not some day in the futurenow. You cant save yourself rich, and even if you do, theres a very small chance youre going to enjoy life along the way. Why not take the steps to gain financial independence while also loving every step of the journey? You can do it if you offer more value, create an automated system and spend more time with people who challenge you to be your best self.

So, the question isnt about what you have. Its about what youre going to do.

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Do You Have What It Takes To Get Rich In One Year? - Forbes

I am often asked by my students, What is the single most important thing to focus on in managing my finances?

The first thing I tell them is its all important. All aspects of their finances are related to each other. I tell them that you cant separate your financial life from your personal life. Decisions made in one area can have an impact on another area. One of the keys to financial success lies in understanding the crossover impact a decision has into the other areas.

One area that most people seem to overlook is their credit rating. Credit touches all other aspects of your financial health. Excellent credit can go a long way toward making your financial dreams a reality. Poor credit can act as a lead weight around your neck and curtail your ability to achieve your financial goals and financial independence.

This statement is quickly followed with another question, If my credit is so important, how is my credit evaluated by others? Creditors follow what are called the five Cs of credit: character, capacity, capital, collateral and conditions.

Character has to do with your willingness to pay your bills on time. Your credit history is the key here. Late payments may be an indication that you are not as serious about your financial obligations as you should be. Most creditors wont report a late payment until it is more than 30 days late. Any late payments red flag lenders and could impede your ability to get the loan or increase the rate that you have to pay.

Capacity deals with your ability to pay the loan. Do you have the financial resources to pay the loan when it is due? Typically, this comes from your income. Lenders usually do not like to see your debt payments (home, car, credit cards and other loans) exceed roughly 36% of your gross monthly income (your income before anything like taxes is taken out). A debt payment ratio in excess of roughly 36% may be a sign that you wont have the resources to pay the loan on time even though you may have the desire.

Capital looks at what your assets (the things that you own) are and your net worth, the difference between what you own and what you owe. In looking at your assets the creditor is trying to see what if anything you could sell in order to satisfy the loan in a worst case scenario. Closely related to this, your net worth helps the creditor understand if over time you are moving in the right financial direction. A negative net worth is not necessarily a bad thing. It depends on the circumstances. A college graduate at age 22 who has a negative net worth of $35K from student loans is in much better shape than a 45-year-old with a small positive net worth.

Collateral is something that you own of value that is pledged to the lender that can be taken away by the lender and sold to satisfy the debt if you dont pay the loan. You can typically receive better loan terms when you provide collateral like the deed to your house or the title to your car.

Conditions take into account the big picture. What economic conditions, typically beyond your control, could affect your ability to repay the loan? Are you working in an industry that is currently downsizing? Did you leave your last job of 10 years to go to work for a dot com company? Do you move or change jobs frequently?

All of these factors are considered together when a creditor assesses the risk of your loan request. The weaker the five Cs are overall, the greater the risk. There is a direct relationship between risk and return. The higher the risk the more a lender is going to charge you to compensate for being exposed to that risk. Instead of getting that $25K car loan at 6%, you may have to pay 10%. On a five-year loan that would roughly cost you an extra $1,670 in interest expense. Placed in your retirement account for 30 years that extra $1,670 could grow to approximately $29,000. Now imagine paying a higher rate on all of your loans throughout your entire lifetime. People who take a casual attitude toward their finances dont realize that the cost of failing to maintain their five Cs is much higher than they ever could have imagined.

Mark C. Weitzelteaches in the Department of Finance in ECUs College of Business. Your Financial Health is provided by the department.

Read more:

You will get all A's if you know these C's - Greenville Daily Reflector

Florida-based esports organization Misfits Gaming Group has renewed its partnership with SoFi. SoFi will continue its presence in the esports space expanding its investment to help its members achieve financial independence. Financial details of the partnership were not released.

SoFi entered into the esports space in 2019 with the MGG partnership. According to SoFi, the company has witnessed a 56% increase in brand trust since partnering with MGG.

The partnership will see the Florida Mutineers don an in-game jersey patch during Call of Duty League broadcasts. This is considered top-tier inventory available from esports teams and provides visibility for sponsors.

SoFi becomes the presenting sponsor for the Florida Mutineers (Call of Duty) and the Florida Mayhem (Overwatch).The two will also collaborate on brand awareness and original content surrounding topics such as personal finance and financial literacy as well.

Content will be published across team channels and with MGG influencers.

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Misfits Gaming and SoFi Renew Partnership The Esports Observer - The Esports Observer