Category Archives: Financial Independence

Fabulous news, folks.

Ive solved all my retirement worries. Ive found a surefire way to make so much money in the next few months, maybe even the next few weeks, that I can achieve FIRE: Financial Independence, Retir(ing) Early.

And you can do it, too. We can all do it.

My solution? Ive become a Crypto Artist.

Its the latest thing. And its a legal and easy way to mint millions.

Read: Obviously we had no idea it was going to get here, say the guys who made the first NFT

You may have read some baffling headlines recently about things called NFTs, which are selling for vast sums of money. NFTapparentlystands for Non Fungible Token, although I can think of some other names that fit the letters.

Whats an NFT?

I was baffled too, so I looked into this. And an NFT is basically just a millennials acronym for an item of Crypto Art (or, if you like, Crypto Media.)

Whats Crypto Art?

Its just a digital piece of mediasay, an online picture, a movie, a song, or whateverwith one magical difference. You register it on a blockchain, which is like a gigantic, sprawling online register based onroughlyagazillion privatecomputers around the world. The same technology used for bitcoin and the like.

Thats it.

So take one of the holiday snaps you have on your laptop and upload it to an NFT (ie, crypto art) site. You pay a few fees, register it on a blockchain, and: Bingo! You are now a Crypto Artist.

And some of these things sell for millions. Millions. Admittedly, only in worthless, old-fashioned fiat currency, like U.S. dollars. But still. Christies is auctioning these things off.

I just launched my new career. All I needed was this helpful YouTube video by Robert from Kapwing, a content creation site.

I just followed his four simple steps. The first three didnt even involve art. They were just about setting up an online wallet (an online account for cryptocurrencies) and paying in some money so I could pay the fees for registering your work of Crypto Art.

I admit I had some problems. As recommended, I uploaded $100. But I used an crypto wallet I had from the last boom a few years ago. And it wouldnt connect to the chosen Crypto Art marketplace. So I had to transfer my crypto to a new wallet.

After this my $100 was somehow down to about $70. Yes, crypto banking is the way of the future.

I then linked this account with the Crypto Art marketplace Rarible. I was ready to go.

In a few short mouseclicks at Kapwing I created this digital masterpiece.

Its called Van Goghs Ear. Ive put it up for sale for 666 ethereum (a type of cryptocurrency). The value? Thats $1.2 million.

OK, OK, I know what youre going to say: Brett, thats a load of rubbish. Why would anyone pay $1.2 million for that? Or even 12 cents?

My response? Thats the beauty of it. The value of crypto art or NFTs has nothing whatsoever to do with any artistic merit. Nothing. So I created a work that has none. Its value is pure crypto. This is a masterpiece of crypto-ism. All of its value lies in being registered on the blockchain. This is the purest form of Crypto Art you can make, the digital equivalent of a painting of a white square on a white background.

Dont believe me? These digital Crypto Punk images have no artistic merit and they just sold for $1.2 million apiece. The Nyan Cart sold for $600,000. Its complete rubbish.

Weve been living in the post-ability art world for over a hundred yearsever since surrealist Marcel Duchamp submitted a urinal to an art exhibition in New York in 1917.

Its50years since the Tate Gallery in London paid the price of the average British mans salary for a pile of bricks.

Artist Damien Hirst has made over $100 million by selling things like dead sheep in formaldehyde as art.

Still dont believe me? Then believe billionaire and guru Mark Cuban. In an absolutely brilliant explanation on his website, Cubanwho is investing heavily in crypto venturesdestroys all the crazy old-fashioned arguments about assets needing to have some intrinsic value.

What is a digital good that can be sold? Cuban asks. Literally ANYTHING digital.

He adds, To so many the idea that a CryptoAsset could be a store of value is crazy. To them, there is no there, there. There is no intrinsic value. To them it is a digital representation of nothing, that crazy people are paying good money for. That is not the case.

Why? Because, he says, anything has value if people are willing to pay for it. What is a store of value?Itssomething that some number of people assign value to and are willing to pay for and then hold on to, hoping that circumstances increase the value of that item.

There is nothing unique or special about gold other than enough people believe the story to buy gold, he points out. Its now the same with Crypto Art, or NFTs, he says.

Its all about belief. If everyone just believes something is worth a lot of money, they can make it so. And they can create money, real wealth, right before our eyes. Young crypto fans, Cuban writes, have learned that with digital assets, acting in unison can bring wealth to those who otherwise would not have access to it. That is power and they know it and they are learning how to use it.

All we have to do is believe.

Call this Transcedental Speculation.

OK, you may say. But why pay millions for an online picture if you can download a copy for free?

Cuban answers that. You can also download a picture of, say, a rare baseball card, and that doesnt change the value of the card. So there.

Youre not buying the picture, adds Jake Brukhman, founder of cryptocurrency investment company CoinFund. Youre buying the property rights to the picture.

Im buying Cubans argument, for two solid reasons. First, hesprobably thousandsof times richer than me, so it stands to reason he must be thousands of times smarter. Second, I read his blog post over and over, and I couldnt makeheadsor tails of his argument. It seemed to range from stamp collecting to stock buybacks on Wall Street to angry millennials getting the shaft from big institutions to somehow this silly picture is worth millions.

But thats when you know someones logic is brilliantwhen it flies way over your head.

So, like I said, Im expecting to make my millions soon and Ill be able to retire on a yacht. Good times.

And heres the beauty of Crypto Art. If someone buys Van Goghs Ear from me for $1.2 million, Ill then have the cash and theyll have Crypto Art worth $1.2 million. In other words, just by doing the transaction we will have instantly created $1.2 million in new wealth.

Now imagine if everyone did this! If everyone uploads their holiday photos, and believes, and sells them for $1million each, pretty soon wed all be millionaires. Poverty would be a thing of the past. The whole country could retire early.

Youve heard of Modern Monetary Theory, which basically involves the government freely printing money and handing it out? This is Postmodern Monetary Theory. Its even better.

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Opinion: I'm planning to retire early and rich thanks to NFTs - MarketWatch

Justice Ruth Bader Ginsburg speaks onstage at the Fourth Annual Berggruen Prize Gala in New York on Dec. 16, 2019.

Eugene Gologursky | Getty Images

Supreme Court Justice Ruth Bader Ginsburg was not only one of the most recognized leaders in the battle for gender equality, but also a voice advocating for women's financial literacy. To be sure, the late RBG was one of America's most respected feminist pioneers.

For more than 50 years, RBG worked to end sex and gender discrimination in U.S. law. First, as the founder of the ACLU Women's Rights Project in 1972, where she successfully argued five of the six cases before the Supreme Court, and then as only the second woman serving on the U.S. Supreme Court.

RBG taught the court that "a gender line helps to keep women not on a pedestal, but in a cage." In finances, the gender line that puts men in the driver's seat leaves women at a disadvantage and dangerously ill-informed about their money.

Historically, women have been more likely to take a back seat to men when it comes to money, and RBG fought to change this.

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RBG used her voice when she co-founded the Women's Rights Project, while focusing solely on gender and financial equality. Specifically, her work and fight, paved the path for the Equal Credit Opportunity Act of 1974. This act allowed women to have access to bank accounts, credit cards and mortgages without a male co-signer. RBG's legal work and many victories led to remarkable changes in financial independence for women.

Growing up, I saw how important financial strength and independence are for women. I watched as my own grandmother endured an abusive marriage, and I didn't understand why she never left. I finally dared to ask why she stayed, and Grandma shared that she felt financially trapped in her marriage.

It is not just my grandmother's generation that left the finances to men. According to a recent UBS study focusing on women's financial involvement in household finances, millennials exhibited less financial independence than baby boomer women. It seems that we are minting another generation of women who are not taking financial responsibility for themselves.

While RBG is no longer with us, there are several ground rules that we like to think she would agree that every adult woman should follow when it comes to managing her financial health.

At the top of this list, and most importantly is, never give someone complete control of your financial life. RBG knew that women must be involved in the money decisions for themselves. She fought tirelessly for women's equality and helped change laws so that women could open a bank account, credit card and mortgage in their name. These monumental steps forward helped women gain control of their own financial decisions.

Making sure women are involved in their finances is important now more than ever. In a 2016 study, researchers found that 9 out of 10 women will be the sole financial decision-maker of their household at some point in their lives.

Those who do not have hands-on experience managing their finances are at a massive disadvantage once the person handling their money is gone. These women face a steep learning curve once they are on their own, and find themselves at much greater risk of making costly financial mistakes.

To protect against this, women should review their finances monthly, so they have a clear understanding of where money is coming from and where it goes. Women should get access to log-in credentials for all accounts, allowing easy access to financial information.

Build an emergency fund of three to six months of living expenses to protect against any large surprise expenses. Women should also carefully track their spending and savings. Make sure you know precisely how your money is being made and spent.

If there is anything about your financial situation that you do not understand, seek the answers you need.

Financial education is lacking in our school systems, so finding alternative ways to educate yourself, to better your chances for financial success, is crucial. Some great avenues for expanding your knowledge around this are seeking a financial professional's guidance; reading relevant articles, books, and blogs; listening to podcasts; and utilizing apps that help you save, budget and invest.

For example, Savvy Ladies, a non-profit organization, is dedicated to empowering women through financial education. The group has hundreds of videos on critical financial topics and a free financial helpline for women.

Take a seat at the table. In earlier times, it was thought by some that women could not understand money and should not even try.

In reality, women tend to have the upper hand and are more successful at investing. A study by Fidelity found that female investors outperformed their male counterparts by 0.4% a year.

Another study from Warwick Business School found an even more significant performance gap between the two genders over three years. In this study, women's returns from investments outperformed those of men by 1.8%. At first glance, that might not seem like much, but it can have a significant impact over time.

Women's higher investment returns are not just mere luck. Women tend to invest for the long-term and stick with their plan, while men have a tendency to buy and sell stocks more frequently.

Women are inclined to be focused on the longer term and are more likely to ride out the stock market's ups and downs. They are less likely than men to sell during times of uncertainty, bypassing costly trading fees, taxes and market-timing investment mistakes.

In spite of their investing savvy, women still have one significant source of headwind: the investment confidence gap. Women often have less education and experience with investing in the stock market, and therefore invest more conservatively.

While there is nothing wrong with being conservative, it can have a downside leading to missed opportunities and putting women at risk of outliving their lifetime savings.

Ruth Bader Ginsburg can be credited with tearing down the web of laws that discouraged women's financial strength and independence. It is up to all of us to continue to carry the fight for economic equality forward.

Taking control of your finances is the first step towards this. It's is the key to personal freedom and security. Let us make RBG proud!

By Stacy Francis, CFP, president and CEO of Francis Financial

Read more:

Op-ed: 'RBG' would certainly encourage women to take control of their finances - CNBC

Express News Service

NEW DELHI: Women-Centricmoves such as exclusive Mohalla clinics, free DTC bus rides and safety measures found a place in the Budget presented by the Delhi government on Tuesday. The government has announced that it will start 100 Mahila Mohalla Clinic from next year. We all know that our mothers and sisters are not able to talk to us about their health issues openly.

A woman from the middle class might find herself a specialist, but in lower income families, she fails to reach even a gynaecologist. It is a fact that in our society women tend to neglect their own illnesses. As a result many women live with ailments, assuming that it as her destiny. The Delhi government will now undertake the responsibility of having Mahila Mohalla Clinic for every woman in Delhi.

Services of gynaecologist and related diagnostic tests will be made available for free, said Sisodia. The government also announced a new scheme to ensure safety of women at tourist spots and allocated an amount of `5 for the purpose. The government will continue with free DTC bus services for women this year as well. The government further said it started a survey which showed that before the Covid crisis, in February 2020, 26 per cent women in the national capital were unemployed.

In February 2021, this statistic was 40 percent. This means among the women of Delhi, who are available for employment, 40 per cent are unable to find work. Forty five per cent of them have completed 12th class and 60 per cent of them are less than 30 years of age. It is essential to financially empower these women and integrate them with the economy of the family and the state, Sisodia noted.

Initiatives such as Saheli Samanvay Kendra have been planned by the government under which 500 anganwadi hubs will be set up in various parts of the city. These hubs are to be used for incubating individual start-ups and to promote self help groups named Samriddhi. Special arrangements will be made in these hubs to impart training to the beneficiaries.

To make women from financially weaker background understand the existing schemes, the government will set up 33 self help units to spread awareness. An outlay of `4,750 crore has been made for the Department of Social Welfare, Women and Child Development and Welfare of SC/ST/OBC.

Here is the original post:

Womens health, financial independence find place in outlay budget - The New Indian Express

How much of the child stimulus money should I give my ex-husband, the father of my one child? Our tax agreement is to trade years, but he isnt eligible because of additional stipulations in our papers, so I have claimed her on my taxes for the last two years.

The logical answer is to reach an agreement with him. I know that. He frequently texts me messages saying he hates me, and if I disagree with him on something he calls me a monster or worse.

Asking him isnt a great option.

He is supposed to pay $5 a month in child support, plus $25 to help with dance class. That is it. He provides no help with child care, insurance or medical expenses. I have also paid his car insurance, and I paid 100% of our joint personal debt. He has never made a payment, and the divorce was finalized two years ago.

I have tried to be kind and understanding of his financial situation.

Due to a joint business he fought for in the divorce and then quit paying the loan on, my savings (and what I had put away for our daughter) was taken. He is court-ordered to pay me back the $79,000. He has paid $500 in two years.

I havent fought him on it because his job is an issue. He works sometimes. He doesnt work sometimes. He chooses to not find a job sometimes. He is capable. He was out of work for about eight months, so I split the first two stimulus checks for our daughter with him.

I have tried to be kind and understanding of his financial situation.

He has a new job now: $350 a day, 18 to 22 days a month for January and February. He bought a new car even though his car is only six years old, running fine, and paid off (by me). I asked him to pay what he should for our girl. He said, Sue me. I was ready to do that, but Marchs schedule for him isnt looking good; he is only scheduled to work for a few days so far, so money is again an issue. There is just no stable income for him.

I have earned my position and a salary that means I dont need his help. I am bugged by him paying nothing while also going on trips and buying vehicles when he gets extra money, instead of paying anything to me for our child. Maybe I am being petty.

Do I share the money again? Do I put his share into our daughters savings that was wiped out for his business debt? Am I a monster if I keep it until he asks for it?

I want to do the right thing, and I am worried my negative feelings toward him are clouding my judgment. Help.

Divorced Mom

Dear Divorced,

Keep the stimulus check and put half of it into a savings account for your daughter, as per your own suggestion. Thats the easy part. The hard part comes when he calls you up and plays his tiny violin down the phone. Put some money aside for a pair of earplugs.

The bigger issue here is that your ex-husband with the emphasis on ex is still a drain on your finances. You dont have automatic wire transfers set up between your bank account and his, but he appears to have a direct line to your decision-making process.

Cut the apron springs. Its OK to be happy. You deserve it.

He calls you a monster. He asks you for money. He does not pay his debts. He texts you random messages telling you he hates you. He takes half of the economic stimulus payment meant for his child, even though he looks after her once or twice a week, and you are the full-time guardian.

Let this stimulus be a new beginning. You are not responsible for him. You dont have to listen to his guff, and you certainly dont have to take his verbal abuse anymore. The fact that you feel guilty and bad for him suggests to me that you have work to do to divorce yourself from him emotionally.

There is no point in having one without the other. Otherwise, you will continue to allow him to influence your financial decisions and happiness. A counselor might help you figure out what you get from still being tied to him emotionally (and financially). If it didnt fulfill a need, you wouldnt do it.

Cut the apron springs. Its OK to be happy. You deserve it. You will also learn what is acceptable and what is not acceptable by observing yourself. Emotional independence is as important as financial independence. The two go together like Fred and Ginger. Thats when the magic happens.

Earning your own money should bring you freedom.

Whatever hold he had or has over you must end for you to be truly free. Whatever abuse or guilt trip he levels at you is only real if you believe its real. He has no power over you anymore. He is someone who wants other people to pick up the tab and listen to him blow off steam.

The energy and time you give to him, you are taking away from giving to yourself. By babysitting your ex-husbands financial needs, and being swayed by his verbal abuse and pity parties, you are also depriving someone else of you. There are a lot of good men in this world. They are waiting for you.

Earning your own money and separating your finances should bring you freedom, safety and peace of mind. You dont have to be kind and understanding to your ex anymore. Thats not your job. Be kind to yourself and your child. Thats the only job you need to focus on from now on.

Are you experiencing domestic violence or coercive control? Call the National Domestic Violence Hotlineat 1-800-799-SAFE (7233) or visit thehotline.org.

FreeFrom works to establish financial security for domestic-violence survivors, and the National Coalition Against Domestic Violence supports efforts to change conditions that lead to domestic violence and coercive control. You can also learn about creating a personalized safety plan here.

You can email The Moneyist with any financial and ethical questions at qfottrell@marketwatch.com

Also see: Weve seen an alarming spike in domestic violence reports: For some women, its not safe to leave the house OR stay home

Hello there, MarketWatchers. Check out the Moneyist private Facebook FB, +1.99% group where we look for answers to lifes thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

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I gave my ex-husband half of the first two stimulus payments for our child. He calls me a monster. What do I do with the third? - MarketWatch

When I first started my interest in personal finance back in 2014, I had never heard of the concept of FIRE.

In fact, I did not learn about this acronym until early 2017, but I did fit into the movement quite well at the time.

For those of you reading who have no idea what FIRE is, it stands for financial independence/retire early.

And to define it quickly, FIRE is a movement dedicated to extreme savings and investment strategies that allows people who practice it to retire far earlier than traditional budgets and retirement plans allow.

Many of the proponents of FIRE also practice frugal living and minimalism lifestyles as well in order to retire in their 30s and 40s.

There are also many types of FIRE like: Fat FIRE, Lean Fire, and there are some others popping up as well. You can look those up if you are a bit more curious about those variations.

My initial finance goals really fit into this movement well, but over time this has shifted. Im no longer pursuing pure FIRE, instead Im choosing FI with EWYD (Enjoy What You Do).

Table of Contents

Ive been connected and absorbed in the FIRE community and with personal finances in general in the last year. Like I said in the intro, I really didnt even know what FIRE was until about three years into my finance journey.

But looking back, my initial goals were to get out of the paycheck to paycheck lifestyle, increasing my salary, start saving and investing aggressively, become financially independent, and retire in my early 40s at the latest.

Those are some serious money goals! And fit quite naturally with FIRE.

But since discovering FIRE and more recently starting this blog in June 2018, Ive shifted a bit from my starting goals I had back in 2014.

Thats common and overtime most peoples goals will change. But I think it is my mindset and other life events that have happened where I dont think traditional FIRE makes sense for me anymore.

I also still love the community, even if I dont practice everything that is preached or agree with every method. But I sure still respect it!

I love personal finances and investing. I also dont think my twenty-year old self would ever have imagined this. But here we are!

One of the aspects I really believed in when pursuing my new financial lifestyle was being able to retire early.

This idea was in my head for two reasons:

Note: Its worth noting here that not everyone pursuing FIRE does it because they hate their job. Many do. However, a lot of outsiders to the movement think thats always the motivator. There are plenty in the community that love their careers, but still like the idea of retiring early. Just wanted to share that.

I was grateful for the job because it was a recognizable brand name, it had great benefits, a 401k (not that I understood it), and gave me a steady paycheck right after college.

But after the first initial year of excitement, I was over it.

There were some company politics involved and a culture of fear among non-management, because they were known to let you go for random reasons. That is not an environment you want to be in.

So for me, the company I worked for was a big reason for my interest in retiring early initially in my financial pursuit to freedom.

Photocredit : Craig Garner on Unsplash

I really like the idea of financial independence and saving/investing aggressively. That is one aspect of FIRE that I have continued over the years and have no plan to slow down.

In fact, one of my goals this year is to stick to a 65% savings rate and soon push it to 70%. Im also aiming for my first $100,000 saved and invested .

But since 2014, my goals of achieving FIRE is now leaning more to just FI. But, Ive also decided that Im focusing more EWYD or Enjoy What You Do.

You might be sick of the acronyms and all that by now, dont worry Im not introducing any others!

One thing I did not mention above that always worried me about early retirement is that I would be bored. Many might not think of that at first, but it started to hit me the more I was working on my finances.

Sure, Id no longer have to work for a corporate company, I could travel more often, relax, spend time with family, etc. All good things.

But, there was a passion missing. Something I could work on, be excited about doing on my own time.

Ive been fortunate enough that Ive found two work passions in the last few years: digital marketing and growing websites into businesses.

I went to college for computer science, specifically more the graphic design track. I also picked up a minor in communications. Ive never worked in graphic design since graduating.

My first job at the company I mentioned above that I was not enjoying, was in email marketing. But, if there is one thing to credit with this gig, it opened my eyes to digital marketing.

After four years, the culture of fear of losing my job actually came true. Poof, just like that a few weeks before Christmas my job was done.

Yet, although I was a bit shocked and unsure of what I was going to do, a sense of happiness came over me too. It was a gift of escape from this job I didnt like and really was going nowhere.

Only a few weeks before being let go, I had started some freelance basic marketing tasks for a company a friend of mine worked for. I was getting some more experience and some extra cash.

I started learning more about digital marketing on my own, working some freelance gigs, then some contract work for startups, a marketing agency job, to now my current remote position as the head of marketing for a software company.

I love digital marketing. Which is why Ive chosen to EWYD instead of focusing primarily on everything that is core to FIRE.

I can see myself continuing to be a marketing advisor for companies in the future, creating websites and building them up (like Im doing with this website), etc.

Im very passionate about working with companies, helping them grow, and finding creative ways to reach their target markets.

I know not everyone will feel the same about this or early retirement. Thats okay! I wanted to share my story and pursuits for a few reasons:

So yes, Im not completely abandoning FIRE, more so just RE. I actually like the pursuit of having enough saved and invested, that if I did choose to completely retire I could.

But I no longer care about that as even when I do have enough, Ill still be working on projects. Sure it may not be full-time, but whether its marketing advising or working on new websites, Ill be enjoying what I do.

This post was previously published on investedwallet.com.

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Instead of Pursuing FIRE, I'm Choosing EWYD (Enjoy What You Do) - The Good Men Project

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Monday marks International Women's Day, a day to celebrate women's achievements and raise awareness about gender equality.

It's also a time to acknowledge just how financially far behind women, including trans women, and non-binary people remain when compared to their male counterparts. Women on average make only $0.82 for every dollar a man makes, but when broken down the wage gap reveals additional complexities relating to race, education and other socioeconomic factors.

On average, for every dollar made by white men, white women make roughly $0.79, Black women make $0.63, Hispanic and/or Latinx women make $0.55, Asian women make $0.87, Native Hawaiian or Other Pacific Islander women make $0.62 and American Indian or Alaska Native women make $0.58, according to recent data from American Association of University Women.

For trans women, wage disparity is also obvious. The D.C.-based non-profit Center for American Progress highlights one study that found female transgender workers' earnings dropped by nearly one-third following their gender transitions.

And when it comes to saving for the future, women's average total retirement savings is just $23,000, whereas men's average total retirement savings is over three times higher at $76,000.

While barriers still remain, it's important that you know how you can protect yourself and make sure you are financially secure going forward.

Below, Leslie Tayne, a debt-relief attorney atTayne Law Group, shares seven steps every woman can take today to become more familiar with their finances and improve their relationships with money.

The more intimately you know your finances, the better. Make a habit of reviewing your accounts daily or weekly so you know what money is coming in and going out. Tayne suggests checking all your accounts online (or through your bank apps), including checking and savings.

"Doing so ensures your money is secure, payments are clearing and bills are being paid," Tayne says. "This will also help you familiarize yourself with your spending habits, who your creditors are and your bank balances."

Set a reminder on your phone or through your bank's app so you never get out of habit. You may also want to also consider a budgeting or expense tracker app that links to your bank accounts, categorizes your expenses for you and alerts you when you overspend. We rated Mint as the best overall free app since it performs all the above functions, plus more.

Sharing finances with someone? Don't give up your share of control, says Tayne. If you're not sure where to start, speak up and ask for help.

"It can be incredibly challenging for women who have devoted their lives exclusively to their home life (and aren't involved in bill-paying) to know where to start," Tayne says.

Even if your partner is the one who manages the bills, still check your shared bank accounts regularly and make sure you are establishing credit on your own (more on that in #5 below).

"No matter what you call it, having extra money in the bank for life's unexpected expenses can help you push through an otherwise challenging time and give you peace of mind that you have a financial safety net," Tayne says.

Conventional wisdom says to set aside three to six months' worth of living expenses in an emergency fund, but ultimately you should save what you can with what you have. Even putting aside $20 per week into a savings account gives you more financial independence over time.

"Under certain circumstances, including the pandemic, more women have been pushed out of the labor force than men," says Tayne. "Having emergency savings handy can help you secure your finances and meet expenses while searching for a new opportunity."

Keeping a cash savings also helps you stay out of credit card debt. But, in the case that you do need a loan, sometimes you are more creditworthy with money in the bank, Tayne explains.

Planning for your future is key to making sure you are financially secure. This includes saving for your retirement years, but also unexpected events and expenses.

"Women, on average, live longer than men. It's essential to consider all of life's 'what-if's,' such as surviving your spouse or keeping your home if a loved one passes away," Tayne says.

In addition to playing out how certain life events could impact your finances, you may also want to consider how others' finances will be affected should something happen to you. Having an estate plan in order can help settle big questions, such as determining who will pay your bills if you were to become incapacitated or who will be the designated heirs to your property and money.

Setting specific, targeted goals today helps you reach financial stability in the future. Tayne suggests starting simple with saving, debt payoff and long-term planning.

Having credit in your name is more important than just about any other financial move you could make, Tayne argues.

It can be difficult to feel financially secure when you don't have credit. "If you have a thin file' or little-to-no credit history, lenders will likely deny credit applications, as they cannot predict if you'll default on the loan or make timely payments," Tayne says.

Some 45 million Americans arecredit invisible (without a credit record) or are considered "unscorable," so you certainly aren't alone if you don't have credit.

The upside: it's an easy fix, and we have some tips to get you started.

Once you build a history of credit, you can then qualify for credit cards, loans and other financial products. Plus, with agoodorexcellent credit score(670 and above), you'll receive the best interest rates and terms from lenders.

Certain debt, like a mortgage, isn't necessarily bad to have, but there are other types of debt that you should minimize quickly.

For example, credit card debt can jeopardize any potential for financial security, Tayne explains. Since most credit card issuers charge daily interest, your balances keep ballooning the longer they go unpaid. Not to mention, credit card interest rates are already notably high, in the double digits. This makes paying your balances off completely difficult to do as time goes by, and affording just the minimum payment on your credit card can even make it challenging to continue your other loan payments.

Focus on paying down your high-interest debt, even that means paying only an additional $10 per month on your credit card balance. "Every amount over the minimum payment helps," Tayne says.

It certainly doesn't hurt to build rapport with your creditors. Know who they are and feel free to reach out to them whenever you have a question about your account or need assistance.

For example, you'll likely have better approval odds for a new credit card through your current bank orcredit union if you already have a good relationship with them. Look to see if the bank that you have a checking or savings account with offers any type of credit card. You may find that it's easier to qualify for a credit card with them, especially if you have good history like zero overdrawing on your account.

"Be your own advocate with your creditors," Tayne says. Showing your creditor that you are making your payments on time each month and trying to better your credit can go a long way. Creditors can help you by providing interest rate reductions, increasing your credit limit or offering financial tools that can help educate you on their products.

"Be sure to ask questions and find advocates to assist you with your goals," Tayne adds.

While women continue to live through the gender pay gap, steps they can take to ensure their own financial security include knowing their finances, having savings, planning for the future, setting goals, building credit, minimizing high-interest debt and forming a bond with their bank of choice.

You don't have to do it all at once, either. Start by taking a thorough review of what your finances look like (how much money you have in what accounts) and then prioritize the steps above as they pertain to you. Maybe you already have an emergency savings, but need to tackle your high-interest credit card balance. Perhaps you have no credit in your name, and if so, that's a good place to start. Follow along steps above in order of importance to your own personal financial picture, and try to tackle each one a week.

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For rates and fees of the Discover it Secured Credit Card, click here.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

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

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Men have over 3X more retirement savings than women7 steps to make sure you are financially secure - CNBC

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Jannese Torres-Rodriguez has a full-time job and has earned over six figures with her side hustles. And whats one of the first things shes going to do with her newfound wealth?

Shes buying a house for her parents and teaching them all the financial lessons she has learned as an adult. too. For example, shes talked to her dad about her investing strategies and encouraged him to open a brokerage account and an IRA account. Now theyre trading stock tips and talking about investing for the first time.

I want women, especially women of color, to know that they can change the trajectory of their families when it comes to money traumas, generational curses, and all those things, says Torres-Rodriguez. Get rid of the stigma, the shame, the guilt of not knowing any better.

As the first person in her family to pursue FIRE an acronym for financial independence, retire early Torres-Rodriguez had to overcome cultural obstacles to achieve financial success. She grew up in New Jersey after her parents immigrated from Puerto Rico in the 1980s to pursue the American dream, with a few hundred dollars in their pockets and high school educations. Growing up, she witnessed the constant stress of her parents not having enough money.

That was the first indicator to me that money is really important and having a lot of it is important, but I had no idea how to kind of make that connection, she says. We didnt grow up talking about money.

Now she wants to help her community make that connection. Shes one of a burgeoning community of Latina money experts and investors sharing advice on how to create multiple income streams, save, invest, and achieve true financial freedom.

Delyanne Barros, Vanessa Menchaca-Wachtmeister, and Rita-Soledad Fernndez Paulino also stumbled upon the FIRE movement by reading about it online. But they didnt relate to most of the popular FIRE blogs out there.

Many of the people most passionate about FIRE tend to be tech workers and doctors, says a post on one of the FIRE communitys founding blogs, Mr. Money Mustache. That lack of diversity frustrated them, and these Latinas started their own personal finance blogs and online money-coaching businesses, to create communities that look a lot more like them.

Many of them have built their audiences by chronicling their own progress online while still working their 9-to-5s, managing side hustles, paying down their debt, and doing regular life like everybody else.

FIRE is for everyone. This isnt an exclusive club. You dont have to be a high-income earner, says Barros, who goes by @DelyanneTheMoneyCoach online. Try to find people who are like you talking about these subjects. Thats what I did. I needed to find people who are similar to me who are speaking on this subject and see what they have to say.

The FIRE movement has been around for a long time, but it enjoyed a newfound popularity after the Great Recession of 2007-08. Its adherents reject the notion of working the bulk of adult life, and they save and invest intensely typically between 50% to 70% of their income so they can retire early, or at least have the freedom to achieve a greater work-life balance.

But these women arent willing to go to the absolute extreme to achieve their money goals. They still go on vacation and enjoy a latte now and then. Anything that feels like deprivation isnt sustainable, says Soledad.

They tend to practice similar habits for achieving FIRE. They have clear money goals and multiple streams of income. They save and they invest. Its more about cutting back on the bigger expenses, like housing, transportation, and food, rather than the smaller oneswhile also increasing income either through a higher-paying job or side hustles, they say.

The whole idea of creating wealth has to come from this radical idea that you deserve abundance, and I dont think it aligns with cutting, says Torres-Rodgriuez.

These women from different backgrounds share a common theme: they embrace entrepreneurship, pay down debt, and build wealth not just for themselves but for generations to come in the Latinx community.

Torres-Rodriguez, 35, who lives in Tampa, Florida, has been a significant part of that push. After becoming an accidental entrepreneur a few years ago with her first side business, Delish Dlites, a food blog for Puerto Rican and Latin-inspired recipes, she realized she didnt have to rely on a normal 9-to-5 for financial security. Since then, shes built 10 streams of income (while still working her main job), paid off roughly $50,000 in debt, and started teaching Latinas and people of color what she has learned.

One of her specialties is teaching her clients how to build a side hustle, because extra income can lead to financial independence faster, she says.

If youre living paycheck to paycheck, you have two choices. You have the choice to cut back and do extreme things, or you can decide that you dont want to change your lifestyle and make more money, she says.

Her goal is to reach a $1 million net worth by 2025 through her side jobs and investments, but she doesnt plan to stop working just because she can.

I never see myself technically retiring. FIRE for me represents more this opportunity to live and work in a way that I choose and when I choose, versus having to do 40 hours a week at a job because thats the only option, says Torres-Rodriguez.

Torres-Rodriguez isnt the only woman in the FIRE space who feels that way; Menchaca-Wachtmeister, a 29-year old travel tech professional and creator of travel and personal finance blog Wander Onwards, also does. She considers herself to be part of the FIRE movement, but early retirement in the traditional sense isnt her ultimate goal.

Retire early does not mean lie down and give up. It means I can do what I want. A big project of mine is building an international immigration app and technology to support immigrants and people who want to move abroad, says Menchaca-Wachtmeister, a Mexican-American now living in Germany who has nine streams of income and is on track to retire with over $1 million by age 48.

Menchaca-Wachtmeister grew up in Los Angeles as an awkward loner kid, who always had a curiosity for travel and life outside of the U.S. Eventually she left the West Coast to go to college in Boston, with the hope of becoming a lawyer one day.

I did everything that my parents and society told me to do, and I was about to take on $150,000 worth of extra debt for law school. Already, I had six-figure debt from my undergrad, she says.

But then she had a wake-up call after the Boston Marathon bombings in 2013, and decided to move to China to teach English. It was a real reality check that life is not forever or promised. So I bailed on law school, dumped my boyfriend, and moved to China with two suitcases and a dream, she says.

She spent years living in multiple countries and traveling abroad. During that time, the interest on her student debt piled up. I didnt know anything about interest, and I was too scared to look for three years. I just stuck my head in a hole and woke up with $100,000 in debt, she says.

She realized she needed to get her finances in order immediately, so she made her first budget and paid off $10,000 in less than a year. From there, she kept paying off her debt and started wondering what was next.

In the last two years, she discovered the concept of FIRE and noticed there werent many people like her talking about it. Thats when she started talking about personal finance on her blog. Through her online platform, she chronicles her own FIRE journey and teaches others how to make money and travel farther, longer, and for less.

I want the opportunity to live the life that my parents, grandparents, and ancestors have worked so hard to give me. The opportunity to be happy, to explore, to do more than just show up somewhere Im supposed to be at nine oclock and stay there until six, she says. Thats what motivates me to keep talking on this platform to show other people that you dont have to work like our parents work and in ways that dont fulfill you. You have options.

Similarly, Barros went through a financial transformation of her own long before she began dishing out FIRE tips online as Delyanne the Money Coach.

Barros, 38, grew up as an undocumented immigrant in Miami. When she graduated from law school in 2008, she had $150,000 in student debt and no wealth to her name. Now, she carries no debt and has built a net worth of over $500,000 through her investments.

Barros, an employment attorney by day, first began sharing her financial journey on Instagram, which then evolved into a $300,000 business coaching others, particularly Latinas, to build wealth through investing and achieve financial independence.

Shes now in the process of becoming a certified financial planner, and in seven years she plans to retire and live a life of leisure on the Portuguese Riviera. She says shes no longer investing just for herself, but also for her mom, who lives in Brazil.

My hope is to bring her with me to Portugal when I move there and buy her home. Im now thinking beyond myself, and Im investing with somebody else in mind, says Barros.

The ability to do that, she adds, is what financial independence is all about.

Soledad, 34, is a former math teacher and the most recent member of this Latina FIRE community. She grew up house poor in Echo Park, Los Angeles, then a low-income neighborhood known for its gang activity, and was raised by her Mexican mother with a scarcity mindset.

My mother did everything in her power to keep a house, so we had stable housing, but yet that sometimes meant she didnt have money to do other things. She lived in a lot of debt and she used to always say, money is meant to be spent, says Soledad.

Soledad didnt want to be stuck in her neighborhood for the rest of her life, so unlike many of her peers her high school had a 54% dropout rate she completely dedicated herself to studying. She received full scholarships to multiple universities, and graduated with a bachelor and masters degree in math education from New York University.

While sick on medical leave in 2019, she started building her financial knowledge by reading books, listening to podcasts, and watching YouTube videos.

She used zero-based budgeting to pay off $23,000 in student loans, and came across the FIRE movement through Torres-Rodriguez, Barros, and Menchaca-Wachtmeister. They were just saying all these things that I could relate to, and I felt like I could trust them, says Soledad. And it wasnt just them; it was a whole community that I had formed on Instagram.

That inspired Soledad to begin documenting her own journey online, which then led to the creation of Wealth Para Todos, a personal finance blog and Instagram focused on helping Latinas, people of color, and other marginalized groups build wealth. Learn something, share something, she says. Thats support that I needed because nobody in our families is talking about money.

After becoming debt-free, Soledad who is now a stay-at-home mom living Los Angeles and on her way to becoming a certified financial planner built a six-month emergency fund for her family, maxed out multiple retirement accounts, and plans to retire by 47 with a net worth of $3 million.

These money goals and life achievements are remarkable for anybody, but especially for these Latinas, who all started life from positions of serious disadvantage. Torres-Rodriguez, Barros, Menchaca-Wachtmeister, and Soledad all say that FIRE can empower Latinas to escape inequality and oppression including financially abusive relationships.

Instead of FIRE, I like FIOO: financial independence, opt out because that is honestly what resonates with me the most, says Torres-Rodriguez. Its being able to walk away from a career, a relationship, a geographical location, and just any situation that isnt allowing you to flourish.

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Meet 4 Latina Investors Changing the Face of the FIRE Movement - NextAdvisor

SIERRA MADRE, Calif.--(BUSINESS WIRE)--Wound Care Advantage (WCA), the nations leading wound care consulting firm, has announced the expansion of its revenue cycle team to help meet the growing financial needs of hospitals affected by the COVID-19 pandemic. The revenue cycle team will be led by the newly appointed Vice President of Revenue Cycle Management, Vanessa Ploessel.

As hospitals transition away from expensive management contracts to bring the wound care and hyperbaric service line inhouse, the need for revenue cycle consulting has significantly increased to ensure hospitals are financially strong in their wound care efforts, stated Ploessel. WCA has a very ethical approach to revenue cycle support and I am proud to offer my skills to strengthen WCA network programs, added Ploessel.

Ploessel received her masters degree in Healthcare Administration and has been part of the WCA team for over 4 years. Previously, she held the position of Director of Denial Management at WCA where she focused on reducing clinical and technical denials for clinics and facilities.

In her new role as VP of Revenue Cycle Management, Ploessel will assist WCA network facilities in becoming financially profitable programs by providing education, strategies and recommendations to increase revenue cycle optimization while maintaining the highest level of compliance. Ploessels forward-thinking initiatives will bring a deep and innovative level of support that allows for customized revenue cycle solutions.

Mike Comer, Founder & CEO of Wound Care Advantage stated, Vanessas passion and dedication to healthcare has been evident since she joined our team many years ago. We are thrilled to have her strategic vision and leadership in assisting our wound care partners with increasing their revenue and overall patient care.

For more information about Wound Care Advantage, visit http://www.TheWCA.com.

About Wound Care Advantage:

Founded in 2002, Wound Care Advantage (WCA) is the nations largest healthcare consulting firm supporting a diverse network of healthcare organizations. With a strong commitment to care and innovation, WCA advocates for the financial independence of partner hospitals and the rapid healing of patients they serve. Wound Care Advantage is a privately held company headquartered in Sierra Madre, California. For additional information, visit http://www.thewca.com.

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Wound Care Advantage Expands Its Revenue Cycle Support to Assist Hospitals with Revenue Recovery - Business Wire

I consider myself somewhat financially savvy. But the emotional side to dealing with money is something that most of us including me struggle with.

"The Psychology of Money" by Morgan Housel helped me work through some of the mental aspects of money management that I didn't have a handle on. Here's what stood out to me the most.

You don't have to look far beyond your immediate circle of family and friends to notice that different people interact with their money differently. Some seem to be diligently saving and investing for the future, while others are living in the present without a financial game plan at all.

I fall on the saving and investing end of the spectrum. But I've often been tempted to try my hand at keeping up with the Joneses. With the help of this book, though, I realized that there is no right or wrong way to manage your money. You simply have to do what aligns with your values.

For me, that means saving a large portion of my income with the goal of achieving financial freedomat some point in the future. But everyone has to find what works for them. Not everyone wants to pursue FIRE (financial independence/retire early). Likewise, not everyone wants to spend the majority of their income on material items.

The "right" way to spend is different for everyone. I've realized that no one is making crazy money decisions everyone just makes the best decisions they can based on the information they have available and their values.

When you dive into the weeds of efficient money management, you will likely encounter questions that pit dollars-and-cents logic against peace-of-mind priorities.

A hotly debated question that comes to mind is whether you should invest more or pay down your mortgage early. Personally, I was always a little conflicted about this.

I could see the logic that I could potentially be better off in the long run if I prioritized investing as opposed to paying off my mortgage with a low interest rate attached. But my heart told me that I'd sleep better if I were making more progress on clearing my mortgage debt for good.

Chapter 11 of the book, titled "Reasonable > Rational," helped me clarify this internal debate. I realized that it is a reasonable choice for me to pay off my mortgage early if it helps me sleep better, regardless of what the numbers say. Either way, I'm making a smart decision with my money.

Have you ever been surprised when an undeniably rich person decides to do something seemingly crazy in pursuit of more money? Tax evasion and Ponzi schemes come to mind. I had never understood why someone who seemed to be set for life would risk everything for just a little more cash.

Housel explains in the book why rich people take these greedy actions they never determined how much money was "enough" for them. No matter how much money you have, it will never be enough unless you've decided that you have enough. If you never have enough, then you'll never be able to stop chasing the next dollar.

With that in mind, I took some time to explore what "enough" means to me. As someone who is pursuing financial independence, I decided to set a number that is reasonable and would provide my family with "enough." But I don't plan on chasing every dollar forever.

If you are looking for a thought-provoking read that will help you question the way you approach money, I highly recommend "The Psychology of Money." Although you won't learn the basics of personal finance, it is a useful read for anyone trying to figure out the best ways to interact with money in their unique personal financial situation.

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3 lessons I learned from 'The Psychology of Money' - Business Insider

DURHAM People grow old at different rates, regardless of what the calendar says. And for those whose bodies age more quickly, the cumulative effects show up as early as midlife, when signs of dementia and physical frailty begin to emerge, according to a study led by Duke researchers.

The findings, appearing Monday in the journalNature Aging, suggest that identifying and treating the diseases of old age should begin by the time people celebrate their 45th birthday, before the problems escalate, degrade quality of life and impose huge personal and societal costs.

Aging isnt something that happens suddenly when people reach their 60s, its a lifelong process, said lead author Maxwell Elliott, a Ph.D. student in Dukes Department ofPsychology & Neuroscience. We have a way of measuring how quickly people are aging, and our findings highlight the importance of addressing biological aging in midlife while prevention is possible and before heavy organ damage has accumulated.

Elliott and colleagues including senior author Terrie Moffitt, Ph.D., Nannerl O. Keohane University Distinguished Professor in Psychology & Neuroscience created a unique database within a study that was established in New Zealand in the 1970s. The Dunedin Study enrolled 1,037 babies born in 1972-73, and more than 90% the participants are still enrolled and continue to participate in periodic health measurements.

Among the data gathered over the years are biomarkers for changes in heart, kidney, lung and immune system functions, as well as dental health, mental acuity and physical abilities. Duke researchers, in earlier studies, used nineteen distinct health factors collected regularly among this group to establish a means of measuring the biological aging process.

The benefits of using this cohort for studying aging data is that everyone is the same age and we are able to measure them over decades using the same biomarkers, Elliott said.

By assigning an aging rate to the study group based on the biomarkers for organ health, the researchers found that some of the 45-year-olds aged at a rate that was slower than average for their chronological age. These slow-aging participants looked younger (their faces had fewer wrinkles), they remained mentally sharp, their cardiovascular health was good and they continued to walk at a brisk pace.

On the other end of the spectrum were 45-year-olds who aged more rapidly. These people looked older, showed signs of cognitive decline as measured by IQ scores, felt less healthy and even tended to have pessimistic attitudes about aging. By midlife, people who had aged more rapidly were already at risk of developing frailties that impair physical and financial independence.

Our analysis shows that the pace of aging is a strong indicator of the cumulative, progressive and gradual deterioration across organ systems that underlies biological aging, Moffitt said. These findings demonstrate that meaningful variations in biological aging can be measured and quantified in midlife, providing a window of opportunity for the mitigation of age-related diseases.

Elliott noted that earlier interventions to slow the speed of aging would have benefits both for individuals and to the broader society.

Social services, including Medicare and social security, are based on chronological age and kick in later in life, but people who have an accelerated rate of biological aging will have age-related disabilities earlier and often need to retire earlier, he said. Earlier interventions could save lives, preserve quality of life and reduce health care and other costs.

In addition to Elliott and Moffitt, study authors include Avshalom Caspi, Renate M. Houts, Antony Ambler, Jonathan M. Broadbent, Robert J. Hancox, HonaLee Harrington, Sean Hogan, Ross Keenan, Annchen Knodt, Joan H. Leung, Tracy R. Melzer, Suzanne C. Purdy, Sandhya Ramrakha, Leah S. Richmond-Rakerd, Antoinette Righarts, Karen Sugden, W. Murray Thomson, Peter R. Thorne, Benjamin S. Williams, Graham Wilson, Ahmad R. Hariri and Richie Poulton.

The study received funding support from the National Institute on Aging (R01AG032282, R01AG049789), the UK Medical Research Council (MR/P005918/1) and the Jacobs Foundation (NIA P30 AG028716, NIA P30 AG034424). The Dunedin Multidisciplinary Health and Development Research Unit was supported by the New Zealand Health Research Council (15-265 and 16-604) and the New Zealand Ministry of Business, Innovation and Employment.

(C) Duke University

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You don't have to be old to show signs of aging such as dimentia, fraility, Duke study warns - WRAL Tech Wire