Category Archives: Financial Independence

Harry and Meghan's Oprah interview has led to debate over whether the monarchy could be abolished.

If the monarchy ceased to exist, the Queen would have to give up Buckingham Palace.

Kate Middleton and Prince William would pursue financial independence like the Sussexes.

Visit Insider's homepage for more stories.

The British royal family has certainly had a tumultuous couple of years.

Prince Andrew's involvement in the Jeffrey Epstein scandal, Meghan Markle and Prince Harry's royal exit - and more recently, the couple's allegations that their son was subjected to racism from within the royal household- begs the question of how long the monarchy can survive.

The heir to the throne, Prince Charles, has seen a drop in popularity in the UK after Harry and Markle's Oprah interview - where it was revealed he stopped taking Harry's calls in 2020 - Insider's Samantha Grindell previously reported.

Nadine Batchelor-Hunt, political correspondent at JOE.co.uk, argues that the royals are "becoming increasingly out of place in contemporary society" due to the family's past and present scandals.

"The time has come: let's abolish the monarchy," she said.

While some countries, including Greece and Bulgaria, abolished their monarchies through public referendum, royal commentator Marlene Koenig said the process is more complex than people think.

"It would take legislation, an act of Parliament, and signed by the Sovereign to end the monarchy," Koenig, a royal expert for History Extra, previously told Insider.

However, Koenig added that "the monarchy is not going anywhere anytime soon."

"There are no protests. The republican movement is small," she explained. "The political system is stable."

Nonetheless, that's not to say things couldn't one day change if there were to be a greater call for Britain to consider the future of the monarchy.

Here's what would happen to the royal family if the monarchy no longer existed.

Story continues

Buckingham Palace has been used as the official working and living headquarters of Britain's monarchs since 1837. It has 775 rooms (many of these are for private use), and is used by the Queen to host state banquets and engagements with world leaders and government officials.

It is also a prime location for many milestone events, including royal wedding receptions, and the Queen's Trooping the Colour birthday parade each year.

The Duke and Duchess of Cambridge shared their first kiss as husband and wife on the Buckingham Palace balcony. Mark Cuthbert/UK Press via Getty Images

The palace is usually open to visitors in the summer, while Her Majesty vacations at her Scottish holiday home, Balmoral Castle. However, it could become a permanent tourist attraction if the Queen were to officially move out.

The palace is property of the Crown Estate, which Queen Elizabeth is the owner of as long as she is monarch. However, this would change if she was no longer Head of State, according to the Crown Estate's official website.

"The Crown Estate is though owned by the Monarch in right of the Crown," the website reads.

"This means that the Queen owns it by virtue of holding the position of reigning Monarch, for as long as she is on the throne, as will her successor."

Other residences that are Crown-owned that the Queen would have to give up include Windsor Castle (her Easter residence), and the Palace of Holyroodhouse (her Edinburgh residence).

Windsor Castle. Tim Graham Photo Library/Getty Images

As pointed out by Koenig, the Queen privately owns Balmoral Castle in the Scottish Highlands and the Sandringham Estate in Norfolk, where she spends every Christmas and New Year. Therefore, it's likely she would choose one of these as her new permanent residence.

This isn't an unusual circumstance for royal families from abolished monarchies, according to Koenig.

"Most of the former German royal families stayed in their homes," she said. "Some property was confiscated, others received compensation, including the Kaiser's family."

At the age of 94 and 72 respectively, it's possible that the Queen and Prince Charles, who is heir to the throne, would retire from public life if the monarchy was abolished.

It's more likely that the younger generation of royals, such as Kate Middleton and Prince William, would follow Prince Harry and Meghan Markle's lead and try to shape their own careers.

The Duke and Duchess of Sussex said during their Oprah interview that the royal family had cut them off financially at the beginning of 2020, meaning the couple had to rely on Harry's inheritance from Princess Diana.

Since then, the Sussexes have secured major deals with Spotify and Netflix, and also signed on to Harry Walker Speaking Agency.

Prince Harry, Meghan Markle, and the Duke and Duchess of Cambridge attend the first annual Royal Foundation Forum. Getty

A public relations guru suggested to The Mirror that the couple could earn up to $1.3 billion (1 billion) through corporate deals and brand ambassador roles.

Meanwhile, Markle narrated the Disney Plus documentary, "Elephant," which premiered in 2020.

Of course, it's just down to speculation as to whether Middleton and William would take on similar work to Harry and Markle if they were forced to pursue private careers.

They do have similar skill sets to the Sussexes. They currently run their own charity, "The Royal Foundation," where they often give speeches at charity dinners and events.

Like Markle, they also have experience with voice-over work. Middleton, William, Harry, and Markle co-narrated a mental health commercial directed by Richard Curtis in 2019.

All that being said, it's worth remembering that royal experts say the likelihood of the monarchy being abolished is pretty low.

Although royal author Nigel Cawthorne previously told Insider that the monarchy will be "severely damaged in the long term" by Harry and Markle's exit, most experts suggest that things will not change.

"The monarchy as an institution is all about the monarch and her direct heirs," royal editor Robert Jobson said. "The Sussexes are popular, but their involvement in matters of state are negligible."

Koenig echoed Jobson's comments. "The only members of the royal family that have a constitutional role are the Sovereign and the heir apparent," she said.

Therefore, while it appears unlikely, it's clear the royal family would still be able to survive - whether from private property or corporate deals - if the monarchy no longer existed.

Read the original article on Insider

Follow this link:

Here's what would happen to the royal family if Britain abolished the monarchy - Yahoo News

LONDON, March 12, 2021 /PRNewswire/ -- Celsius, the industry-leading cryptocurrency rewards-earning platform, announces today the listing of its CEL token on the Bittrex Global exchange, one of the most trusted crypto exchange platforms in finance known for its robust and dynamic security infrastructure.

The CEL token was listed on its first crypto exchange in June 2018 and is currently also trading on several decentralized exchanges. Celsius customers can take advantage of CEL token utilities through the Celsius platform including earning yield on crypto at rates up to 25% higher and borrowing dollars against their crypto and pay up to 25% less interest. CEL holders can also earn weekly compounding rewards on CEL at up to 4.86% APY.

"We're thrilled to partner with Bittrex Global to make the CEL token more accessible to millions of people around the world," said Alex Mashinsky, CEO of Celsius. "As we work to make crypto mainstream, strategic partnerships with reputable players in the industry, such as Bittrex Global, are essential for all of us to succeed in building the future of financial services."

Celsius's mission is to put unparalleled economic freedom in the hands of the people and operates with a community-centric approach by returning up to 80% of its total revenue back to its community of crypto holders.

About Celsius Celsius helps hundreds of thousands of consumers worldwide to find the path towards financial independence through a high compounding reward income service and instant low-cost loans accessible via a web and mobile app. Built on the belief that financial services should only do what is in the best interest of the customers and community, Celsius is a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit http://www.celsius.network

Contact: Jayson Lynn [emailprotected]

SOURCE Celsius Network

http://www.celsius.network

See the article here:

Celsius's CEL token is now listed on the Bittrex Global exchange - PRNewswire

This pandemic has shone a brutal light on womens financial inequality at the same time as it deepened those inequalities.

Existing gender pay gaps, savings gaps and pensions gaps have been exacerbated by the crisis, with research from PwC showing women have lost their jobs at a higher rate than men in the worlds wealthiest countries.

Women are over-represented in the industries most impacted by the crisis, such as childcare, retail, hospitality and beauty. And women have taken on the majority of the homeschooling demands of the last year, even if they were still working.

Theres now a very real risk that the economic scarring of the pandemic will be far deeper for women. And that in turn can have a very real impact on their freedom and ability to leave bad situations.

So now is the time for women to focus on building an emergency fund, not just for the daily difficulties like unexpected bills or a broken boiler but as an escape fund, a freedom fund. Or what some people are calling a f***-off fund.

Having a f***-off fund gives anyone, regardless of their gender, [the ability] to make choices about situations they are in, says Jeannie Boyle, executive director and chartered financial planner at EQ Investors.

It is particularly important for women as we tend to earn less, have higher costs and are more likely to find ourselves in situations we need to escape from. Having savings in the bank gives you the freedom to leave jobs or relationships that no longer work.

Domestic violence overwhelmingly impacts women so this money can be a lifeline out of a dangerous situation.

Clearly many women already believe in the importance of a f***-off fund. Research carried out by Fidelity International shows that more than a fifth of women have secret savings to give them financial support if their relationship ends.

And that doesnt mean they dont want to be in those relationships, its about ensuring they always have options if things did turn bad.

Maike Currie, investment director at Fidelity International, says: Ultimately, everyone should have a fall-back. This doesnt necessarily mean you want to run away from your partner, or that you are being secretive about your money.

It does, however, mean you have the savings to make choices, whether thats leaving a failing relationship, resigning from a bad job or toxic company or even a controlling parent. Its about having the means to make those choices.

With more and more couples choosing to live together rather than marrying, ensuring financial independence is even more important to the younger generation.

But building a f***-off fund can be a challenge, especially if money is tight. The Independent asked some experts for their tips.

Saving your own freedom fund

Of course, since womens financial wellbeing has been badly hit by the pandemic and since women still earn less on average than men, saving may feel difficult. But even a small amount put away regularly will build up into a financial cushion if they need to move fast.

Lucy Cohen, co-founder of Mazuma, says one key to maintaining that financial freedom and having separate savings is to maintain separate finances when moving in with a partner.

If at all possible, dont have all of your salaries go into a joint account where both parties can access it equally. Instead, if you are sharing a household then work out the amount of money you each need to contribute to cover costs and then transfer that amount only into a joint account.

This allows you to maintain control and privacy of your own bank account and makes saving easier.

Whatever the financial situation, Boyle recommends: Set up a monthly direct debit at the start of the month to build up your savings. That way you are more likely to stick to your plan.

Its best to keep the money somewhere easily accessible so it is ready when needed, even if it means earning little interest.

Sheridan New, money spokesperson at the saving app Chip, says: You should be the only one with access to the savings, so it cant be a shared account that you have with a partner or someone else.

This is where financial apps can be very useful. They are easy to open an account with and you dont even have to have a bank card or any physical evidence of said account to put money aside. The app can just live on your phone, slowly amassing the funds.

Deciding how much to save into a f***-off fund will depend on your situation and whether you have any dependents. Saving for an emergency shouldnt come at the cost of your present-day financial stability.

New says: Savings are a catalyst for financial independence, for freedom to leave a dangerous situation. They give you the option, the choice, to get out if you need to.

While I hope not every woman will need one, I think every woman should have one; enough to cover temporary accommodation, or a month or so off work.

View post:

Women need emergency savings now more than ever - The Independent

TORONTO, March 15, 2021 /CNW/ - In order to help maintain a robust workforce and better position our country for a strong economic recovery, the Government of Canada is investing in the skilled trades to ensure that Canadians have the training they need to access good, well-paying jobs.The government is making targeted investments, so that key groups facing barrierslike women, newcomers, Indigenous people, persons with disabilities, and Black and racialized Canadianscan better find work in the skilled trades through projects led by unions and their partner organizations.

Today, Member of Parliament for Parkdale-High Park, and Parliamentary Secretary to the Minister of Justice, Arif Virani, on behalf of the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, announced over $1.6 million in funding to The Redwood for a project under the Union Training and Innovation Program (UTIP) that will help local apprentices in Toronto succeed in the skilled trades. This funding is part of the Government of Canada's $62million investment over five years to help develop a highly qualified skilled trades workforce, and prepare Canadians to fill available jobs as our economy restarts.

The UTIP supports union-based apprenticeship training and works to reduce barriers to participation and success in Red Seal trades. The first stream, Investments in Training Equipment, helps unions across Canada improve the quality of training through investments in equipment and materials. The second stream, Innovation in Apprenticeship, supports innovation and strengthens partnerships to address challenges that are limiting apprenticeship outcomes in Canada.

Funded under the Innovation in Apprenticeship stream of the UTIP, the project will support survivors of domestic and gender-based violence by providing flexible, well-paid employment in the heating, ventilation and air conditioning (HVAC) trade through partnerships with Red Seal trade leaders. Participants will be provided with supports, such as employment and motivation counselling and childcare during training, designed to meet violence survivors' needs and ensure they are able to pursue and complete their training. The goal of this project is to address the systemic barriers that women encounter in the skilled trades and help survivors achieve financial independence.

In the 2020 Speech from the Throne, the Government of Canada committed to making historic investments in training and to creating more than 1million jobs to get Canadians back to work, restoring employment to prepandemic levels. Providing immediate and comprehensive training through initiatives like the UTIP will help achieve these goals.

Quotes

"As we continue to fight COVID-19, our support for workers remains strong. Skilled tradespeople across the country have been critical to essential sectors during this pandemic, and they will continue to be so as Canada moves toward economic recovery. This investment will help Canadians, including Canadians from key groups facing barriers, get the training they need to launch exciting and well-paying careers in the trades." Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough

"Skilled tradespeople are a key component of Canada's workforce, and are vital to the strength and diversity of our local economies. This investment will help create a pool of qualified tradespeople in Toronto and in communities across the Greater Toronto Area who are ready to take on in-demand jobs during the economic recovery." Arif Virani, Member of Parliament for Parkdale-High Park, Ontario, and Parliamentary Secretary to the Minister of Justice

"This $1.65 million investment from Employment and Social Development Canada (ESDC) will build a strong foundation for our employment social enterprise over the next five years. It has allowed us to hit the ground running at a critical time when well-paid, secure jobs in the skilled trades can afford survivors of violence the economic independence they need to break free from the cycle of abuse."Abi Ajibolade, Executive Director, The Redwood

Quick Facts

Associated Links

Government of Canada invests in training to help Canadians become certified in the skilled tradesUnion Training and Innovation ProgramSupport for apprenticesBudget PlanSpeech from the ThroneFall Economic Statement

Follow us on Twitter

SOURCE Employment and Social Development Canada

For further information: For media enquiries, please contact: Marielle Hossack, Press Secretary, Office of the Minister of Employment, Workforce Development and Disability Inclusion, Carla Qualtrough, [emailprotected]; Media Relations Office, Employment and Social Development Canada, 819-994-5559, [emailprotected]

http://www.hrsdc-rhdsc.gc.ca

See more here:

Government of Canada invests in training to help Canadians in Toronto, Ontario, become certified in skilled trades - Canada NewsWire

Introduction

After the military Junta took power from the civilian leaders on 1 February 2021, the country is experiencing chaos and instability. The military detained senior politicians and the elected leaders of the National League for Democracy (NLD) who won a sweeping victory against the opposition-backed military during the national elections in November 2020, while all the powers legislative, executive, and judicial were transferred to Min Aung Hlaing, the top military commander-in-chief. The military has used the widespread alleging voting fraud to justify their military action, which is based on Section 417 of the constitution mandate drafted in 2008 by the military, allowing the military to take control in time of emergency.

However, the military coup is due to the fear of facing trial after losing all power, according to BBC News, Min Aung Hlaing is nearly 65 now and is reaching the age of retirement in July this year. Stepping down from his position as the military commander-in-chief would consequently make him vulnerable to the accusation of committing crimes against humanity. Min Aung Hlaing who is also known as a battle-hardened warrior of brutal Burmese Army was condemned by the international communities and was sanctioned twice by the US and UK in 2019 over the intensified crackdown on the Rohingya, an ethnic minority group in the Rakhine State, that led 700,000 of Rohingya fleeing the country. According to the statement released by the UN Human Rights Council in August 2018, Myanmars top military generals, including Commander-in-Chief Senior-General Min Aung Hlaing, must be investigated and prosecuted for genocide in the north of Rakhine State, as well as for crimes against humanity and war crimes in Rakhine, Kachin and Shan States.. Relinquishing his position from the top military general would means that executing by the international community is inevitable.

The militarys commander-in-chief also hopes to protect his family and military financial interest from the possible investigation when losing all his power. According to Amnesty International, Min Aung Hlaing has ultimate control over the two military conglomerates, Myanmar Economic Corporation (MEC) and Myanmar Economic Holdings Limited (MEHL), allowing the top military to profit financially from it. For instance, from 2010 to 2011, Min Aung Hlaing received $250,000 in profit from his 5,000 shares of joining ventures. In addition, his son and daughter also own an exclusively giant business in Myanmar. The investigation could happen if the civilian leaders gain more power because the NLDs senior members including Aung San Suu Kyi view the military as an impediment for democratic transition. Reducing military financial independence would potentially reduce the military capacity and influence, according to the reports of the United Nations in 2019 found that MEC and HEHL have significantly contributed to the military power.

The situations had been deteriorating on Sunday as the military brutally crackdowned on the civilian that led to the death of over 126 people and thousands of people had been detained. According to Reuters, Schraner Burgener, the top UN envoy to Myanmar told Soe Win, Myanmars deputy military chief, Myanmar would face sanctions and retaliation from the international community. His response is shocking We are used to sanctions, and we survived. He added that We have to learn to walk with only a few friends. With this commitment from the military, it is unlikely that the democratization process in Myanmar would get back on track so easily.

The military coup in Myanmar was motivated by the belief that there would be no serious response from domestic and international actors, Sebastian Strangio argued. Though the military justifies the coup by referring to the voting irregularity, a series of condemnations and responses are followed. The military coup has been perceived as illegal and the transition to democracy is necessary which is urged and condemn by the international communities and superpowers. For instance, on 5 February, the UN Security Council issued a statement to express deep concern and demand the release of detainees including all the NLDs senior political members. This rare unity of the 15 members of the UNSC is the reflection that China and Russia also concern about the situation in Myanmar.

Unsurprisingly, the transition of power to the military Junta would be a big loss for China even China opposed the UNSC decision to condemn the military Junta. Historically, the Tatmadaw always had mistrust relations with communist China, for instance, in 2011 Tein Sein government suspended the construction of the Myitsone dam and other Chinese projects due to the fear of Chinese influences, which made China suffered a serious financial loss. The Sino-Myanmar trade relations have deepened only during the civilian government led by Aung San Suu Kyi. China became one of the most important sources of investment in Myanmar, which approximately around 25% of the total foreign direct investments (FDI) in Myanmar are from China. The trade volume also reached USD168 billion in 2019 which was only USD 11 billion in 2004. This indicates that Myanmar under the NLD government is more beneficial to China, especially its Belt and Road Initiative (BRI).

The US and its western allies have imposed targeted sanctions on the top military leaders including Min Aung Hlaing, who led the coup. Though sanctions have already put in place since 2019 when there was an ethnic cleansing against the ethnic minority in the Northern provinces, it could be more serious this time since the sanctions also apply to any other companies that have economic connection with the Tatmadaws business. This could be a fatal blow on the military conglomerates, MEC and MEHL, which has joined ventures with many companies and multi-national corporations. Recently some giant companies, particularly Japans Kirin Holding, Thailands Amata, and Suzuki Motor have suspended and abandoned their economic partnership with the MEC and MEHL. This could make the military leaders suffer financially since MEC and MEHL have been bankrolling the military so far. Within the Association of Southeast Asian Nations (ASEAN) itself, though some states refuse to express opinions or concerns because of the ASEAN ways of non-interference and consensus, they do not show any tendency of supporting the military leaders. Some maritime ASEAN member states, particularly, Indonesia, Singapore, Brunei, and Malaysia have expressed concerns regarding the military coup that it could have a spill-over effect on the association as a whole. ASEAN members would find any measure to put pressure on Myanmar to settle the dispute peacefully since the political instability among its member would be stagnated for the association to move forward.

Domestically, Myanmars people have protested against the military which they view the coup as illegitimate. Since the military coup in the early morning of 1 February, there have been widespread riots and demonstrations within the country. Not only the normal citizen, but also Myanmars ambassador to the US, Kyaw Moe Tun, urged the UN member states to use any means necessary to reverse the coup of 1 February. The recognition of Kyaw Moe Tun by the UN General Assembly and the US even he has been fired by the military government, implies that the defector leaders, Aung San and other seniors members of NLD remain the only legitimate government which recognizes internationally.

The disorder and riot in Myanmar could pose threats to the military government, which the ethnic minorities could reclaim their own autonomous regions. Myanmar is one of the most diverse ethnic minorities and powerful armed group militias in the world. For example, the Karen National Union (KNU), the ethnic minority in Kayin, have endured an endless arm struggle with the government since the time Myanmar gained independence. Despite there is a cease-fire agreement in 2015, skirmish erupted frequently. The armed clash in 2020 made more than 3,000 Karen villagers to flee their home. Most of the ethnic minority groups harbor resentment and hatred toward Myanmars military government, which their political, social, and economic freedom has been restricted. Prior to 1988, there have been various ethnic minority groups who had been pursued armed struggled against the government. Though they signed a cease-fire agreement with the government in 1988, the discrimination against them could trigger them to revolt. For example, the Arakan Rohingya Salvation Army founded in the wake of the bloody crackdown by the military in 2012, in this time of turmoil that the military government is lacking support, the militarization of ethnicity could possibly happen.

In conclusion, the military Junta has promised to organize an election in the next year. It seems unlikely to happen which according to Hutt, there is no case that the military Junta would organize an election after taking control over the country. The international community has expressed deep concern regarding the military coup while western countries including the US and UK have slab targeted sanctions on Myanmar juntas and their families. The chaos in the country would be a greater challenge for the military government while crackdowns on the civilian only push other countries to put more serious measures on the military Junta. If the sentiment against the military continues in the long run, it would put Myanmars military government in isolationism and facing civil war within the country.

*The Author: Sokvy Rim is a bachelors degree holder in International Relations from the Department of International Studies, Royal University of Phnom Penh, Cambodia.

Read more:

Myanmar: Winter Is Coming For The Tatmadaw - Analysis - Eurasia Review

What to know about Sezzles partnership with Trees for the Future:

The Quote: Charlie Youakim, CEO of Sezzle

In proactively working with Trees for the Future, we are honoring our pledge to support environmental sustainability. Our company is committed to a purpose-driven approach to business, guiding our hand in creating meaningful ways to improve the world around us.

For more information on the partnership between Sezzle and Trees for the Future, read the full release below. We also recently chatted with Killian Brackey, CTO of Sezzle, as part of our CTO Spotlight series.

MINNEAPOLIS,March 10, 2021/PRNewswire/ Sezzle Inc.(ASX: SZL) (SezzleorCompany) // Sezzle, the highest-rated installment payment platform, announces a partnership withTrees for the Future, advancing Sezzles initiative of contributing to environmental sustainability and financial independence.

As a Public Benefits Corporation, Sezzle is committed to improving the community at large. This initiative includes pursuing solutions to the environmental crisis that new generations are set to inherit. Experts estimate that the worlds last remaining rainforests could be consumed in less than 40 years. To combat this, Trees for the Futures Forest Garden Approach gives African farmers the ability to plant thousands of trees that protect and bring nutrients back to the soil. In addition to environmental benefits,Forest Gardenfarmers gain financial independence through increased access to food and income.

By committing to plant a tree for every new user, Sezzle is enabling more farmers to plant trees across sub-Saharan Africa, says Trees for the Future Executive DirectorJohn Leary. Were grateful for Sezzles support of our Forest Garden Approach. Together, were restoring land and the environment while ending hunger and poverty for smallholder farmers.

In proactively working with Trees for the Future, we are honoring our pledge to support environmental sustainability, saidCharlie Youakim, CEO of Sezzle. Our company is committed to a purpose-driven approach to business, guiding our hand in creating meaningful ways to improve the world around us.

In related news, Sezzle committed to becoming Climate Neutral Certified for our 2021 carbon emissions.

Interested in donating to Trees for the Future?Learn more here.

About Sezzle Inc.

Sezzle x Trees for the Future Website

Sezzle is a rapidly growing fintech company on a mission to financially empower the next generation. Sezzles payment platform increases the purchasing power for millions of consumers by offering interest-free installment plans at online stores and select in-store locations. Sezzles inclusive payment option allows consumers to control their spending and gain access to financial freedom. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature called Sezzle Up.

This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 29,200 Active Merchants that offer Sezzle.

For more information, visitSezzle.com.

View post:

tech.mn Sezzle Announces Partnership With Trees of the Future - TECHdotMN

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

It takes a lot of diligence and dedication to retire young when you are a millionaire who built your fortune on your own.

Some have done so since the age of 28, while others achieve financial independence at 50. In any case, retiring young is not something that everyone can handle.

As the FIRE (Financial Independence / Early Retirement) movement has grown, Business Insider has spoken with many young retirees over the years. They all tend to share certain habits that have helped them get to where they are now and maintain their financial independence.

These young retirees often start on the same path: assessing their financial status, cutting expenses, and diligently tracking their progress and spending. Once they retire, they try to spend less and less and often move to areas where the cost of living is lower, focusing more on experiences and living a life they love full of hobbies and travel.

Here are 17 habits shared by self-made millionaires who have retired young.

Image: Hero Images / Getty

Leif Daahleen, the blogger behind Physician on FIRE , retired at the age of 43, said that everyone who retires young takes the same first step: taking inventory of their finances. He once told Business Insider's Tanza Loudenback that there are two things to do to plan for the future: calculate your net worth and figure out how much you spend annually.

"These two pieces of the puzzle will help you come up with a plan to achieve financial independence," he said. "It is difficult to get to any destination if you do not know the starting point."

Image: GaudiLab / Shutterstock

Young retirees keep track of their finances, they keep track of their net worth to ensure their net worth on the road to financial independence.

Monitoring your net worth will show you where the opportunities lie to improve your financial picture, wrote JP Livingston , retired at the age of 28 with $ 2 million. "It's the fundamental habit that helps you build momentum from the rest of the things you do to grow your wealth."

Sam Dogen, retired at 34 and who runs the Financial Samurai blog , also emphasizes the importance of monitoring your net worth. "Please review your net worth like a hawk to know exactly where you stand and how much you have to go on," he wrote in a post published on Business Insider .

To stay in line with their target net worth, many young retirees also keep track of their expenses. "I have not met many young retirees who did not have an accurate understanding of their spending," wrote Steve Adcock, retired at the age of 35 .

Image: Maskot / Getty Images

Joe and Ali Olson, school teachers who retired in their 30s, made strategically austere choices that allowed them to live on just $ 20,000 a year. We keep driving the same cars we eat a lot at home. Eating out was rare and it was a luxury, Joe told Business Insider in 2017 .

In two years, Angela Rozmyn, who wants to retire young, reduced her family's food spending from $ 2,000 to $ 800 a month, cutting back on fancy lunches and making fewer trips to the grocery store. She and her husband are saving almost 50% of their income and are planning to retire in their early thirties.

Image: Artazum / Shutterstock

As Tanja Hester wrote in her book Work Optional: Retire Early the Non-Penny-Pinching Way , reducing housing expenses can free you up thousands of pesos a month, something that may well be channeled into investments.

She and her husband lived in a "one-bedroom apartment in West Hollywood that they rented for years, even as our income increased and we knew we could move wherever we wanted," she wrote.

Meanwhile, The Olsons chose to live in a modest home, with little space, in an accessible area. This allowed them to buy properties that they could rent to generate income, even when they only had $ 80,000 in annual income between the two of them.

Image credit: 10'000 Hours / Getty Images

Planning to retire young is not just about spending less, but about making more money. "You can't always cut expenses, but you can always earn more money," Hester wrote .

Those who aspire to retire young increase their income by starting a business outside of their job, or seeking opportunities in a higher paying career, increasing their efforts in their current career, negotiating more money or becoming their own bosses, he wrote.

Grant Sabatier, retired at 30 with $ 1.25 million , has a similar mindset: Increasing your income is much more important than cutting your expenses, he says, because it can only be cut so far. "This gives you the opportunity to invest more money, more frequently, accelerating the accumulated amounts and the growth of your money," he wrote in the book Financial Freedom: A Proven Path to All the Money You Will Ever Need .

Image: Getty Images

According to Sabatier, the more money you make, the more money you can save. This is how Livingston was able to save more than 80% of his income and Brandon of Mad Fientist , retired at 34, managed to save 85% of his.

"Earning more and saving investment increases is the best way to increase the amount you can invest year after year," Hester writes . He says one of the best ways to do this is to "hide the money from yourself," also known as "pay yourself first." It is a classic strategy in which you save and invest the money before paying for other things.

Livingston at work / Image: Courtesy of JP Livingston

Many of those who retire young create passive income through alternative jobs or investments. After retiring young, Livingston started a personal finance blog, The Money Habit . This ended up becoming a source of income as it earned him $ 62,000 in its first year.

Sabatier also has a blog called Millennial Money . "Once you have a reliable monthly passive income that you can live on, you have achieved true financial independence," he wrote in his book. "The income from your investments is the best passive income, and this is the main strategy that millionaires use to get rich and stay rich."

Image: Witthaya Prasongsin / Getty Images

According to Adcock, stepping out of your comfort zone can help you make uncomfortable money decisions that you're not used to, like cutting expenses and saving more.

"Spending is an addiction, and people's minds continue to plant seeds of comfort in the decision-making process," he wrote . "In other words, young retirees make decisions that are aligned and supportive of their financial goals, without allowing society or their friends or family to affect their financial situation, even if those decisions are not comfortable to make."

Image: Carlina Teteris / Getty Images

Kristy Shen and Bryce Leung, retired at the age of 31 and running the Millennial Revolution site, have been traveling the world for the past four years and are living on $ 30,879 a year. As they wrote in their book Quit Like a Millionaire , that's less than what they spent living in Toronto.

"Most of those who retire young find they spend less money than they did before they retired," Adcock told Business Insider . And this is because we no longer need things to distract us from our full-time work. When we no longer have those jobs, it is very common for expenses to decrease rather than increase .

Since he no longer needs work-related items, such as a briefcase or fancy clothes for the office, he and his wife have cut their clothing budget by 75% and spend between $ 10 and $ 15 a month on average on items for their closet. .

Steve Adcock's wife / Image: Steve Adcock / Think Save Retire

Many of those who retire young spend their money the same way: on experiences . "Things lose their value, but these young retirees understand that experiences tend to be appreciated by our minds, " Adcock wrote .

She added: Today, I would much prefer a non-luxurious vacation to a place I love (like Sedona, Arizona, for example), rather than receiving wrapped gifts. Those of us who retire young are not filled with 'things' and we have discovered that the less things we have, the easier life becomes .

He and his wife give each other experiences, traveling anywhere from Key West to the glaciers and visiting the Hot Air Balloon Festival along the way.

Image: Westend61 / Getty Images

Those who retire young spend less because they stop thinking about money. Since we retired, the most significant way our finances have changed is that we no longer really think about the sweetie, Jeremy Jacobson, a retiree in his thirties and blogger behind GoCurryCracker, told him! to Business Insider .

He continued: We have enough passive income for everything we want and need, something that is incredibly liberating. Even if you don't retire young, being financially independent offers you a great deal of peace of mind. "

Brandon had already told Business Insider that he would have liked to know how unimportant and insignificant the money would be after retiring.

I always thought I would spend my retirement (young) doing entrepreneurial things, but now that I have enough money, it no longer makes sense to do things for the simple purpose of making money, Brandon said. "Money has been the main motivator in my adult life, but now that I have enough I have had to find new ways to motivate myself."

Image: Kokliang / Shutterstock

"If you see money as a goal, then you don't get things right," Sabatier wrote . "Money is infinite, but time is not." He explained that time becomes more valuable as we get older because we have less, although the concept does not often align with people's perspective of valuing their time or the way they conceive of money in their lives.

According to blogger Mr. Crazy Kicks , retired at 34, the key is to maximize happiness for every dollar. Put your money where your heart is, but get the most for your money.

According to Chris Reining , retired at 37 as a millionaire, happiness comes from being satisfied with what you already have. He planned a portfolio to back him with $ 48,000 a year, but after two years he realized that he only needed $ 30,000 to live.

Image: Courtesy Karsten, EarlyRetirementNow.com

Business Insider's Andy Kiersz reported that many young retirees move from expensive cities to areas where quality of life is less expensive. Karsten Big Ern Jeske of Early Retirement Now retired at 44, and told Business Insider that after retiring, he and his family moved from San Francisco to Washington state to lower costs of living and more. they spent on taxes.

In 2017, Jason Fieber, from Mr. Free at 33 , who retired a year before turning 33, moved to Thailand to take advantage of geographic arbitrariness, that is, to make money in a strong economy (such as the United States) and spend it in a less strong economy (like Thailand's).

In addition to making your money last longer (earned in dollars and spent in Thai currency), moving has significantly reduced your expenses and allows you to enjoy an amazing culture.

Image: Dudarev Mikhail / Shutterstock

Justin McCurry, from the Root of Good blog, retired at age 33 with an investment portfolio of $ 1.3 million, schedules time for his hobbies like walking or reading. Sometimes he becomes passionate about an idea and spends several days involved in a new project, such as learning to use Adobe Photoshop, or learning a new language.

Sabatier takes time to meditate, and ESI Money's John, retired at 52 with a net worth of $ 3 million, enjoys doing puzzles.

Image: Mark Webster / Getty

One hobby in particular that retired youth get hooked on is physical activity. Sabatier practices yoga, McCurry likes to surf, and John likes to climb.

"If you have all the time in the world, you certainly have time to exercise every day," John wrote in a post for Business Insider . "I've been exercising for years, but since I moved to Colorado (before I retired), I exercise six days a week, in addition to taking a good walk every day."

Shen and Leung in Japan / Image: Courtesy Kristy Shen

While many of those who retire young keep their lives at home, others choose to explore the world.

Think of Shen and Leung, who have been traveling the world for the past four years . Jacobson and his wife are also traveling with their son after retiring at thirty. And they do it living on a budget of $ 65,000 a year. Adcock recently told Business Insider that he and his wife ride their Airstream, which has also lowered their living expenses.

Image: Klaus Vedfelt / Getty Images

"Retirees young see the glass as half full on most things, from the decisions that change their work lives to the wine they choose for dinner," Adcock wrote . "They expect things to go well, and as we well know, the placebo effect is a fairly real phenomenon."

He continued: Note: of course we are not talking about blind optimism. Young retirees always plan smartly for the future and think about what they will do if things don't go as planned. You have to be realistic and understand the realities of the world while allowing optimism to take you to really incredible places in life. "

Read the original here:

The 17 habits of millionaires who started small and retired young - Entrepreneur

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Dynasty Financial Partners today announced the launch of a new financial advisory firm based in Blue Bell, PA, Amplius Wealth Advisors. The principals of Amplius Wealth Advisors most recently worked for The Liebman Marks Group, a boutique wealth management group within Merrill Lynch Wealth Management and were advising on in excess of $1.25 billion in client assets. Amplius Wealth Advisors has a team of eight professionals including four advisors.

Joining from Merrill Lynch are the following advisors:

We were content at our former firm and our growth over the past several years has been tremendous. But two years ago, we started the due diligence process out of our commitment to always try to do more and do better for our clients and their families. Once we completed an in-depth look at the landscape, we realized there is so much more we can do for clients now as a true fiduciary, said Matt Liebman, CEO of Amplius Wealth Advisors. In terms of firm growth, we anticipate receiving even more introductions to a broad array of quality clients.

Amplius Wealth Advisors has professionals ranging in age from their 20s to their 90s and offer deep expertise in comprehensive wealth planning, tax accounting, public finance, portfolio management, asset allocation, research, real estate, and insurance. Amplius Wealth Advisors Chairman Samuel Liebman is the father of Amplius CEO Matthew Liebman.

The name amplius means a larger amount in Latin. The firm chose the name Amplius Wealth Advisors because they seek to help clients do more with their wealth and to achieve greater goals.

According to Dynasty CEO Shirl Penney, We are delighted to welcome Sam, Matt, Aaron and the whole team of Amplius Wealth Advisors. They spent a year doing diligence and came to realize what an increasing number of advisors are realizing: that there are significant opportunities for both clients and advisors in the independent space. We are delighted to have this growing firm join the Dynasty family of independent advisors.

Amplius Wealth Advisors has selected Fidelity InstitutionalSM as its custodian. Amplius is also the newest member of the Dynasty Network of advisors. They plan to tap Dynastys capabilities in capital markets, investment banking, investment research and consulting, advanced technology, proprietary analytical tools, and marketing services.

Dynasty continues to see very strong demand for advisors like the Amplius team who see the benefits and want to join the independent movement. Their client-centric approach will translate seamlessly to the fully independent RIA model. As true fiduciaries, and with the support of Dynastys platform, Amplius is well positioned to accelerate their already impressive growth trajectory while continuing to evolve with, and serve, their distinguished clients, said John Sullivan, Head of Network Development at Dynasty. We expect more like-minded teams, who are committed to doing their due diligence, will ultimately determine that the fully independent model is the best path forward for clients and advisors, alike.

In Amplius, Sam, Matt and Aaron have brought together a strong, multi-generational team with a steadfast focus on helping their clients accomplish their life goals, said David Canter, head of the RIA and family office segments for Fidelity Institutional. Transitioning to independence will allow them to bring to life their vision for their firm and how they serve clients, and were pleased to be part of that journey with Dynasty, which has been a champion for independence for the past decade.

Bios:

Samuel Liebman, Founding Partner & Chairman | Wealth Advisor

Sam Liebman serves as Chairman and Founding Partner of Amplius Wealth Advisors. Prior to founding Amplius Wealth Advisors, Mr. Liebman co-led The Liebman Marks Group, a boutique wealth management group within Merrill Lynch Wealth Management.

Before joining Merrill Lynch in 2007, he was a wealth advisor at Paine Webber and Prudential-Bache Securities. He was #10 on Barrons Top Advisor ranking for the state of Pennsylvania in 2011.

Prior to joining the investment advisory industry, he was a Field Agent for the U.S. Treasury Internal Revenue Service from 1966-1969 after serving in the U.S. Coast Guard as a Dangerous Cargoman. He graduated from Pennsylvania State University in 1965 with a BS in Accounting.

He is an active supporter of the Fallen Heroes Fund/Fisher Foundation since its inception. He is a trustee of Beth Sholom Congregation in Elkins Park, PA. He is an active supporter of AIPAC and the ADL. In addition, he twice served as Chairman of the Investment Division of the FAJA.

Matthew D. Liebman, Founding Partner & Chief Executive Officer | Wealth Advisor

As Founding Partner and CEO, Matt Liebman drives the principal mission and core promise of Amplius Wealth Advisors: to put clients at the center of everything Amplius Wealth Advisors does.

Prior to founding Amplius Wealth Advisors, he co-led The Liebman Marks Group at Merrill Lynch for 13 years. Before Merrill Lynch, Mr. Liebman worked in the investment management industry in New York City in a variety of roles as a research analyst, portfolio manager, and hedge fund manager.

Mr. Liebman is a CFA Charterholder, Chartered Retirement Planning Counselor (CRPC), and Chartered Alternative Investment Analyst (CAIA). He was recognized as one of the Top Advisors in Pennsylvania by Forbes as a "Best-in-State Wealth Advisors" ranking in 2020 and 2021.

He earned a BBA from Emory University's Goizueta School of Business as a dual major in business and political science with concentrations in finance and new venture consulting.

Mr. Liebman is a Member of the New York Society of Security Analysts, Philadelphia Society of Security Analysts, CFA Institute, and the CAIA Institute. He serves on the boards of the Anti-Defamation League and KleinLife and is an active volunteer in the Philadelphia community.

Aaron Marks, Founding Partner & Chief Strategy Officer | Wealth Advisor

As Founding Partner and Chief Strategy Officer of Amplius Wealth Advisors, Aaron Marks drives the strategic direction, vision, and growth initiatives for the firm and its clients. Prior to founding Amplius Wealth Advisors, Mr. Marks was a Financial Advisor at Merrill Lynch beginning in 2011. Most recently, he co-led The Liebman Marks Group at Merrill Lynch.

He has earned multiple industry accolades, most recently being named in February of 2021 as a "Best-In-State Wealth Advisor" from Forbes. He has also been ranked by Forbes as an "America's Top Next-Generation Wealth Advisor" every year since the ranking's inception in 2017. He earned a bachelors degree in finance at The University of Pittsburgh.

Patrick J. Swift, Vice President of Wealth Planning | Wealth Advisor

As Vice President of Wealth Planning, Mr. Swift is responsible for overseeing and implementing the financial planning and wealth management processes for Amplius Wealth Advisors and its clients.

Prior to Amplius Wealth Advisors, he was a wealth advisor at Merrill lynch in the Philadelphia region for nearly 5 years, working with The Liebman Marks Group for the latter 3 years. Before Merrill Lynch, he began his career in wealth management with Karr Barth Associates in Bala Cynwyd, PA.

Mr. Swift earned a bachelors degree in both Finance and Marketing at Drexel Universitys LeBow College of Business. He was also a captain and member of the Drexel Mens Ice Hockey team.

He is a current Big Brother with the Big Brothers Big Sisters organization in the Independence region, providing adult mentoring to children in the Eastern Pennsylvania area.

About Dynasty Financial Partners

Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open-architecture platform, enabling advisors to address their clients needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business, as well as provides M&A support to firms looking to grow inorganically or to plan for succession. Dynastys core principle is objectivity without compromise, and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. Dynasty has a leading network of RIAs who leverage its integrated platform and Dynastys growing Enterprise Group supports larger institutional clients who often have numerous advisors in multiple cities by delivering Dynastys platform at the home office and firm level. Dynasty has helped to level the playing field for advisors and firms looking to deliver Private Wealth Management capabilities to their UHNW clients vs many of the larger Wall Street firms in providing a robust suite of capabilities, products, and services, which when combined with Dynastys support offers independent advisors the ability to compete at the highest levels of wealth management client opportunities.

For more info on Dynasty please visit: http://www.dynastyfinancialpartners.com

Also visit Dynasty on social media:LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners Twitter: @DynastyFP YouTube: http://bit.ly/1MKXhC8

Fidelity Investments and Fidelity Institutional (together Fidelity) is an independent company, un-affiliated with Amplius Wealth Advisors. Fidelity is a service provider to Amplius Wealth Advisors. There is no form of legal partnership, agency affiliation, or similar relationship between Amplius Wealth Advisors and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Institutional provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 968620.1.0

Read more:

In the Keystone State, $1.2 Billion Advisory Team Launches New Firm, Amplius Wealth Advisors, with Dynasty Financial Partners - Business Wire

Bukola Ayodele, Roy Patterson and Brieonna Johnson live in different cities and work in different industries, but they have one thing in common: All three are all millennials who make over $100,000 a year.

CNBC Make It previously interviewed Ayodele, Patterson and Johnson for our Millennial Money series, which profiles people around the world and details how they earn, spend and save their money.

Here's a look at each of their monthly budgets, as well as their mindsets toward money.

"I make sure that every single month I am allocating a little bit of money to hit my long-term goals," says Ayodele, a 25-year-old software engineer who works in fintech. She makes $210,000 per year and lives in New York City.

One of her goals is to become financially independent, in keeping with the FIRE (financial independence, retire early) movement. She hopes to eventually earn enough off her investments to cover all of her monthly costs, even if she chooses not to retire early.

Ayodele is able to save $7,625 each month. She contributes $42 to her health savings account, $1,583 to her 401(k), $2,000 to a high-yield savings account and $4,000 to a brokerage account.

The rest of her salary goes toward housing, donations to her family, food, beauty, clothes, transportation, subscriptions and utilities.

Roy Patterson is a 31-year-old IT project management lead at Cigna Health who lives in Philadelphia and makes $118,000 per year.

Patterson spends around $6,000 per month, $3,111 of which he puts into savings and investments.

Patterson's biggest splurge is on skin care, which he considers a key part of his self-care routine. His product of choice: Biologique Recherche Lotion P50, which costs more than $100 for an 8.4 ounce bottle.

In total, Patterson spends around $630 a month on discretionary expenses, including travel, skincare, clothes and entertainment.

More from Invest In You:The smallest business owners are excited and confused by PPP rules as priority window opensBlack women bear the brunt of financial pain from pandemic, CNBC + Acorns survey findsThe ultimate retirement planning guide for 2021

Brieonna Johnson is a 29-year-old live-in nanny who makes $175,000 a year working in both New York City and Atlanta. Before the pandemic, she flew back and forth between cities each week.

"Usually I work seven days straight in New York City, then in Atlanta I'd work anywhere from three to five days," Johnson says. Her boyfriend works for an airline, which allows her to fly free on standby, but if she ever has to wait more than a few hours for a flight, the family she works for in New York will cover the cost of the flight.

However, since the pandemic started, Johnson hasn't been working directly with the New York family. She was put on paid leave and continues to earn her $130,000 base salary. She also earns $30,000 a year from the family in Atlanta and $15,000 per year as a travel nanny and a newborn child specialist.

Each month, Johnson puts away $1,925 of her salary into savings, split between a Roth IRA, Simple IRA and Digit. She's also aggressively paying off debt; another $4,325 goes toward her student loans and credit card debt.

SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.

CHECK OUT: Here's the credit score you need to buy a home viaGrow with Acorns+CNBC.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.

Follow this link:

These 3 millennials earn over $100,000here's how they spend their money - CNBC

Representational image

Financial planning is an essential activity that lets you plan for your lifes goals effectively. With the help of financial planning you can chalk out your financial goals and make provisions for them. However, when creating an effective financial plan, you need to plan for medical emergencies as they have the potential of derailing a well-defined financial strategy.

In Asia Health 2020 conference organised by the CII, it was mentioned that about 50-60 million Indians are pushed into poverty every year due to their inability to finance out-of-pocket healthcare expenses. India has one of the highest out-of-pocket expenditure (OOPE) in healthcare where 70% of the health care expenses are borne by customers. Out of this healthcare expenses about 95% of it is funded by pocket expenses and 5% by health insurance. This results in the additional 7% of people being pushed into poverty every year.

Out-of-pocket expenses on health eat into your savings and can derail your financial planning journey. If you want to avoid these expenses, there is only one solution invest in a health insurance plan. You cannot change the OOPE in India, but you can surely increase the insurance portion of it!

Health insurance plans have become a necessity in todays times. The medical expenses are rising, this is no secret. Along with this, diseases are also on the rise. Today the world is grappling with the COVID pandemic, who knows what disease would befall in the common years. Moreover, if you are covered under a health insurance plan, you can protect against lifestyle illnesses, hereditary diseases and even accidental injuries.

Here are some common ways how health insurance keeps your financial planning on track

1. It prevents a financial crisis

If you check the coverage benefits of health insurance plans, you would find that the plan covers almost all types of medical expenses that you might incur. As such, when there is a medical contingency which results in a hospitalisation, you can get coverage for most of the medical expenses that you incur. When your medical costs are covered, you can avoid a strain on your finances.

Takeaway: Thus, health insurance plans help you prevent a financial crisis. They cover your costs and prevent your savings from being drained. You can, therefore, plan your financial goals without worrying about a medical crisis from wiping out your savings. Your financial goals are, therefore, protected.

2. It helps you plan for rainy days

Do emergencies announce when they are going to strike?

They dont. However, if you plan right, you can meet them whenever they strike. Most of the emergencies require you to be financially prepared and so, one pillar of financial planning is emergency planning.

Takeaway: Health insurance plans help you plan for medical emergencies. They help you ensure that if any untoward medical contingency occurs, you would be prepared to face them, without derailing your financial plan.

3. They allow coverage for the whole family

Health insurance plans are available as family floater plans that cover all the members of your family. Moreover, if your parents are quite old, you can even invest in senior citizen policies that cover their medical needs.

Takeaway: When all your family members are insured under health insurance plans, no members medical needs would impact your financial planning. You would be able to meet the medical expenses easily, without breaking into a sweat.

4. There are different types of health insurance plans

Did you know health insurance plans extend beyond the scope of normal hospitalisation?

There are different types of health insurance plans allowing you a complete scope of protection against any medical emergency, whether it involves hospitalisation or not. For example, critical illness plans cover major dreaded illnesses and medical procedures. They pay a lump sum benefit so that you can meet your financial obligations if you suffer from any covered illness. Thus, if you have a debt whose repayment becomes a burden due to a critical illness, the benefit that you receive can be used to pay it off. Similarly, there are COVID specific health plans that help you battle the financial implication of the current pandemic.

Takeaway: You can opt for these different types of health insurance plans for a complete financial arsenal at your disposal. Whatever medical attack that you face, you can wield a health plan and protect your finances.

5. Lets not forget the tax angle

Okay, so this one is not so much about preventing a derailment but more about increasing the mileage of your financial plan. Health insurance plans help in tax saving. The premium you pay earns you a deduction under Section 80D. You can claim deductions up to INR 1 lakh and save up to INR 45, 000 in taxes (considering you are in the 30% bracket). Imagine what you can do with these savings!Takeaway: You can invest this saving towards various avenues and supplement your investments. This tax saving would bolster your financial plan and help you accumulate a larger corpus for your goals.

In your quest for financial independence, make health insurance your travelling companion. The plan would protect your finances and ensure that your journey does not get side-tracked or that you dont have to take any detours along the way.

(By Dhirendra Mahyavanshi, Co-Founder, Turtlemint (An InsurTech Company)

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Dont forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Read the rest here:

How health insurance can keep your financial planning journey on the track - The Financial Express