Category Archives: Financial Independence

SYDNEY A young Sydney girl has turned her entrepreneurial spark into a thriving backyard business.

For the past two summers, Emma Langille has operated Emma's Wood Stand at her home in Ashby. The 11-year-old and her father Brad Langille go to a pair of local mills where they fill their pickup truck with 10-foot pieces of slab wood the first cuts on the edges of trees as they are turned into lumber take it home and slice it into smaller pieces that she bundles and sells from a self-serve kiosk at the side of their house at 164 Howe St.

While its not exactly a normal summer job for a young kid, her motives are typical of any adolescent.

Actually, half the reason why is, sure sometimes it can be pretty boring carrying all the wood, but half of it is I just want to spend it on video games and candy things that kids like, Emma replied when asked why shes been spending most her Saturdays working on the wood stand.

However, her mother, Phany Langille, said Emma knows she cant burn through all the profits so shes running Emmas Wood Stand like any other small business.

She does have a bank account and she has to do accounting. Were trying to teach her how to have a logbook and keep track of all her sales. So, 50 per cent of her sales have to go back to the business and 30 per cent has to go into her bank account for sort of her rainy-day fund, and she can keep 20 per cent for fun stuff like video game things, buying Pokmon cards and things like that.

Brad said although he helps collect, cut and bundle the wood, and Phany prints off the thank-you labels and maintains the Emma's Wood Stand on Howe Street Facebook page, Emma is responsible for everything.

Mommy and daddy are her helpers shes the business person, he said, adding that his daughter is always trying to figure out something to bring in a little money.

Shes involved in every step of the way she has a great work ethic.

For a couple of years, Emma ran a lemonade stand, setting up shop at the St. Theresas Hall parking lot next to their home whenever the church held clothing sales. She made a little bit of pocket money but when they added up the cost of the supplies and the amount of time spent sitting around serving customers, it wasnt really worth the effort. Then, during a family camping trip in Ingonish, they noticed someone selling firewood from the end of their driveway.

So, they started Emmas Wood Stand about halfway through last summer and sold about 80 bundles of wood at $5 each. This year, business really picked up and despite a lengthy provincewide fire ban and rainy weather, theyve sold nearly 200 bundles in just six weeks.

Its going pretty good especially for an 11-year-old, he said, adding that the venture has brought the family closer together and helped Emma learn some valuable lessons when schools were closed during the pandemic.

This kind of gave her gym class, math for the accounting end of things, plus we get to hang out with her a little bit more off the video games, drive in the truck together and chat and bond.

Emmas efforts havent gone unnoticed at River Ryan Lumber where she gets most of her wood.

Assistant manager Jennifer Aucoin said she was surprised when she saw a little girl collecting lumber over the several Saturdays this spring. After talking to Emma, she decided to begin promoting the business on the mills Facebook page.

Shes a determined little girl, shes got creativity and she turned an idea into a little stand that shes making a profit on and now shes thinking about expanding into kindling, said Aucoin. Shes a great little girl. I love going out and talking to her. Whenever she shows up I make sure to have a little conversation with her.

Emma said getting bitten by flies while she collects the wood is the worst part of the job, but the lessons shes learned and a sense of financial independence are worth it.

It prepares me for the future, she said. And, I dont need to rely on Christmas for everything.

More:

Sydney girl's firewood stand is a thriving backyard business - Cape Breton Post

For most kids, their wealth extends about as far as the coins in their piggy bank. But Kim Kardashian and Kanye Wests daughter North West isnt most kids. The eldest of the Kardashian-West kids, North or Nori, as shes affectionately called by family turned seven on June 15th, and she reportedly already has a net worth in the millions. How much exactly? Lets take a look.

Obviously, it helps that North was born into a veritable Hollywood dynasty. According to CelebrityNetWorth, her reality star-turned-entrepreneur mom Kim rakes in $80 million per year and has a net worth of $350 million. And thanks to his Yeezy sneakers partnership with Adidas, Kanye recently entered the upper echelon of Hollywood earners with a net worth of $3.2 billion. So, yeah, Mama and Daddy have money to spare.

In the past, this has translated into going all out for North where presents are concerned. They reportedly dropped over $70,000 on their eldest child over Christmas. They routinely take her on exotic vacations, shes often spotted wearing designer duds and her play area in the $20 million Kardashian-West mansion is every kids dream. Norths fortune goes far beyond such spoils, though.

As reported by Hollywood Life, Kim and Kanye want North to put her best financial foot forward once she leaves their home. To ensure that happens, they have already taken critical steps towards their daughters ultimate financial independence. To that end, North already has a trust set up in her name when she turns 21, shell gain access to the multi-million-dollar account.

[Kanye] and Kim already put $5 million each into an account for her that she can have free and clear when she turns 21, Hollywood Lifes inside source said, adding of Kanye, His decisions these days are for Nori and her future. Hes trying to set Nori up where she wont have to work a day in her life. He wants her to create, innovate, and leave her mark on this world. And hes planning for her future as we speak.

While $10 million is definitely a fortune, 7-year-old North is in all likelihood worth much more than than. In fact, that $10 million is reportedly just fun money. Its simple. [Kanye] wants her to live the life shes going to be accustomed to, explained the source. Thats just spending money for her when she reaches 21. They got a whole lot more set up for her in case something were to happen to him or Kim.

And hey, judging by Norths recent stage debut at her dads Paris Yeezy show, we have a feeling shell be kicking in a few million of her own in due time. In addition to inheriting a sizable trust from her parents, she also seems to have inherited their talent which we fully expect will translate into raking in the big bucks like her famous Mom and Dad one day.

Before you go, click here to see other mega-rich celebrity kids.

Originally posted here:

Kim Kardashian & Kanye Wests 7-Year-Old Daughter North Is Already a Millionaire - SheKnows

PrinceHarry and Meghan Markle have been adjusting to post-royal life in LosAngeles since relocating from British Columbia back in March. The two announcedtheir royal exit inJanuary, and they officially stepped down in March.

Now, theyre raising their son, Archie, as a private citizen in the United States. But he might not be allowed to leave if something ever happened to Harry and Meghans marriage.

When Harry and Meghan returned to the royal family aftertheir six-week hiatus over the holidays, many thought it would be back tobusiness as usual. However, the two made a drastic decision: They would be steppingdown from their roles as senior royals. While they initially hoped to continueto serve the queen in some capacity, it was quickly realized that they wouldnot be able toachieve financial independence this way, so they left altogether.

Harry and Meghan had battled a great deal with the press when they started dating. The tabloids were ruthless toward Meghan, and it took a toll on her. There were rumors that Harry and Meghan had had a falling out with Prince William and Kate Middleton, too, and its likely that both problems played a role in their royal exit.

Besides the drama between the tabloids and other royals, Meghan and Harry were thinking of their son when they removed themselves from the family. When Archie Harrison was born last year, the Sussexes decided not to give him a royal title. Harry had always wished hed been raised outside of the spotlight, and sources close to the couple said they hoped to give Archie a more private life.

RELATED: Meghan Markle and Prince Harry Reportedly Stunned William and Kate With This Insensitive Move

Moving to the U.S. allows Meghan and Harry to escape the British press (well, hopefully) and give Archie a sense of normalcy that he wouldnt have if hed remained a part of the royal family.

It appears Meghan and Harry dont plan on leaving the U.S. any time soon, but if something ever went wrong in their marriage, Archie might not be allowed to move back to the U.K. According to royal expert Lady Colin Campbell, Archie would have to receive the OK from both parents to move back to the U.K., per a law that requires kids to remain in the country they were raised in until they are 18.

RELATED: Prince Harry is Leaning on Prince William As the Two Are Back On Speaking Terms, Source Claims

If anybodys marital home is in England and they get divorced or separated, the child is required to remain in England The same applies in America, Lady Campbell told Express. Its due to something called The Hague Convention, which was enacted in 1983. That means that once Meghan moved Harry and the baby to America And there is a separation and/or divorce, unless Meghan agrees to the baby coming back to live in England, the baby is trapped in America until he is 18.

Though Harry and Meghan seem to have a rock solidrelationship, not everyone is convinced. Simone Simmons, Princess Dianasformer psychic, once said she predicts the couples relationship wontlast more than three years. Though its not enough to go on, Simmons wascorrect about her baby prediction for the two, so its possible she is ontosomething. For now though, Harry and Meghan have settled in nicely to their newlives in the U.S.

Continued here:

Harry and Meghan's Son Archie Could be Legally Forced to Stay in the US - Showbiz Cheat Sheet

Participation banking and utilization tools of Islamic finance and economics will provide a solid, sustainable and structural alternative to the existing financial system laden with crises, President Recep Tayyip Erdoan said Sunday.

He added that Istanbul's newly built financial center will also make it a leader in the sector, given its geostrategic advantage.

He was speaking at the 12th International Conference on Islamic Economics and Finance via videoconference. This year's conference was organized by Istanbul Sabahattin Zaim University and the Islamic Development Banks Islamic Research and Education Institute (IRTI) between June 14 and June 20.

Erdoan said the current global financing system needs restructuring. It was supposed to contribute to the increase in welfare along with contributing sustainable economic activity after the 2008 global financial crisis, but the outcome was the other way around, he said, noting that those kinds of crises extended into entire economies and the real sector, "creating huge armies of unemployed people."

The global system that is based on personal and financial interest, domination and injustice, needs to be reshaped and replaced with one that is fairer, he said.

Turkey, in the last 18 years has taken very important steps to integrate alternative models based on participation, especially with the recent initiatives by state lenders with their participating financial institutions.

According to a report by Fitch Ratings published in March, growth in Turkish participation banking has surpassed the growth of conventional banks in recent years, despite the increasing market volatility.

In a statement, the international credit rating agency said that although "Turkish Islamic banks' (participation banks) share of sector assets remains small and concentrated" it is growing and the "segment growth has consistently outpaced that of conventional banks in recent years despite heightened market volatility though growth has been from a low base reflective of the entrance of three state-owned banks since 2014 and the segments generally above-average risk appetite."

The participation banks share of sector assets was 6.3% at end-2019 compared with the governments target of 15% for 2025 while it was less than 2% during the early 2000s.

"Taking all these into account, Islamic finance is our exit out of this system," Erdoan said, stressing the importance of interest-free, participatory and thus an alternative financial system.

Erdoan also emphasized the importance of ever-advancing technology and the new fintech practices that are becoming widespread.

Speaking on Turkeys fight against the economic impacts of the pandemic, Erdoan said the country used all its financial means instead of outside support and without compromising its financial independence.

The president emphasized that gross domestic product (GDP) grew 4.5% year-on-year in the January-March period, outpacing peers with one of the fastest expansion rates. As a result, Turkey stands out not only in its success in health but also in the economy, he said.

Erdoan said though the coronavirus restrictions' outcome will be reflected in the second-quarter data, for the remaining part of the year, "we do see a promising picture economically."

The country's GDP grew 4.5% year-on-year in the first quarter, the Turkish Statistical Institute (TurkStat) announced recently, after the economy showed a growth rate of 6% in the last quarter and nearly 1% in 2019 as a whole.

Compared with the fourth quarter of 2019, the economy expanded at a seasonally and calendar-adjusted 0.6%, TurkStat data showed.

The data demonstrated that the Turkish economy managed to remain less affected by the pandemic, which emerged in China last December and has so far infected over 5.8 million people worldwide and claimed more than 360,000 lives, compared with other big economies, while its growth data came in below analysts' expectations.

Also speaking at the conference, Treasury and Finance Minister Berat Albayrak said Turkey considers sustainable development very important for the real economy and that the recent developments showed "we should be going forward in terms of participating financial institutions, which are crucial for Turkey and the interest-free alternative system."

"Right after the global financial crisis they have become a momentum for industry in Turkey," he added.

Islamic banking assets in Turkey are set to double within 10 years as government initiatives drive growth in the sector, a report published by Moody's Investors Service in January said.

The Turkish government founded three new state-owned Islamic banks between 2015 to 2019, broadening access and increasing competition.

In February last year, the country's Banking Regulation and Supervision Agency (BDDK) granted a banking license to Trkiye Emlak Katlm Bankas (EmlakBank), bringing the number of Islamic banks known as participation banks locally to six in the country.

The other five Islamic banks are state-controlled Ziraat Bankas and VakifBank, which received licenses to conduct Islamic banking in 2015 and 2016, respectively, along with Albaraka Trk, Kuveyt Trk, majority-owned by Kuwait Finance House, and Turkiye Finans.

However, the minister went on to say that despite all those positive developments those institutions are not realizing their full potential. The banks need to be competitive with other finance instructions in the market, he said.

"In Turkey when we talk about the interest-free system, we always talk about participant financial systems; however, we should also be talking about insurance systems as well," Albayrak said, stressing the need for legislation and regulations in this regard.

"The interest-free system is crucial in Turkeys economy, he said, highlighting their aim to make Turkey an interest-free financial center by benefiting from the Istanbul Finance Center.

More:

Istanbul to be Islamic finance hub, sustainable alternative to current system | Daily Sabah - Daily Sabah

With the Bank of England likely to announce a further 200bn of monetary economic stimulus soon to combat the economic impact of the coronavirus crisis, Caroline Bentham argues they should think carefully about what they do with the money. She makes the case for a different design of central bank monetary stimulus direct money transfers to households and explains how this would work.

The coronavirus crisis has been a time of unprecedented change and upheaval that has left few untouched. While the immediate impact has been devastating for many, with change comes opportunity for review and progress. Those searching for silver linings are citing the renewed value for what really matters- spending time with loved ones, a more relaxed pace of life, supporting our community.

As put by the new Chancellor in charge of UK government finance, Rishi Sunak: This is not a time for ideology and orthodoxy, this is a time to be bold a time for courage. Economic orthodoxies are dissolving in the face of the challenge presented by the physical health emergency and the direct and indirect economic impacts of that. Governments internationally have defied their own spending rules to tackle the pandemic and the economic downturn which is now unfolding- the same rules which demanded austerity measures which ravaged the UK over the last decade.

I have written previously on the issue of where the money to combat the virus is coming from, and how that money might be paid back there is no magic money tree, fiscal spending will have to be paid for eventually, and now is the time to try the alternatives to austerity.

The other major tool of macroeconomic policy that receives less public attention is monetary policy. The independent Bank of England controls monetary policy, under the rationale that technical experts are the best people to make decisions about the plumbing of the financial system, rather than politicians. This ethos perhaps makes a lot of sense if we do think of the central banks role as like a plumber tinkering with the practical operational parts to make sure that finance can flow freely. However, this makes less sense if we consider the unconventional programs of Quantitative Easing finance enacted by the central banks of many of the biggest economies since 2009.

From 2009 onwards, the UKs program of supposedly temporary quantitative easing grew and was never stopped, reaching 445bn. Yes, billion roughly 30% of total UK GDP. The Bank of England generates loans like any other bank, so it created this massive pot of cash and used it to buy mostly government bonds. Some say that quantitative easing is almost the same as funding fiscal spending directly because the central banks are indirectly buying a lot of government bonds anyway, and some central banks are even providing short-term direct overdraft-type facilities to governments. The main difference is that central banks are keeping tight control of the quantity, timespan, timing and so on: they call all the shots, not the government. This is to prevent the threat of spiralling price inflation that can happen where a government controls the ability to create new finance.

Quantitative easing was originally designed to stimulate the economy out of the recession brought on by the global financial crisis. But this stimulus policys deliberate effects since 2009 include making rich people richerand hadquestionable benefitsas to how much it supported the finances of everyone else. Theres evidence that it increased intergenerational and wealth inequality through effects like driving up house prices.

Figure 1: Effects of monetary policy changes since 2007 on net wealth by wealth decile in cash terms

The Bank of England insist its not their job to prevent social side-effects of monetary policy- their only job is to control price inflation by stimulating the economy when necessary, and the government needs to implement policies to offset social inequalities caused by central bank policies.

A potential different design of central bank monetary stimulus is direct money transfers to households. The Bank of Englands own researchshows cash transfers to households could be just as effective as quantitative easing at stimulating the economy. Studies of programs of universal payments to households show the endless potential benefits. Pilot studies of basic income payments to households have found benefits for a wide range of social wellbeing factors: a recent 1-year study in Finland found improved levels of mental, physical and financial wellbeing for recipients; a similar study in Namibia found positive results in areas like reduced community poverty and crime rates and improved education attendance. Researchers in Canada proposed a basic income pilot on the basis of evidence that it could reduce domestic violence, as greater financial independence supports abuse victims to walk away from abusive relationships.

A recent study of how basic income could be implemented in the UK finds the fundamental issues are of fiscal affordability and how to sufficiently support incomes of people in need. But this policy proposal would never be intended as a universal basic income. This is the Bank of England carrying out monetary policy easing to stimulate the economy. If the Bank of England is going to inject this amount of cash into the economy anyway, the issue of affordability has already been decided as null (though see here for arguments against this). The payments would not be designed to provide a full income: it would be a more equitable distribution of funds which otherwise might be hoarded by the financial sector as the Bank of England acknowledges happened in rounds of quantitative easing over the last decade.

The coronavirus crisis has caused a set of circumstances where a cash boost to households could be exactly what can best support both social wellbeing and economic recovery: the US Treasury recently announced they are giving all but the highest earners $1200 per person. A thriving financial sector is unsustainable if the lives of the masses of normal people are crumbling.

The Bank of England announced an additional 200bn of quantitative easing in March and has said it is possible they could announce more in the near future, perhaps as soon as their next meeting on 18 June. In this time of established economic orthodoxies being swept away, it is time to accept that the social impact of economic policies does matter. The design of central bank policies does matter. Further rounds of monetary stimulus must consider how effectively it supports the economy and society in the context of the COVID-19 crisis, especially if it is never paid back, as the Bank of England plans a large chunk of their previous rounds of quantitative easing to never be paid back.

If the Bank announces a further monetary policy stimulus of 200bn, that equates to 3000 for every person in the UK. This could be paid to individuals as a lump sum, or it could be paid as an income support grant of 250 per month per person for a year. This is not supposed to replace any social security income support but be a one-off coronavirus crisis policy in addition to fiscal spending. Conceptually at least, this represents somewhat equitable treatment if we consider that a person earning 100k would receive 3% of their income while a person earning 6k would receive a 50% income boost. A universal rate also reduces the cost and bureaucracy barriers to everyone receiving it, but leaves the possibility of the government reaping some back through taxation for higher earners.

This type of policy proposal has long been considered taboo so frustratingly little direct academic research has been conducted on it, though there is new interest in the coronavirus context. Cognate examples of short-term stimulus payment programs like basic income pilots, one-off tax rebates and small lottery wins can provide clues as to what the design and outcomes could be. Quantitative easing and other unconventional uses of central bank money were also considered taboo before 2008.

As Rishi Sunak has urged, now is the time for bold action. Policy makers must decide whether to maintain orthodox paradigms for which evidence is faltering, or have the courage to consider alternative policies in this time of change.

___________________

About the Author

Caroline Bentham is a PhD Economics candidate at the University of Leeds, funded by a Stell scholarship for research in social and political sciences. She previously spent several years working in economic policy, including roles at the Bank of England, Ernst and Young Financial Services Advisory, and ending as an Assistant Director at the Department for Business, before returning to academia.

All articles posted on this blog give the views of the author(s), and not the position of LSE British Politics and Policy, nor of the London School of Economics and Political Science. Featured image credit: by Sandy Millar on Unsplash.

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Direct cash transfers to households: the Bank of England's response to COVID-19 and the end of orthodoxy - British Politics and Policy at LSE

Al ULA- SAUDI ARABIA --Saudi Arabia has come a long way since the announcement of its Vision 2030 plan, showing commitment to reforms, such as ending gender segregation and creating new cultural activities, to further open up the country.

The Vision 2030 plan was launched by Saudi Crown Prince Mohammed bin Salman bin Abdulaziz to diversify the economy from the oil sector, including by expanding the services and tourism industries.

Women and youth have pinned a lot of hope on the plans inclusive potential.

Thousands of jobs have been created and Saudis have flocked to concerts, festivals and sporting events. However, the pace of reform may have slowed down due to the global coronavirus pandemic affecting the world.

The pandemic has hampered Saudi Arabias nascent non-religious tourism industry, newly introduced under Crown Prince Mohammeds drive.

It is very tough, but I keep telling myself things will get better after corona. One has to remain optimistic, said Abeer al-Howayan, a young Saudi woman whose online business has slowed due to the pandemic.

Howayan despaired of ever working after spending eight years trying to find a job that would put her chemistry degree to use in the Saudi town of Al Ula. Eventually, she abandoned her scientific ambitions and turned to selling homemade cakes. Last year, however, she was chosen for a government training programme to support a $20 billion flagship tourism project in the kingdoms northwestern region.

The 31-year-old learned how to make artisanal soap from French experts flown in by Saudi authorities, and in late December started selling her creations at a booth near the rock-hewn tombs of Madain Saleh, site of an ancient civilisation.

She also began offering her products online. Then the coronavirus struck, rendering Howayans future uncertain again.

Howayan is among nearly one million unemployed Saudis, 12% of the working-age population, who see hope in the crown princes vision to modernise the conservative kingdom with ambitious projects.

Women make up about 83% of the jobless, according to the Saudi statistics office. And its an educated group 70% of those women have high school diplomas or university degrees. Many count on new sectors such as tourism to help them enter into the workforce.

For Saudi women, the downturn is particularly damaging, striking just as their efforts to move up in the workforce and gain greater financial independence were gaining traction.

Tackling unemployment is a main pillar of Crown Prince Mohammeds plan. He promised in 2017 better unemployment numbers by 2020 and to cut the jobless rate to 7% over the next decade. But the rate has fallen by less than 1 percentage point.

Finance Minister Mohammed al-Jadaan told Reuters that the government remained committed to job creation targets and was still funding training and capacity building.

Coronavirus is with us this year and possibly for a part of next year, but then it will go away and when it goes away we need to make sure that we have seized this time to build more capacity and train more people to be ready when we start offering services again, said Jadaan.

Abeer Mohammed Jumuah has also greatly benefited from Crown Prince Mohammeds reform drive. After graduating from university with a degree in economics, she spent years looking for a job as a teacher until eventually joining a government training programme to learn culinary arts in Paris.

The 31-year-old has returned to a catering role in Saudi Arabia, helping Michelin-starred chefs, but it is only temporary and she will eventually need to find new work, which has become increasingly difficult during the pandemic.

I hope that one day I can open a cafe where I can offer a breakfast menu with lots of French pastries, she said. I want to be financially independent and I want my two daughters, aged four and seven, to have a better living standard.

Madiha al-Anazy, for her part, is hopeful about the future. The 29-year old woman joined a five-month tour guide training programme when she returned from Florida in May 2019 with a masters degree in biotechnology, and now has a permanent job as a tour guide.

Her husband, Mohamad, was temporarily taken on as a part-time ranger to protect heritage sites and the couple is betting on a revival of the tourism sector.

We hope he will find a permanent job one day, Anazy said.

Private-sector job creation is partly intended to wean citizens off of reliance on the state, which employs more than two-thirds of the Saudi workforce. Their salaries account for roughly half of 2020 budget spending.

Peoples expectation for income and lifestyle are going to be different to their parents, Anazy said.

Link:

Saudi women frustrated by pandemic in quest for financial independence but hopeful about future - The Arab Weekly

In 2016, after accumulating close to $1 million in savings, I quit my six-figure job in software development and retired at 35. A few months later, my wife Courtney joined me in early retirement.

Not everyone will be able to retire in their 30s, but achieving financial independence is within grasp for many. It may not be easy, but you don't have to be a money genius to get there. (In fact, I struggled all throughout school because of a learning disability. To get good grades, I always had to work harder andlonger than my classmates.)

No one wants to be broke for the rest of their lives, so even if the goal isn't to retire early, we should all live by these six basic principles to build wealth:

The first rule is the most important, and it has little to do with money. It's about wanting to achieve a goal enough to make it your top priority.

Back then, I had a great salary and was good at my job. But I dreaded going to work every day. I didn't enjoy having a boss or sitting through performance reviews. The meetings, office conflicts and long commutes were exhausting. I wanted to leave the 9-to-5 life and travel the world.So, in my late 20s, I decide to make early retirement my primary goal.

I focused on making dramatic changes to my financial habits. Instead of letting my money sit idle, I invested more of it. I also started saving 70% of my income. It was hard at first, but got easier as I kept reminding myself that everything I'd been spending on were things I either didn't use or need.

None of the changes I made felt like a sacrifice, because I knew they were all in support of my goal.It's like getting into shape: You'll only lose or gain weight if you change your diet and fitness habits. And you have to want it badly enough to keep at it.

Even though I was making six figures, I was always thinking about ways I could use my skills to actively boost my income when I wasn't in the office.

I started a financial site and wrote on it consistently. Eventually, I was earning a monthly average of $1,000 through the site. Courtney and I also started a YouTube channel documenting our travels, which brought in another $400 to $500 per month. And with the bit of free time I had left, I made an extra few hundred bucks through freelance writing.

But I still worked hard at my day job, because it was my primary source of income. I wanted to showmy boss why I deserved a 10% or 15% raise (which I asked for, and got twice). Midway into my career, I built up enough courage to ask for a big promotion. Four months later, I was moved up to a director role.

Courtney also earned several raises. With both of us saving 70% of our combined income, which ranged from $200,000 to $230,000 a year, we were getting closer to early retirement.

Saving money, getting raises and doing side hustles alone won't help you retire faster. Courtney and I built much of our wealth by investing in appreciating assets, such as the stock market, real estate, businesses and relics or historic objects.

The idea behind this is simple. You buy an asset for a certain price. Over time, the asset appreciates (orincreases) in value. And boom, now you have something that's worth more than what you paid for.

But, here's the magic: Through the power ofcompound interest, our assets don't just build linearly. Instead, appreciating assets build exponentially.

If you invest $1,000 and it appreciates 10% (or $100) in a year, then your new base starting point in the next year is $1,100. Another 10% gain is $110, not just $100.Add a couple of zeros to that and we begin talking about quite a bit of money enough on which to retire.

Over the subsequent years, thanks to investing in appreciating assets, we grew our savings to more than $1 million. When it comes to investing, late is always better than never. If you haven't started, there are plenty of resources online or you can talk to a trusted financial advisor.

I always like to take the hands-off approach whenever possible, especially when it comes to money.

Many employers offer retirement plans, and most companies will automatically make contributions straight from your paycheck into your investment accounts.Once it's set up, you never have to worry about it again.

Courtney and I used this to the fullest when we were working:

Automation will make your life so much easier, because you won't have to rely on discipline to pay bills, avoid late fees, interest charges or reductions in your credit score.

One of the most effective ways to eliminate debt is to know exactly where your money is going. Every penny matters. This is a basic principle, but so many people lack the discipline to sit down once a month and review their spending.

A few simple actions will can make a huge difference in your finances:

I used to be a super-spender. I had a supercharged Corvette Convertible and aCadillac CTS. I also rode a Yamaha R1 sport bike around town, paying $150 per month for insurance. But I sold all those things after I made early retirement a goal.

Courtney and I now live a very frugal life, and we couldn't be happier. We cut cable TV and use a streaming subscription for half the price. We only spend $50 per month eating outat restaurants. We buy new clothes less than twice a year. We only upgrade our phones if it's completely broken.

You don't have to cut back on everything; this principle is about reevaluating priorities. I believe in spending liberally on things that bring you lasting joy, and cutting out expenses for things that don't. The key is to admit what makes you happy and what doesn't.

Steve Adcockis a financial expert whoblogsabout how to achieve financial independence. A former software developer, Steve retired early at the age of 35. His work has been featured in U.S. News, MarketWatch, Forbes and Business Insider. Follow him on Twitter@SteveOnSpeed.

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Continued here:

Millionaire who saved 70% of his income and retired at 35: 'We should all live by these 6 basic principles' - CNBC

Financial Freedom

By Alexander Green

Originally posted June 5, 2020 on Liberty Through Wealth

This years pandemic has added stress to a lot of peoples lives.

Work stress. Family stress. Health stress. And, of course, money stress.

A recent CNBC poll found that 90% of Americans feel anxious about money due to the COVID-19 pandemic.

Financially stressed men and women face greater physical and mental health challenges.

During the last financial crisis, people who worried about their finances reported greater back and muscle tension, more ulcers and digestive problems, heart arrhythmia, higher blood pressure, insomnia, migraines, severe anxiety and even depression.

Click here to watch Alexander Greens latest video update.

To a great extent, the difference between handling money right and wrong determines our happiness, well-being and quality of life.

Thats why its a shame that less than half of our countrys high schools offer even a basic class in financial literacy.

Im all for liberal arts education. But if I had to choose between learning about the life of a cell, the history of Europe and how to handle money, Id choose the last.

Few of us will become biologists or historians. All of us have to earn, spend and save.

According to the Financial Health Network, people who handle money well have eight habits in common:

Consider that last factor: goals.

Goals are dreams with deadlines. They are specific and they have a date attached.

I want to be rich is just a wish.

I want to have a $1 million net worth by my 60th birthday is a goal.

How do you reach it or any other financial goal as quickly as possible?

The formula is straightforward.

Earn as much as you can. Save as much as you can. Invest as much as you can. And let it compound.

To know what you need to do to reach your goal, you need only spend a few minutes with a compound interest calculator, like the one here.

For example, invest $481 every month for 30 years and earn no more or less than the average 10% long-term return of the S&P 500 and you will have $1 million.

Of course, some readers cant wait or dont have 30 years. They will have to save more or earn a higher rate of return or both.

Knowing your number whatever that may be allows you to set monthly financial goals.

To reach those, you may need to make lifestyle adjustments as far as spending and saving.

My friend and colleague Mark Ford wrote an excellent column this week on living rich and building wealth. (You can find it here.)

As Mark points out, scrimping isnt necessary. You need only be smart about spending.

That begins with the realization that conspicuous consumption is not the route to wealth or happiness.

Last year, I had dinner in New York City with a good friend, a founder of a Fortune 500 company. Hes not a billionaire but hes closer than most.

It was just the two of us and, as the wine was flowing, I asked him a personal question.

Like most highly affluent people, you have more than youll ever spend. What is it you most want to do with the time you have left?

He didnt miss a beat.

Nothing, he said. If I died tomorrow, Id die a happy man, knowing Id lived a good life, enjoyed my family and friends, achieved most of my goals and gave most of my fortune away.

But isnt there anything left that you really want to do? I pressed, curious what that might be.

You know what I look forward to the most? he laughed. A good meal with close friends and stimulating conversation.

How many people cant afford that?

Many folks imagine that if they had great wealth, theyd spend their time flying around the country on a private plane, sailing the Caribbean on their yacht and dining in a Michelin five-star restaurant in some exotic locale.

(And, truth be told, the uber-wealthy do enjoy some of that.)

But more often than not, the ones I know are eager to tell me about some book they just read, some series they just watched on Netflix or some hike they recently took in the woods.

The cost of these things is somewhere between negligible and zero.

Too many Americans are not getting rich because theyre too busy trying to look and act rich, buying luxury cars, designer clothes, and expensive wines that most wealthy individuals could happily live without and often do.

Want to get rich sooner?

Give up the minor extravagances, save regularly, invest wisely and fight the temptation to spend down your net worth as it snowballs.

Thats the most effective route to financial independence. And a smart way to live generally.

Good investing,

Alex

An expert on momentum investing, value investing and investing based on insider activity, Alex worked as an investment advisor, research analyst and portfolio manager on Wall Street for 16 years. He now runs the wildly successful Oxford Communiqu, ranked as one of the top investment newsletters by Hulbert Digest for more than a decade. He is also the author of four national best-sellers: The Gone Fishin Portfolio, The Secret of Shelter Island, Beyond Wealth and An Embarrassment of Riches. He shares his wisdom in his free daily e-letter, Liberty Through Wealth.

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The Secret of Great Wealth and of Life - Investment U

Building sufficient financial resources to retire early may sound like a dream, but making that dream come true is not as hard as it may sound. The main thing is simply to save more money each month. No big deal, right? Well ...

The typical rule of thumb given by financial planners is to have a goal of saving up to 20% of total earnings. But if you want to retire when you're younger, that percentage will probably need to be more like 40% to 50% of your income. Of course, that's not so simple since a big part of your paycheck goes to day-to-day, necessary expenses. So if you want to save that much, you need to make some serious lifestyle adjustments. It requires making changes, but it's doable.

A generally new development called Financial Independence, Retire Early (FIRE) has been created around this "sacrifice and over-save now to retire early" idea. FIRE supporters create exacting savings plans (up to 75% of income) and make related compromises like living in small homes, walking to work every day, prohibitive weight control plans, etc. This way might be unreasonably prohibitive for many, yet the mentality offers a few takeaways that may merit consideration.

The first point is to adhere to the key principles of long-term investing, including developing a diversified portfolio that includes stocks with various styles, sizes, sectors and regions.

To speed up the retirement investment cycle, you can build a portfolio structured with more risk - and the potential for higher returns. It should in any case be adequately diversified to safeguard against sharper than normal market downturns that can be hard to recuperate from and that can ruin any opportunity to achieve your early retirement goal. There are various strategies to diversify a portfolio, and how you do so should be guided by your age, your risk appetite, your growth and income needs, and your long-term objectives.

Once you've begun saving at a higher rate and you have an investment plan, put that money to work in your plan as quickly as you can. Don't worry about finding the "perfect time" to invest - simply put the money in and keep it in. Let compounding work to help you grow your retirement savings at an exponential rate.

Growth stocks with low beta, strong earnings estimates, positive sales growth, and expected future growth are an excellent way to determine investable growth stocks for your retirement.

Zacks offers investors useful rankings for lower risk growth stocks for retirement portfolios. The following are a few selections that merit a closer look: Global Medical REIT (GMRE), Clearway Energy (CWEN) and Farmers National Banc (FMNB). Earnings and revenue has seen growth of at least 5% or higher over the last five years, with a beta of 1 or lower.

Do You Know the Top 9 Retirement Investing Mistakes?

Whether you're planning to retire early or not, don't let investing mistakes derail your plans.

If you have $500,000 or more to invest and want to learn more, click the link to download our free report, 9 Retirement Mistakes that will Ruin Your Retirement.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportFarmers National Banc Corp. (FMNB) : Free Stock Analysis ReportGlobal Medical REIT Inc. (GMRE) : Free Stock Analysis ReportClearway Energy, Inc. (CWEN) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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Powerful Proof Anyone Can Invest for an Early Retirement - June 04, 2020 - Yahoo Finance

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New Delhi: The novel coronavirus pandemic continues to devastate several countries across the world the latest count is 67,04,014 cases and more than 3,93,233 deaths.

Regardless of lockdowns across the world, carbon dioxide levels in atmosphere reached a new high in the month of May. Wash your hands advice highlights Asias acute water crisis. Meanwhile, coronavirus is now spreading to previously unaffected areas. The pandemic has also affected Saudi womens quest for financial independence.

ThePrint brings you the most important global stories on the coronavirus pandemic and why they matter.

Regardless of several key global economies enforcing lockdowns to deal with the pandemic, the amount of carbon dioxide in the atmosphere hit a record high in the month of May, reports the Financial Times.

Atmospheric carbon dioxide reached more than 417 parts per million on average during May at the Mauna Loa Observatory in Hawaii, suggesting that even though lockdowns around the world have caused emissions to drop temporarily, warming trends are set to continue. The new record, based on separate measurements taken by US National Oceanic and Atmospheric Administration, and the Scripps Institution of Oceanography, is the highest level of carbon dioxide in the atmosphere for millions of years, notes the report.

The crisis has slowed emissions, but not enough to show up perceptibly at Mauna Loa. What will matter much more is the trajectory we take coming out of this situation, professor Ralph Keeling of Scripps Institution told FT.

Also read:Covid has shown US is underprepared for major health threats, says national health agency

As the coronavirus curve begins to flatten in Europe and the US, the virus is now spreading to previously unaffected regions in the Middle East, Africa, and South Asia, reports the New York Times.

For months, one enduring mystery of the coronavirus was why some of the worlds most populous countries, with rickety health systems and crowded slums, had managed to avoid the brunt of an outbreak that was burning through relatively affluent societies in Europe and the United States, says the report.

Now this trend has begun to be reversed.

Globally, known cases of the virus are growing faster than ever with more than 100,000 new ones a day. The surge is concentrated in densely populated, low- and middle-income countries across the Middle East, Latin America, Africa and South Asia, notes the report.

Not only has it filled hospitals and cemeteries there, it has frustrated the hopes of leaders who thought they were doing everything right, or who believed they might somehow escape the pandemics worst ravages, it adds.

Wash your hands has been the most common health advice across the world since the outbreak of the novel coronavirus. But this rather simple advice is impractical for nearly 2.4 billion people who reside in water scarce areas, argues an opinion piece in the Nikkei Asian Review.

This problem becomes all the more acute in Asia, where 29 out of 49 countries are water insecure, meaning they do not have access to safe, reliable, available water to meet their health and economic needs.

In South Asia alone, the majority of water sources are contaminated and 558 million people practice open defecation due to insufficient water and sanitation solutions, notes the piece.

Also read:Hows it going: Goldman Sachs executives email calling for racial equality goes viral

On Thursday, Brazil exceeded the number of coronavirus deaths in Italy, and Mexico recorded its highest number of daily deaths, reports Reuters. Meanwhile, other Latin American regional leaders are pushing to end lockdowns and restart economic activity.

Brazil posted a record number of daily deaths for third consecutive day on Thursday, with 1,437 deaths over the last 24 hours and 30,925 additional coronavirus cases, according to data released by the health ministry. Total deaths in South Americas largest nation now stand at 34,021, trailing only the United States and the United Kingdom, notes the report.

Meanwhile, Mexico reported 816 deaths on Thursday, the second consecutive daily record there, while total deaths surpassed 12,000, it adds.

Saudi Arabia facilitated some minor freedoms for the countrys women over the past few years. Now as the coronavirus pandemic takes a toll on the economy, some of these women are struggling to retain their new found financial independence, notes a special report in the Reuters.

Women in the United States and Europe have taken an outsized hit from the wave of unemployment caused by the coronavirus, but for women in Saudi Arabia the downturn is particularly damaging because it struck just as their efforts to enter the workforce and gain greater financial independence were gaining traction, says the report.

Most of these women had found employment in non-religious tourism and entertainment sectors, but these have been badly hit by the pandemic.

Women make up about 83% of the jobless, according to the Saudi statistics office. And its an educated group; 70% of those women have high school diplomas or university degrees. And many were counting on the new sectors such as tourism to provide their entry to the workforce, adds the report.

Also read: Hong Kongs protest movement is running out of cash

For a while, the South African government patted its back for successfully evading the pandemic, but that changed Thursday, when the country recorded 3,267 new cases an 80 per cent jump from its previous daily record, reports The Guardian.

Nearly two thirds of the countrys cases are in the Western Cape province, where Cape Town is the biggest city, and health services are under pressure. The region is also a major tourist destination, and local authorities have implemented one of the most rigorous testing regimes in the country, says the report.

Africas three biggest economies Nigeria, Egypt and South Africa have similar doubling rates the number of days in which their infection numbers double according to Our World In Data, it added.

A new long read by The Guardian looks at the northern Spanish region of La Rioja, where a medieval town suffered one of the worst outbreaks across Europe, and how that has poisoned peoples relations with each other in a tightly knit community.

If Covid-19 increases tensions among neighbours in big cities, it can produce poisonous outbreaks of mistrust in small, more insular places like Santo Domingo, says the report.

NBA: Disney World Resort set to host rest of 2020 season: BBC

Two girls lockdown learning underlines South Africas educational divide: Reuters

Hysteresis means we will have scars after Covid-19: The Financial Times

Is coronavirus changing the world of cleaning?: BBC

Also read:Sydneys open for business again. So where is everybody?

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CO2 levels rise despite lockdown, Asias water crisis and other global Covid news - ThePrint