Category Archives: Financial Independence

Nonprofit Dedicated to Breaking the Cycles of Homelessness, Poverty and Domestic Violence Witnesses Outpouring of Support from Individuals, Churches, Civic Groups, Companies and Other Nonprofits During Coronavirus Pandemic

Duluth, Ga., June 4, 2020 When Rainbow Village made the difficult decision to close its Early Childhood Development Center (ECDC) and Afterschool Youth Programs in the wake of the Coronavirus Pandemic in March, the nonprofit organization knew the impact would be felt keenly by its residents. With the purpose of providing the tools, programs and transitional housing needed to lead homeless families back to a place of self-sustainability, Rainbow Village understands that many of its residents rely on the ECDC and Afterschool Program for a safe and engaging place for their kids to go while the parent works, attends college or seeks employment. Following the lead of Gwinnett County Public Schools as it does during inclement weather and other emergency situations, Rainbow Village did not take lightly the effect the closure might have on the families it serves and launched the COVID-19 Family Relief Fund as a precautionary measure. Over the weeks that followed, the North Metro Atlanta community came out to show its overwhelming support for Rainbow Village families, donating food, supplies and an incredible $118,514 for the COVID-19 Family Relief Fund.

We are completely blown away by the way the community came together in support of the families Rainbow Village serves, said Melanie Conner, CEO for Rainbow Village. Girl Scout Troops, churches, neighborhoods, companies and civic groups collected and delivered food and supplies for our families. Im so proud of the way our staff stepped up and rolled with the changes during the last few months, as well as the way our Board of Directors showed their true investment in this campus and the people who call Rainbow Village home. Our residents watched out for one another as friends and neighbors, really putting the village in Rainbow Village. And during it all, we moved in three new families. Its been nothing short of incredible.

Conner also pointed to the donation of computers and Wi-Fi adapters from X-Cel and CentricsIT, which connect to campus-wide Wi-Fi made possible from a grant from the Waffle House Foundation. Those gifts allowed Rainbow Village students to take part in online schooling and adults to work remotely. Fully Furnished Ministries donated furniture for the three new incoming families. And, although the original goal for the Rainbow Village COVID-19 Family Relief Fund was set at $10,000, a number of families came forward with generous matching gifts that inspired others to give. The funds raised will help provide summer programming for Rainbow Village kids, assist with increased summer utility costs in the provision of a safe and comfortable home for families, repair or replace aging appliances, and so much more.

For more information about Rainbow Village and its programs, please visit http://www.rainbowvillage.org.

About Rainbow Village: Established in 1991 and based in Duluth, Georgia, Rainbow Village is a 501(c)3 nonprofit organization devoted to breaking the cycles of homelessness, poverty and domestic violence. Committed to serving as a community of transformation, Rainbow Village applies a holistic, two-generational approach to serving homeless families with children. With the goal of helping families achieve emotional stability and financial independence, Rainbow Village provides housing, early childhood education and after-school care, child and youth programming, financial planning, career counseling, workforce readiness, mental health counseling, community events and more. Rainbow Village accepts applications from homeless families with minor children throughout Georgia. To learn more about Rainbow Village, register as a volunteer or make a donation, visit http://www.rainbowvillage.org.

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Community Comes Together for the Families of Rainbow Village - Atlanta, GA - Patch.com

Ali and Alison Walker have found freedom from building aggressive savings as a financial cushion. Photo: Facebook

The coronavirus crisis and the lack of a reliable job market may lead more people to investigate the FIRE philosophy. That is, Financial Independence, Retire Early.

Two forty-somethings sold their Seattle home, said goodbye to their jobs, and set off on an around-the-world journey in 2018 as part of the FIRE movement. They could not have known the true significance of that decision.

At the time, U.S. markets were still on the upswing and all was well for Ali and Alison Walker.

Then came the coronavirus pandemic. The Walkers investments took a huge hit and they found themselves confined to an Airbnb in San Miguel de Allende, Mexico, because of travel restrictions. They eventually got a flight out, leaving in May instead of March, and documented their adventure online.

The FIRE adherents had solid nest eggs, allowing them financial flexibility at a critical moment, because they had pursued their goals by saving aggressively, according to a profile recently published in Barrons.

We planned for some type of a black-swan event, said Ali, who worked in marketing and business development. We couldnt have planned for the coronavirus, but we assumed there would be a tough bear market or a prolonged down market for one reason or another.

Just as people flocked to the movement in the wake of the 2008 recession, the current crisis may lead yet more people to FIRE strategies.

What part of biggest unemployment spike in history makes you want to be more reliant on your job? says Tanja Hester, author of the book Work Optional and the FIRE blog Our Next Life. Its a huge reminder that workers are expendable, and there isnt a great safety net out there for us.

The Walkers set aside five years of cash to cover their expenses in the case of a sustained downturn and decided on a conservative annual withdrawal rate of 3% of their savings. They also gave themselves plenty of wiggle room in their budget to pare back expenses if needed.

One of the great things about the FIRE movement is that it talks a lot about the different scenarios you should prepare for before deciding to retire, says the 56-year-old Alison, who had worked retouching images for catalogs and corporate clients.

Marcus Miller, a financial planner who specializes in working with FIRE clients, says the philosophy attracts disciplined investors of a cautious mindset. If you take a look at the people who comprise the FIRE movement, its people who often live below their means and have built this war chest to live off of. They may be better equipped to weather a storm like this than the majority of Americans.

Timing is everything, says Matt Ryan, a financial planner at San Diegobased Creative Capital Management Investments. Two months ago, the people who are close to financial independence and retiring may have been pretty close to their goals, he says. But now they may have to adjust their timing.

Grant Sabatier, a personal-finance blogger and author of Financial Freedom: A Proven Path to All the Money You Will Ever Need, said now may be a difficult time to pursue a FIRE lifestyle. But he said that this is a good moment to take the time to understand their values and plan how they want to save, spend and invest in the future.

Use this moment while were all stuck inside to figure out your relationship with money and how to be more intentional about it when this is all over.

Source: Barrons

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Digital nomads stranded in Mexico demonstrate the appeal of the retire-early movement - Yucatn Expat Life

NAPLES Neapolitans Janet and Jerry Belle were recognized for their volunteer and philanthropic work on behalf of The Immokalee Foundation during the Naples Sailing & Yacht Clubs Community Acts of Kindness: Members with a Cause They Love.

The Belles served as co-chairs of the successful Charity Classic Celebration Gala & Golf Tournament in last November, which raised more than $2.5 million to support The Immokalee Foundations career-based programs for the youth of Immokalee.

The Charity Classic events raise the essential funds needed for The Immokalee Foundation to continue serving more than 1,400 Immokalee youth each year with career-based educational opportunities, curriculum and experiences.

Jerry Belle is a member of the board of directors for the foundation and, importantly, has served as a mentor for an Immokalee student the past three years, providing support, encouragement and guidance through weekly 45-minute discussions. Mentoring begins in sixth grade, and students are paired with mentors through high school graduation; 100% of students in The Immokalee Foundations programs graduate from high school and continue to post-secondary educational opportunities, where 91% graduate.

We enjoy supporting the educational programs of The Immokalee Foundation because their programs are impactful and successful, said Jerry Belle. The foundations long history shows that students gain professional careers that lead to financial independence. Its a model that works, and were proud to be involved.

The Immokalee Foundation provides a range of education programs that focus on building pathways to professional careers through support, mentoring and tutoring, and life skills development leading to economic independence. To learn more about The Immokalee Foundation, becoming a mentor, its signature events, volunteering as a career panel speaker or host, making a donation, including the foundation in your estate plans, or for additional information, call 239-430-9122 or visit https://immokaleefoundation.org.

The Immokalee Bulletin is published every Thursday.

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Janet and Jerry Belle recognized for their work on behalf of TIF - Immokalee Bulletin

The choice of Tim Davie as the new director general of the BBC is an interesting one: he was once involved in Conservative politics and he comes from the commercial rather than the editorial wing of the corporation.

He will have a lot on his plate. The BBC might think that it has had a good pandemic, and it is true that people do turn to their national institutions at a time of crisis, but its coverage has been accused of hyperbole and political bias, and even if ratings are up they are nowhere near what they once were.

There is a technological challenge: the licence fee was designed for radio and television in an age of limited choice, but now people have dozens of options over several devices. Lord Hall bequeaths one important innovation. BBC iPlayer is probably the wave of the future, eventually financed not by a fee but by a subscription, although many BBC programmes are made out of house and the BBC cannot exercise exclusive rights over them. Hence some of its hits have been made available on Netflix.

On top of that is the costly dilemma the BBC faces over free television licences for the over-75s. A proposed change to the eligibility rules was postponed because of the pandemic.

Appointing a more commercially minded director general suggests a step towards greater financial independence from the licence-fee payer. However, one of the biggest long-term problems the BBC faces is that management does not seem to understand who is watching or listening and what they like, a source of particular frustration to the BBCs older users and those outside London.

Most of us want what the BBC was created to provide: high quality programming, and a service that reflects the entire nation, not just Islington.

Originally posted here:

The BBC's new Director General will have a fight on his hands - Telegraph.co.uk

It has been a long journey for Meghan Markle to return to her roots in Los Angeles. She and husband Prince Harry have kept a low profile in the city after stepping back from royal duties. They had drawn up certain plans to continue with various charity work but never expected the coronavirus pandemic to become a bottleneck. It has forced them to go on the backfoot.

However, the tragic death of George Floyd at the hands of a police officer rekindled the Black Lives Matter movement. That prompted Meghan Markle to voice her opinion on the subject. She chose the electronic medium and gave a virtual commencement speech.

The target audience was the graduates of the Los Angeles high school, Immaculate Heart.

It was her school and she urged the students to vote so that they could become a part of the movement. Incidentally, this is a turning point in her life because it was the first time the British royal family has mentioned about the death of George Floyd. It also brings into focus the global protests to end police brutality and racial injustice.

The Elle quotes Meghan saying - "I wasn't sure what I could say to you.

I wanted to say the right thing. And I was really nervous that I wouldnt, or that it would get picked apart, and I realizedthe only wrong thing to say is to say nothing.

She made a mention of others like Breonna Taylor, Philando Castile, Tamir Rice, and Stephon Clark and said their lives also mattered.

All of them were African Americans in various age groups and while Breonna Taylor was a woman, Tamir Rice was a 12-year-old kid.

The Black Lives Matter movement was an issue personal to Meghan, given the experiences she had gone through. She was outraged over the tragic death of George Floyd at the hands of the police and other similar instances of the past.

In fact, it was important to both her and Harry. Therefore, she decided to give vent to her feelings through a speech. She took the help of Harry and both of them discussed the issue with knowledgeable persons to prepare the groundwork. She wanted to draw attention to police brutality and the Black Lives Matter movement.

The Elle explains that in order to understand the situations, Meghan and Harry interacted with community leaders apart from anybody else who could throw light on the recent events.

They were keen to get a total picture of the happenings that have apparently tarnished the image of the law enforcement agencies.

According to Express UK, the British royal couple is in Los Angeles and continues to be Celebrities. The couple Harry and his wife Meghan Markle had plans to work on their non-profit charity organizations like the Archewell charity but the ongoing coronavirus has played spoilsport.

The two of them are now concentrating on the death of an African American man at the hands of the police. He is George Floyd and the incident has led to protests that have spread to not only cities in America but have gone international. It is against police brutality and racism, it seems Harry and Meghan have held meetings with other like-minded people.

They could get involved with the Black Lives Matter movement. While speaking to students of her school in the city, she recounted her first experience with widespread violence of the 1992 Los Angeles riots. On the issue of George Floyd, people in London gathered for a peaceful protest in Hyde Park while others marched to Downing Street.

Last week, US President Donald Trump had condemned the behavior of protesters. He directed the military to shoot any looters and his comments have added fuel to fire.

When they decided to leave the British royal family and look around for financial independence, Megan and Harry had several ideas in mind. Meghan, the Suits actor, had high expectations from her influential friends with links in Hollywood.

Harry and Meghan Markle expected to explore the options available after becoming non-royals. However, coronavirus has forced them to hit the pause button.

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Meghan and Harry quietly getting involved with the Black Lives Matter movement - Blasting News United States

(Source: Imgflip)

Are you feeling a bit giddy right now? Perhaps even a tad euphoric? No one could blame you if you were, given how red hot the stock market has been over the past few months.

S&P 500 & My Phoenix Portfolio's Top Winners Since March 23rd Low

(Source: YCharts)

Right now what some analysts have dubbed the "hopium" rally, driven in part by TINA (there is no alternative), FOMO (fear of missing out) and QE infinity, has led to some of the highest market valuations in US history.

On Forward P/E Basis, S&P 500 Is Approaching Severe Bubble Territory

(Source: Brian Gilmartin, Reuters/Refinitiv/IBES/Lipper Financial)

How historic is this hopium meltup?

The current record for the most overvalued market in history was set on March 24th, 2000, when the S&P 500 hit a forward P/E of 27.2, 66% above the 25-year average of 16.4.

If the S&P 500 rises just 9.6% more, then it would achieve a forward P/E of 27.3, and set a new record for the most overvalued market in US history.

But just because we're either in a bubble or rapidly approaching one, doesn't necessarily mean the market will necessarily correct soon.

According to research from JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) and Princeton

This is why valuation alone cannot be used to time the market with precision or consistency. What higher valuations do tell us is that future long-term returns are likely to be far smaller.

At the end of May, the forward P/E on the market, by JPMorgan's estimates, correlated to expected five-year returns of near zero.

(Source: F.A.S.T. Graphs, FactSet Research)

If we exclude the Dot-Com bubble, then the 20-year average blended P/E for the S&P 500 has been 17.0, the market-determined fair value for stocks in the modern era.

If earnings grow as expected through 2022 and the market returns to the value hundreds of millions of investors, risking real money, have determined is long-term fair value, then the consensus return potential over the next 2.5 years is about 3% CAGR.

I define a bubble as when forward two to three-year consensus return potential is zero or negative.

So on a blended P/E basis, we're not quite there yet, but we're darn close.

In a market that seems to have lost its senses, and is driven by irrational exuberance and blind hope that nothing bad will happen over the next 2.5 years, why am I still buying stocks?

The Biggest Bubble In US History Still Provided Plenty Of Great Buying Opportunities

(Source: YCharts)

From mid-1998 to March 24th, 2000, quality blue-chips like Realty Income (O) and Berkshire (BRK.B) (NYSE:BRK.A) severely underperformed the market and tech stocks shot to the moon.

Foolish momentum traders (myself included at the time) dreamed of 100% annual returns every year.

As a nine-year-old investing my life savings into the tech bubble at the time, I recall asking my mother, with all earnestness "Where will I invest my trillions in a few years?"

Oh, had I known then the three kinds of risks all equity investors face.

Had I chased not mad dreams of fast fortunes but stuck to a disciplined strategy built on the time-tested principles of true wealth compounding, I would be a multi-millionaire by now. Realty Income in March 2000 was trading at 7X FFO, about 50% historically undervalued at the time. Berkshire was trading at similar discounts to its historical book value.

The world then seemed to abandon all sense of valuation and sound risk management, but history ultimately vindicated the Warren Buffetts of the world.

The Market Can't Stay Irrational Forever

(Source: YCharts)

Normally few stocks go up in a bear market, but when prices become extremely detached from fundamentals, quality blue-chips can indeed rise during a historic market crash.

I'm not counting on anything I buy in the short term to go up in an inevitable market decline. Rather, I am counting on the time-tested principles of quality dividend-paying blue-chips, bought at reasonable to fair valuations, and then held for the long term, to help me achieve my goals of financial independence.

In the coming week, I'm planning on buying small amounts (about $500 in each) of

I buy one good deal or better blue-chip each day, as the "daily Phoenix portfolio buy" announced on the Dividend Kings' chat board three times each day.

Each buy is small, with the goal of gradually building up my cash/bond allocation (28% right now) by about $1000 to $1500 per month, while waiting for an inevitable market downturn.

(Source: Imgflip)

Why these five Phoenix watchlist blue-chips? Because even in this overheated market, they fulfill the goals of prudent long-term income investors.

Fundamental Stats On These 5 High-Yield Blue-Chips

These five blue-chips are some of the highest quality dividend payers in the world, as seen by their average credit rating of A-, stable outlook.

(Source: S&P)

S&P and other rating agencies base ratings on formulas that calculate historical default risk based on initial ratings.

And since bond defaults often result in bankruptcies, these are highly correlated with long-term bankruptcy risk for companies.

(Source: The University of St. Petersburg)

The probability of these five companies going to zero is about 2.5% each. The probability of all five of them going bust within the next 30 years, is about 1 in 102.4 million. Granted that's assuming a normal probability universe, which we don't live in.

But the point is that these five high-yield blue-chips meet all three criteria of prudent long-term income investing.

Think I'm being overly bullish about those probability-weighted estimates? Take a look at these companies' consensus return potentials through 2022.

That's estimated by taking the 2022 EPS consensus and assuming each company returns to its long-term, historical market-determined fair value multiple during periods of similar fundamentals and growth rates.

(Source: F.A.S.T. Graphs, FactSet Research) Now compare that to the S&P 500, and the horrible consensus return potential investors just buying the broader market, blind to dangerous valuations, might see in the short term.

S&P 500 2020 Consensus Total Return Potential

(Source: F.A.S.T. Graphs, FactSet Research)

S&P 500 2021 Consensus Return Potential

(Source: F.A.S.T. Graphs, FactSet Research)

S&P 500 2022 Consensus Return Potential

(Source: F.A.S.T. Graphs, FactSet Research)

In case you think that "this time is different" and that the market's earnings multiple will be permanently higher due to low-interest rates, and future debt-fueled stock buybacks, consider this.

Since 2009 we've had all the same conditions that are expected to continue in the future.

What was the market-determined fair value blended P/E during this time? 19? 20? 25?

Average Blended P/E Over Last 11 Years Was 17.0, Exactly The Same As The 20-Year Average

(Source: F.A.S.T. Graphs, FactSet Research)

Low-interest rates and copious buybacks didn't inflate the market-determined fair value of stocks above its long-term modern era historical norm, and likely won't do so in the future either.

Now compare the S&P 500 on the 3 goals of prudent long-term income investors.

(Source: Imgflip)

The goal of prudent long-term investing is generating sufficient returns and income to achieve your personal goals while taking the least amount of risk possible.

Am I claiming that AbbVie, Scotiabank, Bank of Montreal, Philip Morris, and MDU Resources are going to keep rocketing higher as they have in the past few months?

These 5 Stocks, S&P and Dividend Aristocrats Since March 23rd

(Source: YCharts)

Of course not, that was potentially a bear market low. The short-term gains you see after bear market lows are, in the words of Ben Carlson, "epic face-ripping rallies."

However, I've not focused on the short term.

My long-term goal is achieving financial independence with quality companies, run by competent and trustworthy management, that are paying me generous, safe, and steadily growing income in all economic and market conditions.

Dividend Sensei's Real Money Phoenix Portfolio Bucket

(Source: Morningstar) -28% cash/bond allocation not shown

Like my fellow Dividend King, Nick Ward, I divide my retirement portfolio into buckets. This is my Phoenix bucket, made up entirely of Dividend Kings Phoenix Portfolio daily buys that we make each day.

The official DK Phoenix portfolio is run using these risk-management guidelines, and my overall retirement portfolio is as well.

In a world of unprecedented pandemic, economic and earnings uncertainty, with risks to the market rising on a daily basis, I sleep very well at night knowing my hard-earned savings are entrusted to the skilled management at these financially strong companies.

Is a market downturn coming at some point? You better believe it.

Will I lose sleep when it arrives? No, because my long-term financial goals don't rely on luck, but uses sound and time-tested risk-management and long-term investing principles to create my own luck.

(Source: AZ Quotes)

In 24 years of investing experience, I've learned what doesn't work, trying to get rich quickly.

In 6.5 years as an analyst, I've learned what does work, which is making, in the words of Charlie Munger, "consistently not stupid" decisions.

(Source: imgflip)

Let the market blow its hopium/TINA/FOMO/QE Infinity Bubble. Perhaps we'll even set a new record in terms of historical overvaluation.

At the end of the day, those whose savings are safety ensconced in a bunker SWAN portfolio have nothing to fear from the future, nor do we need to have crystal balls to meet our long-term goals.

----------------------------------------------------------------------------------------Dividend Kings helps you determine the best safe dividend stocks to buy via our Valuation Tool, Research Terminal & Phoenix Watchlist. Membership also includes

Click here for a two-week free trial so we can help you achieve better long-term total returns and your financial dreams.

Disclosure: I am/we are long ABBV, BNS, BMO, PM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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5 High-Yield Blue-Chips I'm Buying For My Retirement Portfolio In This Overvalued Market - Seeking Alpha

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 ...

Typically, advisors peg 15% to 20% of total income saved each month as a goal - but if you want to retire earlier, you probably have to ratchet that number up to 40% or 50% of your income. Not a feat easily accomplished when you review your take into account that a good portion of your paycheck goes to essential, non-negotiable lifestyle items. However, if you are willing to make some serious lifestyle changes and sacrifices, it's possible.

This concept of intensive saving for an early retirement has spawned a movement called FIRE (Financial Independence, Retire Early). Followers of FIRE strive to save up to three-quarters of their income, and make other adjustments too: live in small homes, walk to work each day, practice strict diet plans, and more. Even if this lifestyle may sound a bit unreasonable, the ideas behind it are worth considering.

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 accelerate the retirement investment cycle, you can construct a portfolio designed with more risk - and the potential for higher returns - but it should still be appropriately diversified to protect against larger than average market drawdowns that can be difficult to recover from and ruin any chance to accomplish your early retirement goal. There are numerous ways to diversify a portfolio, and how you do so should depend on your age, your risk tolerance, your growth and income needs, and your long-term goals.

After accelerating your savings and setting up an ongoing plan, invest your savings into your portfolio at the earliest opportunity. Try not to attempt to time the market. Stay put, and let the compounding characteristics of the markets do its work to help grow your retirement wealth exponentially over time.

You may want to look at growth stocks with attributes acceptable for retirement investing like low beta, strong earnings estimates, positive sales growth, and expected future growth.

The Zacks Rank routinely recognizes lower risk growth retirement portfolio picks, and here are a few that may be worth considering: Global Medical REIT (GMRE), Clearway Energy (CWEN) and Farmers National Banc (FMNB). These growth stocks have strong Zacks Ranks and a beta of 1 or lower, with earnings and sales growth of at least 5% over the past 5 years.

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.

This report will help you steer clear of the most common mistakes, like trying to time the market, lack of diversification in your portfolio, and many more. Get Your FREE Guide NowFarmers 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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Easy Investing Secrets to an Early Retirement - May 27, 2020 - Yahoo Finance

Samir HusseinGetty Images

When Prince Harry and Meghan Markle negotiated their plan to step back from their senior royal roles with the Queen, Prince Charles, and Prince William, it was obvious that financial independence was essential in their chosen path forward. They sought, and won the ability to earn a private income, at the expense of other, perhaps more personal asks: Harry retaining his honorary military titles, being able to officially represent the monarchy moving forward, etc.

"The Duke and Duchess of Sussex will become privately funded members of The Royal Family with permission to earn their own income and the ability to pursue their own private charitable interests," reads a page on the Sussex Royal website outlining their transition out of their working positions in the royal family.

Now, a friend of the Sussexes has confirmed to royal reporter Katie Nicholl, that Meghan "struggled" with not being able to earn her own income during her time as a working royal. Prior to meeting Prince Harry, Meghan had been a working actress on the popular US TV series Suits, and also an influencer, with her lifestyle blog The Tig, a career she gave up in marrying into the royal family.

One of the things she struggled with was not earning an income, a friend told Nicholl in her recent report for the Sunday Times. She has always worked and I think she felt unfulfilled. Having financial freedom was a big part of them wanting to leave.

Chris JacksonGetty Images

Being financially independent has also allowed the Sussexes completely change their relationship with the media. They are no longer receiving public funds, and have officially broken away from the royal rota. (More on that pool of British journalists, which helps to hold the monarchy accountable, while also receiving special access to the royals, here.)

But while Harry and Meghan have made it clear that they intend to seek out private income, they haven't laid out exactly what that means, yet. The ongoing coronavirus pandemic shifted any plans they had to launch their charity, Archewell, and likely put other, more lucrative initiatives on hold as well. So royal fans will simply have to wait and see what's next for the Sussexes.

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Financial Freedom Was "A Big Part" of Why Meghan Markle and Prince Harry Stepped Back from their Royal Roles - TownandCountrymag.com

Secretary of State Mike Pompeo remains steadfast in blaming China for keeping the truth about the coronavirus origin hidden from the rest of the world. (May 6) AP Domestic

Secretary of State Mike Pompeo declared Wednesday that Hong Kong is no longer autonomous from China a landmark decision that is likely to escalate already strained U.S.-Chinese relations and that could have serious economic consequences for the global financial hub.

"No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground," Pompeo said in a statement.

The White House will determine the next step, which could involve new sanctions on China, visa restrictions on government officials or nixing Hong Kong's special trade status.

"Well do our best to ensure the people of Hong Kong are not adversely affected," said David R. Stilwell, the Trump administration's assistant secretary of state for the Bureau of East Asian and Pacific Affairs.

"Theres a very long list of things that the president could do in response," Stilwell said. He declined to offer more specifics, but said the White House's actions would be "as targeted as possible" to avoid hurting Hong Kong while sending a clear message to China's authoritarian leaders.

Pompeo's assessment wassparked by the Chinese government's move toassert sweeping authority over Hong Kongand comes as tensions between the Trump administration andBeijing have dramatically escalated over the coronavirus outbreak.

Hu Xijin, the editor of a Chinesestate-controlled media outlet, shot back at Pompeo over the Trump administration's assessment.

"Whether China's Hong Kong is autonomous, how could it possibly be up to the US to define?" Hu wrote on Twitter.He called Pompeo a "habitually lying Secretary of State."

Hong Kong was returned to China from British control as a semiautonomous territory in 1997 on the condition that China maintained a"one country, two systems" framework guaranteeing freedoms not found on the mainland.

Chinese leader Xi Jinping is poised to push a national security law through his rubber-stamp legislature that would ban treasonand other perceived offensesin Hong Kong a move critics say is designed to stifle pro-democracy protests and put the territory firmly under China's rule.

"Hong Kong and its dynamic, enterprising, and free people have flourished for decades as a bastion of liberty, and this decision gives me no pleasure," Pompeo said. "While the United States once hoped that free and prosperous Hong Kong would provide a model for authoritarian China, it is now clear that China is modeling Hong Kong after itself."

Pompeo was required to make the determination under a U.S. law that grants Hong Kong special trading status including exemptions from certain tariffs and export controls that the United Statesimposes on China.

In a show of support for Hong Kong's autonomy and the democracy protesters,Congress passed bipartisan legislation last year requiring the State Department to annually reconsider the territory's special treatment, which has helped elevate the city to a global financial power.

Chinese officials were furious when President Donald Trump signed the bill into law last year.It's not clear whether the administration willmove to strip Hong Kong of those economic perks.

Foreign policy experts said the decision could have far-reaching consequences.

"This is potentially massive," Michael Fuchs, a former deputy assistant secretary of state for East Asian and Pacific affairs in the Obama administration, tweeted Wednesday.

Fuchs, who is with the liberal Center for American Progress think tank,said the question is whether the United States"will impose sanctions or rescind certain trade arrangements with Hong Kong, which could fundamentally change US-China relations, Hong Kong's future, and the global economic system."

Mark Galasiewski, an investment analyst at Elliott Wave International, a financial forecasting firm, said the U.S. action is not likely to have more than a temporary impact on Hong Kong stocks because markets there have already plummeted in 2020.

The "one country, two systems" framework was intended to make sure that capitalist Hong Kong retained a measure of legal, economic and financial independence from socialist mainland China, but that autonomy has come under increasing attack as Beijing pushes to increase its control over Hong Kong. Hong Kong was rocked by almost six months of violent anti-China, pro-democracyprotests last year after Beijing tried to imposean extradition law.

Although that law failed to pass, anti-China sentiment has increased,protests have proliferated and Beijing has continued to try to undermine Hong Kong's rights.

The new proposed Chinese national security law wouldban "treason, secession, sedition and subversion" in Hong Kong.

Joshua Wong, a Hong Kong democracy activist, said Chinas law would do severe damage to the territorys business sector leading to potential boycotts and other fallout.

In a thread posted on Twitter, Wong said Hong Kongs autonomy including its independent judiciary and relatively loose business regulations have drawn financial investment,but that is in jeopardy. He called on the Trump administration, as well as European and Asian leaders, to reconsider Hong Kongs special trade status.

Hong Kong will be assimilated into Chinas authoritarian regime, on both rule of law and human rights protections if Xis national security law is passed, he said. The proposed law is the stepping stone for (Chinas) future intervention.

The Trump administration's announcement comesafterU.S. lawmakersproposed a bill to sanction any person with a role in violating "Chinas obligations to Hong Kong under the (Sino-British)Joint Declaration and the Basic Law" the formal terms under which Hong Kong was granted partial legal, economic and financial independence.

Xi Jinping: China strengthening armed forces amid tensions with US over coronavirus

It's not clear what impact, if any, the action will have on a pending trade deal between the United Statesand China. "Phase 1" of the agreement was signed less than five months ago, and despite both sides adopting a harsher diplomatic tone, they have been coy about whether they intend to implement it.

Riot police detain a protester during a demonstration against Beijing's national security legislation in Causeway Bay in Hong Kong on May 24. Hong Kong police fired volleys of tear gas in a popular shopping district as hundreds took to the streets to march.(Photo: Vincent Yu, AP)

Pompeo and Trump have accusedChina of misleading the USA and other countries about the novel coronavirus, which emerged in Wuhan before spreading across the globe. Beijing denied anysuggestions it has not been transparent about its coronavirus outbreak.

The Council on Foreign Relations, a Washington-based think tank, warned in an analysis May 21 that "the risk of a military confrontation in the South China Sea involving the United States and China could rise significantly in the next eighteen months, particularly if their relationship continues to deteriorate as a result of ongoing trade frictions and recriminations over the novel coronavirus pandemic."

Hong Kong braces for turmoil: Stocks slide on risk of 'strong' Trump reaction

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Pompeo declares Hong Kong no longer autonomous from China in a move that threatens to escalate US-China tensions - USA TODAY

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The post Retire in 20 Years With $30,000 Today appeared first on The Motley Fool Canada.

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Fool contributor Mat Litalien has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Constellation Software.

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Retire in 20 Years With $30,000 Today - Yahoo Finance UK