Financial Freedom

By Corey Mann

Originally posted August 3, 2020

Updated on August 6 at 4:59 pm

Are you looking for more information about the FIRE movement? If so, you have come to the right place. The FIRE retirement plan is growing in popularity across the United States.

Where did this movement begin? And does it actually work? Learn how saving your money and making smart investments can lead you on a path to early retirement.

First and foremost, FIRE stands for Financial Independence, Retire Early. Its a movement that is built around the ideas of frugality and investing.

It came about it 1992 through the bestselling book Your Money or Your Life by financial gurus Vicki Robin and Joe Dominguez. The FIRE movement has now been embraced by Millennials as a target to retire before the traditional age of 65.

This strategy has given individuals the ability to retire as early as their late 20s and early 30s. But you will need to save the majority of your yearly income to make it happen.

The model gained popularity back in the 2010s via online communities. Various blogs, podcasts and forums began discussing the FIRE movement while people began implementing its ideas into their own lives.

So, what is the FIRE retirement plan exactly? Its a goals-based approach to extreme saving and investing. And the ultimate goal is to reach 30 times your yearly expenses. For most people, that is roughly $1 million.

At this point, you can quit your day job or permanently retire. With the right investment plan, you can take out 3% to 4% each year sustainably. So the more you save up before retirement, the more you can take out later on.

However, the FIRE movement requires you to remain extremely vigilant with your finances. Youll need to remain frugal and monitor your expenses daily.

While you may be able to retire early, you will also have to reallocate your investments from time to time. This will ensure that you arent spending more than you can afford.

According to Social Security, the normal retirement age for anyone born after 1960 is 67. Its no wonder that so many people are trying to discover how to retire early. As each year passes and the cost of living rises, so does the projected retirement age.

The FIRE movement is built around extreme saving techniques, but that is just the foundation to the plan. And keeping your costs low is one of the most difficult parts. Therefore, its important to plan ahead in many aspects of your life.

Start by considering the rising costs of healthcare. If you retire at the age of 50, thats 15 years before youre eligible for Medicare. Some employers will offer healthcare benefits for retirees while others will have to receive their coverage privately.

This will need to go into your savings strategy as you begin to calculate how much money you need to live comfortably. Its also important to keep your other costs down as best as possible.

The FIRE movement doesnt work if you live above your means. You have to make a conscious decision to live below your means before retirement so that you can save enough to live comfortably after retirement.

This means you have to learn how to create a budget and stick to it. Cut costs as best as you can and eliminate your debts. Minimize the costs of your bills as best as possible, such as your cellphone. You dont need premium packages with added costs if youre living with FIRE.

The quickest route to an early retirement is the stock market. In fact, investing in stocks is the greatest form of passive income that can replace your paycheck. And the FIRE retirement plan suggests that you invest in low-cost index funds and dividend stocks.

For the latest stock market trends and analytics, sign up for the Investment U e-letter below. The experts at Investment U will help you find the quickest path to financial freedom with daily investing tips and trends.

Everyone wants to retire early, but are you frugal enough to make it happen? Learn more about the FIRE movement and discover how it fits your specific goals.

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What Is the FIRE Movement? - Investment U

Stan Choe and Alex Veiga, The Associated Press Published 10:56 a.m. ET Aug. 5, 2020 | Updated 7:04 p.m. ET Aug. 5, 2020

Where does the U.S. stimulus money come from? Here's how the Federal Reserve is saving the economy from the COVID-19 crisis. USA TODAY

Wall Streets big rally keeps rolling, and the S&P 500 rose for a fourth straight day Wednesday to sit just 1.7% below its record.

The S&P 500 climbed 21.26 points, or 0.6%, to 3,327.77, echoing gains for stocks across Europe and Asia. If the U.S. market has just a few more days like that, it will erase the last of the historic losses its taken since February because of the coronavirus pandemic and the recession it caused.

The Dow Jones Industrial Average rose 373.05, or 1.4%, to 27,201.52, and the Nasdaq composite added 57.23, or 0.5%, to set another record at 10,998.40.

Much of Wall Streets focus this week has been on Washington, where Congress and White House officialsare negotiatingon more aid for an economy thats shown some improvement but is still hobbling. Investors say such a package is crucial and needs to arrive quickly, with millions of Americans still out of work and $600 in weekly unemployment benefits from the U.S. government having recently expired.

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Treasury Secretary Steven Mnuchin said late Tuesday that the two sides set a goal of reaching an agreement by the end of the week to permit a vote next week, though negotiators said the two sides remain far apart on key issues.

The pressure on Washington to act quickly is mounting. A report on Wednesday suggested thathiring was far weakerlast month than economists expected. Private employers added just 167,000 jobs, according to a survey by payroll processor ADP, well below the 1.2 million that economists had forecast.

It highlights the damage that a resurgence incoronavirus casesacross much of the country is doing to the economy. It also puts an even brighter spotlight on Fridays more comprehensivejobs reportcoming from the Labor Department.

Investors across the stock market seem to be assuming that Congress will reach a deal sooner rather than later, as well as that the economy will continue to improve despite the pandemic, said Willie Delwiche, investment strategist at Baird.

If either one of those gets challenged, then you could see more volatility in stocks, he said.

(Photo: Getty Images)

The Walt Disney Co.rose 8.8% for one of the biggest gains in the S&P 500 after the media giant reported a profit for the spring that beat Wall Streets expectations, even if it was down sharply from a year earlier.

Prudential Financial rose 6.2%, helping to drive the financial sector to one of the markets bigger gains, after it likewise reported results that werent as bad as analysts had forecast.

Thats been the trend across much of the market this reporting season. Stocks have continued to climb even though S&P 500 companies appear to be on track to report a roughly 34% drop in earnings per share from a year earlier, according to FactSet. Thats in part because investors had prepared for an even steeper drop.

The overall theme from earnings has been not as bad as we feared, Delwiche said. Estimates came down, and now everybodys beating that really low bar. Management is as in the dark as everyone else, in terms of what the path of this recovery is going to be. Everyone is kind of waiting to see what happens next in terms of the recovery.

Investors are betting that the plunge in profits will prove to be only temporary and that earnings will recover as economies reopen and a vaccine for the new coronavirus hopefully gets developed to help the world get closer to normal.

Shares of biotech company Novavax jumped 10.4% after it reported data on its vaccine candidate for COVID-19. Analysts cautioned not to over-interpret the data but called it encouraging.

A better-than-expectedreadingon the nations services sector also added to the mixed picture on the economy. The services sector includes retail, health care and transportation, and it makes up the bulk of the U.S. economy. It grew in July for the second straight month, according to a survey by the Institute for Supply Management, and accelerated when economists were expecting a slight slowdown.

Even within that report, though, were seeds of concern. Growth in new orders helped to drive the reading higher, but employment trends in the report werent as encouraging.

Treasury yields rose, reclaiming some of their lost ground from a day before when they sank to a nearly five-month low. The yield on the 10-year Treasury climbed to 0.54% from 0.51% late Tuesday.

Yields have remained very low as investors have continued to worry about the weak economy and as the Federal Reserve has unleashed massive amounts of stimulus.

Gold rose even further into record territory, continuing its strong climb since the spring amid nervousness about the economy and super-low interest rates. Gold for delivery in December, the most actively traded contract, rose $28.30 to settle at $2,049.30 per ounce.

In Europe, Germanys DAX returned 0.5%, and Frances CAC 40 rose 0.9%. The FTSE 100 in London added 1.1%.

In Asia, Japans Nikkei 225 slipped 0.3%, but South Koreas Kospi added 1.4%. Hong Kongs Hang Seng rose 0.6%, and stocks in Shanghai inched up 0.2%.

Benchmark U.S. crude rose 49 cents to settle at $42.19 per barrel. Brent crude, the international standard, added 74 cents to $45.17 a barrel.

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Wall Street keeps rallying; S&P 500 back within 2% of record - USA TODAY

The Louisa County Water Authority will hold a public hearing on Aug. 12 on proposed changes to water and sewer rates paid by their 850 customers, including the town of Louisa.

Rates are slated for an increase to cover growing operational costs, and the authority proposes a new $6 monthly administrative fee.

But the authority is also lowering the base rate from 4,000 to 3,000 gallons per month. The latter change will credit customers who have historically used less water each month than the base amount.

A lot of people, especially those on fixed incomes, use way less than 4,000 gallons, said Pam Baughman, water authority general manager. This ends up saving one-third of our customers some money.

She said a rate increase is needed to keep up with state and federal regulations, and to help the authority work toward financial independence from the county government.

Were closing the gap and have made improvements to be more efficient, but those cost money, she said.

The rate changes affect customers who get their water from Northeast Creek Reservoir and the county wells in the Green Springs area. The water authority treats wastewater at the regional plant just outside the town of Louisa and at its Zion Crossroads facility.

The current base water and sewer rates are $23.56 and $35.48 per 4,000 gallons. The new base rates would be $20.13 and $29.79 per 3,000 gallons.

The water rate per 1,000 gallons would increase from $5.89 to $6.71, and the sewer rate per 1,000 gallons from $8.87 to $9.93.

Even after paying the new administrative fee, a customer using only 3,000 gallons per month would see a savings over current rates. But a customer who continues to use close to 4,000 gallons per month will pay significantly more.

The wholesale user rate per 1,000 gallons, which the town of Louisa pays, is proposed to climb from $4.57 to $5.21. The Louisa Town Council indicated last month it will wait to see what action the water authority takes before deciding whether to change rates for town customers.

The public hearing on the rate changes will begin at 6 p.m. on Aug. 12 in the public meeting room at the Louisa County Office Building, 1 Woolfolk Avenue. In-person access will be limited to the first 28 citizens who want to speak. The meeting will be streamed live on the county website and people can also call 540-967-0401 during the meeting to make comments.

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Water, sewer rates proposed to increase | News - The Central Virginian

This week in our empowerment series we meet three phenomenal women U.S. Representative Anna G. Eshoo (D-CA-18), U.S. Representative Jackie Speier (D-CA-14), and Speaker of the Maine House of Representatives Sara Gideon.

Together they exemplify what it means to be a strong leader blazing trails, empowering women, all while supporting the Armenian American community.

Rep. Anna Eshoo

First, we meet Representative Anna Eshoo. Born in New Britain, Connecticut, Rep. Eshoo is both Assyrian and Armenian and has represented Californias 18th congressional district since 1993.

The first woman elected to serve as Chair of the Health Subcommittee, Rep. Eshoo also serves as the Ranking Member on the Subcommittee on Communications and Technology, as well as the House Energy and Commerce Committee. During her time in office, she has fought for consumers, access to health care for families, advocated for the development of clean energy technology and protected the environment. In order to provide citizens with affordable health insurance, she has drafted parts of the Affordable Care Act and continues to strengthen this law.

Rep. Eshoo has left an indelible mark on US policy from her work on the landmark Telecommunications Act of 1996 to her work in helping fund Next Generation 911 technology following the tragic events of September 11. Recognized as one of the 10 most powerful women in Silicon Valley, she has also been awarded the Statesmanship Award for her commitment to improving the lives of others.

As the only Armenian-Assyrian in Congress, Rep. Eshoo who has served as a co-sponsor of the Armenian Genocide Resolution since 1993, took pride in leading the bipartisan effort to move the Armenian Genocide Resolution, H.Res.296, to the House floor for a vote in 2019. The bipartisan resolution which passed with an overwhelming vote of 405 to 11 fights denial of the Armenian Genocide and encourages truth and justice.

In response to the passage of the resolution, Rep. Eshoo stated, Between 1915 and 1923, 1.5 million Armenians, and hundreds of thousands of Assyrians, Greeks, Syriacs, Arameans, Maronites, and other Christians were systematically slaughtered at the hands of the Ottoman Empire There is an historic parallel today as Turkey is once again engaging in ethnic cleansing, this time against the Kurds in Syria. This resolution not only honors and commemorates my ancestors and all those who perished in the first genocide of the 20th century but serves as a timely reminder that we must remain vigilant to prevent similar atrocities today.

A proud mother of two children, Rep. Eshoo received her degree from Canada College and the CORO Foundation. In 1982, she was voted to the San Mateo County Board of Supervisors where she went on to serve the County Board for 10 years before she became a member of the U.S. House of Representatives.

Rep. Jackie Speier

Another powerhouse in the halls of Congress is Rep. Jackie Speier an Armenian American politician who has served as a US Representative for Californias 14th congressional district since 2008.

A staunch supporter for womens equality, LGBTQ rights and cleaning up government corruption, she was named in Newsweeks top 150 Fearless Women in the world, as well as one of the most influential people in American politics in Politicos 50.

She serves on the Subcommittees on Environment and Government Operations and is also Co-Chair of the Democratic Womens Caucus, Congressional Armenian Caucus, Bipartisan Task Force to End Sexual Violence, and the Gun Violence Prevention Task Force.

A staunch advocate against sexual assault in the military as well as on college campuses, she had over 300 bi-partisan bills signed into law that have helped achieve justice for women and children. Rep. Speier introduced the Me Too movement in the halls of Congress in October 2017, later becoming the basis of the bipartisan Congressional Accountability Act and Reform Act that was signed into law in December 2018.

Although shes had several wins, shes also faced her fair share of challenges. For instance, when Rep. Speier started working on implementing sexual harassment training in Congress in 2014, she was told that anti-harassment training would never take place. However, the CAA Reform Act made sure that anti-harassment training was mandatory.

She tells the story of one of her most tragic and challenging encounters in her book, Undaunted: Surviving Jonestown, Summoning Courage, and Fighting Back. In it, she shares her traumatic experience in Jonestown, Guyana, where she joined the late Congressman Leo Ryans delegation in rescuing defectors from Jim Joness Peoples Temple. Congressman Ryan was murdered, and Rep. Speier was shot five times.

Recovering from this traumatizing experience, she decided that she wanted to show her strength rather than her weakness and fight against inequality and injustice in the U.S. Congress. Her experience highlights her strong leadership and character as she fought her hardest to stay alive and use her voice to help others.

She brings that same passion to the Armenian cause. As co-chair of the Congressional Caucus on Armenian Issues and one of three Armenian American members of Congress, she was a relentless advocate for passage of H.Res.296, the Armenian Genocide resolution.

On the heels of the passage of the resolution, she said, The Houses resounding 405-11 vote to recognize the Armenian Genocide is a great victory for millions of Armenians around the world. Congress has failed to affirm the truth for far too long and Im heartened that we have joined our allies around the globe, and 49 U.S. states, in acknowledging that the Ottoman Empire perpetrated a genocide upon the Armenian people. She went on to say, This vote also sent a critically important message to the world in light of Turkeys modern-day ethnic cleansing campaign of the Kurds in Syria. Today, we sent a message that history cant be rewritten, that America will no longer abandon Armenians with feeble excuses for a so-called ally, and that we will never forget the atrocities of the past and present. Today we affirmed the Armenian Genocide was real and we stand against it and those who seek to perpetuate such evil again.Speier received her B.A. in Political Science from the University of California at Davis and her J.D. from UC Hastings College of the Law. A proud wife and mother, Gideon focuses on making the lives of working families easier, particularly in the current economy.

Maine House Speaker Sara Gideon

Lastly, we meet Sara Gideon, speaker of the Maine House of Representatives. Speaker Gideon, who is of Indian and Armenian descent, is running for US Senate in Maine with a focus on public interest. Speaker Gideon recently won the Democratic primary for the US Senate seat in Maine challenging the seat held by Senator Susan Collins.

During her time in the Maine House of Representatives, she passed a landmark bill in order to provide tax refunds to homeowners in Maine and has focused on opening up more educational opportunities for the people of Maine to have a chance at financial independence.

Additionally, she has addressed delivering resources to battle Maines opioid epidemic. Former Governor Paul Lepage went against Saras opioid legislation, however, that did not result in her giving up. Instead, she brought both political parties together to overturn the veto.

Shes exhibited passion and dedication in her work for the people of Maine, and she brings that same conviction to the campaign trail.

Shes had opportunities to connect with Armenian Americans throughout the region. This past April 24, 2020, she stood by the Armenian American community of Maine in commemorating the 105th anniversary of the Armenian Genocide. As the granddaughter of Armenian refugees, I hold this day as a solemn reminder that we must continue our work to protect human rights, Gideon said.

Outside of her advocacy work, she also helped secure recognition of Artsakhs independence for the state of Maine.

A wife, mother and graduate from George Washington University in International Affairs, Speaker Gideon is poised for a seat in the US Senate.

Whether they are in the halls of Congress, on a trip to Armenia or a stop on the campaign trail, these women have made incredible strides in advancing issues that are paramount to the marginalized. They have used their platforms to advance matters that are not only central to their beliefs and the broader communities they serve, but they have also continuously advocated for the Armenian American communities they represent and the Armenian cause.

We look forward to a day in which the next generation of leaders ascends into the ranks that these women have achieved. They are truly making a difference on the inside in the halls of Congress even and that helps us advance the cause.

Tvene Baronian is a rising sophomore attending Hobart and William Smith Colleges in Geneva, New York. She plans to graduate with a double major in Environmental Studies and English. On campus, Tvene is a member of the Environmental Club, Campus Green Club, Public Leadership Education Network (PLEN), Outdoor Recreation Adventure Program (ORAP), Sustainability Club, Koshare Dance Collective, and the Lacrosse Club. In addition to her involvement on campus, her passion for her Armenian heritage drives her participation in various volunteer organizations including Armenian Youth Federation (AYF), Hamazkayin Nayiri Dance Ensemble, HMEM Scouts and the Armenian National Committee of America (ANCA). During her free time, she loves to sing, dance, write and draw. She has a passion for music and has performed at Carnegie Hall, where she showcased her love of Armenian opera.

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Beyond Motherhood: Powerful Women in Politics - Armenian Weekly

Digital nomads are defined as professionals who live in a nomadic manner and work remotely, usually operating out of coffee shops, co-working spaces and even, while staycationing in another country. All you need in a lifestyle like this, is a constant internet connection and a laptop or smartphone. Most people choose to become digital nomads for positive reasons, including financial independence and a career that allows one to work from anywhere. The downside, however, is that these set of professionals might feel lonely or easily burnt out when theyre constantly connected to the digital ecosystem - a pattern several professionals have been battling with in the last 5 months weve been adapting to work from home.

The term Digital Nomad was first-heard in the book by the same name, written by Tsugio Makimoto and David Manners in 1997, however, theres no evidence to prove that the term was coined here first or pre-existed. Digital nomads are known to adapt to a minimal lifestyle and may also sell a number of possessions in order to travel lighter and be able to move around easily, without baggages, figuratively and literally.

In the pandemic and post-pandemic world, when travel is looking different as per the forecasts and is expected to serve different purposes for everyone, the term digital nomadism has been doing the rounds again. Countries, especially those whose economies are heavily-dependent on tourism, are competing for a new generation of remote workers in a bid to ride out the pandemic and make up for lost visitors, by offering sunny beaches, cheap living and low infection rates.

A blog called digitalnomads.com reported in 2017 that Bangkok was a digital nomad hub as it only costs $280 per week to live here.

From Barbados to Estonia, several countries are launching visa regimes aimed at wooing digital nomads to revive their tourism-dependent economies, chasing the sort of people who mix work with travel and can set up shop any place with an internet connection.

Work from Paradise, as Barbados 12-month Welcome Stamp Visa boasts, launched in July allowing remote workers to relocate to the Caribbean island for one year.

Our new... (visa) allows you to ... work from one of the worlds most beloved tourism destinations, the countrys Prime Minster Mia Mottley wrote in a welcome message on the page.

Even before the pandemic, numbers were growing, with more than 7 million people in the United States calling themselves digital nomads in 2019, up from about 5 million in 2018, according to research from the firm.

Countries launching the new visa regimes hope that luring some of them could help stimulate local economies hit by the new coronavirus and make up for some of the lost tourism.

Digital Nomad Visa

Estonia launched a Digital Nomad Visa last week in an endeavour to boost the countrys credentials as an innovation hub. The main aim of the programme is to promote Estonia, Annus told the Thomson Reuters Foundation, explaining the scheme was one of the first in the world to target remote-working employees, as well as freelancers and contractors. The more known Estonia is, the more our companies can export our e-services and more and more people are interested in investing ... and of course ... the more tourists we shall have.

In Georgia, which also announced plans for a digital nomad visa last month, economy minister Natia Turnava said she hoped to shore up the countrys real estate and hospitality sectors.

Georgia has an image of a safe country in terms of epidemiological standpoint and we want to use this chance, the local media reported her saying.

Barbados and the North Atlantic British territory of Bermuda - which launched a Work from Bermuda one-year residential certificate this week - also flaunted their virus credentials.

No need to be trapped in your apartment in a densely populated city with the accompanying restrictions and high risk of infection, Bermudas premier David Burt wrote online.

Come spend the year with us working or coding on the water, they added.

In Bermudas Work from Bermuda Certificate Program, visitors only have to show valid healthcare insurance, and pay an online fee of $263. This will allow them to come and work in the country, and leave as often as they like for a year-long period.

Estonia is asking that applicants prove they earn at least 3,504 euro ($4,100) a month, while those moving to the Barbados have to pay a $2,000 fee.

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All you need is WiFi: How Covid-19 could bring in the era of the digital nomad - Hindustan Times

With a Masters degree in entrepreneurship, Claudine Esseiva from Switzerland has over a decade of management experience at the age of 42. A member of city parliament, and the mother of a six-year-old son, she coordinates her various commitments with her husband.

Italian-language journalist, working in Bern since 1989.

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"It has always been clear to me that I wanted to continue working, because financial independence and the fact that there are two people on an equal footing in everyday life are very important to me," explains Esseiva, who has worked as a consultant and partner at a Bern-based public relations agency since 2011.

Since 2017, she has also represented the centre-right Radical Party in Berns city parliament. She also chairs the association BPW Switzerland (Business and Professional Women). She admits that all these commitments are not always easy to handle.

"My husband and I are careful to take equal care of our son," she says. Milan, her six-year-old, attends kindergarten and preschool, and family members also help with childcare.

"We have to make a big organisational effort," she says, adding that she and her husband had many discussions about division of labour before deciding to start a family. In most cases in Switzerland, couples decide that the woman will be the one who primarily takes care of the children, reducing her working time to 40-50%, while the man continues to work full-time.

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'You have to make a big organizational effort' - swissinfo.ch