Aug. 3COLUMBUS August is ABLE to Save Month and Ohio Treasurer Robert Sprague is using the occasion to tout the importance of STABLE accounts and highlight the program's record-setting growth.

ABLE to Save Month is a national campaign that shines a light on ABLE programs across the nation and how they enhance financial independence for people living with disabilities.

Since January 2019, Ohio's iteration of an ABLE program, STABLE Account, has seen overall participation grow three-fold, with total enrollment nearing 30,000 active accounts.

"ABLE to Save Month is the perfect time to promote the financial empowerment and independence that STABLE accounts provide for people living with disabilities," Sprague said. "These accounts are life-changing as they help individuals to save and invest money, while also staying in the workforce.

We're proud to continue the growth of STABLE Account and look forward to empowering more Ohio families."

STABLE accounts are 529-like specialized savings and investment accounts for people living with disabilities. Accountholders can save up to $16,000 without losing federal assistance, and they can save an additional $12,880 each year if they're employed. Earnings on STABLE accounts grow tax-free if they are spent on qualified expenses, which include housing, transportation, living expenses, healthcare, assistive technology and more.

The STABLE Account program was launched in 2016 following passage of the federal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLE Act, individuals with disabilities could only save $2,000 before losing means-tested benefits, such as Medicaid or Supplemental Security Income (SSI).

Additionally, asset limits hindered opportunities to join the workforce. These regulations made it difficult for many people to work, save and invest, creating barriers to financial independence.

In recent years, the Treasurer's office has partnered with several private and public sector employers across Ohio to enable eligible employees to make recurring deposits into STABLE accounts directly from their paychecks.

Through STABLE Account, Ohioans living with disabilities can enjoy a higher quality of life and build a strong financial future. Signing up for a STABLE account takes about 20 minutes and can be done online from home. For more information about STABLE accounts and to sign up, visit http://www.stableaccount.com.

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Treasurer recognizes August as ABLE to Save Month - Yahoo News

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Fresh out of college and ready to start her first job, Maribel Franciscos new employer asked her what she wanted to be paid. With no idea where to begin, she said $40,000.

She soon realized that was less than what she was worth, but when she asked for more, the employer wouldnt budge.

Its a situation Francisco, the first generation of her family born in the United States, hopes to help others avoid. After working as a financial analyst in the entertainment industry, she launched Our Wealth Matters, a platform to help immigrants on their financial journey in the U.S. by coaching them on saving, investing, and retirement planning.

Shes not alone. Delyanne Barros, a Brazilian-born U.S. citizen, launched her brand, Delyanne the Money Coach, after an unsatisfying career as an attorney. She found investing as an opportunity to work toward financial independence without owning property, and hopes to help others, particularly Latinos, achieve their own version of financial freedom.

Language barriers and a lack of trust in the financial system, Barros and Francisco say, are among the factors that make it difficult to find financial stability in a new country, especially for Latin American immigrants. With the number of foreign-born people in the U.S. rising currently at an historical high of 44 million, 50% immigrating from Latin America a growing number of people are in need of foundational advice on how to navigate the American financial system.

Barros says overcoming these types of hurdles is one of the first steps toward financial stability for this population, which she defines as the ability to walk away from situations or walk towards situations that are going to increase your happiness.

Heres what Barros and Francisco think are the biggest barriers to financial stability for immigrants, and how to begin the process of overcoming them.

Financial stability for new immigrants can look different depending on each persons goals. Getting on the grid establishing credit and opening up a bank account for the first time is a good first step. It is essential to start building your credit score and credit history as soon as possible, according to Barros.

Established credit will make it easier to qualify for loans, credit cards, a mortgage, and better interest rates for all of these. Established credit is also crucial for leasing an apartment, as many rental companies check credit reports.

Gaining financial stability means starting with the basic American financial building blocks. Once these building blocks are in place, that is when financial stability starts giving you choices. You can leave an employer that doesnt value you, negotiate a better salary, or leave an unhealthy relationship with the confidence that you can support yourself financially, says Barros.

Getting started on the path toward financial stability can be daunting, though. There are aspects of the U.S. financial system and the immigration experience that often make this path even less attainable for the immigrant community.

Every immigrants story is different, but some aspects of the U.S. financial system present common difficulties for new Americans. Here are a few, and how to navigate them.

One of the largest hurdles for immigrants who want to be financially independent is accessing information in their native language. Financial products can be complicated. Thats true for everyone, but its especially true for those whose primary language isnt English. There can be serious consequences if you arent clear what youre getting into. The language is purposefully intimidating, Barros says.

Through educating the immigrant community in personal finance (in both English and Spanish), Francisco says she tries to boost their awareness of the possibilities available to them. Its why she decided to produce bilingual content: posting everything in English first, and publishing the exact same content in Spanish the next day. This is how she does her part to combat the language barriers that face Spanish-speaking immigrants. This also helps the families of her audience: She says many will share the Spanish-language versions with their parents and loved ones.

Immigrants bring with them parts of their home country, like language, culture, and values. Some bring with them a fear of financial institutions, rooted in distrust of their home countrys system. There are more protections in the United States than many other countries and youre actually hurting yourself by not engaging with the financial system, says Barros.

The U.S. financial system offers several safeguards for consumers. For example, banks that are insured by the Federal Deposit Insurance Corporation (FDIC) protect up to $250,000 per account in the case of theft or bank failure. Additionally, government agencies like the Consumer Financial Protection Bureau hold banks accountable and can punish them for breaking the law. All consumers can access the CFPB complaint database, which allows for transparency between banks and customers when it comes to violations of federal regulations and laws.

It can be hard for immigrants to find someone who understands their situation. Theres very little representation [of immigrants] in the financial industry, Barros says. This often causes immigrants to feel marginalized and can be a deterrent for those who are already distrustful of banks and investing.

Many immigrants who dont have a Social Security number believe that investing is out of their reach. This is a huge misconception, Francisco says. An individual taxpayer identification number, or ITIN, allows immigrants to do much more than pay taxes. ITINs can be used for opening up bank accounts, savings accounts, credit cards, and applying for loans. Immigrants can also put money into a 401(k) with an ITIN and receive an employer match. The same goes for immigrants who have work permits through their Deferred Action for Childhood Arrivals (DACA) status, Francisco says.

An individual taxpayer identification number, or ITIN, allows immigrants to open up bank accounts, savings accounts, retirement accounts, credit cards, loans, and also to pay taxes without a Social Security number.

If youre looking to begin your journey toward financial stability, here are a few basic steps to help you get started.

Franciscos first step with her clients is pushing them to define their why. This can range from wanting to retire early, support their family, buying a house, starting a stable career, or simply having a secure lifestyle. Defining a why is crucial because it may be the only thing that keeps you from giving up during financial difficulties. If you have a strong enough why, thats gonna get you through those hardships, Francisco says.

Your credit score will consist of several factors, primarily your payment history (paying your credit accounts on time) and credit utilization (how much of your available credit youre using). There are other factors that go into a credit score as well, including the length of your credit history.

There are a few ways to start building credit if you are brand new to the credit system, Barros says. The first way is to find a family member or close friend who is willing to add you to their account as an authorized user. Becoming an authorized user means that you have access to funds, but the owner of the account remains responsible for paying all bills on time. Another way to start building credit is to get a secured credit card. Secured credit cards have relatively low limits, but once you show that you are a responsible user and you pay your credit card off on time, your bank can convert your secured credit card to an unsecured credit card, and your credit limit will increase.

One of the most important steps toward financial stability is opening a bank account. This may be overwhelming since there are tons of banks out there, so Barros recommends doing your research. A Google search will tell you if a bank has been involved in fraud or some other sketchy behavior. You can also browse the CFPBs Consumer Complaint Database to learn about complaints made against a specific bank.

Some other things you should be looking for are banks with minimal fees and penalties for transferring money between accounts and also banks with accessible customer service.

At a minimum, confirm the bank is FDIC insured or, if youre banking with a credit union, be sure that it is NCUA (National Credit Union Association) insured. You can do this by searching a bank name through the FDICs BankFind feature or for a credit union using NCUAs Research a Credit Union

Finally, Barros suggests you look for banks that are catering to a specific minority. This is the best way to ensure that your bank will be empathetic to your situation and cater to your specific needs. For example, if your primary language is Spanish, it will be helpful to find a bank that has Spanish-speaking customer service representatives. Generally, this information can be found on a bank websites homepage or on their customer service page.

Look for tools at the top of the homepage that allow you to translate the entire website, or look more specifically at whether they have Spanish language options on their customer service page.

Informed Immigrant is a trustworthy tool to help find local immigrant-serving organizations, clinics, legal help, and other nonprofits. Local organizations like the ones found through Informedimmigrant.com may be able to provide educational resources or translation services if English is not your primary language.

Growing up as a child with an undocumented father, Francisco was never sure who could be trusted and, as a result, says she and her family simply avoided talking about personal finances with others. To her, finding community is gonna be key. Her advice is to find others who talk openly about finances. Some community centers or churches will offer personal finance workshops that can be beneficial for those who dont know where to start.

The best way to find trustworthy communities is through diligent research, Francisco says. She advises immigrants to reach out to families they know who have been in a similar situation or search for community centers that are specifically servicing the immigrant population. If youre on social media, find and follow people who are openly talking about the topic youre interested in, she says. While immigration is a sensitive topic to speak about openly on public platforms, there are influencers doing it on Instagram, TikTok, and Youtube. Those who are willing to share their stories are usually out to build a community, Francisco says.

You may also be able to find nonprofit organizations in your community that help immigrant groups. Community Development Financial Institutions, or CDFIs are financial institutions that prioritize serving communities and populations that typically lack access to financial products and services. Outside of providing financial services, CDFIs often offer courses and programs to help underserved communities develop financial literacy You can find a CDFI near you using the CDFI locator tool.

The FDIC also offers an educational program, Money Smart, aimed toward people who want to improve their financial literacy and skills.

Both Barros and Francisco warned that one of the biggest mistakes they see is when people allow fear to prevent them from taking action. For example, Barros says she sees frequently that fear of being charged interest keeps people from using their credit cards [and] keeps people from building their credit score. Francisco refers to this fear as analysis paralysis. She says that she often has clients who are so overwhelmed by the amount of information floating around, they end up stuck in a place of inaction. This mistake can be avoided by doing your research and asking questions.

The same can be said for investing. Yes, investing can be risky, but according to Barros, we reduce the risk by investing over a long period of time. So, its important to start early. The best strategies to invest for the long-term include investing regularly and consistently, and investing in broad index funds. Barros says investing and financial stability can be the difference between having to work until the day you die versus you being able to retire with dignity in your older years and not having to put a ton of strain onto your children.

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These Two Latina Money Coaches Are Helping the Immigrant Community Break Financial Barriers. This Is What They Want Immigrants to Know - NextAdvisor

HOUSTON, Aug. 4, 2022 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three months ended June 30, 2022.

Second quarter 2022 Highlights

Net loss, as defined below, of $2.8 million, or $0.21 per share.

Adjusted net loss, as defined below, of $9.8 million, or $0.72 per share.

Adjusted EBITDA, as defined below, of $9.2 million, representing an approximate 158% sequential improvement from the first quarter of 2022.

Adjusted net debt, as defined below, of $158.0 million.

Marketed fleet utilization of 71%.

Fully burdened margin of $8,946 per day, representing an approximate 56% sequential improvement from the first quarter of 2022.

In the second quarter of 2022, the Company reported revenues of $42.3 million, a net loss of $2.8 million, or $0.21 per share, adjusted net loss (defined below) of $9.8 million, or $0.72 per share, and adjusted EBITDA (defined below) of $9.2 million. These results compare to revenues of $19.8 million, a net loss of $14.9 million, or $2.22 per share, adjusted net loss of $14.6 million, or $2.18 per share, and adjusted EBITDA loss of $0.4 million in the second quarter of 2021, and revenues of $35.0 million, a net loss of $58.8 million, or $5.20 per share, an adjusted net loss of $11.1 million, or $0.98 per share, and adjusted EBITDA of $3.6 million in the first quarter of 2022.

Chief Executive Officer Anthony Gallegos commented, "I am extremely pleased with our performance during the second quarter, on both a financial and operational front. Sequential margin improvements of 56% drove sequential EBITDA improvements of over 150%. Dayrates for ICD rigs continue to increase with most ICD rigs now set to reprice one to two additional times before year-end. Based on contracts in hand and current spot prices, we expect to see incremental margin per day improvements in the third quarter of approximately 14% and further meaningful improvements in the fourth quarter as well. All of this should drive meaningful EBITDA improvements through the remainder of this year and into 2023.

Story continues

Operationally, I believe the second quarter was pivotal for ICD. We reactivated our 18th rig on schedule, and on budget, and it has commenced operations in the Haynesville effective August 1, 2022 on a one-year contract with a large independent. Our 19th rig is scheduled to reactivate at the beginning of the fourth quarter and our 20th rig is scheduled to reactivate late in the fourth quarter. We also have begun preparing to reactivate our 21st rig early in the first quarter of 2023. Based upon current spot dayrates for 300 series rigs, all of these rigs should pay back their reactivation costs in one year or less.

But more importantly, we completed all engineering work necessary to convert the significant majority of our 200 series rigs to 300 series specifications with very modest incremental investments of approximately $650,000 per rig. Rigs meeting 300 series specifications are in the shortest supply and command the highest dayrates, and we expect to earn less than one-year paybacks on these conversions based upon dayrate differentials today. These conversions require minimal rig downtime and we plan to execute these conversions as our customer base requires. Today, nine of our ten operating 200 series rigs are eligible for this conversion, and we have already signed two contracts for such conversions in the third and fourth quarters of 2022. In addition, six of our non-marketed rigs are eligible for this conversion, and we have now added two of these rigs to our marketed fleet, increasing our marketed fleet from 24 rigs to 26 rigs.

With this backdrop, I could not be more excited about ICD's strategic positioning in this market dynamic. Our focus on short-term, pad-to-pad contracts is allowing us to quickly convert rapidly improving dayrate momentum into our reported results, and we have now started to build our contractual backlog into 2023. Our overall rig reactivation plan and schedule remains intact, and with our 200-300 series conversion program announced, we have the ability to offer from top to bottom what we believe is one of the most competitive rig fleets in the industry. This is not only driving improved financial performance, but continual high-grading of our customer base. During the second quarter, we added two additional large independents to our customer base, and today, of our 18 operating rigs, approximately 80% are working for public companies or the two largest private operators in the Permian and Haynesville plays."

Quarterly Operational Results

In the second quarter of 2022, operating days increased sequentially by 5% compared to the first quarter of 2022. The Company's marketed fleet operated at 71% utilization and recorded 1,540 revenue days, compared to 1,077 revenue days in the second quarter of 2021, and 1,463 revenue days in the first quarter of 2022.

Operating revenues in the second quarter of 2022 totaled $42.3 million, compared to $19.8 million in the second quarter of 2021 and $35.0 million in the first quarter of 2022. Revenue per day in the second quarter of 2022 was $24,875, compared to $16,514 in the second quarter of 2021 and $21,823 in the first quarter of 2022. The sequential increase quarter over quarter in revenue per day was driven by higher dayrates on contract renewals and reactivated rigs.

Operating costs in the second quarter of 2022 totaled $28.9 million, compared to $17.0 million in the second quarter of 2021 and $27.2 million in first quarter of 2022. Fully burdened operating costs were $15,929 per day in the second quarter of 2022, compared to $13,352 in the second quarter of 2021 and $16,069 in the first quarter of 2022. Sequential decreases in operating costs per day were driven primarily by improved cost absorption, partially offset by higher labor costs associated with increases in field-level wages during the latter part of the second quarter of 2022.

Fully burdened rig operating margins in the second quarter of 2022 were $8,946 per day, compared to $3,162 per day in the second quarter of 2021 and $5,754 per day in the first quarter of 2022. The Company currently expects per day operating margins in the third quarter of 2022 to increase sequentially approximately 14% compared to the second quarter of 2022, driven primarily by favorable dayrate momentum as well as reactivation of the Company's 18th rig.

Selling, general and administrative expenses in the second quarter of 2022 were $4.9 million (including $0.7 million of non-cash compensation), compared to $4.1 million (including $0.9 million of non-cash compensation) in the second quarter of 2021 and $5.2 million (including $1.0 million of non-cash compensation) in the first quarter of 2022. Cash selling, general and administrative expenses continue to remain elevated due to higher recruiting and onboarding expenses.

During the quarter, the Company recorded interest expense of $8.2 million, including $2.0 million, or $0.15 per share, relating to non-cash amortization of debt discount and debt issuance costs. The Company has excluded these non-cash expenses when presenting adjusted net income/loss per share. Following approval of matters submitted to the Company's stockholders at the Company's 2022 Annual Meeting on June 8, 2022, embedded derivative features within the Company's Senior Secured PIK Toggle Convertible Notes due 2026 were deemed extinguished for financial accounting purposes. As a result, during the second quarter of 2022 the Company reclassified the conversion rate feature ($69.2 million) of the derivative liability on its balance sheet to additional paid-in capital and recognized a non-cash gain on the extinguishment of the PIK interest rate feature of $10.8 million. This non-cash gain was excluded when presenting adjusted net income/loss per share.

The Company's forecasted effective tax rate was adjusted during the second quarter of 2022, resulting in tax expense of $2.2 million, or $0.16 per share, compared to a tax benefit during the first quarter of 2022. Of this tax expense, $0.3 million relates to cash taxes, which are attributable to state and local franchise taxes.

Drilling Operations Update

The Company exited the second quarter with 17 rigs operating, with our 18th rig commencing operations August 1, 2022. Overall, the Company's operating rig count averaged 16.9 rigs during the quarter. The Company's backlog of drilling contracts with original terms of six months or longer was $54.3 million as of June 30, 2022. This backlog excludes rigs operating on short term pad-to-pad drilling contracts. Approximately 64% of this backlog is expected to be realized in 2022.

Capital Expenditures and Liquidity Update

Cash outlays for capital expenditures in the second quarter of 2022, net of asset sales and recoveries, were $4.5 million. This included $3.8 million associated with prior period deliveries.

As of June 30, 2022, the Company had cash on hand of $7.3 million, a revolving line of credit with availability of $14.0 million, and $157.5 million principal amount outstanding under its new convertible notes.

During the second quarter of 2022, the Company did not issue any shares of its common stock through its at-the-market ("ATM") offering program.

Conference Call Details

A conference call for investors will be held today, August 4, 2022, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's second quarter 2022 results.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 8212928. The replay will be available until August 11, 2022.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.

Certain Defined Terms

Pad-Optimal, Super-Spec Rig is defined as an AC powered rig with minimum 20,000ft racking capacity, 1500HP+ drawworks, 750,000lb hookload, three high pressure pumps, four engines and omni-directional walking system. Such rigs also include dual fuel, hi-line power and drilling optimization software options.

300 Series Rigs are defined as a Pad-Optimal, Super-Spec rig with the following additional characteristics: 25,000ft+ racking capacity capable, and hi-torque top drive capable.

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit http://www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include the Company's expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

CONSOLIDATED BALANCE SHEETS

June 30, 2022

December 31, 2021

Assets

Cash and cash equivalents

$

7,294

$

4,140

Accounts receivable

26,820

22,211

Inventories

1,377

1,171

Prepaid expenses and other current assets

2,406

4,787

Total current assets

37,897

32,309

Property, plant and equipment, net

356,537

362,346

Other long-term assets, net

2,115

2,449

Total assets

$

396,549

$

397,104

Liabilities and Stockholders' Equity

Liabilities

Current portion of long-term debt (1)

$

3,225

$

4,464

Accounts payable

17,065

15,304

Accrued liabilities

9,044

11,245

Accrued interest

6,939

4,372

Current portion of merger consideration payable to an affiliate

2,902

Total current liabilities

36,273

38,287

Long-term debt (2)

122,094

141,740

Deferred income taxes, net

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Independence Contract Drilling, Inc. Reports Unaudited Financial Results for the Second Quarter Ended June 30, 2022 and Announces Initiation of 200...

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

You know the system is broken when a performing arts degree costs $200,000.

I felt like I was in a cage, says Latasha Peterson. I left college with a pile of debt. The wife and mother of three struggled for years to make real progress on her enormous student loan bill. Something needed to change.

For over two years, federal student loan payments have been paused, and it appears likely President Biden will extend the pause a seventh time later this month. Millions of Americans anxiously await potential forgiveness legislation, a campaign promise that Biden promoted during his election campaign in 2020.

Peterson isnt one of them. She took matters into her own hands and got serious about her debt management. After gaining traction with her finances, fellow performing artists and creatives began asking her how she was making ends meet. The inbound interest motivated her to create Arts & Budgets, a blog of resources to help people create profitable businesses and additional income streams.

I saw a struggle, she says. I saw the problem, and it developed a passion in me to help individuals find legit ways to make more money. @ArtsAndBudgets now averages $10,000 a month in income from ten different revenue streams, and the mompreneur has used the extra funds to pay down $30,000 of her debt over the last 13 months.

If youre tired of waiting on student loan legislation and want to start taking action now, heres what Peterson wants you to know about starting a side hustle and working towards financial independence.

Growing up, debt was seen as normal in Petersons household, and she says she wasnt taught how to manage money. After college, she found herself juggling over $10,000 in credit card debt and roughly $200,000 in student loan debt with no savings.

Related: 4 Signs Biden Will Extend the Student Loan Payment Pause Again

I really wanted to be a stay-at-home mom, she says. So, I quit while my husband continued to work in corporate America. My passion for work never went away, though. Peterson and her husband started their debt payoff strategy by taking an inventory of the households finances.

Money was tight, and we only had $100 in our account at one point, she says. But my husband and I buckled down and set a budget. We really looked at our numbers, started scaling back, and committed to monthly meetings. We didnt do this when we first got married, but I really wish we had. We started to spend with purpose every dollar had a purpose.

Related: My Side Hustle Pays Me $4,300 a Month, But Im Not Putting a Penny of It Towards My $208,000 Student Loan Debt. Heres Why

Latasha also started taking her blog more seriously as a way to bring in additional income.

It was very busy at first, but I worked with my husband to figure out my schedule, she says. In the beginning, its more time than money invested with blogging. Im very big on schedules, but it was very challenging at the beginning. However, we got into the rhythm of things after about two to three months.

Peterson focused on several different blog monetization strategies, including display ads, affiliate marketing, and selling digital products. She also prioritized boosting traffic to her website.

Related: How to Make Money From Blogging in 5 Steps, According to 4 Experts Whove Done It

Over time, her efforts paid off. She increased her blogging income to over $5,000 in January 2021, which she used to start tackling debt, and now sees earnings of $10,000 or more each month.

I continued working with my husband each week to create a schedule that allowed me to spend at least two to three hours each weekday working on the blog, she says. We also worked together as a team to make sure we stuck with our budget and rewarded ourselves each time we met a debt payoff milestone.

Peterson has paid off all her credit card debt and made tremendous progress towards eliminating those pesky student loans. She believes that with patience and consistency, anyone can start a money-making blog to meet their financial goals.

While it doesnt take a large investment to start a blog, it takes a ton of time when youre just starting out, she says. But if you just stay consistent and keep writing great content for your direct target audience, youll see results for sure. If you want to fast track things, invest in a blogging coach or mentor with a proven track record or a great blogging course. Peterson recommends focusing on great content and learning about important blog concepts such as keyword research and search engine optimization (SEO).

Earning money from a blog takes time, but you can expedite the process by focusing on your niche, target audience and investing in a reputable blogging coach. Blogging courses are also an affordable way to level up your blogging knowledge and monetize sooner.

Most importantly, Peterson urges other bloggers not quite getting the results they want to keep at it.

Never compare your beginning to someone elses middle, she says. There will be days where the going may get tough, but you can turn a blog into a profitable business and start reaching your financial goals. You have to stay consistent.

If I can do it, anyone can do it.

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Not Waiting For Biden: How This Mom of 3 with $200,000 in Student Loans Has Paid Down $30K During the Payment Freeze - NextAdvisor

Bill listened to our episode with Bill Bengen, father of the 4% rule, and he wants to know if there was a way for him to figure out how much money he should be keeping in cash.

Heather inherited an IRA but MUST empty it within ten years but she doesnt need it right now. What should she do??

Sheryl gets stock from her company, and she would usually sell itbut the stock value has decreased. And now, she isnt sure what she should do.

Julie and her husband have access to an HSA for ONE MONTH. Can they max it out before they lose access to it?

In todays episode, former financial planner Joe Saul-Sehy and I tackle these tough questions.

Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and well answer them in a future episode.

Enjoy!

Bill asks (at 2:57 minutes): I listened to your episode about the 4% rule, found it very informative.

I have one question about something he said that you didnt go into: he said that hes only 15% invested in stocks right now.

Is there a formula or a method used to determine how much to invest versus keeping cash?

Heather asks (at 9:22 minutes): Im 45 years old and I just inherited a traditional IRA with approximately $30,000 in it.

I have to take the distributions over the next 10 years to empty the account and will owe taxes on it, even though Im not retired and dont really need the money.

However, I do appreciate the gesture and want to invest the money wisely.

What type of asset allocation would you recommend for an account that has to be emptied in 10 years? If I didnt have to take distributions, I would probably put it all into an S&P 500 index fund.

Sheryl asks (at 22:02 minutes): Like many tech employees, I receive a large portion of my compensation in the form of restricted stock units. Also, like many tech companies, our tech company stock has decreased recently.

I was treating my RSUs as income and selling them immediately to either buy diversified stock or to pay for large household items. But with the recent plunge, my company has decreased a larger amount than the S&P 500.

Ive been considering whether I should hold onto this stock to see if there would be any recovery.

For context, the amount that has vested is less than 5% of my investment portfolio, and so I could think of this as my speculative portion of investments, given I dont have any other speculative type assets.

Does it ever make sense to hold on to RSUs in a portfolio? And are there any tax implications that I should be aware of?

Julie asks (at 44:36 minutes): My husband is starting a job with a new company that offers a high deductible health plan with an HSA.

We are really excited about the potential for an HSA. Weve never had one before, but we know that it is a great F.I.R.E. vehicle and we really want to max it out.

We expect that after about a month of my husband having the HSA, my company is going through a change and will be offering new full coverage insurance.

I understand that we cannot have the HSA when I have access to other full coverage insurance.

If for that month before my new benefits take place, can we max out our HSA with my husbands company? The plan would be to put all of my husbands paychecks and max out to the $7,300 limit. We wont be able to contribute to the HSA in the following months, because my husband and I will have coverage through my job.

Can I do this in a month span or do rules around the HSA apply to the entire calendar year?

We have so many changes going on that its a little bit confusing and we really, really want to maximize that HSA if we can for all of the tax advantages.

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#394: Ask Paula: Inflation is High! How Much Cash Should You Keep?! - Afford Anything

When one spouse retires and the other continues to work, Its important to pay attention to the psychological component,Douglas Boneparth, founder and president of Bone Fide Wealth, tells ThinkAdvisor in an interview.

There could be everything from jealously and animosity to uncertainty all the way to everyone is happy doing their own thing, the financial advisor explains.

Boneparth, 37, has seen it all as a certified financial planner for 12 years,10 of them as an independent financial advisor.

The one-spouse-retires/one-works arrangement allows greater distribution flexibility because of the income generated by the working spouse, he notes.

From his office in downtown Manhattan, Boneparth specializes in helping millennials and has $90 million in client assets under management.

There are several pluses to half a married pair continuing to work among them, less reliance on retirement assets.

Also, it reduces income tax, and theres a possibility that the working spouses group health care plan may be superior to and more affordable than Medicare coverage, Boneparth points out.

Further, if youve stopped working, theres likely no longer the need to maintain individual disability and life insurance polices, so those premium payments will be eliminated.

Still, several other big decisions need to be made, like when each spouse should start receiving Social Security benefits and when to begin spending from a retirement account.

In the interview, Boneparth highlights the necessity of a comprehensive financial plan spanning a wide range of contingencies and options.

He has been helpingpeople since his college days, when he worked part time at his fathers Ameriprise Financial practice in Florida.

At 23, he relocated to New York to join another Ameriprise advisors business and began building his own book on the side.

He went independent in 2012, first with a partner, then going solo four years later. Two years before, he received an MBA in finance and management from NYUs Stern School of Business.

ThinkAdvisor recently interviewed Boneparth, who was on the phone from his office at 7 World Trade Center.

The advisor, whose undergrad degree is a B.S. in public relations from the University of Florida, announces that he has just rebranded retirement.

The classic definition, Im not going to work anymore, is a little antiquated, he says.

In the interview, he reveals what he believes is a more up-to-date characterization.

Here are highlights of our conversation:

THINKADVISOR: What should clients be sure not to overlook when one spouse retires and the other continues to work?

DOUGLAS BONEPARTH: Its important to pay attention to the psychological component.

There could be everything from jealousy and animosity to uncertainty all the way to everyone is happy doing their own thing.Ive seen it all.

What actually is retirement nowadays?

I just rebranded retirement to financial independence. The classic definition, Im not going to work anymore, is a little antiquated.

A better definition: Retirement is when not working is optional and affordable. Youre not reliant on [earning] income in order to live comfortably.

When one spouse in a couple plans on retiring and the other wants to continue working, for whatever reason, would that change their retirement plan?

Not necessarily. You have an advantage when one spouse keeps working: an income stream coming in, which obviously allows for a little more flexibility.

The reliance on retirement assets is less than if both were retired with no earned income being generated.

So this [strategy] actually favors planning. It provides more flexibility in what it takes to re-create the level of income needed to live a similar lifestyle during retirement years.

What are some issues that particularly need to be addressed in the retirement plan?

The best time to take Social Security; the best time to begin drawing down assets from a retirement account.

And how one spouses ability to continue earning money may provide less of a burden on the need to draw down those assets.

What about health care insurance?

Theres a lot to think about. The ability to stay on the working spouses group benefits comes into play versus enrolling in Medicare.

In some cases, you might get better health insurance through the working spouse by continuing to be on group health care than through Medicare.

This will come down to a cost-benefit analysis. If the premiums are cheaper and the benefits more robust staying on the spouses plan, then you would choose that versus Medicare.

Should the retired spouse start taking Social Security benefits while the working spouse waits to do so?

Heres my rule of thumb: If you need Social Security to live on, then, obviously, take it starting at full retirement age.

Otherwise, its likely worth waiting till age 70 to claim and get a bigger benefit assuming you think youre going to live well into your 80s.

Does income tax decrease when one of the spouses retires?

Read the original here:

How to Plan When One Spouse Retires While the Other Keeps Working - ThinkAdvisor

Twenty-three-time Grand Slam Champion Serena Williams is still focusing on the tennis court, but her life has changed significantly off the court, especially now that shes a mom.

Williams has diversified her business portfolio, is leading her own venture capital firm, and is playing mom to her five-year-old daughter, Olympia.

Now when I prepare for a tournament, I practice in the morning, I take VC calls in the afternoon and then I spend time with Olympia, and that didnt happen five years ago, Williams, 40, told People Magazine.

Williams added that she couldnt imagine that her life would be like this just a few years ago, adding that investing has been the perfect second career for her. Williams parents stressed the importance of financial independence and money management. Something Williams and her husband, Alexis Ohanian, plan on teaching their daughter.

I am a huge proponent of financial independence and education, and accessibility, Williams says. So those things are really important for me to teach my daughter and also important for me to raise awareness.

Williams is also using her platform to make Serena Ventures a home for diversity, which is needed in the venture capital industry. In April, the tennis star announced a strategic investment with Karat, the worlds largest interviewing company, to significantly scale Brilliant Black Minds, a program that improves access and inclusion across the technology industry.

By opening the program to all current and aspiring engineers and serving Karats Champion of Brilliance, Williams will support Karats call on the industry to help add more than 100,000 new Black engineers to the tech industry in the next decade.

Williams is one of the most decorated tennis players ever to grace the court, winning 73 career titles and more than 850 career games. She has won the Australian Open and Wimbledon seven times each, the U.S. Open six times, and the French Open three times. Additionally, she has four Olympic medals to her name.

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Tennis Star Serena Williams Says Her Life Has Changed Now That She's A Mom And Investor - Black Enterprise

The Web3 space has opened up many opportunities, bringing in a wave of disruption and innovation across the globe. According to the World Economic Forum, Web3 is not only a new foundational layer of the world wide web, it is a fundamentally new approach to corporate governance, value creation andstakeholder participation.It presents an opportunity where people are not merely products or beneficiaries of technology-powered business models but builders and owners ofdigitally unique assets.

The potential of Web3 to unleash the next wave of digital disruption is clear. Society is on the cusp of this transformation, technology companies across have been exploring the possibility of its future. Award-winning Dubai-basedDecentralised Investment Group (DIG) is once such company joining the league. DIG and its international subsidiaries are on a mission to unearth and invest in a plethora of innovative products and build within the Web3 space, while instilling the values of decentralisation, financial independence and individual liberty.

A multinational blockchain technology conglomerate, DIG isseeking out exclusive investment opportunities within blockchain and the metaverse space and turns these opportunities into industry-leading products aimed at disruptingthe digital world and global economy as we know it.

This ethos is in line with DIGs chosen location in Dubai, the crypto hub of the region and the world, especially following the recent announcement by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, that the city willhost the inaugural Dubai Metaverse Assembly in September. The Dubai Metaverse Strategy aims to contribute Dhs4bn to the national economy over five years, along with supporting 40,000 virtual jobs.

Under the leadership of founder and global managing partner Haydn Snape, DIG has been at the forefront of metaverse compatibility and preparation, building digital products that promote equitable, accessible and trusted open systems to facilitate economic growth, using innovative and cutting edge blockchain technology.

DIG and its team of more than 250 global innovators, engineers, designers, developers, technologists and creatives have been innovating products that harness the power of decentralised technology in revolutionising the digital world. This includes establishingXYZZY, DIGs GameFi subsidiary, aMiami-based metaverse company bridging the virtual world with the physical. XYZZY provides iconic brands an entry point into the future, while also purchasing and converting traditional fan favourite games into play-to-earn NFT games.

Some of DIGs investments include the state-of-the-art blockchain game development studio Wild Thunder in Vietnam and a pioneering digital marketing agency ROOK Digital in the Philippines. Most recently, DIG and its Wild Thunder team are bringing blockchain to the world of Hollywood by partnering with BRON Studios, where DIGs CEO, Haydn Snape, acts as Digital Advisor to BRON Studios on all film, television and streaming initiatives. Bron Studios is a worldwide and critically acclaimed media and entertainment company that has garnered 32 Academy Award nominations and six wins.

DIG revealed its foray into Hollywood at the NYC.NFT Week 2022, which wrapped up in New York on June 23. This is going to herald the futurisation of film and television, and we will be reinventing how audiences engage with content in the filmmaking world. This is a new era for Hollywood, and we will be developing new financial architecture and interfaces born out of Web3 thinking, which include innovations like tokens, gamification, metaverse compatibility and the like, says Haydn Snape, DIG CEO.

As a company that believes in always giving back, Snape also set up the charitable DIG Foundation, a non-profit subsidiary with a mission to empower underprivileged communities through providing them with cutting edge STEM education, so they may thrive in a growing digital economy.

From foraying into the Web3 space to NFTs to decentralised technology, DIG is slowly heralding into the future of the internet.

See more here:

How Decentralised Investment Group is powering the future of Web3 - Gulf Business

[Editor's Note: Are you or someone you know looking for a fulfilling job with a close-knit company thats near and dear to your heart? If so, we know of somebody whos hiring. The White Coat Investor is looking for a full-time executive assistant who has impeccable integrity and effective communication skills. With a competitive salary and great benefits, this could be the opportunity youve been waiting for. The deadline for submitting an application is August 5, so make sure to apply today to become a part of our growing team!]

By Dr. James M. Dahle, WCI Founder

Doctors are notorious for being bad investors. There are a number of reasons for this, but none of them are insurmountable. Let's go over each of them.

Doctors start their investing careers in a different place than most people. Most people start investing, or at least could start investing, at 18-22 years old with a net worth in the -$50,000 to $0 range. That's not the case for most doctors. Most doctors start their investing career at 30-35 with a net worth in the -$100,000 to -$500,000 range. That's a big barrier. Many doctors don't even get back to broke before 40, only to discover that compound interest has been assisting their college roommates' path to financial independence for almost two decades already.

The Solution:

The good news is that doctors also generally earn more than their peers, with the average physician bringing in around $275,000 and the average dentist making approximately $175,000. If they combine that income with a relatively high savings rate, they can get back to broke much sooner and can continue to rapidly build wealth. It's hard to stay poor for long when you are putting six figures a year toward building wealth.

Unfortunately, our progressive tax system is skewed toward those who earn small amounts of money each year for many years and against those who earn a lot of money in just a few years. In fact, it is entirely possible to become a millionaire in this country without ever paying income tax. In 2021, when I originally wrote this piece, a family of four living in a tax-free state and taking the standard deduction could earn up to $62,500. If you maxed out a tax-deferred 401(k) at work, that amount increased to $82,000. That income got you into approximately the top 12% of all earners.

Investing $19,500 a year at 8% would cause you to become a millionaire in just over 21 years.

=NPER(8%,-19500,0,1000000) = 21.2 years

On the other hand, a doctor earning the average physician income of $275,000 pays more than $44,000 in income taxes, or about 16% of incomeagain assuming marriage to a non-earner, two kids, and the standard deduction while ignoring payroll taxes, state income taxes, sales taxes, and property taxes. At $500,000 of income, that figure rises to $115,000, or 23% of income. Whether 16% or 23%, that is simply a lot of income that cannot go toward building wealth.

The Solution:

While there is no doubt that earning more helps to build wealth (especially if you keep that savings rate high as discussed in #1), the real solution to the increased tax burden that doctors face is to minimize the taxes, especially those applied in the highest brackets. This is done using tax-protected retirement accounts, particularly those with an upfront tax deduction such as 401(k)s, 403(b)s, 457(b)s, 401(a)s, Individual 401(k)s, Health Savings Accounts, and Defined Benefit/Cash Balance Plans. Many doctors are eligible for two, three, four, or more of these accounts. Maxing these out can dramatically lower the tax burden. Consider that doctor making $500,000 and paying $115,000 in taxes. By maxing out two 401(k)s, an HSA, and an $80,000 Cash Balance Plan, this doctor can knock more than $200,000 off their adjusted gross income, lowering the tax burden by almost $62,000, or 54%. That's $62,000 more that can be used to build wealth.

Many doctors stink at investing and other financial tasks simply because they do not know how to do them. By the time typical small business owners are making six-figure incomes, they are typically very good at running a business, evaluating risks, budgeting, and negotiating. They understand how the financial world and the tax code work. That's not the case for athletes, entertainers, artists, and doctors. Their high income comes from specialized skills or knowledge, not from any particular business or financial acumen. As a general rule, medical and dental schools and residencies teach next to nothing about personal finance, investing, or business to doctors. They are dumped onto the world with a high income and no idea how to manage it effectively to build wealth.

The Solution:

While there are many of us working on integrating some sort of financial training into the medical education system, the truth is that doctors are mostly on their own to learn this information. Luckily, it's not that hard to learn, especially with resources like The White Coat Investor available to you. Whether you prefer a blog, email newsletters, a podcast, a videocast, an online course, live conferences, books, or forums, we've packaged up this information for you in your preferred format so you can learn it and apply it in your life. Knowledge is power, and the truth is that this is one of the easiest obstacles to overcome.

There are a lot of what I call Dumb Doctor Deals out there. Most of these investments can only legally be sold to accredited investors. An accredited investor is presumed to be smart enough to evaluate an investment on their own (without the assistance of the SEC) and can afford to lose more money by virtue of their wealth. However, the actual definition of an accredited investor is solely based on income or wealth; there is no requirement for investment expertise. To make matters worse, the income level ($200,000) and the wealth level ($1 million in investable assets) were never indexed to inflation. So, most physicians coming out of residency are now technically accredited investors, despite having a negative net worth and little ability to evaluate an investment. They are whales ready to be harpooned by the nearest Captain Ahab hawking a dumb doctor deal.

The Solution:

The solution is to become a REAL accredited investor before ever touching an investment requiring that status. A real accredited investor has the knowledge and skills required to tell a good investment from a bad one, and they can identify investments that are likely to be scams. A real accredited investor can also afford to lose the entire investment. I would suggest that before touching these investments, you make sure you qualify on BOTH the income requirement AND the wealth requirementand double both of them for good measure. If you're making more than $400,000 AND you have more than $2 million in investable assets AND you have developed the ability and interest to objectively evaluate a private investment, then I think it is reasonable for you to include it in your portfolio. If you cannot check all of those boxes, then stick with a portfolio of low-cost, broadly diversified index mutual funds and possibly investment properties that you own and manage directly. There's no need to get fancy to be successful.

Doctors are taught to trust the other professionals in their hospital. They know that the pediatric nephrologist knows more than them about the workings of tiny kidneys, so they defer to their wisdom on those matters, trusting their advice completely. Unfortunately, they do not realize that the entire professional world does not recite the Hippocratic Oath prior to entering their field. They do not realize that not every financial professional has a fiduciary duty to them and that even many who do fail to abide by it. They also don't realize that many financial professionals have little real financial training. This results in doctors getting a lot of bad advice and overpaying for good advice.

The Solution:

Learning how the financial services industry really works and putting on your business hat (the one that makes you skeptical and suspicious) rather than your medicine hat before interacting with financial pros is the only solution. As William Bernstein famously said:

If you act on the assumption that every broker, insurance salesman, and financial advisor you encounter is a hardened criminal, you will do just fine.

I'm not saying they're all crooks (most actually aren't), but an attitude of healthy skepticism is completely appropriate. Like with your teenager: trust, but verify.

Doctors are trained to make difficult decisions quickly with limited information. They are also used to being the smartest person in the room. This leads them to make the classic behavioral error that just because they know a lot about one thing, they know a lot about everything. It is important to know what you know, but it is even more important to be aware of what you don't know. Many doctors think that financial gurus have functioning crystal balls. Even worse, many doctors think they personally have a functioning crystal ball. It is a rare doctor who would not benefit from at least occasional high-quality financial, legal, and accounting advice.

The Solution:

Get advice when you need it. Learn enough about finance to recognize when you need it. Be humble about what you know and what you do not. Develop an investing plan that does not require you to accurately predict the future to reach your financial goals.

On the other side of the scale, there are many doctors who are absolutely terrified of anything financial. While there is a lot to learn to function as your own financial planner and investment manager, there isn't THAT much to the process, especially since you only need to learn those aspects of finance that apply to your situation. But some doctors give up before they even start and become dependent on professionals to do everything for them without even determining if they are getting good advice or whether they are paying a fair price.

The Solution:

Realize that basic financial skills are relatively easy to pick up and implement in your life. Most doctors can function as their own financial planner and investment manager if they have the interest and the will to dedicate a bit of time to the craft. It is clearly the best-paying hobby you can pick up. Successful do-it-yourself investors often discover that their confidence lagged their knowledge by about a year. You can do this and you don't have to do it all on your own all at once from the beginning. Get help from others until you can fly on your own.

Many doctors think they will be able to work forever. They view money as their most renewable resource. See a few more patients, work a few more shifts, or do a few more surgeries, and voila, more money in the checking account. Many doctors don't realize that their career may end before they thought, that children cost more than they thought, or that physician burnout rears its ugly head for many by mid-career or even earlier. Many doctors realize they are different people at 35 or 45 than they were at 25, but they built a financial plan based around practicing full-time until age 70.

The Solution:

Doctors should prioritize their wealth-building activities early in their careers. Pay off your student loans in less than five years. Pay off your mortgage in less than 15. Become rich before you start acting rich. When your financial ducks are in a row, you will have the ability to make burnout-preventing and curing changes in your careeror even leave it completely if necessary.

Doctors are notorious for being bad investors, but this isn't a terminal condition. They can overcome the obstacles in their way, build wealth, and live the good life where they can support their family, focus on their patients, eliminate financial concerns, give to good causes, and even pick up a few luxuries for themselves along the way.

What do you think? Why do doctors have a reputation as such terrible investors? What should they do about it? Comment below!

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8 Reasons Why Doctors Are Lousy Investors and How to Overcome Them - The White Coat Investor

I am a 35-year-old working mother with two daughters.I havent bought any life insurance policy but I do have other investments. Is it necessary to buy life insurance or term insurance at this stage since I dont have any liability?

Name withheld on request

Life insurance is strongly recommended for working professionals in their mid-30s with dependents. Think about life insurance as a way to replace your income in your absence, so that your childrens education and well-being is taken care of.

While you may not have any outstanding financial liabilities as of today, you would have future obligations in terms of higher education of your children, health-care, and other family commitments. You should evaluate if your other investments are sufficient to take care of all these future obligations.

Another aspect to consider while evaluating the need for term insurance, is the liquidity of other investments. Sometimes individuals have a substantial portion of their wealth invested in real estate or equity in private companies. These assets take longer to liquidate. In the absence of an active income, dependents may face cash flow issues.

Term insurance provides an immediate liquidity support. If an individual has substantial assets but not liquid, they could buy term insurance coverage sufficient to cover expenses for the time taken to dispose the assets.

I am a 55-year-old individual and will be retiring soon. I am looking to buy a term policy for 15 years. Is such a policy available? Should I buy a term policy at this stage?

Name withheld on request

Term insurance is a way to provide financial independence to your dependents in your absence. You should buy term insurance to cover your active income-generating age i.e., until retirement.

The retirement age can be considered when you stop working completely, including part-time for money. After retirement, you would not have an active income, so there is no income to replace it. In fact, without an active income, you would be burdened with paying annual premiums from your retirement corpus.

It is common for people in their 50s, who have dependents, to buy term insurance. So, several insurers offer term insurance at the age of 55. You would have a number of options to choose from.

Abhishek Bondia is principal officer and managing director, SecureNow.in.

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Is it necessary to buy either life or term insurance policies? | Mint - Mint

Despite the reputation the Midwest gets for being "lifeless and flat," this region of the country is the most economically efficient, says Clever. In the West, the job-to-income ratio is a shocking 4.2, whereas the Midwest offers a 2.9 ratio. As housing prices increased, so did the median household income, meaning Midwesterners have a greater shot at attaining the American Dream (or, as some people are calling it, "financial independence"). So, what makes the Midwest such an affordable place to live? When it comes down to it, the reason living in the Midwest is so cheap is because of supply and demand, ToughNickel says.

Big cities are saturated with people but don't have enough housing available to accommodate all of them. This drives the housing prices (and the cost of living) up, which is why you'll notice a drastic comparison between costs of goods in San Francisco versus Cleveland, for example. The demand for property, fuel, and food is much less in the Midwest, so there's no need to create a competitive market by increasing costs. Combine all of that together, and you get a region in the U.S. that grants its citizens more financial freedom, who are free to live out the American Dream.

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The Most Affordable Region In The US Where The American Dream Is Still Alive - House Digest

When thinking about a recession, the first thing that comes to mind for many is the thought of Americans losing their jobs. During a recession, GDP (measure of economic output) goes down and unemployment increases.

The model for a recession has been similar ever since the second world war. Typically, when production begins to slow down because of any reason among various, companies may start to reduce their workforce to compensate.

As businesses reduce their workforce, Americans begin to spend less, either for lack of income or in fear of losing their jobs. While the loss of employment is rarely a risk for federal employees, the overall economic health impacts everyone.

When people spend less, businesses make less money, and when they make less money, they begin to lay off more workers. The cycle repeats itself.

A recession can be caused by various factors, including being manufactured by the Federal Reserve through tightening of monetary policy in order to cool off the economy. Economies that run too hot for too long bring uncontrolled inflation. As difficult as a recession can be on people, long-term and unchecked inflation is much, much worse.

Historically, recessions have given an overheating economy the time it needed to regulate back to healthy levels again. Now lets look at 2022.

Domestic production has retracted, and economists have been on recession watch for quite some time. Jerome Powell, the Fed chairman, has also commented about the potential need for a recession. But the unemployment rate is actually falling. More people are getting jobs, not losing them, according to the US Bureau of Labor Statistics.

Domestic production and unemployment have always been correlated because of the cyclical nature of how a free market economy worksit runs on supply and demand. But with more people being employed, what impact does this have on the potential for a recession?

Recessions can start with any of the three parts of the cycle in that graph. The consumer sentiment index measures how people are feeling about the economy, which tells us how people feel about spending money. Prior to recessions, weve historically had lower sentiment, which accelerated the progression of a recession.

In 2022, people are feeling extremely pessimistic. The cost of goods and services has rocketed, inflation is the highest it has been in 40 years, and the consumer sentiment index is measuring similar to what it did in 2008. If people are feeling negatively about where the economy is headed, then theyre less likely to spend money, which reduces corporate profits, and can worsen the cycle.

But 2022 is unlike any year weve seen before. Corporate profits are at the highest levels weve seen since the 1950s.

Heres another graph with data from the US Bureau of Economic Analysis. The vertical gray bars represent periods of a retracting economy.

Not only are profit margins high, the amount of cash that corporations currently have available to them is the highest its ever been, as shown in the graph below with data also from the US Bureau of Economic Analysis. This is a significant hedge against a contracting economy with reduced profits. Many companies are well positioned for a period of slowing business.

This could mean that businesses feel good about their positions and decide not to cut back their workforce so heavily. This could mean that we could have a much milder recession if we do have one.

There is incentive for companies to retain employees. Even the federal government has not been insulated from the masses of people retiring from the labor force. Corporations across America are having trouble filling the positions they need.

With a generational change of the workforce, as well as expectations of wages and work environments, younger workers have become more selective in their job picks and perpetuated the problem. This helps us understand one reason why corporations may be wanting to hold so much cash. They simply need to retain their people. Could we see higher wage growth as a result?

While overall consumer sentiment is weak, demand continues to be strong, and companies keep scrambling to fill the demand of consumers. This, combined with the high cash and low unemployment has economists scratching their heads in trying to figure out why inflation continues to run so hot.

One simple reason is that the Fed was quite literally 1.5 years late to the party. They were significantly slower to begin reducing economic stimulus than they should have been and kept money cheap for businesses to keep their lights on during the global pandemic.

All of these factors have created a perfect storm, which leads many economists to believe that a recession in 2022 will be unlike any weve seen before. Its not sustainable for an economy to have reducing production levels while companies are still employing and offering tons of jobs. Its an imbalance in economic sciences which can only lead to one of two things.

The first is that the corporations could use the cash on hand to hedge against the reducing production while allowing them to hire workers to increase production again. The economy corrects itself, and were back to normal. The other is that a recession is necessary in order to curb the demand in the market, forcing inflation to drop.

As a financial planning firm, we analyze the activity in the overall markets, and weve seen money managers and large financial institutions begin placing their trades to hedge. The economy and the markets are correlated but they dont always react with proximity to one another. Markets trade ahead of economic news, which is why reacting to news is almost always too late.

Despite whether weve reached the bottom of the market or if theres more to fall, whether were in a recession or if it comes later or not at all, the single most important question federal employees should ask themselves is: will whatever happens impact my financial independence?

Money is a tool to help us accomplish our objectives, take care of our families, and enjoy a life of fulfillment. Having a plan to help you accomplish these things will give you the greatest chance of achieving them. The markets wont always cooperate, neither will the economy, and sometimes your life wont either. But having a good plan in place allows you to know what you need to do to help maintain your financial safety each time the variables work against your plans.

We view a familys greatest financial success as their ability to continue living their lives the way they want to live without being ruled by variables outside their controla life with financial dignity and independence.

That is true financial freedom, and it can be possible with good planning. So dont wait any longer to prioritize your economic well-being, because its not just your money, its your future.

2022 Thiago Glieger. All rights reserved. This article may not be reproduced without express written consent from Thiago Glieger.

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Why A Recession In 2022 Will Be Unlike Any Other - FedSmith.com

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Weekly Wrap: Inflation, Bias, and What the Experts Say About a Recession - Morningstar

There's nothing Republicans love to do more than wax poetic about parenthood. Dip a toe into red state America and you'll be bombarded with cloying bumper stickers and Facebook memes about how motherhood is the "toughest job in the world." These sentiments aren't sincere, however. They are mostly meant to reassure women who have been sidelined from paid employment that they don't need that silly financial independence anyway. And in the last two years, things have grown worse as Republicans in an attempt to justify book banning and "don't say gay" laws have tried to rebrand themselves as a "Parents Party" that supposedly stands up for exhausted folks just trying to care for families.

Caring for and educating kidsis hard work. But this sentimental claptrap from Republicans has always been empty noise. Now that Republicans have achieved their goal of banning abortion and making motherhood mandatory, the mask is slipping away. They are now letting loose with their true belief: Child-rearing is dumb and easy, not even really work at all.

The Republican attitude towards child-rearing can be summed up as this: "If women do it, how hard can it be?"

Republicans have absolutely no respect for the people who actually do the hard work of bringing up kids, both in and out of the home. Despite the employment of gender-neutral terms like "parenting," the truth of the matter is child care and teaching are still largely relegated to the realm of "women's work." And there's no number of saccharine slogans that will change the baseline conservatives' assumption that women's work doesn't count as real work.

Thirteen is an "absolutely phenomenal" age to become a mother, according toJana Pinson, an anti-choice activist who has been granted millions of dollars to run a "crisis pregnancy center" meant to strongarm reluctant women into giving birth. Pinsongushed in a piece published Sunday in the Washington Post about how barely post-pubescentkids should embrace motherhood. "I've seen a lot of 13-year-olds do phenomenal" as mothers, Pinson insisted.

"It doesn't have to be a negative thing," she added, describing forced childbirth on middle school kids.

Her comments soon went viral on social media, obviously due to the widespread horror at the deep immorality of anti-choicers. There is nothing, of course, "pro-life" about this sadistic desire to re-traumatize child rape victims by stripping away their childhoods or forcing young children into motherhood. But Pinson's comment is also telling in another way. It serves as a reminder that conservatives don't treat child-rearing as a serious responsibility.

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Thirteen-year-olds aren't allowed to vote, drive, drink, or, in most cases, even attend high school. Hell, Republicans don't believe kids that young are mature enough even to receive sex education or told the truth about racism in American history. More importantly, outside of some odd jobs and very limited part-time employment, 13-year-olds aren't allowed to work for pay. They aren't allowed to live independently of adult supervision. Partially, this is because we're trying to protect kids from having to grow up too fast. But it's also because our society recognizes that kids this young don't possess the intellectual or emotional maturity to handle adult responsibilities. We don't want 13-year-olds driving cars not just for their own safety, but for everyone's safety.

That's why Republicans so often talk about forcing motherhood on women like it's no bigger deal than asking them to pay a traffic ticket.

Yet Pinson believes that these children are fully capable of raising other children. She isn't just some random weirdo, either, but a person with the full faith and credit of the entire GOP establishment. As the Post explains, due to huge infusions of cash from both GOP donors and the Republican-run Texas government, Pinson is building a "$10 million crisis pregnancy center," complete with a thrift store and cafe, all to "attract female undergraduates" in hopes of pressuring them into premature motherhood.

Pinson's attitude belies the larger and truer belief about motherhood that lurks under the GOP's sentimental exterior: It's just child's play, not real work. That's why Republicans so often talk about forcing motherhood on women like it's no bigger deal than asking them to pay a traffic ticket. They can't imagine that being a mother is actually hard work, as their bumper stickers always say.

That patronizing attitude isn't just limited to the work of rearing children, either, but also applies to educating them.

Despite all of the political dramatics around education being staged by Republicans, underneath it all they truly don't think of being a schoolteacher as a real job requiring real skills and training.That's always been evident from the GOP attitude towards teachers' unions, but it's only gotten more pronounced in recent months. The hysterics about fictional "critical race theory" lessons in public schools, as well as their book banning push, provide Republicans even more cover to push their belief that being a schoolteacher is just glorified babysitting. (Although even babysitting is harder work than conservatives will admit.)

Red states are now starting to get rid of the basic requirement that public school teachers have a college education. Under the guise of shoring up the teacher shortage, both Arizona and Florida have dropped the requirement that public school teachers need to graduate college before getting a license to teach. In Florida, having military experience is considered sufficient. Now Iowa's Republican-controlled legislature is moving forward with a similar billthat would allow high school students to run daycare classrooms. The bill would also increase the limit on the number of kids allowed in a class, serving as yet another reminder that conservatives don't think caring for children is real work. They can't imagine that overstuffed classrooms are legitimately overwhelming.

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The Republican contempt for childcare and education has never been far from the surface. We see this in the relentless red state "work requirements" put on mothers to receive financial assistance. The push is based on the assumption that the children of lower-income women can simply be put away on a shelf while their mother is at work. Or in the words of Sen. Ron Johnson of Wisconsin, who recently dismissed families' need for childcare at all: "I've never really felt it was society's responsibility to take care of other people's children."

No doubt, like many rich male Republicans, Johnson is able to largely ignore how grueling the daily work of child-rearing and education is. Likely, someone else did it for him, and mostly where he didn't even have to see it. For rich male Republicans, children just show up when summoned, fed, groomed and taught to read as if by magic. The actual grunt work of turning children into functional adults has been concealed from such men by social structures that not only foist this work on women but guilt women into not bothering men with the details.It's just more misogyny.

Red states are now starting to get rid of the basic requirement that public school teachers have a college education.

The Republican attitude towards child-rearing can be summed up as this: "If women do it, how hard can it be?"

In reality, of course, bringing up children is hard work. It can't be done by one adult by herself, much less by those who are still children themselves. Every child needs a staggering amount of attention and care in order to grow into a functional adult. Little kids aren't houseplants or even cats, who can be left alone for hours without supervision. It does, no matter how much Republicans may scoff, take a village to raise a child.

No matter how much Republicans try to brand themselves as the "Parents Party," this derision for the actual work of caring for and educating children tells the true story. Republicans have absolutely no respect for this crucial form of labor at all.

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GOP's post-Roe reveal: Republicans don't think raising children is real work - Salon

Many advisors dream of going independent for the freedom and flexibility to control their business, client service model, and bottom line. And the path to independence used to be simple: For most breakaway advisors, it was a straight line from an employer to an independent broker/dealer.

But today, an expanded independent ecosystem offers more choice on which path an advisor can take. That is, there are service providers that offer state-of-the-art platforms and support, an ever-growing number of consultants to serve as guides at start-up and longer-term, and a growing pool of capital resources available to advisors seeking working capital, liquidity, or to offset unvested deferred comp that may be left behind.

Although more choice is beneficial, it adds a layer of complexity when determining the right independent solution, so much so that even our own guidance to advisors has changed over the last few years.

With so many options to choose from, how does an advisor narrow down which path to independence to take?

Its a decision-making process that often starts with six key driversand their importance to an advisors goals.

While the decision to go independent is about the long-term monetization of the business, there are still important short-term financial considerations to assess. These include how much deferred compensation you may leave behind, your willingness and/or ability to fund the start-up costs, and the desire to de-risk the move by being paid an upfront deal. The good news is that there are an increasing number of capital sources available to breakaway advisors to help them launch and scale the business.

Independent b/ds pay up-front cash transition deals, some of which can be substantial, allowing breakaway advisors to see some short-term monetization of the business. In the RIA hybrid space, there are platform providers that offer several forms of financing, including upfront transition capital, minority investments and working capital loans. The key for a breakaway team is to assess the importance of the short-term versus long-term economic considerations since options that provide more upfront capital typically offer a lower ongoing net payout.

The notion of taking on the tasks of managing compliance, technology, HR, and finance is often what stops advisors from going independent. Plus, as larger teams make the move to independence, they need to be certain that they can support complex businesses and sophisticated clients without missing a beat. The advent of RIA platforms solves for these concerns, providing breakaways with integrated technology, sophisticated investment and planning solutions, and access to trust and banking capabilities. These platforms dont just provide support at launch; they also offer ongoing operational, compliance, marketing, and practice management support to optimize the business for growth.

For advisors who choose an IBD and want greater support, aligning with a large enterprise or office of supervisory jurisdiction (OSJ) can provide many of the same benefits offered by the RIA platforms, including support for compliance, technology, middle- and back-office operations, marketing and more.

Some advisors rule out independence because they feel that there is a lack of community, that essentially, theyd be setting up shop alone. Others worry about the optics of a solo practice, the continuity of impeccable client service, and how they will replace their firms thought leadership on investments. The reality is that being independent doesnt mean being alone.

Advisors who prioritize community can benefit from affiliating with an RIA platform provider or OSJ, as community is a core pillar of these models, with opportunities for engagement via conferences and ongoing initiatives available. Additionally, industry events and custodial or broker/dealer conferences give advisors time to interact regularly. And, of course, there is always the option to build your own community via targeted recruiting and acquisitions.

For those seeking even more of a community feel, alternatives include tucking into an established independent firm with a fully built-out team and infrastructure or joining a quasi-independent model that offers more freedom and control in a supported traditional branch office setting.

An advisors vision for the business also plays a crucial role in determining the right path to independence. Surely the desire to go independent is predicated upon achieving greater freedom and flexibilitybut just how much of each is a question advisors need to consider.

If maximum customization is a priority and the vision is to offer a bespoke client experience including personalized reporting, a curated technology stack, private deals, boutique alternatives, concierge services, and tax planning and preparation the RIA path is the right direction since it provides the greatest level of control.

Yet others prefer turnkey access to a comprehensive platform that provides all resources under one roof. Several high-quality IBD solutions serve this very purpose

The goal of achieving freedom and control is also dependent upon an advisors vision for their business. An RIA has complete control, including the ability to shop the Street for the best prices and products, the freedom to use marketing and social media unencumbered, and to engage in outside business activities. Its the path for those who want to be a true fiduciarycompletely unrestricted and unconflicted.

Conversely, in the IBD space, an advisor must adhere to the broker/dealers compliance regulations, marketing guidelines, and investment menu. Yet its an attractive option for advisors who prefer a comprehensive one-stop-shop solution, with operational, practice management and recruiting support, and ultimately the protection that comes from the IBDs compliance guardrails.

If an advisor is highly growth-oriented and the goal is to build a substantial enterprise that will sell for top dollar when the advisor retires, then choosing a path that maximizes inorganic growth potential and enterprise value is vital.

For such enterprise builders, the RIA space is often a natural fit since the ability to be multi-custodial increases the pool of acquisition targets. Plus, when RIAs are sold, they typically attract the highest multiples since acquirers place a premium on the advisory business as well as the lack of broker dealer/FINRA-related restrictions.

For other advisors, the aspiration isnt to create a large enterprise but to run a smaller, high-quality business that prioritizes clients and provides a fulfilling lifestyle for the advisor. These advisors may prefer the support an IBD will provide in helping them identify a successor and structure and finance a competitive retirement buyout.I

The independent landscape has evolved dramatically, offering advisors greater choice than ever before. Yet optionality can make the decision-making journey more complex. Taking the time to assess these six key drivers will be time well spentproviding a roadmap for identifying the right independent path and eliminating the potential pitfalls along the way.

Wendy Leungis a senior consultant at Diamond Consultants.

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Six Key Drivers to Consider on the Path to Independence - Wealth Management

UBL declared Profit Before Tax (PBT) of Rs34.2b for the half year ended June 30, 2022, an impressive growth of 32pc over last year. The Bank recorded a one-off taxation adjustment related to prior year profits as well as higher taxation due to change in the tax regime amounting to Rs9.0b during the period. This impacted the earnings per share (EPS) for the period, which was measured at Rs9.69 (H121: Rs12.25). Excluding the taxation impacts, UBLs EPS stood at Rs16.9, while the RoE is measured at 23.9pc for H122 (H121: 19.5pc). UBLs capital base remains strong as the Capital Adequacy Ratio (CAR) was measured at 18.8pc as at Jun22, an excess of 6.3pc over regulatory minimum requirements. The Bank declared dividends of Rs4.0 per share for the second quarter of 2022, which takes the overall dividend distribution to Rs9.0 per share for the half year ended June 30, 2022.

UBL records strong growth of 29pc in top line revenues

The Bank earned gross revenues of Rs59.8b for H122, an increase of 29pc over last year. Markup income witnessed a significant increase of 29pc, driven by active build-up within the Banks low-cost funding base, deployed within an asset portfolio which repriced well in line with the market interest rates. Non-markup income of Rs14.7b was earned in H122, well ahead of last year, owing to significant increase in foreign exchange income as well as strong revenue growth across all major fee-based services. The cost to income ratio further improved to 40pc from 43pc last year. Provisioning expense remained controlled with strong recoveries against non-performing accounts across both domestic and international businesses.

Serving a customer base of over 11m with one of the largest branch networks in Pakistan

UBL is one of the premier financial institutions of this country. The Bank operates one of the largest branch networks with 1,338 branches, including 150 Islamic branches, 1,441 ATMs nationwide and 193 Islamic Banking Windows. The physical network is well supported by the Banks award winning and industry leading Digital Banking services, along-with UBL Omni, the Banks branchless banking proposition, serves even in the remotest locations, providing access to banking services to the vast unbanked population.

The Banks Branch Banking Group remains the cornerstone of the UBL franchise. Domestic deposits averaged Rs1.5 trillion for H122, an increase of 7pc. The Bank on-boarded 302,000 current account relationships in H122 which resulted in a strong growth of 12pc in average current deposits. This build-up helped in improving the average CASA ratio from 85pc to 87pc and contain the cost of deposits at 5.1pc for H122 (H121: 3.4pc), despite the significant increase in interest rates during the period.

UBL continues to bring new financial solutions to its ever expanding and diverse customer base. During the year, the Bank introduced the UBL Urooj Account specifically for our female customers which provides comprehensive financial coverage with loans, insurance facilities and reduced fees to encourage women to invest for the future and gain financial independence. Furthermore, our Industry-First High Net-worth Product, Signature Priority Banking, was revitalized during the year, which aims to provide luxury services to this valuable and growing customer segment.

UBL also remains an active participant in all the major economic initiatives of the Government of Pakistan and the State Bank of Pakistan (SBP). We are one of the key partners in the SBPs Roshan Digital initiative, having opened over 83,000 accounts, with inflows of over USD 646m. The Bank continues to play a significant role in the Mera Pakistan Mera Ghar initiative, with volumes of over Rs5.0b.

Digital Banking Best in class serving almost

3m customers

The Banks digital services under the UBL Digital umbrella, has transformed the way customers interact with the Bank for their financial needs. Our strategy revolves around being agile to promptly respond to disruptions and integrating cross functional activities into one seamless banking experience. The end state envisioned is a wider payments ecosystem where all the Banks services are conveniently available to our customers at a single touchpoint.

UBL has been consistently setting a record of digital customer registrations every year. Our Digital Banking app., UBL Digital, continues to set the industry standard, offering better, faster and easier digital banking services with the aim of sustaining life-long relationships with our customers. Our digital customer base currently stands at 2.9m, including Asaan Mobile Accounts, with the number of financial transactions recording a 51pc growth.

The Bank expanded its Digital product suite with the recent introduction of the auto loans facility on the app. This feature allows customers to access cars and instalment plans via a simple and digitally interactive process. In just a few clicks, customers can scan a car using Augmented Reality (AR), take a 3D tour, calculate loan payments and compare different cars of their choice.

In recognition of our industry leading services, UBL was once again declared Pakistans Best Digital Bank by Asiamoney, an associate of Euromoney, for the third time in a row. The award is a testament to UBLs contribution in expanding the scope of financial services through digital channels. The Bank continues to invest in digital platforms and in developing its teams that are redefining the future of banking in Pakistan.

Non-markup Income records growth of 29pc strong momentum across all major avenues

The Banks Non-Fund Income (NFI) was reported at Rs14.7b for H122, contributing 25pc to total gross revenues. Fee revenues of Rs7.8b were earned in H122, with an increase of 17pc, as strong momentum was witnessed across all major businesses. The Bank remains the preferred choice for the Pakistani diaspora overseas, as we recorded a market share of over 21pc within the home remittances space with commission income of Rs918m earned. The Bank also maintained its strong market presence within bancassurance business as commission income was of Rs822m was earned and premium volumes of Rs1.8b were underwritten in H122.

UBL continues to expand within the growing Islamic business segment

The Islamic business segment has witnessed tremendous growth in the last few years. UBL sees the Islamic space as a great opportunity for aggressive expansion and the Bank with its Islamic Banking proposition, UBL Ameen, is actively scaling up its presence. UBL Ameens branch network now stands at 150 branches (Dec21: 145 branches) and is further supported by 193 Islamic Banking Windows (IBWs) within commercial branches. UBL Ameens deposit base closed at Rs208b at Jun21, growing by 49pc over Dec21, while Islamic advances averaged Rs63b for H122, a two-folds increase over last year.

International operations maintain stability amid

economic uncertainty

UBL International posted a PBT of USD 9.1m for H122 as the Banks GCC operations now reflect stability, following specific de-risking measures over the past few years. The Bank is now operating a leaner business model with emphasis in maintaining strong credit quality levels and building a foundation of low-cost funding. Asset writing remains selective, serving clients with good credit history as well as more FI and trade-based lending. Profitability this period was impacted by a provision charge on its Sri Lanka sovereign debt holdings.

Loan book records 17pc growth with improvement

in credit quality

UBL continues to grow in its intermediation role within the economy, as performing advances averaged Rs640b in H122, a strong growth of 19pc. The Bank is actively working at more technology driven solutions, aiming to provide a complete customised product suite for our clients. The Bank maintained its momentum in the corporate space as the average loan book recorded a growth of 14pc. The Bank continues to expand within the mid-market segment as the average portfolio of SME and Agri loans recorded a 17pc growth over last year. Deepening customer relationships is helping with enhancing yields through the provision of cross sell and ancillary businesses, which enabled the Bank to record a 31pc growth in income from trade and guarantee business and 10pc growth in earnings from cash management.

Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said: UBL has continued to build on its growing business momentum in 2022 which has translated into our strong financial results. These results reflect the trust that our customers place in the quality of our services and the UBL brand. Our digital capabilities are recognized both locally and internationally and demonstrate our industry leading position in innovation and technology. As one of the largest financial institutions in the country and by leveraging our market leading digital capabilities, we are paving the way in broadening the scope of financial services across Pakistan. We are investing heavily in our physical and digital networks and in our people, with continuous efforts in making our service levels the best in the industry. We have also invested in and implemented global best practices in Compliance and Governance (including Financial Crime Compliance); and our framework, regtech solutions and processes are the best in class for the Banking industry in Pakistan. In addition, we are fully committed to setting exemplary ESG standards and practices in the countrys corporate landscape. UBL, I believe is very well positioned to scale even greater heights as we aim for a much larger market share and growth across all business segments in the near future.

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UBL records phenomenal H1 PBT of Rs34.2b, with 32pc growth - Daily Times

CEMEX invests in global venture fund oriented to sustainable construction

August 4, 2022

CEMEX, S.A.B. de C.V. ("CEMEX") and CEMEX Ventures, CEMEX's corporate venture capital and open innovation unit, announced today that they are investing in a global early-stage venture fund, Zacua Ventures, that aims to tackle the construction industry's biggest challenges in sustainability, productivity, and urbanization.

Other investors in this venture include ANDRES Construction, GS Futures, Progreso X and SABANCI Building Materials Group.

"As pioneers in the construction industry's transformation, we are happy to be part of this investment vehicle to seek innovative solutions that help boost productivity, sustainability, and urbanization," said Gonzalo Galindo, Head of CEMEX Ventures. "The collaboration and synergy between the involved partners will help further accelerate our efforts."

Zacua Ventures will seek synergies between the innovation priorities of all its partners. Through these investments, Zacua will gain financial independence while benefiting from the experience of its partners. As the construction industry transforms, Zacua Ventures will be a strategic ally in the search and understanding of new technologies.

The team at Zacua Ventures offers a deep knowledge of the industry and startup ecosystem. It is led by experts that have been investing in construction technology for the past decade. Zacua Ventures has offices in San Francisco, Madrid, and Singapore.

About CEMEXCEMEX (NYSE: CX) is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: cemex.com

About CEMEX VenturesLaunched in 2017, CEMEX Ventures focuses on helping to solve the main challenges and capitalize on the opportunity areas in the construction ecosystem through sustainable solutions. CEMEX Ventures has created an open and collaborative platform to lead the revolution of the construction industry by engaging startups, entrepreneurs, universities, and other relevant actors to tackle the industry's toughest challenges and shape tomorrow's value ecosystem. For more information about CEMEX Ventures, please visit http://www.cemexventures.com

About Zacua VenturesZacua Ventures is a global early-stage venture fund tackling world's biggest challenges across Sustainability, Productivity and Urbanization and backed by the most innovative corporates in the built world. Zacua is led by partners with more than 30 years of combined industry experience and who have been investing in construction tech for the past decade. With regional presence in San Francisco, Madrid, and Singapore, Zacua helps entrepreneurs to build and strengthen their value proposition and scale their businesses globally, leveraging deep corporate networks. For more information, please visit: http://www.zacuaventures.com

About ANDRES ConstructionIn 1991, ANDRES' founders came to the table with over 75 years of combined industry experience, and more importantly, a shared passion for construction and the continuous development of the city of Dallas. ANDRES has since expanded operations and created a presence in Austin, Houston, and Fort Worth. Over the last 30 years, ANDRES has successfully maintained valuable relationships with repeat clients, top tier architects, engineers, subcontractors, and suppliers. ANDRES' extensive portfolio contains a wide array of projects such as multi-unit housing, hospitality, high-rise residential and office, educational facilities, commercial/mixed-use developments, historic renovations, and houses of worship. In 2017, ANDRES transitioned from a family-owned business to a 100% employee-owned company. ANDRES relies on our employee owners to provide hands-on leadership at every project and maintain a culture ingrained with the mindset of "built-in quality" at each step of the process. http://www.andresconstruction.com

About GSGS E&C is a Korea-based general construction company with global operations. Since 1969, it has been engaged in EPC work for the oil & gas, petrochemical, power plant, and waste and water treatment industries, and has overseen various projects in the diversified infrastructure space. Additionally, GS E&C develops and builds high-rise properties in both commercial and residential segments. GS E&C currently has over 24 overseas subsidiaries & branches and operates across 190 sites worldwide. http://www.gsfutures.vc

About Progreso XAs Cementos Progreso's corporate accelerator, Progreso X is committed to create, design, and bring to reality disruptive ideas for the benefit of the world through the collaborative innovation between Cementos Progreso, startups, and its ecosystem. Progreso X focuses on creating human-centered solutions while having sustainability on top of mind as well as understanding culture as the basis for design and adapting to change through continuous learning. Launched in 2019, Progreso X aims to open the door for startups from all around the world to co-develop solutions to improve construction processes in Latin America. To learn more about Progreso X, please visit: http://www.progreso-x.com

About Cementos ProgresoCementos Progreso is a leading multi-latin corporation that specializes in cement, materials, and other solutions for the construction industry across seven countries in Latin America. Each of its companies operate under strict legal compliance and shared ethical values, instituted by founder, Carlos F. Novella, since it was established in 1899 in Guatemala. Cementos Progreso is the flagship company. With more than a century of experience, Cementos Progreso is constantly introducing innovative solutions to the countries in which it operates, while staying true to their corporate purpose of "Building together the country where we want to live". To learn more about Cementos Progreso, visit: progreso.com

About SABANCI Building Materials GroupSabanc Building Materials Group has the largest grey cement and ready-mix portfolio in Turkey and is a global leading player in white cement. Each of its companies publicly listed in Istanbul Stock Exchange and serves its customers in more than 70 countries. Along with Its motto "from grey to green", Group is constantly offering sustainable solutions to the markets in line with Sabanc Holding's 2050 Net Zero target. To learn more about Sabanc Building Materials Group, please visit: http://www.sabanci.com/en

About SABANCITurkey's leading conglomerate is a holding company engaged in a wide variety of business activities through its subsidiaries and affiliates, mainly in the banking, financial services, energy, industrials, building materials and retail sectors. Sabanc Group companies were supplying their products to regions throughout Europe, the Middle East, Asia, North Africa and North and South America. Sabanc Holding is registered with the Capital Markets Board and its shares have been listed on the Borsa Istanbul since 1997. In dynamic capital allocation, the Group focuses on growth and strengthening market leading positions in core businesses and investing in new platforms, while maintaining a healthy balance sheet structure and maximizing shareholder returns. For more information, please visit: https://www.sabanci.com/en

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX's current expectations and projections about future events based on CEMEX's knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX's current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX's expectations, including the announced investment to not produce the expected results. These factors may be revised or supplemented, but CEMEX is not under, and expressly disclaims, any obligation to update or correct this press release or any forward-looking statement contained herein, whether as a result of new information, future events or otherwise. Any or all of CEMEX's forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

Media Relations

Jorge Prez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

Analyst and Investor Relations

Alfredo Garza / Fabin Orta

+1 (212) 317-6011 / +52 (81) 8888-4327

ir@cemex.com

*

Originally posted here:

CEMEX B de C : invests in global venture fund oriented to sustainable construction - Marketscreener.com