CAMBRIDGE Jul 31, 2020 (Thomson StreetEvents) -- Edited Transcript of Blueprint Medicines Corp earnings conference call or presentation Thursday, July 30, 2020 at 12:30:00pm GMT

* Anthony L. Boral

* Jeffrey W. Albers

* Andrea R. Tan

Ladies and gentlemen, thank you for standing by, and welcome to the Blueprint Medicines Second Quarter 2020 Financial and Operating Results Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Kristin Hodous of Blueprint Medicines. Thank you. Please go ahead.

Thank you, operator. Good morning, everyone, and welcome to Blueprint Medicines' Second Quarter 2020 Financial and Operating Results Conference Call. This morning, we issued a press release, which outlines the topics we plan to discuss today. You can access the press release as well as the slides that we'll be reviewing today by going to the Investors section of our website at http://www.blueprintmedicines.com.

Today, on our call, Jeff Albers, our Chief Executive Officer, will discuss Blueprint Medicines' second quarter 2020 business highlights. Christy Rossi, our Chief Commercial Officer, will provide a commercial update. And Mike Landsittel, our Chief Financial Officer, will review our financial results. Dr. Andy Boral, our Chief Medical Officer, is also on the call and will be available for Q&A.

Before we get started, I would like to remind everyone that statements we make on this conference call will include forward-looking statements. Actual events or results could differ materially from those expressed or implied by any forward-looking statements as a result of various risks, uncertainties and other factors, including those set forth in the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the SEC and any other filings that we may make with the SEC.

In addition, any forward-looking statements made on this call represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statements.

Now here's our CEO, Jeff Albers.

Jeffrey W. Albers, Blueprint Medicines Corporation - CEO, President & Director [3]

Thanks, Kristin, and good morning, everyone. I'm happy to provide an update on what has been a productive quarter for Blueprint Medicines. At the beginning of the year, we talked about how 2020 was shaping up to be transformational for Blueprint Medicines as we evolved into a fully integrated precision medicine company, and it certainly has been given the achievements we've made against our goals over the first half of the year.

Let me highlight how this progress sets us up going into the second half of the year across our 3 areas of strategic focus. First, establishing our commercial foundation with AYVAKIT, which we will now harness for pralsetinib; second, prioritizing systemic mastocytosis given the significant medical need; and third, leveraging our discovery platform to advance future pipeline opportunities.

Let's start off with a strong U.S. AYVAKIT launch for the treatment of patients with PDGFR-alpha exon 18 mutant GIST. As Christy will discuss in a moment, we gained critical commercial experience and have built a nimble and highly effective team along with infrastructure to deliver our products to patients.

Our early experience with AYVAKIT gives us a strong foundation for our planned launch of pralsetinib in the coming months, which will now be amplified as we integrate the capabilities of our new partners at Genentech and Roche.

We're also capitalizing on our AYVAKIT experience outside of the U.S. Just a few days ago, we received a positive CHMP opinion for avapritinib for the treatment of patients with PDGFR-alpha D84V mutant GIST. This achievement sets up a final decision on our marketing authorization application by the end of this quarter.

Assuming avapritinib is approved, we expect to initiate our first commercial launch in Germany with additional European countries to follow. Additionally, as in the U.S., we expect this initial launch will lay the foundation for future systemic mastocytosis commercial efforts as well.

Building from commercial readiness, our second strategic area of focus is the great progress within our systemic mastocytosis program. We believe SM represents the single largest opportunity across our clinical stage portfolio. The significant medical need, combined with our differentiated approach of potently targeting the SM disease driver, opened an opportunity to advance a new treatment paradigm. Earlier this year, we reported very encouraging data from part 1 of our PIONEER trial of avapritinib in patients with indolent systemic mastocytosis.

Based on these data, we selected 25 milligrams once per day as the recommended dose and finalized the design of the registration-enabling part 2 with input from regulatory authorities. And today, we're pleased to announce that we've initiated part 2 of this trial.

Later this quarter, we plan to report top line data from the EXPLORER and PATHFINDER trials of avapritinib in patients with advanced systemic mastocytosis.

The combined data set, which will support the submission of a supplemental new drug application to the FDA in the fourth quarter, will include response assessments for approximately 50 patients starting at the recommended 200-milligram once-daily dose. Additional data supporting the submission will include response kinetics, including the time to response and the duration of response; objective measure readouts, such as serum tryptase and mast cell burden; and updated safety results across the broader trial populations.

Finally, our robust discovery platform continues to provide broad opportunities for future growth. Earlier this year, we nominated a first-in-class development candidate, BLU-945, for triple mutant EGFR positive non-small cell lung cancer. This program combines potent inhibition of treatment-resistant triple mutant EGFR with selectivity over the wild-type kinase, highlighting the ability of our scientific platform to continue to address challenging target product profiles.

At the virtual ESMO Congress in September, we plan to present new preclinical data for BLU-945 as well as share an update on our plans to bring this therapy into the clinic early next year.

Importantly, the triple mutant EGFR program is just the first of up to 3 new development candidates we hope to nominate by the end of the year.

Our progress across these areas lays the foundation for significant growth for Blueprint Medicines as we continue on our path to become the world's leading precision medicine company. We look forward to updating you on these critical data and regulatory milestones over the coming months and into the second half or throughout the second half of the year.

And with that, I'll now turn the call over to Christy to provide an update on our commercial efforts. Christy?

--------------------------------------------------------------------------------

Christina Rossi, Blueprint Medicines Corporation - Chief Commercial Officer [4]

--------------------------------------------------------------------------------

Great. Thanks, Jeff, and good morning, everyone. I'm happy to share an update on our commercial progress, including our first full quarter of AYVAKIT sales in PDGFR-alpha exon 18 mutant GIST and our ongoing preparation for the planned launch of pralsetinib.

Through the first half of 2020, we have been focused on establishing the foundation that will support multiple anticipated global launches in the coming years. With potential near-term approvals of pralsetinib in the U.S. and avapritinib in Europe, we are truly excited to be on the precipice of delivering a portfolio of precision therapies that address significant patient needs. Of course, the successful launch of AYVAKIT has been the essential first step on our journey towards realizing this goal.

In the second quarter, we generated $5.7 million in net sales or $9.1 million since launch driven by strong execution against our launch strategies. We quickly established Blueprint with key oncology and hematology centers of excellence and other stakeholders that are critical not just for our initial launch for GIST, but for pralsetinib and systemic mastocytosis. We achieved broad access for AYVAKIT rapidly, and we continue to see strong patient access in line with or better than our label. By focusing on clinical education and individualized patient support, we have ensured that prescribed patients can start on treatment quickly and also remain on treatment as long as it is clinically appropriate. And I've been particularly pleased to see that refill rates have been high, suggesting that our real-world duration may exceed those seen in our clinical studies.

Finally, last quarter, I noted that I was encouraged to see strong breadth of prescribing upon launch. This trend has continued in Q2, fueled by the efforts of our seasoned field team, and we continue to add new prescribers with approximately half now coming from the community setting.

I've noted before the significant overlap between GIST and lung prescribers in the community, and this has enabled us to advance our profiling and disease awareness efforts as we prepare for the next chapter in our commercial evolution, our anticipated launch of pralsetinib.

As I've shared before, we plan to deliver a best-in-class RET inhibitor to patients, focusing on our differentiated clinical profile, including deep and durable responses, a predictable and manageable safety profile and once-daily dosing. We will be launching with a patient- and health care provider-centered approach that recognizes the importance of community oncology centers and a highly experienced team for whom this is the top priority.

I was confident in our ability to launch before we entered into our transformative partnership with Genentech. And as we started to engage with our colleagues there to implement this collaboration, I could not be more excited about the power we will bring across our 2 organizations. While Blueprint will be driving launch efforts, we are already working to integrate with Genentech and identify near-term opportunities for them to amplify and extend our efforts. For example, by leveraging their substantial diagnostic and data capabilities, in addition to the experience of their team.

As we prepare for the launch of our second medicine in a single year. We are well positioned to maximize the opportunity for pralsetinib. With a differentiated product profile, a focused and nimble team that is amplified by a strong partner and a foundational infrastructure from our experience with AYVAKIT, we are thrilled with our commercial preparation and execution thus far. We are well on our way to building a best-in-class commercial organization to effectively deliver multiple precision therapies to patients.

I'd now like to turn it over to Mike to discuss financial updates.

--------------------------------------------------------------------------------

Michael Landsittel, Blueprint Medicines Corporation - CFO & Treasurer [5]

--------------------------------------------------------------------------------

Thanks, Christy. Earlier this morning, we reported detailed second quarter 2020 financial results in our press release. For today's call, I'll touch on a few financial highlights from the quarter. As Christy mentioned, we were pleased to record $5.7 million of AYVAKIT net product sales in the second quarter. Cost of sales remain low as we continue to work off inventory of AYVAKIT that we expensed pre-approval.

Our total operating expenses increased slightly compared to the prior quarter driven in part by an increase in stock-based compensation expense.

Looking forward, in light of our global collaboration with Roche, we expect to see quarter-over-quarter expense growth stabilize for the second half of 2020 as savings through the cost and profit sharing arrangement with pralsetinib offset planned increases in R&D investments in systematic mastocytosis and our discovery portfolio. We do anticipate continued increases in noncash stock-based compensation expense for the foreseeable future.

With over $1.4 billion in cash after including the upfront payments from our Roche collaboration, we are in the strongest financial position that we have ever been as a company. Excluding the upfront payment from Roche, we anticipate the potential for additional revenues of up to $80 million in the second half of 2020 from a combination of milestones from our multiple collaborations and product sales.

We also received an additional $20 million in cash in July from our collaboration with Clementia for BLU-782 that was previously recognized as revenue in Q4 2019. Between our collaborations and future anticipated product revenues, we now have a clear pathway to financial independence and enhanced flexibility to invest more in multiple high-value opportunities across our portfolio.

We are in a unique position for a company of our size and age and are looking forward to sharing further updates with you as we continue to make progress across our portfolio.

With that, I would now like to turn the call over to our operator for questions. Operator?

================================================================================

Questions and Answers

--------------------------------------------------------------------------------

Operator [1]

--------------------------------------------------------------------------------

(Operator Instructions) Your first question comes from the line of Salveen Richter with Goldman Sachs.

--------------------------------------------------------------------------------

Andrea R. Tan, Goldman Sachs Group, Inc., Research Division - Research Analyst [2]

--------------------------------------------------------------------------------

This is Andrea on for Salveen. My first one is maybe for Jeff. Can you just remind us the expectations on timing for patient screening enrollment for part 2 of the PIONEER study and when we might see data? And then I have a follow-up question.

--------------------------------------------------------------------------------

Jeffrey W. Albers, Blueprint Medicines Corporation - CEO, President & Director [3]

--------------------------------------------------------------------------------

Sure. So this is Jeff. On PIONEER, we talked about this at the last quarterly call that we've now initiated the study and continue to see a lot of enthusiasm from both sites that were involved in part 1 as well as some new sites coming on that are going through their screening process. We have not guided to timing of readout. As a reminder, we plan to enroll 200 patients. But we want to see how the site initiation and impact of COVID plays out not just in the next few weeks, but also over the coming months. So to have a better handle on the consistency with which sites are staying open, we're going to hold off on providing that guidance.

--------------------------------------------------------------------------------

Andrea R. Tan, Goldman Sachs Group, Inc., Research Division - Research Analyst [4]

--------------------------------------------------------------------------------

Got it. And then maybe just a second question for Christy. How should we think about the cadence of hiring for the AYVAKIT launch both in the U.S. and then expected in the EU. And then can you speak to the progress of how you guys have been incorporating the Roche team in preparation for pralsetinib? Just maybe some actions that have been taking place there.

--------------------------------------------------------------------------------

Christina Rossi, Blueprint Medicines Corporation - Chief Commercial Officer [5]

--------------------------------------------------------------------------------

Sure. So the first question was around AYVAKIT in the U.S and EU. The U.S. team, as I said before, for AYVAKIT is in place, has been in place since launch and, in fact, that team is really built with a portfolio focus in mind. So that team will be driving the pralsetinib launch and really all along our primary priority with that team has been very much focused on preparing for and launching pralsetinib. So we're going to see that team's primary focus really shift. Currently, it's disease education and profiling. And then upon launch, we'll be focused on driving promotion for pralsetinib.

For Europe, we have a small, focused, nimble team in place in the countries that we anticipate near-term launches. The focus of that team will be on driving the initial AYVAKIT launch. And because that market is very focused at a number of treatment centers with whom we already have relationships, we believe that we can target that market effectively with a small and nimble team. And then that team will have the foundational infrastructure that will prepare for an eventual SM approval in Europe.

--------------------------------------------------------------------------------

Jeffrey W. Albers, Blueprint Medicines Corporation - CEO, President & Director [6]

--------------------------------------------------------------------------------

And Christy, the second part was integration with Roche?

--------------------------------------------------------------------------------

Christina Rossi, Blueprint Medicines Corporation - Chief Commercial Officer [7]

--------------------------------------------------------------------------------

Sorry. Yes. So the Roche team, as I said, has been very involved in these initial weeks. We'll announce the collaboration due to the proximity of what we anticipate to be an imminent approval for pralsetinib. Certainly, Blueprint will be driving many of the launch efforts, but we've already identified ways for Genentech in the United States to come in and really amplify our efforts, particularly around patient identification, leveraging data, helping to drive testing as an example; and then clearly, just leveraging the power of their portfolio of targeted therapies into which pralsetinib fits really nicely. So we're still working through specifics on some of the details on roles and responsibilities but have identified a number of ways where they think they can come in and really help us out of the gate.

--------------------------------------------------------------------------------

Operator [8]

--------------------------------------------------------------------------------

Our next question comes from the line of Peter Lawson with Barclays.

--------------------------------------------------------------------------------

Peter Richard Lawson, Barclays Bank PLC, Research Division - Research Analyst [9]

--------------------------------------------------------------------------------

Just on the RET space. Just point out what you're hearing from physicians regarding the better CR rates and like of QT prolongation versus [what codes] molecule. And I know we're kind of hearing mixed messages. So great to understand what you're hearing.

--------------------------------------------------------------------------------

Jeffrey W. Albers, Blueprint Medicines Corporation - CEO, President & Director [10]

--------------------------------------------------------------------------------

Sure. This is Jeff. Maybe I'll start, and then Andy and/or Christy can weigh in. We've been very encouraged by the data that we've put out most recently at ASCO and the response to that. As you know, the consistency of activity we're seeing, the deep and durable responses, the notable CR rates, which for many physicians are something that they're very encouraged by and they'll want to see how does that translate into durability of response over the longer term. And then the predictable safety profile. As Andy noted in his opening comments, that particularly if you push out the community, what we hear is physicians want -- are much more comfortable with side effects that they've managed historically or consistent with other therapies. And the more unusual an adverse event, the more that could have an impact on what they're going to -- how they're going to treat. So there's obviously differences when we look at the academic sites versus the community sites. But overall, we think we have a very promising profile with pralsetinib.

--------------------------------------------------------------------------------

Anthony L. Boral, Blueprint Medicines Corporation - Chief Medical Officer [11]

--------------------------------------------------------------------------------

Jeff, maybe I'll just add that we talk to a lot of both our investigators and other kind of community docs. Now the CR rate, I think, repeatedly comes back as a distinguishing characteristic. Now a bit more on the QT. I think the hardest thing about things like QT prolongations is that it restricts the use of other medications that the patients often need just for general supportive care, antibiotics, antiemetics. And so I think just not having to worry about that is a real advantage.

--------------------------------------------------------------------------------

Peter Richard Lawson, Barclays Bank PLC, Research Division - Research Analyst [12]

--------------------------------------------------------------------------------

Great. And then just on the launch dynamics. I mean what should we look at? Is it other RET, ROS1 or ALK? And what are the best proxies here? And what are the kind of the puts and takes versus those other launches?

--------------------------------------------------------------------------------

More:

Edited Transcript of BPMC.OQ earnings conference call or presentation 30-Jul-20 12:30pm GMT - Yahoo Finance

BIRMINGHAM, Ala.--(BUSINESS WIRE)--RFG Advisory, one of the nations leading and fastest-growing RIA firms, is pleased to announce it has been named to the 2020 Financial Times 300 Top Registered Investment Advisers. Now in its seventh year, the FT 300 list recognizes top independent RIA firms from across the U.S.

RFG Advisory was selected out of a pool of 12,993* RIAs based on performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. This years impressive cohort of elite RIA firms represents nearly 40 different states and Washington, D.C. and has a median AUM of $1.9 billion.

Weve spent the past several years hyper-focused on creating a best-in-class, frictionless experience for our clients and advisors, said Bobby White, Chairman and CEO of RFG Advisory. The great honor of being named as one of the top 300 RIA firms by the Financial Times, alongside the positive feedback from advisors who are actively utilizing our platforms, underscores the value of prioritizing an exceptional client experience over everything else.

This prioritization is evident through the turnkey state-of-the-art integrated platform that RFG Advisory offers, all engineered specifically for independent advisors and validated by Wealth Management.com naming RFG a Finalist for Non-Custodial Support Platform of the Year. This nomination highlighted one example of RFGs innovative approach to serving independent advisors and driving practice growth and client acquisition through StrongHer Money, an educational and prospecting program focused on women. StrongHer gives women access to a network of financial information, support and knowledge, while simultaneously serving as a marketing tool for client acquisition opportunities at scale.

This years FT 300 announcement comes amid a global pandemic that has led to uncertainty in the industry.

No one couldve predicted the state of the world in 2020, stated Shannon Spotswood, President of RFG Advisory. However, by investing millions into building a state of the art fintech platform that is fully scalable, modular, and built for the future we are positioned to continuing providing our advisors with operational efficiencies, sustained growth and stability even in this volatile market so they in turn can deliver to their clients a truly impactful and personalized experience.

The FT 300 is one in series of rankings of top advisers by the Financial Times, including the FT 401 (DC retirement plan advisers) and the FT 400 (broker-dealer advisers).

Additional details on the Financial Times 300 Top Registered Investment Advisers can be found at https://www.ft.com/reports/300-top-investment-advisers.

*2019 Evolution Revolution report is an annual joint study by the Investment Adviser Association (IAA) and National Regulatory Services (NRS), https://www.investmentadviser.org/news/newsreleases/september-12-2019

FT Disclosure

The Financial Times 300 Top Registered Investment Advisers is an independent listing produced annually by Ignites Research, a division of Money-Media, Inc., on behalf of the Financial Times (July 2020). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, and the FTs research. The listing reflected each practices performance in six primary areas: assets under management, asset growth, compliance record, years in existence, credentials and online accessibility. Over 750 qualified firms applied for the award, 300 of which were selected (40%). This award does not evaluate the quality of services provided to clients and is not indicative of the practices future performance. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

About RFG Advisory

RFG Advisory is an innovator in the wealth management industry. Passionately committed to serving independent financial advisors and their clients, RFG Advisory prides itself on being a service company first, a technology company second and a hybrid-RIA third. RFG Advisory delivers a turn-key integrated platform that provides Advisors all of the tools and resources they need to be the CEO of their practice, not the COO, including turn-key technology, institutional-caliber investment management, marketing, compliance, business consulting and operational support. Focused on amplifying independence, Advisors who affiliate with RFG Advisory maintain all of the equity in their business and pay a basis point fee for access to RFGs investment and technology platform. Additionally, through RFG Capital, the firm buys stakes in advisor practices to facilitate succession planning and provide loans to advisors to enable the move to full independence.

Originally posted here:

RFG Advisory Named to 2020 Financial Times 300 Top Registered Investment Advisers - Business Wire

You had your best-laid plans and then COVID-19 came along and hammered the entire economy. But youve got this if you have the right information. Join Rob Carrick and Roma Luciw on Stress Test, a podcast guiding you through one of the biggest challenges your finances will ever face.

ROB: You spent your childhood and teenage years under their roof. Should you move back in with your parents if it makes sense financially? Thats our big question today.

Welcome to Stress Test, a Globe and Mail podcast where we look at how the rules of personal finance have changed in the pandemic for Gen Z and millennials. Im Rob Carrick, personal finance columnist at the Globe and Mail.

ROMA: And I'm Roma Luciw, personal finance editor at the Globe. Well, Rob, this is the last episode of Stress Test that we'll be recording this summer. And I'm feeling a bit nostalgic.

Story continues below advertisement

ROB: Me too. You know, I think when we started this, it was like, there was snow on the ground and now it's like blazing hot summer like, so much has happened. The pandemic is still out there. But in Ottawa, where I live, people are out on patios and I have to confess I had a beer and a hot dog at a really nice patio by the Rideau Falls and things are looking up.

ROMA: Well, we had wine with friends on Friday night outside on their back patio, distanced but together, and I felt like old times. We were all so happy to just spend some time together outside without the children for five minutes. It was a wonderful, wonderful experience.

In terms of the podcast, I think also for me, it's been a journey because I'm more accustomed to being the person that does the assigning and editing. I'm not accustomed to being in front of the microphone and talking about these ideas where people can hear me and I have to say, that over the course of the recordings, I've gotten more comfortable, and I really enjoyed it.

ROB: Talking about all this in a podcast is a bit like rehearsing future columns and also greatest hits from the past. It's just me sort of thinking out loud about what I've learned and making mental notes about things I want to look into further in the next few months.

ROMA: So we knew we wanted moving back home to be our last episode. Why are we talking about this today?

ROB: I think we're talking about moving back home with your parents because it ties together a lot of the themes that we've been discussing in the podcast like the gig economy, student debt, expensive housing. A lot of these trends work against people achieving quick and easy financial independence after they graduate. And it's going to send some of them back home where they can live cheaply and build up their resources to move out later on.

ROMA: So once again, we see the pandemic, emphasizing or exacerbating some of the trends that were already taking place, we'll see another pop in this. And so it makes sense to use this as a launching point for looking ahead in terms of what we'll see in the months and years ahead.

Story continues below advertisement

ROB: Just as occurred after the last recession, I think the pandemic-driven economic downturn, however bad it turns out to be, is going to send a lot of people moving home and that's a good thing. I hope we can draw out in this episode that that's a smart way to handle a problem.

ROMA: Absolutely. If there's one thing I think we should do today, it's make sure that that's not a shameful thing. And we can talk that through as we proceed.

ROB: Today, we're talking about whether or not you should move back home with your parents to save money. I think now is the right time to talk about it.

ROMA: In every episode of Stress Test, we talk to real people and experts to see how the basic rules of personal finance have been stress-tested by COVID-19. Should you move back home? That's up next.

COMMERCIAL: This podcast is brought to you by CPP Investments. Take comfort knowing the Canada Pension Plan Fund will be there for you. We invest to help ensure the CPP Fund remains resilient over the long term, sustainable and secure for millions of Canadians. Learn more at CPPinvestments.com.

ROMA: To find out what it's like when COVID causes you to move back home, we're taking you to Brockville, Ontario, which is halfway between Toronto and Montreal.

Story continues below advertisement

RILEY: Hi, my name is Riley Morrison.

ROMA: Riley is 23 years old. Normally I live in Toronto but currently I am living in Brockville. So I was living in Toronto with my sister. Because I work in the film industry, everything is closed down so I can't work while COVID is happening. So we thought it would be best if both Paige and I came back to live with our parents until this is a little more settled or things open up a little more. So we came back.

ROMA: We spoke to Riley in April, just a month into COVID. In Canada, there was so much uncertainty. How was the new everyday routine going for Riley and her family?

RILEY: Surprisingly well. I mean, I haven't lived with my parents for more than two weeks at a time since I was 17.

ROMA: That's when Riley went away for school. And then she built the start of a pretty good career in Toronto.

RILEY: I'm an Assistant Director for film and television. I'm the fourth assistant director which means I'm one of the first people in in the morning and it's my job to make sure that cast go through hair, makeup and wardrobe. before we're ready to shoot at the beginning of a day. I coordinate with the wardrobe department. People who don't really know my industry when I describe myself job to them, they basically say that I sound like a babysitter. And it's kind of true.

Story continues below advertisement

ROMA: The TV show she works on was shut down just like everything else, Back in the spring, Riley came home to Brockville where life really slowed down. At first, it was nice to have some family time.

RILEY: My dad declared Sunday movie night. So on Sundays, we make popcorn and we choose a movie and we all sit down and watch it together.

ROMA: Riley's family built fun routines for the new COVID life together. But the early days were still pretty stressful.

RILEY: My grandmother, she drove by and like stood outside her car and we stood at the door, and we were having a talk and she was asking me about things and it was what I was like really stressed like right at the beginning, and I ended up like, totally broke down in the yard. Because I was stressed about my rent and my worry come August like I don't want to lose my apartment.

ROMA: Riley still pays for her apartment in Toronto, which is her single biggest expense, while she lives at home, rent-free.

RILEY: So that night, my mom and I, we went over my finances, and we talked about it. And I have a bit of a plan now. So I'm okay

Story continues below advertisement

ROMA: With all the stress of COVID. Being able to move home was a real relief.

RILEY: Financially speaking, it's really nice because the only money I'm spending right now is to pay my rent in Toronto. But I've been worried about my rent as I feel like a lot of people in cities like Toronto are because it's expensive.

ROMA: Because Riley and her sisters still pay for their rent in Toronto, their parents don't ask them to contribute financially to the household in Brockville.

RILEY: Which, you know, we're very lucky enough to have that kind of privilege. So it's nice to be home because I don't have any other expenses except for rent, which I only have to worry about once a month. The thing I've taken away from this is like, I haven't worked in retail in like four years, but maybe starting this year, like during the winter when I don't have a show I should get a retail job. So I have a backup. So I'm not dependent on EI. So I can work a little bit longer. Like it's just unfortunate that this thing I enjoy, my work that I love, I can't do. And I -- no one can give a like straight answer for when things are going to pick up or go back and that's the thing that frustrates me the most

ROMA: Overall, how does Riley feel about living at home during COVID?

RILEY: I don't feel bad about living with my parents right now because it's not like I've made some massive mistake in my career or a relationship and I need like, I mean, obviously, I needed to come home and it's financially better. But like, I feel reassured that it's not my fault. Like, this horrible pandemic happened and I came home, but like, it's not because I failed at anything. So I'm happy to be with my family, knowing I have not failed in anything.

Story continues below advertisement

ROB: Im glad Riley mentioned the word failure because its a word I do not want to hear associated with the idea of moving back home. Its a rational, smart, shrewd thing to do. If you cant afford your rent if you cant afford to be living where you are, use the help available from your family. Its a smart thing to do. And you know, I find quite often parents are quite happy to offer that level of assistance to their adult kids.

ROMA: Certainly seemed like for Riley and her sister, her parents were willing and able and happy to help. I'd like to point out that in the meantime, Riley has moved back to Toronto and is in her apartment. She hasn't been forced to take on debt. And she's in a better financial situation that she would have been had she been living in Toronto, buying her own groceries, paying for all her bills. In the meantime, she got to go home, take a breather, and she's in a better situation overall, why wouldn't you do that?

ROB: We're grateful to Riley for telling us what it's like to move home during a pandemic. But COVID is just the latest reason why you might have to move back home.

ROMA: At this point. It's worth asking ourselves, why is it a big deal that people are moving home after graduation instead of going out on their own? How did we get here?

ROB: The idea of students moving home as a social trend got some traction after the last recession in 08 09 the economy tanked hard. And a lot of millennials started moving back home. And I remember it well, because there was a certain sourness about this as if all these millennials were losers moving back home. Remember failure to launch, the boomerang generation. Its like they went out on the world and just couldnt hack it and had to move home. The ignorance level was just stunning to me, like oblivious to the disappearance of jobs to the fact that millennials were only getting part-time jobs or temporary jobs. They werent able to use all the skills they built up getting their education. And gradually we got used to it because people started to realize especially the parents of millennials, the economy is extremely challenging. The opportunities are not the same as they were for previous generations. And just as we were getting used to it, I think were going to face a big pop and this again, theres going to be more millennials and members of Gen Z, who are not going to be on a traditional career trajectory, which means graduating from school, getting a great job, getting a first apartment and living that great phase of life, when youve just got off your first job and your income is substantial and the worlds in front of you.

ROMA: Let's remember that there are cultures and where it's normal and preferable for young adults to live at home until they marry until they can afford a house. In some cultures, kids and parents live together, grandparents then help adult children raise their kids, but for many other people, there's an expectation of this progression from university or college to a career to financial independence that includes getting your own place and not popping back in and out of mom and dad's house. That wasn't the case for me. I certainly remember moving back in with my parents after university. There were chunks of time in my life where I wasn't working where my life was in flux. It just didn't make sense for me to be renting a place and it was feasible to my parents to help me. I don't know where this shame idea came from, but I think if your parents can help you, it only makes sense to do that.

One of the things I'm seeing in the circles around me is parents of kids who are in school Elementary School in high school are preparing themselves for that kind of future. So we have some friends on our street that are doing a renovation, they're setting up their basement as almost a self-contained apartment with the expectation that one of their sons is at some point going to have to move back home, and they're going to be in a position to help him. I know of other people who were in their late 20s or early 30s and wanted to save a chunk of money for a down payment. What did they do? They move back home. Rob, you know this from personal experience, and we're going to hear from Rob's family. That's next.

COMMERCIAL: This podcast is brought to you by CPP Investments. At CPP Investments we never lose sight of the long term. We invest the Canada Pension Plan Fund to help provide financial security for generations of Canadians. We diversify the CPP Fund across two geographies and asset classes to access the best investment opportunities and generate sustainable long-term returns. The fund is now more than $400 billion. To learn more about our investment performance for Canadians visit CPPinvestments.com.

ROMA: So, Rob, this is where we hear from your family. And I looked down a timeline to see what my life is gonna be like in 10 years [laughs].

Rob actually wrote the book on this topic. It's called How Not To Move Back In With Your Parents, The Young Person's Complete Guide to Financial Empowerment. We're going to hear from your family now. You want to tell us who we're hearing from?

ROB: We're gonna hear from my wife, Theresa, and our oldest son Will, he's 26. He spent four years in Toronto, going to university there, then he moved back here. While he was finding his first job. Will works in the gig economy he's currently employed, working in graphic design and art. Our family lives in Ottawa. We recorded our family conversation in early June and started by getting Will to tell us what Theresa is like to live with.

WILL:I know that my mom really loves to keep a clean house. I like my space to feel a little lived in. I've noticed that my mom, you know, she, she really likes to make a good impression on guests, you know, the place has got to be clean for that kind of thing with me, it's like, you know, whatever, I'll do some dishes. And that's good enough.

THERESA: His room was a little bit messier than ours. And I would try to stay out of it. And every once in a while, I just couldn't help myself I would just go in there and with a garbage bags and clean things out, but you cooked amazing dinners.

WILL: That made up for it [laughs]. But honestly, like, I think is there's definitely more of like a give and take. I feel less like I'm just owed anything and more like I need to contribute to the household.

ROB: I think that's a really good observation. And you know, now that you've mentioned it Will, I thought that was exactly what was happening. You know what, you did make a lot of the dinners like it was I felt like we had a chef living in the house and it was I thought that was a huge contribution like, on nights where wasn't making dinner, Theresa and I just sort of looked around and thought we better go out [laughs].

THERESA: Thats right! Will gained life skills, we lost life skills -- the ability to cook dinners.

ROB: You know, kids moving back home after university is something as a subject that I think you really are only aware of if you're a parent with kids in their 20s. And so tell them about your book club. And all the comings and goings of the kids of the members.

THERESA: Right. Every single member of my book club has had their kids come and go and many still have their children living at home now, even well into adulthood. It's just, not only is it financially difficult to have your own place and expensive. The job market is so precarious even our own kids, they're employed right now. And yet it's so hard to find permanent employment, and then layer on that, just the complexities of life and the fact that kids may struggle with physical health issues, mental health issues, changes in relationships that are going to bring kids back home again, sometimes. I've seen all that among my friends, and a little bit of that with ourselves with our own kids.

ROB: The whole point of letting your adult children move back home is to help them get a handle on their finances. When Will did that he got his own place. The key was to land a stable job.

WILL: I knew I wanted to live alone. So that kind of helped me sort of budget what kind of apartment I was looking for, something like a bachelor, you know. And then once I had the first and last month's rent, and then I think money for two or three more months after that, I think it came out, I don't know, like five $6,000 then I was able to kind of comfortably say to myself, okay, I can I can move out and I know that I'm not going to end up on the street and you know, yeah, although I know my parents wouldn't allow that.

ROB: I have taught that boy well [laughs].

Are there any downsides to moving back in with your parents?

WILL: I think there's definitely a loss of freedom. Nonetheless, when you are living with your parents, I guess you feel some sort of obligation to you know, let them know where you're going or you know, all that kind of stuff. And then I guess there's also the element of living with somebody who isn't a college student, which is, you know, two very different standards in terms of, I'd say cleanliness and I guess, home maintenance.

ROB: Also, some recreational activities may have to be moderated or adjusted for communal living [laughs]

WILL:Touch, yeah.

THERESA: Will moved out when he was just 18 and moved back after he graduated. He was really just a high schooler when he left and he was an adult when he came back. So mentally, I found for me, it was a big adjustment. Was I going to be his mom? Or was I his roommate? And if they were to move back in again, at some point, you know, we would have a whole different Will and Jamie that we had to get to know and develop a relationship with.

WILL: I think it was very interesting getting into my own place and realizing I can just go wherever I want and do whatever I want and spend my money on whatever I want. Right? And I think there's definitely a period where I had to kind of, you know, learn the hard lessons about that sort of thing and learn how to, you know, moderate financially, and otherwise. You know, I'm constantly trying to, you know, turn myself into an adult, I'd like to behave more as such.

THERESA: This is where it's great when your dad is a personal finance columnist because I've found that Rob and the boys had this ongoing conversation about how they manage their finances. And Rob sort of had this really nice way of very gently kind of easing back on getting involved with their finances. And I'm really impressed with how financially responsible both of them are.

ROB: My one rule is no credit card debt. And if you ever have it, you come and talk to me and we will kill it off right away, because we're not, there's no way, that's just an endless trap. And far from that being a concern, actually, it's impressed me that both boys really know how to save. They know they're precarious workers because they work on contracts and they have both socked away a good amount of money and that really impresses me. Will, of all the things that you've learned about money at home what sticks with you?

WILL: I think it's a really a package deal of how to moderate your spending. One of the most important things that I learned, especially with the way that you're helping me sort of organize my finances early on, is that I need to make my money last. And I need to kind of be paying a little bit more attention on how I spend that exactly and where.

ROB: You know, I think all parents want to see their kids become financially successful and independent and be able to live the lives that they want to lead. And I think moving back home can be a way to strategically make that happen.

THERESA: For sure. And I guess what I would add is that, at the same time, there are things that our kids only learned once they move out, financial lessons they can only learn by living on their own and maybe feeling a little bit of nervousness and fear about how will I pay the rent and how much money am I spending week to week so it's always a balance between offering that space and enjoying spending time with them, but at the same time letting them grow.

ROB: Yeah, no, you know, I thought having the boys back in as adults was a kick really, you know what, like we had the best discussions ever. And, you know, were there tensions, of course there were but I thought it was a bit relaxing to be the parent of 20-somethings living at home. Like I've trusted them to go and come back when they needed to. And I had no concerns where they were going and what they were doing. I trusted them. And you know, there were moments when I thought it'd be nice to have a place back to ourselves again, but then we used to think we're going to be empty nesters again. So you know what, on the whole, a positive experience.

THERESA: It's nice to get to spend time with your kids that -- it's a little bit of a gift in, you know, in the middle of their adulthood that you get to spend time with them.

ROB: Any advice for someone who's going to make the leap and move back home, Will?

WILL: I suppose I would say adjust your expectations. It's easy to go back home and think that things are going to be just the way they were except now you're an older person and you can do whatever you want. But I think it's important to know that your parents aren't going to be you know, serving your every backing call all the time, you have to be a little bit more self-sufficient. And you know, make sure that the house that you're living in is, you know, everyone's doing their part.

ROB: And the other advice? Well give the last word to Will.

WILL:

Really kind of manage your expenses in a way where you know that you're constantly building towards that, like first and last month's rent that'll let you you know, get out of there as soon as possible.

ROMA: Rob, it was so nice to hear from your family. Will totally sounds like a kid that's got it all together. Sounds like he must have learned some of those money skills from you, either through osmosis or maybe some of those conversations eventually sank in.

ROB: It's osmosis, I think. You know, you never really know what your kids are listening to what they're picking up on. So anyway, however it was I was super-happy to hear that he had picked up a lot of the basic fundamentals and everything that I see it shows me that he's on a really good track for handling money.

ROMA: Rob, you wrote the book on this topic, How Not to Move Back in With Your Parents, The Young Person's Complete Guide to Financial Empowerment. But it was published over 10 years ago in the aftermath of the global economic crisis, when we saw the first wave of adult kids moving back home, what would you say has changed today?

ROB: One of the big differences to me is that back in 08 09, 2010, the gig economy was a novelty. People thought, Oh, interesting. Companies are only hiring millennials for short periods of time. Maybe well get back to normal and we havent got back to normal. That trend is a lot more pronounced now. And I expect it to get even worse. So I think helping millennials flourish in the gig economy would be a theme that I would hammer harder this time around. And I think Id probably want to spend more time helping young people pick a course of study that will develop into a decent-paying career. And I think I would also want to talk to them more about jobs or skills about developing a career how to get your foot in the door so that you get higher-quality contracts and you have a better chance of getting a full-time job.

ROMA: How much has the housing market impacted all this?

ROB: I recall back in 08 09, millennials were very keen to get into housing and I know theyre at least as keen today. I think its a little bit more economically out of reach because the past decade has been all about giant increases in house prices. So I think we might have to work a little harder to make millennials and Gen Z comfortable with the idea of renting for longer, Ive looking at alternatives to homeownership of not rushing into this financial straitjacket, waiting to get yourself more solid in the workforce before buying a house.

ROMA: One thing that stands out to me listening to your story, and with my own, is that it seems like the shame or stigma of living at home in your 20s and into maybe your 30s is sort of dissipating. Is that something you see?

ROB: I think it is you know, I moved back home after I graduated from journalism school back in the 80s. And I felt a little bit of shame but I had a job that was promised to me, it fell through for various reasons, and I ended up going to work for that employer later but I moved back in April. It took until December for me to start working again and then I moved out again in February but I did feel a bit, I didn't feel, I wasn't really proud of having to do that. Although it worked out super well. It was like up to me it was the prototype of an effective smart, moving back home, gathering your resources and then moving right back out again. Today I hear parents talk about it so normally they I hear parents talk about the quote, revolving door on their front door with our kids are moving in, they're moving out, moving in and out multiple times. We've seen that at our house. I think it is quite normal now. And I think it's seeping into the broader population. There's much less judgement about that. And I think that is such a healthy development.

ROMA: To me, one thing that stands out that we haven't really discussed is parents helping kids who can't afford it. I'm a little less worried about that when it comes to this idea of moving back into a house they already have. But when does that become dangerous?

ROB: I think that parental support for adult children becomes financially risky when the parents are digging into their own savings to help the young people. I think that digging into an RRSP to help young people buy a house is not an intelligent use of money. Often it's helping people get into a housing market they can't really afford. And so what value is really occurred from the sacrifice the parents have made? Parents need to keep themselves on a good trajectory for retirement. And I encourage them to help their kids as much as they want, and feel able to, without self-sacrifice. Now, there may be some, you know, day to day, month to month, year to year helping with various expenses, but I'm talking about taking a big chunk of money out of their savings and giving it to an adult child to pay for a house or for something else, that should only be done where it is clearly affordable.

ROMA: And what we're talking about for the purposes of this episode is mostly adult kids moving into their childhood home, and parents helping them out by giving them free rent. There are of course, other ways that kids could contribute that we've discussed. You could help out with some bills or you can help out by helping around the house, making meals doing things like that.

ROB:Absolutely. You know, there's a lot of value to be done in that. When our boys were home, they cut the grass, they shoveled the driveway, they made dinners. They helped with other tasks, they picked up stuff for me, they took the cars to the garage. I mean, the amount of time and money they saved was phenomenal. It was like so useful. So I thought there was huge economic value in that.

ROMA: One thing we're also seeing is parents helping their adult kids by paying for things like cell phone bills, car insurance, car loan payments, what are the ins and outs around that?

ROB: I have no problem with that. You know, I say that from the point of view of knowing that a lot of millennials and Gen Z, people are making minimal salaries, they've got high rents. They don't have a lot of money to do anything other than cover all the basics. So if you can take a little of the pressure off, and it's no problem for your parental finances. Basically, you're keeping the same family cellphone plan going after your kids are graduating, you're used to making the payments. If it's no sweat, why not keep on? As soon as they're able, as their income increases, you can fix that. Same with car insurance. It's just a little extra parental help that if it's affordable, I don't see a problem doing that. As long as it's understood that as soon as their salary moves up to a decent level, you offload that cost to them, pronto.

ROMA: So what we're talking about here is progression. What you want to see is someone who starts off in a more tenuous job position, perhaps in their early 20s. How they move through that, what kinds of steps they're taking, as they move into their mid and late 20s and into their 30s.

ROB: For sure, and if parents, if you see your kids forgetting to take on the cell phone bill after that, so don't hesitate to say, you know what, I see you're making more money now, why don't you pay for your cell phone?

ROMA: Rob, how do you prevent your kids from feeling entitled, like you should be paying their cell phone bill for them? Like it's sort of an easy thing? And why not let mom and dad take care of that? How do you help to make sure that they're progressing into a fully functioning, financially successful adult?

ROB: One thing is to make them realize the cost pressures of everyday life from a young age. So if your kids are going to university and you've saved up money for them through an RESP, you're going to have them contribute to this you're going to have understand this is how much tuition cost you want to go away? Okay, here's how much a dorm room is going to cost for accommodation. What can you kick in? They need to understand the economic value of living as an adult. And you can help them do that, as they take their very first step as an adult, which is going to university giving up high school, going to university taking on this big cost of education, they should have some skin in that game.

ROMA: It's interesting you mentioned that. My son just got his first cell phone, and we are having him pay for the cost of that phone each month. He wanted a cell phone. We didn't think that he needed one yet. We came to an agreement. You want a cell phone, you pay the monthly bill. What we're talking about here, and I think what you and I are both seeing, is that we need to have a higher degree of financial literacy. And that just means talking to your kids about money and how to manage it and how to handle it.

ROB: Right.

Read the rest here:

Should you move back in with your parents? Read the transcript for episode eight of Stress Test - The Globe and Mail

Published 31 July 2020

TheOuter House of the Court of Sessionhas granted a decree of divorce to a domiciled Scot and his spouse living in Dubai.

The pursuer,YI, a qualified medical doctor originally from Russia, raised proceedings in Scotland on the basis of irretrievable breakdown due to unreasonable behaviour on the part of the defender,AAW. The date of separation was also disputed.

The case was heard byLady Wise.

Rude sexual jokes

The couple met on an internet dating site and married in 2011. At the time of proceedings, the pursuer was 45 years old and the defender was 65 years old. They had one child together, JW, in 2012, who also had a half-brother from the defenders previous relationship.

The defender raised divorce proceedings in Inverness Sheriff Court in 2019 on the basis of non-cohabitation as husband and wife for a period in excess of two years. Those proceedings were dismissed due to the defender not living in the sheriffdom. The defender then raised divorce proceedings in Dubai, which were ongoing concurrently with the Outer House proceedings raised by the pursuer.

The pursuers complaints centred around her husbands controlling and domineering behaviour towards her, his speaking derogatorily to her and acting in a sexually inappropriate manner towards her generally. She also stated that towards the end of the marriage he began taking absences from home and she discovered condoms and email pictures of young women in his car and on an electronic device.

Specific examples given by the pursuer included the defender not letting her return to Russia with JW to see her mother, his making rude sexual jokes about her consorting with Pakistani taxi drivers, and not encouraging her to try and work as a doctor in Dubai. She also stated that he was obsessed with sex and would demand it of her daily after she fell pregnant with JW.

The pursuer also stated that she had not undertaken any remunerative employment since the date of their marriage, although she wanted to continue as a doctor if she could, and that the marriage broke down when she confronted her husband about the emails on his device and he walked out. He moved to new accommodation on 5 September 2018.

The defender disputed that his wife had wanted to work and denied all the pursuers allegations regarding his language towards and about her. He denied that his wife had found pictures of other women or condoms, and said that he could not remember what the cause of the final argument was.

A sort of slavery

In heropinion, Lady Wise stated that she found the pursuer to be a generally credible witness and said of her evidence: The clear picture that emerged from the pursuers evidence was of a woman who had considered that, while it involved risk, it was worth leaving her family and work as a medical practitioner in Russia for the emotional security of an older man and the hope of children. She was prepared to put up with quite a lot of unpleasant behaviour, such as offensive remarks about her family and the defenders control over her childs citizenship and travel in return for that stability.

She continued: It became clear, however, that her views on any matter were totally disregarded and that the defender viewed her worth as merely the object of his excessive sexual demands.That, coupled with her lack of financial independence and the relegation of her role to cooking and looking after her husband and son, led the pursuer to become unhappy and upset and feel trapped in a sort of slavery.

Regarding the defenders version of events, she said: The defenders position was highly unsatisfactory and indicative of the very behaviour about which the pursuer complained. His evidence on a passport for JW illustrated that it had never occurred to him that his wife, the childs primary carer, should have a say in what passport or passports the child should hold. His assertion that he would make sure his wife never managed to take the child to Russia (even for a visit) by keeping his UK passport away from her was indicative of the controlling behaviour described by the pursuer.

On the circumstances surrounding the ultimate breakdown of the marriage, she said: In my view the pursuers position makes more sense because the discovery of messages from unknown women was the ultimate insult from a man whose controlling behaviour she had endured for the sake of their son. When she confronted the defender in anger he withdrew from the situation and thereafter it was inevitable that the relationship was at an end, albeit that the final departure by AAW to his new accommodation was not until 5 September 2018.

Applying the law to the facts of the case, she said: The evidence of the pursuers witnesses comprises mostly hearsay and so the weight of that evidence requires to be considered carefully. I have already indicated that I accept the evidence of [two of the pursuers witnesses] as providing support for and being consistent with the pursuers account on important matters.

She concluded: I am satisfied that the evidence of the pursuer on the four material areas listed as disputed issues is credible and can be relied on. There is also sufficient credible and reliable supporting evidence as required by section 8(3) of theCivil Evidence (Scotland) Act 1988. I find that the parties marriage has broken down irretrievably and that the defender has behaved in such a way that the pursuer cannot reasonably be expected to cohabit with him.

For these reasons, Lady Wise granted decree of divorce. It was also concluded that the current care arrangements for JW, who was living with the pursuer in the former matrimonial home and had contact with the defender, were in his best interests and presented no impediment.

Scottish Legal News Ltd 2020

Read the rest here:

Outer House grants divorce to Russian wife of Scotsman living in Dubai - Scottish Legal News

You had your best-laid plans and then COVID-19 came along and hammered the entire economy. But youve got this if you have the right information. Join Rob Carrick and Roma Luciw on Stress Test, a podcast guiding you through one of the biggest challenges your finances will ever face.

ROB:You spent your childhood and teenage years under their roof. Should you move back in with your parents if it makes sense financially? Thats our big question today.

Welcome to Stress Test, a Globe and Mail podcast where we look at how the rules of personal finance have changed in the pandemic for Gen Z and millennials. I'm Rob Carrick, personal finance columnist at the Globe and Mail.

ROMA: And I'm Roma Luciw, personal finance editor at the Globe. Well, Rob, this is the last episode of Stress Test that we'll be recording this summer. And I'm feeling a bit nostalgic.

Story continues below advertisement

ROB: Me too. You know, I think when we started this, it was like, there was snow on the ground and now it's like blazing hot summer like, so much has happened. The pandemic is still out there. But in Ottawa, where I live, people are out on patios and I have to confess I had a beer and a hot dog at a really nice patio by the Rideau Falls and things are looking up.

ROMA: Well, we had wine with friends on Friday night outside on their back patio, distanced but together, and I felt like old times. We were all so happy to just spend some time together outside without the children for five minutes. It was a wonderful, wonderful experience.

In terms of the podcast, I think also for me, it's been a journey because I'm more accustomed to being the person that does the assigning and editing. I'm not accustomed to being in front of the microphone and talking about these ideas where people can hear me and I have to say, that over the course of the recordings, I've gotten more comfortable, and I really enjoyed it.

ROB: Talking about all this in a podcast is a bit like rehearsing future columns and also greatest hits from the past. It's just me sort of thinking out loud about what I've learned and making mental notes about things I want to look into further in the next few months.

ROMA: So we knew we wanted moving back home to be our last episode. Why are we talking about this today?

ROB: I think we're talking about moving back home with your parents because it ties together a lot of the themes that we've been discussing in the podcast like the gig economy, student debt, expensive housing. A lot of these trends work against people achieving quick and easy financial independence after they graduate. And it's going to send some of them back home where they can live cheaply and build up their resources to move out later on.

ROMA: So once again, we see the pandemic, emphasizing or exacerbating some of the trends that were already taking place, we'll see another pop in this. And so it makes sense to use this as a launching point for looking ahead in terms of what we'll see in the months and years ahead.

Story continues below advertisement

ROB: Just as occurred after the last recession, I think the pandemic-driven economic downturn, however bad it turns out to be, is going to send a lot of people moving home and that's a good thing. I hope we can draw out in this episode that that's a smart way to handle a problem.

ROMA: Absolutely. If there's one thing I think we should do today, it's make sure that that's not a shameful thing. And we can talk that through as we proceed.

ROB: Today, we're talking about whether or not you should move back home with your parents to save money. I think now is the right time to talk about it.

ROMA: In every episode of Stress Test, we talk to real people and experts to see how the basic rules of personal finance have been stress-tested by COVID-19. Should you move back home? That's up next.

COMMERCIAL: This podcast is brought to you by CPP Investments. Take comfort knowing the Canada Pension Plan Fund will be there for you. We invest to help ensure the CPP Fund remains resilient over the long term, sustainable and secure for millions of Canadians. Learn more at CPPinvestments.com.

ROMA: To find out what it's like when COVID causes you to move back home, we're taking you to Brockville, Ontario, which is halfway between Toronto and Montreal.

Story continues below advertisement

RILEY: Hi, my name is Riley Morrison.

ROMA: Riley is 23 years old. Normally I live in Toronto but currently I am living in Brockville. So I was living in Toronto with my sister. Because I work in the film industry, everything is closed down so I can't work while COVID is happening. So we thought it would be best if both Paige and I came back to live with our parents until this is a little more settled or things open up a little more. So we came back.

ROMA: We spoke to Riley in April, just a month into COVID. In Canada, there was so much uncertainty. How was the new everyday routine going for Riley and her family?

RILEY: Surprisingly well. I mean, I haven't lived with my parents for more than two weeks at a time since I was 17.

ROMA: That's when Riley went away for school. And then she built the start of a pretty good career in Toronto.

RILEY: I'm an Assistant Director for film and television. I'm the fourth assistant director which means I'm one of the first people in in the morning and it's my job to make sure that cast go through hair, makeup and wardrobe. before we're ready to shoot at the beginning of a day. I coordinate with the wardrobe department. People who don't really know my industry when I describe myself job to them, they basically say that I sound like a babysitter. And it's kind of true.

Story continues below advertisement

ROMA: The TV show she works on was shut down just like everything else, Back in the spring, Riley came home to Brockville where life really slowed down. At first, it was nice to have some family time.

RILEY: My dad declared Sunday movie night. So on Sundays, we make popcorn and we choose a movie and we all sit down and watch it together.

ROMA: Riley's family built fun routines for the new COVID life together. But the early days were still pretty stressful.

RILEY: My grandmother, she drove by and like stood outside her car and we stood at the door, and we were having a talk and she was asking me about things and it was what I was like really stressed like right at the beginning, and I ended up like, totally broke down in the yard. Because I was stressed about my rent and my worry come August like I don't want to lose my apartment.

ROMA: Riley still pays for her apartment in Toronto, which is her single biggest expense, while she lives at home, rent-free.

RILEY: So that night, my mom and I, we went over my finances, and we talked about it. And I have a bit of a plan now. So I'm okay

Story continues below advertisement

ROMA: With all the stress of COVID. Being able to move home was a real relief.

RILEY: Financially speaking, it's really nice because the only money I'm spending right now is to pay my rent in Toronto. But I've been worried about my rent as I feel like a lot of people in cities like Toronto are because it's expensive.

ROMA: Because Riley and her sisters still pay for their rent in Toronto, their parents don't ask them to contribute financially to the household in Brockville.

RILEY: Which, you know, we're very lucky enough to have that kind of privilege. So it's nice to be home because I don't have any other expenses except for rent, which I only have to worry about once a month. The thing I've taken away from this is like, I haven't worked in retail in like four years, but maybe starting this year, like during the winter when I don't have a show I should get a retail job. So I have a backup. So I'm not dependent on EI. So I can work a little bit longer. Like it's just unfortunate that this thing I enjoy, my work that I love, I can't do. And I -- no one can give a like straight answer for when things are going to pick up or go back and that's the thing that frustrates me the most

ROMA: Overall, how does Riley feel about living at home during COVID?

RILEY: I don't feel bad about living with my parents right now because it's not like I've made some massive mistake in my career or a relationship and I need like, I mean, obviously, I needed to come home and it's financially better. But like, I feel reassured that it's not my fault. Like, this horrible pandemic happened and I came home, but like, it's not because I failed at anything. So I'm happy to be with my family, knowing I have not failed in anything.

Story continues below advertisement

ROB: Im glad Riley mentioned the word failure because its a word I do not want to hear associated with the idea of moving back home. Its a rational, smart, shrewd thing to do. If you cant afford your rent if you cant afford to be living where you are, use the help available from your family. Its a smart thing to do. And you know, I find quite often parents are quite happy to offer that level of assistance to their adult kids.

ROMA: Certainly seemed like for Riley and her sister, her parents were willing and able and happy to help. I'd like to point out that in the meantime, Riley has moved back to Toronto and is in her apartment. She hasn't been forced to take on debt. And she's in a better financial situation that she would have been had she been living in Toronto, buying her own groceries, paying for all her bills. In the meantime, she got to go home, take a breather, and she's in a better situation overall, why wouldn't you do that?

ROB: We're grateful to Riley for telling us what it's like to move home during a pandemic. But COVID is just the latest reason why you might have to move back home.

ROMA: At this point. It's worth asking ourselves, why is it a big deal that people are moving home after graduation instead of going out on their own? How did we get here?

ROB: The idea of students moving home as a social trend got some traction after the last recession in 08 09 the economy tanked hard. And a lot of millennials started moving back home. And I remember it well, because there was a certain sourness about this as if all these millennials were losers moving back home. Remember failure to launch, the boomerang generation. Its like they went out on the world and just couldnt hack it and had to move home. The ignorance level was just stunning to me, like oblivious to the disappearance of jobs to the fact that millennials were only getting part-time jobs or temporary jobs. They werent able to use all the skills they built up getting their education. And gradually we got used to it because people started to realize especially the parents of millennials, the economy is extremely challenging. The opportunities are not the same as they were for previous generations. And just as we were getting used to it, I think were going to face a big pop and this again, theres going to be more millennials and members of Gen Z, who are not going to be on a traditional career trajectory, which means graduating from school, getting a great job, getting a first apartment and living that great phase of life, when youve just got off your first job and your income is substantial and the worlds in front of you.

ROMA: Let's remember that there are cultures and where it's normal and preferable for young adults to live at home until they marry until they can afford a house. In some cultures, kids and parents live together, grandparents then help adult children raise their kids, but for many other people, there's an expectation of this progression from university or college to a career to financial independence that includes getting your own place and not popping back in and out of mom and dad's house. That wasn't the case for me. I certainly remember moving back in with my parents after university. There were chunks of time in my life where I wasn't working where my life was in flux. It just didn't make sense for me to be renting a place and it was feasible to my parents to help me. I don't know where this shame idea came from, but I think if your parents can help you, it only makes sense to do that.

One of the things I'm seeing in the circles around me is parents of kids who are in school Elementary School in high school are preparing themselves for that kind of future. So we have some friends on our street that are doing a renovation, they're setting up their basement as almost a self-contained apartment with the expectation that one of their sons is at some point going to have to move back home, and they're going to be in a position to help him. I know of other people who were in their late 20s or early 30s and wanted to save a chunk of money for a down payment. What did they do? They move back home. Rob, you know this from personal experience, and we're going to hear from Rob's family. That's next.

COMMERCIAL: This podcast is brought to you by CPP Investments. At CPP Investments we never lose sight of the long term. We invest the Canada Pension Plan Fund to help provide financial security for generations of Canadians. We diversify the CPP Fund across two geographies and asset classes to access the best investment opportunities and generate sustainable long-term returns. The fund is now more than $400 billion. To learn more about our investment performance for Canadians visit CPPinvestments.com.

ROMA: So, Rob, this is where we hear from your family. And I looked down a timeline to see what my life is gonna be like in 10 years [laughs].

Rob actually wrote the book on this topic. It's called How Not To Move Back In With Your Parents, The Young Person's Complete Guide to Financial Empowerment. We're going to hear from your family now. You want to tell us who we're hearing from?

ROB: We're gonna hear from my wife, Theresa, and our oldest son Will, he's 26. He spent four years in Toronto, going to university there, then he moved back here. While he was finding his first job. Will works in the gig economy he's currently employed, working in graphic design and art. Our family lives in Ottawa. We recorded our family conversation in early June and started by getting Will to tell us what Theresa is like to live with.

WILL:I know that my mom really loves to keep a clean house. I like my space to feel a little lived in. I've noticed that my mom, you know, she, she really likes to make a good impression on guests, you know, the place has got to be clean for that kind of thing with me, it's like, you know, whatever, I'll do some dishes. And that's good enough.

THERESA: His room was a little bit messier than ours. And I would try to stay out of it. And every once in a while, I just couldn't help myself I would just go in there and with a garbage bags and clean things out, but you cooked amazing dinners.

WILL: That made up for it [laughs]. But honestly, like, I think is there's definitely more of like a give and take. I feel less like I'm just owed anything and more like I need to contribute to the household.

ROB: I think that's a really good observation. And you know, now that you've mentioned it Will, I thought that was exactly what was happening. You know what, you did make a lot of the dinners like it was I felt like we had a chef living in the house and it was I thought that was a huge contribution like, on nights where wasn't making dinner, Theresa and I just sort of looked around and thought we better go out [laughs].

THERESA: Thats right! Will gained life skills, we lost life skills -- the ability to cook dinners.

ROB: You know, kids moving back home after university is something as a subject that I think you really are only aware of if you're a parent with kids in their 20s. And so tell them about your book club. And all the comings and goings of the kids of the members.

THERESA: Right. Every single member of my book club has had their kids come and go and many still have their children living at home now, even well into adulthood. It's just, not only is it financially difficult to have your own place and expensive. The job market is so precarious even our own kids, they're employed right now. And yet it's so hard to find permanent employment, and then layer on that, just the complexities of life and the fact that kids may struggle with physical health issues, mental health issues, changes in relationships that are going to bring kids back home again, sometimes. I've seen all that among my friends, and a little bit of that with ourselves with our own kids.

ROB: The whole point of letting your adult children move back home is to help them get a handle on their finances. When Will did that he got his own place. The key was to land a stable job.

WILL: I knew I wanted to live alone. So that kind of helped me sort of budget what kind of apartment I was looking for, something like a bachelor, you know. And then once I had the first and last month's rent, and then I think money for two or three more months after that, I think it came out, I don't know, like five $6,000 then I was able to kind of comfortably say to myself, okay, I can I can move out and I know that I'm not going to end up on the street and you know, yeah, although I know my parents wouldn't allow that.

ROB: I have taught that boy well [laughs].

Are there any downsides to moving back in with your parents?

WILL: I think there's definitely a loss of freedom. Nonetheless, when you are living with your parents, I guess you feel some sort of obligation to you know, let them know where you're going or you know, all that kind of stuff. And then I guess there's also the element of living with somebody who isn't a college student, which is, you know, two very different standards in terms of, I'd say cleanliness and I guess, home maintenance.

ROB: Also, some recreational activities may have to be moderated or adjusted for communal living [laughs]

WILL:Touch, yeah.

THERESA: Will moved out when he was just 18 and moved back after he graduated. He was really just a high schooler when he left and he was an adult when he came back. So mentally, I found for me, it was a big adjustment. Was I going to be his mom? Or was I his roommate? And if they were to move back in again, at some point, you know, we would have a whole different Will and Jamie that we had to get to know and develop a relationship with.

WILL: I think it was very interesting getting into my own place and realizing I can just go wherever I want and do whatever I want and spend my money on whatever I want. Right? And I think there's definitely a period where I had to kind of, you know, learn the hard lessons about that sort of thing and learn how to, you know, moderate financially, and otherwise. You know, I'm constantly trying to, you know, turn myself into an adult, I'd like to behave more as such.

THERESA: This is where it's great when your dad is a personal finance columnist because I've found that Rob and the boys had this ongoing conversation about how they manage their finances. And Rob sort of had this really nice way of very gently kind of easing back on getting involved with their finances. And I'm really impressed with how financially responsible both of them are.

ROB: My one rule is no credit card debt. And if you ever have it, you come and talk to me and we will kill it off right away, because we're not, there's no way, that's just an endless trap. And far from that being a concern, actually, it's impressed me that both boys really know how to save. They know they're precarious workers because they work on contracts and they have both socked away a good amount of money and that really impresses me. Will, of all the things that you've learned about money at home what sticks with you?

WILL: I think it's a really a package deal of how to moderate your spending. One of the most important things that I learned, especially with the way that you're helping me sort of organize my finances early on, is that I need to make my money last. And I need to kind of be paying a little bit more attention on how I spend that exactly and where.

ROB: You know, I think all parents want to see their kids become financially successful and independent and be able to live the lives that they want to lead. And I think moving back home can be a way to strategically make that happen.

THERESA: For sure. And I guess what I would add is that, at the same time, there are things that our kids only learned once they move out, financial lessons they can only learn by living on their own and maybe feeling a little bit of nervousness and fear about how will I pay the rent and how much money am I spending week to week so it's always a balance between offering that space and enjoying spending time with them, but at the same time letting them grow.

ROB: Yeah, no, you know, I thought having the boys back in as adults was a kick really, you know what, like we had the best discussions ever. And, you know, were there tensions, of course there were but I thought it was a bit relaxing to be the parent of 20-somethings living at home. Like I've trusted them to go and come back when they needed to. And I had no concerns where they were going and what they were doing. I trusted them. And you know, there were moments when I thought it'd be nice to have a place back to ourselves again, but then we used to think we're going to be empty nesters again. So you know what, on the whole, a positive experience.

THERESA: It's nice to get to spend time with your kids that -- it's a little bit of a gift in, you know, in the middle of their adulthood that you get to spend time with them.

ROB: Any advice for someone who's going to make the leap and move back home, Will?

WILL: I suppose I would say adjust your expectations. It's easy to go back home and think that things are going to be just the way they were except now you're an older person and you can do whatever you want. But I think it's important to know that your parents aren't going to be you know, serving your every backing call all the time, you have to be a little bit more self-sufficient. And you know, make sure that the house that you're living in is, you know, everyone's doing their part.

ROB: And the other advice? Well give the last word to Will.

WILL:

Really kind of manage your expenses in a way where you know that you're constantly building towards that, like first and last month's rent that'll let you you know, get out of there as soon as possible.

ROMA: Rob, it was so nice to hear from your family. Will totally sounds like a kid that's got it all together. Sounds like he must have learned some of those money skills from you, either through osmosis or maybe some of those conversations eventually sank in.

ROB: It's osmosis, I think. You know, you never really know what your kids are listening to what they're picking up on. So anyway, however it was I was super-happy to hear that he had picked up a lot of the basic fundamentals and everything that I see it shows me that he's on a really good track for handling money.

ROMA: Rob, you wrote the book on this topic, How Not to Move Back in With Your Parents, The Young Person's Complete Guide to Financial Empowerment. But it was published over 10 years ago in the aftermath of the global economic crisis, when we saw the first wave of adult kids moving back home, what would you say has changed today?

ROB: One of the big differences to me is that back in 08 09, 2010, the gig economy was a novelty. People thought, Oh, interesting. Companies are only hiring millennials for short periods of time. Maybe well get back to normal and we havent got back to normal. That trend is a lot more pronounced now. And I expect it to get even worse. So I think helping millennials flourish in the gig economy would be a theme that I would hammer harder this time around. And I think Id probably want to spend more time helping young people pick a course of study that will develop into a decent-paying career. And I think I would also want to talk to them more about jobs or skills about developing a career how to get your foot in the door so that you get higher-quality contracts and you have a better chance of getting a full-time job.

ROMA: How much has the housing market impacted all this?

ROB: I recall back in 08 09, millennials were very keen to get into housing and I know theyre at least as keen today. I think its a little bit more economically out of reach because the past decade has been all about giant increases in house prices. So I think we might have to work a little harder to make millennials and Gen Z comfortable with the idea of renting for longer, Ive looking at alternatives to homeownership of not rushing into this financial straitjacket, waiting to get yourself more solid in the workforce before buying a house.

ROMA: One thing that stands out to me listening to your story, and with my own, is that it seems like the shame or stigma of living at home in your 20s and into maybe your 30s is sort of dissipating. Is that something you see?

ROB: I think it is you know, I moved back home after I graduated from journalism school back in the 80s. And I felt a little bit of shame but I had a job that was promised to me, it fell through for various reasons, and I ended up going to work for that employer later but I moved back in April. It took until December for me to start working again and then I moved out again in February but I did feel a bit, I didn't feel, I wasn't really proud of having to do that. Although it worked out super well. It was like up to me it was the prototype of an effective smart, moving back home, gathering your resources and then moving right back out again. Today I hear parents talk about it so normally they I hear parents talk about the quote, revolving door on their front door with our kids are moving in, they're moving out, moving in and out multiple times. We've seen that at our house. I think it is quite normal now. And I think it's seeping into the broader population. There's much less judgement about that. And I think that is such a healthy development.

ROMA: To me, one thing that stands out that we haven't really discussed is parents helping kids who can't afford it. I'm a little less worried about that when it comes to this idea of moving back into a house they already have. But when does that become dangerous?

ROB: I think that parental support for adult children becomes financially risky when the parents are digging into their own savings to help the young people. I think that digging into an RRSP to help young people buy a house is not an intelligent use of money. Often it's helping people get into a housing market they can't really afford. And so what value is really occurred from the sacrifice the parents have made? Parents need to keep themselves on a good trajectory for retirement. And I encourage them to help their kids as much as they want, and feel able to, without self-sacrifice. Now, there may be some, you know, day to day, month to month, year to year helping with various expenses, but I'm talking about taking a big chunk of money out of their savings and giving it to an adult child to pay for a house or for something else, that should only be done where it is clearly affordable.

ROMA: And what we're talking about for the purposes of this episode is mostly adult kids moving into their childhood home, and parents helping them out by giving them free rent. There are of course, other ways that kids could contribute that we've discussed. You could help out with some bills or you can help out by helping around the house, making meals doing things like that.

ROB:Absolutely. You know, there's a lot of value to be done in that. When our boys were home, they cut the grass, they shoveled the driveway, they made dinners. They helped with other tasks, they picked up stuff for me, they took the cars to the garage. I mean, the amount of time and money they saved was phenomenal. It was like so useful. So I thought there was huge economic value in that.

ROMA: One thing we're also seeing is parents helping their adult kids by paying for things like cell phone bills, car insurance, car loan payments, what are the ins and outs around that?

ROB: I have no problem with that. You know, I say that from the point of view of knowing that a lot of millennials and Gen Z, people are making minimal salaries, they've got high rents. They don't have a lot of money to do anything other than cover all the basics. So if you can take a little of the pressure off, and it's no problem for your parental finances. Basically, you're keeping the same family cellphone plan going after your kids are graduating, you're used to making the payments. If it's no sweat, why not keep on? As soon as they're able, as their income increases, you can fix that. Same with car insurance. It's just a little extra parental help that if it's affordable, I don't see a problem doing that. As long as it's understood that as soon as their salary moves up to a decent level, you offload that cost to them, pronto.

ROMA: So what we're talking about here is progression. What you want to see is someone who starts off in a more tenuous job position, perhaps in their early 20s. How they move through that, what kinds of steps they're taking, as they move into their mid and late 20s and into their 30s.

ROB: For sure, and if parents, if you see your kids forgetting to take on the cell phone bill after that, so don't hesitate to say, you know what, I see you're making more money now, why don't you pay for your cell phone?

ROMA: Rob, how do you prevent your kids from feeling entitled, like you should be paying their cell phone bill for them? Like it's sort of an easy thing? And why not let mom and dad take care of that? How do you help to make sure that they're progressing into a fully functioning, financially successful adult?

ROB: One thing is to make them realize the cost pressures of everyday life from a young age. So if your kids are going to university and you've saved up money for them through an RESP, you're going to have them contribute to this you're going to have understand this is how much tuition cost you want to go away? Okay, here's how much a dorm room is going to cost for accommodation. What can you kick in? They need to understand the economic value of living as an adult. And you can help them do that, as they take their very first step as an adult, which is going to university giving up high school, going to university taking on this big cost of education, they should have some skin in that game.

ROMA: It's interesting you mentioned that. My son just got his first cell phone, and we are having him pay for the cost of that phone each month. He wanted a cell phone. We didn't think that he needed one yet. We came to an agreement. You want a cell phone, you pay the monthly bill. What we're talking about here, and I think what you and I are both seeing, is that we need to have a higher degree of financial literacy. And that just means talking to your kids about money and how to manage it and how to handle it.

ROB: Right.

Go here to read the rest:

Read the transcript for episode eight of Stress Test - The Globe and Mail

No matter where they live, what they did with their lives, or how much money they have, there are ... [+] three things I have observed over my career that happy retirees have in common.

No matter where they live, what they did with their lives, or how much money they have, there are three things I have observed over my career that happy retirees have in common.

The good news is, these are things you can plan for.

Theyre debt free.

Reaching financial independence wont be easy until youre free of debt especially adverse debt. Not all debt is adverse debt, but consumer debt for car loans, student loans, credit cards and other personal spending is categorically bad. The best way to free yourself of debt is to avoid it completely, but of course, thats not always an option.

Starting as early as possible, make a clear plan for getting out of debt and stick to it, even if it means delaying or reducing some of your savings or investments for retirement.

They have their health.

Being happy in retirement is undoubtably tied to being healthy in retirement. But a healthy lifestyle is something that must begin years before you retire.

Taking care of your health throughout your lifetimethrough nutrition, exercise, preventative medicine and mental health careis key to preserving your wellness into retirement. Find an active hobby, like tennis or hiking, that you can continue as you age to keep yourself physically fit.

If you already have health issues, take whatever steps you can to improve or preserve your health now and make sure you have a plan for how you will pay for health care throughout your retirement and have a good understanding of long-term care options.

They have a purpose.

As our life expectancy increases, the length of our retirement does as well. Day time television and shuffleboard will only keep you amused for so long.

Have a missiona reason to get out of bed in the morningthat will keep you active and thriving for all the years ahead of you. This can vary for each person, and Ive seen it include grandchildren, consulting, part-time work, volunteering and traveling. You can do anything, just dont do nothing.

Of course, you can take breaks and take time for yourself. But you cant spend 30 years sitting around and still feel fulfilled.

The lesson:

Being happy in retirement is not a coincidence, and its not something you can expect to achieve with no effort. Your plan for fulfillment and happiness is just as important as your plan for sustainable income.

Before you hand in your letter of resignation, make sure you know what you want to be when you grow up.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regards to your individual situation. Comments concerning the past performance are not intended to be forward looking and should not be viewed as an indication of future results.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Brotman Financial Group, Inc. and BFG Financial Advisors are not affiliated with Kestra IS or Kestra AS.

Read this article:

The 3 Secrets Of The Happiest Retirees (And How You Can Plan For Them) - Forbes

Fitch views Ohio Nationals risk-adjusted capitalization as strong

Stable outlook reflects Fitchs view the company is well positioned in a challenging external environment

CINCINNATI, July 29, 2020 (GLOBE NEWSWIRE) -- Ohio National Financial Services announced today that Fitch Ratings has assigned ratings for the financial strength of The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation at A- with stable outlook.

The A- rating is Fitchs seventh-highest rating on a 21-part scale. According to Fitch, insurers rated with a category have high credit quality and are subject to low credit default risk.

The rating reflects, in part, the companys insurance operating subsidiaries strong risk-adjusted capitalization and leverage, stable financial performance and conservative investment portfolio. The stable outlook reflects Fitch's view the company is well positioned in an external environment that will present earnings-related pressures over the next 12-18 months.

Highlights from Fitchs release also include:

We are pleased that Fitch highlights our strong capitalization and stable growth in operating earnings, noted Gary T. Doc Huffman, CLU, ChFC, Ohio National chairman and chief executive officer. This rating highlights we are well positioned in the current economic environment as the coronavirus-related economic downturn is creating a severe and extensive credit shock and earnings pressures across many sectors, regions and markets, including the life insurance industry.

Huffman continued, We are successfully executing our strategy, all while maintaining our long-standing financial strength, and we continue to focus on serving our policyholders first.

About Ohio National Financial ServicesSince 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico and through affiliated operations in South America, we provide the insurance products that help our policyholders achieve financial security and independence. As of December 31, 2019, its affiliated companies have $40.5 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Please explore ohionational.comfor more information and for the latest company updates, connect with Ohio National onLinkedIn,FacebookandYouTube.

Lisa Doxsee, APR513.794.6418 office 513.218.5519 mobilelisa_doxsee@ohionational.com

Andy Haskin513.794.6693 office513.608.3763 mobileandy_haskin@ohionational.com

See original here:

Fitch assigns 'A-' Insurer Financial Strength rating with stable outlook to the operating insurance subsidiaries of Ohio National Financial Services -...

OTTAWA, ON, July 29, 2020 /CNW/ -Today, the Honourable Maryam Monsef, Minister for Women and Gender Equality and Rural Economic Development, along with the Honourable Bill Blair, Minister of Public Safety and Emergency Preparedness announced funds to support victims and survivors of human trafficking. The $19 million will be administered by two federal departments responsible for the implementation of the Government's five-year National Strategy to Combat Human Trafficking, a whole-of-government approach to eradicating human trafficking and supporting those impacted.

Human trafficking is a vile, harmful crime that disproportionately impacts women and girls. The Government of Canada is working with domestic and international partners to combat human trafficking in all its forms. The pandemic has made it more difficult to keep vulnerable populations safe, and help victims escape situations of human trafficking and access the supports they need. Starting today, the Government is accepting applications for projects that work to prevent and address human trafficking and support survivors.

$14 million will be distributed by Women and Gender Equality Canada (WAGE) and $5 million through Public Safety Canada. WAGE's call for proposals will support organizations that work to prevent and address human trafficking to develop and implement promising practices to enhance empowerment supports for at-risk populations and survivors of human trafficking. The call will remain open until September 4, 2020.

The funding available through Public Safety Canada will support two initiatives. The first is for projects that seek to empower victims and survivors of human trafficking through the provision of supports and services that are trauma-informed and culturally relevant. The second is for pilot projects to establish and test best practices to raise awareness of human trafficking among at-risk youth. The call will remain open until September 4, 2020.

Eligible organizations for the funds include not-for-profits, Indigenous governments (including band councils, tribal councils and self-government entities) and their agencies, Indigenous not-for-profit organizations (that represent First Nations, Inuit and/or Mtis interests, and that are controlled by members of the population they serve) and municipalities and their agencies.

Quote

"Human trafficking is largely hidden. New trends continue to emerge and the pandemic has increased the harms to the most vulnerable. If you are a survivor of sexual exploitation, forced labour; if you believe someone else might be; or if you are currently being exploited and ready to talk to someone about your next steps, please call the Canadian Human Trafficking Hotline at 1-833-900-1010. Caring professionals are ready to assist you 24/7. If you and your team provide holistic, trauma-informed services to help survivors regain their independence, reintegrate into their communities, and begin their healing and recovery process, we thank you. Eligible organizations for the funds announced today include those supporting victims and survivors and community-led empowerment programs addressing the root causes of human trafficking."

The Honourable Bill Blair, P.C., M.P.

Minister of Public Safety and Emergency Preparedness

and

The Honourable Maryam Monsef, P.C., M.P.

Minister for Women and Gender Equality

Minister for Rural Economic Development

Quick Facts

Related Product

Backgrounder

Government of Canada's Efforts to Combat Human Trafficking

Human trafficking is one of the most heinous crimes imaginable. Globally, people, especially women, girls, and Indigenous peoples are trafficked for many reasons: sexual exploitation, forced labour, forced begging, forced marriage, for selling children and as child soldiers, as well as for the removal of organs.

This crime and violation of human rights disproportionately impacts women and girls. According to the Canadian Centre for Justice Statistics, between 2009 and 2016, 95% of human trafficking victims in Canada were female, 72% were women under the age of 25, and 25% were under 18. Most victims are trafficked within their countries' borders; those trafficked abroad are moved to the richest countries. Children are at heightened risk of exploitation due to school closures during the pandemic, since many of them are increasingly online for learning and socializing. This may make them more vulnerable to online sexual predators

Action must be taken to end human trafficking in all its forms. In September 2019, the Government of Canada launched the new comprehensive National Strategy to Combat Human Trafficking (National Strategy), a whole-of-government approach to eradicating human trafficking and supporting those most impacted by this crime.

Under the National Strategy, the Government of Canada is launching calls for proposals for projects that aim to prevent and address human trafficking, empower victims and survivors, and raise awareness among at-risk youth.

Women and Gender Equality Canada Call for Proposals

Women and Gender Equality's Human Trafficking Initiative will provide multi-year funding to eligible organizations to develop, deliver, and test promising practices in prevention and intervention. The work made possible through this funding will advance knowledge and enhance empowerment supports for at-risk populations and survivors of human trafficking.The aim is to empower women, girls and LGBTQ2 individuals at an increased risk of being trafficked to protect themselves from being trafficked and empower survivors of human trafficking to regain independence and control over their lives. It also works to implement the Calls for Justice from the National Inquiry into Missing and Murdered Indigenous Women and Girls.

Up to $14 million is being made available over four years under this call for proposals. Organizations can find more information and submit an application to the Call for Proposals by visitingthe Funding opportunities page. The call opens on July 29, 2020 and the deadline to submit is September 4, 2020 at 11:59 p.m. Pacific Standard Time.

Public Safety Canada Call for Proposals

Public Safety Canada's Contribution Program to Combat Serious and Organized Crime (CPCSOC) for the Department of Public Safety and Emergency Preparedness supports initiatives, research, partnership building, specialized police services, projects and programs to increase knowledge, raise awareness and/or help advance efforts to combat serious and organized crime.

Through the CPCSOC, Public Safety Canada is launching a Call for Proposals for two initiatives: Community-Based Trauma-Informed Empowerment Projects and Pilot Projects for At-Risk Youth. Through this open call, up to $5 million in funding will be available over four years to eligible organizations.

Public Safety Canada will be accepting applications from eligible organizations starting on July 29, 2020 until September 4, 2020 at 11:59 p.m. Pacific Standard Time.

1. Community-Based Trauma-Informed Empowerment Projects

The objective of this call for proposals is to fund projects by eligible organizations that provide trauma-informed, culturally-relevant, wrap-around services and supports to victims and survivors of human trafficking.

Projects funded through this initiative should aim to empower victims and survivors of human trafficking to regain their independence and prevent their re-victimization.

Projects could provide transition, second stage housing, mental health, and employment services and supports, as well as training and tools to gain financial independence.

A total of $3 million will be made available over four years to fund eligible empowerment projects, with $750,000 being made available per year for all funded projects.

2. Pilot Projects for At-Risk Youth

The objective of this call for proposals is to provide funding to eligible organizations to develop pilot projects with a focus on raising awareness of human trafficking among at-risk youth, particularly homeless youth and those living in care.

Projects funded through this initiative should aim to create innovative awareness tools for at-risk youth and empower youth to be active participants in the prevention of their own potential victimization.

Projects should incorporate how to recognize signs of human trafficking, how to recognize grooming and luring mechanisms commonly used by perpetrators, rights under the United Nations Rights of the Child Convention, and how to report suspected cases of human trafficking or exploitation. Initiatives should also include the creation, promotion and/or dissemination of educational and/or awareness materials/resources.

A total of $2 million will be made available over four years to fund eligible pilot projects for at-risk youth, with $500,000 being made available per year for all funded projects.

Associated Links

Follow Women and Gender Equality Canada:

SOURCE Women and Gender Equality Canada

For further information: Marie-Pier Baril, Press Secretary, Office of the Minister for Women and Gender Equality and Rural Economic Development, 613-295-8123; Mary-Liz Power, Press Secretary, Office of the Minister of Public Safety and Emergency Preparedness, [emailprotected]; Media Relations, Women and Gender Equality Canada, 1-855-969-9922; Media Relations, Public Safety Canada, 613-991-0657, [emailprotected]

http://www.swc-cfc.gc.ca/

Link:

Government of Canada invests $19 million to reduce human trafficking and support those most impacted - Canada NewsWire

BETTERTOGETHER: In the new Netflix reboot of the classic young adult novels, the girls of the Baby-Sitters Club share the power of friendship and collaborative leadership. (Photo Kailey Schwerman / Netflix)

The new Netflix adaptation of The Baby-Sitters Club provides comfort nostalgia for adult viewers who grew up on the original series of young adult novels. It also offers something exhilaratingly fresh and wonderful: a vision of collaborative leadership and friendship centered around young women.

If you grew up in the 1980s and 90s, especially if you identified as a girl, you probably know the premise of the series: a group of 12-year-old girls bands together to start a babysitting service in their small Connecticut town. Each books story is told from the point of view of one of the girls as they tackle a new problem in babysitting and the challenges of growing up.

The original series had a relatively diverse cast of characters for the 1980s, and it dealt with complicated families. The new television series expands that diversity as it gracefully moves the series into the 21st century. This means both that the characters represent a wider range of racial, ethnic, class, and sexual identities and, perhaps more importantly, that growing up successfully means learning to talk about these identities with honesty and bravery.

In the books Claudia is a junk foodobsessed Japanese-American artist with a reputation for funky clothes. In the show she discovers her artistic voice when she grapples with her grandmothers stories about her experience as a child in American internment camps. Mary Anne is being raised by an overprotective single father, just as in the booksbut she discovers her own moral compass and bravery when she has to speak out on behalf of one of her babysitting charges, a trans girl who is consistently being misgendered as a boy. This in turn leads her to embrace her own curly black-girl hair as part of a more grown-up and authentic sense of style.

These are the struggles of 12-year-old girls, but it turns out 12-year-old girls have a lot to teach us. So much fiction jumps immediately from childhood make-believe kingdoms and talking animals to the perils of early adulthood. The BSC sets up shop in the in-between years, when young teens are seeking autonomy and the freedom to take risks but still fundamentally need and want the haven of a family or community to hold them. Perhaps the greatest lesson the girls are learning is how to be that community for each other as they press beyond their families of origin.

As a 12-year-old reader, I was enamored of the club part of BSC: this semiautonomous space where the girls assigned each other roles (president, treasurer) and made collective decisions. Sure, they relied on parents and older brothers to drive them there, but sitting up in Claudias bedroom eating hidden candy and waiting for the phone to ring, they practiced a form of collective leadership that felt like a vision of adult life.

In the reboot, the girls buy a retro phone on Etsy to re-create this experience in an iPhone age. They assign jobs based on a rotating calendar, vote on club decisions, and problem-solve complicated clients: a newly divorced mom who has farmed out all adult responsibilities to her sitter, a little girl who is going through a morbid phase and holds funerals for her dolls. Those of us who grew up on the BSC quickly realized that adulthood offers few models of community or collective leadership as compelling.

Now I identify more with the girls parents, who are navigating second marriages, single parenthood, the illness of their own parents. Most of these parents were shaped by 1980s and 90s feminism and are doing their best to pass on those lessons to their kids. Kristys mom desperately tries to impart the importance of financial independence as she worries about marrying a much wealthier man. Dawns mother takes her to a feminist spiritual share-mony to purge bad energy as they start a new life in Connecticut after a move from California.

In the bright-eyed moment on the cusp of adolescence, the girls see adulthood clearly as a series of compromises and compensation strategies. They feel those compromises and live with sadness and grief, tooa dead mother, an absent father, financial precarity, their own illnesses. But they take what they are learning back to the club, where they discuss and debate it, work it out collectively, and arrive at their own sense of wisdom. We are used to thinking of adolescence as a time to find oneself as an individual. The BSC suggests this is a fools errand if you dont have a collective community to help you discern.

Most of us feel the collapse of leadership all around us. The future needs something more than a new set of leaders repeating the same mistakes. This reboot suggests that if the 12-year-old girls are alright, we might get a chance at a better future.

A version of this article appears in the print edition under the title The collective wisdom of 12-year-old girls.

Read more here:

The collective wisdom that emerges from The Baby-Sitters Club - The Christian Century

For young FIRE investors, retirement isnt an age. Its a number. And its a number which they believe they can get to rather quickly. Much more quickly than their parents did.

FIRE which stands for Financial Independence, Retire Early is a modern, Millennial-driven movement creating a blueprint for young workers to follow so that they can retire well before 65, and even as early as 35 or 40.

What does that blueprint look like? Its not too complex.

Save. Invest. Retire.

Specifically, live with minimal expenses so that you can afford to regardless of your income save anywhere between 50% and 75% of your annual salary. Take those savings and smartly invest them across various assets, like stocks.

Watch your investment portfolio benefit from the wonders of compounding. Retire within 15 to 20 years as a millionaire. Heres the math.

Its 2020. Lets say you have a job which pays $60,000 per year (the median household salary in the U.S. today). Lets also say you live by FIRE principles, and invest half of that salary every year. If you net out 10% returns per year on those investments, then by 2040, your investment account will have more than $2 million in it.

And thats what the FIRE movement is all about. Creating millionaires through frugal living and smart investing.

Of course, critical to unlocking this huge growth is picking the right stocks to buy so that you can net out those 10% returns per year. Here are 10 growth stocks to buy for long-term FIRE investors:

With a disciplined budget and these stocks in your portfolio, financial independence is closer than you think.

Source: Mike Mareen / Shutterstock.com

FIRE investors want exposure to Amazon. This company has its fingers in every important, hyper-growth industry out there.

Amazon.com is the global leader in e-commerce, a space which is projected to grow by leaps and bounds over the next several years as consumers continue to migrate into online channels.

Amazon Web Services is also the global leader in cloud computing, a space which is similarly projected to grow dramatically as businesses increasingly digitize office workloads.

Meanwhile, the companys smart home business headlined by Alexa is a leader in the emerging voice assistant and AI-powered consumer products market. Amazons digital ad business is in the first innings of becoming a formidable player in that secular growth industry. Amazon also owns Twitch, the leading video game streaming platform, which will see huge uptake over the next few years as eSports gain traction.

Theres also the autonomous vehicle business, which was boosted recently by the acquisition of Zoox. At scale, Amazon could build out a fairly robust self-driving logistics business.

Net net, Amazon has a ton of long-term growth potential through its various hyper-growth businesses. All of that potential will keep AMZN stock on a healthy upward trajectory for the next 10+ years.

Source: justplay1412 / Shutterstock.com

Maybe the best growth stock to buy for FIRE investors is Shopify.

Thats because this company is rapidly turning into the backbone of modern commerce, a journey which will ultimately power huge gains in revenues, profits and the stock price over the next 10+ years.

Shopify broadly provides e-commerce solutions to merchants and retailers of all shapes and sizes. Such tools include website building tools, expert consulting advice, digital marketing insights, social channel selling capabilities and much more.

These tools are the building blocks of modern commerce. That is, a retailer cannot stay alive for long today without a robust online selling operation, and that robust online selling operation is powered by the tools which Shopify provides.

To that end, Shopify is becoming the backbone of modern commerce. Yet gross merchandise value through the platform measured less than 2% of total e-retail sales last year. And the companys profit margins are essentially flat today, despite near 60% gross margins.

Thus, over the next 10+ years, Shopify will leverage e-commerce tailwinds to dramatically grow its share of the global retail market, power huge revenue growth, drive significant margin expansion and produce enormous profit growth.

That enormous profit growth will help SHOP stock sustain huge gains in the long run.

Source: Wachiwit / Shutterstock.com

Facebook has tremendous long-term growth potential, making it a must-buy for FIRE investors.

The company owns four of the most used social media apps in the world. Each of them Facebook, Instagram, WhatsApp and Messenger have over a billion users. Yet, only two of them Facebook and Instagram are populated with ads. Thus, Facebook has a huge opportunity in the long run to roll out ads on WhatsApp and Messenger, dramatically increase ad inventory in its ecosystem and power huge revenue growth.

Thats on top what is already rapid ad revenue growth on Facebook and Instagram, which is powered by an exceptionally sticky user base and a shift of ad dollars from offline to online channels.

Even further, Facebook has a huge opportunity in e-commerce. We are already spending all of our time on social channels. And we are already discovering tons of products and services on social feeds. So why not just buy products and services though social channels, too?

Facebook is trying to build out this last step in the shopping process, with new initiatives like Shops. If these initiatives gain traction over the next decade, Facebook could inject a ton of e-commerce related revenue into its growth narrative.

Big picture: Facebook has a ton of growth potential over the next decade, and all that growth potential will drive consistently large gains in FB stock.

Source: shutterstock.com

The shift from guess-and-check, human-driven processes towards data-driven, computer-powered processes is already one of the biggest trends in the world, and that is only set to acccelerate.

One way to play this trend is to buy programmatic advertising leader The Trade Desk.

The Trade Desk operates a demand-side advertising platform which leverages data-driven algorithms to dynamically and automatically run ad campaigns in way that decreases costs and optimizes every ad dollar spent.

This form of data-driven advertising is the future of advertising.

Yet today, only about 1% of total digital ad spending goes through The Trade Desks platform.

Thus, this innovative company has a huge opportunity to grow market share, ad spend and revenues over the next decade. The Trade Desk will do just that. At the same time, the companys highly scalable application software business model will benefit from positive operating leverage and profit margin expansion.

At the end of the day then, The Trade Desk is in the first few innings of a huge, multi-year growth narrative wherein the companys profits and stock price will soar higher.

Source: calimedia / Shutterstock.com

The future of meats consumption is plant-based, and this simple reality makes Beyond Meat one of the best stocks to buy for FIRE investors.

In a nutshell, one of the defining megatrends of the 2020s which started to emerge in the late 2010s will be a mass consumer shift towards socially and environmentally positive products and services.

Why? Thanks to the internet and social media, consumers are plugged into everything, all the time. This always on behavior from consumers has increased their social and environmental awareness, to a point where they increasingly want to do their part to save the planet.

The adoption of plant-based meat fits in perfectly with this trend.

Relative to animal meat, plant-based meat is environmentally positive (it eliminates the need for cows and meat production plants, which are huge contributors to global warming) and socially positive (it preserves animal welfare). So over the next decade, as more and more consumers pivot towards socially and environmentally positive products and services, many of these consumers will gradually adopt plant-based meat.

Beyond Meat is the Tesla (NASDAQ:TSLA) of this space. They have the branding power. They have all the distribution partnerships. And they have robust technological advantages in efficiently mass-producing plant-based meat of all varieties.

So, what Tesla did in the 2010s is what Beyond Meat could do in the 2020s.

And that makes BYND stock one of the best stocks to buy for young FIRE investors.

Source: r.classen / Shutterstock.com

Adobe as a leader in all things visual media is set to win big over the next 10+ years as the world increasingly communicates through visual media.

Long story short, everything is visual these days. Consumers are spending all their time communicating with each other through visual-heavy social apps, like Instagram, Snap (NYSE:SNAP), and TikTok. Because of this, brands are spending all their time communicating with customers through these visual-heavy social apps, too.

What this creates is persistently rising demand for tools which help consumers and enterprises create compelling visual content.

Adobe is the head-and-shoulders-above-the-rest sector leader when it comes to providing those tools.

Consequently, demand for the companys consumer-facing and enterprise-facing visual media content tools will surge over the next 10+ years as the world more significantly pivots into visual communication.

At the same time, Adobe has a digital workflow business which helps businesses digitize their contract management processes. This business, too, has secular growth prospects, thanks to the rise of remote work.

Overall then, Adobe has a bright future. That bright future will continue to guide ADBE stock to big gains for long-term investors.

Source: Lori Butcher / Shutterstock.com

Okta has developed a unique cloud security platform that represents the future of how companies will secure their workflows and data.

In a nutshell, Okta has created a security platform which turns identity into the defense perimeter. What that means is that, as opposed to protecting a companys workflows and data with a wall of security, Okta simply protects the identities of each employee in the ecosystem. In so doing, the company has created a cloud security platform which optimizes for employee mobility and workflow flexibility without compromising security integrity.

In the future, organizations will employ a hybrid business model which incorporates remote and in-office work. Oktas novel Identity Cloud platform is the ideal security solution in that world.

As such, Oktas Identity Cloud platform will go from relatively niche today, to nearly ubiquitous over the next decade. As that happens, the companys customer base, revenues and profits will all soar.

So will OKTA stock.

And that makes OKTA one of the best stocks to buy for long-term FIRE investors.

Source: JHVEPhoto / Shutterstock.com

The long-term bull thesis on Roku is very simple.

Streaming TV is the new cable TV. But, when you sit back and think about it, streaming TV isnt too different from cable TV. It just has multiple on-demand streaming services, as opposed to multiple pre-programmed channels.

Still, in both spaces the existence of multiple content options mandates the existence a centralized software platform that aggregates and curates all the content, and provides consumers with seamless access to whatever they want to watch.

In the old cable TV world, the cable box did this job. In the new streaming TV world, Roku does this job.

The company has created a centralized software platform which both operates through standalone plug-and-play Roku devices, and is built-in into smart TVs that aggregates, curates and provides seamless access to all the streaming services in the world, from Netflix (NASDAQ:NFLX) to Disney+ to Amazon Prime Video.

In so doing, Roku is turning into the cable box of streaming TV.

Thats a valuable position to be in. Over the next 5 to 10 years, the $70+ billion of ad spend sitting in the linear TV channel, will migrate into the streaming TV channel. As it does, a lot of those ad dollars will make their way into the Roku ecosystem, since its the biggest central access point in the entire industry.

This huge influx of TV ad dollars will propel equally huge revenue growth at Roku. Big profit growth will follow suit. So will big gains in ROKU stock.

Source: Michael Vi / Shutterstock.com

Young FIRE investors should invest in the big data revolution.

Thats because over the next decade, the widespread proliferation of data-tracking software will dramatically increase the volume of data globally. At the same time, technological advancements in AI-powered data analytics algorithm will dramatically increase the value of insights companies can glean from data.

In essence then, the global big data market is on the cusp of huge growth. By the end of the decade, data will be everywhere. So will data analytics tools and platforms.

Splunk is at the heart of this big data megatrend.

The company provides market-leading data analysis tools through its Data-to-Everything platform which allow companies to take the mountains of data they are collecting, and quickly turn into them into accurate and actionable insights.

These tools will increasingly become mission-critical and ubiquitous over the next decade.

As they do, Splunks growth narrative and SPLK stock will power higher over the next 10+ years.

Source: IgorGolovniov / Shutterstock.com

Last but not least, on this list of growth stocks to buy for FIRE investors is Square.

Square is a pure-play on the cashless commerce revolution.

The era of cash is coming to an end. The era of card and digital payments is here. Square has built a robust portfolio of tools and services to help facilitate this transition from cash to cashless payments.

This includes seller-side tools, such as cashless payment readers, digital payroll management services and e-banking services. It also includes buyer-side tools, such as the digital peer-to-peer payments ecosystem, Cash App and an accompanying debit card.

Both of these sets of tools will see robust adoption over the next few years as cash increasingly becomes antiquated.

Squares reach across the global payments network will increase. The companys revenues and profits will soar. So will the SQ stock price.

Luke Lango is a Markets Analyst for InvestorPlace. He has been professionally analyzing stocks for several years, previously working at various hedge funds and currently running his own investment fund in San Diego. A Caltech graduate, Luke has consistently been rated one of the worlds top stock pickers by various other analysts and platforms, and has developed a reputation for leveraging his technology background to identify growth stocks that deliver outstanding returns. Luke is also the founder of Fantastic, a social discovery company backed by an LA-based internet venture firm. As of this writing, he was long AMZN, SHOP, FB, TTD, BYND, ADBE, OKTA, ROKU, SPLK, SQ, and NFLX.

Read more from the original source:

10 Growth Stocks to Buy for Long-Term FIRE Investors - Investorplace.com

NICOLA Richardson and her husband Dave are doing a "no-spend year" so they can retire by the time they turn 50.

The mum-of-two has worked out they can achieve their dreams of quitting work early if they cut out takeaways, clothes and toy shopping for a whole year, reports Times Money Mentor.

2

Nicola, 33, and postman Dave, 37, are six months into the 12-month challenge and so far they've saved 3,297 on a combined income of 42,000 a year.

They hope to live off 18,000 a year in retirement and estimate that they need 306,000 before they can give up their jobs.

This is on top of their state and workplace pensions but the couple won't be able to claim them until they turn 67 - the expected retirement age for men and women by 2026.

The family-of-four hopes to save 10,000 in 2020 but admits that the family have had to cut out a lot in order to achieve it.

2

Nicola said: "So no clothes for us adults and only when needed for the children.

"There has been minimal purchasing of toys they dont need any more! No meals out, no takeaway food.

"We dont pay for any streaming services. No books, magazines. Our food budget is 50 a week for a family of four."

The couple from Darlington, County Durham, have two children - Alfie, four, and Charlie, two - and put away 700 every month into a stocks and shares Isa.

They've now got 38,000 tucked away in the account, five years on from when they first opened it.

Our 'no spend' year

THE family have made some sacrifices to enable them to save 10,000 in their "no spend

Of course, the risk with an investment Isa is that you can lose cash if share prices drop - Nicola says they were on track to gain around 1,600 this year from dividends but it now seems unlikely due to the coronavirus crisis.

They're strong supporters of an extreme saving movement called the Financial Independence, Retire Early (FIRE), which focuses on breaking free from the conventional system of work until state retirement age.

FIRE is US-based ideology that emphasises becoming self-sufficient through investing and home ownership.

The super savers started their own FIRE journey back in 2015 but have adjusted the strict saving habits to suit their lifestyle.

Nicola blogs about her restricted spending habits - which she admits didn't come naturally overnight - atthe Frugal Cottage and on her YouTube channel.

They say the aim is to retire by 50 but if they end up retiring at 55 then "that's okay too".

They've done the maths and worked out they will need to save 306,000 to be able to live off 18,000 a year in the 17 years between retiring and being of pension age.

They hope to have paid their mortgage off by 2030 so it won't eat into their living costs by the time they give up work.

As well as the cash they plough into their Isa, they try to overpay their mortgage by 185 a month. This is on top of the 737 monthly payments.

But it's not always possible to be so frugal - last month they had to dip into their savings to pay for an MOT, and last year they spent 45,000 on an extension on their house.

Nicola says that her followers often get the impression that she denies herself some of the more fun things in life but she insists that's not true.

"We have a lovely home, car, go on holiday, and the boys have gymnastics and football classes, swimming and soft play," she added.

BOOKWORMSMcDonald's has changed Happy Meal freebies forever - and you'll have a choice

DISCOUNT TIMEHow Eat Out to Help Out will cut prices at KFC, McDonald's, Nando's and more

IM LOVIN' ITMcDonald's Eat Out to Help Out menu prices - get a Big Mac for 1.60

CHICKEN WINNERKFC brings back five items to its menu including Krushems and rice boxes

HOLIDAY CHAOSAlmost 500,000 Brits to lose cash spent on Spanish holidays due to travel ban

WELFARE WORRIESHow August bank holiday will affect Universal Credit or benefit payments

A new money-saving app reckons it can boost your bank balance by up to 1,500 a year by giving you personalised savings ideas.

Earlier this year,Martin Lewis explained how auto-saving apps could save you 1,000s.

A couple of years ago, another new appclaimed it could help you save up to 600by ditching unnecessary fees and subscriptions.

A version of this story first appeared on Times Money Mentor.

See the rest here:

Were on track to retire at 50 by living off half our salaries on no spend year - The Sun

Financial success is one of the major goals we all have in common, mostly because money is essential for living. Regardless of our sincere desires, only a small percentage of people achieve financial success. Every year, a countless number of people write down their financial goals with hopes that they will achieve it. But only a few get to achieve it. What I find, most times, is that financial success is difficult for most people. There are two reasons why: first is the difficulty that comes from growth success requires growth; second is the difficulty that comes from ignorance ignorance leads to pain.

To improve your chances of achieving financial success, you must eliminate the pain of ignorance and embrace the pain of growth. To achieve financial success, you must follow a standard proven formula. This formula has been proven to work over the years, regardless of your race, background, or tribe. This formula applies not only to financial goals but to any kind of goal you want to achieve. It comprises six basic steps that a person must take to achieve their goals.

To understand these six steps and how you can use them to achieve your goals, lets look at this example:

The Goal of Building a Residential House

To build a residential home, a person must firstdecide they want to build their own residential home and have a strong reason that fuels that desire. Secondly, they must research about building a home. Third, they must define the principle that will govern the type of home they want to build so they do not end up with the wrong home. Fourth, they must grow their savings or take a loan if thats the option they want to explore. Fifth, they must identify a team of experts that have the expertise they do not have and can deliver on the project. Sixth, they must start building, set measurable criteria, and timeline. Then they have to track and review progress until the house is complete. It is the same formula that applies to a weight-loss goal.

The Goal of Losing Weight

A weight loss goal follows the exact same process. First, there is the decision to lose weight and a strong reason that fuels that decision. Second, there is a need to grow to a new level of knowledge about weight-loss, through research and learning. Third, there is a clear principle that governs losing weight for a particular body type and size. Fourth, you need to invest in a gym and buy exercise equipment. The fifth is the collaboration with a team of experts that are competent in weight loss in this case, coaches and nutritional experts. Sixth, taking timely action: going to the gym, eating right, and measuring progress. This six-step process follows the exact same order every time.

Why Financial Success is Hard for Most People

When it comes to financial success, most people invent a new formula. They invent formulas like pray and wait for a miracle. Gamble and hope to be lucky. Work hard, earn more income, and save leftovers. Follow the crowd, invest like them, and hope to be rich. People completely relegate a proven formula for a formula that is destined to fail. When their formula fails, they abdicate responsibility to God. They blame the country and their employers. And they hope to be lucky someday. They simply expect to get the right result from the wrong formula. Unfortunately, life does not happen this way. To achieve financial success, you must follow the standard formula. You must take 100% responsibility for your life and act on a proven strategy.

Understand Your Why

The first thing to do is to understand why you want to achieve financial success. Why is financial success important to you? What will happen if you do not achieve it? What price will it take to achieve it? These questions are important because they create the inner drive that pushes you towards success. Without a strong reason, you will fall by the wayside. Reasons drive actions and actions drive results.

Know Your Current Order of Priority

Knowing your current order of priority is important because it shows you which goals you are prioritizing per time. To understand your current priorities, you need to review your 12-months salary account statement. The top five items that consume your money each month is where your priority lies. Confirm if these items make you save more or spend more. Items that make you spend more lead to financial bondage. But items that make you save more lead to financial success. To achieve financial success, you need to eliminate, delay, cut-down, or postpone certain items on your expense list. Without this first critical step, nothing else matters. Goals that are given high financial importance will be achieved no matter how hard they get. Goals that are given low financial importance will get excuses no matter how easy they get.

Give Big Portion Savings a Chance

Savings is the decisive factor in achieving financial success because it is the only money that goes inward and enriches you. Without savings, financial success is not possible. But not all savings lead to financial freedom. There are two kinds of savings in the world. The first is the leftover savings a situation where you spend more than you save. The second is the big portion savings where you save more than you spend. The amount of money you save is critical to how fast you achieve financial success. People that love themselves invest a major part of their income towards their freedom. They create financial security that gives them the ability to live a better life. All others give away a major part of their income and suffer at the end of their career.

Choose Investments That Lead to Financial Independence

An essential thing you must do after you have saved is to invest in vehicles that work for freedom. There are three kinds of investment vehicles. The first is the investment vehicle that yields high returns and can burn up your savings in the process. High return-focused investing is a great choice when you have built a solid net-worth. The second is the investment vehicle that leads to high growth and can give you consistent and safe returns. This is a great choice when you are trying to build a solid network. The third is the investment vehicle that leads to financial independence, security, and stability. This is a great choice when you are just starting out and when you are not yet at the point where you can fund your life from a passive income.

Do you still have some pending financial goals? Do your pending goals include things like achieving financial independence, living on a life funded by a passive rather than an active income, planning for retirement, or even starting your own business. Then its high time you knocked out your financial goals using this financial goal formula.

Here is the original post:

Grace Agada: Concerned About How to Improve Your Chances Of Financial Success? - BellaNaija

Retirement once meant completely stopping work after a long career. Now, it can mean achieving financial freedom in order to take money out of the equation, allowing you to pursue whatever you please, which might be work but doesnt have to be.

5 ways to set up retiring in your thirties

Financial freedom has become a buzzword in personal growth forums, and it has multiple definitions. For me, financial freedom is about choice. Choosing who to work with, on which projects, from wherever in the world you want to be. It also means being able to say no to anything other than work that fulfils your mission and purpose, and yes to those opportunities that arent necessarily well-paid or arent incredibly exciting.

You win at life by being paid to do work that you love so much, youd do for free. An extension of this is not having to work, but believing so strongly that youre onto something, that its how you choose to spend your time.

If that sounds appealing, heres how to set it up:

The FIRE movement (financial independence, retire early) is one that provides specific calculations to work out where you are versus where you want to be. It works on the basis of setting aside 25 times your annual living expenses and putting it into investments. Its not for everyone, but the premise is solid: work out where you are and work out what you need to do.

Without an idea of how much you earn and how much you spend, its impossible to project forward. Start with a blank piece of paper and work out your numbers. Use banking apps such as Revolut to analyse your spending. Get good at spreadsheets.

The penny saved is a penny earned mentality works on a scarcity premise and isnt congruent with the mindset of big thinkers or ambitious people. Alongside thinking of costs, think of opportunities. Think of the value you could bring to others and the financial rewards gained as a result of that. Incorporate that into your forecasts.

Robert Kiyosakis book, Rich Dad Poor Dad, describes doo-dads as things you buy that cost you money, or waste your money. They might include luxury cars, jewellery or lavish clothes. In other words, anything that you dont really need. The Minimalists, however, advocate focusing on less. Fewer possessions and fewer obligations. Fewer focus on unimportant materialism and more on spending time with people. Their mantra is love people, use things because the opposite never works.

Being low maintenance is a vibe, and its achievable for everyone. It involves opting out of unnecessary expense commitments in favour of finding happiness in simplicity. From a financial standpoint, every day of minimalism stacks up, and could mean financial freedom is a whole lot closer.

In an article by Derek Sivers, he talks about how he got rich on the other hand, explaining, Its not how much you have.Its the difference between what you have and what you spend.If you have more than you spend, youre rich. If you spend more than you have, youre not. If you live cheaply, its easy to be free.

5 ways to set up retiring in your thirties

With small risks come small rewards. With big risks come big rewards. What each individual is comfortable with varies wildly. Given, however, that youre not going to live forever, why not take the big risks? Ask the big questions, start that company you cant stop thinking about. Approach that person for that collaboration.

You owe it to your future self to make the decisions that will make him or her proud. There are many reasons you should be dreaming bigger. As Daniel Burnham, architect of Chicago, once said, Make no little plans. They have no magic to stir mans blood.

Most people who retired or became financially free in their 30s didnt do it from a steady salary or stable job. They did it from scalable ideas, a fast-lane project, uniting a tribe, or effecting huge change with a cause that mattered. They did it taking risks that had never been done before, not working 9-5 and imitating their competitors. To get what no one else has, do what no one else will do.

If you need inspiration, think of the people who inspire you the most. Those who make you want to up your game in a big way. Find them online and channel the motivation into replicating it for yourself.

From an old Chinese proverb, The best time to plant a tree was twenty years ago. The second best time is now. I recently spoke to Tayla Evans, a 17-year-old entrepreneur whose sustainable tent concept just won Young Enterprises U.K. company of the year. Evans asked me for the advice I wish Id had at 17. It was this: start now. Stop waiting for conditions to be perfect, stop waiting to finish the year, or the chapter, or the semester. Get a huge head start on your own journey by trying, failing and starting again as soon as you can.

Most people dont think about what they want their future to look like until theyre too far down one path. Many never get around to intentionally designing their life, or career, or even their weekend. But the earlier you make your plan the sooner you can make progress or the sooner you can iterate and pivot.

Start earlier by making your plan immediately. Make your plan by asking better questions. If I had two weeks to do this, how would I do it? How could I make this 10 times bigger?

5 ways to set up retiring in your thirties

You become a combination of the five people you spend the most time with. Five people, working together on collective financial freedom, could be the sole reason you reach financial freedom earlier. As Tony Robbins says, Energy flows where attention goes. Share your plans with your closest circle and watch them be realised at record speed.

A close alternative comes from reading books. The authors become your mentors, exhibiting the research and presenting the case, before giving clear guidance and inspiring you along the route they advocate. There as many methods of financial education as there are people, but Rich Dad Poor Dad, the 4-Hour-Work-Week and Playing with FIRE are good places to start.

Its never before been more attainable to reach financial freedom, and your version of retirement, earlier than former generations. It requires careful planning, inventive thinking, and an assessment of whats really important. Dream big, create the plans, make incredible things happen, and the rest is easy.

Read the original here:

5 Ways To Set Up Retiring In Your Thirties - Forbes

Cryptocurrency is the new normal and the lives of millions of people would change with the cryptocurrency. The crypto industry is growing fast in the present world and everyone is willing to take a shift from the general world to a world of cryptocurrencies. The crypto world is moving as fast as the internet moved during the 90s. During that time, many of the entrepreneurs made a career using the internet.

Likewise, crypto is going to get a kick in these years majorly. There is less of a financial barrier in crypto is much lower than any other kind of investment. Crypto or bitcoin empowers the crypto holders or the bitcoin holders by giving them the whole authority of the bitcoin unlike in the case of banks it is own by the bank authorities and the government.

Freedom also brings you the responsibility of your bitcoin so that you can keep it safe. Crypto use is a little difficult than expected because it is not as easy as the normal fiat currency. The whole concept of crypto is a bit difficult to understand and regulate accordingly. You will get a private key and a public key and responsibility of both the keys and the vault are yours. You can start bitcoin trading with bitcoin trading bots.

There are various benefits of using cryptocurrencies, but I will show you some of them here which has made themselves prove better than currency.

If you can employ yourself or if you can work for yourself then you will be able to earn the whole lot for yourself.

Earning crypto would make you much more independent and you can look up to a luxurious life without any fiat currency. There are many ways following which you can make cryptocurrencies easily.

This will give you a good passive income, it could even be your only income and you can make a lot from this one source, but you need to make sure that you do what is needful.

See the original post:

Can Trading In Crypto Lead To Financial Independence: Here Is What You Need To Know - Virtual-Strategy Magazine

Editorial Independence

We want to help you make more informed decisions. Some links on our site clearly marked will take you to a partner website and may result in us earning a referral commission. For more information, seeHow We Make Money.

If you read my article on how I only need $581 a month to survive, you know a little bit about my family and our immigrant story.

My mother is the middle child of 11: seven girls and four boys. Her parents were farmers in Ojo de Agua, a small mountainous town on the northern tip of the Dominican Republic. They lived off the land by selling pltanos, mangos, and other fruits and vegetables.

If you asked my grandparents if they had a retirement account, theyd probably laugh at you before they replied: Our children are our retirement account.

Thats the reality for many Latinos today. According to a report by the National Institute on Retirement Security, 4 out of 5 Hispanic households have less than $10,000 in retirement savings. Thats partly because many Latino workers are less likely to have retirement plans at work, and its challenging to make enough money to save for such a long-term goal.

This is a direct result of the lack of financial education in our communities and systemic issues in the U.S. that have prohibited the financial stability and independence of immigrants. The fear of the unknown has also kept many Latinos from investing. According to one study, only 5% of people that invest in the stock market are Latino.

I saw this reluctance firsthand in my family. If there was money to spare, my grandparents and parents focused on supporting the immediate needs of their familynot investing in their own futures. But I was determined to change that.

My moms mother, Juana, never had a real job, and her highest level of education was third grade. Growing up, while the boys chopped banana trees, my own mother and her sisters fetched water from a river two miles away in order to clean the house. My grandparents lived off the land until they slowly began immigrating to the U.S. in the 80s.

My mother, Julia, was 22 when I was born. I was her first child, the little girl she always dreamed of having. She was immensely creative and used her sewing skills to make little dresses for me, a trait she learned after always getting hand-me-down clothes from her older sisters.

Only eight months after I was born, my grandfather received a notice in the mail. He was living in America and the request he had put in for my moms F2A visa was approved. The F2A visa allows a U.S. citizen to bring an immediate family member to the U.S. My grandfather had been planning this for years, but the timing of the approval put my mother in a tough place.

Although my mom knew this could happen, she wasnt prepared to leave her infant and husband behind. But she understood that it would be an opportunity to live a better life, so she left her young family and came to New York to work.

In the U.S., my mother got a job at a pharmaceutical company making minimum wage (about $3.80 an hour at the time). She clocked in and out using a time card and got paid weekly. She didnt understand W2s, taxes, insurance, or 401(k)s. Her only goal? Saving as much as possible so she could afford visas for my father and me.

It took quite a while to save $660 for the application fees and finally begin our immigration process. Four years later, thanks to her sacrifices, we were reunited.

My mother always put her family first, and she didnt save for retirement. Instead, along with her brothers and sisters, she helped my grandparents financially, especially my grandmother who spent her life working and caring for her children, but never had an income.

The first time I learned about saving for retirement, I was 19 years old and working a summer job at a nonprofit organization. The HR manager was a Puerto Rican woman named Maribel. She didnt seem very enthused about her work, and with a straight face she explained a 403(b), the retirement account offered by nonprofits, to me: Its free money, but you need to sign up to get it.

I remember thinking to myself, Sign up now, ask questions later.

I felt like I could trust Maribel. She was knowledgeable, looking out for my best interests, and Latina like me.

But when I told my mom about my new retirement account, she scoffed. Why would you be putting money into that when you dont know how long you will live? You should be saving cash. My mom had always lived paycheck to paycheck, and the fear of not having enough kept her from thinking about investing for the long term.

In one sense, my mom wasnt wrong. I was 20 years old and had zero emergency savings. I didnt have my financial life togetherbut because I had already signed up and was getting an employer match, I continued to save for retirement. Im grateful I did.

If you are getting an employer matchaka free moneyyou should always save for retirement. It took me years to understand the importance of an emergency fund and to build a personal financial plan, but while I was figuring that out, I was investing in the market via my retirement account, watching it grow, and getting my contributions matched by my employer.

I started with a small amount, just $50 per paycheck. But I quickly saw the power of compound. Now I save $500 per month and am on course to have $1.6 million when I officially retire at 67 years old. When I recently showed my mom my account and these projected numbers, she was so amazed and proud. I think its safe to say that shes glad I followed my own personal finance path.

Here are five tips to save for retirement and become a millionaire:

Today, saving for retirement is one of the pillars of my business, Investing Latina. I talk about how its important to pay your future self now in order to be financially self-reliant at retirement age. As I recently shared on Instagram, its important to change the way we see saving for retirement and building wealth for our families. By investing for retirement, we avoid being a financial burden to our children. Its a way to show love and respect.

Perhaps saving for retirement wasnt something that you talked about with your parents. You still have the power to elevate yourself and build wealth.

Financial independence for you can start with just $50 per month. Its all a matter of taking the first step.

Ask your employer about the benefits they offer, like 401(k), 403(b), or 457 accounts, and how much they match. Dont worry about maxing out nowyou can work your way up to contributing to the limit.

If youre self-employed, you can open a Roth IRA on your own (the IRA stands for Individual Retirement Account), where you can save up to $6,000 per year and take advantage of the tax benefits.

Regardless of your history or experience, its never too late to learn and start saving for retirement.

Link:

Be Wary of Bad Retirement Advice | NextAdvisor with TIME - NextAdvisor

BUDAPEST Hungarys most widely read news site was thrown into disarray this week after the organizations editor in chief was fired and scores of journalists quit in protest as the government moved closer to near-complete control over the countrys media landscape.

A decade into Prime Minister Viktor Orbans quest to transform Hungary into an illiberal nation, where he controls nearly all levers of the state and uses them to maintain his grip on power, the takeover of Index.hus advertising unit by an Orban ally was part of a broader effort to limit dissenting voices and silence critics.

The potential loss of the news site as a check on the government was a particularly painful blow to the small but determined coterie of independent journalists left working in the country.

The site was one of many independent media outlets in Central Europe that have come under sustained financial and political pressure from governments bent on controlling public discourse.

More than half the staff at Index, some 70 employees, announced their resignations on Friday after the firing of the editor, Szabolcs Dull.

We have emphasized for years that we have two requirements for Index to continue operating independently: that there be no outside interference in Indexs content or in the composition or structure of Indexs staff, the group said in a statement. The firing of Szabolcs Dull violated the latter of these requirements. His dismissal was a clear interference in the composition of the staff.

The steady decline of independent news outlets is part of the slide toward autocratic rule in Hungary and, to a lesser extent, in Poland. Those concerns were key sticking points in the debate over the European Unions $857 billion pandemic recovery plan and whether Hungary and Poland should be penalized financially.

In the end, recovery money was not tied in a significant way to the behavior of member states, appeasing Poland and Hungary, and setting up a possible clash as the deal moves to the European Parliament for final approval.

Earlier this month, Polands president, Andrzej Duda, narrowly won re-election after a bitter campaign in which the media was a frequent target.

Mr. Duda accused Germany of trying to influence the result through media outlets owned by German companies. The government even summoned Germanys charges-daffaires to complain about the matter, and has yet to approve Germanys incoming ambassador.

After the election, Jaroslaw Kaczynski, the leader of the ruling Law and Justice Party, vowed to press ahead with plans to limit media ownership by foreign companies.

The media in Poland should be Polish, the party leader declared after the victory.

Since coming into power in 2015, Law and Justice has transformed state television into a propaganda arm of the government, applied financial pressure on Polish media by preventing all state-related entities from advertising with critical outlets, and waged aggressive campaigns against journalists critical of the government.

Poland fell to 62nd place out of 180 countries ranked in the World Press Freedom Index in 2020, dropping from 18th in 2015.

The election results are being challenged in the countrys Supreme Court, with one of the accusations being that the Law and Justice partys control over state television created an unfair playing field.

The Polish government has often followed the path set by Mr. Orban, who has transformed the media landscape in Hungary despite European Union pressure to change course.

When Mr. Orban returned to power in 2010, he and his allies immediately went to work overhauling the countrys democratic framework. A landslide victory at the polls in 2010 allowed them to unilaterally rewrite Hungarys constitution and change its electoral laws to favor their party. Since then, they have secured constitutional supermajorities in two subsequent elections, despite receiving less than 50 percent of the popular vote.

The Constitutional Court has been stacked and lower courts overhauled, public media and most of the countrys private media have come under the control of the prime ministers allies, and independent watchdog institutions have been stripped of influence.

In late 2018, hundreds of nominally independent media outlets controlled by the prime ministers allies were given to another foundation controlled by Mr. Orbans confidants. Media and competition regulators were barred from scrutinizing the transactions, according to a decree issued by Mr. Orban in early December 2018, on grounds that the ownership changes were of strategic national interest.

Index, which traces its roots to the advent of internet news in Hungary, had largely weathered many political storms over the past decade.

It has reported critically of Mr. Orbans government, prominently featuring stories of Russian meddling in Hungary, alleged graft involving politicians and individuals close to Mr. Orbans inner circle, and by chronicling other government policies widely condemned as assaults on democratic institutions.

In March, as Europe struggled to contain the coronavirus, Miklos Vaszily, a media executive with close ties to Mr. Orbans allies, acquired 50 percent of Indexs advertising business.

The move prompted concern from journalists and free press advocates, not least because of Mr. Vaszilys role in overhauling media outlets, including Origo, a site once regarded as one of Hungarys most reputable independent news organizations.

On June 21, local media reports indicated the leadership at Index planned to overhaul the websites staff, essentially turning reporters into outside contributors. The staff declared the plan a threat to its independence, warning of a concerted attempt to expose the publication to heightened political interference. Within days, the editor in chief was removed from the companys board, its chief executive officer resigned, as did an incoming C.E.O.

The matter remained at a standstill until Wednesday, when Mr. Dull, the chief editor, was fired by Laszlo Bodolai, head of the foundation that exercises ownership of the publication. Mr. Bodolai accused Mr. Dull of being unable to quell internal anxiety at Index, endangering the business.

In a statement released after his departure, Mr. Dull said he always acted with the interests of his staff in mind.

It is no coincidence that Indexs staff felt at risk, he wrote, adding that the recent events have convinced him that Hungary needs a newspaper where content is not decided by outside powers.

A last-ditch attempt by the news outlets staff failed to convince the organizations management to rehire the dismissed editor in chief.

We dont know what is happening, Veronika Munk, the deputy editor in chief, said Thursday afternoon. I firmly feel that for many in the staff work has ended at Index.

Through a windfall of state advertising contracts, which often promote conspiracy theories and attacks on the European Union, media entities under the control of Mr. Orbans allies have flourished. They have been instrumental in promulgating sweeping state-funded propaganda campaigns that tap into anti-Semitic tropes reminiscent of the interwar period.

Imagine all the media in a U.S. state were to come under the ownership of a single political group, says Gabor Polyak of Mertek Media Monitor, a media think tank, and all of these media outlets are funded by taxpayer money.

In 2018, the European Parliament voted resoundingly to initiate proceedings against Mr. Orbans government for what critics say are systemic threats to Hungarys rule of law and democracy. The process could strip Mr. Orban of his vote in the European Council.

At the debate, Mr. Orban rejected criticism of his stewardship of Hungary.

We would never resort to silencing those who disagree with us, the prime minister said.

See original here:

Hungarys Independent Press Takes Another Blow and Reporters Quit - The New York Times

SOCIAL entrepreneur Vatsala Nair Manoharan has formed Moms Village to help women achieve financial independence by rediscovering their value.

The establishment, according to her, serves as a community space for women who are rebuilding their lives to seek emotional support through peer groups for abused women.

To empower these women, Vatsala created the hashtag #10Ringgit with the aim of encouraging them to earn at least RM10 a day.

This allows the mothers to rediscover their self-worth and start businesses from home with limited resources and investments.

We aim to reduce womens dependence on shelter homes when they leave abusive marriages or survive crises, she explained.

Single mothers are taught how to take online booking for home food based business under the IbuPJ programme.

Vatsala said during the movement control order (MCO) period, most single and abandoned mothers were financially drained.

The abandoned mothers who sold nasi lemak by the roadside were badly hit, especially during the MCO period.

They are now trying to restart their lives and certainly need help.

Vatsala said abandoned mothers usually faced the problem of husbands who would make sudden appearances and then leave without providing any financial support.

These wives would commonly not file for divorce due to the fear of being judged by society, lack of knowledge and time, poor finances as well as not having a support system.

In some cases, these women continue living with their abusive husbands because they have no financial independence to afford even the basics such as sanitary napkins.

Members of peer groups run by Moms Village learn to be financially independent.

In other cases, the husband may have bought an asset with the wife and stopped payment.

He would then have gone missing and not divorced the wife, leaving her with tremendous mental stress and financial difficulties, she said.

Vatsala urged authorities such as the Credit Counselling and Debt Management Agency (AKPK) to provide more outreach to abandoned mothers.

I see the only way out for these women is to have financial literacy and stability.

Local councils should also play a role by issuing more business permits and avenues for them to start their own businesses, she said.

Moms Village also offers eco-friendly gifts and merchandise through the brand Magic Seed.

IbuPJ co-founders Ellis Nusara Ainul Azhar (right) and Muhammad Amir Faaiz Shamsolnizam teaching single mother Nor Hafiza Ismail (left) ways to manage an online business.

This is an initiative to offer beneficiaries an opportunity to earn a decent living by making and selling eco-friendly gifts that give value to people, planet and celebrations.

These women are financially enabled to put themselves through workshops or affordable entrepreneurial boot camps, thereby giving them an opportunity to start their own business.

Another programme that equips women with entrepreneurial, financial and marketing skills is the seven-week IbuPJ.

The programmes focus primarily on improving the lives of single mothers in the B40 group in Petaling Jaya.

It is part of the National Sustainability Challenge by the Axiata Young CEO Development Programme.

Wong says helping single mothers in Petaling Jaya is vital for economic recovery post-Covid-19.

IbuPJ co-founder Mathew Wong said the programme enabled women to transform their business online to help boost their household income.

Helping single mothers in Petaling Jaya is vital for economic recovery post-Covid-19 and at the same time, directly helps those in need of assistance from Petaling Jaya City Council (MBPJ).

Our team has created an end-to-end programme for IbuPJ in collaboration with MBPJ that will equip single mothers with entrepreneurial, financial and digital marketing skills through a four-week workshop.

We also provide them with an e-commerce platform to sell their products and services, thereby helping them to generate sales and build a community of empowered single mothers in Petaling Jaya, added Wong.

The top 10 mothers in the programme will have access to seed grants of RM800 to buy raw material and necessary equipment needed for their business.

Read the original:

Giving abandoned women chance to rediscover their self-worth - The Star Online

51-year-old Daphne Williams who was born with a partial right hand and a single finger. She is a picture of resilience as, throughout her life, she has learned to use that solitary finger to undertake every imaginable task on her own.

With the aid of her right foot, Williams cooks, cleans, washes clothes, sews, and writes her own letters. She also lights her coal stove, cuts patterns to sew, and peels food to cook.

A former vendor, the Smithville, Clarendon resident does not allow her disability to stand in the way.

A staunch Christian and believer in God, Williams firmly believes that she was placed on earth for a special purpose.

This is how I was born and I accept it. God knows best, but Jamaica is too blessed for persons with disabilities to live permanently in hardships for the rest of their lives, said Williams.

The fifth of six children and the only one disabled, she explained her late mother cited domestic woes and emotional distress as the cause of her disability. She has had no formal diagnosis for her condition.

She further revealed that her parents were reluctant to register her in the formal education system, out of fear of her being scorned or ridiculed. As a result, she started primary school at age 10 and graduated shortly before her 17th birthday when she should have been leaving high school.

God granted me wisdom, knowledge and understanding, and I see it as a process for me to learn.

A Sunday-school teacher at the Smithville Baptist Church, she professed her love for children and said the congregation, of which she has been a member since 1994, was very supportive.

She believes that not enough is being done to cater to disabled persons, especially in rural areas.

I am disabled, but I am able. I do everything for myself, but if I want a bag juice, somebody has to give it to me, so I want some financial independence so that I can stop being a burden to my sister. I need some help, she pleaded.

Williams greatest challenge is not physical. She is saddled by financial woes and a lack of resources and pointed to an incomplete house on which construction was halted in 2008 as funds dried up.

There are times you need help and you dont really see anybody. I would love some help to fix up my house and a little bathroom.

She added that she would love to be able to own a sewing machine, as she aims to profit from her sewing skills.

Her niece and a church member both vouched for her saying she is a walking miracle who does everything a person with two hands and two feet can do.

Anyone willing to assist Williams may contact her at 876-562-3732.

See original here:

Disabled Jamaican woman cooks, washes, and writes using feet - NYCaribNews

The Supreme Court has destabilized principles on federal agencies structures and for-cause removal.

When can Congress protect agency heads from at-will removal by, or at the behest of, the President?

Myers v. United States and Humphreys Executor v. United States, two Supreme Court decisions nearing their respective centennials, have long formed a stable basis for assessing the U.S. Congresss power to provide executive branch officials with for-cause removal protections. Such protections typically limit the grounds for removal to inefficiency, neglect of duty, and malfeasance in office, or similar deficiencies.

Under Myers and Humphreys Executor, officials who exercise purely executive functions could not be accorded such protections and must be removable at-will by the President. But officials who exercise quasi-judicial and quasi-legislative functions, particularly as members of multi-member commissions or boards, could be afforded for-cause protection.

In Humphreys Executor, the Supreme Court reasoned that the President could require subservience from officials exercising executive powers, such as a postmaster or federal prosecutor, for which the President had ultimate responsibilitybut not those who exercised the delegated powers assigned to the other branches. Under Humphreys Executor, the U.S. Constitution does not require that agency officials whose jobs involve more than just enforcementsuch as making rules or holding hearingsbe removable at-will by the President, despite being members of the executive branch.

The Supreme Courts 1988 decision in Morrison v. Olson destabilized this foundation a bit, holding that even some purely executive officials, such as individuals appointed as special counsel, could receive for-cause protection when warranted by their functions.

In 2010, Free Enterprise Fund v. Public Company Accounting Oversight Board further destabilized the framework it established in Myers and Humphreys Executor. The question in Free Enterprise centered on the constitutionality of a double level of for-cause protection: Could Congress set up one agency, headed by officials enjoying for-cause protection, that was nested under another agency headed by officials also possessing such protection? The Courts holdingthat Congress could not create more than one level of for-cause insulation between the President and virtually any executive branch officerwas not itself particularly destabilizing. But the majoritys rationale asserted that presidential control over executive branch officials was critical to the Presidents electoral accountability. That reasoning did not bode well for Humphreys Executors continuing validity.

Given the instability of the doctrine and the renewed focus on presidential control over agency officials, the Courts decision this past term in Seila Law v. CFPB was much anticipated.

Seila involved the removal protections Congress gave to the director of the Consumer Financial Protection Bureau (CFPB), an agency that exercises substantial quasi-judicial and quasi-legislative functions. The issue before the Court centered on the viability of the Humphreys Executor framework: Would the insulation the Court affirmed in Humphreys Executor apply even to a solitary agency head, an official freed from operating in a multi-member environment? Or would the Court jettison Humphreys Executor altogether and enshrine the unitary executive theory as constitutional law?

The CFPB case raised these issues in a disturbing context. In creating the CFPB, not only had Congress protected its director with a for-cause removal provision, but Congress had also allowed the director to serve for a five-year term. This structure meant that a President could serve an entire term without gaining an opportunity to replace the CFPBs director with someone more in tune with the Presidents philosophy.

Moreover, the CFPBs budget stems from a source entirely separate from the congressional appropriations process, as the CFPB is funded from bank fees collected by the Federal Reserve. The CFPB also has its own litigating authority, independent of the Attorney General. Substantively, the CFPB possesses broad authority to address issues that are quite controversial and could have broad impacts both on businesses and the general public.

In deciding that the CFPB directors removal protections were unconstitutional, the Supreme Court split along expected ideological lines. The five conservative justices sought to limit Humphreys Executor, with Justice Clarence Thomas, joined by Justice Neil Gorsuch, urging its complete abandonment. The four liberal justices sought to reaffirm what they considered to be Humphreys Executors broad reach.

The Courtwith Chief Justice John Roberts writing for the majoritycited to great effect the CFPBs single-headed agency structure, the directors five-year term, and the CFPBs financial independence and litigating authority as establishing a center of power controlled by one person. This structure, the Court explained, allowed the CFPB director to operate largely independent of the primary tools the political branches may use to control executive branch officialsnamely, the prospect of at-will removal by the President and Congresss appropriations process. But the Court eschewed reliance on such a contextual analysis in setting forth the legal rule upon which it rested its decision.

Under Seila, an executive officer who is the sole head of an agency cannot have for-cause removal protection, even if that officer exercises only quasi-judicial or quasi-legislative functions. Such an officials powers must be cabinedeither by having to work within a multi-member board or commission framework, or by being subject to at-will removal by the President.

In so holding, the Court refused to extend Humphreys Executor beyond the multi-member commission setting. In the majoritys view, such a rule was necessary to ensure that the President would remain politically accountable for the actions of principal officers within the executive branch. As Justice Elena Kagans dissent noted, however, the multi-member commission format complicates presidential control since a single agency director is easier to control than a multi-member commission or board.

One might wonder if the Court makes too much of the distinction between single-headed agencies and multi-member entities. Given the current political polarization, the manner of nominating and confirming officials to multi-member bodies, and the considerable powers that many commission and board chairs hold, some agenciessuch as the Federal Reserve, the Securities and Exchange Commission, and the Federal Communication Commissionappear to be largely run by individual chairpersons of their commissions or boards.

In dissent, Justice Kagan, writing an opinion joined by the other three liberal justices, began with a quite different premise than that embraced by Justice Roberts. She observed that the Court had repeatedly upheld provisions that prevent the President from firing regulatory officials except for cause, cautioning only that Congress could not impede the Presidents performance of his constitutional duties through imposing removal restrictions. Within that broad limit, Justice Kagan asserted, the Court had maintained that Congress could protect from at-will removal the officials it deemed to need some independence from political pressures.

Justice Kagan ultimately concluded that questions of agency design, removal protections, and the balance between the need for independence and political responsiveness are ones most appropriately left to the political branches of government. Justice Kagan is correct that an agencys independence, or lack thereof, depends on a wealth of features, which include removal standards, internal agency procedures and organization, cultural norms and traditions, and even the personal relationships between bureaucrats and politicians.

The majoritys rule governing for-cause protections may well be challenged as naively unsophisticatedas Justice Kagan does by describing it as the Schoolhouse Rock separation of powers theory. One might have also offered the same criticism of Free Enterprises one-level limitation on for-cause protection.

Nevertheless, in the context of the CFPB director, the majority may well have a point. The combination of the directors for-cause protection and lengthy term, as well as the agencys independent budgetary and litigating authority controlled by a single individual, is arguably a disturbing concentration of power.

But what would be the result if the majority relied upon the troubling characteristics of the CFPB and the tenure protection enjoyed by its director to hold that in combination those factors made the agencys structure too independent of the President and Congress?

Such a ruling would have been narrower, based on the specific facts of the case, and perhaps easier to defend against Justice Kagans challenge. But it would also have meant that many arrangements providing for-cause protection might be subject to a functionalist analysis that must account for all of the circumstances, rather than the relatively straightforward formalist rule the majority imposed prohibiting for-cause protection for single-headed agencies.

What is more, none of the CFPBs circumstantial characteristics are entirely unusual, as many independent agencies have some degree of insulation with regard to budgetary and litigation authority. And many other agencies also address controversial subjects that have broad impact.

In Justice Kagans hands, a more holistic approach would create little uncertainty. Virtually any arrangement, outside of those involving military and diplomatic affairs, would pass constitutional muster. But in the hands of the conservative majority, who believe in robust limitations on insulating executive branch officials, cases challenging the constitutionality of agency structures could likely turn on a combination of a myriad of interacting factors. Even after a string of Supreme Court decisions, the outcomes of these challenges would likely remain uncertain.

Indeed, the more holistic approach, in conservative hands, might begin to resemble the administrative law doctrine governing when Congress can assign adjudicatory powers to non-Article-III courts. The precedents underlying that doctrine, as Justice Sandra Day OConnor quite frankly acknowledged in 1986, do not admit of easy synthesis. And perhaps she should have omitted the word easy.

The majoritys rule in Seila, although absolute in its way, leaves questions unanswered. And although the rule may seem simplistic, and perhaps not entirely coherent conceptually, it does set forth a robust limit on Congresss ability to constrain removalan important aspect of presidential controlwithout launching the Court into an era of intrusive review of agency design best left to the political branches of government and to scholars.

The Court, however, does not appear to have finished with its consideration of for-cause removal protections. Within ten days of its decision in Seila Law, the Court granted certiorari in Collins v. Mnuchin and set the case for full briefing and argument. Collins involves a removal provision that affords for-cause protection to the head of the Federal Housing Finance Agency. The statute in question actually uses the term for cause rather than the typical inefficiency, neglect of duty, and malfeasance in office phraseology.

With Collins on its docket, next term the Court may refine the constitutional principles announced in Seila Law or construe the term for cause as used in a statutory removal provision.

Bernard W. Bell is a professor of law and the Herbert Hannoch Scholar at Rutgers Law School.

Read the original:

Revisiting the Constitutionality of Independent Agencies - The Regulatory Review

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Leading wealth advisor Lawrence Durso, his son Michael Durso and advisor Michael Lombardi today announced the launch of their new firm, ShoreHaven Wealth Partners, an independent wealth management firm based in Red Bank, New Jersey. The team had previously worked together at Durso Wealth Management Group at Morgan Stanley where they managed $420 million in client assets.

ShoreHaven Wealth Partners is an independent wealth management firm working with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Joining ShoreHaven Wealth from Morgan Stanley are the following professionals:

ShoreHaven Wealth Partners has joined the Dynasty Financial Partners network. Through Dynasty, the firm has access, on their clients behalf, to a full array of capital markets and investment banking capabilities, as well as a vast range of investment research and consulting, advanced technology, proprietary analytical tools, and an online research center. They have also selected Fidelity Institutional as the custodian for their clients assets. ShoreHaven Wealth has chosen Black Diamond for performance reporting.

We are excited to launch ShoreHaven Wealth Partners as an independent firm. We believe there are great opportunities to create a customized planning process for our clients as well as create our own brand. And, in the future, we anticipate adding like-minded advisors to our firm, said Mr. Larry Durso.

The ShoreHaven team is a group of seasoned financial advisors and experts and they are well-positioned to flourish in the independent space. Because of the relationship between Larry and his son Mike, the team brings a particularly insightful perspective to their clients in understanding the impact of family dynamics on the management of wealth across generations, said Shirl Penney, CEO of Dynasty Financial Partners. The movement to independence is continuing - even during the lockdown - and we are pleased that an increasing number of RIAs are choosing Dynasty as their platform services partner to help them scale, grow, expand margins, operate more efficiently, and better care for their clients. We are thrilled to welcome ShoreHaven Wealth to the Dynasty Network!

BIOS

Lawrence Durso, Founding Partner, CEO

Larry Durso founded ShoreHaven Wealth Partners in 2020 with his son Michael and Michael Lombardi. Most recently he had led the Durso Wealth Management Group at Morgan Stanley, where he was a Managing Director- Wealth Management.

Lawrence Durso has worked in the financial services industry since 1978. He has primarily focused on creating solutions for unique problems typically associated with high net worth clients and their families. Additionally, he holds multiple securities registrations and life and health insurance licenses.

He holds a Bachelors Degree (summa cum laude) from St. Johns University and a Masters Degree from Columbia University.

Mr. Durso is active in several charitable organizations, including St. Johns University (past President of the SJU Staten Island Alumni Association) and the Daughters of Saint Paul. He is currently Chairman of the Board of Directors for the Lt. Dennis W. Zilinski II Memorial Fund, also a member of the Algonquin Arts Theatre Board of Trustees and an active Supporter of the Society for the Prevention of Teen Suicide.

Michael Durso, CFA, Founding Partner, Chief Investment Officer

Michael Durso is a co-founder and Chief Investment Office (CIO) of ShoreHaven Wealth Partners. As CIO, he is responsible for oversight of ShoreHavens asset allocation, manager selection, and investment strategy.

He has over a decade of experience in the financial services industry and has worked with clientele ranging from pensions, foundations, endowments, home offices and financial advisors to successful professionals and their families.

He began his career at AllianceBernstein in 2006, where he worked with financial advisors as a Senior Regional Consultant. In 2009, he joined BlackRock, where he was a Vice President within the iShares ETF business. Prior to joining Morgan Stanley in 2016, he worked at SKY Harbor Capital Management, where he was responsible for relationship management in the Americas.

He earned his BBA degree in Finance with a minor in Marketing from James Madison University in 2006. While at James Madison, he was a varsity member of the Track and Cross Country program and 2003 IC4A Mens Cross Country Championship team. He was also a member of Phi Sigma Pi National Honors Fraternity.

Michael a CFA Charter Holder and member of the New York Society of Securities Analysts (NYSSA).

Michael Lombardi, CFP, Founding Partner, Chief Planning Officer

Prior to co-founding ShoreHaven Wealth Partners, he worked with Lawrence Durso in the Durso Wealth Management Group at Morgan Stanley since 2012. Mr. Lombardi began his career as a financial advisor at Wachovia Securities in 2006, shortly after earning his B.S. in finance from The College of New Jersey. He completed the Certified Financial Planning Program at Boston University and, in 2013, was awarded the CFP certification.

Sheryl Iannuzzelli, Director of Relationship Management, Chief Compliance Officer

Sheryl Iannuzzelli runs the day-to-day operations of the team. She joined the Durso Wealth Management Group at Morgan Stanley in 1995. Ms. Iannuzzelli holds a bachelor's degree from Seton Hall University.

About ShoreHaven Wealth Partners

ShoreHaven Wealth Partners is an independent wealth management firm based in Red Bank, New Jersey that works with a select group of affluent multigenerational families and high net worth individuals, to protect, grow and transition their assets. Many of their clients are family-owned businesses who face succession and transition challenges.

Their objective is to help clients enjoy whats important in their lives, through the benefit of financial prosperity. For more information, please visit: http://www.ShoreHavenWealth.com and on Twitter: @ShoreHavenWP

About Dynasty Financial Partners

Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open architecture platform, enabling advisors to address their clients needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business. Dynastys core principle is objectivity without compromise, and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients.

For more information, please visit http://www.dynastyfinancialpartners.com.

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

Read the rest here:

A Boss Idea: New Jersey-Based Team Launches ShoreHaven Wealth Partners with Dynasty Financial Partners - Business Wire