Daily Archives: February 16, 2020

Accomplishing the financial cushion to retire early is a fantasy for most. Bringing the fantasy to reality is not as difficult as it sounds. The key is straightforward: Save significantly more every month. Sounds simple, correct? One moment.

Usually, advisors advise 15% to 20% of total income saved every month as an objective - yet in the event that you want to retire earlier, you likely need to tighten that number up to 40% or half of your pay. Not a discipline easily practiced when you review or consider that a substantial segment of your paycheck goes to basic, non- negotiable lifestyle needs. But if you are willing to make some serious lifestyle adjustments and trade-offs, it's achievable.

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

First, stick with the fundamentals of long-term growth investing: Choose a diversified portfolio of stocks with exposure to different styles, sizes, sectors, and regions.

You may be able to accelerate your potential retirement earnings by consciously seeking higher returns (and also accepting more risk) in your investment portfolio. But whatever your risk tolerance, your portfolio must be diversified to protect against extreme market movements that could jeopardize your early retirement objective. You can choose from a number of ways to allocate investments to diversify your portfolio, and these should be informed by your individual goals, growth and income needs, appetite for risk, and age.

Once you have accelerated your savings and put an ongoing plan in place, invest your savings into your portfolio as soon as possible. Don't try to time the market. Leave your portfolio alone, and let the compounding nature of the markets do its magic to help grow your retirement nest egg exponentially over time.

Astute investors pick retirement growth stocks with low beta, strong earnings estimates, positive sales growth, and expected future growth.

The Zacks Rank routinely recognizes lower risk growth retirement portfolio picks, and here are a few that may be worth considering: Summit Financial (SMMF), Brinker International (EAT) and First Financial Corp. (THFF). These growth stocks have strong Zacks Ranks and a beta of 1 or lower, with earnings and sales growth of at least 5% over the past 5 years.

Do You Know the Top 9 Retirement Investing Mistakes?

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

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

This report will help you steer clear of the most common mistakes, like trying to time the market, lack of diversification in your portfolio, and many more. Get Your FREE Guide NowFirst Financial Corporation Indiana (THFF) : Free Stock Analysis ReportBrinker International, Inc. (EAT) : Free Stock Analysis ReportSummit Financial Group, Inc. (SMMF) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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Powerful Proof Anyone Can Invest for an Early Retirement - February 14, 2020 - Yahoo Finance

I had just received the job offer of my dreams. I could hardly believe it. An up-and-coming company offered me a position teaching workshops to their staff of more than 1,200 teachers, social workers, and daycare providers. The job paid close to six figures, had great benefits and lots of VIP perks. As a single mom, it represented my key to independence; Id no longer have to rely on my ex-husband to help make ends meet each month. I would be able to move my sons into a beautiful home in the suburbs and send them to a better school. My car at the time was so old and beat up that I had to carry oil and water in the trunk at all times. My two boys knew that whenever smoke began to seep out from under the hood they were to alert me so that I could refill whatever fluid was running low. I couldnt wait to buy a new car and I was already picturing the vacations that wed finally be able to afford.

This job was absolutely ideal for me and the companys values were very much in alignment with my own. Idbe teaching motivational and inspirational workshopsto teachers, helping executives become better leaders, and instructing daycare providers on important childcare concepts. The owners were passionate about impacting low- income families and innovative in their policies for integrating children with disabilities into all classrooms. The position required three weeks of travel each month thats three weeks a month making a difference by doing something worthwhile that I loved while earning a great paycheck. There was only one problem and it was an important one: it meant that roughly 75 percent of my time would be away from my boys. At this point, they were six and seven years old. When I realized that the job required this much travel I knew instantly that it was not possible for me to accept it.

My priorities were clear but that doesnt mean I didnt struggle with the decision. I yearned for financial independence. I desperately wanted to give my sons a better education and pay for the expensive sports lessons that their friends enjoyed. So I tried to think of a way to make this new job position fit around my lifestyle. Hiring a full-time nanny could be an option, which I would be able to afford with this salary. Still, I knew in my heart that this arrangement would never work, not for me.

You see, I absolutely loved being a mom. Of all the different roles Ive had over the years, being with my boys when they were young was my most favorite. I truly enjoyed them and was most happy when I was doing things with them. I had an excellent part-time job that offered me a lot of flexibility. We were very active at our church, their school and in our community; other than not being in a more comfortable financial position, I was very happy with my life just as it was.

Still, I imagined how our lives would be changed with the financial security that this position offered, and I felt torn. Would I be any happier if my bank account had a few extra zeroes? Part of me believed that filling that missing piece would complete my life, yet I knew it would not be the right decision for us as a family. After a week of obsessing about this choice, I called the owners of the company and let them know my decision. I earnestly asked them to reconsider me for any position that did not include as much travel. They couldnt understand how anyone could walk away from such a great opportunity. They were shocked and perplexed.

I felt confident in my decision. I knew I made the right choice but was also very disappointed and upset about it for several weeks. I remember thinking that I would never, ever get another opportunity to work in a job that I loved so much and paid so well. I felt extremely guilty for walking away from an opportunity to give my sons a better life. Even though weeks had passed since Id declined the position, I still thought about it every day. One afternoon as I was at my kitchen table writing out checks to pay bills, I looked at my bank balance and thought, If you had taken that job, you could have it all. Immediately, my inner voice replied, Beth, You DO have it all. You have a nice home and healthy, happy children. You work flexible hours, have enough money to cover your expenses and you get to spend all the time you want with your children. You already have it all. Lots of women would give up their paychecks to enjoy what you have. This isnt the last job youll ever be offered. In 10 years youll be able to travel and something even better will happen for you. Yes, you CAN have it all; you just cant have it all at the same time.

This message was powerful. I felt that God had spoken directly to me. From that moment on, I stopped feeling guilty about declining the job offer. Instead, I began to acknowledge the many blessings in my life. I didnt have financial independence yet but I was independent. Just six months later, that company went bankrupt; 1,200 employees in three states went to work one morning and found the doors locked with a sign: Out of Business. When I heard this news, my heart broke for everyone who had lost their job. In the same breath, a wave of peace washed over me. I had listened to my inner voice and it didnt steer me wrong.

Over the next several years, I continued to do what I loved best: being a mom. I worked part-time and pursued my passion for writing and speaking to motivate women in whatever spare time I could find. Occasionally, Id feel a twinge of guilt that my boys werent in the best schools or werent playing on exclusive traveling sports teams. We spent our summers at the public pool while our friends traveled to the beach or Walt Disney World. At times, I felt envious but then Id remember that powerful message: You can have it all, just not all at the same time. This brought me peace and kept me feeling content with my present life and curious about my future.

Over the years, Ive built my own empire and developed creative ways to earn money while keeping my priorities in order. Even though my boys are grown now, I still want to be available when they call, visit or need to talk. Owning my own business gives me control over my schedule and allows me to spend time with the people who are most important to me. I can work odd hours if I want (my clients are very familiar with my late-night emails!) and I get to take advantage ofmy creativity whenever the muse strikes. I have developed a large network of women who support one another. Ive written several books and created dozens of workshops and programs that help other women succeed in life and business. My work takes me around the world, where I meet and interact with women in all stages of life. I wonder where I would be today if I had ignored that little voice in my head many years ago.

Today, when I talk with women, they often share their frustrations about work and family. They feel guilty, worried and even resentful about the demands on their time. They feel like they are part of a big rat race, and overwhelmed with the expectations they place on themselves. Many struggle financially while trying to keep up with their neighbors. Trying to accomplish everything at once is a disservice to the entire family, especially when everyone is frustrated, struggling and upset. Remember, rat races are for rats, not human beings.

Sometimes we get so busy doing everything that we think were supposed to do that we forget why were doing it in the first place. I know for sure that were not supposed to live our lives feeling upset, guilty, overwhelmed and worried all the time.

If this describes you, please stop. Take some time right now and think about what is really important at this point in your life. Listen to your inner voice; it wont lie to you. If its your career, put your focus there and dont feel guilty. If right now is the time that should be dedicated to your family, go fully into it and dont spend a moment wondering what others might think. The only opinions that really matter are the ones of those closest and most important to you and only if they truly have your best interest at heart. Remember that life changes. Things will never again be as they are today. Whats important today will be different in 10 years or so. Do what is best for you and your loved ones right now. Youll never get this time back.

Recently, I had an impressive job offer from a prestigious company, much like the one I stressed over all those years ago: a six-figure salary, expense account and other perks, a full support team. Along with all of that came weeks of travel, long hours and the corporate grind. This time, I took a matter of minutes to make my decision. Ill think about it . . . in about 10 years, I told them.

This content is excerpted from chapter one of the book INSPIRE: Womens Stories of Accomplishment, Encouragement, and Influence, originally published in 2014.

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You Absolutely CAN Do It All - Thrive Global

This story is part of CNBC Make It's Millennial Mortgage series. If you're interested in being featured, email reporter Alicia Adamczyk at alicia.adamczyk@nbcuni.com.

Watching extended family members and friends lose their homes during the Great Recession had a profound impact on Jack Washington. Though his own family made it through the financial crisis mostly unscathed, Washington began to realize from a young age how important it was to put money away and never owe anything to anyone.

So he started saving. His ultimate goal: Put away as much as he could, so his home couldn't be taken from him.

This savings mentality has manifested from the time Washington was in high school, when he began considering what he wanted for his future. The now-33-year-old received his bachelor's and master's degrees without taking on any student loan debt, thanks to a combination of scholarships and working as a residential advisor.

He pursued degrees in business and forged a career in human resources to ensure he would make good money right out of school, and have ample career opportunities.

In the first five years after he graduated, he saved over $300,000. His next step: buying a house. He closed on his 1,600-square-foot home in Richardson, Texas just outside of Dallas at the beginning of June 2019, and paid off the mortgage by the end of August.

Washington and his wife, LaTaya.

Courtesy of Jack Washington

For the human resources manager, owning a home outright was more important than any potential stock market gains his savings could have accrued. So important, in fact, that he paid off his $300,000 home in around three months, cashing out around $225,000 from a brokerage account rather than keeping the funds invested for retirement. He took the rest from more conservative investments, like CDs and liquid savings accounts.

Washington's decision to pay off his home decades early comes from a deeply-held conviction that it's better to be completely debt-free than owe money to anyone, regardless of if it's "good" debt or not.

His family and friends "loved the idea," he says. But the bank and his financial advisors were less than thrilled, warning that he'd potentially lose out on some serious stock market returns.

"I wanted financial stability and security. I wanted somewhere we could set down roots," Washington tells CNBC Make It. "I look at it as a utility, not an investment."

With no mortgage payment, here's how his home costs break down each month:

Washington's current salary is $120,000 per year, but he managed to save over $300,000 while earning between $85,000 at his first job out of business school and around $100,000. Though he lives with his wife, LaTaya, Washington paid off the full amount of the mortgage with his own investments and savings.

Washington was able to save so much by living a "generally frugal lifestyle" on an above-average salary: He's driven the same car since college, significantly scaled back his and LaTaya's wedding and cuts his own hair. Each year since he started working full time at 27, he's set "mini goals" for himself to slowly scale up his savings.

He acknowledges that not having student loans gave him a "leg up," though he intentionally went to schools that would give him scholarships and worked as a RA so that he wouldn't have to take any on (LaTaya graduated with around six figures in student loan debt, but has been aggressively paying it off with her own salary).

With his business degree, Washington knew he'd get ample job opportunities with higher-than-average salaries, and having a partner with a similar, though not identical, money mentality has made saving and working toward his financial goals easier.

It was this combination of strategies that worked for Washington. "That's my approach to building up wealth and money," he says. "It's not one big thing that helps you get to a good place, it's a million little things and the choices that you make every day that add up."

He credits his money mentality to his parents: His dad worked at a transit company in Chicago and his mom was a secretary. "They never made a ton of money, but they had good sense," he says. "They paid their home off in about 15 years. I make more now individually than they do collectively."

Peace of mind isn't the only benefit to paying off his mortgage so quickly. It also gives him the freedom to pursue a secondary long-term financial goal: Leaving the workplace at 40.

By having one less bill to worry about each month, Washington reasons, taking a break from the corporate world relatively early in life will be more manageable. He intends to work and his wife has no plans to leave her full-time job but just not continue the "grind." He's dreamed of that kind of independence since high school.

Washington in his kitchen.

Courtesy of Jack Washington

"I felt like my family and friends and older people that I knew were always talking about how hard they were working," he says. "They didn't have work life balance, and I knew that I did not want that to be me."

While he liquidated almost all of his savings to pay off his home, he's rebuilt it over the past year (not having a housing payment every month helps) and says he now has around $140,000 socked away in various accounts. That's his focus going forward.

Washington's goal is a different take on the financial independence movement, which typically evangelizes saving and investing as much money as possible in order to retire early.

Obviously, having a partner who will continue to work full-time makes taking a break from the workforce easier to manage; he will likely join her health insurance plan, and her salary will, hopefully, cover any surprise expenses that crop up. But Washington plans to save aggressively in the years to come to cover as many expenses as he can on his own. Not having a housing bill which is the typical American's top monthly cost gives him more freedom.

Despite the other goals Washington is now able to pursue without a mortgage payment, pulling his money out of the market was a big sacrifice. He acknowledges that most financial advisors would say he should have kept the $240,000 beyond the down payment invested in the stock market, but he's okay with what might not be considered the most prudent financial move. Paying off the balance gives him the stability he's craved, and, mentally, that is worth more than any potential investment gains.

"If you look at it from a purely financial point of view, okay, they might be able to convince me to keep it in the market," he says. "But peace of mind was the main motivation to pay the house off."

But is it advice others should take? There's no easy answer, Danielle Schultz, an Illinois-based certified financial planner, tells CNBC Make It. A major downside is that he has "completely lost the value of compound return," she says.

Traditionally, financial advisors say it does not make sense to pay off loans with interest rates lower than what you could earn in the market. That varies, of course, but a good rule of thumb is to focus on investing, rather than loan repayment, if your loan has an interest rate below 5%, says Schultz.

Another reason you're typically advised not to pay off your mortgage early: The mortgage interest deduction lets couples filing jointly deduct the interest paid on a mortgage up to $750,000, with some restrictions. Washington doesn't qualify for that tax break now.

Washington also had to pay capital gains tax on his withdrawal from the brokerage account. Had he taken the money from a retirement account, he also would have been hit with an early withdrawal penalty.

In his spare time, Washington pilots planes.

Courtesy of Jack Washington

That said, there is a significant emotional benefit to having a house completely paid off, particularly for those nearing retirement, Schultz says. "If it makes you feel better, I say go for it, but only if the value of the house is no more than one-third of your total net worth," she says. "You need most of your investments to be generating income in retirement."

It's the emotional weight that Washington is happy to have lifted.

"I can't beat the feeling and security of not owing anyone anything, regardless of market performance," he says. "I always wanted to have that stability ... As long as we can scrape up $6,000 per year for property taxes, we're fine."

It makes sense for him. "It's mine," he says. "You can't take it away."

Don't miss: How a 25-year-old used $40,000 in down-payment assistance to buy her first house in Atlanta

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This 33-year-old paid off his $300,000 house in 3 monthshere's why he didn't invest the money - CNBC

By John Harrington, Thomas C. Frohlich and Hristina ByrnesFebruary 14, 2020 12:23 pm

Tying the knot is for many people one of the most prominent milestones of adult life but not for all. While marriage provides many advantages such as tax breaks fewer Americans are choosing to get married. Those who do choose to stay single, remain single longer compared with previous generations. Many other Americans are single for other reasons.

There are more than 160 million single Americans divorced, widowed, separated, or those who have never married or approximately 51.0% of the U.S. population. Most of this group consists of people who have never been married.

To find the best city for singles in every state, 24/7 Tempo reviewed for all U.S. metro areas the percentage of the adult population that is single, the concentration of businesses such as restaurants and bars, and income levels. The best cities for singles are home to a relatively large number of unattached people, have plenty of amenities supporting social interaction, as well as a local economy that is conducive to financial independence.

Specifically, single people in these cities tend to be the majority of the adult population. The cities where this is not the case, but are still considered best for singles, are either especially affordable, or have high concentrations of social venues such as bars and restaurants. Of the 50 best cities for singles, 37 have a cost of living that is lower than the average nationwide.

Since the 1950s, the age at which people have taken their marriage vows in the United States has steadily risen. Census Bureau statistics note that the median age of first-time brides and bridegrooms hovered around 20 in the 1950s. Now, that benchmark is nearly 30 and it seems to be gradually going up. Here are the states where people marry older.

Click here to see the best city for singles in every stateClick here to see our detailed methodology

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The Best City to Be Single in Every State - 24/7 Wall St.

A college degree doesnt guarantee a secure future. Susmita Bardhan, who hails from South 24 Parganas, a small district in West Bengal, faced this brutal realisation after completing her masters course. A student of political science, Susmita was the sole care giver for her mother, who had been suffering from arthritis, and was unable to take up a job after college.

They say, when reality hits, it hits hard.

Susmita Bardhan at Mission Rise Women Entrepreneurship Summit.

The truth is that an astonishing number of women in India, who are unemployed or not financially independent due to one or the other circumstances, have to face the same reality as Susmitas.

Despite meeting the required qualification standards, a combination of social and cultural factors has crippled the ability of women in Tier II and beyond to contribute to the growing workforce in India. But what if the tables could be turned, and instead of women having to reach out, the opportunities could literally walk home, by way of the internet and smartphone penetration.

Over the last few years, the Jio effect has brought hundreds of thousands of Indians especially women online. With WhatsApp becoming their initiation into the digital world and other social media platforms acting as their means to both personal and business exchanges, there has been an unmistakable rise of social commerce.

Meesho, the Facebook-backed social commerce enabler, says it has empowered more than 2,000,000 Indians to become entrepreneurs with zero capital over the years. Of these, 70 percent are women entrepreneurs. These are homemakers and mothers who dropped out of the workforce after childbirth and students who wanted to start a business but were held back by lack of capital.

Vidit Aatrey, Founder and CEO of Meesho

Bengaluru-based Meesho which literally means Meri Shop (my shop) provides potential entrepreneurs with a virtual shop. The social commerce platform has created an alternate distribution channel by helping housewives, young mothers, aspiring entrepreneurs, students, and teachers to launch, build, and promote their online business.

In the process, it creates a platform where this breed of first-generation entrepreneurs can share and connect while contributing towards the end goal: empowerment of the community at large.

And the other reason, which a lot of people dont talk about, is that these women get a professional identity, he adds.

In Susmita Bardhans case, Meesho came to rescue by providing her with a backup plan suitable for her financial situation.

With her earnings from the social commerce platform, the West Bengal native has managed to pay 80 percent of the down payment for her dream home. She is paying the remaining instalments with her monthly profits.

This is just one such instance. Meesho has been integral to the success of many more entrepreneurial journeys, some of which were recognised and honoured at the recently held Meesho Mission Rise Women Entrepreneurship Summit.

Organised in Bengaluru, Meeshos home city and also the 24th stop of the event, the multi-city roadshow saw the participation of more than 250 first-time women entrepreneurs, who came together to share their inspiring journey on the social-selling platform.

In attendance were Meeshos Founder and CEO Vidit Aatrey and CTO Sanjeev Barnwal, along with 100 other team members.

Going forward, the plan is to take this roadshow to many more cities, and connect with as many inspiring entrepreneurial minds as possible. Meesho wants to grow its community of women entrepreneurs and social commerce leaders beyond metros and Tier I cities.

(Edited by Teja Lele Desai)

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Financial independence and an identity of their own: How Meesho is empowering women in Tier II and beyond - YourStory

Divorce rates have been gradually declining in America over the last decade or so. Some experts attribute this downturn to Millinials and Generation Z holding off on marriage until theyve achieved financial independence while others suspect the decline has more to do with a western emphasis on female autonomy.

Only time will reveal any additional factors but as it stands, U.S divorce rates have decreased by nearly 20% between the years 2009 and 2018.

This new data comes from researchers over at QuoteWizard.com, who recently commissioned a survey in order to determine which states enjoy the largest dips in divorce rates.

Around the country marriage is on the decline. Marriage rates are also outpaced by the divorce rate. Less people are getting married over the last 10 years and therefore less people are getting divorced. However, with a decline in the divorce rate outpacing the marriage rate you could assume more married couples are sticking together. Chivalry isnt dead after all.

The new exhaustive report gives us some interesting things to chew on just ahead of Valentines day weekend.

According to The National Centers for Health Statistics marriage rates have declined by just about 8% in the window of Quotewizards new study. Interestingly enough, states with low marriage rates consistently boasted lower divorce rates as well. People are getting married less and less across the country, but the ones who do tend to stay married.

Andrew Cherlin, a sociology professor at Johns Hopkins University, believes college provides the most substantive explanation as to why younger generations are getting divorced drastically less than Baby Boomers. On mass, the former favors career goals and financial independence over traditional milestones.

These two conditions often buttress other features important to a healthy marriage. The longer one waits to tie the knot the more mature, financially responsible, and confident they are when they do so, which means theyll be less likely to have second thoughts about major life decisions and even less prone to erupting during spousal disagreements.

The regions observed in the report played a massive role in the levels of education obtained, financial literacy and divorce rates. Mississippi, New Mexico, and Massachusetts expressed the largest increase in marriage rates on average and Illinois, Kansas, and West Virginia saw the largest decrease in divorce rates. To the authors point, there was virtually no overlap in populations that get hitched young and more frequently and populations that put off doing so until theyve got their life in order.

Moreover, young people residing in urban areas prefer to live with their significant others before they even think about courtship compared to those occupying residential regions.

When looking at the marriage rates over the last 10 years in each state we found polarizing results. The majority of states are seeing a decline in marriage rates, but there are a number of states with positive trends. The good news there, nearly all states with a higher marriage rate over the last 10 years also saw a decline in divorce rates, the authors write.

Illinois: 1.5%

Louisiana: 1.7%

Massachusetts: 2.1%

Iowa: 2.2%

Kansas: 2.3%

Maryland: 2.4%

Georgia: 2.5%

South Carolina: 2.5%

North Dakota: 2.6%

Pennsylvania: 2.6%

South Dakota: 2.6%

Texas: 2.6%

Kentucky: 3.5%

Tennessee: 3.5%

Florida: 3.6%

Alabama: 3.7%

Alaska: 3.7%

Idaho: 3.8%

Oklahoma: 3.8%

Utah: 3.8%

Wyoming: 3.8%

Arkansas: 4.1%

Nevada: 4.4%

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These 11 states have the highest divorce rates - Ladders

The young couple beaming in the square-shaped image of their big day could be just another post on Instagram but the snap was also a personal finance lesson in disguise.

I wore a second-hand dress that was 70, Steph wore a free dress that her mum had worn to get married two years earlier, we DIYed and made the best of what we had, postedLisa Garwood-Cross, the 28-year-old behind the @living_thrifty account.

Making a bouquet of paper flowers from a vintage comic book (cost: 1.58) is one way shes been sharing the story with her 11,000 followers on the picture-sharing app of how she stuck to a 2,500 wedding budget.

The Instagram generation may be criticised for loving consumption-fuelled images of designer clothes, expensive brunches and exotic holidays, but the platform is increasingly providing the inspo for those looking to save money, learn to budget, start a retirement fund or get out of debt.

Amid the deluge of selfies, content creators around the world are bringing financial education into the social media mainstream.

FT Money swiped through the growing online finance community to see how it is transforming young peoples relationship with money and the underlying tension of the platforms growing commercial potential.

In the early days of Instagram, there was more of a focus on discussing new products and taking the perfect shots, but that has evolved, says Eva Caiden, a trends expert at Instagram.

Tips on how to budget, start investing or bridge the gender pensions gap might not be what youd expect to encounter scrolling through your Instagram feed but these topics are finding traction with young people seeking to nurture better financial habits.

Facebook acquired the platform for $1bn eight years ago and Instagram now boasts more than 1bn active users, 500m of whom use the platform daily.

Far from viewing discussion of money matters as a social taboo, users are captivated by posts from people happy to share their real-life experiences of managing their personal finances warts and all.

The vast majority of creators find that content which gives a realistic view of everyday life performs best with their followers, adds Ms Caiden.

Nevertheless, a platform where top influencers can make big money endorsing products or services (see below) might seem an unexpected place for this to evolve.

The growing Instagram money community in the US and UK is friendly, casual and typically positive. It is formed largely of people with zero professional interest in managing money sharing their insights with like-minded people. In any case, the young age profile of Instagram users means they would be unlikely to be able to afford a financial adviser.

The dominant cultural message is that we should be spending our money, keeping up with the Joneses and showing off all our expensive things, says Lisa, who started posting as @living_thrifty in resistance to this.

I found myself thinking: no. I should save up and get that a bit cheaper because I want to share positive things with my followers so that they can see it is possible.

Thrifters, scrimpers and frugal types who promote tips and ideas about how to live well for less are just one example ofwhat buzzword-loving content marketers like to call Instagram tribes.

Tribes are micro-communities on social platforms that share similar goals and values, spreading their ideas using hashtags (it is now possible to follow hashtags as well as individual accounts on Instagram).

Many use colourful stationery and calligraphy to get their message across or Inspo-gram as some call it.

Others use tangible budgeting methods such as the envelope system, apportioning a set amount of cash to cover different monthly expenses.

On a visual-centric platform, these savings strategies resonate with audiences.

Washington-based Kumiko Love, aka @thebudgetmom, has an Instagram grid filled with colourful doodles and inspirational quotes (such assmall steps to success are still steps in the right direction) designed to spark an emotional response.

I think we are all looking for motivation, to feel something as we navigate finances in our lives, she says.

Her 450,000 followers love her open approach to money she even lists her savings balance on her profile (currently $404,000 and rising).

She recently posted pictures of hergoals board showing her financial aims for 2020, which include saving $20,000 towards herdream house, another $10,000 into her seven-year-old sons college fund.

One follower replied #teachmeyourways in response. Visitors to the Budget Mom websitecould pay $3.99 for aWhere did my money go? print-at-home worksheet to track their income and expenses.

Annie Atherton from @thefinancialdiet, which describes itself as a media/news company and boasts a similar number of followers, says she doesnt think that people are actively seeking financial content on Instagram.

Instead, by using visual inspiration, money advice is like a Trojan Horse or the medicine in the cheese.

Its less that people are seeking money content on Instagram and more that they are already there, and we are giving it to them in a way that feels natural to the platform, she says.

One of Instagrams most popular financial hashtags is #debtfreecommunity which has featured on more than 850,000 posts. Users sharing their experiences of paying down debt are a powerful tribe. Many use Instagram to document their journey towards a debt-free life, recounting how arduous, but ultimately rewarding, this process can be.

Financial blogger Lynn James posts as @mrsmummypennyuk and shared her #debtfreejourney on Instagram as she spent two years paying down 16,000 worth of credit card debts.

She says that even when posting a simple message that she had paid off a small chunk of her debt, the level of supportive comments from users on the site kept her going.

I still have so many people in my DMs [direct messages] saying that they have just seen my story and that I have inspired them to add up all their debts and make a plan to start paying it off, she says.

Micro-influencers with between 10,000 and 50,000 followers on the platform have deeply connected audiences with high engagement rates.

Other money-centred hashtags that have originated from these communities include #financegoals #frugallife #budgetlife and #totalmoneymakeover.

Parents are an important part of the community, posting how they manage money while bringing up children.

British money blogger Ricky Willis who posts as @skintdad has devised a1p savings challenge for his 14,000 followers, saving tiny amounts every day to amass nearly 700 by the end of the year.

Francesca Henry, aka @the.moneyfox, shares posts with her 22,000 followers on budgeting, being a parent and paying off her debts.

A few years ago I was in a really bad place financially I was in a really unhappy marriage, I had a little girl, and I ended up getting in debt, she says.

She decided to use Instagram to share the personal finance advice she had to teach herself advice that is not always easy for people without wealth to access.

When I went looking for something to help me, a resource, I couldnt find anything that could help me specifically, she explains.

Her most popular posts all with a pink theme detail her budgeting process and beautifully illustrated spending diaries, which she also sells via her page as aside hustle.

If youre afraid to look at your bank account, taking these steps will be a game changer for you, she recently posted alongside a list of how to start budgeting:

Income minus expenses =? Any money left over needs a purpose.

In interviews with Instagrammers for this article, four words came up frequently: honesty, vulnerability, authenticity and, more surprisingly, loneliness.

The link between money problems and mental health issues is now well established, but many micro influencers say they started posting about their money problems to combat feelings of shame, social isolation or not knowing what to do.

I think when youre in that place, it feels quite lonely and everything feels like doom and gloom, says Francesca.

Ashley Feinstein Gerstley, who posts as @thefiscalfemme, adds: We dont realise that other people dont understand [their personal finances] either and are trying to figure it out. [Knowing this] can make it feel a lot less lonely.

Instagrammers also offer plenty of ideas for those looking to take their finances to the next level through learning about investing or starting a retirement fund.

Popular hashtags include#investing101 and #wealthbuilding but one that really resonates is#financialindependence. This stems from the US Fire movement (financial independence, retire early) that encourages extreme forms of money-savingwith the aim of stopping work or achieving a better work-life balance.

Its adherents may well be earning a big salary or have considerable wealth behind them, showing the many shades of the Instagram money community.

San Diego-based Jeremy Schneider posts as @personalfinanceclub and has 55,000 followers. His emoji-strewn profile says he retired at 36, loves index funds, frugal living and is an avoider of debt. Like many investment bloggers, it also includes an invest at your own risk disclaimer.

I havent had a full-time job since I was 36, I think retired is a corny-loaded word, but I put it there on my bio to pique curiosity, he says.

He sharessmall, bite-size infographics such as his rules of building wealth which includelive below your means andinvest early, and often.

One of his early posts, headedHow to become a millionaire is still among his most popular:Invest $250 a month in an S&P500 index fund...and then wait 40 years.

I think that sort of bite-size, compelling message speaks to people, he says. Theyre like, wait, $250 a month, thats not a crazy number...its selling with curiosity.

Whereas some content creators are selling an idea, others find that as their followers soar, they can sell much more than that.

Larger accounts commonly link to blogs and websites offering everything from personal coaching, linked promotions for fintech apps and even subscription investment services.

Bola Sokunbi, @clevergirlfinance, has moved from an interest in frugal living and saving into investing and recently published her first book one of a growing number of Instagram finance faces in the US to do so.

As a child of immigrants in the US, she says learning about personal finance gave her the opportunity to create the sort of wealth her family did not have when she was growing up.

A certified financial education instructor in the US, she decided to start a blog to share personal finance tips that worked for her. I have continued to save and invest over time, and my friends are always asking me questions about investing and money, she says.

Arecent post asks: Why should you want to be financially successful? She tells her 249,000 followers:Its not all about acquiring things its about giving back, helping others and leaving a lasting, positive impact for those you care about.

As well as her blog and social media accounts, Bola has been able to monetise her brand by offering courses where she provides one-to-one mentorship.

One of the reasons people turn to Instagram for financial inspiration is because of a lack of financial education elsewhere.

Even though personal finance has been on the national curriculum in English schools since 2014, four out of five students still say they are not being taught enough practical money lessons.

By sharing their own personal finance journeys, Instagrammers are seen as real and relatable. They have a powerful influence, but social media posts are a far cry from regulated financial advice.

Its striking how Instagram is bringing together people the traditional financial services world has overlooked, especially women and young people, says Jason Butler, the FTs Wealth Man columnist, who has worked as a financial adviser for over 25 years.

While its great that people are engaging with their finances, never forget that the internet is the Wild West. A lot of the advice is style over substance, with similar ideas being shared, but these wont be right for everybody and people might not be who they say they are.

Always ask yourself, what are this persons intentions honourably sharing their experience or turning me into a customer?

Annie from @thefiancialdiet stresses that her posts are by no means financial advice, but explore the emotional side of money, trying to take out the taboo and encourage conversations.

Ashley, @thefiscalfemme, who was previously an investment banker in New York, admits that despite her background she was at a loss when it came to her own finances.

A lot of the materials [provided by the finance industry] were very daunting and boring and I felt like they were keeping me out of the club, like they didnt want me to understand, she says.

If we are going to be on Instagram to keep up with our friends, we might as well follow things where we can learn, get inspired.

Damien Fahy, who posts as @moneytothemasses, set up the free website of the same namebecause he believed that his financial qualifications were being wasted on affluent people who could afford his services.

He uses Instagram to connect with an audience hungry for free tools and tests, such as hisMoney MOT, sharing a wealth of financial knowhow.

Its empowering to ask why and allow people not to feel stupid, he says.

He thinks Instagram could be used to close the financial advice gap and that the regulated advice industry needs to be more willing to engage with people, at least at the beginning, for free.

There is also akeeping it real theme to the sites paid-for subscription service offering investment research, which tracks the progress of Damiens own 50,000 portfolio albeit with heavy disclaimers stating this does not constitute regulated financial advice.

For now, mainstream financial brands are gaining limited traction with the exception of app-based challenger banks.

Monzos highly Instagrammable coral pink payment card is a popular focus point for the 50,000 @Monzo followers, but the banks posts have evolved into data-based insights into young peoples spending habits.

The UKs Starling Bank tags #sidehustle in posts promoting the moneymaking side projects of its users, including selling cupcakes and an RnB themed kitchenwarebusiness.

Whether youre spending money, saving it, investing it or earning it, Instagram is set to have considerable influence over our finances in the future.

Instagram has been criticised for spawning the cult of the influencer celebrities in their own right who flog products to their armies of followers and make money through advertising revenue.

Plenty are willing to boast of their success, but real financial dangers lurk in the pursuit of the Insta-perfect dream.

A joint investigation last year by HuffPost and BBC Radio 5 Live found young people were getting into thousands of pounds of debt trying to recreate an Instagrammable lifestyle.

Images showing the trappings of wealth are also a potent tool for scammers who have used the platform to promote fraudulent get-rich-quick schemes.

Last year, UK fraud authorities warned that hundreds of Instagram users aged between 20 and 30 had been suckered with the promise of high returns, losing nearly 9,000 each on average.

Instagrams help page contains reporting tools for users to flag anything that looks suspicious. It details eight common types of fraud including false investment scams promisingunrealistic monetary benefits, loan scams offering a low interest rate for an advance fee and job scams usingmisleading or fake job postings to try and get your personal information or money.

See the article here:

Finance on Instagram: what's not to like? - Financial Times

Queen's grandson Peter Phillips and wife, Autumn, separate

Updated: 1:19 PM EST Feb 11, 2020

Peter Phillips, the eldest grandson of Queen Elizabeth II, and his wife Autumn are divorcing after 12 years of marriage.The couple said in a statement Tuesday that the separation was sad but amicable. They plan to share custody of daughters Savannah, 9, and Isla, 7.The 42-year-old Phillips is the son of Princess Anne and will be the first of the queens eight grandchildren to divorce. Three of the monarchs four children had marriages that ended in divorce, including Anne, who split from first husband Mark Phillips in 1992 and married naval officer Timothy Laurence, her second and current spouse.Peter Phillips married Canadian management consultant Autumn Kelly at Windsor Castle in 2008.Announcement of their separation comes after a tumultuous few months for Britains royal family. Last month the queens grandson Prince Harry and his wife Meghan quit royal duties, saying they wanted to seek financial independence and spend more time in North America.The queens second son, Prince Andrew, stepped down from royal duties in November amid controversy over his friendship with the late convicted sex offender Jeffrey Epstein.

Peter Phillips, the eldest grandson of Queen Elizabeth II, and his wife Autumn are divorcing after 12 years of marriage.

The couple said in a statement Tuesday that the separation was sad but amicable. They plan to share custody of daughters Savannah, 9, and Isla, 7.

The 42-year-old Phillips is the son of Princess Anne and will be the first of the queens eight grandchildren to divorce. Three of the monarchs four children had marriages that ended in divorce, including Anne, who split from first husband Mark Phillips in 1992 and married naval officer Timothy Laurence, her second and current spouse.

Peter Phillips married Canadian management consultant Autumn Kelly at Windsor Castle in 2008.

Announcement of their separation comes after a tumultuous few months for Britains royal family. Last month the queens grandson Prince Harry and his wife Meghan quit royal duties, saying they wanted to seek financial independence and spend more time in North America.

The queens second son, Prince Andrew, stepped down from royal duties in November amid controversy over his friendship with the late convicted sex offender Jeffrey Epstein.

The rest is here:

Queen's grandson Peter Phillips and wife, Autumn, separate - WXII The Triad

Housing does more than provide physical shelter: It gives people a sense of belonging, a safer living environment and a community to call home.

Without stable housing, financial security is usually out of reach. Without an affordable place to live, accessing job training, higher education, childcare and even medical treatment can be impossible. Yet right now, millions of Americans lack access to a safe and stable supply of affordable housing. In fact, the United States needs a minimum of 7.2 million more affordable housing units (and potentially as many as 12 million units), according to the National Low Income Housing Coalition.

As an investor, developer and operator of affordable housing, I see firsthand every day how creating and sustaining affordable housing can positively impact individuals and families. At Lincoln Avenue Capital, were working to do our part. Though our company is only a few years old, weve already taken actions to ensure that 9,000 units of affordable housing remain affordable for decades to come. We have also rehabbed thousands of affordable units in just the last three years. And were just getting started our budget for construction and rehabilitation work is projected to triple over the next 12 months.

Our experience has given me insight into how leaders in the public, private and nonprofit sectors can further address this growing challenge. What do we as Americans need to know to understand the current affordable housing crisis?

1. There is not enough affordable housing supply to meet demand.

As striking as it is to hear that the U.S. needs 7.2 million to 12 million more affordable units, the percentage of affordable homes available is even more concerning. Only 35 of every 100 extremely low income families have access to available affordable housing. That number rises only slightly to 55 for very low income families. (Extremely low income is defined as at or below the poverty line or 30% of area median income (AMI), whichever is higher. Very low income is defined as households with income between 31% and 50% of AMI.) These numbers do not include the more than 500,000 Americans who are homeless. This lack of affordable housing supply means that more and more households are putting a high percentage of their income toward rent.

2. We must pay attention to the percentage of Americans who are rent-burdened and severely rent-burdened, and understand what these terms mean.

Rent-burdened households spend at least 30% of their income on rent, and severely rent-burdened households spend more than half of their income on rent. A 2015 study from Pew Charitable Trusts found that nearly two in five renters are rent-burdened, while nearly one in five are severely rent-burdened and the share of rent-burdened households continues to rise.

While these terms have technical meanings for our government, they are important indicators that are relevant for all of us. Being able to afford health insurance and medical expenses, car or public transit costs, food, and other basic necessities is incredibly difficult when so much of a households paycheck goes toward rent. In these situations, rent truly becomes a burden that prevents households from long-term planning and becoming financially stable.

3. Households can budget better when their rent is stable.

Affordable housing can help people who are living paycheck-to-paycheck build a future for themselves and their families. Ive met with residents of our properties across the country who have shared how access to affordable housing completely changed their ability to budget. Residents can now pay down high-interest borrowing debt that is often accumulated from purchasing common household items. I remember sitting down with one family who explained to me how housing assistance enabled them to pay back loans on things like mattresses and kitchen appliances that were accruing at double-digit interest rates. Affordable rent helps tenants avoid taking on high-interest loans for recurring expenses like food, medicine, school supplies and gas, and instead start saving for their long-term goals, like job certifications, higher education or a down payment on a house.

4. Affordable housing isnt one and done it needs to be maintained.

All buildings need upkeep, and that includes affordable units. Too many forget that affordable units arent truly available for tenants unless they are properly maintained. The affordable housing industry has a responsibility to maintain quality standards for all properties and each and every tenant.

Private activity bonds (PABs) are a critical source of financing for affordable housing construction and repair. PABs are not only used for affordable housing, and applications for this financing in each state are subject to a volume cap, set by the IRS. For the first time since before the Great Recession, demand for these bonds is exceeding supply in multiple states. Volume cap issues are forcing developers to delay or reduce capital investment and thus reducing the quality standards within existing affordable housing. The challenges in securing this bond financing are exacerbated by the fact that construction costs continue to grow.

5. Solving this crisis requires long-term commitment and public-private collaboration.

Addressing the affordable housing crises will require the public, private and nonprofit sectors to work together. In California, for example, leaders proposed plans to build 3.5 million new homes by 2025 by offering tax credits and funding for private developers to build affordable housing units. The private sector can bring scale and innovation to this problem.

Affordable housing is an essential component for making the American Dream accessible to all. It is more than simply bridging the divide between the number of units we have and the number of units we need. This is about giving people a place to live in their communities and the stability required to achieve financial independence, often serving as a critical component in breaking poverty cycles. But most importantly, affordable housing is a long-term investment in communities one with immeasurably high returns.

Excerpt from:

5 Things To Know About The Affordable Housing Crisis - Forbes

The opening scene of Zoey Deutch's new film, Buffaloed, features the 25-year-old star sprinting to an unspecified location, screaming, and brandishing a gun as she says in a voiceover, "My unathletic ass just ran halfway across Buffalo because an assh*le in that building f*cked with my money. Do not f*ck with my money!" That's all it takes for the movie to grab your attention, and it doesn't let go for the rest of the hour and a half.

The comedic drama follows the complete and total spiral of Deutch's character, Peg Dahl a Buffalo, NY, native whose penchant for taking monetary risks and accumulating debt lands her in quite a few sticky situations. Determined to escape a life of poverty, she takes matters into her own hands by becoming a debt collector (ironically) and residing in a moral gray area as she scams, sweet-talks, and bucks her way through the shady business. And you know what? We can't help but root for her.

Deutch, who also served as a producer on the film, found the character to be oddly likable and relatable. Not because of her deceitful tactics, of course, but because of her ambition and steadfast desire to make something of herself. "It's a funny and poignant story," Deutch told POPSUGAR over the phone on Feb. 14. "It's about a young woman who's obsessed with financial independence and obsessed with making enough cash to get out of her blue-collar existence. It's about somebody who will do anything to escape their dead-end life. But she finds herself in this ethically debatable industry, which can destroy her chances of becoming somebody to begin with. When I read the script, I was really attracted to her greed and drive."

Throughout Peg's journey of hustling, she's constantly told to settle down and find a man to take care of her. And even when she proves that she has the gall to be a leader in the male-dominated world of debt collecting, she's belittled by her male peers. But make no mistake, Peg can hold her own. "I love her sharp mind and even sharper mouth. It's fun to play that type of female protagonist," Deutch said.

Image Source: Everett Collection

Deutch also believes that Peg gives voice to women who feel stuck in places that discourage them from achieving financial stability. "You can call it greed, but the greed is, at its core, coming from a place of wanting freedom," she said. "Peg has seen her mom and everybody else in her life, so she knows that if you never have financial stability, you'll never be free. She really goes against the traditional expectations of women, and she embodies the feminist idea of providing for herself without being reliant on a male figure."

That firm stance against being the damsel in distress is evinced by Peg's strong-willed nature and rough-around-the-edges mannerisms. "I hurt myself a lot because I kept falling and hitting my leg on a car door or something," Deutch revealed with a laugh. "And I was screaming so much, I kept getting laryngitis. It was a very physically demanding experience. I did not hold back at all."

Still, Peg's personality has its nuances. Juxtaposed with her tenacious attitude is her soft spot for her late father and resentment toward her mother, Kathy (Judy Greer). But she later discovers that her family dynamic growing up wasn't all that it seemed. "You get a window into the image that Peg has of her father and the reality of what he was really like," Deutch said, describing a potent scene between Peg and Kathy. "It's a moment where you see truth and it grounds all of Peg's humor and chaos." The emotional exchange between Peg and her mother ended up being Deutch's favorite scene to shoot, and once you see it, you'll probably understand why.

The evolution of Peg and Kathy's relationship is something Deutch really worked to perfect as a producer a job she enjoys quite a bit. "An element of why I love producing so much is that I think more information and more details make me a better actor," she said. And to her point, she is damn good in this film. So gather your coins and head to the nearest theater to see Buffaloed, which is out now!

Read more:

Zoey Deutch Dishes on Her Witty, Money-Driven Character in Buffaloed: "I Did Not Hold Back" - POPSUGAR