Monthly Archives: May 2020

When Ali and Alison Walker sold their Seattle home, said goodbye to their jobs, and set off on an around-the-world journey in 2018, the markets were still on the upswing and their early retirement was unfolding with hardly a hitch.

Then came the coronavirus pandemic and an abrupt turn in markets that slammed the Walkers investments and confined them to an Airbnb in San Miguel de Allende, Mexico, amid global travel restrictions.

Yet the Walkers, like many proponents of the financial independence, retire early movement, seem largely unfazed. FIRE adherents pursue their goals by saving aggressively, and in the past 11 years, many have taken advantage of a historic bull market to build solid nest eggs.

We planned for some type of a black-swan event, says the 46-year-old Ali, who worked in marketing and business development. We couldnt have planned for the coronavirus, but we assumed there would be a tough bear market or a prolonged down market for one reason or another.

Still, the coronavirus crisis is a big test for the FIRE philosophy, with some observers wondering if the crisis will knock devotees off trackor even extinguish the FIRE flame and push those who have achieved their goals back into an office cubicle.

Yet far from dousing interest in FIRE, so far it seems as if the crisis may lead more people to investigate the philosophy. Just as people flocked to the movement in the wake of the 2008 financial crisis, those who feel burned by the current crisis may find themselves turning to FIRE strategies in a bid to be more self-sufficient.

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

Many FIRE adherents start out in good financial shape. They are often financially disciplined millennials or Gen-Xers with well-paid jobs, banking big chunks of their salary in hopes of making an early exit from the workforce. Given their relatively long time horizons, they often take on a lot of investment risk.

Yet even though many pursuing a FIRE strategy invest aggressively, they employ some strategies that may leave them particularly well suited to weather the economic storm. They often emphasize large emergency funds, low costs of living, and well-diversified investments and income streams.

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

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

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

Even among the best-prepared, some who are following the FIRE path are likely to face challenges in the current environment. This may be especially true of people who are close to, or just starting, their early retirement. The sharp downturn in the financial markets ratchets up the risk that drawing down investments nowrather than waiting for markets to rebound before tapping investmentscan throw off assumptions about long-term returns and savings growth.

This sequence-of-return risk can have a big impact on what youre able to spend later in your retirement, says Matt Ryan, a financial planner at San Diegobased Creative Capital Management Investments. Two months ago, the people who are close to financial independence and retiring may have been pretty close to their goals, he says. But now they may have to adjust their timing.

Whats more, Ryan says, is that this risk comes as even the most risk-tolerant FIRE investors had become inured to down markets. Theres a recency bias, especially among younger investors who saw the market continuously going up over the last 10 years thats led to an overallocation to stocks.

Generally speaking, he says, investors should have an emergency fund and a portion of their portfolios in conservative investments. Those who dont have adequate savings outside of equities may find themselves in a predicamentneeding income but loath to sell while stocks are down.

For those who find themselves short on cash, the advisor suggests paring back expenses or seeking income from a side gig, two familiar principles of the FIRE movement. People who previously had a side gig may qualify for unemployment under the Cares Act, which extended benefits to freelancers.

I think its definitely a lot harder to pursue financial independence and FIRE in the traditional sense at this exact moment given that most of the economy has just been paused, says Grant Sabatier, a personal-finance blogger and author of Financial Freedom: A Proven Path to All the Money You Will Ever Need.

Sabatier suggests that those who cant pursue the strategy now can still take the time to understand their values and plan how they want to save, spend and invest in the future. Use this moment while were all stuck inside to figure out your relationship with money and how to be more intentional about it when this is all over.

The current environment may lure a new demographic into the world of FIRE. While millennials felt the sting of the 2008 financial crisismany left college loaded with debt during a lousy job marketyounger generations may have known only a bull market. A lot of younger people havent experienced anything like this, Ryan says. Its going to be a wake-up call for those who arent putting enough away in savings or dont have an adequate emergency fund.

Colin Loretz was drawn to the FIRE movement right before the pandemic struck. The 32-year-old freelance software engineer would frequently find himself chasing late invoices from clientsdelays that were exacerbated by his lack of savings to carry him between paychecks. Before committing to financial independence, he used credit cards as a stand-in for an emergency fund, leaving him with considerable personal debt.

While he hasnt begun aggressively investing, he is working to pay off his debt and weighing whether to use his stimulus check to erase that debt or bolster his emergency fund. Loretz, who lives in Reno, Nev., says he feels the crisis has made him more committed to the FIRE principles. I wanted to get out of living invoice to invoice as a freelancer and on to a different path, Loretz says. I dont want to be caught in a situation like this again.

Write to us at retirement@barrons.com

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The Coronavirus Crisis Has Tested the Retire-Early Movement. But Its Followers Are Unbowed, and Its Winning New Fans. - Barron's

Lohit Group introduces a number of technology-backed platforms including a robust cryptocurrency exchange, to offer advanced financial solutions

DELHI, INDIA / ACCESSWIRE / May 5, 2020 / The world economy is an interconnected grid, where the economic circumstances in one country can have a massive impact on other geographies. This concept is extremely relevant in the present scenario, as the global financial dynamics have taken a turn in the wake of the pandemic. And, it is fair to say that this economic turnaround might well be a cause of concern for years to come. We have hit a roadblock, where millions are searching for jobs to sustain themselves, while employers are looking to hire the right employees for their businesses. Unfortunately, there is a gap that is preventing optimal usage of available resources, and in turn affecting the economy, which is already in a sensitive state. Lohit Group has come up with a technology-based solution to address the problem.

About Lohit Group

Originally founded in 1998, Lohit Group is a technology company that deals in financial services and fund management. Over the years, it has worked with a number of businesses at all scales and helped them succeed by providing various financial services and trading tools. More recently, it has forayed into advanced technologies like Blockchain, Artificial Intelligence, Big Data, etc. By harnessing these technologies, Lohit Group aims to create applications, tools, and platforms using which businesses and individuals will be able to weather out the effects of any economic instability.

Major Services

WorkbookingWorkbooking is a multi-faceted and integrated online platform that is aimed to benefit both job-seekers as well as employers. It creates a seamless bridge between businesses and potential employees, thus helping make optimal usage of human resources. The platform is equipped with automatic selection features based on preferred geographic location, timetable, job nature, and salary. While this allows job-seekers to set their preference, it also enables employers to select the right fit for their businesses. All in all, Workbooking is a win-win for both entities, which in turn benefits the entire employment scenario.

In order to keep up the recent economic digitalization, Lohit Group also offers blockchain and cryptocurrency-based products and solutions. The crypto industry is definitely growing in India, especially with a number of foreign investments off late. To leverage that potential, Lohit Group provides the following services - Crypto Wallet, Crypto Exchange, Binary Options.

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Lohit Group Harnesses Blockchain and Other Advanced Technologies to Provide Financial Independence - Yahoo Finance

Managing money and growing wealth is a difficult task even in the normal course. Add to it external and internal threats, the former including macroeconomic factors or exceptional ones like the current Covid crisis. The internal threats can include personality or behavioural issues, such as addictions or bad habits. Excessive shopping, Internet addiction, gambling, drinking or drug abuse can damage both your physical and financial health, often irrevocably.

1. What will be the impact?Addictions invariably help people escape troubling reality or are sought by those suffering from depression and anxiety. These start by eating into their time, taking them away from work, and often resulting in job loss. These are also expensive, demanding a constant supply of money. So the funds for essentials like food, utilities, loan EMIs, rent and investments are diverted towards addictions, and in case of job loss, the existing savings are depleted and debts pile up. Addictions like drinking, smoking or drug abuse also have a huge health and insurance cost, leading to increased medical expenses as well as a rise in health and life insurance premiums.

2. Compulsive shoppingIf your spouses obsession started as a retail therapy to overcome bad moods, help them look for alternatives to be happy. Encourage interaction with family and friends, following hobbies and passions, and physical activities like sports, exercise or even cleaning. To provide them a reality check for finances, work with a monthly budget by listing the income and expenses, separate the essential spending from discretionary, and list your familys goals and the amount needed to save every month to be able to reach these. This will help them focus on how much they can actually afford to shop. To help curb spending proactively, push them to cut up the credit cards, shop only with a list and only for the things they need. If nothing helps, seek a behavioural therapist and a financial counsellor.

3. Internet, gaming obsessionHere, it is important to know the reason: is it a way to avoid work and responsibility, or a harmless timepass that blew up into an addiction? If it is the latter and is in the initial stages, it is best to make a clean break by cutting off the Internet connection. In case of the former, encourage the spouse to talk about the problems, reduce their workload, and indulge in entertainment or fun activities. If, however, it has developed into a full-blown addiction, it is best to seek the help of a behavioural therapist or a psychologist.

4. Drinking, smoking, drugs and gamblingThese are all serious addictions that are typically hard to get rid of and often require professional help. These also have extreme financial consequences. If your spouse is in the grip of one, it is best to seek medical help and therapy. On your part, you will first have to seek financial independence by getting a job. Next, ensure that the partner does not have access to your funds through your bank account or via Net banking. As a next step, seek the help of a financial counsellor, who can ground you in the basics of saving and investing for your and your childrens goals. These self-help measures will ensure that till the time your spouse gets back on track, or even if he doesnt and you need to separate, you will be well-versed in financial planning and will be able to take care of yourself and your financial goals.

If you have a wealth whine, write to us...All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you concerned about your wifes impulse buying? If you have any such concerns that are hard to resolve, write in to us at etwealth@timesgroup.com with Wealth Whines as the subject.

Disclaimer: The advice in this column is not from a licensed healthcare professional and should not be construed as psychological counselling, therapy or medical advice. ET Wealth and the writer will not be responsible for the outcome of the suggestions made in the column.

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Money and relationships: Spouse's addiction draining your wealth? Deal with it this way - Economic Times

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For designers and retailers, Meghan Markle's influence cannot be overstated. Almost everything she wears sells outeven faster if it's at a relatively affordable price pointand her royal stamp of approval can boost a brand's sales in a way few other people can.

Bianca Gates, the co-founder of the shoe brand Birdies, which Meghan has worn publicly on multiple occasions, says the so-called "Markle Sparkle," is the kind of marketing "you cannot buy."

Or, at least you couldn't buy it before.

But now that Harry and Meghan have stepped away from their senior roles in the royal family, Meghan's endorsement, at least in theory, might be for sale.

Chris JacksonGetty Images

The Sussexes sought financial independence when they left their positions as working royals, giving up other, perhaps more personal, aspects of their proposed planPrince Harry's honorary military appointments come to mindin order to gain it. And Harry and Meghan made it clear that they intended to seek out private income as well, though they haven't explicitly spelled out what exactly that means. (The onset of the coronavirus crisis likely shifted any plans they had to launch their charity, Archewell, or kick off other, more lucrative initiatives.)

It seems unlikely that Meghan would become a full-fledged company spokesperson, endorsing products. And even if the Sussexes relaunch their social media presence, I don't think she'll be doing sponsored posts anytime soon. That kind of overt promotion would be an extreme shift in her own personal brand. But it does seem possible that Meghan might begin to receive free clothes and products, from brands hoping she'll be seen sporting their wares.

PoolGetty Images

Gifting products to celebrities and other high-profile influencers is a common modern marketing practice. Brands will send high-profile influencers items for free in the hopes that they'll showcase them publicly.

The Duchess is certainly familiar with how things in this space work, given her pre-royal career as an actress with her own lifestyle blog. But when Meghan was serving as a representative of the Queen, and receiving public funding, there were numerous rules and protocols she had to abide byone of which governed the type of gifts she was able to receive.

The introduction of the royal family's gift policy, which appears to have been most recently updated in 2003, reads as follow:

The wording of this passage isn't entire clearto whom, exactly, does this apply? Only working royals or a broader swatch of the family? But taking into account the lengths Harry and Meghan have gone to separate themselves financially from the institution of the monarchy, Meghan could indeed find herself untethered from these restrictions. (She would, though, still find herself subject to the necessary social media advertising and gifting rules, if she wanted to actively promote a gift.)

Well never see her Instagramming flat tummy tea.

These gray areas mean that the Sussexes will probably proceed with extreme caution. "Obviously anybody would give them anything, but I think they're going to be really careful," says Elizabeth Holmes, the fashion journalist behind the buzzy "So Many Thoughts" Instagram series about royal style. Holmes notes that she didn't know for certain if Meghan would be able to receive clothes for free.

"I think that Meghan's power as a dresser will continue. There are so few peopleeven among celebritiesthat have the kind of economic power to move merchandise the way that royal women do, so I hope and I think shell choose carefully."

Christine Ross, the creative director of Effervescence Media Group, a company that runs the popular royal fashion blog Meghan's Mirror, agrees. She thinks Meghan might begin to receive gifts from companies, but that she'll choose what to accept "responsibly."

"If an independent woman-owned brand reaches out to her and says 'Would you like to learn more about our brand, well send you a necklace,' I could see that possibly happening," Ross says.

"But Meghan knows how influential her fashion choices are and how much of an economic phenomenon the Meghan effect is. Well never see her Instagramming flat tummy tea."

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Meghan Markle Is Poised to Become the Most Prominent Influencer in the World - TownandCountrymag.com

We like to think that we have had some profound, timeless thoughts that have helped the readers as well as our clients survive the volatility that has accompanied the COVID-19 pandemic.

We will let you be the judge of that as what follows are some that we have added to our journal over the past couple of months along with quotes from others that we believe are quite perceptive. However, we would first like to start with the following statistics regarding the U.S. stock market as represented by the S&P 500.

Since 1928 the rolling ten-year return of the S&P 500 has been higher approximately 95% of the time and lower just 5%. The more an investor meaningfully alters their asset allocation model in response to market downturns, the percent chances of positive returns over the aforementioned ten year period decreases.

Since 1950 the S&P 500 declines an average of 5% about three times per year; 10% or more approximately once per year; 15% or more about once every four years and 20% or more about once every six years. It is not a question of if another bear market will occur it is question of when.

Every market bear or bull has a catalyst. Quite often those catalysts are unprecedented which is why investors fall into the trap of thinking that it is different this time and that the financial markets will not recover. To date, that stance has always been incorrect. Today, what does your investment strategy say about what you believe?

A skilled T. Rowe Price portfolio manager once wondered aloud, How do you deal with the stress of markets? If you seek comfort, you are in trouble. You have to learn to be comfortable being uncomfortable. (David Eiswert, Portfolio Manager, T. Rowe Price Global Stock Fund)

We have complete confidence that the U.S. Financial Markets have been the most direct route for most investors to obtain financial independence and have no reason to believe that this time is any different.

Historically, the rallies such as the one we are experiencing off the March 23rd lows fade which result in an ultimate retest of those lows. Although likely, this time may be different as the catalyst behind the bear market was different. It was not looming economic weakness brought about by a foreseeable economic event but rather by an abrupt shock to the economy. Investors have to plan for either outcome a retest of the lows or a market that approaches new highs.

It was the rapidity of the decline in the stock market as well as the depth that was most unnerving to investors and what resulted in a pervasive sense of doom.

Eventually there will be a new normal. Over the short- to intermediate-term investors should prepare to look for opportunities in a world where there is less brick and mortar retail and more online; less recreational and business travel (although business will most likely rebound to a certain extent first); less but more costly air travel; more videoconferencing; less need for office space as more people work remotely; when they resume fewer attendees at sporting events, concerts and other public events and more online gaming. Spacing, Spacing, Spacing.

Those that panicked may very well have fatally compromised their long-term financial well-being.

If you have some of your own, please feel free to email us at investment@faganassociates.com Enjoy your weekend. Stay safe. Be well.

Please note that all data is for general information purposes only and not meant as specific recommendations. The opinions of the authors are not a recommendation to buy or sell the stock, bond market or any security contained therein. Securities contain risks and fluctuations in principal will occur. Please research any investment thoroughly prior to committing money or consult with your financial advisor. Please note that Fagan Associates, Inc. or related persons buy or sell for itself securities that it also recommends to clients. Consult with your financial advisor prior to making any changes to your portfolio. To contact Fagan Associates, Please call (518) 279-1044.

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Financially Speaking: Observations that helped navigate portfolios throughout this pandemic - Troy Record

Dear Mom,

I wish you did not have to let go of that job because of motherhood. I remember how while I was growing up you kept reiterating that I can do anything I want to once I get a job. Little did I know what financial independence for women meant at that time or how earning money can make you feel liberated. How when you are economically independent the world looks at you differently. How earning money gives you a say in things you do.

I remember how angry you got about some joke my friends made regarding me getting married. We were all teenagers then, and all my life I had never seen you overreacting like that. You shouted, All of you should get a job first. Now, after becoming a mother myself and after having quit my job because of maternity I realize what you would have gone through that day when you had to return that appointment letter just because you were pregnant. Just because you were new to the city and commute would have been difficult, and what if something happens to the baby. You could have gone to places is what I can think.

I know you have brooded over that decision. I know how cherished that job offer was for you. It wouldnt have been easy for you to crack that job either. You didnt just move cities but moved cultures when you got married. I know how much you struggled with speaking Hindi, still do. I know you still have a copy of that letter saved. To carry the weight of unfulfilled dreams on your shoulder without being bitter is not easy.

Also Read:Dear Mom: Thank You For Not Leaving Your Job Under Family Pressure

Thank you for not letting me lose focus when it would have been very easy to do so. In writing this, I redeem myself a bit, by acknowledging your tremendous sacrifice, in giving me life.

Photo by Praveesh Palakeel on Unsplash

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Dear Mom, I Wish You Didnt Have To Give Up Your Job For Motherhood - SheThePeople

Meghan Markle and Prince Harry are busy carving out a new life for themselves in the City of Stars. At least, theyre living on someone elses dime in someone elses mansion in LA, anyway. Now, the Duke and Duchess have reportedly managed to bag the help of Rebecca Mostow.

Mostow might look like your average woman, but shes a 70-year-old celebrity whizz. Rebecca has already proved shes a dab hand at helping a British couple adjust to life in Los Angeles. Victoria and David Beckham hired her to get them used to the American life when they skipped England in 2007.

For all intents and purposes, Rebecca has the kind of resume youd want from an assistant. Shes used to being in the inner sanctum of celebrities, but is hiring her just another desperate attempt to look the part?

Its been a few months now since Meghan and Harry announced their desire to leave Britain behind. After bouncing around Canada, theyve landed in LA. But, where is this ever-elusive financial independence they talk of?

Despite numerous reports of the Sussexes eyeing up properties to buy, theyre shacked up in Tyler Perrys mansion. Are they paying rent? Unlikely, as the arrangement was set up by their mutual friend, Oprah. Plus, Perry has expressed his sympathy for how Meghan has been treated since she married into The Firm. He even flew them in on his $150 million private jet.

Meghan and Harry have a combined net worth of around $30 million. This lifestyle of living in a home that usually costs $200,000 a month to rent isnt going to be sustainable. Charity is all well and good, but it wont be long before patience wears thin. Lets face it, they cant afford the lifestyle they want to lead right now. So, why have they hired an assistant like Mostow?

Its all smoke and mirrors. Its part of the great ploy, the great facade. Everything is crumbling on the inside. But, Meghan seems to think that if you put on a pair of Louboutins and hire a well-known assistant, then the deception will turn into a reality.

Its clear that both Harry and Meghan have jumped out of the frying pan and into the fire. Every single move they make at the moment is an attempt to be something that theyre not. Harry, for his part, looks like a lost little boy navigating a world he has no idea how to handle.

Even Meghan, the cold, calculating seductress, is grasping at straws to find a way to keep this fantasy alive. Is Rebecca Mostow the key to gaining the trust of Hollywoods elite? Or, will she just end up on the long list of people used and abused by a Z-list actress that married a prince?

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of CCN.com.

This article was edited by Samburaj Das.

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Meghan & Harry Hire Beckhams Hollywood Aide But Theyre Beyond Help - CCN.com

The question was in French, and there was a simultaneous translation, but Finance Minister Bill Morneau made a point of answering in both official languages. Thats because they mostly speak English on Bay Street.

We see the independence of the Bank of Canada as critical, he said at a press conference he organized on May 1 to announce he had chosen Tiff Macklem as the central banks next leader. Its something that has enabled our economy to be successful over previous decades.

It was good the minister did that, and it was helpful that Macklem subtly stated he was no ones puppet. Im confident the government will respect our independence in order to meet the targets that we set out jointly, he said. This is where accountability starts.

I see no reason to doubt either mans sincerity, though I tend to give even the most powerful people the benefit of the doubt at first. Not everyone is so generous these days. A critical mass of cynics has assembled on social media over the past decade that strongly believes we can skip past the evidence stage and get straight to the hangings.

This Twitter-empowered group is ruining public discourse, but no more so than the decline of authentic communication under the message-obsessed regimes of Prime Minister Justin Trudeau and his predecessor, Stephen Harper. Trust is earned, and the political class is borrowing against our fond memories of a time when politics was different.

You can tell the Bank of Canada is worried about the general state of political discourse. It watched in relative horror as the U.S. Federal Reserve became a political punching bag in the aftermath of the Great Recession. The American public woke up to the central banks vast power and, even though the Fed stopped a terrible recession, many decided they disliked unelected officials having so much influence over their lives.

The well of trust in institutions runs much deeper in Canada than it does in the U.S., but the Bank of Canada has opted against taking that more docile polity for granted. One of Governor Stephen Polozs legacies will be the steps he took towards transparency, turning a black box into a translucent one. Among his innovations is an ongoing series of articles, The Economy, Plain and Simple, by central bank staffers that try to explain various economic issues, creating a neutral ground in the highly charged policy wars that take place daily on social media.

Of course, that only works if the public continues to believe that the Bank of Canada is neutral.

Central banks might have prevented a global depression a decade ago, but that hasnt kept politicians at bay. Governments in India and Turkey have dumped central bank leaders they disliked, and Mark Carney, the former governor of the Bank of England, became a target of Brexiteers for warning that divorcing the European Union could hurt the economy.

In the U.S., President Donald Trump made a show of making your own mark by replacing Janet Yellen, the widely respected Fed chair, with Jerome Powell, a less experienced member of the central banks Washington-based board of governors. Trump then proceeded to aggressively harass Powell on Twitter and in the press when the Fed refused to cut interest rates. Powell eventually lowered borrowing costs, and some on Wall Street assumed he had succumbed to political pressure.

At the very least, Trumps Fed tweets caused the markets expectations for monetary policy to adjust in the direction favoured by the president, according to a report last year by Antoine Camous, an assistant professor in the Economics Department at the University of Mannheim in Germany, and Dmitry Matveev, an economist at the Bank of Canada.

Central banks are being watched closely by economists and the broader public to understand whether, or to what degree, their decisions are influenced by outside pressures, the pair wrote, citing other research that showed 39 per cent of 118 central banks sampled had faced at least one pressure event between 2010 and 2018.

Trudeau is no Trump, and not even the rowdiest member of Canadas Parliament could dream up the abuse that Carney endured on a regular basis in London.

Still, our passive-aggressive natures are capable of creating pressure events, both real and imagined. Bloomberg News, citing multiple unnamed sources, characterized Macklems hiring as the finance minister protecting his turf, a pushback against those in the Prime Ministers Office who would have preferred Carolyn Wilkins, the Bank of Canadas senior deputy governor.

Macklem is extremely qualified and almost got the job in 2013, but that didnt stop Catalyst, a non-profit that works to level the playing field for women in business, from muddying the waters by describing Morneaus choice as another example of women being overlooked for top jobs.

The Bank of Canada must maintain the publics trust, because it has taken the most radical turn in its 85-year history by committing to create hundreds of billions of dollars to buy federal bonds and provincial debt. The reason is to keep credit markets flush with cash when otherwise they would be deserts. Still, there will be ongoing suggestions that the central bank is simply printing money to monetize the Liberal governments debt and to keep provinces from going bankrupt.

The Bank of Canadas actions are far more complex than that. Still, its new, has an air of incredibility and, therefore, invites skepticism. Morneau and Macklem will have to do more than reiterate their conviction that the central bank should operate at arms length from cabinet. They will have to prove the convention remains in effect, and do so often.

Email: kcarmichael@postmedia.com |

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Affirming the Bank of Canada's independence has to be more than just lip service - Financial Post

For primary care physicians already saddled with student debt obligations, volume-based performance demands, declining reimbursements, increasing administrative challenges, and overall burnout the spread of COVID-19 has been a pressure test. It has exposed weaknesses in the financial, clinical and operational aspects of primary care, and left thousands of doctors scrambling to save their practices. More than 70% of practices reported a decrease of 50% or more in patient volumes; fewer than half feel they have sufficient patient volume or cash-on-hand to remain open.

Independent primary care providers, in particular, find themselves at a critical point: Do I join a health system or large practice, or can I sustain my business as an independent practice?

For physicians committed to their independence, the good news is that the same factors that made concierge practices strong enough to survive dramatic health care reform have enabled them to withstand the current COVID-19 crisis.

Financial benefits

Concierge practices are better equipped to weather the current environment with more reliable cash flows from annual membership revenues, between $1,800 and $2,000 on average, that provide cushion against a sudden cash crunch. Additionally, concierge patients are reluctant to leave their physician, which creates a more consistent patient base Specialdocs average patient renewal rate is 96%.

Clinical benefits

The size of traditional primary care patient panels has presented clinical difficulties in the current crisis. On average, an Internal Medicine or Family Medicine physician cares for over 1,600 patients. With panels this large, doctors have limited time to manage care, communication and outreach. Adding in the number of COVID-19 questions and cases has proven overwhelming, making efforts to educate patients on procedures for office or telehealth visits challenging.

In contrast, a concierge physician typically has between 250 and 600 patients, making outreach, communication and care much more manageable. During the COVID-19 emergency, Specialdocs concierge physicians promptly and effectively utilized digital communication and telehealth to serve patients, especially the elderly and those with chronic conditions, and both patients and physicians report high satisfaction as a result.

Operational benefits

Operationally, traditional primary care practices are not well positioned to weather crises like COVID-19. Recent surveys show that 48% of independent physician practices have temporarily furloughed staff, and 22% have permanently laid off staff. Even when the current emergency abates, traditional practice models designed to treat 1,600 patients may not fit the new environment.

Concierge practices are lean by design, typically consisting of one physician who manages up to 600 patients with two or three staff members. Amidst the COVID-19 crisis, no Specialdocs physician has implemented staff reductions.

The impact of the COVID-19 crisis is still unfolding. Systems that worked previously can no longer be depended on. Concierge medicine is an important piece of reshaping the primary care system by offering more flexibility and stability, personalized care and greater satisfaction for physicians and their patients.

Dave Farr is vice president of business development at Specialdocs, a pioneering concierge practice transition and management company established in 2002, helping physicians nationwide transform their practices with the industrys most customized and sustainable concierge model.

UPCOMING FREE WEBINAR: The Resilience of the Concierge Medicine Practice. Learn about an economically sustainable alternative to withstand COVID-19 and future challenges in healthcare. REGISTER HERE.

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Why the concierge model is resilient during the COVID-19 pandemic - Medical Economics

Renewing your career after motherhood is a challenging milestone; one that presents several dilemmas for women as professionals.

Quite often it is the woman who has to bear the brunt of sacrificing her career post marriage and subsequently childbirth. In todays age, issues like renewing career, providing maternity benefits and child-friendly workstations or facilities for working mums are of importance.

Women make up 48 percent of the Indian population but have not benefitted equally from Indias rapid economic growth. Sixty-five percent of women are literate as compared to 80 percent of men. India has among the lowest female labour force participation rates in the world, says a report by World Bank Group published last year. Female child mortality is still a grave concern, with over 239,000 girls under the age of 5 dying each year.

About 40 per cent of working mothers want to quit jobs to raise their kids, noted a survey conducted by ASSOCHAM under the aegis of its Social Development Foundation. At the study conducted, ASSOCHAM Social Development Foundation had interacted with a total of about 500 working women including 200 working mothers in 10 cities of Ahmedabad, Bangalore, Chandigarh, Chennai, Delhi-NCR, Hyderabad, Jaipur, Lucknow, Mumbai and Pune during the course of the past fortnight to gauge their career related goals. A whooping 80 out of 200 respondents who are working mothers quoted motherhood and lack of quality time being spent with family were the primary reason to quit jobs.

At such a crucial juncture, what will it take to give a much-needed push and bolster women to return to careers post motherhood or even start a career is they hadnt before?

My suggestion to women who want to get back to work is three-fold: Look for a role that excites you, and one in which your mind will stretch and learn new things. The personal cost of balancing work, life and children is tough, and beyond the very important role of financial independence, our jobs and careers nourish our minds and imaginations. Many women leave jobs, or struggle to keep them, after becoming mothers because boring jobs, or ones in which they are not growing, dont seem worth the effort, if you are fortunate enough financially to have a choice not to work, believes Shreyasi Singh, Co-founder and CEO, Harappa Education.

Along with getting a strong picture of current skills and ambition which is required to sustain in a specific industry, a holistic approach of looking at the situation and evaluation will help a long way, say experts. This includes getting a strong understanding of your own skills and ambitions. What do you really want to do? What could help you get to the long-term future you can see for yourself?

Start somewhere, dont wait for the perfect job. Figure out your non-negotiable, if thats commute from home, compensation or the industry/role you want. Or, is it flexible time schedules? For example, the post-Covid work environment, especially remote WFH, can really be an important enabler for working mothers. Dont be afraid to suggest, now of all times, the schedule that might work for you. Now more than ever, employers wont judge you. This can actually be a good time to experiment, especially if you didnt love the job you were in before. Keeping an open mind and stepping out of your comfort zone can be very powerful enablers in this phase, adds Singh.

The lockdown necessitated by the spread of COVID-19 has disrupted the normal life of people all around the world. While the situation is challenging for all, it specifically puts great demands on the women in the family, as they not only look after the work at home, but also at their respective offices.

It would not be an exaggeration to say that women are now doing two full-time jobs without even a weekend break. Indian women have always been multi-taskers and power-workers, balancing the needs of their family and job. Along with kids and family around in the same space, the work-life balance during the Covid-19 and amidst the lockdown has taken on a whole new meaning, agree experts.

Managing kids, work and the household - within lockdown, and the anxieties on both personal life (health, lifestyle) and professional life (Working from home, anxiety about job), I have seen it manifest in my house, with my wife trying to navigate as a working woman, a mother and a wife. Stress is a natural consequence, and new experiences that can be tried out at home, can help counteract that. Be it working out as a family (with kids), or cooking as a family (encouraging kids to become little Masterchefs), or trying out online yoga - my wife has been at it since day one. Going through this experience has helped us/her assuage the stress effectively, says Irwin Anand, MD, Udemy India.

We find ourselves looking to pick up new skills, whether its gardening, a musical instrument, or drawing/coding with kids in part because being challenged the right way can be a new source of delight for everyone! The coming weeks and months will shape the new normal in the day-to-day life of women, and I hope everyone understands how hard it is for them, and to support them however possible, adds Anand.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. )

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Heres how one can renew their careers post motherhood - Hindustan Times