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The Evolutionary Perspective
Daily Archives: March 3, 2021
Posted: March 3, 2021 at 2:12 am
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
Opinions expressed by Entrepreneur contributors are their own.
It takes a lot of diligence and dedication to retire young when you are a millionaire who built your fortune on your own.
Some have done so since the age of 28, while others achieve financial independence at 50. In any case, retiring young is not something that everyone can handle.
As the FIRE (Financial Independence / Early Retirement) movement has grown, Business Insider has spoken with many young retirees over the years. They all tend to share certain habits that have helped them get to where they are now and maintain their financial independence.
These young retirees often start on the same path: assessing their financial status, cutting expenses, and diligently tracking their progress and spending. Once they retire, they try to spend less and less and often move to areas where the cost of living is lower, focusing more on experiences and living a life they love full of hobbies and travel.
Here are 17 habits shared by self-made millionaires who have retired young.
Image: Hero Images / Getty
Leif Daahleen, the blogger behind Physician on FIRE , retired at the age of 43, said that everyone who retires young takes the same first step: taking inventory of their finances. He once told Business Insider's Tanza Loudenback that there are two things to do to plan for the future: calculate your net worth and figure out how much you spend annually.
"These two pieces of the puzzle will help you come up with a plan to achieve financial independence," he said. "It is difficult to get to any destination if you do not know the starting point."
Image: GaudiLab / Shutterstock
Young retirees keep track of their finances, they keep track of their net worth to ensure their net worth on the road to financial independence.
Monitoring your net worth will show you where the opportunities lie to improve your financial picture, wrote JP Livingston , retired at the age of 28 with $ 2 million. "It's the fundamental habit that helps you build momentum from the rest of the things you do to grow your wealth."
Sam Dogen, retired at 34 and who runs the Financial Samurai blog , also emphasizes the importance of monitoring your net worth. "Please review your net worth like a hawk to know exactly where you stand and how much you have to go on," he wrote in a post published on Business Insider .
To stay in line with their target net worth, many young retirees also keep track of their expenses. "I have not met many young retirees who did not have an accurate understanding of their spending," wrote Steve Adcock, retired at the age of 35 .
Image: Maskot / Getty Images
Joe and Ali Olson, school teachers who retired in their 30s, made strategically austere choices that allowed them to live on just $ 20,000 a year. We keep driving the same cars we eat a lot at home. Eating out was rare and it was a luxury, Joe told Business Insider in 2017 .
In two years, Angela Rozmyn, who wants to retire young, reduced her family's food spending from $ 2,000 to $ 800 a month, cutting back on fancy lunches and making fewer trips to the grocery store. She and her husband are saving almost 50% of their income and are planning to retire in their early thirties.
Image: Artazum / Shutterstock
As Tanja Hester wrote in her book Work Optional: Retire Early the Non-Penny-Pinching Way , reducing housing expenses can free you up thousands of pesos a month, something that may well be channeled into investments.
She and her husband lived in a "one-bedroom apartment in West Hollywood that they rented for years, even as our income increased and we knew we could move wherever we wanted," she wrote.
Meanwhile, The Olsons chose to live in a modest home, with little space, in an accessible area. This allowed them to buy properties that they could rent to generate income, even when they only had $ 80,000 in annual income between the two of them.
Image credit: 10'000 Hours / Getty Images
Planning to retire young is not just about spending less, but about making more money. "You can't always cut expenses, but you can always earn more money," Hester wrote .
Those who aspire to retire young increase their income by starting a business outside of their job, or seeking opportunities in a higher paying career, increasing their efforts in their current career, negotiating more money or becoming their own bosses, he wrote.
Grant Sabatier, retired at 30 with $ 1.25 million , has a similar mindset: Increasing your income is much more important than cutting your expenses, he says, because it can only be cut so far. "This gives you the opportunity to invest more money, more frequently, accelerating the accumulated amounts and the growth of your money," he wrote in the book Financial Freedom: A Proven Path to All the Money You Will Ever Need .
Image: Getty Images
According to Sabatier, the more money you make, the more money you can save. This is how Livingston was able to save more than 80% of his income and Brandon of Mad Fientist , retired at 34, managed to save 85% of his.
"Earning more and saving investment increases is the best way to increase the amount you can invest year after year," Hester writes . He says one of the best ways to do this is to "hide the money from yourself," also known as "pay yourself first." It is a classic strategy in which you save and invest the money before paying for other things.
Livingston at work / Image: Courtesy of JP Livingston
Many of those who retire young create passive income through alternative jobs or investments. After retiring young, Livingston started a personal finance blog, The Money Habit . This ended up becoming a source of income as it earned him $ 62,000 in its first year.
Sabatier also has a blog called Millennial Money . "Once you have a reliable monthly passive income that you can live on, you have achieved true financial independence," he wrote in his book. "The income from your investments is the best passive income, and this is the main strategy that millionaires use to get rich and stay rich."
Image: Witthaya Prasongsin / Getty Images
According to Adcock, stepping out of your comfort zone can help you make uncomfortable money decisions that you're not used to, like cutting expenses and saving more.
"Spending is an addiction, and people's minds continue to plant seeds of comfort in the decision-making process," he wrote . "In other words, young retirees make decisions that are aligned and supportive of their financial goals, without allowing society or their friends or family to affect their financial situation, even if those decisions are not comfortable to make."
Image: Carlina Teteris / Getty Images
Kristy Shen and Bryce Leung, retired at the age of 31 and running the Millennial Revolution site, have been traveling the world for the past four years and are living on $ 30,879 a year. As they wrote in their book Quit Like a Millionaire , that's less than what they spent living in Toronto.
"Most of those who retire young find they spend less money than they did before they retired," Adcock told Business Insider . And this is because we no longer need things to distract us from our full-time work. When we no longer have those jobs, it is very common for expenses to decrease rather than increase .
Since he no longer needs work-related items, such as a briefcase or fancy clothes for the office, he and his wife have cut their clothing budget by 75% and spend between $ 10 and $ 15 a month on average on items for their closet. .
Steve Adcock's wife / Image: Steve Adcock / Think Save Retire
Many of those who retire young spend their money the same way: on experiences . "Things lose their value, but these young retirees understand that experiences tend to be appreciated by our minds, " Adcock wrote .
She added: Today, I would much prefer a non-luxurious vacation to a place I love (like Sedona, Arizona, for example), rather than receiving wrapped gifts. Those of us who retire young are not filled with 'things' and we have discovered that the less things we have, the easier life becomes .
He and his wife give each other experiences, traveling anywhere from Key West to the glaciers and visiting the Hot Air Balloon Festival along the way.
Image: Westend61 / Getty Images
Those who retire young spend less because they stop thinking about money. Since we retired, the most significant way our finances have changed is that we no longer really think about the sweetie, Jeremy Jacobson, a retiree in his thirties and blogger behind GoCurryCracker, told him! to Business Insider .
He continued: We have enough passive income for everything we want and need, something that is incredibly liberating. Even if you don't retire young, being financially independent offers you a great deal of peace of mind. "
Brandon had already told Business Insider that he would have liked to know how unimportant and insignificant the money would be after retiring.
I always thought I would spend my retirement (young) doing entrepreneurial things, but now that I have enough money, it no longer makes sense to do things for the simple purpose of making money, Brandon said. "Money has been the main motivator in my adult life, but now that I have enough I have had to find new ways to motivate myself."
Image: Kokliang / Shutterstock
"If you see money as a goal, then you don't get things right," Sabatier wrote . "Money is infinite, but time is not." He explained that time becomes more valuable as we get older because we have less, although the concept does not often align with people's perspective of valuing their time or the way they conceive of money in their lives.
According to blogger Mr. Crazy Kicks , retired at 34, the key is to maximize happiness for every dollar. Put your money where your heart is, but get the most for your money.
According to Chris Reining , retired at 37 as a millionaire, happiness comes from being satisfied with what you already have. He planned a portfolio to back him with $ 48,000 a year, but after two years he realized that he only needed $ 30,000 to live.
Image: Courtesy Karsten, EarlyRetirementNow.com
Business Insider's Andy Kiersz reported that many young retirees move from expensive cities to areas where quality of life is less expensive. Karsten Big Ern Jeske of Early Retirement Now retired at 44, and told Business Insider that after retiring, he and his family moved from San Francisco to Washington state to lower costs of living and more. they spent on taxes.
In 2017, Jason Fieber, from Mr. Free at 33 , who retired a year before turning 33, moved to Thailand to take advantage of geographic arbitrariness, that is, to make money in a strong economy (such as the United States) and spend it in a less strong economy (like Thailand's).
In addition to making your money last longer (earned in dollars and spent in Thai currency), moving has significantly reduced your expenses and allows you to enjoy an amazing culture.
Image: Dudarev Mikhail / Shutterstock
Justin McCurry, from the Root of Good blog, retired at age 33 with an investment portfolio of $ 1.3 million, schedules time for his hobbies like walking or reading. Sometimes he becomes passionate about an idea and spends several days involved in a new project, such as learning to use Adobe Photoshop, or learning a new language.
Sabatier takes time to meditate, and ESI Money's John, retired at 52 with a net worth of $ 3 million, enjoys doing puzzles.
Image: Mark Webster / Getty
One hobby in particular that retired youth get hooked on is physical activity. Sabatier practices yoga, McCurry likes to surf, and John likes to climb.
"If you have all the time in the world, you certainly have time to exercise every day," John wrote in a post for Business Insider . "I've been exercising for years, but since I moved to Colorado (before I retired), I exercise six days a week, in addition to taking a good walk every day."
Shen and Leung in Japan / Image: Courtesy Kristy Shen
While many of those who retire young keep their lives at home, others choose to explore the world.
Think of Shen and Leung, who have been traveling the world for the past four years . Jacobson and his wife are also traveling with their son after retiring at thirty. And they do it living on a budget of $ 65,000 a year. Adcock recently told Business Insider that he and his wife ride their Airstream, which has also lowered their living expenses.
Image: Klaus Vedfelt / Getty Images
"Retirees young see the glass as half full on most things, from the decisions that change their work lives to the wine they choose for dinner," Adcock wrote . "They expect things to go well, and as we well know, the placebo effect is a fairly real phenomenon."
He continued: Note: of course we are not talking about blind optimism. Young retirees always plan smartly for the future and think about what they will do if things don't go as planned. You have to be realistic and understand the realities of the world while allowing optimism to take you to really incredible places in life. "
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Posted: at 2:12 am
Bukola Ayodele, Roy Patterson and Brieonna Johnson live in different cities and work in different industries, but they have one thing in common: All three are all millennials who make over $100,000 a year.
CNBC Make It previously interviewed Ayodele, Patterson and Johnson for our Millennial Money series, which profiles people around the world and details how they earn, spend and save their money.
Here's a look at each of their monthly budgets, as well as their mindsets toward money.
"I make sure that every single month I am allocating a little bit of money to hit my long-term goals," says Ayodele, a 25-year-old software engineer who works in fintech. She makes $210,000 per year and lives in New York City.
One of her goals is to become financially independent, in keeping with the FIRE (financial independence, retire early) movement. She hopes to eventually earn enough off her investments to cover all of her monthly costs, even if she chooses not to retire early.
Ayodele is able to save $7,625 each month. She contributes $42 to her health savings account, $1,583 to her 401(k), $2,000 to a high-yield savings account and $4,000 to a brokerage account.
The rest of her salary goes toward housing, donations to her family, food, beauty, clothes, transportation, subscriptions and utilities.
Roy Patterson is a 31-year-old IT project management lead at Cigna Health who lives in Philadelphia and makes $118,000 per year.
Patterson spends around $6,000 per month, $3,111 of which he puts into savings and investments.
Patterson's biggest splurge is on skin care, which he considers a key part of his self-care routine. His product of choice: Biologique Recherche Lotion P50, which costs more than $100 for an 8.4 ounce bottle.
In total, Patterson spends around $630 a month on discretionary expenses, including travel, skincare, clothes and entertainment.
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Brieonna Johnson is a 29-year-old live-in nanny who makes $175,000 a year working in both New York City and Atlanta. Before the pandemic, she flew back and forth between cities each week.
"Usually I work seven days straight in New York City, then in Atlanta I'd work anywhere from three to five days," Johnson says. Her boyfriend works for an airline, which allows her to fly free on standby, but if she ever has to wait more than a few hours for a flight, the family she works for in New York will cover the cost of the flight.
However, since the pandemic started, Johnson hasn't been working directly with the New York family. She was put on paid leave and continues to earn her $130,000 base salary. She also earns $30,000 a year from the family in Atlanta and $15,000 per year as a travel nanny and a newborn child specialist.
Each month, Johnson puts away $1,925 of her salary into savings, split between a Roth IRA, Simple IRA and Digit. She's also aggressively paying off debt; another $4,325 goes toward her student loans and credit card debt.
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In the Keystone State, $1.2 Billion Advisory Team Launches New Firm, Amplius Wealth Advisors, with Dynasty Financial Partners – Business Wire
Posted: at 2:12 am
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Dynasty Financial Partners today announced the launch of a new financial advisory firm based in Blue Bell, PA, Amplius Wealth Advisors. The principals of Amplius Wealth Advisors most recently worked for The Liebman Marks Group, a boutique wealth management group within Merrill Lynch Wealth Management and were advising on in excess of $1.25 billion in client assets. Amplius Wealth Advisors has a team of eight professionals including four advisors.
Joining from Merrill Lynch are the following advisors:
We were content at our former firm and our growth over the past several years has been tremendous. But two years ago, we started the due diligence process out of our commitment to always try to do more and do better for our clients and their families. Once we completed an in-depth look at the landscape, we realized there is so much more we can do for clients now as a true fiduciary, said Matt Liebman, CEO of Amplius Wealth Advisors. In terms of firm growth, we anticipate receiving even more introductions to a broad array of quality clients.
Amplius Wealth Advisors has professionals ranging in age from their 20s to their 90s and offer deep expertise in comprehensive wealth planning, tax accounting, public finance, portfolio management, asset allocation, research, real estate, and insurance. Amplius Wealth Advisors Chairman Samuel Liebman is the father of Amplius CEO Matthew Liebman.
The name amplius means a larger amount in Latin. The firm chose the name Amplius Wealth Advisors because they seek to help clients do more with their wealth and to achieve greater goals.
According to Dynasty CEO Shirl Penney, We are delighted to welcome Sam, Matt, Aaron and the whole team of Amplius Wealth Advisors. They spent a year doing diligence and came to realize what an increasing number of advisors are realizing: that there are significant opportunities for both clients and advisors in the independent space. We are delighted to have this growing firm join the Dynasty family of independent advisors.
Amplius Wealth Advisors has selected Fidelity InstitutionalSM as its custodian. Amplius is also the newest member of the Dynasty Network of advisors. They plan to tap Dynastys capabilities in capital markets, investment banking, investment research and consulting, advanced technology, proprietary analytical tools, and marketing services.
Dynasty continues to see very strong demand for advisors like the Amplius team who see the benefits and want to join the independent movement. Their client-centric approach will translate seamlessly to the fully independent RIA model. As true fiduciaries, and with the support of Dynastys platform, Amplius is well positioned to accelerate their already impressive growth trajectory while continuing to evolve with, and serve, their distinguished clients, said John Sullivan, Head of Network Development at Dynasty. We expect more like-minded teams, who are committed to doing their due diligence, will ultimately determine that the fully independent model is the best path forward for clients and advisors, alike.
In Amplius, Sam, Matt and Aaron have brought together a strong, multi-generational team with a steadfast focus on helping their clients accomplish their life goals, said David Canter, head of the RIA and family office segments for Fidelity Institutional. Transitioning to independence will allow them to bring to life their vision for their firm and how they serve clients, and were pleased to be part of that journey with Dynasty, which has been a champion for independence for the past decade.
Samuel Liebman, Founding Partner & Chairman | Wealth Advisor
Sam Liebman serves as Chairman and Founding Partner of Amplius Wealth Advisors. Prior to founding Amplius Wealth Advisors, Mr. Liebman co-led The Liebman Marks Group, a boutique wealth management group within Merrill Lynch Wealth Management.
Before joining Merrill Lynch in 2007, he was a wealth advisor at Paine Webber and Prudential-Bache Securities. He was #10 on Barrons Top Advisor ranking for the state of Pennsylvania in 2011.
Prior to joining the investment advisory industry, he was a Field Agent for the U.S. Treasury Internal Revenue Service from 1966-1969 after serving in the U.S. Coast Guard as a Dangerous Cargoman. He graduated from Pennsylvania State University in 1965 with a BS in Accounting.
He is an active supporter of the Fallen Heroes Fund/Fisher Foundation since its inception. He is a trustee of Beth Sholom Congregation in Elkins Park, PA. He is an active supporter of AIPAC and the ADL. In addition, he twice served as Chairman of the Investment Division of the FAJA.
Matthew D. Liebman, Founding Partner & Chief Executive Officer | Wealth Advisor
As Founding Partner and CEO, Matt Liebman drives the principal mission and core promise of Amplius Wealth Advisors: to put clients at the center of everything Amplius Wealth Advisors does.
Prior to founding Amplius Wealth Advisors, he co-led The Liebman Marks Group at Merrill Lynch for 13 years. Before Merrill Lynch, Mr. Liebman worked in the investment management industry in New York City in a variety of roles as a research analyst, portfolio manager, and hedge fund manager.
Mr. Liebman is a CFA Charterholder, Chartered Retirement Planning Counselor (CRPC), and Chartered Alternative Investment Analyst (CAIA). He was recognized as one of the Top Advisors in Pennsylvania by Forbes as a "Best-in-State Wealth Advisors" ranking in 2020 and 2021.
He earned a BBA from Emory University's Goizueta School of Business as a dual major in business and political science with concentrations in finance and new venture consulting.
Mr. Liebman is a Member of the New York Society of Security Analysts, Philadelphia Society of Security Analysts, CFA Institute, and the CAIA Institute. He serves on the boards of the Anti-Defamation League and KleinLife and is an active volunteer in the Philadelphia community.
Aaron Marks, Founding Partner & Chief Strategy Officer | Wealth Advisor
As Founding Partner and Chief Strategy Officer of Amplius Wealth Advisors, Aaron Marks drives the strategic direction, vision, and growth initiatives for the firm and its clients. Prior to founding Amplius Wealth Advisors, Mr. Marks was a Financial Advisor at Merrill Lynch beginning in 2011. Most recently, he co-led The Liebman Marks Group at Merrill Lynch.
He has earned multiple industry accolades, most recently being named in February of 2021 as a "Best-In-State Wealth Advisor" from Forbes. He has also been ranked by Forbes as an "America's Top Next-Generation Wealth Advisor" every year since the ranking's inception in 2017. He earned a bachelors degree in finance at The University of Pittsburgh.
Patrick J. Swift, Vice President of Wealth Planning | Wealth Advisor
As Vice President of Wealth Planning, Mr. Swift is responsible for overseeing and implementing the financial planning and wealth management processes for Amplius Wealth Advisors and its clients.
Prior to Amplius Wealth Advisors, he was a wealth advisor at Merrill lynch in the Philadelphia region for nearly 5 years, working with The Liebman Marks Group for the latter 3 years. Before Merrill Lynch, he began his career in wealth management with Karr Barth Associates in Bala Cynwyd, PA.
Mr. Swift earned a bachelors degree in both Finance and Marketing at Drexel Universitys LeBow College of Business. He was also a captain and member of the Drexel Mens Ice Hockey team.
He is a current Big Brother with the Big Brothers Big Sisters organization in the Independence region, providing adult mentoring to children in the Eastern Pennsylvania area.
About Dynasty Financial Partners
Dynasty Financial Partners is known for assisting advisors of integrity to better service their clients, run their businesses more profitably, grow faster, and enhance the enterprise value of their firms. Dynasty does this by providing wealth management and technology platforms for select independent financial advisory firms. Dynasty creates access to valuable resources and industry-leading capabilities through an open-architecture platform, enabling advisors to address their clients needs and to protect and grow their wealth. Dynasty supports independent advisors and their teams in being independent, but not alone, by creating exclusive community events and experiences. Dynasty also offers access to flexible capital solutions to help advisors expand, scale, and grow their business, as well as provides M&A support to firms looking to grow inorganically or to plan for succession. Dynastys core principle is objectivity without compromise, and the firm is committed to developing solutions that allow investment advisors to act as true fiduciaries to their clients. Dynasty has a leading network of RIAs who leverage its integrated platform and Dynastys growing Enterprise Group supports larger institutional clients who often have numerous advisors in multiple cities by delivering Dynastys platform at the home office and firm level. Dynasty has helped to level the playing field for advisors and firms looking to deliver Private Wealth Management capabilities to their UHNW clients vs many of the larger Wall Street firms in providing a robust suite of capabilities, products, and services, which when combined with Dynastys support offers independent advisors the ability to compete at the highest levels of wealth management client opportunities.
For more info on Dynasty please visit: http://www.dynastyfinancialpartners.com
Also visit Dynasty on social media:LinkedIn: https://www.linkedin.com/company/dynasty-financial-partners Twitter: @DynastyFP YouTube: http://bit.ly/1MKXhC8
Fidelity Investments and Fidelity Institutional (together Fidelity) is an independent company, un-affiliated with Amplius Wealth Advisors. Fidelity is a service provider to Amplius Wealth Advisors. There is no form of legal partnership, agency affiliation, or similar relationship between Amplius Wealth Advisors and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Institutional provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC. 968620.1.0
Posted: at 2:12 am
Financial planning is an essential activity that lets you plan for your lifes goals effectively. With the help of financial planning you can chalk out your financial goals and make provisions for them. However, when creating an effective financial plan, you need to plan for medical emergencies as they have the potential of derailing a well-defined financial strategy.
In Asia Health 2020 conference organised by the CII, it was mentioned that about 50-60 million Indians are pushed into poverty every year due to their inability to finance out-of-pocket healthcare expenses. India has one of the highest out-of-pocket expenditure (OOPE) in healthcare where 70% of the health care expenses are borne by customers. Out of this healthcare expenses about 95% of it is funded by pocket expenses and 5% by health insurance. This results in the additional 7% of people being pushed into poverty every year.
Out-of-pocket expenses on health eat into your savings and can derail your financial planning journey. If you want to avoid these expenses, there is only one solution invest in a health insurance plan. You cannot change the OOPE in India, but you can surely increase the insurance portion of it!
Health insurance plans have become a necessity in todays times. The medical expenses are rising, this is no secret. Along with this, diseases are also on the rise. Today the world is grappling with the COVID pandemic, who knows what disease would befall in the common years. Moreover, if you are covered under a health insurance plan, you can protect against lifestyle illnesses, hereditary diseases and even accidental injuries.
Here are some common ways how health insurance keeps your financial planning on track
1. It prevents a financial crisis
If you check the coverage benefits of health insurance plans, you would find that the plan covers almost all types of medical expenses that you might incur. As such, when there is a medical contingency which results in a hospitalisation, you can get coverage for most of the medical expenses that you incur. When your medical costs are covered, you can avoid a strain on your finances.
Takeaway: Thus, health insurance plans help you prevent a financial crisis. They cover your costs and prevent your savings from being drained. You can, therefore, plan your financial goals without worrying about a medical crisis from wiping out your savings. Your financial goals are, therefore, protected.
2. It helps you plan for rainy days
Do emergencies announce when they are going to strike?
They dont. However, if you plan right, you can meet them whenever they strike. Most of the emergencies require you to be financially prepared and so, one pillar of financial planning is emergency planning.
Takeaway: Health insurance plans help you plan for medical emergencies. They help you ensure that if any untoward medical contingency occurs, you would be prepared to face them, without derailing your financial plan.
3. They allow coverage for the whole family
Health insurance plans are available as family floater plans that cover all the members of your family. Moreover, if your parents are quite old, you can even invest in senior citizen policies that cover their medical needs.
Takeaway: When all your family members are insured under health insurance plans, no members medical needs would impact your financial planning. You would be able to meet the medical expenses easily, without breaking into a sweat.
4. There are different types of health insurance plans
Did you know health insurance plans extend beyond the scope of normal hospitalisation?
There are different types of health insurance plans allowing you a complete scope of protection against any medical emergency, whether it involves hospitalisation or not. For example, critical illness plans cover major dreaded illnesses and medical procedures. They pay a lump sum benefit so that you can meet your financial obligations if you suffer from any covered illness. Thus, if you have a debt whose repayment becomes a burden due to a critical illness, the benefit that you receive can be used to pay it off. Similarly, there are COVID specific health plans that help you battle the financial implication of the current pandemic.
Takeaway: You can opt for these different types of health insurance plans for a complete financial arsenal at your disposal. Whatever medical attack that you face, you can wield a health plan and protect your finances.
5. Lets not forget the tax angle
Okay, so this one is not so much about preventing a derailment but more about increasing the mileage of your financial plan. Health insurance plans help in tax saving. The premium you pay earns you a deduction under Section 80D. You can claim deductions up to INR 1 lakh and save up to INR 45, 000 in taxes (considering you are in the 30% bracket). Imagine what you can do with these savings!Takeaway: You can invest this saving towards various avenues and supplement your investments. This tax saving would bolster your financial plan and help you accumulate a larger corpus for your goals.
In your quest for financial independence, make health insurance your travelling companion. The plan would protect your finances and ensure that your journey does not get side-tracked or that you dont have to take any detours along the way.
(By Dhirendra Mahyavanshi, Co-Founder, Turtlemint (An InsurTech Company)
Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Dont forget to try our free Income Tax Calculator tool.
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Posted: at 2:12 am
Parents wondering how they can teach their kids to be smart about their financial independence have a tool in Ohio that just got a little bit better. Treasurer Robert Sprague and the Ohio State University College of Food, Agricultural and Environmental Sciences are partnering to expand the Real Money, Real World financial literacy program for kids ages 12-18.
Securing a sound and prosperous financial future for our state starts with our young people, and that means preparing them for the challenges that come later in life, Sprague said.
Indeed. We all know how hard it is for adults to navigate the changing financial landscape, let alone prepare kids to do the same. But with this program, there is a way to give kids a leg up.
According to Spragues office, The program increases participant awareness to real-life scenarios such as what it costs to maintain a household, what it costs to care for a child, and the level of education required for the job they desire.
Almost makes one wish such a thing had been available before the rest of us launched into the real world, doesnt it?
More than 95,000 Ohio kids have participated in the program since its start in 2005. Parents, teachers and administrators should take advantage of the program particularly this year, as so many young people are facing more anxiety than ever about their financial futures.
Interested? Visit realmoneyrealworld.osu.edu for details.
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Independence Contract Drilling, Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2020 and Announces Additional Rig…
Posted: at 2:12 am
HOUSTON, Feb.24, 2021 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today reported financial results for the three and twelve months ended December31, 2020 and announced additional rig reactivations.
Fourth Quarter 2020 Highlights
Fleet Summary Highlights
In the fourth quarter of 2020, the Company reported revenues of $13.3 million and a net loss of $43.1 million, or $7.02 per share, compared to revenues of $45.3 million and a net loss of $35.0 million, or $9.32 per share, in the fourth quarter of 2019, and to revenues of $10.2 million and a net loss of $15.2 million, or $2.67 per share in the third quarter of 2020. In addition, the Company reported adjusted net loss (defined below) of $16.3 million, or $2.65 per share, and adjusted EBITDA loss (defined below) of $1.5 million in the fourth quarter of 2020, compared to adjusted net loss of $7.7 million, or $2.04 per share, and adjusted EBITDA of $7.2 million in the fourth quarter of 2019, and to adjusted net loss of $15.5 million, or $2.73 per share, and adjusted EBITDA loss of $0.5 million in the third quarter of 2020.
For the year ended December31, 2020, the Company reported revenues of $83.4 million and a net loss of $96.6 million, or $19.69 per share, compared to revenues of $203.6 million and a net loss of $60.8 million, or $16.11 per share for the year ended December31, 2019. In addition, the Company reported adjusted net loss of $53.3 million, or $10.86 per share, and adjusted EBITDA of $7.0 million for the year ended December31, 2020 compared to adjusted net loss of $18.1 million, or $4.80 per share, and adjusted EBITDA of $43.4 million for the year ended December31, 2019. Adjusted net loss and adjusted EBITDA are both non-GAAP financial measures that are defined and reconciled below.
Chief Executive Officer Anthony Gallegos commented, "The fourth quarter of 2020 marked an inflection point as our contracted rig count increased materially as demand for our services continued to recover from the effects of the COVID-19 pandemic. Our operating teams, supported by our industry leading systems and processes, performed exceptionally well during this period. In addition, several of our prior customers reinitiated drilling activities and contracted ICD rigs to execute their programs. Overall, since the trough of three operating rigs during the third quarter of 2020, we reactivated five rigs as of year end, representing a 167% increase over this low point. All of these reactivations were completed safely, on time, on budget and with exceptional uptime performance. We are grateful for our customers and appreciate the hard work of ICD's dedicated employees to make this performance possible."
"Looking out across our primary markets, including the Permian, Haynesville and Eagle Ford, we continue to see opportunities to increase our contracted rig count as the underlying macro environment continues to improve. Since the beginning of 2021, we have reactivated an additional three rigs and a fourth reactivation is scheduled to occur in early March. Driven by our desire to maximize shareholder returns and capitalize on improving market conditions, our Board of Directors has approved a capital budget for 2021 of $5.8 million, the vast majority of which will be maintenance driven, representing a substantial reduction compared to 2020 capital expenditures of $14.2 million."
Quarterly Operational Results
In the fourth quarter of 2020, the Company's marketed fleet operated at 27% utilization and recorded 707 revenue days, compared to 77% utilization and 1,984 revenue days in the fourth quarter of 2019, and 17% utilization and 460 revenue days in the third quarter of 2020. Operating days in the fourth quarter of 2020 include 34 standby days in which the Company earned a substantially lower dayrate.
Operating revenues in the fourth quarter of 2020 totaled $13.3 million, compared to $45.3 million in the fourth quarter of 2019 and $10.2 million in the third quarter of 2020. Revenues in the fourth quarter 2019 and third quarter of 2020 included early termination revenues of $0.6 million and $1.2 million, respectively. There was no early termination revenue in the fourth quarter of 2020. Revenue per day in the fourth quarter of 2020 was $16,720, compared to $20,241 in the fourth quarter of 2019 and $18,078 in the third quarter of 2020, excluding early termination revenue from the earlier periods. This decrease in average revenue per day resulted from a significant decline in spot dayrates during 2020, as well as the expiration of various higher dayrate legacy term contracts during 2020. The Company does not have any legacy dayrate contracts with primary terms extending into 2021.
Operating costs in the fourth quarter of 2020 totaled $12.4 million, compared to $33.9 million in the fourth quarter of 2019 and $8.7 million in the third quarter of 2020. Fully burdened operating costs were $13,719 per day in the fourth quarter of 2020, compared to $14,707 in the fourth quarter of 2019 and $14,155 in the third quarter of 2020. The sequential decrease was primarily attributable to stronger absorption of overhead costs associated with a larger operating fleet during the fourth quarter of 2020.
Excluding the impact from early termination revenues and decommissioning and reactivation costs, fully burdened rig operating margins in the fourth quarter of 2020 were $3,001 per day, compared to $5,534 per day in the fourth quarter of 2019 and $3,923 per day in the third quarter of 2020.
Selling, general and administrative expenses in the fourth quarter of 2020 were $3.4 million (including $0.4 million of non-cash stock-based compensation and $0.5 million of transaction costs incurred in connection with entering into an equity line of credit during the quarter). Excluding the equity line of credit costs, selling, general and administrative expenses during the fourth quarter of 2020 were $2.9 million (including $0.4 million of non-cash stock-based compensation). This compares to selling, general and administrative expenses of $4.7 million (including $0.5 million of non-cash stock-based compensation) in the fourth quarter of 2019 and $2.8 million (including $0.7 million of non-cash stock-based compensation) in the third quarter of 2020. The sequential increase in selling, general and administrative expenses was primarily due to seasonal audit and professional fees.
During the fourth quarter of 2020, due to the highly competitive market, management evaluated the Company's marketed fleet of drilling rigs to assess which rigs would be most relevant in the post-COVID pandemic market place and the capital requirements associated with each of these rigs. As a result of this review, the Company made the decision to reduce its marketed fleet from 29 rigs to 24 rigs.TheCompany doesnot expect to add any rigs back toits marketed fleet unless market conditions substantially improve over expectations. As a result of this review, the Company recorded an impairment charge of $24.4 million related to the remaining assets on these rigs, as well as certain other component equipment.
Drilling Operations Update
The Company exited the fourth quarter witheight rigs earning revenues under drilling contracts and currently has 12 rigs under contract, including a rig scheduled for mobilization in early March 2021. The majority of the Company's rigsare operating on short-term pad-to-pad contracts that are excluded from the Company's reported backlog. As such, the Company's backlog of drilling contracts with original terms of six months or longer was $6.1 million as of December31, 2020, representing 1.1 rig years of activity. All of this backlog will be realized during 2021.
Capital Expenditures and Liquidity Update
The Company's capital expenditure budget for 2021, before asset sales and recoveries is $5.8 million. As of December 31, 2020, the Company had cash on hand of $12.3 million, $7.5 million of availability under its $40.0 million ABL Credit Facility, $15.0 million committed accordion under its existing term loan facility and $5.0 million available under its committed equity line of credit.
Conference Call Details
A conference call for investors will be held today, February24, 2021, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company's fourth quarter and year end 2020 results.
The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 10151640. The replay will be available until March 3, 2021.
Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at http://www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.
About Independence Contract Drilling, Inc.
Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit http://www.icdrilling.com.
This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.
INDEPENDENCE CONTRACT DRILLING, INC.Unaudited(in thousands, except par value and share data)CONSOLIDATED BALANCE SHEETS
December 31, 2020
December 31, 2019
Cash and cash equivalents
Accounts receivable, net
Assets held for sale
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Other long-term assets, net
Liabilities and Stockholders' Equity
Current portion of long-term debt (1)
Merger consideration payable to an affiliate
Current portion of contingent consideration
Total current liabilities
Long-term debt (2)
Merger consideration payable to an affiliate
Deferred income taxes, net
Other long-term liabilities
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Posted: at 2:12 am
What does Herman bring to Chicago?
Andy Staples, college football senior writer: He brings a fresh set of eyes and ideas. NFL coaches have been trying to incorporate concepts from college offenses, and Herman who has used a variety of up-tempo spread systems could help Bears coaches identify what might translate to that level.
Staples: Texas owed him $15.4 million when it fired him, so Herman has the financial independence to take on whatever role he wants. (It also doesnt hurt that he and Bears coach Matt Nagy share an agent former Bears defensive end Trace Armstrong.)
Does this mean Herman is planning on coaching in the NFL long term? Not necessarily. A stint in the NFL could be quite helpful if Herman returns to college. Top recruits want to know how theyll be developed into draft picks, and a coach with recent NFL experience has credibility on that front.
Kevin Fishbain, Bears beat writer: This is the first time Nagy has hired an analyst on offense, but not the first time hes gone to the college ranks. Mark Helfrich was Nagys first offensive coordinator (2018-19) and, like Herman, hadnt previously coached in the NFL. Nagy valued the creativity and college concepts that Helfrich could bring, and its probably similar with Herman only with less attention.
Well hear more from Nagy during his Tuesday news conference, but Herman's tasks could be focused on self-scouting the offense and providing ideas to Nagy. Anything can help one of the league's worst offenses.
(Photo: Kirby Lee / USA Today)
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Dress for Success Expands Annual Your Hour, Her Power Campaign with "31 Days of Women in Power" to Highlight the Importance of Women Leaders…
Posted: at 2:12 am
NEW YORK, March 1, 2021 /PRNewswire/ --Dress for Success, the only global nonprofit employment resource for women, today announced the expansion of its annual Your Hour, Her Power global campaign with "31 Days of Women in Power." In honor of Women's History Month and International Women's Day, Dress for Success will share the stories of 31 inspiring women in leadership positions who are making an impact in their industries and beyond.
Launching in partnership with O, The Oprah Magazine, Your Hour, Her Power is inspired by the belief that when a woman has access to opportunities that can change her life for the better, she becomes powerful beyond measure. By donating the equivalent of one hour of pay, individuals can help women gain access to Dress for Success' programs, services, and tools. Given the impact of COVID-19 on women's careers and representation in the workforce, access to employment tools and resources has never been more critical.
"Our clients were vulnerable to economic disparities spurred by hardship and gender-based biases and norms prior to the COVID-19 pandemic," said Joi Gordon, CEO of Dress for Success. "Those disparities have been exacerbated over the past year as our women face increased financial, food, and housing insecurity due to job loss. We want every woman who has been impacted by this crisis to know that Dress for Success has a network, programs, and resources available to support them as they navigate these uncertain times."
Women leaders, mentors, and sponsors play a significant role in empowering women as they advance in their careers. That is why Dress for Success is introducing "31 Days of Women in Power." The campaign extension, sponsored by Arm & Hammer, Chloe Wine Collection, and Sono Bello, will honor 31 groundbreaking women executives representing diverse industries throughout March.
"Women play a pivotal role in driving business and economic gains, as well as social and cultural change, and we must continue to find ways to elevate their voices and recognize them for their contributions," continued Gordon. "We are excited to celebrate these phenomenal women and show our clients what is possible when women are empowered and have access to tools and opportunities that position them for success."
2021 Your Hour, Her Power honorees to be profiled on the campaign's microsite http://www.yourhourherpower.org include:
Andi Owen President & CEO, Herman Miller
Gail Grimmett Chief Experience Officer, Wheels Up
Jenny Xu Founder & CEO, Talofa Games
Lizanne Kindler CEO, Talbots
Ramona Hood President & CEO, FedEx Custom Critical
Cheryl Abel-Hodges CEO, Calvin Klein
Helen Aboah CEO, Urban Zen
Jill Evanko President & CEO, Chart Industries
Margaret Keane CEO, Synchrony
Renee Gittins Executive Director, International Game Developers Association
Christina Seelye Founder & CEO, Maximum Games
Hillary Scott Recording Artist, Lady A
Kate Burke COO, AllianceBernstein
Mary Dillon CEO, Ulta Beauty
Rima Qureshi EVP & Chief Strategy Officer, Verizon
Christy Pambianchi EVP & Chief Human Resources Officer, Verizon
Jamie Jones Miller National President, Alpha Sigma Tau Sorority
Kathy Warden Chairman, CEO & President, Northrop Grumman
Mindy Grossman Presdident & CEO, WW International, Inc.
Stephanie Chung Chief Growth Officer, Wheels Up
Corinne Ripoche CEO, Adecco Americas & Pontoon, Adecco Group
Janessa Cox-Irvin Global Head of Diversity & Inclusion AllianceBernstein
Leah Hoyer VP of Creative, Wizards of the Coast
Niki Leondakis CEO, CorePower Yoga
Sue Y. Nabi CEO, COTY
Dale Bornstein CEO, M Booth
Jasmin Allen SVP, Hennessy U.S., LVMH Met Hennessy Louis Vuitton
Linda Findley Kozlowski President & CEO, Blue Apron
Penny Pennington Managing Partner, Edward Jones
Tami Erwin EVP & Group CEO, Verizon Business
Emilie Rubinfeld Global President, Carolina Herrera
Individuals wishing to support Dress for Success this Women's History Month and International Women's Day with a donation of the equivalent of one hour of their pay may visit the campaign's microsite at http://www.yourhourherpower.org. Additionally, companies interested in partnering with Dress for Success throughout March may contact [emailprotected].
About Dress for Success Dress for Success is an international nonprofit organization that empowers women to achieve economic independence by providing a network of support, professional attire, and development tools to help them thrive in work and life. Since starting operations in 1997, Dress for Success has expanded to nearly 150 cities in 25 countries. To date, the organization has helped more than 1.2 million women work towards financial independence. Visit http://www.dressforsuccess.org to learn more.
SOURCE Dress for Success
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Posted: at 2:12 am
Jessica and her five children receive a free van from Harrisburg Academy and Wheels from the Heart.
This weekend, Harrisburg Academy helped a Steelton family accelerate towards success.
Steve Muschlitz (Class of 82) and his nonprofit, Wheels from the Heart, joined with the school to provide a free van to a single mother of five, Jessica, on Saturday.
Owning a car is often the first step to financial independence for single mothers and their families, Muschlitz, owner of Country Club Auto in Delray Beach, Florida, said in a statement. These vehicles give them an opportunity for career advancement and better-paying positions to drive their lives to success.
Jessicas children range in age from 4 to 12. According to a spokesperson for the school, Jessica has struggled to provide for her family during the pandemic and needed a vehicle to secure a better job opportunity.
Harrisburg Academy also partnered with Muschlitz to provide the family with free summer school enrollment at the Academy, gas gift cards, several free auto maintenance services from local businesses and gift cards to neighborhood grocery stores and restaurants.
Each of the five children also received a goodie bag donated by Academy students and their families, along with food boxes from Midwest Food Bank. PennDOT District 8 and its grant office, Southcentral PA Highway Safety, provided car seats.
Harrisburg Academy middle and upper school students held a Denim Day where students paid $1 to dress casually to raise money for the gift cards. The Parent Association also contributed to the fundraising efforts. Sam Kinback, owner of Callen Kinback Inc. in Lemoyne, pledged a free oil change, fluid refills and a tire-rotation service. Gunn-Mowery Insurance, also in Lemoyne, helped facilitate insuring the van.
We are extremely grateful for these generous gifts that Harrisburg Academy, Wheels from the Heart and the local community have given to our family, Jessica said. They will bring us joy and this van will make life a bit easier for us every day.
To learn more about Wheels from the Heart, visit their website. For more information on Harrisburg Academy, visit their website.
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Posted: at 2:12 am
Inequality for women is often generalised to the gender pay gap. Thats just one aspect of a wider problem what I call the career choice gap which is enslaving many women to a life of financial hardship.
My mum was a stay-at-home mum. When my dad passed away, she found herself having to re-commence her working life all over again. She never had the opportunity to choose a career or build security for her later years. It was a stark lesson on the value of financial independence.
While teaching was my dream, I sacrificed my hearts desire for a career path that would give me greater choices, allow me to explore multiple career pathways, build robust financial security and support my dear mum. Via accounting and project management, I found my true calling as a financial adviser.
In a way, I am now the teacher I had always wanted to be: I educate women about how to protect their own futures, provide for their children, and avoid being financially reliant on a partner.
Unfortunately, others havent had those same opportunities. I know of too many cases of women having made enormous personal sacrifices and wound up with little to show for it. (Women over 55 are becoming the face of homelessness in Australia.)
Its time we spoke up about the career choice gap and its damaging effects on women and society at large.
For many women, career choice is often not what they enjoy but what circumstances push them into.
Personal ambitions and talents get sacrificed for the flexibility needs of her family; entrepreneurship aspirations take a back seat to raising kids and funding home ownership; career progression is stymied following time out of the workforce.
These sacrifices carry a monetary loss (lost earnings and lower super contributions) but can also dent their sense of self-worth.
Additionally, financial pressures can force women into unhealthy relationships, which may even involve domestic violence.
The bulk of caregiving responsibilities still fall to women, and not only childrearing but caring for elderly parents/in-laws due to cost (and quality) concerns around aged care.
Often, they juggle caring for older and younger generations simultaneously, leaving little time for paid work. Their incomes stall as do their super contributions.
Once they can resume full-time work, a lack of documented work experience restricts their employment opportunities, and career choices, while they struggle to afford study or retraining and so the cycle continues.
The sad reality of our current system is that many parents (generally women) lose money by relying on childcare to return to work or self-employment.
Until spiralling costs are addressed and universally free or heavily-subsidised childcare is implemented, mothers may be faced with being pushed out of the workforce against their will.
Life is tough for singles, and not just for love.
Couples benefit from economies of scale, making living costs cheaper per person. Even our superannuation system favours couples through spouse contribution and superannuation splitting.
Singles are disadvantaged from saving for a home deposit, boosting retirement funds, and investing for their future. And with, on average, women earning 14% less than men, we shoulder the greatest burden.
Who wouldve thought living longer would be a problem?! But for many women, it is.
Aussie women statistically outlive men by 4.2 years. A longer lifespan naturally costs more.
Women already go into retirement at a financial disadvantage; living longer stretches those limited funds even further.
And forget spousal inheritance: most is tied up in the family home, while cash savings have dwindled on their partners healthcare and funeral costs.
There is something perverse about how society values work.
Why are the people (usually women) who work in administration, care for our sick and elderly, raise and educate our children, and keep us healthy not valued appropriately?
We need a fundamental rethink on the value of work and where the skills of our best and brightest are being used, as well as incentivising and remunerating suitably.
Every individual is a valuable member of society. Yet for women especially, that value often goes unrecognised in monetary terms.
Collectively, we need to grasp the full implications of the career choice gap and push for positive change. Until a womans career choices are entirely her own, gender inequality remains the norm.
Note this is general advice only and you should seek advice specific to your circumstances.
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