Monthly Archives: May 2021

How the Myths of Progressive Neoliberalism Hollowed Out Australia’s Left – Jacobin magazine

Posted: May 11, 2021 at 11:29 pm

Review of Being Left-Wing in Australia: Identity, Culture and Politics after Socialism, by Geoff Robinson (Australian Scholarly Publishing, 2019).

Over the last decade, left-populist and socialist politics have made a comeback in the United States, UK, and Europe, but so far Australia has been an exception to this trend. Explaining this is as difficult as it is pressing. Geoff Robinsons book Being Left-Wing in Australia: Identity, Culture and Politics After Socialism, published in 2019, is perhaps the most thorough attempt to do so yet.

Being Left-Wing in Australia traverses the large-scale collapse of collective politics that has plagued Australia for thirty years. Robinson adopts a broad understanding of the Left based on how individuals and groups define themselves. He surveys a range of organizations and leaders, from far-left groups to the Australian Labor Party (ALP) and the Greens, not to mention contemporary political archetypes like the green capitalist or the human rights bureaucrat.

In particular, Robinson pays close attention to the shift away from socialism toward liberalism, and to the development of what he calls progressive neoliberalism within the ALP. Despite the continued grip of this doctrine on the party, it constitutes an exhausted political project Robinson compares it to a ghost begging for release.

Being Left-Wing in Australia is an intellectual history, but not a history of intellectuals alone. Robinson goes to great lengths to document the disintegration of the world that once sustained Australias Left.

During the twentieth century, a proletarian public sphere thrived, comprising working-class parties, unions, bookshops, newspapers, and publishers. This world existed both within and against a wider system of corporate liberalism, namely, a society based on the relations between groups, rather than one based on relations between individuals and the state.

The dissolution of the Communist Party of Australia (CPA) in 1991 was a watershed moment in the decline of this working-class political culture. Prior to 1991, as Robinson notes, the CPA had occupied a central position in the culture of the left as an alternative focus to the ALP, and had been a long-running source of intellectual sustenance for the Labor Left.

Yet the Australian left was not simply a passive victim swept away by historical processes beyond its control. Indeed, parts of the Left including left-aligned unions and the CPA itself were active participants in establishing and shaping the paradigm that followed.

In Australia, as in much of the world, neoliberalism sought to ensure the smooth continuation of capitalism following the high-water mark of class struggle in the 1970s. Australia was exceptional, however, because this project led by Bob Hawke, from Labors right faction required the cooperation of the trade union and ALP left. This allowed the ALPs left-wing tendency to come closer to power than ever before. On its own terms, it was, for a time, highly successful.

In similar fashion to Elizabeth Humphrys, author of How Labour Built Neoliberalism, Robinson demonstrates the role figures from the Left played in laying the bedrocks of Australian neoliberalism. In particular, this involved helping push through the Prices and Incomes Accord between the Australian Council of Trade Unions (ACTU) and the ALP. While Humphrys focuses on the mechanisms whereby militant union leaders and activists are incorporated into state projects of restructuring, Robinson places the accord in the context of broader ideological compromises that were taking place.

In 1969, Bill Brown, president of the Victorian Labor Party, addressed a party conference with the following message:

Only the conscious organization of production in which production and distribution are carried on in a planned way can save the world from destruction. This cannot be achieved by simply winning seats in Parliament and seeking to change capitalism into a morally good society. It can only be realized by a complete break from capitalist institutions, culture and morality.

Victorias Socialist Left faction was the most left-wing of all state Labor factions. Yet just compare Browns words with the career of Brian Howe, a leading figure in the Victorian Socialist Left.

Symbolizing the de-radicalization of the Labor Left, Howe oversaw a series of devastating cuts as a minister in the Hawke and Keating governments. Labors commitment to social justice offset those cuts, according to Howe. In practice, this meant that he urged the Left and the labor movement to accept the broad direction of government macroeconomic policy in exchange for support from the right on social policy.

The goal of social policy ceased to be social or economic transformation. Instead, the ALP confined the welfare state to a much more modest role in helping societys very poorest members with relief of poverty replacing a broader egalitarianism. His service in Paul Keatings razor gang earned Howe a promotion to deputy prime minister in 1991, just over twenty years after Bill Brown had denounced parliamentarism.

As ALP prime ministers Bob Hawke and Paul Keating spearheaded a process of market-led reforms that transformed Australian society, much of the Left dropped even a vague commitment to socialism. This coincided with the hollowing out of the social sphere. The result was a new form of politics that bore little resemblance to what had preceded it.

Pragmatism and policy replaced ideology. Party-political insiders and wonks supplanted activists and organizers. In place of Australias tradition of working-class autodidacticism, a new breed of public intellectual arose who believed that technocratic governance could improve society.

At the same time, social movements declined and became marginal or were incorporated into the state. Communities that had formerly been collectively organized for example, many Indigenous communities were atomized into groups of individualized clients. Unions traded militancy and shop-floor organization away to become arbitrators of industrial policy. This made them reliant on federal industrial relations institutions they had previously opposed, reducing their political role to that of pressure groups on the ALP.

This was the world that gave birth to what Robinson calls progressive neoliberalism. In his understanding, this was a form of ideology and political practice combining cultural politics that were broadly socially liberal with advocacy for economic rationalism, as neoliberalism was then known in Australia. It still dominates the Australian center left. Spend five minutes in the company of a typical ALP or Greens politico, and youll likely encounter a worldview built around these concepts.

However, these shifts only lay the basis for Robinsons account of a contemporary Australian left, whose origins he dates back to 2001 and the reelection of Liberal PM John Howard. Howards triumph that year was traumatic for the Left. Many had begrudgingly explained his 1996 victory over the ALP as a consequence of economic uncertainty and even as a vote against the model put in place by the accord.

In contrast, as Robinson notes, the 2001 election seemed to demand a cultural explanation. Having long since discarded a substantively different view of organizing society and the economy, the Australian left responded rather with a moral declaration of opposition to racism and xenophobia. For the center-left this led to an awkward politics that stressed balancing the interests of the working class and an enlightened middle class, with the latter supposedly being motivated by post-materialist issues.

For Robinson, Robert Manne exemplifies the Lefts embrace of liberalism during this period. Manne was an anticommunist onetime conservative who had voted for John Howard in 1996. By 2001, he had become a key intellectual figure on the Left thanks to his moral critique of aspects of Australian society and Howards leadership.

Robinson does not argue that the Australian left lost its traditional working-class base as a result of embracing social liberalism and identity politics. Instead, he demonstrates that this base had been eroding well before there was any cultural turn. That turn itself was a consequence of the collapse of collective, class-based politics.

Desperate to win back the base, sections of the ALP engaged in anguished acrobatics, appealing to socially conservative attitudes, or attempting to develop a new class identity politics, which regarded working-class as a cultural identity, rather than a socioeconomic reality. Robinson treats these strategies with the derision they deserve. His sensitivity to the subject and the breadth of source material he draws on allow him to trace the Lefts prioritization of culture and identity back to multiple sources.

For one example, Robinson cites Julia Gillards attempts to redefine working-class identity as distinctively male, white, ageing, socially conservative, left behind and susceptible to the appeal of the populist right. He suggests that this view evolved along a crooked road that can be traced back to the last years of the CPA specifically, the Socialist Forum, a right-wing split from the Communist Party. This shift toward prioritizing culture and identity was also encouraged by an academic left that had largely abandoned Marxism in favor of theorists like Michel Foucault and new disciplines such as cultural studies.

Having abandoned its social, economic, and political vision, the ALP as a whole increasingly found itself unable to differentiate itself from the Australian right on any basis other than culture and identity. Meanwhile, Labors Left faction came to distinguish itself internally from the Labor Right in similar terms. The ALP that emerges in Robinsons book is a party that lacks an engaged membership, led by a political elite still waging old faction fights that date back to the Cold War, with little or no grounding in contemporary Australian politics and society.

Identity also became key to the way the Left in and around the ALP understood itself. Shorn of its organic connection to collective politics, ideology became a matter of moral identification. Today, an online subculture known as Raindrop Twitter is emblematic of this trend. Doggedly committed to Labor, its a kind of baby-boomer liberalism that breathlessly decries corruption and media concentration while staying largely silent on privatization, Indigenous deaths in custody, or rising rates of casualization.

Robinson also looks back at an earlier online left that responded to any criticism of the ALP with defensive hostility. Bad news about the party, he suggests, was met with complaint and deflection and with general cycles of outrage produced on social media. This center-left, Labor-adjacent milieu increasingly boasted of its technocratic superiority to the Right, while claiming to be the true inheritors of Australias supposed egalitarian traditions of fairness and mateship.

If this all sounds depressingly familiar, its because the ALP hasnt really changed in over a decade. Even the great financial crash of 2008 did little to dislodge Labor from its progressive neoliberal rut. The party has not won a federal election since 2010. Robinson traces the partys microscopic shifts: some more social conservatism here, a greater focus on fairness there. But these modifications have virtually no meaning.

For socialists, Being Left-Wing in Australia can be a challenging read. Although it confirms much about what we thought was wrong, we only play a bit part in Robinsons account. Although occasionally correct in our analysis, we have lacked the strength in numbers or connection with the working class that could make our project meaningful. But Robinson helps us understand the unique and badly outdated world of Australian progressive neoliberalism that must be replaced. He tells us what not to do the rest will be up to us.

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The Pandemic Has Changed How Everyone Banks (And Here’s How) – The Financial Brand

Posted: at 11:28 pm

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Given the technological influence of younger generations and the economic power of their parents and grandparents, the financial services industry is at an interesting crossroads. Many banks and credit unions now find themselves struggling to retain their traditional in-person experiences for seniors while also trying to woo 22-year-olds who prefer mobile account openings and talking to customer service at 2 a.m.

A new survey from BAI found while all consumers are moving further to digital banking, theres a growing generational variance in what they want and how they expect financial institutions to deliver.

BAI surveyed consumers across four generations and found banking behaviors have changed significantly since the start of the pandemic. Many Boomers have taken a greater stab at technology, Millennials have rapidly expanded their expectations for the mobile experience, and Gen X has become increasingly concerned about fraud and trust.

Ensuring a continued understanding of generational banking preferences will remain pivotal for financial services leaders as they build the appropriate strategies to prioritize products and services for their customers, says Karl Dahlgren, Managing Director at BAI.

( Read More: Dont Sweat Amazon and Other Big Techs: Steal Their Best Ideas Instead )

While its easy for older banking executives to write off Gen Z as spoiled kids that grew up with too much of the world at their fingertips, their growing importance demand that banks and credit unions pay close attention. Morgan Stanley notes that these kids will soon reshape the financial industry in their tech-savvy, mobile-first image as they enter the 25 to 40-year-old sweet spot for borrowing.

It shouldnt be surprising that Gen Zers are mobile-centric. Many of them tinkered with smartphones before they could walk, and few of them have ever set foot in a bank branch. BAI found 37% prefer to use their phone to open a deposit account, a far higher portion than any other generation (31% of Millennials and 24% of Gen X, and 4% of Boomers).

Gen Z also has high expectations and big ambitions, even if theyre not entirely shrouded in reality. While most still live at home and rely on their parents for financial assistance, 59% told BAI theyre financially independent, and 75% plan to achieve a higher standard of living than their parents. And while 61% bank at the same institutions as their parents, they bring their own set of digital expectations.

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Gen Z can sometimes seem like a tough nut to crack, but there is good news. Despite being mobile-first and constantly immersed in technology and social media, they prefer dealing with financial institutions over tech companies. Thats quite surprising and welcoming at a time when the tech Gods like Facebook, Amazon, and Google are increasingly trying to break into financial services.

There is definitely a clear separation of church and state, and most of these kids want to get their banking services from a bank and not from big tech, Warren Fisher, Founder and CIO of Manole Capital Management told The Financial Brand. While this could mean an up-and-coming generation of consumers willing to stick with traditional banks, it may not necessarily lead to unsecured lending profits.

Only 17% say they prefer to pay by credit card, compared to 46% of Millennials, 35% of Gen X, and 47% of Boomers, according to BAI. As they mature financially, banks and credit unions can help attract Gen Z by serving as a trusted partner in their future with financial literacy lessons or education.

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As a population of 72 million people between their 20s and 40s, Millennials have the tech-savviness of Gen Z but with a greater sense of maturity and financial responsibility. More than 70% are employed full-time, and 85% consider themselves financially independent the highest of any age group.

Raised on convenience, Millennials value speed and want faster payments with quicker transfers and a seamless omnichannel experience. This financial independence, growth, and connectivity lead them to interact with their financial institutions at a rate of 114 interactions per month, the BAI study found, nearly four times the rate of boomers and 50% more than Gen Z or Gen X.

While they prefer mobile, they also have high expectations for what the mobile experience should be. In fact, 75% of Millennials say they would switch their primary financial services organization for a better mobile app, a whopping 28-point jump over the same number who said so last year.

One alarming discovery is that 85% of Millennials say they are willing to bank with non-traditional banks such as Amazon, Apple, or PayPal, the research found. Thats troubling given the growing size of the generation and the fact that these companies have a clear advantage in mobile app development. Yet, rather than worry about big techs, banks and credit unions should focus on using their ideas instead.

As they enter their peak earning years and start thinking more about retirement, their kids, and their financial future, Millennials are also eager for financial advice. However, 84% said they are comfortable with AI-driven financial advice, more than any other generation, according to BAI.

( Read More: Four Ways Banks Must Change Before Millennials & Gen Z Will Love You )

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The MTV Generation of slackers and disaffected youth are now in the prime of middle age with greying hair and more concerns about retirement and their kids college tuition than about video games. While Gen Xers are comfortable with most digital services, they still share many traits with Boomers, including a preference for traditional banks and some face-to-face interaction. Most small business owners also fall into this generation.

BAI found Gen X generally has a high level of trust with their financial institutions. While only 39% of them have experienced some type of fraud or identity theft, 95% believe their banking provider did enough to resolve fraudulent activity on my account quickly and efficiently.

When it came to what they wanted in a financial institution, best rates were at the top of the list by a long shot compared to other generations, as shown below. And although they want online account opening for deposits and loans, nearly half said they prefer banks and credit unions with branches, even if they dont use them.

Reasons consumers select a new primary financial institution

Source: BAI

With decades of work, experience, and savings under their belts, its not surprising that Boomers are more stable. The study found that 65% of them say they are either increasing their deposits or maintaining the status quo when it comes to savings, compared to 38% of Millennials.

Boomers use more technology than many people give them credit for, and their pace of adoption has only increased since the pandemic. As digital aptitude can vary widely, banks and credit unions should seek consistent feedback on the user-friendliness of their digital services and offer assistance when needed.

Financial institutions will also need to consider how theyll keep seniors using digital banking after the pandemic subsides. As a generation that still values physical branches and face-to-face interaction, its no surprise that only 35% are comfortable receiving financial advice via artificial intelligence, compared to more than 70% of the other generations.

While many Boomers are now more willing to bank through their phones than they were prior to the pandemic, they still prefer financial institutions with a branch or two nearby. BAI found nearly two-thirds prefer to open a deposit account in-person, more than twice the percentage of any other generation, and four times the number of Millennials. Most of these older consumers are loyal and content with their current banking situation, saying they are more likely to use the same institution in the next year.

One area where banks will need to pay particular attention to is trust. While 89% of Boomers say they trust their financial institution, the study found, only 63% feel it will protect them from fraud and identity theft, the lowest percentage of any generation.

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What Does Investing Mean? – Investment U

Posted: at 11:28 pm

The concept of investing is something we start hearing about at an early age. But what does investing mean? Most people understand it at a surface level: saving money now so you can access it in the future. The reality is that investing is more complexespecially when you consider compound interest, different investment vehicles and different styles of investing. To truly understand investing, you need to do more than scratch the surface.

Whether youre a fresh-out-of-school 20-something opening your first 401(k) or a worker with decades of savings in an index fund, investing is important. Knowledge is power when it comes to capitalizing on your investments. Heres what you need to know about investing, in a nutshell.

Investing and saving are two different things. Theres often a lot of confusion around these two terms, and its important to make the distinction between them. While investing involves saving, theres a fundamental difference between them. Saving refers to principal; investing refers to gains on principal. Simply put: investing is about making money with your money.

Consider a simple example. If Brad puts $1,000 in his bank account each month, hes saving. That bank account only has a 0.10% interest rate, and inflation ranges between 1-3% during any given year. That means Brad is actually losing money by saving it! Conversely, if he were to invest it at a rate of 8% per year, hes making money year over year. In fact, if his investment compounds annually, hes going to make a lot of money over time! Check out our investment calculator to see what compound interest looks like in action.

When you invest, youre letting someone else borrow your money to make money, and youre earning interest that makes you money. Its part of the cycle of economics. To save is to stagnate due to inflation; to invest is to profit through appreciation.

Theres a wide array of investment vehicles out there that can lead to wealth accumulation. Here are some of the most popular:

Within each of these investment vehicles are numerous choices investors can make to obtain wealth. Consider investigating them further as you diversify your portfolio.

There are two approaches to investing: active and passive. Active investors prefer to be hands-on, making adjustments to their portfolio by reallocating their investments. This takes work, and a working knowledge of different investment strategies. It also requires a strong knowledge of tax and accounting, to ensure youre making sound investment choices.

Passive investing is a set it and forget it style of investing. These investors prefer to contribute money regularly and let automated systems do the work for them. It might mean buying index funds that track the market or letting a dividend portfolio compound automatically. In any case, passive investors dont change their investing habits or thesis. Theyre in it for the long haul, and will stay the course.

Its important to note the difference between investing and speculating. Speculating is a short-term mindset: the stock will go up next week, so Ill buy today and sell when it rises. Investing is traditionally a long-term mindset: the stock price will go up and down, but will generally go up over time.

Speculators open themselves to more risk by trying to time the market. Investors benefit from time, since theyre relying on compounding and macro growth. Theres a reason the stoic investor Warren Buffet famously says, Time in the market beats market timing every time.

Putting money in a savings account for 45 years isnt an investment. Investments involve making your money work for you! Whether its compound interest earned through the stock market or rental income from an investment property, investments add up over time.

And these investment can help you build wealth. Sign up for the Liberty Through Wealth e-letter below to get started on your journey to financial independence.

Once you understand the fundamental concept of investing, youll be able to make smarter decisions about how to invest your money. Stocks vs. property. Passive vs. active. Growth vs. dividend. Each person will make different choices depending on their level of risk and comfort with certain investments. What matters most is your understanding of the basic principle behind them.

Always ask yourself, what does investing mean? before making investment decisions. Itll drive you to save your money in a way that compounds your wealth.

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Advisor Group Successfully Recruits Father-Son Wealth Management Team With $150 Million In Total Client Assets – WFMZ Allentown

Posted: at 11:28 pm

PHOENIX, May 11, 2021 /PRNewswire/ --Advisor Group, the nation's largest network of independent wealth management firms, today announced the successful recruitment to its network of Tor and Tyler Saile, a father-and-son hybrid wealth management practice with offices in Scottsdale, Ariz., and Barrington, Ill., that oversees $150 million in total client assets.

Both financial professionals have joined Advisor Group through its subsidiary and network member firm Triad Advisors for brokerage services. They have also affiliated with Triad Hybrid Solutions, one of Triad's two corporate registered investment advisors (RIAs), to support their advisory / fee-based operations. The announcement reinforces Triad's longstanding position as the leading destination for independent hybrid practices.

Advisor Group also includes FSC Securities, Royal Alliance Associates, SagePoint Financial, Securities America, and Woodbury Financial Services.

Jeff Rosenthal, President and CEO of Triad Advisors, said, "We are thrilled to welcome Tor and Tyler Saile to the Triad and Advisor Group family. Tor is a financial professional with a long and distinguished track record of providing exceptional client service, and Tyler brings great enthusiasm, talent, and energy to their mission of helping clients achieve their financial goals. We look forward to working with both of them to further elevate their growth trajectory. Triad is at the forefront of helping financial professionals succeed by enabling them to thrive in the business models of their choice. As the wealth management industry increasingly moves toward fee-based advisory services, we stand ready to support financial professionals in attaining their business goals."

Tor Saile has more than 20 years' experience in the wealth management industry, joining the independent channel in 2010, while Tyler Saile joined the practice in 2017. They specialize in investment management, retirement planning, estate planning, education planning and insurance consulting. Both financial professionals will continue to do business as Ironwood Family Wealth Advisors.

Greg Cornick, Advisor Group's President, Advice & Wealth Management, said, "The entire Advisor Group network of firms welcomes Tor and Tyler Saile, and we congratulate Jeff Rosenthal and his team for bringing aboard two exceptional financial professionals. Triad's continued recruiting momentum, along with that of our other firms, highlights the strong value proposition Advisor Group and its subsidiaries offer as the ideal destination for growth-minded independent financial professionals who seek maximum flexibility, choice and support across the full spectrum of business models. Going forward, we will continue to make the strategic investments necessary to put our professionals in the best position to serve their clients. As always, we're in their corner, now and for years to come."

About Triad Advisors

Triad Advisors is part of Advisor Group, one of the nation's largest networks of independent financial professionals. Headquartered in Atlanta, Triad is a national broker-dealer as well as a multi-custodial registered investment adviser firm that was an early pioneer and continued leader in the hybrid registered investment adviser marketplace. The company has more than 600 financial providers on its platform and provides a comprehensive set of products, trading and technology systems, as well as customized wealth management strategies. For more information, please visit http://www.triad-advisors.com.

About Advisor Group

Advisor Group, Inc. is the nation's largest network of independent wealth management firms, serving approximately 10,100 financial professionals and overseeing over $475 billion in client assets. The firm is mission-driven to support the strategic role that advisors can play in the lives of their clients. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial professionals and is committed to being in their corner every step of the way. For more information visit https://www.advisorgroup.com.

Securities and investment advisory services are offered through the firms: FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc., Triad Advisors, LLC, and Woodbury Financial Services, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Securities America, Inc., a broker-dealer and member of FINRA and SIPC. Advisory services are offered through Arbor Point Advisors, LLC, Ladenburg Thalmann Asset Management, Inc., Securities America Advisors, Inc., and Triad Hybrid Solutions, LLC, registered investment advisers. Advisory programs offered by FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc., and Woodbury Financial Services, Inc., are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser. Advisor Group, Inc. is an affiliate of these firms. 20 E. Thomas Rd., Ste. 2000, Phoenix, AZ, 85012. 866.481.0379.

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The pandemic doesn’t affect everyone’s financial decisions: Why after graduation could be the best time to struggle – USA TODAY

Posted: at 11:28 pm

Peter Dunn, Special USA TODAY Published 1:45 p.m. ET May 9, 2021 | Updated 5:16 p.m. ET May 9, 2021

USA TODAY's Janna Herron got married and changed her name years ago, but her maiden name keeps haunting her and her personal finances. USA TODAY

Dear Pete,

My daughter is graduating from college and she landed a great job in our hometown. The plan was always for her to get an apartment right away, but with the pandemic, her father and I are rethinking that plan. She doesn't have student loan payments and she has a decent amount in savings, but for some reason being conservative seems more prudent. At least that's what we're trying to convince her of. We've offered her the ability to live at home for a little while. What do you think?

Elizabeth; Raleigh, N.C.

Congrats to your daughter and your entire family. To graduate debt-free, with savings to boot, is quite the accomplishment. Looks like your plan worked thus far, now for what's next.

One of the more interesting challenges I've dealt with over the past nine months or so is trying to decide how much I should account for pandemic realities when making otherwise unrelated decisions.

Build savings or pay off debt first?How to make a plan for 'extra' money such as a tax refund or stimulus check

Worried about higher taxes?Here's which investment vehicles to choose depending on where you think taxes are going

At first, that was happening involuntarily, like in April 2020 when I found my spending had tightened significantly, despite the fact it didn't need to. I've since chalked that decision up to a healthy mix of fear and prudence. The pandemic has tried to weigh in on several other financial decisions since then, from the December holidays to our interest in supporting restaurants. What I've learned is the pandemic doesn't affect as many of my financial decisions as I thought it did.

Given what you've shared, I'm not quite sure the pandemic, or the economy it leveled, are relevant to your daughter's decision.

It's fascinating how our goals as parents evolve. In the past five years or so, you wanted your daughter to get accepted by the college she wanted, graduate debt-freeand secure a job quickly. And just like that, she's accomplished all three. Though I'm sure you want to give your daughter the best start toward long-term success, the next goal in line is actually her complete financial independence from you.

Graduates line up before the Bergen Community College commencement at MetLife Stadium in East Rutherford, N.J., on May 17, 2018.(Photo: Seth Wenig, AP)

There is no better time in your daughter's life to struggle financially than right now. She's employed, she has no debt, she has savings, and it sounds like she wants to live on her own. If you over-curate her experience, you will absolutely regret it. Just like when you taught her to ride her bike, the training wheels coming off were the inflection point to success.

If she didn't have a job, then yes, she should move back in with you. If she had a ton of student loan debt, then yes, she should arguably move back in with you. If she had zero savings, then yes, she should conceivably move back in with you. None of those blemishes is reality. If your daughter can't venture off on her own, no one can. Seriously.

Ask Pete: Your fears help you make smarter choices about personal finance during an economic crisis

Will she struggle from time to time? Hopefully. That's how all this works. Her resiliency, a quality we've all come to value as of late, can't develop unless independence develops.

If you want to weigh in one last time on her financial life, encourage her to set her household budget off her net paycheck, after she's made a healthy retirement plan contribution of at least 10%. Since she doesn't have student loan debts to satisfy, she can afford a reasonable apartment and the lifestyle surrounding it. All the while, she can build up her short-term savingsand, more importantly, her independence from you.

The sooner your daughter learns how a work income can support her chosen lifestyle, the better. This is especially true when it comes to housing costs. Both you and she have earned the privilege for her to start her work career living on her own. Congratulations on your efforts, and now you can both start to enjoy the independence you've collectively created.

Peter Dunn is an author, speaker and radio host, and he has a free podcast: "Million Dollar Plan." Have a question for Pete the Planner? Email him at AskPete@petetheplanner.com.

The views and opinions expressed in this column are the authors and do not necessarily reflect those of USA TODAY.

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For women to succeed as entrepreneurs, systems must be redesigned to retain them, not just allow entry – YourStory

Posted: at 11:28 pm

According to a 2020 World Bank report, women account for only 19.9 percent of Indias labour force. Several factors have contributed to this low number, including societal perceptions of the womans place being at homeas the primary caregiver.There is an additional stigma attached to her having to work outside the home a sign that the man (primary breadwinner) is incapable of providing for his family.

Other factors include gender-based wage gaps and the absence of company policies around safety at the workplace. While the participation of women in the workplacehas been declining steadily over the past few decades, the outbreak of the COVID-19 pandemic has only exacerbated this situation, studies suggest.

A Delhi government-commissioned survey conducted by the Centre for Market Research and Social Development found that the pre-COVID unemployment rate among women was 25.6 percent. In fact, this increased to 54.7 percent by October-November 2020 compared with23.2 percent in the case of men.

Around 70 percent of women entrepreneurs surveyed by EdelGive said household chores were still their primary responsibility.

Women could make a significant contribution to the economy if they were given a level playing field. At present,womens contribution is only 18 percent compared to the global average of 37 percent. According to McKinsey Global Institute, India could add $770 billion to its GDP by 2025 if women had equal opportunities.

Women entrepreneurs (WE) especially played a significant role in the economy, generating 150-170 million jobs, which will account for more than a quarterof the new jobs required for the entire working-age population by 2030, a joint report by Bain & Company and Google titled, Entrepreneurship in India - Powering the economy with her' said.

However, women entrepreneurs also faced significant challenges, including gaps in financial knowledge and resources, marketing, production, technological, and socio-cultural hurdles, and discouragement by their own families in favour of more traditional jobs.

Speaking to SocialStory, Naghma Mulla, CEO ofEdelGive Foundation, says, We have to course-correct, and for course correction, they will have to be a systemic approach when multiple stakeholders come together.

EdelGive Foundation the philanthropic arm of Edelweiss Foundation is a grant-making organisation, which supports small to mid-sized grassroots non-government organisations working with vulnerable children, women, and communities.

The foundations UdyamStree initiative highlights the need to encourage women entrepreneurship through communication, collaboration, and a commitment to enabling and empowering women across India to become successful entrepreneurs.

A recent study by UdyamStree titled, Landscape Study on Women Entrepreneurship was a comprehensive survey across 13 states that focused on the challenges, impact on health, socio-economic security, and family wellbeing outcomes of women entrepreneurs.

However, the findings of the report pointed to several challenges. Around 70 percent of women entrepreneurs surveyed said household chores were still their primary responsibility. In fact, it was against their values to make their spouses or other family members pitch in.

The inability to expand their business was also down to the lack of time after taking care of their homes. Additionally, only less than 20 percent were confident of using public transport.

When asked if being financially independent has impacted domestic violence, 66 percent said there were no prior incidents to measure against. Of the remaining 34 percent of women who hinted that domestic violence existed, two-thirds felt it had either increased or not changed.

Families of all WEs across states acknowledged that they were consulted by the WE, and about two-third (65 percent) confirmed they were completely supportive of their idea of starting the enterprise.

The Landscape Study on Women Entrepreneurship was a comprehensive survey across 13 states that focused on the challenges, impact on health, socio-economic security, and family wellbeing outcomes of women entrepreneurs.

This again reflects how certain families may not be very comfortable about women working and contributing to the family income.

However, the good news was that with increased financial independence, 43 percent felt they could decide where they should get treated for illness, and 36 percent felt they had a say in the number of children they wanted to have.

Only one in seven WEs said that despite contributing to their family income, their status in the family has not changed.

What you're seeing in the report is something that was due a long time ago. Every year, we are seeing that financial independence goes a long way in making a woman stand on her own feet, access and understand her rights so that she protects what she earns, says Naghma, explaining EdelGives focus on issues around women, their subjugation, and economic empowerment.

Addressing the policies that exist around supporting women, Naghma feels India is ahead in the game.

Some of the most progressive laws and policies for women comes from India whether it's a Protection of Women from Domestic Violence Act or POSH (The Sexual Harassment of Women at WorkplaceAct 2013. [Prevention, Prohibition and Redressal]) or the MUDRA scheme. To our horror, we found that less than 11 percent of the women were even aware of these schemes, and barely one percent had availed them,she says.

The report recommends that different states conduct a meta-analysis to identify their specific needs, and design and implement relevant programmes, promote products from women entrepreneurs under a common brand with tax incentives, and impart soft-skills training, including accounting, HR management, and communication.

They should also implement awareness generation and community mobilisation initiatives for moral support and establish mentorship programmes at the local level to enable budding entrepreneurs to formalise their enterprise and expand.

She adds the foundation is hoping to build this momentum with the corporates to relook at their decision making to provide access to women to their infrastructure.

Unfortunately,women dropping off from the workforce or WEs shutting down their businesses, women have regressed to what they were a decade-and-a-half ago in terms of what they were able to do or earn.

If we get these things right, the possibilities that we see are significant because there's so much disruption. So we have to rebuild keeping this in mind. Over 120 million jobs can be created if this gender gap is bridged even by 25 percent. The gap is so large that even a small correction can go a long way to begin, she says.

Mentorship is key for both men and women and can differentiate moderate success from great success.

For women to be given a fair chance, there needs to be a comprehensive approach involving communities, stakeholders, access to markets, financial assistance to women, and mentorship.

Naghma believes mentorship is the key for both men and women and can differentiate moderate success from great success. Finally, the report indicates there has to be some amount of investment in upscaling.

For instance, the Self-Help Groups (SHGs), Naghma says, must be enabled on a larger scale for women to access markets and networks.

We've seen massive successes of SHGs, and there are some basic reasons. One of the reasons women are not able to access opportunities is intellectual isolation, an exclusion for decision making, and always second-guessing whether what she's doing is right or wrong. SHGs bring confidence building with an exchange of ideas. There's also an infusion of capital and a feeling that risk is being co-owned, she explains.

She adds that SHGs are rooted in the regional context. Therefore, decisions taken for their businesses are also very contextual to their lives.

A lot of the women-related solutions don't work because we are creating these brilliant structures without keeping our realities with all its diversity in mind. A woman from one state is urged to go out and make a living, while elsewhere may face the opposite situation. Both have subjugation and marginalisation, but if we don't understand where they're coming from, our solutions cannot be contextualised, and they wont work, she says.

If we want to redesign systems keeping women in mind, it must notbe just to have them enter but also to retain them. So, this is a very simplified version of what the report is talking about, she concludes.

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Strong Values, Goal-Based Planning, and Independence Draws Waddell & Reed Team With Nearly $200 Million in Assets to Ameriprise – Business Wire

Posted: at 11:27 pm

MINNEAPOLIS--(BUSINESS WIRE)--Crosstown Financial Advisors, a wealth management practice managing $192 million in client assets, joined the independent channel of Ameriprise Financial, LLC (NYSE: AMP) from Waddell & Reed. The team, which operates two office locations in Sugar Grove, Illinois and Lisle, Illinois, includes financial advisors Christopher Forbes, CFP, Thomas Morrissy, CFP, Kathleen Morrissy, CFP and David Servatius. When the sale of Waddell & Reed was announced in late 2020, the advisors felt it was in the best interest of their clients to do their due diligence on a variety of firms. They were looking for a values-driven partner that would provide independence, and robust succession planning expertise while enabling them to deliver a superior client experience grounded in goal-based financial planning. After evaluating the marketplace, they found that Ameriprise was the best fit.

Ameriprise gave us confidence that they would not only guide us through the transition process, but they would also support our future growth, said Forbes, who has over a decade of experience in the industry. The technology platform far exceeded our expectations. The integration of tools and capabilities makes it efficient for us to do business and seamlessly engage with clients whether were meeting face-to-face or screen-to-screen. Its a game changer that clients only need one login to see progress toward achieving their goals.

Thomas Morrissy, who plans to retire later this year after 30 years in the business, said about the decision to move, I have peace of mind that my clients will be in good hands. Ameriprise has a strong reputation for serving clients with integrity. I am assured that my fellow team members particularly my daughter, Kathleen are surrounded by leaders and corporate office experts who are ready and able to support their personal and practice growth.

Crosstown Financial Advisors is supported locally by senior field vice president Trish Moll.

Ameriprise has continued to attract experienced, productive advisors, with approximately 1,700 joining the firm in the last 5 years.1 To find out why experienced financial advisors are joining Ameriprise, visit ameriprise.com/why.

About Ameriprise Financial

At Ameriprise Financial, we have been helping people feel confident about their financial future for more than 125 years. With extensive advisory, asset management and insurance capabilities and a nationwide network of approximately 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.

Ameriprise Financial Services, LLC is an Equal Opportunity Employer.

Ameriprise Financial Services, LLC. Member FINRA and SIPC.

2021 Ameriprise Financial, Inc. All rights reserved.

1 Ameriprise Financial 2020 10-K.

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Whats the right way to financial planning? Find out – The Financial Express

Posted: at 11:27 pm

How to attain financial stability to meet different life stage goals?

What is Financial planning? Financial planning should ideally evaluate the best savings, credit, investment and protection mix to meet one financial milestone. Having said so, according to industry experts most people are usually not in line with their finances. Usually seen, people have huge debts, credit card dues, and not the proper line of savings and investments in place to meet their financial milestone.

What is balanced financial planning?

Financial experts say balanced financial planning is the key to financial stability.

Navin Chandani, MD and CEO, CRIF High Mark, says A good financial plan can help individuals achieve financial independence that is key for stability. It should factor in the risk appetite and evolving financial demands of a person and is a long term process.

He further adds, A balanced portfolio should proportionately distribute assets in growth and savings instruments through investments in various asset classes. In addition, if a person has taken a loan or uses a credit card, it is crucial that the EMI and credit card bills are paid on time. Hence, a holistic approach to savings, investment, insurance and credit utilisations is critical in financial planning.

How to attain financial stability to meet different life stage goals?

Experts say, financial needs of every individual evolve over time and one should plan accordingly. Chandani, adds It is important to chart these out across expenses such as higher education, leisure, wedding, child care, starting ones own venture or even early retirement. Availing loans for meeting some financial requirements not only helps in systematic financial planning but also helps in tax management and parking aside savings for better investment avenues.

Here is how you can bring financial stability;

Discipline is the key Begin early and make it a habit to set aside a portion of monthly income in a savings instrument. Stick to the budget Create a monthly budget by analyzing all the expenditures and adhering to a strict spending plan. Chandani says, Its the most effective way to keep bills paid and savings on track. Keep a check Take advantage of credit options that are tailored to an individuals repayment capability. Track credit reports on a regular basis to keep a track of financial standing. Dont be late Make good use of credit cards and make sure payments are made on time. Work smart Experts believe it is better to invest in income-generating investments that are expected to appreciate in value over time. Create a balance Ascertain that portfolio is well-balanced, using the right asset allocation strategy and a good mix of secured and unsecured loans for suited financial goals. Prevention is better than cure Create an emergency fund apart from daily investments to cover unexpected expenses, ensuring that savings are never depleted. Chandani says, An emergency fund can also be used to pay off an EMI and prevent defaults. Additionally, take health and term insurance, to help you stay protected during a crisis. Maintain a good credit score It will assist an individual in obtaining the best credit opportunities at any point in life.

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Coinseed moved all of its clients’ assets into dogecoin without telling them, new report says – Markets Insider

Posted: at 11:27 pm

Dogecoin was started as a joke in 2013.

Yuriko Nakao/Getty Images

New York Attorney General Letitia James on May 6 took legal action to halt operations of cryptocurrency trading platform Coinseed.

The state AG alleges that Coinseed allocated investors' money into dogecoin without permission.

Per the filing first viewed by Bloomberg, Coinseed on April 16 converted all investor assets into bitcoin "without notice or authorization" and disabled all functionality in the application, so that they will not be able to withdraw their money.

In the evening of the same day, Coinseed traded the bitcoins for dogecoin, described as "an extremely volatile virtual currency" in the filing, and which at that time was experiencing a sharp selloff.

"[The Office of Attorney General] has received dozens of complaints from investors describing that [Coinseed] conducted these unauthorized trades and transferred all investor assets into dogecoin," the filing said.

An example of an investor complaint on April 17 was included. The investor alleged that Coinseed transferred all his cryptocurrency to dogecoin without his permission and blocked his ability to withdraw his money. From a $20,000 balance the night before, he said the transfer to dogecoin immediately dropped his balance to $7,000.

Read more: Real-estate investor Brandon Turner owns 1,500 units and achieved financial independence by age 27. He shares 6 steps for buying a first rental property within 3 months.

Four other complaints followed a similar narrative.

"Unregulated and fraudulent virtual currency trading platforms have no place in New York," the Attorney General said in a statement.

She continued: "Three months ago, we filed this case against Coinseed and its executives alleging that they violated New York state laws and illegally squandered investors' monies. However, in the months since we filed our suit, the greed perpetrated by Coinseed and its CEO has not only continued but grown."

In February, the office of James filed a lawsuit against Coinseed and its two top executives.

At that time, James accused Coinseed of defrauding investors out of more than $1 million via undisclosed fees and through the sale of "worthless" CSD tokens. CSD tokens were Coinseed's own cryptocurrency.

But in the last month, dogecoin has had a stellar performance. It is up more than 70% since the middle of April and is now the fifth-largest cryptocurrency by market capitalization according to CoinGecko. It may also be enjoying institutional backing soon.

Tesla chief executive Elon Musk tweeted a poll Tuesday asking if his followers want Tesla to accept the cryptocurrency as payment.

Still, James has alleged in her filing that Coinseed has "drained both bank and virtual currency accounts that held investor deposits and moved investor assets overseas."

The AG said that in the nearly three months since James filed her lawsuit, they received over 130 complaints from investors regarding Coinseed's conduct.

The Office has therefore asked the court to issue a temporary restraining order and a preliminary injunction. They have also asked the court to appoint a receiver to oversee all assets in an effort to safeguard investments as the lawsuit proceeds.

Coinseed CEO Delger Davaasambuu, however, told The Block that the complaints were "full of false accusations." The CEO maintained that Coinseed left New York in 2019 and has not accepted any users from New York since 2018.

As the meme cryptocurrency with the Shiba Inu as its mascot skyrocketed an astronomical 10,000% year-to-date, more and more people are jumping in.

A report published by the blockchain intelligence provider TRM Labs on Monday detailed how fraudsters manipulated Musk's dogecoin promotion during his anticipated hosting of the iconic Saturday Night Live Show on May 8 and pocketed dogecoin worth $5 million.

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Struggling to create a financial plan? Here are a few tips – IOL

Posted: at 11:27 pm

By Opinion May 10, 2021

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According to Colin Long, a Director and Advisory Partner at Consolidated Wealth, very few South Africans can afford their lifestyles. Being financially free means that you have enough savings, investments and cash to afford the lifestyle that you want for yourself and your family, Colin explains. And the truth is that most South Africans suffer from stuffitis. We buy things we dont need with money we dont have to impress people we dont like.

The result is that many of us live with more debt than we can afford and we become hamsters on a wheel, working harder and harder to maintain momentum because if we slow down, we will be unable to maintain our lifestyles.

Treasury estimates that only 6% of South Africans will retire on a livable income. These findings are based on a survey of more than 15 million economically active people with a monthly income of over R8 000. Thats really concerning as it confirms that debt is a national issue, a very real problem across our entire society, Colin reports.

But how do you achieve financial freedom? Colin recommends a five-step process that will give you the structure you need.

1. Start a Budget

The first step towards financial independence is setting a budget. Be ruthless and separate your needs from your wants. Include all your regular spending such as your bond or rental costs, utilities, credit card bills and other loans as well as your groceries and school fees. Its possible that you are spending more than you are making, so you will have to figure out where you can cut back. Once youve got a realistic budget in place, stick to it.

2. Pay off your small debts first

List all your debts from the largest to the smallest and include the interest you are paying for each. Now make a plan to pay off the smallest debt first and then tackle the next smallest debt and then the next. It may seem strange that you pay off your smallest debt first but this will give you a psychological win that will keep you on track.

3. Create a Financial Plan

Once youve got your budget and your debt is under control, its time to speak to a financial planner. Their first goal will be to put together a plan that protects your income and provides cover for your family should you fall ill or pass away. This will include medical aid, gap cover and life and disability cover. Make sure you are working with a Certified Financial Planning Professional (CFP) as this will ensure you will get good financial advice.

4. Draw up a Will

Your next step is to draw up your will. If anything happens to you, this will help your family as there is a clear set of guidelines about how your assets should be distributed.

5. Start saving for your Retirement

With everything in place, you can now start working with your financial planner on your retirement plan. Ideally, you should consider saving 10 to 15% of your income for retirement and your adviser will tailor a plan thats attuned to your circumstances. They will meet with you regularly to ensure that your plan is on track and make any necessary adjustments should your circumstances change.

Now you have some direction, its time to start putting your financial plans in place. These five steps will help you develop a solid structure that will put you on the track to true financial freedom so that you are better able to provide for your family and yourself, not to mention the awesome feeling of being debt-free.

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