Monthly Archives: March 2022

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You dont need an astronomical salary to retire early.

What you do need is a clear strategy on how to pull from retirement accounts without leaving money on the table. In fact, the way you leverage your IRA or 401(k) as you pursue FIRE (Financial Independence, Retire Early) status could make or break your personal finance goals.

I have seen people achieve a FIRE lifestyle when each member of the partnership makes $45,000 to $50,000 a year, says Cait Howerton, a certified financial planner (CFP) with Facet Wealth, a firm dedicated to unbiased, conflict-free financial planning.

As you inch closer to financial independence, youll eventually want to make withdrawals from your IRA or 401(k). If youre under the age of 59 , however, this action comes with notoriously hefty penalties that can leave thousands of dollars on the table and throw off your freedom number (the amount of wealth you need to retire early) completely.

Here are your options and how to proceed if accessing retirement funds early is on your mind.

Proponents of FIRE aim to retire years or even decades ahead of schedule. But there are other scenarios in which you may want to tap into your retirement accounts sooner than expected: Financial hardship, big career pivots, or self-funding the launch of a new business are common reasons to dip into these accounts.

Whatever your situation may be, its good to be aware of what financial planners call retirement fund diversification. Your long-term savings plans usually fall into one of three buckets:

To achieve FIRE, Howerton says, folks in lower salary tax brackets do focus on cutting expenses as much as possible. But they also employ investing strategies that can help anyone tap retirement accounts early without resorting to extremes.

Retirement accounts are important for achieving financial freedom, but many people delay setting up a strategy until its too late. Maximize your savings across taxable, tax-deferred and tax-free accounts to set yourself up for whatever surprises and opportunities come your way.

One couple Took advantage of maxing out one of the partners 401(k)s, says Howerton. Then they took advantage of contributing to Roth IRAs and putting money into brokerage accounts so that they had tax diversification.

Dawn Dahlby, a CFP and behavioral financial advisor, agrees. Diversification creates a ton of flexibility for the pre-retiree, and it helps balance tax ramifications throughout your life.

So what accounts should you tap, and in what order? Heres the pecking order that will help you maximize your savings.

Roth IRAs have the most restrictive contribution limits. In addition to the income ceilings mentioned above, the maximum annual contribution for a Roth is $6,000 per year ($7,000/year if youre age 50 or older). But if you plan ahead, you can use these accounts to withdraw money completely tax-free.

The workaround here is to be aware of Roth conversions. In a Roth conversion, you can move money from a tax-deferred retirement account, like a Traditional IRA or 401(k), into your Roth account. There are no income or contribution limits on Roth conversions.

Youll have to pay taxes on the amount you move between accounts, but you wont pay early withdrawal penalties (And you would have had to pay tax on this money anyway, since the contributions were pre-tax). This money can then grow tax-free in your Roth account, and you can withdraw it after a five-year waiting period without penalty.

Because a Roth conversion is a taxable event one that not only raises your taxable income, but could also bump you up into a higher tax bracket you may want to split the move into multiple conversions over several years.

This is known as a Roth conversion ladder, and its a fantastic way to maximize savings while also pursuing your FIRE aspirations. The Roth conversion ladder is an example of how strategic savings and tax planning can get you to your retirement goals faster.

Maximize your tax-free income over time, says Janet Galloway, a CFP with B&B Strategic Management. Lets pay what we legally have to, but not pay more than we actually have to.

Roth conversion ladders have several steps and require careful planning with a financial expert. For example, the five-year waiting period applies to each conversion, so youre limited on when you can withdraw funds from your Roth accounts based on when and how you opened them. A financial planner can help you determine how much youll need each year in retirement before 59 1/2 and set up a strategy to make sure you have access to the funds you need at the lowest cost possible.

A Roth conversion ladder is a multi-year strategy that can save you thousands or even tens of thousands of dollars in the long run. As Dahlby points out, though, theres an opportunity cost to withdrawing funds from a Roth IRA early: Missing out on tax-free gains.

In a perfect world, we dont like people to take money from their tax-free accounts, she explains. We put clients most aggressive investments in the Roth because they grow [tax-free]. She recommends first tapping taxable accounts, such as an investment account with a brokerage, because they dont come with penalties or limitations. Additionally, the capital gains taxes youll pay are lower than the income taxes youd pay on traditional retirement accounts.

After that, it becomes about weighing the cost of an early withdrawal penalty from your tax-deferred accounts against the opportunity costs of pulling from a Roth account.

Just pulling from your Roth right away might not always be the best idea, says Dahlby.

A traditional 401(k) the most common retirement plan available through an employer comes with plenty of options for pulling your money out early in case you need it. These options come with major drawbacks.

Withdrawing money from a 401(k) before youre 59 1/2 years of age comes with a 10% penalty in most cases. The penalty is tacked onto your tax bill for the year on top of the income tax youll owe on your withdrawal. The IRS makes exceptions to this penalty: You can withdraw due to financial hardship, take out a 401(k) loan if the plan allows it, or take distributions if you leave your job at 55 or older.

Youre robbing Peter to pay Paul, says Galloway. Youre taking away from your retirement lifestyle to fund your current lifestyle.

However, as Dahlby says, you have to weigh this penalty against the potential gains youd forgo by withdrawing early from a tax-free account.

Paying a 10% penalty might not be the end of the world, she says. Sometimes paying the 10% penalty isnt as bad as you think it is for having the opportunity to get access to those funds.

The most important thing you can do especially if you have the advantage of starting early is give yourself options. Dont rely on one type of long-term savings account; it might not meet your needs down the road.

Life changes every three to five years, Dahlby suggests. So its never too early to plan.

If you find yourself forced to stop working early or suddenly become able to because of a windfall having both taxable and tax-free accounts to tap into without penalty could help you maintain your lifestyle in early retirement. Work with a financial planner to understand your options, and use your available resources strategically.

We live in an uncertain world, says Dahlby. Our goals and plans change constantly. You want to be able to pull different levers and pull different money from different buckets based on whats going on.

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Curious About FIRE? Heres How to Set Up Your Retirement Accounts Now to Avoid Hefty Penalties Later, According to Experts - NextAdvisor

Larimores philosophies investing and life

Larimore told me the keys to financial independence are to live below your means, save regularly, keep costs and taxes low, avoid large mistakes, keep things simple and stay the course.Larimore said the three biggest mistakes people make are:

Indeed, Larimores most recent book,The Bogleheads Guide to the Three-Fund Portfolios, shows how a simple portfolio of three total market index funds outperforms most investors with less risk.

The three-fund portfolio is simply:

Total, in this case, means owning large, midsized and small company stocks. The S&P 500, for example, is a large-company stock index of 500 companies. A total stock U.S. market index is a broad-based index of U.S. stocks, big, midsized and small, including more than 4,000 company stocks.

Larimore said that the main values of total market index funds are their low costs, low taxes, great diversification and simplicity. With just those three funds, adjusted to your desired mix of stocks and bonds that suit your goals and your appetite for risk, you can own virtually every publicly held company on the planet and the vast majority of U.S. investment-grade bonds. As part of his never-ending desire to give back, Larimore has donated 100 percent of his royalties to the John C. Bogle Center for Financial Literacy (I am a past board member).

I asked Larimore the single most important piece of advice he had for seniors and he said, Keep what youve got. This means dont take unnecessary risks. If you lose 25 percent of your portfolio, youll need to earn about 33 percent just to get back even.

Even more than his financial philosophies, what I admire most about Larimore are his views on life. He told me he thought his key to longevity and vitality could be that he seldom worries. I was a young paratrooper in World War II where I saw the horrors of war, he said. After the war, I flew around the world, visiting many poor countries where I saw terrible poverty. These two events made me very grateful to be an American from a loving family. Compared to others, I realize, deep down, that I am foolish to worry about myself.

I think Im going to focus on his life lesson and worry less about the small stuff; it has certainly worked for Larimore. As Morningstars Christine Benz told me, Taylor is an inspiration in how to live well. I couldnt agree more.

Unsurprisingly, Larimore has no shortage of admirers. I was honored to be one of more than 100 people from across the country and world who attended his 98th virtual birthday party, organized by the South Florida and Tampa Bay Bogleheads chapter coordinators. For roughly 90 minutes, we gave our tributes to this great man and shared what we learned from him. In my tribute, I thanked him for helping so many people achieve their financial freedom.

If you would like to learn more about Larimore and the wisdom he has offered over the years, you can go to Bogleheads.org and check out the more than 55,000 posts he has contributed. If you want some information on a specific topic on investing or personal finance from people not trying to sell you anything, simply type the subject into the search engine. With 116,000-plus members who have made more than 6.4 million posts on over 334,000 topics, the odds are good that there will be something for you. And you do not have to be a member to read these posts.

Thank you to all of the volunteers for the community theyve created and the countless hours theyve given to help people across the world achieve their financial freedom. And thank you, Taylor, for all you have done and continue to do. We look forward to your 99th birthday party and many more.

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Investing Lessons From Taylor Larimores 98 Years of Wisdom - AARP

NEW YORK--(BUSINESS WIRE)--Carefull, the first digital platform built to protect the daily finances of older adults, today announced a pilot program with Nationwide and their Innovation team, leveraging access to Carefulls safe money monitoring technology.

In using its technology to support the 45 million U.S. adults who coordinate and protect daily finances for an older parent, Carefull will join Nationwides broader effort to offer on-demand solutions for the uncharted territory often navigated by its members who are actively caring for an aging loved one.

The Nationwide team knows that supporting caregivers and older adults in this environment means more than educational pamphlets; it means offering customers industry-leading monitoring, family communication and identity protection technology, said Todd Rovak, a Carefull co-founder. We now know that financial caregiving is as much as a 20-year need, so its fantastic to see Nationwide offer the latest technologies and step up with a system that empowers both older adults and those who support them.

Carefulls artificial intelligence platform will help participating Nationwide caregivers by analyzing checking, savings and credit card accounts for more than 30 issues that can affect finances of older adults, such as late or missed payments, behavior change and mistakes, unusual banking activity, cash transfers and charitable contributions that unknowingly recur. Users of the technologyincluding seniors, select family members and caregivers who support themcan receive notifications if any fraud or issues are detected.

Nationwide hopes to support and augment the efforts of financial caregivers while enabling their aging family members to better maintain daily financial independence. Going beyond typical monitoring, the Carefull service will also enable robust communication among family members who are involved in the financial safeguarding process.

"We are always looking for ways to provide extraordinary care to our members and we think teaming up with Carefull is a great way to help us deliver on our Nationwide promise. Being able to do more for our members during their caregiving journey is what we are most excited to lean into and improve, said Bobbi Jo Allan, vice president of digital product management & innovation at Nationwide.

Participating Nationwide customers can use the Carefull service for financial accounts and credit and identity monitoring, and also gain access to Carefull's financial independence tools, advice and content on the Take Care blog, Financial Independence Guide, and Financial Caregiving Roadmap.

About Carefull

Carefull is the first digital platform built to protect the daily finances of older adults, along with the 45 million U.S. adults managing the daily finances of an older loved one. Founded in 2019, Carefull's technology integrates senior-specific financial monitoring, identity theft protection, communication, and how-to content, replacing the ad hoc paper pile, spreadsheets, bill stack and hold music that today greets adults caring for someone else's money. Carefull believes that creating safer, smarter tools for financial caregiving isn't only about money. It's about relentlessly simplifying the awkward tangle that happens when money and family come together. For more information visit http://www.getcarefull.com.

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Carefull and Nationwide Team Up to Support Financial Caregivers - Business Wire

By Dr. Erik Hofmeister, Guest Writer

My wife and I hit our financial independence (FI) target number this summer, in our early 40s. We are both professional academics and are currently renting, and we will continue to rent until we actually retireat which point we will move into one of our current investment properties. I am often struck by peoples obsession with owning a home. We owned a home for 15 years, and it was a wonderful experience for that time in our lives. But owning a home should not be universally equivalent with financial success.

Here are seven reasons renting can be much better than owning. Residents, in particular, take heed.

Everyone thinks renting is throwing money down the drain compared to owning. You know whats throwing money down the drain? Buying over $10,000 of stuff the first few months of owning my first house, which rapidly depreciated. Lawnmower, toolset, dining room table, new paint, hedge trimmers. It was ridiculous. A lot of people just look at the mortgage rate per month and compare it with the rental rate. Obviously, you need to add taxes and insurance. And then all the other stuff.

Theres a reason that investment property owners tend to assume that about 45% of the rent will go to expenses. There are a lot of expenses of owning a home separate from the mortgage, taxes, and insurance. A new AC unit, a new refrigerator, dealing with flooding. Theres always something going wrong when you own a house. When we sold our first house, it was an incredible relief. I was constantly worried something serious would happen that would be expensive to repair.

This is different from #1 because it depends on the market. We currently live in a college town that also happens to have an incredible school district. This means that buying a house is fairly expensive because all of the faculty want to be in the city limits so their kids can go to a good school. Simultaneously, renting is relatively inexpensive, because the student population keeps rental prices down.

There are many markets like this around the country (and the world). The Bay Area, Toronto, New York City, and Seattle come to mind. Youre actually better off renting and investing the savings. Its just too expensive to buy a house.

Not only do you not have to buy the toolset if you rent, but you dont have to do the work! Just call up the rental company, and it's taken care of. On a website where people regularly discuss the cost of something that saves them time (hiring landscapers, cleaners, etc.), I am surprised people dont calculate the value of the time they spend taking care of their house. Maybe they hire out those things, as well.

How is your experience hiring a contractor to do a $50 job? Mine is abysmal. They rarely actually show up and then you have to check them to make sure its actually done. I dont even have to be home for the rental company maintenance to come take care of something. It has been literally life-changing to not have to take care of home maintenance and repairs personally. I hated cutting the grass (to the tune of two hours), and the cost for paying someone else was far more than I thought it was worth. Maybe I could have found a neighborhood kid, but I would still need to get fuel for the lawnmower and do its maintenance. At my rental, its just . . . all taken care of.

I really enjoy walking to work. Ive been doing so regularly for the past three years, and I cannot imagine ever again living somewhere I couldnt walk to work. You know whats not within walking distance of my current workplace? Single-family homes or townhouses. There are some small condos, lots of mobile homes, and some fancy student apartments. So, if I want to walk, Im either renting or buying something I dont really want.

Maybe your thing is being on the water. Maybe its having a pool you dont need to maintain. I loved living in apartments in Phoenix and always having access to a pool that I didnt need to think about maintaining. Maybe its being around people (or away from people). There are dozens of reasons why a certain location may be better to rent than buy.

Everyone seems to hand-wave this away. Yeah, yeah, you have to own it for more than five years because of transaction costs. But think about the math on this. The realtor takes 6% of the gross sale. You usually have to pay a lawyer and lots of little fees like title searching. There are potentially other transaction costs, though.

Depending on your circumstances, you may move into your new place before you can sell your old one. You would have to pay for both locations. Although this is possible if youre renting (its happened to me twice), its usually a lot easier to leave a rental than to sell a house.

Some houses you may sell as-is, but you should expect to get a lower offer if you do so. You may need to do painting and other cosmetic repairs. You may need to roust vermin from your attic or under your porch (armadillos are surprisingly pernicious). You can DIY, saving money but costing you time and hassle. Or you can hire others, often at exorbitant rates. (Guess how much youll be charged to get rid of an armadillo. Triple that and you may be close to right.)

A key principle of successful financial management is to limit your downsidehow much you might lose in a transaction. Theres a reason the term money pit exists for houses. Pretty much every house has hidden problems that can blossom into serious catastrophes. If you own, youre on the hook for anything that happens. If you rent, the worst they can do is take your deposit and possibly bill you for damages you caused (e.g. carpet replacement due to cat urine). There is substantially less risk to your finances if you rent rather than own.

For a blog dedicated to people being financially free, Im curious why so many are excited with the idea of being bound to a house. I suppose you could theoretically walk away and stop paying the mortgage, but that has significant consequences. If you walk away from your rental, the worst thing that happens is you pay the rent until the lease runs out. More importantly, you have a lease. You KNOW when you can get out. In planning for an early retirement, it is nice to know that we can plan our transition away from this house at the exact same time we transition away from work.

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When to Rent vs. Buy a Home

Owning a house can sometimes be good. I tell the vet students to whom I teach personal finances that if they really want to dig up the backyard and fill it with rocks, yes, you need to own a house. If they want to knock down walls and install a walk-in shower, they need to own. But renting has many benefits and I think everyone assumes that, once your finances are set, you should buy. I am here to tell you: you can be FI but be perfectly happy renting.

If you include it in your retirement budget, it can be just like health insurance, food, travel, or any other expense. Run the numbers, consider the intangibles, and dont let anyone else tell you what you should do with your housing.

Do you agree? What other benefits have you experienced by renting instead of buying during your residence? Comment below!

[Editor's Note: Dr. Erik Hofmeister is a Professor of Veterinary Anesthesia at Auburn University and blogs about veterinary academics at vetducator.com. This article was submitted and approved according to our Guest Post Policy. We have no financial relationship.]

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Is Renting Better Than Buying? We Think So. - The White Coat Investor

A key part of your retirement financial plan may be based on a faulty assumption.

Im referring to whether youll save and invest more for your retirement after your children become financially independent. Thats when your earning power is likely to be the highest it will ever be and you have the potential to make major contributions to your 401(k) or IRA. In addition, by earning all you can, you postpone further into the future the time when you have to start withdrawing from your retirement portfolio.

Many financial plans are based on the assumption that you will make those large contributions and postpone retirement withdrawals as long as possible. But researchers have failed to find strong statistical support for this assumption. While the data show that households do in fact decrease their spending after their kids become financially independent, their savings and investments dont show a corresponding increase. If households are spending less but not saving and investing more, wheres the money going?

A new study from Boston Colleges Center for Retirement Research (CRR) set out to tackle this question. Entitled Do Households Save More When the Kids Leave?, the study was written by Andrew Biggs, a senior fellow at the American Enterprise Institute; Anqi Chen, a research economist and the assistant director of savings research at CRR; and Alicia Munnell, director of the CRR.

The researchers focused on data from the Health and Retirement Study (HRS) from the University of Michigan. The HRS, which is conducted every two years, is perhaps the most comprehensive examination available of attitudes toward retirement; it is based on a survey of around 20,000 Americans over the age of 50. After consideringand ultimately rejectingseveral other possible answers to the question wheres the money going?, the researchers arrived at a tentative answer: Parents are choosing to work less after their children become financially independent. That explains how it can be true that both household consumption and savings/investing decline.

How much less are parents choosing to work? The accompanying chart provides an answer. On average, according to the researchers, the hours worked per week stand at 53 or higher in the years immediately prior to their children becoming financially independent. This steadily drops in the subsequent years, and by the sixth post-independence year the average stands at around 37. (These numbers not only reflect averages across many different households, but across different definitions of when children achieve financial independence.)

Not necessarily irrational

I hasten to add that it isnt necessarily irrational for parents to work less after their kids leave home. It doesnt automatically make sense for them to continue knocking themselves out working in order to save and invest for a retirement that is uncertain. As economists teach us, when uncertainty is higher we need to discount the future at a greater rate when calculating its present value. A near-retiree who views the future as particularly uncertain may be entirely rational in not saving and investing as much as financial planners traditionally recommend.

Theres another reason why its not necessarily irrational for parents to work less after their kids leave home: Leisure time when youre younger can be more valuable than the equivalent amount of leisure time when youre much older. A retiree in her late 60s might very well enjoy travel a lot more than when shes in her 80s, for example.

These all are highly personal considerations, of course. But what would be irrational is for you to base your retirement financial security on the assumption that your savings rate and investments will rise significantly after your children become financially independentand then not to follow through. In that event youre setting yourself up for a rude awakening once you do retire.

The key, in other words, is to be realistic. If you want to work, save and invest less after your kids become financially independent, then make sure that is accurately reflected in your retirement financial plan.

Mark Hulbert is a regular contributor to MarketWatch. His Hulbert Ratings tracks investment newsletters that pay a flat fee to be audited. He can be reached at mark@hulbertratings.com.

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What happens when the kids leave home? - MarketWatch

SAN FRANCISCO--(BUSINESS WIRE)--Three out of four U.S. workers (75%) are facing at least one source of major financial stress1 and more than half (51%) felt more stressed about their finances in 2021 than ever before,2 according to new research published today by SoFi at Work a leading holistic, financial well-being and education assistance benefits Partner to more than 1,000 organizations and Workplace Intelligence, an HR research and advisory firm. As a result of this increased stress, employees are pivoting their personal and professional lives with some taking on second, part-time jobs (25%), while others opt to carry higher credit card debt (25%), or tap into retirement savings (19%)3 and employees are spending a weekly average of 9.2 hours4 on their personal finances, while at work.

But theres widespread optimism across the workforce that 2022 will be a year of positive change when it comes to personal finance progress, with more than 9/10 (91%) of employees confirming theyve committed to improving their financial well-being by setting financial goals for 2022.5 Perhaps even more important is the increased budget that 75% of employers plan to put toward financial well-being benefits programs within the next two years6 in order to ensure employees have the tools they need to reach those goals.

SoFi conducted the study which was based on 1,600 responses from 800 HR business leaders and 800 full-time employed workers from across industries, locations, and job types to understand what role financial well-being plays (or could play) in employees' work-life, and to help employers gauge how certain benefits such as employer contributions toward student loan debt, financial literacy tools, emergency savings account access, and more might impact the broader business and employee experience at their organizations.

The findings revealed that improving employees financial well-being could have a ripple effect in driving increased worker productivity (86%), desire to stay with their employer (86%), job satisfaction and engagement at work (84%), ability to focus (84%), as well as improved mental (84%) and physical (80%) health.7

The report also revealed less obvious, but equally impactful, areas where employers have an opportunity to provide more holistic financial well-being support for employees whether thats through comprehensive education assistance programs, or more cutting-edge integrations that employees across industries are expressing interest in like the option to receive performance rewards in the form of NFTs (42%) or be paid in cryptocurrency (36%).

Other key trends and supporting data points from the new report, The Future of Workplace Financial Well-Being, which can be downloaded here include:

SUPPORTING QUOTES

Todays business leaders are facing a daunting set of growing concerns around some of the biggest business challenges in recent history, like talent scarcity, increasing concerns around the impact of rising inflation on compensation (67%),8 and others, said Jennifer Nuckles, EVP and Group Business Unit Leader, SoFi. With this, its important to realize that there are other levers employers can and should pull to add value. One size does not fit all when it comes to financial well-being and financial education. The research we published today provides employers with actionable insights and forward-looking perspectives on employee expectations to help provide a roadmap for the future of workplace financial well-being.

Offering financial well-being benefits isnt just the right thing to do its also a critical way to boost employee engagement and productivity, said Dan Schawbel, Managing Partner, Workplace Intelligence. But peoples preferences are quickly evolving, and the companies who can adapt quickly are the ones that will come out on top in the war for talent.

METHODOLOGY

Research findings are based on a survey conducted by Workplace Intelligence and SoFi at Work in the U.S. between December 2129, 2021. For this survey, 1,600 HR leaders and employees were asked questions about financial well-being, financial literacy, and financial benefits. The study targeted full-time employees between 18 and 74 years of age. Respondents were invited to take part via email and were provided with a small monetary incentive for doing so.

ABOUT SOFI

SoFi (NASDAQ: SOFI) is an all-in-one digital personal finance company that helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our three and a half million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including access to career advisors and certified financial planners, as well as connection to a thriving community of ambitious people. SoFi owns and operates Galileo Financial Technologies, a platform bringing investment and lending products to the financial services ecosystem and its partners, and Technisys, a leading cloud-native, digital multi-product core banking platform, as independent companies. SoFi is a Bank Holding Company and operates its bank subsidiary as SoFi Bank, National Association. SoFi is the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

ABOUT WORKPLACE INTELLIGENCE

Workplace Intelligence, LLC is an HR research and advisory firm helping leaders adapt to trends, drive performance, and prepare for the future. Our mission is to create more intelligent workplaces using data-based insights. For more information go to our website and subscribe to our LinkedIn newsletter.

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Advisory services are offered through SoFi Wealth LLC, an SEC-Registered Investment Adviser. Information about SoFi Wealths advisory operations, services, and fees is set forth in SoFi Wealths current Form ADV Part 2 (Brochure), a copy of which is available upon request and at http://www.adviserinfo.sec.gov.

SoFi at Work is offered by Social Finance, Inc. SoFi loans are offered by SoFi Lending Corp. or an affiliate, licensed by the Department of Financial Protection and Innovation under the California Financing Law, license #6054612; NMLS #1121636 (www.nmlsconsumeraccess.org). The Student Debt Navigator tool and 529 Savings and Selection tool are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser. For additional product-specific legal and licensing information, see SoFi.com/legal. 2750 E. Cottonwood Parkway #300 Cottonwood Heights, UT 84121.

2022 Social Finance, Inc. All rights reserved. Information as of April 2022 and is subject to change.

Social Finance Inc. values your privacy and the security of your personal information so please do not include your Social Security number in any email or letter that you send to us.

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1,2,3,4,5,6,7 The Future of Workplace Financial Well-Being, SoFi at Work, March 20228 Cost of Living Adjustment (COLA) Survey, Salary.com, March 2022

SOFI-F

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SoFi at Work Study Reveals Three in Four Workers Are Stressed About Financial Issues, Spending 9+ Working Hours Per Week Dealing With Personal...

CEO Wes Paul discusses real American success story as an inspiration and blueprint for others

FT. LAUDERDALE, Fla., March 28, 2022 /PRNewswire/ -- Blueprint Mastermind began releasing episodes of a new serial podcast to support its ongoing mission to help educate and provide clients the tools needed to craft brighter financial futures. Speaking on various topics related to financial independence, Wes Paul explains how pursuing the American Dream starts with understanding how to build a solid credit foundation. Since Paul moved from being an out-of-work service employee to an educated financial professional with a thriving business in just three short years.

Wes Paul discussed his background and Blueprint Mastermind's educational goals:

"We hear all the time that financial success is about working hard and having a dream, then making that dream happen. And while that sounds great on a t-shirt, the reality is never that simple. America is still the land of opportunity, but two things are absolutely certain in this economy: If you're rich to begin with, most doors are already wide open to you. And if you're not rich, you have to open those doors up yourself. You do so in two ways: by cultivating relationships and getting a financial education. This is just one of the many topics we discuss on the podcast. We always try to keep the information real and accessible to our clients, because they absolutely need solutions they can leverage immediately."

"If you're going to teach people how to start walking the road toward some version of financial success, experience is the best guide. And I have plenty of it. Right before the pandemic, I worked as a server. I lived a little extra when I was single and I was accustomed to working hard, assisting customers; that was my life before, and it became my training ground. It paid my bills and helped keep me afloat. But then COVID-19 happened and our business basically closed laying me and many others off. I had about two grand left to my name and a new baby on the way. So, I was ultimately left without a choice. I had to take a risk and enroll myself in some financial literacy courses."

Story continues

Blueprint Mastermind: Financial Independence Starts with Education

"In just a few months, I learned how credit worked and started a business with friends and family as my first clients. I built a team of skilled folks who could offer a wider range of assistance, each providing their own special expertise. And over the course of three years, my very first company, "Uptrend Credit Solutions," was born.

"My team is the heart of it: I could never have made it without them. But though the journey was tough, I ended that startup year with a total of 1000 clients and sales in excess of $500,000 which was amazing. There were times when I felt despair because I had to repeatedly fail just to see how success works. But as my business started building momentum, I started generating new leads and formulating an overarching business strategy. My life is now completely transformed all due to the power of financial education and relationships. These are the types of skills I routinely provide to my clients and discuss during the podcast."

For the latest strategies and free tips on credit-repair, or updates on new podcasts and products as they are released, follow Uptrend on social media: Facebook, Instagram, YouTube, LinkedIn.

About Uptrend Credit Solutions

Uptrend is transitioning to become a fintech platform that specializes in providing in-depth credit monitoring and education to help underserved individuals and communities understand their options. Uptrend has always believed that anyone can achieve financial freedom by leveraging credit, through the power of education and financial literacy. The path to a brighter financial future begins with good credit. Uptrend can help. Fully licensed, insured, and accredited by the BBB, learn more at: http://www.UptrendCredit.com.

Although the first business that I created was Uptrend Credit Solutions and Uptrend business, I have always thought to create a worldwide blueprint organization which focuses on financial literacy; to become a role model for people like me that even with empty pockets, I was able to build my business. I wanted to create a space in which people can connect and create inspiration by sharing their personal blueprint.

Media Contact: Wes Paul, CEO and Founder+1 (833) 425-0355 x110 332190@email4pr.com

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Blueprint Mastermind Presents New Educational Podcast as Part of Ongoing Mission to Help Clients Build Financial Literacy Foundation - Yahoo Finance

Okay, its true. Theres a magic number that can help you achieve financial independence, and even quit your job to retire early. But its not what you think.

Youll sometimes see numbers thrown around of how much you need to retire comfortably. A million. Two million. Three, just to be sure. Wanting to retire early? Better make it four million, so that you dont ever run out. Sure, why not?

Except Im not an Auckland home. Im just not worth that much, and I dont know if I ever will be. Am I going to let that stop me working towards financial independence? No.

Because all of those goal numbers are irrelevant. Theyre not the magic number that will actually help us.

Whats important is not a dollar figure that we can pretend applies to everyone. One size does not fit all when it comes to money. Instead, what we want is a plan snugly fitted to you and your life, goals and values. Something that gives you what you need, what makes you happy, and doesnt waste your time on anything more.

READ: Financial Strategist Hannah McQueen On How To Save Money The Smart Way

So if you want financial independence, the first thing you need to think about is what you want in life. Then you need to do just the smallest, simplest bit of maths.

How much does it cost you to keep a roof over your head? What are the things in your life that make you truly content, and how much does it cost to keep them in your life? Most importantly, what do these things cost you in a year?

This is the magic number your own magic number, unique to you. Then just a little bit of maths. You multiply that yearly number by 25.

If you have a nest egg that size, invested into the right mix of shares and bonds, you should be able to live off it for decades.

You can take out four per cent of the nest egg each year, which gives you the yearly figure you added up before.

That 4 per cent of spending is the other magic number that makes everything work for you. Because your investments are still growing and working for you, you can pay for everything you need and want in a year, but you shouldnt run out of money for decades; if ever.

It sounds absurdly simple, doesnt it? Except the problem is, that 25x figure might look enormous. You might have quickly added up some numbers and decided that Im spinning a fairy tale that can never be achieved by normal people.

This is why we need to open up more options to make financial independence more achievable. When we focus back in on what needs to be paid for, and what really makes you happy, then we have wriggle room to make changes in a way that works for you.

Desperately hate your job, and want to be able to retire in just a few years? Youre probably ready to make more sacrifices, in order to make your magic number smaller and hit it sooner.

Earn quite a bit, or dont mind working towards a goal for longer? Then you can have a bigger end number in sight.

For those who want financial independence fast, the trick is deciding whats really important in your life and cutting everything else out. If your life doesnt cost much, then your 25x number wont be as big.

Dont forget, if the goal is to quit your job, that might also save you a bunch of money. You wont need work clothes, to pay for a commute, to buy lunch near the office.

READ: Co-Founder Of Sharesies Brooke Roberts On How To Grow Your Wealth

If you pull everything back to bare-bones basics, how much do you need then? Would living in a tiny house be worth it, to never have a boss again?

If you like the finer things in life, and dont mind waiting a bit longer, then you can keep the 25x number a little higher, knowing that youre working towards a goal thats a few decades away, but that will give you security when you eventually get there.

Or theres my personal favourite solution; working towards a 25x number that covers only the very basics in life, but planning to still earn money once you get there.

You could have the basics of food and shelter sorted, thanks to your investment nest egg, then work part-time, or in a job that doesnt pay much but is more satisfying, or start a business that may or may not work out.

It gives you the freedom to push for that work-life balance that everyone is always going on about. To find more satisfying and fulfilling ways to make money, or live a good life while working substantially less.

You have options because the basics of survival are taken care of, thanks to a financial independence plan thats tailored to you.Finding the magic number that fits your own life, goals and values is the key.

Frances Cooks new book Your Money, Your Future: The Realest Guide to Financial Freedom, published by Penguin, $35, is available now

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The Magic Number: How Much Money Do You Need To Design The Life You Want? - Viva - Viva NZ

* Mine says it is first in Africa with an all-female staff * Jobs offer a lifeline to rural women escaping violence

* Project also aims to champion women in mining By Farai Shawn Matiashe

KAROI, Zimbabwe, March 31 (Thomson Reuters Foundation) - At first glance the Zimbaqua mine in Zimbabwe looks normal: a series of shallow craters dotted with workers in overalls and hard hats toiling to unearth the treasures below. But a closer look reveals something unusual. In an industry dominated by men, everyone working to unearth prized aquamarine gems from the yellow soil is a woman.

"I no longer have to bother the father of my children because I am paying school fees for the two of my children who are in primary school," said Shupi Kabudura, 33, who became a miner after fleeing an abusive husband with her three children. "I also buy essentials such as clothes and food."

Kabudura is among about 25 women employed by Zimbaqua, which bills itself as the first mining firm in Africa to be staffed entirely by women. Many are forging a new life with each other's support after escaping abuse such as rape, domestic abuse or forced marriage.

About one in five Zimbabwean women said they had suffered violence from their partner in the previous year, found an official 2015 survey, and child marriage remains rife despite being outlawed by the Constitutional Court in 2016. Women in rural areas are often forced to remain in violent marriages because they rely on their husbands financially, said Rumbidzai Gwinji, a mine manager at Zimbaqua, which is located in the farming area of Karoi in northern Zimbabwe.

"This project has become a solution to women in such situations," she said. "It has given them choice over the environment and lifestyle they want for not only themselves, but also for their children."

OUTNUMBERED AND ABUSED Zimbaqua was opened in 2019 by Iver Rosenkrantz, a Danish gem expert who has lived in Africa for more than 15 years, and Zimbabwean Patrick Tendayi Zindoga.

"This (firm) came after realising that women are not given the same opportunity as men, especially in the mining sector," said Gwinji. Zimbaqua's workers dig for the mine's rich deposits of aquamarine, a pale blue to light green gem that is highly prized by jewellery designers and collectors around the world.

It is hard labour. The women use hammers to break up rocks and reveal the aquamarine, which is easily visible due to its bright colour shining out from the surrounding stone. In return, they get a decent salary equivalent to about $295 per month.

But they are outliers in an industry that is overwhelmingly staffed by men. Women make up about 10% https://www.pactworld.org/library/golden-opportunity-artisanal-and-small-scale-gold-mining-zimbabwe of the country's artisanal and small-scale miners, found a 2016 report by the Pact Institute, a Washington D.C.-based development nonprofit.

Neighbouring South Africa's mining industry has a similar gender disparity https://www.mineralscouncil.org.za/industry-news/publications/fact-sheets/send/3-fact-sheets/738-women-in-mining, although the number of women in the industry is growing. "Women are few in the mining industry due to challenges they face, including verbal abuse and labelling from male counterparts who believe they are of the weaker sex," said Kundai Chikonzo, founder of the Insiza Women In Mining Trust.

Men often do not allow their wives to work as miners, said Chikonzo, and women lack equal opportunities for promotions. Projects to get more women into the industry can improve women's prospects and boost the wider economy too, she added.

'SAFE HAVEN' Zimbaqua staff said their jobs had given them financial independence and new hope after they escaped abuse.

Miner Paidamoyo Kuronga, 21, said she had struggled to make ends meet as a single mother to a young daughter until she learned about opportunities at Zimbaqua. "I was so excited to get my first ever job," she said.

Now, she is considering returning to school for a mining-related course to further her career in the industry. Gwinji said the mine is working on plans for a daycare centre close to the mine for the children of employees.

New mothers working at Zimbaqua are given three months' maternity leave on full pay and get regular breastfeeding breaks when they return, she added. Workers at Zimbaqua said the mine not only had offered them a fresh start, but represents a beacon of hope for others hoping to escape domestic abuse.

"I know there are other women out there who are experiencing (gender-based violence). I hope our company will grow so that more women can come to this safe haven," said Kabudura.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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FEATURE-In Zimbabwe, a women-only gem mine gives abuse survivors new hope - Devdiscourse