Category Archives: Financial Independence

CHARLOTTE, N.C., Sept. 13, 2022 /PRNewswire/ -- As Gen Z looks to establish their financial footing, the economic environment and inflation have posed new challenges in achieving their financial goals. This is according to new research published today by Bank of America's Better Money Habits exploring this generation's (ages 18 to 25) distinct approach to money including their financial priorities, behaviors and challenges. With Gen Z being far more diverse than previous generations, the new research also examines ways in which race, ethnicity and gender may influence their financial priorities and challenges.

According to 73% of Gen Z, the current economic environment has made it more challenging to save. They feel inflation has made it harder to save for financial goals (59%) and pay down debt (43%) and has created more financial stress (56%) in their lives. Forty percent also say surging rents or home prices have made it challenging to afford day-to-day necessities. According to The Bank of America Institute, younger consumers are getting squeezed the most by higher rent inflation, with median rent payments up 16% year over year in July for Gen Z, compared to just 3% for Baby Boomers.

Gen Z isn't taking inflation and the higher cost of living sitting down. Currently, 75% of Gen Z are taking or considering steps to earn additional income including: changing jobs (34%), turning a passion into a source of income (31%), taking on a second job (26%) or even a job they don't like (23%).

"Gen Z is ambitious and enterprising, and taking positive actions as they join the workforce and make some of their first financial and career-driven decisions," said Christine Channels, Head of Community Banking and Consumer Governance at Bank of America. "Current economic and inflationary headwinds have created added challenges for many. Through our Better Money Habits platform, we're connecting these young adults to a wide range of resources and guidance designed to give them the skills, knowledge and confidence to succeed financially."

Other key findings from the Better Money Habits research include:

When it comes to success at work and in life, Gen Z is driven by the desire to achieve financial peace of mind (74%) and to comfortably afford the things they want. Gen Z's top three priorities for the year ahead include furthering their education (40%), advancing their career/salary (32%) and getting a new job (31%). These priorities are followed closely by saving for retirement (25%), traveling (24%), buying a car (22%) and building good credit (20%). They're more likely than other generations to cite the desire to comfortably afford material items (45%) as a motivator to achieving financial success (vs. 34% of Millennials, 30% of Gen X, 30% of Boomers). More than half (56%) of Gen Z say discipline is a key trait to achieving financial success, with other important traits and characteristics being financial savvy (37%), organization (35%), motivation (34%), self-awareness (29%), frugality (20%) and confidence (20%). Today, two-thirds (66%) are actively saving for financial goals and, despite the current environment, 58% are optimistic about their financial futures.Much of Gen Z has the financial basics down, though struggle with more complex topics such as investing and debt. Gen Z feels equipped to handle basic financial tasks, including budgeting (71%), managing day-to-day expenses (70%) and building/managing credit (65%). However, preparedness levels decrease significantly when it comes to the future and more complex topics, including building an emergency fund (54%), saving for retirement (43%) and investing (29%). Nearly 40% have no investments and of those the top reasons for not investing include having no additional funds to spare (44%), not knowing where to start (31%) and feeling investing is too risky (23%).Federal student loan freeze brings some relief. Nearly half (47%) of Gen Z already carries some form of debt, including through credit cards and student loans. They have found that the federal student loan freeze has brought them some relief. Among those with student loans, 41% say the freeze allowed them to maintain their current standard of living, 23% say it allowed them to contribute more to their savings, and 21% say they've been able to continue paying down their loan without collecting interest.

When dating, Gen Z would rather talk religion and politics than about their money. Growing up, 35% of Gen Z reported having open discussions with parents or guardians about financial topics more so than Millennials (26%), Gen X (23%) or Boomers (21%). Despite greater dialogue about money at a young age, Gen Z still view money talk as a more taboo topic of discussion early in romantic relationships. During the first six months of a new relationship, they feel more comfortable discussing religion (81%), politics (75%) and previous relationships (71%) than they do their income (69%) and debt (60%). Many also feel more comfortable meeting their partner's family (80%) and saying "I love you" (73%) within the first six months than they do talking about money.

Demographic Spotlights

The research also explored how race and gender may influence financial priorities and challenges, including the racial wealth gap. Reflecting on the last five years, about two-in-five Black/African American (41%) and Hispanic (42%) Gen Z say some or significant progress has been made to close the racial wealth gap, while others in these groups say no progress has been made (both 30%). Looking to the next five years, about half of Black/African American (47%) and Hispanic (54%) Gen Z believe some or significant progress will be made to close the gap, while others say no progress will be made (28% and 24%, respectively). Additional findings include:

Black/African American Gen Z is paving the way toward financial independence and embracing a hustle culture, though barriers persist around debt and saving. 60% of Black/African American Gen Z identify as mostly or fully financially independent more so than their non-Black/African American peers (45%). 80% are currently/considering taking routes to earn supplemental income more so than their non-Black/African American peers including taking on a second job (35% vs. 25%). They are 3x as likely to prioritize starting or growing a business in the year ahead compared to non-Black/African American Gen Z (15% vs. 5%). Black/African American Gen Z is nearly twice as likely to say they currently invest or are considering investing in cryptocurrencies than non-Black/African American Gen Z (22% vs. 12%). While Black/African American Gen Z is more likely to have debt than their counterparts (60% vs. 44%), this is down from 70% year-over-year. This community is more likely to cite taking on too much student loan and/or credit card debt as their biggest financial regret (30% vs. 17%). 40% contributed to their savings over the last year (vs. 56% of non-Black/African American Gen Z), however two-thirds (67%) don't have enough emergency savings to cover three months of expenses with one-third (32%) of all Black/African American Gen Z citing not having an emergency fund as their biggest financial regret.

Family is at the cornerstone of Hispanic Gen Z's financial lives; equate homeownership with financial success.

54% percent of Hispanic Gen Z is not financially independent and still rely on family for financial support. Family is also more of financial motivator, with 36% hoping to pass down wealth to the next generation (vs. 27% of non-Hispanic Gen Z) and to succeed financially to make their parents proud (36% vs. 23%). 57% say being able to provide for their family's future is part of their definition of financial success, and 64% say it's important to educate their family and/or community on financial matters. Despite an emphasis on family support, nearly two-thirds (65%) say their parents did not talk about finances openly when they were growing up. Education gaps remain a barrier for this community when it comes to investing. 42% don't have any investments, and when asked why, the top reason is not knowing where to start (42% vs. 27% of non-Hispanic Gen Z). Hispanic Gen Z is prioritizing homeownership. Nearly half (45%) say fully paying off a home/mortgage aligns with their definition of financial success, and they're more likely to prioritize buying a home in the year ahead (22% vs. 14% of non-Hispanic Gen Z).

Gen Z women's financial literacy gaps and lack of investing, relative to men, may negatively impact their near and long-term financial wellness.

Gen Z women and men feel equally equipped to build/maintain credit (64% vs. 66%) and stick to a budget (69% vs. 73%). However, Gen Z women feel less equipped to manage day-to-day expenses (63% vs. 76%) and to build an emergency fund (48% vs. 61%). Just 38% of Gen Z women have enough emergency savings to last three months, compared to 48% of Gen Z men. In terms of longer-term planning and investing, Gen Z women's financial knowledge has them feeling less equipped than Gen Z men to save for retirement (37% vs. 49%) and to invest (22% vs. 35%). Today, 41% of Gen Z women have not yet begun investing, compared to 34% of men, and are less likely to even be considering individual investments (36% vs. 47%) or retirement savings vehicles such as a 401(k) (39% vs. 46%).

"We recognize the unique financial needs across diverse and historically underserved communities," Channels added. "The insights from this annual research help to inform how we tailor resources and guidance to empower the next generation as they embark on their financial journeys. Last year, for instance, we developed a Gen Z financial guide based on insights into the priorities, preferences and challenges of this growing client segment."

Methodology

The study was conducted June 24 - July 13, 2022, by Ipsos in both English and Spanish and is based on nationally representative probability samples of 1,098 general population adults (age 18 or older), and a partially overlapping sample of 921 Gen Z adults (age 18-25), including 124 Gen Z adults from a non-probability sample. This survey was conducted primarily using the Ipsos KnowledgePanel, the largest and most well-established online probability-based panel that is representative of the adult US population. Panelists are scientifically recruited into this invitation-only panel via postal mailings to a random selection of residential addresses. To ensure that non-internet households are included, Ipsos provides access to a tablet and internet connection to those who need them. Because of this probability-based sampling approach, KnowledgePanel findings can be reported with a margin of sampling error and projected to the general population. The margin of sampling error for the general population sample is +/- 3.2 percentage points at the 95 percent confidence level.

Better Money Habits

At Bank of America, we're committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That's why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that's approachable and easy to understand. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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73% of Gen Z say economic environment has made it more challenging to save; 75% seeking ways to earn additional income - Automotive News

King Charles III should pay inheritance tax on the late Queen Elizabeth II's personal fortune British people feel, according to the results of a new survey undertaken days after the new monarch's accession.

Reports that the king would not be expected to pay the 40 percent inheritance tax on any of the private property passed to him by his mother began to circulate immediately after her death, following the creation of a memorandum on royal taxation overseen by Elizabeth and the U.K. government in 1993.

In 2022, the queen's personal wealth was estimated to be around 370 million ($433 million) by Britain's Sunday Times.

This wealth is separate from the institutional property associated with the crown, such as the crown jewels, palaces and state land, the royal collection of artworks and income reserves connected with the sovereign grant.

The memorandum states that in the case of assets which can "properly be regarded as private" property of the monarch, "inheritance tax will not be paid on gifts or bequests from one sovereign to the next, but will be payable on gifts and bequests to anyone else."

This means anything left to Charles will be tax free, whereas inheritances left to any other member of the royal family will be subject to inheritance taxation, which in the U.K. is 40 percent of the value of bequests above 325,000 ($368,000).

A poll commissioned by Tax Justice U.K., an organization campaigning and advocating for a fair and sustainable tax system in Britain, has shown that 63 percent of respondents believe Charles should have to pay inheritance tax.

Undertaken by market research company YouGov, the poll also showed that just 16 percent of Brits asked felt that the king should be exempt from paying inheritance tax, while 21 percent responded that they did not know.

The justification for the special arrangements for the monarch made in the 1993 memorandum states that:

"The monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the government of the day."

A statement from Robert Palmer, of Tax Justice U.K. said of the poll results: "It's clear from this poll that the public believes King Charles should pay inheritance tax on the private wealth he will inherit as a result of the Queen passing away.

"The fact that the monarch pays no inheritance tax at all is just one example of how the tax system is designed so that the wealthy can pay low levels of tax.

"Politicians should be asking those who can afford itincluding the very wealthyto pay more in tax."

Graham Smith, CEO of Republic, an anti-monarchy campaign group, took a stronger line on the subject, previously telling Newsweek that the arrangement was a "disgrace."

"In short it's an absolute disgrace. There's no justification for it," he said.

"This has been the case for quite some time, that the monarch does not pay inheritance tax when they take the throne. There's absolutely no justification for allowing them to accumulate this enormous wealth."

"We just keep on throwing more money at them and they keep accumulating it while spending more of our money on their day-to-day costs," he continued.

"There needs to be a root-and-branch review of royal funding and they need to be brought into line with the same rules everyone else has to abide by."

The debate has been raised as Britain as inflation hit a 40-year high in July at 10.1 percent.

Charles came face-to-face with a member of the public complaining about the extravagance of the monarchy while Britain experiences a cost-of-living crisis during a walkabout in Wales last week.

While greeting a crowd of people, one man yelled: "Charles! While we struggle to heat our homes we have to pay for your parade. The taxpayer pays 100 million for you, and for what?"

So far there has been no official comment from Buckingham Palace following the death of the queen in relation to tax arrangements.

Queen Elizabeth II died on September 8 at her Scottish home of Balmoral Castle. In accordance with tradition, her son Charles became king upon the moment of her death.

Newsweek has approached Buckingham Palace for comment.

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King Charles Should Pay Inheritance Tax Say 63 Percent of Brits - Newsweek

Im a resident of the beautiful, mile-high city of Denver, Colorado. The latest policy decision Denver has made that inspires some hopebut also some skepticismis a basic income program aimed at reducing homelessness and poverty.

For now, Denvers program is relatively small. Only 140 individuals will qualify. They will receive $1,000 per month for 12 months or $6,500 upfront followed by $500 per month for 11 months.

Basic income programs have multiplied across the country, mostly in big cities as pilot programs. Ninety mayors are involved in a group effort to support basic income programs; at least 28 U.S. cities or states have already launched a program. Most are targeted to people in a specific population, such as homeless people, former foster children, pregnant moms, etc.

Many of these programs started with private funding. A few years ago, former Twitter CEO Jack Dorsey made headlines for committing $15 million to basic income programs. And in Denver, the Denver Basic Income Project started with a $5.5 million budget comprised completely of private donations.

But now the City of Denver is pledging $2 million in taxpayer funds to the effort. This raises the question: Is this a good use of taxpayer funds? Are basic incomes effective at shared goals in the community, like reducing poverty? Are there other considerations policymakers should make before cutting checks to beneficiaries in basic income programs?

Despite their current popularity with Democrat-led cities, basic income programs are not a totally partisan idea. In fact, well-known free-market economist Milton Friedman advanced the idea of a negative income tax, which is an idea very similar to universal basic income.

Some conservatives today also support such policies, but in general, for people who value limited government, one goal of basic income programs is to reform or replace existing welfare systems. The goal would be to move to a system of cash benefits rather than a patchwork of programs like Medicaid, food stamps, and Section 8, which provide specific benefits like health care, food, and housing to low-income people.

But, as Ronald Reagan famously said, the closest thing to eternity on earth is a government program. So, its not likely that universal basic income programs will result in any change to well-entrenched pre-existing safety net programs. Rather, they will layer on top of them.

Even so, a couple of small basic income pilot programs in some major cities have shown promising results when it comes to the goals of reducing poverty, substance abuse, and homelessness, and getting people into steady employment. Given how homelessness has been increasingin Denver, its increased by 12.8% in the last year alone, 31.8% since 2020policymakers are desperate for solutions to get people off the street and into stable housing.

Of course, the potential benefits of basic income programs have to be weighed against other potential effects. In other places, like Ontario and Finland, experiments with universal basic income have failed, mostly because when these programs are large, they become very costly and unsustainable. And lawmakers in Ontario were concerned that the program became an impediment, rather than a pathway, to financial independence.

Furthermore, in the U.S., many of these programs arent truly universal. This means they necessarily pick winners and losers. There will always be people who dont qualify, who are just over the eligibility threshold, and I think the criticism that pouring free money into the economy will further fuel inflation is fair and timely, given how inflation is already breaking the financial backs of so many Americans. Concerningly, inflation in home prices is actually a driver of homelessness.

And one can hope that the time limit for the Denver program stays in place. Safety nets should always be targeted and temporary, with the hope of restoring people to full self-sufficiency. We should always strive to create safety-net programs that dont create disincentives to work. Work is inherently good; people who have gainful employment reap myriad benefits for their mental health, long-term financial security, sense of worth, and connectedness to others.

Sonot to overdo it on the Reagan quotesbut the best social program is a job. If holding a job is too difficult because of extremely difficult circumstances, like homelessness, then perhaps a temporary basic income program can help people get to a more stable place.

When privately funded and run, basic income programs are effectively functioning as charities, and of course people are free to give to charitable causes they believe in. Private charities have a good track record at efficiently delivering donor dollars to people in need.

But as government programs, basic income programs face more hurdles and have more potential for unintended consequences, and because of this, policymakers in my city of Denver and elsewhere should proceed with caution.

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City of Denver Jumps on the UBI Train - Independent Women's Forum

George, 9, Charlotte, 7, and Louis, 4, are now using the last name Wales, a change from the name they've each used since birth, Cambridge.

The siblings, whose parents are Prince William and Kate, now go by the titles Prince George of Wales, Princess Charlotte of Wales and Prince Louis of Wales.

Phil Noble/AP

Charles made the announcement in his first address as king on Sept. 9. With the title change, Kate becomes the first person to use the "Princess of Wales" title since Williams' late mother Princess Diana. Charles' wife Camilla, now the Queen Consort, was referred to previously as the Duchess of Cornwall.

With the queen's death, William is now the heir to the throne and George, Charlotte and Louis are second, third and fourth in the line of succession, respectively.

Hannah Mckay/Reuters

Additionally, as heir to the throne, William inherited Charles' prior title of the Duke of Cornwall and now oversees the duchy of Cornwall, the private estate that was established in 1337 to provide financial independence for the heir and their family.

William, Kate and their children were formerly known as the Cambridges, as the couple previously held the titles of the Duke and Duchess of Cambridge.

The new last name for the family of five comes just as George, Charlotte and Louis begin classes at a new school.

Jonathan Brady/Pool/Getty Images

George, Charlotte and Louis moved to the preparatory school in Southeast England after their family moved this summer from Kensington Palace in London to Adelaide Cottage, a four-bedroom cottage on the grounds of Windsor Castle.

In school, the siblings will be known as George Wales, Charlotte Wales and Louis Wales.

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Prince William and Kate's kids have a new last name after Queen Elizabeth II's death - GMA

CHARLOTTE, N.C., Sept. 22, 2022 (GLOBE NEWSWIRE) -- LPL Financial, LLC today announced that the firm won the Gold award from Brandon Hall Group in Best Advance in Leadership Development for LPLs Emerging Leaders Program (ELP), designed to enhance and develop high performing talent while ensuring LPL is building a culturally aligned, inclusive leadership team. LPL was awarded the gold based on program criteria that included: design and delivery; adoption; measurable benefits; and overall positive impact on participants and the firm.

LPL President and CEO Dan Arnold sponsored the launch of LPLs ELP in 2017 with the aim to align accelerated leadership development and LPLs culture of belonging with a focus on nurturing diverse pools of talent. Redesigned in 2021, ELP today makes immersive and experiential learning available to approximately 600 program alumni to enhance strategic agility, empathetic leadership and operational excellence. Established LPL leaders and alumni work with participants to develop real world expertise in a community environment that allows them to network, collaborate and support one another.

At LPL, we are focused on developing a people-first leadership mindset that advances our culture, and the Emerging Leaders Program is one way we can help future leaders exemplify LPLs values and focus on purpose-driven outcomes, said Sallie Larsen Managing Director and Chief Human Capital Officer at LPL Financial. By providing learning and leadership development experiences for high performing employees, were investing in our top talent while maximizing diversity, equity and inclusion across the firm. ELP is a clear example of our people-first strategy to identify, develop and retain the best talent in the industry, as well as build a future succession bench.

LPLs ELP uses an intentional and measurable participant selection process to build a pipeline of top talent who demonstrate the values that define LPLs culture. Senior leadership is actively committed to investing in emerging leaders by serving as teachers and prioritizing diverse participation. The firm plans to continue to use data analytics to track interest and measurable benefits as to its strong return on investment in talent.

Being formally recognized by Brandon Hall is gratifying, added Melissa Master-Holder, senior vice president, Leadership Development at LPL Financial. The Emerging Leaders Program began as an opportunity for our leaders to actively engage with top performing talent to shape the future of LPL. Weve been fortunate to have a leadership team that lives its commitment to empower the next generation. By shifting to a leaders-as-coaches methodology, we are actively creating a culture of community that thrives by learning from differences as a source of strength.

As part of The Excellence Awards Recognition for HR, Talent and Learning, winners will be formally recognized January 31-Feburary 2, 2023 at the Brandon Hall Groups Human Capital Management Excellence Conference at the Hilton West Palm Beach, Florida.

About LPL Financial:LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve,* supporting nearly 21,000 financial advisors, and approximately 1,100 institution-based investment programs and 500 independent RIA firms nationwide. We are steadfast in our commitment to the advisor-centered model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

*Top RIA custodian (Cerulli Associates, 2020 U.S. RIA Marketplace Report); No. 1 Independent Broker-Dealer in the U.S. (Based on total revenues, Financial Planning magazine 1996-2022); among third-party providers of brokerage services to banks and credit unions, No. 1 in AUM Growth from Financial Institutions; No. 1 in Market Share of AUM from Financial Institutions; No. 1 in Market Share of Revenue from Financial Institutions; No. 1 on Financial Institution Market Share; No. 1 on Share of Advisors. (2021-2022 Kehrer Bielan Research & Consulting Annual TPM Report). Fortune 500 as of June 2021.

LPL and its affiliated companies provide financial services only from the United States.

Securities and advisory services offered through LPL Financial LLC, a registered broker-dealer and investment advisor. Member FINRA/SIPC.

Throughout this communication, the terms financial advisors and advisors are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.We routinely disclose information that may be important to shareholders in the Investor Relations or Press Releases section of our website.

Brandon Hall Group and LPL Financial are separate entities.

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LPL Financial Wins the Gold From Brandon Hall Group for Best Advanced Leadership Development - GlobeNewswire

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Julien and Kiersten Saunders are on a mission to bring more education about the Financial Independence, Retire Early (FIRE) movement to the Black community.

Whether or not people decide to pursue the FIRE life or not, or to what extent, is not really up to me, says Julien. But I certainly want to make sure people in our community, the Black community in the United States, are aware that FIRE is a viable option.

Julien first learned of FIRE in college; Kiersten learned about it from Julien when they started dating in 2012. After a trip to Panama in the summer of that year, the couple broke up. Part of their reconciliation process involved an agreement to pay off debt, start investing for their future, and work toward achieving FIRE.

Over the next five years, they paid off $200,000 in debt, quit their jobs (Julien in June 2018, Kiersten in April 2020), and launched a brand called Rich & Regular to share their journey with others. Heres the Saunders advice for anyone curious about pursuing FIRE and why financial independence can be about more than hitting a specific number.

The Saunders met in 2012 when both got jobs working for the same travel company in Atlanta. They started dating, and that summer they went on vacation to Panama for 10 days.

While they were away, Julien learned that Kiersten had put the entire trip on her credit card.

I had about $30,000 of consumer debt and a problem with spending, says Kiersten. The honeymoon phase went real quick for us. The couple broke up after that trip, but eventually began talking again and reconciled. They agreed that if they were going to make it as a couple, they had to agree about their finances.

Julien shared with Kiersten his passion for the FIRE movement, and together the couple calculated their FIRE number: the net worth benchmark at which you can become work-optional. A ballpark FIRE number can be calculated by multiplying your annual expenses by 25; the Saunders settled on a FIRE number of $1.3 million.

Between 2013 and 2017, the Saunders buckled down. They lowered expenses by cutting cable, not having a car payment for Julien (because he drove a paid-off 2008 vehicle), and shaving expenses wherever they could.

I couldnt sell the luxury vehicle I had, so I just refinanced it, says Kiersten. I also had a fancy midtown Atlanta apartment I downgraded into something much smaller in a less sexy part of town. I had a habit of eating out quite a bit; I never really cooked at home. I went and bought coffee every morning instead of making it in the kitchen, so I stopped doing all of that.

Julien and Kiersten also focused on raising their income.

I ultimately spent ten years at my company and was promoted five times. I almost tripled my salary, says Julien. We were counting coins and throwing ourselves into work. Kiersten was also able to increase her income and got several promotions. By 2018, they had paid off $200,000 in debt, including auto loans, student loans, credit card debt, tax debt, and one mortgage.

In addition to their employee-sponsored 401(k) plans and IRAs, they opened a savings account to invest in real estate. In 2014, they bought their first rental property for $62,000.

The Saunders saved and invested more than half of their combined income by keeping their expenses low.

While paying down their debt, the couple also launched a personal finance blog called Rich & Regular in September of 2017 to share their story and offer financial independence advice. They were inspired to call it Rich & Regular after a trip to South Africa.

For the first time, we didnt have to be so aware that were Black while in South Africa, says Kiersten. We didnt have to be aware that were Black and well off. It completely changed our lives because thats the norm there we werent the other. We wanted to create a space to attract more people to a community where theyre not the other. Youre just a rich and regular person.

The Saunders wanted to grow this blog into a full online business and create multiple revenue streams of income. More importantly, though, they wanted to help others in the Black community create financial independence.

Our goal is to continue building wealth and inspire Black people to explore the financial independence movement as a way to achieve economic freedom, says Julien.

The Saunders built Rich & Regular while working, saving, and raising a son. In 2018, they felt comfortable with how much they had invested and Kierstens salary, so Julien quit his job to focus on the online business full-time. Julien poured all his effort into building multiple revenue streams in the online business.

In 2020, the couple realized they had enough cash and investments to live a Lean FIRE lifestyle in which they had minimal expenses. They had also shifted their view of the FIRE movement from trying to hit a number to living a good life.

As we started to have a child and then supported my mom, who was financially insecure, our interests evolved, says Julien. We went from being focused on trying to retire early to focused on creating a better quality of life, which is kind of where we are right now. We are in a sweet spot where we dont have to touch our investments. Kiersten joined Julien by quitting her job in 2020 to work on Rich & Regular full-time.

Julien and Kiersten Saunders are passionate about educating the Black community about financial independence.

We have a post called The Racial Wealth Gap that explains all of the big barriers and why the gap exists for Black people specifically, says Kiersten. But for us, it was acknowledging that and affirming that yes, you are right, it is harder, but it is still possible. We talk about the disconnect when you have cultural obligations that conflict with financial ones, and we help people pinpoint where their values are. That doesnt exist when youre just talking about the math, and a lot of FIRE focuses on math.

One reason we felt so comfortable sharing our story was because FIRE is a wake-up call for people who are making a good living but still at risk of downsizing or not on the path to grow, says Julien. We wanted to make this introduction to FIRE as a viable path we wanted to make sure people knew about it and that it was up to them to decide if this is something they would want to pursue.

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They're on a Mission to Bring FIRE to the Black Community. 'It Is Harder, But It Is Still Possible' - NextAdvisor

Are You FIRE Material?

Does the idea of tossing the conventional retirement age of 65 out the windowor at least trimming a few years off sound appealing? Join the slew of millennials embracing the extreme-saving lifestyle. Begin with holding onto 70 percent of your yearly income and when you reach approximately 25 times your yearly expenses, the FIRE method says you can quit your day job. Investing some of this money in equities or real estate is a common way to finance a comfortable lifestyle over the next 30 years.

My acquaintances in the FIRE movement have had a goal in common: They dont want to become their parents, says Craig, who authored Piece by PieceTM A Commonsense Approach to a Secure Retirement.They have seen their parents working and struggling into their golden years without any gold.

One key to FIRE method success is having a partner to keep you motivated. Making a budget and sticking to it while earning as much money as possible is crucial. This may require a job promotion, adding a second one, or creating additional revenue streams through side hustles. A final major component is investing a larger portion of retirement savings than the average person is comfortable with. Basically, go big and do it early.

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What Can We Learn from the Financial Independence, Retire Early Movement? - MyNorth.com

Cristhopher Munoz has come so far in his Entrepreneurial Journey that now he has taken up the task to give back to his community in the form of professional financial advice.

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He is the Founder of Level Up Enterprises and Level Up Algo, genius Firms that give expert Financial advice. Cristhofer Munoz an ace entrepreneur, financial strategist and wizard investment advisor from New York. Munoz is one the most influential names in the financial market of America. Today Cristhofer Munoz is a wizard entrepreneur who has a number of companies by his name but the most important one is where he advises people to be financially independent through investment in stock market and cryptocurrency.

Cristhopher Munoz is driven to inspire others to find consistency and confidence in their trading. His goal is to be known as one of the best day traders of all time. "I want my legacy to have a positive impact on traders that are starting their own journeys and for them to be able to look to my career as an inspiration as to what is possible for them to achieve." Investment in the stock market can yield excellent results for traders but only if they follow the right tactics for it. The two most important things that matter while investing in the stock market are the setting of the right financial goals and choosing the optimal strategy.

He owns several companies, which also includes an investment group for providing a pathway for investing. This was initially started with the aim to enlighten the youth by giving them tools to survive the pandemic. However, now it has become an assignment, from teaching and training on financial independence and productivity to coaching on personal growth and development.

His webinars, workshops, and coaching aim to simplify and give an entry point to the world of investing and trading different types of securities. Thus, he founded "Level up Enterprises", an educational platform for providing mentorship and coaching to their members to show them how to make money off cryptocurrency, stocks, and futures.

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CEO Cristhopher Munoz On What It Takes To Be Successful As An Entrepreneur - mid-day.com

In post-Roe v. Wade America, states and the federal government are left to navigate the legal ramifications of the Supreme Court overturning a 50-year legal precedent. As reproductive health centers, medical professionals, and legislatures that support abortion rights cope with the uncertainty, Republicans and motivated anti-abortion rights activists are pushing for a national ban.

Nevada U.S. Rep. Susie Lee, fellow Democrat Gov. Steve Sisolak and experts from UNLV Boyd School of Law outlined the ramifications a national ban would have in Nevada during a Thursday roundtable discussion.

More than 60% of Americans believe that abortion should be legal in some circumstances. Nevadans voted to protect abortion rights in 1990.

The panel Thursday warned a national ban would trump state laws and stressed the importance of voting in this years midterm elections.

This would ultimately overturn the will of the people of Nevada, Lee said.

The Supreme Courts ruling opened the floodgates for several legal uncertainties, including traveling across state borders, increased wait times, and whether reproductive services should be prioritized to residents, said Sylvia Lazos, a professor of law at UNLV Boyd School of Law.

A national ban would exacerbate these concerns as well as pose threats to the lives of women and families, impacting Black and Hispanic women the most.

In America, Black and Hispanic women account for the most abortions due to disparities in access to and utilization of contraceptives. Geographic barriers, financial access and moving can all limit the access to and use of contraceptives, according to a policy brief by the Guttmacher Institute.

Theres going to be a whole generation of women who are going to have children that theyre not ready to have, Lazos said.

It will impact their access to education, financial independence and their ability to leave relationships that are unhealthy for them, she said.

Thats if they survive childbirth.

A national ban would increase maternal mortality rates by 24% in the first year, with the largest increase in deaths for non-Hispanic Black people, by 39%, according to a University of Colorado study.

The anti-abortion folks made a very calculated decision to, at every level of the court, get conservative judges appointed, Lindsey Harmon, executive director of Planned Parenthood Votes Nevada, said. A lot of folks may have taken for granted Roe v. Wade, so now we have to push both at the state level and the federal level for champions to take action.

Harmon said the best way to take action is to vote for candidates with a track record of supporting abortion access.

The Supreme Court became a political actor when it overturned Roe v. Wade, and other political rights centered around freedom and privacy, including reproductive health care and marriage equality are now in jeopardy, Lee said.

The Dobbs v. Jackson ruling, challenged the constitutionality of privacy that was central to the Roe v. Wade decision, which allowed an individual to make decisions about their body without the interference of the government. A concurring opinion by Justice Clarence Thomas suggested cases involving contraception as well as same-sex marriage and partnerships should be overturned on the same basis.

After outcry over the overturning of Roe v. Wade, several conservative candidates began to backpedal on their stance on a national ban.

Its not just voting for leaders who are pro-abortion access, its also holding candidates accountable for previous rallies, statements and actions supporting a national ban, Harmon said.

Both Sisolak and Lee are up for re-election. Democratic candidates in Nevada and nationwide believe the Supreme Courts ruling has energized many Democratic voters.

April Becker, the Republican challenging Lee, describes herself as pro-life, with exceptions for rape, incest, and the life of the mother.

Sisolaks challenger, Republican Clark County Sheriff Joe Lombardo, acknowledges the decision of Nevada voters in 1990 to keep abortion legal in the state, but also promises he will always govern as a pro-life governor.

This isnt just a national issue, it comes down to this state, Sisolak said Thursday.

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Sisolak, Lee warn Nevada not isolated from assaults on abortion rights - Nevada Current

Prince William and Kate will take on the titles of Prince and Princess of Wales following the death of William's grandmother Queen Elizabeth II on Thursday.

William's father King Charles III announced their new titles in a nationally televised speech Friday, his first as king.

"Today, I am proud to create him Prince of Wales, Tywysog Cymru, the country whose title I have been so greatly privileged to bear during so much of my life and duty," Charles said in a prerecorded speech. "With Catherine beside him, our new Prince and Princess of Wales will, I know, continue to inspire and lead our national conversations, helping to bring the marginal to the centre ground where vital help can be given."

William and Kate, the who have three children, are now the first couple to use the Prince and Princess of Wales titles since they were used by Charles and the late Princess Diana, who divorced in 1996.

Charles's current wife, Camilla, never used the title the Princess of Wales, going by the Duchess of Cornwall instead. She is now the Queen Consort with Charles' accession to the throne.

In taking on the Princess of Wales title, Kate "appreciates the history associated" with it, a royal source told ABC News.

The source added Kate though will "understandably want to look to the future as she creates her own path."

William, now heir to the throne, also assumes Charles' title of the Duke of Cornwall and inherits the duchy of Cornwall, the private estate that was established in 1337 to provide financial independence for the heir and his family.

Camilla Duchess of Cornwall, Prince Charles, Queen Elizabeth II, Prince George, Prince William, Princess Charlotte, Prince Louis, and Kate Duchess of Cambridge appear on the balcony of Buckingham Palace during the Platinum Jubilee Pageant outside Buckingham Palace in London, June 5, 2022.

Jonathan Brady/AP

"As my heir, William now assumes the Scottish titles which have meant so much to me," Charles said in his speech Friday. "He succeeds me as Duke of Cornwall and takes on the responsibilities for the duchy of Cornwall, which I have undertaken for more than five decades."

Kate, formerly the Duchess of Cambridge, inherits the new title of the Duchess of Cornwall.

William and Kate, along with their children Princes George and Louis and Princess Charlotte, recently moved from Kensington Palace to Adelaide Cottage, a four-bedroom cottage on the grounds of Windsor Castle.

From left, Britain's Prince George, Kate Duchess of Cambridge, Prince Louis, Prince William and Princess Charlotte, arrive for a settling in afternoon at Lambrook School, near Ascot, England, Sept. 7, 2022.

Jonathan Brady/Pool via AP

This week, George, Charlotte and Louis attended their first day of school at Lambrook School in Berkshire, a preparatory school for children ages 3 to 13 in South East England.

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William and Kate take on Prince, Princess of Wales titles from King Charles - ABC News