Category Archives: Financial Independence

EconomyTuesday August 16 2022

Chief Justice Martha Koome. PHOTO | DENNIS ONSONGO | NMG

After six years of wait, the Judiciary Fund has finally been activated giving courts financial independence to run their affairs.

The Judiciary Fund Act was passed in 2016 but its operationalisation has been delayed over the years as the Judiciary fought with the Executive over the activation of the Fund.

On Friday, the Judiciary announced that the Treasury had loaded Sh9 billion into the Fund for the half-year budget for 2022/23.

Operationalisation of the Judiciary Fund will aid in the planning and timely execution of operations and projects, and further eliminate previous challenges of delayed disbursements or budget cuts, the Judiciary said in a statement.

The statement added that although the budgetary allocation sought by the Judiciary was not met, the Fund is a crucial step in securing the financial independence of the courts.

Treasury CS Ukur Yatani had promised in his budget speech in April that courts will start operating the Fund in July after making the necessary procedures including opening an account at the Treasury and regulations to guide its operations.

There was a standoff in 2020 when then Chief Justice David Maraga dismissed calls by Central Bank of Kenya governor Patrick Njoroge to seek Treasurys approval to open the Funds account. Justice Maraga also complained of budget cuts, which he pointed out of having shrunk to 0.69 percent of the national budget.

Dr Njoroge had then directed the Judiciary to engage with the Treasury and the Controller of Budget as required by the Public Finance Management Act (PFMA).

Justice Maraga, however, said no cabinet secretary runs the affairs of the Judiciary or Parliament because they are independent institutions.

Article 173 of the constitution established the Fund, which will be administered by the Chief Registrar of the Judiciary, to meet court administrative expenses.

The failure to operationalise the Fund has been compelling the Judiciary to surrender funds collected every year from court fees and fines to the Treasury.

The Fund was among key priorities of Chief Justice Martha Koome when she assumed office (in May 2021). It has been established and operationalized with the support of the Executive, Legislature, the Central Bank of Kenya and Controller of Budget," the Judiciary added in the statement.

The Constitution says the Fund will be used for administrative expenses of the Judiciary and such other purposes as may be necessary for the discharge of the functions of the Judiciary.

The activation of the Fund was one of the campaign pledges of Deputy President William Ruto-led Kenya Kwanza Alliance should they win the Presidency in the 2022 polls.

Dr Ruto had on numerous occasions pledged to operationalize the Judiciary Fund and ensure independent constitutional offices such as the National Police Service Commission, have their own financial accounting officers to address concerns of manipulation by the State.

Under the framework outlined in Article 173, the Chief Registrar will be required in every financial year to prepare estimates of expenditure for the following year, and submit them to the National Assembly for approval.

Upon approval by the National Assembly, the expenditure of the Judiciary shall be a charge on the Consolidated Fund and the funds shall be paid directly into the Judiciary Fund.

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After six years of wait, fund hands court independence from executive - Business Daily

Working from home in Robbinsville as a roadside assistance manager for a transportation company gave Stephen Gruzlovic some financial independence until he was forced to quit five years ago. The 33-year-old college graduate couldnt live without the Medicaid benefits that pay for the home health aide who helps him out of bed every day and into his wheelchair. The rules said he earned too much to keep his benefits.

In January, however, Gov. Phil Murphy signed a law that promised to end these difficult choices for people with disabilities who can and want to work. The new NJ WorkAbility program allows people to earn a living without income and age limits while continuing to qualify for the expensive services they cannot live without that are covered under the state and federally funded Medicaid program.

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Disabled people want to work, and Murphy signed a law to help them. Why are state officials holding it up? - NJ.com

Personal loans have become a popular financing option, especially in the case of an emergency or unforeseen expense that often strikes when you least expect it. Key benefits such as processing of these unsecured loans being quick as it can be done with minimal paperwork work in the favour of personal loans in India.

The fact that personal loans can also be availed of without pledging any collateral or security to the lender and the interest rates on personal loans are lower when compared to those on credit cards, which is why we see most individuals opt for personal loans to meet their expenses or tide over a cash crunch, have made them quite popular.

Even with uptake in personal loans, borrowers will always be on the lookout for options to reduce or consolidate their debt. Today, most banks offer loan prepayment options where borrowers are given the opportunity to prepay the loan in full or in part, before the full tenure of the loan. Lets take a closer look at what prepayment of a personal loan is all about and what are its primary benefits.

Loan prepayment is one of the most crucial aspects that you must consider if you plan on availing a personal loan.

Most financial institutions today offer borrowers the loan prepayment facility, where they are allowed to pay their loan prior to the expiry of the loan due date. In other words, loan prepayment refers to the payment of the outstanding loan balance either in part or in full before the maturity of the loan.

The borrower can choose to repay an amount greater than the monthly installment or the entire loan amount in full, before the end of the loan tenure. That said, the full repayment of a loan would result in a loan foreclosure.

Loan prepayment can not only reduce your debt but also helps you save on money that you would be otherwise paying as interest. Thats not all, there are multiple benefits that you stand to gain as a borrower when you prepay your loan. Lets run by the key benefits of prepayment of a personal loan.

Prepaying your personal loan before the end of a loan tenure is a good decision. Here are some of the key benefits that you stand to gain by opting for loan prepayment.

When you take a personal loan to meet your rising financial needs, you also need to ensure that you are prudent to repay it. Failing to do so, will result in great financial distress. Prepaying your personal loan will help you bring down the financial burden of repaying loans or better yet, it allows you to go completely debt-free.

As personal loan EMIs often cost you a chunk of your monthly savings, it is recommended to prepay your personal loan as early as possible to save up on the interest payments. This, in turn, will ensure that you have more disposable income in your hands, lead a stress-free life and sooner than later attain financial independence.

When you prepay your loan, you are wiping out your financial burden which also has a positive impact on your credit score. As outstanding loans are linked to your credit score, prepayment of personal loans whether partially or in full will automatically result in your credit score going up. Alternatively, this will increase your chances of availing of another loan. A spotless credit report, a credit score above 750, and a clean record of loan repayment are what will close your next loan application and even give you the opportunity to negotiate favourable terms with the lender.

Prepayment of personal loans helps you to save big on the interest outgo amount. When you prepay your personal loan, you have to pay a nominal prepayment fee. This prepayment fee is comparatively a small price to pay for the amount you will save on the interest outgo when you choose to close the loan account before maturity.

With no more obligations to pay monthly interest on the personal loan, you can save this money or even consider investing in fixed deposit schemes or mutual funds, as per your convenience.

Owing to financial constraints, it may not be possible for you to prepay the entire loan amount in one go. In such cases, if you have received any additional source of income or earned a bonus, then you can consider opting for a partial prepayment of the personal loan. While partial prepayment may not allow you to go completely debt-free, it helps you lower your debt burden. Partial prepayment will also reduce the amount of interest that you need to pay on the total outstanding loan amount. If you have plans to prepay your personal loan amount, then doing it in the early years of your loan tenure is recommended.

As mentioned earlier, most banks and non-banking financial companies (NBFCs) charge a nominal fee when borrowers opt to prepay their outstanding loan amount.

Why is a prepayment fee charged?

The amount spent by the bank to borrow funds is lower when compared to the cost incurred for lending. After lending the amount, the bank will earn the difference in the amount as profit for as long as the loan runs.

In a scenario where the borrowers plan to prepay the loan amount prior to the maturity date, the bank loses out on the rate of interest that they would have otherwise earned, had the borrower continued to repay the loan throughout the loan tenure.

To make up for the loss of this potential income, most financial institutions charge a fee to the borrower on opting for prepayment of the personal loan.

The prepayment fees will vary from one bank to the other and is also dependent on the completed tenure of the personal loan. In most cases, banks charge a rate of interest that ranges from 4% to 5% of the outstanding loan amount. After the completion of three years, some banks choose not to charge any prepayment fee, while some others offer a discount on the prepayment fees on completing a stipulated time period.

The personal loans sanctioned by banks and NBFCs have different lock-in periods as determined by the lenders. The lock-in period is a key factor that you need to consider before applying for a personal loan. The lock-in period is the time during which borrowers are not allowed to prepay their personal loans in full or partially. This lock-in period could range from anywhere between six months to 1 year or even more in some cases. Today, we see many lenders relaxing their norms and allowing personal loans to be sanctioned without any lock-in period.

Before you set out to prepay your loan amount, you need to plan well and calculate the actual benefit that you will receive. The benefit from personal loan prepayment is dependent on the prepayment charges, the outstanding loan amount, and the remaining tenure of the loan.

Upon using an online calculator, you can confirm the amount that needs to be paid and the interest outgo that you are liable to honour. If the interest outgo amount is higher than the prepayment fees, then your best option would be to proceed with the prepayment of the personal loan.

To repay your dues before the end of the loan tenure, you need to follow the below steps:

Personal loans should not be considered as an extension to your paycheck and they should be availed of only to tide over a crisis. Prepaying your personal loan has some clear-cut advantages such as interest savings. While prepayment of loans will bring you into the good books of the credit bureaus, you need to be mindful of the prepayment penalty fee that is charged by banks and NBFCs.

It is important to take into consideration all the factors mentioned above before proceeding to prepay your personal loan amount. Be sure to calculate your savings from the prepayment and ensure that you are benefitting significantly from closing your loan account.

It is important to remember the rules and regulations when it comes to prepayment of a personal loan vary from bank to bank. Ensure that you check with your bank on the guidelines in place, before taking a step forward.

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What are the Benefits of Personal Loan Prepayment? Forbes Advisor INDIA - Forbes

The year 2022 is of special significance to every Indian, given that it marks the 75th anniversary of Indias Independence. As we celebrate Azadi ka Amrit Mahotsav to commemorate our hard-earned freedom from the shackles of British Raj, we also embark on the onward journey towards Amrit Kal an era of inclusivity and progress.

This journey of our independence was a movement that parallelly led to the encouraging progress of women in India. A satyagraha in itself. A journey of self-belief, courage, sacrifice, and camaraderie, spearheaded by some revolutionary women. They believed in their capabilities and refuse to be defined by any gender roles set by society.

The year 2022 is also very special in the timeline of womens history in India. We saw the appointment of Ms. Droupadi Murmu as the first tribal and second woman President of India. Her win is a tribute to the generations of women who through our nations history, paved the way for that moment and whilst we took long to get here, let us soak in the moment in all its glory and what it means for the future.

As more and more women got access to education, it facilitated the transformation of young girls into resilient women ready to take on leadership roles, irrespective of economic or social background. And so, in this 75th year of Independence, we look around us and see women becoming icons in a well-entrenched democracy. This also reflects in our legal system, which has recognised the need for empowering women. It has been a journey from Ms. Leila Seth, the first woman Chief Justice of a High Court in India to soon having the First Woman Chief Justice of India- Justice B. V. Nagarathna. These women have questioned and taken to bits the gender constructs that once obstructed womens growth in leadership roles. Weve seen in our lifetime Mary Kom, Mithali Raj, Kalpana Chawla and so many more. Women in India fly commercial planes, fighter jets, send probes to Mars, innovate, run public-enterprises, cause social change, are legislators, judges and executives, provide jobs to the masses through successful ventures as entrepreneurs, head scientific bodies; and all of this while most of them are also fulfilling the expectations of their conventional gender roles.

Women have learnt to do it all. There is a common element to all these stories- access to education leading to financial independence, inclusivity and most importantly, empowerment. Sustaining gender parity and diversity is critical to the success of women. Empowerment is necessary. It is no longer an option. Over the years, India has been reshaping its policies to empower the average Indian women by granting access to education and by enabling financial inclusion. This has ensured that woman can be Atmanirbhar. Equal opportunity is a must in all regards. It is true that the hand that rocks the cradle rules the world.

We must bring women into the mainstream and equally into the unconventional. I believe this applies also to the corporate world. Women need to be where innovation and decision are taking place. Women need to be present in traditional industries that need reform. We need more women scientists. More women engineers. More women politicians. More women CEOs, CFOs, CTOs, etc. More women judges. More women athletes. More women cops. Frankly, we need diversity at all levels. Equally, we need more diversity in areas where women have typically been stereotyped, for example, in the role of primary caregivers. Why dont we have enough male caregivers? For this, all the stakeholders of the country, including the judiciary will need to step up their role. Women will need more funding, more opportunities, less hurdles to success, more facilitative policies (e.g. the maternity benefit Act). Some of the biases that set in during our early years need to be shed for otherwise they fundamentally stunt our future. This starts at the time of birth and is passed on from home to school to workplace to marital home.

Whilst we have won quite a few of these battles, we are tired of having to fight for basic rights enough. Today we have reached a point where women are independent wealth creators. We need to prioritise welfare and dignity, particularly health and economic welfare. Unfortunately, rurally women lack so much on the health front; access to hygienic living conditions or basic medical care are still off limits.

Today, we still see ghastly crimes ranging from rape, acid attacks, sexual harassment, bullying, etc. against womenboth from well-to-do as well as marginalised sections of the society. India cannot be free if even one of its citizens is unfree. While ushering in amrit kal, where we rightfully celebrate the dreamers, the disruptors, the warriors, the nurturers, the achievers, unsung sheroes, etc., we must not forget to work towards building a progressive and safe nation for women. Its in only when we are able to leave our homes to without having to worry for safety issues, that we can get rid of social divisions and regressive mindsets.

In the initial years of our independence, women were contributing to the informal economy and in this journey to the present India, women redefined their roles as the ones fueling economic growth in addition to being culture custodians. In rural India, women entrepreneurs have emerged as leaders and job creators. More importantly they have discovered a voice to bring about a positive change transcending national boundaries and generations. I read a quote somewhere- in woman, there is hidden the revolutionary energy which can establish paradise on Earth.

In the words of Coretta Scott King If the soul of the nation needs to be saved, women, I believe you must become its soul. At present, the world needs a womens idealism, her determination, and her empathy far more than ever. In politics, in law enforcement, in classrooms. Therefore, lets take an earnest pledge that not only we will celebrate an independent India, but also seek an empowered India. Please, lets make our female voices heard whether shrill or melodious. Lets be seen whether brown, black or white.

The time has come to change the game, the time has come to break the bias. Perhaps its time to take an exponential leap of faith. Amrit Kal presents a catalyst moment for bringing about fresh and purposeful change, for sustainable nation building. We aim to develop an environment for the modern Indian women to be more empowered and for our home makers to be nation builders.

We need to engage with children, parents, men, women, educators, influencers, etc. to break some of the biases and to rebalance the social contract. These engagements are necessary to arrive at a solution which can work towards shaping a more inclusive and sustainable future.

As lawyers, we also wish to recognise and thank the role of the law, especially the judiciary, which has called out many issues, extinguished stigmas and brought about real change especially on aspects of financial safety and independence, dignity, status in the society. Such decisions have helped in breaking regressive beliefs and mindsets. We must recognise that all this will play a greater role and serve a larger purpose. We may not see or understand it today but perhaps our children will.

Views expressed above are the author's own.

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From homemakers to nation builders; From independent to empowered - Times of India

Dear Quentin,

My son is 27 years old. Hes very smart. He scored a 32 on his ACT test without cracking the book.

However, he cant manage life. He blew up the motor on his car because he didnt change the oil. He didnt fix the sunroof, so water leaked into the car. He doesnt like his bank, yet he cant manage to change banks. When his health insurance ran out under our plan, he didnt sign up with his employer.

He has been living with his father and stepmother for the last few years in a house that they own. He pays half of the bills in the house, despite six adults living there. His stepmom has access to his bank account. She transfers money and pays bills with his account. His stepmom was caught embezzling from a local club a couple years ago. Obviously, I am very concerned.

My son lost access to his bank account. He cant manage to get his account log-in reset. Furthermore, he doesnt even have a room at his dads house; he sleeps on his couch. I have advised him that the amount at most should be divided by the number of adults in the household equally (even if the others dont work) and he should only pay that portion.

My son agrees that he is likely being taken advantage of. But he has taken no action. He is resistant to me helping. I have offered to be a payee or power of attorney. But he says he can handle it on his own. I even suggested a six-month trial with me or someone else helping him out.

I still have a little money left over from what I saved for him to attend college. Could I offer it to him as an incentive to take the steps to financial independence? I am at a loss on how to help him. I am worried about his stepmom cleaning his account out. Should I talk to his dad? Any other suggestions?

Standing on the Sidelines

Tell his father that your son needs help, and that this living situation is untenable. But from what you say, your father and his wife and their crowded household appear to be part of the problem. Dont rely on him for help, and dont delay your plans to help your son because of his father.

Throwing money at the problem will only indirectly reward your son for being a procrastinator, while being overly critical will only serve to compound his anxiety, or whatever factors may have made him unable to take action.

Anxiety-related procrastination is a cycle that gets worse over time. Its not related to laziness or being a bad person or being incapable of doing ordinary tasks; its a kind of paralysis that builds up. The more things you havent done, the more stuck in the mud you become.

Throwing money at the problem will only indirectly reward him for being a procrastinator, while being overly critical will only serve to compound his anxiety.

Tell your son that he is smart, and there is a way out. Tell him he is kind and compassionate, and will do anything for other people, but he needs to have boundaries because not everyone will meet him halfway. Some people will take advantage of his good nature.

Instead of giving him money, pay for therapy for him, and bookend the therapy by driving him there and/or meeting him for coffee and meeting him for lunch or dinner afterwards. That will help ensure he attends, but will also give him the sense that he is secure and supported.

The two top priorities are his living situation and bank account. Your son would not be the first person to become overwhelmed with the seemingly endless cycle of being told he has the wrong username or password. Only his cell number should be connected to that account.

A financial therapist is another good option here: They deal with managing and budgeting your finances, and also managing and controlling your anxieties. Anxiety can manifest as inaction, but also as fear or anger. The Financial Therapy Association will have more leads.

If it is not possible for your son to live with you until he gets back on his feet, you can also do some research to show him the kind of apartments that are available within his budget, and the kind of job it would take to get there. He needs a plan. It wont all happen overnight.

People only need one good parent, and one good friend. Go with him to the bank, the auto dealership and apartment rental. Drive him to his job interview, if you are able. Fear and anxiety can be all-consuming, but they will only get worse if he is left alone. Living in an emotionally and financially unstable environment will not help.

Without knowing your son, Im cautious about involving a financial power of attorney. It would need to be someone you trust completely, and at this point in your sons life, the goal should be moving him gradually toward financial independence, and giving him the tools and support to do that.

Learn how to shake up your financial routine at theBest New Ideas in Money Festivalon Sept. 21 and Sept. 22 in New York. Join Carrie Schwab, president of the Charles Schwab Foundation.

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Also read:

I call his kids spoiled. He gets mad: My partner and I each have two children. He gives his kids gifts worth $1,000. I say we should cut that to $100. Whos right?

My eyes rolled so far back in my head it gave me a headache: I carpool with two co-workers. One refuses to take turns. With gas prices so high, is that fair?

I came into the marriage with a lot more money: Is it ethical to give cash from my pre-marital investment accounts to my kids without telling my second wife?

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He pays half of the bills in the house, despite six adults living there': My son lives with his dad and stepmom. They take advantage of him. How can I...

We might think of freedom as some kind of right that someone else has to give us. That could be true at the political and sociological levels. But psychological freedom emanates from within. The kind of freedom that helps us navigate the labyrinth of emotions and projections, and anchors us in the moment. Such freedom doesnt necessarily mean eternal happiness. Although, it could mean that too. Neither does it mean punishing self-reliance. It also doesnt mean one is free of responsibilities. It simply is the belief that whatever the situation, we will be taken care of.

Often we feel attaining financial freedom would pave the way for ultimate freedom. Partly, it is true. Financial independence does give us a great deal of autonomy over our lives but it also takes away control over our time. It is not the harbinger of ultimate freedom. We are constantly rallying for more freedom political, sociological, religious, and cultural. We want to be free in terms of what we wear, what we eat, who we marry, whether we marry or not, and so forth.

Even as we are moving towards a world of more and more individual freedoms, we are nowhere close to feeling any degree of liberation. Because at the psychological level we have created another prison. Even if legally, socially, and politically we are rendered free, psychologically we are finding it difficult to deal with our new-found freedoms.

We have become efficient in demanding freedom when the source is external. Yet, internally, we like to imprison ourselves in delusion, desires, and many other forms of externally-planted imagery of what a perfect life should look like. We deny many freedoms to ourselves and its time we realised the freedoms that we can give ourselves. Our limited experience creates many traps for ourselves. The freedoms that we should be demanding from ourselves are:

Freedom from self-sabotage

The only thing thats standing between us and freedom is our own psychological trappings. We tend to over-learn the lesson from experiences bad and good. Our destructive streak often meddles with our well-being. When we do not see new experiences in our lives as isolated events and try to apply a formula, we tend to self-sabotage. Our inner demons need to be tackled before we can demand freedom.

Absolute freedom is scary for those who havent dealt with their worst impulses. It may lead to the worst kind of self-destructive behaviour. Drug abuse or a propensity to fall for toxic people all are part of self-sabotage. We need to be mindful of circumstances we tend to self-sabotage. Can boredom and security trigger self-sabotage? When chaos is our way of life, security, stability, familiarity can feel disturbing. Every time you make an impulsive decision, ask yourself if that is what you truly want. What is the primary motivation behind the impulse? Pondering over the motivation and intent of your action consciously, and meditating over it for long periods protects us from self-sabotage.

Freedom from what others think

The moment you stop taking things personally, you will immediately attain freedom. However, it is harder said than done. Often peoples behaviour is a reflection of their limited experiences and not a statement on you as a person. Only when people directly reach out to you on how you are affected, do you ought to take it as feedback. Rest is merely a story played in the other persons head.

Freedom from perfection

Perfection is a dream killer. Once, we are okay to be judged harshly, commented upon, and scrutinised without taking things personally, we will be freed of the burden of trying to be perfect all the time.

Freedom has to be anchored in self-knowledge or else it can be destructive. Without self-knowledge, we are prone to take away our own freedom. Without self-knowledge, we are just trapped in a series of projections and reactions as our lens is always coloured by our traumas and successes.

In the book Win your inner battles Defeat The Enemy Within and Live with Purpose, author Darius Foroux gives the following questions as a route to understanding oneself:

What am I good at?

What am I so-so at?

What am I bad at?

What makes me tired?

What is the most important thing in my life?

Who are the most important people in my life?

How much sleep do I need?

What stresses me out?

What relaxes me?

What's my definition of success?

What type of worker am I?

How do I want others to see me?

What makes me sad?

What makes me happy?

What makes me angry?

What type of person do I want to be?

What type of friend do I want to be?

What do I think about myself?

What things do I value in life?

What makes me afraid?

Try answering these as quickly as you can and write them down. Go over it again and again. The causes of what is stopping you from granting yourselves the freedoms that we spoke about earlier are hidden in the answers.

(The writer is a mental health and behavioural sciences columnist, conducts art therapy workshops and provides personality development sessions for young adults. She can be found @the_millennial_pilgrim on Instagram and Twitter)

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This Independence Day, lets focus on the freedoms we dont demand from other but can give ourselves - Free Press Journal

Two child influencers seven-year-old Russian girl Nastya and US-born ten-year-old Ryan Kaji have made it into YouTube's most recent top 10 earners list.

Between them, Nastya and Ryan earned over US$50 million last year.

And that's not including sponsorship and TV deals.

"There's a lot of money to be made in that [online video] space," Tama Leaver, Professor of Internet Studies at Curtin University, tells ABC RN's Life Matters.

And he can understand why parents might nottry to stop their children from entering it.

"It is seductive to think, 'Oh, well, I know this person and they're making hundreds of dollars every time they make a post, surely that's something that my kid could get [into]," he says.

But when a child progresses from mucking around with videos online to a paid job even if they're not one of the few earning millions what are their rights? And what are their parents' responsibilities?

It's not just YouTube offering a means for children to monetise their videos platforms like Instagram and TikTok can too, says Professor Leaver.

Helping kids navigate that space safely takes work, he says.

He'd like to see Australia take a leaf from France's book, and introduce more protections for young creators of online content.

"France is probably at the forefront where they have a pretty clear rule now around child influencers," he says.

The country has regulated the hours an under-16-year-old can work online and enshrined the "right to be forgotten", meaning platforms must take down a child's content if requested.

The child'searnings are also put into a bank account that they can only access after they turn 16.

Professor Leaver says the UK and other jurisdictions are currently trialling or considering different laws.

"But we also have to acknowledge that Australia doesn't have much at all," he says.

The need for Australia to adopt legislation surrounding child influencers is becoming more pressing, as it's a cohort on the rise.

Jordan Michaelides, managing director of talent agency Neuralle, says while he only has three children on his books at the moment, parents approach him regularly.

"We get requests all the time," he says.

And he says he's spoken with up to 60 parents in the last year who are managing their children's budding influencing careers.

He says there's a clear point at which an online hobby ticks over into something more.

"The moment you hit 100,000 followers, and you're averaging 100,000 views per video, or per post, it starts to become a job," Mr Michaelides says.

And that's when parents often start looking for managers.

But it can be hard for them to find representation.

He says there's a reluctance among talent managers to represent child influencers in Australia, in part because of the lack of clarity around rules and regulations, and managers' responsibilities.

The legislation in Australia is "very murky", he says, including around payment and being able to ensure that pay, which is usually to a parent's bank account, will "go to the child at the end of the day".

"That's the thing that I think really needs to change [in] the industry here, hopefully, at least.

"It just makes everything very complex for your role as a manager."

In Australia there are only a handful of full-time child influencers, says Sarah Letts, head of content solutions at digital media organisation, TotallyAwesomeTV.

Ms Letts works with several of them, and says she's built close professional relationships with most of their parents, who act as the children's managers.

Content is usually shot on weekends and parents "always have their [children's] best interests at heart", she says.

"All of them talk about saving for the future and that the child will have a savings account and that they teach them to manage and plan for the future," she says.

"Some will do very well and can save towards an apartment, if they get to that point, but for many it might just be for smaller goals. Some parents may take the standard 20 per cent management fee, but oftentimes they don't as they want to help their child save as much as possible and guide them towards financial independence."

Child influencers are more common in America, Ms Letts adds, where some parents create up to six videos per week with their family.

"Some succeed, but many also fail," she says.

Ms Letts' own son attempted a career in influencingthrough his surfing vlogs. It didn't pan out, but she says he gained skills from the experience.

"Even though he's never made money through his YouTube, he's gained confidence, a belief in himself, on-camera experience and had a lot of fun," she says.

She and her husband have supported their son's online video work, appreciating him "capturing [his] childhood for us".

"All those moments documented his journey and growing up in a way that is quite unique and fun to look back over now he's 17."

For other parents considering supporting their child in being an online influencer, she recommends never pushing an agenda.

"It always must be led by the child," she says.

If they show a genuine interest, she believes parents should support them.

Mr Michaelides says it's a topic that's only going to be coming up more in Australian families.

"I think we're typically behind the US by about three years," he says.

"So at least they're talking about it overseas. It's probably just a matter of time before it becomes a prominent conversation here."

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Child influencers are becoming more common in Australia but who is looking after their rights? - ABC News

By Amit Khatri

Make in India, What started as a mere phrase has now become one of the largest Govt. led initiatives in the country with the goal to transform Indian industries and reposition India as a manufacturing and export hub on the global map. In a country where the services sector makes up for more than half the GDP, boosting manufacturing becomes a major priority for the industries to become self-reliant. Make in India along with key initiatives like Skill India, Digital India and Startup India, has played a huge role in scaling localisation and encouraging brands to manufacture in-house, while propelling Indias rapid growth as a catalyst and drive entrepreneurial zeal in the country.

The Govt. of India even recognised and layered special emphasis on 25 sectors, including Electronic system design and manufacturing, for the first leg of the campaign. Further in the post-covid life, wearables emerged as a promising category to bring opportunities and growth prospects to consumers, brands and the industry. The growth trend still continues with increased adoption which gave the industry a 20.1% YoY growth in the first quarter of 2022. While the work-from-home model and health-first lifestyle are the key factors accelerating this uptick, we are now witnessing the birth of new homegrown brands serving this accelerating demand. Make in India with a vision to make India Aatmanirbhar has made this process for new brands even more seamless with its lucrative incentives schemes and programs, giving the homegrown manufacturers a chance to lead from the front.

Adoption and expansion of Make in India

Up until a few years ago, industries in India were limited to rebranding imported products and retailing these white-labelled units in the country. However, the industry has witnessed a massive transformation since then. Easy access to labour, availability of resources and government initiatives like the Production Linked Initiatives (PIL) scheme and Phased Manufacturing Programme (PMP) have enabled numerous brands to move their manufacturing hub to India and scale up localised production. Make In India gives homegrown brands the opportunity to contribute to the economy in multiple ways creating employment, building a platform for Indian talent, unlocking new innovation, boosting exports, creating opportunities for homegrown vendors, etc. Hence, building and expanding manufacturing operations in the country has become a lucrative option for leading brands across industries.

Emerging demands of new-age consumers

The prime consumers of majority wearables brands have been the Gen Z and modern millennials. The new generation is informed and connected, has a preference for brands/ products that contribute to the growth of their nation. They believe in building the local economy and thus significantly support Vocal for Local as their key agenda. Another interesting reason for their inclination towards everything homegrown is that consumers believe homegrown brands have an in-depth insight into their needs and preferences and thus, understand the pulse of the nation better. All these factors are strongly supported by the strong innovation and technical ability of the young brands to create aspirational products that were once available only for a niche community.

Unlocking the Future of Made in India Smart Wearable

The future of smart wearables in India is inclined to look a lot more diverse than the present scenario. This is because the industry has seen a rise in need based demand and found a huge customer base across demographics. Apart from the youth, the older generation, also known as baby boomers, is creating a huge demand for smart wearables today. This is strongly followed by demand driving in for the youngest generation (children). Meanwhile, Gen-Z and millennial consumers are becoming more conscious about the integration of design and innovation. Thus, were witnessing a unification between lifestyle watches and fitness trackers credited to the numerous options that offer the best of both worlds. With the increasing demand for premium tech in the country, the manufacturing sector in India would have to adapt at a much faster rate to beat the global competition and manufacture quality products in-house, end-to-end, eventually becoming a global hub for not just to serve the nation but also exports.

The electronics manufacturing industry has grown from $37.1 billion in 2015-2016 to $67.3 billion in 2020-21. With various government schemes like National Policy on Electronics (NPE), Electronic Manufacturing Clusters (EMC), Production Linked Incentive Scheme (PLI) etc. aiming to boost domestic manufacturing, India has already started witnessing initial movement with increased production and assembly activities across products and the next stage of growth will be a more revolutionary stage for us as a country to position ourselves as the manufacturing leaders of the world where well be Making in India for the World.

The author is co-founder of Noise. Views expressed are personal.

Also Read: Independence Day 2022: From Yeh Dil Maange More to Tedha Hai Par Mera Hai and Har Ghoont Me Swag, a look at PepsiCo Indias campaigns over the years

Also Read: 75 years of Independence: Yesterday, today and tomorrow: Hindi Serials which got remade success or failure

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Independence Day 2022: Why Indian wearable brands are betting big on Make in India - The Financial Express

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Fresh out of college and ready to start her first job, Maribel Franciscos new employer asked her what she wanted to be paid. With no idea where to begin, she said $40,000.

She soon realized that was less than what she was worth, but when she asked for more, the employer wouldnt budge.

Its a situation Francisco, the first generation of her family born in the United States, hopes to help others avoid. After working as a financial analyst in the entertainment industry, she launched Our Wealth Matters, a platform to help immigrants on their financial journey in the U.S. by coaching them on saving, investing, and retirement planning.

Shes not alone. Delyanne Barros, a Brazilian-born U.S. citizen, launched her brand, Delyanne the Money Coach, after an unsatisfying career as an attorney. She found investing as an opportunity to work toward financial independence without owning property, and hopes to help others, particularly Latinos, achieve their own version of financial freedom.

Language barriers and a lack of trust in the financial system, Barros and Francisco say, are among the factors that make it difficult to find financial stability in a new country, especially for Latin American immigrants. With the number of foreign-born people in the U.S. rising currently at an historical high of 44 million, 50% immigrating from Latin America a growing number of people are in need of foundational advice on how to navigate the American financial system.

Barros says overcoming these types of hurdles is one of the first steps toward financial stability for this population, which she defines as the ability to walk away from situations or walk towards situations that are going to increase your happiness.

Heres what Barros and Francisco think are the biggest barriers to financial stability for immigrants, and how to begin the process of overcoming them.

Financial stability for new immigrants can look different depending on each persons goals. Getting on the grid establishing credit and opening up a bank account for the first time is a good first step. It is essential to start building your credit score and credit history as soon as possible, according to Barros.

Established credit will make it easier to qualify for loans, credit cards, a mortgage, and better interest rates for all of these. Established credit is also crucial for leasing an apartment, as many rental companies check credit reports.

Gaining financial stability means starting with the basic American financial building blocks. Once these building blocks are in place, that is when financial stability starts giving you choices. You can leave an employer that doesnt value you, negotiate a better salary, or leave an unhealthy relationship with the confidence that you can support yourself financially, says Barros.

Getting started on the path toward financial stability can be daunting, though. There are aspects of the U.S. financial system and the immigration experience that often make this path even less attainable for the immigrant community.

Every immigrants story is different, but some aspects of the U.S. financial system present common difficulties for new Americans. Here are a few, and how to navigate them.

One of the largest hurdles for immigrants who want to be financially independent is accessing information in their native language. Financial products can be complicated. Thats true for everyone, but its especially true for those whose primary language isnt English. There can be serious consequences if you arent clear what youre getting into. The language is purposefully intimidating, Barros says.

Through educating the immigrant community in personal finance (in both English and Spanish), Francisco says she tries to boost their awareness of the possibilities available to them. Its why she decided to produce bilingual content: posting everything in English first, and publishing the exact same content in Spanish the next day. This is how she does her part to combat the language barriers that face Spanish-speaking immigrants. This also helps the families of her audience: She says many will share the Spanish-language versions with their parents and loved ones.

Immigrants bring with them parts of their home country, like language, culture, and values. Some bring with them a fear of financial institutions, rooted in distrust of their home countrys system. There are more protections in the United States than many other countries and youre actually hurting yourself by not engaging with the financial system, says Barros.

The U.S. financial system offers several safeguards for consumers. For example, banks that are insured by the Federal Deposit Insurance Corporation (FDIC) protect up to $250,000 per account in the case of theft or bank failure. Additionally, government agencies like the Consumer Financial Protection Bureau hold banks accountable and can punish them for breaking the law. All consumers can access the CFPB complaint database, which allows for transparency between banks and customers when it comes to violations of federal regulations and laws.

It can be hard for immigrants to find someone who understands their situation. Theres very little representation [of immigrants] in the financial industry, Barros says. This often causes immigrants to feel marginalized and can be a deterrent for those who are already distrustful of banks and investing.

Many immigrants who dont have a Social Security number believe that investing is out of their reach. This is a huge misconception, Francisco says. An individual taxpayer identification number, or ITIN, allows immigrants to do much more than pay taxes. ITINs can be used for opening up bank accounts, savings accounts, credit cards, and applying for loans. Immigrants can also put money into a 401(k) with an ITIN and receive an employer match. The same goes for immigrants who have work permits through their Deferred Action for Childhood Arrivals (DACA) status, Francisco says.

An individual taxpayer identification number, or ITIN, allows immigrants to open up bank accounts, savings accounts, retirement accounts, credit cards, loans, and also to pay taxes without a Social Security number.

If youre looking to begin your journey toward financial stability, here are a few basic steps to help you get started.

Franciscos first step with her clients is pushing them to define their why. This can range from wanting to retire early, support their family, buying a house, starting a stable career, or simply having a secure lifestyle. Defining a why is crucial because it may be the only thing that keeps you from giving up during financial difficulties. If you have a strong enough why, thats gonna get you through those hardships, Francisco says.

Your credit score will consist of several factors, primarily your payment history (paying your credit accounts on time) and credit utilization (how much of your available credit youre using). There are other factors that go into a credit score as well, including the length of your credit history.

There are a few ways to start building credit if you are brand new to the credit system, Barros says. The first way is to find a family member or close friend who is willing to add you to their account as an authorized user. Becoming an authorized user means that you have access to funds, but the owner of the account remains responsible for paying all bills on time. Another way to start building credit is to get a secured credit card. Secured credit cards have relatively low limits, but once you show that you are a responsible user and you pay your credit card off on time, your bank can convert your secured credit card to an unsecured credit card, and your credit limit will increase.

One of the most important steps toward financial stability is opening a bank account. This may be overwhelming since there are tons of banks out there, so Barros recommends doing your research. A Google search will tell you if a bank has been involved in fraud or some other sketchy behavior. You can also browse the CFPBs Consumer Complaint Database to learn about complaints made against a specific bank.

Some other things you should be looking for are banks with minimal fees and penalties for transferring money between accounts and also banks with accessible customer service.

At a minimum, confirm the bank is FDIC insured or, if youre banking with a credit union, be sure that it is NCUA (National Credit Union Association) insured. You can do this by searching a bank name through the FDICs BankFind feature or for a credit union using NCUAs Research a Credit Union

Finally, Barros suggests you look for banks that are catering to a specific minority. This is the best way to ensure that your bank will be empathetic to your situation and cater to your specific needs. For example, if your primary language is Spanish, it will be helpful to find a bank that has Spanish-speaking customer service representatives. Generally, this information can be found on a bank websites homepage or on their customer service page.

Look for tools at the top of the homepage that allow you to translate the entire website, or look more specifically at whether they have Spanish language options on their customer service page.

Informed Immigrant is a trustworthy tool to help find local immigrant-serving organizations, clinics, legal help, and other nonprofits. Local organizations like the ones found through Informedimmigrant.com may be able to provide educational resources or translation services if English is not your primary language.

Growing up as a child with an undocumented father, Francisco was never sure who could be trusted and, as a result, says she and her family simply avoided talking about personal finances with others. To her, finding community is gonna be key. Her advice is to find others who talk openly about finances. Some community centers or churches will offer personal finance workshops that can be beneficial for those who dont know where to start.

The best way to find trustworthy communities is through diligent research, Francisco says. She advises immigrants to reach out to families they know who have been in a similar situation or search for community centers that are specifically servicing the immigrant population. If youre on social media, find and follow people who are openly talking about the topic youre interested in, she says. While immigration is a sensitive topic to speak about openly on public platforms, there are influencers doing it on Instagram, TikTok, and Youtube. Those who are willing to share their stories are usually out to build a community, Francisco says.

You may also be able to find nonprofit organizations in your community that help immigrant groups. Community Development Financial Institutions, or CDFIs are financial institutions that prioritize serving communities and populations that typically lack access to financial products and services. Outside of providing financial services, CDFIs often offer courses and programs to help underserved communities develop financial literacy You can find a CDFI near you using the CDFI locator tool.

The FDIC also offers an educational program, Money Smart, aimed toward people who want to improve their financial literacy and skills.

Both Barros and Francisco warned that one of the biggest mistakes they see is when people allow fear to prevent them from taking action. For example, Barros says she sees frequently that fear of being charged interest keeps people from using their credit cards [and] keeps people from building their credit score. Francisco refers to this fear as analysis paralysis. She says that she often has clients who are so overwhelmed by the amount of information floating around, they end up stuck in a place of inaction. This mistake can be avoided by doing your research and asking questions.

The same can be said for investing. Yes, investing can be risky, but according to Barros, we reduce the risk by investing over a long period of time. So, its important to start early. The best strategies to invest for the long-term include investing regularly and consistently, and investing in broad index funds. Barros says investing and financial stability can be the difference between having to work until the day you die versus you being able to retire with dignity in your older years and not having to put a ton of strain onto your children.

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These Two Latina Money Coaches Are Helping the Immigrant Community Break Financial Barriers. This Is What They Want Immigrants to Know - NextAdvisor

COLUMBUS August is ABLE to Save Month, and Ohio Treasurer Robert Sprague isusing the occasion to tout the importance of STABLE accounts andhighlight the programs record-setting growth. ABLE to Save Month is anational campaign that shines a light on ABLE programs across the nationand how they enhance financial independence for people living withdisabilities.

Since January 2019, Ohios iteration of an ABLEprogram, STABLE Account, has seen overall participation grow three-fold,with total enrollment nearing 30,000 active accounts.

ABLE toSave Month is the perfect time to promote the financial empowerment andindependence that STABLE accounts provide for people living withdisabilities, said Sprague. These accounts are life-changing as theyhelp individuals to save and invest money, while also staying in theworkforce. Were proud to continue the growth of STABLE Account and lookforward to empowering more Ohio families.

STABLE accounts are529-like specialized savings and investment accounts for people livingwith disabilities. Accountholders can save up to $16,000 without losingfederal assistance, and they can save an additional $12,880 each year iftheyre employed. Earnings on STABLE accounts grow tax-free if they arespent on qualified expenses, which include housing, transportation,living expenses, healthcare, assistive technology, and more.

TheSTABLE Account program was launched in 2016 following passage of thefederal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLEAct, individuals with disabilities could only save $2,000 before losingmeans-tested benefits, such as Medicaid or Supplemental Security Income(SSI). Additionally, asset limits hindered opportunities to join theworkforce. These regulations made it difficult for many people to work,save, and invest, creating barriers to financial independence.

Inrecent years, the Treasurers office has partnered with several privateand public sector employers across Ohio to enable eligible employees tomake recurring deposits into STABLE accounts directly from theirpaychecks.

Through STABLE Account, Ohioans living withdisabilities can enjoy a higher quality of life and build a strongfinancial future. Signing up for a STABLE account takes about 20 minutesand can be done online from home. For more information about STABLEaccounts and to sign up, visit http://www.stableaccount.com.

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Treasurer Sprague recognizes August as ABLE to Save Month - The Paulding County Progress