Category Archives: Financial Independence

I spent the final days of my vacation at Santorini Island in Greece. There, I saw a lot of young people partying, walking around the marble streets, and lounging at the hotel pool. Im sure among them were recent law school graduates. Since it was late May, I assumed they were having their post-graduation celebrations. Im sure they will post photos on their social media profiles flexing their hotel rooms with ocean views and eating dinner at restaurants overlooking the Mediterranean sunset. But when they return, many of them will begin adulting, which includes repaying their student loans.

Some people will see this as the typical reason for not forgiving student loans. Otherwise, taxpayers will be paying for their all-expense paid vacation. They will say something like, Did these people have to spend thousands of dollars on plane tickets, hotels, and expensive restaurants? Couldnt they instead have celebrated a staycation at the local TGI Fridays and use the rest of the money to pay down the loan principal? Why cant these people exercise some delayed gratification and personal responsibility?

Most of these people seem to think that student loans (or just debt in general) should take priority before spending on fun stuff. And generally, this advice is sensible. Others take it a few steps further and advise that you spend all of your money early on to both pay down debt and save for retirement, even if it takes a decade or more. These tend to be the people who advocate the Financial Independence, Retire Early lifestyle. While saving excessively is good, I am not sure whether I can live on rice and beans for years.

Some will have trouble dealing with their student loan debt. There are some who are just not good at managing their money. But others are hurting because they suddenly lost their job.

But others can live with debt even if they do earn a large income. Probably their biggest debts are their home, their cars, taxes, and their student loans. But they are not living paycheck to paycheck. They can probably pay everything off in a few years if they really wanted to and are willing to sacrifice a few things and experiences to do so. But they choose not to because they want to have money in a savings account or just splurge on occasion. Would the personal responsibility crowd object to these people spending money on vacations instead of paying off their debts early? I doubt they would so long as bills are paid as agreed, and the vacation was planned and budgeted ahead of time.

Lastly, there are some people whose debt load is so large that it will take decades to pay off their loans, even if they saved and sacrificed. But by then they will have given up the best years of their life. I am not sure if I want my headstone to say, At least I paid off my student loans.

On that note, going back to the young people celebrating at Santorini, I dont know their student loan situations, but its safe to say that each has a unique story. Some took no loans at all because of a generous scholarship or because someone else paid their vacation costs. Others probably saved up for it by working extra overtime at their part-time work-study jobs. And some just said the heck with it and paid for their vacation with their credit card.

Generally, it is not a good idea to use student loan money to pay for lavish vacations. And if you are out of school and earning money, it is better to use your earnings to lower debt instead of hoping that a fairy godpresident will make all student loans disappear by waving his magic executive order pen. But debt should not be a barrier to taking vacations so long as people are financially responsible about it. This means setting up a budget plan and saving enough money for travel costs. We shouldnt use lavish vacations as the main talking point for making student loans difficult to discharge. If paying debts off should be a priority, then by that logic, everyone should pay off their mortgage and car loans before they can spend money on a vacation.

Steven Chung is a tax attorney in Los Angeles, California. He helps people with basic tax planning and resolve tax disputes. He is also sympathetic to people with large student loans. He can be reached via email at stevenchungatl@gmail.com. Or you can connect with him on Twitter (@stevenchung) and connect with him onLinkedIn.

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Don't Let Student Loans Scare You Away From Taking Vacations - Above the Law

First Step Alliance,a New Jersey 501(c)(3) non-profit organization working on behalf of formerly incarcerated individuals, has been approved as a Membership Association for Diverge.

FORT LEE, N.J., May 25, 2022 /PRNewswire/ --The National Credit Union Administration (NCUA) has extended its approval for a new charter application for Diverge, a Proposed Federal Credit Union (PFCU), whose mission is to advance economic empowerment for historically marginalized and unbanked communities.

Discrimination in financial services is a significant problem for millions of formerly incarcerated individuals, and especially impacts people of color and women. An unwelcoming financial system forces people to rely on check cashers, payday lenders and other high-cost, non-bank alternatives. Diverge will address systemic discrimination by improving access to affordable products and financial education to help people build long-term financial health.

"I'd like to commend the team behind Diverge PFCU's charter application. Their concept is an example of true financial inclusion, and it's also an example of why reforming NCUA's chartering process is one of my top priorities," saidKyle S. Hauptman, NCUA Vice Chairman.

Individuals, businesses, and other organizations can join the proposed new credit union through approved membership organizations, including First Step Alliance, whose membership is broadly open to formerly incarcerated people, their families, and supporters. Future credit union members will be able to access their accounts online and with a mobile banking app, as well as through a large fee-free ATM network. Credit union staff will provide more personalized service by phone and at planned branch locations.

"Justice-involved individuals are frequently shut out of mainstream banking, forcing them to use high-cost, often predatory non-bank providers," saidNancy Eiden, Founder and Board Chair for First Step Alliance. "Everyone deserves a fair chance to restart their lives, and access to financial services is an integral part of successful reentry."

Story continues

There are several ways individuals and organizations can get involved and show their support for the project:

First Step Allianceis a 501(c)(3) non-profit organization headquartered in New Jersey committed to charitable and educational causes that help advance successful reentry and sustainable financial independence for justice-involved individuals. First Step Alliance partners with reentry programs, Departments of Corrections, credit unions, and other community organizations to fulfill its mission. For more information, visit http://firststepalliance.org/and follow First Step Alliance on LinkedIn, Facebook, and Instagram.

ContactNancy Eiden862-294-0355337219@email4pr.com

Cision

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There was a time in India when financial education was restricted to the financial shelf in bookstores.

Today, the game has changed largely due to internet penetration and the availability of affordable data, leading a whole new group of consumers to the digital economy.

Retail participation in the Indian stock market has increased dramatically over the last two years.

According to a survey by S&P, more than 75 per cent of Indian adults do not adequately understand basic financial concepts. The gap is more when it comes to women, standing at 80%.

While India is moving towards bridging the financial literacy gap, multiple challenges prevail. The first is information overload and data paralysis.

Information presented online is often presented in a fragmented manner, and there is lack of credibility.With around 50 per cent of the 1.37 billion population in India having internet access and almost 70 crore having a smartphone today, why is democratizing financial education important?

Bridging the urban-rural divideRural residents face numerous constraints in accumulating assets from their savings. Lack of financial literacy and available investment avenues make it challenging for rural investors.

A considerably large part of the rural savings go into informal savings avenues like gold, chit funds, real estate, and most predominantly bank deposits.

Institutionalization of such savings can improve their efficiency by promoting better allocation among different areas, sectors, and economic activities. This is where financial literacy and education plays a paramount role.

Digital financial services companies need to start communicating with the rural markets in a language they understand, a channel they relate to and using influencers they connect with.

The objective of literacy programs conducted by various stakeholders needs to address the concerns of small investors, such as what and where to invest so that they can secure their future effectively.

As savings and investment of individuals in an economy are the two variables by which the strength of an economy can be measured, democratizing access to financial education will unlock a plethora of opportunities and investment streams for rural India to enhance their savings.

Elevating the role women investors can play for accelerated economic growth. Low financial literacy is exacerbated by patterns of vulnerability among specific population subgroups.

Most women fail to take charge of their own money and are dependent upon their parents or husbands for managing their finances.

Moreover, due to factors like less risk appetite and limited investment knowledge, women prefer traditional methods of savings and investment with low returns such as FDs, gold ornaments, provident funds etc over volatile instruments such as stocks and Mutual funds.

Despite women being more savings-oriented, by traditional methods, their wealth lies idle in bank accounts and tends to lose value over time owing to inflation.

Additionally, social conditioning, patriarchy, steep gender-pay gap, and pink tax disproportionately impact Indian women financially.

Today, India has the largest number of single women in its history. Hence, there is a need for financial autonomy and there's never been a greater need for financial education and awareness.

Studies have shown that women have a shorter span of working careers owing to family needs, have greater life expectancy than men and are paid less compared to men for the same work profile.

These factors arise the need for women to develop healthy investment habits for a secured future. Encouraging women to invest will not only ensure the financial independence of women but also increase the flow of money to the financial market, and the time is now.

More capital investment will ensure increased production of goods and services, which will boost the country's economic growth.

Empowerment of Indias youth by making them financially independentAs a country with one of the largest young populations in the world and a booming economy, youngsters in India expect a brighter future.

As a result, today's young investor shows an unprecedented degree of financial prudence. Modern investment portfolios like crypto, stock market, US stocks, etc have played a major attraction point for the young Indians to begin their investment journey.

However, there is still a long way to go and a dire need to inculcate financial investment habits amongst Indias youth today. Including financial education as part of the school, the curriculum is a fair and efficient policy tool. Financial education is a long-term process.

Building it into curriculums from an early age allows children to acquire the knowledge and skills to build responsible financial behaviour throughout each stage of their education.

Financial education would also encourage increased participation amongst the youth in the financial markets to meet financial goals and objectives, develop credit discipline and availing credit from formal financial institutions as per requirement, and improve the usage of digital financial services in a safe and secure manner.

The way forward for financial literacy and what worksTo be effective, financial literacy initiatives need to be large, scalable and consistent. Schools, workplaces, and community platforms provide unique opportunities to deliver financial education to large and often diverse segments of the population.

Furthermore, stark vulnerabilities across the country make it clear that specific subgroups, such as women and young people, are ideal targets for financial literacy programs.

Financial education is a crucial foundation for raising financial literacy and informing the next generations of consumers, workers, and citizens. A key lesson is that when it comes to providing financial education, one size does not fit all.

In addition to the potential for large-scale implementation, the main components of any financial literacy program should be tailored content, targeted at specific audiences.

In todays world, financial literacy should be considered as important as basic literacy, i.e., the ability to read and write. Without it, individuals and societies cannot reach their full potential.

(Co-authored by Harsh Jain (Co-founder & COO, Groww) and Hena Mehta (Co-founder & CEO - Basis)(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Financial education and its importance in making investing accessible across India - Economic Times

The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann/Files

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May 26 (Reuters) - Ernst & Young is evaluating options to improve their audit quality, Chief Executive Carmine Di Sibio said on Thursday in an internal memo seen by Reuters, at a time when the Big Four accounting firms are often blamed for their lack of independence.

The memo was sent in response to a report by the Financial Times that said the accounting firm is planning to split its audit and advisory operations worldwide. (https://on.ft.com/3LPvNie)

"No such decisions have been made," Sibio said in the memo, while referring to the media coverage on plans to spinoff. An EY spokesperson told Reuters the firm routinely evaluates strategic options, but the process is in its early stages.

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A spinoff, if it were to take place, will create an audit-focused firm separate from the rest of the business, but the exact structure of the shake-up remains under discussion, the FT report said.

London-based EY is one of the Big Four accounting firms along with Deloitte LLP, PricewaterhouseCoopers and KPMG that audits companies, which also pay fees for consulting and advisory work.

The companies have previously drawn criticism from regulators over their conflicts of interest that undermines the ability to conduct independent reviews.

In the United States, the country's securities regulator is probing conflicts of interest at the nation's largest accounting firms, the Wall Street Journal had reported in March. (https://on.wsj.com/3tUMVMq)

CEO Sibio said in the memo to the firm's partners that "with the changing competitive, regulatory and market landscape, work is ongoing to evaluate strategic alternatives".

The EY spokesperson said any significant changes would only happen in consultation with regulators and after votes by EY partners.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Devika Syamnath and Arun Koyyur

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EY evaluating strategic options to improve audit quality - Reuters

Its not often new propositions come into the cryptocurrency space with a big buzz but Mushe (XMU) and Goddess Nature Token (GNT) seem to be doing just that. As it stands anticipation for the launches of both tokens is high.

Mushes presale began on April 18th and has just entered the second stage. Since the Mushe presale began the token price has increased by a staggering 880% going from $0.005 to $0.049 per XMU token. GNT an offering from former WeWorks CEO Adam Neumann via his new startup Flowcarbon is currently completing its private token sale ahead of its wider presale which is expected to begin in the next few days.

Flowcarbon recently announced they raised $70 million in their private sale from VCs and other investors, the news of this war chest coupled with the high profile of its founder has caused many to believe the project will be a success when it launches. Flowcarbon aims to accelerate climate change by tokenizing carbon credits using its flagship Goddess Nature Token (GNT).

Mushes buzz has come from its ethos of making crypto simple and its ambition to revolutionise crypto and metaverse banking. Mushes flagship product is the XMU token but the roadmap also shows there is a feast of Mushe World products on the way including:

Mushe is currently built on the Ethereum blockchain network but will also build on Solana and Stellar blockchains adding flexibility, scalability and more freedom for XMU token holders in the future. Mushes full launch dubbed Financial Independence Day will take place on July 4th 2022 when the token will be available on UniSwap. In the meantime you can join in the presale at the official mushe.world website.

The future looks bright for both XMU and GNT, there is still time to give your portfolio the breath of fresh air it needs with these two tokens.

For more on Mushe (XMU)

Official Website:https://www.mushe.world/Presale Registration:https://portal.mushe.world/sign-upCommunity Links: https://linktr.ee/musheworld

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Most youths 'age out' of care system between 18 and 21

California starts cash payouts for foster care leavers

New York City considers extending support to age 26

By Carey L. Biron

WASHINGTON, May 23 (Thomson Reuters Foundation) - Like many teenagers in foster care, Korah Loyd dreaded her 18th birthday - a milestone that leaves thousands of vulnerable young people facing homelessness and an uncertain future in the United States each year.

"It was a collective joke among foster kids: When you turn 18, what street are you going to live on?" Loyd, who is now 28 and lives in Seattle, told the Thomson Reuters Foundation. "You're literally giving yourself up to be homeless."

The COVID-19 pandemic has spurred policy action targeting social inequality in the United States, and concern about the plight of youngsters "aging out" of the care system has prompted moves to help foster youths shift to financial independence.

The U.S. foster system includes youths placed with relatives, other families and group homes.

California - one of several states to have more recently raised the age for those leaving care to 21, though only on an opt-in basis - has begun cash handouts as a way to cushion the transition to the outside world.

It is helping local jurisdictions give $1,000 a month to foster youths aging out, part of a universal basic income (UBI) program approved by the state last year.

The extra money can be transformative, said Marie-Christine Busque, vice president of programs at Pivotal, a nonprofit in San Jose, California, that mentors foster youths.

She cited the example of one young care leaver who had previously been living on $1,100 a month.

"You can imagine an extra $1,000 is life-changing - it prevented her from being homeless, allowed her to continue her studies, and now (she) is stably employed," said Busque.

Because they lack parental support, many young people leaving care often need to work while in school more than other students do, potentially delaying or even derailing their graduation, she said.

For those who have their own children, such payments "stabilize a whole family," she added.

More than 400,000 youths have been in the U.S. foster system at any given time in recent years, said the Annie E. Casey Foundation, a nonprofit focused on child welfare issues.

Youths from low-income families and people of color are disproportionately represented in the system, said Jacqueline Burbank, communications director with the National Foster Youth Institute, which advocates on care matters.

"Income is a huge concern," she said. "Often parents can't provide stable housing for their youth because they don't have stable income, or are living below the poverty line."

About 23,000 young Americans each year reach leaving age in the foster system, and the effects are stark, she said.

More than 20% become homeless, and a quarter come into contact with the criminal justice system in the first two years - a trend Burbank said is "steadily growing worse."

At a rally in Washington D.C. earlier this month, campaigners released what they billed as the largest-ever survey of former foster children and others involved in the care system.

The survey from nonprofit iFoster found that respondents think the system is "failing to prepare youth to be independent when they age out," and want transition benefits to be extended.

As the pandemic spurred an array of policies aimed at tackling inequality and keeping people housed, emergency federal legislation was passed to prolong assistance to former foster youths for housing, groceries and other needs up until age 27.

The measures expired in September, and some advocates and lawmakers - including President Joe Biden - are now pushing for some of those to be made permanent.

Last month, Biden spoke of the pandemic's "disproportionate impact" on those in foster care, pledging to boost resources for youths leaving the system and proposing to let states support them until age 27, according to information provided by the Department of Health and Human Services.

Advocates have been pushing for such steps for years.

"Having that extra time from 21 to 26 means so much in their development and in their ability to succeed," said Kimberly Hardy Watson, president and chief executive of Graham Windham Services for Children and Families, a New York nonprofit.

Amid budget negotiations set to wrap up by July, Watson and others in New York City are pushing for $35 million to extend a model called Fair Futures to all young people aged 11 to 26 who are in or have left the foster system.

The model, which was launched in 2019, connects foster youths with specialists in education, housing, employment and other fields.

It has had some startling results, organizers say, citing as an example a jump in high school completion rates among former foster children from 21% to 94%.

"This model has meant the difference between many of our youth being able to start and finish college or vocational programs," said Watson.

"It's meant the difference between kids who have been homeless or would end up in other systems, whether it was incarcerated or part of mental health systems."

Mentoring and guidance is also vital for the success of cash handout programs such as California's because former foster children often lack the money management skills that other youngsters learn from their parents, experts said.

"We need to focus on financial literacy, on building these young people up," said Dontae Lartigue, founder and chief executive of Razing the Bar, a nonprofit in Santa Clara County, California, that mentors youths coming out of the foster and juvenile justice systems.

The state's cash aid program has its roots in a 2020 initiative in Santa Clara by then-county supervisor Dave Cortese, now a state senator.

"I've seen young people get UBI, and they say, what do I use it for?" said Lartigue, who consulted with the county.

Now 31, Lartigue came through the foster care system himself, and when he aged out, his lack of credit, renting history and other issues made it almost impossible to find somewhere to live.

Partly as a result, his transition towards independence was, he said, "more of a burden than a blessing."

Related stories:

'Runway' to stability: U.S. urged to boost housing for homeless youth

From cell to where? New U.S. focus on home post-prison

'Schools are survival': U.S. coronavirus closures put homeless students at risk

(Reporting by Carey L. Biron; Editing by Helen Popper; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

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US youths leaving care given cash, and time, as COVID spurs action - Thomson Reuters Foundation

What GAO Found

Based on the limited procedures GAO performed in reviewing the independent public accountant's (IPA) audit of the Congressional Award Foundation's fiscal year 2021 financial statements, GAO did not identify any significant issues it believes require attention. Had GAO performed additional procedures, other matters might have come to its attention that it would have reported. The IPA provided an unmodified audit opinion on the Foundation's fiscal years 2021 and 2020 financial statements. Specifically, the IPA found the Foundation's financial statements were presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles. Further, for fiscal year 2021 the IPA did not identify any (1) deficiencies it considered to be material weaknesses in the Foundation's internal control over financial reporting nor (2) instances of noncompliance or other matters that are required to be reported under U.S. generally accepted government auditing standards. The Foundation concurred with the IPA's conclusions.

GAO's review of the Foundation's fiscal year 2021 financial statement audit, as differentiated from an audit of the financial statements, was not intended to enable GAO to express, and it does not express, an opinion on the Foundation's financial statements nor conclude on the effectiveness of its internal control over financial reporting. Furthermore, GAO does not express an opinion on the Foundation's compliance with provisions of applicable laws, regulations, contracts, and grant agreements. The IPA is responsible for its reports on the Foundation dated February 17, 2022, and the conclusions expressed therein.

GAO provided a draft of this report to the Foundation's National Director and the IPA's Audit Principal for review and comment. They responded that they had no comments on GAO's report.

This report presents the results of GAO's review of the Foundation's fiscal year 2021 financial statement audit. The Congressional Award Act established the Congressional Award Board to carry out a program to promote excellence among the nation's youth in the areas of public service, personal development, physical fitness, and expedition or exploration. The Board created the Foundation as a nonprofit corporation to assist in carrying out this program. The Congressional Award Act, as amended by the Government Reports Elimination Act of 2014, requires the Foundation to obtain an annual financial statement audit from an IPA. The act also requires GAO to review the audit and report the results to the Congress annually. GAO's objective was to review the Foundation's fiscal year 2021 financial statement audit in order to identify any significant issues it believes require attention. To satisfy this objective, GAO (1) read and considered various documents with respect to the IPA's independence, objectivity, and qualifications; (2) analyzed key IPA audit documentation; (3) read the Foundation's fiscal years 2021 and 2020 financial statements, the IPA's audit report on the Foundation's financial statements, and the IPA's report on internal control over financial reporting and on compliance and other matters based on its audit; and (4) discussed matters pertinent to its objective with IPA representatives and Foundation management officials.

For more information, contact Beryl H. Davis at (202) 512-2623 or davisbh@gao.gov.

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Congressional Award Foundation: Review of the FY 2021 Financial Statement Audit - Government Accountability Office

SAN DIEGO, May 25, 2022 /PRNewswire/ -- Two Elite Advisors at Independent Financial Group, LLC (IFG) have been ranked best in state among America's 2022 Top Women Wealth Advisors by Forbes in collaboration with SHOOK Research, and nationally among the Top Wealth Advisor Moms for 2021 by Working Mother and SHOOK Research. The advisors are Mary Huntley of Prescott, Arizona (AZ) and Kathy Keadle of Augusta, Georgia (GA).

"Mary Huntley and Kathy Keadle have worked hard to build their successful practices while raising families and thriving as women advisors in the profession. IFG is proud to support them and their organizations in pursuing their professional goals," said David Fischer, IFG Co-Founder. "On behalf of myself and the entire IFG team, I want to congratulate Mary and Kathy on these dual accomplishments."

"It's exciting to be recognized as a woman advisor because there is still a significant lopsidedness in the industry," said Mary. "I believe that radical change is on the way," said Kathy, adding that "women advisors are bringing a more holistic understanding of wealth to the industry" by centering their clients' goals and building close relationships.

As working moms, Mary and Kathy have refined their approach to financial advising:"Being a working mom requires that you are present in any situation, be it parenting or meeting with clients," said Mary. "My clients understand that I am right there with them and bringing the same kind of focus I do when I'm present with my children." Kathy finds it affirming to hear how her children describe her job to others: "they see that I'm taking care of other people and their families and that I am making an impactful difference for others."

Both Mary and Kathy expressed that IFG's commitment to independence for its advisors has enabled them to thrive: "IFG is so family-oriented that I never feel like I have to choose between being a mom and my work," said Mary, adding, "it's not just independence, it's empowerment." Kathy said IFG has "never not allowed me to think outside the box" or "not approved something I wanted to do just because it has never happened before." In 2020, IFG was ranked #4 in highest percentage of women representatives among independent broker-dealers by Financial Planning Magazine.1

Mary is a Certified Financial Planner and serves as Head of Cambium Wealth and Legacy Strategies. A 20-year financial services industry veteran, she and her team joined IFG in 2014. Mary currently serves on the Arizona Community Foundation of Flagstaff Board of Advisors and has previously served on various local public and private boards, including the Camp Verde Chamber of Commerce, YES The ARC, Yavapai County Community Foundation, Flagstaff's STEM City, Zoning, and Ordinance Review Committees. Mary earned her B.A. in Biology from William Jewell College before starting her career in financial planning.

Kathy is the Founder of Keystone Financial Services, Inc. and has over 25 years of experience in the financial services industry. Since 2005, Keystone Financial Services has worked with power company employees throughout the Southeast, specializing in the intricacies of power company employees' pensions and savings plans. She is also the Founder of Keystone Foundation for Financial Education, a non-profit providing financial literacy to underserved communities. Kathy holds the Certified Financial Educator designation and earned her degree from The University of Georgia.

America's Top Women Wealth Advisors Methodology

The Forbes ranking of America's Top Women Wealth Advisors and Top Women Wealth Advisors Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative data, learned through surveys and interviews conducting in-person, by telephone and virtually to evaluate best practices, level of service, investing models and compliance records as well as quantitative data, such as revenue trends and assets under management. All advisors have a minimum of seven years' experience. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receive a fee in exchange for rankings. For more information, see http://www.shookresearch.com.

Top Working Mom Wealth Advisors Methodology

SHOOK Research considered women advisors with a child 21 or younger still living at home. The ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC. Neither SHOOK nor Working Mother receive compensation from the advisors or their firms in exchange for placement on a ranking. For more information, see shookresearch.com.

About Independent Financial GroupIndependent Financial Group, LLC (IFG) is a privately-held independent broker-dealer based in San Diego, California. Founded in 2003, IFG provides an array of business solutions supporting more than 640 independent financial professionals across 389 offices nationwide. IFG was named among the "Fastest Growing Private Companies in the US" by Inc. 5000 in 2020 for the eighth time since 2010. San Diego Business Journal ranked IFG "#12 Among the Largest Private Companies in San Diego" in 2020. To learn more about IFG, visit ifgsd.com.

1Salinger, Tobias. "IBD Elite 2020: IBDs with highest percentage of women advisors." Financial Planning. July 6 2020. Accessed May 2, 2022. https://www.financial-planning.com/list/ibd-elite-2020-ibds-with-highest-percentage-of-women-advisors.

Media Contact:Pamela SaundersIFG(800) 269-1903[emailprotected]

SOURCE Independent Financial Group

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Two IFG Elite Advisors Honored by Forbes and Working Mother as Top Wealth Advisor Women and Working Mothers - PR Newswire

Contrary to popular belief, you dont need to have lots of money to invest in Wall Street, and you dont need a broker either.

What people dont know is that you can invest in Wall Street through investing platforms currently available to anyone. You can do it remotely you dont even need to be in Manhattan. And you dont need enormous amounts of money to invest. You can literally buy just one share of any given company, explained Gabriela Berrospi, an investment advisor and founder of Latino Wall Street (LWS).

According to Berrospi, people need to realize that investing in the stock exchange provides the possibility of achieving financial independence and the stability necessary to reach our goals.

Gabriela Barrospie, Founder of Latino Wall Street

I started out investing while I was still a student in college and, it goes without saying, everybody knows students dont have money to spare, recalled Berrospi.

The stock exchange is like a supermarket: there are different prices for different things. From penny stocks to Amazon shares that cost upwards to $2,000. So, there is a price range from where you could choose, depending on your possibilities, she added.

Berrospi mentioned that there are many other companies at the same level as Amazon whose stocks trade at more affordable prices. The advisor mentioned tech giants Apple and AT&T, whose shares sell for $140 and $19, respectively, at the time of this interview.

The investment advisor said the only thing needed to start investing in the stock market is a trading account in one of the online investing platforms available. It is similar to a bank account, but the difference is that, instead of having your money inactive in a bank account, you are actually managing it by investing in the things you consider will provide a good return of investment.

While Berrospi admitted there are some inherent risks to investing, she assured markets have a historical uptrend, despite their sometimes extreme fluctuations.

We have been through everything: the Great Depression, world wars, terrorist attacks, natural disasters, pandemics and the market always recovered, she said. If you follow statistics and invest conservatively, you dont run too many risks, then you would be able to position yourself so that you have a financially secure future.

Berrospi specializes in providing people the necessary tools to be able to work their way through Wall Street and have the possibility of achieving their financial goals.

There are many companies at the same level as Amazon whose stocks trade at more affordable prices.

Latino Wall Street strives to educate its audience, so it can generate passive income through financial investments following professional strategies, she said. Its all about financial empowerment.

Originally, Berrospis audiences were Latino women looking to achieve financial independence from their parents or spouses. But these women brought along their sisters, brothers and friends, and Gaby Wall Street eventually turned into Latino Wall Street.

Berrospi recalled that, since she got interested in investing in Wall Street, and even today, people operating in the stock exchange are almost exclusively white middle-high class males. So, Im trying to provide access to Latinos for them to have a chance at financial stability.

Latino Wall Street will be hosting its annual conference next May 27th at the Puerto Rico convention Center.

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The Supreme Courts latest ruling that the recommendations of the Goods and Services Tax (GST) Council are not binding on the central and state governments is likely to give fresh force to the debate on the financial independence of the states and the importance of cooperative federalism for the success of GST, according to experts.

A Bench, comprising Justices D Y Chandrachud, Surya Kant and Vikram Nath, on Thursday held that the recommendations of the GST Council will have a persuasive value. The Court also held that both Parliament and the state legislatures can equally legislate on the matters related to GST. It said the GST Council is only a recommendatory body and its recommendations are not binding on the Centre or states.

The Bench was deciding appeals filed by the Centre against a Gujarat High Court judgment that dealt with the issue of levying IGST on importers on the component of ocean freight paid by the foreign seller to a foreign shipping line, on a reverse charge basis.

The reverse charge is a mechanism where the recipient of the goods or services is liable to pay GST, instead of the supplier.

Before the GST regime, service tax on ocean freight was exempted but it was lifted in 2017under the new indirect tax regime. The Gujarat High Court later in its judgment said the integrated GST (IGST) on ocean freight is unconstitutional.

Sandeep Chilana, managing partner at Chilana & Chilana Law Offices, said, While such observations of the SC are in line with Article 279A, it is likely to give fresh force to the debate of financial independence of the states to take its own decision and the importance of cooperative federalism for the success of GST.

He added that the SC ruling has confirmed the Gujarat High Courts judgment that the government does not have any authority to collect GST on a reverse charge basis from any person who does not qualify as recipient of services.

In the instant case, the Centre and state government attempted to collect GST on ocean freight payable by foreign supplier to the shipping companies, even when the supply was on CIF (cost, insurance, and freight) basis i.e. Indian importer had no privity of contract with the shipping lines and therefore was not the recipient of such services, Chilana added.

Rajat Bose, partner at Shardul Amarchand Mangaldas & Co, said this is a significant observation from the Supreme Court as it clearly defines the roles of GST Council, Centre and states and their interplay in the GST regime.

He added that the GST Council is a constitutional body whose role is to advise and recommend on GST issues. To accept such advice and pass appropriate amendments in law is purely the domain of the central and state legislatures.

Inderpal Singh Pasricha, senior partner at IP Pasricha & Co, said, The Supreme Court has correctly ruled that the GST Councils recommendations are not binding on Union and state governments since until such recommendations are given effect through relevant notifications/ circulars/ law amendments which alone will have the force in law that is always mentioned in press release containing recommendations of the GST Council.

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GST: SC Ruling To Give Fresh Force To Debate On States' Financial Freedom, Say Experts - News18