Category Archives: Financial Independence

Since faring the worst of the pandemic, attitudes towards protection policies have changed across the generations. Weve seen an uptake in interest from younger earners such as Millennials and, in particular, from Generation Z (those born after 1997).

Entering the job market in the midst of a global pandemic has been unkind to this generation, with many of them now looking to build their financial futures and achieve financial independence as quickly and as securely as possible.

Unbeknown to 50% of this demographic, getting income protection in place as early as possible is one of the most effective and affordable ways of safeguarding their financial futures, as they strive to make their dreams become reality in a tumultuous economic landscape.

Heres how to engage this age group on the benefits of income protection and why this product is perfect for Gen Zs specific needs.

A familiarity with digital tools has lead to a go-it-alone attitude

Statistically Generation Z are the most comfortable when it comes to using digital financial services and managing their money online. They are also one of the most proactive age groups when it comes to finding the right services for them.

Known as digital natives, its likely that this age group will obtain their own research online before approaching an advisor, as well as already doing the majority of their banking purely online - in particular with challenger services on mobile phones, and avoiding services provided by typical High Street banks.

The risk is that through this independent research, they could become overwhelmed with options, or make decisions purely based on their independent research, rather than through the broader perspective an advisor might be able to offer. Protection policies are a long-term commitment and its essential that younger savers find the best options for their particular set of circumstances or risk leaving themselves vulnerable with inadequate or inappropriate cover.

As a distributor, make sure your digital services are up to scratch and that you provide a clear user journey to demonstrate the value in protection products and to educate younger clients as they do their own research. This educational material should focus on explaining how this complicated product works and the long-term value within it, which might not be apparent to a client who is making financial decisions within a crowded and oversaturated marketplace.

Job instability is a reality for young savers

The reality for Gen Z is an incredibly crowded and competitive job market. Due to the ramifications of the pandemic, theyve entered a hiring environment based on a boom-and-bust model, directly affected by fluctuating government lockdowns. Plus, as the newest employees to many companies, its often this age group that bears the brunt of mass layoffs or redundancy, as companies struggle to keep their heads above the water when the going gets tough.

Knowing this as an advisor, its your responsibility to provide advice with this wider context in mind, and to consider how income protection might offer some security in such a turbulent landscape. Income protection can offer an affordable way for your client to access long-term financial support should they have to stop working due to illness or circumstance. This support not only benefits your clients financial well-being but also gives them peace of mind in an unpredictable job market.

Getting onto the property ladder is a key concern

For Gen Z, one of the most noticeable differences between their financial aspirations and that of other demographics, is their desire to get on the property ladder as soon as they can. Owning your own home is one of the most stable ways of managing assets and obtaining financial independence. This aspiration reflects the turbulent reality many earners have had to face over the last few years in particular for young workers or graduates trying to lay the foundations of their financial future.

Getting income protection will help younger learners live up to their financial commitments and hopefully continue to save to achieve goals like owning their own home. Promoting income protection online and linking it home ownership on platforms like social media, can help to increase awareness of this option within the Gen Z age group, whilst also sparking intrigue to help young earners in their own research. Its likely this demographic will only get in touch with an advisor in relation to managing a new mortgage, so make sure your user journey and subsequent advice explicitly makes this link.

Fairing bad weather for a brighter future

As one of the most motivated and active age groups when it comes to managing their finances, Generation Z are hungry for information on how to make the most from their money with financial independence at the heart of this desire. As an advisor its crucial to understand how income protection can greatly benefit this demographic of earners and through the use of digital tools and open information, how we can help more young people protect their financial futures from the word go.

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Gen Z will benefit more from income protection than any other age bracket - Finextra

The season of giving is here, and there are numerous organizations that South Dakotans support in their communities. Food pantries, shelters for women and children, clothing drives and toy drives are all causes that fill our hearts while helping those less fortunate, especially during the holiday season.

As kids, we are taught that our purpose in life is to serve others. We know that giving someone a meal serves an immediate need, but that food may only go so far in helping our neighbors face other challenges in their lives. We also know that giving of our time to support local organizations should go beyond seasonal solutions when helping to lift people out of their struggles.

There are many organizations throughout our state that operate year-round to provide services to meet both short-term and long-term needs in our communities. These organizations are grateful for our financial support for their missions; however, perhaps we should all go beyond financial donations. For those who want to give the gift of service and time, there are many opportunities for giving this holiday season.

For most of us. time is limited because of how much we pack into our daily schedules. This makes time a gift that we all cherish. When you give of your time, think about how that can positively impact someone who is struggling with working and raising a family on their own. Compassion Child Care is a group that strengthens working families through affordable daycare, housing solutions, and options for early childhood education. This organization serves many homeless single moms who are working and struggling to provide for their children.

Consider giving your time as a house manager for Compassion Child Cares housing program and encouraging the young families who this group supports. Also, volunteering at their daycare program gives these working moms an affordable option so they can work during the day to support their families.

You may want to help others by mentoring them or preparing them for their next career or job. Love INC is an organization that coordinates volunteers for more than 60 churches in Rapid City and the surrounding area. These volunteers mentor individuals and families who are in need of shelter, housing, training and guidance to get back on their feet. This also includes training them for financial independence and teaching interview skills for job seekers.

You can also serve others by using your skills to help head up an organization or teach leadership skills to those who have never had the opportunity to step into a leadership role. Our young people are looking for leaders to follow. Social media is so attractive to the younger generation, and it offers access to a variety of personalities who can fill those leadership roles. We know real leadership comes from a tangible connection. Groups like the Aberdeen Boys and Girls Club, Teen Challenge, and the McCrossan Boys Ranch are taking kids away from their devices and teaching them to develop skills and seek positive mentorship. There is also the OneHeart group that is teaching young adults life skills after overcoming addiction. You could be the one who gives your neighbor a second chance at life.

There are myriad ways to help others rather than just contributing funds or resources. I know that however you choose to give back this season and beyond, it will make South Dakota a better place. No matter the season, we are a reflection of our values, and I hope youll join me in ensuring our South Dakota values will always be rooted in serving others.

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A little goes a long way during this season of giving - Brookings Register

Corn muffin mix is stocked and on display for Thanksgiving dinner items at a Pete's Fresh Market Tuesday, Nov. 2, 2021, in Glen Ellyn, Illinois.

John J. Kim | Chicago Tribune | Tribune News Service | Getty Images

There's going to be an extra guest at Thanksgiving dinner this year, making it more expensive than ever.

It's inflation.

In October, the consumer price index a basket of goods rose 6.2% from a year ago and hit a 30-year high, according to data from the U.S. Bureau of Labor statistics.

And under those headline numbers, food costs rose 5.3% on the year, with the largest gains driven by price increases of meat, poultry, fish and eggs.

"Inflation remains stubbornly high, to the surprise of many that expected prices to come back to earth sooner," said Ryan Detrick, chief market strategist at LPL Financial. "The truth is you can't shut down a $20 trillion economy and not feel some bumps as it restarts, but we are hopeful the supply chain issues will resolve over the coming quarters and inflation should calm down as well."

The USDA is also projecting that food-at-home costs will be up 2.5% to 3.5% for the entirety of 2021.

"I wouldn't be surprised if we see the Thanksgiving basket up about that percent," said Veronica Nigh, senior economist at the American Farm Bureau Federation.

The expected increase will be a shock to many households already feeling the pressure of higher prices. In comparison, in 2020, the average price of Thanksgiving dinner declined 4% from the previous year to $46.90, or about $5 per person, according to the Farm Bureau.

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There are a few reasons nearly all the ingredients seen in a Thanksgiving dinner will be more expensive this year.

Supply chain issues have persisted throughout the pandemic and have raised costs. This may contribute to limited supply, as some foods take longer to be delivered.

There are other deficits that may be pushing prices up, as well. Turkeys, which are generally the most expensive item in a Thanksgiving feast, are in shorter supply this year than they were last year.

"It's probably the lowest bird inventory we've had for perhaps 10, 11 years," said Curt Covington, senior director of institutional credit at AgAmerica.

Turkeys between 8 pounds and 16 pounds cost 25 cents per pound more than they did a year ago, while prices for birds between 16 pounds and 24 pounds are about 21 cents more expensive, according to an Oct. 29 report from the Department of Agriculture.

Other costs associated with Thanksgiving dinner have also gone up gas prices have increased nearly 50% on the year, appliances are 6.6% more costly and even things such as cookware and tableware are more expensive.

"Just the cost of metal to put cranberries into a tin can has gone up," said Covington. "It's across the board and it's going to take the supply chain well past Thanksgiving and Christmas to get back to normal."

There are a few things that consumers can do to keep their Thanksgiving meal as inexpensive as possible, according to experts.

1. Start early: First, start shopping for your dinner as soon as possible, so you aren't caught off guard by last-minute price hikes.

Many consumers have taken note of increased prices and have started purchasing some items for the November feast. Some 63% of consumers expect rising food costs to make Thanksgiving more expensive, according to a recent survey by FinanceBuzz, a financial independence site.

The same survey showed that consumers are planning to combat rising costs by shopping sales, using coupons or cutting back on food or guests.

Others have already started stocking up on non-perishables some 35% of those surveyed by Shopkick said they'd begun their Thanksgiving shopping already to get ahead of product shortages and last-minute price hikes.

2. Look for deals: Starting early also gives consumers more time to look for deals, which will be especially important to those on a budget this year.

Scan for sales on any items you can stock up on ahead of time and check prices at multiple grocery stores, including discount merchants such as Aldi, Lidl and WinCo foods, said Brittain Ladd, a global strategy and supply chain consultant.

Buying frozen foods is also generally less expensive than fresh, so people can look for deals in the freezer aisle.

Consumers should also consider shops that offer Thanksgiving deals, such as throwing in a free turkey if you buy most of your ingredients there.

3. Share costs: People may also be looking to have larger Thanksgiving gatherings than last year due to Covid. Having more friends and family over may present an opportunity to keep costs down instead of the host being solely responsible for the meal, you could split costs across guests.

"It's really important to have conversations with your family and your friends," said Kaitlin Walsh-Epstein, senior vice president of marketing at Laurel Road. "Ask everybody to bring a part of the meal."

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Thanksgiving dinner is going to be more expensive this year, thanks to inflation - CNBC

BALA CYNWYD, PA / ACCESSWIRE/ November 15, 2021 / Brodsky & Smith reminds investors of investigations it is conducting regarding the following companies for possible breaches of fiduciary duty and other violations of federal and state law with respect to proposed acquisition transactions. If you own shares of any of the below-referenced stocks and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, or calling toll free 855-576-4847. There is no cost or financial obligation to you.

Independence Holding Company (NYSE:IHC)

Under the terms of the merger agreement, Geneve Holdings will acquire all outstanding shares of IHC common stock for $57.00 per share in an all-cash transaction. The investigation concerns whether the IHC Board breached its fiduciary duties to shareholders by failing to conduct a fair process, and whether Geneve Holdings is paying too little for the Company.

Additional information can be found at visit https://www.brodskysmith.com/cases/independence-holding-company-nyse-ihc/, or call 855-576-4847. No cost or obligation to you.

Aspen Technology, Inc. (Nasdaq:AZPN)

Under the terms of the merger agreement, Aspen Technology shareholders will receive $87.00 in cash and 0.42 shares of the new AspenTech, a newly formed company, per share of Aspen Technology owned. The investigation concerns whether the Aspen Technology Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Emerson is paying too little for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/aspen-technology-inc-nasdaq-azpn/, or call 855-576-4847. No cost or obligation to you.

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Corvus Gold Inc. (Nasdaq:KOR)

Under the terms of the merger agreement, Corvus Gold will be acquired by AngloGold Ashanti Limited (NYSE - AU). Corvus Gold shareholders will receive C$4.10 for each share of Corvus Gold they own. The investigation concerns whether the Corvus Gold Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether AngloGold is paying too little for the Company.

Additional information can be found at https://www.brodskysmith.com/cases/corvus-gold-inc-nasdaq-kor/, or call 855-576-4847. No cost or obligation to you.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Brodsky & Smith, LLC

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NOTICE - IMPORTANT SHAREHOLDER INVESTIGATION UPDATE: Brodsky & Smith Reminds Investors of Investigations Related to the Following Companies:...

For women, financial independence is of utmost importance, and Neelofar Jaan knows this all too well. There was a time when the Pulwama resident could not even afford to pay her Rs 16,000 semester fees. But today, she makes around Rs 70,000 a month and takes care of the needs of her entire family.

Thanks to a lucrative crop we call mushroom, Neelofar has been able to lead a better and more financially stable life. It all began when the 22-year-old attended a one-week course on button mushroom cultivation conducted by a local agricultural centre.

Very soon, she was growing mushrooms at home and earning thousands per month. While her initial investment was Rs 15,000 a month, Neelofar, who is pursuing a masters degree in social work from Indira Gandhi National Open University, today earns a profit thats good enough to cover her education expenses.

Watch this video to learn how the young girl is employing unique farming techniques to gain financial independence:

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Can Mushrooms Fund Your Education? Kashmiri Girl Does It By Earning Rs 70000/Month! - The Better India

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SAN FRANCISCO--(BUSINESS WIRE)--SoFi (NASDAQ: SOFI), a leading next-generation financial services platform, and the Financial Planning Association (FPA) the leading professional membership association for Certified Financial Planner professionals today announced the launch of a strategic partnership between the two organizations designed to benefit nearly 19,000 FPA financial planning practitioner members and the clients they serve.

The partnership will provide FPA members with preferred rates and exclusive access to a suite of financial solutions, services, and educational resources that theyre able to tap into to better support the hundreds of thousands of consumers the organizations members are already guiding on their path to financial independence. This joint initiative led by SoFi and FPA marks SoFis first external foray into the financial planning industry at a time when a record-breaking number of consumers are seeking professional financial advice1.

Making progress in personal finance doesnt have to mean navigating that journey alone at SoFi, weve always seen tremendous value in the financial advisor community, which is why access to complimentary financial planning services has been a member benefit since day one, said SoFi CEO, Anthony Noto. Our partnership with FPA is an expansion of that trust and is rooted in a shared commitment to helping people get their money right on their financial journey. This means equipping the professional community that serves consumers with the financial solutions and services their clients can benefit from so that all advisors regardless of firm size have access to the tools they need to help their clients achieve financial independence and realize their ambitions.

Financial planners are on the front lines of helping American families safeguard their financial well-being. That means they require access to the necessary tools that help them serve the needs of their clients like those offered by SoFi, says Patrick D. Mahoney, FPA chief executive officer. Were thrilled to have this opportunity to partner with SoFi to bring a variety of financial solutions to our members and to our members clients.

For more information on SoFis partnership with FPA visit the FPA Marketplace.

About SoFi

SoFis mission is to help people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our more than two million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com/ or download our iOS and Android apps.

About the Financial Planning Association

The Financial Planning Association (FPA) is the principal membership organization for CERTIFIED FINANCIAL PLANNER professionals, educators, financial services professionals and students who are committed to elevating the profession that transforms lives through the power of financial planning. With a focus on the practice, business and profession of financial planning, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at financialplanningassociation.org and Twitter at twitter.com/fpassociation.

SOFI-F

1Northwestern Mutual, After a Year of Uncertainty the Value of Professional Financial Advice Goes Up, July 2021

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109005646/en/

Media ContactMeghan BrownSoFipr@sofi.com

Ben LewisThe Financial Planning AssociationBLewis@onefpa.org

Source: SoFi Technologies

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SoFi Partners with the Financial Planning Association to Provide Exclusive Access to Suite of Financial Solutions to FPA Members and Clients -...

For Mel Dorion, financial freedom means achieving a total investment portfolio that allows them a 4 per cent withdrawal rate to cover their cost of living for the rest of their lives.Ashley Fraser/The Globe and Mail

The global pandemic led many Canadians to re-examine their priorities, leading some to make major life changes like switching jobs or leaving a big city.

For a lucky minority, the last year and a half has made them question whether they can realistically stop working full-time.

Mel Dorion, was a government worker in the middle of a decade-long financial independence retire early (FIRE) journey when COVID hit. For the 33-year old from Gatineau, Que., the pandemic and ensuing lockdowns led to a change in priorities that was enough to adjust her timeline, propelling her into an even earlier semi-retirement than she projected.

Financially, the 9-5 was fantastic, I had a secure position and all that, Ms. Dorion said. But the pandemic shifted the balance away from quality time with her two children, which was a main reason she was even on a FIRE retirement plan.

The quality of time with the family wasnt as good, because my energy was spread thin.

In January, Ms. Dorion decided to take a sabbatical from her job as a senior business analyst with the federal government to test-drive her pandemic FIRE plan. Could she cover a share of her cost of living with income from her side hustle, a financial education business? Would that, along with withdrawing a percentage from her investments, let the remainder continue to compound so that she could still reach full financial independence in her 40s?

For Ms. Dorion and her partner, financial freedom means achieving a total investment portfolio that allows them a 4 per cent withdrawal rate to cover their cost of living for the rest of their lives.

In early fall, she handed in her resignation, officially becoming semi-retired.

According to a recent survey from the Canadian Institute of Actuaries, one in four individuals report shifting retirement timelines as a result of the pandemic but the vast majority are now expecting to work longer than planned.

For a smaller number 15 per cent of respondents COVID-19 has meant they will now retire sooner, many owing to reasons such as job loss or concerns over workplace health and safety.

As Trixie Rowein, a portfolio manager and certified financial planner with Raymond James in Edmonton explains, work-related challenges during COVID were one reason cited by her clients who did seek early retirement during the pandemic some in the postsecondary and medical sectors although most were only a few years away from their original planned retirement age, instead of proponents of a FIRE approach.

Others, she says, weighed the pros and cons of spending more time with their families now, versus earning their salary for another year or two and chose time with their families. Its a mind shift that only the client can make and COVID just made people re-evaluate what was really important, she says.

In Ms. Dorions case, making early semi-retirement work means continuing to run her Modest Millionaires side business part-time, which currently covers half of her monthly cost of living. She has also withdrawn 1 per cent of the initial value of her investments as of the beginning of the year, with a plan to pull out up to 2 per cent of her investments yearly until her early 40s. She and her partner have also been mortgage-free since 2017.

Her original FIRE plan included putting away 40 to 60 per cent of both her and her partners take home pay since 2015, which Ms. Dorion says ended up surpassing initial projections.

That investment that 40-60 per cent part of it went to my contributions to my employer pension plan. I intend on transferring that out, she explains, into a self-directed locked-in retirement account, and also registered retirement savings plans and tax-free savings accounts, primarily investing in low-cost exchange-traded funds.

Certified financial planner Natasha Knox, founder of Alaphia Financial Wellness in New Westminster, B.C., says she has received more inquiries during the pandemic from people wanting to accelerate their retirement than in previous years both from the occasional individual in their 40s and others looking to retire just a few years early. Prior to COVID-19, she says, the questions were more along the lines of when can I reasonably retire? Is this something I can do some day?

Now, she explains, its all about, no, I dont want to wait, I want to use my time while I have it, while Im healthy, while I can. And that is a theme across the board, is that they want to do it now, because theyre not sure.

Prospective early retirees should start by having a clear picture of their spending habits and be sure to consider a broad range of scenarios that might affect their plans, says Ms. Knox, such as a poor sequence of returns, and their fallback position in case something happens. (Sequence of returns refers to the timing of withdrawals and the associated risk of poor market returns early in retirement).

Using reasonable mortality assumptions in your calculations living into your 90s or even 100, rather than your 80s is also essential, she says.

Another consideration especially for those who are more than a couple of years away from the traditional retirement age is to gain some perspective around what this life change means in practice, and whether they may want to consider taking on part-time work or consulting during retirement.

[I] try to contextualize it if youre in your mid to late 40s, you could be retired as long as youve been alive, says Ms. Knox.

Thats how long you want this money to last and thats how long you would be retired and for some people it gives them pause and for some people, theyre just really done.

Although she is enjoying the freedom of her new schedule, Ms. Dorion says if it werent for the realities of pandemic life, its unlikely she would have made the move toward early retirement now. I would have continued on, she says.

I ... definitely did not have in mind that 2020 would be the year that made me decide and in 2021, actually hand in my resignation.

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Some lucky people retired early during the pandemic. How did they structure their finances? - The Globe and Mail

LOS ANGELES, Nov. 9, 2021 /PRNewswire/ -- Cetera Financial Group, one of the industry's largest networks of financial professionals, today announced that it attracted more than $2.4 billion in new assets through its recruiting efforts in the third quarter of 2021, and is on pace to add more than $10 billion in new assets to its platform in 2021. The latest numbers come at a time when many advisors are seeking more independence and community, business-building resources, and tools that help strengthen client relationships.Cetera's recently-launched Growth360 program will empower these new Cetera financial professionals to grow their practices by learning from and incorporating the successes of their fastest-growing peers.

"We continue to focus on attracting teams and families interested in growing their practices and who believe in Cetera's vision of delivering an Advice-Centric Experience," said John Pierce, head of business development. "Cetera welcomes high-quality financial professionals who value a sense of community and industry-best solutions, resources and support. We are proud to welcome these financial professionals to Cetera and will continue the positive recruiting momentum through the rest of the year and into 2022."

Key firms that joined Cetera in the third quarter are:

Click herefor more information about Cetera's tools and resources for financial advisors.

About Cetera Financial GroupCetera Financial Group (Cetera) is a leading financial services firm whose purpose is to enable the delivery of best-in-class financial advice to as many Americans as possible. Cetera empowers its financial professional communities to help clients achieve their version of financial wellbeing through the Advice-Centric Experience. Cetera proudly serves independent financial professionals, tax professionals, banks and credit unions in providing wide-ranging financial planning and wealth management services.

Cetera oversees $340 billion in assets under administration and $119 billion in assets under management, as of June 30, 2021.

Visit http://www.cetera.com, and follow Cetera on LinkedIn, Twitterand Facebook.

"Cetera Financial Group" refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), Cetera Financial Specialists LLC, and First Allied Securities, Inc. All firms are members FINRA/SIPC.

Individuals affiliated with Cetera firms are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Adviser Representatives, who can offer both types of services.

SOURCE Cetera Financial Group

cetera.com

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Cetera Recruiting Efforts Yield More Than $2.4 Billion in New Assets In Third Quarter - PRNewswire

CHRIS Mamula was working as a physical therapist when his wife Kim and him found out they were expecting a baby - and it changed their mindsets completely.

Five years later, in December 2017, the then 41-year-old handed in his notice and retired - roughly 25 years earlier than most Americans.

2

Chris told The Sun he "was burning out really quickly" working in healthcare in the US.

The Pennsylvania couple, who later moved to Utah, had also fallen in love with the outdoors and wanted to build a lifestyle around it.

Yet, the biggest contributing factor came in 2012 when they learnt they were expecting another family member - a daughter, who's now nine years old.

Chris told The Sun: "When we found out we were having a child, that's when we got serious.

"That's when early retirement and financial independence came onto our radar."

To their help, Kim and Chris, now aged 44 and 45, had been savvy with their finances ever since they graduated from college.

They started living on just Kim's salary after school - and used Chris' wages to clear student and car debt - and then continued when they were out of the red.

Chris said: "We started to use my salary to save for a down payment on a house.

"And then from there, we just used my salary to pay off the mortgage quickly and to start investing.

"We always just lived on one salary and the other salary was saved. So we kind of had a 50% savings rate the whole time."

"Some years, we probably saved more because we didn't spend that much. Other years, we would splurge and do big vacations."

When they first graduated from college in 2000 and 2001, they were both on salaries of around $40,000 a year.

And by the end - before Chris retired - their salaries had increased to high five-figures of between $80,000 and $90,000.

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When it comes to retirement, the standard rule of thumb is that you'll need 25 times your yearly expenses saved up - and that you can withdraw 4% each year.

This was a target Chris and Kim aimed for too, although he said it wasn't based on a number when he later left his job.

Chris said: "I think the first question we had with most people was like, how much money do you need? And do we have enough money to retire?

"So we really focused on the finances first.

"But then as we started to get closer, it was kind of a matter of 'do we really want to retire' and what do we call the things that work provides, like purpose and just a way to fill your time and a way to give back and be of service."

Today, Chris has partnered with Darrow Kirkpatrick, founder of the blog "Can I Retire Yet?", while Kim works part-time within operations research.

Chris has also written a book, Choose FI: Your Blueprint to Financial Independence, which was released in 2019.

Chris said: "I don't know if either of us will ever retire in that traditional sense that people think of sitting on the beach and sipping a drink with an umbrella.

"But we have both definitely altered our lifestyle substantially.

"Having that time and freedom to do what I want when I want is by far the biggest benefit.

"I took five years of planning, getting a grasp on car expenses and tax planning and taking over investments.

"The saving part we had been doing for a decade before that, so we had a big head start."

Four years into early retirement, Chris said he has no regrets but he noted that the whole idea of retiring is "faulty".

He said: "It was my goal. I wish it wasn't in retrospect.

"I [like] the whole idea of building financial independence and gradually using it to have leverage to design the lifestyle you want sooner.

"But I think the idea of zero work and zero income is not necessarily the best goal."

For anyone who's keen to retire early too, Chris' main tip is to find out where your money is going.

You can do this by either creating a budget, or by just tracking your spending.

He said: "Using that 25 times rule, if you don't know what you spend, you don't know what target to shoot for."

"And if you don't know what you spend, it's kind of hard to improve upon that."

After this, you'll need to create a plan on how to build up enough savings to last your retirement.

Check out our guide on the steps to retire with a $1.9million savings pot.

Money expert Tori Dunlap recently revealed on TikTok thatshe can retire next yearthanks to her booming business.

The Sun has also spoken to Jen and Travis Smith abouthow no-spend challenges helped them pay off $78,000 debtin two years.

Plus, read about how Andy and Nicole Hill paid off a $195,000 mortgage in less than four years.

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India is one of the largest Fintech markets in the world today with over 2100 Fintech companies and robust adoption of digital financial services. Fintechs have acted as a catalyst for the BFSI ecosystem at large opening up Financial Services access to large parts of the population, bringing in a digital first approach and offering world-class customer experience.

On the consumer side, India is seeing a massive digital transformation, with over 600M Internet users and changing demographics young, technology friendly audience who have higher spending power. There is a never-before-seen focus on reimagining services and offering them digitally. This shift is evident in many parts of the BFSI space, from investment to insurance to lending to payments. Incumbent leaders such as traditional banks, have their own structural challenges (higher operating costs, reliance on older technology stacks, etc.) and this has given rise to new business models.

Fintechs have fundamentally re-imagined the delivery of financial services in India. Unlike the traditional BFSI players, Fintechs have unbundled the offering, simplified the proposition, created context-specific financial products, slashed pricing and increased transparency. The focus is on offering brilliant customer experience at an affordable price. While payment providers dominated the early landscape, Fintechs have increased access and penetration in other sectors too such as lending, payments, investments and insurance .

In fact, the consumer acceptance of Fintech products has accelerated the pace of digital transformation for traditional players such as banks. Witnessed by the increased push towards online and digital banking and the partnerships being forged between Banks & Fintech companies. The future potential for these tech-led FS players is also evident from the amount of PE/VC interest they are generating with Indian players having raised $10B over the last decade.

There are four key drivers that led to this impressive pace of growth:

Demographic dividend:

India is one of the worlds largest internet markets. A large millennial population with strong mobile adoption and historically lower financial services penetration makes it an attractive market for Fintechs. With the help of tech, powerful customer engagement for this demographic is now possible. Personalized engagement, powered by customized offering and interactive user journeys provide a brilliant customer experience.

Data explosion:

Data explosion and increasing tech-savviness of the Indian customer backed by robust smartphone penetration, cheap data rates, swift adoption of mobile and the availability of vernacular content has catalyzed the growth of the consumer-tech ecosystem.

Public digital infrastructure and favourable policy environment:

All of this comes on the backdrop of the regulatory push from the RBI and the government and their focus on financial independence and inclusion. The account aggregator program, innovative KYC regime, creating a space for payment banks, enabling payments infrastructure are examples of the transformative changes underway on the Policy front.

The governments focus on creating efficient public infrastructure Aadhaar, UPI, Digilocker etc. has further enabled access to digital financial solutions. Regulatory sandboxes, for instance, indicate the forward looking intent of our policy makers.

Disruption enabled by Tech:

The use of technology is helping crash the cost of delivery. For example the technology now exists to enable remote-onboarding, AI based decisioning, processing data from multiple & non-traditional sources.

Digital lending companies, for instance, are opening up access to credit to previously underserved segments in the form of quick and smaller ticket size loans (not usually offered by traditional banks and lenders). Since they use technology to underwrite a borrower they are able to reach deeper into the customer base and serve even those who dont have bureau history. The use of AI, leveraging alternative data sources and using digital distribution channels allows them to serve customers hitherto underserved.

These increased efficiencies and lower costs will make financial services providers more competitive and offerings more affordable and accessible to the consumer.

Views expressed above are the author's own.

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Growth through innovation: Uncovering the future growth potential of Indian BFSI industry - The Times of India Blog