Category Archives: Financial Independence

From the very moment Kate Chastain came aboard Bravos hit seriesBelow Deck, the star left a lasting impression on fans and cast members alike due to her work ethic.

For context,Below Deckfollows yacht employees during the charting season as they worked and lived on a luxurious boat. Chastain whoseyachting career dates back to 2007 became a chief stewardess after many years in the field, a position she kept when she joinedBelow Decksseason twocast in 2014.

Chastain successfully chartered numerous boats during her time there and instantly became a fan favorite for her managerial skills, sense of humor, and facial expressions. Despite the accomplishments, the former reality star appeared ready for a new chapter in her life and career as she expressed displeasure in her chief stewardess responsibilities. Chastain remained on the show until 2020 when she shockingly announced to Captain Lee Rosbach that she was leavingBelow Deck after season seven to pursue other endeavors on land.

In addition to breaking the departure news to Captain Lee Rosbach, Chastain took to her official Instagram to reveal the main reason behind her exit: financial independence. Following the revelation, Chastain claimed that the decision to leave Below Deck wasnt an easy one, in fact, it took months of reflection and internal discussions. She wrote,

After many months of reflection and internal discussions, I have chosen to make a transition this year in starting to carve out a progressive new land based role. I intend to step back as a senior member of the Below Deck Family and work to become financially independent, while continuing to fully support His Majesty Andy Cohen

So what happened to Kate Chastain after leavingBelow Deck and what has she been up to lately?

Shortly after Chastains departure, she moved to New York to start a radio show withSirius XMnamedUnapologetically Kate Chastain.According to the 2020 press release, Chastains radio show featured her unfiltered opinion on pop culture, social commentary, etc.

Along with the radio show, Chastain reportedlybegan a production company titled Remotely Possible Productions. Although Chastain revealed little details regarding the company, the star disclosed the sole reason behind its creation at the height of the pandemic in an Instagram post. She wrote,

At this point Im ready to start my own pandemic proof production studio.calling it Remotely Possible Productions; where good enough is safe enough.

To date, it is unclear if Chastain is still working at Sirius XM, however, since leavingBelow Deck, her business relationship with Bravo Network continued. The star briefly appeared onBravos Chat Roomand aBelow DeckspinoffGallery Talk, a serieswhere cast members bond and review the latest episode ofBelow Deck. Most recently, Chastain participated in the competition seriesThe Traitorson Peacock.

Most recently, Chastain participated in the competition seriesThe Traitorson Peacock. As for her humanitarian efforts, Chastain createdGenesis Boutique. Genesis Boutique is a Florida resale store that raises funds for their organization, providing shelter for homeless women and children.

In order news, Chastain became a mother for the first time in May 2023 after she welcomed her son Sullivan Cay. Although the identity of Cays father has yet to be revealed to the public, many fans assumed that it was Chastains former co-worker Chef Ben Robinson due to the pairs striking resemblance. Still, both parties have denied the allegations, and Chastain has since revealed that she is raising her son alone in Florida.

Despite the fact that Chastain left Below Deck three years ago, the star did possibly tease in a previous interview with Entertainment Tonight that the only way she would come back to show is if she was demoted to level three stewardess because of the lack of responsibilities, or if the network agreed to pay her more money.

Idjust be down there with my music saying, Hey, guys You get to be part of it with zero responsibility. When youre third stew, you dont realize how wonderful life is.

But after the birth of her son Sullivan Cay earlier this year, it is unlikely that Chastain will return to the popular series.

All seasons of Below Deck are available on various streaming services for a small fee including Peacock, Vudu, Hulu, and many others.

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Where Is Kate Chastain From 'Below Deck' Now? - We Got This Covered

As New York City struggles to assimilate a deluge of migrants, key education and child care programs that help make recent arrivals less reliant on city services are at risk of being pulled out from under them.

A half-dozen high school programs that offer intensive English classes are not expected to have the resources they need to help teenage immigrants learn the new language, according to a new analysis released Tuesday by Advocates for Children of New York.

And hundreds of undocumented immigrants could lose access to subsidized child care by the end of the month with the expiration of a program open to all parents regardless of immigration status that freed them up to work, find housing and apply for asylum.

Bronx mom Gabina Morales and her daughter, Jaydy. (Courtesy of Gabina Morales)

It is befuddling that they are threatening to cut the resource that allows our newest New Yorkers, especially those who are women, to go to work, said Councilwoman Shahana Hanif (D-Brooklyn) at a hearing last week on the initiative, called Promise NYC.

This program is an economic driver that will make asylum seekers more self-sufficient and less reliant on costly city-funded shelter beds, said Hanif, who chairs the Councils immigration committee as well as its progressive caucus.

Many of the families whove recently arrived in New York have struggled to access the city services and legal help such as applying for asylum and work permits that could help get them out of city care. Close to 18,000 new students in temporary housing arrangements have enrolled in local public schools this school year estimated to be mostly Latin American migrants.

As more young people who did not speak English immigrated to NYC, the city rolled out new programs last fall at six existing alternative high schools in the outer boroughs, where many migrants live.

But each principal was allocated only $50,000 for the initiative less than the cost of hiring just one Spanish-speaking staffer, the advocates found. They are looking for an additional $3 million to strengthen these programs.

Its just such a small amount of money that its hard to imagine that it can go far at all, said Rita Rodriguez-Engberg, director of the Immigrant Students Rights Project at Advocates for Children. You cant hire a single teacher or social worker with that amount because it cant cover a full salary.

Gabina Morales transferred her daughter to a specialized high school program for non-English speakers who recently arrived in the U.S., where she found a passion for painting and drawing. (Courtesy of Gabina Morales)

Bronx mom Gabina Morales sent for her daughter Jaydy in Mexico about a year ago. A few months later, she enrolled in the local high school, but it was not a good fit.

She didnt feel like she was learning, Morales said in Spanish. She was anxious moving to the country and never been in a school that large before.

Morales transferred her daughter to a specialized program for non-English speakers, English Language Learners and International Support Preparatory Academy, where she can learn the language after school and on Saturdays, and receive counseling in Spanish.

My daughter is receiving a lot of help and shes learning how to speak English well, Morales said.

The need for such programming has only grown, the report suggests. The number of young people between ages 14 and 17 living in shelters run by the Department of Homeless Services grew by almost 77% from last spring to this year.

According to the Department of Education, any student who needs services to help them learn English will receive them, and that all high schools are equipped to instruct them.

Asylum seekers are greeted by the founder of Artists, Athletes, Activists, Power Malu (black hoodie and red pants), and the Immigrant Affairs Commissioner, Manuel Castro, as they arrive at Port Authority on May 3, 2023, in New York City. (Luiz C. Ribeiro/for New York Daily News)

In another potential blow to economic self-sufficiency, hundreds of undocumented migrants are also at risk of losing subsidized child care within weeks, advocates and local lawmakers warn.

Rolled out earlier this year, Promise NYC now enrolls 664 young children up from 172 kids in March, according to new figures provided at the Council hearing. The city provides $700 per week to cover the cost of child care.

The city has allocated $10 million for the program since January that, if not renewed, would dry up by the end of June. Some councilmembers said those dollars should not only be included again in next years budget but doubled to last the full year.

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Im very confused on what a ramp-down would look like, said Councilwoman Tiffany Cabn (D-Queens) at the hearing. A ramp needs a runway. And there is no runway not to mention the fact that outside of that, it is a central service that needs to not just exist, but expand.

The Adams administration would not commit to renewing the program for another year.

We... hope that our collaborative advocacy can bring change at the federal level so that we do not need to rely alone on city funds for childcare assistance for this population, said Elizabeth Wolkomir, deputy commissioner of child and family well-being at the Administration for Childrens Services, and could more adequately support the families that need it.

Also on the chopping block is funding that helps schools reach out to immigrant families not only by email and websites, but also through text messages, ethnic media, and print campaigns from nail salons to bodegas.

The last two years was a first step figuring out what ways were most effective, said Rodriguez-Engberg. Wed hate to see that not renewed because we know it could have a huge impact, especially on new families who dont have a cellphone or live in shelters, who can only get information by being out in the community.

Education officials said every school has a designated language access coordinator, and they ramped up interpretation services at shelters and emergency centers to help with enrollment.

Regardless of their immigration status or language spoken at home, every student deserves access to high-quality schools that meet their unique needs, education spokeswoman Nicole Brownstein said in a statement. We will continue to work with students, families, and partners to ensure that newcomer students have what they need in our public schools.

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Programs that help NYC migrants achieve financial independence ... - New York Daily News

Bitcoin (BTC), the dominant cryptocurrency in terms of market capitalization, has witnessed remarkable growth throughout the years, serving multiple purposes, including its role as an investment vehicle. Currently, advocates are pushing for its widespread adoption due to numerous compelling factors, resulting in its heightened global attention.

In light of this, Finbold sought insights from generative artificial intelligence tool (AI), ChatGPT, with the prompt Give me 10 reasons to buy Bitcoin. Below are the argument fronted by the tool;

The tool pointed out that throughout its existence, Bitcoin has witnessed remarkable price appreciation, captivating the attention of numerous investors enticed by its potential to deliver substantial returns on their investments. It is worth noting that the asset reached an all-time high of almost $69,000 in late 2021. The asset is currently attempting to exit last years bear market, trading above $30,000.

ChatGPT acknowledged that Bitcoins decentralization nature makes it appealing since the nature sets it apart from conventional financial systems governed by central authorities such as governments or banks.

This decentralized nature can appeal to those seeking financial independence and a system free from traditional institutions, the tool said.

The AI tool stated that Bitcoin is widely regarded as a potential hedge against the vulnerabilities of the traditional financial system. Many astute investors perceive it as a means to safeguard their wealth from potential economic downturns, inflationary pressures, or the erosion of currency value.

Therefore, by embracing Bitcoin, ChatGPT stated that these investors aim to fortify their financial positions and shield themselves from the uncertainties and risks associated with traditional monetary systems.

One of the compelling arguments was that Bitcoins limited supply, set at a maximum of 21 million coins, serves as a reason to invest in this digital asset. According to the insights provided by the tool, the scarcity of Bitcoin has the potential to drive its value upward over time, particularly as demand continues to grow while the supply remains fixed.

This inherent ability of Bitcoin is seen as a solution to one of the inherent pitfalls of traditional financial systems, where the excessive printing of money can lead to the devaluation of the currency.

Throughout its evolution, Bitcoin has garnered comparisons to gold, earning the moniker digital gold. This association has prompted ChatGPT to highlight it as a compelling reason to invest in the asset.

The finite supply and decentralized nature of Bitcoin make it highly appealing to individuals seeking an alternative asset class that possesses the potential to preserve its value over the long haul. By resembling gold in these aspects, Bitcoin offers investors the prospect of diversifying their portfolios with a digital asset that exhibits resilience and store-of-value characteristics.

According to ChatGPT, one reason to invest in Bitcoin is its global accessibility without the limitations imposed by geographical boundaries. This distinctive attribute facilitates seamless fund transfers and has the potential to unlock investment opportunities that extend beyond traditional markets.

By transcending the confines of geographical restrictions, Bitcoin offers investors the flexibility to participate in the digital economy and explore investment avenues previously inaccessible or constrained by conventional financial systems.

The tool pointed out that investors can put money in Bitcoin based on its growing adoption. The tool highlighted that Bitcoin had received recognition from various individuals, businesses, and institutions worldwide. In this case, ChatGPT pointed out that the growing acceptance and integration into mainstream finance may lead to increased liquidity and stability in the market.

According to the tools insights, Bitcoin can potentially extend financial services to unbanked or underbanked individuals. By leveraging Bitcoin, these individuals can actively participate in the global economy, gain access to essential financial tools, and facilitate fund transfers more inclusively and efficiently. The efficiency offered by Bitcoin in this regard emerges as a compelling reason to consider investing in this digital asset.

The underlying blockchain technology goes beyond cryptocurrency and holds transformative potential across diverse industries such as finance, supply chain management, and healthcare. The insights from ChatGPT emphasize that investing in Bitcoin can be driven by a desire to gain exposure to the revolutionary capabilities of blockchain technology.

Throughout its existence, Bitcoin has emerged as an investment product that has found its place in diverse portfolios. ChatGPT suggests including Bitcoin in an investment portfolio can offer valuable diversification benefits. Cryptocurrencies, including Bitcoin, have demonstrated a relatively low correlation with traditional asset classes such as stocks and bonds.

This implies that they may exhibit different behaviors in various market conditions. By incorporating Bitcoin into a well-diversified portfolio, there is a potential to reduce overall risk and enhance risk-adjusted returns by tapping into the unique characteristics and potential growth opportunities the cryptocurrency market presents.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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ChatGPT gives 10 reasons why you should buy Bitcoin - Finbold - Finance in Bold

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Scottish independence reset undermined by confusion over SNP ... - Financial Times

Welcome to the journey towards attaining financial success, where time is no barrier and every stage of life offers unique opportunities. Its a journey where perseverance, knowledge, and strategy can translate into substantial wealth accumulation. This blog post is written to debunk common myths about wealth creation and guide you through practical, effective steps to secure your financial future.

Many successful entrepreneurs became successful later in life. Several achieved millionaire status after middle age, including the likes of Ray Kroc, who franchised McDonalds at 52, Harland Sanders, who franchised Kentucky Fried Chicken in his 60s, and Charles Flint, who founded IBM at 61.

Regardless of your age or current financial situation, if you have the right mindset and work ethic you possess the potential to achieve financial success. Read on to discover how to unlock this potential and change your financial trajectory.

Everyone has the potential to build wealth, regardless of their starting point. It begins with assessing your current financial situationyour income, ideas, passions, drive, and investments. Understand that money is a tool that can help you reach your financial goals when used wisely. Educate yourself about financial management, business, accounting, and investment opportunities, which will help you to make informed decisions about your money. A financial advisor can provide tailored advice based on your individual circumstances. A financial educator or mentor can show you the way to wealth.

Many people face hurdles on their journey to financial prosperity, like debt, low income, or lack of financial knowledge. But these obstacles can be overcome. Prioritize paying off high-interest debt to free up more money for investments. If your income is low, seek ways to increase it through career progression, part-time work, or starting a side business. Knowledge is power: educate yourself about financial management and investment to better manage your money. The first step is raising capital for investment or business ventures.

Theres a common misconception that the earlier you start, the better your chances of becoming a millionaire. While starting early provides a longer timeframe for your investments to grow, it doesnt mean that youve missed your chance if youre starting later. The key is to start now. With smart strategies and disciplined financial habits, you can still accumulate substantial wealth over time. All it takes is a decade at most to completely change your financial destiny.

Compound gains, or earning capital gains on previous gains, is a powerful tool in wealth creation. If you invest a certain amount and let the returns compound over time, your wealth can grow exponentially. This principle applies whether youre in your 20s or starting to invest in your 40s or 50s. The key is to remain patient and consistent with your investments, regardless of market fluctuations. The same principle applies to building your own business through scale with leverage. Wealth is created through exponential gains.

Investing is a crucial aspect of wealth building. A diverse portfolio can help balance risk and return. Consider different types of investments, like stocks, bonds, and real estate. Each comes with different levels of risk and potential returns. Diversification can help mitigate risk while allowing your wealth to grow. Consult with a financial advisor to understand which investment strategies best align with your risk tolerance and financial goals.

Financial success isnt just about numbersits also about mindset. Cultivating a growth mindset can help you view challenges as opportunities to learn and grow. Additionally, adopting a millionaire mindsetbeing patient, disciplined, and willing to take calculated riskscan play a pivotal role in your wealth-building journey. Surround yourself with successful people and learn from their experiences and mindset.

Relying on a single income source can slow your path to millionaire status. Consider exploring multiple income streams. This can be real estate investments, dividend stocks, a side business, or part-time work. Multiple income streams not only accelerate your wealth building but also provide financial security if one source is disrupted.

While saving is a crucial part of financial stability, its not the fastest way to accumulate wealth due to low-interest rates on savings accounts. Investing, on the other hand, can offer higher potential returns over time. Therefore, an effective strategy is to save for short-term goals and an emergency fund, while money for long-term goals should be invested for better growth.

Passive income is money you earn with minimal ongoing effort, and its a key to financial independence. Examples include rental income, business income where youre not actively involved, and earnings from investments. The beauty of passive income is that it allows you to earn money even when youre not working. Over time, your passive income streams can grow large enough to cover your expenses, which is a crucial step towards achieving millionaire status.

Real estate has been a proven path to wealth for many millionaires. It offers several ways to build wealth, including appreciation, rental income, and tax benefits. Property value tends to increase over time, and rental income can provide a steady cash flow. Additionally, real estate can be leveraged to buy more properties, thus accelerating your wealth-building journey. However, like all investments, real estate comes with risks, so thorough research and maybe even professional advice should be considered before entering the market.

Self-made millionaires provide valuable lessons on wealth accumulation. Most didnt get rich overnight; they worked hard, made wise financial decisions, and stayed patient. They understand the importance of spending less than they earn, investing wisely, and continually educating themselves. Study their journeys, learn from their experiences, and apply their strategies to your own wealth-building journey.

Financial habits play a pivotal role in wealth accumulation. Regularly save a portion of your income, no matter how small. Avoid unnecessary debt and pay off existing debts as soon as possible. Invest regularly and wisely, diversifying your portfolio to manage risk. Always have a budget and stick to it. These habits, although simple, can significantly impact your financial growth when consistently applied.

Also, being a serial entrepreneur by making your ideas a reality whether a business, website, YouTube Channel, or book can eventually make you a millionaire when your idea works out.

Financial literacy is the cornerstone of wealth accumulation. Understanding financial concepts such as accounting, balance sheets, profit and loss statements, interest rates, investment vehicles, risk management, and tax planning can empower you to make informed decisions that accelerate your wealth accumulation. Plenty of resources, both online and offline, can help improve your financial knowledge.

Investing in the stock market can be an effective wealth-building strategy. Start by understanding basic stock market concepts, including stocks, bonds, ETFs, mutual funds, position sizing, and risk diversification. Research companies before investing and avoid jumping into trends without proper analysis. Remember, long-term investment can yield huge returns in the right stocks and indexes.

Theres a significant advantage to starting late on your journey to becoming a millionaire you can leverage the wisdom and experiences youve gained over the years. Late starters often have more income and stability, which can be directed toward investments. The key is to start as soon as possible and stay consistent.

Technology provides powerful tools to help you build wealth. Use budgeting apps to track your spending and savings, investment apps to invest directly in the stock market or mutual funds, and financial planning tools to map out your financial future. Online platforms also offer vast educational resources to improve your financial knowledge.

Risk management is an integral part of wealth building. Diversifying your investments can spread the risk across different asset classes and markets. Its also essential to have an emergency fund as a financial cushion against unforeseen circumstances. Regularly review your financial plan and adjust as necessary to manage risk.

A millionaires budget focuses on growing assets and reducing liabilities. It prioritizes investments and savings over unnecessary expenses. Allocate your income towards necessities, savings, investments, and recreation in a way that aligns with your financial goals. Regularly review and adjust your budget as your income, expenses, and goals change over time.

Even as a millionaire, planning for retirement is crucial. Consider your desired retirement lifestyle and calculate the necessary nest egg. Invest in retirement accounts that offer tax advantages, like 401(k)s and IRAs. A well-planned retirement strategy ensures that youll enjoy the fruits of your labor in your golden years.

Becoming a millionaire isnt just about the moneyits about achieving financial independence. Financial independence means having enough wealth to live without depending on employment or other active income sources. It provides the freedom to make money on your own terms, pursue passions, travel, volunteer, or simply enjoy life on your terms. Keep this ultimate goal in mind as you build your wealth.

Building wealth and aiming for millionaire status is a journey accessible to all, irrespective of age or current financial standing. Its pivotal to comprehend and optimize your financial capacity, face and conquer wealth-building barriers, and harness various tools like compounding, investment strategies, and a growth-oriented mindset. The value of diversifying income, prioritizing investment over savings, unlocking the potential of passive income, and capitalizing on real estate and stock market opportunities is immeasurable. Learning from successful individuals, adopting vital financial habits, continuously educating oneself about finances, and exploiting technology to boost wealth are also key components of this journey.

Starting today, even later in life, effectively managing risk, budgeting with a millionaires perspective, planning for a secure retirement and ultimately achieving financial independence are all milestones on this rewarding path. With patience, discipline, and informed strategies, becoming a millionaire is an attainable goal for anyone ready to embark on this journey. The best day to get started is today no matter what your age.

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It's Never Too Late to Become a Millionaire - New Trader U

Monday, 26 June 2023, 10:52 am Press Release: Milford Foundation

The Milford Foundation has today announced a new partnership with MoneyTime NZ Foundation; a charitable organisation that uses the MoneyTime financial literacy programme to teach Kiwi kids how to be smart with money. The Milford Foundation has committed $1.175 million to MoneyTime over the next five years, with the ambition that the partnership will support Kiwi kids financial independence from a young age and allow them to make smart money choices for their futures.

MoneyTime is a self-directed programme founded in Aotearoa, which takes an interactive approach to teaching kids an array of financial literacy skills. These include preparing a simple budget, the importance of paying off debt quickly, and how to invest money wisely, which MoneyTime believes are essential skills for all children.

With our roots in financial services and specialist investment, MoneyTime is a natural partner for the Foundation, says Milford Foundation Chief Executive Bryce Marsden. The Milford Foundations purpose is to invest in our future generations, and at a base level, this means facilitating financial literacy education in schools.

According to Financial Services Council New Zealands latest research report[1], financial literacy is on the decline in our country, with only 44% of survey recipients being financially literate, a decline of 6% since March 2020.

Financial literacy is the ability to understand the benefits and risks associated with financial decisions, including spending, borrowing, leverage and investing[2].

Thousands of young students across New Zealand have already benefited from MoneyTimes programme, evidenced by a consistent year by year average of 44% improvement in financial knowledge in children who have completed the programme, continues Marsden.

Both the Milford Foundation and MoneyTime are aligned and motivated in their desire to support a future where confusion and uncertainty around money is replaced by understanding and confidence.

Founder and author of MoneyTime, Neil Edmond, says teaching financial literacy to children can make a real difference to their lifelong financial outcomes.

Learning early means they develop positive attitudes and behaviour towards money at the outset of their financial journey, reducing the need to remedy poor decision making later on, continues Edmond. Financially healthy people create financially successful communities and the whole world benefits.

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Home Journal Bitcoin ETFs: What Are the Potential Implications for Crypto?

The recent buzz in the cryptocurrency sphere has been largely dominated by discussions around Bitcoin Exchange-Traded Funds (ETFs). The concept of controlling Bitcoin through an ETF has sparked a debate, with critics likening it to confining the boundless potential of the internet within a closed system like AOL.

Bitcoins fundamental design revolves around decentralization, enabling peer-to-peer transactions without the need for intermediaries. This decentralization is a cornerstone of Bitcoins appeal, fostering a sense of financial independence among its users. However, the introduction of an ETF brings a centralized authority into the equation, challenging the very ethos of Bitcoin.

Crypto Market Surges: Discover Opportunities Creating Overnight Millionaires!

One of the most compelling aspects of Bitcoin is its capacity to adapt and evolve in response to the changing needs of its users. This flexibility fuels innovation and propels the technologys potential. However, an ETF could potentially restrict this adaptability, creating a bottleneck for innovation and limiting the technologys growth trajectory.

Bitcoin empowers individuals with financial sovereignty, allowing them to control their own funds. This sense of ownership is a key selling point for the cryptocurrency. However, the introduction of an ETF transfers this ownership to a third party, undermining the principle of self-custody that Bitcoin champions.

Bitcoins resilience against systemic risks and market manipulations is one of its key advantages. It offers a buffer against the vulnerabilities of traditional financial systems. However, the introduction of an ETF could expose Bitcoin to similar risks, creating a concentration of power and introducing potential vulnerabilities.

Bitcoins strength lies in its open and accessible nature. It transcends borders and provides financial opportunities to the unbanked. However, an ETF could potentially limit this accessibility, creating barriers for those who dont meet certain criteria and compromising the inclusivity that Bitcoin promotes.

The rise of the internet saw the emergence of centralized platforms like AOL. However, the world eventually recognized the power of an open internet and moved away from these centralized platforms. This historical lesson serves as a reminder of the importance of preserving the decentralized nature of Bitcoin.

Despite the potential drawbacks, the approval of a Bitcoin ETF could have positive implications for the industry. It could attract institutional capital into the crypto space, serving as a temporary solution until proper regulation is established.

Bitcoin represents a new paradigm in finance. As the debate around ETFs continues, its crucial to consider the long-term implications for decentralization and individual empowerment. The challenge lies in fostering innovation while staying true to Bitcoins core values.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Bitcoin ETFs: What Are the Potential Implications for Crypto? - Captain Altcoin

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As the world watches the shifting landscape of international finance, a crucial conversation is looming on the horizon. At the forefront of this dialogue is the forthcoming BRICS summit scheduled to take place in Johannesburg, South Africa, from August 22-24. This coalition, composed of Brazil, Russia, India, China, and South Africa, is predicted to place Read more

As the world watches the shifting landscape of international finance, a crucial conversation is looming on the horizon. At the forefront of this dialogue is the forthcoming BRICS summit scheduled to take place in Johannesburg, South Africa, from August 22-24.

This coalition, composed of Brazil, Russia, India, China, and South Africa, is predicted to place de-dollarization high on its agenda.

This was revealed in a recent meeting between the presidents of Brazil and South Africa, Luiz Inacio Lula da Silva and Cyril Ramaphosa. The pair deliberated on various key issues including the ongoing Russia-Ukraine conflict and potential peace-making efforts.

The core of their conversation, however, revolved around the BRICS summit and their collective vision for its outcome.

President da Silva, in particular, has been an outspoken advocate for transitioning away from the U.S. dollar in global trade, favoring the use of national currencies.

His advocacy extends to the potential creation of a common BRICS currency, similar to Europes Euro. This topic is expected to be heavily debated during the upcoming summit.

Da Silvas argument in favor of a BRICS-based currency stems from his vision of bolstering independence among these emerging economies.

By adopting a unified trading currency, BRICS nations could significantly reduce their reliance on the dollar, creating a more balanced global economic playing field.

Alongside this discussion of a unified currency, the BRICS bank stands as another beacon of financial independence for these countries.

Da Silva views the institution as an alternative to traditional financing mechanisms, helping BRICS nations escape the limitations imposed by Western-based financial institutions.

As part of his vision, he anticipates an increased cooperation with the African Development Bank, highlighting the emerging symbiotic relationship between BRICS and other global south economies.

This vision paves the way for increased self-reliance, leveraging the strength and potential of these emerging economies.

The coming months are expected to be a pivotal period for the BRICS nations. As they grapple with the challenges of the ongoing Russia-Ukraine conflict, they also confront the broader issue of financial independence and global economic restructuring.

The question of de-dollarization is not a mere talking point; it is a critical component of their agenda, aimed at transforming the way these nations engage with the global economy.

The leaders of the BRICS nations are certainly under the global gaze as they prepare for the summit.

As they steer their nations through the complexities of the current geopolitical landscape, the decisions made could have significant repercussions not just for their respective countries but for the global economy at large.

This August summit is more than a meeting; its a potential turning point in the history of global trade and finance.

In the coming weeks, the anticipation is set to build, not only within the BRICS nations but among financial institutions and economies worldwide.

The discussions and decisions made at the upcoming BRICS summit could indeed redefine the worlds economic trajectory, nudging it towards a future less dominated by the dollar and more reflective of a balanced, multi-polar global economy.

Disclaimer:The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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De-dollarization will be a priority talk at BRICS meeting Cryptopolitan - Cryptopolitan

Gen Z viewers are more inclined towards 'Financial Independence Retire Early' concept: Rachana Ranade  Times of India

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Gen Z viewers are more inclined towards 'Financial Independence Retire Early' concept: Rachana Ranade - Times of India

What is the FIRE movement?

Financial Independence Retire Early (FIRE) is a movement that prioritizes saving and investing 50% or more of your income so you can retire before youre in your 60s. You can say youve reached the FIRE finish line once your savings can cover your expenses post-retirement, with inflation factored in.

The goal of FIRE is to achieve financial freedom so investors can choose how to spend their time.

It's basically having the financial flexibility to have the ultimate life flexibility, says Rachael Burns, a certified financial planner at True Worth Financial Planning, based in Folsom, California.

The term FIRE came from a 1992 book called "Your Money or Your Life," written by Joe Dominguez and Vicki Robin. The book discusses changing your relationship with money to achieve financial independence, and live a life that aligns with your goals and values.[0]

Financial independence might look like taking a pay cut to pursue work you love, working part time so you can take more naps during the day, or it might mean not working at all. And its a popular goal: 22% of millennials hope to retire before they clock 60, according to Fuel for the F.I.R.E., a 2021 Vanguard Digital Advisor survey.[0]

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How does FIRE work?

People who use FIRE to retire early do so by drastically reducing their expenses, looking for ways to increase their income, and investing the money they save in a mix of tax-advantaged accounts as well as regular brokerage accounts.

But FIRE retirement does come at a cost that not everyone can afford. It often requires cutting down expenses to the bare minimum so you have more income to invest. As mentioned above, FIRE followers could be saving 50% of their income or more, and thats not possible for everyone, Burns says.

"Some people are not able to live as simply, maybe because they have a family.

The rule of 25 and 4% rule

Followers of FIRE often consider two things: the 25x rule and the 4% rule.

Rule of 25

The rule of 25 says you need to save 25 times your annual expenses to retire. To get this number, first multiply your monthly expenses by 12, and then youll have your annual expenses. You then multiply that annual expense by 25 to get your FIRE number, or the amount youll need to retire.

So, for example, if your monthly expenses are $6,000, you multiply that by 12 to get an annual expense of $72,000. Multiply that by 25 and youll have your FIRE number of $1.8 million.

If a FIRE number seems too ambitious, some people explore ways to increase their income and then invest that extra money.

The 4% rule

The 4% rule says that retirees can withdraw 4% of their savings the first year, and then adjust for inflation in future years if necessary, and not run out of money in retirement.

The 4% rule assumes a 30-year retirement goal, so if you plan to retire earlier than that, this may not work for you.

And Burns says investors should be cautious about following advice designed for masses, especially when it comes to determining a FIRE number.

I see a lot of people saying, Oh, you need to have this much money and then you can retire, or You can safely withdraw 4.5%. These rules of thumb are really big generalizations, but really like any of that financial advice, it's never one size fits all, Burns says.

The right savings rate

If youre interested in early retirement, think about how much money you plan to save and invest annually to reach your goal.

Figure out a savings rate that matches the speed at which you want to go, says Paris Woods, New Orleans-based author of The Black Girl's Guide to Financial Freedom and a FIRE supporter.

If your goal is to achieve financial independence in 10 years or less, Woods suggests saving about 70% of your income.

The magic of compound growth

Because of inflation, physical cash saved in a bank account probably wouldnt be enough to sustain you for the next 40 years.

However, saving and investing money in tax-advantaged retirement accounts can help you prepare for retirement, thanks to compound interest.

Both IRAs and 401(k)s are accounts you can use to invest for retirement. Roth IRAs require you pay taxes up front, but your investments grow tax-free and you can withdraw your money tax-free in retirement. Accounts such as traditional IRAs and 401(k)s are subject to taxes when you withdraw money in retirement, but you still enjoy the benefits of tax-free growth and compounding returns.

There are annual contribution limits for both IRAs and 401(k)s. So what happens if youve maxed out all of your retirement accounts? Where do you save and invest next?

Invest as much money as you want in a regular brokerage investing account, Burns says. There's no limit to how much you can add to that.

In terms of what to invest in, be that stocks, bonds, or funds such as ETFs, it just depends on your risk tolerance.

It does need to be invested fairly aggressively, and aggressive means something different to everyone, she says.

Tax-efficient strategies

A question you should ask yourself when devising a strategy is how much money youll need between your goal retirement age and the age you can start withdrawing from your retirement accounts penalty-free, which is usually around 59.

Once you come up with a number, you could consider saving that amount in your regular brokerage account. That way, if you do want to retire early, you don't run out of cash before youre eligible to start taking qualified distributions from your retirement accounts.

While youll still have to give Uncle Sam a piece of your pie when withdrawing from a regular brokerage account, you wont have to pay early withdrawal penalties. You will have to pay taxes when your investments earn dividends and interest, as well as when you sell investments for more than what you bought them, Burns says.

There's no way to get around paying taxes its just part of the game, and if you're paying taxes, it probably means you're making money. So it's kind of a good thing, but we obviously don't want to pay more taxes than we need to.

Types of FIRE

Some people assume FIRE means you have to avoid splurging. But there are various forms of FIRE; some are extreme, while others are milder.

These are popular FIRE approaches:

Lean FIRE

Those who believe in minimalist lifestyles and can live off very little tend to fall into the lean category. They may save more than half of their income to achieve financial independence faster.

For those people who care really deeply about liberating themselves from needing to go to work every day, I think it would be compelling to take this lean FIRE approach, Woods says.

Fat FIRE

If your motto is to live a little, fat FIRE may be for you. The goal of fat FIRE investors is to save a large amount of money so they can live it up in retirement. For instance, if you live on $200,000 annually and would like to continue living on that amount in retirement, youll need to save and invest a larger amount than someone who plans to live on $50,000.

Barista FIRE

Individuals who do barista FIRE arent necessarily trying to escape work; the focus is on saving up enough to retire, but then work less or part time. To do this, barista FIRE investors save enough so that they dont need to earn huge amounts of money from work to fund their lifestyles. Some people are drawn to barista FIRE because its a way for them to focus on work that matters to them, as Woods says she is doing.

I think I might find myself in the category of folks who are doing work that is meaningful and see working as playing some role in their lives for the foreseeable future, but want the freedom to only do work that is meaningful and accept roles that meet their personal requirements, Woods says.

Limitations of FIRE

Retiring early might sound appealing, but there are risks, and its not for everyone.

For instance, if you stop working, youll have to foot your own medical expenses until Medicare kicks in around age 65, and your investments may not perform as well as you thought. Either one of those scenarios could have consequences such as having to raise your withdrawal rate or needing to re-enter the workforce.

FIRE requires getting pretty strict with your spending, Burns says, as some people save 50% or more of their income, which is not doable for all investors.

If you dont earn enough to cover your basic needs and save aggressively for early retirement at the same time, FIRE may not be for you, Burns says. Lacking an emergency fund or owing high-interest debt may be other reasons that FIRE may not be attainable.

If someone's making minimum wage, this is not going to be doable for them, Burns says. But if their income is high enough to where they're like, OK, I can, I can comfortably live off of half of this and just sock away the rest, then that's, that's how you get started.

Excerpt from:

FIRE Movement: What It Is And How It Works - NerdWallet