Category Archives: Financial Independence

Counties experience a rapid loss of personnel to the national government because of unattractive packages offered by their public service boards.

CPSBs are mandated to manage human resources at the county levels but cannot effectively do so because of frequent cash crises. They are mostly controlled by county executives.

CPSB National Consultative Forum chairperson Catherine Omweno on Friday said they ought to be financially independent to effectively operate. She spoke at the close of the forum's three-day meeting in Mombasa.

One of the key principles of devolution is to take services closest to the mwananchi. This can only be done through a strong skilled workforce, which also requires to be motivated, Omweno said.

She said the CPSBs are, for instance, forced by the executives to hire workers, failing which they are starved of cash.This means the boards end up hiring quacks and unqualified persons at the expense of professionalism.

And yet we want devolution to work! It is difficult, Omweno said.

Without cash, they cannot offer competitive packages to retain employees whose jobs can also be found at the national level.

Where terms and conditions of employment are not favourable in the counties, well end up having, for positions that are both at the county and the national level, a flight of staff from the counties to the national government, Omweno said.

National Assembly Speaker Justin Muturi, who closed the forum, said the 47 boards should be autonomous to effectively discharge their mandate.

For the counties to be independent, not just by name but also by deed, I would emphasise the need for them to have financial independence, Muturi said.

He said the boards currently operate at the whims of the county executives.Muturi said the law should be amended to provide for the financial independence of the boards.

As it is, they are at the mercy of the governors. And sometimes the governors may have different priorities from the boards.

Muturi said the boards are professional bodies and may have issues they want to articulate and implement, but the issues may be at variance with what the governors want.

That creates a lot of confusion and makes the boards look like they are not doing their work.

Already, a bill at the Senate seeks to amend the County Government Act to provide for that independence.

The CPSBs mirror the Public Service Commission at the national level. PSC is an independent commission and gets its funds directly from the Consolidated Fund, thus the Executive cannot interfere in the operation of the commission.

Muturi said CPSBs should operate the same way to protect devolution. He called on the MPs to fast-track the bill to achieve CPSB independence.

Omweno also recommended that similar county and national government positions be graded and remunerated the same in the spirit of norms and standards.

Currently, positions at the county level are graded at a much lower cadre than similar positions at the national level, making counties unattractive.

The CPSB Forum is already engaging the Salaries and Remuneration Commission to have this addressed.

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Counties' high staff turnover blamed on uncompetitive packages - The Star, Kenya

One of the glorious things about the financial industry is that specialised areas of business can become really important, really quickly, but the senior roles in them need to be filled by people with years of experience. This means that when a previously unfashionable product takes off, the small number of people who have been labouring away at it for years can name their price. Right now, for example, asset managers are crying out for senior ESG managers.

The ESG teams (sometimes nicknamed swampies after a celebrity environmental protestor) have historically been a bit of a backwater in many fund management companies. Its been a role that has employed proportionally more women than many areas, and (probably not coincidentally) hasnt paid particularly well. There was often a sense that an ethical fund, suitably marketed, would always get reasonable inflows from charities, endowments and retail, and so it didnt have to be as competitive in performance terms. All this tended to generate a slow and sleepy labour market, where people were actually prepared to take a pay cut in order to have a slightly more relaxed life and feel like they were doing a bit of good in the world.

All thats changing, of course; ESG is hotter than its ever been, and ESG fund launches are happening at such a pace that the regulators have got involved, reminding companies that if theyre going to put sustainable in the branding, then there needs to be someone around the place who knows what theyre talking about. It all adds up to what Tim Wright from Korn Ferry calls a double whammy of strong demand and short supply.

Its exacerbated by the fact that the sector is getting more competitive with all these fund launches, and so the ESG experts have to ideally be good at fund management too. According to Sophia Deen from recruitment firm Bruin Financial, asset managers are looking for like-for-like hires if someone is hiring for a head of ESG, they want someone in a similar role from another firm, rather than from a consultancy. Global heads are now being offered 500,000 in London, and potentially more in New York.

And the other great thing about the financial industry is that hot markets tend to transmit their heat to neighbouring functions. If a lot of ESG fund managers are being hired, they are going to want to be serviced by salespeople who remember not to pitch them oil stocks. So the sell-side ends up paying a premium for staff who can demonstrate familiarity with ESG investors. Analysts who can adapt their research to hit the right buttons will rise up the rankings. Even bankers will sooner or later get in on the act; we might not yet have seen the first specialist ESG SPAC team, but theres a venture capital boutique focused on vegan meat substitutes so it wont be long.

Elsewhere in the world, once upon a time the practice of putting less experienced bankers into leading roles on deals was called juniorization and people used to be a bit sniffy about it it was associated with lower-tier banks who were losing their MDs and trying to maintain their dealflow while cutting costs. But when Moelis and Evercore start doing more or less the same thing, it somehow seems a bit more classy.

According to Ken Moelis, the boutique version of juniorization is very different from what we saw in 2017, though. In many cases, the actual deal has been brought in by an executive director or even vice president rather than by one of the MDs who are usually responsible for origination. Apparently its mainly due to developments in the private equity industry there are five to 10 people that are 40 years old or younger at some of the biggest financial sponsors firms in the world, and they are happier to talk to someone who doesnt start going on about his son or daughter whenever they mention Reddit or TikTok. This might explain why the boutiques have been so aggressive in bidding up salaries at the junior ranks theyre expecting the payback period to be much quicker.

Meanwhile

No details and so no chance to look up on LinkedIn and find out which bank, but a TikToker called Dumpster Diving Freegan, who posts videos of herself salvaging wasted food, claims that she works in the banking industry. She also suggests that shes part of the FIRE (financial independence, retire early) trend and that the money she saves from her hobby is going into savings. (The Sun)

Is there a more musical two-word phrase in the English language than hiring spree? Cantor Fitzgerald wants to boost its investment banking and equities businesses, and so is looking for even more SPAC bankers, also tech specialists, equities sales and risk arbitrage traders. (Bloomberg)

Uma Thurman hosted a talk on the benefits of psychedelics while former heavyweight boxing champion Wladimir Klitschko was spotted milling about. Two prominent fund managers explained that their flight to lower tax states was related to the rhetoric that made their professional success feel unappreciated. When you take individual sentences out of context from the FTs reporting on the Milken Institute conference last week, they sound really quite unhinged. (Defector)

Congratulations to Vicki Tung on her promotion from head of campus recruiting to Global Head of Talent Acquisition at Goldman Sachs; in an interview on the company website she shares some of her career secrets. (Goldman Sachs)

Its not actually unusual for a top hedge fund manager to be paid multiples more than the CEO of the company he works for, but when that companys BlackRock, the amounts of money are likely to be startling. Alastair Hibberts hedge fund team apparently earned half of the performance fees for the entire group last year though, so theyre probably happy to write the nine-figure cheque. (Bloomberg)

Dan Loeb of Third Point, Stanley Shuman of Allen & Co, but very few investment bankers at Rupert Murdochs ninetieth birthday party. (Business Insider)

Photo by Karsten Winegeart on Unsplash

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The $500k job that banks can't find people to do - eFinancialCareers

Fahad Hafiz, Managing Director & CEO, Syndicate Investments

November 01: Syndicate Investments is an investment company that invests in companies and provides them with the equity capital and support necessary to scale up from early-stage startups to successful businesses. With a presence in more than 16 locations globally and with $500M assets under management, Syndicate Investments is a recognized top-ranking investment company. It has a proven track record of finding the next big thing in a variety of industries and sectors. With customized investment plans for individuals as well as corporates, Syndicate Investments guarantees fixed returns. One can invest in fixed deposits, bonds & stocks, property and so on.

Fahad Hafiz, Founder & CEO of Syndicate Investments, firmly believes in investments. He says, Successful investing is all about managing risk and not avoiding it. He further adds, Life is uncertain, and one must be prepared at every step. There are multiple forms of investments that can cater to the needs of individuals. Dont wait for the right time; just go ahead and invest according to your budget. Fahad Hafiz is specialized in Banking, Corporate, Finance, and Securities Law. He is the Chairman of the Board of The Asper Company, CEO of Hydra Motors, and a Business Partner at Wattum, a blockchain firm. With his in-depth knowledge and industry experience, he envisions assisting people who are keen on investing but lack knowledge and support. He desires to help people to have a successful passive income for the upbringing of the global economy and safeguarding at times of economic crisis.

Empowered by more than 700 employees, Syndicate Investments has assisted multiple clients in portfolio management. Financial independence is the need of the hour, and the team takes all the measures to understand their client needs. With the support and guidance of investment bankers, portfolio managers, financial advisors, technical experts, sales managers, and support executives, Syndicate Investments has assisted people in making the right investment decision at the right time. The investment options like Fixed Deposit can fetch a return of up to 13% per annum, and the profit is paid monthly. This is the highest interest rate in India. Individuals investing in Bonds & Stocks can expect returns up to 20% per annum.

With a vision to cross $1 Billion by 1st January 2022, Syndicate Investments is on its journey. For more information, visit https://www.syndgrp.com/.

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Syndicate Investments brings the best investment options to beat the economic crisis - ED Times

BOITUMELO NTSOKO: Welcome to the Money Savvy podcast. Im Boitumelo Ntsoko. October is retirement month and throughout this month the Money Savvy podcasts have covered topics such as how to recover when you have a retirement funding shortfall, where alternative investments should form part of your retirement plan, and we looked at where say-at-home parents can save for retirement. As we wrap up this four-part video series, in this episode were exploring how to retire early with Rick Briers-Danks, who is a certified financial planner at Veritas Wealth. Welcome to Money Savvy, Rick.

RICK BRIERS-DANKS: Thanks, Tumi, thanks for having me.

BOITUMELO NTSOKO: A lot of people dream about cutting their careers short and retiring early, but with life expectancy increasing is this still a viable goal to work towards?

RICK BRIERS-DANKS: Look, the idea of the retirement age of 65 is a bit of a misnomer. Its like a completely arbitrary age. I think it actually dates back to about 1889 in Germany, when Otto von Bismarck decided when somebody would qualify for a pension. He picked an age of 65. Funnily enough, at that time the average life expectancy was about 40 or something like 40 or 45. So that age of 65 retirement is really a bit of a misnomer.

But to answer your question I think it comes down to personal choice. Many people have a goal of retiring early, but I think the bigger question here is: why do you want to retire early? What do you want to achieve? What are you aiming for? You know are you going to pursue other interests when you retire Are you going to pursue other passions? Are you going to work for an NGO, or are you going to give back to society? Or are you planning to make a difference in the world? What are you actually doing it for? Or is it trying to become financially independent as quickly as possible and have choices? Or do you just want to stay at home and, say, play golf? Is that your game?

I dont know if youre aware, but theres a movement called Fire, which is F,I,R,E. It basically stands for Financial Independence Retire Early. Those guys are taking things to the next level. They literally are trying to save so aggressively, they are trying to save between 50 and 75% of their income and, by doing that, it allows them to retire in their mid-thirties, forties and its based on two main principles.

The first one is you need to have a very good income early on in your career to be able to save. The second one is obviously you need to be so aggressive on your living costs and your expenses that you need to live on the smell of an oil rag and save as much as you can. Then, they say, you can retire early and become financially independent.

Personally, I commend people who are focused, and so focused on retirement. Id wish all my clients were so focused on retirement, but I just believe that life is kind of worth living. I dont think having such a relentless focus on a goal of getting to a number is that healthy. I think lifes a bit of a journey; its not a destination. Thats probably a way of saying it.

The road is long, and I think there are lots of twists along the way, and lots of transitions in your life. Youre going to go through lots of things in your life and its not as a matter of just saving as aggressively as you can and then retiring.

So in this Fire principle, while I like the first part of it being the financial independence side; but the retire early you need to just really think about that. As a matter of fact theres actually a youngster who hit his Fire total, and made a comment the other day I read this on a blog where he said: Ive saved so aggressively. I was [so] relentlessly focused on my savings and hitting my goal that Id actually forgotten how to live. It was like he had no social life, no connections. He just was [at a loss]. He asked: Can you help me learn to live my life?

So, yeah, while its a great goal, I think you need to maybe explore the reasons why you want to retire early. What are you actually planning on?

BOITUMELO NTSOKO: Now for those who are determined to retire early, how do they calculate the amount of capital they need to be able to do so?

RICK BRIERS-DANKS: Tumi, when people ask me and I get this a lot as a financial planner How much do I need to retire? At least my standard answer is It really depends because it really does depend.

It depends on how you want to live your life. But if I have to give you an answer, I would probably say the guide for somebody retiring at 65 is that they should have enough capital to support a drawdown of 5%. What that means is, if you take 5% of your capital annually, can you live off that number? You should work that out and then you can work backwards. But if youre retiring early, I would think youd need to build in a bit of protection there. So certainly not 5%; it would probably be like 3.5% to be safe, depending on how early you are looking to retire.

RICK BRIERS-DANKS: And then, of course, probably the best way to do that work is to actually do a bit of a cash flow modelling exercise, like What do I need to live on? and then build in things like I want to go travelling, I want to replace my car. I need to factor in looking after my mom when shes older. I need to educate children. All of those sorts of things. And if you get down to the detail, youll build yourself a pretty robust plan, and thats going to give you a fair idea of the capital you need. So a good lifestyle financial planner or CFP [certified financial planner] can help you do that.

BOITUMELO NTSOKO: Now, once you have the magic number, what should be your investment strategy going forward?

RICK BRIERS-DANKS: The investment strategy? In broad principles, the longer your time horizon the more aggressive you can be with your investments.

But I think the most important thing to be aware of is that inflation is your biggest enemy. Its enemy number one in retirement.

So whatever your investment strategy is, it needs to be targeting an inflation-beating figure. Your mandate has to [be to] beat inflation over time. Factored into that is you need to know how much youre spending. Whatever that spend number is, you need to factor in inflation over time. Of course you need to have a well-diversified portfolio, which well probably get on to just now.

BOITUMELO NTSOKO: Just on that, what tax-saving tools should you employ to actually achieve that goal?

RICK BRIERS-DANKS: Traditionally you would use all your tax breaks in saving for retirement, using your retirement annuity. Or if you were at work with a pension, youd use a pension fund or a provident fund, whatever your work offered. Youre doing that because youre getting a tax break, youre getting a tax incentive. It would be a no-brainer to use those things.

But now we are flipping this thing on its head and you are saying, well, you want to retire early.

A problem with retiring early is all the retirement products have a rule that you can retire from them only at age 55.

So you need to think of others not to say you wont use them because you are going to reach 55 at some point, and you can definitely use those products. But I think you would need to factor in other things like tax-free savings accounts. I think you can save R36000 a year now into those, so that would be a definite no-brainer. Youd be wanting to maximise those. Youre going to be using discretionary savings, basically like a discretionary unit-trust-based saving share portfolio.

I suppose the other thing to consider is a property, a property getting a nice diversified rental income stream. So yeah, you should be diversified. Thats probably the key.

BOITUMELO NTSOKO: Now, when drafting your plan, how do you then factor in unpredictable events such as pandemics and market shocks?

RICK BRIERS-DANKS: Lets say youre retire at 50 and your life expectancy is 90, youre going to have 40 years of investment horizon. Thats a long time. I can virtually guarantee that youre going to go through a number of economic shocks along the way, corrections, market shocks. Its inevitable. The key is youre not going to know when theyre going to happen because thats exactly what they are, they are unpredictable. Its easy to sit here and say that, but dont get too emotional about it. You need to remain invested through these ups and downs and to sort of stick to your mandate. Youve got a long investment horizon stick to it.

Theres a saying that the only free lunch that you have in the investing world is diversification.

Thats the key here. To just remain well-diversified across a number of asset classes is probably the key.

BOITUMELO NTSOKO: Now, obviously investing is just one part of the plan. What lifestyle choices should you make to achieve your goal?

RICK BRIERS-DANKS: Yeah. Putting yourself into a position to retire early is all about behaviour, really. Youre going to have to be absolutely ruthless on your costs, cutting your living costs down, probably really cutting down on luxuries. Youre going to have to be quite aggressive on that in the accumulation phase of your life. So its making lifestyle adjustments.

Look, the one thing that intrigues me is youre going to be in this phase of saving as aggressively as possible through your accumulation stage. Youre going to get to, say, 45 or whatever your early retirement date is. Youre going to have to have a change in mindset and that mindset is going to be well, now Im not accumulating as aggressively. Im now going to start living on my capital. I can tell you, as somebody who advises people going into retirement, its a change that somebody has to go through like now they are actually drawing down on this capital amount of money, and its quite an adjustment. I think its going to be quite difficult to deal with. So youve got to be ready for that, but be coaching through all of that.

So I guess to answer your question, no, investing is one thing but theres a lot more behind that. Really its about getting your mind around it all and being ready for what it all means. So its not just money, essentially.

BOITUMELO NTSOKO: Do you think its advisable for those who are aiming to retire early to be flexible with the retirement age that they were envisioning?

RICK BRIERS-DANKS: We have a planning tool that obviously has a bunch of assumptions, like return assumptions. But, as we know in life, returns dont come in a straight line and you never know whats around the corner. Yes, we can project and plan and make assumptions, but its never, ever going to happen like that on a straight line. All were doing is were trying to get ourselves as close to a [certain] picture as we can, and we are tweaking that all the time.

So to answer your question, absolutely be flexible. Life has a way of happening and the money just follows and its part of it. So yes, you have to be absolutely flexible. It may come earlier, it may come later. Things change all the time. You may have some life events, life transitions that happen. So you really need to be flexible.

BOITUMELO NTSOKO: What other factors should you consider when drafting your early-retirement plan?

RICK BRIERS-DANKS: The most important thing is to ask yourself: What am I doing when I retire, what am I actually going to be doing? What is your purpose? Human beings need to have a purpose. I think you need to remain connected, you need stimulation and a work environment gives you all of those things. It gives you a sense of worth, a meaning, so you really need to think through what you are actually going to be doing in retirement.

And then there are the obvious things, which are that you need to do your planning properly. You need to make sure are my costs correct? I need to adjust by inflation all the time, and certain costs dont behave like other costs. Medical aids escalate on average by 10%, so you need to have an inflation-plus on medical-aid costs.

There are a lot of factors to consider, but with some good planning and some help its not difficult to do. But be prepared to be flexible.

BOITUMELO NTSOKO: Now lets say you do manage to retire early, what would be the ideal drawdown rate, lets say, for a 40-year-old versus a 55-year-old?

RICK BRIERS-DANKS: Theres a book called The 100-year Life, written by two people [Lynda GrattonandAndrew Scott] whove done a lot of research. Basically, people are living longer and, going back to the retirement age of 65 even that is young. So when you talk about retiring at 40 and 55, theres a long, long investment horizon there. Just talking about The 100-Year Life book, it really talks about going through almost three phases of work in your life. This is how we are going to evolve. People are living longer and its about almost re-skilling.

So youre going to maybe study at university or wherever, and youre going to do your first job, lets say. And then later on you are going to re-skill, youre going to take time out and youre going to do a second job. It could be completely unrelated. And then later in life, youre going to take some time off, you are going to re-skill, study again, and youre going to do a third job. But in all of this time, taking time off, you are refocusing, you are recalibrating, and thats because were living longer. We need to keep engaged. The authors look at it like that. They actually reckon were going to be working in our eighties and its good for us.

So when you talk about retiring at 40, 55, you need to have a plan of what youre going to do in that time. To answer your question, you need to keep a drawdown which is going to be sustainable if youve got this pot of money, if youre not going to be adding to it or doing anything in retirement to create income. Normally the guide is 5% at 65. So it needs to be 4% of that at 55, somewhere around there. And if its lower, like 3.5% drawdown would be a safe drawdown, to answer your question.

BOITUMELO NTSOKO: Thank you so much Rick, for joining us on this episode.

RICK BRIERS-DANKS: Cool. Thanks for having me to me, Tumi.

BOITUMELO NTSOKO: That was Rick Briers-Danks, a certified financial planner at Veritas Wealth.

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Want to retire early? Here's what you need to know - Moneyweb

Devang Mehta, Head Equity Advisory at Centrum Wealth

If you feel selling is the hard part of investing, and not buying, then holding on is harder. In a raging bull market, where every trader has a tale to tell on choosing the right stock and making obscene returns within a small span of time, youre bound to let go your great businesses in a hunt for instant gratification.

When you talk or write on this natural phenomenon, it will invariably attract discussions and heated debates. To each, his own.

The art of holding great businesses has, however, helped investors build, preserve and multiply their wealth and achieve that much-needed financial independence.

But, despite the evidence in support of buy-and-hold investing, many investors find it difficult to be patient. This is often because the apprehension and uneasiness associated with a higher level of investment risk can make it tempting to over-trade. During periods of market volatility, a sensible buy-and-hold investment can quickly turn into an active trading strategy. This can mean that you end up buying and selling at just the wrong time.

While the days of ignorance is bliss seem to be over in this highly disruptive world, it is very important to recognise the qualities of a business, which you want to hold for the long term. Of course, being proactive and modifying your strategy from Buy and Hold to Buy, Monitor and Hold is more crucial now.

Finding companies that can grow at a sustainably high rate by using the rear-view mirror and the windshield to map the future prospects ensure that you build a portfolio of great businesses.

The broad parameters we use to select the businesses include the size of the opportunity, market share of the company, and its margin of safety. The process assures that you cherry-pick companies with pricing power, monopolistic or oligopolistic advantages, high ROE (return on equity), no or low debt with a potential to grow its market share, revenue, margins, profitability and hence market capitalisation across difficult cycles.

Businesses that can deliver growth without stretching the balance sheets and without asking for more capital and where the quality of growth is exceptional in terms of incremental returns on capital, they will increase the per-share value for shareholders over the long term. That probable growth in value is sometimes mispriced by markets even if the stock has appreciated a lot. Under those situations, it would be a mistake to sell. Valuation should not be the only criterion, though it has to be one of them.

Very few investors utilise the power to average on the way up in high quality businesses. If you have picked the right business, which will be worth several times present market valuation in a few years, dont hesitate to buy its shares, just because they are quoting at an all-time high market prices.

I can provide examples of companies like Nestle, Britannia, HDFC Bank, Kotak Mahindra Bank, HDFC Limited, Bajaj Finance, Titan, Havells, Pidilite Industries, Asian Paints, Berger Paints, Infosys, TCS, Aarti Industries, Abbott India, Marico and many more which have been compounders to the tune of 20 to 40 percent (read CAGR) for the last 15 to 20 years. These are simple examples and should not be understood as recommendations.

Contrary to this, if the business is delivering far poor performance consistently than what you had foreseen earlier, and that performance is likely to continue because the moat is impaired, you should be ready to exit and switch to a more meritorious business. A flexible and an open-minded approach to accept the mistakes made will warrant that one doesnt get attached to the business.

Games are won by players who focus on the field, not the ones looking at the scoreboard, Warren Buffett said. Long-term investors should focus on what matters, business growth not price swings, except for extremes. It is crucial to stay throughout market cycles, as even missing just a few of the best days can have a major impact on your long-term returns.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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The art of building wealth by holding on to great businesses - Moneycontrol.com

With the launch of the payment gateway in Welthee, the innovative investment platform in volatile markets, anyone can have access to calculated risk investment opportunities. In the application launchpad, the selected startups in the pre-sale stage are already available. These include TOKHIT, the first blockchain-based social network, or Superkoin.

About 5,000 people around the world downloaded the Welthee application in the first 2 months after its launch, three times more than the initial estimates, which demonstrates the extraordinary interest and also confirms the vision of businessman Cristian Voaide, the founder of Welthee, on financial independence, digitization and decentralization. These investors, from all continents, also participated in the pre-sale round, enjoying the financial opportunities that the product brings. The round will end soon, but by then the cryptocurrency has a one-time cost of $ 0.06, and it will increase to $ 0.1.

Welthee, the Beta version, was launched in 2021, combining a futuristic idea about calculating investment risk and the possibilities brought by web 3.0. The Welthee currency and the digital wallet that the application offers, allowing inter-currency exchange and instant payment, will revolutionize the way each person, experienced investor or at the beginning of the road, will own and deposit money.

We are at the beginning of a new financial era and Welthee is the train to this future. The platform was enthusiastically received in Europe, but also in the rest of the world, and we are delighted with the enthusiasm with which we were greeted in Dubai. We aim to offer financial freedom and full control over the finances of all those who understand and want to enjoy the benefits of decentralized infrastructure, said Cristian Voaide, founder of Welthee.

Welthee presented WEEINVEST in Dubai

At the end of September, between 20-23 of the month, Cristian Voaide announced the launch on the Dubai market of WEENVEST, a Real Estate Investment Fund based on the investment technology Welthee> The Future of Financial Freedom

The two revolutionary projects have attracted the attention of investors from Dubai, Saudi Arabia, India, Africa and the USA, so Cristian Voaide and Andrei Ureche are confident that they can conquer the business market, through the innovative ideas on which the applications are based. If Welthee is a platform dedicated to investments using cryptocurrencies, TOKHIT covers the area of creative industries, being the first social network dedicated to artists and professionals in various fields, with the component of NFT and Blockchain.

Welthee is available for download: iOS and Android.

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The payment gateway is launched in WELTHEE, the innovative investment platform on volatile markets - Business Review - Business Review

Ever since she stepped down as a senior royal in 2020 with Prince Harry, Meghan Markle has been trying to establish a brand in the United States. However, according to a royal expert, Meghan could soon face an unexpected problem that might cost her some PR points.

Meghans popularity has been declining this past year. According to research firm YouGov, she has been receiving less favorability in both the United Kingdom and the United States. In the U.K., Meghan is the second-least popular royal, just ahead of Prince Andrew.

Its possible this dip in popularity is due to Sussexit and the events after that. After stepping down as senior royals, Meghan and Harry moved to California to establish financial independence. However, in early 2020, the couple also started speaking to news outlets to criticize the royal family. Additionally, they have ran into criticism for their extravagant lifestyle and using their titles to support political agendas.

RELATED: Meghan Markle Claims She Grew Up Poor, But 1 Resurfaced Instagram Post Says Otherwise

According to royal commentator Neil Sean, Meghans reputation could be affected by another problem in the future. Sean pointed out that, in the near future, there are books coming out about Meghan. The authors of these books might talk to people who have secrets about the duchess.

These particular books are really interesting, I find, Sean said in a YouTube video, because when you get an unauthorized biography, what you normally findand Ive written quite a few myselfis that people come out of the woodwork wanting to reveal all.

Sean went on to note that, while its possible these people are discarded friends, others could be people that one would overlook, such as waiters and cab drivers.

These are the people thatand I dont mean this rudelytend to blend in, Sean said. When you get in a cab and you think the cab driver is not listening. Theyre always listening. And thats going to be the biggest problem for Meghan going forward.

RELATED: Meghan Markles Hugely Expensive Outfits Have Most People Laughing at Her, Research Shows

One author Sean mentioned is Tom Bower, who is writing a biography about Meghan. In an interview with Closer, Bower also advised Meghan to make amends with some people in her life, such as her estranged father, Thomas Markle.

She and her father had a very different relationship growing up, they were really very close, Bower said. She was really family-orientated when she was younger, but she seems to have completely erasedmemories of that and disowned him. Similarly, she cut off her ex-husband when her career started taking off. She seems to me to be a very ambitious, unforgiving person.

Bower added, But I think, much to her dismay, more will come out. I think Thomas is keeping some things back and that he has a lot of embarrassing stuff on her. There are skeletons in the closet and, when provoked, I think the secrets could all come out.

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Royal Expert Warns Meghan Markle of the 'Biggest Problem' She Could Face in the Near Future - Showbiz Cheat Sheet

Do you want to learn more about Financial Independence and Retire Early (FIRE)? This guide will teach you EVERYTHING you need to know to dive deep into the topic and retire whenever YOU want.

Today, making sufficient money to live a life you love is easier than ever before.

Imagine 50 years ago, the opportunities and the world looked entirely different.

Nowadays you can work in country A and live in country B, you can fly around the world for cheap, and you can design the life you love.

There is an increasing amount of people that are living life on their terms, forming a community. Were the FIRE movement.

The FIRE movement changed my life when I first encountered it in 2018.

It really triggered me to learn more, so I dove into the subject radically.

Ive read dozens of books, including:

In the beginning, it sounded extremely unrealistic to be financially independent by 35 (my current goal, Im now 25).

However, when I started to educate myself, I realized that I can accomplish it!

As they say, knowledge is power!

FIRE is an acronym that stands for Financial Independence Retire Early. There is a growing movement of people who are choosing to live the life they want to live by applying the FIRE principles, so they can retire decades earlier than their peers.

The majority of the FIRE movement is applying these basic principles:

There are two parts of this acronym, FI and RE.

FI stands for Financial Independence. You are financially independent when your income is greater than your expenses. This can be passive income like rent, but also dividend income from your investments.

RE stands for Retire Early. Retiring Early indicates that you never have to work again if you choose to!

Many people who reach FIRE, start doing something they really love. They start monetizing their hobby, helping others, travel full-time, etc.

So the stereotype of sitting at home doing nothing for retirement is completely thrown out of the window!

Retirement is awesome and gives you all the freedom you want! Think about what you want to do when you retire (early) and create your ideal life!

When you put FI and RE together, you get FIRE.

FIRE is about more than just making as much money as you can and retire as young as you can. It is thinking about what makes you happy, mindful spending, and living a life aligned with your values. FIRE is actually a great way to develop as a person!

There are many different ways to FIRE:

Take from the FIRE movement what fits you and your personal goals & desires!

The FIRE movement was started in 1992 when Vicki Robin and Joe Dominguez wrote the book Your Money or Your Life. It popularized the idea of financial independence and not spending your prime years behind a desk.

In the book, there is one thing that really stuck with me. When youre working, you are trading your life energy for money.

When youre working, you are trading your life energy for money.

That means that when you buy something, you are exchanging your time for it.

How many hours have you worked for your jeans? For your car?

This way of thinking completely changed the game for me.

If youre still reading, that means that youre really interested in the FIRE movement. You still want to reach financial independence and retire early.

To make the path to FIRE as straightforward as possible, Ive summed it up in 6 steps.

Im referring to a bunch of articles as well, that could provide you with further reading and a deeper understanding of how you can make your path to FIRE a smooth ride.

I mean, if I would have put allll the info in here, we would be soon over 10,000 words. Thats more of a thesis than an article.

Anyways, enjoy!

Finding your why in the journey to FIRE is super important!

If youre setting a goal and you have clear why you want to reach the goal and what will be waiting for you on the other side, you will be much more motivated.

I want you so seriously think about the next few questions:

With finding out WHY I wanted to pursue financial independence, I noticed that I want to have options. I want to be able to travel when I want, I want to be able to go run on a Wednesday afternoon, and I want to spend time on my passion projects.

When you think about what matters in your life, you quickly find out what things dont matter.

Thats great, because thats where we are going to save the money.

I want you to spend on whatever is important to you and I want you to cut back on the things that are not important to you.

Doing this will speed up your path to financial independence and retire early, enabling you to live your dream life!

Now were start to go into some simple math, in order to calculate your big number.

Exciting!

How much do you need to live your dream life?

Thats the big question.

In calculating your financial independence number, we are going to dive into the safe withdrawal rate (SWR). There is a 4% rule in retirement, meaning that you can withdraw 4% of your portfolio annually to live off.

To transform this to easier math, the rule of thumb is that you need 25 times your annual expenses to retire early. That means when youre spending $12,000 annually, you need $12,000 * 25 which is $300,000.

These returns and this withdrawal of money also includes inflation.

Youve calculated your FIRE number, yess great!

Now, how do we get there?

You FIRE number is based on your net worth.

Your net worth is basically all your assets and liabilities combined. To calculate your net worth, you add up all the assets and you subtract all the liabilities.

Assets are typically things like cash, investment accounts, peer-to-peer loans, and more. Liabilities are typically things like a student loan, car loan, and the like.

If you want to know how much of your net worth is currently available to you if you need it, calculate your liquid net worth.

Compare your net worth to people in the Netherlands and see where you are compared to others!

Make sure that your net worth is going up over time!

Want to have an easy way to calculate your net worth? Without the math? Start Today Tracking Your Net Worth For FREE and see where youre at!

Track Your Net Worth For FREE

Now you know where youre at in terms of net worth, its important to start saving money.

Personally I LOVE saving.

Do you know why?

Because saving money enables me to spend on what I find valuable when I dont spend on the things I dont find valuable.

Its all about your spending being aligned with your values.

I can save over 50% of my income, while I still lead the life I love. For example, in 2019, I traveled around the world for 4 months and still saved 65% of my income.

Yup, you read that correctly.

The best way to see how much money youre currently saving is by tracking your savings rate.

Your savings rate is your savings as a percentage of your income, so simply divide your savings by your income.

If you make $50,000 per year and are saving $20,000, that means youre saving 40% of your income.

How much money are you currently saving?

What is your current savings rate?

There are many different approaches to budgeting and it may not work for anyone.

The problem with the budget is that people often feel limited in the amount that they can spend. The thing is, your budget should enable you to spend where you most want it.

The easiest way to do this is to cut back on the Big Three:

When you can cut back on these three expenses, youre golden.

On average, Americans spend 70% of their income on the Big Three. Meaning that if you can lower that, you can bank the difference.

How can you do that?

A couple of suggestions:

By keeping my rent low, only eating out occasionally, and not having a car, I managed to save 65% of my income in 2019. My goal for 2020 is to save 75% of my income and Im on track to reaching that this year.

This is really speeding up my way to financial independence, a lot!

So where do you start saving? I would say check where youre spending the most each month and see how you can save on that.

Make the big and hard decisions so that you can make a quantum leap and speed up your way to financial independence.

Think about what we discussed before, your money is actually made from your time. So if Im trading my future freedom for this product, would I still want to spend my money on it?

Its up to you to make the decision on about where would you want to spend your money on.

These decisions are very personal.

I was happy to cut back my eating out, to live with roommates until 25, to bike to work, and to spend aligned with what I value. I banked the difference, which leads me to save over $17,000 in 2019.

This $17,000 will be worth double, or $34,000, in 10 years when I want to be financially independent.

Dont you want that for yourself?

It was totally worth it cutting on these things and getting back this amount of savings and investments for it.

Try it for yourself and see how far you can come!

Since Ive started working, Ive been reminded time and time again that your career is your most valuable asset.

Why is that?

Your career is probably the place where you will make the most money. That means that its very important to get paid as much salary as possible.

If youre getting a 4% raise every year instead of a 3% raise, after 45 years of career you reach the traditional retirement age, and you will earn $850,000 extra. Just from that 1% extra salary increase.

I hope this illustrates why maximizing your salary is so important.

I am big on asking for things.

Thats how I got promoted. That is how I got my raise.

Keep learning new things, be good at what you do, and never be afraid to ask!

Related reads:

Starting a side hustle to make some money outside of your day job.

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The Ultimate Guide To Financial Independence And Retire ...

Survey Explores How Ethnicity and Gender Influence Young Adults' Access to Financial Resources and Guidance, Further Underscoring the Need to Address Financial Education Gaps

CHARLOTTE, N.C., Oct. 27, 2021 /PRNewswire/ -- Gen Z is emerging from the pandemic with a greater focus on saving, financial independence, gathering life experiences, and seeking financial education many were without access to in their schools and communities growing up. This is according to new research published today by Bank of America's Better Money Habits exploring what this generation (ages 18 to 24) view as their greatest financial barriers, and how they are taking charge of their financial lives.

(PRNewsfoto/Bank of America Corporation)

"As Gen Z gets started financially and professionally, we see a great deal of motivation and positive steps toward building a solid financial foundation," said Christine Channels, Head of Community Banking and Client Protection at Bank of America. "At the same time, an unmistakable need for more financial education persists among this generation. Through our Better Money Habits platform, we're committed to connecting these young adults to a wide range of resources and guidance to help them develop financial know-how, and navigate barriers to achieving their goals."

Key findings from the research include:

Over the past year, 80% of Gen Zers have taken one or more positive financial actions. Among which, 70% added to savings, 29% mapped out financial goals, 26% contributed to a retirement account, and 26% invested in the market.

Despite financial and other pandemic-related challenges, 68% remain optimistic about their financial future. Nearly 70% also say the pandemic influenced their financial priorities, including a greater focus on saving for future goals (33%) and living a more frugal lifestyle (19%).

Half (49%) describe themselves as fully or mostly financially independent. Among the half still fully (14%) or mostly (36%) dependent on their parents financially, 24% are prioritizing becoming financially independent.

Today, Gen Z views their greatest barriers to financial success as insufficient income to achieve financial goals (46%), lack of job stability (23%) and being unable to save (21%). When asked about the most stressful financial aspects of their lives, Gen Z cites not being able to afford the life they want (37%), lack of emergency savings (33%), student loan debt (22%), health care costs (17%) and simply making it to their next paycheck (11%).

One-third (34%) of Gen Z rate their financial knowledge as low, among whom 40% say they don't even know where to start learning about finances. A significant portion of Gen Z (40%) also say they were never offered a financial education course in school.

Much of Gen Z feels knowledgeable about basic financial concepts including saving (85%), managing money (82%) and budgeting (77%). However, their knowledge levels decrease significantly when it comes to topics that can be critical to a more secure financial future, including saving for retirement (38%), investing (30%) and buying a home (26%).

When asked where they learned about finances, only 33% said in school (K-12 and/or college). Most learned at home or from their family (75%), while 39% were self-taught, 20% learned from friends and peers and 13% from a financial professional.

The research also explored the role of race, ethnicity and gender in access to financial education and opportunities, uncovering:

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Black/African American Gen Z more likely to be financially independent, cite starting a business in their definition of success

59% of Gen Z in this community identify as mostly or fully financially independent compared to 47% of non-Black/African American Gen Z. They also cited greater knowledge of several financial topics, including filing taxes (59% vs. 39%), saving for retirement (44% vs. 37%) and purchasing a home (41% vs. 24%).

66% carry debt, and of those that use credit cards, 44% have accrued credit card debt more than non-Black/African American Gen Z (51% and 21%, respectively) and are nearly twice as likely to cite debt as a barrier to financial success (30% vs. 17%).

Black/African American Gen Z are nearly 6x more likely to include starting a business in their definition of success (17% vs. 3%), and 2x as likely to cite starting or growing a business as top priority for the year ahead (16% vs. 8%).

Hispanic Gen Z highlight greater gaps in financial education, see homeownership as success

Nearly half (48%) of Hispanic Gen Z say they were never offered a financial education class in school more so than non-Hispanic Gen Z (37%). This community is less likely to feel knowledgeable about building credit (56% vs. 63%), saving for retirement (34% vs. 40%) and filing taxes (28% vs. 45%).

They are more likely to cite lower income (52% vs. 44%) and job stability (31% vs. 20%) among their top barriers to financial success.

Homeownership is especially important to this community: 39% define financial success as owning a home, compared to 26% of non-Hispanic Gen Z.

Gen Z women face financial knowledge and investing gaps, but are more likely to be taking steps toward financial wellness

The gender investing gap persists in younger generations: Gen Z women are less likely to feel knowledgeable about investing (22% compared to 37% of men) and less likely to have invested in the market over the last year (17% vs. 25%). They also feel less knowledgeable about managing debt (56% vs. 66%) and saving for retirement (35% vs. 41%).

Gen Z women feel more knowledgeable about building credit (66% vs. 57%), however they are also more likely to cite debt as a barrier to financial success (23% vs. 14%). In fact, 36% have at least $5,000 of debt compared to 28% of men which may be contributing to the fact that more women are prioritizing paying down debt in the year ahead than men (23% vs. 18%).

Gen Z women were, however, more likely than men to have taken positive financial actions over the last year (82% vs. 78%). Positive actions among Gen Z women taking them include contributing to savings (76% vs. 63%), openly discussing money with family, friends or colleagues (63% vs. 48%), sticking to a budget (27% vs. 21%) and seeking guidance on managing finances (25% vs. 16%).

"As a company and as a society, it is critical that we address the financial education and opportunity gaps that persist across the communities of young adults we serve," said Alberto Garofalo, Community Banking & Development executive at Bank of America. "This research is another step in our commitment to fully understanding the unique needs and priorities of diverse communities, so we can provide the resources and guidance to empower everyone on their journey to financial wellness."

Better Money Habits

As Gen Z prioritizes better money habits, they continue to seek advice and guidance as they look to take control of their finances and plan the future. Bank of America's Better Money Habits platform offers free financial education content and tools that break down financial topics in ways that are approachable and easy to understand. The platform connects people at all life stages to relevant tools that help build know-how to help them take action toward their financial goals. It also includes specific resources catered to Gen Z and young adults, covering topics including budgeting, building credit, borrowing, investing and more. We continually look for ways to expand the reach of Better Money Habits and also offer Spanish language resources on the site.

Methodology

The study was conducted August 12 September 7, 2021, by Ipsos in English and is based on nationally representative probability samples of 1,024 general population adults (age 18 or older), and a partially overlapping sample of 635 Gen Z adults (age 18-24), including 28 Gen Z adults from a non-probability sample. This survey was conducted primarily using the Ipsos KnowledgePanel, the largest and most well-established online probability-based panel that is representative of the adult US population. Panelists are scientifically recruited into this invitation-only panel via postal mailings to a random selection of residential addresses. To ensure that non-internet households are included, Ipsos provides access to a tablet and internet connection to those who need them. Because of this probability-based sampling approach, KnowledgePanel findings can be reported with a margin of sampling error and projected to the general population. The margin of sampling error for the general population sample is +/- 3.3 percentage points at the 95 percent confidence level.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters May Contact:Betty Riess, Bank of America betty.riess@bofa.com

Cision

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SOURCE Bank of America Corporation

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Bank of America Better Money Habits Research Finds That, Despite Barriers, 80% of Gen Z Are Taking Positive Steps Toward Achieving their Financial...

PHILADELPHIA, October 27, 2021--(BUSINESS WIRE)--Independence Realty Trust, Inc. ("IRT") (NYSE: IRT), a multifamily apartment REIT, today announced its third quarter 2021 financial results.

Third Quarter Highlights

On July 26, 2021, IRT announced that it reached a definitive agreement to merge with Steadfast Apartment REIT, Inc. ("STAR"), creating a leading multifamily REIT focused on the high-growth U.S. Sunbelt region. The transaction is expected to close in mid-December 2021, following a stockholder vote scheduled for December 13, 2021, and we are on track to deliver the $28 million in annual synergies and immediate 11% accretion to Core Funds from Operations.

Net income available to common shares of $11.5 million for the quarter ended September 30, 2021 compared to $1.1 million for the quarter ended September 30, 2020. Earnings per diluted share of $0.11 for the quarter ended September 30, 2021 compared to $0.01 for the quarter ended September 30, 2020.

Same store net operating income ("NOI") growth of 14.7% for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020.

Core Funds from Operations ("CFFO") of $22.7 million for the quarter ended September 30, 2021 compared to $18.2 million for the quarter ended September 30, 2020. CFFO per share was $0.21 for the third quarter of 2021, as compared to $0.19 for the third quarter of 2020.

Adjusted EBITDA of $31.4 million for the quarter ended September 30, 2021 compared to $27.1 million for the quarter ended September 30, 2020.

Included later in this press release are definitions of NOI, CFFO, Adjusted EBITDA and other Non-GAAP financial measures and reconciliations of such measures to their most comparable financial measures as calculated and presented in accordance with GAAP.

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Management Commentary

"The combination of favorable macro trends across our core markets and the execution of our growth initiatives continues to yield impressive returns," said Scott Schaeffer, Chairman and CEO of IRT. "We delivered a 14.7% year-over-year increase in third quarter same store NOI, with our occupancy rate up 220 basis points to 96% and our average rental rate increasing 7.3% on a year-over-year basis. As we look forward, our ability to maintain occupancy, drive rental rates, and advance our value add program gives us confidence that we can continue to unlock value within our portfolio. We are also focused on the integration of the planned merger with STAR and are excited about the growth potential of our combined business."

Same Store Property Operating Results

Third Quarter 2021 Compared toThird Quarter 2020(1)

Nine Months Ended 9/30/21Compared to Nine MonthsEnded 9/30/20

Rental and other property revenue

9.4% increase

7.8% increase

Property operating expenses

1.7% increase

4.4% increase

Net operating income ("NOI")

14.7% increase

10.1% increase

Portfolio average occupancy

220 bps increase to 96.0%

270 bps increase to 95.6%

Portfolio average rental rate

7.3% increase to $1,227

4.6% increase to $1,190

NOI Margin

290 bps increase to 62.2%

130 bps increase to 61.7%

(1)

Same store portfolio for the three months ended September 30, 2021 includes 47properties, which represent 12,838 units.

Same Store Property Operating Results, Excluding Value Add

The same store portfolio results below exclude 13 communities that are both part of the same store portfolio and were actively undergoing Value Add renovations during the three months ended September 30, 2021.

Third Quarter 2021 Compared toThird Quarter 2020(1)

Nine Months Ended 9/30/21Compared to Nine MonthsEnded 9/30/20(1)

Rental and other property revenue

8.3% increase

6.1% increase

Property operating expenses

1.6% increase

4.5% increase

Net operating income ("NOI")

12.8% increase

7.1% increase

Portfolio average occupancy

230 bps increase to 96.4%

250 bps increase to 96.1%

Portfolio average rental rate

6.3% increase to $1,219

3.3% increase to $1,186

NOI Margin

250 bps increase to 61.6%

60 bps increase to 61.5%

(1)

Same store portfolio, excluding value add, for the three months ended September 30, 2021 includes 34 properties, which represent 8,908 units.

COVID-19 Metrics (1)(2)

Rent collections

3Q 2021

3Q 2020

2Q 2021

Rent collected for the period presented, as a percentage of rent billed (3)

98.4%

99.7%

99.4%

(1)

Dollar amounts in thousands. All metrics presented are for our total portfolio in the period presented.

(2)

All metrics are based on our internal data, which management uses to monitor property performance on a daily or weekly basis.

(3)

Rent collected as a percentage of rent billed includes rent deferred under any deferred payment plans that may have been offered in the period presented. Deferred payment plans were offered to residents in 2020 and early 2021 to allow residents to defer a portion of their monthly rent for one or more months or to repay over time past-due rent which was unpaid due to a COVID-related financial hardship. As of September 30, 2021, there were no active deferred payment plans outstanding.

As a result of the COVID-19 pandemic, we recorded a provision for bad debts of $122,000 in the third quarter of 2021. The table below presents additional details on the components of bad debt:

Components of Bad Debt (1)

3Q 2021

3Q 2020

2Q 2021

Amount

Percentage

Amount

Percentage

Amount

Percentage

Charge-offs, net

$534

0.9%

$260

0.5%

$512

0.9%

Provision for bad debt

$122

0.2%

$80

0.1%

$78

0.1%

Net bad debt

$656

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Independence Realty Trust Announces Third Quarter 2021 Financial Results & Updates Full Year 2021 Guidance - Yahoo Finance