Category Archives: Financial Independence

Over 100 key global and local enterprises, entrepreneurs, and academics, among others, delivered valuable insights into the future of retail, while also showcasing new innovations and ideas shaping the retail landscape at the two-day premier edition of Converge conference by Walmart Global Tech India.

The India Innovators Showcase a specially-curated collection of inspirational talks, featuring stories of India's leading retail innovators and changemakers turned the spotlight on six entrepreneurs whose path-breaking concepts are moving the innovation needle with a lens on inclusive progress. Here are the highlights from the showcase.

Beckn for digital commerce is what HTTP is for the World Wide Web and SMTP is for emails. It is a common method that allows basic interoperability of commerce interactions on a digital medium. Plainly speaking and at the risk of oversimplification, the Beckn protocol allows a computer to understand and speak'' commerce like select an item from menu, place an order with another computer anywhere on the internet by exchanging open, standardised, machine-readable information.

Open innovation can supercharge the retail sector and unleash a cambrian explosion of innovation, said Sujith Nair, Co-founder and CEO, Beckn Foundation.

Beckn specifically caters to location-aware local commerce businesses that are small and severally available within a region like a city. Examples of such business include mobility, final mile delivery, restaurants, hotels and healthcare. Beckn by design however could cater to potentially any commercial or non-commercial interactions in a gig economy.

As India's first app-based platform that powers financial independence for women, Basis turns latent users outside of India's formal financial system into active, informed consumers. Its community-driven product leads with financial education, and offers curated advisory tools and recommendations for financial products and services tailored for urban Indian women.

By creating a women-only community, we provide a safe and candid space for women to discuss all aspects of our lives that impact our financial independence. Conversations cover relationships, careers, and starting and running businesses, as well as picking the right investments and insurance plans, said Hena Mehta, Co-founder and CEO, Basis.

The community is the first step towards getting women to get comfortable talking about money. The next logical step is to help them make informed decisions, explains the founder. Womens lives and careers are vastly different from those of men. Thats why they need to manage money differently. But, it is difficult to find resources that can guide them by taking into consideration womens realities and goals, she added.

Cities in India (and the world) are exploding, and so is the waste they create. An Indian family of four, in fact, produces an average of 2.2 kg of waste each day. Only 60 percent of that waste is organic material (kitchen and garden waste), which can easily be composted into nutrient-rich manure at home.

Poonam Bir Kasturi, Founder, Daily Dump has made home composting a habit for thousands of people across the globe with Daily Dump, India's first home composter for urban spaces, which she designed back in 2006, before Swacchh Bharat became a popular phrase.

Daily Dumps products and services, designed and built in-house, offer pioneering solutions for decentralised waste management in homes, communities, offices and public spaces. Its range of composters, segregation products, books, services, and awareness material enable change in people's behaviour and mindset to help conserve the environment.

Its signature terracotta kambha has become a much-loved symbol of pride in customers' homes. Aaga, the community composter, is India's first hot pile compost that does not use electricity, and is designed to be easily managed and maintained by urban apartment communities for decentralised community composting.

Our home composting solutions have saved over 50 tonnes of organic waste daily through 75,441 happy families, and added 45,000 kgs of compost to the soil. said Poonam.

Ahmedabad-based e-mobility startup LightSpeed Mobility Pvt Ltd builds e-bikes that can at once be pedalled or battery-powered.

Their e-bikes are the ideal lifestyle statement for fitness enthusiasts and those looking for alternative personal mobility devices. You can warm your way up to your destination with a resistance setting and cool down while coming back assisted by the battery.

LightSpeed aims to design the best electric vehicles for urban Indian sensibilities in the pursuit of sustainability. The uniqueness of LightSpeed e-bikes, according to founder Rahil Rupawala, lies in the pedal boost system, portable e-battery and noiseless motor work. LightSpeed e-bikes are currently available in two variantsthe LightSpeed GLYD and the LightSpeed DRYFT. With its three-level pedal booster, GLYD can cater to the people in urban areas, giving them the required support in all types of traffic conditions. DRYFTThe Adventure Companion is for the adventurous, and comes with a five-pedal boost and front shock absorbers. Both have a range of 50 km and a top speed of 25kmph, said Rahil.

Saathi is a purpose-driven manufacturing company that makes eco-friendly hygiene products that are good for the body, environment, and community.

Banana fibre uses six times less water per ton produced than cotton, and 10 times less fertilisers. Most importantly, since bananas are an existing food crop, no extra land is being taken up by the production of this fibre. There are already 9 million hectares dedicated to banana farming worldwide. By trailblazing the use of banana fibre as a consumer product raw material, Saathi hopes to champion its expanded use, said Tarun Bothra, Co-founder, Saathi.

Saathis lead product pads are biodegradable and compostable, using plant-based materials for the leak-proof outer layers of the napkin. Many consumers have issues with irritation or rashes from the plastics or chemicals in standard pads. The average conventional sanitary pad contains 3.4g of plastic. This means that over her lifetime, the average woman will generate 60kg of plastic from sanitary pads alone. In 2016, there were 150,000 tons of sanitary pad waste in India. When disposed of, Saathi pads degrade within six months - 1200 times faster than plastic pads. Since Saathi pads dont contain chemicals, they provide a rash and irritation free experience.

As one of the worlds leading home textile solution providers, Welspun is steered by a robust team of 20,000 people. Its strong presence in bed, bath and flooring in over 50 countries makes the branda top global retailer. The company is on track to meet the changing consumer preferences, driven by its differentiation strategy based on branding, innovation, sustainability, along with sustained focus on the domestic market.

We weave comfort with art at our design studios in India, the US and the UK; backed by strong consumer research. Our industry-defining and multi-level traceability system known as Wel-trak enables consumers to trace back a finished product to its raw material source, said Dipali Goenka, CEO and Joint MD, Welspun India Ltd.

As a thought leader in home solutions, we have 30 patents in our portfolio, the highest in the industry. 42 percent of our sales come from innovative products. We have global collaborations on innovations with universities, technology partners and industry associations. Our patented hygrocotton technology provides great value to today's s consumers, Hygrocotton itself has achieved over $1 billion worth of business in the last 15 years, and is now an integral part of the home linen program of all major retailers, she added.

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Meet the entrepreneurs whose innovative ideas are shaping the future of retail - YourStory

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SAN FRANCISCO--(BUSINESS WIRE)--SoFi (NASDAQ: SOFI), a leading next-generation financial services platform, announced that it will meet with institutional investors at the 11th Annual Financial Technology Conference hosted by Goldman Sachs. SoFis Chief Executive Officer, Anthony Noto, will participate in a moderated fireside chat discussion. Full session details for the conference appearance are as follows:

Goldman Sachs 11th Annual Financial Technology Conference

Date:

Thursday, September 9, 2021

Time:

12:30 1:10 PM ET

Following the event, an archived webcast will be made available for on demand viewing. To view the webcast, please go to the Investor Events section of SoFis Investor Relations website at https://investors.sofi.com/.

About SoFi

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

SOFI-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005733/en/

SoFi

Investors:Andrea ProchniakSoFiaprochniak@sofi.org

Media:Rachel RosenzweigSoFipr@sofi.com

Source: SoFi Technologies

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SoFi to Participate in the Goldman Sachs 11th Annual Financial Technology Conference - StreetInsider.com

The fallout over the destruction of Western Australia's Juukan Gorge rock shelters is being felt at another mine in Queensland's remote north-west.

A group of Indigenous elders is trying to stop the proposed excavation around a sacred site known as Magazine Hill, located on the edge of the New Century zinc mineat Lawn Hill, about 250 kilometres north-west of Mount Isa.

"I'm never going to work in the mine, no way in the world, because they're the dirtiest bastards on the earth," said Clarence Walden, one of a number of Waanyi elders fighting to save the site.

"It's really, really dangerous, and that's why the old people didn't want us to take it before they even put a shovel down there.

"It's so sacredthat our life depends upon it."

Supplied: Google Earth

Unlike the Juukan Gorge controversy, the authorised Indigenous corporation has agreed to mine work adjacent to Magazine Hill, in exchange for compensation and a mine services employment agreement through a joint venture with the Downer Group.

"This is something that will, I guess, bring about economic development and financial independence, [moving] away from not just waiting for handouts," said the chair of Waanyi Native Title Aboriginal Corporation, Alec Doomadgee.

However, Mr Doomadgeesaid, negotiations forthe Waanyi community over the mining proposal had been "very painful" for its members.

"Because what happens is the system when I talk about the system, I mean big business, mining companies, the state government, Im talking about all the powers that be they create confusion and division and ugliness between First Nation people," he said.

ABC News: Chris Gillette

The original Century minewas developed in the 1990s.

Mr Walden was chair of the United Gulf Region Aboriginal Corporation at the time and was a strident mine critic during negotiations.

"What Century has put on the tablewouldn't feed my dogs. My dogs wouldn't get a feed out of it," he told a media conference in 1996.

More than 25 years laterlaterhe is still fighting.

"I fought Century from day one and I'm still fighting the bastards, and I'm not going to give up," he told 7.30.

The Century mine did secure a royalty deal with Indigenous communities and went on to become one of the largest zinc producers in the world.

However, relations with Indigenous communities were sometimes troubled, with a nine-day sit-in protest in 2002 over employment opportunities and the management of ceremonial objects found on the mine site.

ABC News: Chris Gillette

"Unfortunately, it's a sad fact, from the moment they dug, they destroyed sacred sites on Waanyi country," Mr Doomadgee said.

Over the mine's 16 years of operation, a number of sacred sites were demolished, but Magazine Hill traditionally used as a camp site for recently initiated men was left standing.

The mine ceased operations in 2015 and was sold to New Century Resources two years later.

Its new owners announced plans to re-treat the mine tailings and mine the remaining zinc deposits, including an area known as South Block adjacent to Magazine Hill,which the company argued was unstable.

And this opened a split in the Waanyi community.

ABC News: Chris Gillette

Mr Doomadgee who took part in the 2002 sit-in said there was widespread consultation over whether to approve a cultural management plan to excavate around the sacred site.

He said the vast majority of Waanyi decided to accept the proposal at a meeting at the Adel's Grove campground three years ago.

"I think it was about 80 per cent of people voted to go ahead with the contract and [to] go ahead with a cultural area management plan," he said.

However, since then,some elders have questioned the validity of the vote.

ABC News: Chris Gillette

"I don't think it has been carried out properly," Waanyi elder Kevin Cairns said.

"You might have a fair number of people on that register but they're not Waanyis.

"The real Waanyi people are the ones actually standing up and fighting them."

Although New Century Resources advised the Waanyi at the time that the hill was unstable, the company has since said it is seeking a second engineering opinion.

ABC News: Chris Gillette

"Not interfering with Magazine Hill is New Century Resources' preference," a spokesman told 7.30.

"This option is being thoroughly investigated."

Mr Doomadgee welcomed the news, although he noted the company's previous advice.

"If you've ever seen Magazine Hill, it's actually right on the edge of the pit wall it's on the edge," he said.

"Look, I'm no expert.I'm no scientist.I'm no geologist.But I think, eventually, it probably will fall in."

ABC News: Chris Gillette

Despite the prospects of a new mine employment agreement, Waanyi elder Barry Dick questionedthe benefits that 16 years of mining hadbrought to his gulf community of Doomadgee.

"They made a lot of promises.We never saw that promise," he said.

Earlier this year, aSenate inquiry into the destruction of the 46,000-year-old Juukan Gorge caves heard evidence about the Magazine Hill controversy.

The inquiry is investigating whether state and Commonwealth heritage laws are causing harm to traditional owners, and its interim report found the federal government may need to overhaul legislation, describing the destruction of sacred sites as "vandalism".

Watch this story tonight on 7.30 on ABC TV and iview.

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The next Juukan Gorge? Concerns over proposed excavation around another Indigenous site - ABC News

Prince Harry and Meghan Markle cannot afford to compete with Prince William and Kate Middleton's charity donations, a royal expert says.

The reality of financial independence appears to have come as a "shock" for the Duke and Duchess of Sussex, who in stepping down as senior royals, lost a lot of time to do good, Daniela Elser writes.

Despite their best intentions to make the Archewell Foundation a roaring success, Ms Elser claims the parents of two have to balance their charity efforts with paying the bills.

She said that the "reality of their new life would appear to suggest that big, sweeping projects are not a possibility right now".

Unlike the Duke and Duchess of Cambridge, Harry, 36, and Meghan, 40, made the decision to work for a living which comes at a cost of time.

In her News.com.au column, Ms Elser writes: "Despite the Sussexes having laudably pronounced they wanted to work towards becoming financially independent, facing what that meant in reality would appear to have come as something of a shock to the duo."

She adds: "Since launching in October last year, Archewell has not held a single fundraiser, as far has been made publicly known.

"Now, a year or two down the road, things might look very different with Covid and the pandemic relics of the past (fingers and toes crossed here) and with the world reopened."

Ms Elser continues: "Harry and Meghan will be able to focus on cosying up to their AAA+-list chums to raise cash to support their ambitious and exciting philanthropic efforts.

"But for the time being, the Cambridges and the Sussexes are operating on totally separate, far from equal, playing fields, one fully established, well-funded and helmed by two people able to dedicate their days to it."

During his chat with Oprah Winfrey, Harry claimed that he and Meghan had been financially cut off by the royals.

For more incredible stories from the Daily Star, make sure you sign up to one of our newsletters here.

The couple went on to sign production deals with Netflix and Spotify to support themselves and fund their charity work.

Earlier this month, a former royal correspondent claimed they would have to produce six shows for Spotify by the end of a year.

Speaking on his daily news show, former Metro royal correspondent Neil Sean said: "What we can tell you first here on the show is Spotify itself is looking to see product before the end of the year, particularly a six-part series they hope to start prior to the festive season."

Read more:

Prince Harry and Meghan were 'shocked at true meaning of financial independence' - Daily Star

We know that the Covid-19 pandemic has disproportionately affected women financially our data shows the gap between men and womens savings hit 50bn during the year to March 2021, with women putting away 2,628 on average, compared with 5,335 for men.

But what has been less discussed is how womens emotional relationship to their money has changed.

Women have now joined men in rating financial independence as the biggest contributor to their self-esteem and wellbeing.

This matters particularly for financial services companies but also the broader UK business community because if women start investing more of their earnings, there is an exponential benefit to the UK economy which in turn will support the post-pandemic recovery.

If women start investing more of their earnings, there is an exponential benefit to the UK economy which in turn will support the post-pandemic recovery

Our data at Kantar indicates that converting just 1 per cent of womens current savings into investment products could unlock 98 billion of financial capital.

By putting this into circulation, rather than squirreling it away in savings accounts which tends to be their default, women cannot only unleash greater financial rewards for themselves, but also benefit economic markets and in turn stimulate GDP.

So, whats stopping women from realising this financial potential?

Social expectations and structural economic issues continue to make it harder for women to save in the first place.

They face lower average earnings and undertake more unpaid labour than men, such as caring for children and elderly relatives, which can limit ability to earn. Womens employment can also be more precarious.

For those who can build up financial reserves, there are cultural barriers to making that money work as hard as it could. Women are far more likely to save in cash rather than invest.

They are less confident than men about long-term financial planning and more risk aware, perhaps reflecting the greater challenges they face to put money aside.

Investing is still seen as a mans world even though many women will already be investing (albeit perhaps more unconsciously) through their pensions.

Our analysis of financial products communications found that it is exacerbating these gendered differences.

For example, women dont find the colder, more materialistic promotion which dominates investment advertising as engaging.

They react better to holistic messaging that talks about the positive life outcomes that investing can unlock, not just wealth accumulation.

Financial services brands are missing a trick by failing to speak directly to women and accommodate their needs. They need to adapt their offer and communications to cater for a wider, more diverse customer base.

Using more emotive, human language on the benefits of investing would be a big step forward.

Jargon-free content would also go a long way to make women feel less excluded and address their relative lower financial confidence.

Women are nervous to expose a lack of knowledge about investing, and finances generally, and this fear affects their interactions with advisers too.

They say these experts understand them less well and they want to see greater empathy towards their needs.

As diversity within financial services businesses improves, fresh perspectives will naturally come to the fore. Appealing to a broader customer base will be easier as organisations own workforces better reflect society.

But brands should always be asking themselves questions like is the language and messaging they use as inclusive as it could be? Is it unintentionally reinforcing stereotypes? Are they aware of unconscious bias?

The balance that brands will need to strike is how they continue to appeal to existing customers while also reaching a wider audience. Its a question worth spending time over. This analysis and change of approach will drive better outcomes for the sector, its customers and ultimately benefit the UKs economic performance too.

Amy Cashman is executive managing director for Insights at Kantar UK & Ireland

Originally posted here:

Closing the investment gap between men and women could unlock the post-pandemic recovery - iNews

Theres an emotional reward that comes with giving adult children money to buy a house.

PixelsEffect/iStockPhoto / Getty Images

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Theres an old saying that its better to give with a warm hand than a cold one. Put another way, for many parents, there are benefits to gifting money to the next generation while youre still alive or providing whats known as a living inheritance.

Theres an emotional reward that comes with giving adult children money to buy a house, start a business, or simply support their families, experts say, as well as financial benefits of reducing the value of your future estate. The trick is not giving away too much so that it spoils the kids, or worse, curbs your retirement lifestyle.

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Assuming parents are in a strong financial position to do so, and if there are excess funds beyond their income retirement needs, then thats when gifting should often be considered, Kelly Ho, a partner and certified financial planner at DLD Financial Group Ltd. in Vancouver, tells Joel Schlesinger.

Its sometimes said that people in certain professions tend to make poor investors simply because theyre too busy with their own fields of endeavour.

So, it is with Dennis and Gwen, a middle-aged couple imagining how theyll live once their teenage children have grown up and moved out. Dennis, 52, earns more than $160,000 a year in the sciences. Gwen, 45, is a self-employed wellness consultant grossing $97,390 a year.

Once the children have gone, Gwen and Dennis plan to downsize, keeping a small place in Vancouver and a modest cabin on one of the Gulf Islands. An immediate question is what to do with the $97,000 or so Dennis has built up in his chequing account over the years on top of the $872,500 from an employee buyout. They wonder whether they should pay down their mortgage more quickly or invest.

Dennis plans to retire at age 65 although he wants to scale back before then. Gwen plans to keep working to age 70. Their retirement spending goal is $100,000 a year after tax.

In the latest issue of Financial Facelift, Cecilia Tsang, a certified financial planner at RGF Integrated Wealth Management in Vancouver, looks at Dennis and Gwens situation.

Early retirement is a dream for many investors, particularly those in the financial independence, retire early (FIRE) movement. It requires aggressively saving and investing in your 20s and 30s to be able to retire decades earlier than most.

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But workplace changes brought on by the pandemic have put a new lens on early retirement. For some, no longer having to commute to an office every day or the ability to do your job from any location has made work more attractive.

The pandemic has opened our eyes to a new way of working, says Amin Mawani, an associate professor at York Universitys Schulich School of Business, which may lead to the FIRE movement losing some momentum in the aftermath of the pandemic. If you can work from home, and home can be anywhere, it gives you a lot more options and a lot fewer reasons to quit, he says. Why give up income if you dont have to?

FIRE proponents say the movement isnt necessarily about planning to stop working entirely, but about reaching financial independence and working as much or as little as you want to, in a job you enjoy. Some who have reached financial independence with the intention of never working again have changed their minds, realizing there is worth to work that goes beyond a paycheque. Brenda Bouw reports.

Lily Eng has lost track of just how many courses shes taken since retiring from her teaching job two decades ago: 20 or 30. Probably more.

Shes studied art history, womens art, Cantonese, Chinese history, comparative religion, critical thinking and the list goes on.

When I was teaching, I always wanted time to sit down and learn different things, says Ms. Eng, 80, of Vancouver. I had to wait until I retired. Canadians are living longer, healthier lives and, in many cases, are retiring earlier than any previous generation.

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Some, like Ms. Eng, also prefer going back to school to more traditional retirement activities like gardening. And, as Dene Moore reports, there is a growing body of evidence that novel learning is one of the most important measures people can take to maintain brain health as they age.

Toronto actor Nicole Fairbairn entered the pandemic lockdown with long ginger locks. The 50-year-old is coming out of it ready to embrace her now natural salt-and-pepper.

It wasnt just the inability to professionally maintain her hair colour with salons closed as part of public health measures, but the self-reflection and shifting of priorities that she experienced in the face of an urgent global crisis.

I was one of those people that said theres no way. Ill go to my grave with dyed hair, she says. But then when the pandemic happened, I was like I dont want to be fussing around with this. There are more important things.

If the proliferation of Facebook groups for women who dare not to dye, is any indication, Ms. Fairbairn is far from alone. Dene Moore reports.

Many Canadians consider moving to the U.S. in retirement, in particular to hotter states like Florida, Arizona and California. However, some Americas are also looking to move up here in their old age.

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This article looks at what Americans looking to move to our country need to know, including the type of visa and residency to pursue, cost of living and taxes.

Many Americans assume that moving to Canada is easy and that theres a special pathway for Americans, since our two countries are so closely connected, Cori Carl, author of Moving to Canada: A Complete Guide to Immigrating to Canada Without an Attorney, says in the piece. However, thats not the case. Theres no simple way for Americans to retire in Canada.

Solo travel wasnt considered safe, ideal or trendy for Indian women 25 years ago. Those who travelled alone were often criticized for defying cultural and societal norms dismissed as adamant, single women who didnt care about their own safety.

But that didnt deter Dr. Sudha Mahalingam.

When she tagged along on her husbands work trips abroad, she used the opportunities to tap into her adventurous side.

Her husband, not fond of exploring, would ask Mahalingam to visit the touristy landmarks with a local guide. But she disliked planned trips and packaged tours.

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Packaged tours are so predictable, she tells CNN Travel. They show you what they want to show not what you want to see.

Two decades ago, Mahalingam quit her job in mainstream print journalism and switched careers to take up energy research. Soon after, she started receiving invitations to speak at international conferences in oil producing countries and the world of travel opened up to her.

Today, at 70, she has visited 66 countries across six continents, which she recounts on her blog Footloose Indian as well as in her book The Travel Gods Must be Crazy.

Question: My spouse and I are considering selling our primary residence to downsize and potentially reduce operating costs, as well as to get some capital. Were considering that renting might make sense, because we are not certain we want to stay in the city long-term. On the other hand, does it make sense to stay with the house we own for the time being?

We asked Dan Bortolotti, portfolio manager at PWL Capital Inc. in Toronto, to respond:

The decision to sell your home in retirement has many facets, and not all of them are financial.

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Many Canadians have the majority of their net worth tied up in their homes, and downsizing can allow retirees to turn some of their home equity into cash. This can be an attractive option if youre not sure your investment portfolio and government benefits will provide enough income for your day-to-day expenses.

Downsizing can also make sense for lifestyle reasons: a bungalow will be attractive for folks who are worried about perilous staircases, and condos are a boon for those who are tired of mowing the lawn and shovelling snow.

Selling your home and becoming a renter adds a few more layers. If you wont be purchasing a new home, youll free up all of your home equity, so there will be more cash available to top up your portfolio. And, as you note, renting will provide flexibility if you think your next move might not be your last. But unless youre currently making mortgage payments, renting might actually make your monthly costs go up, not down.

When making the transition from homeowner to renter, especially in retirement, youll need to consider the non-financial factors, too. The life of a renter can be liberating: that broken dishwasher or leaky ceiling becomes the landlords problem, not yours. But if youve been a homeowner all your life, youll need to accept that youre no longer master of your domain. Hate that kitchen countertop, or wish you could knock out that wall to open up the family room? Well, now youll just need to live with it.

Whats more, after your first one-year lease is up, youre vulnerable to being asked to leave if the landlords decide they want to sell the property or rent it to a family member. If youre happy in your new home, that can turn your life upside-down in a hurry.

If you need to sell your home for financial or health reasons, the decision is easier.

But if your medium-term plans are still up in the air, make sure youve carefully considered all the factors before you make the leap.

Have a question about money or lifestyle topics for seniors, or want to suggest a story idea for the Sixty Five series? Please e-mail us at sixtyfive@globeandmail.com and we will find experts and answer your questions in future newsletters.

Originally posted here:

Why parents might want to give kids part of their inheritance now, how the work-from-home trend could slow the FIRE movement and advice for Americans...

LOOKING for inspiration when it comes to bagging yourself some extra savings? One woman has revealed her tips and tricks that have helped her bank $1million.

Caitie T, known as the Millennial Money Honey, on social media is 29 years old and has already revealed her plans to retire at 35.

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After putting away a huge $1million (727k), she's now sharing the tricks she swears by to pocket extra cash here and there, including getting cheaper haircuts and ditching her false lashes.

To start with, Caitie, who is based in Los Angeles, decided to track her spending after being left inspired by FIRE - the Financial Independence/Retire Early community, a movement devoted to extreme saving.

Realising just how much she was spending and what her monthly outgoings were, Caitie decided to make changes and she has five areas of cost-cutting that have allowed her to rack up the dollars and secure herself early retirement.

Everyone loves getting their hair done regularly and splashing out on pamper treatments or a gym membership, but these were material things Caitie realised she could go without and pocket the cash instead.

According to Insider, Caitie was spendign $230 (167) on a gym membership, $30 (21) a pop on eyelash treatments and $600 (436) twice a year on hair appointments.

Making little tweaks to her lifestyle, Caitie decided to ditch her luxury gym membership and stop having her eyelashes done - and she even took her hair back to its natural colour to prevent paying out to keep it bleach blonde.

When she does need her hair cut, she now opts for a budget salon that charge just $15 (10), saving her hundreds of dollars already.

Caitie also put herself through a no-spend year, where she only paid out for her expenses and nothing else.

She revealed on TikTok: 'I didn't buy any new clothes or home goods... basically material stuff! Some people do a week, month or quarter to start!'

If you're hoping to secure a pay rise at work, then maybe it's time to look for a similar role, using your same skill set, but in a more lucrative industry.

Caitie was previously working as a graphic designer at an ad agency, but decided to get creative and increase her income by looking for similar work elsewhere.

She landed a role as a graphic designer at a tech company - finding her feet in a much more higher-paying industry doing pretty much the same role.

Prior to throwing herself head first into excessive saving, Caitie had already racked up $30,000 (around 22k) in savings and decided to invest what she had into a robo-advisor - a digital investement service.

The money she makes now, she splits her savings between index funds, an individual retirement account and a health savings account.

For Caitie, moving back in with her parents was a no-brainer as it allows her to live rent-free.

Albeit spurred on by the pandemic, Caitie ended up back at her parents and it led to her being able to save much more of her income, as she had less outgoings as a result.

FABULOUS BINGO: GET A 5 FREE BONUS WITH NO DEPOSIT REQUIRED

Putting away savings doesn't mean that you can't enjoy life too and while Caitie chooses to cut back where she can to save 80 per cent of her monthly income, she doesn't budget her day-to-day spendings.

While she always makes sure she can cover her monthly expenses, she still lives her life and will go out and enjoy dinner and drinks with friends, or pay out for a holiday from time to time.

She's all for 'conscious spending over deprivation' and clearly it seems to be working for her.

Sharing her story on TikTok, Caitie - who is now thinking about taking a sabbatical for a year in 2022, despite it pushing back her early retirement by a year - revealed: 'Four years ago, I was 26 and had no money to my name even after working for many years.

'I had to work hard until I was 65 and then I could finally retire. Then I learned about financial independence and early retirement (FIRE), I realised that I could actually retire by the time I was 35. Through my investments, I've grown my net worth to almost $400,000.'

She explained: 'I'm on track to retire in five years. The first step to financial freedom is believing you can do it.'

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Investigation

For more money-saving tips, mum-of-two who struggled with money saves 1.5k on food shopping and shares her best tips so YOU can too.

Plus, Martin Lewis explains three ways to get FREE cash how to get up to 1,845.

And a mum of four pays just6 for 50 worth of shopping with money-saving tip heres how you can too.

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Im 29 & on track to retire by 35 with $1m saved heres FIVE ways Ive managed it including getting chea... - The US Sun

Opinions expressed by Entrepreneur contributors are their own.

Starting a business is one of the most exhilarating experiences you can have. After all, youre the beating heart and soul of your new company, and its success is your success.

But the will to form and own a business doesn't automatically equip you with all the information you need to make your dreams a reality. You'll have a full list of things to research and understand on the way to financial independence.

One of those research items is understanding the kinds of companies out there and then asking yourself, "What kind of company is right for me?" Answering this question takes some thought about what you want to accomplish with your company, what you'll provide and who you plan to employ.

Related:7 Mistakes to Avoid When Choosing Your BusinessEntity

If you're a crafter or an artist creating something unique your ownor a freelance designer, editor, writer or other service provider who works alone for different clients as needed, this is most likely the kind of company you'll be starting (at least until you decide to expand).

Doing business as a sole proprietorship is simple and easy in almost all instances, your taxes and other business accounts are merged with your personal identity, and there are no special forms to fill out to get started. In some instances, you'll want to lay the groundwork for a larger company by setting things up in a slightly more comprehensive way. Read on to learn about the most common way sole proprietors take the next step: an LLC.

A Limited Liability Company, or LLC, does just that: It limits your personal liability when it comes to business accounts and dealings. When you form an LLC, whether alone or with partners, you separate your business and personal finances, meaning you are not personally liable for the company's debts and liabilities.

An LLC is similar to a corporation, but it allows itsincome to flow directly from the company to the individual owners. And those owners then pay their personal income tax rate on the profits, rather than a corporate rate. An LLC will likely require an Employer Identification Number (EIN). An LLC is usually the most common business entity formed.

Related:How to Set Up and Maintain Your BusinessEntity

A corporation stands apart from its owners in every way, from taxes to liabilities and debts. Most corporations tend to be larger companies, and shareholders own them with a board of directors tasked with making decisions. However, in most states, you only need one person to incorporate your business. Different types of corporations can be formed, such as a C or S Corp, depending on the number of shareholders and other factors. This is the most complex kind of common business formation, but it can be the right fit if you have a large and involved company structure in mind.

Choosing the right kind of business formation can be easy in the case of a sole proprietoror more difficult as your vision for your company becomes more complex.

"EIN" stands for "Employer Identification Number," and the IRS issues it. It's a free service provided online.

If you are a sole proprietor without employees or partners, the IRS says an EIN is not necessary for your business. However, if your company is a corporation or LLC, you'll need to apply for an EIN, even if you don't have employees right away. You'll also need an employer-identification number if you file employment and excise alcohol, tobaccoand firearms (ATF) tax returns. In addition, if you withhold taxes on income paid to a resident alien or are involved with the following kinds of agencies, you'll need to apply for an EIN:

An EIN is also required if you have something called a Keogh plan. This is a special kind of tax-deferred pension plan that is made available to those who are self-employed unincorporated. You must have self-employment income to set up a Keogh plan. Keogh plans are also often referred to as HR-10sor qualified retirement plans.

When starting a business, you're eligible to apply for an EIN online if your principal business is in the United States or a U.S. territory. The application must be completed in one sitting, and you'll need a valid taxpayer ID number or Social Security number. Thankfully, the application is a simple, interview-style series of questions, and you'll receive your EIN immediately upon completing it.

Related:5 Tips for Structuring Your New Business Like a Pro

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Starting a Business? Get Familiar With the 3 Most Common Entity Types. - Entrepreneur

While contemporary discourse predominantly focuses on India being a young country, there is little talk about people on the other end of the age spectrum. There are global demographic shifts; BBC reports how in 1960, those older than 65 made up just 4.9 per cent of the global population, but by 2050, they'll account for a staggering 17 per cent.

As per census data, the population of the elderly in India has been continuously on the rise. In the first decade of the twenty-first century i.e. from 2001 to 2011, the number of people above 60 years of age went up from 77 million to 104 million comprising around 8.6 per cent of total population.

Simultaneously, the life expectancy has also substantially increased to around 70 years compared to about 63 years about a decade ago and estimates show that the population of elderly people in India by 2050 will reach a gargantuan figure of 300 million.

In the prevalent regimes of employment, this means that the 'retired' population in India shall be tremendous and a lot of older people will be left without opportunities to self-sustain. This is undeniably a cause for worry and merits discussions on ways out of an unfavourable demographic phenomenon.

Retirement does not imply a loss of employability and skill sets and several people who hit a declared retirement age are in perfect physical and mental conditions to continue contributing to the economy. Proclaiming them unemployable is a massive disrespect to human capital and the closing of a profitable avenue for the economy.

On an individual level, the elder populations in India are left to fend for themselves financially in the absence of substantial pension schemes and a substantive social security system in India. With potential health trouble, progressively increasing medical expenses and high rates for health insurance do not bode well for them.

Declaring an employable population retired also has negative consequences for the economy. As per the International Monetary Fund's reports and other publications, in Japan, pensioners make up 12.9 per cent of the labour force and its GDP has been among the slowest growing for the last 20 years and the impact of aging could potentially drag down Japan's average annual GDP growth by 1 percentage point over the next three decades.

Therefore, there is more reasons for nations to figure out ways to re-employ retired workers and generate more employment in its wake.

As noted by The Financial Express, a major global response to this potentially precarious scenario has been to progressively increase the retirement age, helping governments in keeping the pension system solvent while ensuring continued engagement and participation of seniors in the workforce.

The aforementioned publication mentions how Japan, for example, introduced a voluntary re-employment system for retirees who can and at will, join back the workforce as part-time employees with different work hours and wages.

This allows especially those willing to re-enter the workforce after retirement to invest in necessary skill upgradation and lead a healthier lifestyle. A similar policy in India can be crucial in letting people who are fully fit both physically and mentally and want to contribute to society more be hired on a part-time basis for jobs they have been perfectly doing for years.

This way, the expertise of senior workers shall continue to be harnessed for national and individual good.

The ravages of the pandemic led to an unprecedented deployment of technology and the consolidation of the work from home regime, which is ideal for engaging retired populations, as they can carry on tasks from the comfort of their homes. In fact, this has been a good bouncing back plan even in pre-pandemic times.

AARP Foundation documents the story of Jackie Booley who retired from her position as an AT&T call centre manager in 2007 and began working as a customer service agent from home, logging in about 24 hours each week at $9 an hour, answering questions and processing orders. This shift enabled Jackie to be her own boss while enjoying financial independence.

India needs to harvest the financial potentials the elderly hold and empower them at the same time, through re-employment or employment in alternative roles or on part-time basis. Done on a macro level, this shall revitalize the economy and also enable the elderly to keep themselves secure and independent.

The younger workers can keep benefitting from the experience of senior employees and India's burgeoning youthful demographic dividend can be backed by the competence of its most trusted and proficient workers. The young and the elderly can come together to catapult the Indian economy to new heights and this opportunity is ours to seize.

(The author is Founder Upsurge Global and President SAHE (Society for Advancement of Human Endeavour)

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Making post-retirement life productive for the country - The Hans India

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When you have a family to cater to the above-listed, you always have to put them first in every decision you make as regards your daily life. Providing shelter and protecting them should always come first, especially when you are just building your own family. One thing that keeps recurring in being there for your family is your finances. It is essential for daily existence.

One of the best moves for protecting you and your family from unforeseen circumstances and disaster is through diligent financial planning; it allays your fear that they will be well-catered for even in your absence. This is a financial planning guide you can follow diligently to protect you and your family.

It is in your best interest to set goals for your family; you can project your proposed income for a 1-5-year period, then create an estimate for your family expenses, including tuition, buying a car, owning a house. When you set your career and income goals, it is easy to create a budget to make you diligent in spending less. This will help save more for your kids college education, buying a family car, owning a home, starting a business, investing, and other financial needs.

A good financial plan opens an avenue to help you achieve financial independence with your income. Not minding your annual gross, you can choose the suitable investments that suit you and your set goals when you plan your finances well. That way, you have an alternate nest egg tucked in either stocks, shares, cryptocurrency, or family business.

Yes, you may have primary insurance that covers your medical expenses, home, and automobiles, but your financial plan should include disability and life insurance. It may look like additional expenses, but they may come in handy in the distant future. The folks at Life Insurance Stamford explain that your life insurance policy has multiple benefits, including college funding, college, long-term care, and legacy funding, depending on your choice of a plan when you buy the policy. Purchasing a life insurance cover is the best way you can protect your family from demise. Think about it.

As much as you need to invest or cut back on your expenses, you need to open an account to save a few hundred dollars as emergency funds. Emergency funds account come in handy when you least expect it, especially when you need floating cash or have to deal with petty expenses.

Life has many curveballs, so plan for it. You could get involved in an accident that makes you unconscious for days or weeks. Draw up a power of attorney for your wife or trusted family member to act in your stead and provide for your family while you recover. This is a sound financial plan that doesnt leave your family stranded and vulnerable.

An excellent financial guide helps you plan for your present and future only if you follow it diligently. The above listed tips will help you but beyond them, your commitment to protecting your family matters a lot in this case.

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A Financial Planning Guide: How To Protect Your Family And You - TechBullion