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Category Archives: Financial Independence
Posted: February 25, 2017 at 3:48 pm
Peter Dunn, Special for USA TODAY 7:02 a.m. ET Feb. 25, 2017
Once youve established your Power Percentage, your goal becomes to increase it every single year until the day you retire.(Photo: iStockphoto)
If I were to approach you on the street and ask you how your financial life was going, on what basis would you answer the randomly invasive question?
You can spin your wheels for years and then eventually wander around aimlessly, ifyou use the wrong metric to evaluate your financial standing. Its a sneaky problem that doesnt feel like a problem. You may think youre doing great, but youre only doing great by an inadequate metric.
My dog racked-up a $760 vet bill yesterday, so not so great, a sullen man in his late twenties answered my question earlier in the year. Hes yet another person who chooses to answer the query based on mood and stress derived from current financial events. While tapping your mood to explore your solvency might seem prudent, its way too emotional and subjective to actually matter.
I have an 820 point credit score, one lady answered. Yippee, youre good at borrowing money. Measuring your financial life based on your credit score is as ridiculous as it isself-defeating. Imagine going to the retirement office (there is no retirement office) when youre 65 years old and exclaiming I have an 820-point credit score, now lets get started with retirement. You cant borrow income for a multi-decade retirement. Your credit score, although referenced for auto and home insurance premium rates, becomes increasingly unimportant as you get older.
My wife and I have a household income of $600,000, a man offered to me in an airport. Unless these people were creating independence from this income by saving it, this income will create a monumental level of dependency and make retirement very difficult. A high income is not indicative of much, when it comes to financial health. Its like buying bulk kale. Who cares, unless youre actually eating it.
We have $30,000 in savings, a very nice lady offers with a smile. Awesome. Howd it get there? Money saved is generally a measure of past circumstance or behavior. Unless she was still actively saving, the savings itself doesnt mean much.
Clearly, it appears Im difficult to please. But Im not. I simply refuse to let people lie to themselves about their financial reality. This is precisely why I created my own metric Power Percentage. It measures what youre doing now to improve your financial life, and how close you are to creating financial independence. Power Percentage also happens to sniff-out lifestyle creep, evaluate your mortgage strategy, and recognizes debt elimination.
Begin by adding up the following monthly activities:retirement plan deposit, employer match, college fund deposits, savings deposits (which wont be immediately spent on vacations, holidays, etc.), other investment deposits, HSA contributions (which you dont have immediate plans to use), mortgage principal payment (not interest, property taxes, or insurance), medical debt payments, credit-card payments (from cards which youre currently not using), student loan payments (above and beyond interest-only payments), and any otherdebt in which you are making consistent money payments (except car payments).
Once you add all of those healthy financial activities up, divide by your gross (pre-tax) monthly income. For example, if you add-up all your monthly activity and arrive at $1,500, and your gross monthly income is $5,000, then your Power Percentage is 30% ($1,500 / $5,000 = .30).
The Power Percentage scale is as follows. Less than10%,and youre in big trouble. Youre way too dependent on your income. Relief is not on thehorizon,because youre not doing anything about it. You are consuming your entire income while not saving money and not paying on debts. If your Power Percentage is between 11% and 20%, youre doing okay, but your Power Percentage has a long way to go prior to retirement. A Power Percentage of 21% to 34% indicates youre living a healthy financial lifestyle. And finally, a Power Percentage of 35% or higher proves to you that youre well on your way to mastering your financial life.
Once youve established your Power Percentage, your goal becomes to increase it every single year until the day you retire.For a complete explanation and exploration of Power Percentage, listen to Episode 120 of my podcast,The Million Dollar Plan.
No matter your income, your assets, your credit score, or your mood, if your Power Percentage isnt healthy, neither are you.
Its worth noting thatusing Power Percentage to measure your financial health is only applicable to those who earn a living wage or higher. Its completely unrealistic and inappropriate to measure your financial health based on a path to income independence when earning below living wage.
Investing choices often narrowed by plan’s time horizon
Remedies for worrying about money can lead to more worries
Emergency funds are for emergencies, not a vacation
Peter Dunnis an author, speaker and radio host, and he has a free podcast: Million Dollar Plan. Have a question about money for Pete thePlanner? Email him atAskPete@petetheplanner.com
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Posted: February 24, 2017 at 6:56 pm
With the youngest Baby Boomer women now in their 50s, there is no doubt that they have redefined middle age and retirement.It brings to mind Bob Dylans song from back in 1964, The Times They Are-A Changin.
Boomer women have achieved the highest levels of success in business, politics, media and the arts. They deserve much credit for helping to change the mindset that a womans most important job was to bear and raise children.
With that being the case, it is no surprise that a new Allianz Life study finds even more American women today are taking the reins of household finances, with the majority (51%) claiming they are the chief financial officer (CFO) at home. And more married women (37%) today are the primary breadwinner of the family (compared to 31% in the 2013 study). Additionally, 53% of women said they either have a great deal of responsibility or they do it all when managing the households long-term savings and investments.
While that sounds like reason to celebrate, despite having such a large impact on household finances, the number of women who say they have more earning power than theyve ever had has decreased to 50% (compared to 57% in 2013).
Factoring into this perceived decline in earning power, less than half (44%) claim they have leaned in’ at work by asking for a raise or promotion they thought they deserved, said Katie Libbe, vice president of Consumer Insights for Allianz Life Insurance Company of North America.
This is a troubling trend and one that many Boomer women have no doubt seen evolve over the decades. Although many of these women are at the tail end of their working years or already retired, there are lessons they can pass on to younger generations about the growth in financial acumen and responsibility they’ve seen and/or experienced in their lifetimes, Libbe said.
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Here is what Libbe said younger generations can learn from Boomer women:
Keep learning: Although they say they feel financially secure, too many women still report uncertainty about their financial decisions. Sixty-one percent of women wish they had more confidence in their financial decision-making and 63% wish they knew more about financial planning and investing. Likely having experienced an evolution in their own financial knowledge and responsibility over the years, many Boomer women understand the importance of continuing education in this area. Those that put time and effort into increasing their financial knowledge said it paid. Do your homework. It is worth your time to ask questions and find answers.
Build a support system: Even though most women claim they are financially savvy, nearly two-thirds report financial information and the various investment options available to them can be overwhelming. Additionally, running out of money in retirement and managing the rising costs of health insurance remain worries that keep women up at night. Having the right support can make a major difference in addressing these issues. Approximately 40% of Boomer women report using a financial professional for guidance, and more than two-thirds of those wish they had done it sooner. By utilizing available resources or working with a financial professional, women can gain the insight they need to achieve more financial security.
Dont delay, start planning today: When asked, What advice should women pass on to their daughters or granddaughters about money? the majority of Boomer women said they thought future generations should focus on having financial independence and creating a good financial plan. The vast majority of Boomer respondents advise younger women to: start planning early, not depend on others for financial security, create a good financial plan and learn how to invest money. Hopefully, by taking more initiative with financial planning at home, younger women will be more assertive and have more confidence to take risks in their careers.
Posted: February 23, 2017 at 1:40 pm
Crain’s Chicago Business
Retiring in their 30s. Yep, they're doing it.
Crain’s Chicago Business
… company that produces automotive design software. "It's in line with what I was interested in, but working in a cubicle isn't very desirable," he says. "The best course of action is to reach financial independence so I can do whatever I choose in …
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Posted: at 1:40 pm
If you graduated from a Louisiana university in 2012, you would owe on average nearly $23,000 in student loan debt. Based on national figures compiled by the Project on Student Debt, about 70 percent of 2012s U.S. graduates had an average student loan debt of $29,400.
According to the Child Welfare League of America, 10,119 minors were victims of abuse or neglect in Louisiana in 2013. Of these children, 87.2 percent were neglected, 18.8 percent were physically abused and 6.9 percent were sexually abused.
Many people rely on their parents for financial support throughout college, and if you are one of the many young adults in America who have experienced parental abuse or neglect, you know how painful financial dependence can be. You also know just how hard it is for an abused or neglected 18-year-old to break away from that dependence.
When you turn 18, you reach the age of majority and are no longer required to live as a minor under parental control. However, when it comes to applying for federal financial aid, you are not considered fully independent until the age of 24. Students are automatically considered dependents unless they fight and prove they are completely independent from their parents.
To declare yourself as an independent on the FAFSA, you must file a Dependency Review Form and provide documentation explaining your situation.Your case is then reviewed by a committee or financial aid office at your college. Most students will not qualify for a change in status because the circumstances need to be extreme, such as provable abandonment or abuse, to be considered for independent status.
Proving independent status is an arduous task, requiring police and medical reports showing abuse or evidence that parents are dead, in jail or in rehab as well as letters from teachers and friends parents who can corroborate your story, said freelance writer Samantha Stainburn in her article for The New York Times.
If you spent your entire adolescent life aching for the day you get to leave your parents house without looking back, the FAFSA helps ruin your light at the end of the tunnel. Many abused and neglected minors do not have the paperwork to prove their situation, so the inability for many students to become legally independent at 18 helps continue a cycle of extensive and unending mistreatment.
If you are 16 or 17 and wish to be emancipated in Louisiana, you must obtain parental approval, get married with parental approval or go through a lengthy court process. If you go through the court, you must file an affidavit, statements proving independence, verification of employment and another affidavit from either your parents or other close adult who believes emancipation would be in your best interest. You will be charged a fee ranging from $150 to $200, and you will then have to attend a preliminary hearing and a final court hearing, in which a judge will determine whether or not you are suited for emancipation.
Becoming emancipated will take months, and it could take even longer if you or your parents disagree with the ruling. If you are emancipated and your parents do not approve, they can appeal the court and lengthen the process even more.
If you are someone who becomes emancipated, it is harder for you to make a successful life for yourself. It will be hard to begin college because you will have to support yourself before you even graduate high school, and you may get so wrapped up in paying your bills that you find you cannot fit higher education into your life at all.
Young adults need to be able to live on their own without having to fight the system just to survive.
If our young people are doing well, then our country is doing well. It is time to invest in our youth and let them know that, no matter where they come from, they have the ability to stand on their own and become whatever they want to be.
Lynne Bunch is an 18-year-old mass communication freshman from Terrytown, Louisiana.
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Posted: February 22, 2017 at 4:39 am
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.
IFRS, with the exception of IAS 29 Financial Reporting in Hyperinflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorized in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorized in terms of the units of constant purchasing power paradigm.
IFRS began as an attempt to harmonize accounting across the European Union but the value of harmonization quickly made the concept attractive around the world. However, it has been debated whether or not de facto harmonization has occurred. Standards that were issued by IASC (the predecessor of IASB) are still within use today and go by the name International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new International Accounting Standards Board (IASB) took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and Standing Interpretations Committee standards (SICs). The IASB has continued to develop standards calling the new standards “International Financial Reporting Standards”.
In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework.
Criticisms of IFRS are (1) that they are not being adopted in the US (see GAAP), (2) a number of criticisms from France and (3) that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect at all during 6 years in Zimbabwe’s hyperinflationary economy. The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 was as of March 2014 being implemented in its original ineffective form in Venezuela and Belarus.
Financial statements are a structured representation of the financial positions and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. Financial statements also show the results of the management’s stewardship of the resources entrusted to it.
To meet this objective, financial statements provide information about an entity’s:
This information, along with other information in the notes, assists users of financial statements in predicting the entity’s future cash flows and, in particular, their timing and certainty.
The following are the general features in IFRS:
Fundamental qualitative characteristics of financial information include:
Enhancing qualitative characteristics include:
The elements directly related to the measurement of the statement of financial position include:
The financial performance of an entity is presented in the statement of comprehensive income, which consists of the income statement (Statement of Profit/Loss) and the statement of other comprehensive income (usually presented in two separate statements). Financial performance includes the following elements (which are recognised in the income statement or other comprehensive income as required by the applicable IFRS standard):
Results recognised in other comprehensive income are limited to the following specific circumstances:
The statement of changes in equity consists of a reconciliation of the changes in equity in which the following information is provided:
Statement of Cash Flows
Notes to the Financial Statements: These shall (a) present information about the basis of preparation of the financial statements and the specific accounting policies used; (b) disclose the information required by IFRSs that is not presented elsewhere in the financial statements; and (c) provide information that is not presented elsewhere in the financial statements, but is relevant to an understanding of any of them.
An item is recognized in the financial statements when:
In some cases specific standards add additional conditions before recognition is possible or prohibit recognition altogether.
An example is the recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38. In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as ‘development cost’.
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources embodying economic benefits will be required.
International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international.
Par. 102. A financial concept of capital is adopted by most entities in preparing their financial statements. Under a financial concept of capital, such as invested money or invested purchasing power, capital is synonymous with the net assets or equity of the entity. Under a physical concept of capital, such as operating capability, capital is regarded as the productive capacity of the entity based on, for example, units of output per day.
Par. 103. The selection of the appropriate concept of capital by an entity should be based on the needs of the users of its financial statements. Thus, a financial concept of capital should be adopted if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital. If, however, the main concern of users is with the operating capability of the entity, a physical concept of capital should be used. The concept chosen indicates the goal to be attained in determining profit, even though there may be some measurement difficulties in making the concept operational.
Par. 104. The concepts of capital in paragraph 102 give rise to the following two concepts of capital maintenance:
(a) Financial capital maintenance. Under this concept a profit is earned only if the financial (or money) amount of the net assets at the end of the period exceeds the financial (or money) amount of net assets at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power.
(b) Physical capital maintenance. Under this concept a profit is earned only if the physical productive capacity (or operating capability) of the entity (or the resources or funds needed to achieve that capacity) at the end of the period exceeds the physical productive capacity at the beginning of the period, after excluding any distributions to, and contributions from, owners during the period.
The concepts of capital in paragraph 102 give rise to the following three concepts of capital during low inflation and deflation:
The concepts of capital in paragraph 102 give rise to the following three concepts of capital maintenance during low inflation and deflation:
Par. 105. The concept of capital maintenance is concerned with how an entity defines the capital that it seeks to maintain. It provides the linkage between the concepts of capital and the concepts of profit because it provides the point of reference by which profit is measured; it is a prerequisite for distinguishing between an entity’s return on capital and its return of capital; only inflows of assets in excess of amounts needed to maintain capital may be regarded as profit and therefore as a return on capital. Hence, profit is the residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. If expenses exceed income the residual amount is a loss.
Par. 106. The physical capital maintenance concept requires the adoption of the current cost basis of measurement. The financial capital maintenance concept, however, does not require the use of a particular basis of measurement. Selection of the basis under this concept is dependent on the type of financial capital that the entity is seeking to maintain.
Par. 107. The principal difference between the two concepts of capital maintenance is the treatment of the effects of changes in the prices of assets and liabilities of the entity. In general terms, an entity has maintained its capital if it has as much capital at the end of the period as it had at the beginning of the period. Any amount over and above that required to maintain the capital at the beginning of the period is profit.
Par. 108. Under the concept of financial capital maintenance where capital is defined in terms of nominal monetary units, profit represents the increase in nominal money capital over the period. Thus, increases in the prices of assets held over the period, conventionally referred to as holding gains, are, conceptually, profits. They may not be recognised as such, however, until the assets are disposed of in an exchange transaction. When the concept of financial capital maintenance is defined in terms of constant purchasing power units, profit represents the increase in invested purchasing power over the period. Thus, only that part of the increase in the prices of assets that exceeds the increase in the general level of prices is regarded as profit. The rest of the increase is treated as a capital maintenance adjustment and, hence, as part of equity.
Par. 109. Under the concept of physical capital maintenance when capital is defined in terms of the physical productive capacity, profit represents the increase in that capital over the period. All price changes affecting the assets and liabilities of the entity are viewed as changes in the measurement of the physical productive capacity of the entity; hence, they are treated as capital maintenance adjustments that are part of equity and not as profit.
Par. 110. The selection of the measurement bases and concept of capital maintenance will determine the accounting model used in the preparation of the financial statements. Different accounting models exhibit different degrees of relevance and reliability and, as in other areas, management must seek a balance between relevance and reliability. This Framework is applicable to a range of accounting models and provides guidance on preparing and presenting the financial statements constructed under the chosen model. At the present time, it is not the intention of the Board of IASC to prescribe a particular model other than in exceptional circumstances, such as for those entities reporting in the currency of a hyperinflationary economy. This intention will, however, be reviewed in the light of world developments.
IFRS financial statements consist of (IAS1.8)
Comparative information is required for the prior reporting period (IAS 1.36). An entity preparing IFRS accounts for the first time must apply IFRS in full for the current and comparative period although there are transitional exemptions (IFRS1.7).
On 6 September 2007, the IASB issued a revised IAS 1 Presentation of Financial Statements. The main changes from the previous version are to require that an entity must:
The revised IAS 1 is effective for annual periods beginning on or after 1 January 2009. Early adoption is permitted.
In 2012 the US Securities and Exchange Commission Staff issued a 127-page report of potential issues with IFRS that would need to be addressed before adoption by the United States. The staff of the IFRS Foundation provided a detailed answer on the main criticisms in the SEC staff report.
A number of criticisms were voiced in the beginning of 2013 in the French media to which the IASB Board member Philippe Danjou responded in his document ‘An Update on International Financial Reporting Standards (IFRSs).’ 
It is widely acknowledged that IAS 29 Financial Reporting in Hyperinflationary Economies had no positive effect during the six years it was implemented during hyperinflation in Zimbabwe.  This led people[who?] to ask the purpose of IAS 29. As of March 2014, IAS 29 was being implemented in its original ineffective form in Venezuela and Belarus. It was suggested to the IASB in 2012[by whom?] that IAS 29 should be corrected to require daily indexation which would result in effective constant purchasing power accounting and would stabilize the non-monetary economy during hyperinflation. The IASB has offered no response to date (March 2014) to this criticism and has not yet altered IAS 29 to require daily indexation.
IFRS are used in many parts of the world, including the South Korea, European Union, India, Hong Kong, Australia, Malaysia, Pakistan, GCC countries, Russia, Chile, Philippines, South Africa, Singapore and Turkey, but not in the United States. Please refer to PricewaterhouseCoopers’ “IFRS by country” publication for a detailed explanation of the level of IFRS adoption per country. 140 Jurisdiction profiles are available online.
It is generally expected that IFRS adoption worldwide will be beneficial to investors and other users of financial statements, by reducing the costs of comparing alternative investments and increasing the quality of information. Companies are also expected to benefit, as investors will be more willing to provide financing. Companies that have high levels of international activities are among the group that would benefit from a switch to IFRS. Companies that are involved in foreign activities and investing benefit from the switch due to the increased comparability of a set accounting standard. However, Ray J. Ball has expressed some skepticism of the overall cost of the international standard; he argues that the enforcement of the standards could be lax, and the regional differences in accounting could become obscured behind a label. He also expressed concerns about the fair value emphasis of IFRS and the influence of accountants from non-common-law regions, where losses have been recognized in a less timely manner.
To assess progress towards the goal of a single set global accounting standards, the IFRS Foundation has developed and posted profiles about the use of IFRSs in individual jurisdictions. These were based on information from various sources. The starting point was the responses provided by standard-setting and other relevant bodies to a survey that the IFRS Foundation conducted. Currently, profiles are completed for 124 jurisdictions, including all of the G20 jurisdictions plus 104 others. Eventually, the plan is to have a profile for every jurisdiction that has adopted IFRSs, or is on a programme toward adoption of IFRSs.
The Australian Accounting Standards Board (AASB) has issued ‘Australian equivalents to IFRS’ (A-IFRS), numbering IFRS standards as AASB 18 and IAS standards as AASB 101141. Australian equivalents to SIC and IFRIC Interpretations have also been issued, along with a number of ‘domestic’ standards and interpretations. These pronouncements replaced previous Australian generally accepted accounting principles with effect from annual reporting periods beginning on or after 1 January 2005 (i.e. 30 June 2006 was the first report prepared under IFRS-equivalent standards for June year ends). To this end, Australia, along with Europe and a few other countries, was one of the initial adopters of IFRS for domestic purposes (in the developed world). It must be acknowledged, however, that IFRS and primarily IAS have been part and parcel of accounting standard package in the developing world for many years since the relevant accounting bodies were more open to adoption of international standards for many reasons including that of capability.
The AASB has made certain amendments to the IASB pronouncements in making A-IFRS, however these generally have the effect of eliminating an option under IFRS, introducing additional disclosures or implementing requirements for not-for-profit entities, rather than departing from IFRS for Australian entities. Accordingly, for-profit entities that prepare financial statements in accordance with A-IFRS are able to make an unreserved statement of compliance with IFRS.
The AASB continues to mirror changes made by the IASB as local pronouncements. In addition, over recent years, the AASB has issued so-called ‘Amending Standards’ to reverse some of the initial changes made to the IFRS text for local terminology differences, to reinstate options and eliminate some Australian-specific disclosure. There are some calls for Australia to simply adopt IFRS without ‘Australianising’ them and this has resulted in the AASB itself looking at alternative ways of adopting IFRS in Australia.
Brazil has already adopted IFRS for all companies whose securities are publicly traded and for most financial institutions whose securities are not publicly traded, for both consolidated and separate (individual) company financial statements.
The use of IFRS became a requirement for Canadian publicly accountable profit-oriented enterprises for financial periods beginning on or after 1 January 2011. This includes public companies and other “profit-oriented enterprises that are responsible to large or diverse groups of shareholders.”
In 2002 the European Union agreed that from 1 January 2005 International Accounting Standards / International Financial Reporting Standards would apply for the consolidated accounts of the EU listed companies.
In order to be approved for use in the EU, standards must be endorsed by the Accounting Regulatory Committee (ARC), which includes representatives of member state governments and is advised by a group of accounting experts known as the European Financial Reporting Advisory Group. As a result, IFRS as applied in the EU may differ from that used elsewhere.
Parts of the standard IAS 39: Financial Instruments: Recognition and Measurement were not originally approved by the ARC. IAS 39 was subsequently amended, removing the option to record financial liabilities at fair value, and the ARC approved the amended version. The IASB is working with the EU to find an acceptable way to remove a remaining anomaly in respect of hedge accounting. The World Bank Centre for Financial Reporting Reform is working with countries in the ECA region to facilitate the adoption of IFRS and IFRS for SMEs.
Whilst the IASB set the effective dates for the new consolidation standards IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities at 1 January 2013, the ARC decided to delay the mandatory effective date for the companies listed in the European Union by one year. The standards therefore only became effective on 1 January 2014.
The European Commission has launched a general analysis of the impacts of 8 years of use of international financial reporting standards (IFRSs) in the EU for preparers and users of financial statements from the private sector. The study will include an overall assessment of whether the Regulation 1606/2002 of the European Parliament and the Council (‘IAS Regulation’) has met the two-fold initial objectives of ensuring a high degree of transparency and comparability of the financial statements of European companies and an efficient functioning of the market, in comparison with the situation before IFRS implementation in 2005. It will also include a cost-benefit analysis and an assessment and analysis of the benefits and drawbacks brought by the IAS Regulation for different stakeholder groups.
Ghana transitioned from the Ghana Accounting Standards (GAS) to adopt the IFRS on January 1, 2007. As of 2008 and beyond, a legislative injunction has been imposed on the Bank of Ghana to prepare financial statements in accordance with IFRS; thereby making it mandatory for all public entities in the country.
The Institute of Chartered Accountants of India (ICAI) has announced that IFRS will be mandatory in India for financial statements for the periods beginning on or after 1 April 2016 in a phased manner. There is a roadmap issued by MCA for adoption of IFRS.
Reserve Bank of India has stated that financial statements of banks need to be IFRS-compliant for periods beginning on or after 1 April 2011.
The ICAI has also stated that IFRS will be applied to companies above INR 1000 crore (INR 10 billion) from April 2011. Phase wise applicability details for different companies in India:
Phase 1: Opening balance sheet as at 1 April 2011* i. Companies which are part of NSE Index Nifty 50 ii. Companies which are part of BSE Index Sensex 30
a. Companies whose shares or other securities are listed on a stock exchange outside India
b. Companies, whether listed or not, having net worth of more than INR 1000 crore (INR 10 billion)
Phase 2: Opening balance sheet as at 1 April 2012*
Companies not covered in phase 1 and having net worth exceeding INR 500 crore (INR 5 billion)
Phase 3: Opening balance sheet as at 1 April 2014*
Listed companies not covered in the earlier phases * If the financial year of a company commences at a date other than 1 April, then it shall prepare its opening balance sheet at the commencement of immediately following financial year.
On 22 January 2010, the Ministry of Corporate Affairs issued the road map for transition to IFRS. It is clear that India has deferred transition to IFRS by a year. In the first phase, companies included in Nifty 50 or BSE Sensex, and companies whose securities are listed on stock exchanges outside India and all other companies having net worth of INR 10billion will prepare and present financial statements using Indian Accounting Standards converged with IFRS. According to the press note issued by the government, those companies will convert their first balance sheet as at 1 April 2011, applying accounting standards convergent with IFRS if the accounting year ends on 31 March. This implies that the transition date will be 1 April 2011. According to the earlier plan, the transition date was fixed at 1 April 2010.
The press note does not clarify whether the full set of financial statements for the year 201112 will be prepared by applying accounting standards convergent with IFRS. The deferment of the transition may make companies happy, but it will undermine India’s position. Presumably, lack of preparedness of Indian companies has led to the decision to defer the adoption of IFRS for a year. This is unfortunate that India, which boasts for its IT and accounting skills, could not prepare itself for the transition to IFRS over last four years. But that might be the ground reality. Transition in phases Companies, whether listed or not, having net worth of more than INR 5billion will convert their opening balance sheet as at 1 April 2013. Listed companies having net worth of INR 5billion or less will convert their opening balance sheet as at 1 April 2014. Un-listed companies having net worth of Rs5billion or less will continue to apply existing accounting standards, which might be modified from time to time. Transition to IFRS in phases is a smart move. The transition cost for smaller companies will be much lower because large companies will bear the initial cost of learning and smaller companies will not be required to reinvent the wheel. However, this will happen only if a significant number of large companies engage Indian accounting firms to provide them support in their transition to IFRS. If, most large companies, which will comply with Indian accounting standards convergent with IFRS in the first phase, choose one of the international firms, Indian accounting firms and smaller companies will not benefit from the learning in the first phase of the transition to IFRS. It is likely that international firms will protect their learning to retain their competitive advantage. Therefore, it is for the benefit of the country that each company makes judicious choice of the accounting firm as its partner without limiting its choice to international accounting firms. Public sector companies should take the lead and the Institute of Chartered Accountants of India (ICAI) should develop a clear strategy to diffuse the learning. Size of companies The government has decided to measure the size of companies in terms of net worth. This is not the ideal unit to measure the size of a company. Net worth in the balance sheet is determined by accounting principles and methods. Therefore, it does not include the value of intangible assets. Moreover, as most assets and liabilities are measured at historical cost, the net worth does not reflect the current value of those assets and liabilities. Market capitalisation is a better measure of the size of a company. But it is difficult to estimate market capitalisation or fundamental value of unlisted companies. This might be the reason that the government has decided to use ‘net worth’ to measure size of companies. Some companies, which are large in terms of fundamental value or which intend to attract foreign capital, might prefer to use Indian accounting standards convergent with IFRS earlier than required under the road map presented by the government. The government should provide that choice.
The minister for Financial Services in Japan announced in late June 2011 that mandatory application of the IFRS should not take place from fiscal year-ending March 2015; five to seven years should be required for preparation if mandatory application is decided; and to permit the use of U.S. GAAP beyond the fiscal year ending 31 March 2016.
Montenegro gained independence from Serbia in 2006. Its accounting standard setter is the Institute of Accountants and Auditors of Montenegro (IAAM).:2 In 2005, IAAM adopted a revised version of the 2002 “Law on Accounting and Auditing” which authorized the use of IFRS for all entities.:18 IFRS is currently required for all consolidated and standalone financial statements, however, enforcement is not effective except in the banking sector.:18 Financial statements for banks in Montenegro are, generally, of high quality and can be compared to those of the European Union.:3 Foreign companies listed on Montenegro’s two stock exchanges (Montenegro Stock Exchange and NEX Stock Exchange) are also required to apply IFRS in their financial statements. Montenegro does not have a national GAAP.:18 Currently, no Montenegrin translation of IFRS exists, and because of this Montenegro applies the Serbian translation from 2010.:20 IFRS for SMEs is not currently applied in Montenegro.:20
In Nepal the Accounting Standards Board (ASB) is in charge of standard setting. Nepal closely models its Financial Reporting Standards (FRS) according to the IFRS, with appropriate changes made to suit the Nepalese context. It has issued Nepal Financial Reporting Standards in 2013. The 2013 version of standards almost resembles IFRS with slight modification.
All listed companies must follow all issued IAS/IFRS except the following: IAS 39 and IAS 41: Implementation of these standards has been held in abeyance by State Bank of Pakistan for Banks and DFIs IFRS-1: Effective for the annual periods beginning on or after 1 January 2004. This IFRS is being considered for adoption for all companies other than banks and DFIs. IFRS-9: Under consideration of the relevant Committee of the Institutes (ICAP & ICMAP). This IFRS will be effective for the annual periods beginning on or after 1 January 2013.
The government of Russia has been implementing a program to harmonize its national accounting standards with IFRS since 1998. Since then twenty new accounting standards were issued by the Ministry of Finance of the Russian Federation aiming to align accounting practices with IFRS. Despite these efforts essential differences between Russian accounting standards and IFRS remain. Since 2004 all commercial banks have been obliged to prepare financial statements in accordance with both Russian accounting standards and IFRS. Full transition to IFRS is delayed but starting 2012 new modifications making Russian GAAP converging to IFRS have been made. They notably include the booking of reserves for bad debts and contingent liabilities and the devaluation of inventory and financial assets.
Still, several differences between the two sets of account still remain. Major reasons for deviation between Russian GAAP and IFRS / US-GAAP (e.g. when the Russian affiliate of a larger group need to be consolidated to the mother company) are the following:
In Singapore the Accounting Standards Committee (ASC) is in charge of standard setting. Singapore closely models its Financial Reporting Standards (FRS) according to the IFRS, with appropriate changes made to suit the Singapore context. Before a standard is enacted, consultations with the IASB are made to ensure consistency of core principles.
All companies listed on the Johannesburg Stock Exchange have been required to comply with the requirements of International Financial Reporting Standards since 1 January 2005.
The IFRS for SMEs may be applied by ‘limited interest companies’, as defined in the South African Corporate Laws Amendment Act of 2006 (that is, they are not ‘widely held’), if they do not have public accountability (that is, not listed and not a financial institution). Alternatively, the company may choose to apply full South African Statements of GAAP or IFRS.
South African Statements of GAAP are entirely consistent with IFRS, although there may be a delay between issuance of an IFRS and the equivalent SA Statement of GAAP (can affect voluntary early adoption).
(1) Phase I companies: listed companies and financial institutions supervised by the Financial Supervisory Commission (FSC), except for credit cooperatives, credit card companies and insurance intermediaries:
(2) Phase II companies: unlisted public companies, credit cooperatives and credit card companies:
(3) Pre-disclosure about the IFRS adoption plan, and the impact of adoption
To prepare properly for IFRS adoption, domestic companies should propose an IFRS adoption plan and establish a specific taskforce. They should also disclose the related information from 2 years prior to adoption, as follows:
(1) More efficient formulation of domestic accounting standards, improvement of their international image, and enhancement of the global rankings and international competitiveness of our local capital markets;
(2) Better comparability between the financial statements of local and foreign companies;
(3) No need for restatement of financial statements when local companies wish to issue overseas securities, resulting in reduction in the cost of raising capital overseas;
(4) For local companies with investments overseas, use of a single set of accounting standards will reduce the cost of account conversions and improve corporate efficiency.
Above is quoted from Accounting Research and Development Foundation, with the original “here” (PDF).(18.9 KB) .
The Banking Regulation and Supervision Agency and Capital Markets Board of Turkey translated IFRS into Turkish in 2002. Banks and Turkish companies listed on the Istanbul Stock Exchange are required to prepare IFRS reports since then. The Turkish Accounting Standards Board (called the Public Oversight Authority after 2011) also translated IFRS in 2005. The new Commercial Code came into force in 2012. The Public Oversight Authority is the only authorized board regarding auditing and financial reporting standards. Most businesses authorized by the Council of Ministers in addition to banks and Turkish companies listed on the Istanbul Stock Exchange are required to prepare IFRS reports since 2012.
Zimbabwe also adopted IFRS.
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Posted: at 4:39 am
Emily Abshire | IU Archives
Feb. 22 marks the IDS’s 150th birthday.
The front page advertised the cost of subscription $1.50 for 40 weeks and announced the founders hopes to double the size of our paper, if the patronage it receives at the hands of the public will justify us.
Then, the paper was semi-monthly, and despite an eight-year period of dormancy beginning in 1875, progressed to a weekly newspaper before transitioning to a daily in 1898. At that point, the paper changed its name to the Daily Student.
The Indiana Daily Student would not get its current name until 1914, the same year the paper moved its printing operations from the Bloomington World-Courier to its own plant on campus. The paper printed six days a week, with the exception of a Sunday edition, until World War I, when a paper shortage caused the staff to scrap the Monday edition, after which it became a five-day publication.
Born in a period of reconstruction following the civil war, the septuagenarian has recorded the day by day histories of the Spanish-American War and World War I, and the trying day that followed, wrote staff writer Louis Hines on the papers 75th anniversary in 1942.
In 1882, William Lowe Bryan returned to IU to give the the Indiana Student a fresh start, eight years after financial constraints closed the paper. He had dropped out previously but returned after correspondence with a junior transfer from Butler University, Clarence Goodwin.
Bryan would eventually become the Universitys 10th president, but for a period in the 1880s and 90s, he served as editor and publisher of the paper.
The IDS was integrated into the Universitys journalism department as a learning workshop when the department was founded. Until May 5, 1910, the publication was owned by multiple stakeholders, after which all shares were signed over to the IU Board of Trustees.
The ownership and independence of the paper was a matter of conflict for decades following the decision. Many students felt a newspaper owned by the administration was not independent.
Ernie Pyle was elected editor-in-chief in September 1922. In contrast to present-day journalism career paths, Pyle dropped out of school before graduating to take a reporting job at the LaPorte Herald.
He eventually served as a foreign correspondent during World War II, reporting in both Pacific and European theaters. Pyle was killed April 18, 1945, while covering the Armys 305th Infantry Regiment in Iejima, Japan.
Pyles oaken desk remained in use at the newsroom, which moved with the School of Journalism to Ernie Pyle Hall in 1954. It is now tradition for each editor-in-chief to sign the inside of the desk.
A new charter, the document separating the organization from the University, got approval from the Board of Trustees on July 1, 1969. This officially designated the IDS as an auxiliary and ensured editorial and financial independence, which had been and continues to be a source of debate.
In the first few decades of its independence, the paper struggled financially. Paid circulation returned in 1981, and on April 11, 1986, the IDS reported the expected income of $57,701 was far too high. Instead, the paper had only made $5,459.
The paper traversed this difficulty and resumed free, mass circulation starting in the 1995-1996 academic year.
The IDS staff launched the Indiana Digital Student, a precursor to the current website, the following summer. The first website was static and did not update with breaking news but was redesigned as technology evolved.
In fall 2013, the IU Board of Trustees voted to merge the School of Journalism with other telecommunication and film fields, creating the present-day Media School. The School of Journalism, established in 1974, became a department, moving out of Ernie Pyle Hall in summer 2016. The IDS newsroom accompanied the department to Franklin Hall.
Ernie Pyles desk, which editors worked at for decades following his death, sits in the entry to the office for IU Student Media. A newspaper which began with a staff of a half dozen now has about 75 regular contributors, with another 175 people on Student Medias payroll.
Check out these other stories about the IDS’s 150th year:
150 years of headlines
Past editors-in-chief discuss their time at the IDS
Bloomington residents share thoughts about IDS
Art venues reflect on IDS coverage through the years, offer advice for the future
Like what you are reading? Support independent, award-winning college journalism on this site. Donate here.
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Posted: February 19, 2017 at 11:45 am
Independence Financial Partners is independent of John Hancock and Signator Investors, Inc.
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100 CORPORATE PLACE, SUITE 210 – ROCKY HILL, CT 06067 – 860-529-9925
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We are registered to sell Securities in the following states: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, DC, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming.
Offering John Hancock insurance products. Securities and Investment Advisory Services offered through Signator Investors, Inc., Member FINRA, SIPC, a Registered Investment Advisor.
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Posted: February 18, 2017 at 4:42 am
MANILA – Financial independence is the ability to live comfortably on ones savings without having any debt. One may raise his eyebrows and just shrug off the idea of financial freedom as something unattainable.
What makes it difficult for an individual to become free financially depends on several factors. If you would like to live comfortably and provide everything that your family needs, you must learn how to make things work for you.
1. Create a plan.
This means being able to visualize what you want to achieve. Financial experts can help you determine how much you need to achieve financial independence. The plan differs with every individual. But what is certain is that when you make your plan early on in life, it will produce a better outcome.
2. Learn how to budget your expenses.
Set a certain amount for the things that you need to spend on monthly. Then save the money that is left. There should be no thinking of having some cash to spend on beer or for a night out. Think of it as your way of abstaining yourself from every little money-sucking activity.
3. Use plastic wisely
When credit cards were first introduced, it was meant to be a way of helping out consumers buy things that are necessary when they do not have enough money to spend on. However, the evil minds started to use it as a means of acquiring things more than they can actually afford. Save money on credit cards by paying your dues on time.
4. Provide safety nets.
Set an amount that will serve as part of your emergency fund or for insurance. It may be best to open up an account for that. You should be able to have the amount of money needed if you suddenly need to have an appliance fixed or other unexpected expenses.
5. Eliminate debt.
More than having housing loans or car loans, people have just gotten into this hype of acquiring so many things without realizing that the things that they have bought may not have any use to them at all. Imagine how malls would encourage their customers to buy things at a discounted price.
6. Consider your career choice.
Any form of additional income should be taken as an opportunity to increase your stakes at financial independence. Of course, choosing to put up your own business may have risks, but if your heart is it, there should be no stopping you from taking that step.
7. Consider your living space
You may be living in a huge apartment where half of your salary goes to every month. You may want to consider moving into a small, inexpensive one so you can save a few hundred pesos to add to your emergency funds.
8. Consider investing in stocks, bonds or real estate.
Let experts tell you how things work and be diligent enough to do your homework. Remember to deal with credible people so you will not fall for investment scams.
To become financially independent means you have to be careful with every step you take. There is always a bit of sacrifice on matters that we want to achieve. But with these little sacrifices come big outcomes.
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Q & A with Sr. Maureen Gallagher, setting up financial independence paths for women in Mexico – Global Sisters Report (blog)
Posted: February 17, 2017 at 1:45 am
In Jurez, Mexico, where cartels have left families mourning loved ones and women fending for their families, the Centro Santa Catalina provides opportunity for about 20 women to utilize various creative and management skills to help them generate a survival income.
When farms throughout Mexico started closing after the North American Free Trade Agreement came into effect in the late 1990s, men migrated into the cities to find work.
“The men couldn’t get jobs because they had a sixth-grade education and weren’t used to living in the city,” Dominican Sr. Maureen Gallagher said. “The women stayed at home with the children, and sometimes there wasn’t enough money for food.”
The “colonia” where the women live, Colonia Pnfilo Natera, is built on what was once the city’s garbage dump, with homes constructed out of scrap materials; many lack electricity, water and basic city services. For most of these women, Centro Santa Catalina is their only source of income.
As the marketing director for the sewing cooperative across the border from El Paso, Texas, Gallagher helps the women sell their projects, including aprons, table runners, purses, shawls, laptop holders and “Mexican prayer flags.” In addition to the sewing co-op, the center also provides tutoring, spirituality classes and a garden for the women to grow and share vegetables.
GSR: How did Centro Santa Catalina begin?
Gallagher: It was started by Sr. Donna Kustusch, an Adrian Dominican sister, and she started it in ’96 or ’97. She was a professor in the religion department at Sienna Heights College, and she had decided she had to walk the talk. She brought students down for immersion in Ciudad Jurez and later decided that’s where she’d start her ministry helping economically poor women. That eventually led to a prayer group with some of the women, and from the prayer group, the center developed for women who were mostly migrants from the rural areas.
Sister Donna said, ‘Aside from praying, what can we do to help you?’ They said they really needed money, so they decided to start a co-op.
Sr. Maureen Gallagher, left, selling products the women at Centro Santa Catalina have sewn. (Provided photo)
The idea was that they would have a business and be able to stay in Mexico which is what they wanted to do and support their families and have a decent life. At this time, the co-op has its own president, vice president, secretary, and they make their own decisions. The only problem is with selling the products, because we have to sell them in the U.S., and the women don’t speak English. And only five of them have visas, but they can only go 40 miles within the U.S.
I’m the marketing director, and [along with two other sisters] we help them find places where they can sell. If we have a place in El Paso, then women come and sell things themselves so they can learn the process. Right now, we’re trying to make the co-op independent, so that they run the co-op, take care of all the money they get, and continue it on their own once we leave [ideally by 2020].
Tell me about other programs offered at the center.
In Juarez, there aren’t enough schools for the children in elementary grades they go either in the morning or afternoon so we’ve trained 10 women to be tutors. The nice thing about that is most of them got their GEDs through the center; we paid for them to get it.
This past year, we hired a director the plan was for a Mexican woman to take over the center so that it would be owned and run by Mexicans. We hired a director, and through her intercession, we’ve been able to send the tutors to a class where they are now certified teacher aides, so if something should happen to us or to the center, they have a skill they can market.
We also have a youth program for teenagers, and we’re starting a garden program, and the idea is that that eventually becomes a co-op for them to share vegetables.
We don’t charge the families anything to send their children to tutors; it’s a two-way thing. They’re getting help with their homework, but they’re also being kept off the streets while their parents are working.
All the money goes into a bank, and at the end of the month, they have to decide how much money they need for repairs, new products and materials. Then they share equally what’s left over with the 18 women that make up the co-op. Average is $160 [U.S. dollars, per person] when you don’t have a big sale, and that’s really just for survival. As marketing director, I try to find more places for them to sell.
Two of the women work on sewing projects at the co-op. (Provided photo)
Tell me about the women you work with.
Juarez was a place where two cartels were fighting, and during that time, it was around 2010, every one of our women in the co-op had either a relative or a family member killed. It was total anarchy.
Many of them are battered women. One of our women in the co-op has four or five children and just left her husband. She had left him before, but she financially couldn’t continue, so she invited him back. When the co-op started picking up and we were getting more money, she felt she could get rid of him again, so she kicked him out of the house. She had to get another job in a factory, so she works two jobs. He put her in the hospital five years ago because he beat her so badly.
Of the 18 women, I know three of them definitely can’t read or write. One is now the vice president of the co-op and the mother of five children.
Another one who came to the co-op, Victoria, was there for a three-month trial period to see if she can sew. She couldn’t do anything, but the women didn’t want to let her go because she had no income. She was a widow, and her children had all moved back with their children and were really taking advantage of her. So the co-op hired her as the ironer, and she’s the world’s best ironer. She can’t read or write, but the women try to help her. They have that community spirit of helping one another.
I’ve seen the women grow unbelievably. We went through a bad time at the center, when a woman got angry at our director, Rosa, because Rosa had bought heaters for the classrooms. This woman thought they should’ve gotten the money in their salary instead of the heaters, and a group of women had locked us out of the center.
But while we worked with the [El Paso and Juurez] dioceses and lawyers, the tutors and co-op members who didn’t turn against us took it upon themselves to continue the center [for kindergarten classes]. They were able to find a house that they rented and got donations of chairs and tables from neighbors. When we came back to tell them what we had figured out, they said, ‘Well, we have a house, and we’re going to continue’ [holding classes there until the end of the school year]. They could not have done that five years ago. We looked at them as they grew in confidence and authority and ability to take hold of their own lives, which is absolutely amazing and confirming that what the center had done was help these women grow.
How has this work changed you as a person?
It’s helped me understand other people and other cultures. I had a hard time learning Spanish because I ministered for 40 years in Chicago, so my background had no different cultures it was just Chicago, Chicago, Chicago. But then I came down here, and I learned the Mexican culture is a beautiful culture, and I picked up many things, like hugging people that was not part of my background in Chicago.
I’m definitely a different person. I’m not quite as confident that I have all the answers. My background is teaching, and as teachers, we have a set way of doing things and think our way is the best way. I’m an Irish Catholic, Southside Chicagoan, and we have all the answers. But I’ve learned we don’t.
Victoria irons the finished products to make them ready for sale. (Provided photo)
[Soli Salgado is a staff writer forGlobal Sisters Report. Her email address email@example.com. Follow her on Twitter:@soli_salgado.]
Advocates say more women need financial independence: ‘We really do need that extra leg up’ – Globalnews.ca
Posted: at 1:45 am
Kim Krushell got acrash course in money management as a little girl. It had nothing to do with her own piggy bank. She learned by witnessingthe struggles of her own mother and grandmother.
My mother went through a divorce. My stepdad got a lawyer and she got emotional, and financially it was really hard on her, Krushell recalled. It took her a lot of years to come back from that.
Krushell also saw her grandmother experience a divorce after 36 years of marriage.
I got to see what happens when her credit card was cut right in front of me as a kid.
As a result, Krushell is an equal partner in her household finances and has becomea passionate advocate for womens financial literacy.
Women unfortunately do live in more poverty. Women are more challenged with finances so we really do need that extra leg up, and need to have those conversations about what we need to do with our finances.
READ MORE: Why women need to plan their finances differently than men
Krushelland a group of dedicated volunteers have launched Women and Money, an initiative to educateCanadian women about finances; everything from buying a house to estate planning. In early February, Women and Money hosted a workshop to connect Edmonton women withfinancial experts. In the future, the group hopes to launch webinars and other events across the country.
Men take advantage of what the banks offer. They take advantage of a lot of free seminars and this is why my girlfriends who are in banking were saying, You know, we need to do something different. We need to reach out to women in a different way,’ Krushell said. That is what Women and Money is really about.
2017Global News, a division of Corus Entertainment Inc.
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