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<ul class="summary-list"><li>My husband and I were high school sweethearts but we married when we were 25.</li><li>Our finances weren't great, and we realized we couldn't pay for a wedding.</li></ul>My now-husband, Adam, and I are <a target="_blank" class="" href="https://www.businessinsider.com/married-high-school-sweetheart-relationship-stereotypes-2024-9">high school sweethearts</a>, so although we got married young — we were both 25 — it didn't feel like we were getting married early.While our love for each other may not have been teenage love, our view on finances definitely was. At the time of our engagement, I was in graduate school in Philadelphia, living <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-biden-debt-cancellation-education-department-relief-2024-10">on student loans</a>, and Adam was in his first real job, making very little.We lived as modestly as you can in a big city, squeezing together in a 498-square-foot apartment. The day Adam got down on one knee, the last thing we were thinking about was <a target="_blank" class="" href="https://www.businessinsider.com/average-wedding-cost-in-biggest-metro-areas-of-us-2023-2">how much a wedding would cost</a>.<h2 id="dde67029-92ea-49e8-9239-9f2d6444372f">We decided to take out a loan to pay for the wedding</h2>As we were touring our fifth or sixth wedding venue, we realized that if we wanted a wedding, we would have to do it on our own. At this point, I already had the vision in my head: tons of greenery ($), a top photographer ($$), and an industrial all-inclusive venue with a per-person price ($$$).We made shortcuts where we could — we <a target="_blank" class="" href="https://www.businessinsider.com/broke-wedding-etiquette-invited-b-list-guests-last-minute-2021-10">cut the guest list down</a> to under 100 people, we nixed the highly acclaimed videographer for a college student with a nice video camera, and we had a friend marry us rather than hiring an officiant. But still, it wasn't enough.As we lay in bed one night, stressing out over how we were going actually to pay for this lavish event we were planning, we made the hard decision to <a target="_blank" class="" href="https://www.businessinsider.com/couples-debt-funding-instagram-worthy-weddings-2019-6">take out a loan</a>.<h2 id="c421ea5c-5aef-44d0-b8ba-dd274877f7ec">We were able to focus on the fun parts of the wedding</h2>We may have been young, but we were still aware of <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/personal-loans/40000-personal-loan">the impact a large loan could have</a>, especially for something like a wedding. It caused a lot of stress, but once the loan came in, we could focus on the fun parts of the wedding and not lose so much sleep over the money aspect. In the moment, it felt right and now, almost a decade later, we don't regret that late-night decision.Our wedding was everything we dreamed it would be. I still look back, and I wouldn't change one thing. It was small and intimate, and the extra money we spent on things like our photographer meant we had memories to last us a lifetime.We sit down and watch our video (the college student ended up doing a pretty decent job) with our two daughters, and we cry every time — and not just because the wedding was beautiful, but because it was the start of our life together and a reminder that we can always figure things out, no matter how hard it seems in the moment. We don't watch the video back and think of all the money we spent, we watch it and think of how far we've come and how despite the struggle, we created something beautiful.<h2 id="86a1dfcf-faa1-42bc-9780-ac4099e71dc4">Finances have been a struggle</h2>Don't get me wrong — since we took that loan out, finances have been a struggle for us. Not just because of the wedding loan, but that, mixed with student loans, having kids, and, of course, the ever-changing economy, we have always had a monetary worry in the back of our minds.But we paid off that wedding loan (yes, it took the whole five years), and we learned that no matter what kind of bind we get into, we will find our way out of it. Finances are a huge thing in a marriage and can even be the reason many people choose to divorce. We are aware that starting our marriage with financial woes may not have been the best choice or something others would choose, but it taught us a huge lesson that no matter what, money would never be something that would come between us.Still, though, I wouldn't recommend taking out a loan for your wedding if you can avoid it. At almost 35, we likely would have made different choices. But our 25-year-old selves knew what we wanted for our big day, and we made it happen together, and that is something we will never regret.

I got married at 25 and took a personal loan of $15,000 to pay for the wedding. I don't regret it.

<div type="image" title="Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024." msid="115250619" hostid="261" sizebytes="118350" caption="&amp;lt;p&amp;gt;Data from RBI suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024.&amp;lt;/p&amp;gt;"></div> “Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">Demat</keyword> account than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2>The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2022 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85,009 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">89,370 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,426 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">March 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,02,562 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September 2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, domestic gold prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2>Hey, wait up for me, says <keyword id="23953567" type="General" weightage="20" keywordseo="las" source="keywords">LAS</keyword></h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="20090034" type="General" weightage="20" keywordseo="association-of-mutual-funds" source="keywords">Association of Mutual Funds</keyword> in India), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2>What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="secured-loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-unsecured lending. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that personal loan delinquencies in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2>How does it work?</h2>Both these loans work on a similar principle: Your loan amount is equal to a certain percentage of the actual market value of your asset. This is known as the <keyword id="20051485" type="General" weightage="20" keywordseo="ltv" source="keywords">LTV</keyword> (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2>Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Simply Put: Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<ul><li>Google is looking to tap into its <keyword id="2750705" type="General" weightage="100" keywordseo="google-pay" source="Orion">Google Pay</keyword> user base to enter the lending segment.</li><li>Google has partnered with banks and NBFCs to offer credit to merchants and consumers.</li><li>Google Pay handles over 30% of the total UPI transactions in the country.</li></ul> Search giant Google has made several major announcements for India at their annual Google for India event including its entry into the lending business, AI-powered initiatives and more. While the company has made several announcements for its different applications and services such as Search, <keyword id="691847" type="General" weightage="20" keywordseo="google-cloud" source="Orion">Google Cloud</keyword> and more, its announcements related to Google Pay were a key highlight of the event. Google is now entering the lucrative lending business in India, along with local partners. This is aimed at both small merchants and regular users. It is noteworthy that Google Pay enjoys a huge market share in India, handling over 30% of the total UPI transactions in the country. “Just like UPI revolutionised digital payments, digitising credit – with consent and privacy safeguards – can provide ways of expanding the reach of formal credit. And the lower transaction cost of digital credit delivery can enable smaller minimum ticket loan sizes, making it more suitable and approachable for more borrowers,” Google said in a post. <cmsannotation type="cmsannotation" annotationid="Credit for merchants" comment="subhead" text="Credit for merchants">Credit for merchants</cmsannotation> Google has announced several credit facilities for merchants, aimed at offering improved access to credit. For this, the company has partnered with banks and NBFCs. <cmsannotation type="cmsannotation" annotationid="Merchant credit line" comment="subhead2" text="Merchant credit line">Merchant credit line</cmsannotation> To help merchants get quicker access to a credit line for their working capital requirements, Google has announced a merchant credit line in partnership with ePayLater. This will be available to merchants, both online and offline, for the purchase of stock and supplies. <cmsannotation type="cmsannotation" annotationid="Sachet loans" comment="subhead2" text="Sachet loans">Sachet loans</cmsannotation> Merchants looking for a smaller credit can instead opt for sachet loans, which is being offered in partnership with DMI finance. The sachet loans start as low as ₹15,000, with repayment options starting at ₹111. <cmsannotation type="cmsannotation" annotationid="Merchant loans" comment="subhead2" text="Merchant loans">Merchant loans</cmsannotation> Google has also partnered with ICICI Bank and Indifi to offer seamless merchant loans and repeat loans. <cmsannotation type="cmsannotation" annotationid="Credit for consumers" comment="subhead" text="Credit for consumers">Credit for consumers</cmsannotation> It’s not just merchants, Google is also entering the consumer lending segment. <cmsannotation type="cmsannotation" annotationid="Personal loans on Google Pay" comment="subhead2" text="Personal loans on Google Pay">Personal loans on Google Pay</cmsannotation> Google has partnered with Axis Bank to offer personal loans to customers on the Google Pay app. Google Pay is already offering personal loans through the app in partnership with DMI Finance and is expected to soon onboard more partners. <cmsannotation type="cmsannotation" annotationid="Credit on UPI" comment="subhead2" text="Credit on UPI">Credit on UPI</cmsannotation> Google has partnered with ICICI Bank to offer Credit on UPI. What this essentially means is that customers will soon be able to avail credit lines from banks on UPI and use this credit line to make payments via the Google Pay app. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-foldable-launched-in-india-as-an-affordable-alternative-to-samsung-galaxy-z-fold-5/articleshow/104560947.cms">OnePlus Open foldable launched in India as an 'affordable' alternative to Samsung Galaxy Z Fold 5</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-mobile-phone-under-30000-in-india-in-festival-season-2023/slidelist/104551645.cms">Best smartphones under ₹30,000 in India – the perfect mid-range options for you</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-decline-for-the-ninth-consecutive-quarter-expected-to-bounce-back-in-festive-season/articleshow/104487576.cms">Smartphone makers should be a worried lot as global shipments decline to a decade low</a>

Google for India – Sachet loans to credit on UPI, tech giant bets on lending

<ul class="summary-list"><li>Mai-lan Phan and her husband Ryan Wagoner achieved <keyword id="20257332" type="General" weightage="100" keywordseo="financial-independence" source="keywords">financial independence</keyword> but chose not to <keyword id="20461816" type="General" weightage="20" keywordseo="retire-early" source="keywords">retire early</keyword>.</li><li>They amassed over $4 million by living modestly, investing wisely, and avoiding <keyword id="22369507" type="General" weightage="20" keywordseo="lifestyle-creep" source="keywords">lifestyle creep</keyword>.</li></ul>Mai-lan Phan, 37, and her husband, Ryan Wagoner, 36, reached <a target="_blank" href="https://www.businessinsider.com/gen-xers-financial-independence-retire-early-fire-started-saving-late-2024-6">financial independence</a>, but <a target="_blank" href="https://www.businessinsider.com/millennials-retiring-early-fire-movement-financial-independence-millionaire-savings-work-2024-5">neither wants to fully retire early</a>. They reached a total <keyword id="19985211" type="General" weightage="20" keywordseo="net-worth" source="keywords">net worth</keyword> of $4.1 million, including their two homes, from working <keyword id="21407046" type="General" weightage="20" keywordseo="high-paying-jobs" source="keywords">high-paying jobs</keyword>, cutting back on <a target="_blank" href="https://www.businessinsider.com/hate-spending-consumers-economic-sentiment-retail-sales-inflation-gdp-growth-2024-4">spending</a> for most expenses, and avoiding <a target="_blank" href="https://www.businessinsider.com/how-to-avoid-lifestyle-creep-income-increase-raise-2024-1">lifestyle creep</a>. Phan left dentistry full-time after experiencing nerve pain and having her son, working part-time while Wagoner works full-time. They live modestly and save for their family's future, though they still go on vacations and to Seahawks games. "<a target="_blank" href="https://www.businessinsider.com/financial-independence-retire-early-fire-millennial-income-wealthy-business-owners-2024-4">Financial independence</a> is not having to work full-time and the freedom to be able to send my child to full-time preschool, 40 hours a week, and come home and be able to do the things that I want to do," Phan said. Many Americans are working to achieve financial independence — or having enough savings or income to live comfortably for life. Some are hoping that will allow them to retire early, thus making them part of the <a target="_blank" href="https://www.businessinsider.com/fire-movement-financial-independence-retire-early-millennial-goals-saving-wealth-2024-5">FIRE movement</a>, though some like Phan and Wagoner <a target="_blank" href="https://www.businessinsider.com/early-retirement-overrated-financial-independence-fire-return-to-office-balance-2024-6">continue working</a> for extra financial security and personal satisfaction. "I want to be able to walk away from any job if it's not working," Wagoner said. "What I really care about is the financially independent part, so if I wanted to take a year off and go travel, or if I wanted to get out of a job that is really stressing me out and causing me mental difficulties." <h2>Working toward financial independence</h2>Phan was born an hour south of <a target="_blank" href="https://www.businessinsider.com/moving-to-seattle-leaving-georgia-atlanta-cost-of-living-millennial-2024-1">Seattle</a> to parents who "weren't wealthy by any means," though they took her on vacations and allowed her to participate in various extracurricular activities. Her parents taught her to live frugally and only spend on what's important. She worked at Subway, drove a used car, and got a phone as a senior in high school after most people in her grade. She got financial aid for her bachelor's degree and then enrolled in dental school. She rejected half the <a target="_blank" href="https://www.businessinsider.com/save-plan-student-loan-forgiveness-blocked-lower-payments-appeal-granted-2024-7">student loan</a> package offered because she didn't need it and wanted to live debt-free as soon as possible after graduation. Across eight years of school, she borrowed $140,000 — $80,000 was from the government, which she paid off two years after graduating, and $60,000 was from her parents, whom she paid back three years after graduation. Wagoner grew up in a small Michigan town and worked at his father's grocery store starting at 14, allowing him to buy a car before his 16th birthday. His accountant mom taught him how to set up a bank account and spend frugally — though he admits there weren't many places in his town to do so. He was the first in his family to attend college, and he chose Michigan State University with various scholarships paying for half his tuition. He paid for his living expenses through internships at Microsoft and drove his car until it stopped working. He read <a target="_blank" href="https://www.businessinsider.com/early-retirement-financial-independence-san-francisco-homebuying-fire-work-balance-2024-6">financial independence</a> books emphasizing spending on important things and cutting back on unimportant ones. He saved up enough to buy a condo, knowing his income was stable and growing, which he and Phan later paid off and rented to tenants. Phan and Wagoner met in 2015 while he was still at Microsoft — he had four more years of income, 401(k) matching, and no student debt. While dating, he told her he wanted to retire by 40. Phan was less convinced — she wanted to start a dental practice and knew it would take years to get it off the ground. "I thought he was crazy, and I said, I'm not going to eat rice and beans the rest of my life," Phan said. They decided to map out their family expenses and used Wealthfront, an automated investment service, which helped them build wealth through investments and high-yield savings. They both have kept their finances separate but share their numbers openly. <h2>Starting to strategize</h2>They didn't strategize much in their first few years of dating, instead just living below their means without sacrificing their quality of life. They paid for their wedding themselves in 2019 and then planned and paid for their honeymoon right before the pandemic. They also put 25% down on a home with an interest rate of 2.75%, which they chose not to pay off because of the low interest rate. "We got approved for a $1.5 million house, and I told my realtor, don't waste your breath showing us these houses; we're not going to spend it," Phan said. "We're choosing not to have a very large mortgage payment, so that positive cash flow has really propelled us above our colleagues." Over the last few years, they've <a target="_blank" href="https://www.businessinsider.com/fire-movement-how-to-hit-financial-independence-freedom-grant-sabatier-2024-4">kept expenses down</a> by driving a used car, investing in an e-bike instead of a second vehicle, and being intentional about food purchases. They've both maxed out their 401(k)s and IRAs and do everything they can to strategize their tax advantages. They also automated their savings and investments, which helped them keep expenses down and stay more organized. They had a son in 2020, and Phan transitioned from a full-time dentist to a stay-at-home mom doing part-time dental work. Nerve damage in her right hand prevented her from returning to work full-time. She said their finances were solid enough from not "keeping up with the Joneses" that she could work less while her husband continued to work full-time. Two years ago, Wagoner switched to a job paying a third less than his job at Qualtrics, though it's in the video game space, which he enjoys more. Phan made a spreadsheet to track her net worth, and she was surprised at the number: over $4 million in total assets, about two-thirds of which are liquid. It was enough for both to fully retire, though they chose not to so they could send their kids to college without worrying about the financial burden. <h2>Planning for the future</h2>They put almost $100,000 in their son's college fund, which they will continue to contribute to, though when he turns 16, they will encourage him to find work. They plan to enroll him in public school but are considering some private options. Phan said she's already toying with starting his financial education young by giving him a toy allowance. "I want him to understand the value of money, that he can't just get whatever he wants, but if he works hard and saves up, he can have his guilt-free spending," Phan said. "I just don't want him to have the pressure of paying for school like I did." They've discovered ways to parent without breaking the bank, such as using public resources like parks and getting cheap museum passes. Still, they prioritize spending on what they love, such as recent vacations to Mexico and Paris and season tickets to the Seahawks. They find cheap flights, such as $500 round-trip flights to Thailand, and other ways to reduce travel costs without sacrificing quality. They hope to take their son on a months-long trip to Europe or Asia to immerse him in different cultures. Phan recently hired an interior designer to redo the furniture in their primary home. Wagoner recently spent money on a new office setup, a gym membership, and eye surgery. Sometimes, it's hard for her to spend, as she has little desire for anything luxurious, though she said she's trying to feel less guilty about some higher-cost purchases. They have also loaned over $400,000 to friends as business loans. Recently, they've talked about combining their money and being more open about their finances, allowing them to make better plans for the future. "We are being more transparent and looking at all of the numbers and being able to talk about these things and say, looking at this account that will keep growing, I think we can do this," Wagoner said. They've considered what they would pivot to after full retirement — Phan would become a wedding planner, while her husband would consider being a football coach. "We've lived a very humble life and flown under the radar, which is how I think we've been able to all of a sudden catapult into this wealth just on hard work," Phan said. Are you part of the <keyword id="22369508" type="General" weightage="20" keywordseo="FIRE-movement" source="keywords">FIRE movement</keyword> or living by some of its principles? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>. Note: Correction — July 8, 2024: An earlier version of this story misstated the length of time it took Phan to repay her parents after graduation.

How a Seattle couple achieved financial independence in their mid-30s with a net worth over $4 million — and why they don't want to retire early

<ul class="summary-list"><li>Google's Workspace leader Aparna Pappu is stepping down, per an internal memo.</li><li>Jerry Dischler, president of Google's cloud applications, will lead Workspace moving forward.</li></ul>Google Workspace is undergoing a leadership shuffle.Aparna Pappu, vice president and general manager of the unit, is stepping down, and Jerry Dischler, president of cloud applications, is taking charge of the group. Pappu has led the unit since July 2022, when she replaced Javier Soltero, former head of Workspace and Microsoft veteran."I'm ready for the next opportunity at Google and stepping down from my current role as GM of Workspace," Pappu told staff in a memo last week, which was viewed by Business Insider.Pappu said she would remain in an advisory position for Workspace before transitioning to a new role within Google.She said her senior reports, including Anurag Agarwal, Google Workspace's vice president of engineering, and Yulie Kwon Kim, vice president of product, would now report to Dischler. Pappu had previously reported up to Dischler.Dischler moved to a new role as Google's president of cloud applications earlier this year after 15 years working on Google's ads. Reporting to Google Cloud CEO Thomas Kurian, Dischler's role heavily centers on integrating AI into customers' businesses.A Google spokesperson confirmed the change, saying in a statement, "After more than six years working on Workspace, Aparna Pappu is ready for her next challenge at Google and will be moving to a new role."In addition, Google has appointed Precisely's former chief revenue officer Pat McCarthy as its new head of Workspace sales, according to a person with knowledge of the matter and an internal org chart reviewed by Business Insider. The role was previously held by Bob Frati, <a target="_blank" class="" href="https://www.businessinsider.com/google-workspace-robert-frati-left-ai-gemini-2024-8">who BI first reported had departed earlier this year</a>.The shake-up comes at a critical time for Google's Workspace business as it tries to get customers to pay for new generative AI features. It competes with Microsoft's Office 365 Suite, which offers its own Copilot AI features and<a target="_blank" class="" href="https://www.businessinsider.com/microsoft-mustafa-suleyman-ai-copilot-update-reviews-2024-10"> has so far heralded uneven results</a>.Google is racing to convince customers they should use Gemini tools instead. It held an internal competition for employees to pitch ideas for AI "prompts" that customers may find useful, <a target="_blank" class="" href="https://www.businessinsider.com/google-workspace-ai-prompts-gemini-2024-7">according to internal documents seen by BI</a>.Pappu, who previously led these efforts, acknowledged the work around AI in her memo last week."That's really the best feeling of all — when your team has 'got this,''" she wrote. "And we've especially got this AI thing — we know what we need to do and we're razor focused on execution."With all that in mind, I knew it was time for something new for me."Are you a current or former Google employee with more to share? Got a tip? You can contact this reporter securely on Signal at hughlangley.01 or email at <a target="_blank" href="mailto:hlangley@businessinsider.com">hlangley@businessinsider.com</a>.

Google Workspace chief is stepping down, leaked memo shows

<ul class="summary-list"><li>A Russian court fined Google for not restoring YouTube accounts linked to Russian TV channels.</li><li>The fine is about $20.6 decillion — a figure many orders of magnitude beyond the world's GDP.</li></ul>A legal dispute between <a target="_blank" class="" href="https://www.businessinsider.com/category/google">Google</a> and <a target="_blank" class="" href="https://www.businessinsider.com/category/russia">Russia</a> over suspended YouTube accounts has led to a fine so large that it exceeds all the money on Earth.Ivan Morozov, a Moscow-based lawyer, <a target="_blank" class="" href="https://tass.ru/ekonomika/22263289">told the state-run TASS newswire</a> that a Russian court ordered the tech giant to restore Russian media accounts on <a target="_blank" class="" href="https://www.businessinsider.com/category/youtube">YouTube</a>, a Google-owned company.He said that Google's failure to do so has resulted in a fine that had been regularly doubling for years.There is no cap on the total, the lawyer said.Morozov, who did not immediately respond to a request for comment from Business Insider, said that the cumulative amount has now reached 2 undecillion rubles — an almost unfathomable figure.At the current exchange rate, the fine is equivalent to about $20.6 decillion.A decillion is a figure followed by 33 zeros — which in this case puts the fine at $20,604,600,000,000,000,000,000,000,000,000,000.To put this into perspective, the world's GDP is equivalent to about $105 trillion, a minuscule fraction of the fine.It's improbable that Google could or would pay such an amount, which <a target="_blank" class="" href="https://www.rbc.ru/technology_and_media/29/10/2024/671fd2389a794726b01d3af3">RBK</a>, a Russian business-media outlet, says relates to legal claims brought by more than a dozen <a target="_blank" class="" href="https://www.businessinsider.com/russian-state-tv-is-one-of-putins-greatest-weapons-amid-the-war-in-ukraine-2022-6">Russian TV channels</a> about the suspension of YouTube accounts.According to court filings <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2021-12-16/google-faces-huge-fines-in-russia-as-putin-ally-wins-lawsuit">reviewed by Bloomberg in 2021</a>, Google suspended the accounts to comply with <a target="_blank" class="" href="https://www.businessinsider.com/the-west-sanction-russia-artillery-war-machine-experts-2024-10">US sanctions.</a>Nigel Gould-Davies, senior fellow for Russia and Eurasia at the International Institute for Strategic Studies, told BI in a message that the size of the fine is "clearly insane" and "absurd.""So even if Google gave Russia everything the world produced this year, every day since the universe began, it would only have paid about 3% of this fine," <a target="_blank" class="" href="https://x.com/Nigelgd1/status/1851404815533854948">Gould-Davies wrote on X</a>.He likened it to "putting a dead person on trial" — apt since Google has no active presence in Russia, and little by way of assets to claim.In 2022, Google's Russian legal arm, Google LLC, filed for bankruptcy, and authorities seized its bank accounts, though free services continue to operate in the country.Google's parent company, Alphabet, doesn't seem to think it will have a material impact.It has regularly referred to the cases in its quarterly earnings reports. Business Insider found the first mention in <a target="_blank" class="" href="https://abc.xyz/assets/fa/0e/606be5234d8c895e5e167d38811f/20220427-alphabet-10q.pdf">Q1 of 2022</a>.In its <a target="_blank" class="" href="https://www.businessinsider.com/google-third-quarter-earnings-report-q3-2024-2024-10">Q3 2024 earnings report</a>, released Tuesday, Alphabet wrote of "ongoing legal matters" relating to Russia.It referred to civil judgments that include "compounding penalties" levied "in connection with disputes regarding the termination of accounts," including those of people on sanctions lists."We do not believe these ongoing legal matters will have a material adverse effect," the report said — an assessment in line with prior reports.Google has not responded to a request for comment from BI.

A Russian court hit Google with a fine larger than the world's GDP, stretching credulity

Donald Trump is running for president for the third time. Here's the lowdown on his personal life, career, and politics.

<keyword id="8009942" type="General" weightage="20" keywordseo="walmart-owned-flipkart" source="Orion">Walmart-owned Flipkart</keyword> on Friday announced that it will be distributing <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>'s <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> on the e-commerce platform. The platform, which has 450 million customers, will be distributing loans of up to ₹5 lakh which can be repaid in up to three years, it said in a statement. The announcement comes amid reports of <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s concerns on the high growth in the more riskier unsecured lending segment like personal loans and credit cards. "As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles," the Flipkart statement said. The facility in tie-up with the third largest private sector lender will empower customers with increased purchasing power, it added. Flipkart's senior vice president for fintech and payments group, Dheeraj Aneja said the e-commerce platform already offers financing avenues like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards to support buyers. "Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys," Aneja added. Axis Bank's president and head of digital business and transformation, Sameer Shetty, said the bank will be able to offer lending to a wider spectrum of customers through the partnership. Customers will be able to get loan approvals in 30 seconds under the partnership, the statement said.

Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

Meet the enigmatic manager who oversees Larry Page's Google fortune 

<ul class="summary-list"><li>Zubin Pratap, a former lawyer, decided to transition to the tech industry at 38 years old.</li><li>He landed his first tech job by networking and shortlisting best-fit employers.</li></ul>This as-told-to essay is based on a conversation with Zubin Pratap, a software engineer based in Melbourne. It has been edited for length and clarity. Business Insider has verified his employment history.I started law school in the late nineties.By the time I graduated in 2003, the dot-com boom had happened, the dot-com bust had happened, Google had been invented, and the internet had become mainstream.Seven years into my career, which took me from litigation to corporate law, and from India to Australia, I began taking an interest in tech.I realized I was sitting far away from the sidelines of the tech industry and had no way to get in. I was doing well in my legal career, but it didn't align with who I was as a person: I was more interested in creating things than calculating risks and reviewing contracts.Over the next few years, I tried various things: I worked on two startup attempts while in my full-time job, then switched to a business role within the company. I quit my job cold turkey to build a tech startup, which cost me six figures and ultimately did not work out.I decided to restart my career, this time in tech. I was 38.<h2>Foot in the door</h2>While I had learned enough about software to run a small business, convincing someone to let me work for them was a different ball game.Given the amount of competition in the industry and my non-computer science background, I knew I had to work hard to stand apart.This is the four-step plan I used to land my first software job.<ol><li>Spend time with people in the industry:I ditched networking on LinkedIn. I would try to meet people for coffee and put myself in places where developers and engineers congregated, such as conferences. The idea was to start learning the ways of the industry. Instead of asking them about skills I needed to learn and getting cookie-cutter answers, I asked people what they did every day. It gave me my biggest advantage — being able to speak to engineers in their language.</li><li>Identify employers that need someone like me:I focused on companies with fewer applicants and high turnover: those that are smaller, high-pressure, and don't pay as much as Big Tech.</li><li>Skip LinkedIn's "easy apply" function:Once I identified that small web development agencies fit the bill, I still had to convince them to take a chance on me. I showed up at their offices and asked if they were hiring developers. Talking to people in person or on the phone gave me a chance to embrace how "crazy" it was that I was an ex-lawyer switching careers at 38 and that I was risking a lot to work for them.</li><li>Build connections with recruiters:I realized that most people are nice to recruiters until they get what they need. After reaching out, I tried to keep in touch with recruiters. I messaged them every now and then and even picked up the phone to catch up or suggest good candidates I had met while networking.My efforts landed me four job offers, and I ended up taking one at a small software development firm in Melbourne, where I was based. I took a 75% pay hit from my last pay as a lawyer and started as a junior developer.<h2>Four rejections before a Google offer</h2>In a year and a half, I moved to a software engineering role at Google. I applied some of the same strategies: talking to lots of people and getting industry insight. Google had rejected me four previous times, thrice as a lawyer and once as a product manager, which were industries I was most experienced in. Landing an offer a fifth time around felt like a combination of effort and luck.I left Google after close to two years to work at a smaller company where I thought I could make more of an impact.My compensation recovered from leaving law and is now higher than my last pre-tech salary.Looking back, I know Google is the part of my journey everyone talks about, but my big break was the small company that hired me when I had no experience.Did you take a significant pay cut in your career and have a story to share about it? Email sgoel@businessinsider.com.</li></ol>

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I got married at 25 and took a personal loan of $15,000 to pay for the wedding. I don't regret it.

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Google Workspace chief is stepping down, leaked memo shows

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