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The best online financial advisers

With Christmas festivity over, it is the pulse that sets a new beginning starts racing. It is no time for reflection or pondering over the sombre moods and the times when spirits were just below exhilarating. Instead it is time to move and embrace the New Year with faith and joy. It is also the time to set in order priorities that would stand in good stead for you. Here is how you can do to ensure a healthy ‘<keyword id="2663067" type="UNKNOWN" weightage="20" keywordseo="financial-lifestyle">financial lifestyle</keyword>’ in the New Year. 
 
· Reality check: You have to define where you stand today and where you want to go. List out your loans portfolio and quantify all your loans along with rate of interest on each loan. This will help you identify your position and then define how you want to manage your loans. If you want a clearer picture, then you should go for your credit report. 
 
· Right desires: Just like Santa fulfils all good desires, and never supports your ill wishes, you should also aim for healthy and smart credit profile. Your first and foremost aim should be for a credit score of 750 and more. Secondly, you should try to keep all your loan repayments to the extent of 40% of your net salary. It is vital that you should save at least 25% of your income and take care of your family. 
 
The 40% threshold applies when both these conditions are satisfied. If otherwise, try to bring down your loans substantially. Many argue if Santa gives one gift or two or more. As your family’s Santa you may want to give goodies in the form of a healthy credit profile. 
 
· Buoyant sentiment: Many of us battle with the problem of plenty. Loans are no exception. We carry too many loans on us. This Christmas it is the time to consolidate. Towards the end of the year, banks too float a lot many loans schemes. Beside this, they also waive charges towards processing, and prepayments. Make the most out of it. If your straight faced banker is offering you a good deal on loans give it a serious thought. If you have high cost credit card loans or personal loans transfer them into a loan against an asset. At least convert your credit card balances into a relatively low cost personal loan. 
 
· Be simple: As you reflect the significance of Christmas, you should bear in mind the element of simplicity in the Santa Claus. The simplicity in dress, in gifts and manner of speech makes Santa an endearing angel. You should learn and inculcate this simplicity too. Why not cut many of the unwanted things around you? Some of us have five or ten credit cards, which we hardly use. If you belong to this segment, better keep only two cards and close the rest. Too many credit facilities bring down your credit score, irrespective of whether you use it. Also this virtue of simplicity helps you decide if you want the new electronic gadget or any other item the next time you go shopping. The more objective you become, the better are your chances of not falling into a debt trap. 
 
· Peace of mind: More you are in control of your loans, the better you can control your stress. It becomes easy to live a peaceful life. Effectively you are not just gifting yourself a better credit profile, but you are also gifting yourself peace of mind and overall better life. Because when you start anew, it should not be about trepidation or anticipation about the beginning that should weigh strongly on your mind. It should be about preparations. It should be about precautions. More so, it should be about understanding and bearing in mind: Failing to prepare is preparing to fail. 
 
About the author: Rajiv Raj is the director and co-founder of<a href="http://www.creditvidya.com/">www.creditvidya.com</a>.

5 Steps To Ensure Your Financial Stability In 2015

<ul class="summary-list"><li>Global stock markets have been turbulent during the coronavirus pandemic.</li><li>Multiple UK platforms that cater to inexperienced investors have reported a surge in new accounts being opened.</li><li>Financial advisers, who compete for business with such platforms, caution that there are big risks if investors make the wrong move.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>UK do-it-yourself investment platforms such as <a href="https://www.which.co.uk/news/2020/04/investment-platform-account-openings-surge-despite-coronavirus-uncertainty-is-now-a-good-time-to-invest/">Hargreaves Lansdown and AJ Bell Youinvest have reported a surge in new accounts</a> being opened by investors trying to manage their money themselves during the chaos caused by the coronavirus pandemic.But professional financial advisers, who compete with such firms for business, are cautioning investors about the risks of going it alone, especially <a href="https://markets.businessinsider.com/news/stocks/stock-market-volatility-index-vix-lowest-february-coronavirus-selling-fear-2020-5-1029188847">coming off the recent volatility in global stock markets</a>.DIY investors, also known as retail or individual investors, might sell at the wrong time, for example, or even start <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> with a portfolio that is poorly suited for them.Lisa Johnstone, the managing director of the advisory firm VWM Wealth, said DIY investing made her think of a poster she saw in the waiting room of a doctor's office that said "Don't confuse your Google search with my medical degree.""Don't confuse <keyword id="25456" type="ORGANIZATION" weightage="60" keywordseo="financial-planning">financial planning</keyword> with investing," she said. "Especially DIY investing."Johnstone pointed to last year's collapse of the popular fund manager Neil Woodford's multibillion-dollar Equity Income Fund, <a href="https://www.reuters.com/article/us-woodford-inv-closure/neil-woodford-sacked-as-flagship-equity-income-fund-to-be-shut-idUSKBN1WU0MJ">which had received investment from hundreds of thousands of DIY investors</a>."The Woodford scandal is an example of why you should not pick your investments yourself from the internet or from ads in the Sunday papers," she said."The DIY investor sets stock in the best-buy list, whilst the professional looks under the bonnet and actually knows what to look for."<h2>Don't put all your eggs in one basket</h2>David Macdonald, the founder of the advisory firm The Path, said a <keyword id="224056" type="POSITION" weightage="60" keywordseo="financial-adviser">financial adviser</keyword> could help with the all-important task of assessing how much risk investors might be prepared to take and to ensure they build a <a href="https://www.businessinsider.com/personal-finance/well-diversified-portfolio-wont-go-to-zero-says-financial-planner-2020-4">well-diversified portfolio</a> so their investments don't all collapse."The main thing for investors to consider is their risk tolerance," he said."The longer someone's timeline is for investment, the more they can afford to take. A portfolio should be diversified so you don't put all your eggs in one basket. Investors need to know how many different investments they should have and the various types."For example, he said, a typical portfolio might consist of <a href="https://markets.businessinsider.com/">stocks</a> and shares, bonds, and cash."The asset allocation is informed by the risk tolerance a client has got," he said.Some DIY platforms do provide ready-made portfolios based on an investing goal and risk tolerance, but advisers would argue that they can build a more accurate and personal basket by getting to know the client.<div type="image" title="Eggs investments basket investment" height="686" width="914" msid="75754694" hostid="261"></div><h2>Planning rather than product-focused</h2>DIY investment platforms might focus on tax-free investing through an ISA product or push fund recommendations, but an adviser or <keyword id="135503" type="POSITION" weightage="60" keywordseo="financial-planner">financial planner</keyword> will begin by looking at clients' specific goals.Johnstone described a financial planner as an accountability partner "to tease out what you and your family really want your money to do for you, to question the decisions you make and your relationship with money, and to encourage families to sit down and talk about their differences.""They invest with a proven track record, investment experience, professional qualifications, and regulatory requirements to do it well," she said.She added that a financial planner would have the discipline to maintain a long-term view even amid <a href="https://markets.businessinsider.com/news/stocks/hedge-fund-posts-first-quarter-gain-coronavirus-market-volatility-spike-2020-4-1029086247">the kind of volatility in global markets from the past few months</a>."It is at times like these that those who don't have a financial planner wish that they had," she said. "When the S&amp;P index falls 34%, it is a brave and rare DIY investor that will have the resolve to leave it alone."A long-term view also means being able to predict problems, such as decisions that might inadvertently lead to higher taxes down the road."A financial adviser would start with the end in mind and look holistically at a situation to think carefully about before you get into something, how will you get out," Macdonald said."You may find someone is a higher-rate taxpayer but has a spouse in the lower-tax band whose name it may be better to invest in."Macdonald suggested advisers could also help clients with more niche desires like the <a href="https://www.businessinsider.com/jean-case-impact-investing-revolution-2019-5">impact investing</a>, which his firm specializes in."Many investors put environmental impact and sustainability as a more important metric than outright financial performance, but it is hard to research these types of funds on your own," he said.<h2>How to decide between DIY or using a financial adviser</h2><a href="https://www.businessinsider.com/personal-finance/do-i-need-a-financial-advisor">Not all circumstances require a financial adviser</a>. Holly Mackay of the investing-guidance website Boring Money pointed out that DIY platforms could be cheaper than taking financial advice, though advisers would argue that they offer extra value by helping form a plan and ensuring investors stick to it.Boring Money has tables designed to compare the costs and reviews of DIY websites, while the adviser search engine VouchedFor features adviser ratings and customer feedback.There is also a middle ground with <a href="https://www.businessinsider.com/best-robo-advisors">robo-advisers</a> such as Nutmeg or Wealthify in the UK and Wealthfront and Acorns in the US, which build and manage automated portfolios based on risk questionnaires that investors complete online."For those looking to do relatively simple tasks such as investing in an ISA and not, for example, making complex pension decisions, it can be argued that it's not worth paying for financial advice," Mackay said."In general advisers come into their own when it comes to complex decisions such as around retirement and pensions, or for those with more than £100,000 who feel that the costs of getting it wrong are too big to mess with."Read the original article on <a href="https://www.businessinsider.com/pros-and-cons-of-financial-adviser-versus-diy-investment-platforms-2020-5">Business Insider</a>

British investors have flocked to DIY platforms with the coronavirus shaking global markets, but financial advisers warn of big risks

<div type="image" title="Video call" height="1665" width="2220" msid="76758638" hostid="261"></div><ul class="summary-list"><li>Although their titles sound similar, financial planners and financial coaches play different roles in helping clients make informed decisions about their money, says Financial Coach Katie Oelker.</li><li>Financial coaches help their clients take control of their finances based on their current situations and goals.</li><li>Financial planners, on the other hand, take an investment route that may not always be beneficial depending on the financial circumstances.</li></ul>Most individuals have heard of financial planners, but few have heard of financial coaches. Understandably so, as <keyword id="9506126" type="UNKNOWN" weightage="60" keywordseo="financial-coaching">financial coaching</keyword> is a newer industry that is mostly unregulated at this point. That being said, there are huge advantages to working with financial coaches, but it's important to understand who they serve and when to utilize their expertise versus working with a financial planner. <h2>Financial planners</h2>Meeting with a financial planner can be completely overwhelming for a lot of individuals. Many are embarrassed to open up about their situation, especially if they struggle with debt or are living paycheck-to-paycheck. Financial planners also focus on the investing side of personal finance as they are typically paid off the fees on investments (unless they are Fee-only Financial Planners). Most also are licensed to sell insurance products, and thus individuals can purchase life, disability and Individual Retirement Account products from financial planners as well.But what if you're struggling with managing debt, living paycheck-to-paycheck, or saving up enough money to actually start investing or afford the insurance you need?<h2>That's where Financial Coaches come into play.</h2>Although there are Financial Planners that can help with these things, many do so with the hope that you will ultimately invest with them or purchase some insurance products in the meantime.Financial coaches specialize in helping their clients organize their finances, create budgets, and make a plan to pay down debt and save more. They typically only work with individuals on a fee-based advice model and don't sell insurance or investment products. Here is an example of the steps Financial Coaches take their clients through: <ul><li>Meet with the client(s) to assess their current financial situation and understand their financial concerns and goals.</li><li>Put together the action steps needed to reach these goals.</li><li>Come up with a game plan as to when the action steps will be completed and what type of support/accountability will be needed.</li><li>If they don't already have one, set up a tracking/budgeting system for the client(s) so they can determine where their money is going and how to free up more of it to pay off debt and save money.</li><li>Check-in with clients several times per month to gauge progress and adjust the plan if needed.</li></ul>Clients typically work with financial coaches for several months up to a year, although there are definitely cases where they work together for longer or shorter time periods. If after working together they need more guidance on topics such as specific investments to choose, college savings, or advanced tax planning strategies, then this is when it would make sense for them to meet with a financial planner who can then take them through the next stage in their goals. Financial coaching and <keyword id="25456" type="ORGANIZATION" weightage="60" keywordseo="financial-planning">financial planning</keyword> are two completely different industries that each bring unique value to their clients. If you struggle with getting your finances organized and meeting your short-term financial goals however, financial coaching is a great place to start.Katie Oelker is a financial coach, personal finance writer, and member of BI's Money Council.

Here's what a financial coach does, and why they may be the best option for those looking to manage their own money

<ul><li>London is catching up with New York as the world's top financial center, according to the most recent <keyword id="1615099" type="PERSON" weightage="60" keywordseo="Global-Financial-Centres-Index">Global Financial Centres Index</keyword>.</li><li>The British capital is only four points behind New York. </li><li>Hong Kong moved up a ranking to become the fifth biggest center in the world. </li><li>Shanghai moved up one ranking to third place. </li><li>But the average rating of cities in the index dropped 6% due to uncertainty during COVID-19, the report said. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>London is catching up with New York as the world's biggest financial center, and the British capital only needs four more points to beat New York, according to a survey released on Friday.The most recent edition of the Global <keyword id="1222098" type="PERSON" weightage="60" keywordseo="Financial-Centres">Financial Centres</keyword> Index (GFCI), compiled by consultancy firm Z/Yen, and the China Development Institute, showed London held on to the number two spot, showing no change since March, but its rating increased by 24 points.New York still ranked first, followed by London, Shanghai, Tokyo, Hong Kong and Singapore. Read More: <a href="https://www.businessinsider.com/morgan-stanley-3-airline-stocks-to-buy-european-travel-recovery-2020-9" target="_blank" rel="noopener noreferrer">Europe is heading back into lockdown, but when travel resumes, these are the 3 European airline stocks to own, Morgan Stanley says</a>The fact the gap between London and New York is shrinking is likely to be a major win for the British capital which was ranked the world's top financial centre as recently as March 2018, in the 23rd edition of the report and is looking to retain its crown status in a post-Brexit world. Overall the average rating of the cities in the index dropped by 6%, which the report's authors said "may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade and the impact of the Covid-19 pandemic."Read More: <a href="https://www.businessinsider.com/investing-strategy-top-global-stock-picks-em-mark-mobius-interview-2020-9" target="_blank" rel="noopener noreferrer">Legendary investor Mark Mobius told us his process for finding the most exciting bargains in far-flung markets around the world amid the COVID-19 crisis — and shared his 5 top stock picks right now</a> The authors said this was likely the result of investors flocking to centers that they perceived to be more stable, during unprecedented financial-market volatility and uncertainty earlier this year. Hong Kong overtook Singapore as the fifth largest hub, but by only one rating point.Analysts have previously told Business Insider the imposition of a <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-stocks-hong-kong-law-china-stimulus-2020-5-1029241493">Draconian security</a> law in late May that increases China's grip over Hong Kong may widen the gap between <a href="https://www.businessinsider.com/singapore-hong-kong-financial-hub-chinese-law-ranking-2020-5">Singapore and Hong Kong's financial ranking</a> and could prove to be a major boost for Singapore. The latest results show confidence in Hong Kong's financial hub may not necessarily be waning despite the security law and it's ranking has in fact increased from March before the law was introduced. The report, which measured the competitiveness of 111 financial hubs, also noted that infrastructure and advances in its financial systems had played a role in Shanghai moving up to third place."As far as physical space is concerned, commercial buildings in Shanghai Lujiazui Financial and Trade Zone rivaled those on the Wall Street and in the City of London 10 years ago," the authors said, referring to the area known as the "Wall Street" of China. " The progress made by Shanghai International Financial Center in recent years is built not on visible skyscrapers, but on intangible innovations in financial systems and mechanisms," they added. <div type="image" title="Screenshot 2020 09 25 at 09.10.56" height="191" width="638" msid="78314107" hostid="261"></div>

London is closing in on New York's ranking as the world's number 1 financial center, this survey says

<ul><li>There has been an increase in <keyword id="43991" type="General" weightage="100" keywordseo="financial-fraud" source="Orion">financial fraud</keyword> amid an increase in financial transactions.</li><li>People are storing important financial information on their smartphones without any security.</li><li>88% of the people surveyed have submitted their Aadhaar as proof for applications and bookings.</li></ul> The Reserve Bank of India (RBI) has revealed that 5,406 instances of financial fraud were reported during April-September 2022, up from 4,069 reports during the same period in 2021. According to the central bank, the modus operandi for fraud has shifted to card and internet-based transactions. According to a survey conducted by LocalCircles, people are still storing important financial information such as internet banking passwords, and debit and credit card PINs on their smartphones. <cmsannotation type="cmsannotation" annotationid="17% of people store financial information on their smartphone" comment="subhead" text="17% of people store financial information on their smartphone">17% of people store financial information on their smartphone</cmsannotation> Out of over 32,000 people surveyed, 9% admitted to storing important financial information on their phone’s contact list, and 8% admitted using the notes app on their smartphone. This means that 17% of people store important data without security. A similar survey in 2021 revealed that 11% of people were storing important financial data on their phones, meaning there has been an increase in this number, despite attempts by the central bank to raise awareness among the people. 18% of the people revealed that they store financial information on their computers and laptops. At the same time, 14% of the people claimed that they had memorised their financial information and had yet to store it anywhere. <cmsannotation type="cmsannotation" annotationid="24% of the people share their debit and credit card PIN with family" comment="subhead" text="24% of the people share their debit and credit card PIN with family">24% of the people share their debit and credit card PIN with family</cmsannotation> According to the report, 24% of the people share their debit and credit card PIN with one or more family members, and 6% share with their domestic or office staff. 67% of the people surveyed said they do not share this information with anyone. <cmsannotation type="cmsannotation" annotationid="88% of the people share Aadhaar for applications and bookings" comment="subhead" text="88% of the people share Aadhaar for applications and bookings">88% of the people share Aadhaar for applications and bookings</cmsannotation> Identity and address proofs such as Aadhaar, PAN, driving licence and others have become something we often share with government or private entities such as banks and hotels for various applications and bookings, be it in digital form or as a photocopy. Sometimes, more than one of these documents is shared, and there is an overlap. A staggering 88% of the people have revealed that they have shared their Aadhaar as proof in the last five years. This was followed by 58% of the people sharing their PAN and 47% of the people sharing their driving licence. Additionally, 42% of the people shared their passports, and 35% shared their voter ID. <cmsannotation type="cmsannotation" annotationid="Nearly half of the people have faced a financial fraud" comment="subhead" text="Nearly half of the people have faced a financial fraud">Nearly half of the people have faced a financial fraud</cmsannotation> According to the report, 42%of the people surveyed have claimed to have faced some type of financial fraud during the three years between June 2019 to June 2022. Worse, 74% of these people failed to get their money back. We recommend that users do not store sensitive financial information such as banking passwords and debit and credit card PINs on their smartphones and laptops. Instead, users should opt for secure applications or try to memorise this information. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a> <a href="https://www.businessinsider.in/tech/news/google-makes-it-easier-for-users-to-delete-their-account-and-data-from-applications/articleshow/99289621.cms">Google makes it easier for users to delete their account and data from applications</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-block-your-lost-or-stolen-phone-and-how-to-unblock-it/articleshow/99207569.cms">How to block your lost or stolen phone and how to unblock it</a>

Despite a rise in financial frauds, 17% of people store financial information on their smartphones

Despite the recent increase in <keyword id="87554" type="General" weightage="20" keywordseo="financial-liabilities" source="Orion">financial liabilities</keyword>, <keyword id="1912236" type="General" weightage="20" keywordseo="household-debt" source="Orion">household debt</keyword> in India is much lower than in other emerging market economies (EME) and, therefore, the risk of defaults due to greater exposure of higher mortgage payments and floating rate interest is limited in India, according to the Reserve Bank of India's (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) <keyword id="131660" type="General" weightage="20" keywordseo="financial-stability" source="Orion">financial stability</keyword> report. "The current level of household debt in India does not pose systemic concern," the report observes. <keyword id="20033520" type="General" weightage="20" keywordseo="gross-household-financial-savings" source="Orion">Gross household financial savings</keyword>, which had surged to 15.4 per cent of GDP in 2020-21 (pandemic peak year), supported by large precautionary savings, fell to 11.1 per cent in 2021-22 and further to 10.9 per cent in 2022-23, reverting to its pre-pandemic trend (viz., an average of 11.0 per cent during 2011- 12 to 2019-20), the report states. In terms of absolute levels, gross household financial savings expanded by 13.9 per cent year-on-year during 2022-23. Household net financial savings (HNFS), however, fell sharply to 5.1 per cent of GDP in 2022-23 from 11.5 per cent in 2020-21, well below its long-run annual average of 7.0-7.5 per cent. The fall in HNFS was driven by a rapid rise in financial liabilities from 3.8 per cent of GDP in 2021-22 to 5.8 per cent in 2022-23 even as financial assets moderated only marginally to 10.9 per cent in 2022-23 from 11.1 per cent in 2021-22, according to the RBI report. The increase in financial liabilities was driven by a steep rise in borrowings from financial institutions, with a large part in physical assets creation (mortgages and vehicles). Thus, the overall savings of households may still hold steady with a compositional shift in favour of physical savings. This would directly add to gross capital formation, supporting an upturn in the private investment cycle and, eventually, the prospects for growth, the report points out. Moreover, recent data show that HNFS rose to 7.0 per cent of GDP in Q4:2022-23 from 4.0 per cent of GDP in the previous quarter, indicating normalisation of HNFS towards the pre-pandemic long-term trend. Household debt moderated to 37.6 per cent of GDP in March 2023 from its peak level of 39.2 per cent in March 2021, the report added.

Household debt in India does not pose systemic concern: RBI

<ul class="summary-list"><li>For many people, <keyword id="12998346" type="UNKNOWN" weightage="60" keywordseo="financial-freedom" source="Orion">financial freedom</keyword> means being able to retire early and work only by choice.</li><li>Several people who have achieved it told us the steps they took and investments they made.</li></ul>Financial freedom means different things to different people, but it's typically defined as having the financial resources to live the life you want to live without worrying about money. For many, it means retiring early and not working unless you want to work. Insider spoke to individuals and couples who have saved enough money to be able to quit or scale back on their day jobs and design the lives they truly want to live. Insider verified all their claims about income and property ownership with documentation they provided.We've compiled their stories below.<a href="https://www.businessinsider.com/real-estate-investing-tips-millennial-millionaire-quit-full-time-job-2021-12?r=financialfreedom-lp">Property investor Todd Baldwin left his 9-to-5 to pursue real estate full-time and now earns over $1 million a year. He's on track to hit a net worth of $20 million before age 35 and has 'enough money that I could retire tomorrow and never have to work again a day in my life.' </a><div type="image" title="Todd Baldwin" height="2333" width="3111" msid="89025367" hostid="261"></div>In 2021, Todd Baldwin earned more than $1.5 million from property sales, a wholesale deal, and rental income. He believes that real estate is the most tried-and-true way to build <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword>, but <a href="https://www.businessinsider.com/millionaire-millennial-crypto-nft-real-estate-investor-investing-tips-ideas-2021-12?r=financialfreedom-lp">he also invests in the stock market</a>. If you want to achieve financial freedom and retire early, put in the hours, he advised. For the majority of his 20s, "I just hustled," he said. "I didn't party. I didn't go on vacation. I didn't even really see my friends. But by the time I was 25, I had a net worth of $1.2 million. … Now I'm 29, I've left my 9-to-5, and I have enough money that I could retire tomorrow and never have to work again a day in my life. Take a small chunk of years and blitz. That's the way I did it."<a href="https://www.businessinsider.com/investing-strategy-long-term-wealth-retirement-brokerage-hsa-accounts-crypto-2022-1?r=financialfreedom-lp">Brennan Schlagbaum paid off six-figures in debt, partly thanks to a finance coaching business he started on the side. Now he earns up to $28,000 a month from the business, enough to quit his CPA job and be a stay-at-home dad, and plans to be a millionaire by 31. </a><div type="image" title="Brennan and Erin Schlagbaum" height="4035" width="5380" msid="89025368" hostid="261"></div>Brennan Schlagbaum's finance coaching company <a href="https://www.instagram.com/budgetdog/?hl=en">Budgetdog</a>, which started as an Instagram account that gave advice from a dog's perspective, brought in enough side income to help him and his wife Erin <a href="https://www.businessinsider.com/pay-off-debt-strategies-advice-mortgage-student-loans-investing-savings-2022-1?r=financialfreedom-lp">pay off a $233,700 mortgage</a> and $38,000 worth of student debt in just five years.Eventually, his Budgetdog earnings surpassed what he was making as a full-time accountant — he makes up to $28,000 a month, according to income statements he provided Insider — and he quit his CPA job in August 2021 to focus on his company. Now that he's his own boss, he can set his own schedule and stay at home with his and Erin's four-month old daughter. Their net worth as of January 2021, which includes their cash, real estate equity, and investments, is about $780,000. They're on track to hit $1 million by the end of 2022, when they'll both be 31. <a href="https://www.businessinsider.com/financial-freedom-couple-on-track-to-retire-early-investment-strategies-2021-12?r=financialfreedom-lp">Ali and Josh Lupo 'house hacked' to buy their first property on social worker salaries. They're on track to fully retire by 40.</a><div type="image" title="The FI Couple 3" height="720" width="960" msid="89025370" hostid="261"></div>In late 2021, Ali Lupo was able to scale down from working as a full-time school social worker to working two days a week. Doing social work at an elementary school was "rewarding but challenging," she said. "I did not anticipate leaving full-time work so soon but this past year with Covid was the most physically and emotionally taxing year of my career."She and her husband Josh, who are paying down six-figures in debt and planning to retire before 40, ran the numbers and realized that they would still be able to hit their lofty money goals if she went part-time. "It became a decision of my physical and mental health versus a paycheck," said Ali, who found a part-time social worker job with full benefits and uses the other days of the week to work on building their brand, <a href="https://www.theficouple.com/">The FI Couple</a>. "For us, everything we do is with the intention of bettering our lives."Josh has been self-employed since 2018 and does career counseling for workers with disabilities and diversity-and-inclusion training for companies. He's also starting to scale back and works about 30 hours a week. They've been able to design the lives they want to live by focusing on both <keyword id="12319855" type="UNKNOWN" weightage="60" keywordseo="saving" source="Orion">saving</keyword> and earning. "A great team doesn't just play offense or just play defense," Josh said. "They play both, and they often know when to prioritize one over the other."<a href="https://www.businessinsider.com/real-estate-investing-build-wealth-financial-independence-retire-early-california-2022-2?r=financialfreedom-lp">Real estate investors Michael and Olivia Zuber own over 100 units and earn over $100,000 a month in rental income. Their real estate portfolio, which they built over 20 years, allowed them to retire in their 40s. </a><div type="image" title="A couple wearing sunglasses takes a selfie in front of the Golden Gate Bridge" height="480" width="640" msid="89649205" hostid="261"></div>After losing thousands of dollars day-trading, Michael and Olivia Zuber turned to real estate <keyword id="11896289" type="UNKNOWN" weightage="60" keywordseo="investing" source="Orion">investing</keyword>. It started as a way for them to get back on track financially and rebuild their nest egg, but turned into a path to financial freedom. The Bay Area-based couple bought their first property in Fresno, California in 2002. For years, they worked full-time and lived on half of their income in order to save more and buy more real estate. By 2015, they were earning enough in rental income that Olivia could quit her 9-to-5. Michael followed suit in 2018 and left his software job.Two decades after buying their first rental property, the Zubers own over 100 units and earn over $100,000 a month in rental income. The key to real estate investing is focusing on time in the market, said Michael: "A lot of people want to time the market, but it's time in the market. That's how you get wealthy. The longer you hold an asset, the wealthier you will become."<a href="https://www.businessinsider.com/millennial-real-estate-investor-wholesaler-quit-amazon-financial-freedom-wealth-2022-4?r=financialfreedom-lp">Real estate investor and wholesaler Ludomir Wanot achieved financial freedom at age 28, thanks to a modest lifestyle and rental income from his real estate portfolio.</a><div type="image" title="ludomir wanot" height="3024" width="4032" msid="93506157" hostid="261"></div>Seattle-based real estate investor and wholesaler Ludomir Wanot has learned that, "you don't need to create a lot of wealth for yourself to be financially free." The first step he took towards hitting financial freedom was understanding exactly how much money he needed to sustain his lifestyle. "I wrote down everything that I spent on a monthly basis — rent, healthcare, insurance, transportation, food, clothing, and entertainment — and realized that I only needed about $3,000 to cover my essential living expenses," he said.Once he had that number in mind, he set the goal of earning $3,000 a month in passive income. At that point, when his passive income could cover his living expenses completely, he'd consider himself financially free."When I picked up my third property, I finally surpassed the $3,000 mark," said Wanot, who now owns 13 units and continues to spend about $3,000 a month on his living expenses. "As long as you can live within your means, and you understand your basic necessities, then it's very possible to create financial freedom."<a href="https://www.businessinsider.com/millennial-super-saver-real-estate-investor-savings-investing-strategies-wealth-2022-3?r=financialfreedom-lp">27-year-old super saver Avery Heilbron says he saves more than 80% of his income and has hit financial freedom, thanks to extra income from his real estate portfolio and YouTube channel. </a><div type="image" title="avery helibron" height="1092" width="1456" msid="93506159" hostid="261"></div>In addition to his salary from his data analyst job and the rental income that he brings in, Durham-based Avery Heilbron earns money from social media platforms like YouTube and TikTok and his personal coaching business. In 2021, he grossed $115,000 from his various side hustles.His side money helps him keep 80% or more of his income every month, he said. He believes that finding ways to cut back on major expenses — like housing and transportation — is much more effective than obsessing over how much you spend on the little things, like coffee. In general, he's more focused on earning, though. "Money will make more money," said Heilbron, who set an income goal of earning $50,000 per month by the time he's 30. "If you can find ways to earn more, whether that's switching your job or getting a promotion or doing a side hustle, it's going to make things a lot simpler."<a href="https://www.businessinsider.com/real-estate-investor-financial-independence-wealth-boston-buying-property-home-2022-6?r=financialfreedom-lp">33-year-old Dana Bull is financially independent thanks to her 22-unit real estate portfolio, which she scaled up in 5 years.</a><div type="image" title="dana bull" height="2400" width="3199" msid="93506161" hostid="261"></div>When Dana Bull decided to get serious about real estate investing in 2014, she started by setting a specific, annual revenue goal.Then, she worked backwards and calculated how many units she'd need based off of current rental rates in her market (Salem, Massachusetts), which was $1,500 at the time, she said. Her math indicated that she would need to own 21 units in order to hit her six-figure goal. Over the next five years, between 2014 and 2019, Bull acquired 22 units across seven multi-family properties and exceeded her revenue goal.Scaling up her portfolio in such a short time frame required "a lot of hustle and making sacrifices," said Bull. But now, at 33 years old, Bull is financially independent thanks to her real estate investments. "I was heads down, either working, hanging out with friends, sleeping, or eating. I didn't waste any time." <a href="https://www.businessinsider.com/millennial-money-financial-freedom-investing-strategy-index-funds-stock-market-2022-5?r=financialfreedom-lp">Grant Sabatier grew his net worth from $2.26 to over $1 million in five years, thanks to a combination of diligent saving, increasing his income, and investing in index funds and individual companies.</a><div type="image" title="grant sabatier" height="2157" width="2876" msid="93506164" hostid="261"></div>In his early 20s, Grant Sabatier set the goal of saving $1 million and retiring early.It was an ambitious, and borderline unrealistic, goal. At the time, he didn't have any money coming in — he had been laid off from his first job out of college — and had virtually nothing in savings. He was living at home with his parents while applying for jobs. Five years later, in 2015, Sabatier hit his goal and retired at 30 with $1.25 million.At the core of Sabatier's investment strategy was index-fund investing. He also bought individual stocks, including Amazon, Apple, and Facebook. "The key is to use a total stock market index fund as the foundation of your portfolio and build from it based on the level of risk/reward you are willing to take," he said.<a href="https://www.businessinsider.com/debt-payoff-wealth-real-estate-property-investor-financial-independence-fire-2022-5?r=financialfreedom-lp">33-year-old Sean Allen used real estate investing to pay off $81,000 in debt and then achieve financial independence. He built his portfolio of properties with just $8,000 upfront.</a><div type="image" title="sean allen" height="1154" width="1537" msid="93506165" hostid="261"></div>When Sean Allen decided he wanted to invest in real estate, he had about $8,000 in savings. It wasn't enough to buy a place on his own, so he went in on his first property with a friend.Combined, he and his friend had about $16,000 in cash. They worked backwards and figured they could afford something around $60,000. That purchase price would allow them to put 20% down ($12,000) and have $4,000 left over to go towards closing costs.They found a property in Greensboro, North Carolina that they could afford: a 2-bed, 2-bath short sale property they got for $53,000. After finding tenants, they started profiting about $220 a month. It all went into an account earmarked for future real estate investments. Today, Allen owns six properties, is debt-free, and financially independent thanks to his real estate portfolio. <a href="https://www.businessinsider.com/entrepreneurs-share-key-financial-freedom-focus-on-earning-building-wealth-2022-9?r=financialfreedom-lp">Business partners Brit Baker and Laurie-Anne King launched a company that helps women tackle their finances. Now, they're both earning more as entrepreneurs than they were in corporate America working as consultants.</a><div type="image" title="dow janes co-founders" height="1706" width="2275" msid="94502988" hostid="261" sizebytes="138758"></div>In January 2020, ex-consultants Britt Baker and Laurie-Anne King launched a financial literacy company, Dow Janes, designed to help women tackle their finances. Besides helping thousands of women turn their finances around, the company has changed both Baker and King's financial standings and added flexibility to their lives. They frequently work four days a week. "We're both earning more as entrepreneurs than we did in our corporate careers," King told Insider. "Entrepreneurship has really accelerated our own path to financial freedom, which I would say we have achieved."As they've learned first-hand, focusing on bringing in more money — whether through launching a business or starting a side hustle — is what can help you build serious wealth and achieve your financial goals quicker."Earning money is one of the secret skills of people who are achieving financial freedom fast," said King. "And it's not actually talked about very often as a skill in the world of personal finance." Many gurus in the world of personal finance tend to focus on the importance of saving your money, she pointed out. That's an important habit to develop, of course, but rather than thinking, "spend less so you can save more," King and Baker challenge you to think: "Earn more so you can invest more."

How to achieve financial freedom, according to 11 couples and individuals under 40 who've done it

<ul class="summary-list"><li><a href="https://www.businessinsider.com/average-american-millennial-net-worth-student-loan-debt-savings-habits-2019-6">Millennials</a> have limped from one recession to the next, with no shortage of financial challenges.</li><li>Business Insider is putting together a list of financial planners who work with <a href="https://www.businessinsider.com/millennials-mental-health-burnout-lonely-depressed-money-stress">millennials</a>.</li><li>We want to hear from you about the best financial planners helping <a href="https://www.businessinsider.com/typical-millennial-henry-earnings-savings-debt-2020-1">millennials</a> sort out their money.</li><li>Please submit your nominations through this <a href="https://docs.google.com/forms/d/1pt2ZDlA_1uYdwMFHJeM5T9p3sgl-knyYUGCABy1Q_Y8/edit">form</a> (or below) by Friday, September 25.</li></ul><keyword id="657946" type="PERSON" weightage="60" keywordseo="Millennials">Millennials</keyword> are <a href="https://www.businessinsider.com/millennials-great-recession-finances-coronavirus-triggers-financial-crisis-2020-4">staring down their second recession</a>. The oldest among them weathered the <a href="https://www.businessinsider.com/personal-finance/millennial-generation-gap-great-recession-financial-crisis-money-habits-2019-3">Great Recession</a> early in their careers. Since the financial crisis ended, they've been dealing with a nationwide <a href="https://www.businessinsider.com/millennials-last-graduating-class-affordability-crisis-student-loans-housing-2019-5">affordability crisis</a>, balancing increasing living costs and massive <a href="https://www.businessinsider.com/how-americas-student-debt-crisis-impacts-black-students-2019-7">student-loan debt</a> with stagnating wages.Now, the pandemic recession is the latest challenge for a generation that's already financially behind. Millennials, along with Gen Z, are <a href="https://www.businessinsider.com/how-coronavirus-recession-is-affecting-millennials-gen-z-2020-8">getting hit the hardest</a> in terms of employment.Figuring out finances for young adults is more important than ever. That's why Business Insider is putting together a list of the financial planners who specialize in helping millennials of all income levels sort out their finances. The list will be determined by Business Insider based on our own reporting and the nominations that we receive. <h3>Please submit your nominations through this <a href="https://docs.google.com/forms/d/1pt2ZDlA_1uYdwMFHJeM5T9p3sgl-knyYUGCABy1Q_Y8/edit">form</a> (or below) by Friday, September 25:</h3>

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