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<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/strelka/36084968691/">Luba Kozorezova/Strelka Institute/Flickr</a></span></p><p class="caption">If it's important, you'll make it happen.</p></div><p></p></div></div></p><ul><li><strong>Many people want to retire early, but few are taking the steps to get there. </strong></li><li><strong>Early retirement only requires three things: earning, saving, and investing. </strong></li><li><strong>The key to reaching your early retirement goal is making those three things a priority. </strong></li></ul><p>Millennials aren't known for following the rules, especially when it comes to money matters.</p><p>In addition to <a href="http://www.businessinsider.com/millennials-inherit-record-wealth-manage-money-technology-2017-8">straying from traditional banks</a> and <a href="http://www.businessinsider.com/millennial-homeownership-lower-2017-6">putting off homeownership</a>, nearly two-thirds are hoping to quit their job and retire before age 65, <a href="http://www.businessinsider.com/millennials-not-saving-enough-to-retire-early-2017-6">according to </a><a href="http://www.businessinsider.com/millennials-not-saving-enough-to-retire-early-2017-6">a poll</a> from our partner, MSN.</p><p>But early retirement may be a pipe dream for many. That same poll found nearly half of millennials are saving 5% or less of their income - far less than is needed <a href="http://www.businessinsider.com/how-to-retire-by-40-2017-6">to enjoy a 40-plus year retirement</a>.</p><p>Chad Carson, a 37-year-old real estate investor, is <a href="http://www.businessinsider.com/how-to-travel-and-live-off-passive-income-from-real-estate-investing-2017-1">spending a year in Ecuador</a> with his wife and two daughters living entirely off of passive income - he calls it a "mini-retirement."</p><p><a href="http://www.budgetsaresexy.com/journey-to-financial-independence-using-real-estate/">In a post</a> he wrote on the personal-finance blog <a href="http://www.budgetsaresexy.com/">Budgets are Sexy</a>, Carson explained that his "messy, mistake-ridden climb towards early retirement" taught him there are only three things anyone who's trying to become financially independent needs to focus on - and yes, that includes saving.</p><p>Here they are:</p><h2>1. Build a strong source of regular income</h2><p>If you don't have a way to earn money, there's no chance you're going to build wealth. The first step to financial independence is finding a regular source of income so that you are able to save and invest.</p><p>For most people, this means holding down a 9-to-5 desk job, for better or for worse.</p><p>Carson's "regular income" came from real estate properties he bought for a low price, fixed up, and flipped for a profit with his business partner. To many people, this may seem risky. After all, there's no guaranteed paycheck. Eventually, Carson had steady income flowing in from renters.</p><h2>2. Save a large portion of that income</h2><p>Once you have regular income, the key is not to spend it all. Learning how to <a href="http://www.businessinsider.com/retire-rich-live-below-your-means-2017-8">live below your means</a> when you're young will benefit you for the rest of your life.</p><p>First, take advantage of one of the easiest ways to save money: Sign up for your employer's 401(k) plan. Contributions are automatic, meaning the money is taken out before you even see it. The effort is minimal, but the eventual payoff can be huge.</p><p>You can also save money on the front-end by reducing your housing expenses so that they equal no more than 30% of your income. Carson used "house-hacking" and "live-and-flips" to <a href="http://www.businessinsider.com/30-something-real-estate-investor-shares-best-tip-for-building-wealth-2017-1">live cheaply and make money</a> at the same time.</p><p>Or you can try your hand at <a href="http://www.businessinsider.com/how-to-save-50000-in-your-20s-2017-7">the "starve and stack" method:</a> instead of subsisting on dual incomes, you and your partner limit your total spending to an amount that can be covered with just one income. Then, between the two of you, save an amount equal to 100% - or as close to that mark as you can get - of the other income. This will set you up early on with a cushy nest egg to invest.</p><h2>3. Invest the savings in assets that will grow or at least not lose value</h2><p>Saving a lot of money is nice, but <a href="http://www.businessinsider.com/why-invest-stock-market-your-20s-2017-7">where you put that savings can make all the difference</a> in your path to early retirement.</p><p>Carson's investment of choice is real estate, an asset that he says generates passive income without much overhead. It's a good strategy, since he bought the 90 properties he now owns with the intention of renting them out, rather than living in them and paying the mortgage himself.</p><p>If you're not interested in real estate, the stock market is a great place to put your money - and it's not as risky as you may think. In fact, there's <a href="http://www.businessinsider.com/chance-lose-money-investing-long-term-stock-market-2017-7">almost no chance</a> a young investor will lose money in the stock market over a 40-year period.</p><p>"The beginning of any path towards financial freedom starts by deciding it's important," he wrote. "Then, with a combination of persistence, frugality, and trusted investing tools like real estate or other favorites (like stock index investing), you can reach amazing heights in your finances and your life."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bill-clinton-greg-norman-injury-monica-lewinsky-2017-8">Golf legend Greg Norman reveals the truth behind President Bill Clinton's late-night 1997 injury</a></h3>        <div>                    </div>    </div>

There are only 3 things you need to focus on if you want to retire early

<keyword id="6984075" type="General" weightage="20" keywordseo="NSE-Indices" source="Orion">NSE Indices</keyword> Ltd, an arm of the <keyword id="53581" type="General" weightage="80" keywordseo="national-stock-exchange" source="Orion">National Stock Exchange</keyword> (<keyword id="6354646" type="General" weightage="20" keywordseo="NSE" source="Orion">NSE</keyword>), on Tuesday, launched the country's first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index - Nifty <keyword id="11931834" type="General" weightage="20" keywordseo="REITs" source="Orion">REITs</keyword> and <keyword id="17097508" type="General" weightage="20" keywordseo="InvITs-index" source="Orion">InvITs Index</keyword>.<br /><br />The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE, the exchange said in a statement.<br /><br />A real estate investment trust (REIT) or an infrastructure investment trust (InvIT) is an investment vehicle that owns revenue-generating real estate or infrastructure assets.<br /><br />REITs invest in real estate projects, whereas InvITs invest in infrastructure projects with a long gestation period. Through these trusts, investors get exposure to diversified regular income-generating real estate and infrastructure assets.<br /><br />"REITs and InvITs are recognised as strong alternative financial instruments to raise funds against the cash generating infrastructure and real estate projects. For investors, these instruments provide exposure to real estate or infrastructure assets and offer diversification of risk from regular asset classes like equity, debt and gold and generate regular income," NSE Indices CEO Mukesh Agarwal said.<br /><br />The weights of securities within the index will be based on their free-float market capitalisation, subject to a security cap of 33 per cent each, and the aggregate weight of the top three securities is capped at 72 per cent.<br /><br />The Nifty REITs and InvITs index has a base value of 1,000 and the index will be reviewed and rebalanced on a quarterly basis.<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/bcci-to-spend-rs-500-crore-to-upgrade-five-major-stadiums-ahead-of-world-cup/articleshow/99406322.cms">BCCI to spend Rs 500 crore to upgrade five major stadiums ahead of World Cup</a></strong><br /><strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/a-giant-asteroid-the-size-of-qutub-minar-to-pass-dangerously-close-to-earth-at-30-times-the-speed-of-sound/articleshow/99406843.cms">Just Look Up: Giant asteroid the size of Qutub Minar to pass dangerously close to Earth</a></strong><br />

NSE Indices launches India's first-ever REITs and InvITs index

<ul><ul><ul class="summary-list"><li>A <keyword id="7655261" type="UNKNOWN" weightage="60" keywordseo="Master-limited-partnership">master limited partnership</keyword> (MLP) is a publicly traded enterprise that invests in natural resources or real estate.</li><li>Because of their unique tax structure and above-average returns, MLPs are a good source of income.</li><li>MLPs also come along with some risks, including lack of diversification and limited growth potential.</li></ul></ul></ul><p>It was the early 1980s. The Sony Walkman had just launched, huge shoulder pads were "in," and master limited partnerships (MLPs), portfolios investing in different ventures or companies, had just been introduced to the financial landscape. </p><p>Though publicly traded, like stocks, MLPs were organized like private investments - and as such, were soon widely used to take advantage of a variety of tax loopholes. The IRS caught on, and legislation in 1986 and 1987 seriously curtailed MLPs and how they operated</p><p>But MLPs remain popular today, and can still play a role in portfolios - especially for investors interested in certain industries. At its core, an MLP combines the tax benefits of a private partnership arrangement with the liquidity and accessibility of a public company. </p><p>Let's take a closer look at what a master limited partnership is, how it works, and the pros and cons to this form of investment.</p><h2>What is a master limited partnership (MLP)?</h2><p>A master limited partnership (MLP) is organized as a limited partnership, which is usually a private investment arrangement. However, it trades daily on public stock <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Investors in MLPs buy units (as shares are called) on a national securities exchange. Investors can see the prices of and sell their units at any time. (Selling units is much harder with private limited partnerships).</p><p>MLPs were created to promote investment in some capital-intensive industries, presenting investors with a chance at higher returns and greater diversification than just a single stock. MLPs do offer some growth and chance for profit, but they're most famed for providing substantial income via regular payouts, called distributions. These distributions usually are made quarterly.</p><p>The Tax Reform Act of 1986 defined how these companies can be structured and the Revenue Act of 1987 limits what types of companies can ultimately become MLPs. To be considered an MLP today, the venture must focus on acquisitions relating to either real estate, natural resources, or commodities. The majority of MLPs are in the oil and gas industries.</p><h2>How master limited partnerships work</h2><p>For the most part, there are two types of partners in an MLP organization: general partners and limited partners.</p><p>General partners (GPs) oversee the day-to-day operations of the MLP, maintaining board and management control in exchange for a small ownership stake. Limited partners, or unitholders as they're officially known, are ordinary, outside investors. They provide capital for the MLP's acquisitions and don't have a say in management. </p><p>MLPs are known for their steady income streams and rich returns. <a href="https://www.suredividend.com/mlp-list/#:~:text=MLPs%20tend%20to%20have%20yields,MLPs%20have%20yields%20above%2010%25" target="_blank" rel="noopener">Many individual MLPs have yields above 10%</a>. </p><p>How can they be so high? Because MLPs are bound to distribute 90% of their income to shareholders. They aren't allowed to plow unlimited amounts back into the firm or spend on expansion, as regular companies can do. These returns come either in the form of income generated by the investment properties, or gains from sales of them.</p><h2>How are MLPs taxed?</h2><p>But wait, there's more. MLPs have some tax advantages that enhance returns, too. </p><p>An MLP is structured as a "pass-through entity." As a "pass-through" entity, the MLP does not pay any income tax itself. So, investors theoretically get more money distributed to them. </p><p><strong>Fast fact:</strong> Limited partnerships and other pass-through entities get their name because any tax liability "passes-through" them and goes directly to the limited partners.  </p><p>In contrast, dividends and other payouts from regular companies are double-taxed - the company first pays corporate income tax before distributing them, and then the investor has to pay their own income tax on them.</p><p>Then there's the way the quarterly distributions can be classified. Sometimes, it's as income. But distributions can also be classified as a return of capital - which is not taxable when the unitholder receives it. It's only when the investor actually sells their units that any profit would be taxable - and then it's at the <a href="https://www.businessinsider.com/capital-gains-tax-rates" target="_blank" rel="noopener">capital gains</a> tax rate, which generally lower than the regular income tax rate.</p><h2>The benefits of investing in MLPs</h2><p>Like any other investment, there are advantages and disadvantages to investing in master limited partnerships.  Among the advantages:</p><ul><li><strong>Tax benefits:</strong> Since the MLP is a pass-through entity, it doesn't pay income taxes - which can mean more money for investors. Returns may be taxed as capital gains, too, instead of income.</li><li><strong>High yields: </strong>MLPs offer above-average returns. For example, according to a list compiled by <a href="https://www.suredividend.com/mlp-list/#:~:text=MLPs%20tend%20to%20have%20yields,MLPs%20have%20yields%20above%2010%25" target="_blank" rel="noopener">Sure Dividend</a>, an investment advisor specializing in MLPs, Alerian MLP ETF (AMLP) yields over 25%, compared to the S&amp;P 500's approximately 2% average <a href="https://www.businessinsider.com/what-is-dividend-yield" target="_blank" rel="noopener">dividend yield</a>.</li><li><strong>Dependable returns: </strong>MLPs are in industries that have a track record of steady returns, making them fairly reliable investments.</li></ul><ul><li><strong>Liquidity/transparency: </strong>MLPs units can be readily sold on a public exchange, and their prices are more transparent than those of a traditional private, limited partnership.<strong> </strong></li></ul><h2>The drawbacks of MLPs</h2><p>Among the downsides of MLPs:</p><ul><li><strong>Unexpected tax consequences: </strong>If you hold your shares in a tax-deferred account, like an <a href="https://www.businessinsider.com/roth-ira-for-kids" target="_blank" rel="noopener">IRA</a>, your distributions could be counted as taxable income, requiring you to pay annual taxes on unrelated business income (UBI).</li><li><strong>Lack of diversification: </strong>Since these funds limited to certain specific industries - most modern MLPs focus on oil and gas companies - they don't represent a diversified investment. In other words, they are a very specific industry play. </li><li><strong>Low growth potential</strong>: Because MLPs redistribute most of their cash to investors, that doesn't leave much money for reinvestment or growth. If not carefully managed, MLPs run the risk of having to take on additional debt to finance operations or deal with expenses.</li><li><strong>Complicated tax filings: </strong>MLPs report their distributions on a special tax form called a K-1. These are notorious for being sent out late to investors and can be complicated to decipher. All this makes your tax return filing trickier.</li></ul><h2>The financial takeaway</h2><p>Because of their unique structure, master limited partnerships come with some tax benefits that lets them post notably high yields. And they have more transparency and liquidity than traditional partnerships. </p><p>However, this unique investment vehicle isn't for everyone. If you are considering going this route, the first step is to do research into the MLP itself. </p><p>At base, you should look at how the MLP generates its funds in order to ensure that it has sustainable cash flow. However, you'll also want to look at how much cash that the MLP is carrying in comparison to its distributions. If the MLP violates that rule about distributing 90% of its income, the IRS could disallow its status. And then the partnership, and its unitholders, could face some big tax bills.</p><h2>Related coverage in <a href="https://www.businessinsider.com/investing-reference">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/real-estate-limited-partnership-relp-definition" target="_blank" rel="noopener">A real estate limited partnership is like a private fund that lets you profit passively from large property investments</a></h3><h3><a href="https://www.businessinsider.com/trading-vs-investing" target="_blank" rel="noopener">Trading and investing are two approaches to playing the stock market that bring their own benefits and risks</a></h3><h3><a href="https://www.businessinsider.com/what-are-alternative-investments" target="_blank" rel="noopener">Alternative investments are exotic assets that can diversify your portfolio - here are the five major kinds and everything you should know about them</a></h3><h3><a href="https://www.businessinsider.com/growth-investing-definition-strategies">What is growth investing? A strategy that focuses on high-growth companies in hopes for significant investment returns</a></h3><h3><a href="https://www.businessinsider.com/what-is-a-stock-market-index" target="_blank" rel="noopener">A guide to stock market indexes: What they measure and how they can guide your investing</a></h3>

A master limited partnership is a venture that trades like a public company but offers the rich returns and tax breaks of a private investment

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><strong>Whole Foods' traffic shot up after cutting prices - and 24% of new shoppers were regular Walmart customers.&#xa0;</strong></li><li><strong>The defectors to Whole Foods are wealthier than the average Walmart customer.&#xa0;</strong></li><li><strong>Rising&#xa0;pay for top income brackets, compared to relative stagnation for lower-income Americans, has made upper-middle- and upper-class customers key to retailers' survival.&#xa0;</strong></li></ul><p><a href="http://markets.businessinsider.com/stock/WMT-Quote">Walmart</a> and <a href="http://markets.businessinsider.com/stock/AMZN-Quote">Amazon</a> are&#xa0;fighting for customers, and Whole Foods is serving as the latest battleground.</p><p>And, the two <keyword id="6354851" type="ORGANIZATION" weightage="100" keywordseo="Retail">retail</keyword> giants' strategies say a lot about the American economy. </p><p>When Amazon's acquisition of Whole Foods <a href="http://www.businessinsider.com/amazon-buys-whole-foods-changes">formally went through</a> in August, the e-commerce giant immediately <a href="http://www.businessinsider.com/amazon-changes-whole-foods-2017-9">made some changes</a> - most notably, significant price cuts.&#xa0;</p><p>The changes attracted new customers. Foot traffic to Whole Foods increased 17% year-over-year following the acquisition, according to mobile phone location data collected by data intelligence firm Thasos Group.&#xa0;Average&#xa0;daily foot traffic for new customers&#xa0;skyrocketed 33% relative to the previous week.&#xa0;</p><p>The biggest source of foot traffic for Whole Foods were regular Walmart shoppers. People who visited Walmart at least twice a month accounted for 24% of new Whole Foods customers the week of the price cuts.&#xa0;</p><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><p>Walmart has an enormous retail presence, with more than 5,000 locations in the US compared to Whole Foods' roughly 450 stores. When accounting for the total percentage of Walmart customers who defected to Whole Foods the first week after the acquisition, it's just 0.6% of Walmart customers.&#xa0;</p><p>However, that doesn't mean that it's a negligible amount - especially when&#xa0;you take&#xa0;a closer look at what type of customers were ditching Walmart for Whole Foods.&#xa0;Across the board, the customers&#xa0;who defected to Whole Foods from grocery rivals were wealthier than the retailers' average shopper.&#xa0;</p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Thasos" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/59d2ad15c68d7b6d1e8b66af-960/screen%20shot%202017-10-02%20at%2043928%20pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></div><p></p></div></div><p>While the average household income for the wealthiest 20% of Americans&#xa0;<a href="http://www.businessinsider.com/real-income-growth-in-the-united-states-by-quintile-chart-2017-2">grew by about 60%</a>&#xa0;from 1980 to 2015, the rest of America has lagged significantly behind, according to US Census data. The mean income of the lowest-earning 20% grew by just 10% in the same time period.</p><p>Looking at real wages, the difference is even more stark. The hourly wage for people in the 95th percentile by income grew by 41% from 1979 to 2013, <a href="http://www.epi.org/publication/why-americas-workers-need-faster-wage-growth/">according to the Economic Policy Institute.</a>&#xa0;The hourly wage for the 50th percentile increased by 6% in the same time period, while the 10th percentile dropped by 5%.&#xa0;&#xa0;</p><p>All of this means that wealthier shoppers are increasingly influential, forcing bargain-centric retailers like Walmart to&#xa0;expand into more aspirational brands.</p><p>At the same time, these&#xa0;higher-income individuals&#xa0;are often still&#xa0;<a href="http://www.nielsen.com/us/en/insights/news/2009/high-and-middle-income-shoppers-spending-more-in-dollar-stores.html">proud "bargain shoppers."</a>&#xa0;After all, they were attracted to Whole Foods by lower prices immediately after the acquisition.&#xa0;</p><p>Companies that&#xa0;<a href="http://www.businessinsider.com/amazon-and-walmart-confirm-the-death-of-the-middle-class-2017-6">relied on middle-class spending,</a>&#xa0;such as Sears and Macy's, are struggling and closing hundreds of stores. On the other hand, luxury and budget brands are thriving - or, at least, surviving.&#xa0;</p><p>Skibiski says that Whole Foods could become a "battleground" if&#xa0;it&#xa0;continues&#xa0;to draw a substantial number of new customers from Walmart, with the budget retailer potentially&#xa0;rolling out a&#xa0;scheme of its own to win back shoppers.&#xa0;</p><p>Walmart is gearing up to cash in on wealthier customers, especially as it expands its e-commerce lines. Whole Foods&#xa0;winning over high-income customers could force Walmart on the offensive in this battle - one that both retailers are determined to win.&#xa0;</p><div></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tom-colicchio-reveals-okay-complain-restaurants-crafted-hospitality-food-meal-top-chef-2017-9">Why you shouldn't be afraid to complain about a bad meal in a restaurant, according to Top Chef judge Tom Colicchio</a></h3>        <div>                    </div>    </div>

Whole Foods and Walmart are battling for one crucial set of customers - and it reveals a dark truth about the American middle class

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Carlo Allegri</span></p><p class="caption">Donald Trump.</p></div><p></p></div></div>Donald Trump's policy proposals tend to be nearly impossible to analyze because they are vague and their content often shifts.</p><p>But I want to talk about one consistent feature of his <a href="http://www.businessinsider.com/donald-trump-economic-platform-changes-detroit-speech-2016-8">vague and shifting tax plan</a>: the idea of a maximum tax rate of 15% on all kinds of business income, whether earned by traditional corporations or people.</p><p>This is the plank of the plan that gives up the game. Trump wraps his tax plan in populist rhetoric, and his headline maximum tax rate (33%) is higher than in some other Republican tax plans.</p><p>But the benefits of Trump's tax cut would still be aimed squarely at the top of the income distribution.</p><p>This is because, while Trump proposes a top income-tax rate of 33%, high earners would get to take much more advantage of the preferential 15% "business income" rate than most middle-income people would.</p><p>Let's look at how the income of the rich differs from the middle class.</p><p>In 2013 - the most recent year for which IRS data are available - 5.6 million people and married couples filed tax returns reflecting at least $200,000 in adjusted gross income. These high earners made up 6% of all tax filers with at least $1 in income.* But their income profile, on average, looks quite different from the average taxpayer's.</p><p>Those 5.6 million high-earning filers earned only 23% of the income that Trump would tax at regular rates - mostly salaries and wages, but also things like alimony and pension payments.</p><p>They earned <strong>68%</strong> of the income that Trump would tax at the new, favorable 15% rate - income from pass-through corporations and partnerships and other business income.</p><p>Currently, business and wage income reported on an individual tax return are taxed at the same rates. If widely diverging rates were imposed as proposed under Trump's plan, then wealthy people could reorganize their affairs to take advantage of the difference.</p><p>This is because, in some cases, the difference between business and wage income is essentially arbitrary.</p><p>Business Insider pays me a salary, so my compensation for writing this article is wage income that Trump would tax at up to 33%. But if I sold a freelance article to another publication, my fee for writing that piece would be business income taxed at only 15% under Trump's plan. If Trump's plan became law, I would likely switch to a freelance arrangement.</p><p>You wouldn't have to be rich to game Trump's system by converting your ordinary income into business income, but it helps, since wealthier people tend to have more flexible financial arrangements. It's hard for a retail clerk or a schoolteacher or a factory worker to go freelance.</p><p>The special business tax rate would be an even bigger sop to private equity and hedge fund managers than the "carried interest" loophole Trump <a href="http://www.businessinsider.com/donald-trump-hedge-funds-2015-8" target="_blank">brags he would abolish</a>, since 15% is lower than the preferential rate fund managers currently pay on carried-interest income. It would also be lower than the tax rate typical fund employees would pay under his plan.</p><p>But wait, there's more: Because they disproportionately own stock, high earners would also disproportionately benefit from Trump's proposal to reduce the corporate income tax rate to 15%.</p><p>Currently, federal corporate income tax applies at rates up to 35%. In practice, effective rates are often lower due to tax preferences, and Trump might or might not repeal some of those tax preferences as part of an overall tax reform. But eliminating such preferences could not fully offset the cost of such a reduction in the tax rate, because federal corporate taxes paid accounted for 20% of corporate profits in 2015, according to the Bureau of Economic Analysis.</p><p>It's true, Trump's plan also has tax reductions aimed at the middle class, though we don't know exactly how large they are because he hasn't specified what income levels his three tax rates of 12%, 25%, and 33% would apply to.</p><p>His last tax plan, released last September and withdrawn from his website in advance of Monday's economic policy speech, <a href="http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full">would have cost nearly $10 trillion over a decade</a>, according to the Urban-Brookings Tax Policy Center.</p><p>This is an implausibly large cut, reducing federal revenues by about one-quarter, with no offsetting plan to cut spending. (And at the same time, Trump says he would protect Social Security, Medicare, and Medicaid from cuts and grow the military.)</p><p>But suspend disbelief for a moment and suppose the plan were implemented anyway. Middle-income taxpayers would have received a tax cut of $2,700, raising their after-tax income by about 5%. The highest 0.1% of taxpayers would have received tax cuts of $1.3 million each, raising their after tax incomes by 19%.</p><p>Trump's new plan calls for higher tax rates on regular income than his last plan did, but it maintains the 15% rate on individual business income and corporate income, showing who comes first when a budget constraint must be imposed. It also creates some sort of tax deduction for child care - <a href="http://www.businessinsider.com/donald-trump-economic-platform-changes-detroit-speech-2016-8">details will come, allegedly</a>.</p><p>There isn't enough detail yet on the new plan to calculate its exact effects, but you should expect the benefits once again to be sharply tilted toward the elites Trump claims to intend to hold accountable.</p><p><em>*In this analysis, I have excluded the 2.1 million tax filers with zero or negative income. Some of these filers are poor, while others are wealthy people who experienced a significant business loss in 2013. On average, filers not reporting positive income reported a negative income of $94,000.</em></p><p class="tagline">This is an editorial. The opinions and conclusions expressed above are those of the author.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-2nd-amendment-people-speech-paul-ryan-hannity-hillary-clinton-pence-2016-8">'A joke gone bad': How Republicans are responding to Trump's '2nd Amendment people' controversy </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="BoN2o4NTE6djbxpqgtx4IhEeFJR1UTeB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Trump's tax plan sounds populist, but it aims its key benefits at the rich

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Courtesy of Stefan Stoykov</span></p><p class="caption">The figures may look a little out of sync with regular decision acceptance rates to those who follow admissions trends.</p></div><p></p></div></div>The Ivy League classes of 2021 are one step closer to attending the school of their dreams.</p><p>Last week, every Ivy League school, with the exception of Columbia University,<a href="http://www.businessinsider.com/ivy-league-early-application-acceptance-rates-class-of-2021-2016-12"> reported the number of students who applied and were accepted early this year</a>, giving a glimpse into the college choices of tens of thousands of students.</p><p>The figures may look a little out of sync with regular decision acceptance rates to those who follow admissions trends.</p><p><a href="http://www.businessinsider.com/harvard-university-early-action-decisions-class-2021-2016-12">Harvard reported the lowest acceptance rate of the bunch</a>, with 14.5% of applicants gaining acceptance. That's nearly three times higher (meaning more students were able to gain acceptance) than last spring's regular acceptance rate of 5.2%.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p></div><p></p></div></div></p><p>Harvard isn't the only school where early application percentage rates are drastically higher than regular application rates.</p><p>To give you an idea of where the University stands in comparison to its peers, below are the regular decision acceptance rates for the class of 2020, released last spring:</p><p>8. Cornell University - 13.96%</p><p>7. Dartmouth College - 10.52%</p><p>6. University of Pennsylvania - 9.41%</p><p>5. Brown University - 9.01%</p><p>4. Princeton University - 6.46%</p><p>3. Yale University - 6.27%</p><p>2. Columbia University - 6.04%</p><p>1. Harvard University - 5.2%</p><p>Every single Ivy League school, by a factor of two or three, appears easier to access when applying early.</p><p>So what gives?</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://www.shutterstock.com/pic-267280499/stock-photo-cambridge-usa-july-20-panoramic-view-of-the-famous-harvard-university-in-cambridge-ma-usa-showcasing-the-architecture-of-its-historic-buildings-with-students-passing-by-on-july-20-2.html?src=habTMntNDIqhfj00dmkJUg-1-68">Marcio Jose Bastos Silva / Shutterstock</a></span></p><p class="caption">Harvard University</p></div><p></p></div></div>Ivy admissions offices emphasize that the reason it appears easier to get into schools during early admissions is more a factor of the strength of the applicant pool rather than an ease of acceptance.</p><p>In other words, students who apply early to Harvard are probably better qualified compared the larger applicant pool, and more confident in their chances of being admitted.</p><p>"We have continued to stress to applicants, their families, and their guidance counselors that there is no advantage in applying early to Harvard," William R. Fitzsimmons, Dean of Admissions and Financial Aid, said, in a release from Harvard. "The reason students are admitted - early or during the Regular Action process - is that their academic, extracurricular, and personal strengths are extraordinary."</p><p>Harvard releases a survey on incoming freshman every year that provides details on the makeup of the class. <a href="http://features.thecrimson.com/2015/freshman-survey/makeup-narrative/">For the Class 2019 - the most recent survey conducted</a>- the survey indicated that students admitted early had higher SAT scores than regular admissions students, on average. Early admissions students scored an average 2239, compared to 2217 for regular admissions.</p><p>Still, schools certainly find early applicants attractive as they can lock in a higher "yield" - the number of admitted students who decide to go to the college. Early decision is binding, and early action means that students are only allowed to apply to one school early (though they can apply regular decision to other schools) and then make their final choice in the spring.</p><p>Some higher <keyword id="6355445" type="COMPANY" weightage="60" keywordseo="Education">education</keyword> experts feel that there is certainly an advantage to applying early, and that its practice is troubling, as it disproportionately helps wealthier students. The early admissions process is not possible for students who need to weigh the different financial aid packages they are offered before making a decision.</p><p>Early admissions "significantly disadvantages students from low-income and middle-income families, who are already underrepresented at such schools," <a href="http://www.nytimes.com/2016/12/21/opinion/the-plague-of-early-decision.html">columnist Frank Bruni wrote in The New York Times.</a></p><p>Still, it doesn't seem that the early admissions process is going anywhere soon. The Ivy League had a record number of early applications this year, and, more broadly, about 450 American colleges accept early applicants.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/tony-robbins-relationship-extraordinary-marriage-2016-12">Tony Robbins shares the key to achieving a great relationship</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dqYW8weTpbxQc43jSWI9DCvlqXiPG1NI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Early acceptance rates to Ivy League schools are drastically higher than regular - but the reason why isn't as obvious as it seems

<ul class="summary-list"><li>The goal of investing for income is to generate a reliable cash flow from your assets at low risk.</li><li>Common investment income assets include dividend-paying stocks, <keyword id="35147" type="COMPANY" weightage="60" keywordseo="bonds" source="Orion">bonds</keyword>, real estate, annuities, CDs, and money market accounts.</li><li>Though they're traditionally associated with older investors, any portfolio should include some income-producing assets. </li></ul><p>You can classify investors into two basic types. There are those who want appreciation - that is, they invest for growth. And there are those who ask of their assets "show me the money - now." </p><p>We call the latter type income investors. <keyword id="10030996" type="UNKNOWN" weightage="60" keywordseo="income-investing" source="Orion">Income investing</keyword> involves building a portfolio using dividend-paying stocks, bonds, real estate, and other assets designed to generate cash on a recurring basis. </p><p>With income investing, once you buy the asset, there isn't a whole lot more to do. This is buy-and-hold <a href="https://www.businessinsider.com/passive-investing" target="_blank" rel="noopener">passive investing</a> at its best. </p><p>There are multiple types of investment income assets, and ways to invest for income. Here's a rundown of the most common.</p><h2>1. <keyword id="896799" type="PERSON" weightage="60" keywordseo="dividend-stocks" source="Orion">Dividend stocks</keyword></h2><p><strong>What they are: </strong><a href="https://www.businessinsider.com/how-to-invest-in-dividend-stocks" target="_blank" rel="noopener">Dividend-paying stocks</a> are issued by companies that make cash payments per share, generally quarterly, based on how well the company is doing. The two main types of dividend stocks are called common and preferred.</p><p><strong>How they work:</strong> <a href="https://www.businessinsider.com/what-is-common-stock" target="_blank" rel="noopener">Common stock</a> dividends are set by the company's board of directors each quarter. You won't know the amount or even if there will be a dividend until the board decides.</p><p>Preferred stock dividends are more regular: pre-determined, fixed payments over a specified period of time. Also, preferred stockholders their dividends before common stock shareholders get theirs. </p><p>Although common stock dividends are riskier, you stand to gain more. Preferred stock dividends are less risky, but generally lower.</p><p><strong>What to know:</strong> The most consistent, good dividend-payers tend to be from <a href="https://www.businessinsider.com/what-are-blue-chip-stocks" target="_blank" rel="noopener">blue-chip stocks</a> - that is, those of large, well-established corporations. </p><p>How to tell if a dividend is a good one? Look not just at the dollar amount, but at the dividend yield: that is, the company's annual dividend divided by its stock price and multiplied by 100. (It's often indicated on a stock's online listing.)</p><p>Aim for stocks that pay a 2% to 6% dividend yield. That ratio indicates a decent payout relative to a company's earnings and market valuation and helps you avoid companies that may be borrowing excessively to inflate their dividends.</p><h2>2. Bonds</h2><p><strong>What they are: </strong><a href="https://www.businessinsider.com/what-is-a-bond" target="_blank" rel="noopener">Bonds</a> are loans to the government or a company. Your income from bonds comes in the form of fixed-interest payments. As the bondholder (lender) you receive a fixed amount of interest income on a regular schedule. When the loan term ends, you receive your original investment back. </p><p><strong>How they work: </strong>The rate of interest you receive on a bond depends on the length of its term - the longer, the higher - the creditworthiness of the borrower, and the conditions of the market. There are three main types of bonds: </p><ul><li>Government bonds, also known as <a href="https://www.businessinsider.com/how-to-buy-treasury-bonds" target="_blank" rel="noopener">Treasuries</a>, are considered extremely reliable because they are backed by the US government, but the tradeoff is a relatively low interest rate.</li><li>Municipal bonds are a form of government bonds issued by states, cities, counties, and other government entities. Interest is exempt from federal taxes and often from state and local taxes as well.</li><li>Corporate bonds are issued by companies (both public and private) and therefore riskier than government bonds. For that reason, they pay a higher interest rate than government bonds. depending on the creditworthiness of the issuer.</li></ul><p><strong>What to know:</strong>  Bond prices tend to go up when the stock market goes down, making bonds a good tool to balance risk from equities, as well as an income source.</p><h2>3. Real estate </h2><p><strong>What they are: </strong>Although it can and does appreciate, real estate often provides a solid cash flow as well. The income derives from rents paid by tenants of residential, industrial, or commercial properties, and sometimes from mortgage interest on the properties as well. You don't have to become a landlord: <keyword id="6425786" type="UNKNOWN" weightage="60" keywordseo="REITs" source="Orion">REITS</keyword> and RELPs are common ways to invest in real estate indirectly. </p><p><strong>How they work: </strong><a href="https://www.businessinsider.com/what-is-a-reit" target="_blank" rel="noopener">Real Estate Investment Trusts (REITS)</a> let you buy shares in a publicly traded company, which pays dividends to you much like stocks. The dividends can vary in both amount and frequency. REITs invest in a variety of projects and are considered ongoing, long-term investments. </p><p>A real estate limited partnership (<keyword id="10173783" type="UNKNOWN" weightage="60" keywordseo="relp" source="Orion">RELP</keyword>) lets you pool your money with other investors to buy or develop real estate properties in a private (i.e., not publicly traded) investment. Formed to operate for over a period of years, a RELP offers excellent dividend payments annually, though the big money comes via distributions when the projects are complete and sold towards the end. As with a REIT, a RELP pays fluctuating dividends based on the type of real estate investments it makes. </p><p><strong>What to know:</strong>  Dividends in both cases are not fixed but can vary, depending on the profit/rent income received by the REIT or RELP. You stand to gain more with a RELP over a specific, shorter period of time than with a REIT. However, because they don't trade on public exchanges, RELPs can be harder to unload; REITs are much more liquid. </p><h2>4. Money market funds</h2><p><strong>What they are: </strong><a href="https://www.businessinsider.com/money-market-account-vs-money-market-fund" target="_blank" rel="noopener">Money market</a><a href="https://www.businessinsider.com/money-market-account-vs-money-market-fund" target="_blank" rel="noopener"> fun</a><a href="https://www.businessinsider.com/money-market-account-vs-money-market-fund" target="_blank" rel="noopener">ds</a><a href="https://www.businessinsider.com/money-market-account-vs-money-market-fund" target="_blank" rel="noopener"> (MMFs)</a> are a special type of fixed income mutual funds that invest in short-maturity, low-risk debt securities that pay dividends like most other income-producing investments. </p><p><strong>How they work: </strong>MMFs are low-volatility investments that may be taxable or tax-exempt, depending on the types of securities held. MMFs operate on the net asset value (NAV) standard, meaning they attempt to maintain a share value of $1. Any excess is distributed as <a href="https://www.businessinsider.com/what-is-a-dividend" target="_blank" rel="noopener">dividends</a>.</p><p><strong>What to know:</strong>  Investors like the NAV standard because it forces fund managers to make regular dividend payments to investors, which provides that steady cash flow income investors prize.</p><h2>5. Certificates of deposit</h2><p><strong>What they are: </strong>Banks also sell income-producing products that many investors include in their portfolios because of their relatively low risk. One of the most common is certificates of deposit (CDs). </p><p><strong>How they work: </strong><a href="https://www.businessinsider.com/personal-finance/are-cds-a-good-investment" target="_blank" rel="noopener">Certificates of deposit (CDs)</a> are a type of savings account that come with terms ranging from six months to five years. The longer the amount of time you must keep your money in the CD, the higher the interest rate. </p><p><strong>What to know:</strong> If you want income (interest) from your CDs, most banks will let you take it out as it is earned at its fixed rate. Your principal, however, is usually locked in for the duration of the CD. </p><h2>6. Money market accounts</h2><p><strong>What they are: </strong><a href="https://www.businessinsider.com/personal-finance/what-is-a-money-market-account" target="_blank" rel="noopener">Money market accounts</a>, sometimes called money market savings accounts, are another common bank product. They pay higher interest than regular savings accounts, but have more restrictions and often require a higher initial balance to get the best interest rate. </p><p><strong>How they work: </strong>You can make withdrawals (including interest) from your <keyword id="9397123" type="UNKNOWN" weightage="60" keywordseo="Money-market-account" source="Orion">money market account</keyword> up to six times a month.</p><p><strong>What to know:</strong>  Money market accounts (and CDs too) are not considered major income investments, but rather savings vehicles. Still, they do earn some return, and of course, are highly liquid: Access is as close as the nearest bank branch. And both are FDIC-insured.</p><h2>7. Annuities</h2><p><strong>What they are:</strong> <a href="https://www.businessinsider.com/what-is-an-annuity" target="_blank" rel="noopener">Annuities</a> are contracts sold by insurance companies that make regular payments to you for a set period or for life. You invest an initial sum, then the money is repaid to you in periodic installments, a process known as annuitization. The payments typically consist of both principal and interest.</p><p><strong>How they work:</strong> The three main types of annuities are: </p><ul><li>Fixed, which pay a set interest rate</li><li>Variable, whose interest rate fluctuates, depending on the investments (usually mutual funds) you choose</li><li>Indexed, which provide a return based on an index, such as the <a href="https://www.businessinsider.com/what-is-the-sp-500" target="_blank" rel="noopener">S&amp;P 500</a>.</li></ul><p>The risk depends on the underlying stability of the insurance company and the type of annuity: Fixed is the least risky and variable the most. </p><p><strong>What to know:</strong>  Compared to other types of investments, annuities are often criticized for high fees and expenses. </p><h2>The financial takeaway</h2><p>Income investing is often associated with older, often retired investors: Common financial wisdom often has portfolios shifting from growth to income as their owners age. Still, all investors can and should include some income producers in their portfolio - as a counterbalance to aggressive growth assets, if nothing else. </p><p>Generally speaking, the more risk you are willing to take or the longer you are willing to let your money work, the higher rate of return you will receive.</p><p>That said, the main purpose of income investing is to produce cash flow with a reasonable amount of risk. Income-producing stocks, bonds, and other securities are meant to be the stable foundation of your portfolio.</p><p>And you can always diversify your risk further by investing in income-oriented <a href="https://www.businessinsider.com/personal-finance/what-is-an-etf-exchange-traded-fund" target="_blank" rel="noopener">exchange-traded funds (ETFs)</a> and <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-mutual-funds-step-by-step-guide" target="_blank" rel="noopener">mutual funds</a>. Often identified with the words "dividend" or "income" or "high-yield" in their names, these invest in everything from real estate to select preferred stocks to corporate bonds.</p><a data-type="5f74bdeb851d5a30e02f40df">What are junk bonds? A risky yet high-yield investment that can bring rewards if you're willing to take the chance</a><a data-type="61489feb0c828c3fa9191f4a">Understanding what qualified dividends are why they're taxed at lower rates</a><a data-type="613a241ebd69125fd4743686">Start investing in mutual funds in 4 steps</a><a data-type="5f5a55530afbe75a2409da00">ETFs and mutual funds can instantly diversify your portfolio, but they differ in how they're traded, managed and taxed</a>

Investing for income: 7 money-generating assets for your portfolio and how to get started

<ul class="summary-list"><li>The <keyword id="12367972" type="UNKNOWN" weightage="60" keywordseo="barbados" source="Orion">Barbados</keyword> government proposed giving its citizens <keyword id="11910034" type="UNKNOWN" weightage="60" keywordseo="universal-basic-income" source="Orion">universal basic income</keyword>. </li><li>It's unclear how much the UBI would be, but Barbados' reverse-tax-credit grant is $644 a year.</li></ul><p>First, Barbados <a href="https://markets.businessinsider.com/news/stocks/barbados-bids-farewell-to-british-monarchy--becomes-republic-10795914">severed ties</a> with the British monarchy. Then, it <a href="https://markets.businessinsider.com/news/stocks/rihanna-made-national-hero-as-barbados-becomes-a-republic-10794794">crowned</a> <keyword id="12048137" type="UNKNOWN" weightage="60" keywordseo="rihanna" source="Orion">Rihanna</keyword> as an official national hero. Now, the country wants to give all of its citizens a universal <keyword id="12730496" type="UNKNOWN" weightage="60" keywordseo="basic-income" source="Orion">basic income</keyword>.</p><p>It's been a busy two weeks. </p><p>The Barbadian government intends to regularly give some of the income produced by the country back to its adult citizens, Avinash Persaud, the special envoy to the prime minister of Barbados on investment and financial services, said in the comments section of a recent <a href="https://www.facebook.com/avinash.persaud.77964">Facebook</a> post. Barbados, like many countries in the Caribbean and Latin America, has suffered financially from the pandemic, and it's looking to provide a cushion for struggling households. </p><p>Specifically, Persaud proposed that citizens receive regular payments through a citizen's dividend, which typically gives residents sums of money based on government investment in natural resources. The Alaska Permanent Fund, for instance, gives its residents yearly stipends based on profits from the Alaska Permanent Fund Corp., which is owned by the state and funded by oil revenue. </p><p>Persaud suggested that a citizen's dividend for Barbadians could be combined with the annual reverse tax credits that residents already receive to form a universal basic income. Barbadians who earn less than 25,000 Barbadian dollars a year — about $12,386 — are eligible for a reverse-tax-credit grant of 1,300 Barbadian dollars, or about $644, a year. </p><p><a href="https://www.businessinsider.com/basic-income-ubi-trial-life-made-feel-free-says-journalist-2021-4">Universal-basic-income programs</a> are government initiatives in which every adult citizen is given a regular set amount of money with no strings attached, which is where they differ from typical welfare programs. </p><p>UBI programs have surged in popularity in recent years around the world, partially because of the financial strain the pandemic has caused for people with low incomes. Insider <a href="https://www.businessinsider.com/how-many-ubi-guaranteed-basic-income-programs-us-cities-states-2021-12">identified</a> over 30 guaranteed-income programs that had recently given out funds to people in the US, most of which began in the past year or two. </p><p>While guaranteed-income programs are getting pilot runs through small portions of city and state populations, a true UBI program like the one Barbados is proposing allocates funds to all of its citizens.</p><p>"Despite all the pressure from international agencies to 'target' we hold the line on universality," Persaud wrote. "That's why we restored free tertiary education for all. International studies have shown this is critical to social mobility and opportunity. The less well-off cannot take on the payments, risk and worry of getting heavily in debt to secure their future."</p><h2>Barbados eyes UBI as a way to help citizens out of poverty </h2><p>There's a reason that the global superstar Rihanna is so beloved in her home country of Barbados, other than her music. She's perhaps the country's most high-profile philanthropist.</p><p>In March 2020, for instance, as the coronavirus swept through the world, Rihanna offered $5 million to help impoverished countries and gave $700,000 worth of ventilators to Barbados through her Clara Lionel Foundation. Over the years, she's <a href="https://www.usatoday.com/story/life/people/2012/12/23/rihanna-makes-big-donation-to-hospital-in-barbados/1787319/">given</a> millions of dollars to healthcare and education efforts in the country.</p><p>Barbados has welcomed those efforts. The pandemic, along with the climate crisis, a shrinking labor force, and the persisting effects of colonialism, had hurt the country's stability in recent years. </p><p>The pandemic has afflicted the region as a whole — in a World Bank survey of Caribbean and Latin American households released this month, at least half the respondents said they had not been able to reach their income levels from before the pandemic, which has caused a drop in educational and health standards. </p><p>The most recent World Bank <a href="https://pubdocs.worldbank.org/en/438851586546174000/mpo-brb.pdf">report</a> on the country's economics, from 2017, said poverty rates had risen in Barbados, and experts say it has likely increased since then because of the influence of the coronavirus on Barbados' tourism industry. </p>

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