Rekha sat down on the sofa, exhausted. She had finally put her daughters, Shikha (2 years old) and Sudha (6 years old) to bed. Ever since she lost her husband, Sunil, last year, she had been struggling with finances to sustain the family. Rekha took up small assignments in her spare time earn a little. Sunil was 35 years old when he expired. Although Sunil had made some investments in the stock markets, his hospitalisation had depleted all their investments. Unfortunately, he had left Rekha and the daughters with no financial support. Although Sunil had good earnings, he had failed to purchase insurance or create an emergency fund to protect his wife and children. … [Read more...] about 3 critical steps to take before you start investing
Ill gotten ill spent
Social entrepreneur Hilary Cottam has spent more than 10 years designing, building, and implementing alternative welfare systems for communities in the U.K. that don’t just manage problems, they help people escape the revolving door of aid dependency. Rather than assigning social workers to community members, for example, Cottam’s experiments allowed people to choose their own. Instead of asking how long someone has been out of work and what their qualifications are, “We say to people, ‘What do you dream of being, and who is the first person you need to know to connect you to that dream?'” she says. In 2018, Cottam, who holds a PhD in social sciences, published a book about her work, called Radical Help. Now in its sixth edition with multiple translations, it’s resonated everywhere, she says, because of how “deep changes in our society, most of which are technology driven, make those former systems no longer either affordable or socially … [Read more...] about Hilary Cottam’s ‘Radical Help’ has communities around the world rethinking (and revamping) their social programs
The term ‘financial independence’ simply means that you have sufficient savings to live your life as you please. To some, it simply means retirement from work at the age of 58 and spending time with their families. For a few others, it is about pursuing their passions, without having to worry about the money. So, it can be time spent with NGOs or chasing a hobby, or even converting a hobby to a profession. Still others may want to continue working, but on their own terms. … [Read more...] about How much money do you really need to be financially independent?