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Zawya
19 hours ago
- Entertainment
- Zawya
Anna Wintour and Candace Bushnell to headline the WE Convention Dubai 2025
The WE Convention (Women's Empowerment Convention), world's largest women's empowerment event, is set to take place in Dubai on November 1–2 at Atlantis the Royal Dubai. Organized by the WE Council, a global community of women leaders championing personal and professional growth, the event expects over 2000 attendees and more than 100 world-renowned speakers. Participants will spend two transformative days engaged with inspiring narratives, expert business insights, themed workshops, and extensive networking opportunities. This year's theme is 'All in: Career, Money, and Life.' The WE Convention 2025 will discuss how financial independence influences women's lives and explore the paths to achieve this independence. We bring together women leaders who have shaped generations of women and made modern women who they are today, with Anna Wintour and Candace Bushnell paving the way. Dame Anna Wintour has led Vogue for over 37 years. She currently serves as the title's Global Editorial Director of Vogue, and as the Chief Content Officer of Condé Nast. A defining figure in fashion and media, Wintour is a trustee of the New York Metropolitan Museum and chairs the annual Met Gala. She is also a Founding Committee Member for the New York-Presbyterian Youth Anxiety Center, which focuses on anxiety disorders in people aged 16–28. Candace Bushnell is an author, journalist, television producer and stage performer. Her 'Sex and the City' columns published in the New York Observer became the best-selling book and Emmy-winning HBO series. Author of nine international bestselling novels, she continues to shape generations of women and has made a lasting impact on how women see themselves in the world of relationships, career, and money. The ever-expanding roster of speakers already includes a US self made billionaire and co-CEO & President of Summit Therapeutics Dr. Maky Zanganeh, Grand Slam tennis champion and clothes designer Svetlana Kuznetsova, Director General of Dubai Culture & Arts Authority HE Hala Badri, Managing Director of Kraft Heinz Middle East & Africa Mary Gukasyan, General Manager for Middle East and Africa Growth Markets Mirna Arif, Chairperson of Global Women Forum Rana Alnasir-Boulos, Business Director of Energy Institute in the Middle East Hanan Mohsen. Mila Smart Semeshkina, Founder of the WE Council and a keynote speaker at the WE Convention, shares her vision of this year's theme: "It is a call for women to embrace ambition in every dimension of their lives. We no longer need to choose between professional success, financial freedom, or personal fulfillment — we can claim them all with clarity and purpose. At the WE Convention, guests will be inspired by women who've redefined what's possible, and leave equipped with bold, actionable strategies to lead, earn, and live entirely on their own terms." During the WE Convention, Mila Smart Semeshkina, founder of the WE Council, will present her third book - a step-by-step guide for women navigating career and financial success in today's male-dominated world, drawn from her extensive work with multimillionaires, political leaders, CEOs, and other high-achieving women. In addition to the main conference, a select group of speakers and VIP ticket holders will convene for a WE Night on November 1 at Michelin acclaimed estiatorio Milos located in Atlantis the Royal. The evening's itinerary includes a red carpet arrival, musical performances, a gourmet meal, high-level networking opportunities, and the WE Awards ceremony. -Ends- Further details about the WE Convention can be found on our website: WE Convention's logo, photos, and videos are provided in the Media Kit WE Convention's official hashtag across social media channels #WEConvention Contact Details: General Questions and Partnerships: joinus@ Media Inquiries: media@ The WE Convention is possible due to the invaluable support of our partners: ORLOV high jewelry, international educational platform Kraft Heinz, Migems Dubai, and the female factor. About the Women's Empowerment Council: The WE Council (Women's Empowerment Council) is a global community dedicated to unlocking women's potential across business, career, and personal development. Guided by the belief that exceptional women inspire others through example, the WE Council supports and celebrates female leadership, success, and well-being. Through a dynamic program of seminars, conferences, and curated resources, the WE Council creates meaningful opportunities for learning, growth, and connection. It equips women with the tools, knowledge, and networks needed to define and achieve their goals. With a vibrant community of over 30,000 members, the WE Council offers an inclusive and empowering environment where women can access inspiration, support, and practical guidance to reach their fullest potential. Website:
Associated Press
2 days ago
- Business
- Associated Press
4 Steps to Budget When Living on Your Own in Lafayette, LA
NEW YORK CITY, NY / ACCESS Newswire / July 26, 2025 / Living on your own in Lafayette, LA, is a big step - and an exciting one. You get to make your own choices, create your own space and enjoy your independence. But living on your own also means being in charge of your own money, which may be overwhelming at first. Don't worry, you're not alone. Many people in Lafayette are learning how to manage their budgets and take control of their finances for the first time, just like you. And while it may seem challenging some days, the good news is that you could build smart money habits one step at a time. Whether you're paying rent, buying groceries or handling surprise costs, tools like budgeting, saving or looking into loans in Lafayette, LA, could help you stay on track. Keep reading for a few ways to care for your finances while living on your own. 1. Know what's coming in and going out The first step to creating a budget is understanding your income and expenses. Income is how much money you earn each month and expenses are how much you spend. Start by writing down your monthly income. If you get a regular paycheck, list how much money you earn after taxes. If you work different hours each week or have more than one job, try to estimate an average income based on what you've earned in the past few months. Next, write down your regular monthly expenses. These might include: Also, think about any bills that come up less often, like car insurance, which you may pay every six months or annually. Break those less frequent payments into monthly amounts so you don't forget to plan for them. Once you compare the money coming in and going out, you could see if you're spending more than you make or if you have funds left over to save. 2. Choose a budgeting method Choosing a budgeting method that fits your lifestyle may make managing money much easier. Consider the following well-known strategies: 3. Prepare for the unexpected Even if you have a solid plan, life doesn't always go the way you expect. Your car might break down, your pet might need to see a vet or you could lose hours at work. To deal with any unforeseen expenses, it's smart to set up an emergency fund. An emergency fund is money you set aside specifically for unexpected costs. Start small - even saving $20 a week can add up over time. If you don't have enough money saved and something urgent comes up, you might consider a personal loan to help cover car repairs, medical bills or other important expenses. A personal loan is a lump sum of money you borrow from a bank, credit union or other lender. You pay back the loan in fixed monthly installments over a pre-determined amount of time along with interest, which is the cost of borrowing money. Make sure you understand the terms of a loan before you borrow. Look at the interest rate, monthly payment amounts and the time it will take to repay. 4. Make saving a regular habit Saving money doesn't have to be hard. If you treat savings like a regular bill, it might become part of your routine. One simple method is setting up automatic transfers from your checking account to a savings account. Automatic transfers ensure that part of your paycheck gets saved without you even thinking about it. You could also make saving into a game. Set a goal to save $5 every time you skip a coffee or pack lunch instead of going out. Over time, you'll see how small choices could lead to big savings. Build your independence with smart money habits Living on your own comes with new responsibilities, but it also brings freedom and the opportunity to make your own financial choices. When you learn how to budget, save and prepare for the unexpected, you're giving yourself the tools to stay in control of your money - and your future. SPONSORED CONTENT CONTACT: Sonakshi Murze Manager [email protected] SOURCE: OneMain Financial press release
The Sun
3 days ago
- Business
- The Sun
How YOU could retire at 35 with £1million in the bank using the FIRE method – & why the number 25 is key
IT'S everyone's dream to retire early and travel the world, but it seems impossible to achieve. Meet the FIRE savers and top finance experts who explain how YOU could retire decades earlier, by following a seven-step plan - and why the number 25 is key. 3 3 The FIRE savings method stands for "Financial Independence Retire Early". Put simply, it means drastically cutting back your spending and ploughing your savings into the stock market. The aim is to start saving as aggressively as you can, as soon as you can, so you can retire as early as possible and long before the age at which you can start claiming your state pension. The method can be traced back to America in the early 90s and provides a blueprint as to how you can save like crazy in order to retire in your 40s or 50s - or even your 30s. It's sparked a huge number of followers willing to live on a shoestring to achieve this retirement dream - #retireearly has 413k posts on Instagram, while #FIREmovement has 174k posts. But the FIRE dream is controversial, as it relies on your investments going up - and that could be a risky strategy, as they could just as easily go down. It also goes against a lot of traditional money advice, so make sure you really consider your options before embarking on it. But for one couple, Katie and Alan, the method has allowed them to give up work at the age of 35 and 40, and they now travel the world jetting off across Asia, America and Mexico. Kate says: "People just assume retirement is an age, but it's actually a monetary target." However, the FIRE dream has become even trickier to achieve due to rising inflation and high interest rates, with the price of everyday goods soaring and borrowing being more expensive. But it's still possible - and we explain how you can do it. What is FIRE - and why the number 25 is key The idea behind FIRE is that you save and invest a high proportion of your earnings at a young age into the stock market. You also need to pay off all your debt, including your mortgage, as soon as you can. There's a critical number you'll need to remember when saving - which is the number 25. This is because you should aim to save around 25 times your annual spending (which is your outgoings, living costs, bills, and disposable cash). When you hit the target, FIRE savers say you will have enough to live off and quit your job. FIRE rules state that you need to stash away 50 per cent of your income every month in order to hit that 25 target as quickly as possible. Investment platform Hargreaves Lansdown has crunched the numbers on how much you need to save in order to hit the golden 25 number. The average amount that households spend per year is £27,216, according to the latest data from the Office for National Statistics. That means that you would need to save £680,400 in order to be able to retire. Sarah Coles from Hargreaves Lansdown said: "Because you are only taking the income earned from your investments and leaving the remaining underlying investment untouched, it should technically last forever. "But bear in mind that there will be some years when you get more income and some when you get less, so you need savings you can call on when the income isn't enough. "Otherwise, you will eat into the capital – and once you do that, you will gradually erode your retirement pot." If your income after tax was £30,000, then you would need to save a huge £1,250 a month in order to hit that target within 24 years. If your income after tax was £35,000 and your annual spend was £30,000 - which could be the case for larger families - then you would need to save a total of £750,000. Saving half of your income - £1,458 a month - would take you 23 years to have enough to retire on. If you're saving as a couple and your income after tax was a combined £45,000, and your annual spend was £40,000, you would need to save £1million. Saving half of your combined income - £1,875 a month - would take you 24 years. The faster you can save this amount, the earlier you can retire - so how do you do it? The key to saving enough money, according to the FIRE movement, is by investing it in the stock market. Some FIRE savers do have pensions, but they can be restrictive. That's because you can only access your private pension at 55 years old (or 57 from 2028). While saving into a pension is really important because of the tax benefits it gives you, FIRE savers say too much of your cash should not be locked away until later life. This is a risky strategy, so you need to start early to ensure it works, says Laith Khalaf from the investment platform AJ Bell. "FIRE highlights the value of early contributions into the stock market," he said. "The younger you are when you start saving or when you invest, the more time you have for that money to grow and become a sizeable pot. That's a really valuable lesson that FIRE saving can give you." 3 How do you invest in the stock market? THE key idea of FIRE is to invest in the stock market - so how do you do it? The first thing to do is check if you are in a position to be able to invest. Experts say you should have three to six months' worth of wages in a savings account you can access before you begin investing. You can start with just £1, but how much you can make depends on how much you invest and where. The first thing to do is to open a stocks and shares Isa. You can save £20,000 a year into an Isa. Any gains - which is the difference between what you paid for your investment, and what it is worth now - are tax-free. Stocks and shares ISAs are offered by several major banks including NatWest, HSBC, Barclays and Lloyds Bank, and investment platforms like AJ Bell, Hargreaves Lansdown or Fidelity. When you open your account, you can either choose between a selection of ready-made investment funds or you can pick your own. Ready-made investment funds are usually popular among beginner investors, and will range from low to high risk to help you meet different financial goals. They include a mix of assets, including company shares, bonds, property and gold. Some providers will ask you to complete a short quiz when you sign up for a stocks and shares ISA to help you decide which of these ready-made plans to choose. FIRE savers may want to take on more risk than usual in order to make higher returns - but remember that the losses are bigger if your investment doesn't work out. For example, if you chose the low-risk "defensive" fund at Barclays Bank then 66 per cent of your money will be held in cash, 16 per cent will be kept in bonds and 18 per cent in shares. This has an estimated return of 2.11 per cent after 10 years, so if you invested £100 a month over this time period, you would be left with £13,470. But if you chose the higher risk "adventurous" fund, just two per cent of it would be held in cash, nine per cent would be kept in bonds and 89% would be invested in shares. The predicted rate of return is 7.33 per cent over 10 years, so £100 a month over a decade would leave you with £17,834. If you're picking your own stocks and shares to invest in, research the companies you are considering backing. Use sites like Investegate to read the latest reports and accounts. Look at a company's 'fundamentals' - which means checking things like whether it is profitable, if sales and customer numbers are growing, and making sure it doesn't have too much debt. Watch out for fees, which can eat into the returns you make. For example, NatWest charges a fee of 0.55 per cent of the value of your investment. That works out at 55p for every £100 of your investments. In comparison, Barclays charges a 0.25 per cent fee, which works out at 25p for every £100 you invest. Try and save on high investment fees by shopping around for a platform which charges lower fees. The Financial Conduct Authority (FCA) says investors usually pay an average annual fee of 2.4 per cent for financial advice. So if you had £250,000 in investments, switching to a platform which charges 1.4 per cent could save you £2,500 a year in fees. Mind out for any nasty exit penalties or set-up fees. Beware of the risks. You must be prepared to lose it all - so only invest money you can afford to lose. You must be able to lock away your cash for five years to allow your pot to recover if its been hit by ups and downs of the stock market. It's usually better to drip feed money into your investments instead of putting down a big chunk of money in one go. Choose a lean or fat retirement diet plan A good way of planning for how much to save in your retirement is to save for either a "lean" or a "fat" retirement. Lean financial independence (Lean FI) and Fat financial independence (Fat FI) refer to how much of your spending is covered by your investments. Lean FI means your basic expenses are covered (rent/mortgage, bills, transport) but you'll be left with no money for holidays and luxuries. Fat FI means all your expenses are covered, and you can live a more lavish lifestyle by going on trips and taking up hobbies. It all comes back to the golden 25 number - and calculating your annual spending. If your lean expenses are £20k, you need £20k multiplied by 25, which equals £500k. If your "fat" expenses are £100k, you need £100k multiplied by 25, which is £2.5million. While Lean FIRE gets you there faster, Fat FIRE gives you more when you arrive. The 4% rule you NEED to know Once you've saved enough, the tricky thing is to know how to manage your money so you don't run out. Experts say the trick is to withdraw four per cent from your savings each year. This is the amount that you should be safely able to withdraw over a 30-year retirement without running out of money. The idea is that by the next time you need to take money out, your pot should have replenished, but that assumes that your investments continue to grow as normal. A FIRE saver's retirement could last even longer than that, so make a plan based on how long you expect to be in retirement. This is especially important because we are all living for longer, so use the Office for National Statistics' life expectancy tool, which will give you a rough guideline on how long you can expect to live, depending on your age. For example, the average life expectancy of a 40-year-old female is 87 - so for someone in this position retiring now, a sensible idea would be to budget for a 47 year retirement. 'I'm a money expert - how to make FIRE saving possible on any salary' CHARLOTTE Kennedy, Chartered Financial Planner at Rathbones, gives her tips on how to make FIRE saving possible on any salary: FIRE exists on a broad spectrum - from modest lifestyle adjustments that reduce unnecessary expenditure, to extreme sacrifices that can severely dent one's quality of life. The key is striking a balance. You don't have to forgo all present-day comforts to gain future financial freedom. Sensible money management and intentional spending can go a long way. Make a budget and stick to it by monitoring your bank account frequently. Avoiding lifestyle creep - where spending habits increase in line with income growth - can also help. You don't need to squirrel away 70% of your income to reach financial independence. Setting clear, achievable long-term goals, spending within your means, and investing consistently, while giving your money time to grow through the power of compound interest, can help get you there. Ultimately, FIRE shouldn't be about austerity for the sake of it. It's about taking control of your finances and making deliberate choices today, so you have more freedom tomorrow. The half your age rule The "half your age" rule is another handy way to boost your FIRE savings. It suggests that when you start saving for retirement, you should aim to contribute a percentage of your pre-tax salary equal to half your age. So, for example, if you start saving at age 22, aim to contribute 11 per cent of your salary. If you start at 30, aim for 15%. Factor your pension contributions into this calculation as well. Under the current auto-enrolment rules, workers must pay at least 8% of their qualifying earnings into their workplace pension every year. At least 3% of this comes from employers' contributions. If you have a private pension, like a self-invested personal pension, for example, factor in your contributions to this savings pot too. How YOU can retire at 35 following 7 steps FIRE saving can be tricky to stick to because you need to make a lot of sacrifices in order to save as much as possible. Luckily, there's a seven-step guide that husband and wife duo and successful FIRE savers Katie and Alan Donegan have created to help others retire early too. The couple retired in 2019, when Katie was 35 and Alan was 40, after saving £1million by investing in the stock market. Their seven steps are: Create a gap between what you earn and what you spend. This is how much you have leftover to save for your retirement. Log into your bank account frequently to monitor your finances and prevent overspending. Can you increase your income? Sell stuff you have lying around the house, rent the spare room or ask for pay rise. Reduce your spending - cancel Amazon Prime, Netflix and any subscriptions you don't use. Make lunch at home. Only buy what you need. Before you invest, build an emergency fund of £1,000. Pay off high interest debt such as credit and store cards. Invest in a low fee, simple global index fund like the Vanguard FTSE Global All Cap Index Fund. Do it in a tax efficient way (stocks and shares ISA or SIPP). Don't forget your pension. It's sensible to see if you can increase contributions into your workplace pension scheme. 'We saved £1million in 10 years using the FIRE method - we've retired to travel the world' HUSBAND and wife Katie and Alan Donegan saved £1million in just 10 years by following the FIRE savings method. They retired when Katie was 35 and Alan was 40, and now travel all over the world from Rio de Janeiro to California. "You don't have to be stuck in a job you don't like," said Katie. "That is what truly inspired us. "People just assume retirement is an age, but it's actually a monetary target." The couple got into the FIRE savings method in 2009. At this point, Katie, now 40, worked as an actuary, while Alan, 45, was a landscape gardener. Both were fed up of the daily grind, and couldn't stomach the idea of working into their 60s, so they started researching how they could retire early. That's when they began to strip back their spending and start piling money into the stock market. When they first started FIRE, they earned about £50,000 between them, but this soon rose to £150,000 as their careers progressed, which helped to fast-track their savings. Katie said: 'Usually, when people earn more their spending goes up too. 'Ours only went up a tiny amount. We worked hard to push up our earnings and keep expenses down. 'We never upgraded from the small two-bed flat we bought. 'We downgraded to a smaller, second-hand car. 'We never turned the heating on. We wore extra layers, used hot water bottles and made it a bit of a game. 'We saved over £40,000 in ten years simply by taking our own salads to work each day.' Alan invested the cash using ready-made funds, where the hard work is done for you by an expert. "Choose a platform such as Vanguard Asset Management or Interactive Investor and invest in one simple index fund. It's surprisingly easy and simple to do." As the couple do not have children, saving for an early retirement was much easier. By 2019, they had hit the target of saving 25 times their annual spend - which was £1million. Since then, they've managed to invest an extra £265,00 - £182,000 of which was from the sale of their property and £83,000 from the sale of Alan's business. Thanks to the power of compound interest, their pot now stands at nearly £2.2million. This supersized savings pot is held in global index funds, one of the most diverse kinds of portfolios where your money is invested in thousands of companies across 49 countries. They have crunched the numbers and believe that if they withdraw £40,000 a year to live off, this is enough money to last them for their entire retirement. They say this is more than enough money to be able to travel across Asia, America and Mexico. The couple now rent places on Airbnb or stay in hotels, depending on their location. This has included a five-star suit in Bogota, Columbia which costs just £42 a night. Other locations have included West Palm beach in Florida for £112 a night or Poland for three months last year where they paid £38 a night. 'I retired 28 years before the state average," said Alan. "I clawed back 28 years of my life. I couldn't think of a better use of cash. 'If you're in your 20s, 30s, 40s or even 50s, you can make it to being a millionaire.' How ANYONE can adopt the FIRE rules to improve their finances Before embarking on FIRE saving, really assess if it's right for you. Laith adds: "A lot of FIRE saving can be a bit joyless. "It requires sacrifices now, sometimes very high sacrifices, as the idea is that you put away a lot of money. Then, in retirement, you live quite frugally. "There's no point in your life where you are enjoying affluence. That might perfectly fit some, but it's not for everybody." If you feel like FIRE is too difficult to achieve, you can still follow the principles of the method to boost your savings. You're not in a position to save half of your income, but investing just £25 a month can help grow your savings to a healthy size. If you invested £25 into the FTSE 100, for example, which is the collective name for the 100 largest UK companies by value, you could turn £25 into £4,465 after 10 years. Over 20 years, that pot would grow to £12,609. That's assuming that your investment grows at a rate of five per cent a year after charges. A great principle of FIRE is to pay off your debts as quickly as possible. By focusing on paying off your debts, you end up saving yourself a lot of money in interest repayments. For example, if you were focusing on paying off a £150,000 mortgage debt and making £200 worth of over-payments a month, you'd clear your debt seven years and six months early, saving you £33,130. Before making over-payments, check if your lender lets you do this penalty-free. Most let you make over-payments worth 10 per cent of your outstanding mortgage debt per year. The downsides of FIRE - beware of the risks FIRE is a tempting way to get rich quick and retire early - but experts have warned about the risks of this savings method It's important to check how retiring early could affect your finances. Retiring early could mean that you won't pay enough in National Insurance contributions to get the full state pension. National Insurance is a tax that workers pay, and is used to calculate how much state pension you get. You need 35 years of NI contributions to get the maximum payment of £230.25 a week. You need at least 10 years of contributions to get any state pension at all. That means that if you could be putting your state pension payments at risk. You can pay to fill in gaps in your record. You may also lose vital benefits by retiring early. Some benefits can only be claimed if you are working, such as tax-free childcare and 30 hours of free childcare. Piling all your money into the stock market is a risky strategy. As we have seen recently, the stock market can dramatically fall. The American stock market saw its biggest drop since the start of the Covid pandemic after US President Donald Trump announced plans to introduce punitive tariffs on goods imported to the US from other countries. The UK's own stock market, the FTSE 100, fell by more than 10 per cent after the news. If a market crash happens early in your retirement, it could dramatically reduce your pot - and how long you can make it last for. This could leave you vulnerable to income shocks - so beware. You must be prepared to lose it all - so only invest money you can afford to lose.
USA Today
17-07-2025
- Business
- USA Today
Why Coast FIRE may be a safer retirement strategy than early retirement
If you dig around long enough on the internet, you're apt to come across stories of people who embraced the Financial Independence, Retire Early (FIRE) movement and exited the workforce at remarkably young ages. FIRE encourages people to hustle and save aggressively early in their working years so that they can ditch their careers when they're fairly young. But there are some big problems with the FIRE movement. Not only does it often require a lot of sacrifice, but it could also potentially put you at risk of burnout. Also, there are financial risks. Even if you accumulate a lot of money, retiring at 38 or 42 or even 50 means your savings have to last a really long time. A few million dollars could easily run out if your expenses rise at a faster rate than the returns your portfolio generates. It's for these reasons that an alternative approach to retirement may be more ideal for you — Coast FIRE. With Coast FIRE, you don't retire early so much as build up a lot of savings early on so you can coast through a good chunk of your career. The logic is that if you fund your savings enough by a certain age and then invest that money wisely, you can potentially reach a point where you can stop saving and take an easy job that's just enough to pay your bills until you retire at a fairly traditional age. Here's what that might look like. Say you're 45 with $1.5 million socked away in your individual retirement account (IRA) or 401(k) plan. If your portfolio generates an annual 7% return, which is a few notches below the stock market's average, and you leave it alone until age 62, you could be sitting on about $4.7 million at that point. In light of that, you may decide that starting at 45, you're going to abandon your stressful, high-paying job and take any old job that covers your yearly bills. That way, even if you can't contribute to your retirement savings further, you'll still be OK. It's not a bad approach to retirement savings at all. But it's also important to know when you've saved enough and to recognize the pitfalls of this strategy. Make sure you have a handle on your portfolio and income needs Coasting until retirement is a reasonable compromise for people who are burned out at work and feel they need a break. It's a risky thing to retire in your 40s, at which point your savings may need to last another 50 years. Retiring in your 60s is a less risky option, as your savings may only need to last 30 years at that point. But there's absolutely nothing wrong with making your life easier during that gap between your 40s and 60s, or whenever you reach the point of burnout. The key is to make sure you're truly in a strong enough place to stop saving. One way to know is to estimate your future expenses. And that means being honest about the lifestyle you'll be happy with. A lot of people tell themselves they'll be content to downsize in retirement and spend minimally, only to realize that's not such a fun adjustment. Think about what a realistic lifestyle will cost you and build in some margin for error — for example, if healthcare expenses rise at a faster pace than projected or Social Security benefits do end up undergoing substantial cuts, leaving you with less monthly income. Another important thing to do is to assess your portfolio. If you're going to stop saving for retirement at a fairly young age, you need to make sure your assets are on the aggressive side. This doesn't mean you have to take on loads of risk. A portfolio that largely consists of S&P 500 index funds, for example, may be more than reasonable. However, you don't want to invest too conservatively if you're going to reach a certain point in your savings journey when you say enough is enough. Any money you save today to live on in the future needs to grow at a faster rate than inflation. Think about what you're giving up Another thing to consider is that if you stop funding your IRA or 401(k) plan at a fairly young age, you may be giving up a significant tax break. This especially holds true if you're someone who has been maxing out a 401(k). Also, 401(k)s commonly offer the benefit of an employer match. If yours is generous, that's free money you shouldn't be so quick to say no to. In that scenario, it may be reasonable to fund your 401(k) only to the point of your workplace match to avoid having to forgo your employer contribution. If you're midway through your career, or at another point where you're still a good number of years away from a traditional retirement age, and you're happy with your nest egg thus far, you may be ready to call it quits on the savings front and coast the rest of the way through. That's perfectly OK, provided you've run the numbers. And it may be an optimal compromise that allows you to build up nice savings for retirement without having to spend the next decade or more grinding away when you've had enough. The Motley Fool has a disclosure policy. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY. The $23,760 Social Security bonus most retirees completely overlook Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets"could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. JoinStock Advisorto learn more about these strategies. 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Business Insider
16-07-2025
- Business
- Business Insider
I hated my Big Law career but stayed so I could achieve FIRE in 7 years. It came at the expense of my joy, but I have no regrets.
This as-told-to essay is based on a conversation with Kristine Wu, 31, a retired lawyer in Hong Kong. It's been edited for length and clarity. I pursued law solely because I saw it as a practical, respectable career, but I didn't love it. Before starting my first job, I came across the Financial Independence, Retire Early (FIRE) movement, and I saw it as a way out. By my first day in Big Law, I already had a seven-year escape plan laid out. I lived frugally, invested wisely, and treated every dollar spent as another dollar away from my freedom. Over the next six years, I learned that saving so diligently came at the expense of my joy, but I couldn't be happier with my decision. I started planning for retirement before my first day of work I got hired by a US law firm right after graduation to work in capital markets out of their Hong Kong office. Before starting the job, I was looking into financial management tips when I came across the FIRE movement. It had never occurred to me that I could do anything other than work until retirement age, let alone generate a stable, passive income. I calculated my savings rates based on my salary and expenses, and it became clear to me that a retirement in seven years was feasible if I was disciplined with my money. I didn't fit into the elite lawyer lifestyle Every penny that wasn't spent on food or rent for my small, shared apartment was invested in broad-based index funds because they yield an average return of over 10% annually with minimal effort involved. I was also so busy working — I needed to be on call at any waking moment — that I didn't have much time to spend money anyway. For four years, I invested a large percentage of my monthly paychecks. I lived in opposition to my coworkers, most of whom seemed to enjoy the Big Law culture of going to fancy restaurants after work, wearing nice clothes, and buying the best new bags. The job title and transaction value of the deals made the job look glamorous, but the work and lifestyle weren't fulfilling to me. The first three years of my Big Law job were miserable Despite planning on quitting law, I was so caught up in perfectionism and people pleasing that I put 100% of my energy into work, rarely delegated tasks to others, and made it my mission to prove I was excellent. Having a clear goal of retirement kept me going. I didn't consider quitting and finding another job because I didn't see an alternative option that could give me the same financial return. My job paid me a high US salary with the very low Hong Kong tax rate. Here's how I made the best of a job I hated Growing up, I felt praised for my ability to suffer, and I never felt that enjoyment was a good thing. But as I read more into FIRE and other alternative lifestyles, I began to adopt a more experience-oriented life philosophy with an emphasis on enjoyment in the present moment. I decided it was worth it to splurge a little extra to move into my own place and host Couchsurfing guests. It was a way for me to make a bit of extra cash and help young adults who are traveling on an ultra-low budget. Seeing my guests living so freely and with so much joy taught me that you don't need a lot of money; you just need to be resourceful. I was inspired to take a two-week safari trip in Kenya in October 2024 — my first time outside of East Asia since starting my career. I went on a vacation and knew it was time to quit For the first time in years, no one emailed or messaged me, and it felt so good. When I came back to Hong Kong, I just couldn't mentally get back to work, so I put in my notice and started phasing out of work. Though it was a year earlier than my initial plan, I felt financially secure because of substantial gains from my investments. I'm relying on cash and bonds for now and leaving my stocks untouched. The freedom feels amazing Since quitting, I've been busy spending time with loved ones, taking up hobbies like Spanish, and creating content. I was afraid that I'd be attached to my identity as a lawyer, but I haven't felt any sense of reminiscence since quitting. I think the only thing that I missed about work is medical insurance. It feels amazing to be able to let go of the constant urgency of my law career and enjoy the freedom of owning my own time.
