It’s the end of January. Do you know the status of your 2019 financial resolutions?
If you never made any, or you’ve already let them slip, it’s not too late to start or start over. After all, you’ve probably only gotten one paycheck so far this year—or maybe none, if you’re a furloughed or working-without-pay federal worker.
Self-improvement or moral resolutions as a New Year’s tradition go back thousands of years to Babylonian times. During those times, people made pledges to clear their debts or give something back. We still make similar promises today.
The most popular New Year’s resolutions in 2018, according to YouGov Omnibus, are exercise more (59%), eat healthier (54%) and save money (51%). Save money beat out lose weight (48%), reduce stress (38%) and stick to a budget (35%). So if you’re making a financial resolution this year, you’ll have lots of company.
It’s easy to forget your resolution, but there are lots of techniques (okay gimmicks) around that will help you remember your promises to yourself and stay on track. Here are 10 savings challenges to participate in 2019.
1. The 52-Week Challenge
Out of all the savings challenges out there, this weekly savings challenge is the most popular and comes in various forms. Every week, you’re supposed to deposit a certain, pre-determined, amount into a savings account, jar or envelope.
If this is your first time saving anything or you’re looking for a small savings challenge for your child to start, then I’d suggest you start off small. Each week deposit $9.64 into a savings account. You can set up automatic deposits with your bank or use savings apps like Qapital. The amount is at your discretion too. You could save less or more depending on what you’re comfortable with. This challenge doesn’t have to last 52 weeks; you can sock away $500 in 30 days, 100 days or 6 months – it’s your decision. Once you’ve accomplished this goal, you can use it to fund a short getaway, a new outfit, give to a charity, designate it an emergency fund or use it as seed corn for your next savings challenge.
Out of all the 52-week savings challenges, this one is the most widely talked about. A simple variation of this challenge is to deposit a dollar amount equivalent to the week you are in. For example, if it’s week one then deposit $1 and at week 52, deposit $52. (If you’re starting in week 3 of 2019, play catch-up with a $6 deposit.) By the end of the year, you’ll have $1,378. You can also reverse the order for quicker gratification by saving $52 on week 1 and decrease your weekly savings by $1 until you are left saving $1 on the last week of the year. Qapital offers a 52-week rule saving feature that you could use to support this challenge.
Aiming for an exact $1,000 savings goal? Try saving $10 per week for the first four weeks and then save $20 per week until the last week of the year.
If you’re looking to make a major purchase or build up an ample emergency kitty, then this challenge is for you. You could simplify the process and save $100 a week for 52 weeks. But, you might like challenges where you snowball your savings. There’s one challenge where you save $20 in week one, week two is $35, week three is $45 and week four is $125. The next set of four weeks will go up by $5 to $15 dollars (your choice) and then repeat the process every four-week interval until you reach your $5,000 goal.
Take on challenges like this for major goals like a first home down payment or a wedding. Deposit $125 on the first week, $150 on the second week, $175 on the third week and $300 on the fourth week. On the fifth week, start the cycle all over again and continue the challenge until you reach $10,000. An amount such as $10,000 or greater doesn’t have to be tackled alone, especially if you’re paying down credit card debt. Partner up with your significant other or family members to pay for a mutual goal and have a built-in accountability partner.
2. Bi-Weekly or 26-Week Savings Challenge
Not everyone can handle saving every week. Some people get paid bi-weekly or twice a month and prefer to save according to that schedule. Thankfully, there’s some challenges that consider that. The $1,000 challenge requires you to save $26 from your first paycheck of the year (or the first week if you want to cut the year short) and then add on $1 to your savings deposit every week (i.e. on week 26, you would deposit $51 into your savings).
To save $10,000, you could alternate between saving $275 or $475 from every paycheck between week one and week 24. That will bring you to $9,000. Then, save $425 on week 25 and $575 on week 26 to reach your goal.
3. Save One-Month Of Salary
Your savings are a hedge against unforeseen and unfortunate circumstances such as job loss. Experts recommend saving enough to cover at least a few months to six months of necessary expenses. For this challenge, you can start off with a goal to set aside 8.33% of your annual salary, or one month of salary, by stowing away 10% of your monthly income into your savings account. Throughout the year you can increase it to a higher percentage to increase the number of months you would like to cover. Alternatively, you could increase it the following year when you participate in the challenge again.
4. Round-Up Savings or Save The Change
Your New Year’s Resolution may involve breaking bad habits like overspending or spending frivolously. I’ve found round-up apps to be helpful in helping people like myself see that I do have more money to save and I don’t need to attend Taco Tuesdays every week. Apps such as Qapital,Acorns, Digit, and Qoins save by automatically withdrawing spare change or extra dollars from your checking account. With Qapital, you can choose how much to round up on your checking account purchases and the loose change gets deposited into a Qapital goals account that is FDIC-insured and backed by one of their partner banks. Some apps like Chime and Qoins have the ability to use your spare change to pay down your debts while other apps like Acorns takes your extra cash and invests it.
Banks are getting in on the action, too. Bank of America has a Keep The Change Savings program for its customers that rounds up purchases to the nearest dollar and then deposits the difference into a designated BOA savings account. Be mindful of your bank’s rules for allowing third-party access to your accounts and make sure the savings app you choose offers FDIC insurance.
5. The Weather-Dependent Challenge
Budget blogger Melissa Berry at Sunburnt Saver created a savings challenge that follows the weather. She calls it Weather Wednesday. On Wednesday of every week, you look at the highest temperature for that day and then save an amount equivalent to the number of degrees. For Berry, who lives in Phoenix, Ariz., could be depositing over $100 a week into her savings bucket. If you live in Alaska, turn those negative degrees into positive dollar amounts.
6. $1 A Day or The 365-Day Money Challenge
With 365 days in a year and $1 for each day, you could have – drum roll, please – $365 in your savings account by the end of 2019. Use this simple strategy towards a gift for yourself, a charity donation or towards a trip. If this challenge is not enough of a challenge, try this idea with young family members. Another version of this is to match your daily savings to the number of the day in the year. If it’s day one then save $0.01; on day 150, save $1.50 and on the last day of the year, save $3.65. By the end of the year, you’ll have $667.95.
7. $5 Dollar Savings Challenge
The $5 Savings Challenge has many forms. There’s one that will help you achieve $7,000 by multiplying the number five by the number of the week you’re in. At week one you would sock away $5 and at week 52 you’d put away $260. Another type of $5 challenge involves physical cash. You may have seen photos of stacks of $5 bills floating around the internet; they are probably flaunting the results from this particular savings challenge. It requires you to take any $5 you come across and physically save it in a jar, shoebox or envelope. Then six months or one year later, deposit all of your $5 bills into your savings account.
8. Monthly Challenges
If you like No Shave November, then you might enjoy these savings oriented monthly challenges too. Budget blogger Kumiko Ehrmantraut of The Budget Mom crafted a list of ways you could save each month of the year. For example, her savings calendar includes Pack-A-Lunch January and Freezer & Pantry May (a challenge she said saved her $300), plus Generic July and No Spend November. Blogger and content manager Irina Vasilescu at Don’tPayFull.com, a coupon website, designed a similar challenge.
9. The Bad Habit Jar
We’ve all got a bad habit. When British media website Unilad posted a video on their social media of someone putting cash into an “I Am Late Again” jar, I chuckled. Then I realized that’s a pretty clever way of saving money and playfully penalizing a bad habit. Some of us grew up in households where there was a swear jar to curb children from using any language the adults disapproved of. And others can recall Schmidt’s Douchebag jar on the sitcom New Girl. I’m not sure what happened to the money once those jars were full, but I’m sure whatever you have by the end of the year can go towards a nice reward for yourself or someone else or towards your rainy day fund.
10. The Envelope Challenge
Envelopes aren’t going out-of-style anytime soon. Between the envelope budget method and the envelope savings challenge, there’s a rising demand for them. They are a bit easier to carry and move than a jar or shoe box. To start, mark each envelope with a series of numbers; pick a range you are comfortable with such as 1 to 25 or 1 to 150. Throughout the year, fill the envelopes up to the corresponding number. The envelope marked with the number 10 will hold bills and coins equaling $10, while the envelope marked 25 will have bills and coins totalling $25. The 1 through 25 range will total $325.
A New Year’s resolution to save more money is a worthy promise to make to yourself. To make sure you stay on task in 2019, try to get specific about how much you want to save, take one step at time, get a support system from friends, family members or like-minded communities and don’t sweat your mistakes. Also, make sure you enjoy your money every now and then so you don’t exhaust yourself with the process.
-Asia MartinForbes Staff
Lab-grown Diamonds: Never Mined, It’s Man-Made
Turns out there is literally no difference between lab-grown diamonds and natural diamonds, well, apart from the price.
Ever wondered what the difference between lab-produced diamonds and natural diamonds was? Well, nothing. They are exactly the same.
As with most things of value, a great deal of information has been produced over the years about the price of diamonds. In short, many believe the real price of diamonds is far lower than what ‘big business’ would have us believe and that it is driven up by our insatiable hunger and the social importance we place on the stones.
In line with this, there is a widely-held belief that they are not rare and the market is being deliberately controlled to create the façade that they are difficult to produce. Therefore, their price is dictated by the fact that they symbolize the most enduring of all human emotions – love.
With that out of the way, in recent times, society has developed a pragmatic relationship with diamonds, rather than a romantic one that has long sustained the industry.
It might be that we live in the era of instant gratification or that we have stopped romanticising the idea of waiting millions of years for the precious stone, but more people have embraced the idea of purchasing lab-grown diamonds.
Unlike an imitation gem like cubic zirconia, it has the same physical characteristics and chemical components as a natural diamond but production time is much shorter, enabling producers to create it in a matter of weeks.
Lab-grown diamonds producer Ross Reid offers FORBES AFRICA a very sobering perspective with the following analogy to describe man-made diamonds.
“If a couple can’t fall pregnant using conventional methods, they do IVF where the baby’s origin of life is manmade. Is that not a real baby when it’s born?”
The room falls silent as all contemplate this question.
“So by that logic, it is a real diamond,” Reid states emphatically.
Reid is the Co-Founder and Managing Director of Inception Diamonds, One of South Africa’s first Diamond companies to offer lab-grown diamonds and fine jewelry.
The world’s leading diamond producer, De Beers, however, has a different perspective.
“We view natural diamonds and lab-grown diamonds as very different products as they have completely different production processes. Natural diamonds are created in the earth, under intense heat and pressure over billions of years. Each diamond is rare, finite and unique,” says Bianca Ruakere, a De Beers Group spokesperson.
Reid says he recognizes the market potential for global growth in being able to offer conflict-free, environmentally-friendly lab-grown diamonds, especially to the millennial market.
“With the creation of laboratory-grown diamonds, it allows you to offer the consumer the same thing optically, physically, and chemically at a big discount. So you can have the same beauty, the same hardness, the same look and the same feel for less money,” Reid says.
Large diamond producers have also recognized the same potential.
De Beers Group has been producing synthetic diamonds for industrial purposes for more than 50 years. “Last year, we launched Lightbox in the United States to market a range of fun, fashion jewelry using lab-grown diamonds. They are accessibly priced, and a distinct product offering compared with natural diamonds,” Ruakere says.
Price is not the only reason that encourages the market to opt for lab-grown diamonds. They are also other ethical factors such as having a guarantee that the rock on your finger is conflict-free.
Shogan Naidoo, who proposed to his fiancé, Preba Iyavoo, on Valentine’s Day at the popular independent cinema house, The Bioscope, did so with a healthy bank balance and clean conscience.
They were traditionally engaged in July last year, so by the time the ring engagement happened, Iyavoo was caught completely off-guard and was pleasantly surprised.
“Shogan is the most endearing person, but he’s not romantic in the slightest,” says a giddy Iyavoo, who recalls the proposal that happened in a filled theater, with a movie Naidoo had created just for her.
The couple are besotted with their lab-grown diamond. Naidoo says after doing exhaustive research to find the perfect ring to propose with, all conventional options had failed him.
READ MORE | Blood Diamonds To Blockchain Diamonds?
He says his final ring choice far exceeded his expectations in price and design. Naidoo explains that Iyavoo has a very specific preference and that he was not willing to compromise in getting her the perfect ring but the one he initially wanted was in the range of R80,000 ($5,500).
“We were planning a wedding and we’d just bought a house,” he says. The exorbitant cost of retail rings led him to search out of the box, and eventually the box returned with the perfect gem.
The couple who lead a very environmentally-conscious lifestyle, say they are especially proud to be the custodians of this ring because they are guaranteed it’s conflict-free and no miners were exploited.
Reid says he has to grapple with a great deal of scepticism because many are not ready to fully embrace the idea of lab-grown diamonds despite their advantages.
“The Federal Trade Commission has changed the definition of a diamond. It does not need to come from the ground.
“We have opened up the market for people to be able to afford beautiful pieces without compromising on quality,” Reid says.
Change is inevitable and with that, there will always be those resistant to it. But one thing is for sure, society’s relationship with diamonds are changing.
From Medicine To Nanotechnology: How Gold Quietly Shapes Our World
The periodic table of chemical elements turns 150 this year. The anniversary is a chance to shine a light on particular elements – some of which seem ubiquitous but which ordinary people beyond the world of chemistry probably don’t know much about.
One of these is gold, which was the subject of my postgraduate degrees in chemistry, and which I have been studying for almost 30 years. In chemistry, gold can be considered a late starter when compared to most other metals. It was always considered to be chemically “inert” – but in recent decades it has flourished and a variety of interesting applications have emerged.
A long, curious history
Gold takes its name from the Latin word aurum (“yellow”). It’s an element with a long but rather mysterious history. For instance, it’s one of 12 confirmed elements on the periodic table whose discoverer is unknown. The others are carbon, sulfur, copper, silver, iron, tin, antimony, mercury, lead, zinc and bismuth.
Though we’re not sure who discovered it, there’s evidence to suggest it was known to the ancient Egyptians as far back as 3000 BC. Historically, its primary use was for jewellery; this is still the case today, it’s also used in mint coins. Gold is also found in ancient and modern art: it’s used to prepare ruby or purple pigment, or as gold leaf.
READ MORE | Gold Back on Upward Path As Global Growth Slows
South Africa was once the top gold-producing country by far: it mined over 1,000 tonnes in 1970 alone. Its annual output has steadily fallen since then – the top three gold producing countries in 2017 were China, Australia and Russia, with a combined output of almost 1000 tonnes. South Africa has dropped to 8th position, even surpassed by Peru and Indonesia.
But gold’s uses and its chemical properties extend into many other areas beyond jewels and minted coins. From pharmaceutical research to nanotechnology, this ancient element is being used to drive new technologies that are pushing the world into the future.
Why and how it’s useful
Of the 118 confirmed elements in the periodic table, nine are naturally occurring elements with radioactive isotopes that are used in so-called nuclear medicine. Gold is not radioactive, but is nevertheless very useful in medicine in the form of gold-containing drugs.
There are two classes of gold drugs used to treat rheumatoid arthritis. One is injectable gold thiolates – molecules with a sulfur atom at one end, and a chemical chain of virtually any description attached to them – found in drugs such as Myocrisin, Solganol and Allocrysin. The other is an oral complex called Auranofin.
Gold is also increasingly being used in nanotechnology. A nanomaterial is generally considered a material where any of its three dimensions is 100 nanometres (nm) or less. Nanotechnology is useful because it is not restricted to a particular material – any material could in principle be made into a nanomaterial – but rather a particular property: the property of size.
For example, gold in its bulk form has a distinct yellow colour. But as it is broken up into very small pieces it starts to change colour, through a range of red and purple, depending on the relative size of the gold nanoparticles. Such nanoparticles could be used in a variety of applications, for example in the biomedical or optical-electronic fields.
Another exciting advancement for gold in nanotechnology was the discovery in 1983 that a clean gold surface dipped into a solution containing a thiolate could form self-assembled monolayers. These monolayers modify the surface of gold in very innovative ways. Research into surface modification is important because the surface of anything can show very different properties than the bulk (that is, the inside) of the same material.
More to come
Gold nanoparticles have also proven to be an effective catalyst. A catalyst is a material that increases the rate of a chemical reaction and so reduces the amount of energy required without itself undergoing any permanent chemical change. This is important because catalysis lies at the heart of many manufactured goods we use today. For example, a catalyst turns propylene into propylene oxide, which is the first step in making antifreeze.
Two discoveries in the 1980s made scientists look at gold catalysis differently. Masatake Haruta, in Osaka, Japan, made mixed oxides containing gold – and discovered the material was remarkably active to catalyse the oxidation of toxic carbon monoxide into carbon dioxide. Today, this catalyst is found in vehicle exhausts.
READ MORE | Blood Diamonds To Blockchain Diamonds?
At the same time Graham Hutchings, who was working in industry in Johannesburg, South Africa, discovered a gold catalyst that would work best for acetylene hydrochlorination. This process is central to PVC plastic, which is used in virtually all plumbing production. Until then, the industrial catalyst for this process was using environmentally unfriendly mercuric chloride material.
In my opinion, gold has many more uses that haven’t yet been discovered. There is much more to come in the world of gold research.
There will, in the next few years, be new developments in how the element is used in, amongst others, medicine, nanotechnology and catalysis. It will also find new applications in relativistic quantum chemistry (combining relativistic mechanics with quantum chemistry), surface science (the physics and chemistry of surfaces and how they interact), luminescence and photophysics – and more.
–Werner van Zyl; Associate Professor of Chemistry, Lecturer in sustainable biomass, energy and water systems, University of KwaZulu-Natal
Bezos By Far: The 5 Largest Billionaire Divorces In History
Jeff Bezos announced on Thursday that he will give a 4% stake in Amazon—currently worth more than $35 billion—to his wife, MacKenzie, as part of their pending divorce, making it by far the largest divorce settlement in history. In January, soon after the couple announced their separation, Forbes assembled a list of the largest, strangest and most notable billionaire disunions on record—at least where we could follow the money. In some cases, like the split between Google’s Sergey Brin and Anne Wojcicki, we don’t know the size of the settlement because divorce filings were sealed.
Below are five of the largest settlements, in descending order.
1) Jeff and MacKenzie Bezos – At least $35 billion.
The couple met while both were working at hedge fund D.E. Shaw in New York. After they moved to Seattle, MacKenzie helped Jeff get Amazon off the ground. On April 4, they announced the terms of their divorce, which will likely become official over the summer: she will receive about 4% of Amazon’s outstanding shares—now worth over $35 billion. Jeff will hold on to all of rocket company Blue Origin and The Washington Post. Once the divorce is finalized, MacKenzie will likely be the world’s third-richest woman.
2) Bill and Sue Gross – $1.3 billion
The Grosses’ messy split minted a new billionaire and dragged down another. Sue filed for divorce in 2016 from her husband, the founder of asset-manager Pimco, and she walked away a year later with a $1.3 billion fortune. That haul included a $36 million Laguna Beach house and “Le Repos,” a contested 1932 Picasso painting that she later sold for $35 million. While Bill originally tried to hang on to one of their three pet cats, Sue eventually got custody of all of them. Bill lost his spot on The Forbes 400 in 2018 following 14 consecutive years on the list. Both now run their own charitable vehicles.
3) Steve and Elaine Wynn – $850 million
The cofounders of casino giant Wynn Resorts divorced (for the second time) in 2010. That settlement dictated that Elaine, a Wynn Resorts board member since 2002, receive 11 million shares, then worth an estimated $795 million. Steve also sold around $114 million in stock that year—some, if not all, went to Elaine as part of the deal. She then sued Wynn Resorts in 2012 to sell part of her 9% stake and was kicked off the board three years later amid an ugly proxy battle.
After Steve stepped down as CEO and chairman in February 2018 amid sexual harassment allegations that he has denied, he sold all his shares. Elaine, now worth $2 billion, is Wynn Resorts’ largest shareholder.
READ MORE | The 10 Most Notable New Billionaires Of 2019
4) Harold Hamm and Sue Ann Arnall – $975 million
After three years of bitter court proceedings, oil tycoon Harold in 2015 tried to finally end his 26-year marriage with Sue Ann (no prenup) by writing her a check in the amount of $974,790,317.77 from his Morgan Stanley account. She deposited it, but then changed her mind, decided she wanted more and filed an appeal seeking a bigger share of the $13.7 billion fortune tied to Hamm’s 75% ownership in publicly traded Continental Resources. In April 2015 the Oklahoma Supreme Court ended the saga, granting Harold’s motion to dismiss her appeal, reasoning from precedent that Sue Ann had agreed to the settlement by signing and depositing the check. Sue Ann subsequently funded a political action committee that succeeded in its effort to unseat the judge who presided over the divorce.
5) Roy E. and Patricia Disney – $600 million
Roy and his wife filed for divorce in 2007 at the ages of 77 and 72, respectively, after 52 years of marriage. Roy, a nephew of Walt Disney, was worth approximately $1.3 billion at the time. Previously a Forbes 400 mainstay, he lost nearly half of his fortune in the split and was dropped from the list. In 2008, he married writer and producer Leslie DeMeuse. He died a year later; Patricia followed in 2012. A family foundation with assets of $122 million (as of 2016) bearing both of their names supports environmental and economic causes.
–Compiled by Madeline Berg, Deniz Cam, Kathleen Chaykowski, Lauren Debter, Kerry A. Dolan, Alex Fang, Luisa Kroll, Chloe Sorvino and Jennifer Wang.
– Noah Kirsch; Forbes Staff
A Statement On The Skyline
Re-constructing Johannesburg The City Of Opportunity
Here’s How The US Claims The Assange-Manning Conspiracy Worked
10 Rules Of Email That Will Reduce Your Stress Levels
Fancy A Butler While Camping?
- Entrepreneurs3 weeks ago
African Curricula That Mean Business
- Cover Story2 weeks ago
The Madhvanis: The Industrialists Who Have Tasted Sucrose And Success
- Billionaires3 weeks ago
The World’s Most Generous Billionaires Outside Of The US
- Brand Voice3 weeks ago
Eswatini: A Global Fortress of Innovation and Tradition
- Arts2 weeks ago
Inside Nipsey Hussle’s Blueprint To Become A Real Estate Mogul
- Entrepreneurs3 weeks ago
Her Brush With Business
- Lists2 weeks ago
The 10 Most Notable New Billionaires Of 2019
- Entrepreneurs3 weeks ago
$10 million for Africa’s next great entrepreneurs