For Jannese Torres, a personal finance expert, podcast host and entrepreneur, life couldn’t be better. She’s living in her dream home in Tampa Bay, has passive income rolling in and just embarked on her first national tour to promote Financially Lit!, her personal finance book.

And to think a few short years ago, she was burnt out and miserable.

Less than five years ago, Torres was living in a house she hated, stuck in a toxic marriage, working a job she didn’t love and had thousands of dollars of student loan debt in her name. Torres felt like she did everything right, but she found herself disillusioned with the American Dream she’d been sold. 

It wasn’t until she turned her back on the milestones she felt she needed to achieve that she found true happiness.

“It’s never too late to make a change,” said Torres. “The first step is usually the hardest. Your only regret will be not doing it sooner.”

It can be terrifying to make big pivots in life — not to mention expensive. But staying in an unhappy situation can cost you even more. Torres knows this firsthand and wants to share the tips she wished she had when her “perfect life” was dragging her down.

Buying a home doesn’t always buy you happiness

When many of us approach our 30s, we begin measuring our achievements and successes against our peers’. This need for comparison combined with the pressure from our communities and society can lead us to make financial decisions that aren’t aligned with what we actually want in life, Torres said. 

When Torres turned 30, she found herself buying a home in a state of autopilot. She didn’t stop to ask herself if she even wanted to buy a home. She just knew she felt behind her peers and assumed that’s what she was supposed to do.

She wasn’t even sure if she was financially ready to be a homeowner. But fear of missing out and the idea that buying a house was the next logical step convinced her to take the plunge. 

“The pinnacle of success in my Puerto Rican family is to buy a home,” said Torres. “That’s how you know you’ve made it.”

After three years, she realized she was living somewhere she didn’t love, and sold the home for $10,000 less than what she bought it for. 

“It was not a great financial decision in the short term, but in the long term, it definitely set me up for success,” Torres said.

Having the courage to make a choice that contradicted what society had led her to believe she should do changed her life. “Getting rid of my home was the single largest factor in me being able to pursue financial independence,” said Torres. 

Torres traded in her $3,500 monthly mortgage in New Jersey for her dream rental in the Tampa Bay area for $1,600 a month. Six years later, Torres still rents and isn’t in a hurry to buy a home. She pays more than she did in 2018, but for her, it’s worth it. She enjoys the year-round nice weather and no state income tax — which is a benefit to being a self-employed high-income earner, she added. 

Don’t get married without protecting your money

As much as we want some life decisions to work out, they don’t always. No one enters into a marriage expecting a divorce, but that’s how many marriages end. Maintaining separate bank accounts and creating a postnuptial agreement allowed Torres to get out of her marriage financially unscathed. But it could have been much harder if she hadn’t planned ahead. 

Combining finances can make sense for shared bills, but Torres recommends always having your own money set aside. It’s sage advice for anyone moving in with a partner or contemplating marriage. 

“One of the advantages that I had, especially in the process of getting divorced was I always kept my finances separate.”

If you don’t love your career, it’s not too late to change paths

Torres spent $55,000 in student loans to get a bachelor’s degree in molecular biology and a master’s In biotechnology only to end up in a 9-to-5 corporate job that was draining her. She was making a decent salary. But the student loan debt and unfulfilling career had her questioning her choices.

At 36, she decided to go into business for herself — a big shift, but one she felt she had to try. 

She didn’t jump ship from her full-time job until she had her new business set up correctly. She took her time to build up a bigger emergency fund — just in case — and looked into retirement and healthcare plans to make sure she was protected when she left her job. She also made sure to set up her business as an S-corporation so she could pay herself regular paychecks, while setting aside enough money for business costs and taxes. 

And she has no regrets. “Taking the extra time to make sure that those things were in place made me feel like I built something that’s sustainable versus something for the short term,” said Torres. 

Now she’s her own boss, creates her own schedule and is doing work that’s rewarding. Some days, she’s coaching clients or building a new course. Other days it’s recording podcast episodes or creating social media content. And when she needs a break, she loves that she has the freedom to book an impromptu trip. 

“The most rewarding thing is being able to pour into my relationships and prioritize my happiness and health because money is no longer a factor that controls my life,” said Torres.

Life’s too short to settle

Although Torres encourages her followers to get out of unhappy situations as soon as they can, she also stresses taking the time you need to prepare. Planning to leave a marriage or start a small business may require saving money for several months. 

Make moves in the meantime to better yourself, she said. For example, if you want to change roles at your job, think about how you can pivot without having to pay a significant amount in school costs. Are there opportunities at your current workplace to mentor in a different department or shadow someone in a career you’re interested in? Maybe you can lean on free resources online, like a free or low-cost boot camp to earn a certification.

“That could put you on a path to making a pivot without you having to go and get a whole other degree,” she added.

It’s OK if you can’t make a change immediately, but don’t be complacent. Before you know it, five to 10 years will have passed and you may be in the same situation. 

You may never be 100% ready to take the plunge. But preparing as much as you can in advance can help you feel more secure, so you’re not tempted to idle in a situation that’s holding you back.

“The worst thing you can do is use money as the reason why you’re going to stay stuck in the situation,” said Torres.

Buy Now, Pay Later programs are effectively the same as credit cards, the Consumer Financial Protection Bureau said Wednesday.

In what it called an interpretive rule, the federal consumer watchdog agency said so-called BNPL lenders are obligated to offer refunds and allow users to dispute charges just like they can with traditional credit cards.

“When consumers check out and choose Buy Now, Pay Later, they don’t know if they will get a refund if they return their product or whether the lender will help them if they didn’t get what was promised,” Consumer Financial Protection Bureau Director Rohit Chopra said in a statement.

“Regardless of whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations already on the books.”

The CFPB said it has been investigating the BNPL industry for more than two years and often receives complaints about refunds and disputed transactions in such programs. About 13% of BNPL transactions involve a dispute or return, the agency said.

BNPL programs that let customers pay for products over time without paying interest have grown in recent years. A new Federal Reserve Economic Well-Being of U.S. Households report released this week said 14% of U.S. adults reported using Buy Now, Pay Later programs last year — a 2% increase compared with 2022.

Consumers’ top reasons for using BNPL were wanting to spread out payments (87%) and convenience (82%). More than half of BNPL users said it was the only way they could afford to buy what they did.

The CFPB said BNPL programs are advertised as a payment option at checkout, similar to credit cards. They work as digital accounts that link to a company’s web site or mobile app. Merchants are charged transaction fees, similar to credit cards.

The CFPB said BNPL programs fall under the purview of the Truth in Lending Act, requiring lenders to investigate disputes initiated by consumers and pause payments while they are investigated. The act also ensures lenders credit refunds to consumer accounts and provide billing statements.

“President Biden has encouraged his Administration to do everything possible to crack down on corporate rip-offs,” National Economic Council Deputy Director Jon Donenberg said in a statement about the rule. “The Consumer Financial Protection Bureau is answering that call by making sure Buy Now, Pay Later platforms abide by the law, including providing refunds when products are returned or not delivered.”

The interpretive rule comes less than a week after the Supreme Court preserved the current funding structure for the agency, which was established during the Obama administration to enforce federal protections for consumer financial products.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) serves as a pivotal network for secure financial messaging across the globe.

SWIFT underpins international trade and commerce by facilitating reliable and swift cross-border payments.

For corporate treasurers, who grapple with the complexities of managing liquidity and risks across diverse markets, SWIFT’s robust infrastructure is indispensable. It ensures that transactions are not only executed with precision but also adhere to stringent compliance standards.

As businesses expand their global footprint, SWIFT’s role becomes increasingly critical, offering a unified channel to navigate the multifaceted world of international banking.

Trends in SWIFT: The Rise of gpi

The financial landscape is witnessing a transformation with the advent of SWIFT’s Global Payment Innovation (gpi).

This initiative is rapidly setting the new standard for cross-border payments, with over 150 banks worldwide embracing gpi, including major transaction banks.

The gpi framework is designed to address the perennial challenges of speed, transparency, and traceability in international payments.

It offers a real-time tracking feature, the gpi Tracker, which provides corporates with unprecedented visibility into payment statuses, including confirmations upon crediting of beneficiaries’ accounts.

The initiative’s success is evident in the daily exchange of payments worth billions, signifying a paradigm shift towards more efficient and customer-centric banking operations.

As SWIFT gpi moves towards universal adoption, it promises to redefine the treasury operations of businesses, ensuring that cross-border payments are not only faster but also more transparent and predictable.

Legislative Changes and SWIFT gpi Compliance

The regulatory environment surrounding international payments is evolving, with SWIFT gpi at the forefront of legislative changes.

In November 2018, SWIFT mandated that all banks must be capable of receiving gpi messages, including the Unique End-to-End Transaction Reference (UETR), and forward that UETR to the next bank.

This directive ensures that even banks not offering gpi services can participate in the tracking process, thereby maintaining the integrity of the payment chain.

The compliance with these standards is crucial for banks to avoid disruptions in international payments.

Additionally, the Stop and Recall Payment service (gSRP), a part of gpi’s second phase, addresses the need for market standards around the rapid recall of payments, further aligning with legislative requirements for consumer protection.

These compliance measures are not only enhancing the security and efficiency of cross-border payments but also reinforcing the trust that businesses and consumers place in the banking system.

Economic Implications of SWIFT Changes for Businesses

The evolution of SWIFT through its gpi initiative will have profound economic implications for businesses globally.

The enhanced speed and transparency of cross-border payments facilitate quicker settlement times, thereby improving cash flow and reducing the opportunity cost of capital tied up in transit.

This efficiency gain is a boon for businesses, particularly small and midsize enterprises (SMEs), for whom international transactions are critical.

Moreover, the ability to track payments in real-time and the assurance of fee transparency mitigate the risks associated with currency fluctuations and hidden charges, enabling more accurate financial forecasting and budgeting.

The gpi’s ability to carry richer remittance information improves reconciliation processes, reducing administrative overheads and potential errors.

Collectively, these improvements foster a more conducive environment for international trade, encouraging businesses to expand their operations across borders with greater confidence in the financial mechanisms that underpin global commerce.

Future Outlook: SWIFT gpi and Beyond

The gpi initiative is just the beginning of a series of innovations set to revolutionize the financial industry.

The upcoming phases of gpi, including the integration of distributed ledger technology (DLT) for reconciling banks’ nostro databases, signal a commitment to leveraging cutting-edge technology for financial services.

The Stop and Recall Payment service and the gpi COVER service, slated for future release, will further enhance the control and transparency of cross-border payments. With the rapid adoption of gpi by a significant number of banks, the initiative is expected to encompass the majority of global payment traffic, solidifying its position as the new norm.

The focus on improving the quality of payment-related data and the potential for instant payment processing positions SWIFT gpi as a catalyst for a more interconnected and efficient global economy.

The trajectory of SWIFT gpi is bringing about a new era for global finance.

Businesses must embrace these innovations to stay competitive, leveraging the enhanced capabilities for growth and operational excellence.

The future of international payments is here, and it is swift, secure, and user-centric.