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New for Business Insider: Mai-lan Phan, 37, and her husband, Ryan Wagoner, 36, reached financial independence, but neither wants to fully retire early. They reached a total net worth of $4.1 million, including their two homes, from working high-paying jobs, cutting back on spending for most expenses, and avoiding lifestyle creep. Phan left dentistry full-time after experiencing nerve pain and having her son, working part-time while Wagoner works full-time. They live modestly and save for their family's future, though they still go on vacations and to Seahawks games. "Financial independence is not having to work full-time and the freedom to be able to send my child to full-time preschool, 40 hours a week, and come home and be able to do the things that I want to do," Phan said.

New for Business Insider: After a four-year legal dispute over the status of ride-hailing drivers in Massachusetts, Uber and Lyft agreed via a settlement to pay a minimum rate of $32.50 an hour for time spent completing a ride. Massachusetts also won paid sick leave, improved accident insurance, and a health insurance plan for drivers who work 15 or more hours a week. Both companies said they would stop supporting a ballot initiative to set drivers' classification as contractors in stone. The new minimum rate only applies to time spent actively picking up a rider or taking them to their destination, meaning if a driver waits for a ride for half the time, their pay drops to $16.25 an hour. Also, Massachusetts drivers will be considered independent contractors, meaning they will not receive all the protections of employees. Sergio Avedian, senior contributor at The Rideshare Guy, said up to 80% of drivers prefer to remain independent contractors, citing driver surveys he helped run.

New for Business Insider: Janet Sussman had her eyes set on her dream home: a cabin in the woods of upstate New York. But after a series of catastrophes, she decided to move far from the US to the coast of Panama. In 2006, her son died in a construction accident, six months after her husband had a major stroke. Sussman scrambled to return to school, take up multiple jobs, and move so her husband could live out his last years peacefully. After years of stress, she decided to relocate to Panama in 2012. Living costs are much cheaper, people are much more respectful and less overworked, and the country's nature is what she desired. After working as a teacher for a few years, she now house-sits full-time, traveling the country while making some money. "We all have tragedies in our lives, and we need those," Sussman said. "If not, you don't appreciate the good things, and that's why I think I have such a child-like awe of my travels."

New for Business Insider: Many Americans started their financial independence journeys later in life but are on pace to meet their early retirement goals. While much attention in the community is devoted to those retiring well before 65 or starting their journeys young, Gen Xers told Business Insider they're working to draw attention to "late bloomers" who dug themselves out of years of debt or only started budgeting midcareer. Late starters told BI they could still achieve many of their financial goals despite years of financial instability. All said it took years of hard work to get back on track, though they agreed their strategies aren't out of reach for many Americans. "As a late starter, you feel isolated, you feel ashamed, you don't want to tell anybody you're not good at talking about money," one source said. "Late starters don't feel spoken to in the financial independence movement, and that's when they discover us. They all universally say, I found my tribe."

New for Business Insider: Thousands more one-person businesses are reaching the coveted million-dollar earnings number — and it may continue to rise. A Business Insider analysis of nonemployer businesses — those that are run solely by their owners with no other paid employees — found that between 2020 and 2021, the number of nonemployer businesses with revenues of at least $1,000,000 skyrocketed from just under 47,000 to nearly 58,000. The 2021 numbers are the most recent from the US Census Bureau. This number had been steadily increasing since the Census Bureau started tracking it in 2012, when it was about 31,800. The 2020 to 2021 increase was the largest year-over-year increase since 2012.

New for Business Insider: Drivers, riders, and gig economy experts told BI that historical tipping norms, rising fares, inconsistent driver service, and the fact that Uber originally launched without a tipping feature could be contributing to lower tips. However, while many drivers are testing new strategies to increase the frequency of receiving tips, others are giving up. Some told BI they've stopped going the extra mile because their prior efforts rarely paid off. Ride-hailing drivers told Business Insider that customer tips are hard to come by. An analysis of over 500,000 US gig drivers provided to BI by Gridwise, a data-analytics company that helps drivers track their earnings, found that 28% of Uber and Lyft trips got tips in the first half of this year, compared to over 70% of food-delivery and grocery trips. Nine ride-hailing drivers shared what strategies have helped them land tips and why sometimes providing good service is not worth the effort. Some drivers requested partial anonymity due to fear of professional repercussions.

New for Business Insider with Juliana Kaplan: It's no secret that Americans have been feeling the pinch of inflation everywhere they go — but daily essentials are only getting pricier. It could be making workers feel even worse. The latest report from research organization United For ALICE — which tracks asset-limited, income-constrained, but employed Americans — looks at how the costs of basic essentials are rising. ALICE Americans make above the federal poverty level but not enough to comfortably afford all their daily expenses, often making too much to qualify for government assistance. The ALICE Essentials Index, which includes housing, childcare, food, transportation, healthcare, and technology costs, has risen by a projected 7.3% annually from 2021 to 2023; comparatively, CPI has risen by 6.1%.

New for Business Insider: As St. Louis continues its guaranteed basic income pilot, two residents are suing to cut the program's funding. The lawsuit alleges that the city's plan to give low-income families $500 a month is unconstitutional in the state of Missouri. Submitted to a circuit court on June 13, the lawsuit claims that it is a Missouri Constitutional violation for local leaders to give cash to residents in the form of basic income. The suit cites a clause in the state's Constitution that prohibits all municipalities and political corporations from granting "public money or property to any private individual." The plaintiffs, Greg Tumlin and Fred Hale, are both St. Louis residents. In a statement to Business Insider via his attorney, Tumlin said St. Louis cannot give individuals cash because they have "not performed a service for the city or sold any goods" that would warrant payment from the city.