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☆ CNBC's Inside India newsletter: What's next for India's regulators?
▼ + stars: | 2024-05-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

People stand in front of a Reserve Bank of India logo at the Global Fintech Fest in Mumbai, India, 5 September, 2023. Instead, there's been a flurry of activity this month at a number of regulators across India's financial system. That frightened bank investors and immediately knocked off more than 3% from the India Nifty PSU Bank index. "RBI has been tightening the screws," Rajeev Agrawal, hedge fund manager and managing partner at DoorDarshi India Fund, told CNBC's Inside India. We also had hedge fund manager Andrew Holland, who spoke on India's infrastructure projects and the outlook for the country's economy.

Persons: Niharika Kulkarni, there's, Nirmala Sitharaman, SEBI, Rajeev Agrawal, Agrawal, Shailendra Singh, India's, they've, Dinesh Kumar Khara, Andrew Holland, Sri Jegarajah Organizations: Reserve Bank of, Global, Securities and Exchange Board of India, Reserve Bank of India, Futures Industry Association, Bombay Stock Exchange, Reuters, India Nifty, DoorDarshi India Fund, Peak XV Partners, Sequoia Capital, CNBC, CNBC Pro, U.S ., State Bank of India, U.S . Federal Reserve, Center Locations: Reserve Bank of India, Mumbai, India, Sequoia, Sequoia Capital India, Southeast Asia, Maldives, Sri Lanka, Sri, Japan, Indian, Chennai

☆ Meet a couple with 5 kids who are barely making it despite working 4 jobs: 'It shocks me that $100k feels like poverty'
▼ + stars: | 2024-05-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

April Schultz, 40, and her husband Kevin, 45, bring in $130,000 a year in gross income combined between their four jobs and side gigs. Still, Schultz said it shocks her that such an income "feels like poverty." "We shouldn't have to have four jobs in one family," Schultz said. She said that while there are job opportunities in her area, most don't pay enough for the area's cost of living. They both anticipate downsizing once their kids have moved out and relocating to a more rural and cheaper place.

Persons: Schultz, Kevin, — Schultz, ALICE —, Stephanie Hoopes, United For ALICE, She's, Louis, she's, there's, We've, they're, they've, hasn't, It's, we've Organizations: Service, Costco, United For, Department of Defense, Scott Air Force Base, Amazon, Netflix, USDA, Aldi, Sam's Locations: California , Arizona, Minnesota, Idaho, Mascoutah , Illinois, St, Illinois, Missouri

Social Security trust fund reserves are projected to be depleted by 2035. The 2023 Social Security and Medicare Trustees annual report projects that the program's trust fund reserves will be depleted by 2035. "It's not that Social Security will disappear completely, but rather, the surplus bucket we rely on is at risk." The average Social Security check for a retired worker is only $1,907 per month, according to the Social Security Administration. Without sufficient action, reduced Social Security benefits might not be able to keep pace with rising costs.

Persons: Emily Millsap, you've, Roth, HSAs Organizations: Social Security, Avantax Wealth Management, Social, Social Security Administration, Workers

Thedieck, now 31, is still in the military, and has gotten an awful lot of what he's wanted ever since. Darren Thedieck, age 31, joined the Air Force at age 18. Saving on a military salaryThedieck was interested in saving and investing long before he joined the Air Force. Right now, though, the plan is for that money to provide a financial "cushion" for the family, Thedieck says. Instead of full retirement after military life, both he and Naudia plan to take off in a new direction.

Persons: Darren Thedieck wasn't, he's, Thedieck, He's, Darren Thedieck, Andrea Ferro, Naudia, Denmark —, he'll, — Warren Buffett, Benjamin Graham, Darren, That's, They're Organizations: CNBC, U.S . Air Force, Air Force, titans, Social Security, Service Credit Union, Apple, Disney, Netflix, Spotify, FIRE Locations: Las Vegas, England, South Korea, Germany, Aviano, Italy, Venice, Denmark, United States

I asked a financial planner how I can grow my passive income since I can't work more in a week. It felt like the only way to continue to expand and earn more money would be to introduce passive income streams. But in 2024, I found myself eager to find a few new passive income streams. "Audit what you're already working with and see how you can turn it into a passive income stream." After a month, I was able to bring in $390 in passive income just through those ads.

Persons: —, I've, Jeff Rose, Rose, it's, It's, you've Organizations: Service

I've been working with wealthy clients for nearly 15 years, and I've noticed a few common habits. I've been advising wealthy clients for nearly 15 years, and I'm often asked for the secret sauce, or the commonalities I see in my wealthiest financial-planning clients that make them successful. My most successful clients lean on us to help them separate those emotions and make sound financial decisions. My most successful clients value receiving comprehensive financial plans specific to their goals and situations. My most successful clients value receiving comprehensive financial plans specific to their goals and situations.

Persons: I've, —, I'm, that's, they've, doesn't Organizations: Service, Everest, Google, Jobs, Relief, Economic Security Locations: Policygenius

☆ 39-year-old self-made millionaire: 7 frugal habits I will never give up, no matter how much money I have
▼ + stars: | 2024-05-15 | by ( Bernadette Joy | ) www.cnbc.com time to read: +6 min

I made a plan, paid off my debt in three years and ultimately became a millionaire in my thirties. Today, I run a coaching business called Crush Your Money Goals, where I teach others how to make their money work for them. Regardless of how much wealth I continue to build, these are seven frugal habits that I don't intend to quit— no matter how much money I have. I've even repurposed those extra toothbrushes and toothpastes to clean my shoes when they've gotten dirty from long walking tours. Why these frugal habits will always mean so much to me

Persons: I'm, Bernadette Joy, It's, I've Locations: Charlotte , North Carolina, Asia, Seoul

I always tell my financial planning clients to keep an emergency fund — but I don't keep cash on hand. We recommend keeping that money in a highly liquid vehicle, like a high-yield savings account or money market account. Your priority for your emergency fund should be access and safety, not returns. I have a much more intricate understanding of market risk and the impact of market downturns. The rule I refuse to break: Save (at least) 25% of gross incomeI urge my financial planning clients to prioritize their savings and investments.

Persons: —, We've, It's, what's, doesn't Organizations: Service

☆ Disruptor 50 #4: Brex Co-CEO talks using AI to streamline company finances
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDisruptor 50 #4: Brex Co-CEO talks using AI to streamline company financesPedro Franceschi, Brex Co-CEO, joins 'Closing Bell Overtime' to talk how his company uses AI to streamline corporate finances, how they benefited from the SVB collapse and more.

Persons: Pedro Franceschi, Brex

☆ Menendez defense lawyer denies bribery scheme and says gold bars found at senator’s home belonged to his wife
▼ + stars: | 2024-05-15 | by ( Holmes Lybrand | Gregory Krieg | ) edition.cnn.com time to read: +7 min

Menendez is not running for reelection in next month’s Democratic primary but has said he would consider an independent bid should he be exonerated. “Evidence will show Nadine’s family had a lot of gold,” Weitzman said, asserting that she did not discuss money with the senator and kept financial problems she had from him. Weitzman also said the gold bars were found in Nadine’s locked closet, which the senator didn’t have access to. The potential jurors – an array of New Yorkers, including pastors, a standup comedian and amateur musicians – were pressed on whether they could be unbiased and fairly consider testimony from law enforcement officers or convicted criminals. One potential juror spoke about being a “news junkie” who couldn’t sit on the trial because “I’ve learned about the case significantly.

Persons: CNN — Sen, Bob Menendez’s, “, ” Menendez, Avi Weitzman, Nadine, Menendez, Wael Hana, Fred Daibes, Donald, Lara Pomerantz, “ Robert Menendez, ” Pomerantz, Nadine Menendez, Weitzman, ” “, ”, ” Weitzman, Menendez “, ” Nadine, didn’t, Hana, whittle, “ I’ve, Sidney Stein, they’ve, ” Stein, Bob Menendez, Stein, Robert F, Kennedy Jr, I’m Organizations: CNN, New, New Jersey Democrat, Jersey businessmen, Democratic, United, White House, Egypt’s Ministry of Foreign Affairs Locations: Manhattan, New Jersey, Egypt, Qatar, Jersey, Egyptian American, United States, Lebanon, Paris

☆ I pay $1,450 a month to live on a houseboat in Toronto—'the best decision I ever made': Take a look inside
▼ + stars: | 2024-05-14 | by ( Kate Fincham | ) www.cnbc.com time to read: +6 min

Buying a houseboat: 'It felt like the perfect place for me'I visited one of the houseboats the following week. Moving aboard: 'The best decision I ever made'Going straight into a Canadian winter as a houseboat novice is generally considered a poor decision. Three years later, I regard buying my houseboat as the best decision I ever made. Courtesy of Kate FinchamMy bathroom has a typical residential toilet (which flushes into a holding tank below) and a bathtub. This area acts as my living room, dining room, and office, and features a wood stove and sliding glass doors that exit onto my back deck.

Persons: I've, I'd, Kate, Kate Fincham, Charlie, Finn, it's Organizations: Swans, Insurance Locations: Toronto

☆ Kapital: 2024 CNBC Disruptor 50
▼ + stars: | 2024-05-14 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

Small businesses dominate the global economy, and yet few banks focus on lending credit to this underserved demographic. According to the World Bank, small and medium-sized businesses make up 90% of global companies but only get 10.5% of total bank credit available. Even those that do get bank credit often don't have the kind of robust business management platform that large enterprises have. It gives businesses access to capital through revolving credit lines and business credit cards, while its business management platform provides real-time visibility into operations, cash flows, management of loans, payroll, benefits and invoicing. "That's what we're fixing — we give them visibility of their finances," Rene Saul, who co-founded Kapital with Fernando Sandoval in 2020, told TechCrunch.

Persons: Rene Saul, Fernando Sandoval Organizations: World Bank

☆ Russia's economy can't avoid a crisis forever and it's becoming more vulnerable to shocks, think tank researcher says
▼ + stars: | 2024-05-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewRussia's economy is fragile and policymakers won't be able to stave off a crisis for very long, a think tank researcher argued in a post on Tuesday. AdvertisementRussia's economy has flashed key signs of weaknesses since the West first began imposing sanctions on the nation in 2022. And high interest rates, necessitated by all that inflation, stifle investment in productivity and further distort the economy," Kolyandr said. AdvertisementOther experts have noted that Russia faces a dilemma as it juggles managing its economy and prolonging its war against Ukraine. According to one European economist, the nation has become dependent on war for economic growth, and it can't afford to win or lose the war.

Persons: —, Alexander Kolyandr, Kolyandr, Putin Organizations: Service, Centre for, Kremlin, Business Locations: Russian, Ukraine, Central, Russia, West, Europe

☆ Debt — and delinquencies — are on the rise for Americans
▼ + stars: | 2024-05-14 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

New data released Tuesday by the Federal Reserve Bank of New York showed that as household debt balances grew during the first quarter, delinquencies also marched higher. Notably, the percentage of credit card balances in serious delinquency (90 days or more late) climbed to its highest level since 2012. The transitions into delinquency — especially serious delinquency — increased across all debt types, according to the report. Overall household debt grew by 1.1% during the first quarter to $17.69 trillion, according to data that is not adjusted for inflation. Credit card balances dipped (as they typically do post-holidays) by $14 billion to $1.12 trillion.

Persons: delinquencies, Joelle, Delinquencies Organizations: CNN, Federal Reserve Bank of New, “, Public Policy Research, New York Fed, Credit Locations: Federal Reserve Bank of New York, York, New

Smarter grids, like Chattanooga's, are just part of what it will take to modernize the American grid in the coming decades. A troubled transition to renewable energyOffshore wind farms are one of the growing areas of renewable energy. And the Edwards & Sanborn project, the US's largest solar energy and energy storage project in California, came online in January. Renewable energy is not only cleaner than fossil fuels but also often less expensive. Breaking down barriersThe US grid isn't designed for fluctuating renewable energy, so much of it goes to waste because clean-energy projects can't connect to the grid.

Persons: Kevin Schneider, Harris, Joe Rand, Joshua Rhodes, barleyman, Edwards, Rand, Philip Odonkor, Seib, headwinds, Julia Bovey, Ørsted, Bovey, Paul Denholm, We'll, Denholm, There's, PATRICK T, FALLON, we're, Schneider, We've, EPB, MISO, it's Organizations: Infrastructure, Service, Pacific Northwest National Laboratory, Nationwide, Biden, Lawrence Berkeley National Laboratory, University of Texas, Renewables, Sanborn, of Systems, Enterprises, Stevens Institute of Technology, Trump, Fork, Eversource Energy, National Renewable Energy Laboratory, Getty, Infrastructure Law Locations: Chattanooga , Tennessee, Chattanooga, EPB, Austin, Maine, North Carolina, California, United States

☆ Do You Have a Question About Money? Ask Us.
▼ + stars: | 2024-05-13 | by ( Mike Dang | More About Mike Dang | ) www.nytimes.com time to read: 1 min

Whether you’re a young person learning how to manage your finances for the first time or a seasoned retiree hoping to get expert advice to guide you through your golden years, we want to hear from you. Feel free to ask us anything — no matter how simple or complicated you think the question may be. We won’t publish your name or any part of your submission without contacting you first.

Persons: you’re

☆ My wife and I have been married for 37 years. We've gone on date nights every single week.
▼ + stars: | 2024-05-13 | by ( Craig Stoltz | ) www.businessinsider.com time to read: +4 min

My wife Pam and I have been married for 37 years. Strictly speaking, it applies only to being married to Pam, but I hope it is sufficiently generalizable to other situations. But date night is the best investment we can make in our marriage. Date night is mutual attention. I wonder how many hours we've spent on date night?

Persons: Malcolm Gladwell, Pam, I've, It's, we've, —, He's, I'm, Arnold Palmer Organizations: Service, Business, Google Locations: That's

GameStop shares rallied more than 40% in premarket trading Monday after "Roaring Kitty," the man who inspired the epic short squeeze of 2021, posted online for the first time in roughly three years. Roaring Kitty, whose legal name is Keith Gill, is a former marketer for Massachusetts Mutual Life Insurance. Currently, the short position in GameStop shares amounts to more than 24% of all its shares that are freely-available to trade, also known as the float. In response, one Robinhood user filed a class-action lawsuit following the app's decision to restrict GameStop trading on its platform. Another class-action lawsuit brought against Gill alleged that he pretended to be a novice trader despite being a licensed professional.

Persons: Roaring Kitty, Keith Gill, Gill, Capital, Ken Griffin's, Robinhood, Melvin Capital, Paul Dano Organizations: GameStop, Massachusetts Mutual Life Insurance, Ken Griffin's Citadel, Citadel Locations: Reddit

☆ A 62-year-old boomer without a college degree can't land a higher-paying job — and she doesn't see herself ever being able to fully retire
▼ + stars: | 2024-05-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

She anticipates having to work part-time in retirement to supplement Social Security. And I was always counting on Social Security, knowing I can't live on it only, but I just thought it would be more than what it's going to be." Crystal has just over $70,000 in savings, according to documents verified by BI, and she anticipates getting around $1,200 a month in Social Security. AdvertisementIt means that a lot of them will primarily rely on Social Security — and the program is projected to no longer be able to pay out full benefits by 2035 unless Congress intervenes. Related storiesCrystal said that with all of her daily expenses, her finances are strained, and she doesn't think she'll ever be able to fully retire.

Persons: didn't, —, Crystal —, that's, she's, She's, I've, Crystal, they're, Diane Senffner, Senffner, — Crystal, I'm Organizations: Social, Service, Business, Social Security, BI, AARP, Alliance, Lifetime, Security, Bills, Wall, Walmart

☆ Trump's 'multi-tasking' defense is falling apart in court
▼ + stars: | 2024-05-12 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

AdvertisementThis is one of the arguments Donald Trump's lawyers have advanced in his defense for his hush-money trial: Trump didn't do anything wrong. Cohen met with Allen Weisselberg, the now-former Trump Organization CFO, in January of 2017 to hash out how he'd get reimbursed by Trump and the Trump Organization, according to records shown at trial. Occasionally, he'd write "VOID" on one he didn't want to be paid, according to Trump Organization employee Deborah Tarassoff. If Trump had a question about a check, he'd talk with a Trump Organization employee about it, Westerhout testified. Advertisement"Am I correct that when he would sign checks, he was often multitasking?"

Persons: —, Donald, Trump, Michael Cohen, reimbursing Michael Cohen —, Stormy Daniels, Daniels, Cohen, Hope Hicks, Hicks, Susan Necheles, Madeleine Westerhout, Necheles, Westerhout, he's, — Trump, Allen Weisselberg, he'd, Weisselberg, Jeffrey McConney, Trump's, Keith Schiller, Deborah Tarassoff, Tarassoff, Rhona Graff, Donald Trump, Westerhout didn't, Rebecca Manochio, Manochio, Graff, what's Organizations: Service, Business, FBI, The Manhattan, Attorney's, Trump Organization, Wall Street, Trump, Washington Post, FedEx, White, Manhattan, New York Locations: United States, New York, North Korea, Russia, Manhattan, Washington, DC, New York City, Westchester

☆ I gifted myself an adult gap year for my 30th birthday. I've never been this happy and I'm the most broke I've ever been.
▼ + stars: | 2024-05-12 | by ( Jane Zhang | ) www.businessinsider.com time to read: +8 min

I immigrated to Canada from Nigeria when I was 22 for my master's degree and started working right after graduating. I had thought about starting my own clothing brand for years, so I started working on ideas for that too. One of the biggest things I'm taking away from this sabbatical is realizing that a lot of things are not that serious. I've never been this happy, and I'm the most broke I've ever been. AdvertisementIf you took a sabbatical and would like to share your story, email Jane Zhang at janezhang@businessinsider.com.

Persons: Alma Rex, Ezonfade, —, I'm, would've, I'd, what's, I've, Jane Zhang Organizations: Service, YouTube, Google, Abbey Locations: Toronto, Canada, Nigeria, Caribbean, Europe, Punta Cana, janezhang@businessinsider.com

☆ From the boardwalk to the altar: T-shirt, shorts, bikinis and boot sellers are now dressing brides
▼ + stars: | 2024-05-12 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +8 min

“The move into wedding wear makes sense so long as it’s not a distraction from their core business,” Stichter said. “For these bridal collections to land with Gen Z, It’s important that these brands tap into the way that Gen Z shops. Gen Z is always online, but 97% of US Gen Z still shop in-store,” Rees said. With wedding dresses in particular, one trend that emerged during the pandemic was the popularity of black wedding gowns. Boot Barn has a new western-themed wedding collection of bridal dresses, cowboy boots, hats and accessories priced mostly at $400 and below.

Persons: Gen Zers, Taylor Swift, ”, Janine Stichter, Millennials, ” Stichter, ” Carey Collins Krug, “, won’t, Allyson Rees, Gen Z, ” Rees, Gen, they’re, Rees, it’s, ” Lisa Zlotnick, “ There’s, Isha Nicole, ” Nicole Organizations: New, New York CNN, Abercrombie, Fitch, Abercrombie & Fitch Co, CNN, “ Locations: New York, California, Los Angeles, Las Vegas

☆ A couple who moved 15 times in 25 years says Taiwan was the best place for their finances but moving so often took a toll
▼ + stars: | 2024-05-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewBecky Martin and her husband, Craig Schmidt, recently set a record as a couple: They've lived in the same place for nearly five years. In the roughly 25 years they've been together, they've moved 15 different times across Canada and Taiwan, Martin, 45, told Business Insider via email. An old college roommate of Martin's had moved to Taiwan and recommended she do the same to take advantage of the country's lower cost-of-living. Several moves and over two decades later, Martin said relocating so often took a significant toll on their finances. Moving to Taiwan was great for their finances — but came with downsidesMoving to Taiwan helped the couple pay off debt, but being far from Canada came with some challenges.

Persons: —, Becky Martin, Craig Schmidt, They've, they've, Martin, It's, Martin's, they're, Schmidt, Becky Martin Martin, Kitchener, Craig Organizations: Service, Business Locations: Canada, Taiwan, Burlington , Ontario, Asia, Stratford , Ontario, Kitchener, Toronto, Japan, South Korea, Singapore, China, Philippines, Thailand, Vietnam, Malaysia, India

☆ Trump could face a $100 million tax bill after the IRS says he tried to write off the same losses twice on his Chicago skyscraper
▼ + stars: | 2024-05-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Read previewFormer President Donald Trump could face a $100 million tax bill after the IRS said he twice sought to write off the same losses on his struggling 92-story Chicago skyscraper, according to a New York Times and ProPublica report. In the IRS inquiry, acquired by The Times and ProPublica, the agency said Trump tried to claim tax benefits from financial losses associated with the project and that he practically wrote off those losses twice. Trump's first tax write-off for the Chicago tower came in his 2008 tax return, when sales at the building faltered below expectations. AdvertisementIn that year's tax return, Trump noted that he lost up to $651 million on the project, according to The Times and ProPublica. AdvertisementAfter looking at the inquiry, The Times and ProPublica — and tax experts — concluded that the revision pursued by the IRS would give Trump an updated tax bill exceeding $100 million, excluding any additional penalties.

Persons: —, Donald Trump, Trump, Trump's, ProPublica, Eric Trump, Jean Carroll, Carroll Organizations: Service, New York Times, Trump International, Tower, Chicago Sun, Times, Business, The Times, IRS, Trump, Trump Organization, Chicago, Prosecutors Locations: Chicago, Tower Chicago, New York

☆ NBA Champion Dwyane Wade says it took years to learn how to manage his millions: 'I had never really handled more than $500 at a time'
▼ + stars: | 2024-05-11 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

With three NBA championships and close to $200 million in career earnings to his name, Dwyane Wade knows a thing or two about being a successful professional athlete. But the 13-time All-Star says it took him years to feel like he knew what he was doing when it came to his finances. Wade, who was drafted by the Miami Heat when he was 21, says that it took him more than half a decade in the NBA "to even start to understand" how to manage his millions. "I came into the league as someone who had never really handled more than $500 at a time, and [suddenly] I'm making millions of dollars," Wade says. Knowing who to take money advice from was difficult when he himself knew "nothing at all" about the subject.

Persons: Dwyane Wade, Wade, Caitlin Clark Organizations: CNBC, Google, Miami Heat

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