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Read previewThis as-told-to essay is based on a conversation with Caitlin J., 42, about her experience living in a Southern California bomb shelter. After living on the East Coast for a while, I moved back to Southern California this year. In most Southern California neighborhoods, home prices typically start in the high five to seven figures. The bomb shelter occupies about three-quarters of an acre and spans 1,100 square feet. The first couple of nights in the bomb shelter, I slept for like 12 hours.
Persons: , Caitlin J, wasn't, Caitlin, I've, I'm, It's, homeownership Organizations: Service, Business Locations: Southern California, Long, East, California, It's, United States, RVs,
Jhonathan Vazquez moved from Houston to Tulsa, Oklahoma, in 2021. My wife found a program called Tulsa Remote, which is a $10,000 stipend to bring remote workers to the city. AdvertisementI saw the acceptance rate for the Tulsa Remote program was low, but I figured we had nothing to lose. The Tulsa Remote program wanted people who wanted to be a part of Tulsa's community. Tulsa Remote helped set me up with the connections to start my company.
Persons: Jhonathan Vazquez, Vazquez, he's, , I'm, Chandler, We're, We've, we've Organizations: Service, Titan, Tulsa, Tulsa Remote, Jhonathan Vazquez Tulsa Locations: Houston, Tulsa , Oklahoma, Houston , Texas, USA, Tulsa, Everything's, Dallas, Mexico
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
"So looking at even a $150,000 price tag for a house, you're just like, when is that ever going to happen?" In the fourth quarter of 2019, millennials held $3.5 trillion in real estate wealth; as of the fourth quarter of 2023, that's more than doubled. Average millennial wealth doubled between 2019 and 2023, according to an analysis from the Center for American Progress. For example, Gen Xers' real wealth grew by only 4% in the four years following 2007's Great Recession. Baby boomers' real wealth grew by 46% in the four years after the 1990 recession.
Persons: , James Barnes, Barnes, you'd, millennials, Khary, Gen Xers, boomers, Joe Biden, Biden, didn't, Amanda, Rob Gruijters, They're, there's, Caitlin de Oliveira, she's Organizations: Service, Navy, BI, Center for American Progress, University of Cambridge, Research Locations: Lawrenceville , Georgia, Atlanta, Alabama, , Texas
But it's not a decision one should make on whim; multiple factors can easily complicate the process, experts say. But in most cases, the U.S. buyer will need to open a bank account in the country they're buying real estate. 'Understand what your needs are'It will be important for you to "understand what your needs are," Boisson Aries said. "Buying these direct properties for that purpose is something that comes with far more risks than people realize," he said. And if you do decide to use the property for rental or commercial use, you may have additional tax burdens in that country, Boudreaux said.
Persons: Jude Boudreaux, it's, Boudreaux, Bojan Mujcin, Mujcin, Erin Boisson Aries, Douglas Elliman, Boisson Aries Organizations: Planning, Coldwell, CNBC, Sotheby's Locations: New Orleans, U.S, Barcelona, Costa Brava, Spain
CNBC Make It asked locals in their 20s and 30s living in New York and LA about how much they pay in rent — and if they think it's actually worth the money. Mia pays $3,500 per month for a 2-bedroom apartment in Manhattan that she shares with a roommate. "I pay way too much, but it is a beautiful apartment," she tells CNBC Make It. Outside of Manhattan, rent isn't much more affordable. "If I lived in [Manhattan], I'd probably be spending $4,000 to $5,000 for what I have now," Shane adds.
Persons: Zumper, Mia, It's, Shane Organizations: CNBC Locations: New York, Los Angeles, LA, NYC, Manhattan, Bronx, New York City
Federal authorities on Friday charged Fat Brands and its chair Andy Wiederhorn of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Fat Brands, Wiederhorn and a few other people were criminally indicted by a federal grand jury in Los Angeles for wire fraud, tax evasion and other counts related to the alleged scheme. "These charges are unprecedented, unwarranted, unsubstantiated and unjust," Fat Brands counsel Brian Hennigan said in a statement. As chief executive of Fat Brands, Wiederhorn, 58, allegedly directed the company to loan its own funds to him, with no intention of ever paying the "sham" loans back, according to the indictment. He also did not report any of the so-called loans from Fat Brands as income, according to the indictment.
Persons: Andy Wiederhorn, Johnny, Brian Hennigan, Wiederhorn, overreach —, Nicola Hanna, Wiederhorn's, Thayer, Ron Roe, Rebecca Hershinger, William Amon Organizations: Brands, Johnny Rockets, U.S . Securities, Exchange Commission, Fat Brands, SEC, Fog, Wiederhorn Locations: Los Angeles, Oregon, U.S
She was my best friend and now celebrating holidays like Mother's Day hurt so much. AdvertisementOnly two years ago, Mother's Day was a wonderful, beautiful holiday. They announced families were invited to an upcoming Mother's Day brunch and she wanted to show off her family to her new friends. Related storiesI was there every day of her nightmarish 50-day stay, visiting the hospital twice a day to meet with her medical team. No holiday has been the same since 2022 and Mother's Day is particularly painful.
Persons: , She'd, doesn't Organizations: Service
First-class travel has exhibited special strength, though management noted that can be tied in part to a resurgence of business trips. People taking these loans are more likely to be lower-income with no more than a high school diploma, Lanier said. Daniel Acker | Bloomberg | Getty ImagesFrozen food maker Tyson Foods has seen consumers shifting more to eating at home than the quick-service restaurants it supplies. It's also important to remember that lower-income Americans were feeling financial pressures before the pandemic, said Tyler Schipper, an associate professor of economics at the University of St. Thomas in Minnesota. Airbnb touted interest in travel to events like the Paris Olympics and the European Cup in Germany this summer.
Persons: there's, It's, Christophe Le Caillec, underscoring, Blair Lanier, Lanier, McDonald's, Tyson, Daniel Acker, Tyson Foods, Stanley Black, Decker, Jane Fraser, CNBC's Sara Eisen, Fraser, Nancy Lazar, Piper Sandler, Tyler Schipper, Thomas, Schipper, Eric Thayer, We've, Cliff Pemble Organizations: TSN, American Express, Federal Reserve, CNBC, People, University of Michigan, San Francisco Federal Reserve, U.S, PepsiCo, Bloomberg, Getty, Tyson, Management, Adobe Analytics, Furniture, Citigroup, University of St, Airlines, Delta Air Lines, JetBlue Airways, Caribbean . Booking Holdings, Paris Olympics, European, Ticketmaster, Cedar Fair, Flags, Wayfair, Garmin Locations: America, U.S, Minnesota, New York, Germany, Valencia , California
But there's one place they're notable absent: your credit report. Earlier this year, Apple became the first major BNPL provider to start reporting all user account information to a credit reporting agency. Providers including AfterPay, Affirm and Klarna already report some loans to the credit bureaus and experts say more are likely to follow, paving the way for a consumer's BNPL history to factor into their credit history and ultimately their credit score. (One of the main aspects of a credit score comes down to your history of paying bills on time.) When BNPL credit reporting could sting
Persons: Klarna, Liz Pagel, BNPL, Wells, Tim Quinlan, Ethan Dornhelm, TransUnion's, Silvio Tavares, Tavares, Pagel Organizations: Apple, Adobe Analytics, CNBC, Finance Locations: TransUnion, Wells Fargo
Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.
Persons: Cathy, ALICE, , Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St
‘Aha’ momentCynthia Wilson and her husband Craig Bjork relocated from the US to Marinha Grande, situated in the Leiria District of Portugal, just over two years ago. Community spiritThe couple celebrate Wilson's first birthday in Portugal with friends. “My Portuguese friends taught me that you have to first recognize their humanity,” says Wilson. There’s no place for that.”Wilson has warmly embraced the Portuguese way of life, particularly the focus on food, which has long been a big part of her life. Doing something odd.”Wilson and Bjork say that they’ve had “zero problems” since relocating to Portugal and couldn’t be happier.
Persons: CNN — They’d, Cynthia Wilson, Craig Bjork, Wilson, , I’ve, ” Wilson, , Bjork, , it’s, Wilson's, , Cynthia Wilson “ Retirement’s, that’s, I’m, hasn’t, ” “, , they’ve, Dulce Silva, Sérgio Carvalho, grandly, Rainha Joia, Maria da Silva, Cynthia Wilson Wilson, “ There’s, couldn’t Organizations: CNN, CNN Travel, Facebook Locations: Portugal, Europe, Seattle, Estonia, Marinha, Leiria District, Lisbon, Kansas, Wichita , Kansas, Marinha Grande, Porto, Algarve, San Francisco, Manhattan, Florabela, America,
In the intervening 33 years, how young adults spent their money changed dramatically. Millennials are spending a lot more on healthcare and rented housingHealth insurance spending stands out between the average young adult in 1989 versus in 2022. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989.
Persons: , Harry Met Sally, millennials, Gen Zers, Grace Hill, Gen Organizations: Service, Nintendo Game, Business, Bureau of Labor Statistics, Labor, BLS, Pew Research Center, CPI, Gallup Locations: Millennials
New York CNN —The American dream of homeownership is looking more like a nightmare. With inflation heating up again, the Federal Reserve is in no position to consider lowering interest rates at its upcoming meetings. That’s according to a New York Fed survey gauging consumers’ expectations of the housing market, released Monday. Consumers are gearing up for even bigger increases compared to the expected rise in mortgage rates over the next year, the New York Fed survey found. The issue of rent affordability is particularly pronounced in New York City, where housing costs have always been notoriously high compared to other parts of the country, absent a brief respite during the pandemic.
Persons: That’s, Kenny Lee, Aditya Bhave, Neel Kashkari, Bhave, ” Bhave, , Perdue “, , Read, TikTok, Joe Biden, Brian Fung, Bytedance Organizations: CNN Business, Bell, New York CNN, Federal, New, Fed, Zillow, Bank of America, CNN, Minneapolis, Bloomberg, United States Department of Labor, Seaboard Triumph Foods, Perdue, Labor Department, Seaboard, Labor, Packers Sanitation Services, Appeals, District of Columbia Circuit Locations: New York, New York City, Fayette, DOL, Sioux City , Iowa, Accomac , Virginia, China
Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest. The findings are part of a recent CNBC/Generation Lab survey that polled 1,033 people between the ages of 18 and 34. When asked where in their budget inflation affected them the most, respondents choose food by a significant margin:Food: 54%54% Rent: 22%22% Discretionary spending: 10%10% Health care: 6%6% Utilities: 5%Overall inflation has cooled off since its 9.1% year-over-year peak in June 2022, but it continues to rise at a 3.5% year-over-year pace as of March, according to the most recent data available from the consumer price index, which tracks the price of goods and services over time. Higher borrowing costs are another factor leading to younger people feeling strained, as the average credit card balance for Gen Z and millennials increased 62% and 50%, respectively, between March 2022 and February 2024, according to a recent Intuit Credit Karma survey.
Organizations: CNBC, Intuit, Karma
His wife, a teacher, had been to China before and realized she could get a visa to teach at an international school there and bring Scott along. The school that hired her also hired Scott, and the two put their lives in the US on hold and relocated to China. His wife got a job as a teacher at an international school, and the two moved to China on her visa. Related storiesBefore moving to China, the couple paid $1,900 a month in rent in Arizona. He said their internet bill was $130 a month, their cellphone bill was $70, and their electricity bill was $100.
Persons: Scott Vleeschouwer, weren't, Scott, Vleeschouwer, it's, they've, China Vleeschouwer, DiDi —, He's, they're Organizations: Service, China's, Business Locations: China, Shenzhen, Maryland, Roanoke , Virginia, San Antonio, Phoenix, Mexico, Beijing, Shanghai, India, Hong Kong, Philippines, Indonesia, Kenya, Southeast Asia, Arizona, They've
Although my Platinum Card® from American Express charges a $695 annual fee, I find it saves me money. That's why it may be surprising to learn that one of my biggest travel game-changers involves spending money with a travel credit card. Like the 41% of Americans with a travel card, I use mine to save money on hotels, flights, and more. Although the $695 annual fee for my American Express Platinum Card seems steep at first glance, it's actually saved me money in the long run. My American Express Platinum Card gives me access to the Centurion LoungeI love enjoying delicious complimentary food in the Centurion Lounge.
Persons: I'm, it's, Emily Hart, Uber, Uber Cash, Cash Organizations: American Express, Uber, American, Disney, ESPN, The New York Times, Fine, Clear Plus, TSA, Saks, Saks Fifth Locations: Hulu, Waikiki, U.S
The couple is part of a growing number of Americans who live above the federal poverty line but struggle to afford basic necessities. The poverty line isn't adjusted to reflect cost-of-living differences in individual cities or states and is set at $20,440 a year for a family of two. Binkley is trying to "make ends meet," hopes to leave Minnesota one dayPrimarily, Binkley said she struggles with her rent and utility bills. AdvertisementFor food, Binkley said she is especially thankful for her local food pantries, where she often goes to pick up canned goods. "That is one thing that keeps driving me to make my payments, get things caught up, and set a little bit aside each week or each month, Binkley said.
Persons: , Melinda Binkley, she's, Binkley, doesn't, ALICE, She's Organizations: Service, Business, Survey, United Way's, Medicare Locations: Stillwater , Minnesota, Minnesota, Idaho
Shares of Wynn Resorts popped 2% in after-hours trading Tuesday after the casino operator reported stronger-than-expected quarterly results, driven by the Super Bowl in Las Vegas and the recovery in China's Macao region. Macao It was a double beat in Macao, with both properties (Wynn Palace and Wynn Macao) reporting revenue and profit results better than Street expectations. Las Vegas Las Vegas put up a record first quarter of adjusted property EBITDAR. The Wynn Las Vegas resort and casino at dusk in Las Vegas, Nevada, US, on Monday, May 8, 2023. Wynn Resorts Ltd. is scheduled to release earnings figures on May 10.
Persons: We're, , DraftKings, Wynn, Jim Cramer's, WYNN, Jim Cramer, Jim, Bridgett Bennett Organizations: Wynn Resorts, Super, LSEG, Vegas Sands, MGM Resorts International, Wynn, Vegas Las, Super Bowl, Management, CNBC, Wynn Resorts Ltd, Bloomberg, Getty Locations: Las Vegas, China's Macao, Las Vegas , Boston, Macao, China, Vegas, Wynn Macao, Vegas Las Vegas, Boston, UAE, Las Vegas , Nevada
Gig work, in particular ride-hailing for companies like Uber and Lyft, is getting more popular. AdvertisementMore and more Americans are taking up gig work for companies like Uber and Lyft — in part because some have fewer options to land high-paying jobs. Additionally, BofA found that people with ride-hailing income earned, on average, more a month than those who did delivery gig work. Vacation rental was the highest-earning gig BofA measured, but this is only accessible to people with a home to rent out. While some young people could value the supplementary income gig work can provide — particularly if they're struggling to pay the bills — others may end up disappointed.
Persons: Uber, , Lyft, BofA, it's, they've, Kate Bahn, X, Gen, they're Organizations: Service, Bank of America, Bank of America Institute, Bureau of Labor Statistics, Institute for Women's, Research, Atlanta Fed, millennials
Schrock said Steward has real value, despite carrying a $9 billion debt load. “It never really stabilized the company,” Schrock said. Steward is putting all of its hospitals up for sale. It intends to hold auctions on June 28 for its hospitals outside of Florida and July 30 for its nine hospitals in Florida. Schrock said those timelines were negotiated as part of the new $75 million bankruptcy loan, and that Steward would seek more time to sell its hospitals if necessary.
Persons: Steward, Ray Schrock, Chris Lopez, , ” Schrock, “ There’s, Schrock, Lopez, Organizations: Health Care, Stewardship Health, Care, Medical Properties Trust Locations: Houston, Massachusetts, Florida
There are signs that the U.S. consumer is still spending, especially on experiences. But stubbornly high prices are squeezing consumers with lower incomes, pressuring everyday purchases and corporate profits. Broadly speaking, credit card companies like American Express, Visa and MasterCard have described spending trends as "relatively strong," "relatively stable," and even "healthy." Priceline parent Booking Holdings told analysts there are no signs consumers are taking shorter vacations or trading down in their hotel choices. McDonald's added that "the consumer is certainly being very discriminating in how they spend their dollar."
Persons: Brandon Bell, Morgan Stanley's Michael Wilson, Morgan Stanley, Mike Stocker, Stanley Black, Decker, , Anton Pinsky, Beata Zawrzel, Laxman Narasimhan, Shack, Domino's, Pavlo Gonchar Organizations: Getty, Home Depot, Walmart, American Express, Visa, MasterCard, PayPal, Booking Holdings, Las, Port, Tribune, Service, Consumers, Whirlpool, Corp, Starbucks Corp, Nurphoto, Lightrocket Locations: Austin , Texas, U.S, Las Vegas, Port of Miami, Krakow, Poland, Russia, Ukraine
A German political party proposed a government cap on doner kebabs. Around €7 billion, or around $7.5 billion, worth of doner kebabs are sold every year in Germany, according to The Guardian and The Independent. The party plans to propose a government price cap of €4.90 (around $5.30) or €2.90 (around $3.10) for young people, The Guardian reported. If those decrease, then kebab prices also decrease," Gebel told BI. "The kebab price will remain high if the government does not change anything," she said.
Persons: Chancellor Scholz, , Kathi, Gebel, Olaf Scholz, Virginia Mayo, Scholz, Putin … I'm Organizations: Guardian, Service, Independent, Left Party, AP, European Central Bank, Federal Statistical Office Locations: Germany, Brussels, Virginia
But now that extra spending money is gone, economists are concerned about what comes next. That means many Americans have more debt than savings and suggests “that American households fully spent their pandemic-era savings as of March 2024,” they wrote in a recent report. Consumer spending plays a crucial role in driving economic growth in the United States, and it has shown remarkable strength over the past two years. “A continuing strong labor market could help consumers maintain spending patterns similar to those observed recently, even without pandemic-era savings,” they wrote. What comes next: Disney, Airbnb, Uber, Anheuser-Busch, Tapestry and Dillards all report later this week — investors will look for any comments about how consumer spending, or lack thereof, is altering revenue forecasts for 2024.
Persons: Hamza Abdelrahman, Luiz Edgard Oliveira, , Austan Goolsbee, ’ ”, Fitch, Sarah Wyeth, Chris Kempczinski, Abdelrahman, Airbnb, Warren Buffett, Berkshire Hathaway, Greg Abel, Buffett, , Abel, isn’t, Boeing “, Scott Stocker, Read Organizations: CNN Business, Bell, New York CNN, San Francisco Federal Reserve, Chicago Federal, Society for, , Shoppers, Tyson Foods, , Disney, Anheuser, Busch, Berkshire, International Monetary Fund, Industries, Nvidia, Microsoft, FAA, Boeing, Federal Aviation Administration, CNN Locations: New York, United States, Omaha , Nebraska, Omaha, scamming
"These numbers on abortion have gigantic implications for just about every large company in America," said Cyrus Beschloss, the CEO of The Generation Lab. The CNBC/Generation Lab survey was conducted between April 26 and May 2, and has a margin of error +/- 3.1%. Sour on the economyThe survey also found that respondents had a negative opinion of an economy many would consider robust. The survey showed that 54% of respondents feel inflation impacts them the most in "the cost of food." Offered two options of how the government should proceed with TikTok, a large majority — 70% — of survey respondents said it should "allow TikTok to keep operating as usual."
Persons: Elijah Nouvelage, Cyrus Beschloss, they're, Roe, Wade, Jerome Powell, Powell, Delano Saporu, Saporu, Joe Biden, Steve Cohen, workweek, Kennedy, Biden, Donald Trump, Daniel Steinle Organizations: Emory University, AFP, Getty, CNBC, U.S, Federal Reserve, New Street Advisors, Congress, New York Mets, Biden, Trump, Bloomberg Locations: Atlanta , Georgia, USA, America, Washington, U.S, Waukesha, Waukesha , Wisconsin
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