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☆ Americans can't stop 'spaving' — here’s how to avoid this financial trap
▼ + stars: | 2024-05-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Spending more to save more is an all-too common pitfall. But spending to save can lead to excessive buying habits and high-interest credit card debt if you aren't careful, according to consumer savings expert Andrea Woroch. ″'Spaving is us justifying our desire to buy more," said Brad Klontz, a Boulder, Colorado-based psychologist and certified financial planner. Yet, even as inflation and high interest rates squeeze budgets, consumers continue to fall for these financial traps. "We are just constantly spending more than we can afford and then we experience stress related to our financial health," Klontz said.

Persons: Andrea Woroch, Brad Klontz, Klontz, spaving Organizations: Finance, YMW Advisors, CNBC's Locations: Boulder , Colorado

☆ China Is Buying Gold Like There’s No Tomorrow
▼ + stars: | 2024-05-05 | by ( Daisuke Wakabayashi | Claire Fu | ) www.nytimes.com time to read: +1 min

As gold surged this year to its highest price ever, Xena Lin joined the frenzy by making monthly purchases of gold “beans,” pebble-like morsels of the precious metal. For Ms. Lin, a 25-year-old administrative worker in southern China, the $80 beans — small enough to rest on a fingertip and weighing about one-thirtieth of an ounce — were an affordable way to buy into the gold excitement without splurging for jewelry, gold bars or coins. She had dabbled with investing in stocks in the past, but she said buying gold, especially in this fun way, inspired her to continue investing. “I’m still working hard to save more,” Ms. Lin said. But gold’s climb to highs above $2,400 per ounce has proved more resilient, and lasted longer, because of China.

Persons: Xena Lin, Lin, “ I’m, Ms Locations: China, Ukraine, Gaza

☆ Insider Today: My home-renovation nightmare
▼ + stars: | 2024-05-04 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +5 min

This post originally appeared in the Insider Today newsletter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda:But first: Get in, we're going to the Met Gala. An aerial shot shows Jared Leto on the red carpet at the 2023 Met Gala.

Persons: —, Jared Leto, Neilson Barnard, MG23, Anna Wintour, Bunny, Jennifer Lopez, Chris Hemsworth, Shou Zi Chew, I'm, Yulia Reznikov, everyone's, Morimoto, Chris Burnett, hasn't, they're, Tyler Le, Anne Hathaway's sizzling, Jerry Seinfeld Organizations: Business, Service, Disney, Victoria & Alberts, Metropolitan Museum, Art's Costume, Vogue, Costume Institute, Social, BI, HGTV, Netflix Locations: Epcot, Victoria, Scottsdale , Arizona, Scottsdale Scottsdale , Arizona, Scottsdale, Michigan

☆ Some millennial and Gen X parents are leaving it all behind to spend 6 figures on a family gap year. Here's how they budget and 'worldschool' their kids.
▼ + stars: | 2024-05-01 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +11 min

Some white-collar parents are leaving their jobs to take family gap years. It's sticking around as the world somewhat normalizes; Reddit is littered with threads looking for family gap year advice, which posters can easily find in various blogs. She now offers a family gap year and extended travel planning service for $80 to $100 an hour. "It could expand into a big business," she said, adding that her family gap year clients typically have disposable income and kids around 8 to 11 years old. AdvertisementWorld lessons, no classroom requiredNo family gap year is complete without immersive travel.

Persons: —, Claire Williams, Matt, they'd, Claire, It's, Jennifer Spatz, itineraries, Amy Chang, Chang, Allen, they've, Spatz, Marisa Vitale, it's, She's, hadn't, what's Organizations: Service, Area, Federal, Global, United Nations Sustainable Locations: Sri Lanka, Sahara, worldschooling, COVID, Massachusetts, Asia, Europe, Venice, Italy, Airbnbs, Greece, Nepal, Sydney, Australia, Santiago, Chile, Spanish, Guatemala, Vietnam, Argentine, Jordan, Patagonia, Los Angeles, California, Salt Lake City, U.S

☆ Millennial wealth is booming. It turns out avocado toast didn't tank them after all.
▼ + stars: | 2024-04-24 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

That rate of rapid wealth growth has never happened before in the data series' history, per the analysis, and it comes after wealth growth remained relatively stagnant for young Americans pre-pandemic. This data, as the authors of the CAP analysis note, suggests that wealth gains weren't just reserved for the top-earning millennials since both median and average wealth grew. "This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors write. As that report notes, financial assets were a major component of younger Americans' wealth growing. "We need to keep this robust labor market going and Congress needs to set its sights on younger Americans' greatest affordability challenge: housing," Duke said.

Persons: —, Gen X, Brendan Duke, Christian Weller, X, millennials, Duke, BI's Noah Sheidlower Organizations: Service, Center for American Progress, Federal, Business, Boomers, Federal Reserve's Survey, Consumer Finances, millennials, Liberty Street, Federal Reserve Bank of New Locations: millennials, Federal Reserve Bank of New York

☆ Rise of Hate Spending: Americans Detest High Prices but Keep Shopping
▼ + stars: | 2024-04-21 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

According to experts I talked to, the surge in hate spending can be attributed to various factors. They're aware prices aren't going back to 2019 levels, and given everything everyone's just been through, they may as well live it up. She told me that she often finds herself outraged by prices — and then ultimately succumbs to the forces of capitalism. It's easy to say you want to cut back on spending, given high prices, but when a friend asks whether you want to go shopping, it's hard to say no. Hart, the Illinois writer with a brand-new Stanley cup, sees some of her spending as a way to reclaim power.

Persons: Christ, Lydia Boussour, they're, everyone's, Jordan Hart, Hart, Boussour, —, they've, it's, acclimated, It's, Claire Tassin, Tassin, There's, Taylor Swift, jonesing, people's, Ravi Dhar, Dhar, he'd, he's, I've, she'd, she'll, Stanley Organizations: Retail, Consumers, Morning, Center, Yale School of Management Locations: America, Illinois, YOLO splurging, Europe, York

☆ A popular YouTuber's negative video of Humane's AI Pin raises questions about critical reviews in the age of innovation
▼ + stars: | 2024-04-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at a critical tech review that caused a bit of a stir on social media . AdvertisementIn a 25-minute video , Brownlee details all the issues he encountered using the AI device. Earlier this year, a negative video of Fisker's Ocean SUV by Brownlee also made waves on social media . Mario Tama/Getty Images; Chelsea Jia Feng/BICritical reviews in the age of innovation raise some interesting questions. Last week's drop among tech stocks shouldn't scare away investors , according to Wedbush.

Persons: —, Michael Pollan, Roy Rochlin, Marques Brownlee, Brownlee, X, Mario Tama, Chelsea Jia Feng, It's, Insider's Peter Kafka, Peter, Katie Notopolous, Goldman, David Solomon, Kevin Winter, Eric Newcomer, Rebecca Zisser, Caitlin Clark, Morgan Stanley, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, YouTube, Apple, Apple Vision, Humane, America, JPMorgan, National Bureau, Statistics, Amazon Prime, Street Journal, Justice Department, Ticketmaster, United Airlines, Bank of America, The Locations: San Francisco, New York, Tokyo, London, Dublin

☆ Why Gen-Z and Millennials are splurging on groceries
▼ + stars: | 2024-04-12 | 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 EmailWhy Gen-Z and Millennials are splurging on groceriesCasey Lewis, founder of After School, joins CNBC's 'The Exchange' to discuss MicKinsey's new study on young consumer spending trends, the rise of Chinese e-commerce players, and more.

Persons: Casey Lewis Organizations: School

☆ My family of 3 paid an extra $180 to skip the lines at Disney. It still required a lot of strategy, but it was worth it.
▼ + stars: | 2024-04-12 | by ( Megan Dubois | ) www.businessinsider.com time to read: +1 min

Genie+ is a paid skip-the-line service at the Disney theme parks that costs about $30 a day. I always think it's worth it to get Genie+ because of how many attractions use the service. Being able to skip multiple long lines every day is a big time saver for my family. For us, that meant splurging on Genie+, a paid skip-the-line service that works at both Disneyland and Disney California Adventure. Two-day admission to the theme parks already costs over $300 a person, and on our two-day vacation, my family spent an extra $180 ($30 a person per day) on Genie+.

Persons: —, I've Organizations: Service, Disney World, Disney California Locations: Florida, California

☆ Americans are still splurging on travel and entertainment — even as credit card debt tops $1 trillion
▼ + stars: | 2024-04-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Revenge spending is not dead. Even as Americans owe $1.13 trillion on their credit cards, consumers are still willing to splurge on impulsive purchases. It's a phenomenon also known as "doom spending," or spending money despite economic and geopolitical concerns. Roughly 38% of adults plan to take on more debt to travel, dine out and see live entertainment in the year ahead, according to a recent report by Bankrate. "There's still a lot of demand for out-of-home entertainment," said Ted Rossman, senior industry analyst at Bankrate.

Persons: Taylor, Bankrate, Ted Rossman, Rossman Organizations: Bankrate

☆ The day Mark Cuban became a millionaire, he took off his watch and threw it away—here’s why
▼ + stars: | 2024-03-31 | by ( Megan Sauer | ) www.cnbc.com time to read: +2 min

That same day, he took off his watch and threw it away, he said at a SXSW panel earlier this month. "This time wasn't spent to learn about what my dad did, but to learn that his job didn't have a future," Cuban said. "[Buying a private plane] was my all-time goal because the asset I value the most is time, and that bought me time," Cuban told told Money in 2017. Today, Cuban wears an Apple Watch to track his health metrics, he said at SXSW — but it hasn't changed his stance on time. "I wanted to make enough money so I didn't have to respond to anybody else," Cuban said in a recently released MasterClass course.

Persons: splurging, Mark Cuban, wasn't, Cuban's, Cuban, hasn't Organizations: CNBC, Yahoo, Guinness, World Records, Cuban, Apple Watch, SXSW, Dallas Mavericks, Cost Locations: Pittsburgh

☆ I'm a Gen Z mom. DINKs showing off their splurging and traveling gave me FOMO, but I don't regret having kids.
▼ + stars: | 2024-03-29 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

He really wanted kids but said it was fine if I didn't, as he loved me and just wanted to be with me. I thought having a family with him would be amazing. I don't think we would have planned far ahead enough to do a trip like that before having kids. I don't regret having kids youngI really enjoy being a mom. I didn't want to get to a point in my career where I was doing really well and then take a big break.

Persons: —, Megan Pagel, Michael, DINK —, Pagel, Covid, it's, I'm, DINK, I'd, I've Organizations: Service, Business Locations: Tasmania, Australia

☆ I'm a beauty reporter and these are the basic makeup products under $50 that I regularly buy
▼ + stars: | 2024-03-28 | by ( Amanda Krause | ) www.businessinsider.com time to read: 1 min

There's no way around it: makeup is expensive. Alexander Calbi/Briana Cuttino/Insider Media StudiosAs a beauty reporter and cosmetics fanatic, I'm always trying new products. That said, the internet is constantly influencing us to try new products, so I know how easy it is to blow your budget and end up with makeup you don't need or like. Luckily, I've tried so many products over the years that I've developed a core set of items I can't go without. It's an ever-growing list, but each product is one I've regularly repurchased or is one I'm eager to buy again once I run out.

Persons: Alexander Calbi, Briana, I'm, I've, It's Organizations: Media

☆ Olive Garden's owner says lower-income customers are cutting back while richer diners are eating out more
▼ + stars: | 2024-03-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Darden says lower-income diners are cutting back on its brands while high earners are visiting more. Darden, which owns Olive Garden and LongHorn Steakhouse, said its customer base was reverting to its pre-pandemic makeup. Cardenas had told investors in December that lower-income diners had been "splurging" in the fine-dining sector in recent years but that their orders were getting back to a more normal level. "It doesn't mean that we won't have price points on things over time, but that's kind of more of our everyday low price or around that price," Cardenas said. Darden's second-biggest brand, LongHorn Steakhouse, which has about 570 restaurants, saw a 2.3% jump in same-restaurant sales.

Persons: Darden, —, Chris Steak, Rick Cardenas, Cardenas, Raj Vennam, — Vennam, Chris, Olive Garden's, Darden's, Vennam Organizations: Darden, Olive Garden, LongHorn, Service, Olive Locations: Olive, Texas, California, —

☆ It’s not you, it’s them: Engaged couples are cutting back on lavish weddings
▼ + stars: | 2024-03-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

The obsession with lavish weddings grew to a fever pitch in the years following the start of the Covid-19 pandemic. That’s bad news for wedding vendors who provide services like videography, photo booths and catering. Meanwhile, those vendors are facing a more worrisome existential threat: a looming drop in the overall number of weddings. But she said that so far in 2024, weddings are “cooling a bit.”A recent wedding where Gabrielle Stone served as the planner. In another life, some of those would-be couples who never met in 2020 could have gotten engaged this year.

Persons: ”, Shane McMurray, What’s, McMurray, Gabrielle Stone, ” Stone, Stone, Kay, Jared, Gina Drosos, “, Z, ” McMurray, Toni Burrowes, Burrowes, didn't, Toni Burrowes “, Alyssa Young, We've, Alyssa Young “, it’s, ” Young, It’s Organizations: CNN, Signet Jewelers, Kay Jewelers, Signet, Alpha, University of Virginia, Brigham Young University, Bureau of Labor Statistics Locations: Boston, Zales, Central Florida, San Antonio, Texas

☆ Veterinarians reveal the 10 things you shouldn't splurge on for your pets
▼ + stars: | 2024-03-11 | by ( Sophia Mitrokostas | ) www.businessinsider.com time to read: +7 min

Veterinarians told Business Insider which pet products they don't think are worth splurging on. Business Insider asked veterinarians to highlight a few pet products that can be a waste of money. Pet multivitamins aren't always necessaryPets don't usually don't need multivitamins to stay healthy. bbearlyam/ShutterstockIt may be tempting to splurge on a fancy wardrobe for your dog, but most pets don't need clothes. "Pets don't need fancy clothes or clothing at all," said Barrack.

Persons: —, John Kershner, Shutterstock Stacy Choczynski Johnson, Johnson, Santi Nanta, Jennifer McCallum, Heather Venkat, Venkat, Chew, Richardson, Rachel Barrack, Barrack Organizations: Service, Business, Pumpkin Pet Insurance, FDA, Veterinary Oral Health, Animal Acupuncture

☆ 10 things worth splurging on in your home office, according to interior-design experts
▼ + stars: | 2024-03-11 | by ( Sophia Mitrokostas | ) www.businessinsider.com time to read: 1 min

You should splurge on quality task lighting. Africa Studio / ShutterstockBre Hance, founder and principal designer of InHance Interiors, told Business Insider that swapping harsh ceiling lights for quality task lighting can improve the function and feel of a home office. "Overhead lighting can give some people a headache," she said. "I always recommend buying task lighting with dimming options so you can adjust your lighting as needed." Wall sconces, floor lamps, or desk lights are great options for adding soft light to your workspace.

Persons: Hance Locations: Africa

☆ Interior designers reveal the 10 things worth splurging on in a home
▼ + stars: | 2024-03-11 | by ( Rachel Murphy | ) www.businessinsider.com time to read: 1 min

Engineered wood floors can hold up for years to come. This is especially a great investment for anyone who lives in a humid place. ShutterstockPiper also said that engineered wood flooring (a type of flooring that's specially made to be durable) is worth the money — and is a must for those living in climates where the seasons change. "This will help with the ever-changing humidity and warping of the boards," she told BI. Piper also explained that this type of flooring is made from real wood — so it can later be sanded down and refinished if you choose to switch up your home's look.

Persons: Shutterstock Piper, Piper

☆ I've only used drugstore makeup for years, but there are 3 high-end products I swear are worth splurging on
▼ + stars: | 2024-03-11 | by ( Jill Robbins | ) www.businessinsider.com time to read: +5 min

I'm usually frugal, but some Tom Ford, Westman Atelier, and La Mer products are worth the splurge. I've also added a high-end concealer and mascara to my makeup bag and don't regret it at all. Westman Atelier Eye Love You volumizing mascara gives me volume without the clumpingThis Westman Atelier Eye Love You volumizing mascara doesn't clump or flake on me. I think these Westman Atelier and La Mer products are worth the splurge. Jill RobbinsThe Westman Atelier mascara is awesome for both volume and length.

Persons: Tom Ford, TikTok, I've, mascara, —, Tom Ford Traceless, Jill Robbins, you've, I'm Organizations: Service, Amazon, Nordstrom, mascara Locations: Mer, La Mer

☆ Gen Zers want you to know they are sick of extravagant influencer brand trips
▼ + stars: | 2024-03-06 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +7 min

Gen Z is growing disinterested in the extravagant brand trips influencers are sent on. The generation that has grown up with social media says the lavish lifestyles of the internet's rich and famous no longer thrill them. Tarte brand trips are famed in the influencer worldFor years, brand trips have been a way to solidify a company's name among the young people who watch YouTube and scroll TikTok and Instagram. Varbanova said there are some young people — mostly millennials and DINKs — who still see over-the-top, out-of-touch brand trips as aspirational. If Gen Z's spending money is the goal, brand trips are missing the mark.

Persons: influencers, Katya Varbanova, Maureen Kelly, Tarte, Bora, Shein, Tahrea Sherman, Sherman, Phil Treagus, Evans, Influencers, Varbanova, It's, DINKs —, Rather, she'd Organizations: Service, YouTube, Walmart, Giraffe Social Media, BI Locations: Bora Bora, China

☆ Taylor Swift is making Singapore a mountain of money, and some of the country's neighbors are salty about it
▼ + stars: | 2024-03-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

Edwin Tong, Singapore's culture minister, told local outlet Mothership on February 28 that the amount of grant given "is not what is being speculated online." As Tong, the Singapore culture minister, told Mothership, the city-state is looking "beyond just the economic impact" of Swiftonimics. Economists estimate that Swift's concerts in Singapore could contribute up to 500 million Singapore dollars, or $372 million, in tourist receipts. AdvertisementIt's a different story for spending on experiences — and it's heightened because Singapore is Swift's only stop in Southeast Asia. Mann said the people who have money to pay for flight tickets, Swift's concert tickets, and a hotel are likely to keep spending at other tourist spots.

Persons: —, Taylor Swift, Srettha, Edwin Tong, Swift, it's, Yun Liu, Tong, Kevin Cheong, David Mann, Mann, Coldplay, Si Ying Toh, Cheong, Joey Salceda, Sandiaga Salahuddin Uno Organizations: Service, Business, HSBC, Asia Pacific, Mastercard, Nomura, Philippine Star, Bloomberg, Vegas Locations: Singapore, Southeast Asia, British, Thailand, Bangkok, Indonesia, Sands

☆ I live in the Philippines but was committed to seeing Taylor Swift in Singapore. I'm spending $1,600 and making a whole trip out of it.
▼ + stars: | 2024-03-04 | by ( Marielle Descalsota | ) www.businessinsider.com time to read: +4 min

Eunice Mecija, a Taylor Swift fan from the Philippines, shared how she budgeted for the Eras Tour in Singapore. AdvertisementThis as-told-to story is based on a conversation with Eunice Mecija, a 24-year-old graphic artist and Taylor Swift fan from the Philippines. I've been a Taylor Swift fan for as long as I can remember. I decided to book a flight from Manila to Kuala Lumpur with AirAsia instead for 14,000 Philippine pesos, or around $250. Mecija has been a fan of Taylor Swift since she was in elementary school.

Persons: Eunice Mecija, Taylor, splurging, —, Taylor Swift, It's, I've, Taylor Swift's, Nicky Loh, I'm, Mecija Organizations: Service, Getty, United Overseas Bank, Singapore ., Singapore Airlines, AirAsia Locations: Philippines, Singapore, Malaysia, Manila, Southeast Asia, Kuala Lumpur, Malaysian, Stockholm, Swedish

☆ 3 mistakes couples make when planning their honeymoons
▼ + stars: | 2024-03-03 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +5 min

Planning a honeymoon is exciting, but it can be easy to make mistakes as you schedule your trip. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Business Insider spoke to Allison Kobasky, the cofounder of Over the Moon Vacations, about the most common mistakes people make as they plan their honeymoons. AdvertisementDon't rely on social media for your plansKobasky said many couples fall into "tourist traps" when planning their honeymoons, often because of social media. AdvertisementMost importantly, make sure you and your partner plan the honeymoon that's right for you two.

Persons: —, Allison Kobasky, Kobasky, Josh, you'll Organizations: Service, Hinterhaus, Facebook Locations: Instagram, Atlanta, Thailand, Maldives, Italy, Rome, mihailomilovanovic

☆ Lowe's average customer is a white baby boomer who spent $809 there last year
▼ + stars: | 2024-02-28 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

The store's typical customer is a more rural baby boomer who earns $60K a year and owns her home. But which of those millions of shoppers is the "typical" Lowe's shopper? In addition to taking on Home Depot, Lowe's is looking to win over customers from outdoor lifestyle retailer Tractor Supply Co. with a push into smaller-format rural stores. Lowe's shoppers have dialed back in recent months, but the company said a few are still splurging on its offerings of high-tech, futuristic appliances at price points of $2,500 or more. The typical customer earns between $40,000 and $80,000 a year and now makes nine trips to Lowe's, spending about $90 per trip for an annual total of $809.

Persons: Lowe's, boomer, — Organizations: Service, Tractor Supply, Home Locations: North America, Wilkesboro , North Carolina, Lowe's

☆ Some shoppers are spending big money on 'craft ice' fridges and high-tech washing machines, Lowe's exec says
▼ + stars: | 2024-02-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

While most shoppers are more budget-conscious, Lowe's execs say some are spending big on appliances. One smart LG fridge that makes "craft ice" is a "top-seller despite retailing for over $2,500," one exec said. This fridge makes really nice ice. Lowe'sIndeed, one model in the LG line that makes the fancy ice has a list price of a whopping $4,299. "They're not afraid to invest in, for example, the GE Profile all-in-one washer-dryer combination that retails for over $2,500," Boltz said.

Persons: —, Lowe's, Marvin Ellison, They're, Bill Boltz, that's, Boltz, Katie Notopoulos, Notopoulos Organizations: LG, Service, Home Depot, GE, Wall Street Journal

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