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☆ A San Francisco neighborhood threw a mini-festival to celebrate a public toilet that cost $200,000 instead of $1.7 million
▼ + stars: | 2024-04-23 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

San Francisco celebrated a new public loo with a mini-carnival complete with games, lemonade, and a live band. The public toilet initially cost $1.7 million with a multi-year deadline but had its price slashed to $200,000. AdvertisementThe scandal over a public toilet in San Francisco that cost $1.7 million has ended in celebration after the new loo opened on Monday with a much-discounted price tag of $200,000. That's according to The New York Times, CBS News, and The San Francisco Chronicle, who sent reporters down to the toilet's launch in the Noe Valley Town Square. AdvertisementCity officials said they were weighed down by high construction costs in San Francisco, as well as the need for environmental reviews and checks from multiple commissions.

Persons: —, Mario, Luigi, Leslie Crawford, Gavin Newsom, Chad Kaufman, Vaughn Buckley, Buckley, San Francisco Mayor London Breed Organizations: Service, The New York Times, CBS News, San Francisco Chronicle, Residents, People, NYT, CBS, SF Chronicle, San, Chronicle, California Gov, Company, San Francisco Mayor London Locations: Francisco, San Francisco, Noe, California, Nevada, Pennsylvania, Kaufman

☆ Don't think all Nvidians are now rich, says one engineer
▼ + stars: | 2024-04-21 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Read previewAn Nvidia engineer who makes $250,000 a year said the amount employees make at the chip giant was "not as rosy" as some might think. He told Business Insider that while some Nvidians may be lucky enough to be millionaires, "a million doesn't go too far." The software engineer didn't want to be identified as he's not authorized to speak to the media. AdvertisementThat means that a Nvidia employee earning $1 million a year may not be considered rich in a place like San Francisco. "I'm really happy with the price Nvidia stock is trading at."

Persons: —, didn't, he's, There's, Charles Schwab, I'm, I've, it's, Jensen Huang, HWA CHENG Organizations: Service, Business, Nvidia, Microsoft, Apple, Social Security, Charles Schwab Modern Wealth Survey, HWA, Getty, Bloomberg Locations: Coast, California, San Francisco, India, AFP

☆ How the long-awaited recession became a 'richsession' for America's wealthy
▼ + stars: | 2023-10-25 | by ( Delon Thornton | ) www.cnbc.com time to read: +1 min

Sticky inflation, white-collar layoffs, and surging interest rates are all putting pressure on a certain type of American — higher-income earners. The same year, 1.8 million Americans lost their millionaire status, according to UBS' 2023 Global Wealth Survey. Bank of America's Consumer Checkpoint Survey for September 2023 found that high-income households have become more pessimistic about the economy. The same group also appears more cautious about spending because of soft wage growth and slowing job creation for high earners. Watch the video above to find out more about how the so-called "richcession" could affect the entire economy.

Persons: Greg McBride Organizations: UBS, Survey, Bank of America's Locations: U.S

☆ Mark Cuban says he only felt successful for the first time at age 28: My dad 'broke down in tears and started sobbing'
▼ + stars: | 2023-10-08 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Billionaire investor Mark Cuban vividly remembers the moment he finally felt successful — because he spent so many years beforehand trying to stave off being flat broke. The turning point "was probably when I had $100,000 in the bank," Cuban, now 65, said. And telling my dad who just broke down in tears and started sobbing." The effort paid off when Cuban sold MicroSolutions for $6 million in 1990 to CompuServe, a now-defunct internet services company. "There's a huge difference between being a millionaire and a billionaire," Cuban told GQ.

Persons: Mark Cuban, GQ —, he'd, Dave Winslow, we're, It's, Charles Schwab's, Cuban, Barstool, Broadcast.com Organizations: Cuban, GQ, Wealth Survey, Cisco, CompuServe, Yahoo, CNBC Locations: Cuban

☆ Americans say these 3 things define wealth—none of them require making a lot of money
▼ + stars: | 2023-09-04 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

The things Americans say would make them feel wealthy, however, don't necessarily come with a price tag. Wealth means enjoying experiences more than owning nice things according to 70% of Americans, Schwab found. But 70% of Americans say having enough to ease any money stress in their life is more meaningful than having more money than their peers. Once again, earning a higher salary or otherwise having access to more capital may help get rid of your money stress. "Yes, money will give you access to stability, security and resources, but with that money, you need to actually utilize the resources," Evans says.

Persons: Charles Schwab's, Schwab, it's, Aja Evans, Evans Organizations: Wealth Survey, CNBC Locations: Laurel

Houston: $2.1 millionAverage net worth it takes to be "wealthy": $2.1 millionAverage net worth it takes to be "financially comfortable": $606,000How many people feel wealthy: 39%10. Atlanta $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $729,000How many people feel wealthy: 43%9. Chicago: $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $817,000How many people feel wealthy: 38%8. Dallas: $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $820,000How many people feel wealthy: 40%7. Seattle: $3.1 millionAverage net worth it takes to be "wealthy": $3.1 millionAverage net worth it takes to be "financially comfortable": $1 millionHow many people feel wealthy: 41%2.

Persons: Charles Schwab, — Organizations: Charles Schwab Modern Wealth Survey, Service, Atlanta, Dallas Locations: Seattle, New York, Houston, Chicago, Denver, Boston, Washington, San Francisco

☆ Here’s how much money it takes to be considered wealthy in 13 major U.S. cities
▼ + stars: | 2023-06-15 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

To feel wealthy, Americans say you need a net worth of at least $2.2 million on average, according to financial services company Charles Schwab's annual Modern Wealth Survey. In San Francisco, you need a net worth of $4.7 million to be considered wealthy. However, of those that do, their average net worth is $560,000. Perhaps relatedly, 7 out of 10 Americans polled say wealth is more about not stressing over money, rather than net worth. And nearly 66% of respondents say having time is more important than having money.

Persons: Charles Schwab's, Francisco, Warren Buffett Organizations: Wealth Survey, Federal, U.S ., Houston, Boston, Dallas, Denver Locations: San Francisco, U.S, U.S . San Francisco, York City, California, Los Angeles, San Diego, Seattle, Washington, Chicago, Atlanta

☆ What does it take to be wealthy? Well-being is a more important measure than money or assets, survey finds
▼ + stars: | 2023-06-13 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +1 min

Many Americans feel wealthy — but don't necessarily measure it in dollars and cents. Well-being, not money, has become the leading measure of wealth for most adults today, according to the new Charles Schwab Modern Wealth Survey. It takes an average net worth of $2.2 million to be considered "wealthy," the survey found — but that's the estimate respondents gave for other people. Yet their average net worth is $560,000 — about a quarter of what they think others need to be rich. For millennials who say they feel wealthy, their average net worth is about $530,000.

Persons: Charles Schwab, Gen Z, X Organizations: Charles Schwab Modern Wealth Survey, Finance, GOP

☆ Will the banking crisis cause a recession? It may depend on the 'wealth effect,' economist says
▼ + stars: | 2023-03-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowwatch nowThat leaves consumers with less access to cash to cover the rising cost of food, housing and other expenses. As households feel increasingly squeezed, that weighs on their confidence in the overall economic picture. What it takes to feel financially secureAmericans now say they would need an average net worth of $774,000 to feel "financially comfortable," but more than $2 million to feel "wealthy," according to Charles Schwab's annual Modern Wealth Survey. The University of Michigan's closely watched index of consumer sentiment recently fell for the first time in months. The Conference Board's consumer confidence index is also down, according to the latest data.

☆ LGBTQ+ founders face extra challenges when fundraising, with 75% hiding their sexual or gender identity, report finds
▼ + stars: | 2023-02-07 | by ( Riddhi Kanetkar | Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

LGBTQ+ founders face extra barriers when fundraising, and many feel the need to conceal their identities. A new report tracking the experiences of LGBTQ+ founders and investors in the UK startup and venture capital ecosystem paints a dire picture. LGBTQ+ founders — especially those who identify as women and nonbinary — face additional barriers when fundraising, the report found. Cisgender refers to a person whose gender identity is the same as the sex assigned to them at birth. Funds could also commit a proportion of investment to diverse founders, including LGBTQ+ founders, the report's authors said.

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