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☆ A millennial FIRE couple shares how moving abroad and living on a $50k income helped them quadruple their net worth to $700k in 6 years
▼ + stars: | 2024-09-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

AdvertisementDavis shared how he's grown his net worth — and why he thinks finding one's dream work can help them live their ideal life. For example, if a person retires at age 60 — rather than age 50 — then it would be much easier for them to hit their retirement savings goal. That's why Davis thinks the key is finding one's dream work. "You just need enough money to cover any shortfall between what you want to spend and what your dream work pays," he said. To be sure, finding a job — forget about one's dream job — is easier said than done in today's economy.

Persons: —, he'd, Brian Davis, Davis —, he's, Davis, — Davis, Brian Davis Davis, Katie, it's, they've, hasn't, That's Organizations: Service, FIRE, Business, BI Locations: Abu Dhabi, Brazil, Lima, Peru, South America

☆ A millennial woman who made nearly $250k secretly working 2 jobs says it helped her enter a relationship for the 'right reasons' — not financial security
▼ + stars: | 2024-09-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

She focused on this gig early in the morning, in the evening, on the weekends, or during working hours on the days her full-time employer allowed her to work from home. While overemployment has increased Olivia's work-related stress, it's reduced her financial stress — something she said has helped her pursue a healthy romantic relationship. That's because the long working hours can take a toll, and remote job opportunities can be difficult to land. As long as she lives in her area of California, she's not sure she'll ever buy a home. Are you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: —, Olivia, What's, Doxo, jugglers, she's, overemployment, Overemployment, it's Organizations: Service, Business, New York Times, BI Locations: California's Bay, San Francisco, San Jose, Bay, California

☆ A Gen Xer quit a $110,000-a-year job in DC for one in Germany that pays less than half. He says he's more financially stable and happier now.
▼ + stars: | 2024-09-05 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Smith briefly lived in Germany in the early 2000s when he worked as a judge advocate general for the US Army. "That trip that I took to Germany completely changed my world," Smith, 52, told Business Insider. He said life in Germany made him realize how much he enjoyed traveling outside the US. Related storiesIn April 2021, Smith landed a job at the Small Business Administration as an attorney overseeing COVID-19 pandemic-era loans. At that point, Smith visited the Dominican Republic with a friend.

Persons: —, Kobi Smith, Smith, he's Organizations: Service, US Army, Business, Social, Social Security Administration, Social Security, US Army Reserves, Army, Small Business Administration, Washington Locations: Germany, Nuremberg, Europe, Canada, Japan, Mexico, Maryland, Washington, DC, COVID, Dominican Republic, Popeyes, Ansbach, Washington ,, American

☆ Americans under 30 are miserable compared to Boomers: 'The future is looking pretty bleak’
▼ + stars: | 2024-08-28 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +14 min

Haidt and other researchers argue that technology and social media have led to an epidemic of isolation and loneliness. Surgeon General Vivek Murthy named social media as one of the main reasons young people feel more alone. "Social media is not this monolithic experience where everybody experiences the same thing," he says. Navigating an uncertain futureHaidt proposes a few solutions for Gen Z and their parents to curb social media and smartphone reliance. It followed an announcement by the Los Angeles Unified School District that it will ban student cellphone and social media use starting next year.

Persons: Jonathan Haidt, Vivek Murthy, Murthy, Haidt, Zach Rausch, Haidt's, Rausch, —, Jeffrey Hall, Candice L, Odgers, That's, Mark Zuckerberg, Jennifer Breheny Wallace, Z, Kyle K, Moore, Wallace, that's, Orna, Guralnik Organizations: U.S, The, NYU's Stern School of Business, University of Kansas, Odgers, University of California, Affordable, Facebook, Meta, Social, Pew Research, Economic, Institute, Harvard University, University of Chicago, New, New York City Public Schools, Los Angeles Unified School District, CNBC Locations: U.S, defensiveness, United States, Irvine, New York City, New York

☆ Why parents may want to start locking a child's credit at a very young age
▼ + stars: | 2024-08-23 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

While locking their credit won't solve all cybersecurity issues related to stolen Social Security numbers, it's one extra layer of protection parents can implement. Parents can take these steps proactively even if there's nothing to suggest a minor's credit has been compromised such as unexpected credit card solicitations or bills received in the minor's name. It can take some time and effort to lock a child's credit, but the outlay is minimal compared with what can be a lengthy and emotional credit restoration process. Locking a child's credit won't protect against all of these, but it's a solid step in the right direction, financial professionals said. To check to see if their child has a credit report, parents can mail a letter with their request to each of the credit bureaus.

Persons: —, Kim Cole, Loretta Roney, It's, Cole, Bruce McClary, McClary Organizations: Social, Social Security, Navicore Solutions, InCharge, Federal Trade Commission, Administration, Foundation, Credit Counseling

☆ Forget free cash, there's an even more American way to help people get ahead
▼ + stars: | 2024-08-10 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +11 min

Read previewGuaranteed basic income is all the rage right now. Countries including India, Argentina, and Austria have tested out small-scale guaranteed job programs. Cleveland's jobs guaranteeFor Cotten, ensuring jobs for any American who needs one is a no-brainer. While many cities are testing out basic income programs, they haven't been universal and instead targeted specific groups in need like artists, new parents, low-income families, or people experiencing homelessness. Republican lawmakers have introduced bills to ban basic income programs in their states, with some arguing that handing out checks with no strings attached would disincentivize work and raise taxes.

Persons: —, that's, what's, Tcherneva, Sen, Bernie Sanders, Ayanna Pressley, Devin Cotten, Cotten, Franklin Delano Roosevelt's, Sanders, Pressley, Andrew Yang —, Gerald Connolly, UBE, Lukas Lehner, Lehner, Maximilian Kasy, they're, Kasy Organizations: Service, Business, Bard College, American, Democrats, Republicans, Washington Post, Social Security, Universal, University of Oxford, European Commission, European Union Locations: Denver, Baltimore, India, Argentina, Austria, Cleveland, Virginia, Austrian, Marienthal, South Africa, United States, France

☆ Credit card debt hits record $1.14 trillion, New York Fed research shows
▼ + stars: | 2024-08-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowWho is falling behind on credit card billsThese borrowers "may have overextended during the pandemic," the New York Fed researchers said on a press call Tuesday. Delinquent borrowers are often renters, with shorter credit histories and lower credit limits, making them more likely to be financially vulnerable and miss a payment, the researchers said. Over the last year, roughly 9.1% of credit card balances transitioned into delinquency, the New York Fed found. Among the millennials transitioning into delinquency, many also entered the labor market during the Great Recession and may be experiencing the prolonged negative effects of graduating into an economic downturn, the New York Fed researchers said. Credit card rates top 20%

Persons: homeownership, Brett House, Ted Rossman Organizations: New York Fed, Columbia Business School

I'm a financial planner with several easy steps you can take now that will set you up for financial success. These funds should be placed in an easily accessible FDIC-insured high-yield savings account. Park your cash in a high-yield savings accountA common financial mistake people in their 20s make is letting their savings sit in a low-yield checking or savings account. Keep in mind that online banks offer most high-yield savings accounts, so you won't have access to a physical branch. Many online high-yield savings accounts, like Discover, allow you to manage multiple savings accounts under one login, making this strategy even more convenient.

Persons: —, Benjamin Graham, Schwab, doesn't Organizations: Service, Fidelity, Vanguard

☆ A Gen Xer who 'retired' at 45 shares how the FIRE movement and side hustles helped him grow his savings to over $6 million
▼ + stars: | 2024-08-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

I stopped spending money on things that weren't of value to me." Side hustles and investing in retirement can boost one's savingsOver the past decade, Grumet has padded his savings through various income streams. In addition to hospice work, he's also tried side hustles that include medical expert work, nursing home medical directing, medical blogging, and several forms of consulting. While the extra income has helped boost his savings, Grumet said investing much of this income into the stock market — and seeing strong investment returns — is what's allowed his finances to truly blossom. Grumet said his retirement goal was to have at least 25 times his total annual spending in savings — he's already met this milestone.

Persons: —, Jordan Grumet, Grumet, who's, he's Organizations: Service, Business, BI, FIRE Locations: Illinois

☆ After getting laid off back-to-back, I now depend on my mom to pay rent
▼ + stars: | 2024-08-02 | by ( Tonja Renée Stidhum | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I switched careers 3 years agoAbout three years ago I changed careers, and that came with an incredible pay raise. I was laid off after a year but found a new jobI learned a lot about money the hard way. But, I was laid off from that first tech job after about a year. I was laid off againThe next layoff took about six months, and the severance wasn't nearly as cushy.

Persons: —, crouch, hadn't, Dom Perignon, I'm, I'd, wasn't Organizations: Service, Business Locations: Los Angeles, Chicago

☆ A New Hampshire couple who wants to retire by age 35 shares the 'house-hacking' strategy that's grown their net worth to over $800,000
▼ + stars: | 2024-07-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewIn 2019, at the age of 23, Lauren Simpson and her husband Ian decided to pursue an ambitious goal: retire by age 35. The rest is from the equity they've built in four properties they've purchased over the last three years: one primary residence and three rental properties. These properties also provide the couple with rental income that they put toward their savings. When someone buys a second home or investment property, mortgage lenders often require a downpayment of at least 10%. In addition to buying investment properties, Simpson said she and Ian have done whatever they can to grow their savings.

Persons: —, Lauren Simpson, Ian, Simpson, Roth, they've, New Hampshire — Simpson, we've Organizations: Service, Business, FIRE, Roth IRA, baseball Locations: New Hampshire, Florida, —

☆ Why a majority of Americans think the economy is already in a recession
▼ + stars: | 2024-07-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewWhile Wall Street cheers the country's economic momentum, outlooks among most Americans appear more gloomy, an Affirm survey reported. The payments company found that three in five Americans think the US is currently in a recession. Seven out of 10 Americans see today's inflation rate as a burden on their financial futures, limiting their ability to save and plan ahead. For its part, Wall Street has remained optimistic about the economy's trajectory, given that inflation has progressively come down from its pandemic highs. Although spending kept up enough to stall an official recession, Americans have gradually pulled back their buying.

Persons: —, Vishal Kapoor Organizations: Service, Business, Product, Northwestern Mutual, Federal Reserve, of America Locations: U.S, Affirm's

☆ CEO of $29 billion business: Here's how I define success—it's not about your salary or net worth
▼ + stars: | 2024-07-22 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

He's currently CEO of Zscaler, the cloud security company he founded in 2007, which is valued at $28.56 billion as of Monday morning. "I think it's to make a difference in the world," Chaudhry tells CNBC Make It. Growing up in a farming village in rural India, Chaudhry says he "never had money in my early childhood." In his youth, his idea of success never even hinted at the prospect of launching a business, much less one worth tens of billions of dollars. He had a good job with financial security, yet he couldn't help but think: "There may be an opportunity to make a big difference'" if more companies got on the internet, he says.

Persons: Jay Chaudhry, Chaudhry, Jyoti, Zscaler Organizations: He's, Zscaler, CNBC, University of Cincinnati, IBM, Unisys, Netscape, Forbes Locations: India

To show proof of disability income, you'll need to provide some verification that you're currently receiving benefits and that they aren't set to expire within the next three years. Benefits of home loans for disabled individualsMany loan programs allow you to use disability income to qualify. Disabled individuals can use FHA loans, VA loans, USDA loans, and special programs from Fannie Mae and Freddie Mac. Yes, disability income is considered as part of your total income, which can help qualify for various home loan options. What are the benefits of FHA loans for disabled individuals?

Persons: Fannie Mae HomeReady, Freddie Mac, Fannie Mae, you'll, Brian Quigley, Quigley, you've Organizations: Federal Housing Administration, US Department of Agriculture, Social Security Disability Insurance, Social Security Administration, SSI, SSA, Department of Veterans Affairs, Beacon Lending, USDA, Social Security, Chevron Locations: Chevron

Social Security income is viewed the same as any other type of income, with one exception that can work in recipients' favor. Age and Social Security incomeYour age and how much Social Security income that allows you to take in will make a difference, too. To get this information to share with your lender, you can request a Social Security Benefit Verification letter from the Social Security Administration's website. Getting a mortgage on Social Security FAQsWhat types of home loans are available for seniors on social security? Lenders consider Social Security income as part of your total income, which can help qualify for various home loan options.

Persons: you'll, Shashank Shekhar, Shekhar Organizations: Social Security, Social, Department of Housing, Urban Development, Department of Veterans Affairs, DTI, Security, Chevron Locations: Chevron

☆ I'm a millionaire, but I'm only leaving my kids a small inheritance. I want them to earn their money like I did.
▼ + stars: | 2024-07-21 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

I want my daughter to experience financial discomfortAbout 20 years ago, I met my wife, another Baha'i from Iran. I believe wealth is only commendable if earnedMost importantly, I want my daughters to work. While I plan to leave my daughters a small inheritance to ensure their financial security, I won't leave them enough money that they don't need to work. I want my children to have enough money to house themselves, get an education, and meet their basic needs. Beyond that, I believe money can corrupt if it's given rather than earned.

Persons: Payam Zamani, we'd, Zamani, I've, they'll Organizations: Service, Business, Group Locations: Iran, Pakistan, San Francisco, San Francisco Bay, America, Czech Republic, Prague, California, New York City, Bay

In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron

☆ The golden age of overemployment is over. Job jugglers are preparing for life with only one income.
▼ + stars: | 2024-07-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +10 min

They've used the extra income to pay off student debt, save for retirement, and afford expensive vacations and weight-loss drugs. Related storiesIn addition to exploring other income streams, Adam said he's trying to take advantage of his extra income while he still can. The best advice he has for anyone who's still overemployed is not to become too dependent on the extra income. "From the start, I made it a point not to integrate the second job income into our bills," he said. Are you secretly working multiple remote jobs at the same time and willing to discuss details about your pay and schedule?

Persons: —, Charles, slowdowns, Charles said he's, I've, They've, overemployment, jugglers, they've, Adam, he's, He'd, Tomas, Charles couldn't, he'd, I'd, Joseph, — Joseph, Luke, who's Organizations: Service, Business, LinkedIn, Bureau, Labor Locations: an Arizona, Georgia, Texas, —

Benefits of passive income strategiesWhat makes passive income strategies so appealing are the benefits, such as:Requires less ongoing effort: Compared to working full-time, passive income requires significantly less time and effort. Drawbacks of passive income strategiesWhile the concept of earning passive income sounds attractive, it's crucial that you understand all the risks involved and that you manage your expectations accordingly. Some of the major drawbacks of passive income strategies are:Unpredictability: The success of passive income strategies can be unpredictable and are generally out of your hands. Passive income — Frequently asked questions (FAQs)How much money do I need to start generating passive income? While some passive income streams require consistent minimal effort after the initial setup, other passive income strategies may require more extensive hands-on maintenance or monitoring.

Persons: Tiffany Grant, there's, wouldn't, Bonds, Melissa Jean, Baptiste, Grant, You'll, you'll Organizations: Coca, US Treasury, Federal Reserve, IRS

You can contact your card issuer to receive a postage-paid envelope and mail your metal card back for them to destroy, or you could drop into a local branch for the issuing bank and ask them to destroy the card. Whether your card has expired, you're cutting ties with your credit company, or you simply need to replace a compromised card, knowing how to safely and effectively destroy a metal credit card is crucial. What Makes Metal Credit Cards UniqueThe uniqueness of metal credit cards lies in their core composition. Methods to Destroy Metal Credit CardsWhen it's time to say goodbye to your metal card, you have a few options. How do I ensure all data is destroyed when disposing of my metal credit card?

Persons: it's Organizations: Chase, American

☆ The dark side of double dipping: 3 people juggling multiple full-time jobs share how they do it
▼ + stars: | 2024-07-16 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +6 min

Read previewThe pay and benefits of a full-time job aren't always enough to sustain an employee's lifestyle and monetary goals. From 9-to-5, she worked a remote marketing job, and from 5 to 10, she worked a low-lift customer service job. AdvertisementIn September 2022, she left her full-time job and created a job-juggling system to avoid legal and professional consequences. If it ever does come up, I make it seem like the dates overlap less than they did," McGill told BI. AdvertisementDespite the risky overlaps and long hours, McGill said she was happy with her choice.

Persons: —, aren't, Jane, I've, Kendall McGill, McGill, didn't, We've, Davrick Hayes, Hayes, Tess Martinelli, tmartinelli@businessinsider.com Organizations: Service, Business, BI, Apple, McGill Locations: LA, North Dakota

☆ A Colorado couple with a net worth of $800,000 shares how the FIRE movement is helping them reach their goal of retiring in their 40s
▼ + stars: | 2024-07-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

So when the couple learned about the FIRE movement in their mid-20s, it was music to their ears. They then tried to apply some of that information to their financial strategies. Over the past several years, the couple has grown their combined net worth to more than $800,000, according to documents viewed by BI. To make more money, Arsenault said they've "aggressively pushed for additional income." When their strategies generate extra money, the couple invests as much as possible in their 401(k) plans and low-cost index funds.

Persons: —, Chrissy Arsenault, Ryan, didn't, Arsenault, who've, hasn't, Chrissy Arsenault Arsenault, they've, They've, They're, We've Organizations: Service, FIRE, Business, Facebook, BI Locations: Colorado, Costco, Indiana, Monument , Colorado, Fishers , Indiana

☆ I'm having a baby at 40, the same age my grandmother was when I was born. It was a very intentional choice.
▼ + stars: | 2024-07-15 | by ( Kelly Burch | ) www.businessinsider.com time to read: +4 min

I'll be the same age when my baby arrives as my grandmother was when I was born. Having a baby during COVID lockdown was traumaticI was very confident in our decision to delay having a baby. We had been through so much together, but nothing could have prepared us for having a baby. I'm building my own happinessAfter that, it took us years to feel ready for another baby. Getting the new house ready is difficult, because you're designing for something you haven't experienced.

Persons: Jasmine Roth, Hazel, I've, I'm, it's Organizations: Service, Business Locations: Huntington Beach , California, Park City , Utah

☆ To avoid college costs, these 'pronatalists' want their kids to have a cash-positive business by age 18
▼ + stars: | 2024-07-14 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

The ideal number of children for Malcolm and Simone Collins, a "pronatalist" couple who aim to save humanity with their prolific procreation, is in the double digits. This story is available exclusively to Business Insider subscribers. Related stories"It covers from when someone can read to mid-way through a PhD in most subjects," said Malcolm Collins. Simone worked while on a scholarship to George Washington University, and Malcolm covered her master's degree at the University of Cambridge. AdvertisementWhen faced with online criticisms of child abuse, the Collinses, who are white, told Business Insider they found the feedback to be racist.

Persons: Malcolm, Simone Collins, —, Malcolm Collins, University of St Andrews, Simone, they're, Collins, It's Organizations: Service, The Free Press, Business, Collins Institute, University of St, Stanford University, George Washington University, University of Cambridge Locations: Pennsylvania

☆ Meet the Roadmap Generation: High-achieving Zoomers are taking an aggressive, long-term approach to planning their careers
▼ + stars: | 2024-07-13 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +10 min

AdvertisementBusiness Insider spoke with two members of the Roadmap Generation and several of the HR professionals and executives who hire and oversee them. Many members of the Roadmap Generation are trying to set themselves up for future financial success by starting and stoking their portfolios early. Ambitious young professionals are prioritizing skills development early in their careers in the hopes of finding future success. Tom WernerFor all of their clear-eyed assuredness, however, the Roadmap Generation is also open-minded and curious, older bosses said. Dhunjisha agreed and suggested there's a simple way for a company to keep its Gen Z employees long-term.

Persons: —, Javi Galarce, Galarce, Z, Astad Dhunjisha, Dhunjisha, Gen Z's, Gen Z, Gen, Cassie Fields, Fields, Dia Dipasupil, Austin Curtis, Curtis, We're, Mark Pierce, Pierce, Tom Werner, Zers, Jon Hill Organizations: Service, University of Iowa, Business, Deloitte, University of Oklahoma, Wyoming Trust Locations: Texas

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