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☆ 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

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

☆ 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

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

☆ 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, —

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

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

☆ 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

☆ 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

☆ 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

☆ Welcome back to Wall Street earnings season
▼ + stars: | 2024-07-11 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +6 min

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings. The big storyEarnings to watchMomo Takahashi/BIJust like that, it's Wall Street earnings season once again. Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. In May, the CEO shocked Wall Street by saying he plans to step down in the next five years . Will banks start charging for everyday consumer products like checking accounts?

Persons: —, Joe Biden's, Sen, Peter Welch, Biden, Momo Takahashi, Wells, Goldman Sachs, Morgan Stanley, Kaja Whitehouse, Jamie Dimon's, Kaja, Jefferies, Jamie Dimon, Wall, Marianne Lake, We're, Larry Fink, Jenny Chang, Rodriguez, Neil Dutta, Tesla's, Elon Musk, Jeff Bezos, Rich Guy, Alyssa Powell, Andrei Cojocaru, David Zaslav, isn't, Joe, Zaslav, Jordan Parker Erb, Lisa Ryan, Joe Ciolli, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democrat, Democratic, Hollywood, NATO, Business, showtime, JPMorgan, Citigroup, BlackRock, Bank of America, Getty, Warner Bros, Discovery, Air Lines, PepsiCo, Bureau of Labor Statistics Locations: New York, Chicago, London

☆ Nearly half of Gen Zers get help from the bank of mom and dad, report finds
▼ + stars: | 2024-07-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

watch nowTo keep up with the high cost of living, many young adults turn to a likely safety net: their parents. "The high cost of living is certainly impacting Gen Z," said Holly O'Neill, president of retail banking at Bank of America. The financial institution polled more than 1,000 Gen Z adults in April and May. Even compared with millennials, Gen Zers are spending significantly more on necessities than young adults did a decade ago, other reports show. Fewer Americans feel financially comfortable overallBut it's not just Gen Z struggling.

Persons: Zers, —, Holly O'Neill, millennials, Gen Zers, homeownership, Brett House, O'Neill, Z, it's, Bankrate Organizations: Bank of America, New York Fed, Columbia Business School, Finance

☆ Supercentenarians who live past 110 have 9 things in common, according to a scientist who studies them
▼ + stars: | 2024-07-10 | by ( Serafina Kenny | ) www.businessinsider.com time to read: +5 min

Read previewA supercentenarian expert shared with Business Insider the nine things people who live to 110 and beyond have in common. Be resilientBeing resilient and able to endure hard times is one of the key predictors of longevity in supercentenarians, Lindberg said. Be spiritualSpirituality, meaning believing in something greater than ourselves versus following a specific religion, is also very common among the supercentenarians that Lindberg has studied. AdvertisementMaintain a healthy weight"There haven't really been any obese supercentenarians," Lindberg said. Dr. Robert Waldinger, the study's lead researcher, previously told BI that healthy relationships had a surprisingly large impact on people's odds of living longer.

Persons: —, Jimmy Lindberg, Linberg, Lindberg, Joseph Maroon, Robert Waldinger, Rose Anne Kenny Organizations: Service, Business, Financial Times, Complutense University of Madrid, Harvard, Chan, of Public Health, JAMA, BMI, US Centers for Disease Control, CDC, Development, Trinity College Dublin

☆ How to achieve financial wellness: A CNBC Make It course
▼ + stars: | 2024-07-10 | by ( ) www.cnbc.com time to read: +1 min

CNBC Make It is launching a new online course, which will give you the tools you need to get your money life in order and feel confident about your future. We'll teach you how to:Understand your own psychology and establish a healthy relationship with moneyBreak bad financial habits, form good ones, and manage financial stressUse simple techniques to boost your savings and get out of debtSave for retirement and grow your money by investingCreate a long-term plan to achieve financial security and financial freedom, where you control your timeThe course is hosted by CNBC Make It Money Editor and Certified Financial Planner Emmie Martin and features financial psychologist Brad T. Klontz, financial educator Yanely Espinal and certified financial planner Kamila Elliott as instructors. You can preregister for the course starting July 10, 2024, and all materials will be available starting July 17, 2024. Pre-register today and save 30% with a limited time introductory offer through September 2, 2024.

Persons: We'll, Emmie Martin, Brad T, Yanely Espinal, Kamila Elliott Organizations: CNBC

☆ Montana's housing crisis is a warning for older homeowners across the country
▼ + stars: | 2024-07-10 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

Older homeowners who live on fixed incomes are having a particularly hard time managing these rising costs. She blames rising property taxes and insurance costs but notes that inflation, in general, has also squeezed those on fixed incomes. Older homeowners are struggling in communities across the country. AdvertisementThe housing affordability crisis comes as the country is also facing a retirement crisis. AdvertisementMany older homeowners forced out of their housing end up unhoused, part of a growing homeless population in the state.

Persons: —, Beverly Dashnaw, she's, Montana, Policygenius, Dashnaw, it's, Greg Gianforte, Gianforte, you've Organizations: Service, Business, Harvard Joint Center for Housing Studies, Republican, American Locations: Montana

☆ I was laid off unexpectedly with a baby at home. As a single parent, I was devastated, but it was a blessing in disguise.
▼ + stars: | 2024-07-10 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Angelica Miller, a 31-year-old recruiter from Arizona who was recently laid off. I knew that being a single mom would be tough, but I was determined to create a stable home for my son no matter what. I'd been working as a recruiter for an equipment rental company for only a few months when I found out I was pregnant, and I was grateful that they were so supportive. AdvertisementI was absolutely devastated when I was laid offOne morning, my boss pinged me to have a quick chat. If you were unexpectedly laid off and want to share your story, please email Tess Martinelli at tmartinelli@gmail.com.

Persons: —, Angelica Miller, It's, he'd, I'd, pinged, Tess Martinelli Organizations: Service, Business, LinkedIn Locations: Arizona, tmartinelli@gmail.com

☆ Achieve financial wellness: Be happier, wealthier and more financially secure
▼ + stars: | 2024-07-10 | by ( Cnbc Make It Staff | ) www.cnbc.com time to read: +2 min

Too much or prolonged financial stress can hurt your health and relationships, and if you don't address it, your existing financial troubles can snowball. Our new online course, Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure, will give you the tools you need to get your money life in order and feel confident about your future. Yanely Espinal, a director of educational outreach at Next Gen Personal Finance and member of the CNBC Global Financial Wellness Advisory Board, who noticed a gap in the education system and has made it her mission to educate young people about how to achieve financial wellness. Kamila Elliott, CEO of wealth management firm Collective Wealth Partners and member of the CNBC Digital Financial Advisor Council, who advises high-net-worth individuals and business owners on their financial planning, tax and investment needs. The most important step on your journey toward financial wellness?

Persons: We'll, You'll, Emmie Martin, Brad T, Yanely, Kamila Elliott Organizations: CNBC, CNBC Digital Financial, Finance, Financial Wellness Advisory Board, Wealth Partners

☆ Millennial fiancées making $230,000 will 'constantly feel poor' unless they change their habits, says money expert
▼ + stars: | 2024-07-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Spending on travel, shopping, means 'losing money every single month'Going through their finances, Sethi found the couple has done relatively well at keeping their fixed costs in check. But a look at their discretionary spending showed that Maddie has good reason to feel anxious about their finances. "It's this compulsion to be at everything and live such a social life [that] just drains us," Paul adds. Having a big wedding for themselves is important to Maddie and Paul, as is their financial security, they reply. The idea of "keeping up with the Joneses" and lifestyle creep are common pitfalls because humans are social animals, Sethi says.

Persons: Sethi, Paul isn't, Maddie, They've, they're, Paul, It's

☆ Gen Z's Never-Ending Safety Net: Living With Mom and Dad
▼ + stars: | 2024-07-07 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +13 min

Despite a strong job market, many Gen Zers are still relying on the bank of Mom and Dad to make ends meet. The young adult has their entire life ahead of them. Some parents might be more willing to provide financial support because they want to feel like a good parent. The young adult has their entire life ahead of them," Bailey said. When India Anderson turned 20 and decided to move in with her boyfriend, her mother cut off most financial support.

Persons: David Nuñez, freeloader —, Zers, Nuñez, frazzled, Nuñez's, Gen Zers, Monica Kirkpatrick Johnson, They're, Zillow, haven't, Kirkpatrick Johnson, Jeffrey Jensen Arnett, Jo Clark, Clark, I'm, Teresa Bailey, There's, Ali Lupo, Lupo, —, doesn't, Bailey, JP Krahel, Cody, Erika Archie, Cody Archie, Archie, Erika, there's, They've, India Anderson, Anderson, She's, Uber Organizations: Netflix, Pew Research Center, Pew, Washington State University, Clark University, Waddell & Associates, Urban Institute, Loyola University Maryland Locations: Tampa , Florida, America, Surrey, England, New York, Texas, Orlando

☆ How a Seattle couple achieved financial independence in their mid-30s after paying their way through school — and why they don't want to retire early
▼ + stars: | 2024-07-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Mai-lan Phan and her husband, Ryan Wagoner, both 36, reached financial independence, but neither wants to fully retire early. Many Americans are working to achieve financial independence — or having enough savings or income to live comfortably for life. Advertisement"I want to be able to walk away from any job if it's not working," Wagoner said. Nerve damage in her right hand prevented her from returning to work full-time. She said their finances were solid enough from not "keeping up with the Joneses" that she could work less while her husband continued to work full-time.

Persons: Phan, Ryan Wagoner, Wagoner, it's, —, I'm, we're, they've, she's, They've, — Phan, We've, we've Organizations: Service, Seahawks, Business, FIRE, Subway, Michigan State University, Microsoft Locations: Phan, Seattle, Michigan, Mexico, Paris, Thailand, Europe, Asia

☆ 3 high-earners share when they knew it was time to quit their 6-figure jobs: 'It was literally driving me to the edge'
▼ + stars: | 2024-07-05 | by ( Tess Martinelli | ) www.businessinsider.com time to read: +6 min

Business Insider spoke with three high-earners who left their six-figure jobs to save their mental health. It wasn't until his boss seriously questioned his work output that Yu made a pledge to himself to quit tech. Yu quit his job after brainstorming alternative income streams with his then-girlfriend (who became his fiancé), Wanda, and settling on house hacking. A year after quitting, he shared that his mental health improved, and he was ready to reenter the workforce. If you quit your job due to mental health concerns and would like to tell your story, email Tess Martinelli at tmartinelli@businessinsider.com.

Persons: —, Jean Kang, Kang, she'd, Eric Yu, Long, Yu, Wanda, He's, Tess Martinelli Organizations: Service, Business, Big, Big Tech, Facebook, Meta, McKinsey Locations: Big Tech, tmartinelli@businessinsider.com

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