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This story is available exclusively to Business Insider subscribers. Walker now lives off his roughly $18,000 annual pension (AU$28,000), according to bank statements reviewed by Business Insider. And, because his expenses in Chiang Mai are so low, Walker said he is able to save about 40% of his income. Business Insider has heard from Americans who moved from Texas to Panama, California to Italy, and Minnesota to Mexico, all in search of exciting travels and reduced financial stress. In Thailand, Walker said he has met people from all over the world.
Persons: , John, Walker, Chiang, Chiang Mai, It's Organizations: Service, Business, Social Security Administration Locations: Chiang Mai, Thailand, Western Australia, Texas, Panama , California, Italy, Minnesota, Mexico, Chiang, Australia, Spain, Majorca, Costa Rica
Read previewDealmakers have always been the stars of private equity. AdvertisementKevin Desai, partner and private equity sector leader at PwC PWCBut in the current climate, portfolio-operations professionals are gaining esteem. AdvertisementPrivate equity 3.0Rising interest rates nearly two and a half years ago ushered in a new economic reality that hit private equity firms right in the pocket. Since private equity relies on debt to boost returns, the first option is off the table. These people are taking their talents to private equity firms to manage smaller companies using an already proven playbook for technological transformation.
Persons: , you've, Marc Rowan, Rowan, Kevin Desai, Desai, I've, What's, they're, quants, we've Organizations: Service, Business, PricewaterhouseCoopers, University of Chicago, Walmart, Nike, Harvard Business Locations: dealmaking
How ‘Deepfake Elon Musk’ Became the Internet’s Biggest Scammer An A.I.-powered version of Mr. Musk has appeared in thousands of inauthentic ads, contributing to billions in fraud. Mr. Beauchamp, an 82-year-old retiree, saw a video late last year of Mr. Musk endorsing a radical investment opportunity that promised rapid returns. “I mean, the picture of him — it was him,” Mr. Beauchamp said about the video he saw of Mr. Musk. Original A.I. Audio Original Original A.I.
Persons: ‘ Deepfake Elon, Musk, Steve Beauchamp, Elon, Beauchamp, , ” Mr, ‘ Pick, ’ that’s, “ It’s, , Francesco Cavalli, Scammers, Thorold Barker, Sensity, Warren Buffett, Jeff Bezos, “ Elon, Donald J, Trump, Elon Musk, Andrew Forrest, scammers, Lou Steinberg, Cavalli, Eastern Europe — cobble, “ There’s, Molly White, Finn Brunton, Davis, “ I’m Organizations: A.I, Deloitte, Wall, Street, Amazon, India, Facebook, YouTube, Better Business Bureau, CNET, Meta, Hong Kong’s Securities, Futures Commission, Federal Trade Commission, Federal Bureau of Investigations, TED, Fox News, Eastern Europe —, Tesla, University of California, CNN, New York Times, Magna, The New York Times, Better Locations: Sensity, India, Russia, China, Eastern Europe, Ontario, Canada
U.K. stocks are looking particularly attractive after a fresh bout of market volatility, according to the chief investment officer of financial firm Wren Sterling. It is in this context that Wren Sterling's Rory McPherson believes British stocks look "cheap" and "under-owned." When asked whether investors should consider U.K. stocks as part of a shift away from U.S. tech companies, McPherson replied, "Well, we think so. I mean you look at the market like the U.K., it's on 12 times earnings, its cheap, its under-owned. Analysts have recently turned bullish on U.K. stocks, which had been unpopular for years.
Persons: Wren Sterling, Wren, Rory McPherson, McPherson, CNBC's, " McPherson Organizations: Global, U.S, Analysts, BlackRock Investment, BlackRock, Labour Party, CNBC, Bank of, Bank of England Locations: U.S
But the widowed 78-year-old now has to skimp on her meals because her Social Security benefits haven’t kept up with the rising costs for food, housing and health care in recent years. Social Security benefits have lost 20% of their buying power since 2010, according to a recent analysis by The Senior Citizens League, an advocacy group. Every January, Social Security recipients get an annual cost-of-living adjustment, known as a COLA, but the increases often don’t keep up with the actual rise in prices – hurting senior citizens, many of whom live on fixed incomes and depend heavily on their Social Security benefits. Social Security benefits have risen by 58% between 2010 and 2024, but the cost of goods and services purchased by typical retirees jumped 73% during that time, the league said. For Albrecht, it feels like her Social Security benefits have lost more than 20% of their buying power.
Persons: Janet Albrecht, haven’t, Albrecht, hasn’t, , Shannon Benton, That’s, Organizations: CNN, Security, Social, Social Security, Senior Citizens League Locations: an Indiana , Pennsylvania
Stabenow chairs the Senate Agriculture Committee, where a bipartisan crypto bill is working its way through the committee. Because we all support Vice President Kamala Harris to be our next president, and we all believe in the future of crypto," said Schumer. But Stabenow's presence with Schumer at Wednesday's town hall could be a hint that Schumer is leaning towards Stabenow's legislation. Republican presidential nominee Donald Trump is newly catering to the crypto sector in public addresses on the campaign trail. "I think we're going to hear from Vice President Harris soon on this.
Persons: Chuck Schumer, Kamala Harris, Saul Loeb, Schumer, Mark Cuban, Kristen Gillibrand, Debbie Stabenow, Stabenow, Elissa Slotkin, Adam Schiff, Jared Polis, Wiley Nickel, Crypto, Sheila Warren, Harris, Gillibrand, Donald Trump, Ro Khanna, Nickel, we've Organizations: Senate, AFP, Getty, Democratic, New, Agriculture, California ., California . Colorado Gov, Rep, Republicans, Capitol, Crypto, Innovation, Democrats, Financial Innovation, Technology, Republican, CNBC Locations: Washington , DC, Michigan, California, California . Colorado, N.C, United States, Wednesday's, Nashville , Tennessee, Tennessee
Scott M. Smith, 40, wasn't expecting student-loan forgiveness. Scott M. Smith, 40, received student-loan forgiveness through PSLF. AdvertisementThe freedom to go back to schoolFor Paul Smylie, 39, student-loan forgiveness means something else. Smylie's student-loan forgiveness is giving him the financial freedom to consider doing just that. In a rule first established under President Barack Obama, any student-loan borrower who can prove they are totally and permanently disabled is eligible for student-loan forgiveness.
Persons: Scott M, Smith, wasn't, — Smith, servicer, hadn't, , who's, PSLF, Joe Biden's, Millennials who've, Zers, millennials —, Gen Xers —, Paul Smylie, Smylie, Gen Xers, Chloe Moore, Financial Staples, Keenan Casey, CiCora Leigh, Leigh, Cicora Leigh, Barack Obama, Beverley —, Beverley, Grayson Hofferber, Hofferber, they'll, that's, someone's, Casey Organizations: Service, Public, Business, Education Department, Federal Reserve, SAVE, Appeals, Associated Press, Gallup, Lumina Foundation, millennials, Financial, Army, University of Mississippi, Veterans Affairs, BI, Millennial Wealth Management Locations: Mississippi, Beverley, forbearance, deferment
They've managed to do all that while never making more than about $200,000 combined in yearly income from work. "We got our first house young, but we didn't buy all new furniture; we furnished it with hand-me-downs and thrift store finds," Wallace said. Between their three homes, which total $1.9 million in value, they have about $850,000 in equity, and they don't plan on paying them off early as interest rates on them are below 3.5%. Becoming millionairesThey hit their first half-million in 2021 and became millionaires in 2022, bringing their net worth above $1.2 million this year. They both plan on retiring in four years but anticipate working in part-time roles that better align with their passions.
Persons: Andrea Wallace, They've, Wallace, we've, Roth IRAs, they've, they're Organizations: Service, Business, FI, FIRE, Hallmark, Arizona State University, Lean FIRE Locations: Phoenix, California
AdvertisementI don't fit into my generationMy face, my blonde highlights, and my summer wardrobe of white linen smacks of bland mortgage stability. My adult sons and I talk about the same career goals because we have the same career goals, which are basically climb, climb, climb. If this is the thing that will kill me before I have time to get older, but oh yes, that's right, I'm already older. Maybe I'm right about myself. Maybe I'm a writer who just didn't get the chance to write for a very long time.
Persons: Gen, I'm, I've Organizations: Service
Tech billionaire Elon Musk’s highly anticipated online event with former President Donald Trump was delayed Monday by technical difficulties as some users of Musk’s X app said they couldn’t access the discussion. Ron DeSantis launched his Republican presidential bid on X and was repeatedly disrupted because the site’s servers apparently couldn’t handle the surge in traffic. The event came as Trump has scaled back his in-person appearances after a would-be assassin shot at him at a July 13 rally in Pennsylvania. Some X users said they believed the problem was X’s technical capabilities, rather than an attack. Tim Walz, have also received a groundswell of social media support, with supporters posting a flurry of memes and videos.
Persons: Elon Musk’s, Donald Trump, Ron DeSantis, Musk, , scammers, Elon Musk, Trump, Biden, Kamala Harris, Tim Walz Organizations: Tech, Florida Gov, Republican, Trump, Elon, Musk, Tesla, SpaceX, Minnesota Gov Locations: Pennsylvania, Palm Beach, Fla
Even though her two sons have moved out, she struggles to secure enough to pay her bills and save for the future. She fears that even when she receives about $2,000 a month in Social Security payments in six years, it will not be nearly enough. Related stories"My career path has finally gotten to be decent pay, but it's not great, and I'm still single," Davenport said. Between child support and an increase in work income, her income ended up slightly above the housing assistance cutoff when her kids were growing up. AdvertisementPreparing for the futureDavenport plans to wait until she's 67 to claim her Social Security benefits, which she anticipates will be about $2,000.
Persons: Becky Davenport, , Davenport, I'm, it's, she's, hasn't, doesn't, spender, we've, She's, wouldn't Organizations: Service, Business, Social, Alaska Permanent Fund, Security Locations: Alaska, Chugiak, Anchorage, East Coast, New Jersey , Pennsylvania, Kentucky
And switching these major manufacturers to cleaner sources of energy, like wind and solar, would help significantly. Batteries are one option, but some scientists think an ancient technology, firebricks, is a cheaper and easier solution. Advertisement"It's a way to heat firebricks to a blazingly hot temperature," he said. Rondo said its system reduces CO2 emissions and lowers the cost of energy because it requires less electricity than hydrogen fuel. AdvertisementForsberg said one of the biggest benefits of the newer firebrick technology is that it updates processes many industries have in place.
Persons: They're, they've, Charles Forsberg, Forsberg, there's, Mark Jacobson, Jacobson, Joey Kabel, Dan Stack, It's, Rondo Organizations: Service, Business, Solutions, Boston Globe, MIT, Stanford University Locations: Kentucky, California
U.S. high school graduates looking for entry-level work might consider starting out at a company appearing on a new ranking from the American Opportunity Index. Released earlier this month, the list named 50 large companies as the best places for people with a high school diploma to launch their careers. The index scored companies based on three metrics: how likely they are to hire entry-level employees, promote them from within and set them up to land better-paying jobs when they leave. "We didn't see a whole lot out there for the 40% of high school graduates who aren't going off to post-secondary education immediately — most of whom have to find some sort of work," he continues. Rather than survey the companies, the index analyzed the career paths of around 5 million workers from 2018 until 2022 to make its assessment.
Persons: who've, Rajiv Chandrasekaran, aren't, Chandrasekaran Organizations: American, Schultz, Foundation, American Opportunity, Glass Institute, Harvard Business School, Walgreens, Financial Services, Gap Inc, Goodyear Tire, Starbucks Retailers, CNBC
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Assuming no changes to Social Security benefits, 37% of Gen Z and 44% of millennials could experience retirement shortfalls, coming in below 47% of Gen X and 52% of boomers. One 68-year-old previously told BI that she cannot afford to retire and is living off her Social Security and salary. According to the report, only around 28% of US households would face retirement shortfalls if they retire at 70. "You can delay claiming Social Security and get a bigger benefit and inflation-adjusted benefit."
Persons: , Gen Xers —, Zers, Gen X, X, Spencer, Morningstar, Xers, Gen Organizations: Service, Financial, Morningstar, Social Security, Business, Consumer, Alliance, Lifetime, Pensions
SpaceX's Crew Dragon capsule "Endurance" is seen during the Crew-3 mission for NASA on May 5, 2022. "I've been interested in space from a very young age … and for the first time, a private person can plan and design their own very personal mission," Wang told CNBC. Called "Fram2," an ode to the 19th-century polar expedition ship Fram, the mission is scheduled to launch near the end of this year. Wang said his proposal to SpaceX for the Fram2 mission came together after the historic private Inspiration4 flight in 2021. "We are trying to make the door wider and make people feel that everyone can have their own very personal space mission," Wang added.
Persons: Wang, I've, Jannicke Mikkelsen, Eric Philips, Rabea Rogge, Sir Ernest Shackleton's, Chun Wang, Mikkelsen, Chun, Organizations: NASA, CNBC, SpaceX, LinkedIn Locations: Tianjin, China, Malta, Svalbard, Norwegian, Australian, bitcoin, Longyearbyen, Alaska
Read previewThe latest figures from Warren Buffett's Berkshire Hathaway suggest consumers are faring better than they were just a year or two ago. Thomson ReutersHomeServicesReal estate brokerage revenues were almost flat and after-tax earnings rose 21%. New home unit sales rose 11% after dropping 20%, but pre-tax earnings fell 10%, similar to their 12% decline last year. But pre-tax earnings jumped 10% due to higher margins and lower operating expenses that offset the lower sales. AdvertisementRetailThe odd one out was the retailing subdivision, where revenues fell 4.5% and pre-tax earnings fell 23%.
Persons: , Warren Buffett's Berkshire Hathaway, Here's, Thomson, Warren Buffett, Clayton, Rick Wilking, Berkshire, They've, There's Organizations: Service, Business, Thomson Reuters, Clayton Homes, Reuters McLane, Berkhire Hathaway Locations: Warren Buffett's, Berkshire, Renton , Washington, Omaha , Nebraska
Using home equity is "certainly a less expensive borrowing option than resorting to personal loans or credit cards," McBride said. As of August 7, the current average home equity loan interest rate is 8.59%, according to Bankrate. The average HELOC interest rate is 9.37%. To compare, the average personal loan interest rate is 12.38% , Bankrate found. The average credit card interest rate stands at 24.92%, according to LendingTree.
Persons: Iuliia, McBride, Bankrate, Houzz, Jessica Lautz, We've Organizations: Houzz, National Association of Realtors, NAR Locations: U.S
Bitcoin is a strategic reserve asset, says CoinShares researcher
  + stars: | 2024-08-13 | 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 EmailBitcoin is a strategic reserve asset, says CoinShares researcherJames Butterfill, head of research at Coinshares, discusses the dichotomy between former President Donald Trump and Vice President Kamala Harris regarding bitcoin.
Persons: James Butterfill, Donald Trump, Kamala Harris Locations: bitcoin
That’s why, he said, he invested in AppHarvest, a startup that promised a high-tech future for farming and for the workers of Eastern Kentucky. Despite promising local jobs, the company eventually began contracting migrant workers from Mexico, Guatemala and other countries, numerous former employees told CNN. After about a week on the job, Vance took a meeting with AppHarvest founder Jonathan Webb, as Webb later recounted in a Fox News podcast interview. The company’s health care benefits attracted Morgan, a single father, who told CNN he took a pay cut to join the startup. Such comments ring hollow to some former AppHarvest workers, who argue Vance’s rhetoric as a candidate for vice president doesn’t align with the reality they experienced.
Persons: JD Vance, Vance, “ It’s, it’s, ” Vance, AppHarvest, Donald Trump’s, Kentuckians Vance, weren’t, , Anthony Morgan, , Luke Schroeder, AppHarvest’s, JD, Jonathan Webb, Webb, Peter Thiel’s, Thiel, Steve Case, Vance “, Morgan, ” Morgan, ’ ” Anthony Morgan, Shelby Hester, Hester, ” Hester, Grist, Andrew Miller, David Attenborough, Bethany, Gary Broadbent, “ AppHarvest, Mitch McConnell, Hester’s, Mitch Smith, bigwigs, CNN AppHarvest, Martha Stewart, Broadbent, doesn’t Organizations: CNN, Fox, Republican, US Department of Labor, PayPal, AOL, Fox News, AppHarvest, Morehead State University, Workers, Kentucky’s Education, Labor Cabinet, Kentucky Center, Investigative, Kentucky Republican, Securities and Exchange Commission, Retirement Association, Senate, Republican National Convention Locations: AppHarvest, Eastern Kentucky, Kentucky, Mexico, Guatemala, Ohio, Silicon Valley, Morehead, Appalachia, gurneys, Plymouth, Massachusetts, Canada,
Sen. JD Vance of Ohio filed his required annual financial disclosure. Vance is required to file a separate report now that he is the GOP's vice-presidential nominee. Former President Donald Trump's report could be made public later this week. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
Persons: Sen, JD Vance, Ohio, Vance, Donald Trump's, , Trump Organizations: Service, Republican, Business Locations: Ohio
Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.
Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital
Officially, the National Bureau of Economic Research defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months." The last time that happened was early in 2020, when the economy came to an abrupt halt. Economists have wrestled with the growing disconnect between how the economy is doing and how people feel about their financial standing. We're in a 'vibecession'We're in a "vibecession," Joyce Chang, JPMorgan's chair of global research, said at the CNBC Financial Advisor Summit in May. "Everything looks great but when you look beneath the surface, the disparity between the wealthy and nonwealthy is widening dramatically."
Persons: Gene Goldman, Vishal Kapoor, Joyce Chang, JPMorgan's, that's, Chang, Goldman Organizations: Cetera Financial, National Bureau of Economic Research, CNBC, Summit Locations: El Segundo , California
We've explained how current high-yield savings accounts beat inflation rates, and what Fed rate cuts mean for your savings. How does inflation affect savingsIn order to understand how high-yield savings accounts beat inflation, you first have to understand what inflation is. Dixon says that, while high-yield savings accounts are good for shorter-term savings such as emergency funds, investing can be a good longer-term strategy — as long as you understand the risk. If your savings aren't kept in a high-yield savings account, the interest you earn on your savings could be outpaced by the current inflation rate. Using a high-yield savings account can help you save your savings from inflation because current high-yield savings account rates are higher than current inflation rates.
Persons: , We've, Patrina Dixon, there's, Dorsainvil, Dixon, it's, aren't Organizations: Service, Business, Federal Reserve, Consumer, Dorsainvil, YGC, CME, Am Locations: CFEI, U.S
These women talk openly about being rich and wanting to help other women become rich too. She also launched a platform called Treasury, which says it has helped women invest over $80 million in the stock market. "I couldn't really find anyone who was teaching money the way that I wanted to learn it," Sacks said. And it's probably getting really smart about how you save money, taking the money that you are saving and investing it and building wealth." Young women, on the other hand, are turning to more tried-and-true tactics.
Persons: Dave Ramsey, Tori Dunlap, It's, Dunlap, Dow Jones, Simran Kaur, Rachel Rodgers, Z, Kaur, Zers, Haley Sacks, Sacks, Cartier, Kylie Jenner, Suze Orman, it's, they're, Rita Soledad Fernández Paulino, Leah Sheppard, Gen Zers, , Rita Soledad Fernández Paulino Sacks, Kyla Scanlon, Scanlon, aren't, Fernández Paulino, weren't Organizations: Economic, Institute, Washington State, Carson College of Business, GameStop, Fidelity Investments, Federal Reserve's Survey, Consumer Finances Locations: Tacoma , Washington, Dunlap, Instagram, Zealand, York, California
There is plenty of cause for concern in the US consumer economy right now, but it's not all bad news. As some companies struggle with the shift, others like Walmart, Target, and TJX are poised to do well. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US consumer economy is in a weird place right now and there is no shortage of reasons to be concerned about it.
Persons: it's, Organizations: Walmart, Target, Service, Business
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