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☆ 3 Waltons Are Worth at Least $100B Each, Jointly Richer Than Elon Musk
▼ + stars: | 2024-09-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Three Walmart heirs have net worths of at least $100 billion, per Bloomberg. Jim Walton is worth $103 billion, while Robson and Alice are worth $101 billion and $100 billion each. The trio's combined net worth has reached $304 billion, dwarfing Elon Musk's $268 billion fortune. AdvertisementThree Walmart heirs are now worth at least $100 billion each — and together they're richer than the world's wealthiest person, Elon Musk. The three surviving children of the late Sam Walton — Jim, Robson, and Alice — are now worth $103 billion, $101 billion, and $100 billion respectively, per the Bloomberg Billionaires Index.

Persons: Jim Walton, Robson, Alice, dwarfing Elon Musk's, —, Elon Musk, Sam Walton — Jim, Alice — Organizations: Walmart, Bloomberg, Service, Business

☆ A single mom who made $55,000 last year working 3 jobs says she's struggling to pay the bills but doesn't qualify for SNAP or affordable health insurance
▼ + stars: | 2024-07-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

But with her earnings, she's above the maximum pre-tax annual income threshold of $34,341 to qualify for MassHealth. What's more, she said she's "dangerously close" to losing this rental assistance because her income is too high — the eligibility criteria vary by city in Massachusetts. AdvertisementALICEs are Americans who are struggling to pay the bills but may make too much money to qualify for government benefits like SNAP, rental assistance, or Medicaid. She's applied for several affordable housing programs, but she said most of them have waitlists that are five to 10 years long. Though the housing assistance she still receives is helpful, she said she still doesn't have enough money to afford a bed.

Persons: —, Sarah, — there's, she's, MassHealth, ALICE, who've, There's, She's Organizations: Service, Business, Supplemental, Assistance, Women, Children, United, SNAP Locations: Massachusetts

☆ Here's how inflation has ratcheted up the cost of basics like housing and food for families across the US
▼ + stars: | 2024-06-27 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

ALICE Americans make above the federal poverty level but not enough to comfortably afford all their daily expenses, often making too much to qualify for government assistance. The ALICE Essentials Index, which includes housing, childcare, food, transportation, healthcare, and technology costs, has risen by a projected 7.3% annually from 2021 to 2023; comparatively, CPI has risen by 6.1%. The ALICE Essentials Index for rural areas was slightly higher than that for urban areas, at 7.5% and 7.2%, respectively. "Long before everybody else was upset about inflation, ALICE was dealing with inflation," Hoopes said. Still, ALICE Americans tend to be overrepresented in these roles, as many pay below the ALICE threshold of about $55,000 a year.

Persons: —, ALICE —, ALICE Americans, ALICE, Stephanie Hoopes, United For ALICE, Hoopes, There's Organizations: Service, Business, CPI, United For, United Locations: West, Georgia, Florida, South Carolina, Midwest, Northeast

Many forms of help are tied to the federal poverty line, which is calculated using a formula that has largely not been updated since the 1960s. The poverty line is calculated in an outdated wayThe current federal poverty line for the 48 contiguous states and Washington, DC, is $15,060 a year for one person, $20,440 for a family of two, and $31,200 for a family of four. Courtesy of Melissa HeddenMuch of the resistance to changing the federal poverty line could stem from the government's desire not to inflate the number of people in poverty overnight. AdvertisementRep. Kevin Mullin, a Democrat from California, has introduced legislation — called the Poverty Line Act— that would modernize the federal poverty line, taking into account actual costs of goods and how prices differ across regions. Do you make above the poverty line but not enough to meet your daily needs?

Persons: —, Jason Hopkins, Hopkins, he's, He's, doesn't, ALICE —, Nyx, Beth Jarosz, Kyle Ross, ALICE, Mollie Orshansky, Jarosz, Stephanie Hoopes, United For ALICE, they've, Melinda Binkley, Ryan Arbuckle, Louis, Oleg Parubin, Parubin, Melissa Hedden, Melissa, Ross, Biden, Kevin Mullin, Mullin, Michael Tubbs, Tubbs Organizations: Service, Business, America, Center for American Progress, Bureau of Labor Statistics, of Health, Human Services, Assistance, Women, Children, United For, SNAP, Bills, Senate Locations: Illinois, Washington, DC, Stillwater , Minnesota, St, Manhattan, Airbnbs, North Carolina, California, Stockon , California, Illinois —

☆ An ALICE has $250,000 in student loan debt and left teaching for a stable job: 'There are many teaching college who are hungry and can't go to the doctor'
▼ + stars: | 2024-06-03 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

The 51-year-old has about $250,000 in student loan debt. Like 29% of US households, Pizza lives paycheck to paycheck, but her income is too high for most government assistance, per Census Bureau data and cost-of-living estimates analyzed by the nonprofit United Way. AdvertisementTeachers and adjunct professors are especially vulnerable to being ALICEs. Sixty percent of adjunct professors make less than $50,000 a year, despite most of them holding at least a master's degree, according to a 2022 report by The American Federation of Teachers that surveyed 1,900 adjunct professors across the US. "There are many teaching college who are hungry and can't go to the doctor," Pizza said in an email to Business Insider.

Persons: —, ALICE, Pizza, She's, Paul, she's, Joe Biden's Organizations: Service, Business, The American Federation of Teachers, BI, SNAP Locations: Twin Cities, St

☆ Making $100,000 a year might not be life-changing anymore, but 3 people share how it makes things a lot less stressful
▼ + stars: | 2024-06-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewWhen Joshua first earned a $100,000 salary about five years ago, it didn't impact his lifestyle much. "I wasn't able to splurge or to afford luxurious things," the 30-year-old fintech professional, who's based in Georgia, told Business Insider via email. This story is available exclusively to Business Insider subscribers. Business Insider asked three people who've made over $100,000 a year how becoming a six-figure-earner did — and didn't — change their lives and relationships. For many of these people, a $100,000 salary could, in fact, be life-changing.

Persons: —, Joshua, doesn't, What's, who've, Cole H, Mattes, it's, ALICE, Maksim Sonin, — he's, he's Organizations: Service, Business, New York Fed, New, Fed, eBay, Monarch Media, United, Stanford University Locations: Georgia, California

☆ Living on $25,000: ALICEs who live paycheck to paycheck explain how they scrape together enough food to get by
▼ + stars: | 2024-05-26 | by ( Allie Kelly | ) www.businessinsider.com time to read: +7 min

However, this criteria leaves low-income households who don't qualify relying on thinly stretched grocery budgets, food pantries, or employer meal discounts. Many ALICEs worry their family will go hungry, but they're running out of options to put food on the table. AdvertisementKelley also said she doesn't live near many food pantries and has to drive long distances to reach a grocery store or Walmart. AdvertisementDo you live paycheck to paycheck? Are you open to sharing how you afford food, housing, and other expenses?

Persons: —, Cherie Tobias, Tobias, She's, ALICE —, she's, ALICE, Melinda Binkley, Binkley, Lisa Kelley, Kelley, Melissa Hedden, Hedden, it's, isn't Organizations: Service, Business, SNAP, Cincinnati, Walmart, BI Locations: Applebee's, Hastings , Michigan, Stillwater , Minnesota, Wilmington , North Carolina

The share of US households making just enough to get by but not getting assistance is rising nationwide. The income threshold for this group varies widely between states and cities. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . These households face an economic predicament: They earn too much money to receive most government assistance, but they're still barely getting by. It might be an income of $130,000 for a family of six near St. Louis or $25,000 for a family of three in Michigan.

Persons: ALICE —, —, they're, Louis Organizations: Service Locations: St, Michigan

☆ A Gen Xer who barely lives above the poverty line sells plasma to cover her rent because she doesn't qualify for government assistance: 'There's a lot of praying and just hanging on.'
▼ + stars: | 2024-05-21 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kelley used to drive 30 minutes across the Kentucky border every morning to work as a security guard. A growing number of American households can barely pay their bills but make too much to qualify for government assistance. Kelley can't afford healthcare and has started selling her plasma for extra moneyKelley said her top expenses are housing and food. She also said it's a lot more difficult to qualify for government assistance since she isn't actively supporting children. "If you make too much, there's no help; if you are healthy, there's no help; if you don't have kids, there's no help."

Persons: —, Lisa Kelley, Kelley, she's, ALICE —, ALICE, I've, She's, isn't Organizations: Service, Business, Survey, United Way's, Medicare Locations: Cincinnati, Kentucky, DollarTree

☆ Meet a couple with 5 kids who are barely making it despite working 4 jobs: 'It shocks me that $100k feels like poverty'
▼ + stars: | 2024-05-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

April Schultz, 40, and her husband Kevin, 45, bring in $130,000 a year in gross income combined between their four jobs and side gigs. Still, Schultz said it shocks her that such an income "feels like poverty." "We shouldn't have to have four jobs in one family," Schultz said. She said that while there are job opportunities in her area, most don't pay enough for the area's cost of living. They both anticipate downsizing once their kids have moved out and relocating to a more rural and cheaper place.

Persons: Schultz, Kevin, — Schultz, ALICE —, Stephanie Hoopes, United For ALICE, She's, Louis, she's, there's, We've, they're, they've, hasn't, It's, we've Organizations: Service, Costco, United For, Department of Defense, Scott Air Force Base, Amazon, Netflix, USDA, Aldi, Sam's Locations: California , Arizona, Minnesota, Idaho, Mascoutah , Illinois, St, Illinois, Missouri

☆ A 62-year-old employed 'peak boomer' in California makes too much for affordable housing but lives in her car: 'I'll work until I drop'
▼ + stars: | 2024-05-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Cheryl Simmons, a parking lot attendant, lives in her car but makes too much for affordable housing. She lives in her car, even though she makes about $42,000 a year. She makes slightly too much for a single-room occupancy unit in affordable housing and exceeds the income limit for food stamps and other government assistance. AdvertisementSimmons is one of the 30 million "peak boomers" entering retirement age in the next few years, but most are not financially prepared to retire. A new report from the Alliance for Lifetime Income's Retirement Income Institute found that 52.5% of peak boomers have below $250,000 in assets.

Persons: Cheryl Simmons, Simmons, —, she'll, she's, ALICE —, ALICE, it's Organizations: Service, Alliance, Lifetime, Assistance, Food Locations: San Diego, Albuquerque, California, Texas

☆ Meet the typical ALICE: Americans struggling to afford basic necessities but making too much to get help
▼ + stars: | 2024-04-24 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The South has the highest concentration of states with about 50% of residents below the ALICE threshold. They're either the youngest or oldest workers in the workforce, often single parents, and full-time workers — but they're still not making ends meet. Married adults with children tend not to be ALICE, as 80% reported being above the ALICE threshold. ALICE Americans are all across the country and in both rural and urban areasALICE Americans exist everywhere from the isolated countryside of the US to the country's biggest cities. The breakdown between urban and rural ALICE is somewhat consistent — the ALICE population makes up 30% of the rural population and 28% of the urban population.

Persons: —, ALICE —, ALICE, They're, they're, ALICE Americans, Gen, ALICE millennials, Xers, Stephanie Hoopes, United For ALICE, Still, Hoopes Organizations: Service, United Way's, Business, United For, ALICE, Nationwide, United Locations: America, ALICE, Florida, California, New York, Texas, Iowa

☆ 3 Waltons are worth a combined $224 billion — more than Elon Musk — thanks to Walmart's stock surge
▼ + stars: | 2024-02-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Three heirs to the Walmart fortune have more than doubled their personal wealth since 2016. Rob, Jim, and Alice Walton have added more than $100 billion to their net worth in recent years. AdvertisementThree Walmart heirs have more than doubled their money since 2016, adding more than $100 billion to their combined fortunes. Legendary founder Sam Walton's three surviving children — Rob, Jim, and Alice — all hold top-20 spots on the Forbes rich list with personal fortunes of between $70 billion and $77 billion. This story is available exclusively to Business Insider subscribers.

Persons: Rob, Jim, Alice Walton, —, Sam Walton's, Alice — Organizations: Walmart, Service, Forbes, Business

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