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☆ Americans are less confident in their economic futures than ever before — and the rest of the world is right there with them
▼ + stars: | 2023-01-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Americans are less confident in their economic futures than ever before, according to a survey. 24 of 28 countries surveyed reported record-low confidence levels about their economic futures. Insider was not able to verify how many times the US, or any other country, was surveyed about their future economic confidence in prior reports. But much of the rest of the world is feeling quite gloomy about their future finances as well — 24 of the 28 countries surveyed posted record lows in economic optimism. The United Kingdom, Germany, and France, for instance, reported only 23%, 15%, and 12% confidence levels respectively.

☆ Electric vehicles accounted for 10% of global auto sales last year — this could quadruple by 2030
▼ + stars: | 2023-01-16 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Electric vehicles accounted for 10% of global auto sales in 2022, preliminary research shows. In the near term, however, there are some signs of slowing demand for electric vehicles in the US. The uptick helped electric vehicles achieve a roughly 10% global market share in the automotive industry for the first time, WSJ reported. CBInsights Auto and Mobility Trends estimated that its global market share could reach 22% by 2030. The Biden Administration, which included a $7,500 tax credit for purchasing an electric vehicle in last year's Inflation Reduction Act, is aiming for half of US vehicle sales to be electric by 2030.

☆ The scarcity economy has made life harder on Americans. Some are calling for an 'abundance agenda' to make college, housing, and healthcare more affordable.
▼ + stars: | 2023-01-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

The costs of healthcare, housing, childcare, and college have soared in recent decades. Some say an "abundance agenda" is necessary to boost supply and bring down costs. In short, the abundance agenda works by increasing the supply of the things people need, and ultimately making essential goods and services less expensive for American families. But childcare, healthcare, college tuition, and housing costs, for instance, have risen 115%, 130%, 178%, and 80%, respectively, well above inflation. He thinks the abundance agenda — or something like it — will be something many politicians campaign on someday, which he says would be a win for all Americans.

☆ They say it takes a village to raise children. But millennial mothers are taking to TikTok to say 'there is no village' as their childcare struggles persist.
▼ + stars: | 2023-01-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

People say "it takes a village to raise" children. But many millennial parents are raising children without anything resembling a village to help them. "Stop telling us 'it takes a village to raise a child,'" one TikToker wrote in a video caption. New ways to find your villageWhile some politicians are advocating for legislation that could help make childcare more accessible and affordable, this doesn't help parents today. In the meantime, there are a few potential childcare solutions for families without a traditional village to help them out.

☆ Gig workers choose freedom in their careers — but some worry about how retirement will look
▼ + stars: | 2023-01-14 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

A survey of 2,000 freelancers revealed more than half of respondents felt pressured to save a certain amount for retirement. The average freelancer anticipates needing at least $350,000 saved up to retire, Talker reported. One gig worker told Insider financial literacy and investments are key to planning for timely retirement. "When I'm able to decide what I want to do with my time, there are things I can do to help me learn and grow my own business," Hill told Insider. However, Hill said retiring from gig work in a timely manner is something only the financially literate can achieve, adding that odd jobs alone probably aren't enough to successfully reach that milestone.

☆ No, the GOP isn't going to abolish income tax — or the IRS
▼ + stars: | 2023-01-12 | by ( Juliana Kaplan | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The House is planning to vote on a Republican bill that would abolish the national income tax. It would implement a national sales tax in its place and eliminate the IRS. The House of Representatives is planning to vote on a Republican bill that would abolish the national income tax, payroll tax, and estate tax and replace it with a single national consumption — or sales — tax on the purchase of goods and services. "Go home and tell your moms, they're going to be really excited about that," Biden said of the national sales tax proposal in Thursday remarks. Critics say replacing the national income tax with a consumption tax would be highly regressive and shift the country's tax burden from higher-income Americans to middle- and working-class taxpayers.

☆ Marijuana might hurt Elon Musk's productivity, but legalization has helped US workers find jobs and earn higher wages, a study finds
▼ + stars: | 2023-01-06 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

But a new study found legalization has had a positive impact on Americans' employment and wages. While 68% of the public supports legalization, the authors noted that there is disagreement about the impact it could have on workers' productivity and well being. Elon Musk in 2018: "I'm not a regular smoker of weed...I don't find that it is very good for productivity." The authors speculated the boost in the agriculture sector is tied to the introduction of the cannabis industry. Given marijuana legalization is a relatively new development, the authors said it will take time to decipher any long-run impacts on labor market performance, despite the positive early indicators from their research.

☆ Hungary just canceled income tax for new moms in their 20s. It's the country's latest attempt to fix its long-term labor shortage.
▼ + stars: | 2023-01-05 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

Hungary is eliminating the income tax for mothers under the age of 30. It's one of several moves the government has made in recent years to try and boost its birth rate. The country is already facing a severe labor shortage. It previously eliminated the income tax for workers until the age of 25 — to incentivize young workers to find jobs — and mothers with at least four children. "For every missing child there should be one coming in and then the numbers will be fine.

☆ Moving to Florida could save you on taxes — but cost more overall
▼ + stars: | 2023-01-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Many Americans have seen the lack of a state income tax as a way to get ahead financially. Many have also been drawn there because it's one of nine states with no state income tax, which could potentially save them thousands of dollars per year. Despite the lack of an income tax, Florida has higher sales and property taxes than some of its peers, and due to Florida law, newcomers are seeing higher property tax increases than longstanding residents. Before moving to the Sunshine State, it's worth considering how Florida's cost of living compares to where you live now, and to your potential employment opportunities. Indeed, the lack of an income tax is a major financial perk for Floridians.

☆ The pay gap will get worse for Gen Z women because they're 'so anxious,' an NYU professor says
▼ + stars: | 2023-01-04 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Gen Z is facing a "national crisis," according to social psychologist and NYU professor Jonathan Haidt. Haidt told the Wall Street Journal that Gen Z women are going to be less successful than Gen Z men. That's partly because many Gen Z women are facing mental health challenges like anxiety. As Gen Z enters the workforce, the problem could get even worse. "Gen Z women, because they're so anxious, are going to be less successful than Gen Z men," he said.

☆ How to live a car-free life in 2023, from 3 people who tried it to save money and the environment
▼ + stars: | 2023-01-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +2 min

It's an expensive time to buy a car, thanks to inflation and high interest rates. Insider previously spoke with three people who have explored car-free lifestyles. Some looking to save money and reduce their environmental footprints may decide to join those embracing car-free — or "car-lite" — lifestyles. In October, the estimated typical monthly car payment for new vehicle purchases rose to a record-high $748 per month, per Cox Automotive. Insider previously spoke with three people who have explored car-free lives over the past year.

☆ How to make extra money as a reseller in 2023, from 3 people who turned their Poshmark and Facebook Marketplace side hustles into valuable income
▼ + stars: | 2023-01-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +1 min

Many Americans are looking for ways to make extra income, and online reselling platforms have helped. Insider spoke with three women who have found success as resellers. They shared their stories, as well as advice they have for others looking to get started. As inflation continues to erode bank accounts, many Americans have explored work outside the traditional 9-to-5 to generate income. And some have embraced reseller platforms like Poshmark or Facebook Marketplace to earn extra cash or become full-time resellers.

☆ It's about to get even harder to find affordable childcare
▼ + stars: | 2022-12-30 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Childcare providers may be forced to raise prices even higher to stay afloat. Childcare is going to "become even more unaffordable for the middle class families"For parents who manage to find childcare, it's likely to cost them heavily. "Now that childcare funds are going to start fading away, the cost of childcare is going to go up again and become even more unaffordable for the middle class families," she said. Declining enrollment numbers would then create yet another obstacle for childcare providers — thousands of which have already closed over the last few years. And it's not just childcare providers that would feel the pain.

☆ Americans are still moving to Florida. They might regret it.
▼ + stars: | 2022-12-29 | by ( Jacob Zinkula | Jordan Pandy | ) www.businessinsider.com time to read: +4 min

The state's population has been steadily increasing for decades. But some that have moved to Florida will come to regret the decision — and may ultimately move out. A nearly 14,000-member Facebook group for people moving out of Florida has cited severe weather, low wages, crowded beaches, changing politics, and steep housing prices as reasons people left. Nicole Panesso lived in Florida her whole life until moving to Tennessee earlier this year, she previously told Insider, citing low wages and high expenses as reasons why. For Greg May, Florida's high temperatures were the main reason he left for North Carolina, he previously told Insider.

☆ Millions of people are still moving to Florida. They might regret it.
▼ + stars: | 2022-12-29 | by ( Jacob Zinkula | Jordan Pandy | ) www.businessinsider.com time to read: +4 min

☆ How to live a digital nomad life in 2023, from 3 people who did it save money and see the world
▼ + stars: | 2022-12-28 | by ( Jacob Zinkula | Jason Lalljee | ) www.businessinsider.com time to read: +1 min

Nearly 17 million Americans describe themselves as digital nomads. Insider previously spoke with three people who have embraced the digital nomad lifestyle. Nearly 17 million Americans describe themselves as digital nomads, a 9% increase from 2021 and 131% from 2019, according to a MBO Partners' 2022 State of Independence study of more than 6,000 US adults, including 901 current digital nomads. Driving this trend is the growth of remote work, which has provided many workers the flexibility to work outside their homes. The digital nomad life isn't without its challenges, but Insider previously spoke with three people who are making it work for them.

☆ How a 30-year-old mom made $120,000 in passive income in 9 months selling digital products online and only working 5 hours a week
▼ + stars: | 2022-12-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Since starting in March, Puls says she's earned roughly $120,000 selling three digital products: an ebook, an email course, and an ebook template. A big social media presence isn't required to find successPuls says social media is her biggest driver of customer traffic. That said, she's seen plenty of people without massive social media followings find success selling digital products. While she says most people sell digital products through platforms like Etsy, using her own website is ideal for her. Given her success with digital products, Puls says she's often asked why she hasn't made more of them.

☆ Meet 3 millennials who are thriving as freelancers and learn how they built a flexible work life and financial independence
▼ + stars: | 2022-12-26 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +2 min

A record 39% of the US workforce freelanced in 2022.Insider spoke with three millennial women who have found success as freelancers. They shared their stories, as well as advice they have for people looking to follow in their footsteps. Some may consider ditching their 9-to-5 and joining the millions of Americans who have embraced freelancing in recent years. While many freelancers enjoy the flexibility freelancing provides, the survey found earning extra income was a key reason 83% of freelancers decided to explore this alternative style of work. Insider previously spoke with three millennials who have found success as freelancers.

☆ A 29-year-old part-time remote worker living abroad and making $4,000 a month explains how she finds work and affords her lifestyle
▼ + stars: | 2022-12-25 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

She is among a growing number of digital nomads, or remote workers who travel for weeks, months, or — in Checchi's case — "for the foreseeable future." Driving this trend is the growing flexibility of remote work, a longing to see the world, and the desire to cut costs. As of June, over 25 countries had introduced digital-nomad visa programs aimed at luring remote workers and their wallets. The challenges of a nomadic lifeWhen she's not traveling, Checchi has a home base in Tel Aviv, which she chose in part for its accessibility to both Europe and Asia. While Tel Aviv can be quite an expensive place to live, Checchi pays $871 per month to rent an apartment with a couple.

☆ How to start your own business in 2023, from 4 entrepreneurs who took the leap
▼ + stars: | 2022-12-25 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +2 min

Millions of Americans have started their own businesses in recent years. Insider previously spoke with four of them and learned how they made this major life change. They shared their stories, as well as the advice they have for aspiring entrepreneurs. Some may decide to join the millions of US workers who have started businesses of their own in recent years. Insider previously spoke with four Americans who started their own businesses over the last few years.

☆ The renewed 'Made in America' wave is going to make stuff like clothing and electronics more expensive
▼ + stars: | 2022-12-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

It's in response to the supply chains disruptions companies have faced in recent years. The headaches US corporations have faced are leading more of them to bring their supply chains closer to home and more under their control. Just under half (46%) said they were adjusting supply chains, and around a third (32%) said they were onshoring their workforce. But if more companies shift their supply chains closer to home, this could slowly begin to change. If reshoring companies have to raise wages to attract workers, they may decide to raise prices even further to protect their margins.

☆ Gig workers are choosing freedom over being chained to a desk — but that still leaves question marks around retirement
▼ + stars: | 2022-12-22 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

☆ Black Americans saw crypto as a path to building wealth. Now they're bearing the brunt of its decline.
▼ + stars: | 2022-12-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Many Black Americans have invested in cryptocurrency in recent years. Closing the wealth gap is among the reasons some Black investors turned to crypto in the first place. As of September 2021, 18% of Black Americans overall had invested in, traded, or used a cryptocurrency, compared to 13% of white Americans, according to a Pew Research poll of over 10,000 US adults. First, some Black investors may see crypto as a way to close the racial wealth gap. An April Ariel and Charles Schwab survey found 28% of Black Americans distrust banks, compared to 18% of white Americans.

☆ Nearly half of sports gamblers like those who bet on the World Cup still do it illegally, and it's costing your state millions in tax revenue
▼ + stars: | 2022-12-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

It's costing state government millions in tax revenue. Illicit sports betting — and illegal gambling more broadly — is costing states millions in tax revenue, and someday, taxpayers could be called upon to foot part of the bill. Illegal sports betting is costing them millions in tax revenue — an estimated $700 million in total revenue per year, per the AGA report. Legalization has been a boon for states' tax coffers, and is among the reasons many states' tax revenues have fully recovered from a pandemic dip. Others may simply have grown used to illegal operators and not want to switch as a result.

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

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