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☆ Australia's visa overhaul leaves Chinese millionaires in limbo
▼ + stars: | 2023-06-15 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

[1/2] Chinese and Malaysian tourists take photographs of the Sydney Opera House from a viewing area located on Sydney Harbour, Australia, October 4, 2016. Similar investment visa schemes have been scrapped in Canada, Britain and Singapore as governments conclude they do not create jobs and could be a means to park speculative money. It said a new migration strategy would be released later this year, which would include "radically reshaping" the BIIP programme. "I just don't think the investor programme is on their radar at the moment - they might overhaul it down the track. BIIP holders say they are curtailing business investment given the uncertainty, postponing life decisions and in some cases selling properties in Australia.

Persons: David Gray SYDNEY, Paul Wang, Wang, Tony Le Nevez, Tan, Stella Qiu, Praveen Menon, William Mallard Organizations: Sydney Opera House, REUTERS, Innovation, Investment, Labor, Department of Home Affairs, Henley & Partners Australia, Thomson Locations: Malaysian, Sydney Harbour, Australia, Beijing, Canada, Britain, Singapore, Sydney, Melbourne, United States

☆ How to feel wealthy. (Hint: It's not just about the money.)
▼ + stars: | 2023-06-15 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

Younger generations said being able to afford their friends' lifestyle made them feel wealthy. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyDo you feel wealthy? For example:Sixty-one percent of Gen Z respondents and millennial respondents said "being able to afford a similar lifestyle as my friends makes me feel wealthy." Forty-six percent of Gen Zers said they felt somewhat or very wealthy, with this number rising to 57% for millennials. Similarly, "not having to stress over money" was more than twice as popular as "having more money than most people I know."

Persons: —, Schwab, Gen, Gen Zers, Rob Williams, Charles Schwab, Zers, it's, you've Organizations: Service, Younger, Federal Reserve

☆ Americans say you need $2.2 million to be rich, according to a new survey
▼ + stars: | 2023-06-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

You need to have $2.2 million to be wealthy, according to a Charles Schwab survey of 1,000 Americans. Net worth was the highest for people who at the time were aged between 65 and 74 years. Elon Musk, the world's richest person, has an estimated net worth of $230 billion, per the Bloomberg's Billionaire Index. According to the index, 199 people – Charles Schwab himself included – have an estimated net worth of $10 billion or more. Time is more important than money, the majority of respondents to the Charles Schwab survey said.

Persons: Charles Schwab, boomers, —, –, Elon Musk Organizations: Service, Logica Research, Consumer Finances

☆ Own it, don't trade it or book profits on a big winner? Cramer's Monthly Meeting advice is clear
▼ + stars: | 2023-06-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +5 min

Even as I say, "own it, don't trade it," if it becomes too big, or if the story changes, then we have to sell some. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: We've, you've, haven't, Palo, Jim Cramer's, Jim Cramer, Jim Organizations: Treasury, Federal Reserve, Nasdaq, Dow Jones, Nvidia, Palo Alto Networks, Jim Cramer's Charitable, CNBC Locations: Palo, Thana

☆ How torture, inaction underpin UAE's thriving sex trafficking industry
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +9 min

“The suffering was too much.”In a statement to the court after she was charged, Gold denied that she and her brother were sex traffickers. Emirati authorities do little to protect these women, according to anti-trafficking activists, Nigerian authorities and interviews with trafficked women. Human traffickers keep African women in sexual slavery by playing on their financial desperation and creating webs of manipulation and coercion, the reporting shows. This article is part of a reporting collaboration led by ICIJ, Trafficking Inc., which is examining sex trafficking and labor trafficking in many parts of the globe. The UAE made sex trafficking a crime in 2006 and has established an interagency anti-trafficking panel and opened shelters for survivors.

Persons: Christy Gold’s, Gold, Christiana Jacob Uadiale –, they’d, “, ”, ICIJ, Fatima Waziri, NAPTIP, Angus Thomas Organizations: United Arab, International Consortium of Investigative Journalists, Reuters, UAE, Gold, Emirates, NBC, Investigative Journalism, Dubai, UAE Ministry of Foreign Affairs, Nigeria’s National Agency for, U.S . State Department Locations: Nigerian, Nigeria, Dubai, British, United Arab Emirates, Gulf, UAE, “, ”, Ghana, Gold, Europe, South Asia, Africa, Abu Dhabi

☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
▼ + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com time to read: +11 min

The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.

Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP

☆ A 34-year-old financially independent real-estate investor who used a home equity loan to afford his first Airbnb property explains how any homeowner can use this strategy to buy investment properties
▼ + stars: | 2023-06-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

A home equity loan lets you access the equity you've built up in your home. When Kent He and his wife bought their primary residence in 2019, they looked at it as a long-term investment. How home equity loans workA home equity loan lets you access the equity you've built up in your home. That means you have $150,000 of "equity" — and you may be able to borrow against some of that with a home equity loan. Don't confuse a home equity loan with a home equity line of credit (HELOC).

Persons: Kent He, Kent, they'd Locations: Boston, San Diego, Scottsdale , Arizona, Virginia

"You can put that toward goals such as paying down debt and paying yourself so that you can start investing." Don't overthink the best way to invest — just startThere are many avenues for building wealth while paying down debt. Be careful about withdrawing from retirement accounts to pay down debtMaking withdrawals from IRAs, 401(k)s, or similar employer-sponsored accounts to pay down debt is a risky proposition. "It is exceedingly rare where I would suggest or be OK with withdrawing from any investing account to pay off debt," Matthews said. AdvertisementBe sure to consult a financial planner or financial advisor before deciding to take out any loans from retirement accounts to pay off debt.

Persons: Kevin Matthews II, Mandi Woodruff, Santos, BuildingBread, Woodruff, Matthews, it's, " Matthews, — Organizations: Insider's, Fidelity, Public Locations: IRAs

☆ Here's how much it pays to control the fortunes of America's wealthiest people — and why it's escalating
▼ + stars: | 2023-06-06 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +3 min

Demand for access to private equity opportunities has contributed to big pay packages. While family offices have propped up across the globe, they are an American invention. J.P. Morgan is credited for launching the House of Morgan in the 1830s to manage family offices, and J.D. That means US family offices are often more mature and institutionalized than in other regions. Family offices need to be creative and competitive with the bonuses and other compensation perks of the private equity industry.

Persons: didn't, Morgan, Rockefeller, Jeff Bazos, Elon Musk, Jared Brichall Organizations: KPMG, Agreus, Waltons, Elon Locations: CIOs, Asia, Singapore, Europe, Middle East, Australia

☆ BlackRock's China head Tang leaving the company
▼ + stars: | 2023-06-06 | by ( Selena Li | ) www.reuters.com time to read: +1 min

HONG KONG, June 6 (Reuters) - BlackRock Inc's (BLK.N) head of China business, Tony Tang, is leaving the asset manager, the company said on Tuesday, after having played a key role in expanding operations in the world's second-largest economy. Susan Chan, BlackRock's deputy head of Asia Pacific and head of Greater China, is now directly overseeing its China onshore business, the company said. "China represents a significant opportunity for BlackRock to contribute to the financial futures of a new generation of investors," the company said. Tang, a former Chinese securities regulatory official, started as BlackRock's China business head in 2019, and has been one of the top aides to CEO Larry Fink. During Tang's tenure as China head, BlackRock established a wholly-owned China fund management unit and a joint venture with China Construction Bank and Temasek offering wealth management services to Chinese investors.

Persons: Tony Tang, Tang, Susan Chan, BlackRock's, Chan, Larry Fink, Selena Li, Kim Coghill, Edmund Klamann Organizations: BlackRock, Asia Pacific, China Construction Bank, Temasek, Thomson Locations: HONG KONG, China, Greater China, New York

☆ Fact Check-Inflatable pig at Roger Waters show 10 years ago featured Star of David
▼ + stars: | 2023-06-05 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

However, one Facebook user uploaded the image (here) alongside the caption: “So apparently, THIS is what was on hand at Roger Waters' Berlin concert last night. News outlets have also included the picture in reports about one of Waters’ 2023 Berlin shows (here, archived: here) (here, archived: here). The Pink Floyd co-founder did not mention the use of a Star of David in his statement about the Berlin concerts (here). A black inflatable pig with a Star of David featured at Roger Waters’ concerts at least 10 years ago. It did not appear at Waters’ 2023 Berlin shows.

Persons: Pink Floyd, Roger Waters, David, Rogers, Waters, Pink Floyd’s, George Orwell, Martin Halweg, Read Organizations: Waters, Reuters, Facebook, Twitter, Stone, Washington D.C, YouTube, Pink, Berlin Police, Star Locations: Berlin, Washington, Belgium, Nazi

☆ The 4 biggest mistakes young people make with money, according to a financial expert
▼ + stars: | 2023-06-05 | by ( Leo Ginsburg | Business Insider Deutschland | ) www.businessinsider.com time to read: +4 min

German financial expert Gerd Kommer breaks down the biggest mistakes young people make with money. One, he said, is the belief that interest-bearing bank deposits will earn them a lot of money. Wealth accumulation through interest-bearing bank depositsBelieving that wealth can be built through interest-bearing bank deposits is wrong, Kommer said. Believing that capital-building life insurance policies are sensible wealth-building productsA capital-building life insurance policy is a form of life insurance where the policyholder pays regular premiums and, in return, receives a guaranteed sum at the end of the term. There is also the risk that the insurance company may encounter financial difficulties, endangering the guaranteed payout, Kommer added.

Persons: Gerd Kommer, —, Kommer Organizations: Service, Gerd Kommer Invest GmbH Locations: Germany, South Africa, United Kingdom, London

☆ Warren Buffett has more in common with quant traders than it seems, elite investor Cliff Asness says
▼ + stars: | 2023-05-31 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett has more in common with quantitative traders than it appears, Cliff Asness says. Buffett looks at companies' profits, risks, valuations, and many other elements of their businesses. "Yet he is very correlated with what quants would call the value factor, the low risk factor, and the profitability factor," Asness continued. Meanwhile, Buffett and other value investors look beyond those ratios to determine if a company is a bargain or not, he said. "That is not the holistic measure of value a guy like Warren Buffett, or any Graham-and-Dodd-style value investor, would look at," Asness said.

Persons: Warren Buffett, Cliff Asness, Buffett, —, David Rubenstein, Asness, It's, Graham, Dodd, quants, Read, Warren Organizations: Service, AQR Capital Management, Berkshire Hathaway, Bloomberg Locations: Berkshire

☆ JPMorgan finds jewels in US banking ashes
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 22 (Reuters Breakingviews) - JPMorgan (JPM.N) boss Jamie Dimon didn’t buy First Republic Bank in a crisis-hewn weekend deal just for the fuzzy glow from helping to stabilize the U.S. banking system. The giant lender laid out some of the impact of acquiring First Republic out of receivership in its investor day on Monday. There’s the $3 billion of contribution to net interest income from the deal, boosting this year’s expected total to $84 billion. More enticing, perhaps, is the $200 billion in wealth-management money the bank has taken from its defunct rival, along with roughly 200 advisers. JPMorgan is so big, with nearly $4 trillion of assets, it’s hard to move the needle in regular banking.

☆ JPMorgan may turn First Republic sites into 'special branches' for wealthy clients, report says
▼ + stars: | 2023-05-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase bought the San Francisco-based First Republic Bank on May 1 after it failed. The Wall Street Journal reported that it wants to retain a hands-on approach to wealth management. The First Republic deal reignited concerns about big banks becoming too powerful. JPMorgan Chase's takeover of the failed First Republic Bank could boost efforts to develop its wealth-management business, . "The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse," Sen. Elizabeth Warren tweeted the day the deal was announced.

Since the value of a home isn't guaranteed to go up, it's important to build wealth in other ways. Buying a home comes with long-term costs, but it's also a chance to plan for long-term goals. Compare rates On Rocket Mortgage's website Compare rates On AmeriSave Mortgage Corporation's website Compare rates On New American Funding's website1. Property isn't guaranteed to go up in valueIn the past, buying property was viewed as a way to build wealth and a cornerstone of the American dream. This taught me that a condo isn't a guaranteed appreciating asset.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ When Jamie Dimon speaks, Wall Street listens - and he just warned of catastrophe
▼ + stars: | 2023-05-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

But on Thursday, the man with the most gravitas on Wall Street shared his take on the potentially catastrophic scenario that's just weeks away. Everyone pays attention when Jamie Dimon speaks. In an interview with Bloomberg, Dimon said he's put together a "war room" at JPMorgan to plan for contingencies around a potential US default. While Dimon doesn't anticipate the country will actually see its first-ever default, he acknowledged the clock is running down. "Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems."

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ Smart money moves for new grads
▼ + stars: | 2023-05-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Know what your means areFigure out how much money you bring in, how much you spend and how much you save. Don’t count on money you don’t have yetYou’ve heard you’ll be paid a bonus. But until it does, don’t spend it in advance because you have no control over when it will come or how much you’ll get. Clements recommends having just two credit cards: One with a low credit limit (e.g., $1,000 to $2,000) that you use as your “walking around” card for purchases. Plus it helps your credit score because you will never charge too high a percentage of your total credit limit.

☆ Over 60% of Americans don't talk about money—here's why that could hold you back from building wealth
▼ + stars: | 2023-05-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

Growing up, you might have been taught that it's impolite to talk about money at a dinner party or other social gathering. The reason: Talking about money can help you make smarter financial decisions, feel more confident in your situation and, ultimately, build wealth. Majority of Americans talk about money with their spouses, but not with friendsWhen Americans do talk about money, they're most likely having those conversations with their spouse or partner. However, many couples still don't: Nearly half (46%) of respondents say they don't talk about money with their partners. On top of that, 75% of people don't have financial conversations with their friends.

☆ I made $221K in passive income after quitting my corporate job to go into real estate. Here's how I built up my portfolio to 38 properties.
▼ + stars: | 2023-05-10 | by ( Robin Madell | ) www.businessinsider.com time to read: +7 min

Erika Brown is a real estate investor who made six figures in passive income in a year. I'm a self-made real estate investor who trains Black and Brown folks, especially women, to invest in real estate to build passive income and close the racial wealth gap. Through my corporate job and speaking with executive clients, I learned that many higher-ups owned real estate. Time is a concern for many, especially because passive income is supposed to be passive. The reality is that many forms of passive income do take time and effort to establish on the front end.

☆ Warren Buffett says avoiding mistakes in life is simple: 'Write your obituary and then try to figure out how to live up to it'
▼ + stars: | 2023-05-09 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Warren Buffett said the key to avoiding mistakes is to "write your own obituary," and live up to it. Buffett was doling out life advice and investing tips at a shareholder's meeting on Wednesday. Warren Buffett, 92, says the key to avoiding major mistakes in life is to write your own obituary and reverse-engineer it. At the meeting, a 15-year-old boy asked Buffett and Munger for advice on avoiding mistakes. "You should write your obituary and figure out how to live up to it," the Berkshire Hathaway chairman and CEO answered.

☆ Personal finance expert 'The Budgetnista' shares 2 common money mistakes holding people back from building wealth
▼ + stars: | 2023-05-09 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

She wound up in credit card debt and eventually lost her home to the bank. Between her own lived experiences and now having coached so many individuals, two money mistakes stand out as the most common — and detrimental to building wealth. The second common money mistake Aliche has observed over time is that, "people don't get started because they're overwhelmed. She's been there, she said: "I thought, there's no way I can pay off $35,000 in credit card debt. While it's important to learn from financial mistakes, try not to dwell on them, she added: "People are too hard on themselves.

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