DIRS.INFO The most relevant business & tech news

☆ The 5 hardest lessons I learned about passive income before I became a 6-figure entrepreneur
▼ + stars: | 2023-05-17 | by ( Jen Glantz | ) www.businessinsider.com time to read: +7 min

Here are the five things nobody tells you about passive income that you should know before you start. I read about people who were making seven figures a year selling online courses or six figures a year dropshipping. Some passive-income streams require a pre-existing foundationOne of my most profitable sources of passive income comes from affiliate links. Before I expanded into those income streams, I decided to start with one that complimented my existing skillset. Think about the skills you have and then research passive-income streams that can tie into those existing skills.

Many people dream of owning a home, but financial planner Nicole Morong believes homeownership is overhyped. Morong encourages people to ask what their true motivations are behind buying a home. Homeownership represents stability, security, and financial success, even though many millennials feel like they'll never reach that milestone. However, financial planner Nicole Morong of Peterkin Financial says buying a home isn't all that it's cracked up to be. It's better financially to invest that money [that I'm saving from renting] than to buy a house."

☆ The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners
▼ + stars: | 2023-05-14 | by ( Talmon Joseph Smith | Karl Russell | ) www.nytimes.com time to read: +1 min

Mr. Pearl has two young adult sons with trust funds in the “seven figures.” He is also the chair of the Patriotic Millionaires, a nonprofit group of well-heeled Americans pushing for the wealthy to pay much more in taxes. “I have right now in my stock portfolio, some stock that my wife’s father, who died a long time ago, bought in the 1970s — that investment has gone from a few thousand dollars to many hundreds of thousands of dollars,” Mr. Pearl noted. “You just loan yourself money,” he explained, and in many if not most cases, the portfolio’s rate of return exceeds the rate of interest on the loan. Mr. Pearl doesn’t think the U.S. government “needs more money from rich people” to fund itself. Rather, his support for reforming the tax system arises from his belief that the rich have begun to monopolize resources and opportunity in a way that jeopardizes social stability and economic growth.

☆ Spain considers ending or curbing controversial 'golden visa' scheme
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/ Albert GeaMADRID, May 8 (Reuters) - Spain could pull the plug on its so-called "golden visa" scheme that grants residency rights to foreigners who invest in real estate in the country, according to the leader of a left-wing party negotiating the issue with the government. "Spanish citizenship cannot be bought," Errejon said, adding that golden visas had led to a "brutal" rise in housing prices and forced locals out of their neighbourhoods without creating any new jobs. Earlier on Monday, El Pais newspaper reported Spain was considering tougher requirements for golden visa applications. From the start of the golden visa scheme in 2013 until last November, Spain issued almost 5,000 permits, with Chinese investors leading the list, government figures show. Errejon said the visas represented a "backdoor privilege" for millionaires, turning Spain into a "sort of colony, often attracting dark money".

I didn't start saving seriously until I turned 30, but now I'm highly motivated to retire wealthy. I'm trying to keep my credit card debt and spending to a minimum so my net worth can keep growing. Not only am I working hard now to save for retirement, but I'm obsessed with figuring out ways to retire early as a multi-millionaire. I also un-linked my credit card from my favorite online stores so I can't take advantage of any quick-buy purchases. This has drastically changed my financial mindset and has allowed me to be more strategic with how I spend cash on a daily and monthly basis.

☆ A millionaire who says flying private is as addictive as cocaine is selling his jet after learning how terrible it is for the environment
▼ + stars: | 2023-05-08 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Georgia businessman Stephen Prince loves flying his private jet to Nebraska and the Caribbean. But after realizing the environmental impact of flying private, he decided to sell his Cessna 650. The experience is so amazing, he said, that he often compares the addictive nature of private jet travel to that of cocaine. The multi-millionaire's private jet habit first started around six years ago, when he began chartering planes and soon bought a Mitsubishi MU-2 with a friend. The organization co-authored a report outlining the environmental and financial consequences of private jet travel.

☆ We’re All Paying For Private Jet Travel - The New York Times
▼ + stars: | 2023-05-05 | by ( Farhad Manjoo | ) www.nytimes.com time to read: +2 min

But Prince, who founded a business in the 1990s that has made a fortune printing gift cards, is a wealthy man. Prince says flying private is a magical experience: He can drive right up to the side of his plane and hop on board. If he’s flying in the afternoon, he’ll be greeted with a glass of scotch; in the morning, he’ll get coffee and a newspaper. A progressive activist — he’s the vice chair of Patriotic Millionaires, an organization of wealthy people who favor higher taxes on rich people like themselves — Prince argues that flying private is just too expensive and unfair. His group isn’t calling on other private fliers to ground their planes, but maintains that if rich people are going to continue to jet around in luxury, they should at least be taxed for the privilege.

☆ Bruce McCall, Satirical Artist Who Conjured a ‘Retrofuture,’ Dies at 87
▼ + stars: | 2023-05-05 | by ( William Grimes | ) www.nytimes.com time to read: +1 min

Bruce McCall, whose satirical illustrations for National Lampoon and The New Yorker conjured up a plutocratic dream world of luxury zeppelin travel, indoor golf courses and cars like the Bulgemobile Airdreme, died on Friday in the Bronx. His wife, Polly McCall, said his death, at Calvary Hospital, was caused by Parkinson’s disease. Borrowing from the advertising style seen in magazines like Life, Look and Collier’s in the 1930s and ’40s, Mr. McCall depicted a luminous fantasyland filled with airplanes, cars and luxury liners of his own creation. “My work is so personal and so strange that I have to invent my own lexicon for it,” Mr. McCall said in a TED Talk in 2008. He called it “retrofuturism,” which he defined as “looking back to see how yesterday viewed tomorrow.”

☆ How to become a millionaire 'hiding in plain sight': Real-estate wealth manager David Wieland shares the low-risk strategy most of his mom-and-pop clients have used to scale up their portfolios over d
▼ + stars: | 2023-05-03 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Dave Wieland's wealth-management firm Realized works primarily with older real-estate investors who are ready to cash out of the properties they've owned for decades. The portfolio values of his clients differ — some are worth a couple million, while some total $15 million, Wieland said. But the common thread between all of them is that they're mom-and-pop, individual investors who work normal jobs: plumbers, used car salesmen, lawyers. Many of them have also used the same strategy over the years to scale up their portfolios, Wieland said. Work, work, work.

☆ Elon Musk's private jet emitted 132 times as much carbon as the average American does in an entire year
▼ + stars: | 2023-05-02 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Elon Musk travels more by private jet than nearly anyone else in the US. His annual carbon footprint — just from flying private — is 132 times that of the average American. Musk's carbon footprint from his 171 private flights in 2022 was 132 times the size of the average US resident's total annual footprint from all activities, the report found. His private plane burned about 221,358 gallons of jet fuel and emitted about 2,112 metric tons of carbon emissions last year, the report found. It notes that Musk purchased an additional private plane last year — a $78 million Gulfstream G700, the world's largest purpose-built private jet — that's expected to replace his G50ER model.

☆ New York and California lost over $90 billion in income to low-tax states during Covid
▼ + stars: | 2023-05-02 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

New York and California lost over $90 billion in income during Covid as taxpayers moved to other states, accelerating the trend of high-earners relocating to lower-tax areas. New data from the Internal Revenue Service shows that New York state lost $25 billion in adjusted gross income due to outmigration in 2021, on top of $20 billion lost in 2020. Combined, the two states lost $92 billion across the two years. The data shows that the income flight from high-tax states to low-tax states, which has been happening for years, picked up steam during Covid. California, Illinois and New Jersey each lost over $4 billion in income to Florida in 2021.

☆ Meet the typical private jet owner: 'Overwhelmingly male,' over 50, with a net worth of $190 million
▼ + stars: | 2023-05-01 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

Private jet use has become more popular than ever. Members of the "jet-owning oligarchy" have a median net worth of $190 million, a new report says. The typical private jet owner is a North American male over 50 who works in finance or real estate. The report describes typical private jet owners as "overwhelmingly male," North American, and over the age of 50. Full private jet owners have a median net worth of $190 million while fractional jet owners have a median net worth of $140 million, the report says, citing data from Credit Suisse and Wealth-X.

☆ The ultra-wealthy who fly private are costing average flyers who won't ever use a private plane a lot of money
▼ + stars: | 2023-05-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Private jet travel has surged in the US over the last few years and accounts for one in every six flights. But private flyers pay just two percent of the taxes that fund the Federal Aviation Administration. Commercial flyers must pay a tax on every ticket equivalent to 7.5% of the fare price. But private flyers only pay a jet fuel tax. Private airplane travel is significantly worse for the environment than commercial flight travel, since private jets carry far fewer people.

☆ Quotes: Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +11 min

The assertion in the introduction that the Fed should focus on large bank capital requirements is disconnected from the report's conclusions. AMERICAN BANK ASSOCIATION PRESIDENT AND CEO ROB NICOLS"We take any bank failure seriously, and we will review the findings and proposed policy changes in these reports carefully, including where the conclusions may differ. JONATHAN MONDILLO, HEAD OF NORTH AMERICAN FIXED INCOME AT ABRDN"We're likely to see higher capital requirements. What that means for the overall markets is that the devil is in the details: how stringent those capital requirements will be. A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals."

☆ US Fed plans broad revamp of bank oversight in wake of SVB collapse
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +7 min

Many commentators linked the lessons learned from the earlier crisis to the ongoing concerns about First Republic Bank. INSTITUTE OF INTERNATIONAL BANKERS CEO BETH ZORC"The IIB commends the Federal Reserve's timeliness of producing its report on SVB. "There are similarities between SVB's situation and what is happening with First Republic Bank: both are affected by the rapid movement of very large sums of money." A potential First Republic Bank failure could similarly present a risk to the long-term investment strategy of high net-worth individuals." "It feels isolated, than the rest of the regional bank system, feels like it's in a different place than where FRC is."

☆ The 27 most popular places around the world where the ultra-wealthy are snapping up second homes
▼ + stars: | 2023-04-23 | by ( Hannah Towey | Jordan Hart | ) www.businessinsider.com time to read: +2 min

Over 700 "centi-millionaires" live in Miami and The Hamptons during peak holiday months. From South Africa to Italy, see 27 places around the world attracting affluent seasonal residents. Come summertime, that number skyrockets to over 700, according to the latest wealth report from London-based consulting firm Henley & Partners. The data compares the number of primary residents to seasonal homeowners during peak holiday months, which varies by location. From beach towns in California and Portugal to mountain retreats in Switzerland and Colorado, these are the world's top 27 seasonal destinations where millionaires are snapping up second homes.

☆ The 9 US cities with the most billionaires, from famous glitzy locales to newer hot spots for ultrarich residents
▼ + stars: | 2023-04-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

The US is home to 770 billionaires, according to London-based consulting firm Henley & Partners. Here, the 9 US cities with the most billionaires, from the San Francisco Bay Area to Austin, Texas. Some of America's richest residents, though, choose quieter cities for their home bases. And one of America's fastest-growing cities — Austin, Texas — has emerged as a relatively new billionaire hot spot, counting nine as residents. Check out the full list of the US cities where the most billionaires live.

☆ These are the 10 fastest-growing millionaire hotspots worldwide — and three are in the U.S.
▼ + stars: | 2023-04-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Hangzhou in China is one of the cities where wealth has grown the fastest in the past decade, a new report says. Hangzhou in China comes out on top of the list assessing the fastest-growing millionaire hotspots. Two further Chinese cities, Shenzhen and Guangzhou are also in the top 10, coming in third and seventh place respectively. Andrew Amoils, head of research at wealth intelligence firm New World Wealth, which worked on the report with Henley & Partners, links the jumps to various factors. "The US's dominance over the global tech sector has probably played a role in European cities struggling.

☆ These are the 10 cities worldwide where the number of millionaires is rising the fastest. 3 American cities made the list.
▼ + stars: | 2023-04-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

The Chinese city topped Henley & Partners' list of cities where the number of millionaires is rising the fastest. Two further Chinese cities, three US cities, and two Indian cities, also ranked in the top ten. The top ten also includes two further Chinese cities, three US cities, two Indian cities, and one city in each Vietnam and the United Arab Emirates. Austin, meanwhile, is the highest-ranking US city on Henley & Partners' list, coming second. New York City, meanwhile, has the most residents worth $1 million or more, at around 340,000, per Henley & Partners' report.

☆ The 'Robinhood of passports' says it's a mistake to ban golden visas — make them fund affordable housing and refugee programs instead
▼ + stars: | 2023-04-12 | by ( Hannah Towey | ) www.businessinsider.com time to read: +8 min

Portugal and Ireland recently announced they are shutting down their "golden visa" programs. Their less-advantageous siblings, "golden visas," provide temporary residence permits in exchange for investment, as opposed to permanent citizenship. A golden taxInstead of banning golden passports and visas outright, countries should adjust the investment requirements to match their current needs, Arton says. A scandalous historyBut golden passports don't only raise the issue of inequality, the European Commission argues, they also pose a threat to national security. Last year, 282 of Ireland's 306 golden visa applications came from Chinese citizens, The Irish Times reported.

☆ An Ohio couple found a cheap laundromat on Craigslist. Now they're millionaires.
▼ + stars: | 2023-04-12 | by ( Kelsey Neubauer | Libertina Brandt | ) www.businessinsider.com time to read: +7 min

In 2010, Dave Menz was working at a telephone company when he decided to invest in a laundromat. Now he and his wife run four laundromats that brought in $1.8 million in revenue last year. It did for Dave Menz, a 46-year-old real-estate investor in Cincinnati, who calls himself the Laundromat Millionaire. The four laundromats Menz operates with his wife, Carla — along with their consulting business helping other laundromat owners get started and grow their businesses — have, indeed, made them rich. Courtesy of Dave and Carla MenzThat location, which opened in January 2011, became profitable within three weeks, Menz said.

☆ Hacker Stole My Phone, Credit Card, Identity. I Set Out to Find Them.
▼ + stars: | 2023-04-02 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +22 min

They left the Verizon store and went to a nearby Apple store, where they used my Chase credit card to spend $6,370. And two, because a physical credit card had been used to make the purchases, even though I was still in possession of my card. Typically, when your credit card is about to expire, as mine was, the bank sends you a new card a few weeks ahead of time. All told, the gang allegedly stole hundreds of identities and defrauded retailers and credit card companies of $1.3 million. Whoever hacked my identity, it makes sense that they started with my credit card.

☆ Cramer: Here's why I plan to trim some stocks at this stage of the bull market
▼ + stars: | 2023-04-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +17 min

Back when bulls were everywhere From the time the great bull market began in 1982 until the financial collapse of 2007, we pretty much assumed stocks would always go higher. We often forget what the Great Recession of 2007 to 2009 was all about. A runaway bull market in all but banks — which are actually fueling the rally with their own ineptitude. My closing take, though, is that we have at last shaken off the ghosts of the Great Recession. But accept we are in a bull market and recognize that those who don't know it yet never will.

☆ Ron DeSantis will spend up to $4 billion on school vouchers for Florida families to challenge 'woke' public schools
▼ + stars: | 2023-03-29 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +5 min

Ron DeSantis is waging a war against 'woke' public schools. On Monday, the governor signed universal school vouchers into law, which both conservatives and liberals expect to hurt public schools. Public school enrollment has only dropped a few percentage points, from 89.6% to 87.2%, since Republican Gov. Now, however, DeSantis' move to broaden the voucher program to all Florida families could meaningfully threaten funding for public schools. Spar fears universal vouchers "will literally siphon money away" from public schools because it's all under the same education budget.

EV made up almost 12% of all car sales in Singapore last year, up from almost 4% in 2021, according to the Land Transport Authority. Still, EVs represented just 1% of cars on the road, a Reuters analysis of ownership data found. In Singapore, a small island with an extensive public transport system, only about 12 cars are owned per 100 people. Over the past decade, the number of Ferraris (RACE.MI) in Singapore has grown by 67% and Lamborghinis by 38%. ($1 = 1.3264 Singapore dollars)Reporting by Xinghui Kok; additional reporting by Kevin Krolicki; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Millionaires"

25 mentions found