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☆ A real-estate investor who owns 12 properties shares the 10 business, investing, and personal development books that helped him build a $2.7 million portfolio in just 4 years
▼ + stars: | 2023-05-05 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

These books cover real estate and investing, business, personal development, and leadership. Intrigued by real-estate investing, Rivers took the plunge and bought his first real-estate investment property in 2019. In a recent interview, Rivers shared the 10 books — spanning topics such as business, investing, and personal development — that helped him scale his portfolio quickly. "What It Takes" by Stephen A. SchwarzmanThis book, written by the billionaire investor and Blackstone CEO Stephen A. Schwarzman, is one of Rivers' personal favorites. While much of the focus for entrepreneurs is on building a business, Rivers said understanding how to sell a business was just as important.

☆ Beijing expects foreigners to trust, not verify
▼ + stars: | 2023-05-05 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

In recent months, Chinese investigators have detained employees of U.S. due-diligence firm Mintz Group, visited consultancy Bain & Company and suspended auditor Deloitte’s Beijing operations for three months. Security watchdogs have restricted overseas access to financial data providers like Wind Information, as well as academic database China National Knowledge Infrastructure. Local banks loaned 3.9 trillion yuan ($560 billion) in March alone while corporations issued 328 billion yuan of bonds. Besides Wind, other Chinese data providers including company databases Qichacha and TianYanCha have stopped opening to offshore users, according to three of the sources. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

She says advice like "get a second job" or "stop eating out" doesn't work for young people today. Millennials and Gen Zers are often told that all debt is bad, but Tu says it depends on the context. According to Tu, there are four outdated pieces of advice that millennials and Gen Zers don't listen to anymore. Stop eating out to save money"I hate that advice," Tu admits. In the same vein as the advice to get a second job, young people hate being told to stop eating out to save money.

☆ Opinion | Democrats: Pay Attention to What’s Happening in California
▼ + stars: | 2023-04-28 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +1 min

The state is home to staggering wealth, world-remaking tech companies, and some of the world’s boldest climate policy. The dysfunction of our national politics is often attributed to division and gridlock. And in many major cities — Los Angeles and San Francisco, for example — Republicans have little or no political power. If California has long been a bellwether for national liberal politics, Senator Scott Wiener has been something of a bellwether for California politics. Senator Wiener has represented San Francisco in the California Senate since 2016 and, before that, served on the San Francisco Board of Supervisors.

☆ Early-aughts 'It' girl Cory Kennedy entering her 'hipster Martha Stewart' era pretty much sums up how millennials are gearing up for middle age
▼ + stars: | 2023-04-26 | by ( Bartie Scott | ) www.businessinsider.com time to read: +5 min

Cory Kennedy was the internet's first "It" girl as a teenager in the early aughts. "I want to garden, like a freaking hipster Martha Stewart," Kennedy told New York Magazine. It's a reminder of her time as "the internet's first 'It' girl," as New York Magazine dubbed her in a recent profile. In her recent article in The Atlantic, Twenge said millennials have experienced "a breathtaking financial comeback" since the mid-2010s. Even Martha Stewart jumped on the teenage-dirtbag train — though she could take some notes from Kennedy on the sleaze.

And, as it's global liquidity that matters, the bowl is also kept brimming as the Bank of Japan continues to buy government bonds at pace. But a study looking at the U.S. banking shock that led to the failure of Silicon Valley Bank and Signature Bank last month and deposit runs across many regional banks suggests a different angle - a 'deposit glut' from within the richest countries that is increasingly unstable. "In a context of rising wealth inequality and growing corporate savings, an increasing share of bank deposits is uninsured and held by sophisticated agents," Vuillemey wrote. "This implies that these deposits are increasingly fragile, and that deposit insurance schemes ... are slowly losing bite." As illustrated in Technicolor in the SVB run, big uninsured deposits are volatile - sensitive as they are to any hint on the bank's health and moveable at push of a button.

Instead of waiting until you're debt-free to start investing, start the habit of investing small amounts now. The key mistake most young people make, Sethi told Insider in fall 2022: Waiting too long to start investing. Sethi advises young people to use compound interest to their advantage and start investing as soon as possible. When you're young, it feels like $100 a month wouldn't add up to that much. Waiting until your 40s to start investingInstead: Start investing small amounts on a regular basis"The No.

☆ A personal finance expert who teaches people how to get out of debt shares the 4 smartest steps she took to pay down $35,000 worth of credit card debt in 2.5 years
▼ + stars: | 2023-04-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

When Tiffany Aliche found herself in $35,000 worth of credit card debt, she took four initial steps. What's more, "I had $35,000 in credit card debt as a result of a scam," she said. "The credit card debt was significantly more expensive than any other debt that I had, which is true for most people," she noted. The average credit card interest rate was 20.40% in the fourth quarter of 2022. Here are the first four steps she took to tackle her credit card debt.

☆ Maybe millennials didn't get screwed by the economy after all
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

There's a common perception that millennials have gotten screwed by the economy. But a recent article makes a convincing case for why the common idea of broke millennials is a myth. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation." While 69% of baby boomers owned their own home at 40, the same is true for 62% of millennials, a seven-percentage-point gap. Per data from the St Louis Fed, the Millennial/Gen Z wealth is currently tracking with Gen X after initially getting off to a tough start.

☆ Club meeting recap: Stocks fall, Morgan Stanley, Apple
▼ + stars: | 2023-04-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stocks retreat Morgan Stanley reports Stick with Apple 1. Morgan Stanley reports Club holding Morgan Stanley (MS) reported first-quarter results Wednesday, delivering a beat on earnings and revenue. But despite edging out analysts' forecasts, shares of Morgan Stanley fell, as investors focused on the bank's rising expenses and declining revenue. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ Black homeowners had the smallest wealth gains over the past decade
▼ + stars: | 2023-04-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Middle-income homeowners gained $122,100 in wealth, with homes appreciating 68% over the past decade, according to the report. The study considered a household low-income if it earned an income no greater than 80% of the area median income. Middle-income homeowners are those with incomes over than 80% of the area’s median income but less than 200%. Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, accumulating $115,000 in wealth in the last decade. Along with the wealth gains accumulated over the past decade, homeowners also reduced their debt by 21%.

☆ A real estate investor who owns 12 units shares the 10 business, investing, and personal development books that helped him build a $2.7 million portfolio in just 4 years
▼ + stars: | 2023-04-16 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +9 min

These books cover real estate and investing, business, personal development, and leadership. Intrigued by real estate investing, in 2019 Rivers decided to take the plunge and buy his first real estate investment property. In a recent interview with Insider, Rivers recalled only making $28,000 during his first year of selling real estate. It taught him the expectations to set for his employees while he was building up his full-service real estate firm, Rivers Capital Group. While much of the focus for entrepreneurs is on building a business, Rivers believes that selling a business is just as important.

☆ 'I Will Teach You to be Rich' author: 3 money rules I follow to build wealth and enjoy life—and how to create your own
▼ + stars: | 2023-04-14 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

"Roll them up into a few simple money rules that make it really easy to make decisions." Sethi's own money rules can give you some inspiration if you're not sure where to start. Making this one of your money rules can help you build your emergency savings and eventually get rich — or achieve another financial goal. "Some of my money rules are straightforward financial rules like save 10%, invest 20%, very straightforward," Sethi says. "One of my personal money rules is unlimited spending on health, on books and on friends' fundraisers," Sethi says.

☆ Can AI answer your money questions? We put chatbots to the test
▼ + stars: | 2023-04-13 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

NEW YORK, April 13 (Reuters) - Face it, we could all use a little help with our money. So who better to ask for personal finance advice than a couple of the most powerful chatbots on the planet? Each has far more processing power than, say, any individual personal finance writer (ahem). That in mind, we asked our AI assistants-slash-overlords these classic personal finance questions:What is one great business idea? I couldn’t leave our new AI friends without asking a deeper question about money and its role in our existence.

☆ 'I don't have to make money anymore': NYT bestselling author of 'You Are a Badass' 10 years later
▼ + stars: | 2023-04-13 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

A decade after publishing the New York Times bestselling book "You Are a Badass," author Jen Sincero still doesn't always feel like she's "made it." Financial freedom has shifted her focusSincero, like many of us, says before she found success, money was her motivation. Having the freedom to do what she wants has been one of the best things about having money, Sincero says. And contrary to the idea that building wealth will make you more money-centric, her financial success has done the opposite. After achieving financial freedom, she "spent a good year just watching birds and doing crossword puzzles," Sincero says.

☆ Here's the 13-page pitch deck that Salt Labs, a fintech helping hourly workers build wealth, used to raise a $10 million pre-seed round
▼ + stars: | 2023-04-12 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Salt Labs is a fintech that wants to help hourly workers build wealth. Salt Labs used this 13-page pitch deck to raise a $10 million pre-seed round. "The mission of Salt Labs is to enable hourly workers to own the long-term value of their work," Jason Lee, founder and CEO of Salt Labs, told Insider. Salt Labs announced a $10 million pre-seed round on March 29, led by Fin Capital. Read the 13-page pitch deck Salt Labs used to raise a $10 million pre-seed round.

☆ Social Security is in the 'worst public service crisis in memory,' labor union says. What it may take for services to improve
▼ + stars: | 2023-04-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Social Security beneficiaries who call the agency's toll-free number may face hold times of more than 30 minutes. Long lines and shortened hours are common at many of the agency's field offices where beneficiaries may seek in-person assistance. Moreover, applicants for disability benefits face waits of more than six months for decisions from the agency, a panel of experts from the American Federation of Government Employees, which represents more than 40,000 Social Security Administration employees, said Monday. The service delays facing the program's approximately 67 million beneficiaries are signs of "an agency in crisis," according to Rich Couture, Council 215 president at the American Federation of Government Employees. AFGE leaders spoke out about the Social Security Administration's diminishing services amid funding constraints that have lasted for more than a decade.

☆ Building Wealth by Starting from Within
▼ + stars: | 2023-04-11 | 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 EmailBuilding Wealth by Starting from WithinThe "Money Maven" will share her comeback story of rebuilding her life after plunging $2 million into debt, and how that led her to create a new definition of "wealth" based around six holistic pillars.

☆ Here's a decade-by-decade guide to building wealth
▼ + stars: | 2023-04-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

and founder and director of financial planning at Life Planning Partners in Jacksonville, Florida. You should also start planning for retirement. After that, open a Roth individual retirement account, if your income qualifies, McClanahan said. "You can borrow for college, but you can't borrow for retirement," McClanahan said. Carolyn McClanahan director of financial planning at Life Planning PartnersYou may also have aging parents, so be sure to check on their financial planning, McClanahan said.

☆ UBS Chairman addresses shareholders on milestone Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

[1/3] UBS Chairman Colm Kelleher speaks during the Annual General Meeting, two weeks after buying rival Swiss bank Credit Suisse, in Basel, Switzerland, April 5, 2023. REUTERS/Pierre AlbouyBASEL, April 5 (Reuters) - UBS's (UBSG.S) Chairman told the bank's annual shareholder meeting on Wednesday that the takeover of rival Credit Suisse (CSGN.S) was a significant milestone for Switzerland and for the global financial industry. Kelleher addressed shareholders for the fist time since the announcement of the takeover, urgently engineered and pushed through by the Swiss authorities last month. Outlining UBS's strategy, Kelleher said the Credit Suisse takeover would help the bank to deliver value to the Swiss economy and accelerate its strategic plans to expand its position as the leading wealth manager, particularly through growth in the United States and Asia. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Peace, love, and Hitler: How Lex Fridman's podcast became a safe space for the anti-woke tech elite
▼ + stars: | 2023-04-03 | by ( Julia Black | ) www.businessinsider.com time to read: +26 min

Seemingly overnight, episodes of Fridman's podcast began racking up millions of views. YouTube/Lex FridmanIn his podcast, Fridman asks world-renowned scientists, historians, artists, and engineers a series of wide-eyed questions ("Who is God? But recently, "The Lex Fridman Podcast" has become a haven for a growing — and powerful — sector looking to dismantle years of "wokeness" and cancel culture. Twitter"The Lex Fridman Podcast" offered a rare opportunity to listen to four-hour conversations with luminaries of tech and science. Bhaskar Sunkara, the founder and publisher of the socialist magazine Jacobin who appeared on Fridman's podcast in December, praised Fridman's interviewing style.

☆ Don't be fooled by these 9 common money myths, finance gurus say
▼ + stars: | 2023-04-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +8 min

CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

☆ Meet the new co-heads of Merrill Lynch as Andy Sieg exits to jump-start Citi's wealth business
▼ + stars: | 2023-03-30 | by ( Hayley Cuccinello | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Merrill Lynch head Andy Sieg is leaving to lead rival Citi's wealth management business. Sieg is leaving for rival bank Citi, where he faces a big challenge when he starts in September: improving Citi's wealth business, which has lagged behind competitors like Merrill and Morgan Stanley Wealth Management. New battles await both Sieg at Citi, where he will be head of Citi Global Wealth, and his successors at Merrill. The move was made after the wealth business had missed revenue targets, the Wall Street Journal reported. Citi CEO Jane Fraser described the wealth management unit's performance as "disappointing" on a call to discuss earnings in January.

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