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☆ A veteran real-estate investor who owns over 1,250 units across the country explains why 'more millionaires are made in downturns' like the upcoming housing correction — and shares 4 strategies invest
▼ + stars: | 2023-02-11 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +7 min

Veteran real estate investor Dave Allred has ownership in over 1,250 units across the country. Allred believes the upcoming housing downturn will provide significant opportunities for investors. Today, the 42-year-old Allred has built a real estate empire that spans several states, including Utah, where he currently resides with his family. Besides migratory patterns, Allred also believes that the political landscape of a state can particularly affect a real estate investor's success. According to Allred, investors also shouldn't let trepidation weigh them down this year.

☆ Hong Kong's Lee faces stern test over $3.4 bln bid to ease housing shortage
▼ + stars: | 2023-02-10 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

Hong Kong is notorious for its number of subdivided flats, estimated at 110,000 units at a median area of 124 square feet, smaller than a parking space. The government said the Light Public Housing would help tenants of sub-divided flats, as the rent would be HK$780 to HK$2,650 per month, significantly below the current median of HK$5,000 rent for subdivided flats. "Many people said Hong Kong is an international city, but its living environment is not ideal," Eric Chan, the city's No.2 official, told reporters this week. "Is the government trying to achieve the task (of increasing public housing) at any cost of public money?" ($1 = 7.8490 Hong Kong dollars)Reporting by Clare Jim; Editing by Anne Marie Roantree & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Biden pushed a billionaire minimum tax – here's what Elon Musk would pay
▼ + stars: | 2023-02-08 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

"Pass my proposal for a billionaire minimum tax," Biden told Congress. Biden's billionaire tax, however, also hits top millionaires. Under the plan, households would calculate their effective tax rate for the minimum tax. The Biden administration says that aside from restoring "fairness" to the tax code, the billionaire minimum tax would raise $360 billion in added revenue over 10 years. Opponents say that aside from potentially being unconstitutional, the billionaire minimum tax would be difficult to administer – especially for an IRS already understaffed.

☆ 35% of millionaires say retirement is 'going to take a miracle,' report finds
▼ + stars: | 2023-02-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

It suggests that retirees can safely withdraw 4% of their investments (adjusted for inflation) each year in retirement. Given current market expectations, the 4% rule "may no longer be feasible," researchers at Morningstar wrote in a recent paper. "Maybe you have that $1 million but you've taken a 20% hit on it," Goodsell said. "Or meet with a financial advisor who can hopefully put you at ease or provide you with a plan to get you feeling better." "You can remove the guesswork," said Boneparth, who is also a member of the CNBC Financial Advisors Council.

☆ An 'anti-capitalist' financial planner explains how to make ethically sound investments
▼ + stars: | 2023-02-02 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

River Nice is a self-proclaimed anti-capitalist financial planner based in Philadelphia. They also want to empower young people with less wealth to meet their financial goals. It's a value system that makes their career as a financial planner unique. Nice wants to help young people be intentional and independent when it comes to their moneyThe stock market is a complicated topic in Nice's practice. Nice said, however, that the stock market is unavoidable for those making financial plans in the current US economy.

☆ Self-made millionaire: Here are 8 things rich people do differently that make them 'ultra wealthy'
▼ + stars: | 2023-01-29 | by ( Grant Cardone | ) www.cnbc.com time to read: +4 min

But I wish I had known sooner how ultra wealthy people think about money. Instead, cash-flow real estate is the place to protect and grow money. On the flip side, cash-flow real estate — commercial real estate where you are making a monthly profit off of rent after your mortgage payments, property taxes and maintenance — is a great way to grow your money. This can apply to a business — the rich may contract to buy bulk supplies or equipment — or to you personal life. And most of the real estate I own today was purchased from sellers who picked me over other qualified buyers because we had existing relationships, and they had confidence in my ability to close.

☆ Biden says the House GOP campaigned on inflation but their bills to weaken or even abolish the IRS wouldn't fix it
▼ + stars: | 2023-01-26 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Biden called out House Republicans for introducing plans that he said would worsen inflation. One GOP plan to strip funding from the IRS would add $114 billion to the deficit over ten years, the CBO found. "They campaigned on inflation," Biden said. Republicans are targeting income taxes because "that's the only way that millionaires and billionaires have to pay any taxes," Biden said. Upon winning the House majority, GOP lawmakers put forward legislation to rescind $80 billion earmarked for the IRS in an attempt to cut spending.

☆ A Navy officer explains how she built a $1 million real estate portfolio with $14,000 — and shares 5 ways that anyone can start buying property with little or no money down
▼ + stars: | 2023-01-22 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

Before purchasing her first property, Snider had been living in military-base housing and wanted her own space. However, she was able to use a VA Loan, backed by the Department of Veteran Affairs, for her first purchase, which required no money down. Her new monthly mortgage payment would amount to $1,600, plus utilities which were about $150 to $200 a month. "I realized, oh well, I got this asset for free and now somebody's paying my rent," Snider said. Altogether, the three properties Snider now owns add up to a total value of $1.1 million, according to Zestimate.

☆ This Redditor took out $76,000 in loans to trade meme stocks thanks to hype on Wall Street Bets. It became an 'addiction' and he even lost $6,000 of his girlfriend's money.
▼ + stars: | 2023-01-21 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +7 min

A Reddit user took out $76,672 in loans to trade meme stocks and lost nearly all of it. Aaron, a software engineer from Munich, took out tens of thousands of dollars in loans to trade stocks. The subreddit shot to fame in 2021 when it made some retail traders into millionaires while bankrupting others, often through trading meme stocks in "short squeezes." Bed Bath & Beyond, Aaron's meme stock of choice, has lost 88% of its value since January 2021. Within two months of accessing his girlfriend's money, he lost $6,000 of it betting on meme stocks.

☆ Over 200 millionaires urge Davos elite to up taxes on the ultra-rich
▼ + stars: | 2023-01-18 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Over 200 millionaires are urging the elite echelons in attendance at this week's World Economic Forum in Davos to "tackle extreme wealth" and "tax the ultra-rich" to help relieve the cost-of-living strain off ordinary households. The letter questions the mission of the World Economic Forum in absence of concrete measures:"The current lack of action is gravely concerning. A meeting of the 'global elite' in Davos to discuss 'Cooperation in a Fragmented World' is pointless if you aren't challenging the root cause of division. CNBC has reached out to the Davos World Economic Forum for comment. Just one leader of the Group of Seven global economic — German Chancellor Olaf Scholz — was set to attend the Davos proceedings this week, as several of his counterparts battle the cost-of-living crisis.

☆ Billionaires are collectively adding $2.7 billion to their fortunes daily — and their growing share of wealth shows trickle-down doesn't work
▼ + stars: | 2023-01-16 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

A new report from Oxfam looks at how much wealth billionaires have accumulated. The report finds billionaires are collectively adding $2.7 billion to their fortunes daily, as inflation eats up workers' wages. As top tax rates fell, billionaire wealth grew — and Oxfam says wealth taxes are one solution. That's based on the difference between billionaires' wealth from March 18, 2020, adjusted for inflation, and November 30, 2022. However, while wealth taxes are popular, they're unlikely to ever advance in the US.

☆ Texas Teaches California a Budget Lesson
▼ + stars: | 2023-01-12 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

He was less triumphant Tuesday when announcing a $22.5 billion deficit in the coming year, a contrast to Texas’s record $32.7 billion surplus. Give Mr. Newsom partial credit for acknowledging that the state’s highly progressive tax code is partly to blame for the state’s deficit. “What is consistent is the inconsistency of our revenue on the basis of a progressive tax structure,” he said. California’s coffers grow and shrink with capital gains since the top 0.5% of taxpayers pay 40% of the state income tax. The state taxes capital gains of millionaires at a 13.3% rate, on top of the federal 23.8% top rate.

☆ UK review of 'golden' visas for millionaires finds links to corruption
▼ + stars: | 2023-01-12 | by ( Andrew Macaskill | ) www.reuters.com time to read: +4 min

The government first commissioned the visa's review in 2018 after the poisoning of former Russian double agent Sergei Skripal in Britain. Russian oligarchs and newly-minted Chinese entrepreneurs have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs. Under the programme, foreigners who invested 2 million pounds in assets in Britain could apply for permanent residency after five years in the country. Investing 10 million pounds allowed an application after two years. In total, more than 12,000 golden visas have been granted, including more than 2,500 to Russians, according to government data.

☆ Cardi B’s NSFW advice on inflation
▼ + stars: | 2023-01-05 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

Just listen to Cardi B. “Lettuce was like $2 a couple of months ago, and now it’s like f**king $7,” Cardi B said in the minute-long video. !”“I think that sh*t is crazy,” she added, sympathizing with “middle-class people or people in the hood” about the increase in grocery prices. !”US food inflation has sparked a cost-of-living crisis. That can make it more difficult for the US government to use tactics like raising interest rates to moderate food prices.

☆ Here's why investors can expect returns in the S&P 500 this year after 2022's stock market bloodbath.
▼ + stars: | 2023-01-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

This time last year, the S&P 500 was coming off its all-time closing high, which had arrived on 2022's first day of trading. It's only happened four times, but when the S&P 500 sees back-to-back losing years, the second is always worse. Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. And if you look at Bank of America's Sell Side Indicator, a year in the green for the S&P 500 seems to be in the cards. Morgan Stanley just revamped a nine-stock list that's beaten the S&P 500 by 18% over time.

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☆ I've interviewed dozens of self-made millionaires, early retirees, and 'super savers' — here are 2 of their top strategies I plan to employ in 2023 to improve my finances
▼ + stars: | 2022-12-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

One is to diversify my income and the other is to set specific money goals. Continue diversifying income and build at least one passive income streamOne of the most common strategies that comes up in interviews is to focus on increasing your income. How do I go about making passive income? Set specific money goalsWhen it comes to managing my own money, I like to be pretty hands off. Part of that is because of the out-of-sight-out-of-mind principle, but it's also because I don't have super specific money goals.

☆ A 33-year-old who co-owns 167 rental units after putting zero money down explains the pros and cons of the buy, rehab, rent, and refinance approach he's repeated to build his real-estate portfolio
▼ + stars: | 2022-12-31 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

He discovered the BRRRR method — buy, rehab, rent, refinance, and repeat — while he was renovating his first investment property. This way, he could get a quick payout in cash and then use that money to buy a long-term investment property to rent out. The pros of the BRRRR methodThe biggest benefit is you're using someone else's money to buy an asset that produces cash and grows in value, Primm said. "There are way more good tenants out there than good landlords," Primm said. "So if you're a good landlord and have a good house, you're going to have your pick of really, really good tenants."

☆ Trump tax returns show former president was subject to $10,000 SALT cap — but experts say he may have sidestepped the limit
▼ + stars: | 2022-12-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

A 2017 tax law capped SALT deductions at $10,000The House Ways and Means Committee's release of six years of Trump's tax returns follows a lengthy fight over making them public. New state rules provide a SALT workaroundHowever, the income tax returns don't provide the full picture, experts said. Here's why: Many states issued rules after 2017 that offer a workaround to certain business owners impacted by the $10,000 SALT cap. The workarounds would apply to business income Trump derived from partnerships, S corporations and some LLCs after 2017. While it's likely Trump leveraged these tax rules, it's impossible to know without additional information like business tax returns if he did and the extent to which he may have benefited, experts said.

☆ The 4 traits lucky people have in common, according to author of 'The Luck Factor'
▼ + stars: | 2022-12-29 | by ( Lauren Hans | ) www.cnbc.com time to read: +3 min

But according Richard Wiseman, a psychology professor and author of "The Luck Factor," your actions and mindset can increase your chances of being lucky. Here are the four common traits he found lucky people shared:1. This kind of flexibility puts them in situations where they're more likely to meet and network with new people, according to Wiseman's research. Keep going to the same places on vacation," Wiseman writes in the study. As one lucky participant commented, 'It's lucky because you could have been shot in the head.

☆ The tech IPO market collapsed in 2022, and next year doesn't look much better
▼ + stars: | 2022-12-29 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

The Stockholm-based company raised financing at a $6.7 billion valuation this year, an 85% discount to its prior valuation of $46 billion. Butler doesn't expect the IPO market to get appreciably better in 2023. Butler also thinks that Silicon Valley has to adapt to a shift away from the growth-first mindset before the IPO market picks up again. Butler said he expects this "cultural reset" to take a couple more quarters and said, "that makes me remain pessimistic on the IPO market." Databricks raised $1.6 billion at a $38 billion valuation in August of 2021, near the market's peak.

☆ 'Sextortion' attacks on the rich and famous are on the rise. Here's how their lawyers discreetly fight back.
▼ + stars: | 2022-12-25 | by ( Laura Italiano | ) www.businessinsider.com time to read: +15 min

Celebrities, sports stars, CEOs have never been more at risk of 'sextortion' attacks, lawyers say. "I'm going to blow up you and your business," the screen read. "If you can't get me money," she texted the terrified CEO, according to records reviewed by Insider, "I'm going to fuck up your whole company." East Coast, West CoastHigh-end sextortions like the case of that Manhattan CEO, one of Saland and Weisberg's recent clients, are spawning a growing legal practice. It's different in ManhattanIn contrast, Manhattan sextortion clients tend to hail not from the A-list, but from the city's vast pool of the anonymously wealthy.

☆ Buyout barons will court the panicking masses
▼ + stars: | 2022-12-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

Since they’ve already scoured traditional funding sources like pension funds and insurers, they’ll make a priority of tapping wealthy individuals in 2023. Even those slower to embrace the trend, like Carlyle (CG.O), are getting about 10% of inflows from individuals. Pension plans and other stalwarts have seen their stocks and bonds slump in value, potentially leaving them overexposed to buyout funds, private credit, real estate and infrastructure. These investors don’t always have the resources or stomach to lock up their money for half a decade or longer. Third-party platforms like Moonfare are proliferating, pooling retail capital into vehicles that buy stakes in buyout funds.

☆ Millionaires plan to cut their holiday spending due to inflation
▼ + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey. The CNBC Millionaire Survey found 80% of millionaire respondents — those with investible assets of $1 million or more — say they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared to 78% of baby boomers. "They're becoming more cautious about how they're spending their money," said George Walper, president of Spectrem Group, which conducts the Millionaire Survey with CNBC. While inflation has impacted their spending, millionaires are split when it comes to inflation-driven changes in their investment portfolio.

☆ Most millionaires investors agree that stocks will suffer big losses in 2023, CNBC survey finds
▼ + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost millionaires investors agree that stocks will suffer big losses in 2023, CNBC survey findsCNBC’s Robert Frank joins ‘Squawk Box’ to break down the latest results from CNBC’s Millionaire Survey.

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