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☆ Giving babies $1,000 at birth is an 'unprecedented opportunity for financial security,' Ayanna Pressley and Cory Booker say
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley and Sen. Cory Booker urged the Treasury Department to support their "Baby Bonds" legislation. "This policy would provide every child in America with unprecedented opportunity for financial security," Pressley and Booker wrote in their letter. They cited reports from Columbia University and Morningstar that found Baby Bonds would "substantially" close the racial wealth gap. When we introduce baby bonds, this gap narrows to 71% for Black families and 67% for Hispanic families." Along with Pressley and Booker, other Democratic lawmakers have been stressing the benefits of Baby Bonds over the past year.

From committing to dollar-cost averaging to slimming down high-interest debt, these steps can help keep you on track. If you're unsure how to move to the next level with your money, check out these ideas to help you reach your new financial goals. Set yourself up for successSetting strong financial goals upfront can kickstart your journey to success. Create small habits that add upRecurring tasks and scheduled automations help ensure your finances keep working smoothly. Whittle away debt that's holding you backNot all debt is created equal, according to Empower financial professionals.

☆ How TikTokers are turning to YouTube and email newsletters to earn more money, as they struggle with engagement on the short-video app and a potential ban looms
▼ + stars: | 2023-03-04 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +3 min

However, creators on the app report that views are down, which impacts their earnings. Several TikTokers are now generating wealth outside of the app, like through email newsletters. Some TikTok influencers are turning their time and energy to other platforms to earn more money, grow their audiences, and create permanent homes for the content. At the height of the pandemic, thousands of users on the app saw their videos go viral. Meanwhile, the threat of a potential TikTok ban in the US has led some creators to question the app's longevity.

☆ The unraveling of fintech darling Vise
▼ + stars: | 2023-03-03 | by ( Stephanie Palazzolo | ) www.businessinsider.com time to read: +28 min

It was April, and more than two dozen salespeople who worked for the fintech startup Vise had been ordered to a multiday off-site at the W Hoboken hotel in New Jersey to share exhaustive reports on their performance. Even salespeople at bigger, established, top-tier investment-management firms typically wouldn't close $250 million in a year, multiple sales employees said. (K-means clustering is an unsupervised machine-learning algorithm often referred to as a form of AI, Vise's founders said). (Vise's founders disputed this, saying the company received updated financial data only once a day for its portfolio-construction engine.) And to address its "leaky funnel" of overestimating prospective sales, Vise was to stop outreach to new clients while it onboards and upsells to existing clients, the document said.

☆ Boomers Greed Ruined Economy for Gen Z, Millennials
▼ + stars: | 2023-03-01 | by ( Alex Yablon | ) www.businessinsider.com time to read: +14 min

The boomers' economy is brittle, stingy, and built on undersupply. While inflation may be cooling a bit, future prosperity for millennials, Gen Zers, and beyond depends on reversing this economywide bottleneck created by boomers. Boomers shrank the labor force they need nowThe baby boomers ensured the labor market of the generations after them would be inadequate in a few major ways. The boomer ethos on housing, which views homes not as places to live but as financial assets, is mirrored in the rest of the economy boomers made. They make loans, investment, and housing more expensive — putting the economy on a diet instead of growing the pie.

First-generation Black wealth builders might not have been exposed to the value of financial advice. This may result in first-generation Black wealth builders making financial mistakes and not being as proactive with their finances. Many first-generation Black wealth builders tend to sit on a lot of cash and have a fear of the stock market because of their upbringing. Pressure to support others before securing your own financial futureOften, first-generation Black wealth builders find themselves trying to balance financially supporting others while building wealth and progressing in their careers. As a first-generation Black wealth builder, family members may expect you to support them financially.

☆ Goldman Sachs pitching wealth clients on investing in Stripe shows how Wall Street drums up exclusive deals for its richest customers
▼ + stars: | 2023-02-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

To that point, Insider's Hayley Cuccinello has a story on how Goldman Sachs offered its richest clients the opportunity to invest in the buzzy fintech Stripe. If I can take the startup client my investment bankers are working with and leverage my wealth clients to help them fundraise, that's a win-win. Even better if the cofounders and employees of said startup turn around and come back to me as wealth clients once I help them get rich. More broadly, this is also just another example of how banks are always finding ways to cater to their rich clients. Click here to read more about how Wall Street is leveraging clients in its investment bank for its wealth business*(OK, I couldn't help myself.

☆ How Wall Street firms lift the velvet rope on funding deals for buzzy startups like Stripe for their wealthiest clients
▼ + stars: | 2023-02-24 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Goldman Sachs has invited wealth management clients to invest in fintech unicorn Stripe, as reported by Bloomberg. The message was a rare peek into how the richest bank clients can access investments normally off-limits to individual investors. Insider redacted the wealth management vice president's name and email address to protect their privacy. Citi and JPMorgan, for instance, both have teams dedicated to direct private investments for private bank clients. Private wealth is a real power alley for us, and those continue to be good sources of funding," said Salisbury at a conference in September.

First-generation Black college graduates face unique challenges building wealth. Consequently, Black people now have more opportunities to earn a higher income and begin to build wealth. This creates a sense of responsibility for a first-generation Black wealth builder to take care of their family, often referred to as the Black tax. Lack of financial security and stabilityOftentimes first-generation Black wealth builders find themselves juggling many tasks at once. They are trying to progress in their careers and build wealth while financially supporting others at the same time.

☆ The Mormon Church settles allegations it hid $32 billion in investments. A top exec said the church was worried its staggering wealth would cause members to stop donating.
▼ + stars: | 2023-02-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

The charges allege the two "went to great lengths" to hid the church's $34 billion in investment assets. A top exec said the church was worried revealing its wealth would cause members to stop donating, the Wall Street Journal reported. The church and Ensign Peak agreed to pay a collective $5 million settlement to settle the charges. The scale of the church's wealth only became apparent in 2019 when David Nielsen, a former employee of Ensign Peak Advisors, made a whistleblower complaint. The Mormon Church's investment portfolio features billions in Apple, Microsoft, and health care stocks, Insider previously reported.

☆ Switzerland sent $3.6 bln of gold to Turkey in Jan, the most since at least 2012
▼ + stars: | 2023-02-21 | by ( Peter Hobson | ) www.reuters.com time to read: +2 min

It shipped 188 tonnes of gold worth 10.1 billion Swiss francs last year to Turkey, up from only 11 tonnes in 2021. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data shows. India and China are the two biggest gold consumer markets and demand often rises when gold prices are low and falls when gold prices increase. Gold prices rocketed from a low of $1,615.59 an ounce in early November to as high as $1,959.60 on Feb. 2 before slipping back to around $1,840 by Tuesday. SWISS GOLD EXPORTS, MONTHLY (KG)EXPORTS TO KEY MARKETS, MONTHLY (KG)* Source: Swiss customs.

☆ The most expensive home in the Caribbean just listed for $200 million – take a look inside
▼ + stars: | 2023-02-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

It's located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. Last year, Mustique's largest transaction was recorded at about $35 million, according to de Mallet Morgan. Here's a closer look at the most expensive home to ever hit the market in the Caribbean. The Bali Cottages house four more guest bedrooms and surround the estate's third swimming pool. De Mallet Morgan said the estate is currently operated by 18 staff.

Financial advisor Cassandra Cummings has taught more than 100,000 Black women start investing in the stock market. Here are four investments she recommends for beginners, including REITs and dividend stocks. Real estate investment trustsInvesting in real estate can require large sums of cash on hand to close sales, make renovations, and maintain properties. On the other hand, real estate investment trusts (REIT) are companies that own, operate or finance income-producing real estate ventures. It's an easy way to start investing in real estate if you don't have the capital to invest in your own rental property.

I read a lot about saving and investing and use investing apps that make it easy to build wealth. While these numbers look discouraging, I've never been more encouraged to build wealth as Black woman in America. I have four siblings, and we often talk about how we want to be the generation to build wealth and pass something on to our kids. Editor's Rating 4.36/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.34/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.9/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Public's website Learn more On Wealthfront's website Learn more On Acorns' websiteIn 2017, I opened an IRA for the first time, and just contributed whatever I could. Overall, putting in the time and money to learn more about finances has helped me make wise money decisions and have a better shot at building wealth as a Black woman.

☆ How small-business owners can address pay equity, according to a startup founder trying to build generational wealth for employees of color
▼ + stars: | 2023-02-14 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Yemi Rose is the founder of OfColor, a startup helping workers of color build generational wealth. Rose shared his insights on how small businesses could reach pay equity for employees of color. Before starting OfColor, Rose spent 16 years workings for financial and consulting firms like Thomson Financial and KPMG. In a conversation with Insider, Rose shared his thoughts on how small-business owners could reach pay equity for their employees of color. Before launching OfColor, Rose wanted to become an expert on the systems dictating wealth across America.

☆ Markets are kicking off a make-or-break stretch with inflation, jobs, and more Fed policy looming
▼ + stars: | 2023-02-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Fed Chairman Jerome Powell warned — once again — last week that rates may eventually end up higher than markets anticipate as the fight against inflation remains far from over. Now, ahead of the CPI report, let's check in with the outlook for stocks. To Bernstein strategist Matthew Palazzolo, today's inflation reading will kick off a momentous five-week stretch for equities. The jobs report on March 3, the next inflation report on March 14, and the Fed meeting on March 22 will shape the rest of the year for stocks, he explained to my colleague George Glover. Your best bet for where the stock market's going this year can be found in the two-year Treasury yield, according to Mohamed El-Erian.

☆ Japan’s next central bank chief may rue promotion
▼ + stars: | 2023-02-13 | 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: +7 min

In fact, it has spent an average of 1.3 trillion yen per trading day since the band widened: nearly 50 trillion yen in total, per Refinitiv data, and still counting. The central bank already owns over half of Japan’s sovereign bonds and is sure to suffer large losses when their prices fall, which they eventually must. The central bank chief must also work to put the country’s vast stack of inert money back to work. Kuroda effectively put the central bank at the service of former Prime Minister Shinzo Abe’s “Abenomics” stimulus programme. Fumio Kishida, the current leader, is having popularity problems and will want the central bank to support his aggressive agenda, which includes hiking defence spending, promoting innovative startups and redistributing wealth.

Black families face unique, racist barriers to creating wealth, from homeownership to business ownership, says Salene Hitchcock-Gear, president of individual life insurance at Prudential. To work towards closing the racial wealth gap and building generational wealth for Black Americans, it's important to understand what obstacles stand in the way. Black Americans face lower median credit scoresWhile the credit scoring system was created to take the bias out of lending, it's become yet another hurdle that prevents many Black Americans from building wealth. The bottom lineAfter many generations of being excluded from wealth-building, Black Americans still face a unique set of challenges stemming from racial discrimination. However, making homebuying and financial literacy more accessible could start to narrow the wide racial wealth gap in the US, and help Black families build generational wealth.

☆ Credit Suisse CEO tries to bail out a leaky ship
▼ + stars: | 2023-02-09 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Feb 9 (Reuters Breakingviews) - Chief Executive Ulrich Körner is doing what he promised at Credit Suisse (CSGN.S). The goal is to focus Credit Suisse on its steadier wealth-management and retail banking units. Revenue from trading equities was just $15 million, down 96% year-on-year, partly because Credit Suisse clamped down on risk. Clients pulled a net 111 billion Swiss francs of assets from the group during the three-month period. Credit Suisse shares were down 9.7% at 2.94 Swiss francs as of 1041 GMT on Feb. 9.

☆ How top banks like JPMorgan and Morgan Stanley train young wealth managers to work with ultra-rich clients
▼ + stars: | 2023-02-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

Private banks cater to the wealthiest clientele, who typically have at least $10 million in assets. David Frame, CEO of the private bank, is doubling down on a recruiting push. JPMorgan aims to hire as many as 1,500 new private bank advisors over the next few years, which would double its current headcount. After three years of working for Goldman Sachs, about 25 to 40 analysts from the bank's private wealth division are handpicked for its advisory program. The course culminates with three case studies that involve portfolio strategy and estate planning, as well as a written and oral exam.

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☆ People in this city spend the most on coffee—it's not New York or LA
▼ + stars: | 2023-02-03 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

How much is your daily coffee habit really costing you? The city where espresso and steamed milk will cost you the most: Virginia Beach, Virginia, clocking in at $5.75 a cup, on average. The most expensive cups of cappuccino Virginia Beach, Virginia: $5.75 Las Vegas: $5.40 Minneapolis: $5.37 New York: $5.31 San Francisco: $5.21 That's just the outright cost. New York and San Francisco have expensive coffee, but their residents tend to make more money. If you express the cost of a five-days-a-week cappuccino habit as a percentage of a city resident's average income, the most expensive coffee cities change a bit.

Permanent life insurance can build cash value. Beyond that, how do I use life insurance to build wealth? Financial planners and life insurance agents can help you create a budget to determine how much you can afford. Financial planners and life insurance agents can help you create a budget to determine how much you can afford. Before purchasing any life insurance policy, we recommend meeting with a financial planner or experienced life insurance agent.

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Some hedge funds, wealth managers, and asset managers are still hiring. Recruiters told us what roles are in demand and what skills can help you land them. Big-name hedge funds like Citadel, D. E. Shaw, and Millennium Management posted double digits in a year that many other investment managers would rather soon forget. Alternative asset managers, meanwhile, are hiring in the private-wealth-management businesses they've spent recent years building out. … if you're in or interested in wealth managementDespite the market downturn, wealth managers are in high demand.

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