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☆ Fact Check-Altered BBC graphic circulates purporting to show soaring wealth of Ukrainian political figures since Russian invasion
▼ + stars: | 2023-01-10 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An image purporting to show a BBC graphic detailing the wealth of Ukrainian political figures, including the country’s president, Volodymyr Zelenskiy, is altered. The original graphic published online via the BBC’s Ukrainian website showed how the war has impacted the wealth of Ukrainian billionaire businessmen. Examples of the altered graphic can be viewed (here) and (here). The graphic was altered to make it appear that the BBC published a visual showing rapid increases in wealth accumulated by Ukrainian politicians. Instead, the BBC published a graphic detailing the monetary losses incurred by Ukrainian billionaires since the Russian invasion.

☆ Now is an 'ideal' time for young people to start building wealth, says investing expert
▼ + stars: | 2023-01-09 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

It shows a screengrab from a TikTok picturing a young, smiling woman, whose username is cropped out. It's enough to cause many investors to panic, when most market experts will tell you to do the exact opposite. Dollar-cost averaging is a classic long-term investing strategy that involves investing a set amount of money into your portfolio at regular intervals. There's no guarantee that the woman from TikTok is doing it or plans to. But if she is, here's why she's right to be excited that the market is down.

Use life insurance to build generational wealth and set family up for successReducing debt and increasing savings are two of the ways life insurance can helpDiscuss trust options with a professional if you want to limit uses for life insurance proceedsGet the latest tips you need to manage your money — delivered to you biweekly. When strategically used, life insurance offers many advantages, including the beneficiaries' ability to build generational wealth (wealth that passes to younger generations of a family). A life insurance policy can protect loved ones' present situation and help build future generational wealth. Acquania Escarne, Life Insurance Producer & Wealth Strategist at The Purpose of Money®, explains it by saying, "Life insurance is how you can buy wealth before you build it. Insider's Featured Life Insurance Companies Lemonade Life InsuranceNationwide Life InsuranceGuardian Life Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Financial planner Martin A. Scott writes that a raise is an opportunity to make smart money choices. SmartAsset's free tool can find a financial planner to help you take control of your money »Get the latest tips you need to manage your money — delivered to you biweekly. A pay raise at work can provide someone who has higher-interest debt the option to expedite the process of paying it off completely. It is important for you to consult with a qualified professional on this topic as you get (and continue to) receive pay raises over time. As you continue to move into higher tax brackets, tax planning conversations (and strategies) should be discussed with a financial planner and/or tax professional, which can be of great benefit to your financial situation.

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Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available Check mark icon A check mark. Competitive mobile and online offerings for digital investors and traders Check mark icon A check mark. Access to Certified Financial Planners at no additional charge Check mark icon A check mark. Low-cost, hands-off investment account that combines automated features with management from a team of human investment professionals Check mark icon A check mark. We compared nearly two dozen brokerages, placing heavy weighting on their advisory and trading fees, investment philosophy, investment options, and types of accounts available.

☆ Stop complaining, says billionaire investor Charlie Munger: 'Everybody's five times better off than they used to be'
▼ + stars: | 2022-12-27 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Billionaire Charlie Munger thinks we should all be a lot happier. During that annual meeting, Munger complained that envy is a driving factor for too many people today. In 2019, Munger downplayed the effects of wealth and income inequality, and claimed that the politicians who were "screaming about it are idiots." At the Daily Journal's annual meeting this year, he added that most people's concerns over wealth inequality and criticisms of the extremely wealthy were "motivated" by envy. Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Billionaire investor Charlie Munger: ‘The world is not driven by greed, it’s driven by envy’

☆ 10 money managers who quietly control the vast fortunes of Jeff Bezos, Sergey Brin, the Waltons, and other big-name billionaires
▼ + stars: | 2022-12-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +24 min

Many über-rich people don't outsource their wealth — they hire their own chief investment officers. He left SAC in 2005 for Dune Capital Management, but stayed in touch with Steve during his five-year term at the investment firm. Andrew oversees CPV's portfolio, which primarily comprises direct private investments such as Collectors Universe, a collectibles-authentication company, and the New York Mets. In 2011, Wildcat Capital Management was launched with Potter as president and chief investment officer. Since November 2021, Carland has also served as the interim chief investment officer for Builders Vision's asset arm.

☆ Elon Musk’s Finances Complicated by Declining Wealth, Twitter Pressures
▼ + stars: | 2022-12-23 | by ( Tim Higgins | ) www.wsj.com time to read: 1 min

The decline in Tesla’s valuation comes after years of growth that has allowed Elon Musk to easily borrow money without having to cash out his shares. Elon Musk’s wealth and borrowing power are now being tested as the Tesla Inc. shares that have fueled his fortune have sharply declined while he aims to stabilize his massive personal investment in Twitter Inc. The auto maker’s share value has fallen 18% this week alone and more than 60% since Mr. Musk announced his plan to buy the social-media platform.

☆ Self-made millionaire: You don’t have to give up lattes to get rich—do this instead
▼ + stars: | 2022-12-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If that's your goal, you don't have to cut out little luxuries to get there, says Ramit Sethi, a self-made millionaire and author of the New York Times best-seller "I Will Teach You To Be Rich." "I'm not the guy who's gonna say, 'Hey, go to cut back on lattes. When it comes to building wealth, most people focus on the "$3 questions" like, "Should I skip buying a latte today?" Instead, you should focus on the "$30,000 questions," Sethi says. Instead of waiting and hoping to win the lottery, here are two things you can do now to start building wealth, according to Sethi.

☆ Behind a Wall Street headhunter's rapid ascent lie accusations of harassment and abuse
▼ + stars: | 2022-12-21 | by ( Alex Morrell | ) www.businessinsider.com time to read: +38 min

"It was a complete whirlwind, and it felt too good to be true," Morrison told Insider. "Everyone is given a calendar reminder of when they have to submit a review," one former employee told Insider. Durlston told Insider she wasn't a credible source given the acrimonious nature of her departure from Durlston. "Everyone gets pretty loose at these events," a former employee told Insider, noting the availability of alcohol throughout the day. Bahram told Insider this was not a prohibition but merely a suggestion that it would not be an appropriate arrangement.

In 2023, my family will deliberately be saving less money. We'll reinvest in our businessThe biggest way we're "spending more" in 2023 is by reinvesting in the financial planning firm that my wife and I run together. We're spending money on childcare for the first timeIn 2022, my wife was the lead parent to our infant daughter. The fact that we didn't have to pay additional money for childcare did help our budget last year. That includes having the wiggle room in our financial plan to make an adjustment like saving less, at least for this year.

☆ 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.

☆ Black Americans saw crypto as a path to building wealth. Now they're bearing the brunt of its decline.
▼ + stars: | 2022-12-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Many Black Americans have invested in cryptocurrency in recent years. Closing the wealth gap is among the reasons some Black investors turned to crypto in the first place. As of September 2021, 18% of Black Americans overall had invested in, traded, or used a cryptocurrency, compared to 13% of white Americans, according to a Pew Research poll of over 10,000 US adults. First, some Black investors may see crypto as a way to close the racial wealth gap. An April Ariel and Charles Schwab survey found 28% of Black Americans distrust banks, compared to 18% of white Americans.

☆ For Landlords, Rising Housing Costs Make It Harder to Earn Passive Income
▼ + stars: | 2022-12-19 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

Many Americans dream the path to building wealth is like a trip around the Monopoly board, buying up properties that generate rental income. That can be true, but financial advisers warn the costs and aggravations of playing the landlord game are increasing. People thinking about becoming landlords might have a tougher time turning a profit after a year marked by higher home prices and mortgage rates. Rents are up too, but because of inflation so are the costs of repairs and routine home maintenance.

As a woman in South Asian culture, I was taught that I wasn't supposed to be good with money. In fact, I can recall several conversations with aunties in our community advocating that we younger South Asian girls just "marry a rich Indian boy, from a good family." When it comes to South Asian women's relationship with money and their ability to attain financial agency, it's important to understand cultural context. "It became standard to try and pick up the bill, even when I knew I couldn't afford to, because this was something I'd seen up front and center in South Asian culture. Cultural expectations and narratives play a huge role in our ability as South Asian women to make different decisions, especially when it comes to our money and building wealth.

☆ A couple in their 20s quit their 'Big 4' accounting jobs and now earn up to $19,000 a month creating online content. They explain how they turned a side hustle into a lucrative business that is helpin
▼ + stars: | 2022-12-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

They quit their corporate jobs and now make up to $19,000 a month creating personal finance content. The Toronto-based couple worked their way up to saving and investing about 60% of their income, they told Insider. It's been about a year since Gordon and Mathu left the corporate world to go all-in on content creation. In 2022, the couple earned up to $26,000 CAD (about $19,000 USD) a month, according to documents viewed by Insider. They honed in on personal finance, covering topics like saving, investing, increasing your income, and paying down debt.

Entrepreneur Ellie Diop is passing down to her kids three money lessons she wishes her parents had taught her early on. Diop also wants her kids to learn how it feels to be paid fairly for their work. Today, Diop is teaching her children three key lessons about building wealth that she wishes she learned from her parents. Diop wants her kids to learn how to properly manage their money"I grew up with a single mother," Diop says. By paying her kids for small tasks around the office, Diop wants to teach them how to have a different relationship with money than she did growing up.

☆ 23% of Americans think real estate is the best way to build wealth, but only 12% bought in 2022
▼ + stars: | 2022-12-15 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

When it comes to building wealth, Americans say one thing and do another. Why real estate is more popular than stocks in theory, but not in practiceSo what's keeping Americans from investing the way they want? "In real estate, it takes money to make money," says Nicholas Bunio, a certified financial planner in Downingtown, Pennsylvania. It's no wonder, then, that wealthier respondents in Make It's survey were more likely to have invested in real estate. Just 6% of respondents earning $50,000 or less said they bought real estate this year, compared with 12% earning between $50,000 and $99,000 and 21% earning $100,000 and up.

☆ Want to earn more and work less? Watch 'I Will Teach You To Be Rich' self-made millionaire share his secrets
▼ + stars: | 2022-12-12 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Learn how to increase your earning power at the inaugural CNBC Make It: Your Money virtual event, which will be livestreamed here on Tuesday, Dec. 13, at 12pm ET. Guests include successful entrepreneurs and financial icons, who will share their money-making tips and insights during the hour-long webcast. Then CNBC's Kristina Partsinevelos will speak with a panel of millennial entrepreneurs who have grown their creative side hustles into six-figure businesses. RSVP now to the free virtual event, and check back here on Tuesday, Dec. 13, at 12pm ET to watch it live. Disclosure: CNBC owns the exclusive off-network cable rights to ABC's "Shark Tank."

☆ Black Californians could get $223,000 each in reparations — and it could even help close the state's homeownership gap
▼ + stars: | 2022-12-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

In 2020, CA Governor Gavin Newsom formed a task force to decide how the state could best administer reparations to Black residents. The task force has proposed providing upwards of $223,200 for each qualifying resident. However, few leaders have brought forward proposals that are as sweeping in scope as the one produced by California's special task force. The reparations proposal could help Black Californians obtain homeownershipAccording to the California Housing Finance Agency, Black Americans have the lowest homeownership rate in the state. Other states have also awarded reparations to their Black constituentsWhile the California proposal is sweeping in its scope, Newsom's office has the benefit of being able to study examples of reparations programs elsewhere.

☆ Billionaire investor Charlie Munger: ‘The world is not driven by greed, it’s driven by envy’
▼ + stars: | 2022-12-10 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Billionaire investor Charlie Munger says he's never cared about comparing his riches to the money of others. It's driven by envy," Munger said at the annual meeting of the Daily Journal, the newspaper company where he is a director, earlier this year. In 2017, Munger said in an interview that he always tries to avoid feelings of "envy and jealousy" in business. Indeed, a 2018 study that found people driven by envy are more likely to experience poorer mental health and well-being. Envy is simply "built into the nature of things," Munger said at the Daily Journal's meeting.

☆ FTSE Russell, Ping An jointly launch China ESG indexes
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

SHANGHAI, Dec 8 (Reuters) - Global index publisher FTSE Russell and Chinese financial conglomerate Ping An announced a partnership on Thursday to promote sustainable investment, launching a series of China indexes integrating environmental, social and government (ESG) considerations. The FTSE Ping An China ESG Index Series, which combines Ping An's China-specific ESG approach into FTSE Russell's China indexes, shows how Chinese and western institutions can join hands in sustainable investment, despite tensions over sensitive areas such as human rights and Communist Party control. The initial index launch will target onshore investors, but the multi-year partnership aims to ultimately serve international investors as well, said FTSE Russell, a unit of London Stock Exchange Group (LSEG.L). "It's really about leveraging the market-specific insights" that Ping An brings, said Helena Fung, Head of Sustainable Investment, APAC at FTSE Russell. In China, however, internet censorship is not factored into ESG considerations by domestic institutions.

☆ Former FTX CEO Sam Bankman-Fried hit with campaign finance complaint over GOP 'dark' money
▼ + stars: | 2022-12-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

An ethics watchdog group has asked the Federal Election Commission to investigate former FTX CEO Sam Bankman-Fried for alleged "serious violations" of election law, citing his admitted contributions of "dark" money to Republican-aligned groups during the 2022 primary season. Anyone can file a complaint with the FEC if they suspect a violation of federal election campaign laws. The complaint contains a link to the Nov. 16 interview Bankman-Fried gave to Tiffany Fong, who posted the discussion on her YouTube channel. "All my Republican donations were dark," Bankman-Fried went on to say, the complaint noted. In the interview, Bankman-Fried said that those contributions were "all for the primary."

☆ Giving babies a government trust fund at birth could help get rid of student debt and build wealth, report says
▼ + stars: | 2022-12-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Democrats released a report highlighting the benefits of "Baby Bonds," which are trust funds given to kids at birth. The report said that the funds would help Americans build wealth over a lifetime. It could help reduce the need for students to take on excessive debt to go to college. On Wednesday, the Joint Economic Committee — led by Democratic Rep. Don Beyer — released a report on the benefits of "Baby Bonds." Baby Bonds could be a part of that.

☆ Credit Suisse's fund outflows may spark M&A talk - JPMorgan
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Dec 1 (Reuters) - Continued client outflows at Credit Suisse (CSGN.S) could spark speculation of a takeover of the embattled Swiss bank and may lead to the partial sale of its domestic unit, analysts at JPMorgan said on Thursday. Credit Suisse has reported steep outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking. JPMorgan said in a note to clients that it expected fourth-quarter outflows of 80 billion Swiss francs ($85 billion) in wealth management and 107 billion francs in total compared to the 84 billion total for this year as of Nov. 11. Credit Suisse, whose shares have plunged about 66% this year to record lows, is in the midst of trying to raise 4 billion francs to bolster its finances. ($1 = 0.9429 Swiss francs)Reporting by Michael Shields Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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