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☆ Millennial couple left $10,000 in cash sitting in a closet for years — why they still stress about money
▼ + stars: | 2024-08-10 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Around six years ago, married couple Christina, 37, and Noah, 35, took $10,000 out of the bank. After the massive withdrawal, the money continued to sit — in cash — in their closet for another three years. Noah, on the other hand, is comfortable with what they have and hesitant to spend any money beyond what they absolutely need to. "I think you have a dramatic miscalibration with what a lot of money means," Sethi told them. But sometimes you just need to take an honest look at the numbers," Sethi told her.

Persons: Christina, Noah, Ramit Sethi, Rich, Sethi, they're, Christina shouldn't

☆ JPMorgan raises 2024 recession odds to 35%
▼ + stars: | 2024-08-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The bank raised its probability for a U.S. or global recession to 35% by year end, chief global economist Bruce Kasman told clients in a Wednesday note. Meanwhile, JPMorgan kept its odds for a recessionary period by the second half of 2025 at 45%. But traders got better news on the labor market front on Thursday, with the volume of weekly jobless claims coming in lower than economists expected. To be sure, despite raising his odds, Kasman said investors should not assume all signs point to a recession. In fact, Kasman described his increase to near-term recession risk as modest.

Persons: Bruce Kasman, Kasman, Goldman Sachs Organizations: JPMorgan, Federal, Fed Locations: U.S

☆ Hedge funds are dusting off an old strategy to help reverse a fundraising slump, but it comes with a risk
▼ + stars: | 2024-08-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, hedge funds are dusting off an old strategy that's a unique twist on passive investing . And with the fundraising environment for hedge funds looking bleak , they'll take any help they can get. AdvertisementBut with portable alpha, hedge funds are tying themselves to something they've pledged they are better than. What happens if the hedge fund's portion of the portable alpha strategy is what pulls returns down? With competition from venture capital and private equity, hedge funds can't afford to turn their nose up at anything.

Persons: —, Tyler Le, Alex Morrell, It's, Jenny Chang, Rodriguez, Philippe, hasn't, they've, it's, duMond, Chip Somodevilla, Alyssa Powell, Harris, Jerome Powell, Powell, Tetiana Lazunova, Meta, it'll, Linda Yaccarino, Elon Musk, Kamala Harris, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Trump, DWS Group, BI, Nvidia, Twitter, Apple, Amazon, Barclays, Shell, Democratic National Committee Locations: Hollywood, London, Milan, Dubai, New York

Car insurance requirements vary by state — some require more auto insurance coverage types than others. Other common types of coverageOther types of coverage, like gap insurance, rental reimbursement, travel coverage, non-owner car insurance, and towing and labor cost coverage are available options, depending on your insurer. Factors That Influence How Much Car Insurance You NeedIf you're looking for car insurance coverage and are trying to determine how much you need, consider these factors to make the right choice. In Michigan, a state minimum policy would include basic liability coverage and no-fault coverage, including personal injury protection, property protection insurance, and residual liability insurance coverage. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes.

Persons: Asis Alani Asis, Forbes, She’s, Read Organizations: UM, Business, AARP, CNN, Fortune, U.S . News, Finance, University of Hawaii Locations: Michigan, New Hampshire, U.S, Manoa

☆ Sports Betting Is Driving Americans Into Debt, Bankruptcy
▼ + stars: | 2024-08-01 | by ( Emily Stewart | ) www.businessinsider.com time to read: +11 min

AdvertisementIt tracks: The closer you live to a casino, the likelier you are to develop a gambling problem. About 1% of US adults have a severe gambling problem, according to the National Council on Problem Gambling, and 2% to 3% have a mild or moderate problem. Advertisement"By the time everyone gets all excited, we're talking about really large credit-card debt, really large debts to friends and family. A lot of online debt," said Timothy Fong, a clinical professor of psychiatry at UCLA and a codirector of its gambling-studies program. In the sports world, we've recently seen some high-profile examples of young men getting into hot water from sports betting.

Persons: that's, Brett Hollenbeck, Hollenbeck, It's, Michelle Malkin, You've, Timothy Fong, Fong, Young, we've, Shohei, Ippei Mizuhara, Jontay Porter, Malkin, doesn't, it's, Emily Stewart Organizations: University of California, University of Southern, UCLA's Anderson School of Management, National Council, East, East Carolina University's, Policy Initiative, UCLA, MLB, NBA, Sports, Business Locations: Los Angeles, University of Southern California, East Carolina, America, New Jersey

☆ Tesla set to report second-quarter earnings after the bell Tuesday
▼ + stars: | 2024-07-23 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla is set to report second-quarter earnings after the bell on Tuesday. Although Tesla reported vehicle deliveries of 443,956 in the second quarter, a 4.8% decline from the year-earlier period, those numbers were better than analysts had expected. But Musk and his stalwart Tesla bulls and broader fan base have ambitions for the EV maker beyond making and selling cars. In 2021, Musk also began to promise that Tesla would develop and produce humanoid robots capable of factory work, at least. Tesla "deliveries" are not an audited financial metric, but are the closest approximation to sales reported by the company.

Persons: Elon Musk, The Beverly Hilton, Tesla, Elon, Musk, Donald Trump, InsideEVs Organizations: SpaceX, Tesla, The Beverly, LSEG, PAC, Trump, Republican, Pew Research, Democratic, Cox Automotive, Boring Company, X Corp, CNBC Pro Locations: Beverly Hills , California, U.S

The information for the following product(s) has been collected independently by Business Insider: Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bountiful™ Card, Marriott Bonvoy Bold® Credit Card. Marriott Bonvoy Boundless OverviewThe Marriott Bonvoy Boundless Credit Card is an excellent choice if you want a rewarding Marriott credit card without paying a premium-level annual fee (the top-tier Marriott credit card is the Marriott Bonvoy Brilliant® American Express® Card, which offers many valuable annual benefits — but charges a $650 annual fee). Marriott Bonvoy Boundless BenefitsThe Marriott Bonvoy Boundless card comes with a host of benefits and travel perks. Within the past 90 days, you've been approved for the Marriott Bonvoy Business® American Express® Card, Marriott Bonvoy Brilliant® American Express® Card, or Marriott Bonvoy Bevy™ American Express® Card. Within the past 24 months, you've earned a welcome bonus/upgrade bonus for the Marriott Bonvoy Business® American Express® Card, Marriott Bonvoy Brilliant® American Express® Card, Marriott Bonvoy Bevy™ American Express® Card.

Persons: Marriott Bonvoy, Cash, Marriott, you'll, Cardholders, Regis, you've, Hilton Organizations: Business, Marriott, Chase, American Express, Marriott Bonvoy, Gold, Ritz, Carlton, Card, ™ Card, Mastercard, Chevron, Hilton, Wyndham Locations: Marriott, St, IHG, Hyatt

If a bank fails, insured deposits will be moved to another FDIC-insured bank or paid out. Checking accounts, savings accounts, money market accounts, and certificates of deposit are examples of FDIC-insured bank accounts. Single bank accounts and joint bank accounts are examples of different ownership categories. If your bank closes and you had more than $250,000 in an individual bank account, you may be able to get a Receiver's Certificate. Steps to take after a bank failureIf a bank fails, the FDIC is in charge of managing its assets.

Persons: you'll Organizations: FDIC, Federal Deposit Insurance Corporation, Federal Deposit Insurance

It can be hard to figure out what bank accounts you should have, with all the different types of savings accounts and checking accounts there are. While there are some high-yield checking accounts, the vast majority of checking accounts don't earn interest. Savings AccountsSaving accounts, unlike checking accounts, generally let you earn interest, with the best high-yield savings accounts earning more than 4% annual percent yield. Ideal Number of Bank AccountsUltimately, the number of bank accounts you need will depend on your individual financial goals. Multiple Bank Account FAQsWhy might someone need more than one bank account?

Persons: you'll, We've, Jerel Butler, Christopher Stroup, Stroup, Butler, you've Organizations: Zenith Wealth Partners, Abacus Wealth Partners

Determining your budgetYou can figure out how much house you can afford to buy using our free mortgage calculator. While you may already have an idea of what you think you can afford, you'll need to find out how the bank sees you. It will include a list of all of your finalized closing costs and how much cash you'll need to close. The final walkthroughBefore closing, you'll also get a chance to view the home one more time. How to buy a house FAQsHow much down payment do I need to buy a house?

Persons: You'll, George Chedid, Dana Bull, They're, Bull, you've, Don't, it's, They'll, you'll, they've, Chedid Organizations: Compass, Federal Housing Administration, US Department of Veterans Affairs, US Department of Agriculture, you'll, Homeowners Insurance Allstate, Insurance Locations: Kendall Park , New Jersey, Chevron, Boston

In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron

A secured credit card is a type of credit card with a line of credit backed by a security deposit. Because it doesn't require a credit history or credit score, secured credit cards are an appealing option for building a credit history. In fact, most credit card companies won't perform credit checks for secured credit card applicants. After a certain amount of time and credit built on the secured credit card, companies may also allow you to convert your secured credit card to a traditional card, at which point your security deposit will also be returned. Unsecured Credit CardsSecured credit cards Unsecured credit cards Secured credit cards often don't require a credit check and will take applicants with low credit scores Credit card companies recommend a good to excellent (670-800+) credit score when applying for a card Credit limit determined by how much money is deposited Credit limit determined internally based on a number of factors Often charges higher APRs Offers APRs based on your application and credit scoresSecured Card TipsCan a secured credit card improve my credit score?

Persons: You'll, you've Organizations: Credit, Quicksilver, Chevron, Gas, Capital, Financial

Nearly free travel is possible with credit card rewardsBefore collecting credit card rewards, identify your travel goals. If you're interested in cash back, you should be using cash-back credit cards instead of travel credit cards. Award travel frequently asked questionsHow can I find the best redemption options for my points and miles? Can I book award travel for someone else using my points or miles? You can also use deal-tracking apps and award search websites to set up alerts when award travel availability opens up.

Persons: We'll, It's, overspend, you've, you'll, Wells, Here's, you'd, there's, availabilities Organizations: Hilton, British Airways, Air, Airlines, American Airlines, Alaska Airlines British Airways Cape Air Cathay Pacific Etihad Airways Fiji Airways Finnair, Airlines Iberia Japan Airlines JetBlue Malaysia Airlines Qantas Airways Qatar Airways Royal Air Maroc Royal Jordanian Airlines Silver Airways SriLankan Airlines, American, Hyatt, Citi, Capital, Chase Travel, Citi Travel Portal, United Airlines, Booking Locations: Marriott, Air Canada, Air Tahiti, Chicago, Venice, United, Chevron

☆ Why a fund manager at $1.4 billion AdvisorShares is investing in tobacco, alcohol, and other vice stocks — and his 7 top picks
▼ + stars: | 2024-07-16 | by ( Christine Ji | ) www.businessinsider.com time to read: +4 min

Ahrens has over 25 years of experience with vice stocks and oversees six AdvisorShares ETFs, including the AdvisorShares Vice ETF (VICE). More than just beer and cigarettesThere's also a lot more to vice investing than just tobacco and alcohol stocks. "Tobacco stocks and alcohol stocks and other similar stocks are in all the major index indexes in the United States," Ahrens said. By purchasing a share of an S&P 500 index fund, investors are inadvertently already exposed to vice stocks. They are all constituents of the AdvisorShares Vice ETF (VICE).

Persons: —, Dan Ahrens, Ahrens, " Ahrens, There's, Philip Morris Organizations: Service, AdvisorShares, Business, Nvidia, Philip Morris International, Gaming, MGM Resorts, MGM, Caesars Entertainment, Wynn Resorts, WYNN Locations: China, United States, Las

☆ BofA Institute’s Liz Everett Krisberg on consumer: Continue to see services outperform retail
▼ + stars: | 2024-07-11 | 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 EmailBofA Institute’s Liz Everett Krisberg on consumer: Continue to see services outperform retailLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s July Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: Liz Everett Krisberg Organizations: Bank of America Institute

☆ Gen Zs are better at 'loud budgeting,' but nearly half still need financial support from family: study
▼ + stars: | 2024-07-10 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewGen Zs are struggling financially, and nearly half of them rely on their parents for support, a new study found. Bank of America released a report Wednesday outlining Gen Z's financial health, and things aren't looking too great for these 18- to 27-year-olds. AdvertisementThe research found that 38% of Gen Zs are OK admitting to their friends that they can't go to certain social events because they can't afford them. "It is critical that we continue to empower Gen Z to work toward achieving financial health and meeting their long-term goals."

Persons: —, it's, Zs, It's, Rachel, Phoebe, Joey, shamefully, Chandler, Ross, Monica, Holly O'Neill, BofA's, Gen Organizations: Service, Bank of America, Business, Bank of America's, Bank, Retail Banking Locations: Ibiza

In this gilded echo chamber, Mr. Trump enjoys unwavering devotion — and collects the staggering price of admission. During the 2014-15 season — the last before Mr. Trump officially entered politics — The Times counted 52 fund-raiser events at Mar-a-Lago. More than two dozen midterm candidates had already held fund-raisers on the property when Mr. Trump made that statement. But that changed when Letitia James, the New York attorney general, sued Mr. Trump for exaggerating the value of his properties. And, unlike when Mr. Trump was president, “he was there a lot,” Mr. Rustmann said.

Persons: Donald J, Trump, MAGA, Matt Gaetz, “, Sebastian Gorka, ”, Forgiato, Donald Trump, Ryan Garcia, “ Donald Trump, Glenn Beck, Roger Stone, Liz Crokin, Michael T, Flynn, We’re, —, Vivek Ramaswamy, Matthew DePerno, Frank Pavone, Kari Lake, Joe Kent, ” Cameron Moore, Alex Stone, Stone, Roger J, Stone Jr, Roseanne Barr, don’t, Abraham Lincoln, Lago, Thomas D, Homan, ” Sebastian Gorka, Gorka, Abraham Lincoln ”, Trump’s, ” Mr, Vernon Jones, Letitia James, galas, Laurence Hirsh, James, Greg Christovich, Christovich, Christovich’s, Michael Barnett, Barnett, ” Frank Vain, Fred Rustmann, Mr, Rustmann Organizations: Gravity, House, New York Times, Mar, U.S.A, Times, Trump, Palm, Republican Party of Palm, Lincoln, Breakers, Policy Institute, America’s, Inc, White, Mr, America, of, Republican, Republicans, Republican National Committee, Democratic Senatorial, Trump Organization, New, U.S ., Secret Service, U.S . Department of State, Records, The Trump Organization, Republican Party of, RSM, Republican Party Locations: Mar, Jan, America, Palm Beach, Lago, Charlottesville, Va, Beach, Georgia’s, “, New York, Republican Party of Palm Beach County, Florida

☆ Having Elon Musk as a boss is a tough gig — just ask X's Linda Yaccarino
▼ + stars: | 2024-07-07 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

This story is available exclusively to Business Insider subscribers. AdvertisementThe difficulties are reportedly creating tensions between Musk and X CEO Linda Yaccarino. Randall Peterson, a professor of organizational behavior at London Business School, told Business Insider that any company struggling like X would suffer leadership tensions. Leadership shake-upAmid the increasing financial pressure, Musk and Yaccarino have also been shaking up the company's leadership. X did not respond to a request for comment from Business Insider.

Persons: —, Musk, Linda Yaccarino, Randall Peterson, she's, Yaccarino, Jerod Harris, Mark Read, Steve Davis, Davis, Joe Benarroch, Nick Pickles, Matt Navarra, it's, Navarra, Gwynne Shotwell, Amanda Edwards, Peterson Organizations: Service, Elon Musk's, Twitter, Business, YouTube, London Business School, Times, Microsoft, Cannes Lions, WPP, Brit, Social, SpaceX, Investors

Then, in 2008, the California Supreme Court legalized same-sex marriage, and we were legally married in our home state. Prop 8 passed in November 2008, making same-sex marriage once again illegal in California. In 2015, the U.S. Supreme Court legalized same-sex marriage nationally, and that's when my wife and I started to truly reap the benefits of marriage. Owning property togetherWhen we bought our condo in 2004, we weren't legally married, so we couldn't just let the title company take care of the deed. Freedom from financial fearAfter the decision to legalize same-sex marriage in 2015, I felt like a full citizen for the first time.

Persons: —, It's, that's, doesn't Organizations: Service, California Supreme, U.S, Supreme, Social Security Locations: California

☆ Vietnam’s VinFast looks to tiny EV, priced at less than $10,000, to change its fortunes
▼ + stars: | 2024-06-26 | by ( ) www.cnbc.com time to read: +3 min

The Vinfast VF6 all-electric vehicle is on display at the 2022 Los Angeles Auto Show on Nov. 18, 2022 in Los Angeles, California. Vietnamese automaker VinFast, for a short time the third-most valuable car company in the world, has a big problem: It just can't sell enough cars. Designed specifically for the Vietnamese and other Asian markets, the VF3 is priced for "mass appeal," according to VinFast. VinFast's future matters for Vietnam, both because its ambitions dovetail with the Communist Party's own goals, and because of parent company Vingroup's large role in the Vietnamese economy. "We will never let VinFast go," he told Vingroup shareholders at their annual general meeting in April, according to state media.

Persons: Le Thi, VinFast, It's, Vingroup, Pham Nhat Vuong, Tu Le Organizations: Angeles Auto, Nasdaq, General Motors Corp, Ford Motor Co, Communist, Vingroup's, U.S . Securities, Exchange Commission, Sino Locations: Los Angeles , California, Le, U.S, VinFast, North Carolina, California, Vietnam, Ukraine, Asia

☆ A millennial who made 6 figures working 2 remote jobs says it could help him retire by age 50 — but that overemployment wasn't worth the stress
▼ + stars: | 2024-06-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

But by the time Adrian's contract for his second job came to an end in March, a big part of him was relieved, he said. While some companies may be OK with their workers having a second job, doing so without approval could have negative repercussions. AdvertisementAdrian said that before taking on a second job, one should be "very comfortable" with one's main role. While he wouldn't rule out pursuing a second job again someday, he said the workload would have to be quite low. AdvertisementAre you working multiple remote jobs at the same time and willing to provide details about your pay and schedule?

Persons: —, Adrian, he'll, messaged, you'll, maxing, Roth, It's, hasn't, he's Organizations: Service, Business, LinkedIn, Roth IRA Locations: California

☆ Under Armour to pay $434 million to settle lawsuit over sales disclosures
▼ + stars: | 2024-06-21 | by ( ) edition.cnn.com time to read: +2 min

Under Armour on Friday said it has agreed to pay $434 million to settle a 2017 class action lawsuit accusing the sports apparel maker of defrauding shareholders about its revenue growth in order to meet Wall Street forecasts. The shareholder lawsuit accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health. In 2021, the Baltimore-based company had agreed to pay $9 million to settle Securities and Exchange Commission (SEC) charges that it misled investors about its revenue growth. Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility. The company expects its total accrual in legal proceeding contingencies related to the lawsuit to reach $434 million during the first quarter of fiscal year 2025, from $100 million at the end of fiscal 2024.

Persons: Armour, averts, Kevin Plank, Mark Solomon, Robbins Geller Rudman, Dowd Organizations: Securities, Exchange Commission, SEC Locations: Baltimore

☆ Broadcom surges to a record after earnings. 3 reasons why the stock can go even higher
▼ + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Broadcom surged more than 12% to a record high Thursday following an excellent fiscal second-quarter earnings report on Wednesday night . The other part of Broadcom's AI business is selling products like Ethernet switches that help stitch together servers inside data centers. AVGO 1Y mountain Broadcom's stock performance over the past 12 months. Tan said on the call Wednesday that customer — aka Apple — is all of Broadcom's wireless business. Wall Street estimates for Broadcom's wireless business will need to rise to reflect the increased iPhone demand we expect to see.

Persons: —, Hock Tan, Tan, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Broadcom, Nvidia, Apple, Apple Intelligence, America, VMWare, CNBC, Getty Locations: San Jose , California

☆ Consumer spending growth is stable, says BofA Institute’s Liz Everett Krisberg
▼ + stars: | 2024-06-11 | 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 EmailConsumer spending growth is stable, says BofA Institute’s Liz Everett KrisbergLiz Everett Krisberg, head of Bank of America Institute, joins ‘Squawk Box’ to break down the Institute’s June Consumer Checkpoint Report, which provides real-time consumer spending and financial health estimates.

Persons: BofA, Liz Everett, Liz Everett Krisberg Organizations: Bank of America Institute

☆ Biden administration moves to ban medical debt from credit reports
▼ + stars: | 2024-06-11 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The Biden administration is moving to ban medical debt from credit reports. Medical debt, she said, "makes it more difficult to get by, much less get ahead. A recent study estimated that one in five U.S. households live with medical debt, including people with health insurance; and that on average, a typical American household owes about $4,600 in medical debts. "Medical bills on credit reports too often are inaccurate and have little to no predictive value when it comes to repaying other loans." The association said it had also extended the time before medical collections debt appears on credit reports and deleted resolved debts and medical collection debts below $500.

Persons: Joe Biden, Kamala Harris, North Carolina Governor Roy Cooper, Biden, Harris, Rohit Chopra Organizations: U.S, North Carolina Governor, Chavis Community Center, Consumer Financial Protection Bureau, Consumer Data Industry Association Locations: Chavis, Raleigh , North Carolina, U.S

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