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☆ Opinion: Michael Cohen has lied. Here’s why the Trump jury can believe him
▼ + stars: | 2024-05-12 | by ( Opinion Norman Eisen | ) edition.cnn.com time to read: +9 min

Pecker explained that for the scheme to further benefit Trump’s campaign, he later set in motion the hush money payment to Stormy Daniels. Trump claimed Cohen made the payment on his own and not at Trump’s direction, but Hicks did not believe him. He testified that he was under the belief that Cohen needed Trump’s approval to wire any funds and that Trump was the source. Former Trump Organization accountant Deborah Tarasoff also told the jury that Trump was directly involved in reimbursing Cohen. She spoke at length about how Trump continued to focus on personal and Trump Organization business minutiae while in the White House.

Persons: Norman Eisen, “, Donald Trump, CNN — Michael Cohen, Trump, Cohen, Stormy Daniels, Norm Eisen, Daniels, David Pecker, Pecker, Hope Hicks, ” Hicks, Hicks, Allen Weisselberg, ” Trump, Weisselberg, Keith Davidson, Davidson, Deborah Tarasoff, reimbursing Cohen, Tarasoff, Donald J, Eric Trump, Reimbursing Cohen Cohen, Trump’s, Jeffrey McConney, I’ve, ” McConney, Madeleine Westerhout, Westerhout, Sally Franklin, ” Organizations: CNN, Trump, American Media, National Enquirer, Trump Organization, Trump Revocable Trust, White House, White, Twitter, Facebook, Random, “ Trump, The Trump Organization Locations: Trump’s Manhattan, Manhattan, Trump, “

☆ Take a look inside Menards, the Midwest home-improvement chain owned by Wisconsin's richest billionaire
▼ + stars: | 2024-05-09 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +2 min

As the founder of home-improvement retailer Menards, John Menard Jr. is Wisconsin's richest billionaire with a net worth of $22.9 billion. John Menard Jr. (left) congratulates IndyCar driver Simon Pagenaud on his victory at the 2016 Angie's List Grand Prix of Indianapolis. Menard Jr. is a controversial figure known for his frugality and iron-handed management style. Menard Jr. denied any inappropriate conduct, his attorney told the Milwaukee Journal Sentinel. Menard Jr. is also an avid race-car enthusiast, sponsoring Menards race cars at NASCAR and IndyCar events.

Persons: John Menard Jr, Simon Pagenaud, Khris Hale, Menard, Menards, Menard Jr Organizations: Prix, Indianapolis, Getty, Forbes, University of Wisconsin, Prosecutors, Milwaukee Journal Sentinel, NASCAR Locations: Eau Claire, Milwaukee, Wisconsin

☆ Top minds at Milken unveil what they're seeing under the surface of the US economy as the national debt burden rises to nauseating levels
▼ + stars: | 2024-05-08 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

For the 27th straight year, some of the brightest minds from across the business world descended on Beverly Hills in early May to attend the Milken Institute Global Conference. But while speculation stole headlines, Milken speakers spent much of their time fixated on the state of the US economy. But despite continued concerns about stagflation, Milken speakers overwhelmingly expressed confidence about economic growth at a May 6 session called "Global Markets at Inflection." "The economy is still extremely strong, consumers are still doing really well, businesses are still doing really well," Scharf said. Though far from perfect, the US is still the best place to investDespite the $34.7 trillion anvil hanging over the economy, Milken speakers widely agreed that the US is still the best place to invest and operate a company.

Persons: Elon Musk, he's, Milken, Wells, Franklin Templeton, Gerard Baker, Andre Esteves, Jenny Johnson, Charlie Scharf, Scharf, we've, it's, you've, hasn't, Sam, Joshua Friedman, Anne Walsh, Friedman, Esteves, they've, Johnson, " Scharf, Wells Fargo Organizations: Milken Institute Global, SpaceX, Business, Milken, The, Consumers, Starbucks, Canyon Partners, Investors, Guggenheim Investments, Milken Institute Global Conference, US Locations: Beverly Hills, Wells Fargo, Brazil, McDonald's, Washington

☆ Hush-money texts reveal tawdry bidding war over a porn star, a Playboy model, and their tales of Donald Trump
▼ + stars: | 2024-05-01 | by ( Laura Italiano | ) www.businessinsider.com time to read: +8 min

"Every single time I talked to Michael Cohen, he leaned on his close affiliation with Donald Trump," Davidson testified. Advertisement"It was part of his identity," the lawyer told jurors of Cohen. When Daniels' lawyer responded "Yup," the Enquirer editor responded, "I reckon that trump[sic] impersonator I hired has more cash." At another point, Cohen claimed the Trump Organization computer systems were, "quote, all fucked up," Davidson told the jury. "I called him and said, Michael, this is a very bad situation," he said he told Cohen.

Persons: —, Donald Trump —, Playboy Bunny, Keith Davidson, Bunny Karen McDougal, Stormy Daniels, Melania Trump, Trump, Davidson, Trump's, Michael Cohen, Cohen, Manhattan DA Alvin Bragg, Daniels, Donald Trump, Dylan Howard, texted, Ethan Miller, Raymond Hall, Joshua Steinglass, Yom Kippur, Michael, Steinglass, he's, Karen McDougal, Playboy Bunny —, Howard, McDougal, Davidson — Organizations: Service, Business, Trump, National Enquirer, Manhattan DA, Getty, Trump Organization, Enquirer, National, GOP Locations: LA

☆ 'A billionaire can be a cheapskate': The difference between frugal and cheap, according to an etiquette expert
▼ + stars: | 2024-04-25 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Someone who could afford first-class seats but elects to save money by flying coach, for instance, is merely being cost-conscious, Farley says. "It's a very fine line," says Thomas Farley, an etiquette expert and keynote speaker known as Mister Manners. "Obviously, cheapskate is pejorative for I think 100% of the population, whereas frugality is definitely considered a virtue." But if you're coming across as cheap to other people, you're likely breaching the rules of good etiquette. Read the roomTo avoid looking cheap around your friends, it's important to take the temperature of how they usually behave with money, Farley says.

Persons: Farley, Thomas Farley, Mister Manners, laud, That's, you'll, we're Organizations: laud savers, CNBC

☆ Big Tech has split into 3 camps: loved, hated and iffy. Here's where our 8 stocks fit
▼ + stars: | 2024-04-24 | by ( Jim Cramer | ) www.cnbc.com time to read: +8 min

META YTD mountain Meta Platforms YTD Meta has the biggest tailwind on Earth being dangled in front of it — the newly signed law that says Chinese company ByteDance must sell TikTok or face a U.S. ban on the short-form video platform. AMZN YTD mountain Amazon YTD Amazon is also in the loved category but reports this coming Tuesday. NVDA YTD mountain Nvidia YTD I have no idea how Nvidia got to be a fence-sitter. AVGO YTD mountain Broadcom YTD Broadcom is iffy. CRM YTD mountain Salesforce YTD Salesforce has become mighty complicated.

Persons: I'm, Mark Zuckerberg, Meta, Andy Jassy, It's, Claude AI, Jensen Huang, Nvidia's, hasn't, it's, Hock Tan, Salesforce, Marc Benioff, what's, that's, Jim Cramer's, Jim Cramer, Jim, Carlos Barria Organizations: Microsoft, Meta, he's, Google, Amazon, Services, Nvidia, Broadcom, Blackwell, VMWare, calvary, PayPal, Informatica, Apple, CNBC, Facebook Locations: U.S, Oregon, Informatica, China, Menlo Park , California

☆ ‘Cabs to get into space’: How this Indian startup wants to revolutionize satellite space travel
▼ + stars: | 2024-04-23 | by ( Amy Gunia | ) edition.cnn.com time to read: +7 min

But its private sector has played a limited role in space exploration, acting mostly as suppliers and vendors for its national space agency, the Indian Space Research Organization (ISRO). “Very few companies globally are able to make it to orbit yet.”Pawan Chandana, the co-founder of Skyroot Aerospace Skyroot Aerospace Pvt. As Indian space startups mature over the coming years, he expects the government to become a customer, enabling further growth. Many private space companies source income from governments, including Space X, which has raked in billions of dollars from US government contracts. In November 2022, Skyroot Aerospace launched India's first privately built rocket, Vikram-S. Skyroot Aerospace Pvt.

Persons: Vikram, ” Pawan Chandana, “, Pawan Chandana, Narendra Modi, ”, Susmita Mohanty, Skyroot, Chandana, ridesharing, Kari Bingen, Modi, Mohanty Organizations: CNN, Indian Space Research Organization, ISRO, Elon, SpaceX, Skyroot Aerospace, Skyroot Aerospace Skyroot Aerospace, . Ltd, McKinsey & Company, Economic, ’, LEO —, Vikram Sarabhai, Aerospace Security, Center for Strategic, International Studies, Deloitte, India’s, NASA Locations: India, United States, Hyderabad, Thiruvananthapuram, Singapore

☆ Spotify employees question lavish spending on events while the company lays off thousands
▼ + stars: | 2024-04-10 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +9 min

Some employees criticize lavish spending on events, while Spotify is trying to cut costs. Some employees think Spotify is spending too much on parties and events, especially when the company is laying off thousands of people and looking to cut more costs. However, these employees said event spending has gone too far, given the company's broader efforts at frugality. One former employee described it as the company "spending tons of money flying people to Sweden to drink the Kool-Aid." Noam Galai/Getty ImagesSome of this lavish event spending is focused on solving a problem that's loomed over Spotify for years.

Persons: —, Sam Smith, Charli XCX, Gunna, Daniel Ek, Ek, Daniel Ek Dave Benett, Diplo, Spotifest, Melanie Stetson Freeman, it's, Alicia Keys, Noam Galai, Gustav Söderström Organizations: Spotify, Service, Ikea, Business, Brooklyn, Spotifest, Christian Science, Getty, company's, Apple, YouTube Locations: Drumsheds, Houston, Stockholm, New York, Sweden, New York City, York

☆ Why Warren Buffett only gets paid $100,000 a year — a fraction of his deputy's $20 million salary
▼ + stars: | 2024-03-19 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Warren Buffett's salary was $100,000 last year, while his deputy made $20 million. The investor pays back $50,000 annually, and Berkshire spends triple his salary on keeping him safe. AdvertisementWarren Buffett's salary was only $100,000 last year — a fraction of the $20 million raked in by his deputy and planned successor, Greg Abel. The world-famous investor has requested a $100,000 annual salary with no bonus or stock awards for over 40 years. This story is available exclusively to Business Insider subscribers.

Persons: Warren, Buffett, —, Greg Abel, Abel Organizations: Berkshire, Service, Berkshire Hathaway's, Business

☆ Explainer-What's Next After Portugal's Inconclusive Election
▼ + stars: | 2024-03-11 | by ( March | At P.M. | ) www.usnews.com time to read: +4 min

The centre-left Socialist Party (PS) won 77 seats, down sharply from its absolute majority of 120 in the previous legislature, after the resignation of Socialist Prime Minister Antonio Costa amid a corruption investigation. Failure to approve a budget usually means the government's collapse and a new election. Portugal's constitution sets out that a new general election cannot happen earlier than six months after a new legislature first convenes, nor in the six months before a presidential election, which is due in January 2026. AD'S POLICY PROPOSALSThe newly-formed AD is led by the centre-right Social Democratic Party (PSD) - the Socialists' main traditional rival. Investors do not expect much divergence from established fiscal prudence and economic growth from an AD government.

Persons: Andrei Khalip LISBON, Antonio Costa, Marcelo Rebelo de Sousa, Luis Montenegro, Andre Ventura, Rebelo de Sousa, Chega, Ventura, Sergio Goncalves, Aislinn Laing, Mark Heinrich Organizations: Democratic Alliance, Liberal Initiative, Socialist Party, Socialist, Conservative, Social Democratic Party, PSD, Socialists, Investors Locations: Montenegro, Portugal, Brussels

☆ Billionaire Jeff Bezos still uses a homemade scrappy door desk from the early days of launching Amazon
▼ + stars: | 2024-01-29 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Read previewJeff Bezos might be a billionaire, but to this day, he still uses a homemade scrappy door desk from Amazon's early days in the 1990s. The Amazon founder's fiancée Lauren Sanchez posted a photo on Instagram over the weekend, which shows Bezos working from a laptop on the door desk. The door desk was invented by Bezos in 1995, a year after founding the e-commerce giant, according to a blog on Amazon's website . "We built door desks because it was the cheapest way we could support a desk. The door desk has since become a symbol of Amazon's culture and its core value of frugality.

Persons: —, Jeff Bezos, fiancée Lauren Sanchez, Sanchez, Bezos, Nico Lovejoy, Lovejoy, Marc Randolph, Randolph Organizations: Service, Business

Loud budgeting is the latest financial trend to go viral on TikTok as people look to save money. Paul Riley, a personal banking executive with NAB Bank in Australia, defined loud budgeting in a recent report. Loud budgeting is workingLoud budgeting is already having an impact on the finances of younger adults. "By sharing my financial goals with my friends, they also opened up about their goals," Fischer told Business Insider. Are you participating in the loud budgeting trend and willing to share details about how you're saving money?

Persons: Lukas, Paul Riley, Riley, @itslisasun, Natalie Fischer, @investwithnat, Fischer, Mia Westrap, I'm, Westrap, TikToker @michelineamisi Organizations: NAB Bank, Business Locations: Australia, Seattle, Guam

☆ 41-year old CEO and mom: I’m the first millionaire in my family—here are 3 things I’m still frugal about
▼ + stars: | 2024-01-23 | by ( Rachel Rodgers | ) www.cnbc.com time to read: +2 min

Rachel Rodgers is the founder and CEO of Hello Seven and the author of "We Should All Be Millionaires." As my clients began asking for more wealth building advice, the firm evolved into a coaching business. Today, I'm a mom of four, wife, CEO and multimillionaire. As a Black woman, I've created generational wealth for my kids and their kids. I could afford something more expensive, but I know the memories we'll have during this trip will be priceless.

Persons: Rachel Rodgers, I'm, I've, — it's, Bethany, We'll Locations: Hawaii

☆ Step aside 'quiet luxury,' budgeting is cool now
▼ + stars: | 2024-01-17 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +5 min

It's called "loud budgeting." He wasn't explicit about his definition of "loud budgeting," but suggested it involved being vocal with your friends about choosing to live frugally. Battle said on TikTok that loud budgeting was the opposite of "quiet luxury," which blew up in 2023 after also being popular during the Great Recession. AdvertisementBattle said in one of his TikToks that he thought "loud budgeting" was "more chic" and impressive than "quiet luxury," later adding that while quiet luxury is about "idolizing celebrities," who are often associated with the trend, "loud budgeting is about the everyday person." Now, it seems "loud budgeting" may go a step further, redefining success and coolness to mean saving your money, rather than spending it.

Persons: —, It's, Lukas Battle, I've, one's frugality, Libby Brooks, Yuval Shuminer, isn't Organizations: Service, Business, BI Locations: TikTok

☆ Americans are doom saving, too
▼ + stars: | 2023-12-01 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

While some are "doom spending" — mindlessly spending money — others are looking for ways to save. <ore than a quarter of Americans say they're turning to the financial equivalent — doom spending — to quell their concerns. If the antidote to "doomscrolling" is putting down the phone, then the opposite of "doom spending" might well be putting down the credit card in favor of "doom saving." AdvertisementAnd while the Intuit report that coined the "doom spending" neologism noted that a troubling 22% of Americans have no savings at all. AdvertisementSpending on discounts and deals is, of course, not saving — it's still spending — but the mindset of "doom saving" is about responding to uncertainty by trying to conserve a finite resource.

Persons: —, Jamie Dimon, we've, Brian Cornell, Doug McMillon, — it's, they'd Organizations: Service, Intuit, Walmart, Target

☆ AWS VP tells employees that the departures of senior engineers are 'making us better,' leaked transcript shows
▼ + stars: | 2023-12-01 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

Some Amazon Web Services employees are concerned about a large number of departures among its senior engineers. At last month's internal staff meeting for AWS, VP of infrastructure services Prasad Kalyanaraman answered an employee question about turnover among senior engineers, according to a transcript of the meeting obtained by Business Insider. It is one of the many challenges AWS employees are currently dealing with, alongside slowing growth and a more bureaucratic culture, as BI previously reported . As we've previously told Insider, attrition among AWS employees has declined in recent years and to suggest anything otherwise is inaccurate. Amazon unveiled Amazon Q this week, an AI chatbot for businesses, and previously launched CodeWhisperer, a coding assistant for developers.

Persons: Prasad Kalyanaraman, Kalyanaraman, Rob Munoz, we've, Prasad, Munoz, Peter DeSantis, DeSantis, Charlie Bell, Rachel Thornton, Chris Vonderhaar Organizations: Web Services, Business, Amazon's, AWS

Speaking to parliament, Scholz went into Germany's recent history of the COVID pandemic, the war in Ukraine and soaring energy prices to extend a suspension of self-imposed borrowing limits to tackle a crisis that has knocked his coalition. A constitutional court ruling nearly two weeks ago blocked the government's plans to reallocate unused pandemic funds towards green initiatives and industry support, raising fears Germany's economy could be further weakened. Scholz's assurances that his government would solve the budget crisis with care were met with jeers and laughter from the opposition Christian Democrats (CDU), whose lawsuit against the government had sparked the earlier court ruling. He underscored support for Ukraine, after the recent budget turmoil raised questions over how much military aid Berlin was willing to commit. "It is also clear that we must not let up in our support for Ukraine and in overcoming the energy crisis.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Friedrich Merz, Scholz, Germany's, Berlin, Scholz's, " Merz, Andreas Rinke, Christian Kraemer, Miranda Murray, Rachel More, Matthias Williams, Kirsti Knolle, Bernadette Baum Organizations: Climate, Christian Democratic Union, CDU, Bundestag, Christian Democrats, Ukraine, Finance, Thomson Locations: BERLIN, Ukraine, Germany, East Germany

☆ German government unveils budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +5 min

The government said the spillover effects from the energy crisis that hit in 2022 after Russia's invasion of Ukraine and caused rocketing prices had created an emergency situation that justified suspending the debt brake. The leader of Scholz's SPD urged the government to consider suspending the debt brake next year, a move rejected in particular by the fiscally hawkish Free Democrats (FDP). "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-2009, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, which have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Scholz's, Christian Duerr, Bijan Djir, Christian Kraemer, Riham Alkousaa, Amir Orusov, Rachel More, Matthias Williams, Thomas Escritt, Alison Williams, Tomasz Janowski Organizations: Finance, Climate, REUTERS, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, BERLIN, Ukraine, Sarai, East Germany

☆ German government to agree budget fixes as way out of crisis
▼ + stars: | 2023-11-27 | by ( Christian Kraemer | ) www.reuters.com time to read: +3 min

Chancellor Olaf Scholz speaks next to Finance Minister Christian Lindner and Economy and Climate Minister Robert Habeck during a hearing at Germany’s lower house of parliament Bundestag in Berlin, Germany, November 15, 2023. The budget would see Germany suspend its constitutionally enshrined debt brake for a fourth year in a row as Chancellor Olaf Scholz's government fights its way out of a crisis that has triggered warnings about growth and an industry exodus. "The debt brake must remain." The debt brake, introduced after the global financial crisis of 2008-09, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. On Monday he stressed the need to give companies, who have been worried by the uncertainty caused by the budget crisis, clarity as quickly as possible.

Persons: Olaf Scholz, Christian Lindner, Robert Habeck, Annegret, Olaf Scholz's, finalising, Christian Duerr, Bijan Djir, Christian Kraemer, Riham, Matthias Williams, Alison Williams Organizations: Finance, Climate, REUTERS, Rights, Free Democrats, ZDF, Greens, Thomson Locations: Berlin, Germany, Sarai, East Germany

The court ruling has called into question Germany's traditionally strict fiscal policy and sparked warnings that German companies could be starved of support to keep them globally competitive. HANDS TIEDThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. A poll by broadcaster ZDF suggested only a minority of Germans supported suspending the debt brake. Some 57% wanted the budget shortfall from the court ruling to be covered by spending cuts, 11% favoured tax increases and 23% wanted the state to take on additional debt.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Scholz, Lindner, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones, Deepa Babington Organizations: Climate, Finance, BERLIN, Greens, Social Democrats, Free Democrats, FDP, ZDF, Thomson Locations: Germany, Europe's, East Germany, China

The court ruling has called into question Germany's traditionally strict fiscal policy and sparked warnings that German companies could be starved of support to keep them globally competitive. The debt brake, introduced after the global financial crisis of 2008/09, was first suspended in 2020 to help the government support firms and health systems during the COVID-19 pandemic. HANDS TIEDThe crisis has sparked calls for reforming the debt brake. "With the debt brake as it is, we have voluntarily tied our hands behind our backs and are going into a boxing match," he said. A poll by broadcaster ZDF suggested only a minority of Germans supported suspending the debt brake.

Persons: Christian Lindner, Fabrizio Bensch, Scholz, Olaf Scholz, Lindner, Robert Habeck, Habeck, Steffen Hebestreit, Holger Hansen, Christian Kraemer, Miranda Murray, Rene Wagner, Matthias Williams, Toby Chopra, Gareth Jones Organizations: REUTERS, BERLIN, Finance, Greens, ZDF, Thomson Locations: Berlin, Germany, Europe's, East Germany, China

☆ 'The consumer slowdown has begun': America's deteriorating shopping spree in 4 charts
▼ + stars: | 2023-11-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

According to Deloitte, the consumer spending slowdown is already starting. "The stellar US economic growth recorded in the third quarter was largely due to the strong growth in consumer spending. However, it is widely expected that consumer spending will decelerate in the holiday season, thereby putting financial stress on retailers and their suppliers." Spending intentions have plummetedThe negative trend in retail sales could continue, as spending intentions among Americans have plummeted over the past few months, according to Deloitte's spending intentions index. Americans' spending intentions are the lowest they've been all year.

Persons: —, Ira Kalish, Kalish Organizations: Deloitte, Service, Wall, Conference, Survey

'Wherever you go, there you are'For DeFelice, covering those living expenses became a grind. Corentin Soibinet for CNBC Make ItAs for living expenses, DeFelice still takes out $120 a week to cover her basic costs and finds ways to limbo under that number. 'I'm here to say you can turn things around'After her return to Austin, DeFelice had been coasting. The part-time work was enough to cover her living expenses, but she's recently bumped up her salary by going full-time. In the meantime, she'll continue to educate others about good money habits through her online course, Best Money Class Ever.

Persons: Carly DeFelice, —, DeFelice, Mercedes, Corentin Soibinet, didn't, they'll, Warren Buffett, hasn't, Soibinet, she's, She's, I've, she'll Organizations: CNBC, University of Texas, Benz, FIRE, Carolinas, West Coast, FinCon Entertainment, Mint Mobile Locations: Austin , Texas, Austin, Hawaii, Omaha , Nebraska, Charlotte, Raleigh, West, Texas, Pacific Northwest, New Orleans, East Austin

☆ Couple with $30,000 in credit card debt bought a timeshare—'You don't understand the implications,' says self-made millionaire
▼ + stars: | 2023-11-19 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Ron and Cristina, however, have around $30,000 in credit card debt, the couple recently told self-made millionaire Ramit Sethi on the Netflix star's "I Will Teach You to be Rich" podcast. "The two of you were so calm about this credit card debt, and it's because you don't understand the implications of this debt," Sethi told them. He is loath to spend money on things like dinner at a restaurant or the occasional vacation Cristina wants to plan. "Money is never simply a series of numbers on a page — it's contextualized within your culture, your upbringing, your risk tolerance, even your basic understanding of money," Sethi said. In talking with Sethi, Ron realized a lot of his hesitancy to spend money comes from his upbringing, since his father was afraid to spend money.

Persons: Ron, Cristina, Ramit Sethi, Rich, Sethi, spender, doesn't, haven't Organizations: Federal Reserve, Netflix Locations: Philippines

FLIGHTS OF FRUGALITY A good gift is one someone will actually use. When it comes to travel, that means choosing things that reduce stress—and up the enjoyment. If that’s not in your budget, choosing a gift that they’ll find useful and that you can afford can be tricky. Bells and whistles: A zippable laundry compartment ensures dirty socks never defile dry-cleaned blouses. The option to use either short or long handles allows for, respectively, close-to-chest security or easy pairing with a rolling suitcase.

Persons: Martin Ramin, that’s, Cotopaxi.com Organizations: OF, Street, Getty, tote

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