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Patrick Pleul/Getty Images; Vicky Leta/InsiderLate Thursday, Elon Musk began his much-anticipated mass layoffs at Twitter. The layoffs are part of a new culture that Musk has unleashed at the company. But now, this person said, the company's new workaholic culture is "psychologically unsafe" and has "Elon's stamp all over it." How Gen Z is shaping the workplace. They're happier, they have a lot more confidence, and they feel like they're able to conquer a lot more than before."

But rental real estate isn't a part of their long-term plan. The couple also bought a move-in-ready condo in Marietta, Georgia, in 2014 for additional rental income. Below, the six reasons the Saunderses sold their properties, and why they're relieved they weren't landlords at the height of the pandemic. The couple soon started to notice that their creator income surpassed their income from rental properties. Seeing how much they could earn as creators, it just didn't make sense to keep pouring their energy into managing rental properties.

NEW YORK/ LONDON, Nov 3 (Reuters Breakingviews) - First Boston is an old Wall Street name that’s re-emerging from Credit Suisse (CSGN.S) with some new features. Credit Suisse Chief Executive Ulrich Körner is reshaping the $11 billion group to put some bad years and big losses firmly in the past. Credit Suisse is setting up joint ventures between CS First Boston and the parent’s trading and wealth management businesses, according to a person familiar with the matter. An added complication is that CS First Boston bankers could be getting paid in their own division’s stock, rather than Credit Suisse shares. Michael Klein will step down from the Credit Suisse board of directors to help launch CS First Boston, the bank said.

☆ Wealthy families are migrating to the U.S. South and UBS is following them
▼ + stars: | 2022-11-03 | by ( Lananh Nguyen | ) www.reuters.com time to read: +2 min

The new structure for the world's largest wealth manager signals a big push into the southern United States alongside competitors such as Merrill Lynch Wealth Management, which has boosted its presence in Florida. "We’ve seen our clients do well in the last decade in terms of their investment outcomes," said Jason Chandler, head of UBS wealth management in the United States. High net worth families are taking advantage of greater flexibility to live and work in different locations, he said. Ultra-high net worth families are moving from northern to southern states and are settling in multiple locations, and some financial advisers have followed suit by splitting their time across multiple offices, UBS said. The bank's top markets for wealth management include Atlanta, Colorado, Florida and Texas, alongside traditional hubs in the Northeast like New York and Boston.

☆ Wealth darling DBS channels Singapore’s success
▼ + stars: | 2022-11-03 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Nov 3 (Reuters Breakingviews) - Singapore’s status as a financial centre is thriving, and DBS Group (DBSM.SI), the city-state’s $63 billion wealth darling led by Piyush Gupta, is reaping the benefits of its home market’s success. It makes the Lion City’s pragmatism a key pillar of support: Singapore generated 62% of DBS' total income in 2021. DBS’ wealth management business is attracting money at a rapid clip: net new asset inflows amounted to S$15 billion during the first nine months, doubling from a year ago, Gupta noted. The bank’s annualised return on equity hit a record high of 16.3% too. The bank’s return on equity also hit a new record high of 16.3%, up from 13.4% in the prior three-month period.

My financial planning clients always want to now: How much do I really need to save every year? The more expensive your goals and the faster you want to achieve them, the higher your savings rate needs to be. If you're saving 10 to 15% of your income: This is the baseline many experts recommend for a savings rate. If you're saving 15 to 20% of your income: Saving at this level is likely where you start to see a little bit of flexibility in your future. If you're saving 20 to 25% of your income: You're on pace with the baseline my company recommends for our own financial planning clients.

☆ Elon Musk is $8 billion poorer after taking control of Twitter, meaning his net worth has fallen by $66 billion this year
▼ + stars: | 2022-10-29 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk took an $8 billion hit to his net worth after buying Twitter, per Bloomberg wealth index. The world's richest man finally sealed his $44 billion deal to acquire Twitter on Thursday. Before sealing the $44 billion deal on Thursday, Musk was estimated to be worth about $212 billion, per Bloomberg. He remains the world's richest man, but Musk's net worth has fallen by $66 billion this year, according to Bloomberg. Musk's net worth peaked in November last year at $338 billion when Tesla shares soared.

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☆ Mediobanca open to talks on Banca Generali buyout if asked
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Last month a source said insurer Generali (GASI.MI) could sell Banca Generali (BGN.MI) to Mediobanca to raise cash for a potential big deal of its own in the United States. If we are contacted, we are willing to talk about it," Nagel told a briefing call when asked about a possible interest in Banca Generali. "This applies to every asset," he added, not only to Banca Generali. To grow Mediobanca's wealth management operations, Nagel in 2020 considered swapping the group's 13% stake in Generali with Banca Generali. Net income in the quarter came in at 263 million euros ($264.2 million), above an analyst consensus provided by the bank of 230 million euros.

☆ Overwhelming workloads, back-to-office complaints, and frustrations over pay: Why Merrill Lynch's support staff is leaving
▼ + stars: | 2022-10-26 | by ( Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +13 min

Less visible, though just as much the lifeblood of the firm, are Merrill's client associates. But we're not treated that way, and we're not stupid," an associate who recently left the firm said. "Our client associates are essential to the fabric of the firm, how we serve clients and grow," a company representative said. Yagyaev said client associates were "grossly underpaid" across the industry and their base should really be in the area of $80,000 to $90,000. An advisor who recently left Merrill and worked with CAs said some were leaving for raises of about $30,000 to work at other banks.

☆ Investor Vinod Khosla says focusing on 2030 climate targets is the wrong approach
▼ + stars: | 2022-10-25 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +7 min

Why Khosla thinks short-term goals are a mistakeFocusing on "short term goals will force us to deploy suboptimal technology," Khosla told CNBC. And if it doesn't do that, it's the wrong technology," Khosla told CNBC. Nuclear fusion is one example of the kind of breakthrough technology Khosla considers critical, but which will not be commercialized by 2030. "But I'm not interested in today's geothermal, because it is such a niche — it doesn't scale," Khosla told CNBC. And that's what we need," Khosla said.

☆ Op-ed: Investing isn't a game. Take risks and make wild predictions in fantasy football, not with your money
▼ + stars: | 2022-10-25 | by ( Dave Butler | Co-Ceo At Dimensional Fund Advisors | ) www.cnbc.com time to read: +4 min

Kikoncos | Getty ImagesIt's Sunday morning, and my kids are checking player reports to evaluate their fantasy football lineups. In many ways, the highs and lows of fantasy football remind me of how many people approach investing. But with your investment portfolio, the fantasy can only go so far and the stakes can be much higher. This may be a good time to think about the difference between speculating and long-term investing — and recognize that your investment decisions have real and lasting consequences. Your investment decisions should be based on a time horizon that matches your goals.

☆ BreakingViews: Xi’s contract with China needs more signatures
▼ + stars: | 2022-10-23 | 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: +4 min

HONG KONG, Oct 23 (Reuters Breakingviews) - Xi Jinping has effectively secured a third presidential term at the just-concluded Chinese Communist Party conclave. His prize: a $16 trillion economy in a vulnerable state, dependent on American technology and facing a demographic crisis. China’s so-called chairman of everything has the power to relieve his people, but it’s unclear whether he has the will. The focus on weaning China from foreign software and semiconductors entails a vast duplication of effort. Follow @petesweeneypro on TwitterloadingCONTEXT NEWSChina’s Communist Party has elected President Xi Jinping as general secretary on Oct. 23, his third five-year term, according to Chinese state media.

☆ Legal cannabis isn't beating the illicit market. The economist who wrote the book on legalization says there are 3 key ways to change that.
▼ + stars: | 2022-10-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Cannabis legalization is failing to live up to key promises, the economist Robin Goldstein said. While federal cannabis legalization is one of the few US policy questions where there's widespread polling consensus, the industry is struggling. The Blunt Realities of Cannabis Economics," Goldstein and Sumner take a microscope to cannabis policy and the broader industry to answer key questions about the drug's future. "If you want smaller businesses to thrive, just break down barriers to entry because those barriers are best met by the biggest companies," Goldstein said. High prices for legal cannabis often push customers to illicit sellers.

☆ What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits
▼ + stars: | 2022-10-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Halfpoint | Istock | Getty ImagesRetirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. How Social Security benefits are taxedSocial Security benefits are taxed based on a formula known as "combined" or "provisional" income. That is calculated by taking your adjusted gross income and adding non-taxable interest and half of your Social Security benefits. Taxes on Social Security benefits apply to single taxpayers starting with $25,000 in combined income, and married taxpayers starting with $32,000 in combined income. watch nowFor individuals with more than $34,000 in combined income and couples with over $44,000, up to 85% of their Social Security benefits may be taxed.

☆ The 60/40 portfolio has been suffering all year, but there are opportunities for long-term investors
▼ + stars: | 2022-10-19 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The 60/40 strategy, known as a balanced portfolio, has been hit by rising bond yields — which means falling fixed income prices, as well as a sinking stock market. "The future is brighter for the 60/40," said Omar Aguilar, CEO and chief investment officer of Schwab Asset Management. "The correlation will come back to the normal levels, or the historical levels that you normally have between equities and fixed income," Aguilar said. Schwab's Aguilar advises against chasing yields in fixed income, but instead maintaining a balanced approach between credit and duration. In fixed income, the firm currently has a bond duration of four years, down from its previous seven-year duration.

☆ Goldman Sachs's CEO David Solomon concedes that some of his efforts to transform the powerhouse bank have not been paying off
▼ + stars: | 2022-10-18 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

Goldman Sachs CEO David Solomon took major steps to restructure the Wall Street bank in 2020. This week he acknowledged that some of his bets, including consumer bank Marcus, are not paying off. Despite the move away from consumer banking, Solomon appears to want to continue to push into wealth management. In October, he said Goldman Sachs Asset Management has grown into the nation's fifth largest asset manager. "We also believe that reaching and serving employees in their workplace is a significant growth opportunity for Goldman Sachs," Solomon said on the third-quarter call.

☆ Mayor Michelle Wu Wants to Change Boston. But Can Boston Change?
▼ + stars: | 2022-10-17 | by ( David Marchese | ) www.nytimes.com time to read: +14 min

Mamadi Doumbouya for The New York Times Talk Mayor Michelle Wu Wants to Change Boston. “I was sworn in and immediately was trying to navigate Boston through the Omicron surge,” says Wu, who is 37. So the question is: How do we ensure that we can be a green and growing city that’s healthy and affordable for everyone? Does that rethinking involve abolishing the Boston Planning and Development Agency? For example, if you take the school system, there are a lot of structural challenges that our Boston public schools have been facing.

Instead of waiting until you're debt-free to start investing, start the habit of investing small amounts now. The key mistake most young people make, according to Sethi: Waiting too long to start investing. Sethi advises young people to use compound interest to their advantage and start investing as soon as possible. When you're young, it feels like $100 a month wouldn't add up to that much. Waiting until your 40s to start investingInstead: Start investing small amounts on a regular basis"The No.

☆ Jamaica bans broadcasts deemed to glorify drugs or crime
▼ + stars: | 2022-10-13 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Jamaica’s broadcasting regulator has banned music and TV broadcasts deemed to glorify or promote criminal activity, violence, drug use, scamming and weapons. “Art imitates life, and the music is coming from what is happening in Jamaica for real,” said Stephen McGregor, a Jamaican Grammy Award-winning music producer and singer. The broadcasting commission declined to respond to AP’s request for comment on criticisms, and did not immediately detail the consequences of a violation. Other Jamaican artists such as Rvssian, NotNice, and Romeich have all come out on social media slamming the directive. Rather, McGregor said, it’s a way to scapegoat artists for larger state failures to address endemic problems and discontent.

☆ These are the wealthiest US states, according to a new report — and a wealth tax on the country's richest would raise $415 billion
▼ + stars: | 2022-10-13 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

That family is already effectively paying a wealth tax in their local property tax bill every year on the home that they own," Davis said. Once they're sold off, they're subject to the capital gains tax, which is much lower than the straightforward income tax most Americans pay on their paychecks. If wealth over $30 million there was subject to a 2% wealth tax, it would bring in $88 billion. According to the report, at the national level, a 2% wealth tax on those with over $30 million could bring in about $415 billion. "We've seen a big rise in extreme wealth, partly because we tax that wealth so lightly, if at all," Davis said.

☆ Alex Jones faces a reckoning, but the style of politics he popularized is here to stay
▼ + stars: | 2022-10-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

New York CNN Business —Alex Jones’ day of reckoning has arrived. A jury in Connecticut decided that the right-wing conspiracy theorist should pay eight families of Sandy Hook shooting victims and a first-responder a staggering $965 million. The decision comes shortly after a trial in Texas where a jury found that the Infowars founder should pay a separate pair of Sandy Hook parents who sued him in the Lone Star state nearly $50 million. In total, the lies told by Jones about the Sandy Hook shooting have so far cost him more than $1 billion. While Jones may face a reckoning, nearly a decade after his heinous lie about the Sandy Hook shooting, the corrosive blueprint that catapulted him to fame and fortune on the political right is here to stay.

☆ Citizens is targeting wealthy clients with the launch of a new private bank. Here's how the firm is beefing up its wealth management business.
▼ + stars: | 2022-10-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +7 min

On Tuesday, Citizens said it plans to launch a new private bank by the end of the year. Citizens Private Client will cater to customers with $200,000 more in deposits or investments. Citizens Private Client is intended to retain these customers as their financial needs become more complex. Private banking is a profitable business with relatively stable revenue that is often based on fees. The new private bank program is the latest step in Citizens' strategy to beef up its wealth management offerings.

☆ I was obsessed with Barbie growing up so my dad helped me invest in Mattel, and I'm still building wealth today using the lessons he taught me
▼ + stars: | 2022-10-11 | by ( Danielle Cappolla | Read More | Read Less | ) www.businessinsider.com time to read: +6 min

When I was a child, my father used Barbie to help me learn about finances. I chose Mattel; my father then bought shares in a mutual fund that contained Mattel. I had Barbie dolls, Barbie Dream Houses, Barbie campers, and countless Barbie accessories. I used money I accrued through savings and investments to pay for graduate school independently, without taking out a loan. My dad's real-world application of the financial market helped me understand money in relevant ways.

☆ Bridgewater's Dalio warns of a 'perfect storm' for economy
▼ + stars: | 2022-10-11 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

GREENWICH, Conn., Oct 11 (Reuters) - Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, said a "perfect storm" is forming that will spread economic pain as the U.S. Federal Reserve raises interest rates. Domestic tension in the U.S. population caused by "irreconcilable differences" and a yawning wealth gap, combined with international conflicts, are contributing to the perfect storm, he said. Register now for FREE unlimited access to Reuters.com Register"The Fed and the government together gave enormous amounts of debt and credit and created a lurch forward. So now we're going to create a giant lurch backward," Dalio said at the Greenwich Economic Forum. read moreThe 73-year-old investor will keep his seat on Bridgewater's operating board of director and will mentor the firm's chief investment officers.

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