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'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

☆ 'Overemployed' Workers Secretly Juggle Several Jobs for Big Salaries
▼ + stars: | 2023-11-13 | by ( Aki Ito | ) www.businessinsider.com time to read: +21 min

Holding down multiple jobs has long been a backbreaking way for low-wage workers to get by. They freeze their employment histories with Equifax and hibernate their LinkedIn profiles, so employers can't see they're holding multiple jobs. Those with multiple jobs also seek out positions they hope will be OE-friendly — light on meetings, as well as on the workload. There's another incentive: Unlike most Americans, those who work multiple jobs don't have to worry about layoffs. There's something radical that happens to a worker's psychology when they have multiple jobs.

Persons: Bryan Roque, He'd, Roque, I'm, Isaac, Reddit, commiserate, he'd, it's, they're, —, Tyler Le, George, who's, I've, Allison, Cole, he's, Matthew Berman, hasn't, Meta, Tinder, jugglers, Taylor, they'll, normies, Redditor, she'd, she's, Aki Ito Organizations: Amazon, IBM, Meta, Financial Independence, J1, McKinsey & Company, J2 Locations: Meta, Tinder, New York, California, Meta's, tatters

That was the vision of Joan Kroc, billionaire philanthropist and heiress to the McDonald’s fortune of her husband, Ray. And today, 20 years later, 26 grand, state-of-the-art Kroc centers have opened in places as varied as Ashland, Ohio; Guayama, Puerto Rico; and Quincy, Illinois. Half was to be earmarked for the construction of recreation centers, with the other half deposited into endowments to support them. In the two decades since Kroc’s bequest, quantifying the precise impact on all of the communities served by the Kroc centers is difficult. She explained that Joan Kroc meant for the place to be accessible to all — that beauty was part of her plan.

Persons: Joan Kroc, Ray, Army didn’t, Joan Kroc’s, MacKenzie Scott, Kroc, revved, she’d, Ronald McDonald, MacKenzie, Phil Buchanan, Scott, ”, “, that’s, Angelia Grandberry, Grandberry, Lisa Napoli, Joan Organizations: Salvation Army, Phoenix Kroc, Army, baseball’s San Diego Padres, San, National Hockey League, Catholic, Notre Dame, University of San, Ronald McDonald House Charities, National Public Radio, Center, Coast Kroc, Associated Press Locations: Ashland , Ohio, Puerto Rico, Quincy , Illinois, Boston, Augusta , Georgia, San Francisco, U.S, Southern California, baseball’s, St, Paul , Minnesota, San Diego, University of San Diego, Biloxi , Mississippi

☆ Charlie Munger riffs on bitcoin, the woes of stock picking, and this simple habit behind his billionaire status in a new interview. Here are the 8 best quotes.
▼ + stars: | 2023-11-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The 99-year old Vice Chairman of Berkshire Hathaway riffed on bitcoin and revealed the simple habit behind his billionaire status. AdvertisementAdvertisementCharlie Munger, the 99-year old vice chairman of Berkshire Hathaway, sat down with The Wall Street Journal for a new interview this week. Munger, who has an estimated net worth of nearly $3 billion, riffed on everything from bitcoin to the woes of stock picking, and revealed the simple habit behind his billionaire status. Munger is an investor worth listening to given his storied career work alongside Warren Buffett, and the incredible success of Berkshire Hathaway. On stock picking"I think fewer and fewer people are really needed in stock picking.

Persons: Charlie Munger, Berkshire Hathaway riffed, —, Berkshire Hathaway, Munger, Warren Buffett, Buffett, that's, I'm, …, They've Organizations: Berkshire, Service, Wall Street, Venture, Microsoft Locations: United States, England

☆ Where does Speaker Mike Johnson sleep when he's in DC? Most likely in his Capitol Hill office
▼ + stars: | 2023-11-03 | by ( Bryan Metzger | Jack Newsham | ) www.businessinsider.com time to read: +7 min

Speaker Mike Johnson is less wealthy than most lawmakers and doesn't appear to have a DC residence. But where does the man who just recently ascended to the next spot in the line of succession sleep when he's in Washington, DC? Most likely in his small congressional office on the unglamorous, fluorescent-lit fifth floor of the Cannon House Office Building, according to several lawmakers and a long-time friend of Rep. Mike Johnson, the new speaker of the House. There are likely dozens of lawmakers sleeping in their offices each night, and some well-known former House members have been known to do it, including Florida Gov. Meanwhile, former House Speaker Nancy Pelosi — one of the richest members of Congress — has a residence in Washington, DC's Georgetown neighborhood.

Persons: Mike Johnson, —, Joe Biden, Kamala Harris, Johnson, it's, Ross Barrett —, Johnson's —, Barrett, Ron DeSantis, Kristi Noem, Kevin McCarthy, Paul Ryan, Ryan, NBC's, John Boehner, Tucker Carlson, Frank Luntz's, McCarthy, Nancy Pelosi —, Jackie Speier, Bennie Thompson, aren't, hasn't Organizations: Service, House, Naval, Cannon, Florida Gov, South Dakota Gov, CNN, Press, Fox News, GOP, Daily, Democratic, NPR, Mississippi, POLITICO, Republicans Locations: Washington, Louisiana, Longworth, Georgetown, California, Johnson's

☆ A slower holiday sales season won't be a problem for these 4 consumer companies
▼ + stars: | 2023-11-02 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Holiday sales growth is expected to be sluggish this year as shoppers continue to get squeezed by sticky inflation. "Shoppers are setting strict budgets for their holiday shopping," BofA said in a recent note. And, on Wednesday evening, the company said October net sales rose 4.5% year-over-year to $18.53 billion, continuing a streak of monthly sales growth. TJX YTD mountain TJX Companies YTD TAG expects holiday sales at off-pricers to grow 6% year over year, which would be faster than last year's 4.3% increase. Black Friday and Cyber Monday will remain popular holiday shopping events, the analysts anticipate, as more shoppers spread out their holiday purchases.

Persons: BofA, discounters, Andy Jassy, Jim Cramer's, Jim Cramer, Jim, Eduardo Munoz Organizations: Club, Bank of America, Shoppers, Starbucks, Costco, TJX Companies, BofA, China comps, comps, TJX, Marshalls, TAG, Amazon, Deal, CNBC, People Locations: China, China comps ., Maxx, HomeGoods, U.S, Canada, New York City

☆ The billionaire who popularized duty-free shops and gave away his wealth liked to live frugally, from flying economy to driving a used Volvo
▼ + stars: | 2023-10-12 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +4 min

Duty-free shops innovator Chuck Feeney died this week at the age of 92. AdvertisementAdvertisementIrish-American billionaire Chuck Feeney died this week at the age of 92. According to Irish journalist Conor O'Clery's biography of Feeney, "The Billionaire Who Wasn't: How Chuck Feeney Secretly Made and Gave Away a Fortune," Feeney was uncomfortable with his wealth even earlier on in his career. Chuck Feeney lived modestly, preferring rented apartments over mansions. Chuck Feeney is a good hero to have."

Persons: Chuck Feeney, —, Feeney, Conor O'Clery's, Chuck Feeney Secretly, Carnegie Corporation Feeney, O'Clery, Helga, didn't, — they'd, Forbes, Bill Gates, Warren Buffett, frugality — Feeney, Buffett, frugally Organizations: Service, Duty, Shoppers, Facebook, Carnegie Corporation, Timex, Volvo, Gates Locations: American, New Jersey, San Francisco

Fritz Gilbert retired at age 55 and says four smart choices led to a comfortable retirement. He said that saving right out of college at 22, and saving all his raises, prepared him well. Reading and learning about personal finance helped, too, along with marrying the right person. He started saving for retirement right out of collegeGilbert didn't wait to start saving for retirement, and said that decision helped him to retire earlier than the standard age 65. Start saving for retirement with Robinhood today.

Persons: Fritz Gilbert, —, Gilbert, Gilbert didn't, you've, Robinhood, It's, Jackie Organizations: Service

☆ A Gen Z worker in Spain spends just 5% of his income each month after years of planning. He explains how he does it and how others can increase their savings.
▼ + stars: | 2023-10-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Santiago Puértolas achieved a 95% savings rate on his monthly income after seven years of planning. He spends money only on things that make his life easier or happier. Puértolas, 26, started outlining how to maximize his savings rate over seven years ago during college. Investing in happinessMost of his purchases, he said, are things that make his life easier and make him happy. He added that recent layoffs in his industry and at his past companies led him to accelerate his savings rate to be comfortable earlier.

Persons: Santiago Puértolas, —, he's, Puértolas Organizations: Service Locations: Spanish, —, Spain, Myanmar

After years of denying myself, I experienced "frugality fatigue" and went on a splurging binge. I added fun spending and a weekly treat to my budget so I don't feel deprived. Frugality fatigue led to overspendingI realized I was experiencing "frugality fatigue." I made 2 important changes to my budgetThe key to avoiding frugality fatigue comes in allowing small splurges or occasional unnecessary spending. I added 'fun spending' to my budgetBefore my mindset switch, I felt guilty about buying things for myself.

Persons: —, I'd, frugality, overspending, I've, I'm, it's Organizations: Service

Last year, I made what I thought was a pretty solid money move: I opened a high-yield savings account and moved my money from a savings account earning me very little interest. Ally's high-yield savings account had a 2.0% interest rate at the time. My savings account back then was offering only 0.05% interest, and the simple maneuver yielded 40 times the savings. I'm still using my high-yield savings accountI keep a cushion of funds in my Ally high-yield savings account for big-ticket purchases, vacations, and emergencies. But for now, I'm happy with keeping my savings in a combination of high-yield CDs and savings accounts.

Persons: Ally, I've, I'm, Jackie Lam Jackie Lam, Jackie Organizations: AFC, Money Management, Finance Media Locations: Los Angeles

☆ GameStop's survival demands 'extreme frugality,' CEO Ryan Cohen tells employees
▼ + stars: | 2023-09-28 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +4 min

Just hours after being named GameStop 's CEO, Ryan Cohen sent out a memo to employees Thursday that emphasized he will take dramatic steps to ensure the struggling video game retailer survives. I expect everyone to treat company money like their own and lead by example." Cohen, a billionaire activist investor and founder of direct-to-consumer pet food and supply retailer Chewy , was named the company's new leader Thursday morning. Cohen's CEO announcement previewed the company's emphasis on slashing costs: He will not receive a salary in his new role. I expect everyone to treat company money like their own and lead by example.

Persons: Ryan Cohen, " Cohen, Cohen, Matt Furlong, Mike Recupero, Furlong, Ryan, CNBC's Gabrielle Fonrouge Organizations: GameStop, CNBC, RC Ventures Locations: Grapevine , Texas

Lauren WeberLauren Weber writes about workplace issues and employment in The Wall Street Journal's corporate bureau in New York. Her stories often explore topics such as workforce development and skills, contingent work, compensation, the bonds between employers and workers, and the intersection between economic trends and the on-the-ground practices of employers. A former Knight-Bagehot fellow at Columbia University, Lauren has won awards from the Society for Advancing Business Editing and Writing and the Newswomen's Club of New York, and she was part of a team that won a Gerald Loeb award in 2019 for reporting on Amazon's search for a second headquarters. Lauren has also been a staff reporter at Reuters and Newsday, and she is the author of the 2009 book "In Cheap We Trust: The Story of a Misunderstood American Virtue," a cultural history of frugality and cheapness in the United States. Lauren can be reached at lauren.weber@wsj.com; you can also find her on Twitter at @laurenweberWSJ.

Persons: Lauren Weber Lauren Weber, Lauren, Gerald Loeb Organizations: Columbia University, Society for, Newswomen's, of New, Reuters, Newsday, Twitter Locations: New York, of New York, American, United States, lauren.weber@wsj.com

☆ 'Thrown to the wolves': How private investors are jacking up rents and ripping off college students
▼ + stars: | 2023-09-20 | by ( James Rodriguez | ) www.businessinsider.com time to read: +19 min

The eye-popping numbers are part of a longer-term shift toward private college housing. Moody's Analytics recently warned of an "affordability crisis" for college students, noting that since 2019, rents for student housing in a sample of notable college towns had grown faster than those of regular apartments. Student housing goes privateThe gold rush in student housing is a relatively new phenomenon. Back in the 1980s and '90s, most college students either lived in bland, cinder-block-walled dorms or in conventional apartments farther from campus. Even with his frugality, he came to realize that the prices in West Campus were "impossible to rationalize" for a college student.

Persons: behemoth Blackstone, Evan Scope, UT Austin who's, Carl Whitaker, Austin Kristian Alveo, Whitaker, Mark Austin, Kristian Alveo, David Willson, Willson, Gina Cowart, Cowart, David Kanne, lounging, Ann, Kanne, Lu Chen, RealPage, Donald Cohen, Cohen, Graham Sowden, Dan Allen, Allen, Austin, James Rodriguez Organizations: Waterloo, University of Texas, Wall Street's, American, Communities, National, Housing, Evan Scope Crafts, UT Austin, University, UT, LV, UTs, Crafts, American Campus, HBO, West, haven't, State College ,, Moody's, Power, Middlebury College, University of Tennessee, Arizona State University, Urban Institute, Investors, Power Five, RREAF Holdings Locations: Austin, Wall, Waterloo, UT Austin, Rio, Villas, West, West Campus, Gainesville , Florida, Ann Arbor , Michigan, State College , Pennsylvania, Knoxville, South

☆ Why these Korean moon jars sell for millions at auction
▼ + stars: | 2023-09-15 | by ( Christy Choi | ) edition.cnn.com time to read: +9 min

‘Owning a piece of happiness’The first moon jars were created in the royal kilns in Gwangju (a city just outside Seoul, not the larger southern city of the same name) from 1650 to 1750. A modern-day moon jar made by South Korean potter Kwon Dae Sup, who said: "To appreciate a moon jar properly, you should look beyond its simple shape. He works out of a studio in Gwangju, where the royal kilns that produced moon jars were once located. Moon Duk Gwan/Axel Vervoordt GalleryKwon Dae Sup lifts a large moon jar into a kiln. Moon Duk Gwan/Courtesy Axel Vervoordt GalleryThere’s a great deal of preparation that goes into making a moon jar traditionally.

Persons: Alain de Botton, London’s Victoria, Beth McKillop, ”, Angela McAteer, “ You’ve, it’s, Yanagi Soetsu, Bernard Leach, Leach, Lucie Rie, Charlotte Horlyck, Sotheby’s, Kwon Dae, Axel Vervoordt, Choi Sunu, South Korea’s, Yu Woo, you’ve, Mark, Rothko, “, Ceramist Kim Syyong, Yun, Choi Bo Ram’s, Kwon, Duk Gwan, Duk, There’s, ” Kwon, Axel Vervoodt Organizations: CNN, Albert Museum, British Museum, Boston’s Museum of Fine Arts, University of London’s School of Oriental, African Studies, Art Bulletin, National Museum of, BTS Locations: New York, Americas, Europe, Gwangju, Seoul, British, South Korean, National Museum of Korea, ”, South, Korean

☆ Ruth Asawa: Solid Form Meets Thin Air
▼ + stars: | 2023-09-14 | by ( Nancy Princenthal | ) www.nytimes.com time to read: +1 min

Anti-Japanese prejudice survived the war, and prevented Asawa from securing the work experience she needed to complete a degree in teaching. Both mixed design, geometry and art in their teaching, and both became Asawa’s lifelong friends. Exhorting his students to explore ordinary materials such as paper, wire and string, Albers paired an aesthetic inclination with habits of thrift already deeply instilled in Asawa. Formal economy and practical frugality, shared hallmarks of many Depression-era Modernists, are also standard practice in vernacular craft traditions around the world. Asawa, shaped by both, made her second trip to Mexico during a summer break from Black Mountain, learning to weave wire baskets from local artisans.

Persons: Josef Albers —, Buckminster Fuller, “, ”, Albers Organizations: Black Mountain College Locations: Mexico

☆ All smoke and no FIRE: Early retirees open up about the struggles of ditching their paychecks in exchange for freedom and the new ways they're generating extra income
▼ + stars: | 2023-09-13 | by ( Laila Maidan | Kathleen Elkins | ) www.businessinsider.com time to read: +14 min

Members pose questions from how to save and invest to how to raise a family while on the path to early retirement. Early retirement doesn't mean never working againBut the FIRE movement can be more smoke than fire. Think about what's important to you and what you want your lifestyle in early retirement to look like, Cheng said. One message he shares with his community is that early retirement may not be the ultimate finish line for everyone. He also started coaching high school tennis and grew his online blog that offers tips on early retirement.

Persons: Rachel Covert, Isaac Mizrahi, Covert, That's, subreddit, Gwendolyn Merz, Merz, She'd, Marguerita Cheng, Cheng, It's, Michael Quan, Quan, Winnie Jiang, Sam Dogen, Dogen, Sam Dogen Dogen, Shan Fu, Fu, I'm Organizations: Financial Independence, Social Security, Lean FIRE, FIRE, Fortune, Bureau of Labor Statistics, Credit Suisse, Millennials Locations: NerdWallet, New York City, Mexico, Portugal, Asia

☆ Andrew Bialecki built Klaviyo into an email titan by breaking all the norms. Now he's taking it public as its largest shareholder.
▼ + stars: | 2023-09-01 | by ( Melia Russell | ) www.businessinsider.com time to read: +8 min

Andrew Bialecki is preparing to take Boston startup Klaviyo public eleven years after founding it. Bialecki, who cofounded the marketing tech company in 2012, owns more than a third of Klaviyo, according to the company's recent S-1 filing. In the last eleven years, the 37-year-old has quietly built the hottest Boston startup you've never heard of. For comparison, HubSpot's Brian Halligan and Toast's Chris Comparato reported salaries of roughly $240,000 before taking their Boston startups public. Bialecki has also sold few shares of Klaviyo in inside rounds, according to two people familiar with the company's financials.

Persons: Andrew Bialecki, Jason Lemkin, Peter Walker, Klaviyo, Yankee frugality, Barry Chin, Ed Hallen, Hallen, Bialecki, Alexa von, TJ Mahony, he's, Elias Torres, Bootstrapping, Jon Karlen, Karlen, Mahony, Alex Clayton, frugality, HubSpot's Brian Halligan, Toast's Chris Comparato Organizations: Boston Globe, Getty, MIT's Sloan School of Management, Capital, Harvard University, Predictive Technologies, Fortune, Red Sox, Meritech Capital, Boston, Black, Patriots Locations: Boston, Coast, Bialecki, Washington, DC, Klaviyo, Braze, Miami

I'm a financial planner, and I remind clients to look at a long timespan and plan for the worst. A long-term financial plan that works accounts for inevitable shifts in goals, values, priorities, and circumstances. Look for ways to earn morePersonally, I've shifted from "retire as soon as possible" to a more balanced approach with my financial goals. My financial plan can accommodate this choice for two main reasons:First, I saved aggressively when I could for almost a decade. Remember, frugality will only get you so farNo matter what you want to do, you'll need money to afford your chosen lifestyle in the future.

Persons: I've, Read Organizations: Service Locations: Wall, Silicon

☆ Satellite reunion creates a bit of breathing space
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.

Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California

I lived in Rota, Spain, for a while on assignment with the Navy. I grew up in Texas and was used to driving everywhere and cranking the AC, but that changed in Spain. I walked, biked, and carpooled to save money, ate locally, and learned to keep cool on the cheap. Now that I'm back Stateside I've taken the lessons I learned while deployed in Rota, Spain, and used them to save thousands by employing a few simple lifestyle tweaks. I stopped spending on things and chose experiences insteadIn that tiny Spanish apartment, I had very little room for things.

Persons: Gazpacho, I'm, Honda Organizations: Navy, Service Locations: Rota, Spain, Texas, Wall, Silicon, Florida, States, Europe

☆ Why Mark Cuban doesn't own yachts or hire house cleaners: 'I try to be the same person I was when I was poor'
▼ + stars: | 2023-08-04 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

When it comes to luxury spending, billionaire Mark Cuban draws the line at yachts, butlers and house cleaning services. "I just try to be the same person, I mean, as I was when I was poor, middle and rich," Cuban, 65, told "The Really Good Podcast" on Thursday. Cuban, a serial entrepreneur and startup investor, has a net worth of $5.1 billion, according to Forbes. Rather, Cuban's decision to not pay for certain services is less about frugality and more about his desire for a private life. Still, Cuban wants to remain the same person he was when he was "broke," he said on the podcast.

Persons: Mark Cuban, it's, He's, I've, that's, Cuban, CBS's, he'd, Jerry Katz, Paul Piff, Piff, Warren Buffett Organizations: Forbes, Gulfstream, Dallas Mavericks, University of California, TED, Cuban, CNBC Locations: Dallas, Indiana, Irvine, deservingness, Cuban

Financial firms and their regulators have cut salaries and bonuses after China's top graft-busting watchdog vowed to eliminate "Western-style hedonism" in the $57 trillion sector. "Wage cuts will intensify deflationary risks and reduce willingness to spend," said Zhaopeng Xing, ANZ's senior China strategist. Reuters GraphicsWEAK BARGAINING POWERUnilateral wage cuts are illegal in China, but complex salary structures offer ways around that. Shao, who sold make-up in the eastern city of Suzhou and only gave her surname for privacy reasons, had a choice to leave her company or accept a 50% wage cut. Their bargaining power ... is weakened so they tend to accept wage cuts," said Aidan Chau, researcher at Hong Kong-based rights group China Labour Bulletin.

Persons: Yao, Zhaopeng Xing, ANZ's, Unit's Xu Tianchen, Zhaopin, Shao, Aidan Chau, Xu, he's, Xiangrong Yu, Ellen Zhang, Marius Zaharia, Liangping Gao, Kripa Jayaram, Kim Coghill Organizations: Communist Party, Financial, Economist, Reuters, Workers, China Labour Bulletin, Reuters Graphics Reuters, Citi, Graphics, Thomson Locations: China, BEIJING, HONG KONG, Hefei, Suzhou, Hong Kong, Shanghai, Beijing

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