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His restaurant Moon Rabbit abruptly closed in 2023 when its landlord decided not to unionize, something the hospitality staff was pushing for. Tien opened Moon Rabbit again in the Penn Quarter neighborhood a year later — this time, as the chef/owner of the restaurant. Advertisement"We used our savings and everything we had to open Moon Rabbit. Look for community resourcesTien contacted his friends in the tight-knit Washington, DC, restaurant industry to learn best practices in opening Moon Rabbit. For AAPI entrepreneurs looking to lay their financial groundwork for starting a business, Tien suggests leaning into your local community.
Persons: , Kevin Tien, Tien, that's, Judy Beltrano, Susan Bae, Alan Vo, Lean Organizations: Service, Business, we're, Insurance, Washington, Mayor's, Asian Affairs, Restaurant Association Metropolitan Washington Locations: Washington, DC, Louisiana, Southern, Penn
Our wedding budgetWe have a wedding budget of $20,000, with a guest list of around 120 people. Some of my family members won't be able to travel to Mexico, so we plan to invite them to dinner after our City Hall civil wedding. Some of my family members won't be able to travel to Mexico, so we plan to invite them to dinner after our City Hall civil wedding. We plan to help subsidize five rooms for 10 family members by contributing $1,000 per room, or half the cost. We plan to help subsidize five rooms for 10 family members by contributing $1,000 per room, or half the cost.
Persons: , Xavi, We've, Vazquez, Viviana Vazquez, maxing, Robert Dula, we'd, I'm, San Miguel de Allende, Viviana Vazquez Viviana Vazquez, Jane Zhang Organizations: Service, Baruch College, Business, City Hall, City Locations: New York City, Mexico, Atlanta, New Orleans, Vazquez, Nola, Cancún, New York, San Miguel, janezhang@businessinsider.com
Free Champions League final live streams are available in multiple European countries, but we'd take UEFA's channel guides with a pinch of salt. Spain's RTVE is also free, but you must create a free login to access the free Champions League streams. How to watch a free Champions League final live stream from anywhereThis year, free Champions League final live streams are available in the UK, Austria, Spain, and Luxembourg. Then get stuck in and enjoy this free Champions League final live stream. How to watch Real Madrid vs. Dortmund in AustraliaThe Champions League final is on Stan Sport in Australia.
Persons: We've, we've, you'll, RTVE, Stan, Stan Sport, ExpressVPN, you've, Stan Sport's Organizations: Business, League, Real Madrid, Dortmund, Free, Olympics, TNT, Champions, TNT Sport, AWST, CBS, Paramount, BT, Champions League, European, Stan Sport, Sport Locations: Europe, Austria, Spain, Luxembourg, Australia
The software company NICE launched Enlighten AI to improve customer service and clients' efficiency. Eilam said Enlighten AI "dramatically improves" productivity and efficiency for customer-experience teams by automating many labor-intensive tasks, such as note-taking during customer-service calls. Enlighten Autopilot, one of the products within NICE's Enlighten AI for CX repository, enhances self-service with an AI-powered virtual assistant. Many existing customers are adding Enlighten AI to their portfolios, and NICE is attracting new customers with its AI capabilities. The organization implemented Enlighten AI to monitor 100% of its customer interactions and gather insights about the behaviors influencing customer sentiment.
Persons: , We've, Barak Eilam, Eilam, Copilot, What's Organizations: NICE, Service, Neptune Intelligence Computer Engineering, Business, Republic Services, Open Network Exchange, ONE, BI Locations: Hoboken , New Jersey
Tesla is rehiring some of the nearly 500 Supercharger staff members Musk fired in April as a cost-saving measure amid challenging times at the EV company, Bloomberg reported earlier this month. Advertisement"Desperate times call for desperate measures," Musk told CNBC's David Faber in May 2023. At Tesla, for example, Musk told his employees that he would personally approve all new hires, according to an email obtained by Business Insider. Musk is also known to have fired employees who disagreed with his decisions. Other former Twitter employees and executives have sued Musk, accusing him of unpaid severance pay.
Persons: , Elon Musk, Tesla, Musk, CNBC's David Faber, Lex Fridman, Walter Isaacson, Musk's, Alec Levenson, " Levenson, Spencer Platt, Levenson, that's, Weeks, Kali Hays Organizations: Service, EV, Bloomberg, Twitter, Business, SpaceX, University of Southern California Marshall Center, BI, Tesla, New York Times, National Labor Relations, NLRB, Musk's SpaceX, Twitter's Locations: York
And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?
Persons: , It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen
Gen Zs are set to make the biggest splash this summer, with surveys showing they are upping their vacation plans and spending more than older travelers. The survey of more than 2,000 Americans showed Gen Zs are planning to travel for longer periods and to take more expensive vacations at higher rates too. But how Gen Zs — often defined as those born between 1997 and 2012 — plan to fund their travels differs from other age groups too. Roeschke also noted that Gen Zs will spend time finding ways to trim travel costs, rather than canceling or postponing their trips. Using debt to finance summer tripsStill, 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to a survey by the financial services company Bankrate.
Persons: Gen Zs, Gens Z, Zs, millennials, Gen Xers, Zs —, Lindsey Roeschke, Zers, Roeschke, Ted Rossman, Rossman Organizations: Bank of America, CNBC Locations: United Kingdom, India, Germany, China
The American shopping spree is losing steam
  + stars: | 2024-05-30 | by ( Bryan Mena | Nathaniel Meyersohn | ) edition.cnn.com   time to read: +5 min
CNN —It’s becoming tougher and tougher for Americans to carry on with their spending spree. Years of elevated inflation and the highest interest rates in almost a quarter century are wearing out the US consumer. Savings accumulated during the Covid-19 pandemic are drying up, borrowers continue to rack up debt and delinquencies are marching higher. A second estimate of gross domestic product, released Thursday, showed that consumer spending was weaker in the first three months of the year than initially reported. Economists polled by FactSet are expecting data to be released Friday to show that consumer spending slowed notably in April from March.
Persons: CNN —, they’ll, ” Carol Schleif, FactSet, Thomas Kingsbury, TJ Maxx Organizations: CNN, Savings, BMO Family Office, Employers, Walmart, Dollar, Goods, Abercrombie, Fitch
Read previewKlarna's CEO seemingly touched a nerve on social media with a post about how the company saved millions by using AI to cut costs and do the marketing work human employees previously did. "Our in-house marketing team is HALF the size it was last year but is producing MORE!" AdvertisementHe also wondered aloud at the impact AI will have on creative industries and those working in marketing. Advertisement"If you still had a bigger marketing team, they probably would've advised you not to post this," one person said. "Flexing that you fired half of your marketing team is just really bad," another added, alongside a clown emoji.
Persons: , Sebastian Siemiatkowski, OpenAI's DALL, Siemiatkowski, would've, Klarna, ioAhxkNS8I — Sebastian Siemiatkowski, David Sandstrom Organizations: Service, Business, Wall
Still, when you're saving for something that's decades away, such as retirement, it's easy to feel like you're not doing enough or that you're falling behind without some context. Even if you're not doing as well as you'd like, you may be doing better than most. "Automating savings ensures consistency and discipline, making it easier to stick to your retirement savings goals." It's "essentially free money that can significantly boost your retirement savings," says Basso. "Don't treat your retirement savings like Vegas and go all in on something.
Persons: you've, Ashton Lawrence, Alyson Basso, Basso, couldn't, Andrew Herzog Organizations: Fidelity, Mariner Wealth Advisors, Hayden Wealth Management, CNBC Locations: Greenville , South Carolina, Middleton , Massachusetts, Plano , Texas, Vegas
Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.
Persons: Biden, they’re, Janet Yellen, , Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, , IRS Locations: Washington,
CNN —A squat, light-colored building in Tigard, Oregon, was supposed to be part of a game-changing new solution for the global plastics industry. And unlike mechanical recycling, where the quality of the product declines each time, chemical recycling promises virgin-quality plastics. Chemical company Dow says it plans to build multiple chemical recycling facilities in the US and Europe, adding as much as 600,000 tons (1.2 billion pounds) of recycling capacity by 2030. “Mechanical recycling simply uses less energy and chemicals than does chemical recycling, making it overall cheaper and less environmentally impactful,” she said. With that kind of industry pressure, said Congdon, it’s easy to see why chemical recycling may be attractive to policymakers.
Persons: Jennifer Congdon, Congdon, , , Big, Yuri Cortez, Davis Allen, what’s, isn’t, Taylor Uekert, Chaideer Mahyuddin, Mike Kemp, Brightmark, NREL’s Uekert, Allen, ” Congdon Organizations: CNN, Regenyx, Plastics, Getty, Climate Integrity, Companies, Chemical, Dow, Oil, Exxon, American Chemistry Council, National Renewable Energy Laboratory, Beyond Plastics, ACC, Center Locations: Tigard , Oregon, Venezuela, AFP, Europe, Asia, Banda Aceh, Indonesia, London, Baytown , Texas, Ashley , Indiana, Macon, Bibb , Georgia, Indiana, The Indiana
We've got three adult children, and two of them have boomeranged after college. I also look at the low interest rates from the pandemic, trying to prop up the economy. Interest rates — people don't want to move out of their homes when they have good interest rates. They don't sell because they know they're going to get into a new mortgage with higher interest rates. We feel like we're blessed that our adult kids want to spend some time with us.
Persons: , Alex Gonzalez, Gonzalez, We've, it's, They're Organizations: Service, Business, Utilities Locations: Bloomington , Minnesota, Minneapolis
When her daughter enrolls in kindergarten soon, Horrocks said she will return to the workforce but not to the high-stress position she held. Instead, given the luxury to pursue her passions, she's considering financial coaching or planning as options. "I think work is not the goal. She no longer needs to strive for the highest-paying or most prestigious position, and she's considered becoming a financial coach to help people achieve their financial goals. "Also, a lot of financial advisors don't have their client's best interests at heart and aren't wealthy themselves."
Persons: Sabina Horrocks, Horrocks, isn't hustles, Nobody's, We've, They've, we've, she's Organizations: Service, Business, Advisors Locations: Chicago
However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.
Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, , X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana
And she's part of a growing class of Gen Z retirement super-savers. Many are concerned about stagnating wages in an era of skyrocketing costs of living, says Paloma Thombley, chief human resources officer at Handshake, the jobs site for college students and new grads. Gen Z prioritizes retirement benefitsGenesis Hinckley, 27, works as a business analyst for Google in Boulder, Colorado. 'It's no longer chasing money; it's chasing time'Anxiety aside, many Gen Zers see super-saving for retirement as a way to take control over an uncertain future when the built-in support systems are lacking. They learned when it makes sense to invest in a plan pre- or post-tax, how to actually invest your retirement money, and the value of compound interest.
Persons: Lillian Zhang wasn't, Zhang, Gen, Gen Zer, millennials, Gen Xers, Paloma Thombley, Zers, Thombley, Lillian Zhang, isn't, Z, Genesis Hinckley, Hinckley, Roth, TikTok Organizations: IRA, Northwestern Mutual, Social Security, Google, Genesis, YouTube Locations: Boulder , Colorado
Apple and Nvidia, our two "own, don't trade" stocks were also the top performers among the entire 33 stock Club portfolio. When the Federal Reserve at some point removes its asset cap on Wells Fargo, Scharf said corporate lending and trading will be areas of growth for the bank. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Hess, Merck, Morgan Chittum, Charlie Scharf, Scharf, Wells, Wells Fargo's, " Scharf, it's, Wells Fargo, Eli Lilly, CNBC's David Faber, Locker, Jim Cramer's, Jim Organizations: CNBC, Dow, Nvidia, American Airlines, Tech, Apple, Microsoft, ConocoPhillips, Chevron, Banking, Investing Club, Wells, Bernstein's, Investment Banking, Wealth Management, Federal Reserve, FDA, Club, Costco, Broadcom, Jim Cramer's Charitable Locations: Wells Fargo
These "forever renters" vary widely in their reasons for not pursuing home ownership. Others prefer the flexibility to move and freedom from ownership costs that renters enjoy. Homeownership and renting have numerous pros and cons, making it hard to say whether forever renters are acting shrewdly or making a big mistake. Renters avoid large down payments and the varying costs of homeownership, such as mortgage payments, taxes, maintenance, and repairs. It's also cheaper to change the place you're renting than the place you're buying because of real-estate agent fees."
Persons: , Grant Wilson, Eunjee Kwon, David Brasington, Kautz, There's, Colin Lizieri, they've Organizations: Service, Business, University of Regina, University of Cincinnati, University of Cambridge Locations: Germany, Switzerland
Yet, there's a notable lack of attention and concern given to the social aspect of retirement, experts said. It's a facet of retirement planning that's almost "hidden in plain sight," said Robert Waldinger, a clinical professor of psychiatry at Harvard Medical School. Money is the "obvious" focus when it comes to retirement planning, Waldinger said. Put another way: "Social connections are really good for us" and "loneliness kills," Waldinger explained in a 2015 TED Talk titled "What makes a good life?" "Some people say, 'It's too late for me'" to make new social connections, Waldinger said.
Persons: Jose Luis Pelaez, there's, that's, Robert Waldinger, Waldinger, General, David Sbarra, Sbarra, It's, Yochai Shavit, Shavit, it's Organizations: Social Security, Finances, Allianz Life, Harvard Medical School, Waldinger, Harvard, TED, U.S, Laboratory, University of Arizona, Finance, Stanford University Center, Longevity, CNBC Locations: People
The documentary chronicles the rise and fall of the movie-ticket-subscription company MoviePass, and is based on award-winning reporting from Business Insider . The big storyRetirement mathGetty Images;Alyssa Powell/BIFor some millennials, the reality of their retirement plans is that they're a fantasy. AdvertisementIt's not the first time we've gotten troubling data about millennials' retirement plans. But it's not just a lack of savings working against millennials' plans of riding off into the retirement sunset. AdvertisementAnd if you're hoping for a Hail Mary in the form of a fat inheritance to jumpstart your retirement plans, that's not looking great either.
Persons: , MovieCrash, Alyssa Powell, Jacob Zinkula, William Edwards, we've, it's, millennials, Hail Mary, that's, Juliana Kaplan, It's, Johannes Simon, Neel Kashkari, Sam Altman, Justin Sullivan, Oliver Mulherin, Scarlett Johansson, Altman, Jensen Huang, Adam Neumann, Neumann, WeWork, Moviegoing, there's, BI's Peter Kafka, Sheryl Sandberg, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, HBO, Max, Business, Hail, Reserve Survey, Consumer, Wall, Minneapolis, UBS, Google, Nvidia, BI, Hollywood, HP Locations: Swiss, BI Denmark, New York, London
Learn morePeacock is NBC's streaming service, making it the best choice for fans of "Brooklyn Nine-Nine," "New Girl," and this year's Olympics. New and returning subscribers can get a whole year of Peacock Premium for only $20. In our guide to the best streaming services, we recommend Peacock as the best service for NBC fans. AdvertisementHow to get the Peacock dealScoring this deal on NBC's Peacock is as easy as signing up and checking out. It's amongst the cheapest streaming services you can choose from at the moment — but keep in mind that this tier is ad-supported.
Persons: Peacock, NBC's Organizations: Business, NBC, Olympics, Recreation
The data does not include older Americans who have taken on student loan debt on behalf of their children. That includes about 14.9% of workers aged 55 to 64 and 17.3% of workers aged 65 and over, according to the research. The middle 40% of earners — with incomes between $54,600 and $192,000 — owe an average debt of $48,174. For older workers aged 55 to 64, it may take an average of 11 years to pay off their student loans, according to the research. "Older workers do not have decades of future potential work that younger workers have to repay their loans," Manickam said.
Persons: Karthik Manickam, Manickam Organizations: Schwartz, for Economic, New School for Social Research, Federal Reserve, Consumer Finance, Finance, Workers
For Asian American, Native Hawaiian and Pacific Islander women, they'll have to work until April 3 to make the same pay white men earned the year before. Together, AAPI women are typically paid just 93 cents for every dollar paid to white men, although the pay gap varies significantly for some AAPI communities. For example, Bhutanese women working full time earn just 49 cents for every dollar white men earn. The lifetime wage gap totals more than $1.4 million for Bhutanese women. There are other groups of AANHPI women working full time who make more than white men, including Chinese women, Indian women, Malaysian women and Taiwanese women; however, these women still make less than men in their respective communities, the report also found.
Persons: Sarah Javaid, AAPI —, Biden, Javaid, they've Organizations: Pacific, National Women's Law, Malaysian Locations: Hawaiian, U.S
I had recently moved to Washington, D.C., with a $40,000 starting salary, almost $45,000 of student debt and very little savings. I started with small but powerful changesDiscovering that interest calculator was a huge turning point for me because it jumpstarted my financial education. At the time, I made about $2,492 per month after taxes and deductions, and before monthly debt payments. I slowly increased my debt payments. As my income grew, I increased my extra debt payments up to $1,500 until I was debt-free.
Persons: I've Organizations: Washington , D.C, Beworth Finance, Craigslist, Technology Locations: Washington ,
Advertisement"Desperate times call for desperate measures," Musk told CNBC's David Faber in May 2023. On top of Tesla and X, Musk also runs SpaceX, Neuralink, AI startup xAI, and an underground tunnel company. AdvertisementAt Tesla, Musk told his employees that he would personally approve all new hires, according to an email obtained by Business Insider. Musk is also known to have fired employees who disagreed with his decisions. AdvertisementOther former Twitter employees and executives have sued Musk, accusing him of unpaid severance pay.
Persons: , Elon Musk, Tesla, Musk, CNBC's David Faber, Lex Fridman, Walter Isaacson, Musk's, Alec Levenson, " Levenson, Spencer Platt, that's, Weeks, Kali Hays, Levenson Organizations: Service, EV, Bloomberg, Twitter, Business, SpaceX, University of Southern California Marshall Center, Getty, New York Times, National Labor Relations, BI, NLRB, Musk's SpaceX, Twitter's Locations: York
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