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☆ I quit my career to live off my savings but lost everything in a financial crisis. I'm struggling to get back on my feet.
▼ + stars: | 2024-06-10 | by ( J.D. Harlock | ) www.businessinsider.com time to read: +4 min

Read previewThe year 2020 was supposed to be when I could finally take it easy and focus on myself. I decided to leave my career in accounting behind and finally take a crack at my lifelong dream of being a writer. But Lebanon's banking system collapsed — the World Bank called it a Ponzi scheme — and the country entered a financial crisis. Call it youthful naivety, but I didn't have a reentry plan in case I needed to return to work. The Lebanese financial crisis continued long after the COVID-19 pandemic.

Persons: —, didn't, I'm, it's, I've Organizations: Service, Business, Bank, Lebanese Locations: Lebanon, freefall, American

☆ America's Economic Plan Will Hurt World Economy, Global Stock Markets
▼ + stars: | 2024-06-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.

Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia

☆ My partner and I are financially unstable, but we still want kids. We can't decide if we should go for it anyway.
▼ + stars: | 2024-06-08 | by ( Victoria Derr | ) www.businessinsider.com time to read: +4 min

We are both in our 30s, so it's the perfect time, but we have one big problem: We are financially unstable. We can't decide whether to go for it anyway or race the clock between fertility and financial stability. My partner and I are struggling financiallyMy partner and I were both raised middle class. Housing, food, childcare, education, transportation, and healthcare are all vital when raising children. Our goal is to improve our financial situation before my fertility window closesFor now, we are seeking out options.

Persons: We've, —, you'll Organizations: Service, Business

☆ I'm much older than my 2 siblings. I helped raise them, and now, I don't want kids.
▼ + stars: | 2024-06-08 | by ( Hayley Folk | ) www.businessinsider.com time to read: +6 min

My sister is 9 years younger than I am, and I'm 16 years older than my little brother. And being the older sister — and helping raise my younger siblings — has played a big part in why I don't want kids of my own. It was then that I first had an inkling that raising kids wasn't in the cards for me. Helping raise her younger sister and brother showed Hayley Folk she doesn't want to have kids. Getting to their big sister has been a true honor, and when they really need me, they know I'm always going to be there.

Persons: I've, —, Hayley Folk's, Hayley, I'm, wasn't, Hayley Folk

☆ I'm always trying to save money, and I found a strategy that doesn't cost me joy
▼ + stars: | 2024-06-05 | by ( Jennifer Streaks | ) www.businessinsider.com time to read: +4 min

I've decided to buy only things that are on sale this year, and it's saving me money. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Many people are looking for long-term ways to save money and increase their financial stability. I've been reviewing how I spend money and looking for ways to save or spend smarter. You could stop spending entirely — no movies, meals out, or new clothes — and upend your life to save money.

Persons: I've, —, Gary Pilnick, Kellogg, that's, I'm, haven't Organizations: Service, Costco

☆ Janet Yellen warns AI in finance poses ‘significant risks’
▼ + stars: | 2024-06-05 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

For instance, Yellen will note that the “complexity and opacity” of AI models could cause problems. The problem is that many AI models operate as a “black box,” meaning their inner workings are impenetrable to outsiders. If Wall Street firms are relying on mysterious AI models, regulators will struggle to understand how safe their systems truly are. Likewise, Yellen will say there is a “concentration” risk linked to the fact that there are only a few companies providing AI models. AI models have a history of making stuff up, often in a convincing way.

Persons: Janet Yellen, Yellen, OpenAI’s ChatGPT, “, ” Yellen, ”, “ We’ve Organizations: CNN, US Treasury Department, Brookings Institution, Treasury, IRS, Treasury Department

☆ Bank of Korea not likely to cut interest rates yet, says economist
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Korea not likely to cut interest rates yet, says economistTrinh Nguyen, senior economist at Natixis, says the central bank "has to balance between financial stability and … that deleveraging cycle."

Persons: Trinh Nguyen Organizations: Email Bank of Locations: Email Bank of Korea

☆ My dad was 54 when I was born. My siblings are over 20 years older than I am, and he was a very different parent to them.
▼ + stars: | 2024-06-01 | by ( Laura Rose O'Connor | ) www.businessinsider.com time to read: +4 min

My dad became a father to me and my twin brother when he was 54. But it had been a long time — my sister is 24 years older than me, and my brother is 26 years older than me. I had a different experience with my dad than my older siblings didBy virtue of the age difference, we were never destined to be as close to them as most siblings are. My parents have had a turbulent relationship with my older siblings, and boundaries were occasionally put in place when it came to communication. But I've only realized this as an adult, as when I was young, I was just confused and, frankly, angry that my older siblings would shun me and my brother.

Persons: he'd, I've, —, I'm, they've Organizations: Service

☆ Opinion: I recently graduated. Here’s why I refuse to give up my life for a job
▼ + stars: | 2024-05-31 | by ( Opinion Jane Bernhard | ) edition.cnn.com time to read: +6 min

Jane Bernhard Columbia Business SchoolI have always been a very driven and creative person. I graduated with a BFA in Musical Theater and continued my work in theater and television acting through my 20s. It took an immense toll on my personal life, which was completely pushed to the side as new opportunities came up. Conventional consulting doesn’t work for me, but I realized having my own consulting business does — so I started one. And if I find a job elsewhere down the line that aligns with my priorities, I may open that door.

Persons: Jane Bernhard, ’ Organizations: Columbia Business School, LinkedIn, CNN, Jane Bernhard Columbia Business, Theater, Columbia, Twitter, Facebook

Wai and Hui rent a two-family house with Hui's parents. Photo by CNBC Make ItWhen the lease was up on the couple's apartment, Hui's parents knew about a two-family house in Bensonhurst that was available for rent. The average size for a Brooklyn, apartment is 660 square feet, and the average monthly rent is $3,558 a month, according to RentCafe. Wai and Hui live upstairs while his parents live in their own apartment downstairs. The couple pays $1,600 a month to live in the one-bedroom, one-bath apartment on the second floor, while Wai's in-laws pay $1,900 and live on the first floor, according to documents reviewed by CNBC Make It.

Persons: Vionna Wai, Chucky Hui, Hui, Wai, Mickey Todiwala, He's Organizations: CNBC Locations: Sunset, Brooklyn, N.Y, Bensonhurst, Williamsburg, Greenpoint, Manhattan

☆ China wants to turn the yuan into a global currency out of fear of sanctions, not domination
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Beijing's goal now is to minimize any impact from potential sweeping sanctions from the West in "extreme geopolitical scenarios," such as a military conflict over Taiwan, which China claims as its territory, wrote Liu. "Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

Persons: —, Zoe Liu, Liu, Russia —, Xi, it's Organizations: Service, China Studies, Council, Foreign Relations, Business, Monetary, Financial, China's Bank of Communications, Renmin University Locations: China, Taiwan, London, Russia, Beijing, East Asia, Southeast, Central Asia

☆ I refuse to pay my daughter's college tuition even though I made over $500,000 last year
▼ + stars: | 2024-05-30 | by ( Robin Madell | ) www.businessinsider.com time to read: +6 min

Despite this income, my husband and I have not agreed to — nor do we plan to — pay for the college tuition of our oldest daughter, a sophomore at the University of Iowa. To be fair, we've decided that we, as parents, don't get to choose which college our children attend. With rising tuition costs, my husband and I think it's essential to evaluate whether the outcomes in terms of ROI justify the financial outlay for college. Committing to paying for one child's college education means we must do the same for all of them to maintain fairness. Evaluating whether to pay for our kids' college tuition was a challenging decision, but it's rooted in our desire to foster autonomy, responsibility, and financial prudence.

Persons: —, Andrea Mac, It's, I've, we've, don't, we're, they've, We've, We're Organizations: Service, University of Iowa, Business Locations: Greater Chicago

☆ I made over $500,000 last year, but I refuse to pay for my daughter's tuition. It's not a decision I made lightly.
▼ + stars: | 2024-05-30 | by ( Robin Madell | ) www.businessinsider.com time to read: +6 min

Despite this income, my husband and I have not agreed to — nor do we plan to — pay for the college tuition of our oldest daughter, a sophomore at the University of Iowa. If they spent our money on tuition, we'd need a say in that decision. This decision aligns with our commitment to avoid debt and maintain a healthy financial position, which benefits our entire family. Committing to paying for one child's college education means we must do the same for all of them to maintain fairness. Evaluating whether to pay for our kids' college tuition was a challenging decision, but it's rooted in our desire to foster autonomy, responsibility, and financial prudence.

Persons: —, Andrea Mac, It's, I've, we've, don't, we're, they've, We've, We're Organizations: Service, University of Iowa, Business, Investment Education Locations: Greater Chicago

☆ China's quest to turn the yuan into a global currency isn't actually driven by domination. It's about sanctions.
▼ + stars: | 2024-05-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

"Expanding the use of the renminbi in trade is less challenging than increasing its status as an international reserve currency," Liu wrote. The yuan faces challenges in its globalizationWhile the US and China's strategic competition points to a possible race for currency supremacy, the Chinese yuan is far from ready — and even Beijing knows that. AdvertisementHowever, capital controls are not necessarily a dealbreaker for the broader adoption of the yuan in trade, wrote Liu. It also shows it's not so easy to displace the mighty US dollar as the world's top reserve and trading currency of choice. A recent global survey of 1,660 enterprises showed that there is just not enough interest in using the yuan to trade.

☆ Why some full-time influencers are going back to their 9-to-5 jobs
▼ + stars: | 2024-05-30 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

Her success in monetizing her platform persuaded her to try full-time content creation in 2023. Hong Kong-based creator Anushka Purohit decided to dive into a corporate 9-to-5 job after graduating from college instead of becoming a full-time creator because of the perceived financial instability. "The idea of full-time content creation is often more glamorous than reality," she said. Nguyen also said she'll never go back to full-time content creation because of the financial instability. Being a full-time creator can also hurt your social-media brand if you compromise for the money.

Persons: —, influencer Maryam Salam, Adesh, hasn't, they've, Anushka Purohit, Purohit, Mitchie Nguyen, Instagram, Nguyen, she's, Salam, she'll, Maryam Salam, Maryam, Mariam Organizations: Service, Business, Salam, Google, Staples, RBC Locations: Canada, monetizing, Hong Kong, York, TikTok

☆ Some full-time influencers are diving back into the corporate world, citing a lack of structure, loneliness, and financial instability
▼ + stars: | 2024-05-29 | by ( Shriya Bhattacharya | ) www.businessinsider.com time to read: +6 min

Persons: —, influencer Mariam Salam, Adesh, hasn't, they've, Anushka Purohit, Purohit, Mitchie Nguyen, Instagram, Nguyen, she's, Salam, she'll Organizations: Service, Business, Salam, Google, Staples, RBC Locations: Canada, monetizing, Hong Kong, York, TikTok

☆ Stuck in a hellish loop: ALICE parents explain how they never have enough money to give their kids the life they want
▼ + stars: | 2024-05-25 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +10 min

He buys the cheapest toiletries and groceries he can find, and he can't afford mental health resources. Childcare costs remain an immense burden for Americans across the income spectrum, and it's a cost that particularly weighs on ALICE parents. They can't afford proper mental health and medical treatments, which are few and far between in their rural community. Even when ALICE parents can obtain assistance, it's often not enough to account for the realities they face. Many ALICEs find themselves in a neverending cycle, even as parents aspire for more for both themselves and their kids.

Persons: —, Ryan Arbuckle, Arbuckle, Louis, he'll, ALICE, he's, Stephanie Hoopes, United For ALICE, Georgia Kristin Musselwhite, William, it's, Kristin, William Musselwhite, Pennsylvania Joey Lovello, Beki, Joey, Uber, doesn't, I'm, They're, they're, April Schultz, Kevin, Schultz, John S, we're, John, she'll, Katelynn, Joey Lovello Organizations: Service, Business, United, United For, Federal Reserve, Medicaid Locations: St, Georgia, Pennsylvania, Bethlehem , Pennsylvania, Illinois, Dover , Delaware

☆ European banks in Russia face 'awful lot of risk', Yellen says
▼ + stars: | 2024-05-25 | by ( ) www.cnbc.com time to read: +2 min

Kent Nishimura | Getty ImagesU.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia's war effort. "We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia," Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed. Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. European Central Bank policymaker Fabio Panetta had clear instructions for Italian banks on Saturday telling reporters that lenders must "get out" of Russia because staying in the country brings a "reputational problem." Raiffeisen is the largest European lender doing business in Russia, followed by UniCredit.

Persons: Janet Yellen, Kent Nishimura, Yellen, Central Bank policymaker Fabio Panetta, Joe Biden's Organizations: Treasury Department, Getty, Treasury, Reuters, Bank International, Central Bank, UniCredit, United Arab Locations: Washington , DC, Russia, U.S, Italy, Ukraine, China, United Arab Emirates, Turkey

☆ 5 millennials who are on their way to financial independence share why they have no intention of retiring early
▼ + stars: | 2024-05-23 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

October, a speech-language pathologist for New York City Public Schools, started her journey toward financial independence a few years ago. October is one of many millennials who are working toward achieving financial independence, one of the main goals of the FIRE — financial independence, retire early — community. Some millennials who successfully achieved financial independence told BI that a traditional retirement is overrated. Advertisement"The whole time I've been thinking in terms of my financial independence as what I call single-player mode. She sees financial independence as an extension of her drive to fulfill passion projects.

Persons: —, Shelly, she'll, she's, She's, millennials, They're, Scott Rieckens, Millennials, Oz Chen, he's, Oz Chen He's, hasn't, I'm, Chen, Gabriela Ariza, Ariza, David, Jill Pawley, Jilly Pawley, they'll, they've, It's, Jill Organizations: Service, New York City Public Schools, Business, Neighborhood Assistance Corporation of America Locations: Yonkers, New York City, Los Angeles, Illinois, Chicago, Rockford, Haiti, Michigan

☆ Jamie Dimon is worried about how much the US is borrowing. Here’s why
▼ + stars: | 2024-05-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Major business leaders and economists are worried about America’s growing debt problem. Last week, JPMorgan CEO Jamie Dimon expressed fear that a crisis is looming and that unchecked deficit spending could explode. The big picture: Between the Trump-era tax cuts and Covid-era stimulus programs, the national debt has exploded in recent years. Trump Media (DJT) reported a loss of $327.6 million during the first three months of the year, compared with a loss of $210,300 a year earlier. The company generated just $770,500 of revenue, marking the second-straight quarter where its revenue totaled less than $1 million.

Persons: Jamie Dimon, ”, ” Dimon, “, Ray Dalio, Columbia Business School Glenn Hubbard, Joe Biden’s, Jason Thomas, Carlyle, ” Thomas, Hanna Ziady, Liz Truss, Treasuries, Hubbard, Thomas, it’s, Donald Trump, Matt Egan, Devin Nunes, Martin Gruenberg, Elisabeth Buchwald, ” Gruenberg, Sen, Sherrod Brown, Gruenberg, He’s, Cleary Gottlieb Steen, Gruenberg’s, Gruenberg Organizations: CNN Business, Bell, New York CNN —, JPMorgan, Sky News, Financial, Columbia Business School, United, CNN, IMF, Congressional, Office, Peterson Foundation, Treasury, Trump Media, Trump Media & Technology Group, Truth Social, Company, Big Tech, ” Trump Media, Federal Deposit Insurance Corporation, Senate Banking Committee, FDIC, Hamilton Locations: New York, Bridgewater, United States, —, United, United Kingdom

☆ ECB board member reportedly cautions against back-to-back rate cuts, cites 'risk of easing prematurely'
▼ + stars: | 2024-05-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

European Central Bank board member Isabel Schnabel warned against back-to-back rate cuts amid lingering inflation risks, Nikkei reported Friday, as the central bank gears for its June meeting amid expectations of a rate cut. While a rate cut in June could be warranted depending on incoming data and projections, things are less certain beyond that, Schnabel told Nikkei. "After so many years of very high inflation and with inflation risks still being tilted to the upside, a front-loading of the easing process would come with a risk of easing prematurely," the ECB board member added. Geopolitical tensions and policy uncertainty amid a slew of elections worldwide this year also pose risks to euro area financial stability, the ECB said in a recent financial stability review. The review, however, highlighted that financial stability conditions have improved.

Persons: Isabel Schnabel, Schnabel, Luis de Guindos Organizations: European Central Bank, Nikkei, ECB Locations: disinflation

☆ Economic outlook has improved but markets underestimate geopolitical risk: ECB's De Guindos
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic outlook has improved but markets underestimate geopolitical risk: ECB's De GuindosLuis de Guindos, vice-president of the European Central Bank, discusses the institution's latest Financial Stability Review and market perceptions of geopolitical risk.

Persons: De Guindos Luis de Guindos Organizations: European Central Bank

☆ Jamie Dimon and Ray Dalio sound the alarm on soaring US government debt
▼ + stars: | 2024-05-16 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The chorus of voices warning about the dangers of record US government debt is growing louder. In the past 24 hours, JPMorgan (JPM) CEO Jamie Dimon and Ray Dalio, founder of the world’s biggest hedge fund, have weighed in with concerns about America’s debt pile. Ray Dalio, the billionaire founder of Bridgewater Associates, during a Bloomberg Television interview in New York in April 2024. Dimon acknowledged that debt-fueled government spending, including pandemic stimulus, had been one of the reasons behind robust growth in the world’s biggest economy. Debt servicing costs have also soared, on the back of higher official interest rates, leaving less money for public services.

Persons: Jamie Dimon, Ray Dalio, Dimon, you’ll, Dalio, I’m, ”, Victor J, we’ve, ” Dimon, Liz Truss Organizations: London CNN, JPMorgan, Sky News, Treasury, Financial Times, International Monetary Fund, Congressional, Office, Bridgewater Associates, Bloomberg Television, Bloomberg, Getty, Treasury Department, IMF, US, Federal Locations: Russia, New York, America, Covid, United, United Kingdom

Thedieck, now 31, is still in the military, and has gotten an awful lot of what he's wanted ever since. Darren Thedieck, age 31, joined the Air Force at age 18. Saving on a military salaryThedieck was interested in saving and investing long before he joined the Air Force. Right now, though, the plan is for that money to provide a financial "cushion" for the family, Thedieck says. Instead of full retirement after military life, both he and Naudia plan to take off in a new direction.

Persons: Darren Thedieck wasn't, he's, Thedieck, He's, Darren Thedieck, Andrea Ferro, Naudia, Denmark —, he'll, — Warren Buffett, Benjamin Graham, Darren, That's, They're Organizations: CNBC, U.S . Air Force, Air Force, titans, Social Security, Service Credit Union, Apple, Disney, Netflix, Spotify, FIRE Locations: Las Vegas, England, South Korea, Germany, Aviano, Italy, Venice, Denmark, United States

☆ Markets underestimate geopolitical risk as raft of elections looms, ECB's De Guindos says
▼ + stars: | 2024-05-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

And simultaneously, we are referring to geopolitical risks. I think that, you know, markets sometimes are underestimating the potential impact of geopolitical risks that are there," Luis de Guindos told CNBC's Annette Weisbach. Rising geopolitical risks present "considerable downside risks," the ECB warned in the report. The report attributes the rally in financial markets to analyst expectations of interest rate cuts from major central banks this year. "And that's the element that you cannot ignore, you cannot overlook this potential impact that could affect risk aversion, risk attraction, commodity prices, growth, overall growth in the global economy."

Persons: Luis de Guindos, CNBC's Annette Weisbach, De Guindos Organizations: European Central Bank, Stock, U.S, ECB Locations: U.S, Europe, East, Ukraine

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