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☆ Living on $48K a year freelancing in NYC
▼ + stars: | 2023-06-30 | by ( Lauren Shamo | Cheyenne Devon | ) www.cnbc.com time to read: 1 min

This is a Gen Z episode of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.What's your budget breakdown? We're looking for stories from all ages, not just millennials! Share your story with us for a chance to be featured in a future installment of Millennial Money: https://cnb.cx/3OxbJ71

Organizations: CNBC

☆ Why this self-made millionaire still drives the 18-year-old car he bought in 2005: I only 'spend extravagantly' on things I love
▼ + stars: | 2023-06-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

You allow yourself to spend more on the things you enjoy by spending less things you don't necessarily care about, he explains. "I spend extravagantly on the things I love, but I cut way back mercilessly on the things I don't," he says. Basically, turning your "money dial" down in certain areas allows you to turn it up in others. Rather than solely focus on depriving yourself, this approach allows you to zoom in on the things you love and spend freely in those areas. But it also means cutting back on the less important things.

Persons: Sethi, Ramit Sethi, Rich, —, we're Organizations: CNBC, Honda Accord

☆ How much Americans in their 20s need to save each month to retire at 60 with $1.2 million
▼ + stars: | 2023-06-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On average, Americans in their 20s think they'll need about $1.2 million to retire to retire comfortably, according to Northwestern Mutual's "2023 Planning and Progress Study." That may seem a long way away from $1.2 million, but younger investors have time on their side when it comes to saving for retirement thanks to the power of compounding interest, investing experts say. Gen Z workers, those aged 20 to 26, expect to retire by the age of 60 — the soonest of the generational cohorts, Northwestern Mutual's study reveals. While that's a little earlier than the average retirement age of 62, it's still feasible. CNBC calculated how much someone in their 20s would need to put away each month to retire with $1.2 million at the age of 60, as well as the income level they'd need to reach in order to accomplish at a savings rate of 10% or 15%.

Persons: they've Organizations: Northwestern, CNBC Locations: Northwestern

☆ ChatGPT probably won’t help you beat the stock market—but it can assist investors in other ways, says CFP
▼ + stars: | 2023-06-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

But letting AI build your portfolio probably isn't the best investment strategy anyway. Boneparth himself put ChatGPT's financial acumen to the test and says the results weren't great. After informing ChatGPT of this, it tried to correct the error but didn't necessarily pull the right information, he says. However, Boneparth says he was impressed by how close ChatGPT came to achieving what he asked. People who use AI tools like ChatGPT for financial advice may misunderstand the current capabilities and limitations of these tools.

Persons: Gen Zers, Douglas Boneparth, Boneparth, ChatGPT, hasn't Organizations: CNBC

☆ Six-figure earners are flocking to Florida—those coming from NYC or San Francisco could save up to $200,000
▼ + stars: | 2023-06-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Americans who are making six-figure incomes and looking to make their dollars stretch even further are flocking to Florida. The Sunshine State has gained the largest number of high-income workers who make at least $200,000, according to SmartAsset's most recent analysis. Florida's lack of state income tax also means high-earners are typically taxed less there compared to other metro areas around the country. High earners living in San Francisco could save around 24% of their salaries by moving to Miami, SmartAsset's study reveals. Here's how much money someone making between $150,000 and $650,000 can save by moving from San Francisco or Chicago to Miami, according to SmartAsset.

Organizations: The Sunshine State, Bureau of Labor Statistics, Fort, San, Sunshine State . Locations: Florida, Miami, Manhattan, New York, United States, Fort Lauderdale, West Palm Beach, San Francisco, Chicago

☆ Here's how much Americans in their 30s have in their 401(k)s
▼ + stars: | 2023-06-18 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Instead, keep this key number in mind: your retirement savings rate, which is the percentage of your income you're contributing to your 401(k). As a younger worker, time is on your side when it comes to saving for retirement, Cheng says. If you're in your 30s, your income is likely to increase as you get older, which can allow you to make larger contributions to your retirement savings over time. 1 best piece of advice for regular investors, do's and don'ts and three key investing principles into a clear and simple guidebook. CHECK OUT: Here’s how much Americans have in their 401(k)s at every age

Persons: Marguerita Cheng, Cheng, Warren Buffett Organizations: Fidelity Investments, CNBC, Blue, Wealth, Fidelity

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

☆ Americans owe nearly $1 trillion in credit card debt—here's the breakdown by age
▼ + stars: | 2023-06-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Americans now hold a record amount of credit card debt — nearly $988 billion, according to the Federal Reserve Bank's latest data. On average, Americans carry around $5,733 in credit card debt, according to TransUnion's latest report. "Gen Xers can be especially squeezed by credit card debt because they're living expensive years right now," Ted Rossman, senior industry analyst at Bankrate.com, told CNBC in January. Here's the average amount of credit card debt Americans hold at every age, according to TransUnion. How to start paying down your credit card debt

Persons: Michele Raneri, TransUnion's, Ted Rossman, Bankrate's Organizations: Federal Reserve, TransUnion, CNBC Locations: TransUnion's

☆ Here’s how much Americans have in their 401(k)s at every age
▼ + stars: | 2023-06-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Gen Z's retirement savings have grown more than any other generational cohort over the past year, Fidelity Investment's latest retirement analysis reveals. Fidelity defines Generation Zers as those born between 1997 and 2012. The average 401(k) balance for a Gen Zer is about $7,100, as indicated by Fidelity data provided to CNBC Make It — significantly higher than the cohort's median 401(k) balance of $2,500. This disparity isn't unique to Gen Z: Americans' average overall 401(k) balance is $108,200, compared to a median of around $23,700. Here's how much Americans have saved in their 401(k)s by generation, according to Fidelity:

Persons: Gen, Gen Zers, It's Organizations: Fidelity, CNBC

☆ Nvidia is worth nearly $1 trillion—here’s how much you’d have if you invested a decade ago
▼ + stars: | 2023-06-01 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

When it crossed that threshold, Nvidia momentarily became the fifth publicly traded U.S. company to surpass the $1 trillion mark. What Nvidia's rise means for investorsOn May 25, Nvidia reported first-quarter earnings for its fiscal 2024, which were better than expected. The company reported revenue of $7.19 billion for the quarter, beating the $6.52 billion analysts predicted, according to Refinitiv consensus estimates. Nvidia reported adjusted earnings per share of $1.09, which surpassed the $0.92 analysts expected. Nvidia shares have risen a little over 159% since the start of the year as of the close of trading on May 31.

Organizations: Nvidia, Wall, U.S, Apple, Microsoft, Research Locations: Santa Clara , California

☆ AI is the latest buzzword in tech—but before investing, know these 4 terms
▼ + stars: | 2023-05-26 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

ChatGPT, the viral chatbot that generates conversational responses to written inputs from users, has made artificial intelligence (AI) the latest buzzword in tech. AI took center stage at Google's annual developer's conference on May 10, where the company announced that its search engine would incorporate AI in order to synthesize search results for users. The company also plans to integrate AI into Gmail to help users write emails. The company has also infused its popular Microsoft 365 apps, including Word and Excel, with a new set of AI features dubbed "Copilot." Here are four AI terms to know.

☆ From Amazon to Wendy's, how 4 companies plan to incorporate AI—and how you may interact with it
▼ + stars: | 2023-05-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Artificial intelligence is no longer limited to the realm of science-fiction novels — it's increasingly becoming a part of our everyday lives. AI chatbots, such as OpenAI's ChatGPT, are already being used in a variety of ways, from writing emails to booking trips. In fact, ChatGPT amassed over 100 million users within just months of launching. AI's boom in popularity has many companies racing to integrate the technology into their own products. Here are four companies that are already utilizing AI's capabilities and how it may impact you.

☆ The 10 worst U.S. states to retire in
▼ + stars: | 2023-05-13 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

But it may not be the best state to spend your post-work years. Kentucky ranks as the worst state to take up retirement in 2023, according to a WalletHub study. WalletHub ranked all 50 U.S. states based on three key categories: affordability, quality of life and health care. That means that even if a state ranked highly in one category, a much lower ranking in another category could lower its overall position. Here are the 10 best and worst states to retire in 2023, according to WalletHub:

☆ Your credit card debt is probably about to get more expensive—here’s why
▼ + stars: | 2023-05-11 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The Federal Reserve's latest interest rate hike means your credit card debt will likely get more expensive to pay off if you carry a balance month to month. However, it's rare that you'll receive a credit card with that interest rate. Typically, credit card interest rates are much higher to account for the costs incurred by the card issuer and the risk of some cardholders not paying back their debt, Rossman says. Currently, the average credit card annual percentage rate (APR) is about 22% for new offers and 20% for existing accounts, according to WalletHub's "Credit Card Landscape Report." Tips for tackling credit card debt

☆ Here’s how much money you’d have if you invested $1,000 in Disney 10 years ago
▼ + stars: | 2023-05-11 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Disney is bringing back two fan favorites in order to "improve the guest experience" at its Florida parks, the company said. Starting Jan. 9, 2024, date-based tickets, the Walt Disney World Resort's standard ticket option, will no longer require guests to make an additional reservation at specific theme parks. However, a theme park reservation may still be required for other admission types, including non-dated tickets, Disney said. Additionally, beginning Jan. 9, 2024, Disney is bringing back its popular dining plan option for guests who stay at Disney Resort hotels and purchase vacation packages with the company. Theme parks accounted for about $5.5 billion of that revenue.

☆ Charlie Munger is skeptical of AI: 'Old-fashioned intelligence works pretty well'
▼ + stars: | 2023-05-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Billionaire investors Warren Buffett, 92, and Charlie Munger, 99, aren't hopping onto the artificial intelligence (AI) hype train. "I'm personally skeptical of some of the hype that has gone into artificial intelligence," Munger said. Buffett has previously questioned whether AI technology like ChatGPT is beneficial to society, but also said the technology is outside of his area of expertise. Munger has previously regarded artificial intelligence as a "mixed blessing." "Artificial intelligence is not going to cure cancer," he added.

☆ Mark Cuban says the potential impact of AI tools like ChatGPT is 'beyond anything I’ve ever seen in tech'
▼ + stars: | 2023-05-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Billionaire Mark Cuban believes artificially intelligent (AI) chatbots like Open AI's ChatGPT are still in the beginning stages of development. But the potential impact of this new technology is "beyond anything I've ever seen," he tells CNBC Make It. On Monday, Cuban compared ChatGPT's debut to the introduction of HTML in the early days of the Internet in a tweet. "Everyone knew it would be impactful, but we made it seem far more complicated that it was," Cuban said of HTML. It's the basic coding language used to build websites and determine how they appear to users.

☆ Florida is the No. 1 U.S. state retirees are moving to—here's where else they're going
▼ + stars: | 2023-04-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Retirees are flocking to Florida. The Sunshine State saw a massive influx of residents over 60 in 2021, according to a recent SmartAsset study. The study defines retirees as Americans aged 60 and older, although SmartAsset notes that not all Americans over 60 are retirees. SmartAsset calculated each state's net migration by subtracting the number of people over 60 who moved out of a state from the number who moved in. Here are the top 10 states retirees moved to in 2021, according to SmartAsset.

Bitcoin officially launched in 2009, and now, 14 years later, over 15,000 digital coins make up the cryptocurrency market, according to crypto.com. Although the industry was once valued at around $3 trillion, the crypto market lost a little over $2 trillion in value in 2022 in what has been dubbed "crypto winter." Last year, a string of high-profile crypto companies filed for bankruptcy, and FTX, a crypto exchange platform that was once valued at $32 billion, collapsed. As of April 25, its price hovered around $28,000, far below the $68,000 it reached at its peak in November 2021. Test your knowledge with CNBC Make It's Crypto 101 quiz.

☆ The No. 1 mistake this self-made millionaire sees first-time investors make: Your money is in 'financial purgatory’
▼ + stars: | 2023-04-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

However, there's a common mistake she sees many beginners make: not actually investing their money. "If you just put your money into something like a Roth IRA or a 401(k), it's in financial purgatory," she says. After setting up your Roth IRA with an online broker and making contributions to the account, investors need to actually invest that money in something, such as an index fund or a target-date fund. "It's like a gift card," Dunlap explains. "You put money on a gift card and then you have to go buy things."

☆ Here’s how much money you'd have if you invested $1,000 in the S&P 500 a decade ago
▼ + stars: | 2023-04-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

During the Berkshire Hathaway annual meeting in 2020, billionaire and legendary investor Warren Buffett told the audience, "in my view, for most people, the best thing to do is own the S&P 500 index fund." The trick is to essentially buy all the big companies through the S&P 500 and to do it consistently and to do it in a very, very low-cost way," he told CNBC in 2017. The S&P 500 is a market index that tracks the stock performance of around 500 large-company U.S. stocks, including Amazon, Google parent company Alphabet, Meta and Visa. While the index is not immune to overall market downturns, long-term investors have historically earned a nearly 10% average annual return. Here's how much you'd have now if you'd invested $1,000 in the S&P 500 about one, five and 10 years ago:

☆ Taylor Swift sidestepped FTX lawsuit by asking a simple question—investors can use the same strategy to avoid potential scams
▼ + stars: | 2023-04-20 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

When it comes to making business decisions, Taylor Swift does her due diligence all too well. Before inking the deal, Swift asked FTX representatives a simple question: "Can you tell me that these are not unregistered securities?" Adam Moskowitz, one of the attorneys leading a class-action lawsuit against FTX's celebrity endorsers, said during an episode of "The Scoop" podcast. The lawsuit claims that FTX's high-profile promoters didn't properly research FTX before participating in the "offer and sale of unregistered securities in the form of yield-bearing accounts ('YBAs')." Swift was one of only a few celebrities to question the exchange, Moskowitz says on the podcast.

This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.

☆ The 10 best states to retire in—and Florida isn't No. 1
▼ + stars: | 2023-04-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Move over, Florida, a new locale ranks as the best state to retire in. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's "2023's Best States to Retire" study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care. A state's overall retirement friendliness was based on its total score across all three categories. CHECK OUT: The 10 most expensive U.S. states to retire in — California didn’t make the list

☆ 75% of Americans don't trust crypto—and nearly half of traders say their investments have performed worse than expected
▼ + stars: | 2023-04-14 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans don't have a lot of faith in cryptocurrency. About 66% of U.S. adults under 50 who are familiar with crypto aren't confident in its reliability and safety, the survey found. What's more, American crypto traders feel their investments haven't performed as well as they had hoped, according to Pew's survey. About 45% of respondents say their investments have actually done worse than they expected. While 30% say their investments have performed as expected, only 15% say their investments have performed better than anticipated.

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