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In an interview with the Financial Times, CBO director Phillip Swagel said US government debt — which the Treasury Department puts at nearly $35 trillion — is on an “unprecedented” trajectory. UK government bonds, or gilts, and the pound sold off sharply, partly in response to plans by Truss to issue more debt in order to pay for tax cuts. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. He has promised to extend his 2017 tax cuts and has also spoken about reducing the corporate tax rate from the current 21% to 15%. “I will make the Trump tax cuts the largest tax cut in history,” he said last month at the Black Conservative Federation’s Honors Gala in South Carolina.
Persons: Phillip Swagel, Liz, , Truss, ” Swagel, Dave Ramsden, Donald Trump’s, Joe Biden, Fitch, , Trump Organizations: London CNN, Congressional, Financial Times, Treasury Department, CNN, Bank of England, Democrats, Trump, Black Conservative, US Treasury, Federal, CBO Locations: United States, United Kingdom, South Carolina
This year's meeting is being closely watched by Wall Street because of a planned discussion about whether to start letting team owners sell stakes to private-equity firms and other institutional investors. So who stands to benefit if the NFL owners agree to a rule change? AdvertisementThe sports investing experts who spoke to BI pointed to private-equity firms with established histories in sports investing, like Dyal HomeCourt, Arctos Partners, and RedBird Capital. Lutsky also thinks a rule change could prompt more financial industry newcomers to try to break into the world of sports investing. See BI's list of private-equity firms that could benefit from an NFL rule change, according to 6 finance experts and industry insiders, from bankers to investment advisors:
Persons: , Arun Muralidhar, Muralidhar, Tim Schlittner, Jonathan Lutsky, Lutsky Organizations: Service, NFL, Tennessee Titans, Forbes, Business, NBA, NHL, MLB, Mcube Investment Technologies, Drake Star Partners, BI, Arctos Partners, RedBird, Partners, Sports Locations: Orlando , Florida
Ryan Tan and Corinne Chow are a DINK couple in Singapore. AdvertisementThe couple is part of a growing group of DINK — double income, no kids — couples around the world. Advertisement"Now when we go on holidays, we have a bit more disposable income," Chow said. People in comments and on private messaging often thank her for creating content about not having children, she said. And I know not having children has contributed largely to that expense."
Persons: Ryan Tan, Corinne Chow, DINK, , Chow, Tan, DINK —, Singapore Chow, Corinne Chow Corinne Chow Chow, Port Ellen whiskeys, Glen Keith, Glen, Bihan Chen, I'm, Tiffany Wasiuk Organizations: Service, Consumer Finances Locations: Singapore, Port, Tokyo, China, Virginia, Tan
Read previewWhen Monique Gonzalez received her money from the San Antonio guaranteed basic income pilot, she bought school supplies, shoes, and Christmas gifts for her children. San Antonio is one of several cities nationwide piloting guaranteed basic income programs. Ingrid Sullivan, a participant with four children and three grandchildren, told UpTogether that basic income allowed her to secure housing and reliable transportation. San Antonio participants also told UpTogether that the GBI payments significantly improved their mental health. Have you benefited from a guaranteed basic income program in San Antonio or elsewhere?
Persons: , Monique Gonzalez, Gonzalez, UpTogether —, UpTogether, Ingrid Sullivan, Sullivan, GBI, Austin, Stephanie Hendon, she's, Jessica Nairns, Texas State Sen, Paul Bettencourt, John Gillette Organizations: Service, San Antonio, Business, Houston, Austin, Urban Institute, Texas State, Republican, House, Republicans Locations: San Antonio, Denver, Austin, Boston, Minneapolis, Durham, City, Antonio, Texas, Harris, City of Austin, Washington ,, Harris County, Dakota, Iowa, In Arizona, Arizona, Flint , Michigan
We decided to put off having children until we were both licensed clinical psychologists. I ended up getting pregnant naturally with my first child, but my second child was through IVF. Having kids in my late 30s was harder than I imaginedI wish I had frozen my eggs earlier. If you want to have kids at any point, set yourself up for successBefore having kids, ensure you have a strong support system, including the people around you and your habits. AdvertisementKids are expensive and it helps if you use the time leading up to having children to grow your financial health and set up your career.
Persons: Leslie Dobson, Dobson, , couldn't, should've, wouldn't Organizations: Service Locations: Hawaii
According to financial coach Hillary Seiler, you still need to spend less than you earn, even if that requires adjusting your budget. To make it from paycheck to paycheck, many are finding themselves spending more money and carrying credit card debt. "People never want to hear this one piece of advice, but it's important to spend less than you earn in any economic environment, but especially now." AdvertisementHere are three ways to start spending less than you earn:1. Review and adjust your spending habitsLook at how you spend your money. "You can earn more interest on your money now, and that will help it grow much quicker."
Persons: Hillary Seiler, Hilary Seiler, Seiler, doesn't Organizations: Business
Treasury Secretary Janet Yellen on Wednesday lauded President Joe Biden's investment in electric vehicles for accelerating the sector, even as the industry cools off from its yearslong hot streak. Yellen touted Biden's EV actions in Kentucky at a new $49 million EV battery factory built by Advanced Nano Products, a battery supplier that will receive tax credits from Biden's Inflation Reduction Act for the new clean energy facility. "It's part of a boom in EV-related investments in Kentucky," Yellen said. "The Biden Administration's policies and federal funds are fueling private sector investments." The secretary's EV bullishness comes as the private sector tempers its mood on all-electric vehicles.
Persons: Janet Yellen, Joe Biden's, Yellen, Biden, optimistically Organizations: Treasury, Financial, Washington , D.C, EV, Nano Products, bullishness, CNBC, Ford, General Motors, IRA Locations: Washington ,, Kentucky, EVs, Michigan
If you've spent any amount of time on social media apps like TikTok and Instagram, you're probably familiar with the seemingly endless stream of viral products popping up on your feed. And while something like a $45 Stanley Quencher cup or $25 bottle of COSRX Snail Mucin skin-care essence probably won't break the bank, regular, impulsive spending can seriously damage your finances if you're not careful. Americans spend hundreds on social-media driven impulse buysAmericans spend around $754 a year on spur-of-the-moment purchases made on social media platforms, according to Bankrate's September survey, the latest available data. While you shouldn't feel bad for treating yourself every now and then, you should be aware of how those purchases may be impacting your long term financial stability. How to get impulse spending under control
Persons: you've, Stanley Quencher, Gen Zers
Hillary Seiler works with NFL players to help them build solid financial habits and create wealth. AdvertisementPrioritize good credit so you can get the best interest rates and avoid obstacles to buying a home. Hillary Seiler, founder of Financial Footwork, helps clients improve their finances, including working with many NFL players to establish good financial habits and preserve their wealth. Seiler says the strategies she shares with NFL clients can be used by anyone to build wealth and financial stability. Prioritize a good credit scoreCredit has always been important, but now in a high interest rate environment, good credit is crucial.
Persons: Hillary Seiler, Seiler, Read Organizations: NFL, Business
Why private equity has been involved in every recent bank deal
  + stars: | 2024-03-06 | by ( Hugh Son | ) www.cnbc.com   time to read: +2 min
Greg Nash | ReutersThe $1 billion-plus injection that New York Community Bank announced Wednesday is the latest example of private equity players coming to the need of a wounded American lender. Led by $450 million from ex-Treasury Secretary Steven Mnuchin's Liberty Strategic Capital, a group of private investors are plowing fresh funds into NYCB. That happened to Silicon Valley Bank, whose failure to raise funding last year was effectively its death knell. On Wednesday, headlines around noon that NYCB was seeking capital sent its shares down by 42% before trading was halted. "With private deals, you can talk for a while, and we almost got to the finish line before there was any publicity."
Persons: Jerome Powell, Steven Mnuchin, Greg Nash, Steven Mnuchin's, Warburg Pincus, HomeStreet, Steven Kelly, NYCB Organizations: Financial, Treasury, Reuters, York Community Bank, Strategic Capital, Centerbridge Partners, FirstSun, Wellington Management, Yale Program, Silicon Valley Bank Locations: Rayburn, Washington , U.S, NYCB, PacWest, Banc, California, it's, Silicon
I wake up every day at 4 a.m. to get a couple hours of paid work before my daughter wakes up. I can't afford full-time childcare, so I have her with me some days of the week. I can usually get a couple of hours of paid work done before my daughter wakes up, then my attention shifts. We can’t afford full time childcare with our current income, even though we both need to work full-time hours. Our day care offers a sliding scale fee structure, which feels like a privilege, but it’s somehow also still unaffordable.
Persons: , Toni Morrison, I’m, doesn’t, it’s, we’ve Organizations: Service Locations: autopay
There's a party happening in stocks in 2024, and though investors may be reluctant, it could be time to think of taking a few chips off the table. My portfolio has recovered [from 2022],'" said Marguerita Cheng, certified financial planner and CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland. "I tell people we're not selling everything, but we need to give the portfolio the TLC it deserves – this is the fine-tuning of your portfolio," she added. Be tax aware: Investors may be wary of selling highly appreciated holdings within their taxable accounts, which can incur levies on capital gains. Cheng of Blue Ocean has been turning toward dividend payers, as well as small and midcap stocks.
Persons: There's, they're, Marguerita Cheng, it's, Morningstar, Carla Adams, , Sean Lovison, Cheng, Russell, Matson, – that's, It's, Jon Ulin Organizations: Nasdaq, Dow Jones, Netflix, Blue, Global Wealth, CNBC's, CFP, Ametrine, Investors, redeploy, Pfizer, Micron Technology, Holdings, Federal Reserve, Ulin, Wealth Management Locations: Gaithersburg , Maryland, Lake Orion , Michigan, Moorestown , New Jersey, SDVY, Boise, Boca Raton , Florida
None of that was true for her, but today she is part of a double-income, no-kids — or DINK — couple. AdvertisementWhile Michelle and her spouse's parents have been supportive, the couple still feels the weight of a culture that's oriented around having kids. There's also a familiar refrain — one that many DINKs come up against — that it's a selfish decision to forego having kids. AdvertisementShe thinks that being a DINK, and opting into it as a lifestyle choice, needs to be more normalized. Are you a DINK or someone grappling with the realities of a child-centric world?
Persons: Michelle, DINK, , Michelle didn't, DINK —, They've, She's, it's, Zachary P, Neal, Jennifer Watling Neal, childfree, There's, they're Organizations: Service Locations: DINKs, North Carolina, Europe, Orlando, NerdWallet
My rental in Palm Beach County, Florida, increased dramatically from 2021 to 2023, and it almost became unaffordable for one person. I pay less for my share of the house and have more spaceJohn fell sometime in 2022, and he lived in Daytona Beach, Florida. I began looking in Palm Beach County, and I couldn't touch anything. We also looked in Ormond Beach, Florida, but unfortunately, that didn't work — prices were too high. We looked in Melbourne, Florida, we looked in Palm Bay, we looked in Vero Beach.
Persons: , Elisa Ball, John, We've, would've, Elisa, we're, Lucie, Brad McGinley, I'm, haven't, Ball Organizations: Service, Business Locations: Palm Bay , Florida, America, Palm Beach County , Florida, , Daytona Beach , Florida, Palm Beach County, Jacksonville , Florida, Ormond Beach , Florida, Melbourne , Florida, Palm Bay, Vero Beach, Stuart, Port St, California
A February study from WalletHub examined the 100 largest US cities' levels of "financial distress." A February study from WalletHub, a personal finance company, examined the 100 largest US cities and calculated the level of "financial distress" for each. Interestingly, in an earlier WalletHub study that looked at financial distress at the state level, Arizona ranked just 16th least burdened. These cities' financial woes underscore the broader economic challenges, from unemployment to high living costs, that add stress to the residents' financial difficulties. How some cities are alleviating financial distressArizona's largest cities have become a model for financial stability in a post-pandemic economy, instituting policies designed to address recent financial hardships.
Persons: WalletHub, Gilbert, Chandler, Cassandra Happe, Christian Petersen, Happe Organizations: Arizona, Four Arizona, U.S . Census, Administrative, U.S ., Google, Scottsdale, Glendale, Business, Getty Locations: Chicago, Houston, New York, Arizona's, Four, U.S, Boise , Idaho, Arizona, Glendale, Scottsdale, Glendale , Arizona, Angeles, Dallas
AI is Uncle Sam’s new secret weapon to fight fraud
  + stars: | 2024-02-28 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
Starting around late 2022, the Treasury Department began using enhanced fraud-detection methods powered by AI to spot fraud, CNN has learned. Treasury’s AI-powered fraud detection recovered $375 million in fiscal 2023 alone, Treasury officials tell CNN, marking the first time Treasury is publicly acknowledging it is using AI to detect fraud. Instead, Treasury officials say the type of AI they are using falls more into the bucket of machine learning and Big Data. The goal is to move with such speed that anomalies are flagged and banks are alerted before fraudulent checks are ever cashed, Treasury officials said. Catching fraud in millisecondsAmiram Shachar, co-founder and CEO of cloud security startup Upwind, told CNN the federal government should “absolutely” use AI to detect fraud.
Persons: Sam, Sam’s, Fraudsters, Wally Adeyemo, , ” Shachar, Steph Curry Organizations: New, New York CNN, Treasury Department, CNN, Treasury, Data, Washington, Office, Business Administration, Social, Internal Revenue Service, IRS, Google, Facebook, Penny Jar, NBA, Mastercard Locations: New York, Banks, Washington, Hong Kong
Modi promised “a fresh start,” agreeing to meet the farmers’ demands and work with them to move forward. Police fire teargas to disperse farmers marching towards New Delhi during a protest at the Haryana-Punjab state border on February 21, 2024. It was a massive victory for the farmers, who pushed the Indian leader into a rare and uncharacteristic climbdown. The abject poverty and debt faced by many of India’s farmers has forced some to take extreme measures. “About 86% of Indian farmers are dependent on the markets.
Persons: Narendra Modi, Modi, , , Narinder Nanu, Devinder Sharma, Gurpreet, Prakash Singh, Arjun Munda, Sharma, ” Sharma, ’ Modi, Arati Jerath, Jerath, ” X Organizations: CNN, Police, Getty, Bharatiya Janata Party, BJP, Rapid Action Force, Bloomberg, Agriculture, India Brand Equity Foundation, country’s Department of Commerce, Farmers, “ Farmers, Roads Locations: New Delhi, Punjab, Haryana, AFP, Uttar Pradesh, China, India, Brazil, BJP, Pakistan, Bangladesh, Afghanistan, Shambhu, Patiala district
Read previewRunning a small business is challenging and securing funding is often a major hurdle. Given the high rates of small business failure linked to funding issues, it is apparent that financial preparation is key. I'm a financial planner, and I've identified seven documents that small business owners should have — especially if you need a small business credit card, grant, or a business loan. To ensure your small business is well-prepared to secure funding, it is essential to have the following financial documents in place. 1. Business credit reportUnderstanding and managing your business credit score is essential to secure funding.
Persons: , I've, Bradstreet, Dun & Bradstreet, DUNS, Experian Organizations: Service, Business, Dun &, Insurance Locations: Dun, Experian
The program provides $1,000 monthly to low-income families, who spent much of their payments on housing. She applied for the Austin Guaranteed Income Pilot, which gave 135 low-income families $1,000 monthly with funding from the City of Austin and philanthropic donations. An analysis by the Urban Institute think tank found that participants predominantly spent their $1,000 payments on housing and food. Still, the Austin pilot — and dozens of others nationwide — have not been entirely successful for every participant. I'm working, and when I got down here, I landed a job within a month," Hendon said.
Persons: Stephanie Hendon, , Austin, Jessica Nairns, Ivanna Neri, Hendon, bachelor's, Stephanie Hendon Stephanie Hendon, We're, didn't, I'm Organizations: Austin, Service, Urban Institute, Hendon Locations: Austin, City of Austin, Texas, Austin's, UpTogether, Detroit, Hendon, Michigan
Appointment cancellations and financial distress have become a constant at Bethesda Pediatrics, a nonprofit medical clinic in East Texas that is heavily dependent on Medicaid, the health insurance program for the poor. On a recent Monday, the mother of a toddler who had a primary care appointment broke down in tears after learning the child had just lost Medicaid coverage, wondering how she could pay the bill. Another mother told Dr. Danny Price, the clinic’s lead pediatrician, that she was afraid to get her child a flu shot because of the $8 fee she would have to pay now that the child had been dropped from Medicaid. A child with depression did not show up, most likely, Dr. Price presumed, because of having lost Medicaid coverage. The loss of coverage has not only affected families, but is also threatening the financial stability of vital components of the American safety net.
Persons: Danny Price, Price, , Kyu Rhee Organizations: Bethesda Pediatrics, Medicaid, National Association of Community Health Centers Locations: East Texas, Tyler , Texas, United States
The Financial Action Task Force (FATF) international crime watchdog on Friday added Kenya and Namibia to its 'grey list' of countries that need increased monitoring, due to inadequate curbs against money laundering and terrorism financing. "At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring," said the FATF in a statement. Kenya's Treasury had already said earlier on Friday that it had been put on the 'grey list'. A report from the FATF last year said Kenya mainly faced risks from flows of money linked to terrorism financing from both inside and outside its borders, while cryptocurrencies posed further risks. Namibia's Financial Intelligence Centre said earlier on Friday that putting Namibia on the 'grey list' could have negative impacts on Namibia's foreign direct investment.
Persons: Kenya's, cryptocurrencies Organizations: United Arab Emirates, Kenya's Treasury, Namibia's Financial Intelligence Centre Locations: Dubai, United Arab, Kenya, Namibia, Shabaab, Somalia, al Qaeda
Read previewFirst millennials were priced out of buying homes, and now they can't even afford their rent. In another recent video, Ora Hardesty tearfully said that for the first time ever she wouldn't be able to afford rent. "I don't have a lot of lavish things, I don't go on vacations, and I don't spend a lot." Rents are higher than ever, and millions of millennials are spending the majority of their paychecks on their housing. AdvertisementAccording to real-estate experts, millennials are in a perfect storm, tackling a slew of financial woes at once.
Persons: , Kaitlin Murray, she'd, it's, Ora Hardesty, Alana Lindsay, Coldwell Banker Warburg, Omer Reiner, Rashi Malhotra, Lee Davenport, Whoopi, Whoopi Goldberg Organizations: Service, Business, Coldwell Banker, BI Locations: Boston, New York, Savannah , Georgia, United States
China, Japan, and Italy are all battling dwindling birth rates — and their struggles are a reminder of an issue that could eventually become a problem for the US. Elon Musk, with his three-year-old son X AE A-Xii at the 2024 Super Bowl, thinks low birth rates pose a risk to civilization. Meanwhile, economists have warned for years about plunging birth rates in Italy . AdvertisementChina has also struggled to raise its birth rate. Congress has also played up the potential for immigration to boost the economy over the longer term.
Persons: , millennials, Zeds, Zers, you’ve, Marc Ostwald, That’s, Elon Musk, Musk, X, Rob Carr, Italy party’s, , ADM’s, Donald Trump, Joe Biden, , ” Ostwald, Martin Heinrich Organizations: Service, United Nations, Business, ADM Investor Services International, Congressional, Republican, Democrat, Economic Committee Locations: China, Japan, Italy, India, “ Japan
When Tiffany Wasiuk, 42, heard from her now-husband on their first date that he never wanted children, she was pretty much ready to marry him. “That was amazing that we actually met, and I found someone that never wanted children as well,” she said. The lifestyle choice has also meant a level of financial stability and preparedness that’s become a hallmark of DINKs. “And I know not having children has contributed largely to that expense.”AdvertisementLike many other DINKs, Wasiuk and her husband enjoy traveling. Her parents also had a boat at the marina, and they were able to join Wasiuk and her husband for boating adventures.
Persons: Tiffany Wasiuk, DINK, , , , who’s, that’s, that's, They've, I'm, Wasiuk, they’ve, we've, she’s, we'll, haven’t, It's Organizations: Service, Business, Consumer Finances, Wasiuk, Research Locations: Virginia Beach, Caribbean, Virginia
They maintain a modest budget by renting out their home, spending less, and embracing slow travel. We've since traveled across Europe, Mexico, French Polynesia, and most of the southern United States, all on a modest budget. AdvertisementAuthor and her husband both left teaching and are fulfilling their lifelong travel dreams. We've found that balancing frugal living and quality of life is key to living out our worldschooling dreams while maintaining financial stability. By living out my travel dreams, I'm showing my children, especially my daughter, that your dreams shouldn't die when you become a mom.
Persons: Beth McCarter, , I'm, that's, I'd, we're, We've, I've, isn't, COVID, worldschooling, Worldschooling isn't Organizations: Service, Travel, Disney, slobbery bulldogs Locations: Tahiti, Europe, Mexico, French Polynesia, United States, Texas, France, Asia
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