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☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

☆ IRS aims to close 'inequity gap' for unpaid taxes. How the agency targets top earners for audit
▼ + stars: | 2024-02-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. The tax gap, or the difference between taxes owed and paid, was an estimated $688 billion for tax year 2021, the IRS reported in October. Instead, profits flow through to the business owners' tax returns. Other 'red flags' for higher earnersIn addition to complex partnerships, the IRS is watching for other "red flags" from higher earners, according to Hylton. Another area of for increased audits could be estate and gift tax returns, particularly those using "aggressive valuation discounts" for assets, Hylton said.

Persons: Daniel Werfel, Chip Somodevilla, Danny Werfel, Werfel, Eric Hylton, Hylton, Colin Walsh, Baker Tilly, Baker Organizations: Senate, IRS, Alliantgroup Locations: U.S, Hylton, Puerto Rico

☆ Millennial millionaires are maxing out an investment account that offers a triple tax benefit. Here's how it works and who's allowed to open one.
▼ + stars: | 2024-02-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

BI verified the Schlagbaums' net worth by looking at account screenshots and a copy of their personal balance sheet. The Schlagbaums max out their HSA but don't touch the money so it can grow and compound over time. After 65, you can use your HSA money to cover any expense without incurring a penalty, but the funds are subject to income tax. While they technically can use their HSA funds for medical costs, they opt not to touch that money so it can grow. Like the Schlagbaums, the Keyses could use their HSA funds for their medical costs, but they prefer to pay out of pocket with their cash flow so their HSA funds can remain untouched.

Persons: —, Brennan Schlagbaum, Erin, Brennan, Erin Schlagbaum, HSAs, It's, Schlagbaum, Lauren, Steven Keys, I'm Organizations: Service, Business, Medicare

☆ CNBC Daily Open: A bumpy ride to beating inflation
▼ + stars: | 2024-02-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 31, 2024. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street reboundsU.S. stocks climbed on Wednesday as Wall Street rebounded modestly from the previous session when hotter-than-expected inflation data tanked stocks. [PRO] Berkshire Hathaway's secret betsWarren Buffett's Berkshire Hathaway once again asked regulators to keep its new stock buys a secret.

Persons: Jerome Powell, Dow, Andrew Amolis, that's, Warren Buffett's Berkshire Hathaway Organizations: Federal Reserve, New York Stock Exchange, CNBC, Nasdaq, Henley & Partners, Wealth, Cisco, Berkshire Hathaway's Locations: New York City, U.S, Omaha

☆ CNBC Daily Open: Inflation fight may go down bumpy path
▼ + stars: | 2024-02-15 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's nominal GDP in 2023 totaled 591.48 trillion yen ($4.2 trillion) while Germany's reached 4.12 trillion euros ($4.46 trillion) in the same period. "The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally," Andrew Amolis, wealth analyst at New World Wealth told CNBC. [PRO] Asia's top picksMorgan Stanley has some stock ideas for February which offer what the bank calls "alpha" opportunities.

Persons: Topix, Dow, Germany's, Andrew Amolis, Morgan Stanley Organizations: CNBC, Nikkei, Nasdaq, Henley & Partners, Wealth, Taiwan Semiconductor Manufacturing Company, Nvidia, Apple, Alpha Locations: Asia, Japan, Germany

☆ BRICS nations to see highest surge in millionaire count over the next decade — exceed the rise in G7 countries
▼ + stars: | 2024-02-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Millionaire count in the BRICS countries — which together hold $45 trillion in investable wealth — is forecast to rise by 85% over the next 10 years, the investment migration consultancy noted in its report published in partnership with global intelligence firm New World Wealth. The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally. "The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally," Andrew Amolis, wealth analyst at New World Wealth told CNBC. The UAE followed in third place with a 77% wealth growth. Other members in the BRICS coalition, such as South Africa and Iran, have seen a decline in their millionaire populations since 2013.

Persons: Michel Temer, Vladimir Putin, Xi Jinping, Jacob Zuma, Narendra Modi, Andrew Amolis, Dominic Volek Organizations: India's, United, Henley & Partners, Wealth, CNBC, Amolis, European Union, Henley, Partners, UAE Locations: South, Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, United Arab Emirates, Saudi Arabia, Canada, France, Japan, Italy, U.S, United Kingdom, Southeast Asia, UAE

Gavin Newsom said would transform the outdated mental health system and address the ongoing homelessness crisis. Revenue from the tax, now between $2 billion and $3 billion a year, has mostly gone to counties to fund mental health services as they see fit under broad guidelines. It provides about one-third of the state's total mental health budget. Mental health treatment programs and support services such as rental assistance and vocational programs for this population also would see a boost. Opponents of the proposition include mental health and disability rights groups, the Howard Jarvis Taxpayers Association and the League of Women Voters of California.

Persons: Gavin Newsom, it's, Scott Kennelly, Newsom, Howard Jarvis Organizations: —, Democratic Gov, Butte County Behavioral, National Alliance, Mental, Howard, Howard Jarvis Taxpayers Association, League of Women Voters of Locations: SACRAMENTO, Calif, — California, Butte County, California, League of Women Voters of California

In 2004, voters approved legislation that imposed a tax on millionaires to finance mental health services, generating $2 billion to $3 billion in revenue each year that has mostly gone to counties to fund mental health programs as they see fit under broad guidelines. San Francisco Mayor London Breed said she supports the measure. The 14-year-old center with a mission of breaking the cycle of trauma in the Black community relies heavily on mental health funding from the county. The state needs some 8,000 more beds to treat mental health and addiction issues, according to researchers who testified before state lawmakers last year. “From a humanitarian and civil rights perspective, we vehemently oppose Proposition 1,” said Mark Salazar, executive director of Mental Health Association of San Francisco, which serves more than 15,000 people monthly.

Persons: Gavin Newsom, Newsom, San Francisco Mayor London Breed, Tiffany McCarter, —, McCarter, “, ” McCarter, haven't, ”, Mark Salazar, ” Mark Cloutier, Joe Wilson, Anthony Hardnett, “ You’ve, ” Hardnett, ” Kalkowski, “ I’ve Organizations: — Democratic, — Democratic California Gov, San Francisco Mayor London, Cultural Center, Democratic, University of San, Housing Initiative, Mental Health Association of San, House, Sixth, 6th Street Center, Youth Locations: OROVILLE, Calif, — Democratic California, Butte, San Francisco, Butte County, Oroville, California, United States, Mental Health Association of San Francisco, Tenderloin, Chico

☆ Wealthy Californians are ditching the state for the 'Beverly Hills of Arizona'
▼ + stars: | 2024-02-13 | by ( Kelsey Vlamis | Jordan Pandy | ) www.businessinsider.com time to read: +6 min

The cofounder of Saints Capital previously lived in San Francisco with his wife, who also works in venture capital, and had a second home in Napa. AdvertisementSawyer is one of many Californians who swapped Silicon Valley for Paradise Valley. Paradise Valley, which has been called by some the “Beverly Hills of Arizona,” is nestled into the desert hills between Phoenix and Scottsdale in Maricopa County. An aerial shot of the golf courses and swimming pools of Paradise Valley, Arizona. Tim Roberts Photography/ShutterstockOf the more recent wealthy out-of-state movers coming to Paradise Valley, Levinson said the No.

Persons: —, Ken Sawyer didn’t, ”, Sawyer, Joan Levinson, Muhammad Ali, Stevie Nicks, Bennett Dorrance, Campbell, Bruce Halle, Tim Roberts, Levinson, ” Sawyer, Kelly Jones, ” Jones, That's, Jones, “, ” Taylor Graber, Amelia, San Diego —, Taylor, Amelia Graber, Taylor Graber, Francisco, There’s, it’s Organizations: Service, Saints Capital, Business, Street Journal, Discount Tire, Arizona ., BI Locations: California, San Francisco, Napa ., Napa, Colorado, Paradise Valley , Arizona, Paradise Valley, Santa Clara County, Silicon, Arizona, Maricopa County, Santa Clara, Paradise, Beverly Hills of Arizona, Phoenix, Scottsdale, Los Angeles, Orange, Arizona . Los Angeles County, “ California, Scottsdale , Arizona, San Diego, Austin, Miami

☆ Wheely, Uber's luxury competitor, launches in Dubai to take on the UAE's dominant player
▼ + stars: | 2024-02-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The company, founded by Russian-Swiss entrepreneur Anton Chirkunov, told CNBC it will offer rides in the United Arab Emirates city starting Wednesday, catering mainly to wealthy clients. "European families and entrepreneurs have been moving to Dubai in the last five years," Chirkunov told CNBC in an interview ahead of the launch. Wheely's platform is tailored more toward mass market usage, however, and Chirkunov thinks his platform has an opportunity to stand out. He compares the Wheely brand to the American Express Centurion and Platinum membership credit cards in terms of brand status. Wheely plans to expand its Middle East team and chauffeur network to over 1,000 in the next three to five years, the company told CNBC exclusively.

Persons: Shariff, Covid, Anton Chirkunov, Wheely, That's, Mercedes, Chirkunov, it's, chauffeurs, Duke of Northumberland, Covid lockdowns Organizations: Russian, CNBC, United Arab Emirates, BMW, Benz, Tesla, American Express, Mercedes, East, Companies Locations: Dubai, Swiss, Europe, London, Mayfair, City of London, Wheely, Paris

☆ Meet the typical millionaire: They're over 55, have a house worth nearly 7 figures, and are probably moving to Scottsdale
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +1 min

They're also flocking to cities like Austin, Scottsdale, and Miami. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Probably lots of Americans — but members of the rarified club are likely to be white, older, and college-educated. They're also making a return to New York City after a pandemic hiatus, as lower-earning New Yorkers decide to leave.

Persons: They're, — Organizations: Service, New, Wall Street, Federal Reserve Bank's Survey, Consumer, Business Locations: Austin, Scottsdale, Miami, New York City, America

The Congressional Budget Office in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by $180.4 billion from 2022 to 2031. The IRS now says that if IRA funding is restored, renewed and diversified, estimated revenues could reach as much as $851 billion from 2024 to 2034. However, House Republicans built a $1.4 billion reduction to the IRS into the debt ceiling and budget cuts package passed by Congress last summer. IRA funding "is enabling the IRS to reverse this trend,” Leiserson said. The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.

Persons: Joe Biden's, Lael Brainard, Brainard, Greg Leiserson, Leiserson, — Organizations: WASHINGTON, IRS, Treasury Department, Democrats, Congressional, Office, Republicans, Congress

☆ Vermont is debating a 'millionaires tax.' Massachusetts added $1 billion to its budget and paid for school lunches with a similar tax.
▼ + stars: | 2024-02-04 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

Vermont lawmakers are debating a 3% tax on people who make more than $500,000. Massachusetts added $1 billion to its budget with a similar tax last year. In Massachusetts — the most recent state to adopt one — taxing the rich added $1 billion to the state budget in 2023 and helped provide the state's public school students with free school lunches (and breakfasts, too). About half the money earned from the tax went to education, while the other half went toward transportation, city officials said. State lawmakers introduced a law that, if passed, would place a 3% tax on people with adjusted gross income of more than $500,000.

Persons: —, Emilie Kornheiser, Kornheiser, Joe Biden, Biden's Organizations: Service, New Jersey ., ABC News, Representatives, Republicans Locations: Vermont, Washington, Massachusetts, Maine , Massachusetts, California , Connecticut , New York, New Jersey, New Jersey . Washington

☆ A private celebrity chef shares the No. 1 thing her A-list clients request when they're under the weather
▼ + stars: | 2024-01-30 | by ( Renée Onque | ) www.cnbc.com time to read: 1 min

If you're feeling under the weather and looking for a quick meal to help you get better, you may want to consider one that millionaires seem to love. Private celebrity chef Brooke Baevsky cooks for A-list celebrities, pro-athletes and even royals in Beverly Hills. More commonly known as "Chef Bae" on social media, Baevsky tailors her meals to her clients' needs; sometimes that means considering foods that will give their immune systems a boost if they fall sick between premieres and awards shows. DON'T MISS: A private celebrity chef in Beverly Hills shares what her millionaire clients eat in a weekHere is the No. 1 meal Baevsky turns to when her celebrity clients are sick.

Persons: Brooke Baevsky, Bae Locations: Beverly Hills

☆ IRS set to launch its free tax filing pilot program
▼ + stars: | 2024-01-25 | by ( Katie Lobosco | ) edition.cnn.com time to read: +6 min

Washington CNN —When tax filing season opens on January 29, some taxpayers will have the option of filing their 2023 federal tax returns with a brand new, government-run system. The law required the IRS to complete a cost and feasibility study about developing a free, electronic tax filing system, which it released in May. If the pilot program is successful, Direct File could eventually rival competing services in the private market. This screenshot shows the Internal Revenue Service's free tax filing pilot. It offers step-by-step guidance, in both English and Spanish, to taxpayers filing their federal tax returns by posing questions about their income and tax situations.

Persons: Danny Werfel, haven’t, Biden Organizations: Washington CNN, IRS, Democrat, Congress, Internal Revenue, Social Security, Taxpayers, Republicans Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming

☆ 41-year old CEO and mom: I’m the first millionaire in my family—here are 3 things I’m still frugal about
▼ + stars: | 2024-01-23 | by ( Rachel Rodgers | ) www.cnbc.com time to read: +2 min

Rachel Rodgers is the founder and CEO of Hello Seven and the author of "We Should All Be Millionaires." As my clients began asking for more wealth building advice, the firm evolved into a coaching business. Today, I'm a mom of four, wife, CEO and multimillionaire. As a Black woman, I've created generational wealth for my kids and their kids. I could afford something more expensive, but I know the memories we'll have during this trip will be priceless.

Persons: Rachel Rodgers, I'm, I've, — it's, Bethany, We'll Locations: Hawaii

☆ The life and activism of Abigail Disney, the millionaire heiress who wants to be taxed more and is critical of her family company
▼ + stars: | 2024-01-21 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +1 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Disney, who is the grandniece of Walt Disney, is one of the most vocal supporters of higher taxes for the wealthy among the wealthy themselves. Disney was not immediately available for comment when contacted by Business Insider. Here's a closer look at the life, career, and activism of Abigail Disney:

Persons: —, Abigail Disney, they're, Disney, Walt Disney, She's, Here's Organizations: Service, Business

☆ Bill Gates thinks the super-wealthy should pay more tax – and plenty of rich people agree
▼ + stars: | 2024-01-20 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Bill Gates wants ultra-wealthy individuals to pay more tax — and now a growing chorus of billionaires agree. Gates doubled down on his calls to tax the rich in a panel at the World Economic Forum in Davos this week. It seems others agree, as more than 250 ultra-wealthy people signed an open letter calling for global leaders to impose a wealth tax. "Our request is simple: we ask you to tax us, the very richest in society," the letter says. The open letter's signatories includes Abigail Disney , whose grandfather Roy O. Disney cofounded The Walt Disney Company.

Persons: Bill Gates, Gates, Abigail Disney, Roy O, Disney, Brian Cox, Valerie Rockefeller, Rockefeller Organizations: Service, Business, Microsoft, Economic, Walt Disney Company, Patriotic Millionaires, Patriotic Millionaires UK, TaxMeNow, Humanity, Oxfam, Boeing, Disney Locations: Davos, California, New York

LA QUINTA, Calif. (AP) — The PGA Tour is back on the mainland in the Palm Springs area, where the mandate is always to go low. “I feel like the easier courses on tour, you can’t really get behind, just because it’s so much harder to catch up,” top-ranked Scottie Scheffler said Wednesday. “You can make two, three, four, five birdies in a row out here, but when you’re making pars, you’re feeling like you’re falling behind. Whitney, who made his first PGA Tour cut at this event in 2018, is starting his first full year on tour. “I know the scores will be low, but you’ve still got to play really well,” Lee said of The American Express.

Persons: mettle, Scottie Scheffler, can’t, You’ve, Bob Hope, Woods, Patrick Cantlay, Si Woo Kim, “, ”, Cantlay, you’ve, Xander Schauffele, Jon Rahm isn't, Justin Thomas, GUY, Tom Whitney, La Quinta High School . Whitney, ” Whitney, I’ve, Min Woo Lee, Aussie, ” Lee, Jon Rahm, it’s Organizations: American Express, PGA West, Quinta, U.S, Bob Hope Desert, Hollywood, UCLA, Southern, LIV, GUY All, Air Force, La Quinta High School ., PGA Tour, Los Angeles Country Club, The American Express Locations: QUINTA, Calif, Palm Springs, Hawaii, Long Beach, Las Vegas

☆ The American Dream is 'rapidly diminishing,' Walgreens boss says in plea to raise taxes for the wealthy
▼ + stars: | 2024-01-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Walgreens Boots Alliance's executive vice president, John Driscoll, penned a letter asking lawmakers in the US and abroad to tax the wealthy. Driscoll echoed the pleas of entrepreneurs, an heiress, and activists in his demand to save the "rapidly diminishing American Dream." Advertisement"In this spirit, I call on national and international lawmakers to do whatever it takes to tax wealthy people like me," Driscoll wrote. "I agree that we should make elaborate tax-avoidance schemes illegal, but acting upon that would upset a lot of donors, so we will see words, but no action," Musk wrote in June. In his tax letter, Driscoll cited a report from the Economic Policy Institute that CEOs made 399 times as much as a typical employee in 2021.

Persons: —, John Driscoll, Driscoll, Switzerland that's, Daniel Werfel, Elon Musk —, Joe Biden, Musk Organizations: Service, Walgreens Boots, Business, IRS, Analysts, EU Tax Observatory, Economic Policy Institute Locations: Davos, Switzerland

☆ Mega rich renew call on global leaders at Davos to 'tax our extreme wealth'
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Austrian Marlene Engelhorn, who inherited from her family who owns the Germany's chemical giant BASF, poses with a placard reading "Tax the rich!" at the entrance of the Congress center on the opening of the annual meeting of the World Economic Forum (WEF) in Davos, on January 15, 2024. In an open letter to political leaders gathered at the annual World Economic Forum in Davos, Switzerland, the rich signatories said they wished to deliver a clear message: "Tax our extreme wealth." "We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth?" But it will turn extreme and unproductive private wealth into an investment for our common democratic future."

Persons: Marlene Engelhorn, Fabrice COFFRINI, FABRICE COFFRINI, Abigail Disney, Simon Pegg, Valerie Rockefeller, Brian Cox, Logan Roy, Cox Organizations: BASF, Economic, Getty, Oxfam Locations: Davos, AFP, Switzerland, HBO's

☆ Elizabeth Warren says lawmakers need a raise so that Congress isn't 'the plaything of multimillionaires and billionaires'
▼ + stars: | 2024-01-14 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren is backing a pay raise for members of Congress. "Congress should not be the plaything of multimillionaires and billionaires," she told BI. But she also emphasized that congressional staff need a raise even more. AdvertisementSen. Elizabeth Warren is joining calls for members of Congress to get a pay raise. But Warren, who makes plenty of money via book sales, was even more adamant when it came to the need to raise pay for congressional staff.

Persons: Sen, Elizabeth Warren, —, who've, Warren, Patrick McHenry of, Alexandria Ocasio, Cortez, hasn't, Republican Sen, JD Vance, Ohio, Vance Organizations: Service, Massachusetts Democrat, Republican, Democratic Rep, Senate, United, Washington Locations: multimillionaires, Patrick McHenry of North Carolina, Alexandria, Cortez of New York, United States

☆ An heiress is seeking 50 strangers to help her give away her $27 million inheritance
▼ + stars: | 2024-01-13 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

Marlene Engelhorn, 31, is set to give away $27 million of her inheritance. She is recruiting 50 strangers to help her distribute the money to worthy causes in Austria. Advertisement"In Austria, the wealthiest one percent hoards up to 50 percent of the net wealth," Engelhorn said, per the Washington Post. Austria abolished inheritance and gift taxes in 2008, while the United States lacks a federal inheritance tax, with only some states imposing such taxes, the Washington Post reports. Wealth taxes are the least we can do to take responsibility.

Persons: Marlene Engelhorn, Friedrich Engelhorn, —, Traudl, Engelhorn, Engehorn Organizations: BASF, Service, Austrian, Good, Daily Mail, Millionaires, Washington Post Locations: Austria, Salzburg, Amsterdam, Washington, United States

☆ AOC still thinks $174,000 isn't enough money for members of Congress: 'I know it's kind of a contrarian position'
▼ + stars: | 2024-01-13 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Read previewDemocratic Rep. Alexandria Ocasio-Cortez of New York has long been vocal about the need for members of Congress to get a pay bump. "I've been saying this for some time," Ocasio-Cortez told BI this week. "We need to raise the minimum wage, we need to make childcare financially viable, and we need to do that for every American," she said. Yet polling suggests that the public largely opposes a raise for members of Congress, and plenty of lawmakers — including progressives — argue against it. Advertisement"People who make great contributions to America don't do it for the money," Democratic Rep. Ro Khanna of California told BI this week.

Persons: —, Alexandria Ocasio, Cortez, Patrick McHenry, I've, Ro Khanna Organizations: Service, North Carolina Republican, Dispatch, Business, New, Senate, Democratic, California Locations: Alexandria, Cortez of New York, New York, Washington, America

☆ A viral theory about the one thing millionaires do differently with their money is making waves
▼ + stars: | 2024-01-09 | by ( Andrew Lloyd | ) www.businessinsider.com time to read: +4 min

On December 14, a TikToker who goes by Taylor Money posted a video with an on-screen caption that read, "Millionaires do 1 thing different." He regularly shares videos about what he describes as millionaires' approach to life and making money . This story is available exclusively to Business Insider subscribers. AdvertisementThe theory is that richer people tend to view money as a way to build even more wealth, rather than a means to a different end. They said they had little to no money after paying their basic bills, so using money to make money was only possible for those with expendable income.

Persons: —, Taylor Money, Taylor, That's, Rich, lew, ure, ideo Organizations: Service, Millionaires, Business, ust Locations: TikTok, iews

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