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In the US, romance scams resulting from catfishing have among the highest reported financial losses of internet crimes as a whole. A 2019 study found that young LGBTQ+ men in rural America experiencing catfishing on dating apps felt angry and fearful. She also emphasized the need to recognize today’s loneliness epidemic, which “leads people to perhaps be more susceptible to catfishing scams,” she said. Catfishing is not explicitly a crime, but the actions that often accompany catfishing, such as extortion for money, gifts or sexual images are crimes in many places. In the US, romance scams resulting from catfishing have among the highest reported financial losses of internet crimes as a whole.
Persons: CNN —, Nev Schulman, “ Megan ”, Schulman, Evita, scammers, Catfishing, Snapchat, , Ngo Minh Hieu, Chong, Hieu, Wang, , It’s, Fangzhou Wang, ” Wang, Maryna, WeChat Organizations: CNN, Cybersmile Foundation, Federation University, Fraud Intelligence, INTERPOL, Research, US Federal Trade Commission, SMS, University of Texas, Arlington, Getty, Facebook, UNICEF Locations: Alaska, Australia, Singapore, Southeast Asia, France, Germany, India, cryptocurrency, Vietnamese, America, catfishing, China, Cybersecurity, Australian
A number of stories emerged recently explaining the rise of a new viral money trend on TikTok: loud budgeting. And as long as you do it right, loud budgeting shouldn't ruffle feathers in your social circles either, says Diane Gottsman, an etiquette expert and founder of the Protocol School of Texas. "Loud budgeting is just another way of saying open communication," she says. Why loud budgeting is healthy financial psychologyGood money management requires two types of literacy, Portnoy says. The etiquette of loud budgeting: Be positive, but don't overshare
Persons: TikToker Lucas, I've, Buzzfeed, Brian Portnoy, Diane Gottsman, Portnoy, you've Organizations: Protocol, of Texas
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. "I didn't have to say anything, but I did," Lamy told Business Insider. As Business Insider previously reported, loneliness can have significant impacts on people's mental and physical well-being. Over time, loneliness can damage a person's sleep schedule, immune system, heart health, and memory if the issue isn't reversed.
Persons: , Joe Lamy, Lamy, Johns, he's, Vivek Murthy, It's Organizations: Service, Walgreens, Business, Johns Hopkins, New York Times, Social Security, University of Michigan, Healthy Aging, AARP, American Association of Retired Locations: Seattle
New York (CNN) — US stocks rallied powerfully last week after a topsy-turvy start to the month. History indicates that if the market can cling to those gains, that could bode well for the rest of the year. But last week, all three major indexes turned positive for the year as tech stocks led the broader market higher. The January barometer, introduced in the Stock Trader’s Almanac, states that however stocks perform during January, their year-end performance will follow suit. That is good news for the 85 million homeowning households that enjoyed further gains in housing wealth, said Lawrence Yun, chief economist at NAR.
Persons: turvy, bode, Bell, Anna Rathbun, we’re, it’s, we’ve, Bryan Mena, ” Joanne Hsu, Anna Bahney, Lawrence Yun, Read Organizations: CNN Business, Bell, CNN, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, The University of Michigan’s, National Association of Realtors Locations: New York
Oxfam International published its inequality report, finding it could take 230 years to end poverty. AdvertisementIt will take multiple centuries to end poverty at the rate we're going, according to a recently published report. Oxfam International published its inequality report this month, detailing a slew of grim predictions about the ever-widening wealth gap. Advertisement"To end extreme inequality, governments must radically redistribute the power of billionaires and corporations back to ordinary people," the report's authors concluded. AdvertisementThe participation of global governments in the initiative to decrease wealth inequality will determine whether the world lapses into a future of "billionaire supremacy" or public power, the Oxfam report concluded.
Persons: , Rebecca Riddell, Nabil Ahmed, Alex Maitland, Max Lawson, Anjela, Oded Galor, Galor Organizations: Oxfam International, Service, Oxfam
What broke the American Dream for Millennials
  + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com   time to read: +11 min
For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.
Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, , Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, , Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, , Camerota, Matthew Friedman Organizations: Pennsylvania CNN, , CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials
Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.
Persons: , Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership
Washington, DC CNN —The residential real estate market tumbled in 2023, as soaring interest rates steadily slowed sales activity — but home prices still hit a record high. Even with all the disruptions of the onset of the pandemic, sales in 2020 ended at about 5.5 million. The next year, sales soared to over 6 million amid the frenzied market as mortgage rates sank in 2021. As mortgage rates hit 7.79% in October 2023, the highest in 23 years, sales sank again, to about 4 million. If there had been more listings on the market in 2023, we would have had more home sales.”
Persons: Lawrence Yun, , Yun, Lisa Sturtevant Organizations: DC CNN, National Association of Realtors, , , Federal Reserve Locations: Washington, homeownership,
Morgan Stanley 's new CEO, Ted Pick, on Thursday expressed confidence his bank will hit financial targets of $10 trillion in client assets and a 20% return. Pick, a three-decade Morgan Stanley veteran who took over this month, said he has three priorities: sticking to the strategy laid out by predecessor James Gorman, maintaining the bank's culture and achieving their targets. Pick's predecessor guided Morgan Stanley in the aftermath of the 2008 financial crisis that nearly capsized the investment bank. "Part of the reason the boss had so much success is he kind of guided the place to a durable narrative instead of the herky-jerky, unpredictable Morgan Stanley," Pick said. The firm's "secret sauce" is in the combination of a leading investment bank with its wealth management operations, he added.
Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gorman, Morgan, Goldman Sachs Organizations: CNBC, Economic, Federal Reserve, CNBC PRO Locations: Davos, Switzerland, U.S
Data compiled by The Earnings Scout shows the early reporters have had no trouble beating earnings expectations so far. Tuesday Goldman Sachs is set to report earnings before the bell, followed by a conference call at 9:30 a.m. What history shows: Goldman exceeds earnings expectations 85% of the time, data from Bespoke Investment Group shows. What history shows: Bespoke data shows PNC tops earnings expectations 75% of the time. What history shows: KeyCorp shares have fallen on four of the last five earnings days, Bespoke data shows.
Persons: Goldman Sachs, Morgan Stanley, Hugh Son, Goldman, James Gorman, Ted Pick, it's, Jefferies, Schlumberger, SLB, Wells, Roger Read Organizations: JPMorgan Chase, Bank of America, Citigroup, Wall, PNC Financial, CNBC, Investment Group, Management, LSEG, PNC, Regional Banking, JPMorgan, UST, Schlumberger Locations: Wells Fargo, Cleveland, Pittsburgh, 3Q23, SLB
AdvertisementWhen you think of Norwegian Cruise Line Holdings, you probably think of its giant amusement park-like cruise ships with 10-story-tall slides, go-kart tracks, and many families. Its newest Oceania Vista ship, which debuted in May 2023, is at the higher end of the range with a 1,200-guest capacity. Regent Seven Seas Cruises — the true ultra-luxury optionThe Seven Seas Grandeur's pool was surrounded by several hot tubs. And both vessels — built without loud water slides or arcades — exude a feeling of peace and quiet not often experienced throughout larger family-friendly cruise ships . Brittany Chang/Business InsiderNCLH's mass-market eponymous brand still has more ships in its fleet than Regent Seven Seas and Oceania combined.
Persons: , NCLH, Brittany Chang, Hermes Birkin, Bulgari, Jacques Pépin, isn't, — they're, I've, Pablo Picasso, Mark Kempa Organizations: Cruise Line Holdings, Regent Seven Seas, Regent Seven, Service, Norwegian Cruise Line Holdings, Norwegian Cruise, Mexico itineraries, Business, Oceania, Culinary Arts, Regent Locations: Oceania, Norwegian, Africa, Asia, Caribbean, Mexico, Greece, Italy, Spain, Turkey, New York City, Oceania Vista, Brittany, French, France, Nicaragua, Regent Seven Seas
Billionaires minted through inheritance outpaced self-made billionaires last year for the first time in a decade. Related storiesIn recent years, rates of economic opportunity have begun to fall again. Rates of economic opportunity have declined steadily since 1940, Opportunity Insights data shows. He says that's why there are fewer self-made billionaires today than there were in the past. "I think there's much work to be done to try to restore rates of economic opportunity to those observed several decades ago," he said.
Persons: , Max Kunkel, Matthew Staiger, Staiger, Forbes, heiresses, Kunkel Organizations: Service, UBS, Harvard, Insights, Business, Economic
His wealth soared to $245.5 billion at the end of November, up 737% from March 2020, after accounting for inflation. Amazon founder Jeff Bezos had a fortune of $167.4 billion, up 24%; while Oracle founder Larry Ellison’s wealth totaled $145.5 billion, up 107%. US billionaires, many of whom derive their wealth from the equity in the companies they lead, are $1.6 trillion richer. Seven out of 10 of the world’s largest public companies have either a billionaire CEO or a billionaire as its principal shareholder. What’s more, the top 1% holds 43% of the world’s financial assets, according to Oxfam, drawing on data from Wealth X.
Persons: Nabil Ahmed, ” Ahmed, Elon Musk, Bernard Arnault, Jeff Bezos, Larry, Warren Buffett, Amitabh Behar Organizations: CNN, Forbes, Oxfam, Workers, Tesla, SpaceX, Amazon, Oracle, Berkshire Hathaway, Wealth, Oxfam International’s Locations: Davos, Switzerland, United States, Asia, Europe,
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
New York CNN —You may think that improving your financial life is simply a matter of taking unpleasant but necessary steps: Curb spending. So make just one financial new year’s resolution for 2024: Figure out what financial well-being means for you. You can avoid the action but you can’t bury something completely when it comes to money,” Agnew said. Spend in ways that are true to who you are, not others’ expectationsBeyond creating a greater sense of security, financial well-being is about using your money as you wish. Figure out your relationship with moneyThere are plenty of other ways to define financial well-being for yourself.
Persons: , Ashley Agnew, you’re, Agnew, you’ll, ” Agnew, , Meghaan, It’s, ” Lurtz, Lurtz, Brad Klontz, Morgan Hounsel, Brian Portnoy Organizations: New, New York CNN, Financial Therapy Association, Centerpoint Advisors Locations: New York, Here’s
What was supposed to be a way to get through the summer doing "the lame insurance thing" turned into a career, she said. "People's expectations of this industry are generally quite wrong," Robic told Business Insider. What makes insurance unique, Robic said, is that "the thing you're promising people doesn't change." What's one thing you're excited about for 2024? And it sounds silly, because it's insurance, and I think you're inundated with images on TV as to what insurance is.
Persons: Ana Robic, Chubb, She's, , Robic, It's, I'm, we've, you've, We're, There's, We've, we're, Ana Robic's Organizations: Service, Chubb, Business Locations: Business, Canada, North America, New Jersey, Dallas
I didn't learn about investing growing up so I was thrilled to read "The Simple Path to Wealth." Thanks to the book, I'm now on the path towards FIRE — financial independence/retire early. I'm thankful that, in 2017, I was able to read a book called "The Simple Path to Wealth." Here's what "The Simple Path to Wealth" taught me about managing money and building wealth. For me, "The Simple Path to Wealth" has demystified the purpose and process of building wealth in America.
Persons: Collins, I'm, , JL Collins, I've Organizations: Service, Pew Research, FIRE, Vanguard, Market Index Locations: America
The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. The closely watched case, Moore v. United States, involves a Washington couple, Charles and Kathleen Moore. Designed as a transition tax, the legislation required a one-time levy on earnings and profits accumulated in foreign entities after 1986. While the 16th Amendment outlines the legal definition of income, the Moore case questions whether individuals must "realize" or receive profits before incurring taxes. It's an issue that has been raised during past federal "billionaire tax" debates and could affect future proposals, including wealth taxes.
Persons: Moore, Charles, Kathleen Moore, Donald Trump's, Moores, Matt Gardner Organizations: Taxation, Economic, Finance Locations: United States, Washington
In death, Charlie Munger is loved by China
  + stars: | 2023-11-29 | by ( Matthew Loh | ) www.businessinsider.com   time to read: +4 min
Chinese social media is treating Charlie Munger, who died at 99 on Tuesday, with great reverence. AdvertisementAs Wall Street mourns the death of investing legend Charlie Munger, Chinese social media is tipping its hat to the man. Advertisement"Live long, be rich, have children and grandchildren, what a perfect life," wrote another user under a news report about his death. Munger, who amassed a net worth of around $2.3 billion, had a reputation for witty one-liners on life, geopolitics, business, and governance. Munger, who was outspoken against cryptocurrencies, also lauded China's main bank for banning crypto in 2021.
Persons: Charlie Munger, , Berkshire Hathaway, Munger, aplenty, Warren Buffet's, Xi Jinping, Jack Ma, Ma, cryptocurrencies, Elon Musk's Tesla Organizations: Service, Berkshire, Weibo, Twitter, Sina Finance, Business, Communists Locations: Weibo, Munger, China, Berkshire, Nebraska, America, Washington, Beijing, Shenzhen
At the risk of sounding mawkishly positive, I think I’ve discovered a cheap, simple fix for our fraying social, emotional and political health. It’s easy to bemoan our problems as intractable, blaming familiar culprits like rising wealth inequality, technology (including social media) and the corporate capture of our political system. But what if our alienation stems, at least in part, from a profound failure of our educational system to teach the habits of connection, most of which boil down to thinking of others before speaking to them? So let’s put kids together and teach them how to talk, to hear and be heard, to resolve differences and forge consensus without flameouts, rupture, vituperation. This solution is hardly new.
Persons: let’s, Locations: Greece
Opinion: The big question about the Israel-Hamas truce
  + stars: | 2023-11-26 | by ( Richard Galant | ) edition.cnn.com   time to read: +16 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. And then it was back to war — a conflict in which some 8.5 million soldiers from all sides would ultimately die. The timing of the Israel-Hamas truce that took effect Friday had nothing to do with a holiday. But there is also the possibility that this truce won’t last much longer than the one in 1914. “The deal arguably strengthens Hamas, allowing it to claim credit, catch its breath and regroup,” wrote Frida Ghitis.
Persons: Israel joyously, , , Frida Ghitis, , Aaron David Miller, Israel —, Joe, Biden, Christopher McCallion, ” Sheryl Sandberg, ” “, Amy Klein, I’d, Sam Altman, Clay Jones, OpenAI, Jill Filipovic, ” Rosalynn Carter, Jimmy Carter, Rosalynn Carter, Charles Tasnadi, Kate Andersen Brower, “ Jimmy Carter, Rosalynn, Brower, it’s, Bill Perkins, Sara Stewart, Maria Bamford, , “ Bamford, It’s heartening, ” Nick Anderson, Donald Trump, Trump, Julian Zelizer, “ Trump, , It’s, Dean Obeidallah, Dana Summers, Martin Zwick, Catharine Fulton, Don’t, Scott Stantis, Agency Nima Elbagir, Joseph, Danielle Campoamor, Uvalde, , Joaquin Phoenix, Napoleon, Ridley Scott, “ Napoleon, Noah Berlatsky, Scott deplores, he’s, ’ ”, ” Berlatsky Organizations: CNN, Front, Museum, , Democratic, Republican, Democratic Party …, Department of State, Defense, Israel, Mental Health, White, Peanut Brigade, Federal, Twitter, Tribune Content Agency, Heritage Foundation, Agency, Apple, Hollywood Locations: Israel, Egypt, Qatar, Gaza, Iran, Iranian, Iraq, Syria, Yemen, Eastern Europe, Russia, Ukraine, East Asia, China, Taiwan, today’s America, Georgia, Washington, Reykjanes, Europe, Northern Europe, Iceland, Grindavik, Canadian, Reykjavik, Fimmvörðuháls, balaclava, Sudan
That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.
Persons: It's, it's, , Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations:
Our experts answer readers' investing questions and write unbiased product reviews (here's how we assess investing products). As a financial planner, I've witnessed plenty of big investment mistakes. In my opinion as a financial planner, you need to invest if you want to grow wealth. Avoiding investments altogetherThere's no shortage of investment mistakes you can make. Have a strategic way to determine how much cash you truly need on hand — then consider investing the rest.
Persons: I've, , Get, they'll, Warren Buffett Organizations: Service, SEC, Invest
BEIJING, Nov 23 (Reuters) - China's Zhongzhi Enterprise Group, a leading wealth manager, told investors it is heavily insolvent with up to $64 billion in liabilities, threatening to reignite concerns that the country's property debt crisis is spilling over into the broader financial sector. The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan, according to the letter, which was issued on Wednesday and was seen by Reuters. 'ENORMOUS' HOLESigns of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.
Persons: Zhongzhi, Xu, Xing Zhaopeng, Christopher Beddor, Beddor, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, ANZ, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China
The firm, which has sizable exposure to China's real estate sector, apologised to its investors in a letter that said it had total liabilities of about 420 billion yuan ($58 billion) to 460 billion yuan ($64 billion). The liabilities compared to Zhongzhi's estimated total assets of about 200 billion yuan ($27 billion), according to the letter, which was issued on Wednesday and was seen by Reuters. China's highly indebted property sector has been reeling from a liquidity crunch since 2020. Signs of trouble at the Zhongzhi group first came to light in July when Zhongrong International Trust Co, a leading trust company controlled by Zhongzhi, missed payments on dozens of investment products. "The Zhongzhi group deeply apologises for the losses caused to investors.
Persons: Zhongzhi, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Muralikumar Organizations: Zhongzhi Enterprise Group, Reuters, International Trust Co, Big, Thomson Locations: BEIJING, Beijing, Zhongzhi, China's, China
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