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☆ MrBeast: American YouTuber builds 100 wells in Africa, attracting praise – and some criticism
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —American YouTuber MrBeast’s latest video, in which he says he built 100 wells across Africa, has drawn a complex response online since it was published on Saturday. Some Kenyan activists and journalists said he has spotlighted the failures of the Kenyan government, while MrBeast, whose real name is Jimmy Donaldson, anticipates that he will be “canceled” following the reaction. The new wells will provide clean drinking water for up to 500,000 people in Cameroon, Kenya, Somalia, Uganda and Zimbabwe, Donaldson said, while an accompanying fundraiser to support local water aid organizations had raised more than $300,000 by Monday morning. Donaldson is the most popular individual creator on YouTube, with more than 200 million subscribers. He has become known for his philanthropy, posting videos in which he sponsored 1,000 blind people’s cataract surgery and bought prosthetic limbs for 2,000 amputees.

Persons: MrBeast, Jimmy Donaldson, Donaldson, Boniface Mwangi, Ferdinand Omondi, ”, I’m, Francis Gaitho Organizations: CNN, Kenyan, ” CNN, YouTube Locations: Africa, Cameroon, Kenya, Somalia, Uganda, Zimbabwe

☆ This 66-year-old has worked at McDonald's for 50 years: ‘I never thought it would be my forever job’
▼ + stars: | 2023-11-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

In the 1970s, the coolest job you could have was flipping burgers at McDonald's. "Believe it or not, you needed to have an in to get a job at McDonald's back then, so my brother, who was working in the kitchen, recommended me for the job," Hendel, 66, tells CNBC Make It. "I never thought it would be my forever job," says Hendel. And he goes, 'Do you think you're good at it?' In 1990, Hendel became the owner/operator of his first McDonald's restaurant in Brooklyn.

Persons: Paul Hendel, Hank, Hendel, Merrick McDonald's, McDonald's, Peter Hunt, Paul, I'm, It's, I've, Lauren, Mark Organizations: CNBC, C.W, Post University, Long Island University, McDonald's Locations: Merrick , New York, Long, McDonald's, Long Island, Brooklyn, Queens, Manhattan, Glen Cove, Nassau County, Oceanside , New York, Hunt

The best money advice is usually boring and unsexy, which explains why no one wants to hear it. The best money advice is decidedly unsexy. Although the purpose of an HSA is to save money for inevitable healthcare expenses, you can just as easily use your HSA as an investing tool. Also, if you leave your HSA money in your account until age 65, you can withdraw your HSA funds for non-medical expenses at any point. The person who started investing at 25 will have roughly $162,000 in their account, while the person who started at 35 will only have $89,000.

Persons: Rachel Wooten, maxing, —, Wooten, you'll, doesn't, stashed Organizations: Service, CPA, Flint Group

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

☆ Some Tesla workers say they'd never work in a unionized factory, even as Ford and GM workers are set to get a major pay boost
▼ + stars: | 2023-11-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

While Elon Musk has spoken out against unions, a major Tesla factory reportedly has a UAW organizing committee that's speaking with workers. Some Tesla workers say they wouldn't join a unionized company and predicted the UAW would struggle to find footing at Tesla. AdvertisementAdvertisementThe United Auto Workers might have set its sights on Tesla, but some workers at the EV company told Insider they'd be hard-pressed to join a union. Even before the 36-day strike, Ford and GM already spent over $20 more per hour on factory workers than Tesla, according to analysts. Still, other workers told Insider they wouldn't jump ship even for a better pay package at a unionized company.

Persons: Elon Musk, —, Shawn Fain, Tesla, Musk, they'd, Metall, Marquard, it's, you've, Fain, Elon Organizations: UAW, Tesla, Service, United Auto Workers, EV, Detroit automakers, Ford, General Motors, GM, Fremont, Elon Musk's, National Labor Relations Board, Buffalo New, NLRB, Bloomberg, Workers Locations: Fremont, California, Buffalo New York, rehire, company's Brandenburg, Tesla, Tesla's

The New York hedge fund executive instead spoke highly of Haley's Republican rivals as well, naming Florida Gov. A Des Moines Register poll published Monday shows Haley tied with DeSantis for second in Iowa, which hold the first-in-the-nation GOP caucuses on Jan. 15. Haley and DeSantis are in an increasingly expensive battle against each other as they head into the third Republican primary debate next week. Neither Haley nor DeSantis is currently devoting any advertising dollars to criticizing Trump. She has won over new donors in recent weeks, including former Illinois Gov.

Persons: Nikki Haley's, Paul Singer, Ron DeSantis, South Carolina Sen, Tim Scott, Donald Trump’s, DeSantis, Haley, —, Joe Biden, Trump, ”, Marc Short, Mike Pence, Biden, Bruce Rauner, ” Haley, Rauner, Israel, “, Israel —, Jaime Harrison, ” Harrison, Gavin Newsom, Newsom, belittling Haley, Singer, Ken Griffin, Griffin, Eric Levine, Scott, ” Levine, you’ve, Donna Valiga, “ Trump, Benjamin Netanyahu “, She’s, ” Valiga, “ She’s, ’, ___, Emily Swanson Organizations: Republican, South, Florida Gov, GOP, Democratic, Trump, Des Moines, Illinois Gov, Trump . Democratic National, Gov, Singer, New, Dallas, American Opportunity Alliance, Representatives, DeSantis, PAC, Israel, ___ Peoples Locations: CEDAR RAPIDS , Iowa, Dallas, Parkland, South Carolina, York, Florida, Israel, Iowa, China, Trump's, Sioux City , Iowa, New York, Chicago, New Hampshire, Cedar Rapids, America, Washington

WASHINGTON (AP) — House Republicans went after the IRS — long a GOP whipping child — when they decided that emergency aid for Israel should be coupled with cuts elsewhere in the budget. The aid bill that passed the House on Thursday — unlikely to be approved by the Democratic-controlled Senate — would cut $14 billion from the nation's tax collector in exchange for providing assistance to Israel. President Joe Biden has said he would veto the bill if it reaches his desk. The IRS cutback would cost taxpayers billions of dollars, not save money, according to independent budget analysts. In June, legislation to raise the statutory debt limit also rescinded $1.4 billion given to the federal tax collector through the IRA.

Persons: —, Joe Biden, ”, Danny Werfel, Werfel, MacGuineas Organizations: WASHINGTON, —, Republicans, IRS, Democratic, Congressional, Treasury, Federal Budget Locations: Israel

☆ The Kids of Rutherford County, Episode 3: ‘Would You Like to Sue the Government?’
▼ + stars: | 2023-11-02 | by ( ) www.nytimes.com time to read: +43 min

And it meant going back to the Rutherford County Juvenile Court, going back in front of Judge Davenport. meribah knightAnd more importantly —wes clark I was definitely thinking about how we could sue somebody for what happened. wes clark I just remember being giddy, like a kid, like this sentence, this is fucking bonkers, that this exists. And this is The Kids of Rutherford County, Episode 3: Would You Like to Sue the Government? Even more, Rutherford County would likely continue to jail kids at an extraordinary rate.

Persons: Wes Clark, Mark Downton, Judge Davenport, They’d, Clark, downton, —, Here’s Mark, Wes, Mark, wes clark, wes clark Oh, they’re hustling, It’s, we’ve, wes clark Yep, It’s jargony, I’m, I’ve, wes clark That’s, Davenport, wes clark There’s, there’s, ” I’m, Sue, Mark didn’t, Wesley, — he’d, There’s, Mark doesn’t, I’ll, who’d, Kyle Mothershead, Kyle’s, kyle mothershead, Bradley Cooper, meribah, Kyle, he’s, Let’s, “, Wes couldn’t, you’re, Rutherford, Lynn Duke, wasn’t, Duke, shouldn’t, Wes didn’t, Lynn Duke’s, Zeb, zeb smotherman, Smotherman, Grace, Thomas, thomas I didn’t, thomas, Brandon, brandon, brandon I, thomas I, yank, Quintarius Frazier, quintarius frazier I’m, Dylan, dylan I, You’re, they’d, — you’re, I’m Wesley, WGNS, bart, Donna Scott Davenport, donna scott davenport, Bart, Davenport wouldn’t, Rutherford County’s, Bart Walker III, ’, we’re, Judge Davenport’s, Rich Campbell, she’d, Here’s Wes, you’d, Waverly Crenshaw, that’s, wes clark Yes, Judge Crenshaw, who’ve Organizations: ACLU, Juvenile Court, The New York Times, Rutherford County’s Police, truancy, Civil, downton, Juvenile, WGNS, South Locations: Downton, Lake Louise, Rutherford, Hobgood, Tennessee, Rutherford County, Davenport, downton, waiving, Murfreesboro, WGNS, that’s, State, Nashville’s

☆ Republicans' plan to fund Israel by cutting IRS spending would cost taxpayers billions and add to the national deficit
▼ + stars: | 2023-11-01 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Republicans proposed giving Israel $14 billion, attached to $14 billion in IRS funding cuts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementRepublicans want to give Israel $14.3 billion — but only if they can cut the same amount from the IRS. It's insulting that the hard right is openly trying to exploit the crisis in Israel to try and reward the ultra-rich." "Bifurcating Israel security assistance from the other priorities in the national security supplemental will have global consequences."

Persons: —, Mike Johnson's, Joe Biden, Johnson, Ashley Schapitl, Daniel Werfel, Kevin McCarthy, Schapitl, Chuck Schumer Organizations: Israel, Office, Senate Democrats, White, Service, IRS, Palestinian, Hamas, Democrats, Internal Revenue, Republicans, Washington Post, GOP, Senate, White House, Management, OMB Locations: Israel

☆ Meet the typical millionaire: College-educated people in their 50s and 60s who own a home and lots of stocks
▼ + stars: | 2023-10-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Median net worth for the 80th-90th income percentile saw net worth gains of 69% from 2019 to 2022. AdvertisementAdvertisementIt's not just the top 1% that's getting richer — over 16 million American families now have a net worth over $1 million. The analysis further noted how nearly eight million families have wealth over $2 million, compared to 4.7 million in 2019. Meanwhile, the average net worth rose to over $1 million, though this is skewed by extremely wealthy Americans. Upwards of 40% of millionaire families aged 55 or above are headed by a college graduate.

Persons: — Organizations: Service, Wall, Federal Reserve's Survey, Consumer, WSJ, Fed, Commerce Department

☆ The 10 best states for millennials—New York and California didn't make the list
▼ + stars: | 2023-10-29 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

It can be tough to be a millennial. They want to retire millionaires but are struggling to balance lifestyle costs and financial goals. While many factors can contribute to this, where millennials live can affect how well they can do. Metrics included cost of living, homeownership rate, unemployment rate, average income, retirement age and average FICO score. New York and California might be major work hubs for millennials, but neither state made the top 10.

Organizations: New Locations: New York, California

☆ Wealthy movers to South Florida have pushed the real-estate market to new highs. See 6 homes for sale only the rich can afford.
▼ + stars: | 2023-10-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

An influx of wealth is reshaping the real-estate market in South Florida. The average home price in Palm Beach hit $20 million, making it the country's most expensive market. Six South Florida homes seeking over $40 million offer perks from a rooftop pool to a tennis court. At the same time, the number of listings has fallen off in Palm Beach and Miami Beach, nudging along competition for what homes come to market. Take a look at six of the most expensive homes for sale in South Florida eyed by these monied movers, with prices topping $40 million.

Persons: —, Larry Ellison's, Ken Griffin's, Jeff Bezos's, Ruthie Assouline, Douglas Elliman, there's, Corcoran Organizations: Palm, Service, Sunshine State, Oracle, Citadel, Miami, Wall, CNBC, Miami Beach Locations: South Florida, Palm Beach, Florida, Valley, New York City, Miami, Beach, Miami Beach, nudging

☆ The World Is Becoming More African
▼ + stars: | 2023-10-28 | by ( Declan Walsh | Hannah Reyes Morales | ) www.nytimes.com time to read: +37 min

Old World Young Africa As the world grays, Africa blooms with youth. The World Is Becoming More African Part one of a series on how the youth boom is changing the continent, and beyond. But while a handful of African countries are poised to ride the demographic wave, others risk being swamped by it. In the West, racists and right-wing nationalists stoke fears of African population growth to justify hatred, or even violence. The age gap between geriatric leaders and restless youth is “a major source of tension” in many African countries, said Simon Mulongo, a former African Union diplomat from Uganda.

Persons: Lauren Leatherby, ”, Jean, Patrick Niambé, Hilton, Edward Paice, “, Keziah Keya, Keya, Paul R, Ehrlich, stoke, Lauren Leatherby “, Carlos Lopes, Burna, Weeks, “ It’s, Laolu Senbanjo, Tems, Toulaye Sy, Pritzker, Abdulrazak Gurnah, “ Africa’s, ” Long, exotica, Mulendema, Hannah O’Leary, “ We’re, Sipho Dlamini, Dlamini, Moawad, Optimists, Mo Ibrahim, Aubrey Hruby, birthrates, India’s, China’s, Akinwumi Adesina, States —, William Ruto, Paul Biya of, Biya, Wole Soyinka, Paul Kagame of, Nourdine, Nigeriens, Awade, Ali Bongo Ondimba, Simon Mulongo, Nuha Abdelgadir, Abdelgadir, gesturing, “ We’ve, ” Weeks, Abdelgadir’s, Modu Ali, Young, Saidu, Habiba Mohammed, Ms, Ha, Joon Chang, Nobody, Chang, Ibrahim, Touré Organizations: Young, United Nations, Southern, Northern, Western Asia Northern, United, Ivory Coast, African Union, Group, European Union ., Suisse, Africa Research Institute, Nigeria Mozambique Kenya “, Russia Canada Germany United, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia Dem, Russia Germany, China Egypt India Nigeria D.R.C, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Dem, Bank, Nations, International, Bryn Mawr College, Angola, Angola Ivory Coast, Angola Ivory Coast Cameroon Dem, Africa Middle Africa Southern, Economic Commission, New, Citi, Spotify, Cannes Film, Burkina Faso, UNESCO, Disney, Amazon Prime, Netflix, “, Apple, Cape Town, Microsoft, Google, Infrastructure, McKinsey & Company, Pew Research Center, African Development Bank, Greek Coast Guard, Saudi, Africa Climate, Young Voters, Freedom House, University of Denver, United Arab, Japan Cuba Vatican City, Netherlands South Korea Belgium U.A.E, Islamic, Global, Center for Girls Education, School of Oriental, Studies Locations: grays, Africa, India, China, United States, Southern Asia, Asia, America, Caribbean, Northern America, Western Asia, Western Asia Northern America, Europe, London, New York, West Africa, Ivory, Abidjan, Russia, Turkey, Gulf, Nairobi, Nigeria Mozambique Kenya, Italy, Japan, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria Ethiopia Ethiopia, Congo Indonesia Brazil Australia South Africa Argentina, Russia Germany U.S, China Egypt India Nigeria, Brazil South Africa Australia, Russia Canada Germany United States Japan China Iran Egypt India Mexico Nigeria, Nigeria, Africa’s, Young, South Africa, Somalia, Mozambique, Mali, Gabon, Niger, Mozambique Nigeria Kenya, Kenya, Pennsylvania, Angola Ivory, Angola Ivory Coast Cameroon, Congo Algeria Egypt, Ghana Kenya Madagascar Mozambique Niger Nigeria, Tanzania Uganda South Africa, Northern Africa Eastern Africa, Africa Middle Africa, Africa Middle Africa Southern Africa, Guinea, Bissau, African, Qatar, Nigerian, Brooklyn, Target, French, Senegalese, Paris, Milan, Venice, Burkina, Tanzania, Saharan Africa, Nigeria Kenya Senegal In Lagos, Dakar, Zambia, South Korea, Sotheby’s, Lagos, Zimbabwe, Watford, Cape, Mombasa, Zanzibar, Cairo, Morocco, East Africa, Nigeria Mozambique Morocco, Sudanese, North Africa, East Asia, Thailand, Rwanda, Ivory Coast, States, Namibia, Kenyan, Paul Biya of Cameroon, Paul Kagame of Rwanda, United Arab Emirates, United States France Turkey, Germany, Russia India, Brazil, Japan Cuba, Japan Cuba Vatican City Spain Italy Saudi Arabia Qatar, Netherlands South Korea Belgium, Iran Canada, Niger’s, Niamey, Senegal Kenya Kenya, X’s, Tunisia, Egypt, Libya, Senegal, Uganda, Khartoum, Sudan, Ethiopia, Al Qaeda, Islamic State, Chad, Burkina Faso, Nigeria Nigeria Morocco, hijabs, Zaria, American, Korea, South, England

☆ Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest.
▼ + stars: | 2023-10-27 | by ( Josh Zumbrun | ) www.wsj.com time to read: 1 min

Home purchases are helping to create a growing upper middle class. Photo: Roberto Schmidt/Agence France-Presse/Getty ImagesLast week the Federal Reserve revealed that last year the average net worth of American families topped $1 million for the first time, surging 42% from $749,000 in 2019. Of course, that average is skewed by a small number of billionaires and multimillionaires. Inflation meant real wealth didn’t increase as much. And pandemic-era stimulus boosted asset values, perhaps beyond their fundamental values.

Persons: Roberto Schmidt Organizations: Agence France, Federal Reserve

☆ Billionaire politicians have become 'shockingly common' around the world, new study finds
▼ + stars: | 2023-10-26 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

More than 11% of the world's more than 2,000 billionaires have run for election or become politicians, according to a study highlighting the growing power and influence of the super-wealthy. "Billionaire politicians are a shockingly common phenomenon," the study said. Outside the U.S., billionaire politicians are even more common. Terry Gou, the Taiwanese billionaire and founder of Foxconn, is running for president of Taiwan. Of course, billionaires wield even more political power through their (often secret) donations to support candidates, parties and super PACs.

Persons: Donald Trump, Terry Gou, Vivek Ramaswamy, Doug Burgum, Michael Bloomberg, Tom Steyer, Billionaire Rick Caruso, J.B, Pritzker, Andrej Babiš, Silvio Berlusconi, Bidzina Ivanishvili, Najib Mikati, Sebastián, Thaksin, Phil Ruffin, Larry Ellison, Nelson Peltz, Richard Uihlein, Jeffrey Yass, Stanley Druckenmiller, Cliff Asness, David Tepper, Bruce Kovner Organizations: Wisconsin Valley Science, Technology, Northwestern University, Democratic, Los Angeles, Tax Fairness, Billionaire Locations: Wisconsin, Mount Pleasant , Wisconsin, U.S, Illinois, Taiwan, Czech Republic, Italy, Georgia, Lebanon, Chile, Thailand

☆ No stock trading, a hefty home mortgage, and more than $120,000 from Liberty University: Here's what we know about newly-elected Speaker Mike Johnson's personal finances
▼ + stars: | 2023-10-26 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

House Speaker Mike Johnson is much less wealthy than other members of Congress. He doesn't trade any stocks and has a home mortgage valued between $250,000 and $500,000. He's made more than $120,000 since 2018 teaching online classes at Liberty University. There's little publicly-available information about Johnson's activities at the university, and Insider has reached out to the university for further details. But now that he's speaker, Johnson is set to get a $50,000 raise: while all rank-and-file House members and senators make $174,000, the speaker of the House makes $223,500.

Persons: Mike Johnson, He's, —, That's, they've, Johnson, Nancy Pelosi, Paul's, Insider's, Kelly, Kevin McCarthy, OpenSecrets, he's, There's Organizations: Liberty University, Service, Citizens National Bank, Citizens Bank, university's Helms School of Government, Law Locations: Louisiana's, California, Louisiana

☆ Stop following this common piece of career and life advice, says behavior expert: It's not 'the solution to everything'
▼ + stars: | 2023-10-26 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +1 min

Plenty of experts — from Harvard University neuroscientists and Yale University psychologists to self-made millionaires and ex-Google executives — preach self-awareness as a crucial trait separating highly successful people from everyone else. At least one researcher is over it. It certainly can't hurt to understand what you're good at and where you need to improve, whether that's at work or anywhere else in your life. "When you are focused introspectively, you are going to favor what you have past experience doing," Ibarra says. "But a lot of the stuff that we are being challenged to do [in our careers], we have no past experience doing.

Persons: Harvard University neuroscientists, Herminia Ibarra, that's, Ibarra Organizations: Harvard University, Yale University, London Business School, CNBC

☆ 2 participants in Denver's basic-income experiment say it's helped them buy a car, rent an apartment, and turn their lives around
▼ + stars: | 2023-10-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Through the Denver Basic Income Project, they received $6,500 up front and $500 monthly for a year. These payments helped them rent an apartment, buy a car, and improve their mental health, they said. How basic income worksOver the course of a year, the Denver Basic Income Project gives participants cash payments of varying amounts. The Denver Basic Income Project began in 2021 and was granted a $2 million contribution from the city. AdvertisementAdvertisementBroncucia and Searls participated in the Denver Basic Income Project.

Persons: Dia Broncucia, Justin Searls, —, Broncucia, Searls, Mark Donovan, Armando Generyo, Donovan Organizations: Income, Service, University of Denver's, Housing, Homelessness Research, Social Security Disability Insurance Locations: Denver, San Francisco, New York, Santa Fe , New Mexico, Vancouver , British Columbia

☆ Deductions for megamansions and Ferraris: The IRS details tax dodges by the ultra-wealthy and says it recently squeezed 100 millionaires for $122 million in missing taxes
▼ + stars: | 2023-10-20 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

There's more enforcement to come, thanks to the Inflation Reduction Act. The passage of the Inflation Reduction Act infused billions of dollars into the previously perpetually underfunded and paper-laden IRS. "Inflation Reduction Act funding gives us the ability to take swift and aggressive action to improve compliance and close the tax gap." Since the passage of the IRA, the IRS has closed several cases of high-earning taxpayers getting creative with their business expenses and deductions. The IRS is specifically taking aim at Americans who earn over $1 million, and have over $250,000 in tax debt.

Persons: it's, —, Daniel Werfel, That's, Werfel Organizations: IRS, Service, dodgers, Ferrari, Bentley, Lamborghini Locations: COVID

☆ Billionaires are driving South Florida home prices to new records
▼ + stars: | 2023-10-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

From Palm Beach to Miami Beach, luxury home prices in Florida's richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. "The prices are mind-blowing," said Chris Leavitt, a top Palm Beach broker with Douglas Elliman. Miami Beach has also seen a spike in prices from wealthy buyers — especially billionaires. "Both Palm Beach and Miami Beach are disconnected from the interest rate trend."

Persons: Douglas Elliman, Miller Samuel, Chris Leavitt, Jonathan Miller, Leavitt, James Tigani, Harvey Jones, Tommy Hilfiger, Michael Cantanucci, Corcoran, Eric Schmidt, Ken Griffin, Alex Rodriguez, Griffin, Jeff Bezos, Tom Brady Organizations: Palm, Tech, Brokers, National Football League, CNBC Locations: Palm Beach, Miami Beach, Manhattan, New York , New Jersey, California, Florida, Miami

☆ 3 young millionaires share the one index fund they'd invest in — plus the early mistake that could cost investors six figures in their retirement funds
▼ + stars: | 2023-10-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

People often turn to index funds or exchange-traded funds to simplify investing while getting exposure to diverse assets. According to an expense ratio calculator, the same setup would cost $8,278 with an expense ratio of 0.04%. It was money he would decide to scatter across nine index funds to diversify his portfolio. In 2019, he started the Personal Finance Club, which offers free and paid content about index fund investing. She sticks to one fund: the Vanguard 500 Index Fund ETF (VOO), which tracks the S&P 500 and is rebalanced quarterly to include the top 500 domestic companies.

Persons: Michael Quan, Quan, Jeremy Schneider, Treasuries, Schneider, Vivian Tu, she's, Rich, Tu Organizations: Investment Company Institute, Vanguard FTSE, Market, Fund, Finance Club, Fidelity, Street, JPMorgan Locations: Canada, Europe, Japan, New York City

☆ Millionaires, athletes and experts swear by this mindset—how to make the most of it, and avoid its pitfalls
▼ + stars: | 2023-10-18 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +2 min

You've probably heard about the growth mindset — the idea that constant, incremental improvement can lead to achievement and success. It's also the key to understanding why the growth mindset works and when to lean into it, researchers say. Several studies on school-age children, for example, found that a growth mindset resulted in better grades for kids from financially well-off families than those from poorer backgrounds. A growth mindset is "a necessary but insufficient condition for learning," says Tipton. When a growth mindset is most effective, and how to use it wisely

Persons: You've, Carol Dweck, It's, Jennifer Burnette, Elizabeth Tipton, Tipton, it's Organizations: Ivy League, North Carolina State University, CNBC, Northwestern University, Psychological Locations: Tipton

On the phone was 28-year-old Jimmy Zhong, a local party boy and Georgia alum who frequented Athens' drinking establishments. Robin Martinelli, Martinelli Investigations owner and private investigator. Martinelli said Zhong appeared resistant to her theories, especially when they began to focus on his circle of friends. Source: Zhong's social media profileHis parties were epic. Source: Zhong's social media profile

Persons: Jimmy Zhong, Zhong, Robin Martinelli, Martinelli, Montel Williams, " Martinelli, Jimmy, Zhong didn't, Louis Vuitton, Gucci, Jimmy Choo, didn't, he'd, Satoshi Nakamoto, Stefana, CNBC Masic, Zhong couldn't, Jody Thompson, Thompson, Trevor McAleenan, Shaun MaGruder, McAleenan, that's, MaGruder, I've, wasn't, Trevor, I'm, coders, Nathaniel Popper, Popper, Bitcoin, Nobody, bitcoin, Michael Bachner, John Garland, Bachner, Ross Ulbricht, Chad Organizations: University of Georgia, Clarke County Police Department, rowdies, Clarke County Police, CNBC, Department of Justice, Martinelli Investigations, Broad, College, Ritz Carlton, Waldorf, Georgia Bulldogs football, Rose, IRS, Silk, Clarke, Investigators, Misfits, . Locations: Athens, Georgia, bitcoin, It's, Loganville , Georgia, Zhong's, Gainesville , Georgia, Los Angeles, Beverly Hills, LA, Gainesville, Chad, Clarke County, Montgomery , Alabama, U.S

☆ Why Tesla isn’t unionized
▼ + stars: | 2023-10-12 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Tesla workers earn on average about $55 an hour in wages and benefits, compared to $66 to $71 an hour at Detroit’s Big Three, according to industry estimates. In an aerial view, brand new Tesla cars sit in a parking lot at the Tesla factory on October 19, 2022 in Fremont, California. Brendan McDermid/ReutersThe union, Tesla Workers United, filed an NLRB complaint alleging the company illegally fired its supporters. Tesla is one of the most valuable companies in the world, and some production workers have become millionaires from their shares in Tesla, Musk has said. A Tesla Model X is worked on a factory line with Tesla X's and Tesla S's at the Tesla factory on Wednesday, July 18, 2018 in Fremont, Calif. Lea Suzuki/The San Francisco Chronicle/Getty Images“Tesla tries to make it seem like if you’re unionized you’re not going to get stock,” said Bryan Schwartz, a lawyer who has represented Tesla employees in lawsuits against the company, including an ongoing class action lawsuit for racial discrimination.

Persons: New York CNN — Tesla, Tesla, ”, John Logan, Justin Sullivan, Elon Musk, ” Logan, “, Risa Lieberwitz, Lieberwitz, Brendan McDermid, ” Lieberwitz, Musk, “ Musk, Lea Suzuki, “ Tesla, you’re, Bryan Schwartz, Mike Miller, Miller, Shawn Fain, Alain Jocard, Paul Sancya, Elon, ” Fain Organizations: New, New York CNN, United Auto Workers, Ford, General Motors, Tesla, UAW, EV, UAW doesn’t, San Francisco State University, Getty, Workers, Cornell University School of Industrial and Labor Relations, National Labor Relations Board, Companies, Employers, National Labor Relations Act, “, NLRB, Tesla Inc, Panasonic, Tesla Workers United, SpaceX, San Francisco Chronicle, “ Workers, AP, Detroit automakers, CBS Locations: New York, United States, Detroit, Fremont , California, America, unionize, Austin , Texas, Sparks , Nevada, Buffalo , New York, Buffalo, U.S, Tesla, Fremont , Calif, AFP

Gavin Newsom signed two major pieces of legislation Thursday to transform the state's mental health system and address the state's worsening homelessness crisis, putting them both before voters in 2024. The Democratic governor needs voters' approval because he wants to borrow billions of dollars through a bond to pay for the proposals. It would mark the first major update to the state's mental health system in 20 years. “The days of looking away are gone.”Voters in 2004 approved a special tax on millionaires that has been used to fund mental health programs. It's one of several efforts by Newsom to reform California's mental health system.

Persons: Gavin Newsom, Newsom, ” Newsom, “, Los Angeles Mayor Karen Bass, we're, ”, Democratic Sen, Susan Eggman, ” Dr, Mark Ghaly, We'll, Newsom's Organizations: —, Democratic, General, “, Los Angeles Mayor, ” Voters, California, Human Services Agency Locations: SACRAMENTO, Calif, — California, Los Angeles, California, L.A

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