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Sweeney bought her great-grandmother's house back
Some of Hollywood’s younger stars continue to pay their dues to their loved ones. Sydney Sweeney, the 26-year-old breakout supporting star of HBO’s Euphoria and White Lotus, used her money to help generations of her family. During a recent appearance on “The Kelly Clarkson Show,” the Emmy Award nominee explained how her great-grandmother was forced to sell her home because she could no longer afford to keep it. But Sweeney never forgot about it. “Last year, I called up the owners and I said, ‘I want to buy my great-grandma’s house back,’” she told Clarkson. Now Sweeney owns the home, and her whole family can once again enjoy time together in the house that both her grandmother and mom were born in. “You’re like a Hallmark movie!” Clarkson exclaimed. Sweeney was able to preserve cherished family memories through her actions. What can you do to make sure your own family assets remain protected for years to come?
O'Leary wouldn't let Newsom 'manage a candy store'
“Shark Tank” investor and businessman Kevin O’Leary has a message for California governor Gavin Newsom: “Wake up and smell the hydrocarbons.” California’s climate change policies have come under fire this week after Chevron revealed it faces a profit hit of up to $4 billion due to restrictive regulations in the Golden State. The regulations “have resulted in lower anticipated future investment levels,” the company said in a filing on Jan. 2, per Bloomberg. In an interview on Fox Business, O’Leary slammed the state’s “uncompetitive” energy policies and called California’s management “the worst of every state in the union.” Despite claiming to “like” Newsom after meeting him in person, O’Leary described the democratic governor as “clueless to the competition” in the energy market between states — adding, “I wouldn’t let him manage a candy store.” He called California “a very bad place to do business” for energy companies and their investors. Is O’Leary right?
US hits record $34T debt — what this means for you
America’s national debt eclipsed $34 trillion for the first time in history. Data from the Treasury Department shows the nation’s total outstanding debt passed the milestone figure on Dec. 29, only months after it had reached $33 trillion. A debt of $34 trillion is more than the combined GDP of the top five global economies after the U.S. — China ($17.9 trillion), Japan ($4.2 trillion), Germany ($4.0 trillion), India ($3.4 trillion) and the United Kingdom ($3.0 trillion) — according to the World Bank. Total U.S. debt has more than doubled 2013 and is up nearly $3 trillion since the government suspended the debt ceiling in June — averting what would have been a first-ever default with just two days to spare. Now, the U.S. is spending nearly $2 billion per day on interest payments alone, according to the Peter G. Peterson Foundation. With lawmakers in Washington facing imminent deadlines for new federal funding plans, the nation’s economic woes may be set to continue well into 2024. “Though our level of debt is dangerous for both our economy and for national security, America just cannot stop borrowing,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement — adding that the new record high is “a truly depressing ‘achievement.’”
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Dropped SBF trial 'normalized corruption': RFK Jr.
The collapse of cryptocurrency exchange FTX has led to significant losses for crypto investors. In November, its disgraced former CEO and founder Sam Bankman-Fried was convicted on all seven criminal counts he faced. He is set to be sentenced in March, but not everyone is happy about how things have been handled. Federal prosecutors also accused SBF, as he is often called, of donating customer deposits to politicians. However, they have decided against pursuing a second trial on additional charges, including making unlawful campaign contributions. They explained that much of the evidence has already been submitted to the Court during the first trial and also cited "strong public interest in a prompt resolution of this matter." This decision sparked widespread discussion on social media. “Sam Bankman-Fried donated $100 million in stolen customer funds to US politicians,” crypto news outlet Watcher Guru wrote in a recent post on X. “Today, the US Government announced they're dropping six charges against SBF and will not prosecute him for a political campaign finance violation.” The post, featuring a letter from the U.S. Department of Justice to Judge Lewis Kaplan about not proceeding with a second trial, has received 9.7 million views. It also caught the attention of independent presidential candidate Robert F. Kennedy Jr. “No one is even surprised,” Kennedy said in response. “THAT is a bigger problem than the fraud itself. It shows how normalized corruption has become.” Despite the FTX fiasco, the high-return potential of cryptocurrencies continues to attract investors. For instance, Bitcoin, the world's most prominent cryptocurrency, skyrocketed 154% in 2023. The good news? You don’t have to entrust your funds to individuals like SBF to participate in this market. Here’s a look at three ways to gain exposure to crypto more safely.
The collapse of cryptocurrency exchange FTX has led to significant losses for crypto investors. In November, its disgraced former CEO and founder Sam Bankman-Fried was convicted on all seven criminal counts he faced. He is set to be sentenced in March, but not everyone is happy about how things have been handled. Federal prosecutors also accused SBF, as he is often called, of donating customer deposits to politicians. However, they have decided against pursuing a second trial on additional charges, including making unlawful campaign contributions. They explained that much of the evidence has already been submitted to the Court during the first trial and also cited "strong public interest in a prompt resolution of this matter." This decision sparked widespread discussion on social media. “Sam Bankman-Fried donated $100 million in stolen customer funds to US politicians,” crypto news outlet Watcher Guru wrote in a recent post on X. “Today, the US Government announced they're dropping six charges against SBF and will not prosecute him for a political campaign finance violation.” The post, featuring a letter from the U.S. Department of Justice to Judge Lewis Kaplan about not proceeding with a second trial, has received 9.7 million views. It also caught the attention of independent presidential candidate Robert F. Kennedy Jr. “No one is even surprised,” Kennedy said in response. “THAT is a bigger problem than the fraud itself. It shows how normalized corruption has become.” Despite the FTX fiasco, the high-return potential of cryptocurrencies continues to attract investors. For instance, Bitcoin, the world's most prominent cryptocurrency, skyrocketed 154% in 2023. The good news? You don’t have to entrust your funds to individuals like SBF to participate in this market. Here’s a look at three ways to gain exposure to crypto more safely.
Mortgage rate trends this week
Thirty-year fixed mortgage rates have increased slightly from an average 6.61% last week to 6.62%. “Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data,” says Sam Khater, chief economist at housing giant Freddie Mac. “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”
Thirty-year fixed mortgage rates have increased slightly from an average 6.61% last week to 6.62%. “Between late October and mid-December, the 30-year fixed-rate mortgage plummeted more than a percentage point. However, since then rates have moved sideways as the market digests incoming economic data,” says Sam Khater, chief economist at housing giant Freddie Mac. “Given the expectation of rate cuts this year from the Federal Reserve, as well as receding inflationary pressures, we expect mortgage rates will continue to drift downward as the year unfolds. While lower mortgage rates are welcome news, potential homebuyers are still dealing with the dual challenges of low inventory and high home prices that continue to rise.”
Climate change and economic hardship
Climate change has been burning through the economy, damaging homes and businesses and eating away at household budgets. Between 2018 and 2022, the cost of weather and climate disasters surpassed $617 billion — a record high for any five-year increment, according to a Treasury report released Sept. 29. The report focuses on the impacts of climate change, from more frequent severe weather events to rising temperatures, on American household finances. The cost of such disasters totaled over $176 billion in 2022 alone, and 13% of Americans that year also reported economic hardship due to severe weather events and disasters within the previous 12 months. Rising temperatures can also impact productivity. “We’ve known for a very long time that human beings are very sensitive to temperature and that their performance declines dramatically when exposed to heat, but what we haven’t known until very recently is whether and how those lab responses meaningfully extrapolate to the real-world economy,” R. Jisung Park, an environmental and labor economist at the University of Pennsylvania, told The New York Times earlier this year. “And what we are learning is that hotter temperatures appear to muck up the gears of the economy in many more ways than we would have expected.”
Climate change has been burning through the economy, damaging homes and businesses and eating away at household budgets. Between 2018 and 2022, the cost of weather and climate disasters surpassed $617 billion — a record high for any five-year increment, according to a Treasury report released Sept. 29. The report focuses on the impacts of climate change, from more frequent severe weather events to rising temperatures, on American household finances. The cost of such disasters totaled over $176 billion in 2022 alone, and 13% of Americans that year also reported economic hardship due to severe weather events and disasters within the previous 12 months. Rising temperatures can also impact productivity. “We’ve known for a very long time that human beings are very sensitive to temperature and that their performance declines dramatically when exposed to heat, but what we haven’t known until very recently is whether and how those lab responses meaningfully extrapolate to the real-world economy,” R. Jisung Park, an environmental and labor economist at the University of Pennsylvania, told The New York Times earlier this year. “And what we are learning is that hotter temperatures appear to muck up the gears of the economy in many more ways than we would have expected.”
Nancy Pelosi disclosed a recent NVIDIA options buy
Rep. Nancy Pelosi (D-CA) and her venture capitalist husband reportedly bet millions on technology giant Nvidia (NVDA) late last year — despite immense scrutiny and backlash against congressional stock trading. The former house speaker bought Nvidia call options on Nov. 22 — her largest stock purchase in the last three years, according to stock trading news site Unusual Whales. According to a disclosure form obtained by Unusual Whales and congresstrading.com, Pelosi purchased 50 call options with a strike price of $120 and an expiration date of Dec. 20, 2024 — with a potential capital gain of up to $5 million. “Pelosi bet millions on NVDA in November using call options. Using a deceptive tactic, she purposely disclosed this on the Friday before Christmas weekend to avoid media coverage,” ongresstrading.com revealed on X, formerly Twitter.
Rep. Nancy Pelosi (D-CA) and her venture capitalist husband reportedly bet millions on technology giant Nvidia (NVDA) late last year — despite immense scrutiny and backlash against congressional stock trading. The former house speaker bought Nvidia call options on Nov. 22 — her largest stock purchase in the last three years, according to stock trading news site Unusual Whales. According to a disclosure form obtained by Unusual Whales and congresstrading.com, Pelosi purchased 50 call options with a strike price of $120 and an expiration date of Dec. 20, 2024 — with a potential capital gain of up to $5 million. “Pelosi bet millions on NVDA in November using call options. Using a deceptive tactic, she purposely disclosed this on the Friday before Christmas weekend to avoid media coverage,” ongresstrading.com revealed on X, formerly Twitter.
Costco is winning the war against retail shrink
Major U.S. retailers collectively lost a whopping $112 billion due to shrink last year, according to a recent report from the National Retail Federation (NRF). Shrink refers to inventory lost due to things such as damage, theft or administrative errors. But Costco (NYSE:COST) apparently isn’t losing as much as its peers. “Thankfully, it's not a big issue for us,” chief financial officer Richard Galanti told investors during a company’s earnings call in September, according to the Daily Mail. Here’s how one of the largest retailers in the country is circumventing one of the industry’s biggest threats to its collective bottom line
Major U.S. retailers collectively lost a whopping $112 billion due to shrink last year, according to a recent report from the National Retail Federation (NRF). Shrink refers to inventory lost due to things such as damage, theft or administrative errors. But Costco (NYSE:COST) apparently isn’t losing as much as its peers. “Thankfully, it's not a big issue for us,” chief financial officer Richard Galanti told investors during a company’s earnings call in September, according to the Daily Mail. Here’s how one of the largest retailers in the country is circumventing one of the industry’s biggest threats to its collective bottom line
Why Jon Rahm accepted $300M to play for LIV Golf
In the world of golf, free market capitalism seems to be colliding with the spirit of sportsmanship and nationalism. Masters champion Jon Rahm’s recent decision to jump from the PGA Tour to LIV Golf is yet another sign of this collision. Here’s why this move is so controversial. Rahm had previously claimed LIV Golf was “not a golf tournament” and that he does “not play golf for the money,” but the mega-deal seems to have changed his mind. “As a husband, as a father and as a family man I have a duty to my family to give them the best opportunities and the most amount of resources possible,” Rahm said after the LIV deal was announced. It should be noted that the 29-year-old athlete has already earned over $48 million during the course of his career. Rahm’s controversial decision to expand his wealth in this way has left some wondering if there’s any limit to the desire for money.
In the world of golf, free market capitalism seems to be colliding with the spirit of sportsmanship and nationalism. Masters champion Jon Rahm’s recent decision to jump from the PGA Tour to LIV Golf is yet another sign of this collision. Here’s why this move is so controversial. Rahm had previously claimed LIV Golf was “not a golf tournament” and that he does “not play golf for the money,” but the mega-deal seems to have changed his mind. “As a husband, as a father and as a family man I have a duty to my family to give them the best opportunities and the most amount of resources possible,” Rahm said after the LIV deal was announced. It should be noted that the 29-year-old athlete has already earned over $48 million during the course of his career. Rahm’s controversial decision to expand his wealth in this way has left some wondering if there’s any limit to the desire for money.
UK mom plans to charge $200 for Christmas dinner
A mother in the U.K. became a target on social media after being labeled a “Scrooge” when she revealed her plans to charge relatives £150 ($188) a head for Christmas dinner. Carla Bellucci, 42, said in a TikTok video that she received “so much hate” after announcing she would charge for her holiday dinner. Her message to those haters: “Get stuffed, with all the trimmings!” Bellucci says she plans to prepare a traditional turkey dinner for up to 15 people — six immediate family members and nine relatives — on Christmas Day. As she told the DailyMail: “It’s not cheap feeding people.” The mom-of-four believes she deserves to be compensated for her time and the expense of putting on a “classy” dinner while the U.K. is battling high inflation and a cost-of-living crisis. “It wouldn't be any cheaper if you went to a restaurant or hotel for a Christmas Day meal, so why should I be out of pocket?” she said, noting that her $188 charge to relatives upon entering would include a profit margin. While it may seem out of line to charge family and friends for Christmas dinner — is this Bellucci actually on to something?
A mother in the U.K. became a target on social media after being labeled a “Scrooge” when she revealed her plans to charge relatives £150 ($188) a head for Christmas dinner. Carla Bellucci, 42, said in a TikTok video that she received “so much hate” after announcing she would charge for her holiday dinner. Her message to those haters: “Get stuffed, with all the trimmings!” Bellucci says she plans to prepare a traditional turkey dinner for up to 15 people — six immediate family members and nine relatives — on Christmas Day. As she told the DailyMail: “It’s not cheap feeding people.” The mom-of-four believes she deserves to be compensated for her time and the expense of putting on a “classy” dinner while the U.K. is battling high inflation and a cost-of-living crisis. “It wouldn't be any cheaper if you went to a restaurant or hotel for a Christmas Day meal, so why should I be out of pocket?” she said, noting that her $188 charge to relatives upon entering would include a profit margin. While it may seem out of line to charge family and friends for Christmas dinner — is this Bellucci actually on to something?
Why are eggs so expensive?
In 2023, Americans were perplexed by the soaring prices of something extremely basic yet essential: eggs. According to data from Google Trends, eggs were the most frequently searched “why is … so expensive” item in the U.S. in 2023. This concern transcended geographical boundaries. Egg prices worried people across the entire nation. Remarkably, in all 50 states and D.C., eggs dominated the rankings as the most searched item. According to Axios, this marks the first time a single topic has achieved such nationwide ubiquity. So what’s the situation with egg prices in America? Data from the Bureau of Labor Statistics showed that in January 2023 the average price of a dozen large Grade A eggs was $4.82, a 150% increase from January 2022. However, as 2023 progressed, the price of eggs decreased from its January peak. By November, the average price of a dozen large Grade A eggs was $2.14.
In 2023, Americans were perplexed by the soaring prices of something extremely basic yet essential: eggs. According to data from Google Trends, eggs were the most frequently searched “why is … so expensive” item in the U.S. in 2023. This concern transcended geographical boundaries. Egg prices worried people across the entire nation. Remarkably, in all 50 states and D.C., eggs dominated the rankings as the most searched item. According to Axios, this marks the first time a single topic has achieved such nationwide ubiquity. So what’s the situation with egg prices in America? Data from the Bureau of Labor Statistics showed that in January 2023 the average price of a dozen large Grade A eggs was $4.82, a 150% increase from January 2022. However, as 2023 progressed, the price of eggs decreased from its January peak. By November, the average price of a dozen large Grade A eggs was $2.14.
CEO to staff: ‘winning’ means ‘working long hours’
The head honcho at Wayfair (W) has sent an end-of-year memo to employees telling them that “working long hours [and] blending work and life is not anything to shy away from.” In a company-wide email, obtained by Business Insider, Niraj Shah refuted a “laughably false” claim that he doesn’t think his employees should “work late.” On the contrary, the online retailer’s CEO and co-founder wrote: “There is not a lot of history of laziness being rewarded with success. Hard work is an essential ingredient in any recipe for success. I embrace this, and the most successful people I know do as well.” Unsurprisingly, Shah’s almost militant musings about “winning” — which came after the housing furnishing company finally turned a profit following a series of cost-cutting measures, including layoffs — have triggered an outburst of dismay among those unwilling to bend to Shah’s version of the hard graft. CNN Business editor-at-large Richard Quest said he “didn’t know whether to laugh or cry” over the memo “because it is so out of touch” with best business practice today. He was joined by Stanford economics professor and remote work researcher Nicholas Bloom, who said: “If Wayfair wants to run a business where people work 80 hours a week, he’s going to have to put up their salaries by 50% to pay them for it. I don’t see this as being successful for the typical employee.” If blending your work and home life does not seem like “winning” to you, here are three smart ways to make your money do the hard work for you.
The head honcho at Wayfair (W) has sent an end-of-year memo to employees telling them that “working long hours [and] blending work and life is not anything to shy away from.” In a company-wide email, obtained by Business Insider, Niraj Shah refuted a “laughably false” claim that he doesn’t think his employees should “work late.” On the contrary, the online retailer’s CEO and co-founder wrote: “There is not a lot of history of laziness being rewarded with success. Hard work is an essential ingredient in any recipe for success. I embrace this, and the most successful people I know do as well.” Unsurprisingly, Shah’s almost militant musings about “winning” — which came after the housing furnishing company finally turned a profit following a series of cost-cutting measures, including layoffs — have triggered an outburst of dismay among those unwilling to bend to Shah’s version of the hard graft. CNN Business editor-at-large Richard Quest said he “didn’t know whether to laugh or cry” over the memo “because it is so out of touch” with best business practice today. He was joined by Stanford economics professor and remote work researcher Nicholas Bloom, who said: “If Wayfair wants to run a business where people work 80 hours a week, he’s going to have to put up their salaries by 50% to pay them for it. I don’t see this as being successful for the typical employee.” If blending your work and home life does not seem like “winning” to you, here are three smart ways to make your money do the hard work for you.
Musk slams Jim Cramer for declaring 'soft landing'
Jim Cramer has declared — on behalf of Federal Reserve chief Jerome Powell — that the U.S. economy has achieved a soft landing and the long-feared recession is not coming. “Interest rates have peaked,” he said on CNBC’s “Mad Money” on Dec. 13. “The wind is no longer in our faces because inflation’s getting tame. Price stability has been restored. “Powell doesn’t want to declare victory,” Cramer added. “I’ll declare victory for him!” Cramer’s bullish stance on the state of the U.S. economy has some Americans very concerned — including the world’s richest man, Elon Musk. The Tesla (TSLA) and SpaceX CEO shared his reaction on X: “The Cramer prediction is alarming.” Is it time to worry?
Jim Cramer has declared — on behalf of Federal Reserve chief Jerome Powell — that the U.S. economy has achieved a soft landing and the long-feared recession is not coming. “Interest rates have peaked,” he said on CNBC’s “Mad Money” on Dec. 13. “The wind is no longer in our faces because inflation’s getting tame. Price stability has been restored. “Powell doesn’t want to declare victory,” Cramer added. “I’ll declare victory for him!” Cramer’s bullish stance on the state of the U.S. economy has some Americans very concerned — including the world’s richest man, Elon Musk. The Tesla (TSLA) and SpaceX CEO shared his reaction on X: “The Cramer prediction is alarming.” Is it time to worry?
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