When celebrity plastic surgeon Raj Kanodia started building his 34,000-square-foot mansion to flip for a profit, his real estate friends gave him a warning. “They said, ‘You’re way out of your league,'” Kanodia recalled. “They told me, ‘You’ll run out of money and you’ll be forced to sell it to service your debts.'” Four years
With no one hitting all the winning numbers in Tuesday night’s Mega Millions drawing, the jackpot has jumped again. Now at $393 million, the top prize has been climbing for more than two months. And while the odds are stacked against players winning — your chance is 1 in about 302 million — the IRS
San Francisco, California RICOWde | Getty Images Average salaries in San Francisco have risen by 31% since 2018, with the city taking the crown for the highest-paying city in the world this year, according to Deutsche Bank research. In 2019, people in San Francisco can expect to be paid an average of $6,526 per month
Economic optimism among young people is at record lows around the world, according to a new research. Deloitte’s 2019 Millennial Survey, published Monday, found that younger generations are not particularly satisfied with their financial situations, jobs, or governments. Researchers from the management consultancy surveyed 13,416 millennials across 42 countries and 3,009 Gen Z respondents across
Drew Angerer | Getty Images News | Getty Images Eyeballing that Mega Millions jackpot? Good ol’ Uncle Sam is, too. After more than two months of twice-weekly drawings with no one matching all six numbers, the top prize has climbed to $367 million for Tuesday night’s drawing. The last jackpot won was on March 12,
With 401(k) balances near all-time highs, retirement savers are probably feeling pretty good about themselves these days. The first part of this year saw record contributions, thanks, in part, to a strong stock market, according to Fidelity, the nation’s largest provider of 401(k) plans. Eventually though, savers will have to take distributions from those accounts.
Hero Images | Hero Images | Getty Images Millennials need to invest — and they need to do it now. There are many benefits to investing early and often, but unfortunately too many millennials are sitting on the sidelines because they worry about the risk of suffering a repeat of the Great Recession of 2008.
Amid concerns about trade wars and political dysfunction, the wealthiest investors are padding their cash cushions. Members of TIGER 21, a group of more than 600 individuals with at least $10 million to invest, increased their allocation toward cash and cash equivalents to 12% from 10% during the firstquarter, according to the group’s quarterly report.
Alys Tomilson | Getty Images Student loans aren’t the reason there’s a student debt crisis in this country. The real problem is that there’s not adequate education, information or support systems in place to help students (and their families) make smarter college choices while they are still in high school. Nationwide, college student loan debt
Millennials have been in no rush to move out on mom and dad. Nearly 22% of them, or more than 14 million young adults, still live with one or both parents, according to real estate website Zillow. That is the highest share for this age group since at least 2000. Millennials, especially older ones, have
A man sits outside the Metropolitan Museum of Art in New York. Michelle Bennett| Getty Images New York’s Metropolitan Museum of Art announced Wednesday that it would no longer accept gifts from members of the Sackler family, the principal owners of a pharmaceutical company behind the painkiller blamed for fueling the deadly opioid epidemic. The
Trade in pre-owned business jets will outpace new plane deals by four-to-one as the global economy softens during the coming years. Jetcraft Corporation, a U.S. based firm that provides aircraft sale, lease, and buying services, made the claim in a 5-year market forecast released Wednesday. Owner & Chairman of the Board at Jetcraft, Jahid Fazal-Karim,
Niklas Halle’n | AFP | Getty Images Democracy and capitalism are being threatened by growing economic inequalities in both the U.S. and the U.K., new research warned on Tuesday. The report, from the Institute for Fiscal Studies (IFS), was published as the organization launched a wider review into inequality around Britain, which will be chaired
Owner of the New England Patriots Robert Kraft walks on the field prior to the game against the New Orleans Saints at the Mercedes-Benz Superdome on September 17, 2017 in New Orleans, Louisiana. Chris Graythen | Getty Images Sport | Getty Images A Florida judge on Monday handed New England Patriots owner Robert Kraft a
Elizabeth Holmes, CEO of Theranos JP Yim | Getty Images Do you want to live in the same apartment once occupied by the most famous alleged female fraudster of the 21st century? You’re in luck. The notoriously secretive Elizabeth Holmes, charged with nine counts of wire fraud, two counts of conspiracy to commit wire fraud
Rihanna arrives for the 2018 Met Gala on May 7, 2018, at the Metropolitan Museum of Art in New York. Hector Retamal | AFP | Getty Images LVMH announced Friday that it will partner with Robyn Rihanna Fenty to create a new luxury fashion house under the label “Fenty.” This would put Fenty under the
Millennials have hugely unrealistic expectations about when and how much they will inherit, according to new research. According to the investment management firm Charles Stanley, millennials expected to be left an average £129,380 ($168,450) — but official statistics showed that the average inheritance in the U.K. is currently £48,000, while the median inheritance is £11,000.
Uber is set to go public in the biggest IPO of a U.S. company since Facebook seven years ago. It probably will be valued at around $90 billion. Why does it matter? Facebook changed the way we socialize and the way we advertise. Google changed the way we search and watch video. Uber, as much
City of London financial district with Royal Exchange building. Alexander Spatari | Moment | Getty Images A majority of wealthy U.K.-based investors see an economic upside for the U.K. despite uncertainty surrounding its withdrawal from the EU, according to a new quarterly survey by UBS. Published Tuesday by UBS Global Wealth Management, the study polled
In this Tuesday, Aug. 4, 2015 file photo, a nurse places a patient’s medication on an intravenous stand at a hospital in Philadelphia. AP Photo | Matt Rourke Idaho’s wealthiest man just launched a new fund to defend people from “overly aggressive medical debt collectors.” About 1 in 5 Americans with health insurance has some
Hedge fund king Ray Dalio said the U.S. will end up adopting an economic philosophy that uses zero interest rates to finance big government spending for more widespread growth. Known as Modern Monetary Theory, the idea of running up large debts and deficits in order to pull the economy out of weak periods has some
Oliver Rossi | Corbis | Getty Images Maybe you won’t hit an actual million in retirement savings. But if you change your strategies now, it’s definitely possible to double or triple the size of your retirement account. It all depends on how much you learn and how much you invest. You can take 100 people
Questions raised by progressives in the 2020 presidential race about whether capitalism still works for America reflect mistaken beliefs about how prosperity is created, global investor Barry Sternlicht told CNBC on Tuesday. “The left does not understand that companies need to make money in order to invest in new projects and new businesses,” said Sternlicht,
Officials from the FBI and U.S. Attorney’s office in Florida have been interviewing customers of JetSmarter about the private jet company’s business practices and communications, according to JetSmarter customers. The scope and nature of the inquiries are unclear. In a statement to CNBC from JetSmarter and its new owner Vista Global, the company denied JetSmarter
Philanthropist Melinda Gates is calling on religious and political leaders to embrace the role that birth control can play in helping lift families out of poverty. “No country in the last 50 years has escaped poverty without making sure that women have access, voluntary access, to contraceptives,” the co-chair of the Bill & Melinda Gates
Billionaire philanthropist and former tech executive Melinda Gates is urging parents to vaccinate their children because it “saves lives.” In an interview with CNBC’s Becky Quick that aired Wednesday, Gates said she is “very frustrated” by the growing misinformation efforts of anti-vaccination activists, a vocal fringe in the U.S. who oppose inoculations. They believe, contrary
Capitalism vs. socialism? For Melinda Gates, the choice is simple. “What I know to be true is I would far rather live in a capitalistic society than a socialist society,” Gates said in an interview with CNBC’s Becky Quick that aired on “Squawk Box ” on Wednesday. “I think when we stop and think of what we
We all make mistakes, yet there are a few bad habits the super-rich tend to avoid. Here are five money missteps that may be keeping you from getting rich. 1. Doing it yourself Hero Images | Hero Images | Getty Images When the stock market drops — as we saw in December, when major indexes
The following strategies and tools are a few of the ways beginner investors can get in the game. Hire a traditional advisor. Welch suggests hiring a money manager. “Sometimes you have to spend money to make money.” But if you go this route, be careful of the hidden fees. You shouldn’t have to weed through
The fossil of a baby T-Rex is being sold on eBay for almost $3 million, sparking outrage among the scientific community. The 68-million years old fossil, reportedly listed by professional fossil hunter Alan Detrich, has a “buy it now” asking price of $2.95 million. The listing, last updated on Tuesday, claims the artefact is “most