Personal Finance

Jeff Gundlach Pretty Sure That Seven-Year-Old Jeff Gundlach Would Have Done A Better Job Running This Economy Than The Clowns We Got In There Now

The Bond King has some thoughts on what he’s seeing, and predictably they’re predicated around the notion that everyone is so much dumber than Jeff Gundlach. J-Gundz went on CNBC around lunchtime and said this about the market response to a potential trade war with China: “It’s not a positive. I mean it is really interesting when I was in elementary school and high school we talked about the Great Depression … [What] my teachers told me was that the Great Depression was caused by the Federal Reserve raising interest rates prematurely in a not so strong economy and also the Smoot–Hawley Tariff Act.” And after terrifying everyone who isn’t Bill Gross (since Bill shoves cotton in his ears whenever Jeff talks) about how today looks fundamentally like what things looked like right before we wer...

Caring for elderly parents can put a dent in your budget

If you think you might end up caring for Mom or Dad in their twilight years, be aware of an issue that catches many caregivers off-guard: The big hit to your own pocketbook. More than two-thirds of caregivers (68 percent) report providing financial support related to their role, according to Northwestern Mutual’s 2018 C.A.R.E. Study. A third spend at least 20 percent of their own monthly budget on caregiving-related expenses such as medicine and medical supplies ($273), food ($159) and personal-care items ($151). “There’s an alarming financial impact from being a caregiver,” said Kamilah Williams-Kemp, vice president of long-term care at Northwestern Mutual. “For some people, those costs can take up a lot of their financial budget.” About 41.3 million pe...

Lamborghini’s new $200,000 SUV is more popular than expected

Lamborghini’s new $200,000 SUV is more popular than expected — with one New York dealer saying he expects to sell out of his orders as soon as they arrive. Brian Miller, President of Manhattan Motorcars, which sells Lamborghini and other luxury brands, said he already has orders for 60 Urus SUVs even though the vehicle doesn’t start arriving until December. He said he plans to get about 100 vehicles in total. “I’m sure they will all be sold,” he said in an interview at the New York Auto Show. “It’s very popular.” Miller said his average selling price for the Urus, with options and customizations, is around $225,000. What’s even more surprising than the demand for the world’s most expensive SUV, however, is who’s buying it. L...

Growing debt among older Americans threatens retirement

When Fay was laid off from her job in her 70s, she contemplated retirement. Then a painful reality hit when she realized she didn’t have a nest egg that could cover her expenses or current debt. Fay has $50,000 in outstanding student loans from when she had gone back to school in her 50s to get her M.B.A. She also has a mortgage on her house in Coatesville, Pennsylvania, and another $50,000 in credit card debt. (Fay agreed to be interviewed only if her last name was not used, because she is afraid of collection agencies hunting her down). After being laid off, Fay eventually landed a part-time job making appointments for a sales staff. She worries about her massive debt and dreads the day she won’t be able to earn a paycheck. “I see myself with no house,” Fay said. ...

Older Americans worry that rising debt threatens their retirement

When Fay was laid off from her job in her 70s, she contemplated retirement. A painful reality hit when she realized she didn’t have a nest egg that could cover her expenses or current debt. Fay has $50,000 in outstanding student loans from when she had gone back to school in her 50s to get her MBA. She also has a mortgage on her house in Coatesville, Pennsylvania, and another $50,000 in credit card debt. After being laid off, Fay eventually landed a part-time job making appointments for a sales staff. She worries about her massive debt and dreads the day she won’t be able to earn a paycheck. “I see myself with no house,” said Fay, who agreed to be interviewed only if her last name was not used because she is afraid of collection agencies hunting her down. “Liv...

#MeToo reveals stark differences among Republicans, Democrats on sexual misconduct at work

Not only has the #MeToo movement revealed the reality of sexual harassment at work, but it’s also unearthed a sharp partisan divide on where the country stands in gender equality. Those were the findings from a recent Pew Research Center study. The think-tank took an online poll of 6,251 individuals from Feb. 26 to March 11, researching the nation’s sentiment around workplace harassment. The study revealed that 50 percent of all adults said that men getting away with sexual harassment and assault at work was a “major problem.” Broken down by political affiliation, however, 62 percent of Democrats said that men getting away with sexual misconduct at work was a “major problem.” Meanwhile, one in three Republicans felt the same way. “We found that Rep...

Chipmakers may have the most to lose in a trade war with China

Investors are worried over the prospect of a trade war with China.

Tech is under fire, but the charts don’t point to disaster quite yet: Strategist

The tech takedown has put 80% of the Nasdaq 100 in correction territory or worse. Is the tech wreck as bad as it seems?

Spotify chief’s net worth tops $2 billion after NYSE debut

Spotify co-founder Daniel Ek is worth over $2 billion following the company’s trading debut on the NYSE. Despite Spotify’s shares coming off their initial highs Tuesday, Ek’s 9 percent stake in the company has soared in value over the past week. It’s now worth $2.3 billion. Co-founder Martin Lorentzon is now worth more than $3 billion. Spotify’s total valuation hit a high of $30.5 billion but has now settled back to around $26 billion. Despite his newfound paper fortune, Ek isn’t likely to go on a Ferrari or yacht-buying binge. Ek, 35, started his first tech company when he was 14, and made his first fortune when he was 23, after selling his online ad company Advertigo. After the sale, he enjoyed the usual sudden-wealth-syndrome excesses — he bought a Fe...

How states are changing teacher pension plans

How states are changing teacher pension plans Starting next year, new teachers hired in Kentucky probably won’t get a traditional pension. Neither will new teachers in Pennsylvania. Pensions are already a thing of the past for teachers in Michigan, Rhode Island and Tennessee. ‘; var storytext = document.getElementById(‘storytext’); var heightToSkip = 0; function resetValues() { totalHeight = 0; targetChildElement = null; } // Check if story is in the blacklist of articles to remove smartassets // [2017.07.27] Results of a one-off request from r.barbieri if(BLACKLIST[location.pathname] === true) { return } if(storytext == null) { console.log(“Error finding st...

Art Cashin: Wall Street hopes tariff threats are an ‘opening ploy’ to negotiations

The tariffs "are weeks, if not months from implementation. So, we'll wait and see," Art Cashin says.

Spotify sinks the day after going public

Spotify opened at $140, lower than Tuesday's close but still higher than its reference price of $132 set Monday.