Women live paycheck to paycheck roughly 5 times as often as men—here’s why

Almost half of Americans say they live paycheck to paycheck. But women are roughly five times more likely to say they fall into this cycle than men. “That leads to lifetime earnings being lower and savings being lower,” Gould says. “Women may feel more secure with more savings, and therefore they feel they live paycheck to paycheck,” Gould says. MetLife’s research generally found that women feel less in control of their finances than men and fewer women feel on track to achieve their financial g


Almost half of Americans say they live paycheck to paycheck. But women are roughly five times more likely to say they fall into this cycle than men. “That leads to lifetime earnings being lower and savings being lower,” Gould says. “Women may feel more secure with more savings, and therefore they feel they live paycheck to paycheck,” Gould says. MetLife’s research generally found that women feel less in control of their finances than men and fewer women feel on track to achieve their financial g
Women live paycheck to paycheck roughly 5 times as often as men—here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: megan leonhardt
Keywords: news, cnbc, companies, women, feel, pay, live, men, stoddardgraham, gould, say, lower, roughly, menheres, paycheck, times, paid


Women live paycheck to paycheck roughly 5 times as often as men—here's why

Almost half of Americans say they live paycheck to paycheck. But women are roughly five times more likely to say they fall into this cycle than men. Of the 43% of Americans who say they live paycheck to paycheck, 85% are women, according to a new poll from insurance and employee benefits provider MetLife of over 8,000 U.S. adults over the age of 18. This trend is driven by a “a perfect storm of factors,” Loi Stoddard-Graham, MetLife’s vice president of planning and business development, tells CNBC Make It. The pay disparity between men and women certainly plays a major role, Stoddard-Graham says. While there is a “sizable pay gap,” the disparity goes beyond just the fact that women are paid less than men for comparable jobs, Elise Gould, senior economist with the nonpartisan think tank the Economic Policy Institute, tells Make It. Women’s lower lifetime earnings can be attributed to the fact that the occupations that women enter tend to be paid less than fields that are traditionally male-dominated. Because women are more likely to work in minimum-wage and lower-income occupations than men, they may also face more erratic schedules that could lead to a less stable paycheck. Plus, the positions men take are also generally more likely to evolve into manager and executive roles. “That leads to lifetime earnings being lower and savings being lower,” Gould says.

Click to expand the chart.

Women carry more responsibility

The reason so many women face economic instability is tied to more than just pay. Stoddard-Graham says that women often carry more responsibility when it comes to caring for their loved ones and extended families, for example. “There’s what’s happening in the labor market and then there’s what’s happening at home,” Gould says. Research shows that women disproportionately take on more household responsibilities, even when there are no kids in the household, she says. And many women are forced to take time out of the workforce because they can’t afford child care costs. That, studies have shown, hits women’s careers and lifetime earning potential. “Not having paid parental leave or affordable, high-quality child care is a disproportionate burden on mothers and therefore a disproportionate burden on women,” Gould says. Another reason for the stark difference in answers between men and women could be how the question is interpreted and how secure people feel financially when answering. “Women may feel more secure with more savings, and therefore they feel they live paycheck to paycheck,” Gould says. MetLife’s research generally found that women feel less in control of their finances than men and fewer women feel on track to achieve their financial goals.

Breaking free of the cycle


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: megan leonhardt
Keywords: news, cnbc, companies, women, feel, pay, live, men, stoddardgraham, gould, say, lower, roughly, menheres, paycheck, times, paid


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How to start an emergency fund when you live paycheck to paycheck

That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. Younger millennials may not absolutely need six months’ living expenses, Salemi says. That makes the need for emergency savings more critical.


That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. Younger millennials may not absolutely need six months’ living expenses, Salemi says. That makes the need for emergency savings more critical.
How to start an emergency fund when you live paycheck to paycheck Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: jill cornfield
Keywords: news, cnbc, companies, save, emergency, fund, savings, paycheck, salemi, malani, expenses, live, need, thompson, work, months, start


How to start an emergency fund when you live paycheck to paycheck

When things go sideways, as they inevitably will, you’ll need cash. That’s what the rainy day fund — aka the emergency fund, savings pool or cash stash — is all about. Generally, the rule of thumb is three to six months’ expenses. Some experts even recommend tucking away even more. Is that even possible?

Less than zero?

Don’t be put off by the daunting numbers. Your goal should be to start establishing savings earmarked just for emergencies. Chartered financial analyst Leslie Thompson, managing principal of Spectrum Management Group at Carson Wealth in Indianapolis, recommends people save up six months of salary — but she means after taxes and other expenses are withheld. Here’s how to prioritize: First, work on reducing debt. Second, work on building up a safety cushion. Long-term savings is No. 3, Thompson says.

Part of the goal is not the actual money. “It’s building up the discipline to save money,” Thompson said. Set an auto payment through your bank, or try an app like Tip Yourself to stash money, which is free to use. Most major banks and credit unions have auto save features. Other apps may be handy but they do charge fees. If you have nothing saved and think the higher levels are impossible, set a lower goal, like $500. Or get started by taking your largest monthly expense, whether rent or your student loan, and saving up that amount. When you’ve achieved that, double it.

How much you really need

The boilerplate advice can be demotivating, says Priya Malani, a founding partner at financial planning firm Stash Wealth in New York. Her firm has been pushing against the conventional standards for emergency funds for some time. People frequently recommend a fixed amount, such as $10,000, or a few months’ of living expenses. The rules of thumb may not work for everyone, Malani says. Instead, she prefers fine-tuning these guidelines. “Your emergency fund should equal three months’ of your fixed expenses,” Malani said. These are different from your living expenses: They’re the things you cannot turn off immediately if life is suddenly upended. “You should include regular pet care and child care in your fixed expense numbers if you pay them every month,” Malani said. More from Invest in You:

Here’s how to invest like Warren Buffett

Tips from people who didn’t save till their 40s or 50s

You’ll probably regret that timeshare, car payment

Gig your way through

If your emergency cash need isn’t too great, you might be able to fill in the gap with a side hustle, says Vicki Salemi, a career expert at Monster.com in New York. Gig economy work is easier when you’re younger. You have fewer financial obligations, Salemi says, so scout what you need to earn between jobs and see what you can cut, such as a gym membership. Make sure to account for COBRA health insurance payments if you are not still on your parents’ plan. Younger millennials may not absolutely need six months’ living expenses, Salemi says. “You can move around or couch surf for a while,” Salemi said. “You’re used to dorm living, anyway.” They might be able to move back in with their parents for a while in case of a job loss, where people in their 50s might have a mortgage and college tuition to pay. That makes the need for emergency savings more critical.

PeopleImages | E+ | Getty Images

If all else fails

If you need motivation, imagine a situation — health care or home problems are most common, Thompson says — where you need cash but don’t have it. If it’s a health crisis, people can often negotiate with the hospital for a reduced amount and an installment plan to pay off the balance. But other situations might not be that flexible. You might have to work out something with a contractor or a vendor, if it’s a house-related bill, Thompson says. “Otherwise, people tend to fall into credit card debt, which is not great.” Though far from ideal, she suggests considering a loan from your 401(k). Most plans do offer loans, though some do not.

The right percentage


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: jill cornfield
Keywords: news, cnbc, companies, save, emergency, fund, savings, paycheck, salemi, malani, expenses, live, need, thompson, work, months, start


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Watch Fed Chair Jerome Powell speak live on the economy

Powell says the Fed will start expanding its balance sheet ‘soon’On monetary policy more broadly, Powell stuck to his recent script, saying the Fed stands committed to supporting the recovery but is data dependent and not on a preset course… The Fedread more


Powell says the Fed will start expanding its balance sheet ‘soon’On monetary policy more broadly, Powell stuck to his recent script, saying the Fed stands committed to supporting the recovery but is data dependent and not on a preset course… The Fedread more
Watch Fed Chair Jerome Powell speak live on the economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jeff cox
Keywords: news, cnbc, companies, watch, speak, powell, script, fed, chair, start, supporting, live, soonon, sheet, jerome, stuck, stands, economy, saying


Watch Fed Chair Jerome Powell speak live on the economy

Powell says the Fed will start expanding its balance sheet ‘soon’

On monetary policy more broadly, Powell stuck to his recent script, saying the Fed stands committed to supporting the recovery but is data dependent and not on a preset course…

The Fed

read more


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jeff cox
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China’s Xi: ‘No force can stop the Chinese people and the Chinese nation’

BEIJING — Chinese President Xi Jinping said Tuesday in a speech commemorating the 70th anniversary of the Chinese Communist Party’s rule that no force could sway China’s development. “There is no force that can shake the foundation of this great nation,” Xi said in Mandarin, according to an official translation broadcast through state media. “No force can stop the Chinese people and the Chinese nation forging ahead.” “Long live the great Communist Party of China. And long live the great Chinese


BEIJING — Chinese President Xi Jinping said Tuesday in a speech commemorating the 70th anniversary of the Chinese Communist Party’s rule that no force could sway China’s development. “There is no force that can shake the foundation of this great nation,” Xi said in Mandarin, according to an official translation broadcast through state media. “No force can stop the Chinese people and the Chinese nation forging ahead.” “Long live the great Communist Party of China. And long live the great Chinese
China’s Xi: ‘No force can stop the Chinese people and the Chinese nation’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: evelyn cheng
Keywords: news, cnbc, companies, stop, chinese, live, china, nation, great, translation, communist, force, speech, chinas


China's Xi: 'No force can stop the Chinese people and the Chinese nation'

BEIJING — Chinese President Xi Jinping said Tuesday in a speech commemorating the 70th anniversary of the Chinese Communist Party’s rule that no force could sway China’s development.

“There is no force that can shake the foundation of this great nation,” Xi said in Mandarin, according to an official translation broadcast through state media. “No force can stop the Chinese people and the Chinese nation forging ahead.”

Xi did not specifically mention any other country by name, and emphasized that China would pursue peaceful development.

“Long live the great Communist Party of China. And long live the great Chinese People!” Xi concluded his speech, which lasted for less than 10 minutes.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: evelyn cheng
Keywords: news, cnbc, companies, stop, chinese, live, china, nation, great, translation, communist, force, speech, chinas


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The world’s first transgender pro boxer is now the face of iconic boxing brand Everlast. Here’s how he did it

Everlast, which launched in 1910, is the world’s leading manufacturer and licensor of boxing, mixed martial arts and fitness equipment. On Sept. 26 he made history again when iconic boxing brand Everlast named him the face of its company — a position previously held by boxing legends Jack Dempsey, Sugar Ray Robinson and Canelo Álvarez. On Dec. 12, 2018, he became the world’s first transgender boxer to compete in a professional fight — and he came away with a win, to boot. Patricio Manuel, the wo


Everlast, which launched in 1910, is the world’s leading manufacturer and licensor of boxing, mixed martial arts and fitness equipment. On Sept. 26 he made history again when iconic boxing brand Everlast named him the face of its company — a position previously held by boxing legends Jack Dempsey, Sugar Ray Robinson and Canelo Álvarez. On Dec. 12, 2018, he became the world’s first transgender boxer to compete in a professional fight — and he came away with a win, to boot. Patricio Manuel, the wo
The world’s first transgender pro boxer is now the face of iconic boxing brand Everlast. Here’s how he did it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: jade scipioni
Keywords: news, cnbc, companies, life, brand, iconic, boxer, wasnt, live, know, everlast, heres, boxing, manuel, risk, transgender, pro, trials, face, worlds


The world's first transgender pro boxer is now the face of iconic boxing brand Everlast. Here's how he did it

Everlast, which launched in 1910, is the world’s leading manufacturer and licensor of boxing, mixed martial arts and fitness equipment. The company says Manuel is part of its “new crop of trailblazers,” which also includes an amputee fighter and a family of immigrants from Mexico who are amateur boxers.

On Sept. 26 he made history again when iconic boxing brand Everlast named him the face of its company — a position previously held by boxing legends Jack Dempsey, Sugar Ray Robinson and Canelo Álvarez.

On Dec. 12, 2018, he became the world’s first transgender boxer to compete in a professional fight — and he came away with a win, to boot.

At the age of 34, Patricio Manuel has already made history twice.

Patricio Manuel, the world’s first professional male boxer who is transgender in Everlast campaign.

But the road to getting there wasn’t easy for Manuel. He says he had to risk everything he knew in order to achieve his dream of competing as a male boxer.

Manuel started his boxing career as a female competitor in the early 2000s. He won five national amateur championships and even competed in the 2012 Olympic trials as a woman. But Manuel was eliminated from those trials after suffering a shoulder injury.

While he was recovering, he did a lot of reflecting and finally came to the realization that he was living a lie.

“Once I realized that I was trans, I knew that I needed to live my life being seen as a man,” Manuel tells CNBC Make It.

However, it took him a year before he made a decision to medically transition.

“I was juggling back and forth for a while,” Manuel says. But he didn’t want to be “untruthful” to himself, he says. “For me, that was competing in the female division because that wasn’t how I saw myself. And if I continued to push off my medical transition, I was doing more harm to myself.”

“I realized that I needed to go all-in and risk it all,” he says, which meant he might not be able to compete in boxing — a sport that he loved.

During his transition, Manuel lost his coach, his gym, two jobs and a handful of friends and acquaintances. But the process only made him fight harder, he says.

“Regardless of what your goals are, whether you are trans, whether you are an athlete or not, our dreams have big costs to it, and it all requires risk for us to find that reward,” he says.

He says the challenges he faced were well worth the pain to get him to where he is today.

“I haven’t made it yet,” he says. “I’m already looking at my next goal.”

He wants others to know that in order to achieve success, it is imperative to know yourself and know what you want in life and figure out what you are willing to do — and give up for it.

“We only have one life to live. As cliché as that sounds, I really try to live my life having the least amount of regrets as possible.”

Like this story? Like CNBC Make It on Facebook.

Don’t miss: Inside ex-bodybuilder Arnold Schwarzenegger’s wellness routine now that he’s 72

What NFL star Tom Brady eats and drinks before a big game


Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: jade scipioni
Keywords: news, cnbc, companies, life, brand, iconic, boxer, wasnt, live, know, everlast, heres, boxing, manuel, risk, transgender, pro, trials, face, worlds


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It now costs $350,000 a year to live a middle-class lifestyle in a big city—here’s a sad breakdown of why

Living a middle-class lifestyle on $350,000 a yearBelow is an example budget of a dual-income household with two kids. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% high


Living a middle-class lifestyle on $350,000 a yearBelow is an example budget of a dual-income household with two kids. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% high
It now costs $350,000 a year to live a middle-class lifestyle in a big city—here’s a sad breakdown of why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam dogen
Keywords: news, cnbc, companies, cityheres, tax, property, school, couple, middleclass, live, income, million, 350000, lifestyle, breakdown, family, big, sad, little, costs, month


It now costs $350,000 a year to live a middle-class lifestyle in a big city—here's a sad breakdown of why

Who makes $350,000 a year?

Living a middle-class lifestyle on $350,000 a year

Below is an example budget of a dual-income household with two kids. The budget has been vetted by thousands of readers on my personal finance website, Financial Samurai, who also raise families in expensive cities like San Francisco, Los Angeles, New York, Boston and Washington, D.C.

Gross income review

In order to make $350,000 a year, both parents must be working. In this example, each parent puts away $19,000 in their respective 401(k)s for a combined $38,000 a year. After getting their standard $24,000 deduction, they pay $92,160 in total taxes and are left with $221,840. Because this couple earns less than $400,000, they can receive a tax credit of $2,000 per child. Since they have two children, they get a $4,000 credit.

Expenses review

Childcare: $2,450 per month. There’s no getting around this expense when both parents are working. Their childcare center costs $2,200 a month for full-time care. The couple then spends an extra $250 a month for some babysitting help.

There’s no getting around this expense when both parents are working. Their childcare center costs $2,200 a month for full-time care. The couple then spends an extra $250 a month for some babysitting help. Preschool: $2,000 per month. The second child goes to preschool full-time. The $2,000 per month does not include the suggested $3,000 per child donation the school asks each year to help fund new construction. The parents’ ultimate plan is to send both children to private grade school, which costs about $35,000 from K-8 and about $45,000 from 9-12.

The second child goes to preschool full-time. The $2,000 per month does not include the suggested $3,000 per child donation the school asks each year to help fund new construction. The parents’ ultimate plan is to send both children to private grade school, which costs about $35,000 from K-8 and about $45,000 from 9-12. Food: $2,129 per month. It makes little sense to spend hours cooking when you’re already tired and want to reserve your remaining energy for taking care of your kids. The budget includes expenses like groceries, eating out and food delivery.

It makes little sense to spend hours cooking when you’re already tired and want to reserve your remaining energy for taking care of your kids. The budget includes expenses like groceries, eating out and food delivery. Mortgage: $3,900 per month. This amount isn’t bad for a $900,000 mortgage with a 3.25% interest rate; $2,000 out of the $3,900 goes toward paying down principal and building net worth. Therefore, this couple is adding $24,000 a year in forced savings to their annual 401(k) savings.

(Their $1.8 million assessed house is a standard 2,200 square feet, four-bedroom, three-bathroom home on a 3,000 square foot lot. But it’s nothing fancy since the median price for a single-family home is $1.7 million in San Francisco. To give you an idea of how little you actually get for a $1.85 million home, below is an example of a typical home in that price range in Golden Gate Heights, one of San Francisco’s best-kept secret neighborhoods. As you can see, it’s a standard middle-class house — granted, with panoramic ocean views — and only has 1,288 square feet of living space, two bedrooms and one bathroom.) Property tax: $1,860 per month. The $10,000 SALT deduction cap for individuals and married couples hurts homeowners in expensive real estate markets. The annual property tax on a $1.8 million assessed house alone is roughly $22,320. On top of that, the couple is also paying about $25,000 in state income taxes. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs.

The $10,000 SALT deduction cap for individuals and married couples hurts homeowners in expensive real estate markets. The annual property tax on a $1.8 million assessed house alone is roughly $22,320. On top of that, the couple is also paying about $25,000 in state income taxes. When you add on property tax, property maintenance and insurance, it costs this family over $75,000 a year in housing costs. Vacation: $7,800 per year. Three weeks of vacation a year is reasonable for the typical American household. After tax, four round-trip tickets to Hawaii will cost a family about $2,000. Then budget lodging for a week will cost at least another $1,400. There’s also food and activities to pay for. (No wonder why “staycations” are becoming more common for financially stretched households.)

Three weeks of vacation a year is reasonable for the typical American household. After tax, four round-trip tickets to Hawaii will cost a family about $2,000. Then budget lodging for a week will cost at least another $1,400. There’s also food and activities to pay for. (No wonder why “staycations” are becoming more common for financially stretched households.) Car payment: $380 per month. When you have little ones, all you want to do is protect them from harm. Even if you consider yourself a good driver, one distracted driver reading a text message could cause a serious accident. No longer do you feel comfortable driving a compact city car while transporting your family. Instead, you want a vehicle with the highest safety rating. Baby/toddler things: $380 per month. You can spend as little or as much as you want on your baby. But this family buys disposable (not washable) diapers, tons of baby-proofing material, lots of educational toys, the best car seats and two strollers.

You can spend as little or as much as you want on your baby. But this family buys disposable (not washable) diapers, tons of baby-proofing material, lots of educational toys, the best car seats and two strollers. Entertainment: $500 per month. Date night can easily cost $200 per outing for two once you include tickets to a ball game or an Off-Broadway show and transportation. Entertainment costs also include sporting equipment, memberships, Netflix, cable, internet and more. College savings: $1,000 per month. According to the College Board, the average cost of tuition and fees for the 2018-2019 school year was $10,230 for state residents at public colleges and $26,290 for out-of-state students. The average private school tuition is over $35,000. In 16 to 18 years, tuition will likely be double today’s averages.

Final cash flow review

The end result is annual cash flow of only $1,456, which could get spent in a hurry, as unexpected situations will likely pop up. Despite such little cash flow, this household is building roughly $63,000 in liquid net worth each year by paying down their mortgage and contributing to their employer-sponsored retirement accounts.

We all deserve to live a middle-class lifestyle. Unfortunately, we’ve first got to sacrifice more than ever to get there today.

Unfortunately, despite making $350,000 a year, this couple will be unable to retire before 60 because they aren’t building an after-tax investment portfolio to generate passive income. They can’t withdraw from their 401(k)s before age 59½ without a 10% early distribution penalty, nor can they rent out their home for income, given it’s their primary residence. In order for this couple to achieve financial independence, they need to accumulate a net worth equal to at least 25 times their annual expenses — or 20 times their annual gross income. In other words, they need to amass a net worth of between $5.5 million to $7 million if their income and expenses remain unchanged. That’s tough to do with so little in savings per year.

Recommendations for a better life

If you’re one of the many families struggling to get ahead in an expensive city on a high salary, here are five suggestions: 1. Limit your household income up to $321,451 after all deductions. A married couple can earn up to $321,451 and pay a 24% marginal federal income tax rate. Any dollar after $321,451 is taxed 8% higher at a 32% marginal federal income tax rate. If you’re feeling overly stressed at work and want to spend more time with your children, consider working less if you’re making more than the 24% marginal tax bracket income threshold. Not only might your stress decline, you’ll be able to reduce childcare expenses. 2. Stop wanting a middle-class lifestyle. It’s worth sacrificing your lifestyle in the short term for long-term gain. By renting a more modest home for $4,000 a month, this family will free up $27,000 a year in cash flow. By sending their oldest to public elementary school, this family will gain another $24,000 a year in cash flow. An additional $51,000 a year in cash flow is huge when coupled with $38,000 a year in 401(k) contributions. This couple could also limit their vacations to more local destinations, and cut back on meal spending by doing more bulk cooking and focusing on simple foods. 3. Build an after-tax investment portfolio. Earning passive investment income is the key to financial freedom. Using conventional rules, you can’t live off your 401(k) or IRA until the age of 59½. (Here’s my ranking of the best passive income investments today, so you can retire sooner rather than later.) 4. Move somewhere else. Once you’ve accumulated enough capital, consider relocating to a lower-cost area. Thanks to technology, there’s a multi-decade demographic trend towards living in the heartland, where property prices and rents are much cheaper. 5. Know your finances inside out. The people who end up with financial problems are typically the ones who don’t stay on top of their finances each week. Ten years later, they finally wake up and wonder where all their money went. In the past, an Excel spreadsheet was fine. Now, there are plenty of free financial tools out there to use to not only track your finances, but x-ray your investment portfolios for excessive fees and help keep you on track to reaching your retirement goals.

The sad truth


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: sam dogen
Keywords: news, cnbc, companies, cityheres, tax, property, school, couple, middleclass, live, income, million, 350000, lifestyle, breakdown, family, big, sad, little, costs, month


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Apple is hosting its annual launch event — watch it live

Please refresh the page if you do not see a player above at that time. You can also follow CNBC’s live coverage of Apple’s event right here .] Apple is holding a fall launch event on Tuesday. The company has hosted a product reveal every fall since 2011 to unveil iPhone updates and new gadgets. In addition to three new iPhone models, Apple is also expected to reveal pricing and launch dates for two of its new services, Apple TV+ for video streaming and Apple Arcade for gaming.


Please refresh the page if you do not see a player above at that time. You can also follow CNBC’s live coverage of Apple’s event right here .] Apple is holding a fall launch event on Tuesday. The company has hosted a product reveal every fall since 2011 to unveil iPhone updates and new gadgets. In addition to three new iPhone models, Apple is also expected to reveal pricing and launch dates for two of its new services, Apple TV+ for video streaming and Apple Arcade for gaming.
Apple is hosting its annual launch event — watch it live Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine kim
Keywords: news, cnbc, companies, watch, event, video, apple, updates, hosting, reveal, iphone, youtube, launch, live, cnbcs, annual, fall


Apple is hosting its annual launch event — watch it live

[The stream is slated to start at 1:00 p.m. ET. Please refresh the page if you do not see a player above at that time. You can also follow CNBC’s live coverage of Apple’s event right here .]

Apple is holding a fall launch event on Tuesday. The company has hosted a product reveal every fall since 2011 to unveil iPhone updates and new gadgets.

In addition to three new iPhone models, Apple is also expected to reveal pricing and launch dates for two of its new services, Apple TV+ for video streaming and Apple Arcade for gaming.

— CNBC’s Kif Leswing contributed to this report.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine kim
Keywords: news, cnbc, companies, watch, event, video, apple, updates, hosting, reveal, iphone, youtube, launch, live, cnbcs, annual, fall


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Tech giants want rules on facial recognition, but critics warn that won’t be enough

The privacy regulator has also been investigating the use of facial recognition by police. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.” Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. Campaigners are already challenging the police use of


The privacy regulator has also been investigating the use of facial recognition by police. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.” Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. Campaigners are already challenging the police use of
Tech giants want rules on facial recognition, but critics warn that won’t be enough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: ryan browne
Keywords: news, cnbc, companies, used, tech, facial, wont, technology, live, ban, giants, warn, critics, recognition, rules, surveillance, regulation, public, data


Tech giants want rules on facial recognition, but critics warn that won't be enough

People walk past a CCTV camera at King’s Cross on August 16, 2019 in London. CCTV cameras using facial recognition are being investigated by the UK’s data protection watchdog.

It almost comes naturally to many smartphone users today. You can just take out your iPhone — or Android equivalent — and hold it up to your face to unlock the device. But the technology behind that has become increasingly controversial of late, with business executives and regulators alike calling for oversight. Microsoft CEO Satya Nadella earlier this year said the technology warranted “any regulation that helps the marketplace not be a race to the bottom.” While people are far more open to the idea of registering their portrait with Apple’s Face ID, the idea of being spotted by an artificial intelligence-powered camera on the street has proven much more unnerving. This is the difference, tech executives and experts say, between consensual identity verification and non-consensual surveillance. The use of facial recognition technology in London’s King’s Cross area was met with much backlash earlier this month, drawing the attention of the U.K. data protection watchdog. It emerged that Argent, a property developer, had deployed the software in the space without people’s knowledge. Argent was not immediately available for comment when contacted by CNBC. Some are calling for a ban of so-called live facial recognition, where surveillance cameras equipped with the technology scan people in public places. One of the biggest problems with face identification systems, independent researcher Stephanie Hare said, is that it involves biometric data — in other words, information about people’s bodies. She thinks an outright ban on the technology should be one option on the table. “It needs to be treated in the same way that your DNA would be,” Hare told CNBC. “They’re in the same category of powerful data. What you could do with face recognition in terms of identifying someone in real time makes it a surveillance technology.” And it’s that issue of surveillance that has become a key concern for regulators. Britain’s Information Commissioner Elizabeth Denham said she would launch a probe into how the software was used in London, adding she was “deeply concerned about the growing use of facial recognition technology in public spaces” by both law enforcement and the private sector. The privacy regulator has also been investigating the use of facial recognition by police.

UK police trials

Some police forces in the U.K. have conducted trials of the technology, which is being promoted by the Home Office. London’s Metropolitan Police ended its pilot program, which was aimed at identifying criminals, last month. Researchers from the University of Essex found “significant flaws ” with the Met’s trial, adding that police deployment of live facial recognition technology “may be held unlawful if challenged before the courts.” South Wales Police, on the other hand, has gone ahead with an app that lets officers run a snapshot of a person through a database of suspects to find potential matches. That’s despite a court case against the force brought by the campaign group Liberty. Privacy campaigners at Big Brother Watch want the British parliament to step in. They think that lawmakers in the country should look to ban the technology from being used for monitoring people, rather than introduce regulation that sees it permitted under certain guidelines. Laws can take years to implement and even then policies would vary across different regions. “We’re not asking parliament to regulate, we’re asking parliament to immediately put a stop to it,” Silkie Carlo, director of Big Brother Watch, told CNBC. “If anyone thinks it’s feasible that live facial recognition for public surveillance is possible in a rights-respecting democracy, they’d have to make a pretty convincing argument.”

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Various police forces across the country have pushed back against the scheme. “That’s not a positive thing,” said Jason Tooley, chief revenue officer of biometric software maker Veridium. The worry for some is whether legislators take too heavy-handed an approach. “In terms of innovative technology, we want the police forces to be able to innovate to deliver better services,” Tooley told CNBC. “What we’ve got to try to avoid here is that innovation is squashed or stopped.” Biometric data is already covered by the European Union’s GDPR, or General Data Protection Regulation, a data privacy overhaul that was introduced by the bloc last year. The rules call on companies to obtain explicit consent from consumers on the use of their personal information. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. But recently it was reported that the EU is looking to tighten its laws around the use of facial recognition as part of an overhaul of how AI is regulated. Natasha Bertaud, deputy chief spokesperson for the European Commission, declined to comment on that report last week, but pointed to recommendations from a group of experts advising the EU executive body on its approach to AI. That group had suggested the EU consider the need for new regulation of biometric technologies like emotion tracking and facial recognition.

Tech firms ‘ride the wave of public opinion’

So where do tech firms like Microsoft and Amazon sit in the regulatory debate swirling around facial recognition? Tech giants make “big claims about being on the side of privacy,” but ultimately “ride the wave of where public opinion is,” said Mike Beck, global head of threat analysis at cybersecurity firm Darktrace. Amazon’s computer vision platform Rekognition — that’s the one that can now apparently detect fear — has in the past been used by police in the U.S. That hasn’t always sat well with the company’s own shareholders, who earlier this year lumped pressure on the tech giant to stop selling the facial identification software to law enforcement.

But the company has — like Microsoft — said it wants to at least see guidelines established to ensure the technology is used ethically. “New technology should not be banned or condemned because of its potential misuse,” Michael Punke, vice president of global public policy for Amazon’s cloud business, AWS, said in a blog post earlier this year. Microsoft has repeatedly called on governments to regulate face recognition, with the firm’s president, Brad Smith, having previously said that 2019 should be the year for regulation. Google, meanwhile, has said it will not sell the technology “before working through important technology and policy questions.” Beck said that a ban on live facial recognition was “not the answer,” adding regulation would need to address how biometric data is collected and handled by organizations. “Regulation is only part of the answer,” he said. “Securing data when it is collected is as important as regulating the applications of the technology in the first place.” Meanwhile, Gus Tomlinson, head of strategy at identity verification firm GBG, said a clear regulatory framework could help consumers understand the benefits of the technology — one of the benefits cited by Amazon is that Rekognition has been used to prevent human trafficking and find missing children. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.”

‘Perfect tool of oppression’

One big problem with facial recognition is it uses machine-learning algorithms that are fed abundant volumes of data on people’s faces to be able to discriminate between one person and another. But that information can be discriminatory in its own right, as demonstrated by MIT researcher Joy Buolamwini, who published a paper that showed such systems are less likely to accurately identify ethnic minorities and women than white men. The combination of that with laying down the law is problematic, critics say, as it could result in cases of mistaken identity and people being wrongly arrested. Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. And even as the technology improves, it could become a “perfect tool of oppression,” Carlo said, adding: “In extremis, you could live in a society where you have no chance of being anonymous.” The technology is used without hesitation in China. The country is littered with millions of surveillance cameras and almost all of its 1.4 billion citizens are included in a facial recognition database. That has become a source of scrutiny amid claims the technology has been used to track Uighur Muslims in China’s Xinjiang territory.

In the U.S., meanwhile, the technology is facing increasing pushback from legislators, at least in terms of how it’s used by the police. The California State Senate is considering legislation that would ban the use of facial recognition software in police body cameras, while San Francisco’s Board of Supervisors already went ahead with moving to ban the use of the technology by law enforcement. Hare said that the issue was so severe that it could result in a “landmark” court case. Campaigners are already challenging the police use of facial recognition in the U.K., but Hare said there could one day be a “class action lawsuit.” She said GDPR — under which firms can be fined up to 4% of their global revenues — would be “legalizing mass surveillance” if it doesn’t protect people from live facial recognition.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: ryan browne
Keywords: news, cnbc, companies, used, tech, facial, wont, technology, live, ban, giants, warn, critics, recognition, rules, surveillance, regulation, public, data


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I saved over $100,000 in just 3 years by the time I was 27—here are my top money-saving tips

So once I graduated from college, I challenged myself to save $100,000 to invest in my retirement savings accounts, emergency funds and other investment accounts. Here are the five most important savings tips I learned in those three years. Once I saved up enough money, I got my own place in New Jersey. Cutting cable : Unless you’re a huge sports fan, you can save a lot by cutting the cord. Automating my finances by having the money automatically sent to my savings account made things a lot easi


So once I graduated from college, I challenged myself to save $100,000 to invest in my retirement savings accounts, emergency funds and other investment accounts. Here are the five most important savings tips I learned in those three years. Once I saved up enough money, I got my own place in New Jersey. Cutting cable : Unless you’re a huge sports fan, you can save a lot by cutting the cord. Automating my finances by having the money automatically sent to my savings account made things a lot easi
I saved over $100,000 in just 3 years by the time I was 27—here are my top money-saving tips Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: bola sokunbi
Keywords: news, cnbc, companies, money, saving, really, youre, tips, 100000, 27here, savings, work, saved, moneysaving, lot, save, service, live


I saved over $100,000 in just 3 years by the time I was 27—here are my top money-saving tips

Early in my career, when I was 27, I reached a huge milestone: I had amassed a little more than $100,000 in savings — and I did it in just three years. Saving that much money was no walk in the park, but I was lucky to have the support of my mother, who worked tirelessly to help pay for all four years of my private college tuition (which was roughly $35,000 per year). I understand that most people aren’t fortunate enough to have the help of their parents. Instead, they have to pay their own way or take out student loans. (I hope that one day, college will be more affordable so that my luck wouldn’t be just “luck” — but a common thing.) Watching my mother work so hard inspired me to be smart about my own finances. So once I graduated from college, I challenged myself to save $100,000 to invest in my retirement savings accounts, emergency funds and other investment accounts. I was able to do it by learning from other people, reading books and through trial and error. Here are the five most important savings tips I learned in those three years.

1. Invest in your 401(k)

This might sound like a no-brainer, but three out of four Americans admit that their biggest financial mistake was not investing in their 401(k) as early as possible. When I was 24, I landed my first full-time job at a technology consulting firm. I had a starting salary of $54,000 and put 15% of it into my 401(k). At the time, my employer matched 100% of the first 6% I contributed. Three and a half years later, my savings had grown to nearly $40,000 — thanks to the magic of compound interest and excellent market gains. If your company offers an employee-matching program, take advantage of it immediately and max out your allowable contributions. Can’t afford to max out right away? Consider increasing your contributions by 1% every quarter until you can. If you don’t have access to an employer-sponsored plan, there are options to invest in individual retirement accounts, such as a Roth IRA or a traditional IRA.

2. Keep your expenses very, very low

Most of my friends couldn’t wait to move out and get their own places after college, but I decided to live at home with my parents for six months. Once I saved up enough money, I got my own place in New Jersey. But even then, I continued to live frugally and keep my expenses as low as possible by: Moving close to work : I chose a location near my office so I wouldn’t have to spend a ton of money on transportation.

: I chose a location near my office so I wouldn’t have to spend a ton of money on transportation. Packing lunch : Eating out for lunch every day during the workweek would have cost me, on average, $10 per meal. So by packing my own meals, I was saving about $2,500 per year.

: Eating out for lunch every day during the workweek would have cost me, on average, $10 per meal. So by packing my own meals, I was saving about $2,500 per year. Not going out every night : Skipping nights out was really hard because it meant having to say no and feeling left out. But making friends with people who had similar savings goals really helped. (When I did go out, I avoided all the ridiculously-priced items like theater popcorn and fancy cocktails.)

: Skipping nights out was really hard because it meant having to say no and feeling left out. But making friends with people who had similar savings goals really helped. (When I did go out, I avoided all the ridiculously-priced items like theater popcorn and fancy cocktails.) Cutting cable : Unless you’re a huge sports fan, you can save a lot by cutting the cord. And these days, you might be better off switching to an online streaming service like Netflix, Hulu or YouTube TV.

: Unless you’re a huge sports fan, you can save a lot by cutting the cord. And these days, you might be better off switching to an online streaming service like Netflix, Hulu or YouTube TV. Negotiating cell phone bills : Cell phone plans can get really expensive, especially when it comes to data. It’s always worth calling your service provider to negotiate ways to lower your bill. If you’re a loyal — and incredibly persistent — customer, you’d be surprised by the special deals and offers available.

: Cell phone plans can get really expensive, especially when it comes to data. It’s always worth calling your service provider to negotiate ways to lower your bill. If you’re a loyal — and incredibly persistent — customer, you’d be surprised by the special deals and offers available. Cutting down on groceries : Before you head to the grocery store, make sure you have a full stomach and a prepared list of items you want to buy. That way, you won’t get sidetracked by things you don’t need or food cravings that pop up while you’re there. Coupons help, too!

: Before you head to the grocery store, make sure you have a full stomach and a prepared list of items you want to buy. That way, you won’t get sidetracked by things you don’t need or food cravings that pop up while you’re there. Coupons help, too! Canceling unused memberships and subscriptions: Get into the habit of reviewing your bank statements every month to see if there are any subscription services you’re not using or can live without. If you’re worried that canceling your gym membership might mean you’ll never exercise again, for example, challenge yourself to find creative ways to break a sweat (e.g., running outdoors or working out with YouTube videos).

3. Save 40% to 50% of your earnings

Growing your money isn’t just about keeping expenses low, it’s also about making a plan to save what you have left over. After my 401(k), taxes and other deductions, I was earning somewhere between $1,350 and $1,400 per bi-weekly paycheck during my first year of work. I tried to save around $500 to $700 of every paycheck as well as all of my yearly bonus, which was about $1,500. Not much, but still something! I also saved the bulk of my tax returns each year. Another trick that helped: Each time I got a promotion, I continued to live on my old budget so I could save the full amount of my raise. (By the end of my third year at work, my salary was about $74,000 after taxes.) As a result, I averaged about $18,000 each year in cash savings. Three years later, I had saved well over $50,000 from my full-time job. Automating my finances by having the money automatically sent to my savings account made things a lot easier.

4. Start a side hustle

In my second year of saving, I became very interested in photography. I purchased an entry-level DSLR camera and decided to start a side gig as a lifestyle and wedding photographer. I studied my craft and did a lot of free work to start. As I got better, I began to raise my prices. Within a few months, my business was growing and becoming very profitable. Networking with other photographers was helpful because they were able to refer me to new clients. Running a side business while also working a full time job wasn’t easy, but it was worth it: The first year of my business, I earned around $10,000; the second year, I earned around $30,000; and in subsequent years, my profits only continued to increase. Around the same time, I started learning about investing outside of retirement funds and used some of the money I earned from my photography business to do that. This helped push my savings well over the $100,000 mark. If you have a hobby or particular skill set that people compliment you on all the time, consider starting a side hustle. You can also make extra cash by selling electronics, clothing, shoes or anything else you no longer use.

5. Don’t get caught up in comparison


Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: bola sokunbi
Keywords: news, cnbc, companies, money, saving, really, youre, tips, 100000, 27here, savings, work, saved, moneysaving, lot, save, service, live


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Tesla short David Einhorn says Elon Musk should resign over solar panel fires

Tesla short David Einhorn of Greenlight Capital said Friday on Twitter that the electric-car maker’s CEO, Elon Musk, should resign after allegations that the company’s solar panels have caused fires. The comments came just days after Walmart filed a lawsuit against Tesla claiming that solar panels it bought from the company caught fire at seven of its stores. It is asking for Tesla to remove its solar panels from more than 240 Walmart locations and pay damages related to the fires. “How many sol


Tesla short David Einhorn of Greenlight Capital said Friday on Twitter that the electric-car maker’s CEO, Elon Musk, should resign after allegations that the company’s solar panels have caused fires. The comments came just days after Walmart filed a lawsuit against Tesla claiming that solar panels it bought from the company caught fire at seven of its stores. It is asking for Tesla to remove its solar panels from more than 240 Walmart locations and pay damages related to the fires. “How many sol
Tesla short David Einhorn says Elon Musk should resign over solar panel fires Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: lauren feiner
Keywords: news, cnbc, companies, saying, elon, walmart, musk, einhorn, tesla, stores, short, panels, look, live, system, solar, panel, fires, resign, david, tweeted


Tesla short David Einhorn says Elon Musk should resign over solar panel fires

Tesla short David Einhorn of Greenlight Capital said Friday on Twitter that the electric-car maker’s CEO, Elon Musk, should resign after allegations that the company’s solar panels have caused fires.

The comments came just days after Walmart filed a lawsuit against Tesla claiming that solar panels it bought from the company caught fire at seven of its stores. Walmart alleged Tesla committed gross negligence, breach of contract and failure to live up to industry standards. It is asking for Tesla to remove its solar panels from more than 240 Walmart locations and pay damages related to the fires.

“How many solar panels are still defective and could cause fires?” Einhorn tweeted Friday, saying the company “should immediately notify the people who live in and work in buildings at risk.”

“A recall should have happened long ago,” he tweeted, tagging the U.S. Consumer Product Safety Commission.

Tesla did not immediately respond to a request for comment.

On Thursday, Tesla and Walmart released a joint statement saying they “look forward to addressing all issues and re-energizing Tesla solar installations at Walmart stores, once all parties are certain that all concerns have been addressed.Together, we look forward to pursuing our mutual goal of a sustainable energy future. Above all else, both companies want each and every system to operate reliably, efficiently, and safely.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: lauren feiner
Keywords: news, cnbc, companies, saying, elon, walmart, musk, einhorn, tesla, stores, short, panels, look, live, system, solar, panel, fires, resign, david, tweeted


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