Boeing wants to resume 737 Max production months before the planes return to service

Boeing’s new CEO, Dave Calhoun, said Wednesday that he wants the company to resume production of the 737 Max months before regulators sign off on the planes and airlines prepare to return them to service. Boeing suspended production of the planes this month because a worldwide grounding of the jetliners after two fatal crashes lasted months longer than expected. The 737 Max production shutdown has already cost thousands of jobs and raised concerns about the crisis’ impact on the broader economy.


Boeing’s new CEO, Dave Calhoun, said Wednesday that he wants the company to resume production of the 737 Max months before regulators sign off on the planes and airlines prepare to return them to service.
Boeing suspended production of the planes this month because a worldwide grounding of the jetliners after two fatal crashes lasted months longer than expected.
The 737 Max production shutdown has already cost thousands of jobs and raised concerns about the crisis’ impact on the broader economy.
Boeing wants to resume 737 Max production months before the planes return to service Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: leslie josephs
Keywords: news, cnbc, companies, months, planes, 737, return, max, boeing, company, employees, service, production, wants, resume, sign, regulators


Boeing wants to resume 737 Max production months before the planes return to service

Boeing’s new CEO, Dave Calhoun, said Wednesday that he wants the company to resume production of the 737 Max months before regulators sign off on the planes and airlines prepare to return them to service.

Boeing suspended production of the planes this month because a worldwide grounding of the jetliners after two fatal crashes lasted months longer than expected. Boeing shares fell more than 3% on Tuesday after the company pushed back its estimate of when regulators would sign off on the planes by months to the middle of 2020.

The 737 Max production shutdown has already cost thousands of jobs and raised concerns about the crisis’ impact on the broader economy.

But Calhoun’s comments indicate the company does not expect the production pause to last more than a few months.

“We got to get that line started up again,” he said on a conference call with reporters. “And the supply chain will be reinvigorated even before that.”

Boeing shares were down 1.6% in afternoon trading, bringing their weekly losses to nearly 5%.

The 737 Max crisis has rippled through Boeing’s supply chain, which includes General Electric and Spirit AeroSystems. Treasury Secretary Steven Mnuchin earlier this month estimated that the issues stemming from the plane’s grounding could shave half a percentage point off U.S. economic growth this year.

Wichita, Kansas-based Spirit AeroSystems on Jan. 10 announced it would cut an initial 2,800 jobs because of the Max grounding.

Calhoun said Wednesday that Boeing is not planning to lay off or furlough any of its employees because of the production pause, even with Boeing’s new estimate that regulators will approve the planes again midyear.

Calhoun, a decadelong Boeing board member who took the helm of the manufacturer last week, is tasked with steadying the company, shaken by the 737 Max upheaval.

Internal emails that were recently made public revealed employees boasted about bullying regulators into accepting less time-consuming pilot training before officials allowed Boeing to deliver the planes to airlines. In other messages, Boeing employees expressed safety concerns about the plane. In the wide-ranging call with reporters, Calhoun said he intended to improve the company’s culture and lift employee morale.

A flight-control system Boeing included in the jets was implicated in the two Max crashes — a Lion Air flight in October 2018 and an Ethiopian Airlines flight less than five months later — which killed all 346 people on board. Boeing is now scrambling to get regulators to sign off on changes to that software and other fixes to the plane.

The Federal Aviation Administration has said several times that it doesn’t have a firm timeline to recertify the planes.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: leslie josephs
Keywords: news, cnbc, companies, months, planes, 737, return, max, boeing, company, employees, service, production, wants, resume, sign, regulators


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Supply of homes for sale hits record low, and prices suddenly jump

A worker stands on the roof of a home under construction at a new housing development in San Rafael, California. Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors. That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982. At the current sales pace, the total supply would sell out in just three months. A six months’ supp


A worker stands on the roof of a home under construction at a new housing development in San Rafael, California.
Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.
That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.
At the current sales pace, the total supply would sell out in just three months.
A six months’ supp
Supply of homes for sale hits record low, and prices suddenly jump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, sale, inventory, record, months, jump, worsesales, low, worker, prices, suddenly, homes, yearsthat, hits, supply, pace, tracking, trolling


Supply of homes for sale hits record low, and prices suddenly jump

A worker stands on the roof of a home under construction at a new housing development in San Rafael, California.

Buyers are trolling the nation’s neighborhoods looking for homes at the fastest pace in nearly two years, making an already critical shortage of inventory even worse.

Sales of existing homes rose a steeper-than-expected 3.5% in December compared with January, according to the National Association of Realtors.

Demand is surging because mortgage rates are about a full percentage point lower than they were a year ago, and the largest generation, millennials, are aging into their homebuying years.

That demand has pushed the supply of homes for sale down 8.5% annually to the lowest level since the Realtors began tracking inventory in 1982.

At the current sales pace, the total supply would sell out in just three months. A six months’ supply is considered a balanced market.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: diana olick, in dianaolick
Keywords: news, cnbc, companies, sale, inventory, record, months, jump, worsesales, low, worker, prices, suddenly, homes, yearsthat, hits, supply, pace, tracking, trolling


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Boeing CEO: 737 Max production to resume ‘months’ before return to service

Boeing CEO: 737 Max production to resume ‘months’ before return to serviceBoeing CEO Dave Calhoun said Wednesday that the company will not cut its dividend despite the extended grounding of its 737 Max jet. “I believe we have the financial capacity and capability to do the things we need to do … but the recovery, when we get to the end and start shipping airplanes, et cetera, supports maintaining our dividend. And I will stay on that path unless something dramatic changes,” Calhoun said on a c


Boeing CEO: 737 Max production to resume ‘months’ before return to serviceBoeing CEO Dave Calhoun said Wednesday that the company will not cut its dividend despite the extended grounding of its 737 Max jet.
“I believe we have the financial capacity and capability to do the things we need to do … but the recovery, when we get to the end and start shipping airplanes, et cetera, supports maintaining our dividend.
And I will stay on that path unless something dramatic changes,” Calhoun said on a c
Boeing CEO: 737 Max production to resume ‘months’ before return to service Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22
Keywords: news, cnbc, companies, supports, calhoun, dividend, service, return, production, boeing, 737, things, start, max, resume, unless, months, ceo, stay


Boeing CEO: 737 Max production to resume 'months' before return to service

Boeing CEO: 737 Max production to resume ‘months’ before return to service

Boeing CEO Dave Calhoun said Wednesday that the company will not cut its dividend despite the extended grounding of its 737 Max jet. “I believe we have the financial capacity and capability to do the things we need to do … but the recovery, when we get to the end and start shipping airplanes, et cetera, supports maintaining our dividend. And I will stay on that path unless something dramatic changes,” Calhoun said on a conference call with reporters. CNBC’s Phil LeBeau reports.


Company: cnbc, Activity: cnbc, Date: 2020-01-22
Keywords: news, cnbc, companies, supports, calhoun, dividend, service, return, production, boeing, 737, things, start, max, resume, unless, months, ceo, stay


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Boeing customer Air Lease says ‘damaged’ MAX brand should be dropped

Boeing 737 MAX airplanes, along with one Boeing 787 at top, are parked at Grant County International Airport October 23, 2019 in Moses Lake, Washington. The chairman of major aircraft leasing firm Air Lease, which has 150 of Boeing’s grounded 737 MAX jet on order, on Monday called on the U.S. manufacturer to drop the “damaged” MAX brand to avoid it undermining the plane’s value. “We’ve asked Boeing to get rid of that word MAX,” Udvar-Hazy told the Airline Economics aviation finance conference in


Boeing 737 MAX airplanes, along with one Boeing 787 at top, are parked at Grant County International Airport October 23, 2019 in Moses Lake, Washington.
The chairman of major aircraft leasing firm Air Lease, which has 150 of Boeing’s grounded 737 MAX jet on order, on Monday called on the U.S. manufacturer to drop the “damaged” MAX brand to avoid it undermining the plane’s value.
“We’ve asked Boeing to get rid of that word MAX,” Udvar-Hazy told the Airline Economics aviation finance conference in
Boeing customer Air Lease says ‘damaged’ MAX brand should be dropped Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, lease, damaged, boeing, fly, jets, 737, air, order, max, dropped, brand, customer, udvarhazy, word, months


Boeing customer Air Lease says 'damaged' MAX brand should be dropped

Boeing 737 MAX airplanes, along with one Boeing 787 at top, are parked at Grant County International Airport October 23, 2019 in Moses Lake, Washington.

The chairman of major aircraft leasing firm Air Lease, which has 150 of Boeing’s grounded 737 MAX jet on order, on Monday called on the U.S. manufacturer to drop the “damaged” MAX brand to avoid it undermining the plane’s value.

The comments by Steven Udvar-Hazy, one of the founders of the airplane leasing industry which finances around half of the world’s passenger fleet, echoes a call by U.S. President Donald Trump in April last year to “rebrand” its 737 MAX jetliner.

Boeing said last June it had no plans to change the name of the jet.

“We’ve asked Boeing to get rid of that word MAX,” Udvar-Hazy told the Airline Economics aviation finance conference in Dublin. “I think that word MAX should go down in the history books as a bad name for an aircraft.”

“The MAX brand is damaged and there is really no reason for it,” he added.

Boeing is halting production of the 737 MAX this month following the grounding in March of its best-selling plane after two fatal crashes in five months killed 346 people.

A U.S. official briefed on the matter on Friday said U.S. regulator the Federal Aviation Administration is now unlikely to approve the plane’s return until March, and that it could take until April.

Airlines are still trying to gauge passengers’ reluctance to fly on the MAX, and how long this will last, Udvar-Hazy said. “Will it be two months, will it be six months, will it be different in different parts of the world?”

“Will people in the U.S. after a few months forget about the accidents and think ‘oh, it’s just another 737’, or are there going to be parts of the world where people are going to be more superstitious and it will take longer for them to erase that stigma?”

The chief executive of another major aircraft lessor, Firoz Tarapore of Dubai Aerospace Enterprises (DAE), told the same conference he was worried he had not seen Boeing “addressing in a proactive way” the issue of customer confidence in the aircraft.

DAE has shelved plans to order hundreds of single-aisle jets from Boeing or rival Airbus, citing high prices.

Dublin-based lessor Avolon, which has 148 MAX jets on order, was more sanguine, predicting that strong demand for the plane as a Boeing product would support valuation.

“Boeing’s 737 MAX will safely return to revenue service in 2020 (and) airlines and passengers will turn up to fly,” it said in its 2020 Outlook publication.

Udvar-Hazy said he did not expect the MAX to flood the market and push down lease rates once it is cleared to fly, as Boeing is unlikely to be able to deliver more than 50-60 jets per month including new production.

Any fall in lease values due to concerns about the MAX were likely to be temporary, Udvar-Hazy said.


Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, lease, damaged, boeing, fly, jets, 737, air, order, max, dropped, brand, customer, udvarhazy, word, months


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History shows Tesla may have a rough go of it from here after stock doubled in 6 months

Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. Mason Trinca | The Washington Post | Getty ImagesTesla’s winning streak is unlikely to last much longer, Bernstein analysts found after looking through historical data for what happens after large stocks doubled in under six months. Bernstein analyzed 40 years of trading data, looking at stocks with market values over $20 billion. With Tesla shares up more than 100%


Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018.
Mason Trinca | The Washington Post | Getty ImagesTesla’s winning streak is unlikely to last much longer, Bernstein analysts found after looking through historical data for what happens after large stocks doubled in under six months.
Bernstein analyzed 40 years of trading data, looking at stocks with market values over $20 billion.
With Tesla shares up more than 100%
History shows Tesla may have a rough go of it from here after stock doubled in 6 months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: michael sheetz
Keywords: news, cnbc, companies, stock, history, record, months, stocks, doubled, large, tech, shares, looking, tesla, rough, bernstein, trading, shows


History shows Tesla may have a rough go of it from here after stock doubled in 6 months

Robotics arms install the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. Mason Trinca | The Washington Post | Getty Images

Tesla’s winning streak is unlikely to last much longer, Bernstein analysts found after looking through historical data for what happens after large stocks doubled in under six months. Bernstein analyzed 40 years of trading data, looking at stocks with market values over $20 billion. With Tesla shares up more than 100% in the last six months, the firm wanted to help give investors a better idea of where the stock was headed – even as Elon Musk’s electric car maker is almost rising to new record high levels daily. “The track record is mixed – on average, large caps that doubled in the last 6 months subsequently saw a forward 6-month absolute return of just 2.6%,” Bernstein analyst Toni Sacconaghi wrote in a note to clients.

The firm excluded time periods of high growth — such as the tech bubble two decades ago or the recovery from the Great Recession — in analyzing stocks that double in under six months. On average, Bernstein found this happened three times a year. Despite Bernstein’s mediocre outlook, Tesla shares rose 7% in Tuesday trading to close at $547.20.

A tech phenomenon


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: michael sheetz
Keywords: news, cnbc, companies, stock, history, record, months, stocks, doubled, large, tech, shares, looking, tesla, rough, bernstein, trading, shows


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Most Australian executives say climate change will damage companies, survey finds

People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia. More than 80% of Australian business executives believe climate change will damage their companies, a paper published on Tuesday showed, the highest percentage recorded out of business leaders in 19 countries surveyed. With the crisis illustrating the threat of a changing climate, a Deloitte survey of global business leaders showed 81% of Australian executives believe climate c


People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia.
More than 80% of Australian business executives believe climate change will damage their companies, a paper published on Tuesday showed, the highest percentage recorded out of business leaders in 19 countries surveyed.
With the crisis illustrating the threat of a changing climate, a Deloitte survey of global business leaders showed 81% of Australian executives believe climate c
Most Australian executives say climate change will damage companies, survey finds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, damage, finds, climate, change, fires, morrison, leaders, australian, say, companies, showed, business, months, survey, executives, governments


Most Australian executives say climate change will damage companies, survey finds

People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia.

More than 80% of Australian business executives believe climate change will damage their companies, a paper published on Tuesday showed, the highest percentage recorded out of business leaders in 19 countries surveyed.

Australia has for months been battling scores of fires across the country’s east coast that have killed 29 people and millions of animals, destroyed more than 2,500 homes and scorched an area roughly one-third the size of Germany.

Bush fires are common in Australia but the season has started much earlier than usual.

With the crisis illustrating the threat of a changing climate, a Deloitte survey of global business leaders showed 81% of Australian executives believe climate change will harm their company.

The concern from Australian executives is significantly higher than the global average of 48%.

“Businesses need to demonstrate to investors that they are taking appropriate steps to mitigate their exposure,” said Robert Hillard, chief strategy and innovation officer at Deloitte Australia.

The findings add pressure on Prime Minister Scott Morrison, who is under a barrage of criticism for his government’s handling of the crisis, as community support for climate action increases.

Morrison on Monday boosted emergency funding for small businesses hit by the bush fires as the mounting costs of the disaster cast doubt on the government’s ability to deliver a promised budget surplus..

But Morrison has said strengthening Australia’s carbon emission reduction targets will damage the economy.

Public anger, however, remains high, stoked further when senior government officials publicly disputed climate change.

“It is a test of his leadership. He must show that he can stare down his own party and get it to stay quiet,” said Haydon Manning, professor at the college of business, government and law at Flinders University.


Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, damage, finds, climate, change, fires, morrison, leaders, australian, say, companies, showed, business, months, survey, executives, governments


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IMF hoping for a ‘more comprehensive’ US-China deal as the months go by

DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal. “While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday. “We would hope there would be a more comprehensive deal between the U.S. and China as the


DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal.
“While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday.
“We would hope there would be a more comprehensive deal between the U.S. and China as the
IMF hoping for a ‘more comprehensive’ US-China deal as the months go by Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: silvia amaro
Keywords: news, cnbc, companies, deal, months, trade, growth, phase, gopinath, imf, hoping, comprehensive, davos, uschina, economic, china


IMF hoping for a 'more comprehensive' US-China deal as the months go by

DAVOS, Switzerland — The International Monetary Fund (IMF) is hoping that China and the United States will reach a broader trade agreement in the coming months, despite the recent signing of their “phase one” deal.

The two largest economies in the world agreed to roll back some of their existing trade tariffs last week in what was dubbed as a “phase one” deal. The agreement also envisaged higher Chinese purchases of U.S. agricultural goods and it was seen as a temporary truce in a two-year-long dispute between Washington, D.C., and Beijing. However, the IMF is expecting more from both nations.

“While we have had positive news with the U.S.-China ‘phase one’ trade deal, there’s obviously a lot more that still needs to be done,” Gita Gopinath, the IMF’s chief economist, told CNBC Monday.

“We would hope there would be a more comprehensive deal between the U.S. and China as the months go by,” Gopinath also told CNBC at the World Economic Forum in Davos, Switzerland.

In its latest economic update, released Monday, the IMF trimmed its global growth forecasts. The Fund now expects a global growth rate of 3.3% for 2020. In the report, the IMF also warned that trade tensions and disruptions could return.

The signing of the deal is expected to boost the Chinese economy slightly. The IMF upped its growth forecast for China by 0.2 percentage points for 2020 to 6%.

“However, unresolved disputes on broader U.S.-China economic relations, as well as needed domestic financial regulatory strengthening, are expected to continue weighing on activity,” the IMF said Monday.

Speaking to CNBC at Davos, Gopinath added that “trade tensions and disruptions is something that we put out there as an important risk.”


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: silvia amaro
Keywords: news, cnbc, companies, deal, months, trade, growth, phase, gopinath, imf, hoping, comprehensive, davos, uschina, economic, china


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What you need to know about money before quitting a job to work for yourself

What kind of money action plan do you need to put in place if you decide you want or need to work freelance? The really streamlined version, where you pay all your bills, put some money aside into savings, and have a modest amount of discretionary money. Build your runwayThe scariest part of transitioning from a steady paycheck to freelance life is the variable income. Depending on your risk tolerance, you may want an emergency savings fund, plus a “starting out as a freelancer” savings fund to


What kind of money action plan do you need to put in place if you decide you want or need to work freelance?
The really streamlined version, where you pay all your bills, put some money aside into savings, and have a modest amount of discretionary money.
Build your runwayThe scariest part of transitioning from a steady paycheck to freelance life is the variable income.
Depending on your risk tolerance, you may want an emergency savings fund, plus a “starting out as a freelancer” savings fund to
What you need to know about money before quitting a job to work for yourself Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: erin lowry
Keywords: news, cnbc, companies, money, months, freelance, work, taxes, need, job, life, know, freelancer, pay, quitting, paycheck, savings


What you need to know about money before quitting a job to work for yourself

Welcome to Asking for a Friend, Grow’s money advice column. Got a question for one of our money experts? Email us at getgrowing@cnbc.com. Dear Asking for a Friend, I’ve started thinking that I would like to work for myself. What kind of money action plan do you need to put in place if you decide you want or need to work freelance? Sincerely, Hopeful Freelancer * Dear Hopeful Freelancer, Four years ago, while walking laps around Madison Square Park during my lunch break, I realized it was time to take the leap into freelance life. Nothing upsetting had happened that day. I actually quite enjoyed my job. But something in me wanted to see if I had what it took to become my own boss and ultimately build a brand and a company. I also knew my generally low risk tolerance would prevent me from leaving the security of a stable income and benefits if I got much further in my career. I made that decision about six months before I put in my notice, because financially planning to become a freelancer can be a determining factor in whether you can sustain in the early years. Here are some steps to take now if you want to strike out on your own sooner or later.

Crunch the numbers

How much does your life cost you right now? The really streamlined version, where you pay all your bills, put some money aside into savings, and have a modest amount of discretionary money. Now tack 35% to 40% onto that number, because that streamlined budget is just the starting point. You’d probably need to earn more to account for your own health care, taxes, and other daily or business expenses. Does that figure seem reasonable? Scary? Can you figure out how you might get there?

Start working a side hustle

The lowest risk way to get started as a freelancer or otherwise self-employed person is to establish yourself while earning a steady paycheck. Start picking up gigs on the side in order to build a stable of clients in advance. Of course, that only works if your day job isn’t going to fire you for side hustling, so be sure to check your employee handbook.

Build your runway

The scariest part of transitioning from a steady paycheck to freelance life is the variable income. Some months you will be “flush with cash,” in the words of Jean-Ralphio from “Parks and Recreation,” while other months will leave you questioning your decision to become a freelancer. In order to minimize the potential damage of the slow months, you should build up a runway now. At the very least, you want six months worth of living expenses in your emergency savings fund. Depending on your risk tolerance, you may want an emergency savings fund, plus a “starting out as a freelancer” savings fund to help you handle those fluctuations.

Video by David Fang

Simulate the self-employed experience

One of the best things I did before going freelance was simulating the experience in advance. I was working a full-time job and doing both freelance writing and speaking engagements on the side. About three months before I was going to take the leap into self-employment, I switched to putting my entire day job paycheck into savings and then practiced living and budgeting with my freelance income. Doing this boosted my savings accounts and gave me a taste of life on a variable income.

Figure out your health insurance

Steady paychecks are nice, but health insurance is often what keeps so many people tied to a traditional employer. You need to figure out how you’re going to secure health coverage and factor that into your monthly budget. Talk with other self-employed people you know about what has worked for them. Do some research about which plan would be the best fit for you based on your age, where you live, and your current medical needs.

Video by Ian Wolsten Once you’re ready to start working for yourself full time, here are a few more smart money moves to make.

Create a business checking account and pay yourself a salary

Your business income needs to be kept separate from your personal money. That’s mostly for tax purposes, but also to make life easier. Consider paying yourself a salary out of your business account. It’s great for your mental health, and it’s smart, since paying yourself a salary can reduce the impulse to overspend during good months. It’s also important to know that many companies pay on a “net-60” or even a “net-90” period. That means you might not get paid until two to three months after your work is done.

Don’t forget about quarterly estimated taxes

Your whole tax experience is about to change: The IRS doesn’t want to wait a full year to get your money, and you also need to pay a self-employment tax because you don’t have an employer paying into Social Security and Medicare on your behalf. Depending on how you structure your business, you may also need to pay fees, such as an LLC fee. Rarely will taxes be taken out of your freelance paychecks, either. It’s on you to set money aside and to pay your taxes quarterly instead of annually. The self-employed taxes rule of thumb is to set aside 30% of each paycheck for Uncle Sam. I put 45% of every paycheck into a separate account for taxes so I know I’ll have enough to pay New York City, New York State and federal taxes. Then I also have money left over for my LLC fees and plenty to put into my SEP IRA, which ensures I’m still investing for retirement.

Come up with a retirement plan

Say goodbye to the perk of an employer-matched retirement fund. There are plenty of great things that come with being your own boss, but it also means watching out for your own ability to retire. There are lots of options for freelancers, including a Roth IRA, Traditional IRA, Solo 401(k) and a SEP IRA. In your first year of self-employment, I’d challenge you to try and max out a Roth IRA, which would mean putting away $6,000 in 2020, or $500 per month.

Invest in your network


Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: erin lowry
Keywords: news, cnbc, companies, money, months, freelance, work, taxes, need, job, life, know, freelancer, pay, quitting, paycheck, savings


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Floods, road closures in Australia as storms lash some bushfire-hit regions

People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia. Parts of Australia’s east coast were hit by severe storms on Saturday, dousing some of the bushfires that have devastated the region for months but causing road closures and flash flooding. Fears of smoke from the fires disrupting the Australian Open tennis receded in Melbourne, where the main tournament was due to start on Monday. Victoria, New South Wales and Queensland, thre


People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia.
Parts of Australia’s east coast were hit by severe storms on Saturday, dousing some of the bushfires that have devastated the region for months but causing road closures and flash flooding.
Fears of smoke from the fires disrupting the Australian Open tennis receded in Melbourne, where the main tournament was due to start on Monday.
Victoria, New South Wales and Queensland, thre
Floods, road closures in Australia as storms lash some bushfire-hit regions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18
Keywords: news, cnbc, companies, floods, regions, australia, queensland, storms, south, months, fires, states, hit, lash, rain, bushfirehit, bushfires, closures, road, wales


Floods, road closures in Australia as storms lash some bushfire-hit regions

People walk around the city with their umbrellas for the first time in months on January 17, 2020 in Sydney, Australia.

Parts of Australia’s east coast were hit by severe storms on Saturday, dousing some of the bushfires that have devastated the region for months but causing road closures and flash flooding.

Fears of smoke from the fires disrupting the Australian Open tennis receded in Melbourne, where the main tournament was due to start on Monday.

Despite the heavy rain, authorities were still battling nearly 100 blazes – part of the bushfires that have killed 29 people since September, destroyed more than 2,500 homes and scorched an area nearly one-third the size of Germany.

Victoria, New South Wales and Queensland, three of the states most hit by drought and bushfires, are now dealing with rain bucketing down in several areas.

Major highways were closed in Queensland on Saturday, with the state getting some of the heaviest rain Australia has seen for months, while power was cut in parts of New South Wales after a stormy night.

“Heavy, intense rainfall has eased, but showers and thunderstorms still possible through the weekend,” the Bureau of Meteorology in Queensland said on Twitter on Saturday.

“Take care on the roads – if it’s flooded, forget it.”

Parts of Queensland’s south saw triple the monthly rainfall overnight. No major damage has been reported, although some residential areas were flooded and many of the state’s parks and tourist attractions were closed.

New South Wales fire services welcomed the rain, which they said on Twitter would help to control the 75 fires burning in the state, of which 25 are yet to be contained. But, they also said that some firegrounds have not seen any rain yet.

More benign storms were forecast for Victoria over the weekend, which has been hit this week already by severe storms and unhealthy smoke from the bushfires.

Skies were clear in Melbourne, however, for the final round of qualifying for the Australian Open, the year’s first Grand Slam, and Victoria’s Environmental Protection rated the air quality as “good”, after an earlier forecast of unhealthy air for the weekend.

There were still more than a dozen fires burning in Victoria on Saturday, with firefighters battling to contain a big blaze in the state’s mountain region, fifteen times the size of Manhattan.

Victoria’s emergency service also issued an evacuation warning due to a bushfire on Saturday for French Island, the state’s largest coastal island with a small population of just above 100 people.


Company: cnbc, Activity: cnbc, Date: 2020-01-18
Keywords: news, cnbc, companies, floods, regions, australia, queensland, storms, south, months, fires, states, hit, lash, rain, bushfirehit, bushfires, closures, road, wales


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I taught my bridesmaids how to travel hack my bachelorette party using credit cards

“I don’t understand why every bachelorette party has to be an out-of-town trip,” a woman recently confided in me at a destination bachelorette party. To start, I sent a Google doc to the women invited to my bachelorette party. “As your resident money nerd, I would like to make this bachelorette party as affordable as possible. Credit card optionsAfter a lot of explanations and disclaimers, I finally made some credit card recommendations and explained the difference between airline-branded credit


“I don’t understand why every bachelorette party has to be an out-of-town trip,” a woman recently confided in me at a destination bachelorette party.
To start, I sent a Google doc to the women invited to my bachelorette party.
“As your resident money nerd, I would like to make this bachelorette party as affordable as possible.
Credit card optionsAfter a lot of explanations and disclaimers, I finally made some credit card recommendations and explained the difference between airline-branded credit
I taught my bridesmaids how to travel hack my bachelorette party using credit cards Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: erin lowry, alexandria white
Keywords: news, cnbc, companies, travel, wedding, cards, credit, taught, bachelorette, card, points, using, months, bonus, party, bridesmaids, hack


I taught my bridesmaids how to travel hack my bachelorette party using credit cards

“I don’t understand why every bachelorette party has to be an out-of-town trip,” a woman recently confided in me at a destination bachelorette party. I understood the confusion. I was the only attendee who didn’t live within an hour drive of the bride’s hometown, so it would have made sense to just have a fun weekend in their local city. Yet elaborate bachelorette weekends are increasingly common with guests spending upwards of $537, according to a survey from The Knot. I write about money for a living, helping “broke millennials” better manage their finances. I was also well aware of how expensive weddings can be for the bride and groom as well as their guests. Despite this, when I got engaged in the fall of 2017, I (perhaps selfishly) wanted a destination bachelorette party in part because I wanted to take a fun trip with my favorite people. Besides, I argued, my closest friends and family live all over the country, which meant even if I stayed local, hosting a party in New York City, 85% of the guest list would still have to travel to a not-very-cost-effective destination. Still, guilt immediately started to seep into my gut, because I’ve been a bridesmaid five times, and I’ve spent thousands of dollars over the last six years on such events. I knew going in it wasn’t a cheap ask of my friends. So, one of my goals as a bride was to attempt the near-impossible: make sure the entire wedding process didn’t become a financial burden on my guests. To start, I sent a Google doc to the women invited to my bachelorette party. “As your resident money nerd, I would like to make this bachelorette party as affordable as possible. One of the best ways I can help do that is by reducing your travel spend!” the introduction proclaimed. From there, I offered my guests advice on how to make this trip more affordable. Ahead, I share my tips with you.

Choose an affordable destination that works for everyone

Before I even sent that Google doc to my friends, my LA-based sister — who was in charge of planning my bachelorette party — and I started to scout out fun but affordable cities where we could go for the weekend. We took the time to evaluate the price of flights from the home cities of various attendees and as well as the cost of AirBnBs and local activities. We determined that Montreal was actually most affordable and convenient for the majority of invitees. We then presented this option and a handful of domestic ones (including Denver and Savannah), to the guests for input. Yes, my bachelorette party ended up being international, but it still worked out to be more affordable than many domestic ones I’ve attended. (It also didn’t hurt to leverage the conversion rate at the time.)

Nix other wedding traditions to focus on what you care about

As a bride and groom, it’s critical to evaluate what you actually value and focus your budget there. One value for me was to minimize the cost of my wedding for my bridesmaids. To that end, we decided against having an engagement party and I declined a bridal shower. Our families, both immediate and extended, don’t live close to each other and none of them live near us in New York City, so it felt asinine to keep asking people to travel for multiple events. In addition, I also paid for my bridesmaids’ dresses as well as the cost to have their hair done for the wedding. Another thing I value: travel. I’m lucky that most of my loved ones also love to travel. While other wedding traditions like a bridal shower just felt like an obligation at best, I truly wanted to a destination bachelorette party. Since I had eschewed other traditions in order to save money, I felt less guilty about asking my friends to join me for this trip.

Use credit cards smartly

Once we’d settled on a destination, I shared a doc with all the attendees on how they could use credit card bonuses to cover — or drastically subsidize — the cost of airfare. Travel hacking is something my husband and I do fairly often to reduce the cost of our trips, and it’s certainly possible to do without incurring any credit card debt. You just have to know how to play the game. In theory, travel hacking is pretty simple. You open a new rewards credit card that offers a welcome bonus, which can then be redeemed for travel. Usually, you need to spend a few thousand dollars in the first few months after you open the card to receive the bonus. For example, CNBC Select recommends the United℠ Explorer Card for people who frequently fly United Airlines. New cardmembers can get 40,000 bonus miles after they spend $2,000 in the first three months after they open the account and another 25,000 if they spend $10,000 in six months. Of course, the value of miles varies from airline to airline, so you’ll want to do your homework before you sign up for a card. You can also keep your eye out for when bonus offers spike. The Gold Delta SkyMiles® Card from American Express for example may only be offering 30,000 miles now (after spending $1,000 in the first three months), but sometimes it goes up to 60,000. Do your research to see if the card you want to get routinely offers a higher bonus before you apply. A lot of people get nervous about travel hacking because they worry it will hurt their credit score. Applying for a new credit card generally only dings you about five to 10 points and that is often recouped in a few months. Closing a card can also hurt you score a little bit, but as long as you’re not opening and closing a bunch of cards a year, or not closing your oldest card, you should be fine. However, if you’re planning to apply for a mortgage soon, it’s best to be on credit score lock-down and not do anything that could bring down your score even the smallest amount. Before I got into the recommendations, I made one final point.

When this isn’t a good option

I don’t know the full scope of my friends’ financial lives and therefore wanted to remove the risk of encouraging anyone to open credit cards when it wasn’t in their best financial interest. If you want to get into the travel hacking game, it’s important that you aren’t carrying any credit card debt and to have a baseline credit score of around 730. I was sure to make both of those details clear in the document. It’s also crucial not to carry a balance on the credit cards you’re hacking. If you’re paying interest on your credit card debt, it pretty much negates any savings you might earn from a welcome bonus. If the cost of the welcome bonus — say $3,000 in three months — is outside of what you usually spend, it’s not a good idea to apply. I urged people to only try hacking if they were able and committed to paying off the credit card on time and in full each month. No one should be going into debt or harming their credit score for a bachelorette party.

Credit card options

After a lot of explanations and disclaimers, I finally made some credit card recommendations and explained the difference between airline-branded credit cards (Southwest Rapid Rewards® Priority Credit Card or Platinum Delta SkyMiles® Credit Card) and generic travel cards (Capital One® Venture® Rewards Credit Card or Chase Sapphire Preferred®) pointing out that generic travel cards may provide more flexibility for a bachelorette and/or wedding travel. I also added screenshots explaining how to redeem points and the difference between using the credit card company’s travel portal or just applying points to a purchase. Though rewards portals usually give you a better value, it could mean less flexibility on booking the airline or itinerary you’d prefer. For example, I currently have 89,873 points on one of my cards. If I purchased a flight and just applied those points as cash back to pay off the bill, it would convert to $898.73. But if I booked my flight through the credit card’s travel portal I get a better return on my points for a value of $1,123.41 but lose the convenience of having more flights to choose from. It’s also important to evaluate the annual fee, if you have to pay one up front. Sometimes a fee can be worth sticker shocking price. A few years ago, I signed up for the Chase Sapphire Reserve® in order to get the big welcome bonus (100,000 points at the time; currently it’s 50,000 points after you spend $4,000 in three months), but it had a $450 annual fee (the fee has since increased to $550). This is more than four times what I’d ever paid in an annual fee. However, the card came with a $300 travel rebate, which could be used on everything from ride-shares to hotel stays, a $100 credit if you applied for Global Entry (once every four years) and access to Priority Pass, which gets you into airline lounges around the world. Other cards I’ve hacked came with $95 annual fees, and the biggest perk was just a free checked bag. I ultimately decided to cancel some of those cards, since I wasn’t regularly flying the airline and I rarely check bags.

Giving people ample notice and an out

I sent this travel doc nine months before our trip, which was ample notice for them to take advantage of at least one credit card welcome bonus. The notice also gave guests plenty of time to incrementally save up if they wanted to attend. While I did truly strive to plan a fun and affordable destination bachelorette party, I felt it important to give people an out. So I closed the travel hacking document saying: No hard feelings if this feels out of your budget or just too stressful with other commitments in 2018. I do not want this to feel like a burden to anyone. In addition to the “out” clause, I followed up individually with invitees to express the sincerity that if this didn’t align with their budgets or if they simply felt overbooked with other wedding events or just had different personal financial goals or travel desires — to please not worry about declining, which some did. Ultimately, the Montreal bachelorette weekend ended up being a trip my friends still talk about, and I feel good that it wasn’t a weekend that broke the bank — or our friendships. Latest: Chase Sapphire Reserve increases annual fee to $550—is the card still worth the cost? Information about the Capital One® Venture® Rewards Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: erin lowry, alexandria white
Keywords: news, cnbc, companies, travel, wedding, cards, credit, taught, bachelorette, card, points, using, months, bonus, party, bridesmaids, hack


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