Oculus founder says best US minds need to work on A.I. just like they did during the nuclear arms race

Palmer Luckey, founder of Oculus and a new defense startup, told CNBC on Friday that Alphabet’s Google should have renewed its contract with the Department of Defense. He stressed the importance of the U.S. leading technological innovation, later comparing AI to the nuclear weapons race of the past, in a “Squawk on the Street ” interview. If scientists and researchers across the U.S. refused to work on nuclear weapons due to ethical reasons, like Google did on AI, the world would be much worse,


Palmer Luckey, founder of Oculus and a new defense startup, told CNBC on Friday that Alphabet’s Google should have renewed its contract with the Department of Defense. He stressed the importance of the U.S. leading technological innovation, later comparing AI to the nuclear weapons race of the past, in a “Squawk on the Street ” interview. If scientists and researchers across the U.S. refused to work on nuclear weapons due to ethical reasons, like Google did on AI, the world would be much worse,
Oculus founder says best US minds need to work on A.I. just like they did during the nuclear arms race Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, luckey, minds, oculus, race, company, ai, arms, weapons, contract, nuclear, work, founder, best, need, technological, defense, google, palantir


Oculus founder says best US minds need to work on A.I. just like they did during the nuclear arms race

Palmer Luckey, founder of Oculus and a new defense startup, told CNBC on Friday that Alphabet’s Google should have renewed its contract with the Department of Defense.

“I think they were making a mistake” in letting the contract expire, said Luckey, a supporter of Donald Trump in the 2016 presidential election. “It’s really important that the United States maintains a technological leadership. It’s important that our military retains a technological leadership.”

Google’s government contract, which focused on artificial intelligence, expired earlier this year. But the tech giant has faced backlash in the past week for its continued AI work in Shanghai after billionaire tech investor and Trump supporter Peter Thiel called the company treasonous.

Google did not immediately respond to a request for comment.

Luckey sold his Oculus virtual reality headset company to Facebook for $2 billion in 2014, and left there in March 2017 under controversy. Since then, he’s founded Anduril Industries, a defense technology start-up that’s focusing on national security and artificial intelligence.

Anduril reportedly supports a government AI drone project, though Luckey declined to comment on it due to confidentiality. He stressed the importance of the U.S. leading technological innovation, later comparing AI to the nuclear weapons race of the past, in a “Squawk on the Street ” interview.

“If we had not been the leader, we would not have dictated the rules,” Luckey said.

If scientists and researchers across the U.S. refused to work on nuclear weapons due to ethical reasons, like Google did on AI, the world would be much worse, Luckey said.

“Imagine if the Nazis were the first person to make practical nuclear weapons,” he said. “Imagine if the Russians were the first people to make practical nuclear weapons. We would be in a very different world today. It would be a lot worse.”

On Monday, Joe Lonsdale told CNBC that his fellow Palantir co-founder Thiel was “courageous” for speaking out against Google, which “is not a patriotic company. ”

Data analytics miner Palantir has worked with many agencies of the U.S. government, including the Defense Department, CIA and FBI.

Lonsdale called Palantir “probably the most patriotic in the Valley.”


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, luckey, minds, oculus, race, company, ai, arms, weapons, contract, nuclear, work, founder, best, need, technological, defense, google, palantir


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Retiring this year? How much you’ll need for health-care costs

Photo by Hero Images via Getty ImagesHealthy couples retiring in 2019 will have to dig deep to cover medical expenses. A 65-year-old couple in good health will need $387,644 to pay for health-care costs for the remainder of their lives, according to HealthView Services, a provider of health-care cost projection software. Meanwhile, a woman who’s the same age but is also a Type 2 diabetic can expect to spend an average of $16,635 in yearly health-care costs. Over time the healthy retiree will pay


Photo by Hero Images via Getty ImagesHealthy couples retiring in 2019 will have to dig deep to cover medical expenses. A 65-year-old couple in good health will need $387,644 to pay for health-care costs for the remainder of their lives, according to HealthView Services, a provider of health-care cost projection software. Meanwhile, a woman who’s the same age but is also a Type 2 diabetic can expect to spend an average of $16,635 in yearly health-care costs. Over time the healthy retiree will pay
Retiring this year? How much you’ll need for health-care costs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: darla mercado
Keywords: news, cnbc, companies, retiring, services, youll, healthcare, medical, coverage, need, expenses, spend, dental, kaiser, costs, medicare


Retiring this year? How much you'll need for health-care costs

Photo by Hero Images via Getty Images

Healthy couples retiring in 2019 will have to dig deep to cover medical expenses. A 65-year-old couple in good health will need $387,644 to pay for health-care costs for the remainder of their lives, according to HealthView Services, a provider of health-care cost projection software. That sum includes premiums for Medicare Part B (medical insurance) and D (prescription drug coverage), dental insurance and out-of-pocket costs related to doctor’s exams, hearing services and more. The estimate excludes long-term care expenses. Here’s the kicker: The healthier you are, the more money you’ll spend over your lifetime, due to your increased life expectancy.

A 55-year-old woman in good health will spend an average of $13,165 in annual medical costs at age 65, HealthView Services found. Meanwhile, a woman who’s the same age but is also a Type 2 diabetic can expect to spend an average of $16,635 in yearly health-care costs. Over time the healthy retiree will pay $424,875 for medical costs, while the diabetic, with the lower life expectancy, will pony up $266,163, the software provider found. “Annually, the healthy person will spend less out of pocket, but over the course of their lifetime, they will spend more because they have additional years of expenses,” said Michael Daley, product marketing manager at HealthView Services.

Surprise outlays

BSIP/UIG via Getty Images

A major misconception among retirees is that merely having Medicare coverage will keep them from shouldering large health-care costs. “There are significant expenses that people can incur for services that aren’t covered by the program,” said Tricia Neuman, director of the Kaiser Family Foundation’s program on Medicare policy. Those expenses include the cost of assisted living. The annual national median cost of staying at an assisted living facility hit $48,000 in 2018, according to Genworth Financial. Dental care is another blind spot for retirees, as original Medicare doesn’t cover this expense.

Nearly 2 out of 3 Medicare beneficiaries — close to 37 million people — don’t have dental coverage, according to the Kaiser Family Foundation. Those who do have coverage get it through private Medicare Advantage plans, Medicaid and private plans, according to Kaiser. About 20% of Medicare beneficiaries who received dental services spent more than $1,000 in 2016, Kaiser found. “Some dental services are inexpensive, like cleanings and annual checkups,” said Neuman. “But some are expensive, like crowns and implants.”

Nipping out-of-pocket costs

PhotoInc | E+ | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: darla mercado
Keywords: news, cnbc, companies, retiring, services, youll, healthcare, medical, coverage, need, expenses, spend, dental, kaiser, costs, medicare


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Here’s how much money Americans say you need to be ‘rich’

To be considered “rich,” Americans say you need a net worth of at least $2.3 million. For those still working, you’d need to earn an annual salary of over $300,000 to earn the “rich” title. The median net worth is $97,300, according to the Federal Reserve’s most recent research, the 2016 survey of consumer finances. Millennials : It takes $2.2 million to be considered rich: It takes $2.2 million to be considered rich Gen X : It takes $2.6 million to be considered rich: It takes $2.6 million to b


To be considered “rich,” Americans say you need a net worth of at least $2.3 million. For those still working, you’d need to earn an annual salary of over $300,000 to earn the “rich” title. The median net worth is $97,300, according to the Federal Reserve’s most recent research, the 2016 survey of consumer finances. Millennials : It takes $2.2 million to be considered rich: It takes $2.2 million to be considered rich Gen X : It takes $2.6 million to be considered rich: It takes $2.6 million to b
Here’s how much money Americans say you need to be ‘rich’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
Keywords: news, cnbc, companies, wealth, saving, americans, need, considered, rich, heres, takes, net, million, according, say, money, worth, ages


Here's how much money Americans say you need to be 'rich'

To be considered “rich,” Americans say you need a net worth of at least $2.3 million.

That’s according to a recent poll by SeniorLiving.org, which asked 1,000 U.S. adults how much a person would need to have in order to be called “rich.” For those still working, you’d need to earn an annual salary of over $300,000 to earn the “rich” title.

In comparison, the median U.S. household income was $60,336 in 2017, according to the latest data available from the U.S. Census. The median net worth is $97,300, according to the Federal Reserve’s most recent research, the 2016 survey of consumer finances. The average net worth is significantly higher: $692,100, according to the Federal Reserve.

The responses did vary slightly by generation. Baby boomers (ages 55 to 73) and Gen X (ages 38 to 54), unsurprisingly, named a higher net worth required to be rich, while millennials (ages 21 to 38) gave a slightly lower figure.

Millennials : It takes $2.2 million to be considered rich

: It takes $2.2 million to be considered rich Gen X : It takes $2.6 million to be considered rich

: It takes $2.6 million to be considered rich Boomers: It takes $2.6 million to be considered rich

The poll’s results tracked with a similar survey, the Schwab Modern Wealth Index, which was released earlier this year. About 1,000 adults between the ages of 21 and 75 told Schwab that you needed a net worth of $2.27 million to be considered wealthy.

Regardless of what you think it takes to be rich, don’t wait to start building up your wealth. You may not be rich today, but by saving up throughout your life, you can likely achieve real wealth and financial security.

“Building your net worth is a life’s journey — it’s not something that can happen overnight,” says Farnoosh Torabi, personal finance author and host of the “So Money” podcast.

For some, there may be a limit to how much you can do with your money, especially if you have student loans, credit card debt and other monthly expenses. But “getting into the habit of saving” can be really simple and can produce long-term benefits, Torabi explains.

Make saving easy by setting up a regular, automatic transfer from your checking account to a savings account. This doesn’t have to be a lot, maybe $5 a day or even $5 a week. “The key is to have it leave your hands before you get a chance to spend it,” Torabi says. “Over the course of six months, a year or even just a little bit of saving at a time… [it] will accumulate and it will motivate you to do more.”

Don’t miss: Self-made millionaire: This is the No. 1 way to get rich—and most young people are not doing it

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Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: megan leonhardt
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Schumer wants FBI to investigate FaceApp, DNC warns against using it: Here’s what you need to know

Todd Haselton | CNBCEveryone’s talking about FaceApp, the app that can show you what you look like when you’re old. FaceApp originally didn’t tell people it was uploading the pictures to its servers, which raised concerns. Here’s the latest on what’s going on with FaceApp and what you need to know. Given Russia’s meddling in the 2016 election, people have a right to be concerned about what it might mean if millions of us are uploading our selfies to foreign servers. Chuck Schumer calls on the FB


Todd Haselton | CNBCEveryone’s talking about FaceApp, the app that can show you what you look like when you’re old. FaceApp originally didn’t tell people it was uploading the pictures to its servers, which raised concerns. Here’s the latest on what’s going on with FaceApp and what you need to know. Given Russia’s meddling in the 2016 election, people have a right to be concerned about what it might mean if millions of us are uploading our selfies to foreign servers. Chuck Schumer calls on the FB
Schumer wants FBI to investigate FaceApp, DNC warns against using it: Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: todd haselton
Keywords: news, cnbc, companies, know, investigate, warns, pictures, fbi, using, foreign, app, wants, russian, security, faceapp, schumer, heres, servers, uploaded, need


Schumer wants FBI to investigate FaceApp, DNC warns against using it: Here's what you need to know

A filter that makes me look older. Todd Haselton | CNBC

Everyone’s talking about FaceApp, the app that can show you what you look like when you’re old. People love the effects, but they’re also concerned about how the Russian developer behind the app might use the pictures that are being uploaded. FaceApp originally didn’t tell people it was uploading the pictures to its servers, which raised concerns. But it started to alert users on Thursday. Here’s the latest on what’s going on with FaceApp and what you need to know.

Privacy concerns

I’m a hipster. Todd Haselton | CNBC

People are worried about FaceApp largely because the developer, Yaroslav Goncharov, is based in Russia. Given Russia’s meddling in the 2016 election, people have a right to be concerned about what it might mean if millions of us are uploading our selfies to foreign servers. After all, pictures are often used for fake profiles or for identity theft. Still, there’s no evidence yet that Goncharov is anything more than a Russian developer making a fun app. But, even if there is no ill intent, there are very valid fears that photos uploaded to the servers could be shared with foreign governments. CNBC spoke with FaceApp on Wednesday. The company said the application only uploads the picture you want to edit, and it only holds most pictures for 48 hours. While there’s no proof the photo is actually deleted, security experts like Will Strafach, who goes by Chronic on Twitter, have confirmed that just the picture — and not your whole photo library — is uploaded when you use the app: Yes, FaceApp owns that photo after you upload it, but other companies, like Snapchat, have similar terms when you post public images and video to its app. But we only have the developer’s word to go by, and there’s no way for consumers to ask that their pictures be deleted permanently. And that’s what has a lot of people worried.

Chuck Schumer calls on the FBI and FTC

Senate Minority Leader Chuck Schumer (D-NY) on Capitol Hill in Washington, D.C., March 27, 2019. Joshua Roberts | Reuters

Sen. Chuck Schumer on Wednesday sent a letter to the FBI and the FTC expressing his concerns with FaceApp, noting that he’s worried it would “post national security and privacy risks for millions of U.S. citizens.” “In particular, FaceApp’s location in Russia raises questions regarding how and when the company provides access to the data of U.S. citizens to third parties, including potentially foreign governments,” Schumer said in the letter. “As FBI Director Wray himself pointed out earlier this year, Russia remains a significant intelligence threat. It would be deeply troubling if the sensitive personal information of U.S. citizens was provided to a hostile foreign power actively engaged in cyber hostilities against the United States.” Schumer has a point. Even if Goncharov just wants to make a fun app, what’s to stop the Russian government from asking him to hand the data over, or him providing it willingly? Schumer said he wants the FBI to “assess whether the personal data uploaded by millions of Americans onto FaceApp may be finding its way into the hands of the Russian government, or entities with ties to the Russian government. If so, I would urge that steps be immediately taken by the FBI to mitigate the risk presented by the aggregation of this data.” He also called on the FTC to make sure there are safeguards in place for Americans and “government personnel and military service members from being compromised” and, if not, the FTC should let Americans know of any risks.

DNC warning

Democratic presidential hopefuls (fromL) US Senator from New Jersey Cory Booker, US Senator from Massachusetts Elizabeth Warren and former US Representative for Texas’ 16th congressional district Beto O’Rourke arrive to participate in the first Democratic primary debate of the 2020 presidential campaign season hosted by NBC News at the Adrienne Arsht Center for the Performing Arts in Miami, Florida, June 26, 2019. Saul Loeb | AFP | Getty Images

The Democratic National Committee is also concerned. CNN reported Wednesday that the DNC sent an email to all 2020 presidential campaigns with a warning not to use FaceApp. The committee’s national security officer, Bob Lord, reportedly said that “it’s not clear at this point what the privacy risks are, but what is clear is that the benefits of avoiding the app outweigh the risks.” “If you or any of your staff have already used the app, we recommend that they delete the app immediately,” Lord said, according to CNN, also noting that he and other security experts have “significant concerns about the app having access to your photos.” Russian operators were able to hack into the DNC network ahead of the 2016 election using several techniques, including phishing attempts, which lure people into giving up their passwords by logging into fake sites or servers that look real.

The reality

Use the free trial. Todd Haselton | CNBC


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: todd haselton
Keywords: news, cnbc, companies, know, investigate, warns, pictures, fbi, using, foreign, app, wants, russian, security, faceapp, schumer, heres, servers, uploaded, need


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Do these 5 things to get your money in order before 2020, says financial expert

Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020? Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings? Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. You probably w


Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020? Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings? Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. You probably w
Do these 5 things to get your money in order before 2020, says financial expert Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: tiffany aliche
Keywords: news, cnbc, companies, yearend, youre, budget, order, need, credit, check, expenses, things, dont, 2020, expert, variable, money, financial


Do these 5 things to get your money in order before 2020, says financial expert

We’re just a little more than five months away from 2020. Crazy, isn’t it? The year has flown by — along with some major financial milestones: Jay-Z reached billionaire status, Rihanna became America’s richest female musician and tech investor Robert F. Smith pledged to pay off student loans for Morehouse College’s class of 2019. Hopefully, these milestones will inspire you to take another look at your 2019 financial resolutions and see where you stand. Here’s what you need to do:

1. Review your finances

The first step is to do a run-through of your finances and get an idea of how you’re doing so far. A few essential questions to ask yourself: Are you on track to meeting your financial goals by the end of 2020?

Were there any changes this year in important financial factors such as your income, bills, expenses, insurance, investments, debt and savings?

What areas need more focus and improvement?

What will your year-end returns be? Are you satisfied with them?

Are you prepared for tax season?

Are you saving enough for retirement?

2. Refine your budget plan

I’ve seen a lot of people create vague budget plans based on loose commitments. But now is the time to really zoom in on your spending and savings habits so you know what necessary changes need to be made. Find out what your fixed (e.g., monthly bills on rent, mortgage, utilities) and variable expenses (e.g. groceries, entertainment, gas) are. Don’t use estimated numbers — be as specific as possible so you can get a more accurate measure of your progress. You probably won’t be able to lower your fixed expenses by much, so try to focus on your variable expenses. Check your monthly credit and banking statements to see what you’re spending on. Then, identify what you can eliminate or cut back on.

3. Check your credit

Request a free credit report online and review it carefully. For the most part, check for errors that need to be addressed immediately. A few of the most common mistakes include: Incorrect first and last names

Addresses you never lived at

Employers you never worked for

Accounts you don’t recognize

Accounts listed as open even though you already closed them

Incorrect balances Check your credit score, too. Lenders take credit scores seriously when deciding whether someone qualifies for a loan or good interest rate. If you have a low credit score, but plan to take out a mortgage in the near future, figure out what you need to do to improve it before applying for a mortgage.

4. Don’t forget to give

The holidays will be here before you know it, so start making your charitable, tax-deductible donations now. Keep your receipts and contribution forms organized in a folder so you’ll have an easier time filing your taxes. This is also a good time to think about what’s on everyone’s wish list and create your holiday budget. A lot of people get excited about year-end sales, but those deals are typically offered occasionally throughout entire year. Getting your gifts early will allow you more time to comparison shop. Bonus: You get to skip the long lines and overwhelming crowds of shoppers when the holidays come around.

5. Take action immediately


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: tiffany aliche
Keywords: news, cnbc, companies, yearend, youre, budget, order, need, credit, check, expenses, things, dont, 2020, expert, variable, money, financial


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GM CEO to United Auto Workers: ‘Our collective future is at stake’

DETROIT — General Motors CEO and Chairman Mary Barra on Tuesday pleaded for United Auto Workers union leaders to assist, not hinder, the company’s ongoing restructuring efforts to better position GM for the future. Barra, speaking during a ceremony to officially begin negotiations with the union, said the company and union need to be “agile, decisive and disciplined” together more than ever amid a “rapidly” changing auto industry. “We will fight to keep these union plants open and allocate more


DETROIT — General Motors CEO and Chairman Mary Barra on Tuesday pleaded for United Auto Workers union leaders to assist, not hinder, the company’s ongoing restructuring efforts to better position GM for the future. Barra, speaking during a ceremony to officially begin negotiations with the union, said the company and union need to be “agile, decisive and disciplined” together more than ever amid a “rapidly” changing auto industry. “We will fight to keep these union plants open and allocate more
GM CEO to United Auto Workers: ‘Our collective future is at stake’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: michael wayland
Keywords: news, cnbc, companies, workers, united, auto, collective, ceo, gms, plants, leaders, lordstown, position, stake, future, gm, need, negotiations, union


GM CEO to United Auto Workers: 'Our collective future is at stake'

DETROIT — General Motors CEO and Chairman Mary Barra on Tuesday pleaded for United Auto Workers union leaders to assist, not hinder, the company’s ongoing restructuring efforts to better position GM for the future.

Barra, speaking during a ceremony to officially begin negotiations with the union, said the company and union need to be “agile, decisive and disciplined” together more than ever amid a “rapidly” changing auto industry.

“Today, we are at a turning point when it comes to the transformation of the industry and this company,” she said during the event inside GM’s global headquarters in Detroit. “Our collective future is at stake. We cannot move forward without one another.”

UAW leaders took a different position, pledging to use contract negotiations this year with GM to fight the company’s plans to potentially close four U.S. plants.

“Speaking on behalf of my brothers and sisters, know this, we will not leave no stone unturned,” UAW President Gary Jones said during the event. “We will fight to keep these union plants open and allocate more products here on American soil. It can be done.”

His comments came as about 80 laid-off workers and supporters from Lordstown Assembly, a plant in Ohio that GM idled in March, picketed outside GM’s headquarters.

Barra did not directly address Lordstown or the other impacted plants in Michigan and Maryland during her remarks. She instead cited a need to be “proactive on all fronts because we are not here merely to survive, we are here to lead it and we are here to win.”


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: michael wayland
Keywords: news, cnbc, companies, workers, united, auto, collective, ceo, gms, plants, leaders, lordstown, position, stake, future, gm, need, negotiations, union


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This is the credit score you typically need to take out a mortgage

How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a


How to improve your credit scoreIf you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Credit utilization refers to the percentage of your total available credit that you are using a
This is the credit score you typically need to take out a mortgage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: alicia adamczyk
Keywords: news, cnbc, companies, payment, need, month, mortgage, score, utilization, improve, typically, credit, pay, keeping, bills, rate


This is the credit score you typically need to take out a mortgage

How to improve your credit score

If you’re interested in buying a home in the future, there are easy ways to increase your credit score and improve your chances of getting a mortgage at a good interest rate. First of all, pay all of your bills on time and in full. Payment history makes up 35% of your FICO score, which is the most commonly used measure of creditworthiness. Setting your bills on auto-pay and keeping tabs on your payment due date for each account will help ensure that you routinely make on-time payments. Next, pay attention to your credit utilization rate, which comprises 30% of your score. Experts recommend keeping it at 30% or less month to month. Credit utilization refers to the percentage of your total available credit that you are using at one time. If your credit card has a limit of $10,000 and you have a balance of $2,000, your credit utilization rate is 20%, for example.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: alicia adamczyk
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Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all


U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra. In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.” “If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all
Trump: I’m ‘not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


Trump: I'm 'not a fan' of cryptocurrencies, and Facebook may need a banking charter for Libra

President Donald Trump talks to reporters before boarding Air Force One to return to Washington from Morristown Municipal Airport in Morristown, New Jersey, July 7, 2019.

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.

Trump echoed many critics of cryptocurrencies, questioning how bitcoin is valued and highlighting its price volatility. Many argue that those attributes count against the wider adoption of digital currencies.

Cryptocurrencies “are not money, and whose value is highly volatile and based on thin air,” said Trump.

In the last 24 hours alone, the price of bitcoin against the dollar saw movements that would spark worries if they were seen in any major national currency: It touched a high of $12,033.74 and a low of $11,142.79, according to industry data site CoinDesk.

The president said the “dependable and reliable” U.S. dollar should be the “only one real currency in the USA.”

“It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!” said Trump.

Despite Trump’s criticisms, the price of bitcoin did not appear to move much immediately following his posts, according to CoinDesk data.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yen nee lee
Keywords: news, cnbc, companies, im, bitcoin, facebook, president, currency, libra, trump, twitter, need, charter, fan, bank, price, banking, cryptocurrencies, dollar


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56% of Americans don’t know how much they need to retire—here’s why that’s a problem

More than half (56%) of American adults don’t know how much money they’ll need to retire, according to data from Northwestern Mutual’s 2019 Planning & Progress Study. Without understanding how much money they’ll actually need, many people are failing to effectively save for retirement, Emily Holbrook, senior director of planning at Northwestern Mutual, tells CNBC Make It. Retirement doesn’t look the same for everyone and what works for your friend or neighbor may not be enough for you. “You need


More than half (56%) of American adults don’t know how much money they’ll need to retire, according to data from Northwestern Mutual’s 2019 Planning & Progress Study. Without understanding how much money they’ll actually need, many people are failing to effectively save for retirement, Emily Holbrook, senior director of planning at Northwestern Mutual, tells CNBC Make It. Retirement doesn’t look the same for everyone and what works for your friend or neighbor may not be enough for you. “You need
56% of Americans don’t know how much they need to retire—here’s why that’s a problem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: emmie martin
Keywords: news, cnbc, companies, money, know, dont, really, 56, americans, thats, holbrook, northwestern, travel, retirement, theyll, retireheres, save, planning, need, problem


56% of Americans don't know how much they need to retire—here's why that's a problem

More than half (56%) of American adults don’t know how much money they’ll need to retire, according to data from Northwestern Mutual’s 2019 Planning & Progress Study.

That’s alarming. Without understanding how much money they’ll actually need, many people are failing to effectively save for retirement, Emily Holbrook, senior director of planning at Northwestern Mutual, tells CNBC Make It.

Although there are general guidelines that detail how much you should aim to save, “it really comes down to a lot of specifics for people individually,” Holbrook says.

Retirement doesn’t look the same for everyone and what works for your friend or neighbor may not be enough for you. “You need to understand, how do you anticipate living life in retirement? Will you have expenses that go up, if you want to travel a lot, for example?” Holbrook asks. “What travel do you want to do? How does it align with what your spouse thinks about retirement plans? You need to not only have a rule of thumb, but really think through what retirement looks like to you.”


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: emmie martin
Keywords: news, cnbc, companies, money, know, dont, really, 56, americans, thats, holbrook, northwestern, travel, retirement, theyll, retireheres, save, planning, need, problem


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