How much do you need to be a financial success?
There’s already a big enough gap between Baby Boomers and subsequent generations on everything from comedy to eating habits, but adding to that divide is what defines financial success. According to a study by Empower, baby boomers think $99,874 a year is enough. For the younger generations, though, the number is way different. Gen Z or Zoomers — born between 1997 and 2012 — estimate that the average salary for success is a shocking $587,797 yearly. With the median salary at $60,580 in the third quarter of 2024, it's not surprising that investor John Pompliano alleges Zoomers have "lost their minds". Still, there are good reasons for younger Americans to think it takes half a million dollars to live the good life. So, why is the gap so large, and who is correct about how much money equals success? Here's what you need to know.
There’s already a big enough gap between Baby Boomers and subsequent generations on everything from comedy to eating habits, but adding to that divide is what defines financial success. According to a study by Empower, baby boomers think $99,874 a year is enough. For the younger generations, though, the number is way different. Gen Z or Zoomers — born between 1997 and 2012 — estimate that the average salary for success is a shocking $587,797 yearly. With the median salary at $60,580 in the third quarter of 2024, it's not surprising that investor John Pompliano alleges Zoomers have "lost their minds". Still, there are good reasons for younger Americans to think it takes half a million dollars to live the good life. So, why is the gap so large, and who is correct about how much money equals success? Here's what you need to know.
Walmart might need to raise 'everyday low prices'
Prices at WalMart are probably about to go up, according to the company’s CEO. The reason: the mammoth chain imports nearly all its goods from China, which is one of the expected targets of President-elect Donald Trump’s import tariffs. “We never want to raise prices,” Walmart CFO John David Rainey told CNBC in an interview. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.” Between 70% to 80% of Walmart’s suppliers are from China, according to data compiled by the Alliance for American Manufacturing. Trump made a number of tariff promises on the campaign trail, including a “universal tariff” for all imported goods of 10% to 20% and one of 60% or more for goods specifically from China. And on Nov. 25, the president-elect announced his intentions to impose a 10% tariff on China and 25% on Canada and Mexico, respectively as one of his first executive orders once he takes office on Jan. 20. Rainey told CNBC he couldn’t publicly disclose which products could increase in price. “We want to work with suppliers and with our own private brand assortment to try to bring down prices,” he said.
Prices at WalMart are probably about to go up, according to the company’s CEO. The reason: the mammoth chain imports nearly all its goods from China, which is one of the expected targets of President-elect Donald Trump’s import tariffs. “We never want to raise prices,” Walmart CFO John David Rainey told CNBC in an interview. “Our model is everyday low prices. But there probably will be cases where prices will go up for consumers.” Between 70% to 80% of Walmart’s suppliers are from China, according to data compiled by the Alliance for American Manufacturing. Trump made a number of tariff promises on the campaign trail, including a “universal tariff” for all imported goods of 10% to 20% and one of 60% or more for goods specifically from China. And on Nov. 25, the president-elect announced his intentions to impose a 10% tariff on China and 25% on Canada and Mexico, respectively as one of his first executive orders once he takes office on Jan. 20. Rainey told CNBC he couldn’t publicly disclose which products could increase in price. “We want to work with suppliers and with our own private brand assortment to try to bring down prices,” he said.
Did small businesses benefit from the Eras Tour?
All good things must come to an end – even record breaking tours. Spanning 149 shows over 21 months, Taylor Swift’s Eras Tour wrapped up in Vancouver, British Columbia on Dec. 8 and became the first ever to gross over $2 billion in ticket sales. That’s “double the gross ticket sales of any other concert tour in history,” according to the New York Times. Taylor Swift Touring, the singer’s production company, reported that a total of 10,168,008 fans attended the Eras Tour, with an average ticket price of about $204. But the Eras Tour wasn’t just a cultural moment – it was an economic force. Hotels were packed, restaurants saw crowds and tourism took off in every city the tour touched. One Minneapolis brewery even raked in double its normal revenue after hosting Eras-themed events, including karaoke, dance parties and trivia. “This was bigger for us than when the Super Bowl came to town in 2018,” Emily Elmer, general manager of Inbound Brew Co. told The Washington Post. As the friendship bracelets and glittery outfits fade into the background, the spotlight turns to where the money actually went. While major entertainment companies and Swift’s own production team claimed the lion's share of revenue, one question remains: did small businesses truly get an economic boost?
All good things must come to an end – even record breaking tours. Spanning 149 shows over 21 months, Taylor Swift’s Eras Tour wrapped up in Vancouver, British Columbia on Dec. 8 and became the first ever to gross over $2 billion in ticket sales. That’s “double the gross ticket sales of any other concert tour in history,” according to the New York Times. Taylor Swift Touring, the singer’s production company, reported that a total of 10,168,008 fans attended the Eras Tour, with an average ticket price of about $204. But the Eras Tour wasn’t just a cultural moment – it was an economic force. Hotels were packed, restaurants saw crowds and tourism took off in every city the tour touched. One Minneapolis brewery even raked in double its normal revenue after hosting Eras-themed events, including karaoke, dance parties and trivia. “This was bigger for us than when the Super Bowl came to town in 2018,” Emily Elmer, general manager of Inbound Brew Co. told The Washington Post. As the friendship bracelets and glittery outfits fade into the background, the spotlight turns to where the money actually went. While major entertainment companies and Swift’s own production team claimed the lion's share of revenue, one question remains: did small businesses truly get an economic boost?
Shapiro slams politicians for alleged job creation
It’s fairly common for politicians — on both sides of the aisle — to take credit for creating jobs. However, political commentator and podcaster Ben Shapiro vehemently denounces their employment of spin doctor tactics. “It drives me up a wall when I hear a politician say, ‘I created this number of jobs,’” he said on a recent episode of The Ramsey Show. “No, you didn’t! By what standard? What business did you start?” Dave Ramsey agreed with his sentiment but added that the role of government in creating or sustaining employment might be more nuanced than two pundits posit. Here’s why.
It’s fairly common for politicians — on both sides of the aisle — to take credit for creating jobs. However, political commentator and podcaster Ben Shapiro vehemently denounces their employment of spin doctor tactics. “It drives me up a wall when I hear a politician say, ‘I created this number of jobs,’” he said on a recent episode of The Ramsey Show. “No, you didn’t! By what standard? What business did you start?” Dave Ramsey agreed with his sentiment but added that the role of government in creating or sustaining employment might be more nuanced than two pundits posit. Here’s why.
Mortgage rate trends this week
Thirty-year fixed mortgage rates dropped again this week, down from 6.69% last week, to an average of 6.60%. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks," says Sam Khater, chief economist at housing giant Freddie Mac. "While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
Thirty-year fixed mortgage rates dropped again this week, down from 6.69% last week, to an average of 6.60%. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks," says Sam Khater, chief economist at housing giant Freddie Mac. "While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”
Ron Paul warns of 'threat' to retirement funds
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
Former U.S. Congressman Ron Paul is stepping back into the spotlight. Earlier this month, Tesla CEO Elon Musk wrote on X, “Would be great to have Ron Paul as part of the Department of Government Efficiency!” Musk, along with former GOP presidential candidate Vivek Ramaswamy, has been tapped by President-elect Donald Trump to lead the new Department of Government Efficiency. Paul, a longtime advocate for smaller government, appears eager to contribute. He recently announced on X, “Elon Musk asked me to advise the new Dept. of Government Efficiency. I’d love to help bring sanity back!” Musk has set ambitious goals for reducing the federal budget with this new entity. Speaking at a Trump campaign event, Musk claimed he could cut “at least $2 trillion” from the federal budget, though he did not specify which areas he would target for these reductions. Paul, who has spent decades championing limited government and fiscal responsibility, seems like a natural fit for the initiative. But the 89-year-old isn’t just focused on this new venture. He’s also sounding the alarm about what he sees as an urgent risk. “However, I still think Americans need to shield their retirement funds ASAP from this much bigger threat,” Paul warned in a post that linked to a letter addressed to his audience.
NY man says $97K Social Security check stolen
When Todd Kahler was finally approved for Social Security disability benefits after being denied twice and appealing the decision, he was surprised and delighted. He'd have the money he needed to support himself since he can't work as a result of being severely immunocompromised. Expecting $97,000 in back pay from the Social Security Administration, Kahler withdrew from state benefits to preserve future eligibility and waited. The check didn’t show up, and when he called the national Social Security office, he got some very troubling news. "The guy I spoke to was very nice, and he told me it had been cashed by somebody," Kahler told MarketWatch. "He told me who cashed it; at what bank it was cashed at. We talked for 40 minutes." It's unclear exactly how his check ended up being stolen, but Kahler said he struggled to afford food and rent in the aftermath. After several months of advocating for himself in different ways, including calling government offices, filing complaints, speaking with the media and working with legal aid attorneys, the Social Security Administration eventually stepped in to return the funds. Here's how common mail-theft related check fraud is and how you can protect yourself so this doesn't happen to you.
When Todd Kahler was finally approved for Social Security disability benefits after being denied twice and appealing the decision, he was surprised and delighted. He'd have the money he needed to support himself since he can't work as a result of being severely immunocompromised. Expecting $97,000 in back pay from the Social Security Administration, Kahler withdrew from state benefits to preserve future eligibility and waited. The check didn’t show up, and when he called the national Social Security office, he got some very troubling news. "The guy I spoke to was very nice, and he told me it had been cashed by somebody," Kahler told MarketWatch. "He told me who cashed it; at what bank it was cashed at. We talked for 40 minutes." It's unclear exactly how his check ended up being stolen, but Kahler said he struggled to afford food and rent in the aftermath. After several months of advocating for himself in different ways, including calling government offices, filing complaints, speaking with the media and working with legal aid attorneys, the Social Security Administration eventually stepped in to return the funds. Here's how common mail-theft related check fraud is and how you can protect yourself so this doesn't happen to you.
Is USAA experiencing a ‘fundamental breakdown’?
Although USAA has been a respected financial institution for decades, serving members of the military, veterans, and their families, it has landed in hot water with regulators and customers in recent times. A new joint investigation by American Banker and the San Antonio Current details the organization’s many problems and how the bank and insurer is currently “navigating a minefield of its own making.” For instance, it’s been punished for charging military members more interest than federal law allows. For this and other violations, regulators failed it twice in a row in the Community Reinvestment Act exam that measures how well banks serve communities. This is an exam most banks pass easily and these failures, in 2020 and 2023, point to "a fundamental breakdown" at USAA, said Adam Rust, the director of financial services at the Consumer Federation of America, in the article. "What's especially shameful about it is that they're serving service members who deserve better," he added. Even more alarmingly, this year customers reported losing thousands of dollars of their hard-earned money due to mysterious deposits and withdrawals, according to a report from News 4 San Antonio. Some say they were even asked to cover negative balances on their accounts after their money was stolen. Here’s what you should know about what’s happening at USAA and what you can do if you have issues with your bank.
Although USAA has been a respected financial institution for decades, serving members of the military, veterans, and their families, it has landed in hot water with regulators and customers in recent times. A new joint investigation by American Banker and the San Antonio Current details the organization’s many problems and how the bank and insurer is currently “navigating a minefield of its own making.” For instance, it’s been punished for charging military members more interest than federal law allows. For this and other violations, regulators failed it twice in a row in the Community Reinvestment Act exam that measures how well banks serve communities. This is an exam most banks pass easily and these failures, in 2020 and 2023, point to "a fundamental breakdown" at USAA, said Adam Rust, the director of financial services at the Consumer Federation of America, in the article. "What's especially shameful about it is that they're serving service members who deserve better," he added. Even more alarmingly, this year customers reported losing thousands of dollars of their hard-earned money due to mysterious deposits and withdrawals, according to a report from News 4 San Antonio. Some say they were even asked to cover negative balances on their accounts after their money was stolen. Here’s what you should know about what’s happening at USAA and what you can do if you have issues with your bank.
Alleged solar scam targets seniors
Patricia Khan, a 77-year-old from Queens, New York, takes great pride in the home she’s owned for four decades. When her aging roof needed repairs, she searched for an affordable provider. During that search, a representative from a company called Attyx and SUNco presented what seemed like a great deal: roof repairs and solar panels for just $167 a month. However, Khan says the reality was far from what she expected. The contract emailed to her listed payments of $400 per month, totaling over $100,000 — an amount she simply can’t afford on her fixed income. Worse, Khan claims her signature appears on pages she doesn’t recognize. Despite repeated attempts to cancel by calling, texting and emailing the company, her efforts were dismissed. Now, she fears losing what she holds most dear — her home. “The next thing they’re going to do, they’re going to put a lien on my house,” Khan told CBS News New York. “This is all I have.”
Patricia Khan, a 77-year-old from Queens, New York, takes great pride in the home she’s owned for four decades. When her aging roof needed repairs, she searched for an affordable provider. During that search, a representative from a company called Attyx and SUNco presented what seemed like a great deal: roof repairs and solar panels for just $167 a month. However, Khan says the reality was far from what she expected. The contract emailed to her listed payments of $400 per month, totaling over $100,000 — an amount she simply can’t afford on her fixed income. Worse, Khan claims her signature appears on pages she doesn’t recognize. Despite repeated attempts to cancel by calling, texting and emailing the company, her efforts were dismissed. Now, she fears losing what she holds most dear — her home. “The next thing they’re going to do, they’re going to put a lien on my house,” Khan told CBS News New York. “This is all I have.”
3 ways to give back without breaking the bank
Chef Tommy Banks, a Michelin-starred chef based in northeast England, urged the thieves who stole his work van — along with approximately 2,500 pies worth $32,000 — to embrace the holiday spirit and at least deliver the pies to help feed those in need. According to CBS News, Banks' refrigerated van was loaded with pies, bound for a Christmas market and left to charge overnight. When a colleague arrived in the morning to deliver the pies, the van was gone. "I know you're a criminal, but maybe just do something nice because it's Christmas and maybe we could feed a few thousand people with these pies that you stole," Banks said in an Instagram video. CBS News reported that the North Yorkshire Police said the stolen van was later found abandoned more than 30 miles away from where it was taken. Banks had hoped the thieves would deliver the pies to a community center, shelter or somewhere where they could feed people in need rather than going to waste. But he confirmed with the BBC they ended up being a write-off. With this sentiment in mind, here are a few ways to do your part over the holidays.
Chef Tommy Banks, a Michelin-starred chef based in northeast England, urged the thieves who stole his work van — along with approximately 2,500 pies worth $32,000 — to embrace the holiday spirit and at least deliver the pies to help feed those in need. According to CBS News, Banks' refrigerated van was loaded with pies, bound for a Christmas market and left to charge overnight. When a colleague arrived in the morning to deliver the pies, the van was gone. "I know you're a criminal, but maybe just do something nice because it's Christmas and maybe we could feed a few thousand people with these pies that you stole," Banks said in an Instagram video. CBS News reported that the North Yorkshire Police said the stolen van was later found abandoned more than 30 miles away from where it was taken. Banks had hoped the thieves would deliver the pies to a community center, shelter or somewhere where they could feed people in need rather than going to waste. But he confirmed with the BBC they ended up being a write-off. With this sentiment in mind, here are a few ways to do your part over the holidays.
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