HarbourVest Hires BlackRock Executive to Lead Wealth Business
Venu Krishnamurthy joined the Boston-based HarbourVest, which manages more than $147 billion, as head of global private wealth. He had served as a top executive for BlackRock's Aladdin technology system, where he oversaw the wealth management business.
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I Asked Grok How To Become Wealthy in the Next 5 Years — Here's What It Said
As generative artificial intelligence (AI) advances in its capabilities, people are using tools like ChatGPT and Grok, the AI embedded in the social media platform X, for general brainstorming. These AI tools have become (maybe-not-so) trusted advisors that can spark ideas or help people sort out their thoughts. You have to fact-check every bit of solid information, since GenAI isn't known for its accuracy. But it's pretty good at sharing general thoughts with a unique perspective, borne of all the human knowledge that forms the base of its programming. Read More: Find Out: Without offering any details, such as our income level, age, or region, apart from narrowing our location down to 'the U.S.,' we asked Grok: 'How can someone in the U.S. become wealthy in the next five years?' Its answer was insightful and practical, if not excessively original. Grok largely replicated tried-and-true tips that personal finance writers have been sharing for years. Here's what Grok said about how to become wealthy in the next five years. What Is Wealth? First, Grok clarified that wealth means 'a significant net worth, not just a high income.' Acknowledging it's a 'tough goal,' it said it's possible with focus, discipline, and a bit of luck. It also assumed the person asking started with some resources: 'education, skills, or a modest income.' That's an important distinction that only hints at the challenges of systemic poverty. If you're stuck in the middle class or you're a 'high earner, not rich yet,' these tips might help you create greater financial security — but they probably won't put you in the top 1% within five years. Discover Next: Leverage Your High-Income Skills or Explore Entrepreneurship First, Grok suggested learning a high-demand skill. 'Fields like AI, software development, data science, or cybersecurity are booming. For example, AI engineers can earn $150k-$300k+ annually,' it said. If you have the freedom and capital to do so, start a business. 'Identify a niche with low competition but high demand — think specialized e-commerce, SaaS (software-as-a-service), or consulting. For instance, a SaaS business targeting small businesses can scale fast with minimal overhead,' it said. If you already have a full-time job and can't leave, consider a side hustle in your field or doing something that leverages your natural skills and talents. The key here, said Grok, is 'Reinvest profits into your business or investments.' For those who have a skill that translates well to a side hustle, the drive for entrepreneurship, or the opportunity to reinvent themselves in a lucrative career, these tips could put you on a five-year path to wealth. GOBankingRates recently suggested similar tactics to build financial stability. Invest Aggressively and Smartly Grok recommended investing in three buckets: the stock market, real estate, and crypto or other alternative assets. 'If you start with $50k and invest $30k a year at 10%, you could hit ~$250k in five years,' it said. Our thoughts: As Grok pointed out, you need $30,000 (at least) to invest to yield even modest returns in the short term. This isn't making anyone wealthy, but it's solid financial advice for long-term financial security. To its credit, Grok warned of the volatility of alternative assets, noting that some investors allocate 5% to 10% of their portfolio to bitcoin, ethereum, or even collectibles. Leverage Your Network Grok emphasized the value of having access to a network of mentors or high-net-worth individuals. Assuming you are in a field with high income potential, it recommended attending conferences, join online communities, or work for a startup. 'Relationships can unlock deals, partnerships, or funding,' it said. It also suggested moving to a high-opportunity area like Austin or Miami, where tech and finance are thriving. 'Proximity to wealth breeds opportunity,' it said. Our thoughts: If you're an entrepreneur, investor, or tech or finance professional, this is solid (if not earth-shattering) advice. It seems as if Grok may have been drawing from Napoleon Hill, who wrote about the concept of a Mastermind group in Think and Grow Rich: 'Every mind needs friendly contact with other minds, for food of expansion and growth,' Hill wrote in his famous tome on wealth-building. Fortunately, social platforms make it easier for people in any region to connect with others. But if you have opportunities to attend in-person conferences, networking events, or meet-ups in your field of expertise, try to get out there. Avoid Debt Traps Grok advised us to avoid credit cards or 'bad' loans, assuming payday loans and the like. 'Pay off high-interest debt first to free up cash for investing,' it said. Our thoughts: This is personal finance 101, echoed by experts like Dave Ramsey and Mark Cuban. Avoid Lifestyle Inflation Once you've paid off debt and taken steps to increase your salary, you might be tempted to spend more as your disposable income increases. Avoid this trap. Grok advised, 'Live on 50% of your income, invest the rest. If you earn $80k a year, saving $40k a year compounds fast.' Our thoughts: While Grok's advice is sound, his example raises eyebrows. According to GOBankingRates research, there is no specific state in the U.S. where you can live comfortably on $40,000. You may find you can get by on that amount in a few rural areas if you live frugally, but then you'd be moving further away from epicenters of wealth and opportunity, like the aforementioned Austin and Miami. Be Patient Acknowledging that 'wealth varies by context,' Grok said that you may be able to achieve a net worth of roughly $500,000 in five years with discipline. 'Ten million in five years often requires extraordinary luck or a big exit — selling a business,' it said. Even reaching $1 million in five years would be difficult through traditional, conservative investing. 'You'd need a business sale, stock windfall, or real estate leverage,' it said. 'Most self-made millionaires build wealth through consistent saving and investing over decades.' Our thoughts: While it may not be what most people want to hear, there is no 'get-rich-quick' template to follow, and most activities that could create a rapid path to wealth come with substantial risk. More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm an Economist: Here's When Tariff Price Hikes Will Start Hitting Your Wallet 5 Strategies High-Net-Worth Families Use To Build Generational Wealth 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on I Asked Grok How To Become Wealthy in the Next 5 Years — Here's What It Said Sign in to access your portfolio
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Mortgage rates are inching lower as jobs data cools and traders price in a Federal Reserve interest rate cut. Mphasis Digital Risk founder Jeff Taylor explains how that could impact homebuyers and why new builds may offer better value than existing homes. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Dreaming of a Middle-Class Retirement in the South? Here's What You Need To Save
It's a win-win for the middle class to consider retiring in the South. These states offer great weather, plenty of recreational activities and a relatively low cost of living for your retirement years. Even a modest savings goes a long way in funding 20 years of retirement. According to a recent GOBankingRates study, those retiring without Social Security benefits in Arkansas, Louisiana, Mississippi and West Virginia need anywhere from $270,000 to $338,000 saved up for a comfortable 20-year retirement lifestyle. See More: Read Next: See how much members of the middle-class need in savings to retire with and without Social Security benefits in the South. Alabama Middle-class income range: $41,351 to $124,054 Amount needed for 20-year retirement with Social Security: $364,868 Amount needed for 20-year retirement without Social Security: $827,027 Discover More: Explore Next: Arkansas Middle-class income range: $39,182 to $117,546 Amount needed for 20-year retirement with Social Security: $321,482 Amount needed for 20-year retirement without Social Security: $783,640 Learn More: Florida Middle-class income range: $47,807 to $143,422 Amount needed for 20-year retirement with Social Security: $493,988 Amount needed for 20-year retirement without Social Security: $956,147 Georgia Middle-class income range: $49,776 to $149,328 Amount needed for 20-year retirement with Social Security: $533,362 Amount needed for 20-year retirement without Social Security: $995,520 Kentucky Middle-class income range: $41,611 to $124,834 Amount needed for 20-year retirement with Social Security: $370,068 Amount needed for 20-year retirement without Social Security: $832,227 That's Interesting: Louisiana Middle-class income range: $40,015 to $120,046 Amount needed for 20-year retirement with Social Security: $338,148 Amount needed for 20-year retirement without Social Security: $800,307 Mississippi Middle-class income range: $36,610 to $109,830 Amount needed for 20-year retirement with Social Security: $270,042 Amount needed for 20-year retirement without Social Security: $732,200 North Carolina Middle-class income range: $46,603 to $139,808 Amount needed for 20-year retirement with Social Security: $469,895 Amount needed for 20-year retirement without Social Security: $932,053 For You: Oklahoma Middle-class income range: $42,402 to $127,206 Amount needed for 20-year retirement with Social Security: $385,882 Amount needed for 20-year retirement without Social Security: $848,040 South Carolina Middle-class income range: $44,545 to $133,636 Amount needed for 20-year retirement with Social Security: $428,748 Amount needed for 20-year retirement without Social Security: $890,907 Tennessee Middle-class income range: $44,731 to $134,194 Amount needed for 20-year retirement with Social Security: $432,468 Amount needed for 20-year retirement without Social Security: $894,627 View More: Texas Middle-class income range: $50,861 to $152,584 Amount needed for 20-year retirement with Social Security: $555,068 Amount needed for 20-year retirement without Social Security: $1,017,227 Virginia Middle-class income range: $60,649 to $181,948 Amount needed for 20-year retirement with Social Security: $750,828 Amount needed for 20-year retirement without Social Security: $1,212,987 West Virginia Middle-class income range: $38,611 to $115,834 Amount needed for 20-year retirement with Social Security: $310,068 Amount needed for 20-year retirement without Social Security: $772,227Methodology: Data was sourced from the U.S. Census American Community Survey, the Missouri Economic Research and Information Center, the Bureau of Labor Statistics Consumer Expenditure Survey, Zillow Home Value Index, Federal Reserve Economic Research. Middle-class income is defined by Pew Research Center as two-thirds to double the national median income. The minimum income needed to be middle class was calculated and the savings needed to retire was calculated. The average income for one person was sourced from the Social Security Administration for December 2024, and the retirement savings needed after Social Security benefits was calculated. All data was collected on and is up to date as of Jan. 24, 2025. More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm an Economist: Here's When Tariff Price Hikes Will Start Hitting Your Wallet 5 Strategies High-Net-Worth Families Use To Build Generational Wealth 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on Dreaming of a Middle-Class Retirement in the South? Here's What You Need To Save
