Latest news with #money
Yahoo
3 hours ago
- Business
- Yahoo
Are You Smarter Than Elon Musk? If So, You Can Avoid His 5 Money Mistakes
Regardless of what you think of Elon Musk, the man certainly knows money — after all, with a net worth that vacillates from $380 billion to $420 billion, he is currently the wealthiest human being on the planet. A great deal of that wealth stems from his ownership of the space tech company SpaceX and the automotive company Tesla. Also See: Learn More: That said, not everything Musk has touched has turned to gold. He certainly has made mistakes along the way that have cost him financially. While Musk is in the enviable position to be able to afford such mistakes, that's a luxury most people don't have. As a result, Musk's moments of money mismanagement can provide lessons for those who don't happen to have the $400 billion safety net that he does. Without that buffer, many of his financial errors are things you'd likely not repeat. Right? Here are five lessons you can learn from his money mistakes — unless you know better already. Don't Overpay In 2022, Musk spent a whopping $44 billion for the social media platform Twitter (and changed the name to X). Following his takeover of the platform, the social media outlet was beset by technical problems, as well as controversial content issues. Musk later admitted that he was 'overpaying for Twitter right now.' Musk was so determined to acquire the platform that he appeared willing to pay almost any amount of money — a buyer's instinct that can lead to financial disaster for those who can't afford it. Sometimes a shiny object, be it a new car or new house, can be enticing, but almost nothing is worth overpaying and risking financial ruin or wasting your money. Also Discover: Check Out: Avoid Risky Investments When Musk purchased Twitter/X, it reportedly dropped in value by a shocking $25 billion. The Twitter value crash took Musk's Tesla with it, dropping the automotive manufacturer's stock value by 23%. The lesson here? As billionaire investor Warren Buffett once said, 'Never invest in a business that you cannot understand.' To that end, you could view Musk's investment in the Donald Trump presidency as a wash — Musk reportedly spent $290 million to help return Trump to the White House in the 2024 election. While the gambit paid off, Musk's involvement with the Trump administration led to Tesla's stock dropping and an eventual messy public rift between Trump and the world's richest man. Find More: Keep Partner Disagreements Internal Despite Musk previously being all in on the Trump administration (financially supporting Trump's reelection, becoming 'the First Buddy' to Trump, heading up DOGE), the two men had a very bitter and public split following Musk's criticism of the president's 'Big Beautiful Bill.' Musk argued that the bill (which has since been passed into law) would massively increase the federal deficit while devaluing electric vehicle tax credits — and thus hurting Tesla. This led to the two men trading insults over their social medial platforms (X for Musk, Truth Social for Trump) — the result of which was Tesla stock falling and knocking Musk's net worth down by $15 billion. Trump also threatened to cut $38 billion in federal contracts for Musk. Don't Do Business With Family In 2016, Musk's Tesla acquired the solar energy company SolarCity — an outfit that was co-founded by Musk's cousins. Tesla shareholders were critical of the move, which appeared to be a bailout orchestrated by Musk to assist SolarCity. Musk defended the move, calling it an investment in sustainable energy; meanwhile, Tesla shareholders balked and filed lawsuits, calling it a personal move rather than a business one. Beware Messy Divorces Musk has married two women, with both marriages ending in very costly divorces. His first divorce to Justine Musk ultimately cost him $20 million in a settlement, which reportedly includes $20,000 monthly in expenses. Musk divorced actress Talulah Riley in 2012, settling the split with a relatively inexpensive (for him) $4.2 million payout. He remarried Riley a year later, but they split again in 2015 with a divorce settlement of $16 million — meaning Musk paid $40 million to end his marriages. More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Are You Smarter Than Elon Musk? If So, You Can Avoid His 5 Money Mistakes
Bloomberg
3 hours ago
- Business
- Bloomberg
How to Protect Your Wealth From Tariff Turmoil
Welcome to the award-winning Money Distilled newsletter. I'm John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money. Stock markets are feeling chipper. Record highs (in local currency terms) are the order of the day. From the US S&P 500, very much accustomed to making new highs, to the FTSE 100 — somewhat less used to the 'fresh record' buzz — to the Japanese Topix index, which up until very recently, hadn't enjoyed a new high since the 1980s.
Daily Mail
8 hours ago
- Business
- Daily Mail
Experts determine the single factor which makes you most attractive to a potential partner... and it's NOT personality
It is a well-known saying that money doesn't buy you happiness, but researchers now say that single adults with higher incomes are more likely to find love. The findings, published in the Journal of Marriage and Family, revealed that a higher bank balance could make you more attractive, signalling a sort of romantic readiness. Researchers also found that people with higher incomes felt more ready to date and were more likely to actively look for a partner than those with less. The Canadian researchers conducted two long-term studies—one in the US and the other in Germany—to see how people's relationship attitudes changed over time with their income. In the US study, researchers specifically focused on 25-35-year olds, with the belief that this is when people are most likely to seek a relationship. In both studies, results showed that single adults with higher incomes were more likely to say they felt it was the right time to find a partner. When surveyed again, either six months or a year later, those who enjoyed bigger salaries were more likely to have found love. In the German cohort, the effect was stronger for men than women though researchers said the bias was not significant. Professor Geoff MacDonald, a relationship psychology expert from the University of Toronto, said: 'I think that young people are making rational calculations in unstable economic conditions. 'Young people understand they are not going to be able to enjoy a relationship if they are working 80 hours a week, of if they are not sure where they're going to live next year.' Interestingly, earning more money or less money than the year before had little effect on whether people felt they were ready for a relationship. What mattered most was financial stability, rather than short-term financial influx or decline. Professor Johanna Peetz, study co-author and and personal spending expert, concluded that one reason for money and relationship desirability being so interconnected could be that money enables us to fulfil basic needs. 'With increasing financial resources higher hierarchical needs such as love and belonging—namely the intimacy and romance that are part of partnerships—might become more relevant.' She added: 'This connection helps in understanding the sorts of tasks that many single people may be occupied with and organise their lives around, such as more firmly establishing material security.' The researchers concluded that their findings should serve as a reminder to psychologists that whilst things like personality are important when it comes to forming and maintaining relationships, material conditions also play a significant role. They added that their findings show that the role of income in relationship interest was largely similar in men and women, challenging the common perception that money in a primarily a concern in dating for men. However, the researchers acknowledged that while the study provides evidence for a connection between wealth and relationship intentions, it does not prove that money causes people to enter into relationships. They said a whole host of other factors including personality, life goals and cultural values, also play a role in romantic readiness.
Yahoo
9 hours ago
- Business
- Yahoo
Your Daily FinanceScope for July 24, 2025
The best things in life are free, but we could all use some extra cash. Let us lead you to the land of green with our daily finance horoscope! Aries You're cooking up something exciting. Whether it's a new financial plan or a gourmet meal, beans and rice isn't cutting it today. It's been a while, but once you get reacquainted with the kitchen, you'll get your old prowess back. Taurus It's not pompous or arrogant to see the world as being in a power struggle between good and evil. Things had gotten too bloated for anyone's good, especially the over-indulgers. Be sure you know which side you're on. Gemini As usual, having a good day is a matter of avoiding extremes. Some light debating is fine, but a full-blown argument is not. The same is true of your money. Spending a bit here and there is totally okay, but don't go any further with it. Cancer You're stuck in bargain basement land. If you make sure you can afford each purchase before taking out your wallet, you won't be buying much, even there. But you will be racking up budgetary karma. Keep up the good work. Leo Your bank account may have slimmed down considerably, but one thing that hasn't waned is your confidence. You aren't at the pinnacle of your financial life right now, but don't stop believing for a minute that you can get there. Is your job fulfilling? Stay aligned with your Personalized Career Horoscope! Virgo If others want to see you as the underdog, let them. When it comes to all you've put aside for a rainy day, don't let on. It would only be bad form anyway, like bragging. Libra When others look to you for answers, you have none. But when they come to you for advice, you're overflowing. Don't let yourself get creative with it, though. Stick to cold, hard reality. Scorpio You would have to be insane to ask for a raise. On the other hand, you feel stressed enough to lose your mind anyway. Take a good look in the mirror before deciding if you're up for the challenge. Sagittarius Abundance wasn't really all it was cracked up to be anyway. You need an incentive to keep busy, and you've got all the motivation you need now. Being fit and happy is a lot better than being fat and happy. Capricorn You'd think business problems would get easier and easier to handle, but they're as difficult for you now as they were when they began. Keep your eyes open for worst to finally come. Aquarius Tweaking things here and there won't do the trick. You need drastic, sudden changes. Trust your impulses and you'll come up with an extraordinary solution to your worries. Pisces If you thought someone was overweight or looked bad in what they were wearing, you would definitely keep the opinion to yourself. The same should hold true for the fiscal policies of others. Mum's the word. Receive a personalized guide to the next year of your life with a 12 Months Personal Transits Report. Solve the daily Crossword
Yahoo
11 hours ago
- Business
- Yahoo
Mark Cuban's 3 Most Controversial Money Tips — And Who Stands To Gain From Them
Mark Cuban is a self-made billionaire, an early internet pioneer and a celebrity influencer. According to Forbes, his efforts have earned him a personal fortune of $5.7 billion. One thing he isn't, however, is reserved. The Cost Plus Drugs founder and Dallas Mavericks minority owner is either famous or infamous, depending on who you ask, for his brash, outspoken, and often unconventional positions on politics, technology, and, of course, money. Explore More: Try This: Here are three of Cuban's most controversial money tips, along with insight into who might benefit from them. The longtime billionaire also shared some genius things to do with your money. Cut Up Your Credit Cards Conventional credit card wisdom advises against running a revolving debt. Those who pay their statement balance in full every month avoid paying interest and can take advantage of valuable perks and rewards, a dynamic Cuban is all too familiar with. 'I should have paid off my cards every 30 days,' Cuban said in a 2016 Business Insider interview regarding money mistakes from his younger years. However, even not running a balance isn't enough for Cuban, who bucks popular opinion by advising people to avoid charging altogether. Check Out: 'Credit cards are the worst investment that you can make,' he continued. 'That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market.' In a 2008 blog post, he put it even more bluntly: 'Cut up your credit cards. If you use a credit card, you don't want to be rich.' Who stands to gain: Undisciplined consumers prone to overspending and those with poor organizational skills who might struggle to keep track of credit card accounts. Live Like a Student While there's near-universal agreement that overspending is toxic and living within one's means is crucial, many experts advise against extreme frugality because, for most people, spartan lifestyles are not sustainable in the long term, and excessive privation can be harmful. As a guest on 'The Really Good Podcast,' Cuban reminisced about sleeping on the floor as a young man. To save money, he lived with so many roommates that he not only didn't have a room, but went without a bed and a closet, too. He has previously discussed driving cars that cost no more than $200 and grocery shopping at midnight to save as much as possible after being inspired by a book to live on $50 a day. He has referred to the lifestyle as living 'like a student,' which he suggests to anyone who is not yet rich. Who stands to gain: Those with very low incomes who can't currently afford more than the bare essentials without going into debt; Highly disciplined savers willing to endure extreme deprivation to build savings quickly. 'Diversification Is for Idiots' Diversification — not putting all your eggs in one basket by spreading your money across different assets — is one of the cornerstones of modern investing wisdom. With that in mind, Cuban summed up what might be his most controversial piece of advice in a 2011 Wall Street Journal interview, in which he told the host, 'Diversification is for idiots.' Channeling the wisdom of Warren Buffett, who Medium quotes as saying, 'Diversification is for people who don't know what they're doing,' Cuban concluded, 'You can't diversify enough to know what you're doing.' Who stands to gain: Experienced, skilled investors who have the knowledge and resources to conduct high-level analysis — and money to lose if their big bets fail. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on Mark Cuban's 3 Most Controversial Money Tips — And Who Stands To Gain From Them 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
