Latest news with #multimillionaire
Daily Mail
7 days ago
- Business
- Daily Mail
Aussie entrepreneur announces shock decision to step back from fashion empire
Brittney Saunders has revealed that she is hitting pause on her fashion brand Fayt, telling fans she doesn't want the business to 'outgrow' her. The fashion founder, 32, who is now a multimillionaire after starting her size-inclusive fashion label, shared the shock news on her Nova podcast Big Business on Monday. She assured fans that the brand wasn't going anywhere and would still be open for business as usual, but she wasn't making any big moves for the future. 'In the last three years, we've opened four more stores, right? And that's a lot, especially for a company like Fayte where I'm the one funding it,' she said. 'I don't have a board of directors and a panel of investors or anything.' From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new showbiz newsletter to stay in the loop. The 'solo-owned' business was an exciting adventure for the content creator, however she was 'mindful of the fact that I never want Fayte to outgrow me.' Brittney opened up about her fears regarding the company and its future in the fashion landscape. 'I don't want Fayte to grow so big that I end up hating the company or my job,' she said, noting that the more a business grows, the more stress it adds to your life. 'For my own personal sake and my own mental health, it's been great to kind of slow things down,' she shared. Brittney founded her online business in 2017 after noticing a glaring gap in the fashion sphere when it came to size-inclusive clothing. However, after starting the label in her early 20s, there were a few things Brittney was oblivious about when diving into the business game, particularly when it came to her taxes. Speaking on her podcast last year, she said there was a period where she hadn't paid her taxes in over two years, resulting in a staggering $100,000 tax bill. 'I didn't know how it worked, I was so used to working my Monday to Friday full-time job and getting my pay slip every week and seeing the tax being taken out. And then all of a sudden, I'm working for myself at 21 years old, I didn't know how tax worked,' she admitted. However, after starting the label in her early 20s, there were a few things Brittney was oblivious about when diving into the business game, particularly when it came to her taxes The YouTube vlogger added she didn't have a 'supportive family network' who knew about self employment. 'No one ever taught me about money, or how to save or tax or anything like that,' she said. 'So, for around two years, when I was an influencer and earning all this money, I just simply didn't pay tax. Because when you own your own business, or you're working for yourself. 'I didn't know how I was meant to pay tax, like, how do you do that? What do you genuinely do? Because when you're getting paid as a self employed person and you've got payments coming in, the money just goes into your account and that's it! 'Then you have to work out how you're going to pay tax on that. You don't pay tax every week the way that employees do. You have to collect [the money] all together, and then have an accountant, process that for you for the end of financial year.' Brittney said she finally enlisted an accountant after growing concern for her finances and received a phone call from the Australian Taxation Office (ATO) for the outstanding payments, and was told she owed a whopping $100,000.
Times
12-05-2025
- Business
- Times
Siblings of tycoon who ‘abhorred paying tax' battle partner over will
Three siblings of a lawyer turned health drinks tycoon who 'abhorred paying tax' are continuing their court battle with his former lover over a multimillion-pound estate. Alan Lorenz became a multimillionaire after giving up a career as a divorce lawyer to sell weight-loss shakes, having joined the company Herbalife in 1984. He rose to the top of the business and by the time he died in 2021, Lorenz was said to have a fortune that included a £3.5 million Maltese property, a £4 million home in Mayfair, central London, £8.8 million in cash and £2.1 million worth of rights to the health drinks company. When Lorenz died aged 78, he left his estate to his Maltese partner, Sheila Caruana, with whom he had entered a
Yahoo
10-05-2025
- Business
- Yahoo
I grew up with multimillionaire parents; now my family makes an average salary. I'm totally content with my lifestyle.
Sabel Bezet's parents are entrepreneurs who are multimillionaires. She married a pastor when she was 20, and today their household income is modest. She's content being able to spend more time with her kids. This as-told-to essay is based on a conversation with Sabel Bezet. It has been edited for length and clarity. When I was growing up, my parents were focused on building their business. They overcame bankruptcy when I was young and went on to found a debt settlement company that's now valued at $50 million. My siblings and I had access to things other kids didn't have, like family trips to Europe and luxury items in our home. But my parents invested so much time in the business that they sacrificed quality time with us. Often, we spent more time with the nanny than with Mom and Dad. I don't feel that I lacked anything as a child. Still, I've taken a different approach to life as an adult, especially now that I'm a mom to two kids, a 6-month-old and a 2-year-old. I want to focus on spending quality time with my kids every day, even if that comes at the expense of monetary wealth. I met my now-husband, Jordan, when we were teenagers. We went to the same church, and our parents were close. We started dating in my senior year of high school, when Jordan was in college. Jordan knew, even then, that he wanted to be a pastor. He was never intimidated by my family's financial status, but he did bring it up early on while we were dating. He warned me that, as his wife, my lifestyle might look different from what I was accustomed to. I didn't mind — I've never been motivated by money, and I didn't let fear lead me. I knew a life with Jordan would be rich in currencies like love and purpose. Today, Jordan is a pastor. Just over 18 months ago, I quit my job to focus on my family. Our household income is just below the median income for US households. Growing up, my family never budgeted because they didn't have to. When Jordan and I were first married, he taught me about budgeting. He explained that we had a set income and bills that absolutely had to be paid. There wasn't a lot of wiggle room. Still, we're able to manage our money well, in part because of lessons I've learned from my parents. Though I didn't learn budgeting from them, my parents taught me other financial lessons, like the importance of giving. They always tithe 10% of their income, and Jordan and I do the same. We save another 10% for retirement and investing, and live off the remaining 80%. We live in Florida, in a nice four-bedroom, three-bathroom house. We have a mortgage on it, but were able to afford a bigger house after making a profit when we sold our starter home. Overall, we don't want for much. I can still access many of the nice things wealth brings because of my parents. They don't support us financially — it was important for me and Jordan to have our family stand as its own unit. Still, their wealth impacts us in other ways. In March, my parents flew us to Vail, Colorado, to stay with them in the Ritz and go skiing. It was definitely ritzy, pun intended. In August, we're planning a trip to their vacation home in Montana. We can also consult their wealth advisors whenever we want, which is useful even though our limited investment portfolio looks very different from my parents'. Because of how I was raised, I have expensive tastes. I appreciate quality items, even though my wallet doesn't always support them. I might have to save a bit longer, but I try to shop intentionally and choose items I love. My mom's love language is gift giving, so she spoils me and my daughters. For my birthday, she got me a Lola Blanket, which can cost $250 or more. I wouldn't have spent that money on a blanket that will be on the couch in a home with two kids, but it has brought me so much joy. I'm incredibly content with my modest life. Watching my parents' entrepreneurship journey showed me that quality time with loved ones is important. Money is too, but I'm conscious about balancing both. Recently, I started a Substack, which may eventually create income. If it does, that's an efficient way for me to make some money, without sacrificing quality time with my daughters. To me, the word "rich" is multifaceted. Richness isn't just dollars, but quality time and love. Sometimes, those things go further than money ever could. Read the original article on Business Insider
News.com.au
08-05-2025
- Business
- News.com.au
Aussie man scores entire $30m Powerball jackpot
One Australian man has become a multimillionaire overnight after claiming the entire $30m Powerball jackpot. The NSW man was the only division one winner in Thursday night's draw, pocketing the entire prize. The Cessnock man was ecstatic when told of his winnings by The Lott, exclaiming 'holy s--t' and laughing uncontrollably. 'I don't think I'll get any sleep tonight now,' he said. 'I just had this ticket on the fridge. I was looking at it this afternoon and thought, 'Wouldn't it be lovely to win?' 'The ticket was there with all the bills. There will be no more worrying about bills now. I don't care if I get a bill now!' The man said he had been through a 'rough trot' recently, but believed the win was a sign of good things to come for him and his family. 'For a start, I'll look at buying a new house and looking after the family. Then, I'll take it from there,' he said. 'I'm going to ring my kids right now and tell them the news!' The Cessnock man's winning entry was purchased at Shell Aberdare Newsagency. The winning numbers were 33, 32, 35, 14, 15, 7 and 34, and the Powerball number was 12. The man joins the ranks of Australians who have scored enormous lotto winnings so far this year.
