Author: openjargon

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Almost Friday! Flight delays and cancellations stink, but here's some good news: A new regulation requires airlines to process automatic refunds.

In today's big story, we're looking at how millennials have seen their wealth explode over the past few years.

What's on deck:

• Markets: Meet the mom-and-pop investors who got in on Nvidia before the hype.

• Tech: Meta shares tumble despite Mark Zuckerberg laying out plans for AI investments.

• Business: These 20 private-equity firms are making big moves in sports.

But first, we're back!

---

If this was forwarded to you, sign up here.

---

The big story

Millennial money makers

They laughed at our avocado toast. They laughed at our skinny jeans. But who's laughing now?

Millennials, the oft-maligned generation, are a lot better off financially than you might realize. A new report found millennials saw their wealth double from the end of 2019 through 2023, writes BI's Juliana Kaplan.

It's an incredible turnaround for a generation constantly beaten down for making what some deemed to be financially frivolous decisions. Turns out that enjoying the occasional overpriced brunch while writing Harry Potter fanfiction didn't ultimately lead to personal bankruptcy.

Disclaimer: Yes, I am a millennial. Yes, my feelings are still hurt from all your mean tweets.

Perhaps you're unimpressed. Millennials were between the ages of 23 and 38 in 2019, prime earning years. But their wealth grew much faster than how boomers and Gen Xers fared at that age.

Millennials had a few things break their way, though.

First, a strong post-pandemic job market allowed them to amp up their earning power. It also came at the perfect time. Unlike many of their elder colleagues eyeing retirement or with families to consider, millennials were free to job-hop to higher salaries amid the Great Resignation.

But millennials also put that money to work. The market downturn from Covid presented an opportunity for millennials to buy into blue-chip companies at bargain prices.

And thanks to the rise of no-fee trading, they could do it more cost-effectively than previous generations.

But it's not all going swimmingly for millennials.

Millennials' wealth has grown exponentially over the past few years. But so have the important things they need to pay for.

Home prices and mortgage rates have been on the rise. And that's if millennials can even find a home. These days, the housing market is a bit of a ghost town.

That's not the only cost millennials are suffering through with their newfound wealth. Childcare is becoming an incredible burden for young families. Chalk that up as another win for the DINKs.

But millennials' biggest enemy might ultimately be themselves.

A 2023 survey found millennials felt they needed $525,000 a year to be happy. That figure was well above what Gen Z ($128,000), Gen X ($130,000), and boomers ($124,000) wanted.

Call it the result of growing up in the #hustleharder culture. Call it lifestyle creep. Call it the disease of more.

Whatever the case, millennials' wealth can keep growing. It still might not be enough.

---

3 things in markets

1. They liked Nvidia before it was cool. These investors backed Nvidia long before it became an AI icon and stock-market darling. Their gains have paid for everything from cars and vacations to dream homes.

2. Jamie Dimon is still worried about the state of the world. JPMorgan's CEO said consumers are in good shape, even if a recession ultimately hits. But various international conflicts have led to "probably the most complicated and dangerous" geopolitical situation since World War II, he said.

3. Trump Media gets Congress involved in its latest crusade. CEO Devin Nunes filed a letter on Tuesday that urged House Republicans to look into the possibility that the company's stock, which has plummeted over the past month, has been a victim of so-called "naked" short selling.

---

3 things in tech

1. Meta disappoints. The social media giant posted its first-quarter earnings report after Wednesday's opening bell — and its stock tumbled in Thursday's premarket. CEO Mark Zuckerberg laid out a plan to splash the cash on AI investments — but that didn't distract investors from Meta's lackluster revenue forecast.

2. Amazon has suspended new US Green Card applications for foreign workers. According to a leaked memo, the company put the applications on hold for the rest of the year. It could be a sign Amazon is concerned about uncertain labor market conditions.

3. Why is it so hard to prove you're not a robot? Captcha tests have been around for years, but they've become increasingly difficult — and annoying — recently. There's got to be a better way to prove you're actually a human.

---

3 things in business

1. Google, once again, is dictating the future of the online ad industry. Google's latest delay in eliminating cookies, announced Tuesday, has the rest of the industry frustrated. Experts say the delay's outsized effect underscores how powerful Google's influence has become.

2. Private-equity firms are making power plays in sports. As teams embrace outside investors, firms like Apollo, Blackstone, and KKR are funneling money into sports. We rounded up 20 firms moving into the hot space, as well as the leading dealmakers helping investors get a piece of the action.

3. McKinsey's in hot water. The Department of Justice is investigating the consultancy for its past work advising opioid companies about how to boost their sales, The Wall Street Journal reported on Wednesday. McKinsey has long been under scrutiny for its work with various drugmakers and has paid nearly $1 billion to all 50 states, Native American tribes, local governments, and other groups to resolve a host of lawsuits without admitting wrongdoing.

---

In other news

• Jefferies CEO sold $65 million in stock to buy a yacht from a client.

• Legal woes pile up for Trump allies: Giuliani, Meadows, and more indicted in Arizona election interference case.

• Sundar Pichai admits the generative AI boom took Google by surprise.

• What if no one wants a cheap Tesla?

• The TikTok divest-or-ban bill is a First Amendment disaster, but it may still stand up in court.

• Now you can put your Botox on Affirm.

• Private equity is getting into the special education business. It's not all going smoothly.

• New data reveals the top ways influencers get brand deals, how long they last, and how many are needed to make a living.

• I was LinkedIn's first head of HR. PIPs don't work — there's a better way to help struggling employees.

• S&P 500 is at risk of crashing 44% — and selling early could pay off, says elite forecaster.

---

What's happening today

• Today's earnings: Alphabet, Microsoft, Snap, and other companies are reporting.

• Today's the first round of the NFL Draft.

• The US Supreme Court hears former President Donald Trump's immunity claim in the 2020 election interference case.

---

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London.

from All Content from Business Insider https://ift.tt/CFDtWKd
via IFTTT

• Ukraine is intensifying drone attacks on targets deep inside Russia. 
• The strikes are doing serious damage to Russia's oil and gas sector. 
• Bloomberg reported that Russia's oil refining is at an 11 month low. 

Ukraine launched a new wave of long-range drone strikes on oil depots in Russia this week as part of a campaign targeting the Kremlin's critical infrastructure.

Drones sent by Ukraine's security service hit two Rosneft-owned oil depots in Russia's Smolensk region on Wednesday, according to multiple outlets, citing a Ukrainian intelligence source.

A source in the Ukrainian defense sector told the AFP that the depots stored 26,000 cubic meters of fuel.

Metallurgical and pharmaceutical plants in Lipetsk in Russia's southwest were also attacked, according to reports.

"These facilities are — and will remain — absolutely legitimate targets," the source said.

The attacks are part of an intensifying Ukrainian campaign to strike energy infrastructure targets deep within Russia's borders.

Ukraine has managed to strike not just oil depots in western Russia, near Ukraine's border, but also in northern Russia hundreds of miles away.

The attacks have impacted Russia's oil and gas production, the industry that is at the core of its economy and has funded its invasion of Ukraine.

Bloomberg earlier this week reported that Russia's oil refining is at an 11-month low because of flooding and Ukraine's drone campaign. In April, Russia processed 5.22 million barrels of crude oil per day, 10,000 fewer barrels than normal, the report said.

Ukraine's attacks on Russian oil depots are one of the few bright spots in its war in recent months.

It continues to face serious setbacks on the front line, where its troops are suffering ammunition and artillery shortages.

There is some hope, however. The release of a $61 billion US aid bill could see Western military equipment begin to reach Ukraine in the next few days.

According to reports, Ukraine is resisting pressure from its key international ally, the US, to decrease the oil depot attacks amid concern that it could increase oil prices and damage Joe Biden's reelection chances.

The Ukrainian attacks come as Russia steps up its strikes on Ukraine's infrastructure including hitting power stations, ports, and cities.

The Institute for the Study of War, a US think tank, said Tuesday that Ukraine's actions were denting Russia's oil sector but had yet to have a significant impact on global energy markets.

"Future Ukrainian drone strikes may disable and disrupt more of Russia's refining capacity and inflict critical constraints on Russian refining that begin to substantially impact Russia's production of distillate products," the analysts said.

from All Content from Business Insider https://ift.tt/BPqfWNx
via IFTTT

• Chipotle renamed its barbacoa filling because customers didn't know what it was. 
• It has now been renamed "braised beef barbacoa," its CEO said. 
• Barbacoa is a method of cooking meat that's used in Mexico.

Chipotle's CEO said it had to rename its barbacoa burrito filling because diners weren't sure what it was.

"Many of our guests did not know that barbacoa was braised beef," CEO Brian Niccol told analysts at the company's first-quarter earnings call on Monday. "So we renamed it braised beef barbacoa."

The item, which is labeled on its US menu as "beef barbacoa" and in its ads as "braised beef barbacoa," is available as a filling for burritos, burrito bowls, salad bowls, tacos, and quesadillas.

Chipotle's website describes it as "braised for hours, then shredded." It's flavored with herbs and spices, including black pepper, chipotle chili, cloves, cumin, garlic, and oregano.

Barbacoa is a method of cooking meat that is thought to have originated in the Caribbean but has since evolved in Mexico.

Per Delish, it generally refers to meat slowly cooked over an open fire or in a fire pit. The meat is placed on a grill over a pot filled with a liquid and then covered with a lid — "while the meat roasts, it's steamed and braised by its own juices," Delish writes.

Niccol said Chipotle had been "spotlighting" barbacoa by highlighting it in marketing during the quarter.

"It was Chipotle's best-kept secret and is now growing in popularity," he said. "The campaign was a success, driving incremental transactions and spend, and it was simple for our operations team to execute since it was an existing menu item."

Prices vary by location, but at a Chipotle in Manhattan a beef barbacoa burrito with no extras costs $13.35, compared to $11.60 for chicken.

During Wednesday's call, Niccol also spoke about the success of the chain's Chicken al Pastor, which has returned to the menu for a limited time.

Chipotle execs said last year that it was easy to launch because it's made using its existing adobo chicken and that its popularity meant that the company was having to buy less costly beef.

Chipotle posted a 7% increase in comparable restaurant sales in the first quarter and a 14.1% jump in revenues to $2.7 billion. Niccol said that the chain's Californian restaurants had increased prices by about 6% to 7% to absorb the state's new $20-an-hour minimum wage for fast-food workers.

Is fast food getting too expensive? Email this reporter at gdean@insider.com.

from All Content from Business Insider https://ift.tt/MlIKVJD
via IFTTT

• A potential TikTok ban in the US has creators worried about where they'll upload their content.
• Instagram is not necessarily an alternative, with some thinking it's "embarrassing."
• Young creators may opt for newer platforms, like Clapper, despite initial mixed reviews.

As a potential US TikTok ban looms, Gen Zers are contemplating what app might take its place.

There are a few contenders in the mix, but it seems for many young people, Instagram isn't among them.

Josie, a Gen Z content creator, said in a recent TikTok that she might be able to handle a ban if posting on Instagram wasn't such a "humiliation ritual."

"The TikTok ban bill was just passed in the House, which is a bummer," she said. But the idea of posting her TikTok content to Instagram Reels in front of everyone she knew in high school wasn't appealing.

"I don't know about that. I'm sorry," she said. "I don't know if I have the gumption to really do that. That's a big ask."

A potential TikTok ban looms

The US Senate passed a bill on Tuesday that could see TikTok removed from app stores. President Joe Biden signed it into law on Wednesday, giving ByteDance nine months to sell its US TikTok assets or face a nationwide ban.

Creators are very unhappy, considering a potential ban hypocritical and an infringement on their freedom of speech.

While the most obvious solution would be for them to start posting their content on Instagram Reels — Instagram's short-form video platform — that's not what will happen, several Zoomers told Business Insider.

Many said they will likely continue to use Instagram for Stories and direct messages, but that it would not replace TikTok when it comes to uploading content and scrolling.

It is hard to make sweeping statements about any generation, especially one that spans the ages of 12 to 27, but a mass exodus of the ones who use TikTok to Meta's photo app is unlikely, they said.

They'd rather take their chances on something new like Clapper or put their energy into YouTube shorts, they said.

"We'd probably splinter off into a million different places, bombarding our friends and followers with 'come follow me here' messages across every social media platform imaginable," Gabrielle Yap, a Gen Z writer, told BI.

"We'd be like digital refugees, lost and a little scared, but you bet we'd rebuild our online communities somewhere, somehow."

Instagram has too many personal ties

Josie doesn't share her full name on TikTok, and she said she has everyone in real life blocked on there, including her friends and her boyfriend.

"So I actually have this nice, cozy little open public diary, and I never really feel like I need to be confronted about it in person," she said.

Young people still use Instagram. It was declared "over" in 2022 but has made something of a comeback. More people downloaded Instagram than TikTok in 2023, and Threads has been an unexpected success. Gen Z and millennials are also both still active on there.

But Gen Zers who spoke with BI said social media platforms all have different purposes, and they doubt Instagram can capture the magic of scrolling on TikTok.

A Pew Research Center survey found YouTube is the biggest social media platform among US teens, with 93% of respondents aged 13-17 saying they used it. TikTok is in second place at 63%, followed by Snapchat with 60%.

Instagram is close behind, with 59% of respondents saying they used it, though over twice as many (17%) said they used TikTok "almost constantly" compared to Instagram (8%).

Generations also use Instagram slightly differently. Filters and Reels remain more popular with millennials than Gen Z, while Zoomers favor stories and DMs, according to a YPulse survey last year.

Instagram posting is 'cringe'

While they may have an account to document their social lives, like millennials have a Facebook page that's gathering dust, Zoomers have found Instagram pretty cringe for a while now.

In 2022, Gen Z writer Hibaq Farah explained in a blog on Nylon why the app gave her generation "the ick."

Instagram is "boring, exhausting, and generally not fun" compared with TikTok, Farah said, which boomed during the pandemic and quickly became her most-used social media platform.

The sentiment is growing. Multiple TikTokers have expressed finding Instagram "embarrassing."

"I hate posting on Instagram now," said Tabitha Mae, a creator who posts storytime videos. In a recent TikTok, she said there had been a "shift" over the past few years where posting on Instagram became "an insanely stressful, nerve-racking process."

"Posting feels icky," she said. "It honestly feels like every time I post, I'm just being judged by everyone I've ever met."

Commenters echoed Mae's thoughts, with some saying they thought Instagram was too "filtered" and that they had deleted the app and felt all the better for it.

Yap told BI she loves "a good curated feed and aesthetic story," but Instagram can feel a little too "polished."

"Like everyone's trying to project this perfect life," she said. "On TikTok, it's all about being raw, funny, and real."

Kat, who was born in 1998 and works in social media, told BI she doesn't think it's likely young people will flood to Instagram.

She said her own feed is "out of whack and not enjoyable anymore."

Getting more people on the app

Instagram's parent company, Meta, this week it would increase spending to turn itself into "the leading AI company in the world," sending its shares down more than 12% in pre-market trading on Thursday.

It's already starting to do this with the upcoming rollout of its Meta AI chatbot on Facebook, Instagram, Messenger, and WhatsApp.

It's unclear if such AI tools would convince Gen Z to scroll on Instagram and use it more often. However, Sophie Lund-Yates, from Hargreaves Lansdown, told the BBC that Meta's "substantial investment" in AI has helped it get people to spend time on its platforms.

Where else is there?

Snapchat is also "kinda dead," Kat said, and its curated content feed "is a clickbait hellhole."

"My unpopular opinion is that YouTube Shorts has the next best algorithm to TikTok," she added. "I think if TikTok was banned I would go there. Obviously, it wouldn't be as good."

Jaxson Whittle, an older Gen Z, told BI he holds a different opinion.

"If TikTok is banned, I think I might use it as a reason to get off social media completely," he said, apart from X which he needs to use for work.

However, he said many of his friends are happy to move to Instagram since they are already active users. They use Reels so they don't feel left out of TikTok trends, he said.

"I feel like Instagram is pushing Reels so hard that it's pretty easy to click on something and fall into the infinite scroll," he added.

As for Clapper, the TikTok dupe that was set up as a platform for Gen X and millennials, some younger creators are all for it.

TikToker Cassandra Marie, for example, called Clapper the "new TikTok" and praised the app's growth potential, as well as the nostalgic feel of being like TikTok in its early days.

A handful of creators have been sharing their Clapper handles, hoping to replicate their followings there if TikTok shuts down.

But the reviews have been mixed, with some saying the video quality is bad and the follower growth rate was inconsistent.

Kat is also unconvinced. She said it reminded her of the early days of TikTok circa 2018 "when it was cringe."

"But instead of it being cringe teens and cosplayers, it's giving an older and conservative crowd," she said. "No hate to them, but I don't think it's the move for Gen Z at the moment."

Yap said she's heard whispers of people moving to Discord and Twitch, but these platforms don't have short-form video people can endlessly scroll like TikTok does.

The thought of a TikTok ban is scary, she said, but Gen Zers are "adaptable" and "creative" and will find a way to keep sharing their voices whatever happens.

"The internet is vast, and wherever we land, you better believe it'll be filled with memes, Gen Z humor, and enough sarcasm to fuel the whole nation," she said.

from All Content from Business Insider https://ift.tt/jBfh4UC
via IFTTT

• A Harvard Business School professor was asked to break down Jeff Bezos' leadership style on a recent podcast.
• The Amazon founder's inventiveness and focus were core to the company's growth, said Professor Sunil Gupta.
• But good leadership also requires empathy, an area where Bezos is seemingly lacking, Gupta said.

Jeff Bezos is one of the world's richest men. Since founding Amazon in 1994, he's led the company from a tiny startup to a global behemoth worth $1.84 trillion.

But what is it about the founder's leadership style that has been so exceptionally successful?

His inventiveness, fearlessness, and focus have all played a key role in Amazon's growth, said Sunil Gupta, a Harvard Business School professor who has studied Bezos for years.

Gupta broke down how Bezos's character has helped Amazon grow on a recent episode of Harvard Business Review's "On Strategy" podcast.

"He gives you enough leeway to try different things, and is willing to invest hundreds of millions of dollars into things that may or may not succeed in the future," said the Harvard professor.

But with Bezos' vision and flexibility comes his notoriously tough work ethic.

"He's certainly a hard charger," said Gupta on the podcast. "When he hires people, he says, you can work long, hard, or smart. But at Amazon, you can choose two out of three."

While Bezos may be highly competent, the billionaire's lack of empathy is one aspect of his character that stands out to Gupta as a weakness.

"Those characteristics of competence and character make people respect you. What makes people love you is when you show compassion, and at least I haven't seen compassion or empathy that comes out of him," Gupta said on the podcast.

"He certainly comes across as a very hard-charging, driven person, which is probably good for business. But empathy is perhaps lacking right now."

Jeff Bezos was renowned for moving incredibly fast in the early days of Amazon and creating a cutthroat environment for employees.

Minimum 60-hour weeks were the norm and the CEO would famously explode at employees who displeased him, hitting them with snarky comments like, "I'm sorry, did I take my stupid pills today?"

His tough attitude as an employer came from his obsession with putting customers above all else. That meant employee perks and benefits typical at other tech companies were off the table.

Everything was driven by metrics at Amazon, and office employees have complained of punishing performance reviews and a culture where nothing ever feels done or good enough.

Amazon also faced widespread criticism for its treatment of workers during the COVID-19 pandemic after many said they felt unsafe at fulfillment centers due to the lack of health and safety precautions.

In 2021, Bezos stepped down as CEO of Amazon after 27 years at the helm to spend more time on philanthropy and his two other major endeavors: The Washington Post and his rocket company, Blue Origin.

While Amazon's success is undeniable, recent Gallup polls have found that American workers feel disengaged when their leaders fail to create a positive workplace culture or give them a sense of purpose.

"I think some people find it exhilarating to work with these kind of leaders. Some find it very tough," said Gupta.

But ultimately, he added, many people just want to be on the winning team: "Amazon's culture of experimentation and innovation. That is energizing to a lot of people."

from All Content from Business Insider https://ift.tt/AxcJWMi
via IFTTT

• Meta shares plunged as much as 15% in premarket trading, dragging US futures lower.
• Investors weren't convinced by Mark Zuckerberg's plan to keep spending tens of billions on AI.
• Meta also posted lackluster revenue guidance as part of its first-quarter earnings report.

Meta stock plunged in premarket trading on Thursday as investors fretted that Mark Zuckerberg's artificial intelligence push will send costs skyrocketing.

Shares fell as much as 15% and were still 13% lower at just over $430 shortly after 5 a.m. ET in a selloff that will wipe about $160 billion off Meta's value if it holds up until the opening bell. 

The losses came after Meta reported its earnings for the first three months of the year on Wednesday.

Its profits of $4.71 per share and revenue of $36.5 billion beat analysts polled by Refinitiv had expected, but lackluster guidance took some of the shine off those results.

Meta expects to make between $36.5 billion and $39 billion in revenue in the current quarter. The midpoint would fall short of the $38.3 billion figure that analysts had been forecasting.

In a post-earnings conference call, Zuckerberg outlined plans to invest more in AI. Meta said it was raising its expected capital expenditure for 2024 to between $35 billion and $40 billion "to accelerate our infrastructure investments to support our artificial intelligence (AI) roadmap."

Zuckerberg's previous pledge to keep costs low during a "year of efficiency" has helped Meta's stock to rally since the start of 2023. Shares have climbed 107% over the past 12 months, and 42% this year at Wednesday's close.

"An exceptional run for Meta's shares has come to a shuddering halt based on stock trading which followed the company's first quarter earnings update," said Russ Mould, investment director at AJ Bell. "The key sticking point for investors seems to be the big increase in capex spending on artificial intelligence."

"Previous concerns about a lack of discipline from Mark Zuckerberg have been reawakened, undoing some of the hard work the company has done to convince the market it has a tight rein on the purse strings," he added.

Meta's losses looked set to drag on broader indexes Thursday, with S&P 500 futures dropping 0.5% and futures for the tech-heavy Nasdaq 100 tumbling 0.9%.

Fellow "Magnificent Seven" companies Microsoft and Alphabet are set to post first-quarter earnings after the closing bell, while the Bureau of Economic Analysis is expected to release advance US GDP estimates for the three months to March 31.

from All Content from Business Insider https://ift.tt/qHIxXPL
via IFTTT

• Salaha Ashraf spent her last few years of medical school feeling stressed and anxious.
• She said hospital wards were under-resourced and busy, and she knew she wanted to quit. 
• After graduating, she applied for a corporate grad scheme, embarking on a new career path.

This as-told-to essay is based on a transcribed conversation with Salaha Ashraf, 28, from Bolton, a town in the northwest of England. Ashraf went to medical school in 2014 but pivoted into a corporate career after deciding she didn't want to be a doctor. The following has been edited for length and clarity.

There wasn't a defining moment when I decided to go into medicine. I sort of fell into it. In my South Asian culture, medical professions are highly regarded. Plus, my siblings worked in the medical field, and I could see them doing well.

During my time working in hospitals for my medical degree, I experienced a lot of anxiety and stress. I was working long shifts and felt like I was being thrown into the deep end.

I decided to leave the medical field in 2020 after finishing my degree. I got on a corporate graduate scheme at 25 and now have a 9-to-5 in HR. I've never looked back.

I struggled with the UK's understaffed hospital environment during my studies

I started my five-year medical degree in 2014 at a university in northwest England.

The first two years of my course were focused on learning theory about anatomy and physiology and the last few years were spent in hospitals, learning the skills and techniques I'd need to be a doctor.

I enjoyed the first few years, but I began to struggle in my third year when it became more hospital-based. In a lecture theatre, I was shielded from the realities of being a doctor.

The NHS has been under increasing pressure. When I worked in hospitals, the wards were understaffed, under-resourced, and extremely busy because of a lack of government funding. It was a tough environment to learn and practice skills. Doctors were being pulled in all directions. Finding one with the time to watch me practice and teach me was hard.

I also had reservations about junior doctors' salaries. Junior doctors in the UK have been striking for years over low pay. My peers had such a passion for medicine that they were willing to be doctors no matter what. I didn't feel I had enough passion to compensate for the lack of fair pay.

I found a new passion for business management but decided to finish my medical degree before switching career path

I dreaded going into my fifth year of medicine and decided to take a year out and do a master's in business management. I wanted to explore areas outside the medical field.

I felt more passionate about business management after one year compared to four years of medical school. I attended lectures because I wanted to, not because I had to.

I knew I wanted to quit medicine, but I was so close to the finishing line after passing my fourth-year finals before taking a year out. Logically, it made sense to finish my medical degree. I was meant to graduate in the summer of 2020, but it was brought forward to April because the pandemic hit.

In the UK, we have graduate schemes that help you get your foot in the door at an industry

During my fifth year, I started applying to graduate schemes. I'd heard about The Times newspaper's book of top 100 graduate employers. I looked through it and applied to a range of companies. My choices were mainly based on location, as I wanted to stay in the north of England, close to my parents.

The application process was harder than I expected. I didn't realize there were various stages, like personality and situational judgment tests. I messed up the first video interview I did. But my technique improved after a few other interviews.

I made it to a final interview with an aerospace company and got offered a remote job as a graduate commercial officer, managing contracts for the company. I started in January 2021.

There was a cohort of around 30 of us on the grad scheme.

I was 25 at the time, and many of the other grads were younger than me. I felt behind and like I should be further in my career at this stage, but I had to remind myself I had the maturity and professionalism that the 21-year-olds didn't have.

I learned a lot about communication while training to speak with patients as a doctor.

The perks of a 9-to-5 job are great

The scheme officially ended after 18 months, and I was given a permanent role in contracts. The company let me pivot into HR six months later because I wanted to do something that would incorporate my people skills.

I felt my medical background made me suitable for HR work. Doctors improve patient's lives, and in HR, I'm improving employee's lives. I left that company in September 2023 and now work in HR at a pharmaceutical company.

In a corporate role, I get my weekends off and have more control over my annual leave. I take an hour lunch break, whereas when I worked in a hospital, I would skip meals to keep up with the workload. I also work from home at my current job, which allows me to spend time with my family.

I feel I'm in the right career for me.

I don't wish I was a doctor

I try to look back at medical school in a positive light. I'm glad I did it because it taught me useful skills, like how to communicate clearly.

If I truly asked myself at 18, "What do I actually want to do?" I probably wouldn't have enrolled in medicine. If I felt empowered to follow my passion, maybe I would have studied psychology, which I found interesting at school. I'm glad I'm thinking about what I want now — better late than never.

I don't for one-second wish I was a doctor. I greatly respect people who are, but I strongly believe it's the passion that drives them — and that's something I ultimately never had.

In response to a request for comment from Business Insider, an NHS spokesperson said:

"There are more doctors working in the NHS than ever before, with more than twice as many people joining the medical register as leavers, but we know there is more work to do to retain our hardworking staff. As part of delivering our NHS Long Term Workforce Plan we've taken action to improve working conditions and improve retention, including increasing choice and flexibility in rotas and reducing duplicative inductions and training so clinicians can spend less time on admin and more time treating patients. At the same we are continuing to expand education, training and recruitment, including a 25% increase in medical places and an expansion of specialty training places, to ensure we have the staff we need to meet the changing needs of the population."

from All Content from Business Insider https://ift.tt/hyRBK2p
via IFTTT

• At least nine retail brands have said they're closing US stores in 2024, totaling some 1,280 locations.
• Family Dollar is the largest chain on the list, planning to close at least 600 stores this year.
• Other companies, like Walmart and TJX,  are closing a few stores while opening many more.

A Business Insider tally of disclosures from nine retail chain brands finds as many as 1,290 stores have closed or are set to close across the US in 2024.

The number is down considerably from prior years, including last year when the collapse of Bed Bath & Beyond contributed to a total of more than 2,800 locations shuttering.

Analysts at UBS expect the total number of US retail closures could reach 45,000 across the next five years, led largely by smaller stores going out of business, even as larger firms like Walmart, Costco, Target, Home Depot, and other established players continue to expand.

Topping this year's list is Dollar Tree-owned Family Dollar, which is set to close at least 600 locations, with more to come as leases expire.

Some companies, like Express and Foxtrot, are in dire financial straits. Others, like Walmart and TJX, have plans to expand by more stores than they close. Still others, like Foot Locker and Macy's, are shifting their strategies as shopping patterns change.

See the full list below:

from All Content from Business Insider https://ift.tt/h04BK5o
via IFTTT

• Lindsey and David Barber save 75% to 80% of their income for retirement and their son's future.
• Despite having enough to retire early, the millennial couple plans to keep working.
• They said they've worked too many long days to just sell their businesses and retire.

Lindsey Harrison Barber, 34, and her husband, David Barber, 35, have enough to retire early, but neither intends to slow down.

Lindsey owns a marketing agency, while David owns an insurance agency, which bring in a combined eight figures in top-line revenue. They put aside six figures for retirement and their son each year, saving about 75% to 80% of their income, according to financial documents shared with Business Insider. Though they have the means to retire and travel, both said retiring would be antithetical to everything they've worked toward over the last decade.

"We are very intentional about the flexibility that we have and because of that, there really isn't a need for us to retire because we're able to enjoy the life that we've created that fits now because of the hard work that we put in 10, 15 years ago," Lindsey said.

Neither are bound by the 9-to-5 corporate lifestyle, and they make time for a personal trainer, eat lunch together, and spend time with their son between work hours. They're not working toward a bigger house, and they said they see little reason to jump to the next big thing when they're content with what they have.

"I almost feel like to some degree we're living like we're retired because we've got the flexibility and the freedom, but at the end of the day we're not; we're still putting in the work," Lindsey said.

Many Americans are working toward achieving financial independence, often defined as when you have enough money to cover all of your living expenses without having to work again. Some are part of the FIRE movement — financial independence, retire early — though others are moving away from early retirement, whether to continue building generational wealth or transitioning to lower-stress roles that still give them something to do.

Growing their agencies and wealth

David grew up lower-middle class. His dad was a manager at a retail store, and his mom stayed home to care for the kids. The family moved to North Carolina, Texas, Kentucky, and Ohio for his dad's job. His dad eventually moved into insurance and raised his kids with the philosophy of living frugally.

David said he's worked since he was 16, starting at a grocery store between 25 to 30 hours a week during high school. He also got his insurance license in college so he could work part-time. He paid his way through college with a small contribution from his parents and graduated debt-free.

Lindsey, who grew up middle class, said her mother, who worked for a drug addiction nonprofit, was her role model for working hard and making an impact. Her dad traveled frequently for work and eventually opened a lawn mower business on the side.

Throughout college, she held internships at marketing and PR agencies, and right out of college, she landed a communications role. She leveraged her contacts to open her own full-service marketing agency in 2014.

Lindsey said that even though she was making good money on the leadership team of her past company, she wanted to take a big risk. She began with one client paying her $1,400 a month and slowly built her client base. Eventually, she shifted from just social media marketing to a full-service agency within the first five months.

Lindsey said her goal was to achieve stability as quickly as she could so she could help her husband get his foot in the ground with his new insurance agency. Sometimes, they would stay up until 3 a.m. working, though both have achieved a stronger work-life balance.

"I wanted him to be able to grind without feeling I was in the way and vice versa," she said. "We had a really good balance with that at the beginning of our businesses, which really afforded us the flexibility now to spend more time with our son and not necessarily have to go in at 8 a.m. and grind for 90 hours."

Although he didn't generate much revenue for the first few years, he grew his client base through word of mouth and referrals. His agency now employs eight people.

"It was a lot of 70, 80, 90-hour workweeks of grinding since the agency was started from scratch; it was $0 premium when we started, and we have worked it up over the 11 years since it opened to the size that it is now," David said.

Achieving financial independence

At the beginning of their financial independence journeys, Lindsey and David lived well below their means, spending just on essentials and investing in their companies. Both knew they wanted to have a robust nest egg by their 30s so they could theoretically retire or take on fewer responsibilities at work.

The couple bought a home in 2016 and recently purchased an eight-bedroom beach house in North Carolina, which they manage as a short-term rental. David said they were lucky to have bought their homes when they did, as both have nearly doubled in value, though they attribute their luck partly to how fast they committed to homebuying.

Despite the success of their businesses, both said their philosophy on saving hasn't changed much. They said they're not even thinking of retiring until their mid-40s, and even then, they expect to continue working in consulting or financial advising.

They have no debt beyond their primary home and beach rental property and locked in low mortgage rates on both.

"Buying real estate has been a big boost in our ability to be where we are, but I do think to be fair, we were very strategic about grinding, putting our heads down, and being very intentional about how we were spending money in the early years," Lindsey said.

The two still maintain some of their savings strategies, like cutting coupons to save on coffee and groceries. Lindsey said she'll still catch herself from buying a $30 purse if she doesn't need it.

"We see people a lot online flaunting their stuff and talking about how much money they make and throwing out these arbitrary numbers, and it makes us laugh because we easily could do that but we just don't," Lindsey said.

Still, they'll spend on big purchases that have a personal meaning to them, such as an "astronomical amount" on seeing the North Carolina State Final Four game. They try not to sacrifice the quality of food purchases, and they invest in their long-term health.

"It's just interesting how we'll walk in somewhere clipping coupons, but if there's something that could be a life experience, we don't even think twice about it," she said.

Are you working toward or have achieved financial independence? Reach out to this reporter at nsheidlower@insider.com.

from All Content from Business Insider https://ift.tt/Q5CFNfq
via IFTTT

• The Senate passed a $95 billion spending package that included aid for Ukraine, Israel, and Taiwan.
• The aid, particularly for Ukraine, could boost the US economy and create American jobs.
• Cities in Pennsylvania, Alabama, Illinois, and Florida, among other states, could see increased spending

On April 23, the Senate passed a $95 billion spending package that included foreign aid for Ukraine, Israel, and Taiwan.

That funding could also soon provide a boost to the US economy — and help create American jobs.

That's because much of the military aid — particularly the money allocated for Ukraine — could flow back to US defense manufacturers. In fact, an analysis of financial aid to Ukraine published in October by the website Breaking Defense found that a majority of the billions of dollars in Ukraine aid Congress had approved to date was ultimately spent in the US.

A Washington Post analysis published in November identified more than 100 production lines in roughly 30 states and 70 cities where US workers were producing weapons systems for Ukraine — including California, Arizona, Alabama, and Texas. US aid to Ukraine has created thousands of jobs across at least 38 states, Time reported in February.

In recent years, some lawmakers have argued that the US should scale back the money it's providing to Ukraine — and that the funds would be better spent on domestic problems. To the extent foreign aid benefits US-based businesses and workers, the political calculus could change for some in Congress.

To be sure, some Americans may wish these funds were being directed to other priorities, like making housing and childcare more affordable for citizens. Others may be concerned about the ways defense companies, through lobbying efforts, could be influencing legislation that benefits the industry.

What cities and states could benefit from the new aid bill?

The spending package, which President Joe Biden intends to sign, would provide about $61 billion for Ukraine to aid its war effort against Russia and $26 billion for Israel, which is engaged in a war with Hamas in Gaza. An additional $8 billion would go to Taiwan to help it counter threats from China. The Senate approved the spending package with a 79 to 18 vote — the House approved it on April 20.

Roughly $1 billion of the aid could soon be making its way to Ukraine, which the Biden administration says is in urgent need of support as it struggles to combat the advances of Russian forces. The Ukraine aid is expected to be used to provide ammunition, artillery rounds, armored vehicles, and other weapons, the Associated Press reported. The rest could be doled out in the weeks ahead.

While it's unclear exactly which cities and states will benefit from the latest foreign aid funds, some candidates are more likely than others.

In its analysis, The Washington Post pointed to cities like York, Pennsylvania — where British multinational aerospace, defense, and information security company BAE Systems produces tactical vehicles — and Troy, Alabama, where Javelin antitank missiles are manufactured, as places that have produced weapons for Ukraine. Peoria, Illinois; Aiken, South Carolina; Elgin, Oklahoma; Niceville, Florida; and Endicott, New York were also mentioned.

Weapons production can require more than one city to work in tandem. Manufacturing artillery ammunition, for example, can involve a Scranton, Pennsylvania factory producing empty projectiles and then sending them to Iowa, where they are filled with explosives, The New York Times reported.

In June, the defense company General Dynamics is set to open a new factory in the Dallas suburb of Mesquite, where artillery casings will be produced. The factory, which is expected to employ 150 people when it opens, is expected to benefit from foreign aid to Ukraine.

Are you working for a defense company? Has your company increased hiring in recent years? If so, reach out to this reporter at jzinkula@businessinsider.com.

from All Content from Business Insider https://ift.tt/c4lmvCd
via IFTTT