Tag: News

• Airbnb host A. Jay Allee had over 2,000 images of guests on his personal devices, authorities said.
• Allee finished his prison sentence, but some former guests worry their images could leak online.
• Airbnb banned indoor security cameras in April, but hosts and guests have long debated their use.

In the quiet Hill Country town of Comfort, Texas, Airbnb host A. Jay Allee welcomed guests to a rural retreat. Over the years, he received glowing reviews from vacationers and earned Superhost status.

During that time, he also secretly recorded images of his guests, according to a CNN investigation into the use of cameras inside short-term rentals. In February 2023, he pleaded guilty to six counts of invasive visual recording in Kendall County District Court.

Local police said that Allee accumulated over 2,000 images of guests in various stages of sleep and undress, even children. Some people photographed were even engaging in private sexual acts.

The case is part of an ongoing debate about the appropriateness of cameras at short-term rentals, which include rooms and homes listed on Airbnb, Vrbo, and Booking.com. Airbnb banned indoor security cameras in April.

Last year, before the ban, some hosts told Business Insider that they needed cameras for their own security and reassurance that their property wasn't being damaged. Some travelers, however, posted on social media that they feared hosts skirting rules to invade their privacy — even though, at that time, all security cameras had to be disclosed in the listings.

Airbnb said that less than 0.1% of stays globally last year were involved in a safety report for any reason.

"When we do receive an allegation, we take appropriate, swift action, which can include removing hosts and listings that violate the policy," an Airbnb spokesperson said in a statement to Business Insider.

Allee was released from jail this past February after a one-year sentence.

His victims told CNN they felt shocked and spooked.

David Wyzynajtys, who stayed at Allee's property in July 2021, told CNN that discovering the cameras inside the home was the "scariest moment" of his life. After changing his clothes for the evening, Wyzynajtys saw the hidden cameras plugged into the wall, pointed directly at the bed.

Wyzynajtys and his girlfriend fled the property and drove 10 miles away, according to CNN. The next day, he contacted law enforcement after receiving what he described as a "negligent" response from Airbnb.

Some of Allee's victims fear that sensitive images and videos of them could be shared on the internet.

One woman, who told CNN she was recorded having sex with her husband at Allee's property, said "What is made into digital content is forever."

• A combination of inflation and wedding costs caused me to start dipping into my savings more.
• Amanda Clayman, a financial therapist, helped me create an approachable plan for budgeting.
• Looking at my finances was actually a relief, and I'm excited to try out a few ways to save.

When my fiancé and I decided to elope abroad, we thought it'd be a way to still have a beautiful ceremony and honeymoon trip in one, at a fraction of the cost of a New York City wedding.

While it'll still be a lot cheaper than renting out a restaurant or bar like we originally planned, I didn't anticipate all the costs that would add up. A combination of wedding deposits, inflation, and my laissez-faire spending habits meant I was unexpectedly dipping into my savings.

I knew I needed to budget if I wanted to keep the money I worked hard to save. To learn how, I spoke to Amanda Clayman, a financial therapist who hosts Fresh Produce Media's Audible series "Emotional Investment." In the style of a traditional therapy session, she asked me questions about my relationship with money to unpack my biggest roadblocks to saving.

I wrote down a few ideas on how I could assess my spending habits, which Clayman approved of. Then, I tracked specific habits and my overall spending over the last six months to create a realistic budget going forward.

The next step was to create a plan and attempt to budget for a month — something I tried many times but found too daunting. It ended up reassuring me about my spending habits and helping me find small, new ways to save.

Tracking only one factor made it easier to spot patterns

One of the biggest takeaways from my session with Clayman is that I'm a people-pleaser. I knew that before, but I didn't realize how much it influenced my spending habits. As Clayman herself did in her 20s, I'm accustomed to throwing down my card at dinners, regardless of whether others ordered more or if I didn't really want multiple appetizers.

Mapping out my social spending helped me zoom in on where I already know I spend the most since I'm usually good at saying no to unnecessary expenses otherwise.

I also saw that social outings aren't the only place I overspend. I tend to buy a lot of gifts and like to treat friends and family, but stubbornly invented a rule in my head that a present has to be $50 to "count." I reassessed where I might be slightly overdoing it and where I could scale back without feeling cheap or inconsiderate.

Clayman had a great tip: instead of berating myself when I look at my credit card charges, she invited me to "remember and in fact almost luxuriate in the things that you love about spending," whether a dinner with friends recharges me or a cocktail date night with my partner makes us feel more connected. That way, I could "capture that spirit in other kinds of activities that in the next month might be a little bit more budget-friendly."

I didn't lose as much money as I thought

As Clayman suggested, I reviewed my spending over the last six months and conducted a year-over-year comparison between June 2024 and June 2023.

Examining my activity, I lost a little over $1,200. When I factor in the money automatically accrued in my high-yield and CD accounts, it drops to about $870. Comparing this June to last June, when I went on a trip to Italy, I actually spent around $300 less.

Tracking my weekly spending also helped me celebrate a win: I paid off a huge statement without dipping into my savings at all.

While losing money is not ideal, I also didn't squander the thousands I thought I did. Clayman said budgeting via auto-save features and apps, which I use, can make the process more disengaging and confusing. Because I kept sending Venmo payments back and forth as well as adding savings only to take them away again, I always felt like I was draining all my money.

The wedding in particular involved a lot of pre-paid expenses that seemed to come up every month. Going forward, Clayman said we can create a post-wedding timeline for more serious savings.

Budgeting ties into my other goals

I initially reached out to Clayman because I wanted to save more for my future, particularly for my future children.

But I also wanted to be a person who doesn't take money for granted, even when I feel more financially secure. While I love traveling and trying out new restaurants, I don't want vacation and Aperol spritzes to define my personality (at least, not all of it).

Clayman said that budgeting isn't just about mechanically capping off how much you spend. It's about having a clear-eyed view of your spending and confronting the parts of yourself that might be self-sabotaging.

"That little bit of discomfort is purposeful," she said. "It helps when you are doing something that's bringing your authentic self more vulnerably and honestly out."

There's been so much I've wanted to change, even before budgeting came into the equation. I've wanted to drink less. I've wanted to cook more, especially when hosting friends. I've wanted to get into a craft like pottery, where I could even make more personal gifts. Mostly, I've just wanted to be someone who can say "no" to plans that burn me out.

Doing my best to adhere to a 50-30-20 budget pushes me to be more inventive about how I socialize. Being upfront about saving also helps me brainstorm lower-budget plans.

Clayman said that mindset is vital when you try to save. Seeing this as an opportunity to become a more honest and creative person makes budgeting feel less like a punishment or chore. Instead of limiting me, it shows me where I can keep growing.

• Nancy Pelosi on Wednesday said it's up to Biden to decide if he'll continue his reelection bid.
• But the former speaker seemingly didn't give a definitive endorsement of him staying in the race.
• "I want him to do whatever he decides to do. And that's the way it is," she said on MSNBC.

Former House Speaker Nancy Pelosi on Wednesday said it's up to President Joe Biden to decide whether he'll proceed with his reelection bid, but added that "time in running short" for the Democratic incumbent.

While speaking on MSNBC's "Morning Joe," Pelosi — known for her blunt and straightforward nature — seemingly declined to give a firm endorsement of Biden continuing with his campaign.

"It's up to the president to decide if he is going to run," she said on the program. "We're all encouraging him to to make that decision. Because time is running short."

She added: "I want him to do whatever he decides to do. And that's the way it is. Whatever he decides, we go with."

Pelosi has long been a major political ally of Biden, helping shepherd key pieces of legislation like the bipartisan infrastructure bill and the Inflation Reduction Act through Congress earlier in his term.

But Biden's post-debate standing represents one of the most difficult periods of his political career, as many Democrats remain dismayed by his performance against former President Donald Trump.

While several House Democrats have called on Biden to step aside as the party's nominee, no sitting Democratic senator has publicly asked him to do so. But several allies — from Amy Klobuchar of Minnesota to Jon Tester of Montana — have called on Biden to demonstrate to the electorate that he'd be able to effectively wage campaign.

After days of Democratic unrest, Biden earlier this week emphatically insisted that he wouldn't end his campaign.

But during the MSNBC interview, Pelosi said that she wanted to circle back to discussions about Biden's candidacy after the NATO summit being held in Washington. As Biden hosts world leaders in the nation's capital over the next several days, other Democratic leaders will also be closely watching to see how he performs on such a highly visible stage.

"Let's just hold off," she said. "Whatever you're thinking, either tell somebody privately, but you don't have to put that out on the table until we see how we go this week."

According to New York Magazine, there's a new status symbol dog for the very rich. It's not a Goldendoodle (or any doodle mix) — or even anything you can fit in a purse.

It's a guard dog—specifically, a guard dog trained by Svalinn, a Montana-based breeder and training outfit that specializes in "protection dogs." (Its website says it avoids the negative connotation of the term "attack dog.")

The Svalinn dogs are bred as a mix of German Shepherds, Dutch Shepherds, and Belgian Malinois on a ranch in Montana. They cost around $150,00 each. (New York Magazine's Ben Ryder Howe talked to a couple who own two, and the dogs are said to also be loyal and friendly, not just for standing guard.)

But it might be worth it to buy now — a representative for Svalinn told Business Insider that they're expecting prices to rise over the next few years because of the increased costs of the two- to three-year training.

And hey, can you really put a price on a furry best friend? (Yes, apparently).

• Menards home-improvement stores earned John Menard Jr. his $22.2 billion fortune.
• The Midwest chain is different from other stores, with mail-in rebates and no installation services.
• I visited a Menards in Milwaukee and was surprised by its size and enormous selection.

If you've spent any time in the Midwest, chances are the "Save big money at Menards" jingle is permanently embedded in your brain.

Menards, the home-improvement chain founded by John Menard Jr., is known for its discounted prices, mail-in rebates, and quirky Midwestern charm. The company helped Menard Jr. achieve billionaire status with a net worth of $22.2 billion, according to Forbes, making him the richest person in the state of Wisconsin.

Last year, Menards earned $13.4 billion in revenue, Forbes reported, making it the third-largest home-improvement chain in the US behind Home Depot and Lowe's.

During a trip to my hometown in Wisconsin in May, I accompanied my dad, a frequent Menards shopper, on one of his trips to see what has made it such a successful business.

As the founder of home-improvement retailer Menards, John Menard Jr. is Wisconsin's richest billionaire with a net worth of $22.2 billion.

Menard Jr. is the 89th richest person in the world, Forbes reported.

After spending a summer constructing pole buildings to put himself through college at the University of Wisconsin—Eau Claire, he started a construction company in 1958, according to Menards' official website. That led him to the building-materials business, and he opened the first Menards retail location in 1964.

Now with over 300 locations across 15 Midwestern states, the chain sells a wide variety of home-improvement tools and building materials as well as appliances, lighting, furniture, and groceries.

Menard Jr. is a controversial figure known for his frugality and iron-handed management style. A 2007 Milwaukee magazine profile reported that managers are fined $100 for every minute a store opens late, and Forbes reports that even top executives are still required to clock in.

In 1997, Menard Jr. was fined over $1.5 million and pleaded no contest to charges regarding illegal hazardous waste disposal. Prosecutors alleged he used his personal pickup truck to take dangerous chemicals from the business to deposit them in his household trash, the Milwaukee Journal Sentinel reported. Menards paid another $2 million in 2005 for violating state water-pollution laws in Wisconsin.

His personal conduct has also come under scrutiny with a 2013 lawsuit alleging he pressured the wife of one of his business partners to have sex with him and fired her husband when she refused. Menard Jr. denied any inappropriate conduct, his attorney told the Milwaukee Journal Sentinel.

Menard Jr. is also an avid race-car enthusiast, sponsoring Menards race cars at NASCAR and IndyCar events.

I visited a Menards store in Milwaukee for the first time.

The Menards store I visited in Milwaukee's Northridge neighborhood spans a whopping 162,300 square feet, the Milwaukee Journal Sentinel reported.

In the parking lot, Menards pickup trucks were available to rent to bring home large purchases.

The pickup trucks cost $18.95 for the first 75 minutes, $6 for each additional 15 minutes, and 50 cents for each mile driven, according to the Menards website.

I was surprised to find one-way gates at the entrance to help prevent theft.

Most stores I visit in the Midwest don't have extensive security measures. When I compared shopping at Target in New York City and Wisconsin, I found the New York location featured "secured shelves" and locked cases, while even limited-supply items were kept on open shelves in the Midwest.

Menard Jr. is known to be serious about anti-theft measures. He set a policy that store managers cannot build their own houses to prevent them from stealing supplies, Milwaukee magazine reported.

Walking in, I was immediately shocked by how large the store was.

The aisles seemed to go on forever.

Our first stop was the grocery section, which sold snacks, beverages, and other basics.

Menards didn't have a produce section, but it did have a refrigerated section with gallons of milk and frozen food.

Grocery items at Menards were significantly cheaper than local grocery chains.

For example, a family-size box of Honey Bunches of Oats cost $4.93 at Menards. At Metro Market, a Midwestern grocery chain, the same box cost $6.29. I see why my dad swears by it.

I came across some unique products I'd never seen before, like Hydrox sandwich cookies.

Oreos were created as an imitation of Hydrox cookies but eventually superseded them in popularity, making Hydrox look like the knockoff. I'd never even heard of Hydrox cookies until I saw them at Menards.

Menard Jr.'s involvement in racing was evident in the packaging of the locally brewed Sprecher root beer.

The root beer was labeled as the official craft soda of the Automobile Racing Club of America's Menards Series. A 24-pack cost $19.99.

Some aisles also featured photos of Menards race cars.

Menard Jr.'s son, Paul Menard, raced in the NASCAR Cup Series.

The lighting section glowed with lightbulbs, chandeliers, and other fixtures.

The items also featured QR codes to scan for online shopping.

Counters, cabinets, and bathroom vanities looked ready to install.

Unlike other home-improvement stores like Home Depot and Lowe's, Menards doesn't offer installation services. Instead, it directs customers to local service providers so the store doesn't act as a competitor to the contractors who shop there.

The lumberyard was big enough for multiple semi-trucks to load up on supplies.

Milwaukee magazine reported that Menard Jr. used to recycle wood scraps and heat stores with the leftovers.

The outdoor-living section sold an impressive array of furniture.

The section also included grills, gazebos, and swing sets.

With spring arriving, the garden center was in full bloom.

The gardening section sold potted plants as well as seeds, soil, outdoor decor, and gardening tools.

Menards had a little bit of everything, including shelves of "As Seen On TV" products.

The section featured Mike Lindell's MyPillow, Ped Egg callus removers, and portable handheld fans, among other items.

It even sold its own swag.

I could see how Menards, a family-owned Midwestern brand, would inspire the kind of loyalty that would make people want to wear its hats.

Another characteristic of shopping at Menards is its mail-in rebate.

On the day I visited, Menards was offering an 11% rebate in the form of a merchandise credit check if you mailed in a receipt and a completed form. The rebate percentage fluctuates, but the system is a hallmark of the Menards shopping experience and helps keep its prices even lower.

While I'm not a DIY-er myself, I was impressed by Menards' low prices, huge stock, and unique policies.

Even long after I left the store, I couldn't get the "Save big money at Menards" jingle out of my head.

• Costco hourly workers in the US, Puerto Rico, and Canada are getting raises later this month.
• Pay at both ends of the scale will increase by $1 per hour, CEO Ron Vachris said in a memo obtained by BI.
• The raise follows several increases in recent years as Costco tries to stay competitive on wages.

Costco has long been one of the highest-paying employers in retail — a reputation on track to continue as hourly workers in the US, Puerto Rico, and Canada are scheduled for raises later this month.

In a memo to employees on Monday obtained by Business Insider, CEO Ron Vachris said pay for service assistants, service clerks and meat cutters at both ends of the wage scale will increase by $1 per hour.

That brings the starting wage for those roles to $19.50 per hour — a gain of 5.4% for the lowest earners.

Vachris said the raises will take effect July 22 and are part of the company's "efforts to ensure our hourly wages remain highly competitive in the industry."

The median Costco employee made $50,202 in wages and benefits last year —better than those at Walmart, who earned $27,136, and Target, who earned $25,993.

Costco said in the memo that incremental steps on the wage scale, determined by seniority, will increase by 50 cents.

The company did not respond to BI's request for comment ahead of publication, but one source told BI the raise applies to nearly all hourly employees, with top-end clerks set to earn $30.15 per hour.

The raise follows several increases in recent years, including a 50-cent hike in March.

The wholesale club delivered two hikes in 2021, with then-CEO Craig Jelinek saying higher wages are "good business" that helps reduce turnover.

You can read the Costco CEO's memo to workers below:

Increases to Hourly Wage Scales
To: All U.S., Puerto Rico and Canada employees
From: Ron Vachris

As part of our continuing efforts to ensure our hourly wages remain highly competitive in the industry, effective July 22, 2024, we will adjust hourly wage scales for employees in the U.S., Puerto Rico and Canada as follows:

• Starting rates for Service Assistants, Service Clerks and Meat Cutters will increase by $1.00/hour.
• Top-of-scale rates for Service Assistants, Service Clerks and Meat Cutters will increase by $1.00/hour.
• All other steps on these hourly scales will increase by $0.50/hour.

Please contact your GM or Payroll Clerk with any questions.
Thank you for all you do for Costco and for each other

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

Halfway through the week! Have an extra $22 million lying around? Check out this newly listed ranch in Montana, which was once home to a Soviet Union pilot who defected to the West.

In today's big story, we're looking at why pricing is so weird these days.

What's on deck:

• Markets: Forget AI. JPMorgan says these three sectors could offer gains like "coiled springs."
• Tech: Staff say Tesla prioritizes VIP data to train its self-driving cars.
• Business: Beige begone. Colorful, wacky homes are in.

But first, that costs how much?!

If this was forwarded to you, sign up here.

The big story

The age of wild price swings

If the cost of living in America is giving you whiplash right now, you're not alone.

Over the past few years, we've (perhaps begrudgingly) grown accustomed to dynamic pricing. Whether it's the cost of Ubers, airline tickets, or popular artists' concerts, prices that fluctuate based on market conditions are the new norm.

But after a few years of infecting big-ticket items, writes Business Insider's Emily Stewart, wildly varying prices are coming to everyday items — and it's driving Americans crazy.

Remember Wendy's "dynamic pricing" fiasco? The fast-food chain botched the rollout of its new variable price model and had to insist it wouldn't be used to charge more during peak hours. More recently, Walmart introduced digital price tags, which some people said could be used for variable pricing. (Walmart said its "everyday low price" strategy isn't changing.)

And when prices aren't fluctuating, they're simply higher: Everything from fast food to new homes has shot up in price since the pandemic.

The result can be maddening, especially when we can clearly remember a time when prices felt more reasonable. The constantly changing costs have consumers feeling a sense of price fatigue, Emily writes.

Sometimes, the only way out is through.

How do you begin to fix — or even just accept — such astronomical pricing? Emily writes that most economists agree that government-mandated price-fixing isn't the way to go about it. And while inflation is getting better, the potential of it getting worse again still looms.

Then there's the problem of AI-powered price gouging.

BI recently reported that companies use artificial intelligence to figure out how much you make, where you're located, and what kind of mood you're in — and use it to calculate exactly how much you'd be willing to pay for something.

And you can't fight algorithms that know you better than you know yourself.

So, as Emily writes, you can't fault anyone for feeling a certain sense of doom and gloom about the economy. Heck, some people have come to feel like the middle-class American dream is out of reach entirely.

In times like this, she says, the only way to get used to such high prices is to try to forget what those numbers were in 2019.

3 things in markets

1. Forget AI — look into these three underbought areas. Investors are still caught up in the artificial intelligence frenzy, but unrealized upside exists in the semiconductor, rail and parcel, and home improvement sectors. According to JPMorgan, they could offer gains like "coiled springs."
2. EV stocks roar to life. Electric vehicle stocks are soaring as second-quarter deliveries trounced Wall Street estimates. Tesla, Rivian, and Lucid Group have all seen major rebounds, a promising sign for the sector.
3. How to avoid a recession. Artificial intelligence, immigration, and rich people will save the US economy from a decline, according to Michael Arone, a State Street investment strategist.

3 things in tech

1. Not all self-driving cars are created equal. Tesla employees were told to prioritize data from self-driving cars belonging to Elon Musk and other VIPs. Current and former staffers say the result was excessive attention to routes frequented by high-profile drivers — and an uneven use of Tesla's resources.
2. "Fightertown, USA" gets an AI revamp. San Diego was once home to a Navy pilot program that inspired the movie "Top Gun." Four decades later, defense tech startups are bringing the aviation boom back, with a twist: The new aircraft don't have pilots at all. They're powered by AI.
3. TikTok's music AI chatbot could help it take on Spotify. The new AI assistant, Tonik, can curate a specific playlist based on any mood, help users discover new music, and more. BI tested it out last month and was pretty impressed — but it still has some work to do.

3 things in business

1. Wacky homes are all the rage. Thanks to the viral Instagram account "Zillow Gone Wild," kooky, colorful, and maximalist homes are having a moment. Distaste for cookie-cutter houses and exasperation with the age of beige drive demand for homes with a lot more flavor.
2. The world's richest people are flocking to Idaho. Billionaires are swarming Sun Valley for an annual summit of the rich, and their private jets are overwhelming the ski town's tiny airport. An official guest list of the "summer camp for billionaires" isn't public, but we have some ideas about who's attending.
3. Sorry, you'll have to wait a little longer for that flying car. Pivotal, the flying-car venture backed by Google cofounder Larry Page, delayed its first shipments to customers by another nine months. It now expects to deliver the airborne autos in spring 2025.

In other news

• Kamala Harris is in a tough spot.
• A Wall Street analyst who wrote a blistering open letter to Amazon CEO Andy Jassy last year now sees big improvements.
• Pressure is mounting on Biden to take a cognitive test. It could be a 'slippery slope' for future presidents, experts say.
• Software security startup Chainguard is raising a new funding round at a $1.1 billion valuation, sources say.
• Beware, Elon Musk — BYD just took its next step to world domination.
• Days after his big Biden interview, George Stephanopoulos says the man won't make it through 4 more years in office.
• Meta and TikTok are the top choices for brands looking to find new customers — but Snap could be more cost-effective.
• Dyson is laying off about 1,000 workers amid 'fierce and competitive global markets.'
• A former Wall Street Journal reporter said she was put on a PIP after requests to work remotely. Now she's suing the news outlet.
• Multimillionaire real estate brothers facing sexual assault accusations are now the focus of an FBI probe.

What's happening today

• President Biden meets new UK Prime Minister Keir Starmer, whose Labour Party trounced incumbent Rishi Sunak's Conservatives in last week's election.
• Fed Chair Jerome Powell presents the Semiannual Monetary Policy report in Congress.
• Samsung hosts a Galaxy Unpacked event, featuring new product launches.

The Insider Today team: Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

• Cypress Hill and the London Symphony Orchestra will perform "Black Sunday" at the Royal Albert Hall.
• The collaboration has been 28 years in the making following a 1996 episode of "The Simpsons."
• Wednesday's performance coincides with the album's 30th anniversary.

It's taken almost three decades, but Cypress Hill and the London Symphony Orchestra will take to the stage on Wednesday for an orchestral rendition of the "Black Sunday" album, which features the hits "Insane in the Brain" and "I Wanna Get High."

The one-off gig at London's Royal Albert Hall was sparked by a joke in a 1996 episode of "The Simpsons" titled "Homerpalooza." In the episode, Cypress Hill mistakenly booked the LSO for a performance, "possibly whilst high."

After mulling a collaboration for years, the hip-hop group — the first rap act to be given a star on the Hollywood Walk of Fame — contacted the orchestra on social media.

B-Real (aka Louis Mario Freese), one of the two lead rappers in Cypress Hill, told BBC News that performing at the Royal Albert Hall is "one of those checklist moments — it's very special for us."

The rehearsals had one or two miscommunications: some members of the orchestra thought a "glock" was a reference to a glockenspiel, rather than a gun.

"We salute 'The Simpsons' because if they hadn't written the episode, we probably wouldn't have been doing this," B-Real told BBC News.

In the episode, Homer attends the "Hullabalooza festival — a play on Lollapalooza — in a bid to prove he's cool and hangs out with acts including Cypress Hill and the Smashing Pumpkins.

Rock legend Peter Frampton is responsible for trying to book the orchestra in the episode. He's been invited him to the Royal Albert Hall show, but it's not clear if he will attend.

The collaboration follows a string of predictions in "The Simpsons" that later came true, including Donald Trump being elected president, and magicians Siegfried and Roy being attacked by one of their tigers on stage.

The Simpsons was created by Matt Groening and first aired on Fox in January 1990. It's since notched up 35 seasons, making it one of the longest-running scripted prime-time TV shows.

• A Texas-based truck driver went to college in his 40s because he wanted to switch careers.
• He said getting a degree hasn't helped him find a job and that he has over $100,000 in student debt.
• He thinks his age and having a college degree have sometimes held him back in the job market. 

At age 40, Kenneth Ferraro decided to pursue a college degree for the first time. He's come to regret this decision.

Ferraro, who's based in Texas, had worked as a truck driver for decades, he told Business Insider via email. He said the job provided a stable income, but that he long desired a different career. He thought going back to school was the best way to make this a reality.

"I traveled across the country, worked long hours, and was more than a little burned out," he said. "This was not a career I had chosen, but like many people, I happened into it. Going to college out of high school was not financially possible."

In 2018, Ferraro began his studies by attending a local community college part-time, but he said he enjoyed the experience so much that he quit his truck driving job to focus on school. After completing his associate degree, he went on to pursue a bachelor's degree in political science from New York University.

"I knew it would be financially crippling, but I believed the prestigious credential would bolster my employment opportunities after graduation," he said.

However, despite applying for countless jobs over the past few years, Ferraro's had little luck. He said the only role he's been able to land is a delivery driver position for a large beverage company — and he's stuck with over $100,000 in student loan debt.

"After all my hard work and sacrifice, the only work that I have been able to secure is the same type of work that I have been doing my whole life," he said. "My education and dedication to bettering myself have cost me financially and emotionally."

The US male unemployment rate is low compared to past decades, but Ferraro is among the men who have struggled to find work or have stopped looking altogether. In 1950, about 97% of American men ages 25 to 54 had a job or were actively looking for one, according to the Bureau of Labor Statistics. As of June, this figure had fallen to about 89%.

Among the several explanations for this trend is that in recent decades, it's become difficult for some men to land a well-paying job without a college degree — a development that's contributed to some men leaving the labor force. These challenges persist today for men even as more companies have started hiring candidates without a degree.

The perceived benefits of a college degree have led more Americans to go back to school later in life. About 34% of college undergraduates and 44% of community college enrollees are age 25 or older, according to the National Center for Education Statistics.

But as Ferraro and many recent college graduates can attest to, having a degree doesn't guarantee success in the job market. Last November, the unemployment rate of US college graduates between the ages of 22 and 27 was 5% compared to the 3.7% overall US unemployment rate. That was the most the "recent graduate" unemployment rate had exceeded the overall rate in the over three decades of New York Fed data. Factor in the cost of college and pursuing a degree might not be worth it for some people.

Ferraro shared the biggest challenges he's faced in his job search, including why he thinks having a college degree has sometimes worked against him.

Being an older college graduate could make it hard to land certain types of jobs

Ferraro always knew that pursuing a new career wouldn't be easy. At age 42, he was happy to spend six months interning for a local congressperson.

However, Ferraro's struggles to find a full-time government job left him frustrated. While having a college degree improved his credentials, he thinks his age has held him back in the job market.

Ferraro recalled applying for an entry-level position in the office of a government official, a role he thought would be the "perfect" job for him to kick-start his new career.

The early stages of the interview process seemed promising, but he said things changed when he had an in-person interview.

"As soon as the hiring manager saw me, his whole demeanor changed," Ferraro said. "He ran through the questions and never truly engaged with me."

A few weeks later, Ferraro learned that he was no longer being considered for the role. The only explanation that made sense to him was that the hiring manager wasn't interested in candidates as old as him.

"A man in his forties, who is the perfect candidate on paper, willing to work, willing to learn, and willing to apply himself to any task, is still a man in his 40s," he said. "Therefore, not a valid candidate."

Ferraro needed an income, and after struggling to land jobs in his field of study, he reluctantly decided to expand his search to the truck driver jobs he'd hoped to escape.

But despite his decades of prior experience, Ferraro said he struggled to land an interview for driving jobs — a development that baffled him. But then he had an idea: What if he removed his college education from his résume when he applied?

"I did not start receiving interviews until I removed the education section on my application," he said. "My degree was holding me back."

Despite Ferraro's challenges, truck drivers have generally been in high demand in recent years, in part due to the e-commerce boom tied to the pandemic. But as online shopping trends have begun to normalize, some drivers have had a harder time finding work.

Ferraro eventually landed a job similar to the one he had before his schooling began in 2018, but he said he's earning about 20% less per hour than he used to. He said his employer prioritizes experience at the company over experience in the broader trucking industry.

As things stand, Ferraro said he regrets going to college. However, he still hopes that his education will eventually help him secure an entry-level government role.

After working as a driver during the day, he said he attends graduate school at night. He's working toward his master's in public administration and is continuing to apply for jobs.

"This situation is very frustrating," he said. "It feels like I am putting in so much effort, without any return."

Have you given up looking for work or are you struggling to find a job? Have you gone back to college later in life? If so, reach out to this reporter at jzinkula@businessinsider.com.

• Apple is ready to put AI on iPhones, iPads, Macs and Watches.
• Samsung has decided to put AI into a ring.
• The Korean company just revealed the Galaxy Ring, a wearable designed to track health biomarkers with AI.

Apple wants to put artificial intelligence in your pocket or on your desk — but Samsung wants to put it on your finger.

On Wednesday, the South Korean company officially unveiled the Galaxy Ring, a wearable piece of smart jewelry it first teased in January.

While the titanium ring's black, silver, and gold models look deceptively simple, they represent Samsung's latest hardware to boast Galaxy AI, its bold alternative to the AI-led Apple Intelligence platform announced in June.

According to Samsung, the Galaxy Ring has been built with health and wellness in mind. Its design features pick up various biomarkers, which its AI can use to give wearers a more "comprehensive understanding" of themselves.

A new feature called an "energy score," for example, will give users an overview of their overall well-being based on an assessment of seven health metrics, such as sleeping, heart rate and activity, carried out by on-device AI.

Other AI features include "wellness tips," which aim to deliver AI-powered advice to users about steps they can take to improve their health based on the assessment made by the energy score feature. There's also a dedicated sleep AI algorithm designed to review and improve sleep quality.

According to James Kitto, head of Samsung's UK mobile division, the ring is a key part of its ambitions to offer users a more personalized and "unified experience."

The more data Galaxy AI can get about a user, the more information it will have to enhance the services it provides to users.

In Samsung's ideal scenario, then, that would mean a user with a smartphone, smartwatch, and smart ring should have a better experience with Galaxy AI than sometime with just one device.

"The Galaxy Ring just adds further to that," Kitto said. "This becomes an integrated passive health data collector that allows you to track your sleep overnight, track long-term health data trends."

Samsung is not first to the smart ring party, though. Finland-based Oura has been selling versions of its smart ring since 2015, for example.

Samsung says users can wear the ring 24/7, whether they're sleeping or going for a shower or swim. It'll just need a recharge every once in a while, as its battery lasts up to seven days.