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<ul class="summary-list"><li>More than 1,000 older Americans shared their biggest regrets in life with Business Insider.</li><li>These included not saving enough for retirement and taking Social Security benefits too early.</li></ul>Over 1,000 Americans between the ages of 48 and 90 told Business Insider their <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomers-gen-z-sick-days-time-off-work-regret-2024-9">biggest regrets</a> in life. Those insights show how perplexing retirement and planning for it can be.Responses to an opt-in Business Insider reader survey, along with interviews with 20 respondents, show that preparing for retirement while juggling life's many obstacles is often a trial-and-error process. Many said they couldn't crack the code on balancing how much to save, where to invest, when to retire, and how to be fiscally responsible when raising a family. Others said they took Social Security too early or didn't pursue career opportunities that may have led to higher pay.Janis Carroll, 79, said she was in the middle class for much of her life and made decent wages, but she is now struggling to live comfortably on about $25,000 in Social Security each year and $35,000 in savings.Though she retired over a decade ago with enough to get by, she said not being more savvy with investing, moving too frequently, and draining an IRA account to buy a home she lost $50,000 on have contributed to her fears about the future. She's considered returning to work, but she's worried it would be too physically and mentally taxing.<div type="image" title="Janis Carroll" height="360" width="480" msid="114396868" hostid="261" sizebytes="7834"></div>"I don't have the money to go to the movies or go anywhere," said Carroll, who lives in Eugene, Oregon. "I have no idea what's going to happen to me if I'm going to have an emergency."The median 55-year-old has less than $50,000 in retirement savings, according to a <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://news.prudential.com/latest-news/prudential-news/prudential-news-details/2024/2024-Pulse-of-the-American-Retiree-Survey/default.aspx">Prudential</a> survey — which was conducted by Brunswick Group between April and May and interviewed 905 Americans ages 55, 65, and 75. According to the <a target="_blank" href="https://www.ncoa.org/article/addressing-the-nations-retirement-crisis-the-80-percent-financially-struggling/">National Council on Aging</a> and the LeadingAge LTSS Center, which analyzed the data of 11,874 households from the Health and Retirement Study, nearly 50% of Americans 60 or older say they have household incomes below what's necessary for meeting their basic needs.To be sure, three in four retired Americans say they have enough money to live comfortably compared to less than half of non-retirees, according to a <a target="_blank" href="https://news.gallup.com/poll/648773/why-americans-pleasantly-surprised-retirement.aspx#:~:text=today%20in%20retirement-,Bar%20graph%20comparing%20the%20percentage%20of%20Americans%20aged%2045%2D60,report%20living%20comfortably%20(79%25).">Gallup poll</a> conducted in April which surveyed 1,001 people and was published in August.Many respondents' <a target="_blank" href="https://www.businessinsider.com/received-250000-inheritance-regret-how-spent-it-2024-8">regrets</a> are partially out of their control, from a cancer diagnosis disrupting financial stability to an unexpected divorce or layoff.BI analyzed over 1,000 responses to a callout in previous stories asking about older Americans' life regrets, in addition to dozens of emails reporters received, to determine four of the main <a target="_blank" class="" href="https://www.businessinsider.com/relocation-regret-biggest-mistake-lesson-2024-4">regrets</a> they have about their lives.<h2 id="4f1531b7-c49f-4854-a9f4-96866eb35127">1. Not saving enough for retirement</h2>After navigating various job losses and undergoing cancer treatments, Jan Hoggatt, 69, is unsure she can ever retire and works part-time."I wish I hadn't assumed I'd be able to work into my 70s," said Hoggatt, who lives in the St. Louis suburbs and receives about $1,800 monthly in Social Security.<div type="image" title="Jan Hoggatt" height="1236" width="980" msid="114397003" hostid="261" sizebytes="72532"></div>She regrets not better preparing financially for an emergency, adding that she never knew exactly how to go about saving for retirement or what resources were available.Dozens, like Hoggatt, remarked that their parents, employers, or professors never taught them <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing">investing basics</a>, adding that there weren't many accessible resources for financial planning in their early careers. Some described saving for retirement as a trial-and-error process, noting that they wished they had worked with a financial advisor or taken courses on growing their wealth.Meanwhile, nearly every respondent wished they had <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/how-much-do-i-need-to-retire">saved more for retirement</a>. Many said they lived too much in the moment and didn't consider putting money into retirement accounts or investments throughout their lives.Respondents also commonly thought they would be able to survive on <a target="_blank" class="" href="https://www.businessinsider.com/boomer-retired-early-social-security-medical-costs-diabetes-savings-pension-2024-9">Social Security</a> once they retired and wouldn't need hefty savings. Well over a quarter said they have little savings and receive between $1,000 and $2,000 monthly in Social Security, forcing some to work <a target="_blank" class="" href="https://www.businessinsider.com/uber-lyft-retirement-social-security-worth-it-tips-minimum-wage-2024-7">part-time jobs</a> or move into low-income housing."The benefits that we're providing for people as they age are not keeping up with the cost of living," Jessica Johnston, senior director for the Center of Economic Wellbeing at the National Council on Aging, told BI. She added that the asset limit people can have to receive Supplemental Security Income, which is $2,000 for individuals and $3,000 for couples, hasn't changed since 1989.To be sure, dozens said they <a target="_blank" class="" href="https://www.businessinsider.com/social-security-benefits-loopholes-mean-teachers-police-get-less-retirement-2024-9">rarely had enough</a> money to set aside each week for retirement savings. A few dozen said they were single parents working two or three jobs to put food on the table. Others went on disability earlier in life and had only enough income to pay rent.<h2 id="a49634bf-c5f8-49d4-b428-1d86d12e4541">2. Making mistakes during the retirement process</h2>Hundreds wrote that they were lost on <a target="_blank" class="" href="https://www.businessinsider.com/save-enough-now-to-retire-in-ten-years-2024-04">how much to save</a>, what to invest in, when to retire, and what to do financially during retirement. A few dozen wished they had more guidance on what pitfalls to avoid, how to live comfortably after working for decades, and what to do when a spouse dies.Steve Watkins and his wife both worked for 50 years at their respective employers and retired with enough to live comfortably. Then his wife died in January.Watkins, 74, receives about $3,100 a month in Social Security and has more than $1 million in savings. However, Social Security rules dictate that he cannot collect his wife's $1,300 monthly benefits because her amount is lower than his. That lack of income worries him, as he doesn't know how long his savings will finance his remaining years."You either have to go get another job to make up for it or suffer by losing that amount of money," said Watkins, who lives outside Los Angeles.Over two dozen respondents said they claimed <a target="_blank" class="" href="https://www.businessinsider.com/retirement-boomer-couple-cant-survive-social-security-pension-living-costs-2024-8">Social Security</a> too early and received less money each month than if they had waited until their full retirement age to collect more. Some had to collect Social Security early because they needed the money, though others didn't realize how much more they could get if they waited.Americans can collect Social Security as early as age 62, though benefits are reduced until reaching the full retirement age of either 66 or 67, depending on your birth year. People can delay taking their benefits until 70, which increases the amount.Similarly, dozens regretted retiring too early without an insufficient nest egg. Then, they needed part-time work to supplement their Social Security payments. A handful noted that even though they waited until 65 to retire, they wished they had delayed retirement until 70 to pad their accounts and feel more financially secure.<h2 id="3f998a76-8671-4b1d-857c-416d67a34d1b">3. Not making the right career choices</h2>Along with not saving enough, hundreds of respondents said they should have been more aggressive during their <a target="_blank" class="" href="https://www.businessinsider.com/laid-off-6-times-cant-find-job-50s-retirement-worry-2024-7">careers</a> to secure higher-paying roles.Dozens said they stayed too long in dead-end jobs and avoided developing marketable skills. More than 100 respondents said they wished they had gone into higher-paying sectors or applied for more prestigious positions where they could have made more money.Those in corporate positions wished they had tried harder to get <a target="_blank" class="" href="https://www.businessinsider.com/truth-promotions-companies-picking-managers-wrong-new-study-2024-9">promoted</a> instead of settling. Over two dozen wished they had networked more outside their companies in case of job loss; many said they're now facing unemployment in their 50s and 60s.At least a dozen said they should have stayed more up-to-date on the skills necessary for <a target="_blank" class="" href="https://www.businessinsider.com/gen-xer-cant-find-job-unemployment-degree-useless-hiring-remote-2024-9">securing new positions</a>, such as new coding languages or online tools.Alternatively, some wished they had been less ambitious. A few dozen regretted leaving stable careers to start businesses, some of which failed and put their founders in the red. Michael R., 70, told BI he lost over $650,000 in savings and had to declare bankruptcy after his New York-based business crashed during the 2008 recession. He asked to use partial anonymity due to privacy concerns.<h2 id="eb076242-4d4e-490c-9f50-fc93ac71c398">4. Not prioritizing education enough</h2>Hundreds of respondents wrote they should have pursued <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/student-loans/is-college-worth-it">education</a> more. Though a few dozen said they lacked the money to attend higher education institutions — or were not told about the benefits of college — those with the means wished they had gotten an associate's or bachelor's degree to better prepare for the workforce.However, respondents were divided over student loans. Over two dozen said they regretted not attending college and taking out loans to pursue higher education, as it may have opened more doors for them. Another dozen wished they took out fewer loans or worked throughout college to fund their tuition. These people are still paying off loans from 50 years ago.To be sure, at least a dozen said they regretted attending <a target="_blank" class="" href="https://businessinsider.com/private-college-scholarship-waste-of-time-trap-strategies-financial-aid-2024-9">college</a> and not going into the workforce immediately. They said college <a target="_blank" class="" href="https://www.businessinsider.com/millennial-looking-job-cant-get-hired-college-degress-entry-level-2024-7">didn't prepare them well</a> for more advanced careers.A few said they went to college later in life, which opened more doors for them professionally, though they said it was difficult attending classes while juggling a job and raising children. Still, many said this decision was fulfilling for advancing their careers.Carol Brownfield, 48, is going back to community college to become a therapist counselor. The Washington resident said she has lots of experience, from running a casino and resort, though she wanted to "better myself and do what I want to do."<div type="image" title="Carol Brownfield and her daughter" height="2052" width="2736" msid="114397000" hostid="261" sizebytes="285812"></div>"Going back to school is for a career that pays better and just matches with my morals," Brownfield said. "My daughter sees that. She says, 'I'm right behind you, Mom,' and she wants to do it too."Are you an older American with any life regrets that you would be comfortable sharing with a reporter? Please fill out this <a target="_blank" rel=" nofollow" class="" href="https://docs.google.com/forms/d/e/1FAIpQLScB-4a6dV6jak2g6t-CoOdxFIENDSZggxHVbvsz6ry4dGoUjg/viewform?usp=sf_link">quick form</a> or email <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

We heard from 1,000 older Americans: Here are some of their biggest regrets

<ul class="summary-list"><li>Kevin Costner's "Horizon" was a flop at the box office, making just $11 million on its opening weekend.</li><li>But Costner is seemingly still moving forward with three planned sequels.</li></ul>The second installment of <a target="_blank" class="editor-rtfLink" href="https://www.insider.com/kevin-costner-net-worth-money-millions-yellowstone-2023-5">Kevin Costner's</a> "<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kevin-costner-horizon-box-office-numbers-yellowstone-analysis-2024-7">Horizon</a>" film series will no longer be coming to theaters next month following the first film's <a target="_blank" class="" href="https://www.businessinsider.com/horizon-an-american-saga-reviews-critics-pan-kevin-costners-movie-2024-5">disappointing box office performance</a> — but that doesn't appear to be fazing the star."Horizon: An American Saga — Chapter 2" had been set to land in theaters in August, but it was pulled from the release schedule in the hope of building a bigger audience for the first film, according to <a target="_blank" class="editor-rtfLink" href="https://www.hollywoodreporter.com/movies/movie-news/kevin-costner-horizon-2-removed-from-theatrical-calendar-1235937513/">The Hollywood Reporter</a>."Territory Pictures and New Line Cinema have decided not to release Horizon: Chapter 2 on August 16 in order to give audiences a greater opportunity to discover the first installment of Horizon over the coming weeks, including on PVOD and Max," a New Line Cinema spokesperson said, per THR.Despite the setback, Costner seems set on proceeding with the remaining two films of the "Horizon" tetralogy.Production on the third film began earlier this year and is set to continue in August, while the star also has a script ready for the fourth film, <a target="_blank" class="" href="https://variety.com/2024/film/news/kevin-costner-horizon-2-pulled-release-date-1236066315/">Variety</a> reported.<div type="image" title="Kevin Costner directing next to a monitor" height="4000" width="6000" msid="111714303" hostid="261" sizebytes="1774260"></div><a target="_blank" class="editor-rtfLink" href="https://variety.com/2022/film/news/kevin-costner-horizon-directing-four-movies-1235299756/">Speaking to the outlet</a> in 2022, the Oscar-winning director indicated that he hoped to see each installment debut around "every three months."But with the latest news about "Chapter 2," it's clear that Costner will have to overhaul his ambitious release strategy to see the franchise through to a fourth film.Representatives for Costner, Territory Pictures, and Warner Bros., New Line Cinema's parent company, did not respond to requests for comment from Business Insider.To bring "Horizon" to audiences, the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/yellowstone-timeline-of-controversy-criticism-conflict-kevin-costner-2023-4">former "Yellowstone" star</a> mortgaged his <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/horizon-an-american-saga-reviews-critics-pan-kevin-costners-movie-2024-5">property in Santa Barbara and invested $38 million of his own money</a>.The first film had a $100 million budget, and Costner and his financial backers also paid for the film's marketing, which, according to unnamed sources who spoke to <a target="_blank" class="" href="https://variety.com/2024/film/news/kevin-costner-horizon-stakes-box-office-career-1236056644/">Variety</a>, cost around $30 million.The film was released in June and made just <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kevin-costner-horizon-box-office-numbers-yellowstone-analysis-2024-7">$11 million on its opening weekend</a>.It's not the first time Costner has put his own money into a film he's worked on.For his 1990 film "Dances with Wolves," which he directed, produced, and starred in, Costner used <a target="_blank" class="editor-rtfLink" href="https://www.hollywoodreporter.com/news/general-news/kevin-costner-explains-why-he-760898/">$3 million of his own money.</a>It turned out to be a wise investment, as the film, which had a budget of $22 million, ended up being a huge success, earning multiple awards and taking home $184 million at the <a target="_blank" class="editor-rtfLink" href="https://www.boxofficemojo.com/title/tt0099348/?ref_=bo_se_r_1">US box office</a> and over $400 million worldwide.In 2014, he also provided the entire $9 million budget for "Black or White," a drama also starring Octavia Spencer and Bill Burr. It brought back more than double his investment at the box office, taking home over <a target="_blank" class="editor-rtfLink" href="https://www.boxofficemojo.com/movies/?id=blackorwhite.htm">$21.5 million.</a>However, the star hasn't always backed winners. He <a target="_blank" class="editor-rtfLink" href="https://collider.com/kevin-costner-the-postman/">reportedly</a> contributed an undisclosed sum to the 1997 action film "The Postman," which was a notable failure at the box office, <a target="_blank" class="editor-rtfLink" href="https://www.boxofficemojo.com/movies/?id=postman.htm">returning only less than $18 million</a> on a budget of around $80 million.

Kevin Costner seems set to continue with 'Horizon' saga despite the 1st film flopping and the 2nd being pulled from theaters 

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<ul class="summary-list"><li>Many people report feeling lonely and isolated, especially after the pandemic.</li><li>The 5-3-1 rule helps you reflect on the quality and quantity of your social interactions.</li></ul><a target="_blank" href="https://www.businessinsider.com/modern-loneliness">Loneliness</a> is considered an epidemic, with an estimated <a target="_blank" href="https://news.gallup.com/opinion/gallup/512618/almost-quarter-world-feels-lonely.aspx">quarter of the world feeling lonesome</a>. Post-pandemic, some people feel more isolated than ever, whether <a target="_blank" href="https://www.businessinsider.com/working-remote-lonely-went-back-to-office-2023-10">they work fully remote</a> or have gotten into the habit of <a target="_blank" href="https://www.businessinsider.com/weekends-feel-different-post-pandemic-isolation-loneliness-economy-tiktokers-2024-1">foregoing weekend plans</a>.<a target="_blank" href="https://www.kasleykillam.com/social-health-book">Kasley Killam</a>, author of "<a target="_blank" href="https://affiliate.insider.com?h=ef4b50f76739898aa7a514fbc2cf71a3a9f2246d337b4d0750a26504805fce91&amp;postID=6671ecf3e7e1e0003ffcf0d4&amp;postSlug=5-3-1-rule-loneliness-socializing-less-stressful-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fbookshop.org%2Fp%2Fbooks%2Fthe-art-of-social-health-the-new-science-on-cultivating-connection-to-live-healthier-happier-and-longer-kasley-killam%2F20590296%3Fean%3D9780063289116">The Art and Science of Connection,</a>" told Business Insider that she can relate to loneliness sneaking up on her, "as someone who's introverted and will happily stay at home by myself or with my husband."In researching the habits of socially healthy people, she was struck by how often they reach out to others and how deep their relationships are.Killam wanted to create a structure to make sure she was getting enough meaningful social interaction in her life. Her research inspired her to create the 5-3-1 rule, a guideline for measuring social health. "We need to be intentional about connection, just like we are with exercise and eating healthy foods," Killam said. As with skipping sleep or not moving your body enough, avoiding meaningful social interaction can snowball into <a target="_blank" href="https://www.businessinsider.com/what-loneliness-does-to-the-body-and-brain-2023-12">adverse health consequences</a>."If I get three workouts in, I know I'm going to feel super good," Killam said of physical exercise. "If I get just one in or none at all, I'm immediately going to feel the effects on my body." The same could be said for socializing.Killam broke down the 5-3-1 rule — and what to do if you find it hard to follow.<h2 id="06f631ea-9fdf-4002-b3d8-e6c94651054a">Spend time with five different people a week</h2>According to a <a target="_blank" href="https://www.hbs.edu/faculty/Pages/item.aspx?num=62955">2022 Harvard Business School study</a>, more diverse social connections were linked to higher well-being.Killam told Business Insider that these people can include "friends, family members, coworkers, neighbors," and that it's good to prioritize a diverse range of interactions, from long walks with a best friend to brief chats with acquaintances at your gym.To branch out of your immediate family or friend circle, you can <a target="_blank" href="https://www.businessinsider.com/loneliness-making-friends-companionship-time-alone-2024-6">join groups around your hobbies</a> to meet new people or <a target="_blank" href="https://www.businessinsider.com/middle-aged-man-father-loneliness-struggled-make-friends-2024-6">talk to more strangers</a>.<h2 id="3656630c-1c9e-4074-9410-0e11738c7db3">Nurture at least three close relationships</h2>While it's great to expand your social network, Killam stressed the importance of focusing on about three deep relationships, based on her research of socially happy people across various cultures. "We need a few people who we can reach out to for support," she said.In the book, she said a good way to gauge who these people are is to think of who tends to be at the top of your phone messages or who you'd list as an emergency contact.<h2 id="5edaf7a9-1786-4c7e-9ddd-70fa30b217b1">Aim for one hour of quality connection every day</h2>The last step is to shoot for one hour of social interaction each day. "That doesn't have to be all at once," Killam said, " It could be 10 minutes here, 10 minutes there."If you're pressed for time, you can always <a target="_blank" href="https://www.businessinsider.com/how-catch-up-with-friends-spend-quality-time-things-do-2024-2">run an errand with a friend</a> or hop on a short call with a parent. The only hard rule is it has to feel meaningful.<h2 id="e4e3d8e0-e82d-4f8b-a883-36d3a708335e">Use 5-3-1 as a rule of thumb</h2>If you feel like you're great at talking to seven people a day but only have two very close relationships, Killam said not to worry — the 5-3-1 rule is more of a rule of thumb."There is no exact number that's right for any given person," she said, comparing the rule to <a target="_blank" href="https://www.businessinsider.com/guides/health/diet-nutrition/how-much-water-should-i-drink">drinking eight glasses of water a day</a> or <a target="_blank" href="https://www.businessinsider.com/walking-10000-steps-every-day-trial-review">aiming to walk 10,000 steps daily</a>. Depending on your <a target="_blank" href="https://www.businessinsider.com/social-styles-butterfly-wallflower-firefly-evergreen-2024-6">social style</a>, you might yearn for more than three close relationships or be fine with less than one hour of chatting a day sometimes.Killam struggles the most with getting one hour of socializing a day because she works from home. "I'm guaranteed to see my husband, but not necessarily friends or other people," she said. "That anchor point has helped me be more intentional about FaceTiming with a family member or calling a friend when I go for a walk."In the end, Killam said the goal is to help you be more aware of the relationships in your life. If you've felt lonely but haven't known how to address it, the 5-3-1 rule can help you pinpoint where to start.

An introverted social scientist says she uses the 5-3-1 rule to make socializing less stressful

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

<ul class="summary-list"><li>Former president and GOP nominee Donald Trump has proposed a slew of tax changes.</li><li>His tariff and tax-cut plans will benefit America's top 5% and hit lower-income workers, says a left-leaning think tank.</li></ul>As the election creeps closer, everybody's least favorite April activity is <a target="_blank" href="https://www.businessinsider.com/election-impact-on-stock-market-tax-tariff-filibuster-harris-trump-2024-9">taking the spotlight</a>: Figuring out how much they'll need to pay in <a target="_blank" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">taxes</a>.Former president and current GOP nominee Donald Trump has proposed a slew of changes to taxes and tariffs — but there are concerns his plan will have an uneven impact on Americans of different income levels.According to a new <a target="_blank" href="https://itep.org/a-distributional-analysis-of-donald-trumps-tax-plan-2024/">analysis</a> from the Institute on Taxation and Economic Policy — a left-leaning think tank — Trump's <a target="_blank" href="https://www.businessinsider.com/mark-cuban-trump-new-tax-cut-tariff-every-city-visit-2024-9">tax and tariff proposals</a> could spur an average tax cut of about $36,300 for the richest 1% of Americans, or those with incomes of $914,900 and above. Beyond that, ITEP expects the next-richest 4% to receive an average tax cut of about $7,200.On the other side, the lowest-income quintile of Americans could see a tax increase of roughly $800 when factoring in how the tariffs would affect household costs, ITEP data show."It would be a dramatic shift of the burden from the top down to the middle and the bottom," Ernie Tedeschi, the director of economics at the Yale Budget Lab and former chief economist at the White House Council of Economic Advisers, said of Trump's plan.The looming expiration of former President Trump's 2017 TCJA <a target="_blank" href="https://www.businessinsider.com/trumps-tax-law-sinema-big-winner-bidens-social-spending-bill-2021-11">tax law</a> sets up a big fight next year over whether or not to extend those tax cuts in part or in full. Trump's proposals include eliminating taxes on tips and overtime, extending the 2017 tax cuts for individuals, implementing higher tariffs on imported goods, and reducing the corporate tax rate.While the tariffs would likely hit households across the income spectrum, ITEP's analysis suggests that extending and even increasing the 2017 tax cuts for the highest earners would more than offset those costs, leading to a net boon for the top 5%.Matthew Gardner, a senior fellow at ITEP, explained how the think tank estimated the effects of tax and tariff changes on US taxpayers during a Monday call with reporters. Gardner said that the analysis used a computer model based on actual federal tax returns from the IRS to make estimates. Since some of Trump's proposals, like tariffs, have no direct connection to income tax, Gardner said ITEP's team worked extensively with data from other governmental sources, like the Bureau of Economic Analysis, using similar techniques to other analyses of how tariffs affect households.Notably, the analysis assumes the 2017 tax cuts will be extended — but Trump has previously claimed he would reverse the $10,000 cap on deducting state and local taxes, so ITEP's analysis included that reversal in their estimates, which further skews the benefits of the tax proposals to the top of the income ladder.Other studies have found similar potential impacts from the proposed tariffs on US families. An <a target="_blank" class="" href="https://www.americanprogressaction.org/article/trumps-tariff-would-cost-the-typical-american-household-roughly-1500-each-year/">analysis</a> from the left-leaning Center for American Progress found that Trump's proposals to impose tariffs across all imports could result in a $1,500 tax increase for the typical American household, something that would disproportionately impact those with lower incomes.Casey B. Mulligan, the former chief economist for the White House Council of Economic Advisers under Trump and a current adviser at the right-leaning America First Policy Institute, estimated to the <a target="_blank" class="" href="https://www.washingtonpost.com/business/2024/01/07/trump-economy-inflation-biden-campaign/">Washington Post</a> that a 10% tariff proposal could lead to an additional percentage point in inflation. Meanwhile, the <a target="_blank" class="" href="https://taxpolicycenter.org/taxvox/tpc-trump-tariffs-would-raise-household-taxes-and-slow-imports">Tax Policy Center has found</a> that the policies would bring down post-tax incomes by $1,800 in 2025.Trump has still maintained that tariffs would not harm US consumers but rather raise prices for other countries. He <a target="_blank" class="" href="https://x.com/acyn/status/1827139464906600538?s=46">said</a> during a speech in August that "I am going to put tariffs on other countries coming into our country, and that has nothing to do with taxes to us. That is a tax on another country,"When it comes to Trump's other tax proposals, like <a target="_blank" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">eliminating taxes on tips and overtime pay</a>, the ITEP analysis found the proposal would help higher-income Americans over those who are lower-income, largely because a significant number of tipped workers don't make enough money to pay income tax and would not benefit from changes to the payment structure. Joe Hughes, a senior analyst on federal tax policy at ITEP, previously told BI that high-wage workers could take advantage of Trump's proposals to make more money."A lot of lawyers are working 60, 70 hours a week, right? So why not reclassify yourself as a wage employee, then you get to take advantage of overtime rules and not pay taxes on it," Hughes said.Brian Hughes, the Trump campaign's senior advisor, told BI in a statement that "President Trump's historic tax cuts laid the foundation for robust, non-inflationary growth that fueled more revenue for the federal government, not less."Ultimately, though, any tax proposals would need buy-in from the House and Senate. As with the top-line presidential race, the fate of both chambers of Congress is uncertain, and should Trump face a Democratic House or Senate, he may have trouble pushing an aggressive tax agenda through.

The top 5% will benefit from Trump's tax plans while the rest of America pays more, a new analysis says

<ul class="summary-list"><li>Griffin Kibens moved to Texas in 2022, and it took a while to feel at home in Dallas.</li><li>Her colleagues, the Katy Trail, and moving to a new place helped her feel better about Dallas.</li></ul>Griffin Kibens, 27, said she doesn't regret moving to <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-texas-surprised-at-what-cities-they-are-choosing-2023-12">Texas</a>, but it took her a while to settle in and feel at home.Kibens moved from Missouri to Texas in August 2022, and the weather that time of year was one of the first downsides. She also moved into an apartment she hadn't seen in person. It was on the first floor, which contributed to her feeling nervous about her safety.She was "disappointed in <a target="_blank" class="" href="https://www.businessinsider.com/moved-california-to-texas-not-cheap-politics-2024-8">Dallas</a>." However, Kibens eventually moved to a different area within Dallas and lived on her own. Living alone helped change her perspective — it forced her to go out on her own and try new things."It took me a year to 15 months to be like, OK, I feel at home here, and I want to stay," she told Business Insider.She has now fallen in love with Dallas and has no plans to leave. Kibens said she would have loved it quicker if she moved to the "right place."According to Census Bureau data, Dallas-Fort Worth-Arlington had the highest total numeric growth among metro areas each year from 2021 to 2023 and similarly from 2016 to 2019 (because of changes in the methodology, comparisons crossing decades can't be accurately measured).Arielle Francois is another Gen Zer who moved to Dallas. She told BI she found "Dallas is up and coming." She was nervous about <a target="_blank" href="https://www.businessinsider.com/moving-from-florida-to-dallas-texas-pros-cons-2024-6">moving from Florida to Texas</a> for a job opportunity. However, Francois has found there are positives to living in Dallas, including the changes in the weather and affordability as a young adult.Kibens recommended other young people try out Dallas, and said it is "a good in-between" city."If you want to leave your hometown, but you don't know where you want to go, I feel like it's a good place to go to figure out if you even want to be in a bigger city or not," she said.<h2 id="f65f9422-a133-4e44-a36d-44e3a75e882f">Falling in love with Dallas</h2>Kibens said her colleagues played a large role in beginning to love Dallas."We spend the most time with our coworkers, so being around them, some born and raised in Dallas and some relocated from other cities, makes me feel like I am really a part of Dallas," she said. "And having an office that I am expected to be in four days a week made me feel like I really live and work here."Sports also helped her feel excited about being in Dallas. Along with missing her family, Kibens said she misses St. Louis sports teams. Now that she lives in Dallas, she has gone to basketball games to see the Dallas Mavericks and loves seeing people be excited about the city's team.Kibens also loves that she can often take walks on the Katy Trail, a former railroad bed that runs through the Uptown and Oak Lawn areas. It's another way she feels connected to the Dallas community."The Katy Trail really changed my life," she said. "I love walking on that trail and just getting girlfriends together and being like, 'Anyone want to go for a walk?' And you always run into people you know, and then you end up being like, 'Hey, let's go grab a beer at Ice House or Lucky Dog.'"Kibens has found there's a lot happening in Dallas. She likes that the winters don't have "brutal" weather and that there are lots of different restaurants. She said she's "rarely disappointed in trying a new place." She also has found airline prices for Dallas Fort Worth International Airport can be good and offers a lot of destinations.She has found another pro is the job market. She recalled talking to a relative who was potentially looking for work opportunities."If you're really picky, it could take you a while to find something, but it's not hard to be employed, I feel like, because there's just so many opportunities everywhere," Kibens said.The unemployment rate in Dallas-Fort Worth-Arlington has fluctuated. August's non-seasonally adjusted rate of 4.1% was lower than the unadjusted national rate of 4.4% in the same month.Kibens said traffic is a downside of living in Dallas and thinks people need a car to get around. She said rent can be a con but that the cost of groceries is similar to Missouri.In her first Dallas apartment, she split her rent of around $2,400 a month. She said that excludes electric and internet costs. Now, she lives alone and pays just over $2,100 before factoring in utilities.She said the amount of rent she pays seems "wild" to her but said other people would say her rent is not too bad.<a target="_blank" class="" href="https://www.zillow.com/rental-manager/market-trends/dallas-tx/?propertyTypes=apartment-condo">Zillow</a> showed that apartment rent in Dallas is slightly cheaper than the median national rent when looking at the rent regardless of the number of bedrooms — $1,477 compared to $1,497.Home prices in Dallas have generally remained stable over the past few years. <a target="_blank" href="https://www.redfin.com/city/30794/TX/Dallas/housing-market">Redfin</a> data showed that the median single-family home sold for around $460,000 in September 2024, and monthly median sales prices have broadly hovered between the mid $300K and mid $500K range since 2021.Overall, Kibens is happy she ended up in Dallas."I think it just takes time; anytime you move, it takes time to feel acclimated to where you're at," she said.What was your moving experience like? Email this reporter at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a>.

A 27-year-old who was disappointed with her move from the Midwest to Dallas explains how she got excited about her new city

<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

<ul class="summary-list"><li>New York's viral new trash bins were unveiled following a $1.6 million contract with McKinsey.</li><li>Mayor Eric Adams revealed the new bins as part of his "Trash Revolution," launched Monday.</li></ul>New York's much-discussed new trash cans have been shown off nearly two years after the city spent $1.6 million to contract with consulting giant McKinsey in 2022.<a target="_blank" href="https://www.nyc.gov/office-of-the-mayor/news/530-24/mayor-adams-sanitation-commissioner-tisch-first-ever-official-nyc-bin-trash-pick-up-#/0">On Monday, NYC Mayor Eric Adams revealed the wheeled bin </a>alongside NYC Department of Sanitation Commissioner <a target="_blank" href="https://www.businessinsider.com/meet-the-tischs-2012-5">Jessica Tisch</a>, who symbolically put a black bag from his official residence, Gracie Mansion, into the container.Video of the launch, which saw Adams wheeling a bin onto the street while Jay-Z and Alicia Keys' "Empire State of Mind" played, quickly went viral, drawing memes and ridicule from citizens of cities that have <a target="_blank" href="https://x.com/citchmook/status/1810718583225471117">had similar bins for decades.</a> Under the new rules, which come into force on November 12, 2024, all properties with one to nine residential units will be required by law to use one of the latch-lidded waste collectors, <a target="_blank" href="https://www.bins.nyc/">now available to purchase online</a> from $46.The newly introduced requirement seeks to minimize the number of <a target="_blank" href="https://www.businessinsider.com/nyc-rat-czar-stop-feeding-pigeons-tactics-2024-4">sidewalk rats</a>. It isn't known exactly how many rats are in NYC, but a 2014 study suggested there were around two million, and a pest control firm in 2023 estimated there were close to <a target="_blank" href="https://mandmpestcontrol.com/there-are-now-3-million-rats-in-new-york-city-study/">three million rats in NYC.</a>Adams said the program was part of his administration's "Trash Revolution," which aims to clean up the city's streets. Officials estimate New Yorkers produce around 14 billion pounds of trash each year. But with the new rule directed at removing about 70% of this, curbside garbage piles are hoped to become a problem of the past.Plans for the new bins follow the city's work with consulting giant McKinsey &amp; Company, which was drafted in to help the city assess how to contain its waste. A Sanitation Department official <a target="_blank" href="https://nyc.streetsblog.org/2022/10/03/exclu-sanitation-department-hires-mckinsey-for-containerization-study">told New York Streetsblog at the time that the project was worth around $4 million,</a> but a spokesperson for the department told Business Insider $1.6 million was paid out to McKinsey for the contract.<a target="_blank" href="https://www.nytimes.com/2022/10/07/nyregion/new-york-city-trash-mckinsey.html">According to an October 2022 New York Times article,</a> McKinsey was scheduled to spend 20 weeks working with the <a target="_blank" href="https://www.businessinsider.com/department-of-new-york-city-sanitation-worker-day-in-the-life">Sanitation Department</a> to determine what sort of bins would suit different streetscapes, what they should look like, and which vendors to use. The department told Business Insider that work on the contract concluded in April 2023.The goal was to design a program capable of combating New York's decadeslong garbage problem, <a target="_blank" href="https://www.nyc.gov/assets/dsny/downloads/resources/reports/future-of-trash.pdf">looking at waste collection methods used in urban areas around the world</a> and focusing on containerization — or, in simple terms, putting trash bags in bins rather than on the street.A New York City Sanitation Department spokesperson told Business Insider, "DSNY's limited work with McKinsey a couple of years ago is not directly related to this week's wheelie bin announcement.""McKinsey did not determine or recommend policy — they did math around the fact that the City was interested in waste containerization, a strategy the Adams Administration is now aggressively pursuing," the spokesperson added. The bin design was the result of work conducted by city employees, another DSNY spokesperson told BI.The solution decided upon is similar to systems already used in cities like Barcelona, where fleets of colored, uniform bins are often found on residential blocks.The bin project is far from the firm's first consultation in New York. The Office of the New York State Comptroller shows that McKinsey has worked on at least <a target="_blank" href="https://wwe2.osc.state.ny.us/transparency/contracts/contractresults.cfm?ID=14808">10 other projects</a> with the state.McKinsey declined to comment when contacted by Business Insider.Correction: July 11, 2024 — An earlier version of this story misstated McKinsey's role in working with the New York City Sanitation Department. The department said that it hired McKinsey to help inform its efforts at waste management but that the decision to pursue the wheeled bins unveiled Monday was the city's and not a McKinsey recommendation. The story was also updated with a statement from a New York City Sanitation Department spokesperson and with new information from the department that the contract with McKinsey, originally said to be as high as $4 million, was ultimately worth $1.6 million.

New York's viral new trash cans unveiled nearly 2 years after a $1.6 million contract with consultancy giant McKinsey

No one's going to sound an alarm, blast out a text message, or shoot you an email about it, but the US economy is undergoing a historic shift. We are leaving one long period of expansion — what economists refer to as a "supercycle" — and entering a very different one.Over the past 15 years, the economy has been characterized by weak demand and low interest rates — a decade-and-a-half hangover from the Great Recession. Now, experts tell me, that is coming to an end. The world has changed, and we are entering an era of higher growth, creeping inflation, and geopolitical instability that will reroute the flow of money around the world. A new era has arrived, but it's going to be bumpy.The good news is that this new era looks as if it will be unencumbered by some of the problems that put a ceiling on growth during the previous era. The most salient feature of the old period, economists say, was the risk of deflation — the possibility that a lack of demand would cause wages and prices to spiral downward, a trap that is <a target="_blank" href="https://www.businessinsider.com/inflation-economy-deflation-unemployment-job-market-recession-outlook-paul-krugman-2024-7">extremely difficult to escape</a>. In an effort to avoid that fate, policymakers in Washington pushed interest rates down to zero and encouraged <a target="_blank" href="https://www.businessinsider.com/softbank-crashing-investments-uber-wework-monopoly-failure-2019-11">all kinds</a> of <a target="_blank" href="https://www.businessinsider.com/charlatans-show-up-when-wall-street-stock-market-gets-weird-2021-3">risky</a> <a target="_blank" href="https://www.businessinsider.com/twilight-of-tech-gods-recession-stock-market-crash-silicon-valley-2022-5">behavior</a> <a target="_blank" href="https://www.businessinsider.com/bill-ackmans-big-pharma-trade-is-making-wall-street-a-super-awkward-place-2014-10">among</a> investors, businesses, and everyday consumers. Investors trying to reach their benchmarks "had to creep out on the risk spectrum," Josh Hirt, a senior economist at Vanguard, tells me. "Supercheap debt," he says, made it easy for businesses to "overexpand and overhire."The pro-risk environment had some earth-shifting consequences. Silicon Valley put the internet on our phones, China blew a massive bubble in its property market, and the world started investing in renewable energy. But low interest rates did little to boost demand, and the economy consistently grew slower than it did before the crash, never notching above 3% GDP growth. It was only after the massive government stimulus, spurred by the pandemic, that the economy reached escape velocity, pushing up wages and starting to grow at a healthy clip.Now, economists say, we're entering a supercycle that will be characterized by three sweeping forces. First, higher interest rates will reward savers, making it more expensive to take risks. Second, geopolitical and economic volatility will generate inflationary effects, reintroducing the specter of soaring prices. And third, industrial planning will be increasingly influenced by national-security concerns, altering supply chains across industries. How low interest rates wind up settling will establish a new gravitational pull in global markets, recalibrating the forces that determine where the economy is most likely to grow — and where investment is most likely to flow.The new supercycle "puts the economy in a completely new era," says Silas Myers, the CEO of Mar Vista Investments, which oversees $4 billion in assets. He warns that an entire generation of investors, lenders, and entrepreneurs have failed to embrace the "profound impact" that the new economic era will have on their businesses."We were in a time that was less demanding and more forgiving," Myers says. "But that time is ending."One of the clearest signs that a new economic supercycle has arrived is when the financial rules go topsy-turvy. The previous supercycle was ushered in when the Federal Reserve, in response to the destruction caused by the financial crisis, cut its benchmark interest rate to 0% — the first time the central bank went all the way to the bottom.The structural shift sent shockwaves throughout the world. Yields on Treasury bonds tanked, meaning investors had to start taking some serious risks if they wanted to make money. This new adventurism pushed stocks higher and higher. Capital went flying into China and other emerging markets in record amounts — some $1 trillion in 2010 alone. Venture capitalists sank billions into companies like Juicero and <a target="_blank" href="https://www.businessinsider.com/wework-adam-neumann-apartment-startup-investment-silicon-valley-vc-apocalypse-2022-8">WeWork</a> that had no viable plan to turn a profit. And with interest rates so low, companies could suddenly load up on debt: From 2007 to 2017, global nonfinancial corporate debt doubled, to $66 trillion. Until the pandemic hit, inflation and wage growth both remained below 3.9%. The world had changed. Now, with the arrival of a new supercycle, money managers are once again being forced to adapt to a changing set of economic realities. Normally, when the Fed hikes interest rates rapidly, the stock market tanks. But that's no longer true. From 2022 to 2024, as the benchmark federal funds rate shot up to 5.5% from 0.5%, the Nasdaq 100 and the S&amp;P 500 soared by 23% and 22%. Higher interest rates also failed to spur widespread layoffs or crater the economy. <a target="_blank" href="https://www.businessinsider.com/jobs-report-labor-market-hiring-layoffs-quits-recession-sahm-rule-2024-8">Unemployment has stayed below 4.3%</a>, and GDP growth has remained solid, <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">defying fears of a recession</a>. In short, something has scrambled the natural interactions of the marketplace. It's as if you put your hand over a hot stove and your fingers turned ice cold.One explanation for the economy's topsy-turvy behavior is a change in what economists call the neutral interest rate — the optimal point for encouraging growth without triggering inflation. After the financial crisis in 2008, the economy was so weak that the neutral rate went to zero to encourage money to flow more freely. But now the market's weird nature may be signaling that the neutral rate has risen above the Fed's ideal target of 2%. That would explain why the Fed's higher rates are no longer putting the brakes on growth. Fueled by the post-pandemic government stimulus, the economy's baseline has shifted. Over at Vanguard, Hirt and his colleagues predict that the neutral rate will stay higher for the foreseeable future, eventually settling at about 3.5%."Even if we do dip below 3.5%, the Fed will be anchored at that higher rate," Hirt says. "If the economy were to experience weakness and we have to cut rates, we still don't think that means taking rates back to zero."Unless you're a boomer, you've probably never experienced a world with this high a neutral rate. It changes the nature of risk, which changes what people decide to do with money on micro and macro levels. If you can get a decent return parking your money in ultrasafe government debt, why risk investing it in a startup or stomach the stock market's volatility? This isn't to say no one will be out here taking risks with their cash — it will just flow in different directions. That's because consumers are in a better place now than they were in the era that emerged after the Great Recession.The economy is "an extraordinarily diverse and dynamic animal," Joe Quinlan, the chief market strategist at Bank of America, assured clients in a recent note. It's "a $28 trillion hydra-headed behemoth that beats to the tune of many different sectors." As the Fed's higher rates were putting a strain on rate-sensitive sectors like housing — which makes up 16% of the economy — Big Tech and travel-starved households were spending money fast and loose. The experience showed that overall consumption can continue to rise even when significant swaths of the economy are struggling.So what can we expect from the new economic supercycle? Like every cycle, it will have its upsides and downsides. Rising interest rates will make loans more expensive, forcing businesses to make more-thoughtful decisions about debt. But they'll also boost savings accounts and interest income. In addition, a faster-growing economy will tighten the labor market, empowering workers to continue to fight for a larger slice of the pie. Since 2019, the bottom 10% of earners have seen a wage increase of 13%.Shifting away from the "grow at all costs" mindset of the previous supercycle has also incentivized governments — especially in the developed world — to do more to police markets and protect consumers. Whether it's capping the price of drugs or enforcing antitrust rules more aggressively, polls suggest Americans want to see <a target="_blank" href="https://prospect.org/economy/2024-08-27-polling-voters-action-corporate-power/">more limits</a> on <a target="_blank" href="https://today.yougov.com/economy/articles/47798-most-americans-oppose-monopolies-and-support-antitrust-laws">corporate power</a> and <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/07/20/56-of-americans-support-more-regulation-of-major-technology-companies/">more regulation</a> to safeguard citizens. For the first time in years, the Federal Trade Commission has begun going after pharmaceutical middlemen, opposing mergers between grocery giants, and taking big swings at Big Tech.The new supercycle will also have profound consequences worldwide, upending how and where money is most likely to flow. In China, the debt bubble that formed in the property sector during the previous cycle is sucking cash away from <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-stimulus-plan-wall-street-stock-market-economy-2024-9">businesses and households</a>, undermining China's bid to become the world's leading economic superpower. And with Europe growing more slowly than the US, foreign investors are steering more of their money to America. In the second quarter of this year, foreign investors owned $8.2 trillion worth of US Treasury bonds, up by 7.3% from a year earlier. Foreign investment is also soaring in US corporate bonds (up by 9.8%) and US equities (up by 23%). Quinlan says he expects the US economy to continue outperforming the rest of the world, given the fiscal and demographic challenges facing the European Union, Japan, and China. In an era of increasing instability, when former sources of growth are flailing, the United States is widely viewed as the safest place to find returns."Not lost on investors is the fact that the US economy remains among the most competitive, innovative, and resilient in the world," Quinlan wrote in a recent note to investors. "Aerospace or agriculture, energy or entertainment, transportation or technology, goods or services — pick any sector or activity, and there's a good chance the US leads the rest of the world. All of this has helped fuel demand among foreign investors for US securities of all stripes." America's economic diversification is also expected to give it a leg up in one of the most volatile features of the new era: trade conflict. The US and China are already battling for control over critical industries like <a target="_blank" href="https://www.businessinsider.com/china-xi-jiinping-future-tech-global-economy-semiconductors-military-failing-2022-9">semiconductors</a>, <a target="_blank" href="https://www.businessinsider.com/china-crushing-us-america-battle-energy-evs-batteries-tech-war-2023-5">batteries</a>, and <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">electric cars</a> — and the tit for tat will be especially costly for less diversified economies. Germany's dependence on manufacturing, for example, places its most essential industries on a collision course with China's ambitions. And while the United States is well positioned to weather the storm, that doesn't mean it won't be rough. The world has never faced a challenge like the skyrocketing flow of exports from China up and down the value chain. It's a dynamic that threatens to imbalance international trade by flooding the market with cheap goods of all kinds. <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China Shock 2.0</a> "will not go down easily," Quinlan tells me.For over a decade we have become accustomed to the economy working a certain way — if this, then that. As a new supercycle emerges, investors, businesses, and governments that structured themselves around the old model may experience acute shocks. To succeed in this unfamiliar new world, they'll have to adjust their expectations and find ways to harness the supercycle's opportunities. It's the economic equivalent of natural selection: As the economy evolves, those who adapt will be most likely to survive. The days of economic growth are back. The future belongs to those who can grow with it.<a target="_blank" rel="" href="https://www.businessinsider.com/author/linette-lopez">Linette Lopez</a> is a senior correspondent at Business Insider.

America is entering a new 'economic supercycle'

<ul class="summary-list"><li>A Missouri court will hear oral arguments for Biden's SAVE student-loan repayment plan on October 24.</li><li>The SAVE plan has been blocked for months following challenges from GOP state attorneys general.</li></ul>Millions of student-loan borrowers are getting a step closer to a court ruling on cheaper payments and debt relief.Last summer, Biden and his Education Department introduced the <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-debt-borrowers-apply-income-driven-repayment-save-plan-2023-7">SAVE income-driven repayment plan</a>, intended to make repayment cheaper for borrowers and bring them a <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-student-loan-forgiveness-early-income-driven-repayment-2024-1">shorter timeline for student-loan forgiveness</a>.Shortly after the Education Department began implementing key parts of the plan — like loan forgiveness for borrowers who had original balances of $12,000 or less and made as few as 10 years of qualifying payments — it <a target="_blank" class="" href="https://www.businessinsider.com/gop-states-lawsuit-block-save-student-loan-income-driven-repayment-2024-4">ran into legal threats</a> from groups of GOP state attorneys general and culminated in two separate lawsuits, one of which blocked any future loan forgiveness through the plan in June.Since then, the plan in its entirety has remained blocked — the 8th Circuit Court of Appeals prohibited the Education Department from implementing any provisions of the SAVE plan until the court issues a final decision on the legality of the plan, leaving <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-millennial-worried-cheaper-student-loan-payments-relief-2024-7">8 million enrolled borrowers in limbo</a>.But some movement could soon be made; on October 24, a Missouri court will hear oral arguments on the SAVE plan, after which the 8th Circuit will issue its final decision. It will consider the key arguments the GOP states have made on why SAVE should be blocked, including the plans' harm to student-loan company Mohela and the states' tax revenues."MOHELA faces the imminent loss of revenue in its role as a servicer of loans owned by the Federal Government," the lawsuit the attorneys general filed said.It's <a target="_blank" class="" href="https://www.businessinsider.com/why-student-loan-forgiveness-struck-down-mohela-biden-debt-relief-2023-6">the same argument</a> GOP attorneys general used to block Biden's first attempt at broad student-loan forgiveness last summer, which the Supreme Court ultimately struck down. They had argued that Mohela, which is an instrumentality of Missouri, would lose revenue on forgiven loans despite the servicer having previously denied involvement in the legal process.David Nahmias, the legal director of the UC Berkeley Center for Consumer Law and Economic Justice, told Business Insider that given the Supreme Court's prior ruling, the arguments the states are making this time around could prevail with the Missouri judges during oral arguments."An appellate court has to apply the law from the US Supreme Court," Nahmias said. "So I think that this particular argument that Missouri and the states are making, even if I believe that it's not substantial, I think that it might hold some water with this panel."<h2 id="9fcf0e7a-8bee-4936-b656-e6a8b0957a39">Where borrowers stand under the SAVE block</h2>It's not surprising that there's confusion surrounding the SAVE litigation — there have been a number of different court rulings over the past few months that impacted different parts of the SAVE plan. For now, borrowers can focus on the 8th Circuit, which <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">placed a preliminary injunction on the plan in its entirety</a> and will determine whether the plan will ultimately be implemented or blocked.At the end of August, the Supreme Court <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-pause-save-plan-no-lower-student-loan-payments-2024-7">declined to allow the Education Department to move forward</a> with implementing the SAVE plan while the legal process continued, instead referring the task back to the 8th Circuit. In its one-paragraph ruling, the nation's highest court said that it expects the 8th Circuit "will render its decision with appropriate dispatch," encouraging the court to move quickly with its final decision.It's unclear when exactly a final decision on the SAVE plan will be made, and the 8th Circuit might look at the broader relief the Supreme Court struck down as context to make its decision. However, Nahmias said that the arguments the GOP attorneys general are making — particularly when it comes to Mohela — are highly speculative.For example, Federal Student Aid announced in April that over 1 million student-loan borrowers <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-being-transferred-from-mohela-to-new-servicers-2024-4">were being transferred from Mohela</a> to new servicers upon Mohela request to allow borrowers to receive "the best service and support," and Nahmias said there has not been any evidence of financial harm to the servicer despite it managing fewer accounts."Mohela has been offloading borrowers' accounts, there were accounts of folks who were already having their loans being discharged, and there is no sign of any financial harm to Mohela," Nahmias said.Mohela did not immediately respond to a request for comment from BI on the lawsuit.While the SAVE plan has been blocked, the Education Department has kept enrolled borrowers <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-payments-paused-no-debt-cancellation-2024-7">on interest-free forbearance</a> and said it will continue to fight for the plan in court. Even so, Nahmias said the legal whiplash borrowers are experiencing is prompting chaos and confusion."People just can't make any independent decisions about how much they're going to pay every month to their student loans," Nahmias said. "This is something that affects millions of people, and they just can't."

8 million student-loan borrowers who remain blocked from cheaper payments and debt cancellation are getting a step closer to a final decision on Biden's new repayment plan

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