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<ul class="summary-list"><li>Microsoft disclosed an equity investment in OpenAI for the first time, SEC filings show.</li><li>Microsoft previously disclosed its relationship with OpenAI as only a "partnership."</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/microsoft-lost-billions-hololens-ivas-contract-trouble-2024-10">Microsoft</a> disclosed an equity investment in <a target="_blank" class="" href="https://www.businessinsider.com/openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10">OpenAI</a> for the first time, according to its latest SEC filings.On Wednesday, the company released its quarterly results. In legally required disclosures, Microsoft included information about <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-satya-nadella-openai-partnership-competition-collaboration-2024-5">its relationship with OpenAI</a>."We have an investment in OpenAI Global, LLC ("OpenAI") and have made total funding commitments of $13 billion," Microsoft wrote in the <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/789019/000095017024118967/msft-20240930.htm">SEC filing</a> on Wednesday. "The investment is accounted for under the equity method of accounting."Accounting expert Francine McKenna told Business Insider that the new disclosure suggests that Microsoft's previous investments in OpenAI were "soft money," such as discounts or credits for services and internal spending that fell below a certain threshold where the software giant didn't need to publicly disclose details.The latest "equity method investment" disclosure signals that Microsoft recently purchased stock or share rights in OpenAI, instead of just partnering, said McKenna, who writes <a target="_blank" class="" href="https://thedig.substack.com">The Dig</a> newsletter. In early October, OpenAI completed a $6.6 billion funding round and Microsoft took part in that deal. OpenAI also began a process of changing from a mostly non-profit organization to a more traiditional for-profit business. In a previous SEC filing, Microsoft described the nature of its relationship with OpenAI as a partnership rather than an equity investment."We have a long-term partnership with OpenAI, a leading AI research and deployment company," Microsoft wrote in its annual SEC filing from late July. "We deploy OpenAI's models across our consumer and enterprise products. As OpenAI's exclusive cloud provider, Azure powers all of OpenAI's workloads. We have also increased our investments in the development and deployment of specialized supercomputing systems to accelerate OpenAI's research."Microsoft's has had a relationship with OpenAI since 2019, using the startup's large language models to underpin its own generative AI products, such as its AI assistant Copilot. In return, Microsoft provides OpenAI with massive cloud-computing resources. The relationship between the companies has evolved in recent months. In the July filing, Microsoft listed OpenAI as a competitor for the first time.Are you a Microsoft employee or someone else with insight to share?Contact Ashley Stewart via the encrypted messaging app Signal (+1-425-344-8242) or email (<a target="_blank" href="mailto:astewart@businessinsider.com">astewart@businessinsider.com</a>). Use a nonwork device.

Microsoft hints at a big change to its OpenAI investments in a new SEC filing

<ul class="summary-list"><li>Some employers are prioritizing workers with specialized skills over generalists.</li><li>Demand remains high for workers with expertise in areas like IT and data engineering.</li></ul>Jack of all trades, <a target="_blank" class="" href="https://www.businessinsider.com/resume-gap-how-to-explain-why-job-search-career-linkedin-2024-8">employed by none</a>.Well, it's not quite that bad, but having work experience that shows you've gone deep in a certain area could make the difference in finding — and <a target="_blank" class="" href="https://www.businessinsider.com/multiple-job-interviews-a-pain-but-also-benefit-workers-2024-8">keeping — a job</a>.That's because, as some employers have become <a target="_blank" class="" href="https://www.businessinsider.com/people-looking-for-jobs-enduring-many-rounds-of-interviews-2024-7">slower to hire</a>, there's still a robust demand for workers with specific expertise, according to several labor market experts.Ger Doyle, head of Experis, a division of ManpowerGroup that focuses on tech staffing and services, said he's seeing employers clamoring for workers with more targeted abilities over those who might be generalists."Where we still see demand strong is in specializations," he told Business Insider.Doyle said workers with solid experience in areas like IT and data engineering, sales and marketing, operations and logistics, and manufacturing and production are often still in high demand from employers.Knowing what many employers are looking for is always important, of course. Yet now that the labor market is a couple of years <a target="_blank" class="" href="https://www.businessinsider.com/why-hard-to-find-job-us-though-unemployment-low-2024-2">past its Oprah phase</a> — You get a job! You get a job! — it's important to look for ways to become or remain employable.Mike DePrisco, president and CEO of the Institute of Management Accountants, a professional association, told BI that many employers face a "dire need" for workers with skills in areas like data science and IT.He added that bosses are looking to bring on people with analytical chops and who can understand finance and accounting principles."These are the skills that they're telling us they're hiring for," he said.It's no surprise that some areas in high demand are those involving <a target="_blank" class="" href="https://www.businessinsider.com/job-search-job-security-adaptability-communication-work-skills-2024-2">artificial intelligence</a>. Many organizations are pouring big money into the technology, betting it will remake how most businesses operate.Doyle, from Experis, said part of the reason there could be less appetite for workers whose skills are more broad-based is because bosses could assume those might be the first to be replaced by an AI bot.Many companies are asking, "Will AI solve a lot of those more generic-type roles?" he said.Doyle said that could dent demand for entry-level gigs, which often include a fair bit of grunt work. Employers might eventually need more of those workers as it becomes clearer how AI might rewrite job descriptions, but for now, some bosses appear to be in wait-and-see mode.<h2 id="9fe56ecc-996f-47f1-9a62-dbcbec5cf913">The 'great waiting game'</h2>Employers' caution is evident, to some degree, in the number of open roles for each person without a job. A couple of years ago, the ratio hovered around 2 open roles for every unemployed person. Now, that's about 1.2, Doyle said. That's still a "very robust" job market, he noted, but it's cooler."Moderation and then stabilization has been very evident for the last 12 months," Doyle said. He also pointed to a "significant decline" in the number of job postings in June and July.The latest evidence of a job market tapping the brakes came Wednesday when the government reported that US employers added fewer jobs in the past 12 months than data originally showed.Doyle described some of what's playing out in the labor market as a "great waiting game." More workers are lingering in their jobs, and some employers are forgoing positions that aren't deemed critical, he said."Postings are down. There's more competition for roles, and with that, people are not leaving their jobs at the pace that we'd have seen in the past," Doyle said.That, in turn, has reduced pressure on bosses to bump up workers' pay. He noted that inflation on salary increases has dropped to about where it stood before the pandemic.<h2 id="4dae34b4-d1d5-403b-bcb2-ba1886e4de35">Tough times for Gen Z</h2>Doyle said some employers' preference for specialization among their workers might also be reflected in a drop in demand for fresh college grads. Even with a degree in a field, employers might want people whose specialization includes several years of experience.That's making it rough for some young workers."Gen Z are enduring a very tough job market right now," he said.Doyle cited data from the National Association of Colleges and Employers, which projected in April that overall <a target="_blank" class="" href="https://www.naceweb.org/about-us/press/job-outlook-spring-update-overall-college-hiring-dips-but-most-employers-will-maintain-or-increase-hiring">hiring for new college grads</a> would be down 5.8% in 2024 from the prior year.And even when workers have specialization in an area where demand remains strong, like accounting, that doesn't mean they can forget about so-called <a target="_blank" class="" href="https://www.businessinsider.com/employers-want-soft-skills-good-communication-teamwork-leadership-energetic-2023-10">soft skills like communication</a>, DePrisco, from the Institute of Management Accountants, said.He said many employers he talks to are willing to train the right workers on more technical aspects of a role. That could benefit employers, of course, but also the workers by boosting their job security.But to make employers more willing to bet on them, workers need to show curiosity, innovation, and a willingness to collaborate and solve problems, DePrisco said."They're investing in those individuals who have certain capabilities, certain characteristics that make them a good fit for the organization," he said.Do you have something to share about what you're seeing in the workplace or in your job search? Business Insider would like to hear from you. Email our workplace team from a nonwork device at <a target="_blank" href="mailto:thegrind@businessinsider.com">thegrind@businessinsider.com</a> with your story, or ask for one of our reporter's Signal numbers.

If you want to find a job, it's time to specialize

<ul class="summary-list"><li>Chris Mott, a veteran, decided to retire at 57 after he became unemployed and couldn't find a job.</li><li>Mott and his wife sold their California home, downsized, and invested in a travel trailer.</li></ul>I'm a veteran who has worked for various organizations and government jobs, including, at times, building and running companies. Like most people, I didn't really start <a target="_blank" class="" href="https://www.businessinsider.com/planned-retirement-until-discovered-fire-2024-04">thinking about retirement</a> until I was past my mid-40s. My plan was to work until I was 65 or 70, but my wife apparently had a different idea.When I became unemployed in 2022, my wife saw this as an opportunity for us to retire and live on the road full time. This had been her dream since we bought a small camping trailer in 2002. We spent many summers and holidays <a target="_blank" class="" href="https://www.businessinsider.com/how-to-plan-perfect-american-road-trip-across-southwest-region">traveling the Western United States</a> and Canada with our son.At 57, I was too young to start <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-social-security">drawing from Social Security</a> or our retirement accounts, so our finances were at the forefront of my mind, but I decided we could make her dream a reality. Almost a year later, my portfolio has generated almost as much as I made at my last job.Here's how I managed my early retirement.<h2 id="a9c4091b-1102-4746-b4f1-8c7cb984913a">I didn't realize my life was about to change</h2>We <a target="_blank" class="" href="https://www.businessinsider.com/tarek-el-moussa-says-he-cant-make-money-on-california-starter-homes-2024-2">owned a house in California</a> on a large lot in the Orange County city of Yorba Linda. When my granddaughter was just a year old, my wife went up to Vancouver, Washington, for a visit by herself. A few days into that trip, my daughter-in-law sent me some photos of my wife with the baby, and she was smiling like I'd not seen her smile in a very long time. I knew then that my life was about to change. I just didn't realize how much.<div type="image" title="Chris Mott and his wife Kim at Bryce Canyon National Park." height="3060" width="4080" msid="114773505" hostid="261" sizebytes="1113370"></div>When she returned from that trip, we started making plans to move. Our house was nice but wasn't quite ready to put on the market. I was still employed at the time. I made arrangements to work remotely for my company, and my wife's sister had agreed to move in with their mother to provide care. After several months of <a target="_blank" class="" href="https://www.businessinsider.com/should-you-sell-your-house-now-bank-of-america-2024-7">getting the house ready</a> to show, we got the house listed and in escrow within a week. Things were really starting to move fast.Somewhere in the middle of all of this, my mother-in-law became gravely ill and passed. Then my employers had buyer's remorse on the remote-work arrangement, and I ended up unemployed.<h2 id="8480490b-cd82-4817-8cc9-cc2067e79c2d">We sold our home, and I created a budget for our travels</h2>After we settled my mother-in-law's estate with my wife's siblings and closed escrow on our Orange County home, I added those proceeds to our <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ira-accounts">other savings and IRAs</a>. Most of our money is professionally managed, but I have a small amount in a self-directed account plus a savings account.We spent $200,000 buying a new 30-foot Grand Design fifth-wheel trailer and a Dodge Ram 2500 truck to tow it. We have downsized from a 2,400-square-foot house on ¾ acres to a 290-square-foot trailer. We are now houseless but not homeless.<div type="image" title="A silver Dodge Ram truck parked with a small trailer home attached to it." height="3024" width="4032" msid="114773507" hostid="261" sizebytes="1678006"></div>I created a <a target="_blank" class="" href="https://www.businessinsider.com/road-trip-national-parks-camping-budget-for-a-week-2023-3">budget for our travels</a> using our home accounting software. We have 20 years of camping experience, so I was able to create an all-inclusive budget. Even costs like using a coin laundry every few weeks or paying for a campground shower. We also pay for Starlink internet, so we can always stay connected.With no house or vehicle payments, utilities, or property taxes, our investment income exceeds our budgeted monthly living expenses. So we are living off the income, not the principal.<h2 id="3c18eb25-9e36-407e-9a0e-de34622aaab6">Paying For Retirement</h2>The one thing I didn't want to do in retirement was become a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-stock-trading-apps">full time investment broker</a>, so I hired one. The bulk of our investments are professionally managed in various municipal bonds and a mix of moderate-growth equities. My goal for the portfolio was income and asset retention. It costs about $6,000 a year in brokerage fees but is worth not having to personally manage all those transactions.Much of the income from this portfolio is non-taxable, which helps our bottom line. Outside of that, we have our IRAs, savings accounts, and a small <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/investment-portfolio">self-directed investment portfolio</a>.I communicate regularly with my broker and keep a close watch on everything. I've set up automatic monthly disbursements from the portfolios sufficient to cover our living expenses. I even make a few bucks with my writing. It's not a fortune, but we live comfortably.Eventually, we'll have to start thinking about <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/ira-early-withdrawal-without-penalty">taking draws from our IRAs</a> and when to apply for Social Security. But we've got a few years for that.<h2 id="33429322-fea5-4e8f-bef5-d911e60c8658">Life Is What You Make It</h2>Looking back, I wish I'd started sooner, but I was fortunate. Despite my late start at planning for retirement, I ended up OK.Every morning when I wake up, I open the shade next to my bed. Partly to see the morning light and partly to remember where I am. It changes all the time. We <a target="_blank" class="" href="https://www.businessinsider.com/van-life-road-trip-convinced-nomadic-lifestyle-is-for-me-2024-3">travel from place to place</a>, one campground to the next. We hike in new places, try local cuisine, and go to museums, exhibits, national monuments, parks, and special events like the Hot Air Balloon Festival in Lake Havasu. We also manage to pick up a gift or book for our granddaughter and mail them to her.<div type="image" title="Chris Mott and his wife Kim hiking." height="1592" width="3264" msid="114773508" hostid="261" sizebytes="312364"></div>No matter where we are or what we are doing, one thing is the highlight of every week: our weekly video call with our granddaughter. She is always excited to see Gigi and Papa and always has something to show or tell us about something special that happened that week.There is <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">life in retirement</a>, and it's pretty good.If you have a unique retirement experience and want to share your story, please email Manseen Logan at mlogan@businessinsider.com.

I was laid off and forced to retire in my 50s. I wish I'd started planning sooner, but my investment portfolio helped — and life is good.

<ul class="summary-list"><li>Lux Capital's Josh Wolfe is bullish on AI investments in biology and robotics.</li><li>AI's role in biology includes startups like Recursion and EvolutionaryScale.</li></ul>With the AI arms race underway and a host of industries investing in the technology, <a target="_blank" href="https://www.businessinsider.com/lux-capital-vc-josh-wolfe-interview-factors-for-biotech-startups-2022-4">Lux Capital venture capitalist</a> Josh Wolfe identified the areas he's particularly keen on.In a <a target="_blank" class="" href="https://www.youtube.com/watch?v=MGdZzGzy0xU">recent episode</a> of "The Logan Bartlett Show," the Lux Capital cofounder and biotech VC said that his firm has invested in two main sectors within AI over the past two years — biology and robotics.Wolfe predicted that in a couple of years, these fields, alongside aerospace and defense technology, will have people "very bullish" about investing.<h2 id="7295d674-64b3-4fc3-afc1-5928384156b2">AI in biology</h2>"AI into biology is really interesting because most computer scientists underappreciate how hard biology is," he said. "Biology is really complex — it is not linear, it is not 'programmable biology' the way many people think."In turn, Wolfe added that most biologists similarly "underappreciate how sophisticated computer science and AI" are."There's people that are versed at the interstices between those two things that I think are poised to do really well," he said.Wolfe said that the first stage of AI and biology included biotech companies like Recursion — which Lux Capital invested in — that uses AI to translate pictures of cells into computable data and identify biologically meaningful relationships, according to the <a target="_blank" class="" href="https://www.recursion.com/technology">company's website</a>."AI 2.0, which is where we are today, is actually using large language models which very few people have other than EvolutionaryScale," he said, giving a shoutout to an AI startup founded by ex-Meta researchers, one of whom previously started a biotech company with Wolfe.After Meta axed the group's project, the researcher approached Wolfe, the VC said, who offered him $25 million on the spot."He has the only frontier language model in biology, and he can really, from prompt to protein, produce things," he said. "So it's jumping out of the two-dimensional space of code into the three-dimensional space of actually producing a protein."The company, which has <a target="_blank" class="" href="https://press.aboutamazon.com/aws/2024/6/evolutionaryscale-launches-with-esm3-a-milestone-ai-model-for-biology">raised over $142 million</a> in seed funding led by Nat Friedman, Daniel Gross, and Lux Capital, partnered with Amazon Web Services to launch its AI model, ESM3, in June.ESM3 is "capable of generating entirely new proteins that have never existed in nature," AWS <a target="_blank" class="" href="https://aws.amazon.com/about-aws/whats-new/2024/06/evolutionaryscale-esm3-available-aws/">wrote in a press release</a>. And the company has already created its first protein, a non-previously evolved version of a fluorescent protein."There's many ways that evolution has found this way, but they found a path that evolution never found, which is pretty cool," Wolfe said. "So the implication for being able to do antibodies, small molecules, drugs, proteins is pretty profound."<h2 id="c76e507a-776b-428e-8019-4e2831c0eb04">AI in robotics</h2>While "robots" typically invoke images of futuristic humanoid tech like <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-humanoid-robot-optimus-becoming-mans-best-friend-2024-6">Elon Musk's Optimus</a>, Wolfe said he thinks "humanoid robots are not going to be the way.""Focusing on the training data, the repository, for universal robot intelligence is what they're focused on," he said. "I think that's where the value is going to be."Although Wolfe thinks <a target="_blank" class="" href="https://www.businessinsider.com/humanoid-robots-ai-saudi-china-us-21st-century-space-race-2024-3">humanoid robots</a> will attract money for their intrigue, he said that robots mimicking human capabilities are "really inferior to what robots can do."Rather, he said that the value of robotics will be the repository of data that can train robots to exist in an unconstrained environment. Similar to how LLMs are trained off large batches of known information from the internet to develop predictive chatbots."I think that the winning models will be highly specialized robots that do one or two specific things, and they do it extraordinarily well," he said.Wolfe said he thinks mass competition will emerge for creating a universal operating system between humanoid robotic companies, including <a target="_blank" class="" href="https://www.businessinsider.com/china-weapon-war-machine-gun-toting-robot-dog-military-drills-2024-5">China's Unitree Robotics</a>."But I think that the value will accrue to the intelligence," he added.

2 investment areas in AI that people will be 'very bullish' on in the future, according to a VC

The government's decision to remove <keyword id="22142879" type="General" weightage="20" keywordseo="indexation-benefit" source="keywords">indexation benefit</keyword> on sale of old property will result in huge <keyword id="22544904" type="General" weightage="20" keywordseo="inflow-of-black-money" source="keywords">inflow of black money</keyword> in <keyword id="19895040" type="General" weightage="100" keywordseo="real-estate" source="keywords">real estate</keyword> and investments in the sector will go down, AAP Rajya Sabha member <keyword id="19934326" type="General" weightage="20" keywordseo="Raghav-Chadha" source="keywords">Raghav Chadha</keyword> said on Thursday. Asking the government to roll back the proposal, Chadha, while taking part in the discussion on the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25, said people will never be able to buy their "dream homes". "Restore indexation on <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword>. Throughout the world, to woo investors to invest they are incentivised. In this country, by removing indexation we are disincentivising the investor class," he said, adding that removing indexation is not imposing <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> but it is equivalent to "penalising investors". He said as a result of the step proposed by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman in the Budget 2024-25, individuals selling old properties will incur higher tax outgo. "If you do not bring back indexation three things will happen in this country. First, <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in real estate will go down and people will never be able to buy their 'dream homes'," Chadha asserted. He further said there will be undervaluation of property deals, people will buy properties at 'circle rates' and will never disclose the real value of the property. "Third, there will be a huge inflow of <keyword id="20592248" type="General" weightage="20" keywordseo="black-money" source="keywords">black money</keyword> if you don't roll back this decision to withdraw indexation," he said. In the Union Budget 2024-25, the government proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation. As per the Memorandum to the Union Budget, with rationalisation of rate to 12.5 per cent, indexation available under Section 48 of the Income Tax Act has been proposed to be removed for calculation of any long-term capital gains, which is presently available for property, gold and other unlisted assets. Chadha also highlighted the high tax burden faced by common people and asked for a comprehensive review of both direct and indirect taxes. "We impose taxes like the Europeans do, to get services like sub-Saharan countries," he added. Taking part in the discussion, Debashish Samantaray of the BJD said the central government has given a raw deal to all eastern states like Odisha, Jharkhand, West Bengal in the Budget. He charged that in spite of Odisha giving 20 seats to the BJP, there was hardly anything for the state in the Union Budget. He noted that "regional aspiration should be addressed", and asked the central government to treat all states as equal. RJD's Sanjay Yadav attacked the government stating the Budget had nothing for the poor and marginalised and only catered to the rich and powerful. He noted that his party has been demanding special category status for Bihar for a very long time. Yadav said instead of dividing people on the basis of religion and caste, the government should work towards generating employment in the country. Medha Vishram Kulkarni of BJP and Rajani Ashokrao Patil of INC also participated in the debate. C V Shanmugham of AIADMK said allocation in the Budget does not significantly address the pressing needs of Tamil Nadu's infrastructure, health care, Social justice and education. The government has mentioned 76 projects in Tamil Nadu, but most of them are pre-existing ones getting a facelift. Moreover, in the Budget, no help in flood mitigation was provided, despite the state being prone to cyclones. There is no mention of a linkage of Kaveri and Godawari in the Budget, he said. Samirul Islam of AITC said this Budget is anti-people, anti-poor and anti-Bengal. It only satisfies Bihar and Andhra Pradesh's allies and is to save the government. "The Budget has deprived Bengal," he said. It has also ignored the people, especially the unorganised sector. 83 per cent of India's workforce is employed by unorganised sectors and failed to announce a comprehensive scheme for them and migrant workers, he said. M Mohamed Abdulla of the DMK said the Budget has provoked a constructive debate and disappointment in Tamil Nadu, a state known for its economic contributions. Tamil Nadu expected support and recognition in the budgetary allocations, but received nothing. The government is supposed to represent the people of the country as a whole. However, it is very unfortunate and unfair to see unequal distribution to the state governments, especially for the non-BJP ruled states like Tamil Nadu which provides the highest tax for the government, he said.

Removal of indexation benefit will lead to huge inflow of black money in real estate: Raghav Chadha

Special Education, Inc.

<ul class="summary-list"><li>Mark Cuban said billionaires are a product of the American Dream and what makes the US special.</li><li>The "Shark Tank" star said it's patriotic to get "filthy, stinkin' rich" then pay large taxes.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-buy-fox-news-x-if-he-had-in-2024-9">Mark Cuban</a> says billionaires are a product of boundless opportunity — and people should take pride in creating wealth as the money flows back into society.Furing an interview for a new Netflix series titled "What's Next? The Future with <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-pay-billions-more-in-tax-in-charge-system-2024-9">Bill Gates</a>," Cuban noted there are relatively few billionaires in the world."And you can say, 'Yeah, having a billion dollars, that's kinda crazy,' but you also have to realize that that's not the problem. That's a symptom of something amazing. It's the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-the-american-dream-gen-zers-flexibility-freedom-individualism-2023-5">American dream</a>. That's what makes America special," the "Shark Tank" star said.Cuban, who became a billionaire by <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/how-mark-cuban-saved-billions-yahoo-windfall-dot-com-crash-2020-6">selling his internet-radio startup</a> to Yahoo for $5.7 billion in 1999, was arguing that three-comma net worths show how wildly successful people can become in countries like the US that support entrepreneurship and free enterprise.The Dallas Mavericks minority owner underscored that building a vast personal fortune often requires starting a business, hiring lots of people, paying suppliers for equipment and services, and handing a chunk of the profits to the government."One of the most patriotic things that you can do as an American is go out and get filthy, stinkin' rich, create a ton of jobs, invest in your company and others, and then pay your taxes," Cuban said.He added: "When I write that check to the IRS for all those hundreds of millions of dollars, it's not that I like it, but I am proud of it because, you know, the roads, the military, the police, teachers, Medicaid, Medicare — that's a big part of where our taxpayer dollars go, and I feel like I've given something back."Cuban often celebrates self-starters and go-getters on "Shark Tank," and has <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-proud-to-pay-taxes-unlike-certain-ex-president-2024-4">praised taxation</a> as vital for paying public employees, funding local services, and financing critical infrastructure."I would not be in this position without this country, because nothing happens that's great — whether it's healthcare, teachers, roads, you name it — without people paying their taxes. It may be painful when you write that big check, but just think about how you got there," he <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/mark-cuban-crypto-nft-tech-billionaires-luck-taxes-alexa-chatgpt-2023-10">said</a> in an interview last fall.Skeptics of billionaires point out that many of them <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-defends-propublica-tax-rate-berkshire-hathaway-stock-dvidends-2021-6">pay paltry amounts of tax</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/wealth-inequality-so-bad-will-take-230-years-end-poverty-2024-1">severe wealth inequality</a> across much of the world shows that resources need to be distributed more fairly.Even when the likes of Gates and <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-barack-obama-wealth-taxes-billionaires-luck-inequality-inheritance-2024-7">Warren Buffett</a> pledge to give most of their wealth to good causes, <a target="_blank" class="" href="https://www.businessinsider.com/bill-gates-mackenzie-scott-billionaires-philanthropy-giving-pledge-charity-schmitz-2024-9">critics question</a> whether they should be in charge of dispensing their enormous wealth instead of the government.

Mark Cuban says billionaires show why America is special — and it's patriotic to get obscenely rich then pay big taxes

<ul class="summary-list"><li>Access to financial literacy education varies across K-12 schools in the US.</li><li>Parents can encourage financial literacy skills for their children at home.</li></ul>Financial stability can directly impact a person's <a target="_blank" class="" href="https://www.businessinsider.com/quit-my-career-live-off-savings-financial-crisis-2024-6">quality of life</a>. Yet ensuring young people develop the financial skills to achieve economic success as adults is not prioritized in all K-12 educational settings.According to the California Department of Education, only 26 states in the United States require high school students to take a course in personal finance. California just recently made this requirement official; in the press release announcing the agreement, Gov. Gavin Newsom said, "Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after."However, research demonstrates that <a target="_blank" class="" href="https://www.businessinsider.com/entrepreneur-mom-money-lessons-kids-2024-7">learning about finances</a> outside a traditional school setting can also be impactful.A 2020 <a target="_blank" href="https://files.eric.ed.gov/fulltext/EJ1280282.pdf">study</a> published in the Journal of Financial Counseling and Planning found that "college students that were explicitly taught financial basics by their parents, felt a beneficial influence of this teaching when they made financial decisions."Although financial literacy education is not a national requirement, parents can still foster financial literacy skills within their children right at home.<h2 id="b7e48fef-dbcc-4f1c-aa32-5818a8c2b41d">Ensure your child understands the importance of budgeting from an early age</h2>Although it's not uncommon for people of all ages to fall into the trap of behaving as if money is limitless, making sure your child understands that it's a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/debit-card-limits">finite resource</a> could be a good place to start from an early age.Jennifer Seitz, the director of education at the family finance technology company Greenlight, told Business Insider that as soon as kids are aware of money and want to start using it to buy things, they're ready to learn about it in an age-appropriate way. For some, this is as early as preschool.Whenever your child seems ready for more advanced concepts related to money, you can start talking about budgeting."Parents can introduce the concept of a budget, and that a budget is a plan for your money, and it's where you can decide how much money will be spent on certain things," Seitz said."A very common early lesson is about opportunity cost, which means learning about trade-off decisions — that basically, if you use your money for something else, it's spent, gone, and not available for something that you may want to use it for later that day or another day," Seitz continued.Seitz told BI an example of introducing opportunity cost could take the form of reminding a child who wants a treat from the grocery store that they could use their money for a treat that day or use it for ice cream a couple of days later, but not for both.Seitz also said that although increasing your child's knowledge around financial literacy at an early age can be really beneficial, <a target="_blank" class="" href="https://www.businessinsider.com/parents-teens-competing-science-fair-olympics-parenting-principles-advice-2024-6">parents of older teens</a> need to know that it's not too late for them, too. Even if you didn't start early, that doesn't mean you can't start now.If your child is a teen, Seitz recommends encouraging them to start thinking about their future financial aspirations and explaining how good financial planning can help them achieve those goals. Seitz said teens, in particular, may want to save up money for a concert, attend class trips, or a school dance, and even start planning around paying for higher education. Whatever their future holds, talking to them about how money plays a role in those plans is a crucial step.<h2 id="8dca6274-b146-43e4-a166-a524941d3a18">Pay attention to the financial habits your children are observing from you</h2>Although it may be easy to forget sometimes, your child is learning from your behaviors and the habits of the other people around them regarding a multitude of things, including how to handle finances.Seitz told BI that numerous <a target="_blank" href="https://link.springer.com/content/pdf/10.1007/s10834-020-09736-2.pdf">studies</a> examining how children develop money knowledge have identified that one way children learn is through modeling, where they observe their families' financial habits and attitudes towards money.Seitz also said parents should be open to having conversations with their children about money and prepare for those <a target="_blank" class="" href="https://www.businessinsider.com/what-parents-should-teach-kids-about-money-2022-10">conversations</a> if they're not used to doing so, as conversations about money also foster children's money knowledge.<h2 id="c708a766-ddd9-4771-9dff-8a8b3ccd2cd2">Encourage your child to play a direct role in their financial literacy learning journey</h2>While having conversations and modeling behaviors are good ways to teach your child, sometimes the best way to increase their learning is to allow them to turn their knowledge into action and be an active participant in their own journey with money.<a target="_blank" href="https://www.instagram.com/mike_altro/">Michael Broughton</a>, founder and CEO of Altro, an app that helps users build credit, told BI that getting started on the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-plunge-warren-buffett-cuts-stake-berkshire-hathaway-2024-8?utm_medium=ingest&amp;utm_source=markets">stock market</a> could be a beneficial tool."I think the biggest thing that most parents may not know is that you can open up a brokerage in the name of your kids, so they can actually have a stock account that's in their name that they're able to trade on," Broughton said."What I'm doing with my younger sister is just setting up an automatic pull from an account. So every two weeks, she's getting maybe $25 or $50 to go invest in the stock market and see it grow," he continued.Broughton told BI that parents should show their children that they are able to invest in things that they are actually passionate about."So my little sister, she invested in Mattel because she thought that <a target="_blank" class="" href="https://www.businessinsider.com/how-barbie-dolls-changed-evolution-2018-3">Barbie</a> was going to do really well — she invested in some bowling stuff, some games stuff, and that's really helped build the beginning of her portfolio."Broughton also told BI that although stocks can be hard to explain, referring to certain events impacting the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-yen-carry-trade-unwind-fed-japan-rates-2024-8?_gl=1*1tv42tv*_ga*NzcxNjMwNTEyLjE3MjE4NDg5Njc.*_ga_E21CV80ZCZ*MTcyMjg4OTg2NS4xOC4xLjE3MjI4OTE0MzcuOS4wLjA.">stock market</a> as simply good or bad could be helpful."Disney just made '<a target="_blank" class="" href="https://www.businessinsider.com/inside-out-2-box-office-pixar-disney-numbers-analysis-2024-6">Inside Out 2</a>,' that's doing really well, everyone's talking about it, and I would ask my sister do you think Disney's doing good or is Disney doing bad? — She'd say they're doing good, and I would say, well, that means that the stock is doing good, and we would go look at the stock, and if it's up, I'll be like, she's right, or it's down, like, let's go look at the news and figure out why," Broughton said.Seitz said one method parents can use to help young children not only learn how money is earned but also be reminded of its limits is to provide them with an allowance for completing <a target="_blank" class="" href="https://www.businessinsider.com/kids-responsibility-chores-made-them-confident-2023-9">chores</a>."Every family is different, and every family has different ways to manage that. Some families prefer not to tie chores and <a target="_blank" class="" href="https://www.businessinsider.com/family-budget-tips-teenagers-give-allowance-vacation-economy-inflation-2024-4">allowance</a>. And there are still great money lessons that can be learned in that way. The Greenlight app is set up so that parents can make that distinction, whichever way they can, either, have money earned for chores or only for special odd jobs above and beyond what their kind of daily expectations might be," Seitz said.Although there has been legislative progress in ensuring financial literacy is incorporated into a child's K-12 educational experience in the US, it's an ongoing process. Until that happens, parents can foster financial literacy skills in their children and connect them with other resources at home.Discussing money can be tricky at any age, but the earlier children start learning about money, the easier it becomes to talk about.

Financial literacy is not always taught in school. Here's how parents can prepare their kids to budget and invest wisely.

Investing in the stock market is the go-to answer for many who want great returns on their hard-earned money. However, not everyone is a stock market expert and people tend to look for guidance at times. And while there are many good financial advisors out there, some are fraudsters looking for a way to rob people. Thus, in times when online scams in India are on the rise, one should be cautious of who they trust with their money. Simply believing strangers on the internet could mean huge losses at times and this is exactly what happened with a Noida-based woman who wanted to make some extra money by investing in the share market via an app. <h2>Woman loses over Rs 69 lakh in <keyword id="7292336" type="General" weightage="20" keywordseo="stock-market-scam" source="Orion">stock market scam</keyword></h2>According to a report in HT, a 32-year-old woman from <keyword id="20142852" type="General" weightage="20" keywordseo="greater-noida-west" source="keywords">Greater Noida West</keyword> was defrauded of more than Rs 69 lakh by scammers posing as stock market investment advisors. This incident, which unfolded over the course of several weeks, underscores the need for heightened vigilance and cybersecurity awareness in an increasingly interconnected society. Stuti, the victim, resides with her family in Amaatra Homes, Sector 10. Her ordeal began in June when she was added to an unknown WhatsApp group that offered training on earning profits in the stock market. The group, which appeared to be legitimate, provided her with initial training sessions that built trust and credibility. The scammers, masquerading as financial experts, promised Stuti a staggering 300 percent return on investments made through a specially designed mobile application. <h2>Scammers promised high returns</h2>Encouraged by the initial promise of high returns, Stuti downloaded the fraudulent application and made her first investment of Rs 1 lakh. To her astonishment, the app showed a profit of Rs 50,000 the very next day, further enticing her to invest more. The scammers then added her and her husband to another private WhatsApp group, where they were presented with a new profit plan requiring an investment of Rs 30 lakh. Trusting the system, they invested Rs 20 lakh. On July 16, the fraudsters introduced a new scheme involving an Initial Public Offering (IPO) and the allotment of one lakh shares. They asked the couple to invest an additional Rs 1.19 crore, promising a profit of Rs 50 lakh from their recent investments. The couple, now heavily invested both financially and emotionally, were then informed that they needed to pay an additional Rs 48 lakh to secure their profits. When Stuti and her husband expressed their inability to invest further and requested to withdraw their profits, the scammers cited convoluted terms and conditions to refuse their request. Desperate to recoup their investments, the couple broke their fixed deposits, liquidated mutual funds, and borrowed money from friends and family, eventually sending a total of Rs 69.53 lakh to the fraudsters through multiple transactions. It wasn't until the couple was asked to pay an additional Rs 21 lakh in taxes and other charges that they realised they had been duped. The scammers, who had promised them a profit of Rs 4 crore, vanished, leaving the couple in financial ruin. On August 2, an FIR was registered under sections 318 (cheating and dishonesty) and 319 (cheating by personation) of the BNS, along with relevant sections of the IT Act, at the cybercrime police station. The police have launched an investigation.

Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/stopped-going-to-starbucks-what-i-learned-benefits-downsides-2024-6">Starbucks</a> announced a surprise CEO change Tuesday, picking Brian Niccol as its top executive.</li><li>Starbucks has struggled lately with sluggish sales and operational issues.</li></ul>Everyone from customers to activist investors agrees: Starbucks needs to make some changes.Brian Niccol, the coffee chain's soon-to-be CEO, has a record of doing exactly that.Starbucks said Tuesday morning that <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8">Niccol would take over its top executive job</a> on Sept. 9. He's currently the CEO of Mexican grill chain Chipotle. Laxman Narasimhan, Starbucks' current CEO, will step down effective immediately from his roles as CEO and a member of Starbucks' board of directors, the company said.The move comes as activist investor Elliott Investment Management is in discussions with Starbucks management about ways to boost the company's stock price, the <a target="_blank" class="" href="https://www.wsj.com/finance/activist-elliott-takes-big-stake-in-starbucks-259837e4">Wall Street Journal</a> reported last month.A second activist investor, hedge fund Starboard Value, also took a stake in the coffee chain and is pushing for changes, the <a target="_blank" class="" href="https://www.wsj.com/business/deals/activist-starboard-value-takes-stake-in-starbucks-ea0409e2">Journal reported</a> on Friday.It's unclear how Niccol's appointment will affect Starbucks' negotiations with either Elliott or Starboard. Neither investor responded to requests for comment on the change from Business Insider.But Niccol is no stranger to breathing new life into restaurant brands that need a refresh.In 2011, he became Taco Bell's chief marketing officer. On his watch, the chain debuted its "Live Mas" slogan as well as Doritos Locos Tacos, the <a target="_blank" class="" href="https://www.wsj.com/articles/chipotle-mexican-grill-chief-thrives-on-turnarounds-11651896013">Wall Street Journal</a> reported in 2022.When he joined Chipotle in 2018, the company's stock and sales had slumped after an E. coli outbreak at its restaurants that sent some customers to the hospital.In his tenure at Chipotle, Niccol made a variety of changes.He moved Chipotle's headquarters from Denver to Orange County, California, and he beefed up the chain's food safety measures.He also <a target="_blank" class="" href="https://www.businessinsider.com/how-ex-taco-bell-ceo-brian-niccol-turned-around-chipotle-2019-12">oversaw an expansion of Chipotle's online ordering options</a> just before delivery and pick-up became essential to the restaurant business in the early months of the pandemic.In a few years, Chipotle customers went from having to order in-person at a restaurant to being able to place their order online before swinging by a drive-thru window just for online orders — dubbed a "<a target="_blank" class="" href="https://www.businessinsider.com/chipotles-chipotlane-drive-thru-review-2021-1">Chipotlane</a>" by the company.All of that helped turn around Chipotle's financial results. The chain's stock price has tripled over the last five years. On Tuesday, it was trading 12% lower at $49.43 after news of Niccol's departure broke."Chipotle has outperformed the quick-service restaurant space the past several years, and we'd expect new products and advertising campaigns to be a focus early in his tenure at Starbucks," said R.J. Hottovy, Head of Analytical Research at location data company Placer.ai, which analyzes foot traffic at restaurant chains.At Starbucks, Niccol will face some challenges similar to those he took on at Chipotle. Same-store sales for Starbucks' latest quarter slipped 2% in the US as the number of orders also fell.Starbucks sales have also fallen lately in China, which is home to nearly one-fifth of all the chain's stores. Starbucks' <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-lvmh-loreal-declining-sales-china-earnings-consumer-luxury-retail-2024-7">second-quarter sales in China</a> fell 14%.There are also operational issues. In the US, Starbucks cafes are often crowded as patrons decide what to order based on an <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-menu-drink-order-why-coffee-2024-5">extensive menu</a> and then wait around for their order.The company is making some steps to improve operations at its stores, including initiating a revamp of its drink production process at thousands of locations called the <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">Siren Craft System</a>.But Starbucks is hoping for more changes as it prepares to welcome Niccol."Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth," Starbucks Board Chair Melody Hobson said in the company's <a target="_blank" class="" href="https://stories.starbucks.com/press/2024/starbucks-names-brian-niccol-as-chairman-and-chief-executive-officer/">statement</a> announcing the CEO change on Tuesday.Starbucks' network of stores is more complicated than Chipotle's, BTIG analyst Peter Saleh wrote Tuesday. While Chipotle's roughly 3,500 stores are all company-owned, Starbucks has close to 39,000 locations globally, including a mix of company-owned stores and others that are licensed out to other operators.Still, the surprise announcement represents "a significant victory for Starbucks," he wrote."Mr. Niccol has earned the respect and confidence of the investment community and will be given the much-needed leeway to make investments and time to turn around Starbucks," Saleh wrote.Do you work at Starbucks and have a story idea to share? Reach out to this reporter at abitter@businessinsider.com

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