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<keyword id="20305504" type="General" weightage="20" keywordseo="Khelo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Khelo India" meta.hostid="261" meta.entityid="Khelo India">Khelo India</keyword>, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">budget</keyword> for the <keyword id="19896478" type="General" weightage="20" keywordseo="sports-ministry" source="keywords">sports ministry</keyword> as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday. Kehlo <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s share, announced in the budget presented by finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> here, is Rs 20 crore more than the revised allocation of Rs 880 crore during the previous financial year. With the <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> cycle set to come to an end in Paris in August this year, and the <keyword id="19895708" type="General" weightage="20" keywordseo="Commonwealth-Games" source="keywords">Commonwealth Games</keyword> and <keyword id="20007738" type="General" weightage="20" keywordseo="Asian-Games" source="keywords">Asian Games</keyword> still two years away, the budget for the Sports Ministry has seen only a marginal increase of Rs 45.36 crore from the previous cycle. The budget for the previous cycle was Rs 3,396.96 crore for the previous financial year. The government has invested heavily in Khelo India over the years as the programme continues to unearth talent from all parts of the country. While Khelo India's actual allocation in 2022-23 stood at Rs 596.39 crore, it was increased by more than Rs 400 crore, to Rs 1,000 crores, in the 2023-24 budget, before being revised to Rs 880 crore. The government has continued to add programmes ever since the inaugural Khelo India Youth Games (KIYG) were held in 2018. The ministry added Khelo India University Games in 2020, before also launching the Khelo India Winter Games the same year and the Khelo India Para Games in 2023. Hundreds of Khelo India State Centres of Excellence (KISCE) have been set up across the country, which aim to provide facilities for athletes with potential. Several Khelo India athletes are currently in India's Olympic-bound contingent. The government's assistance to <keyword id="20418970" type="General" weightage="20" keywordseo="National-Sports-Federations" source="keywords" meta.keywordsubtype="org" meta.entityname="National Sports Federations" meta.hostid="261" meta.entityid="National Sports Federations">National Sports Federations</keyword> (NSFs) has also seen an increase of Rs 15 crore -- from Rs 325 crore in 2023-24 to Rs 340 crore in the latest budget. The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from Rs 795.77 crore to Rs 822.60 crore, which is a jump of Rs 26.83 crore. The <keyword id="20524251" type="General" weightage="20" keywordseo="National-Anti-Doping-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="National Anti-Doping Agency" meta.hostid="261" meta.entityid="National Anti-Doping Agency">National Anti-Doping Agency</keyword> (NADA) and the National Dope Testing Laboratory (NDTL), which does all the testing, have received marginal increase in their budgets. While NADA's budget has gone up from Rs 21.73 crore last year to Rs 22.30 crore, NDTL has got Rs 22 crore, up from Rs 19.50 last year.

Khelo India once again gets lion's share in Union Budget for sports

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. <keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living. The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now. "I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020. For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy. On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs). As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said. The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default. PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio. Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised. Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction. On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said. With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

I belong to middle class, understand their pressures: Sitharaman before Budget

The government is unlikely to announce capital infusion for public sector banks (PSBs) in the upcoming <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword> as their financial health has improved significantly and they are on track to earn a combined profit of Rs 1 lakh crore, sources said. Their capital adequacy ratio is much above the regulatory requirement and varies between 14-20 per cent. To augment their resources, banks are raising growth funds from the market and also by selling their non-core assets, they added. The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks. Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> is scheduled to present the fifth and final full Budget of the Modi 2.0 government on February 1. All the 12 public sector banks earned a cumulative profit of about Rs 15,306 crore in the first quarter which increased to Rs 25,685 crore in the September quarter. On a year-on-year basis, the growth was 9 per cent in the first quarter while it surged to 50 per cent in the second quarter. During the second quarter, <keyword id="13451504" type="COMPANY" weightage="80" keywordseo="sbi" source="Orion" meta.marketcap="528426.26077014" meta.tagname="State Bank of India" meta.tagpopularcount="0" meta.sectorid="15" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="11984" meta.tagseoname="state-bank-of-india" meta.sector="Banks" meta.tagnameorg="State Bank of India">SBI</keyword> reported the highest-ever profit of Rs 13,265 crore. On a year-on-year basis, this was 74 per cent higher. In the first half of FY23, the cumulative net profit of all PSBs increased by 32 per cent to Rs 40,991 crore. The combined profit more than doubled to Rs 66,539 crore in 2021-22 despite COVID-19 pressure. Many state-owned banks after a hiatus also declared dividends in last financial year. In all, nine banks, including SBI, declared dividends of Rs 7,867 crore to shareholders. Recently, the Finance Minister had said the government's efforts to reduce bad loans are yielding results with 12 PSBs reporting a 50 per cent jump in combined net profit at Rs 25,685 crore in the September quarter. NPAs declined as a result of the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, she had said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-breaches-80-level-against-usd-for-the-first-time-in-2-months/articleshow/97241273.cms">Rupee breaches 80 level against USD for the first time in 2 months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/canara-bank-q3-profit-surges-92-to-2882-crore/articleshow/97245895.cms">Canara Bank Q3 profit surges 92% to ₹2,882 crore</a>

Govt may not announce capital infusion for PSU banks in Budget 2023-24

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

<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.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Be careful what you wish for, Chipotle fans. The chain might turn to robot workers to address the complaints about its portion sizes. But good luck making those <a target="_blank" href="https://www.businessinsider.com/chipotle-portion-size-inconsistencies-robots-automation-human-employees-2024-7">last-second tweaks to your order</a>.In today's big story, Southwest ditching its unassigned seat policy is a sign of the <a target="_blank" href="https://www.businessinsider.com/the-end-of-budget-airlines-southwest-jetblue-frontier-spirit-2024-7">end times for budget airlines</a> as we know it.What's on deck:<ul><li>Markets: Goldman Sachs <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7">has a new logo</a>… sort of.</li><li>Tech: OpenAI basically just <a target="_blank" href="https://www.businessinsider.com/openai-searchgpt-search-engine-prototype-declares-war-with-google-2024-5">declared war on Google</a>.</li><li>Business: Pop stars got millions in pandemic aid that <a target="_blank" href="https://www.businessinsider.com/nksfb-svog-blowback-rich-musicians-pandemic-relief-2024-7">raised red flags for their accountants</a>.</li></ul>But first, that's going to cost extra.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Seating-as-a-Service</h2><div type="image" title="seats getting more expensive" height="750" width="1500" msid="112047658" hostid="261" sizebytes="69922"></div>You are no longer free to move about the cabin.Southwest Airlines is <a target="_blank" href="https://www.businessinsider.com/southwest-is-getting-rid-of-open-seating-on-all-flights-2024-7">ending its open seating policy</a>, opting for assigned and premium seating options. It's a substantial change for the budget airline that has let passengers pick their seats after boarding since its <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-history-2021-8">founding more than 50 years ago</a>.But tradition takes a backseat when the bottom line is suffering. Despite a record $7.4 billion in revenue for the second quarter, the airline's quarterly profit ($367 million) was almost cut in half compared to the same period last year.Meanwhile, activist investor Elliott Management's $1.9 billion stake in Southwest has it <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">calling for big changes</a>. And the airline manufacturer Southwest relies on <a target="_blank" href="https://www.businessinsider.com/boeing-airplanes-awaiting-parts-delivery-clog-up-parking-spaces-2024-7">is going through its own crisis</a>. So yes, something had to give.A timeline on when the change will occur wasn't announced — more details are coming in September — but the impact is already estimated to be big. Between paid seat assignments and premium seating, Southwest could add as much as $3 billion in new revenue, according to one analyst.Southwest isn't alone in its struggles. Prior to the announcement, the S&amp;P 500 Passenger Airlines index was down almost 9%. The issue? Despite an influx of demand, there are simply <a target="_blank" href="https://www.businessinsider.com/airlines-united-delta-scrambling-fix-crisis-too-many-cheap-flights-2024-7">too many cheap, economy-class seats on the market</a>, writes Business Insider's Benjamin Zhang.<div type="image" title="Image of Southwest plane landing at San Diego airport." height="1280" width="1920" msid="112047667" hostid="261" sizebytes="91194"></div>The real pain of the current travel landscape is being felt by budget airlines.High labor and fuel costs are difficult to navigate for all airlines, but it's especially tricky for ones trying to do it at a much lower cost than their rivals.That's why Southwest's decision to end its open seating policy <a target="_blank" href="https://www.businessinsider.com/the-end-of-budget-airlines-southwest-jetblue-frontier-spirit-2024-7">could be a sign of the end of budget airlines</a> as we know it, writes BI's Taylor Rains and Pete Syme. The shift shows how low-budget airlines are rethinking their business models as they face an uphill battle not following their high-priced peers' footsteps.Southwest CEO Bob Jordan has been adamant these are changes customers want. But there is an undeniable financial factor to the move.Similar changes from Southwest could ultimately upend the way a good chunk of the country travels. Southwest, American, United, and Delta make up the country's Big 4 airlines. But only Southwest markets itself as a budget airline.In the meantime, you might need to start paying for that window or aisle seat on your next Southwest flight.Or don't. After all, <a target="_blank" href="https://www.businessinsider.com/airplane-middle-seat-not-bad-aisle-window-travel-2024-1">the middle seat really isn't that bad</a>.<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="Photo illustration of Goldman Sachs logo changes over time" height="731" width="1300" msid="112047665" hostid="261" sizebytes="12540"></div><ol><li>New logo, who dis? Goldman Sachs is <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-new-logo-and-website-before-and-after-2024-7">launching a new logo</a> that's a partial callback to a design the bank used for decades before largely retiring it in 2020. But some insiders questioned if the time and money spent on the overhaul was worth it.</li><li>The US economy had a huge second quarter. US real GDP growth was <a target="_blank" href="https://www.businessinsider.com/gdp-gross-domestic-product-second-quarter-2024-us-economy-2024-7">2.8% at an annualized rate</a>, well above the 2.0% forecast. It also doubled its growth from the first quarter (1.4%). But the "perfect report for the Fed," as it was described by one expert, likely won't lead to a rate cut next week. What's worse, it might be <a target="_blank" href="https://www.businessinsider.com/next-recession-outlook-forecast-interest-rate-cuts-sahm-rule-unemployment-2024-7">too late to avoid a recession</a>, according to one former central bank president.</li><li>This sector isn't sexy, but it's worth your investment. America's infrastructure is crumbling, and Bank of America expects an uptick in restoration and building projects in the next decade. That's a <a target="_blank" href="https://www.businessinsider.com/invest-old-school-us-crumbling-infrastructure-ai-industrials-materials-bofa-2024-7">huge growth opportunity for investors</a>.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="Collage of stock prices and a broker looking at a screen." height="1500" width="3000" msid="112047659" hostid="261" sizebytes="188136"></div><ol><li>The AI hype train is still running at full tilt. Just don't ask where the profits are. Although AI enthusiasm super-powered some US equities, <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">investors are starting to question Big Tech's big spending</a>. They <a target="_blank" href="https://www.businessinsider.com/big-tech-investors-wary-high-ai-spending-markets-selloff-nasdaq-2024-7">grilled Google's parent company on AI initiatives</a> and are likely to focus on it when Meta, Amazon, Apple, and Microsoft report earnings next week.</li><li>Tech can still be a lucrative career choice. Despite the industry's recent layoffs, some people have successfully made the move into tech. One former teacher broke into the field with a coding bootcamp, and <a target="_blank" href="https://www.businessinsider.com/break-into-tech-quit-teaching-coding-boot-camp-2024-7">now makes six figures</a>. Another shared the <a target="_blank" href="https://www.businessinsider.com/resume-landed-product-manager-job-microsoft-facebook-chris-hsiao-2024-7">résumé that helped him land a job at Microsoft</a>.</li><li>OpenAI is coming for Google's lunch. In a virtual declaration of war against Google, OpenAI just confirmed <a target="_blank" href="https://www.businessinsider.com/openai-searchgpt-search-engine-prototype-declares-war-with-google-2024-5">it's launching SearchGPT</a>, bringing it a step closer to its own search engine. Though just in a testing phase, the temporary product will directly compete with Google's Search Generative Experience.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="Chad Kroeger, Post Malone, and Chris Brown photo collage" height="1000" width="2000" msid="112047663" hostid="261" sizebytes="256724"></div><ol><li>Behind-the-scenes worries about music stars' COVID cashouts. Los Angeles accounting firm NKSFB helped stars like Nickelback and Chris Brown secure COVID relief cash from the federal government. The stars got millions in taxpayer money — even though NKSFB initially <a target="_blank" href="https://www.businessinsider.com/nksfb-svog-blowback-rich-musicians-pandemic-relief-2024-7">fretted that they could be breaking the law</a> by applying, court documents say.</li><li>How moguls like Rupert Murdoch control their companies without owning them. The Murdoch family is headed for a fight over Fox and News Corp that would make "Succession" writers proud. Though both are publicly traded companies, they're built on a stock structure that lets one family wield enormous power. <a target="_blank" href="https://www.businessinsider.com/murdoch-moguls-media-tech-dual-class-stock-control-how-2024-7/">They're not the only ones</a>.</li><li>The US job market teeters near the "danger zone," according to a famed economist. Claudia Sahm is the creator of the highly accurate recession indicator Sahm Rule. She warned that <a target="_blank" href="https://www.businessinsider.com/recession-outlook-job-market-layoffs-unemployment-rate-hiring-economy-2024-7">the job market is in the "yellow zone"</a> as unemployment ticks higher.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/barack-obama-endorses-kamala-harris-for-president-after-a-delay-2024-7">Barack Obama finally endorses Kamala Harris</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/real-estate-investors-experts-passive-income-long-term-rental-properties-2024-7">Real estate investors weigh in on how passive rental income really is: 'It's like having an expensive puppy.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/lululemon-breezethrough-leggings-criticized-pulled-stock-plunged-tiktok-youtube-reviews-2024-7">Lululemon just released new leggings. Shoppers and shareholders are mad.</a></li><li><a target="_blank" href="https://www.businessinsider.com/how-donald-trump-could-replace-jd-vance-vice-president-poll-2024-7">How Trump could replace JD Vance if the Ohioan's terrible polling continues</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/mybeasts-friend-accused-of-messaging-minors-steps-away-from-channel-2024-7">One of MrBeast's oldest friends quit his operation in a scandal. It could hurt him too</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/quiet-vacation-mouse-jiggler-quiet-quitting-2024-7">I'm a quiet vacationer. Here's how I used a mouse jiggler to take a monthlong trip to Italy without telling my boss</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/donald-trump-fbi-christopher-wray-bullet-assassantion-attempt-shrapnel-2024-7">FBI director says there is 'some question' whether Trump was hit with a bullet or shrapnel</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/sam-altman-strategy-china-competition-2024-7">Sam Altman says the US has to do 4 things to prevent China from taking the AI throne</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>Donald Trump meets with Israeli prime minister Benjamin Netanyahu at Mar-a-Lago.</li><li>Paris Olympics Opening Ceremony.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Southwest ditching its unassigned seat policy shows how budget airlines' business models are getting upended

<ul class="summary-list"><li>Holly Martins, 39, was taught that scraping by financially was OK, she said.</li><li>After divorcing, she realized she needed to make a lot of money.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.instagram.com/hollysellsjersey/">Holly Martins</a>. It has been edited for length and clarity.I grew up in a household that fostered a <a target="_blank" href="https://www.businessinsider.com/decluttering-my-home-poverty-mentality-harms-2024-03">poverty mentality</a>. I was told to earn just enough to live, don't complain, get a stable job, stay there forever, and never, ever talk about money. My parents worked good, solid government jobs in order to scrape into the middle class, but they still always lived as if they didn't have enough money or resources.I was told to find a job with a pension and ride it out until retirement. I was never taught to dream big or reach for the stars.My first job was at a nonprofit, where I scraped nickels to get by. After I got married and had kids, I quit my job because I wasn't making enough to <a target="_blank" href="https://www.businessinsider.com/childcare-workers-pay-quit-impact-on-children-tuition-increase-2023-4">pay for daycare</a>. It made more sense for me to just stay home with the kids than work. I missed working, but stayed home with the kids until my husband and I separated in 2019.<h2 id="5ab09c40-ff26-4836-b9ec-918535db04e6">I became focused on money after my divorce</h2>Suddenly, I realized I needed to make a lot of money to support my household without a partner. It was the first time in my life I'd had that thought. In the past, I'd always believed it was OK to be scraping by.I had gotten my <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/how-to-find-real-estate-agent">real estate license</a> after my second son was born, and dabbled in selling homes. But compared to my husband's career, mine was always treated as a hobby. Now, I saw it as a lifeline. Real estate is all commission-based. There's no floor to how little you can make, but there's also no ceiling. For the first time ever, I felt motivated to reach for the stars.<h2 id="5b2ee450-27cb-464a-8ea6-1905a9efd954">I did lots of therapy to address my poverty mentality</h2>Undoing years of messaging from my parents and myself wasn't easy. It felt uncomfortable to admit I wanted success. I thought I was being unfair when I asked for what I was worth. Processing that took a lot of therapy.In addition to my therapist, I started surrounding myself with people who dreamed big. In the past, working in a nonprofit, I'd told myself I had little money or financial resources, but it was OK because I was a good person. Now, I was reevaluating that message. The people around me told me I was a good person and I deserved a lot, including <a target="_blank" href="https://www.businessinsider.com/what-does-gen-z-want-workplace-financial-stability-paid-leave-2024-2">money and financial stability</a>.Today, I teach my boys, who are now 7 and 9, these same lessons. Sometimes, they have self-limiting beliefs. I remind them that they're amazing and can accomplish anything they set their mind to — something I was never told as a kid.<h2 id="dad1b54f-602c-45c2-8899-4aab7a940bd6">I'm exposing my sons to saving and investment</h2>My new mindset coincided with the 2020 real estate boom in New Jersey, where I live and sell homes. I was making more than I ever had. Saving money came easily to me since I was used to putting all my money toward bills. Once I had the money I needed to pay for my necessities, I started to invest. I now have a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">retirement account</a>, college savings, and other investments.I started to show my sons what I was doing. Now, <a target="_blank" href="https://www.businessinsider.com/teaching-kids-financial-literacy-from-little-2024-8">we talk about money</a> all the time. I was never shown a budget, savings account, or investment account. Luckily, friends and mentors later taught me how to use these financial tools, and I also educated myself with podcasts. It's hard to learn something if you're not exposed to it. I was thrilled when my older son recently asked if he could start investing because I want my boys to have that exposure early.<h2 id="e1f74bed-2abe-4fed-a04b-ec04857dba9a">I want my sons to make grand plans</h2>Last year, I bought my ex out of our house. But around that same time, I realized that my family would be better off in a neighboring school district. Our family uses <a target="_blank" href="https://www.businessinsider.com/how-private-equity-is-reshaping-special-education-2024-4">special education services</a>, and they just weren't cutting it in our original district.The version of myself from before would have rather died than make a grand plan, like moving from a house she'd just obtained ownership of. But the new me knew she could do it. I <a target="_blank" href="https://www.businessinsider.com/rent-house-extra-income-declutter-happier-2024-9">rented out our home</a> and moved the boys into a rental in the new district. I plan to purchase a home here later this year.I hope making this move shows the boys they deserve to take risks and make plans to improve their lives. They're entitled to access the resources they need.<h2 id="d8c1db9d-525c-4a90-9966-a0e65602d981">I don't want my kids to be afraid of the world</h2>I realize now I had a lot of fear because of my upbringing. I don't want that for my sons: they should know that the world is an amazing place for them to explore, and that home is a safe place that they can come back to.I've learned that I can be a good person and also be successful. Wanting to strive and achieve isn't a perversion. I don't need to sacrifice my well-being in order to serve others. It took me more than three decades to learn these lessons, so I'm teaching them to my boys as soon as I can.

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