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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! A 72-year-old VC investor still runs four marathons a year. He spoke to BI about <a target="_blank" href="https://www.businessinsider.com/training-tips-for-older-runners-from-72-year-old-marathoner-2024-10">how he fits the training into his busy schedule</a> as he tries to run 100 marathons before he turns 100.In today's big story, a final look at the impact a Harris or Trump presidency <a target="_blank" rel="noopener" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">will have on your finances</a>.What's on deck:<ul><li>Markets: A survey exclusively shared with BI shows how a slice of Wall Street <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">thinks the election will go</a>.</li><li>Tech: Nvidia is replacing Intel in the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Dow Jones Industrial Average</a>.</li><li>Business: We spoke to more than 750 people about <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">their struggles finding a job</a>.</li></ul>But first, let's go over it one more time.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">The White House and your wallet</h2><div type="image" title="Trump and Harris." height="1743" width="2323" msid="114952573" hostid="261" sizebytes="392138"></div>On the eve of election day, we're offering a final breakdown of how both candidates might affect your wallet.Business Insider ran a <a target="_blank" href="https://www.businessinsider.com/election-preview-consumer-outlook-how-trump-harris-housing-taxes-2024-11">five-part refresher series</a> last week examining how the policies proposed by Vice President Kamala Harris and former President Donald Trump impact US consumers.With little middle ground between the two candidates, there are a wide range of implications. Let's get into it:<a target="_blank" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">Investing</a>: The corporate tax rate is the major difference between the two sides that'll likely have the biggest impact on markets. Trump's plan to reduce the rate, which stands at 21%, is viewed by most as beneficial for corporate earnings. Harris wants to raise the corporate tax rate, which would likely have the opposite effect.<a target="_blank" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">Cost of things</a>: Both candidates are looking to keep leveraging tariffs, but Trump's policy is much more aggressive. His broad-based 10%-to-20% tariff on most imported goods will ultimately make those products more expensive, according to most economists. When it comes to grocery prices, Trump previously said he'd restrict food imports to boost local farmers. Harris wants a federal ban on price gouging, but that'd only be applicable during national emergencies.<a target="_blank" href="https://www.businessinsider.com/housing-affordability-supply-impact-presidential-election-scenarios-homebuyers-harris-trump-2024-10">Housing</a>: Harris wants to boost construction, with a goal of adding 3 million new housing units during her first term. The former president views his immigration plan — deporting millions of people from the country — as a way to address the housing shortage. Banning mortgages for immigrants living in the US illegally is another way to lower demand, according to Trump.<a target="_blank" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">Taxes</a>: Trump is expected to expand on the tax cuts he established in 2017. The highest earners in the country, those in the top 0.1%, would see a tax reduction of nearly $280,000 whereas middle-income Americans would get a $1,000 break on their taxes, according to one analysis. Harris' proposals will favor lower-income earners, although she's promised to not raise taxes for anyone making below $400,000. She does support a minimum income tax for billionaires.<a target="_blank" href="https://www.businessinsider.com/childcare-costs-presidential-election-scenarios-parents-paid-leave-harris-trump-2024-10">Childcare</a>: Both candidates have discussed increasing the amount of the child tax credit, which currently provides up to $2,000 per child. Harris has also zeroed in on childcare costs, promising to cap those expenses at no more than 7% of families' income. Neither candidate has suggested funding childcare facilities or boosting hiring, which is a key issue for the industry.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Harris leads Trump by three points in a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/harris-trump-iowa-polling-lead-swing-states-2024-11">new poll in GOP-leaning Iowa</a>.</li><li>TGI Friday's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tgi-fridays-files-for-bankruptcy-2024-11">filed for Chapter 11 bankruptcy</a>.</li><li>Scoop: Gwyneth Paltrow's lifestyle brand Goop <a target="_blank" href="https://www.businessinsider.com/gwyneth-paltrow-goop-lays-off-employees-pivot-beauty-food-fashion-2024-11">conducted another round of layoffs</a>.</li><li>In an all-hands, Intel CEO addresses employee concerns about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-chips-act-funding-all-hands-meeting-2024-11">the US election and CHIPS Act funding</a>.</li><li>WATCH: How Elon Musk is reshaping American politics. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-reshaping-american-politics-ahead-of-2024-elections-2024-11">A conversation with Politico and BI</a>.</li><li>How a free meal cost an investor <a target="_blank" href="https://www.businessinsider.com/how-a-free-meal-cost-an-investor-his-retirement-savings-2024-10">his retirement savings</a>.</li><li>The China threat and the EV slowdown — <a target="_blank" href="https://www.businessinsider.com/auto-industry-faces-trouble-in-china-ev-slowdown-2024-11">2 takeaways from a busy few weeks in auto news</a>.</li><li>Record producer Quincy Jones has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/quincy-jones-dead-obituary-2024-11">died at 91 in his home in Bel Air</a>.</li><li>The US dollar is jittery, and it's not <a target="_blank" rel="noopener" href="https://markets.businessinsider.com/news/stocks/us-dollar-presidential-election-fed-interest-rates-china-npc-stimulus-2024-11">only because of the presidential election</a>.</li><li>The Navy's top ballistic missile interceptor comes with a heavy price tag, <a target="_blank" href="https://www.businessinsider.com/us-navy-top-interceptor-missile-heavy-price-tag-low-procurement-2024-10">but the US can't afford to go to war without it</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo of Wall Street with American flags" height="1333" width="2000" msid="114952577" hostid="261" sizebytes="241826"></div><ol><li>These investors give the slight edge to Trump. A survey of some of SumZero's investor community, which includes small hedge funds and family offices, found 53% believe <a target="_blank" href="https://www.businessinsider.com/wall-street-election-predictions-professional-investor-survey-2024-11">Trump will win the election</a>. That follows other signals the finance world is sending that it views Trump as the favorite, including European stocks trading at a discount due to concerns over tariffs.</li><li>Interest rate cuts are back. The Fed will announce Thursday what it plans to do with rates, with <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-federal-reserve-election-jerome-powell-inflation-jobs-2024-11">most traders expecting a 25-basis-point cut</a>. After that, there's one more chance for the Fed to cut rates in December, although JPMorgan's strategy chief said a Trump win <a target="_blank" href="https://www.businessinsider.com/trump-win-fed-pause-rate-cuts-easing-jpmorgan-david-kelly-2024-11">could give the central bank pause</a>.</li><li>Wall Street analysts are scratching their heads over Comcast's potential reorg. The company's president suggested it might spin out CNBC and MSNBC into a new firm while retaining NBC and adding a partner to its steamer. On paper the move makes sense, but analysts question how the cable networks could survive by themselves and <a target="_blank" href="https://www.businessinsider.com/comcast-cable-network-spinoff-peacock-partnership-deal-wall-street-analysis-2024-11">who would be willing to team up with Peacock</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Jensen Huang" height="3526" width="5289" msid="114952576" hostid="261" sizebytes="532426"></div><ol><li>A monumental swap. S&amp;P Dow Jones Indices announced Nvidia will replace Intel in the Dow Jones Industrial Average index, which looks to project the most relevant picture of the US economy. It shows <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">how far Intel has fallen from relevancy</a>, and raises questions about the future role it'll play in computing and AI. BI's Emma Cosgrove explains <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-nvidia-replacing-intel-dow-jones-industrial-average-explained-2024-11">why it's such a big deal</a>.</li><li>Everything we know about the Apple Intelligence rollout. Some of Apple's long-awaited AI features rolled out last week, including a new Siri interface and enhanced Messages. However, other features unveiled at WWDC in June won't be available until 2025. We've got <a target="_blank" href="https://www.businessinsider.com/apple-intelligence-features-rollout-timeline-iphone-16-2024-9">an estimated timeline of the rest of the releases</a>, based on what Apple experts and the company have said since WWDC.</li><li>Some Democratic political advertisers are still betting on X. Though Musk's ownership has shifted the platform's political stance, <a target="_blank" href="https://www.businessinsider.com/democratic-political-advertisers-using-elon-musk-x-twitter-2024-11">a small number of Democratic ad campaigns still see opportunity</a>. Montana Sen. Jon Tester and Texas Rep. Colin Allred are among the Democrats still hanging on tight to X.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Fish with price tags." height="3000" width="4000" msid="114952579" hostid="261" sizebytes="975922"></div><ol><li>Endless options are ruining e-commerce. The allure of online shopping was the ability to compare a variety of options from the comfort of your home. But what happens when there are literally tens of thousands of products to choose from? Information overload, choice paralysis, and <a target="_blank" href="https://www.businessinsider.com/online-shopping-ecommerce-comparison-burnout-too-many-choices-overwhelming-decision-2024-11">extremely frustrated shoppers</a>.</li><li>The great American shoplifting spree. Regular Americans are shoplifting everything from tape measures to blocks of cheese, and they don't feel particularly bad about it. Some of these opportunists view it as a way of fighting back against <a target="_blank" href="https://www.businessinsider.com/middle-class-shoplifting-retail-theft-crime-stealing-stores-2024-11">goods that are unjustly expensive</a>.</li><li>The biggest woes of finding work. BI spoke to over 750 people who have struggled to find a job, from older workers just shy of retirement to eager recent graduates. They shared what they're most frustrated with, including fake job postings, competition from AI, and the feeling of <a target="_blank" href="https://www.businessinsider.com/cant-find-job-unemployment-applications-retirement-mba-age-competition-openings-2024-11">being shut out from some careers</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Fox Corp, Goodyear, Marriott, and other companies report earnings.</li><li>Boeing's unionized workers vote on a new pay offer.</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. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Here's a final breakdown of how both presidential candidates might affect your finances 

Nalin Bansal, Chief Relationship Management at the National <keyword id="20242630" type="General" weightage="20" keywordseo="payments" source="keywords">Payments</keyword> Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are <keyword id="19900675" type="General" weightage="20" keywordseo="women" source="keywords">women</keyword>, with even lower penetration in semi-urban and rural areas. "While we've achieved significant scale in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword>, penetration remains a challenge, with only 25% of payment users being women, and even fewer in semi-urban and rural areas. Many women's mobile numbers are not linked to their bank accounts, hindering their participation," Bansal said. He added, "Yet, data shows women are 50% less prone to fraud and are highly loyal and engaged users. As an ecosystem, we must prioritize personalized, assisted services and continuous engagement across all channels. UPI123 has made strides, especially for initiatives like Ujjwala, and prepaid instruments hold promise as a 'secret purse' for women. Building trust is crucial, and it is our collective responsibility to foster it." Women are more likely to adopt <keyword id="20853683" type="General" weightage="100" keywordseo="digital-financial-services" source="keywords">digital financial services</keyword> when introduced by local agents or <keyword id="22950816" type="General" weightage="20" keywordseo="community-influencers" source="keywords">community influencers</keyword>, particularly women who can help them overcome social and technological barriers. Women who make at least five <keyword id="19971375" type="General" weightage="20" keywordseo="transactions" source="keywords">transactions</keyword> in the first week of onboarding are twice as likely to continue using <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>. This highlights the need for financial service providers to rethink in-app nudges and sales metrics to encourage consistent usage. 93 per cent of women surveyed expressed the need for ongoing support during the first three months of using digital payments, particularly for grievance redressal during failed transactions. Kalpana Ajayan, Regional Head - South Asia, Women's World Banking, said, "We recognize that digital payments can serve as a powerful tool for women, enabling them to manage their finances more effectively, access a broader range of services, and ultimately secure a better future for themselves and their families." She added, "By addressing the specific barriers that women face in adopting digital payments, we open up a new frontier for growth. This initiative is about much more than inclusion--it's about positioning women as key drivers in the digital financial ecosystem." The NPCI's UPI platform has already revolutionized India's payment landscape, with UPI transactions soaring from Rs 920 million (USD 11.08 million) in FY 2017-18 to Rs 83750 million (USD 1.01 billion) in FY 2022-23, reflecting a staggering CAGR of 147 per cent. The value of UPI transactions reached INR 80.79 trillion (USD 96,287) across approximately 55.66 billion transactions in the first four months of FY 2024-25. Of the 536 million women aged 15 years and older in India, 37 per cent report using mobile internet, making the addressable market for UPI solutions among women around 200 million strong.

Women are more likely to adopt digital financial services when introduced by local agents or women community influencers

<ul class="summary-list"><li>With bonus season coming, BI asked industry insiders what Wall Street's current status symbols are.</li><li>These 10 trends reflect a move away from loud displays of wealth to experiences and personalization.</li></ul>With bonus season just a quarter away — big banks like Goldman and JPMorgan typically communicate the numbers in <a target="_blank" href="https://www.businessinsider.com/when-goldman-jpmorgan-morgan-stanley-other-banks-will-announce-bonuses-2024-1">early January</a> — Wall Street rainmakers may soon be thinking about what they want to spend this year's extra check on. And though investment bankers may not be quite as ostentatious as in the heyday of the '80s and '90s, there are still plenty of ways they choose to express their wealth and power.BI spoke to four industry insiders who have eyes on what's trending at all levels of Wall Street, including a junior banker turned private-equity employee and a personal stylist who dresses managing directors and partners. To be sure, status symbols vary by seniority: what's impressive to <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-ryland-mcclendon-oversee-junior-bankers-wellness-80-hour-weeks-2024-9">junior bankers</a> may be cringe to senior MDs, for example.That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude <a target="_blank" class="" href="https://www.businessinsider.com/status-symbol-item-sales-show-quiet-luxury-changing-americana-corporate-2024-9">"quiet luxury."</a> They are also spending money on personalization as well as experiences — think big trips, luxurious secondary homes, and posh sporting events.Here are 10 of the top status symbols on Wall Street in 2024.<h2 id="5642aec8-1b24-4045-876f-3fadc91a63ac">Posh sporting events</h2>Attendance at exclusive sporting events like the Paris Olympics, the US Open, and Formula 1 races has become a surefire sign of status on Wall Street, insiders told BI.Indeed, Bloomberg declared the 2024 Paris Olympics "<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-02/wall-street-descends-on-paris-olympics-jpmorgan-citadel-executives-attend?embedded-checkout=true">Summer Davos</a>" for Wall Street in a story that reported sightings of CEOs Ken Griffin of Citadel, David Solomon of Goldman Sachs, and <a target="_blank" class="" href="https://www.businessinsider.com/how-to-succeed-at-blackstone-schwarzman-gray-career-advice-2024-8">Stephen Schwartzman of Blackstone</a>, to name just a few.Last month, the US Open in Queens took the spotlight online as <a target="_blank" href="https://www.businessinsider.com/us-open-popular-as-tennis-interest-surges-2024-9">the hottest place</a> for New York socialites to see and be seen. And where there are celebrities and influencers, there tend to be Wall Street dealmakers."All my clients went to the US Open," said Jessica Cadmus, a <a target="_blank" class="" href="https://www.businessinsider.com/wall-streeet-styles-investment-banker-wardrobe-for-women-and-men">personal stylist</a> whose clients are almost exclusively managing directors and partners at finance firms in New York.Even junior-level employees said the famous tennis tournament was the place to be to mark the end of summer."I know at least three people in the finance community who were at the Open last night," a young private-equity employee told BI in August after attending the tournament with friends.Of course, the most elevated version of this status symbol is <a target="_blank" href="https://www.businessinsider.com/richest-sports-billionaire-owners-nfl-nba-premier-league-cricket-wealthy-2024-5#10-steve-cohen-1">owning your own sports team</a> — or getting access to private box seats.<div type="image" title="Crowd watching the 2024 US Open Tennis Championships in New York City." height="5341" width="8011" msid="113882292" hostid="261" sizebytes="5175806"></div><h2 id="f1c8e1a4-389c-4fae-aa3f-80984327170d">Home organizers</h2>Wall Street executives have no shortage of personal assistants and staff, said Cadmus, because every moment of their time is worth thousands of dollars."Everybody that I work with has at least one person, if not multiple people, in their home all day long attending to X, Y, or Z," Cadmus told BI. "There are assemblies of nannies, home cleaners, and chefs."Lately, there has been a new trendy addition to the usual in-home lineup — that of the "home organizer."Think Marie Kondo — someone who comes into your home, takes a good look around, and crafts a custom organization plan to make your space user-friendly and effortlessly neat."I would say over the last five years, I've seen people leaning into that sort of service more, and I'd never really seen a ton of that," Cadmus said.This person might, for example, put custom inserts for your kitchen cabinets so your Le Creuset pots fit seamlessly. But an organizer tackles just about any space you could conjure up, from a pantry to the coat closet or your kid's playroom."People do want to feel more connected to the items in their home, and they do want to feel a sense that things need to have a purpose and they need to be organized," Cadmus said.<h2 id="843bc59e-8506-437f-91ef-333d3d8e2db4">Zegna sneakers</h2>A PR expert who works in the industry said they have seen a trend in one particular shoe recently among very high-ranking execs in the office: Zegna's "triple stitch" sneakers. The leather version (pictured below) costs about $1,300 per pair and come in a ton of colors. An espadrille version of the shoe was also a hot summer pick, this person said, and costs about $1,100.Cadmus likes Zegna for men's off-the-rack suits, but for office-friendly sneakers she recommends the Tom Ford nylon and suede sneakers in black and white, which she described as "heavy lifters" for her clients.<div type="image" title="Man wearing Zegna triple stitch sneaker." height="1058" width="1410" msid="113882291" hostid="261" sizebytes="135370"></div><h2 id="e65e11f4-c4c8-4313-bfe9-b5642fa8f456">Big trips and experiences</h2>Cadmus has seen a notable uptick in senior bankers going on extravagant and foreign getaways. "I feel like the shift, especially with the younger, up-and-coming rising stars is not stuff — it's experiences, it's travel," said Cadmus.This is leading to more safari adventures in Africa and, this past summer in particular, family vacations to Costa Rica. To be clear, we're not talking about an all-inclusive Sandals resort situation here. They're highly bespoke, private, and personal trips."Whether it be a Four Seasons or whether it be a super fancy boutique hotel, every bit of the travel is going to be a first-class situation."For example, you might have a personal tour guide to take you on adventure experiences away from the throngs of tourists, a chef to cook your family private dinners each night, as well as a personal driver. And when one person at a firm loves a place or experience, it tends to spread like wildfire in popularity."The culture is so strong and the word of mouth is so strong that if one thing or experience is vetted by someone and recommended, that recommendation is golden because everybody has the same sort of expectations," said Cadmus. "Things really get passed from person to person. It's a pretty tight community that way, especially in the bigger banks."<h2 id="59f49c7e-9e86-4708-8a6a-820c40beabb8">Van Cleef necklaces and Cartier bracelets</h2>Van Cleef is a high-end jewelry brand, and one type of necklace in particular has taken over the necks of Wall Street women (and the wives of male rainmakers): the Alhambra. It has an unmistakable nickel-sized pendant in the shape of a four-leaf clover, comes in various colors, and, depending on the model, costs about $3,000."I distinctly remember that my first day of banking training there were three or four girls with them on their necks, and I was like, what is that necklace?" said the private-equity junior.This person, along with the other insiders who spoke to BI for this story, laughed at the mention of the brand because it has become so ubiquitous. But cliché or not, they agreed the brand has an undeniable presence in investment banking."I think they're sort of perpetual," added Cadmus. "And beyond Wall Street too. It's just kind of a favored wealthy person brand."Another popular piece for Wall Street women is the Cartier "love" bracelet — a bangle with the brand's iconic circular screws that sells for $7,350.Cadmus loves Cartier as a choice for fine jewelry staples, but for her clients, she often opts for the slightly less popular "Juste un Clou" line."The Love bracelet has been 'the one' for a while now," she said.<div type="image" title="cartier love bracelet" height="765" width="1020" msid="113882296" hostid="261" sizebytes="31484"></div><div type="image" title="Woman on street wearing a green and gold Van Cleef &amp; Arpels Alhambra necklace." height="1854" width="2472" msid="113882295" hostid="261" sizebytes="157932"></div><h2 id="54b85fbd-3321-4add-85f4-248311f7bc54">Personal Jewelers</h2>There's another option for those who want more unique pieces: handcrafted jewelry. Cadmus said she has seen an uptick in clients who prefer to have their jewelry customized."A lot of my clients have a jeweler with who we discuss what will be made for them," said Cadmus. "We'll see something, and a lot of times we will riff on that and be like, 'oh, that's cool, but it'd be better with this stone' or, 'I like that necklace, but I would prefer it as a bracelet.' Then we talk to the jeweler, and we have it made."Depending on the materials you choose, she said, you can often have items made for 30% to 40% less than designer prices.<h2 id="e6b25c55-c06f-44c3-978b-ab654531873f">Quiet luxury clothing brands</h2>"<a target="_blank" href="https://www.businessinsider.com/wall-streeet-styles-investment-banker-wardrobe-for-women-and-men">Quiet luxury</a>" is the new protocol for looking chic on Wall Street versus the ostentatious brand flexing of the past. The term refers to wearing pieces that are very high-quality and expensive but don't sport conspicuous logos and aren't necessarily made by household luxury names."The bonuses aren't as outsized as they used to be, and when they are, that's not something your institution really wants you to advertise in any way," Cadmus said. "So there is this quiet rule, and especially with the big MDs, which is just don't be ostentatious about your wealth. It's very frowned upon."The private-equity junior agreed. "No guy walks around with a Hermes or Gucci belt," this person said.Pop culture phenomena, like the popular HBO TV series "Succession," have put the quiet luxury trend in the spotlight. Leading actor Jeremy Strong wore a coat from the brand Loro Piana (pictured below) in an episode of the show."Loro Piana is probably the preeminent quiet luxury brand," Cadmus said of the label, which she has used for years.Other quiet luxury brands Cadmus reaches for when styling clients include Armani and Tom Ford for men and Akris and Max Mara for women. For quiet luxury bags and accessories, Cadmus recommends brands like Hermes, Celine, Bottega Veneta, and Khaite.<div type="image" title="Jeremy Strong Succession" height="1152" width="1535" msid="113882299" hostid="261" sizebytes="83210"></div><h2 id="f1c37838-120b-49dc-82ab-a82d9efc4d7c">Overhauling the homestead</h2>Cadmus has also observed an uptick in clients going all out to make their homes truly their own."Most of my clients have apartments that were originally two or three separate apartments that they had renovated to become one," said Cadmus.The same goes for their other properties. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). But it's not just buying a great place that's a status symbol — it's having a whole team behind every facet of its construction and design, said Cadmus. That means, for example, hiring a renowned architect for the project and a best-in-class interior designer to outfit the home with luxurious furnishings."It's a major production. It's not like, 'Okay, we're just going to snatch this thing up and live in it as is.' It is a major overhaul."<h2 id="93455364-2851-41bd-9d67-0fb75739c2e6">The Hamptons</h2>The beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan. They remain a popular spot for summer trips and second homes, Cadmus said.Even juniors tend to rent out homes in Montauk and split the cost to get in on the fun, said a former banking analyst who recently quit. Indeed, in the summer, the train from Manhattan to Montauk is "full of finance people on their phone arguing about a deal and legal docs and clacking on their laptops," added the private-equity junior.Nantucket and Cape Cod, according to Cadmus, are also popular but less cliche choices for second-home locations.<div type="image" title="Atmosphere at Midsummer Night Drinks Hosted By Lisa &amp; James Cohen at Private Residence on July 20, 2024 in East Hampton, NY." height="2400" width="3600" msid="113882289" hostid="261" sizebytes="915674"></div><h2 id="cb085dd3-e9bc-42d7-aecf-8c8c3569f7b2">Equinox memberships and personal trainers</h2>For young Wall Streeters, having an Equinox membership is par for the course, said the two ex-investment banking analysts.Equinox is a "luxury" gym that has "innovative group fitness classes, luxurious spas, and exclusive boutiques," as described on its website. A membership costs hundreds of dollars a month, varying by perks package and location access. The top-tier membership is $500 a month plus a $750 initiation fee.There are about 30 Equinox gyms in Manhattan, but "having access to the Equinox Hudson Yards location is a status symbol," said the former analyst who recently quit.As BI reported in 2019, the <a target="_blank" href="https://www.businessinsider.com/equinox-membership-prices-reviews-nyc-guide-2019-5#equinox-hudson-yards-expands-equinox-into-the-lifestyle-brand-its-been-trying-to-break-into-48">Hudson Yards location</a> has — among other amenities — views of the Hudson River in nearly every part of the gym, both indoor and outdoor pools, and is complete with its own cafe and bar.To be sure, this is a status symbol unique to younger people. Senior bankers don't want to be part of a gym scene, Cadmus said. Among their aforementioned lineup of domestic staff is usually a personal trainer who comes to their in-home gym."Yes, a younger person is going to enjoy that — there are social perks to that. But senior people do not want to be looked at when they're working out," she said. "They want somebody tracking it for them — their progression and all that kind of stuff. It's just totally different."<div type="image" title="Equinox Hudson Yards." height="3024" width="4032" msid="113882300" hostid="261" sizebytes="833048"></div>

What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

<ul class="summary-list"><li>Finance creator Vivian Tu's podcast has a new home at Vox Media and wellness brand PS.</li><li>Tu aims to make finance less complex and empower diverse audiences about money.</li></ul>Vivian Tu built a name for herself as "Your Rich BFF" online through her mission to make the finance industry less "male, pale, and stale", and provide important information about building wealth to her audience. Marginalized communities, in particular, have been the cornerstone of her brand since 2021.Her knack for breaking down complex financial topics is informed by her prior role as a<a target="_blank" href="https://www.businessinsider.com/i-quit-six-figure-job-for-tiktok-vivian-tu-rich-bff-2023-11"> trader at investment firm J.P. Morgan</a> and has helped her build a very strong, engaged community of almost 7 million social media users across Instagram, TikTok, YouTube, and LinkedIn. By 2022, she was making enough money from her social media income streams, like brand partnerships and speaking engagements, that she quit her job at media company BuzzFeed to focus on her brand full-time.As she grew her social-media business, she discovered her audience wanted more in-depth knowledge about personal finance than the 30-second videos she initially went viral for; thus, the podcast "<a target="_blank" href="https://link.chtbl.com/62PA5IUj?sid=press">Networth &amp; Chill</a>" was launched in March 2023. Here, Tu interviewed wealthy, online personalities like real estate mogul Ryan Serhant, fitness creator Cassey Ho, and Bilt Rewards founder Ankur Jain about how they manage their money. She also spent some episodes breaking down topics like the <a target="_blank" href="https://www.businessinsider.com/influencer-pay-gap-creator-rates-hair-skin-tone-tiktok-instagram-2024-6">racial pay gap</a> and the psychology behind bad spending decisions.Now, 30-year-old Tu is partnering with Vox Media and the newly rebranded wellness brand PS, formerly known as PopSugar, to launch a second season of the podcast. The podcast will now include a video format and dive deeper into exactly how financially well-off individuals were able to grow their net worth into the millions."This season, I'm asking the hard-hitting questions," Tu told Business Insider. "I'm asking for dollar amounts because I think that's so important for people to hear."Vox Media was one of many suitors vying for the chance to collaborate with Tu, but they won because of an aligned vision and handing over creative control.The <a target="_blank" href="https://www.businessinsider.com/how-to-get-started-with-youtube-podcasts-build-an-audience-2024-5">video podcasting space is particularly popular — and lucrative right now</a>, with prominent creators like Alix Earle and Jake Shane, recently launching their own ventures.A<a target="_blank" href="https://www.thedrum.com/news/2024/06/06/spotify-s-2024-podcast-trends-sight-meets-sound-the-rise-the-podfluencer"> report from Spotify</a> published in June found that 63% of respondents trust their favorite podcast host more than their other favorite influencer. It's also lucrative for creators to branch out into audio; the same report found that 48% of Gen Zers and millennials said they're more likely to be interested in ads and products when they're promoted by their favorite podcasters. This means creators who choose to host podcasts can tap into a new stream of income by making money from the ads promoted within each episode.Tu said that moving into video podcasting wasn't just a "strategic business decision", it was to save her significant time. While season one of "Networth &amp; Chill" gained over 2 million downloads, Tu spent a lot of her day creating separate social assets to promote the podcast because it was only audio. With video podcasts, she can now quickly use existing visual clips and post them on Instagram, TikTok, and YouTube to spread the word about new episodes."I wanted to work smarter so I didn't have to duplicate work," she said.Vox Media and PS' new vision to center health and wellness content was a big reason she picked them; that, alongside her familiarity with their work producing podcasts, was what sealed the deal."Financial wellness is such a huge component of our rebrand so I think it felt like such a natural home for Vivian because there's a shared mission to have open and honest conversations around money and have taboo or uncomfortable topics accessible to a much wider audience," Lillian Xu, Executive Director of Vox Media's Podcast Business, told BI. "Having a very clear mission statement, like Vivian does, really helps us determine the success of a podcast."According to Xu, Vox Media and Tu will work very closely together on the podcast's sales, marketing, and distribution, such as posting teasers of new episodes across Your Rich BFF and PS' social media accounts."This podcast is going to be about the questions you've been too afraid and too nervous to ask anybody in your life," Tu said. "Even if you can't have those conversations with your own friends, you can have them with mine."

A prominent finance creator has struck a new deal with Vox Media as influencer podcasting heats up

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Financing a Sustainable Future: Creating Broad-based Economy Prosperity" height="986" width="1762" msid="91499334" hostid="261"></div><ul class="summary-list"><li>The pandemic and a racial reckoning have pushed many to broaden their definition of prosperity</li><li>It's also about physical and mental health, environmental justice, and a sense of inclusion</li><li>The conversation was part of Insider's virtual event "<keyword id="13301621" type="UNKNOWN" weightage="60" keywordseo="financing-a-sustainable-future" source="Orion">Financing a Sustainable Future</keyword>: Creating Broad-based Economic Prosperity" which took place on Tuesday, May 10, 2022.</li></ul>Two years into a devastating pandemic that pushed millions of people out of work and fueled an ongoing racial reckoning, the concept of prosperity has taken on a broader meaning. It's still about bedrock principles such as access to a reliable paycheck, yet it now includes thinking about factors like worker health and environmental justice, according to a trio of experts who took part in Insider's recent virtual panel, "<a href="https://youtu.be/D6NzuHr-0Ck">Financing a Sustainable Future: Creating Broad-based Economic Prosperity</a>." Evaluating whether someone enjoys prosperity should include considerations about a person's physical and mental health, and even whether the person feels a sense of inclusion, the panelists said. The event, in partnership with Bank of America, took place Tuesday, May 10. "With the pandemic and the racial tension and unrest that has occurred over the course of the past couple of years, everyone is redefining what prosperity means to them," Eunice Heath, corporate director of <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> at the chemical company Dow, said. The pandemic-caused upheavals to everyday life made clear how fleeting prosperity can be. Martin Whittaker, chief executive officer of the nonprofit JUST Capital, said there is now a greater focus on worker well-being than ever. Employers and worker advocates are examining employees' economic mobility and mental health, he said. Other considerations, like how people are treated in the workplace, are drawing renewed attention.For Karen Fang, the managing director and global head of <keyword id="13301622" type="UNKNOWN" weightage="60" keywordseo="sustainable-finance" source="Orion">sustainable finance</keyword> at Bank of America, prosperity includes access to basics like financial services and digital inclusion. "The definition of prosperity has gone from economic prosperity to social prosperity," Fang said. This includes intangible elements like a sense of belonging but also access to broad economic opportunities regardless of race and gender. Fang noted that one-third of Bank of America's financial centers are in low- to moderate-income communities. She said the bank has hired 10,000 workers from these areas, a goal it achieved two years early. The company plans to hire another 10,000 such workers by 2025 — something Fang expects will also happen ahead of schedule. Goals are an important yardstick at Dow as well, Heath said. She noted the company has been working with five historically Black colleges and universities to boost the number of students who pursue careers in engineering and other STEM fields. Whittaker also supports using metrics. Companies notch the most progress in helping workers, for example, when they establish clear steps they'll take. "How does a company create a roadmap for addressing economic hardship within its workforce?" he asked. "There are millions of full-time employees today who work at large publicly traded companies that don't make a local living wage." Whittaker said failing to address these concerns not only hurts workers, it presents a "systemic risk." Fang also sees big dangers relating to the climate crisis, particularly for those who lack financial resources, because a disproportionate share of the burden of the climate crisis falls on low- and moderate-income communities. "The impact is asymmetric," she said. "Environmental sustainability has become really this existential threat to the definition of prosperity." Yet despite the clear threats to business models and to broader social cohesion, Whittaker said it's wise to ask whether companies are doing enough. "We've seen a growing level of, sort of, mistrust," he said. "And I think some of that is quite healthy."It's important for the businesses that are seeking to do right by their workers, customers, and their communities to keep evaluating their efforts. Whittaker said: "How do we know we're actually creating outcomes that are meaningful here? What is the true link to business performance? Those are very healthy questions to be asking."

Execs at Bank of America, Dow, and JUST Capital say being prosperous isn't just about having enough money

<ul class="summary-list"><li>A change in housing finance policy will make it easier for people to build ADUs.</li><li>Fannie Mae and Freddie Mac will now consider projected income from ADU rentals when lending.</li></ul>It just got easier for many homeowners to build a tiny home on their property. That's thanks to a major change in federal housing finance policy. Backyard and garage tiny homes, called accessory dwelling units, or ADUs, have been popping up around the country over the past five years. Cities and states eager to increase housing supply have rolled back zoning policies that made it harder to build the residential units. But financing a build — which costs anywhere from around $100,000 to $400,000 — <a target="_blank" href="https://www.businessinsider.com/how-to-finance-an-adu-backyard-tiny-home-28-9">is notoriously difficult,</a> because federal finance policy has not moved as fast as local governments have. An adjustment in Federal Housing Administration policy is a big step towards changing that. As of October 16, federally insured mortgage providers like Fannie Mae and Freddie Mac will allow homeowners to list projected rental income of an ADU when applying for a mortgage to build one, the <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/16/white-house-announces-new-actions-on-homeownership/">White House said Monday</a>. Previously, homeowners were not allowed to list this as income. "The flexibilities will help more first-time homebuyers, seniors, and inter-generational families leverage ADUs to build generational wealth through homeownership while creating new affordable housing in their communities," White House officials said in the announcement. <h2>What this means and who it affects</h2>Fannie and Freddie set the standard for banks everywhere, so this will generally make ADU financing more accessible, Ryan O'Connell, founder of California-based ADU advocacy company How To ADU, told Insider. Broadly, everyone who offers FHA 203(k) products — a type of federally supported mortgage — will "start counting rental income when allowed," O'Connell said. <div type="image" title="one of the ADU grant recipents, Jakota Rivas, in front of her ADU. " height="720" width="1280" msid="104536600" hostid="261" sizebytes="127138"></div>But the policy only affects those seeking to purchase properties with ADUs, add ADUs to existing structures like garages, or construct new homes with ADUs. Those who plan to build a detached ADU alongside an existing home will have to wait — and that's a large chunk of who's building, O'Connell said."The majority of projects in Los Angeles have some conversion component or attached component, but in other parts of California, the majority of projects wouldn't qualify under the revised rules," he said of the projects he's worked on. "We need to keep calling for congressional action to include detached new construction ADUs." <h2>A changing landscape </h2>In 2021, California became the first state to effectively ban single-family zoning statewide through Senate Bill 9, making it possible for homeowners to build up to four tiny homes on their property.Cities across the country — in red and blue states alike — <a target="_blank" href="https://www.businessinsider.com/yimbys-winning-lower-house-prices-rents-build-more-homes-neighborhoods-2023-9">have passed legislation</a> that makes it easier to build. California, Vermont, and New York even have <a target="_blank" href="https://www.businessinsider.com/states-will-compensate-you-for-building-tiny-home-adu-2023-8">state-funded grant programs that pay homeowners</a> to do so. It's all in an effort to build more housing quickly, and ease the <a target="_blank" href="https://www.businessinsider.com/no-homes-for-sale-cant-afford-to-buy-a-house-2023-10">shortage that is driving an affordability crisis</a> around the country. Laws like this, and a similar congressional bill, will help middle class homeowners build an ADU with more financial ease.

Financing a tiny home just got easier. Here's why.

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="pepsico" height="3666" width="4888" msid="92529698" hostid="261" sizebytes="2254190"></div><ul class="summary-list"><li>For years, PepsiCo has been a leader in the ESG space.</li><li>The company has aggressive <keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">sustainability</keyword> goals over the next decade.</li><li>Here's how the company is planning to bolster sustainability internally, and throughout the industry.</li></ul>PepsiCo — the parent company of iconic <a href="https://www.pepsico.com/our-brands/creating-smiles/our-products">brands</a> like Pepsi, Lay's, Gatorade, and Quaker Old Fashioned Oats — has been committed to environmental, social, and governance, or ESG, initiatives for several years. In 2021, the consumer packaged goods company expanded that commitment with the debut of <a href="https://www.pepsico.com/who-we-are/our-commitments/pepsico-positive">PepsiCo Positive</a>, a strategic sustainability and governance plan focusing on three pillars: agriculture, value chain, and choices. "It's a strategic end-to-end transformation with sustainability and human capital at the center," Anna Palazij, PepsiCo's vice president of ESG reporting and strategic investments, told Insider. "What we're trying to do is transform the way we source our products in a more sustainable way, how we manufacture our products, and how we bring them to consumers." PepsiCo has been a leader in the ESG space. The company recently ranked second on the 2022 list of 100 Best Corporate Citizens by 3BL Media, and it's made the list <a href="https://www.pepsico.com/our-stories/story/pepsico-named-to-100-best-corporate-citizens-list">every year since 2009</a>. Palazij said PepsiCo Positive aims to drive growth internally and throughout the consumer packaged goods (CPG) industry. Expanding its ESG commitment comes as investors, suppliers, stakeholders, and customers are asking for more commitments on sustainability. The CPG industry is also feeling strained through <a href="https://unfoundation.org/blog/post/climate-change-and-the-future-of-food/#:~:text=In%20short%2C%20climate%20change%20is,to%2030%20percent%20by%202050.">droughts and hotter temperatures</a>. Governance is crucial to all of this because it ensures companies are setting goals, tracking performance, and reporting to stakeholders to ensure accountability. "We knew that now was the time to act, and we felt a responsibility and an opportunity," Palazij said. <div type="image" title="Pepsi Cola King Can on Store Shelf" height="2349" width="3132" msid="92529699" hostid="261" sizebytes="758580"></div>PepsiCo Positive is a standalone ESG program to help the company grow and become more resilient for the future. It's embedded into the company's overall financial framework, Palazij said. PepsiCo issued a <a href="https://www.pepsico.com/our-impact/esg-topics-a-z/green-bond">$1 billion green bond</a> in 2019 to produce a more sustainable food system by focusing on better packaging, decarbonization of operations and supply chain, and water sustainability. At the end of 2020, PepsiCo had distributed $858 million of the bond, which had helped reduce greenhouse gas emissions and water use and improve energy efficiency. Here's a look at how PepsiCo is transforming its business operations to produce products more sustainably. <h2>Sustainability and governance are interconnected</h2><a href="https://www.pepsico.com/our-impact/esg-topics-a-z/corporate-governance">Governance</a> is intertwined with PepsiCo's ESG goal-setting and progress reporting.PepsiCo aligns its sustainability efforts with the <a href="https://sciencebasedtargets.org/companies-taking-action/case-studies/pepsico">Science-Based Targets initiative</a>, which ensures it's meeting ambitious goals that follow the latest climate science. For example, the company plans to reach net-zero emissions by 2040 — meaning the greenhouse gas emissions produced are balanced with emission reductions — and be net water positive by 2030, in which the company will replenish more water than it uses. In 2020, PepsiCo <a href="https://www.pepsico.com/our-impact/sustainability/sustainability-report">achieved 100% renewable electricity in its US operations</a>, which is the company's largest market, and plans to expand that to 15 countries by the end of 2021. Progress on sustainability is reviewed by the Executive Council, which comprises members of the executive leadership team. "Our governance starts at the top of PepsiCo," Palazij said, adding that executive compensation is tied to sustainability performance and progress. PepsiCo regularly shares progress on ESG initiatives with stakeholders, including investors and consumers. The company provides updates on its website, where it lists <a href="https://www.pepsico.com/our-impact/esg-topics-a-z">details for more than 50 ESG topics</a>, including environmental impact, people, product and nutrition, and ethics and governance."We continue to look at what's needed to be transparent and tell our story, but in an authentic and transparent way, and we align our reporting to that," Palazij said.<h2>Supporting people and communities is central to the value chain commitment </h2>Creating a safe and equitable environment for employees, the communities it reaches, and everyone involved in its supply chain is a key part of PepsiCo's initiatives. "People are such an important part of PepsiCo and sustainability as a whole, and ultimately our PepsiCo Positive agenda looks at how we drive better outcomes for people and the planet," Palazij said. And that spans the full value chain from the farmers who grow the crops to the consumers who enjoy them. <div type="image" title="Anna Palazij is PepsiCo's vice president of ESG reporting and strategic investments." height="1026" width="1365" msid="92529700" hostid="261" sizebytes="39754"></div>PepsiCo plans to <a href="https://www.pepsico.com/our-impact/esg-topics-a-z/agriculture">expand regenerative farming</a> across 7 million acres and so far has rolled out regenerative farming on 345,000 acres. The company, Palazij said, is committed to improving the livelihood of the 250,000 people in its agriculture supply chain through partnerships with the <a href="https://nationalblackgrowerscouncil.com/">National Black Growers Council</a> and the <a href="https://www.usaid.gov/">US Agency for International Development</a>. PepsiCo plans to sustainably source 100% of ingredients, like oats and potatoes — a goal it's already achieved in some countries. The company also hopes to provide <a href="https://www.pepsico.com/our-impact/esg-topics-a-z/water">safe water access</a> to 100 million people by 2030, and Palazij said the company now delivers water to 68 million people globally. Building <a href="https://www.pepsico.com/our-impact/esg-topics-a-z/diversity-equity-and-inclusion">diverse, inclusive, and equitable workplaces</a> across the company is part of its commitment to people. In 2020, PepsiCo launched the <a href="https://www.pepsico.com/our-impact/diversity/racial-equality-journey/racial-equality-journey-hispanic-initiative">Racial Equity Journey</a> with plans to invest $570 million in the next five years to support Black and Hispanic businesses and communities. PepsiCo also pledged $100 million through 2025 to support opportunities for women in the workforce. <h2>Driving ESG innovation to improve the packaged goods industry </h2>PepsiCo's <a href="https://www.pepsico.com/who-we-are/awards">recognition for its ESG initiatives</a> helps validate the value of the company's work and shows that it's resonating with stakeholders and others in the industry, Palazij said. The company seeks to drive innovation in sustainability through its <a href="https://labs.pepsico.com/">PepsiCo Labs</a> program, which works with venture capital to identify new technology to help accelerate its sustainability agenda. PepsiCo champions innovation from competitors, which ultimately improves the CPG sector as a whole. "Consumers consume our products <a href="https://www.pepsico.com/who-we-are/about-pepsico">more than a billion times a day</a>, so we have a unique opportunity from a size and scale standpoint to transform," Palazij said. "We think that is both an obligation and an opportunity to change the way business is done. It goes beyond the competition with others because we want everyone engaged in this collaboration."

PepsiCo's world-class ESG agenda is centered on supporting people, communities, and the entire packaged goods industry

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="Group Of Urban Farmers Tending To local Crops" height="3667" width="5500" msid="90939656" hostid="261"></div><ul class="summary-list"><li>We live in a time of urgency for businesses to embrace long-term, sustainable value.</li><li>Leaders in finance and sustainability will share how a company affects the financial well-being of its community — from employment, wealth generation, and taxes paid to research and development expenses.</li><li>On May 10, 2022, Insider is hosting "Financing a Sustainable Future - Creating Broad-based Economic <keyword id="13653293" type="UNKNOWN" weightage="100" keywordseo="prosperity" source="Orion">Prosperity</keyword>," a free virtual event at noon ET, featuring speakers from Bank of America, JUST Capital, Dow, and more.</li></ul>As part of the "Financing a Sustainable Future" series, Insider's virtual event "Financing a Sustainable Future - Creating Broad-based Economic Prosperity," presented by Bank of America, takes place Tuesday, May 10, 2022, at noon ET, and includes live conversations with Insider editors, <keyword id="13301622" type="UNKNOWN" weightage="60" keywordseo="sustainable-finance" source="Orion">sustainable finance</keyword> experts, business leaders, and ESG professionals. Panelists will discuss how a company affects the financial well-being of its community from employment, wealth generation, and taxes paid to research and development expenses.We live in a time of urgency for businesses to embrace long-term, sustainable value creation and prioritize the needs of people, the planet, and the creation of broad-based economic prosperity.The event will take a closer look at the third of the four pillars of ESG reporting, as defined by the World Economy Forum: Prosperity. <h2>Speakers include:</h2><ul><li>Karen Fang, Managing Director, Global Head of Sustainable Finance, Bank of America</li><li>Martin Whittacker, Chief Executive Officer, JUST Capital</li><li>Eunice Heath, Corporate Director of Sustainability, Dow </li></ul><h2>A look at the series events:</h2><ul><li>Financing a Sustainable Future: Investing in People Transforms Economies on March 8, 2022</li><li>Financing a Sustainable Future - Accelerate the Net-Zero Transition on April 12, 2022</li><li>Financing a Sustainable Future: Advancing Effective Corporate Governance on June 14, 2022 </li></ul>We hope to see you there!

SIGN UP NOW: How creating broad-based economic prosperity can impact a company's community

<ul class="summary-list"><li>Wendy and Steve Thomas are longtime DINKs, which stands for double income, no kids.</li><li>They didn't necessarily set out to become DINKs, but it's a lifestyle that's worked well.</li></ul>Wendy and Steve Thomas didn't necessarily set out to be <a target="_blank" href="https://www.businessinsider.com/meet-typical-dink-double-income-no-kid-net-worth-retirement-2023-11">DINKs</a>, but it's a lifestyle that's worked out for them.Wendy Thomas, 55, and Steve Thomas, 51, are a California-based couple in a growing legion of Americans who are <a target="_blank" href="https://www.businessinsider.com/what-is-dinkwad-double-income-no-kids-dog-tiktok-trend-2023-2">DINKS </a>— households that are double income, with no kids.They've been married for about 20 years and have cultivated a strong social network of fellow DINKs; they even started a DINK club in their previous neighborhood and count at least a dozen DINK couples among their close friends.It's a lifestyle they "fell into," according to Steve Thomas, who works in the golf maintenance industry. When they first got married, they were open to having kids and did want them, but ended up not having them."I think we soon started seeing some of the perks to that," Steve Thomas said, adding: "We found out really quickly just specifically the financial perk of being able to both work and save."The financial perks of being DINKs help them travel and live a life that is "very active and very fun.""Southern California has a very expensive cost of living," Steve Thomas said. "To be able to live a comfortable lifestyle out here with the dual income is huge."Wendy Thomas, a former interior designer, retired at 55. These days, she's obsessed with pickleball."It's a whole new community that I found, and I'm having so much fun meeting new people," she said. She also loves photography, cooking, and spending time outdoors in her native California."Going to the redwoods and just hanging out along the coast has just been such a wonderful thing and a big part of our life and also our friendships," Wendy Thomas said. "A lot of people that we know we like to go on road trips with, so it's just been a real blessing to live where we live."For Wendy and Steve, being DINKs means the time and resources to do the things that they value. And they're not alone. More women between the ages of 40 and 44 are opting to be child-free. As of 2018, over one in seven American women in that age range were childless, compared to one in 10 as of 1976, according to the <a target="_blank" href="https://www.census.gov/content/dam/Census/library/publications/2021/demo/p70-173.pdf">US Census Bureau</a>. And 16.5% of Americans aged 55 or older were childfree as of 2018.As parenthood only becomes more costly, DINK-hood, and the financial security it brings, might get even more appealing. Gen Z and millennial parents <a target="_blank" href="https://www.businessinsider.com/millennial-gen-z-parents-struggle-lonely-childcare-costs-money-friends-2023-11">previously told BI</a> that they're struggling to stay afloat, as lack of policy and tightening economic strains leave them cash-strapped and isolated. As more Gen Zers and millennials <a target="_blank" href="https://www.businessinsider.com/how-to-afford-kids-family-living-paycheck-to-paycheck-2023-5">say</a> they're living paycheck to paycheck and say that starting a family is only getting harder or is outright impossible, it might be the dawn of a DINK era. It's a lifestyle that already is making a lot of sense for some <a target="_blank" href="https://www.businessinsider.com/millennial-dink-dinkwad-grateful-childfree-lifestyle-right-now-2024-1">millennials</a> and <a target="_blank" href="https://www.businessinsider.com/retirement-healthcare-dink-childree-fire-financial-independence-retire-early-2024-1">Gen Zers</a>.Meanwhile, <a target="_blank" href="https://www.businessinsider.com/net-worth-dink-child-free-couples-win-the-economy-2023-10">DINKs are doing well financially</a>. The median net worth of a couple with no children is $399,000, per the <a target="_blank" href="https://www.federalreserve.gov/econres/scf/dataviz/scf/chart/#series:Net_Worth;demographic:famstruct;population:all;units:median">Federal Reserve's Survey of Consumer Finances</a>; that's well above all other family structures.<h2>The privilege of time</h2>Watching the realities of parenthood and the time it demanded was eye-opening for Wendy Thomas, who spent a few years working as a teacher for younger children and saw how strained new parents were and how their lives had transformed.Suddenly, new parents' time was consumed by their children — and, from her conversations, it seems that "nobody quite prepares you for the amount of time" and how all-consuming it can be."Once we started seeing what actually ends up happening, reality versus fairytale, then our eyes were kind of opened," she said. When you're younger and contemplating getting married, there's almost a "fairytale type of situation" presented to you of what life will look like."But raising kids is not for the faint of heart at all. It's something that you really have to be committed to doing. And if it's something that you're not a hundred percent there mentally to be able to handle, then I would say it's not a necessity," she said.Not having kids also means more flexibility. If a friend sends a last-minute invite to an interesting event, it's easy to head out the door. If they want to move or explore a new area, they can. Steve Thomas said that last year, they were able to travel for more than a month. That's something that people with children might not be able to do.At their current ages, the couple is seeing more of their friends become empty nesters, recalibrating their lives and relationships. Wendy Thomas said it's almost like "starting over" for those couples."That's not to say that parents with kids can't have a long, happy, healthy marriage or that DINKs never get divorced," Steve Thomas said. "All those things happen, but it just makes a lot of sense what we're living."And the couple isn't out proselytizing the DINK lifestyle, although it can elicit a lot of questions from strangers. While occasionally people will tell them they're missing out or express worry about future loneliness, many people commend the financial choice."We both have a retire-relatively-early goal in mind, so we can really enjoy life and travel and then not doing the 'work to live, live to work,' whole balance thing," Steve Thomas said, adding: "That was always one of the perks to what we're doing."Are you a DINK who loves the lifestyle or do you aspire to be one? Contact this reporter at <a target="_blank" rel="noopener noreferrer" class="c-link" href="mailto:jkaplan@insider.co">jkaplan@insider.com</a>.This story was originally published in December 2023.

DINKs in their 50s who are on track to retire early explain what being childfree has meant for their lifestyle and finances

<div type="image" title="Bank of America Financing a Sustainable Future series illustration for Prosperity pillar" height="2250" width="3000" msid="89976023" hostid="261"></div> <ul class="summary-list"><li>Prosperity goals seek to help communities thrive, which is crucial to ensure a sustainable future.</li><li>Companies often overlook the importance of tracking the effect of their community initiatives.</li></ul><keyword id="11896309" type="UNKNOWN" weightage="100" keywordseo="sustainability" source="Orion">Sustainability</keyword> is not possible without thriving communities. Prosperity goals are designed to foster the health and growth of communities across multiple tracks — including adequate employment, economic opportunity, and access to education and training. The World Economic Forum's International Business Council said four of the United Nations' <a href="https://sdgs.un.org/goals">17 Sustainable Development Goals</a> relate to prosperity:<ul><li>Goal 1: <a href="https://sdgs.un.org/goals/goal1">No poverty</a></li><li>Goal 8: <a href="https://sdgs.un.org/goals/goal8">Decent work and economic growth</a></li><li>Goal 9: <a href="https://sdgs.un.org/goals/goal9">Industry, innovation, and infrastructure</a></li><li>Goal 10: <a href="https://sdgs.un.org/goals/goal10">Reduced inequalities</a></li></ul>Companies may believe that they feed prosperity by simply by being successful at doing what they do. Growing corporations hire people, fund healthcare, and offer training. They pay taxes. Cities compete for big employers precisely because they bring these boons to their local areas. So if companies are doing all this simply by existing, why focus on prosperity as one of the pillars of a sustainable future? The answer is at the heart of the term "sustainability." It's not enough to take satisfaction from what the organization is doing now. It's critical to take a long-term view of the community and tailor programs designed to endure.That means acting outside the company and its own employees. "A company's value is increasingly reflected in the off-balance sheet intangible assets and value drivers associated with economic and social prosperity," said a WEF International Business Council <a href="https://www3.weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_2020.pdf">report</a> on measuring sustainable outcomes. In <keyword id="11897509" type="UNKNOWN" weightage="60" keywordseo="target" source="Orion">Target</keyword>'s 2021 <a href="https://corporate.target.com/_media/TargetCorp/Sustainability-ESG/PDF/2021_Target_Corporate-Responsibility-Report.pdf">report</a> on corporate responsibility, for example, the retail giant broke down its strategy for community investment, pledging to spend more than $2 billion at Black-owned businesses by the end of 2025 and reporting metrics such as its overall workforce demographic by gender and race. "The communities where we live and work sustain businesses, employees and families. We recognize our success is intrinsically linked to their well-being and prosperity," the report said. Target said it gave 5% of its profits to communities, which in 2020 equated to $245 million in cash and in-kind donations.Quantifying these efforts, and reporting on them, is commonly overlooked. "Most businesses, however, are not fully capturing these intangible assets and value drivers," <a href="https://www3.weforum.org/docs/WEF_IBC_Measuring_Stakeholder_Capitalism_Report_2020.pdf">the WEF report stated</a>. "By measuring and reporting on aspects of prosperity more holistically, companies and their stakeholders can become better informed." <h2>Launching, and tracking, Citizen Verizon</h2>Verizon has issued <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.verizon.com%2Fabout%2Fnews%2Fverizon-prices-third-1-billion-green-bond">three green bonds</a> over the past few years, but its sustainability declarations expand beyond climate. The telecommunications company announced its new responsible business plan, called <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.verizon.com%2Fabout%2Fresponsibility">Citizen Verizon</a>, in July 2020. "Citizen Verizon is actually the culmination of 10 years of work," said Rose Stuckey Kirk, Verizon's chief corporate social responsibility officer, citing the <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.verizon.com%2Fabout%2Fresponsibility%2Fdigital-inclusion%2Fverizon-innovative-learning">Verizon Innovative Learning</a> initiative, which provides children access to STEM education programs. Verizon started thinking about how to expand its commitments into other core areas, eventually settling on "digital inclusion" and "climate protection," Kirk said. "And what we call human prosperity. How do we elevate economic opportunity for everyone?" she continued.The Citizen Verizon program comprises its education programs, digital resources for small businesses, technology employment training, an extensive volunteer program for employees within their local communities, and ongoing climate initiatives. Verizon has baked measuring and reporting into its programs for the past decade. "It takes about 10 years to actually drive change," Kirk said.One example is its digital-skills training, which pledged to provide 10 million young people training by 2030. "We took a look at what would be the components that would enable that," Kirk said. "So as we built that platform out, we built it against that target. And then we set year over year, month over month, goals against 10 years. So I can tell you, and my team can tell you, at any given month where we are against our annual targets, and what that means against our 10-year target."The work is audited by third-party companies to verify accuracy. Even on a day-to-day level, the employee responsibility for analyzing the data and results was separate from the program managers, which Kirk believed was key to ensuring that those closest to the program weren't reporting only on positive results. Kirk said, "I don't want to be a brand that's just doing performative work out in the market, shouting about how much we care without being able to show the proof in the pudding of what that impact looks like."

Prosperity: Companies foster sustainable communities when they take a long-term view and measure progress

<ul class="summary-list"><li>Robyn Yerian purchased her first tiny home in 2017.</li><li>Needing a way to support herself financially, she opened her own tiny-home village in 2019.</li></ul>This as-told-to essay is based on a conversation with Robyn Yerian, 68, about their decision to create a women-only tiny-home village in Cumby, Texas called The Bird's Nest. The community is home to 5, soon to be 6, women who live there permanently. The conversation has been edited for length and clarity.After 10 years of marriage, my partner and I got a divorce in 1993. I had no job, just two suitcases and was supporting two children under the age of 10. I spent the following years working upwards of three jobs just to make ends meet. Years after the divorce, I purchased my own home for $75,000. In 2010, I sold the property and earned about $20,000. At the time, I decided that I didn't want to live in a big house again, and would instead rent. However, in 2016, I saw an episode of the television show "Tiny House Nation" and I was inspired — I wanted a tiny house of my own.That year, I flew to Colorado Springs to attend my first tiny-home jamboree. At the gathering, I met a female builder that agreed to help me construct my own tiny home, a two-bedroom unit that cost $57,000.When construction was completed, I had to find somewhere to park the home legally. After a few let downs, I heard about a gentleman from Decatur, Texas, who was building a tiny-home village and charging people $450 to rent land. In 2017, I moved onto his property. I was the very first tiny-houser. <h2>I was inspired to create my own tiny-home village</h2>Within a year, all seven of the village's lots were full and I grew to really love the community.However, around 2019, I began thinking more about my future and financial health. I knew that I would not be able to support myself through retirement solely on the funds made available from my 401(k) and social security. <div type="image" title="The Bird's Nest tiny-home village." height="2274" width="3024" msid="102339287" hostid="261"></div>I started reading articles on how to make passive income in retirement. During this time, a friend of mine that worked in finance encouraged me to purchase land that I could someday rent out. After a lot of searching, I bought five acres in Cumby, Texas, for $35,000. To afford the purchase, I withdrew money from my 401(k).The land initially had no water and electricity. It also needed to be excavated and required a new septic system. I spent $100,000 developing the property. Once updates were completed, I moved my tiny home from Decatur to Cumby in 2022.That's when I developed the concept for The Bird's Nest, a women-only tiny-home village.<h2>I created The Bird's Nest to support women that are in need </h2>The Bird's Nest operates similarly to an RV park. Tenants bring their own tiny homes and park it in one of my 14 lots. <div type="image" title="The Bird's Nest logo." height="375" width="500" msid="102339291" hostid="261"></div>Four of the lots are currently occupied, while a few of the others have buildings on them that are being used as a party pad, work space, and a community center.At first, I wanted the community to be only for senior women, those over the age of 55 that did not have any children. But I started getting calls from women of all ages that were interested in the village. A lot of the time they were women who were escaping abusive situations or those who were recently divorced that needed an affordable place to live. I thought to myself, if I can help these women, why not?<h2>I want the village to be an affordable housing option </h2>Rent at The Bird's Nest is only $450 a month. I tell every person that comes here that I'm never going to raise the rent and I mean it. I've even offered reduced prices to a couple of women that were in bad financial situations. I believe that's how you build a community — showing others they can count on you and you on them.Later this month, one of my tenants is having her knee replaced. All of the women at The Bird's Nest have agreed to take care of her as she recovers.<div type="image" title="A tiny-home at The Bird's Nest." height="2274" width="3024" msid="102339299" hostid="261"></div><h2>The Bird's Nest focuses on empowering women</h2>In June, The Bird's Nest hosted its first-ever builder workshop.I wanted to create a space where women could try new things without being told they were doing it wrong. For me that's what The Bird's Nest has always been about: women empowering women. Before the event, I was worried that nobody was going to come. The opposite happened. I was totally shocked to see so many women attend, each for a different reason.We taught guests how to properly use power tools and table saws. The workshop even focused on training the women to build wall panels and staircases, as well as the process of installing new water lines, septic tanks, and electricity. To me, The Bird's Nest is more than a tiny-home village: It is a place where women can feel safe, valued and have the courage to try new things. It's also a place where people count on one another and build financial security.<div type="image" title="Women working on a home" height="3024" width="4032" msid="102339306" hostid="261"></div>

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