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<ul class="summary-list"><li>My 8-year-old loves Lego blocks and has been asking for years to go to <keyword id="23618278" type="General" weightage="20" keywordseo="Legoland" source="keywords">Legoland</keyword>.</li><li>As a <keyword id="21623863" type="General" weightage="100" keywordseo="single-mom" source="keywords">single mom</keyword>, finances can be tight, and I needed to figure out how to make it happen.</li></ul>For years, my 8-year-old son has said he wants to be a <a target="_blank" class="" href="https://www.businessinsider.com/lego-master-builders-life-size-sculptures-2016-7">master builder for The Lego Group</a>. So many of our bedtime stories were about Legoland, and I wanted to take him there as badly as he wanted to visit. It reminded me of visiting SeaWorld as a teenager and being inspired to study marine biology. However, as a <a target="_blank" class="" href="https://www.businessinsider.com/having-cleaning-person-takes-up-budget-but-its-worth-it-2022-4">single mom, finances can be tight</a>, and I knew it would take some strategic planning and scrimping to make the trip happen. Although some parents are willing to go into debt for their dream vacations, I'm not. I've always valued experiences over material things, but not if it breaks the bank. <h2>We created a budget for our trip</h2>In the weeks leading up to our trip, I asked my son to help create our itinerary with one activity per day. The highlight of the weeklong <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-kid-friendly-city-travel-guide-2024-8">vacation would be Legoland</a>, and we put together a list of attractions in the San Diego area that ranged from free options like the beach or low-cost museum visits to the pricier attractions. As I worked on the <a target="_blank" class="" href="https://www.businessinsider.com/how-dont-pay-for-accommodations-traveling-trusted-housesitters-review-2024">big-picture budget</a>, I also helped my son create his own. He had been really excited to hear a friend describe how his savings account grew money over time. So when we sold his bike for $80 early in the summer, I set the money aside in my high-yield savings account for his spending money. As for the trip itself, there were a few things I could take advantage of. I was able to cash in a couple of bonds that my grandfather purchased for me decades ago, I had <a target="_blank" class="" href="https://www.businessinsider.com/how-to-start-collecting-air-miles-2017-9">air miles I could use for the short trip</a> from Oregon to California, and we had access to a family timeshare. Had we not had some help with these expenses, I likely would have shortened the trip or continued saving for another year. I focused on finding deals for the rental car, food, and attractions and saved in those areas by visiting mid-week and buying tickets that included meals. My one splurge was an <a target="_blank" class="" href="https://www.businessinsider.com/legoland-new-york-resort-hotel-family-review-2023-10">overnight stay at the Legoland hotel</a>, which was completely worth it when I saw my son's smile as we walked into our Ninjago-themed room and played with the Lego bricks in the pool. <h2>We talked about how much money we had to spend each day</h2>We <a target="_blank" class="" href="https://www.businessinsider.com/things-new-yorker-found-surprising-about-visiting-california-photos-2021-12">landed in San Diego</a> early Monday afternoon, dropped off our bags, and headed to Trader Joe's to grab snacks and breakfast fixings for the week. My son was amazed by everything he saw — the palm trees, the playground we spotted across the street, and our big studio room. I thought back to the many trips I'd taken over the years while enjoying seeing the city through his eyes. My son had a nice sum to spend during the week. He'd been saving his allowance, and I matched the proceeds from the sale of his bike. He had earned a meager amount of interest in the savings account, and we talked about how, had the money stayed in the account longer, he would have earned more. He wanted a $150 Lego set at Legoland, so he knew he had limited funds to spend elsewhere. At the start of each day, we discussed how much he had to spend, and then he carefully made a decision at each attraction. Despite this, there were some additional requests for me to buy things, and although I stayed firm on most, I did give in to some, like Ninjago pajamas, which he needed anyway. He loved wearing them around the park the next day. Every place we went had souvenir penny machines. I've collected these since I was a kid and was excited when Noah asked to get them, happily contributing the 50 cents or a dollar it took for the little memento. I stood behind him and thought about which imprint I'd choose as he carefully picked his own, like the Komodo dragon at the San Diego Zoo or the dolphins at SeaWorld. <h2>We slowed down and enjoyed free things</h2>As our energy decreased in the waning days of our trip, we slowed down. At first, I'd really wanted to maximize our time and take in all that we could, hoping to "get our money's worth," but by Friday, we needed a break. A late start wouldn't hurt our visit to SeaWorld, which was open until 8 p.m. We hung out in our studio, eating breakfast and lunch there before heading out. It was a nice reminder that vacation doesn't always have to be about seeing and doing everything; it can also be about relaxing. We spent our last day with friends, enjoying a hike overlooking La Jolla and eventually moving closer to the beach to watch the waves and sea lions. Our activity that day was another beautiful reminder that nature is free and entertaining in its own right. In the days following the trip, I felt exhausted by the daily money decisions yet relieved and satisfied that I navigated them. Creating meaningful moments doesn't require going into debt; instead, it can be about intention and focus on what's important. My son will never know how much I spent on that trip. What he'll remember is seeing the panda at the San Diego Zoo and driving the cars at Legoland. And that's exactly what I want him to remember. Deborah Goldstein is a philanthropy advisor focused on supporting philanthropists on their giving journey. In her spare time she's working on a memoir about the meaningful moments of life.

As a single mom, finances can be tight. Taking my son to Legoland was a good way to teach him about money.  

Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024. Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and stability." <keyword id="20850250" type="General" weightage="20" keywordseo="RBI-Governor-Das" source="keywords">RBI Governor Das</keyword> has been awarded the A+ grade rating for the second consecutive year. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as <keyword id="21364628" type="General" weightage="20" keywordseo="inflation-control" source="keywords">inflation control</keyword>, economic growth goals, currency stability and <keyword id="22859834" type="General" weightage="20" keywordseo="interest-rate-management" source="keywords">interest rate management</keyword>. "A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo. The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its <keyword id="20900764" type="General" weightage="20" keywordseo="monetary-policies" source="keywords">monetary policies</keyword>. The RBI recently kept the the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties. Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. The Q1 <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor. India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

<ul class="summary-list"><li>Shannon St. Val pivoted from her job in finance to pursue a career in real estate.</li><li>She is now the founder and owner of a short-term vacation-rental company.</li></ul>Shannon St. Val is the founder and owner of <a target="_blank" href="https://ep-mg.com/">Elevate Vacation Rentals</a>, a short-term vacation-rental company based in New York. She left her job in finance to manage short-term rental properties and shares how she started, how she makes money, and the challenges of the industry.This as-told-to essay is based on a conversation with Shannon St. Val. It has been edited for length and clarity.My career in property management hasn't been a straight path. My degrees are in finance and real estate, and I graduated in 2008 when the <a target="_blank" class="" href="https://www.businessinsider.com/office-commercial-real-estate-cre-crash-2008-gfc-delinquency-vacancy-2024-3">subprime meltdown</a> happened. I thought I would be working in commercial real estate, but then all the real-estate jobs disappeared and I started working in finance.I worked at Klynveld Peat Marwick Goerdeler, or KPMG, on the consulting side, specializing in financial operations for big banks and broker-dealers, specifically for investment-management firms.I knew I didn't want to work in finance for too long because the culture was intense. In 2016, I left my job to be my own boss. I took many of my finance and consulting skills and founded my own short-term property management company.At first, I started managing a few properties for myself, and then when COVID happened, I had to pivot and expand. I decided to take on clients outside New York instead of just managing my own. It's been my dream to return to real estate with property management.<h2 id="f5bbe9fe-75d5-46bf-9651-eee295b6fd7e">How I find clients</h2>A lot of my early clients came through word of mouth. I had friends, particularly people I met in the finance industry, who had houses in <a target="_blank" class="" href="https://www.businessinsider.com/marthas-vineyard-ferry-review-new-england-2024-7">Martha's Vineyard</a> or <a target="_blank" class="" href="https://www.businessinsider.com/hamptons-hot-spots-visitors-buyers-from-real-estate-agent-2024-6">the Hamptons</a> and would ask, "Hey, you're managing properties. I have a house. Can you manage mine?" Some people will advertise on social media, but I've gotten my business through <a target="_blank" class="" href="https://www.businessinsider.com/small-business-founders-explain-grow-your-company-referrals-2023-10">referrals</a>. If you do good business, people will refer you to their network.Some property managers who are just starting have found success in <a target="_blank" class="" href="https://www.businessinsider.com/cold-email-formula-that-landed-me-response-from-meta-executive-2024-5">cold pitching</a>. This means reaching out to short-term rental owners and saying, "I know you may have a manager, but I'm willing to work for a lower rate for the first year." Then, if you meet their expectations, you can increase the rate.Some companies can do outbound emails or outbound marketing for you, where you blast local owners or anyone who recently bought a new house in that particular vacation-rental area, advertising your services.<h2 id="25cfe19f-2fc1-49c4-8eee-5946221a2bc7">How I earn a living from property management</h2>There are two ways to earn money from managing short-term properties. The first is by working with vacation-rental owners and charging a commission on the nightly rate. I've seen commissions as low as 10% and as high as 30%, but the industry standard is typically 15% to 20%.I also manage a building. It's a master lease, which means I pay a flat rate and collect rent from each unit as a short-term vacation rental. Some homeowners just want their flat-rate rent and don't want to be involved, so I'll do a short-term rental. You have to be a little more sophisticated in this because if you don't budget and know your expected revenue, you could misprice it and lose a lot of money. With that model, we want to get at least a 25% to 30% return to provide a buffer in slower months.<h2 id="10437455-20ce-4e54-81a9-64cada1f3402">My typical day</h2>Your typical workday will depend on how many properties you manage. We're managing roughly 30 properties now, so we have a team that handles guest support. I work about eight or nine hours a day, but the job is really 24/7. If there's an emergency, you need to be available.My typical schedule involves a lot of meetings. We always meet with the cleaning team to discuss maintenance and cleaning issues. We go over that once a week with one of the cleaning companies we work with. In the middle of the day, we'll work on pricing reports for owners, update the listings, and read through guest reviews.We also schedule <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/mortgages/home-inspection">property checks and inspections</a> at least once or twice a month, depending on the property. It requires a lot of coordination, so you'll have to get used to talking on the phone frequently, rather than texting or Slacking messages.<h2 id="6416bf44-fab1-45cc-8b50-23bbf7277ff0">The challenges and rewards of property management</h2>Managing properties is time-consuming, especially if you're doing short-term rentals. You have to have 24-hour guest support, and things like cleaning crews and a maintenance person have to be coordinated for each property. The logistics are significantly harder with vacation-rental management versus standard property management.The most rewarding part of the job is helping my clients or the owners see the untapped value in their homes and helping them earn more money than they would have anticipated. I get thrilled when I double their income. I'm also happy to get a five-star review or feedback that we were super attentive, paid attention to detail, provided great customer service, or resolved an issue quickly.<h2 id="be52c448-f4a1-4953-97a8-8fcbc0d51a77">Advice for transitioning to property management</h2>You have to be very organized, have structured processes, and be good at communicating with multiple stakeholders, including the vendors, owners, and guests. My corporate background helped me a lot because it had so much structure, and I came in with project management and logistical skills. I have a certification through the <a target="_blank" href="https://www.pmi.org/">Project Management Institute</a>, but getting a degree or certification is optional.To break into the industry, I recommend working for a vacation-rental company before branching out independently. Use the time to learn some of their best practices before you move on. Check out national companies like <a target="_blank" href="https://www.vacasa.com/">Vacasa</a> or <a target="_blank" href="https://www.hostgenius.ca/locations/tampa">Host Genius</a>, which usually hire in different markets.You could also work with a smaller company like mine, where you just reach out and say, "Hey, do you have any roles?" There's always something to be done, and management companies are always looking for good help. Another way to break in is to attend a <a target="_blank" href="https://www.vrma.org/events/event-calendar">regional or national vacation-rental management conference</a> to network. Find a conference in your area, and you'll meet a lot of managers in one setting.<h2 id="4fabd0d5-be6d-4e5a-ba5d-90ebef4300ff">What I wish I'd known before starting out</h2>Property management can be very rewarding, but I didn't realize how important it was to overcommunicate. I also didn't know how hard managing so many stakeholders would be. For every property, I usually have between four and seven different people involved. I have the owner, the lawn person, the trash person, the regular maintenance person, the cleaner for that house, and then I have my guest support.Sometimes, keeping track of who's who can be overwhelming. So if you want to manage a larger <a target="_blank" class="" href="https://www.businessinsider.com/financing-strategies-for-real-estate-investing-how-to-scale-portfolio-2024-5">portfolio</a>, you need a really good process and team to keep track of everything. You also have to be extremely organized, provide good customer service, and pay close attention to detail.

How I transitioned from a career in finance to short-term property management

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.Ortberg, who started in August, is trying to set expectations."I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed."With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term."He can't just do one or the other," George said.<h2 id="344697db-407e-4770-8539-290cb807cfc8">Restoring a culture of safety</h2>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>."That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.George said Ortberg's background as an engineer — and not being a <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers."They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business."You need to have the whole top team in Seattle and run it out of there," George said.<h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said."When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.Franklin said that doesn't mean shying away from tough decisions."You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.<h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said."They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."<h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch."I think he must do that," George said.A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development."He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."

Boeing's new CEO is taking on the ultimate management test

<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

Billionaire BlackRock CEO Larry Fink runs the world's largest asset manager. Here's how he became one of the most powerful people in finance.

<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.

<ul class="summary-list"><li><keyword id="19945948" type="General" weightage="100" keywordseo="Spirit-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Spirit Airlines" meta.hostid="261" meta.entityid="Spirit Airlines">Spirit Airlines</keyword> may file for Chapter 11 amid major debts after a failed merger with JetBlue.</li><li>The airline is saddled with debt of about $3.3 billion.</li></ul>Spirit Airlines stock plunged in premarket trading on Friday after a report that it may file for <keyword id="20424206" type="General" weightage="20" keywordseo="Chapter-11-bankruptcy" source="keywords">Chapter 11 bankruptcy</keyword> protection. Following a failed merger with <keyword id="20245146" type="General" weightage="20" keywordseo="JetBlue-Airways" source="keywords" meta.keywordsubtype="org" meta.entityname="JetBlue Airways" meta.hostid="261" meta.entityid="JetBlue Airways">JetBlue Airways</keyword>, Spirit had been grappling with heavy losses, making it difficult to manage its $3.3 billion debt load that includes $1.1 billion of secured bonds due within the next year, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/spirit-airlines-in-talks-with-bondholders-over-terms-of-potential-bankruptcy-filing-fdd23fae?st=oS9e7Q&amp;reflink=desktopwebshare_permalink">reported</a> late Thursday. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is also exploring restructuring options to alleviate some of its financial pressures, though no filing is imminent, the Journal reported. The report pushed the carrier's stock down as much as 36% in premarket trade on Friday. The shares have fallen 86% this year. <keyword id="23550986" type="General" weightage="20" keywordseo="CEO-Ted-Christie" source="keywords">CEO Ted Christie</keyword> said on an August earnings call that Spirit was in talks with advisors and bondholders over its debt. While Spirit faces a turbulent future with a potential Chapter 11 filing, it isn't necessarily a death sentence for the airline. Rather, <a target="_blank" href="https://www.businessinsider.com/personal-finance/credit-score/what-is-chapter-11-bankruptcy">Chapter 11</a> allows businesses to reorganize their debts while continuing their operations. Other airlines have used the process to stay afloat. Most recently, <a target="_blank" href="https://www.businessinsider.com/scandinavian-airlines-filed-chapter-11-bankruptcy-after-pilot-strike-sas-2022-7">Scandinavian Airlines</a> filed for Chapter 11 in the US in 2022 following a pilot strike. The airline underwent a $3 billion restructuring plan to revise its fleet and raise money, while continuing to operate. The company emerged from bankruptcy in August. In 2005, <a href="https://www.businessinsider.com/companies-went-bankrupt-bounced-back-successful#delta-air-lines-filed-for-bankruptcy-in-2005-and-spent-a-year-and-a-half-restructuring-3" target="_blank">Delta Air Lines</a> filed for bankruptcy after shedding 6,000 jobs and slashing $1 billion in labor costs. By optimizing its Atlanta hub and increasing its international routes, the company recovered from its financial troubles and remains one of the <a href="https://www.businessinsider.com/best-and-worst-airlines-in-the-us-according-to-the-points-guy-2024-6" target="_blank">largest airlines</a> in the US. A potential bankruptcy filing could serve as a similar lifeline for Spirit's management of debt and finances. This came as Spirit <a target="_blank" href="https://www.businessinsider.com/spirit-airlines-ticket-changes-bundled-fares-bags-snacks-premium-seats-2024-7">bumped</a> its ticketing prices in July, shifting away from its ultra-low-cost model to boost revenue after suffering a $143 million loss in the first quarter of this year and a <a target="_blank" href="https://www.businessinsider.com/airlines-spirit-southwest-jetblue-struggle-profit-scrambling-changes-tickets-seats-2024-8">$193 million</a> loss in the second quarter. Spirit has been bogged by annual losses since before the COVID-19 pandemic, despite the travel industry's recovery, and continues to struggle against larger airlines that offer competitive fares. The airline has cut routes, furloughed pilots, and shrunk its operational capacity by nearly 20%. Spirit Airlines did not respond to a request for comment from Business Insider outside normal working hours. Correction: October 4, 2024 — An earlier version of this story misstated the year Delta filed for bankruptcy protection. It was 2005, not 2007.

Spirit Airlines stock plunges after report it's considering filing for Chapter 11 bankruptcy

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

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