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<ul class="summary-list"><li>French authorities charged Telegram CEO Pavel Durov with multiple crimes this week.</li><li>Telegram's finances reveal a $108 million loss on $342 million of revenue last year, the FT reports.</li></ul>This week <a target="_blank" href="https://www.businessinsider.com/telegram-ceo-pavel-durov-charges-questions-free-speech-censorship-2024-8">French authorities charged Telegram CEO Pavel Durov </a>with multiple crimes. But in the months before that, he was telling people he might take his company public, and floated a <a target="_blank" href="https://www.ft.com/content/8d6ceb0d-4cdb-4165-bdfa-4b95b3e07b2a">$30 billion valuation</a> for his messaging/social media company, which boasts more than 900 million users.Now the <a target="_blank" href="https://www.ft.com/content/242552a9-4280-46c0-9d61-bcf6ccd14400">Financial Times</a> says it has gotten a look at Telegram's 2023 finances, and those numbers make it very hard to imagine the company could convince people it's worth anything like $30 billion — even if its founder and CEO wasn't looking at jail time.The big headline numbers: Last year Telegram lost $108 million on revenue of $342 million, according to the FT. It's not uncommon for fast-growing consumer tech companies to be money losers when they go public. Twitter did that in 2012, and <a target="_blank" href="https://www.businessinsider.com/why-reddit-loses-money-ipo-research-development-revenue-2024-2024-2">Reddit did it this year</a>.The bigger red flag for Telegram is the reported makeup of its business: While it makes a modest amount of money from conventional social media vectors — advertising and premium subscriptions — it makes 40% of its total from crypto services, the FT reports. It operates a digital "wallet" where users can store crypto coins and the like, and it sells digital collectibles, like usernames, to its users. And that business seems to run primarily on Toncoin, a cryptocurrency originally built by Telegram.The whole setup, as the FT notes, makes it seem like Telegram is "a crypto firm with a sideline in messaging." Telegram didn't respond to a request for comment.You can build a real business as a crypto trading hub, and that can be quite valuable: see <a target="_blank" href="https://finance.yahoo.com/quote/COIN/">Coinbase</a>, currently worth some $45 billion.But asking investors to decide if Telegram is a social media company like Twitter, a messaging app like Whatsapp, or… something else, fueled by a semi-obscure digital coin, would be a real ask.And that's before you get to the issue of Durov's proposed valuation, and Telegram's very modest existing business, which don't sync up at all. Coinbase, for instance, eked out a small profit last year on revenues of $2.9 billion. Twitter, prior to Elon Musk's 2022 purchase, had been worth around $25 billion, and was doing around $5 billion a year. Reddit, currently worth $10 billion, did $800 million last year. It's really hard to see how Telegram's $342 million stacks up to those.Presumably any bankers working Telegram's theoretical IPO would play up the idea that while Telegram's top line is fairly modest, it is doing all of that with a teeny tiny staff of about 50 people. And that would give the company the ability to produce truly magnificent margins, one day, as the business matures.But that will be a much harder sell after this month.<a target="_blank" href="https://www.businessinsider.com/pavel-durov-arrest-france-what-is-telegram-explained-2024-8">While we still don't fully understand the French case against Telegram</a>, it seems to center around the company's deliberate policy of doing almost zero moderation, and an alleged unwillingness to comply with government requests to fight illegal behavior on the platform.Durov has said Telegram's no-moderation, no-compliance stance is a political/theological one. But it also has a real business component: As every big social network has learned, keeping an eye on what happens on your platform, and dealing with regulators who want a say about that, is a very expensive proposition that involves paying lots of humans. Right now, Durov doesn't have to worry about that.But if Durov wants to placate the French government — and maybe others who are looking at similar charges — he may very well have to agree to change the way he runs his business and hire a lot more people.Who knows? Maybe that would make it more valuable in the long run. But it would definitely ding the company's P&amp;L in the near-term.

Telegram's reported finances reveal a pretty small business with an uncertain future

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Veterans Day, and thanks to all those who have served! Diet starts Monday, as they say, so why not take some advice from Super Bowl-winning quarterback Drew Brees. He spoke to Business Insider about <a target="_blank" rel="noopener" href="https://www.businessinsider.com/drew-brees-simple-wellness-rules-2024-11">five simple wellness rules he lives by</a>.In today's big story, Silicon Valley is getting excited about what Donald Trump's second term <a target="_blank" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">could mean for its businesses</a>.What's on deck:<ul><li>Markets: The Wall Streeters advising Trump's transition team <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">on key economic appointments</a>.</li><li>Tech: Check out our Tesla salary database that shows how Elon Musk courts 'hardcore' workers <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">with potentially lucrative stock grants</a>.</li><li>Business: The anxiety over high prices has <a target="_blank" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">some Americans oversaving</a>.</li></ul>But first, time to get things going again.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">United States of Startups</h2><div type="image" title="Photo illustration of laptop, stacks of coins, stars and stripes" height="960" width="1920" msid="115186105" hostid="261" sizebytes="101980"></div>The startup community is ready to be let off its leash.VCs and founders are hopeful about what they anticipate to be a much looser environment for building and dealmaking under President-elect Donald Trump.Tech was always viewed as a beneficiary of the deregulation expected in Trump's second term. But Elon Musk potentially playing a role in the Trump administration means <a target="_blank" href="https://www.businessinsider.com/elon-musk-could-help-deregulate-tech-amid-a-trump-victory-2024-11">Silicon Valley could benefit even more</a>, writes Business Insider's Samantha Stokes, Riddhi Kanetkar, and Helen Li.One VC compared Musk streamlining the government to a "chainsaw through calcified butter."Even those who weren't rooting for Trump <a target="_blank" href="https://www.businessinsider.com/silicon-valley-trump-return-startups-venture-capital-2024-11">see benefits to a potential hands-off approach to their space</a>, which has faced turmoil in recent years.After years of big funding rounds, high-profile deals, and flashy IPOs, the startup environment has been much more rocky recently. There are many reasons for that — high interest rates, an uncertain economy, the market being somewhat overvalued — but a Biden administration that took a hard line on M&amp;A played a key role.FTC commissioner Lina Khan's attempt to block multiple deals has chilled the industry. Acquisitions are startups' most viable exit opportunity with the IPO window largely closed.The industry became somewhat stuck in place. Money tied up in startups couldn't be reinvested, and employees working at young companies waited for a liquidity event.<div type="image" title="Trump in shadow" height="1279" width="1920" msid="115186097" hostid="261" sizebytes="20896"></div>Trump's impact on the industry's hottest segment — artificial intelligence — isn't as clear.The space is already evolving as some of the biggest companies in the world are picking sides and consolidating power with partnerships and investments in high-profile startups. That was evident last week with a report that Amazon <a target="_blank" rel="noopener" href="https://www.businessinsider.com/anthropic-gaining-on-openai-ai-market-2024-11">was considering investing in Anthropic again</a>.The US is already investigating Microsoft and Nvidia over their AI dealings. Trump's deregulation approach could free up the space.But regulators launched investigations and filed lawsuits against Big Tech during Trump's first term. The president-elect also has a <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">complicated relationship with tech giants</a>, even threatening to <a target="_blank" href="https://www.businessinsider.com/donald-trump-mark-zuckerberg-sent-prison-elected-truth-social-2024-7">send Meta's Mark Zuckerberg to jail</a>. And Vice President-elect JD Vance previously said Khan is "doing a pretty good job" in her antitrust enforcement.Musk has also had run-ins with Zuckerberg, Amazon's Jeff Bezos, and OpenAI's Sam Altman, and his AI startup, xAI, is looking to compete in the space.And then there's Trump's immigration policy. The president-elect pledged to conduct mass deportations of undocumented immigrants. It's unclear if and how he might reshape the legal immigration system <a target="_blank" href="https://www.businessinsider.com/trump-immigration-policy-ai-tech-worker-shortage-2024-11">that places high-skilled workers from outside the US in tech jobs</a>, including those in AI.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>The coming <a target="_blank" href="https://www.businessinsider.com/coming-reign-only-child-americans-fewer-babies-siblings-costs-2024-11">reign of the only child</a>.</li><li>Elon Musk has named his <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-pushes-rick-scott-for-senate-majority-leader-2024-11">top choice for Senate majority leader</a>.</li><li>Forget swing states. Here's how the generations <a target="_blank" rel="noopener" href="https://www.businessinsider.com/how-generations-voted-trump-harris-gen-z-gen-x-boomers-2024-11">flipped on Election Day</a>.</li><li>What needs to go right for Intel, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/intel-dow-jones-ai-chip-lag-2024-11">and what happens if it doesn't</a>.</li><li>Trump's plan for Social Security will help baby boomers in the short run and <a target="_blank" href="https://www.businessinsider.com/trump-tax-cuts-social-security-boomers-benefit-fund-depletion-2024-11">cut benefits for anyone younger</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Donald Trump and the Wall St. sign" height="1500" width="2000" msid="115186103" hostid="261" sizebytes="227372"></div><ol><li>Who Trump is turning to on Wall Street for advice. Cantor Fitzgerald CEO Howard Lutnick is co-chair of Donald Trump's transition team, and he's looking to his Wall Street peers for help. Apollo CEO Marc Rowan, Blackstone CEO Steve Schwarzman, and Charles Schwab are reportedly <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">some of the people lending their expertise to Lutnick</a>.</li><li>Citadel Securities just poached a 20-year Microsoft vet. Herb Sutter is joining Ken Griffin's market maker <a target="_blank" rel="noopener" href="https://www.businessinsider.com/why-citadel-securities-hired-coding-expert-microsoft-herb-sutter-2024-11">in a new tech leadership role</a>. Sutter is an expert in C++, the coding language that underpins most of Citadel Securities' technology.</li><li>Bitcoin's big hopes for Trump 2.0. The self-described "crypto president" flipped from cynic to cheerleader during his campaign. Now that he's headed back to the White House, crypto supporters hope for <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-industry-donald-trump-election-reserve-regulation-sec-2024-11">regulatory overhaul and an expanded mainstream role</a> for the digital currency.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="1500" width="2000" msid="115186106" hostid="261" sizebytes="652194"></div><ol><li>Inside Tesla's high-risk, high-reward compensation strategy. BI secured access to an internal Tesla salary database covering nearly 100,000 employees as of December 2021. The data reveals Elon Musk's pay strategy: <a target="_blank" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">Lower salaries, bigger stock grants</a>.</li><li>How Reddit went mainstream. Not long ago, Reddit wasn't for everyone. It was a dark, weird little corner that prided itself on free speech but could quickly get ugly for users. Today, Reddit's community-driven content attracts users who would rather rely on human input than AI. <a target="_blank" href="https://www.businessinsider.com/reddit-mainstream-google-traffic-stock-revenue-human-users-2024-11">In that sense, it's a bit like the new Google</a>.</li><li>Behind Nvidia's plans to build robot brains. Nvidia robotics executive Rev Lebaredian told BI about the chipmaker's plans to tackle its newest frontier, bridging generative AI and physical robotics. The secret? <a target="_blank" href="https://www.businessinsider.com/rev-lebaredian-spearheads-nvidias-omniverse-push-in-ai-and-robotics-2024-11">Visualize the future, then build it</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="woman anxious in a pile of money with a house on top." height="846" width="1128" msid="115186104" hostid="261" sizebytes="133984"></div><ol><li>The high cost-of-living has some Americans going overboard with saving. Plenty of people in the US live paycheck to paycheck, but a growing cohort is doing the opposite. Despite having solid finances, anxiety about high prices has them <a target="_blank" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">saving more than is recommended</a>. Stockpiling cash could ultimately cost them as they miss out on investment gains.</li><li>Don't poll the election; bet on it. In the weeks leading up to his victory, polls showed a virtual tie between Donald Trump and Kamala Harris. Yet prediction markets showed a solid Trump lead, proving what proponents have long argued: they can be more accurate than traditional polling. <a target="_blank" href="https://www.businessinsider.com/betting-markets-polls-trump-election-win-polymarket-kalshi-2024-11">Prediction markets' biggest cheerleaders explained why</a>.</li><li>Economists say Trump will give Americans the very thing they voted against. High prices helped Trump get elected. Experts say his proposals of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">lower taxes, higher tariffs, and mass deportations will be inflationary</a>. It could also make the Fed's recent rate-cut relief painfully short-lived if it's forced to hike rates again in response.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>It's Veterans Day. The nation's largest commemorative parade takes place in New York City.</li><li>The World Meteorological Organization releases the "State of the Climate" update at the UN's climate-change summit in Azerbaijan.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Startups are ready to thrive under Trump, but some uncertainty remains in a key corner of the space

<ul class="summary-list"><li>I was a native New Yorker and thrived on the city's energy.</li><li>When I moved to London with my husband just almost two years ago it was a major culture shock.</li></ul>Growing up in the vibrant borough of <a target="_blank" class="" href="https://www.businessinsider.com/queens-global-food-tour-new-york-most-diverse-borough-2023-11">Queens</a>, the relentless rhythm of the 7 train, the aromas of Indian cuisine, and the crowds at the MET stadium in Flushing were my normal.I thrived on the city's boundless energy. But in February 2023, I <a target="_blank" class="" href="https://www.businessinsider.com/biggest-surprises-moving-to-london-according-to-american-2024-10">moved to London</a> with my British husband to start a new chapter.His career required him to return to his homeland, and I was excited to live abroad in a city I had long romanticized after watching movies like "<a target="_blank" class="" href="https://www.businessinsider.com/living-in-notting-hill-london-reality-compared-to-expectation-photos-2022-6">Notting Hill</a>" and "The Holiday."Leaving behind the fast-paced lifestyle in New York has been exhilarating, but the transition was a challenge.<h2 id="2afd2595-3c66-4ae8-a427-3f0eb50c094a">The job hunt was a culture shock for me</h2>As a New York-qualified attorney, I was used to a <a target="_blank" class="" href="https://www.businessinsider.com/shocker-wall-streeters-are-juicing-to-be-better-at-their-jobs-2012-2">competitive job hunt</a> involving dozens of applications, multiple interviews, and aggressive salary negotiations.In London, the process is <a target="_blank" class="" href="https://www.businessinsider.com/moved-uk-nigeria-job-market-competitive-rejections-2024-7">more formal and patient</a>.<div type="image" title="Pooja Shah in red dress with husband against a snowy background" height="500" width="666" msid="115301511" hostid="261" sizebytes="21494"></div>I had to get used to sitting tight and waiting to hear back, sometimes for weeks, instead of following up or receiving a response within days.I also had to complete many more tests and assignments during my London-based job search compared to interviews back home.<h2 id="8e58ec17-e87f-4869-a41d-212ee60d8468">The job termination policies here aren't my cup of tea</h2>In New York, I was an at-will employee, meaning my employer could <a target="_blank" class="" href="https://www.businessinsider.com/amazon-laid-off-rehired-quit-no-longer-respect-culture-changed-2024-11">terminate me at their discretion</a>. Or, I could leave with a two-week notice period.This meant that, in my profession, I could laterally move to other roles immediately or take a brief <a target="_blank" href="https://www.businessinsider.com/quit-six-figure-job-solo-travel-career-break-no-regret-2024-10">vacation between jobs</a> without disrupting my career trajectory.In the UK, notice periods are a minimum of three months, which I found really frustrating.I'm <a target="_blank" class="" href="https://www.businessinsider.com/how-to-build-an-education-program-that-helps-retain-employees-2022-11">not looking to change roles</a>, but I worry that I will be overlooked for potential future jobs due to the lengthy notice period and a more laborious handover transition.<h2 id="4997bb13-d122-46c2-be94-b2eed27546ce">But London's work-life balance has been a huge relief</h2><div type="image" title="Pooja Shah with husband in red Indian wedding attire" height="3840" width="4976" msid="115301512" hostid="261" sizebytes="1571084"></div>My salary has been pretty comparable across both cities. But the attitude toward work is significantly different.In New York, I worked around the clock and sometimes on weekends. I'd log back online in the evenings after happy hours or social outings. I even had my phone during my wedding and honeymoon.At the beginning of my career, I was excited by this because I was constantly learning, but soon enough, I <a target="_blank" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">felt burnout</a> and couldn't sustain being available all the time.In London, there is a <a target="_blank" class="" href="https://www.businessinsider.com/best-work-life-balance-advice-boss-lessons-job-2024-1">clear work-life balance</a>. I have not been contacted by an employer outside work hours, while on vacation, or on sick days.It's been a welcome relief from my days in New York when I always felt obligated to keep my work phone on.<h2 id="5dd76f89-4839-438a-b656-9830925b4d67">The cultural differences made finding friends a challenge</h2>When I was living in New York, I felt like people were more sociable and open to getting to know each other. It was <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-friends-at-work-2024-10">easy for me to connect</a> with someone I met at a bar or the library.However, my experience with the British is that they are more reserved and have a dryer sense of humor, which I don't always understand.There are also cultural references in TV, film, or politics, which I can't relate to because I didn't grow up here.<h2 id="929954d2-088b-4243-ba33-cb38e36f492a">But my new social circle has given me a whole new perspective</h2>Over time, my social circle has solidified, and I appreciate how different it is from back home.Given London's proximity to the Middle East and Asia, my new friends come from diverse backgrounds and offer unique perspectives on geopolitical and cultural issues that aren't talked about in my NYC friend circle.These friendships have exposed me to different mentalities, cities that are now on my bucket list, and <a target="_blank" class="" href="https://www.businessinsider.com/famous-foods-meals-to-eat-in-life-2019-8">new culinary dishes</a>.<h2 id="2e24a655-0204-447b-af95-6ae37bfeed84">I've had an amazing experience with the UK's healthcare system</h2><div type="image" title="Pooja Shah with husband and sunset in background" height="1152" width="1536" msid="115301509" hostid="261" sizebytes="94628"></div>The <a target="_blank" class="" href="https://www.businessinsider.com/british-healthcare-as-an-american-2017-3">UK's National Health Service (NHS)</a> has provided a more straightforward, universal healthcare experience than the private insurance I had through my employer in the US.I no longer worry about sky-high medical bills or filing insurance claims. Sure, there can be longer wait times for certain procedures, such as routine dental cleaning or eye exams, but the peace of mind of knowing I'm covered is invaluable.Earlier this month, my husband and I welcomed our firstborn child. Initially, I was worried about navigating an unfamiliar health system.Then, I learned about a hotline service through the NHS that any parent can use as often as they want <a target="_blank" class="" href="https://www.businessinsider.com/what-i-wish-i-knew-about-pregnancy-before-getting-pregnant-2022-10">during pregnancy</a>. The team of compassionate midwives I spoke to over the phone offered guidance and reassurance throughout my pregnancy, free of charge.After my son's birth, community health visitors and midwives visited our home, ensuring that both my newborn and I were coping well with the postpartum period.My son, who was born preterm, was closely monitored, and I was offered breastfeeding assistance. We also had the option to go to local drop-in clinics as often as we liked to improve latching, meet other parents, and attend music therapy sessions.Moving to a new country in your 30s is never an easy transition, but overall, I prefer life in London over New York City because of the slightly more relaxed lifestyle, reliable healthcare system, and work-life boundaries.Though I miss my family and friends in New York City, London is now home for the foreseeable future.

I moved from New York City to London. The job hunt was a culture shock but it was worth it for the healthcare and work-life balance.

<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 

<ul class="summary-list"><li>Trump wants to cut taxes on Social Security benefits, impacting current and future beneficiaries.</li><li>Experts warn these cuts could deplete the Social Security fund three years earlier than expected.</li></ul>Donald Trump plans to make changes to America's Social Security system with his return to the White Housein January. The president-elect promised on the campaign trail to <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tax-plan-social-security-retirement-medicare-2024-8">cut taxes on Social Security benefits</a> in his second term. "People on Social Security are being killed, and one of the things I'm doing is no tax for seniors on Social Security, and I'll get it done quickly," Trump told "Fox &amp; Friends" in August. For some baby boomers, lower <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security</a> taxes could mean larger monthly checks in the short-term. But experts predict that the <keyword id="23944791" type="General" weightage="20" keywordseo="Social-Security-tax-cuts" source="keywords">Social Security tax cuts</keyword>, along with other campaign promises made by Trump, could quickly drain the national Social Security fund. That would put benefits at risk for low-income retirees and younger generations, who may <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">rely on that income</a> as they age. "It's designed to help retirees, but the people it's going to hurt are people that rely on Social Security the most," Taylor Lee, a certified financial planner at Belmont Capital Advisors, told BI of Trump's Social Security tax cut. More than 72 million Americans receive Social Security and the estimated average monthly check is <a target="_blank" href="https://faq.ssa.gov/en-us/Topic/article/KA-01903">$1,92</a>4.35 a month, per the Social Security Administration. Americans can begin taking Social Security at age 62, or wait until their full benefits kick in at 67, the national retirement age. Trump's campaign promise comes as Business Insider has <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">heard from older adults</a> with limited retirement savings, many of whom are struggling to afford necessities like housing and groceries on their fixed Social Security income. Income taxes on Social Security apply to all beneficiaries with an annual household income above $25,000, and most pay taxes on at least <a target="_blank" href="https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html">50%</a> of their benefits. Lower-income beneficiaries pay less in taxes. <h2>Social Security tax cuts would hurt low-income retirees, younger generations</h2>US Social Security will be depleted<a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">in the next decade</a> without Congressional action. The fund is largely financed through payroll taxes that Americans contribute to throughout their career. <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">A report</a> published in October by the nonpartisan Committee for a Responsible Federal Budget said that Trump's campaign promises — which alsoincludes ending taxes on tips, reducing <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">some income taxes</a>, expanding deportations, and imposing tariffs — would take a toll on the Social Security fund, making it "insolvent" within the next six years. That's three years earlier than the Congressional Budget Office's current estimation. Those policies would also lead to a 33% <a target="_blank" class="" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">benefit cut</a> in 2035, a 10% increase from what the Congressional Budget Office projects under the current law. Lee said that low-income boomers and younger generations are likely to feel the brunt of these cuts. Low-income boomers living on Social Security already pay less income taxes, so they wouldn't see the benefits Trump promised. Lee said that many don't have other <a target="_blank" class="" href="https://www.businessinsider.com/social-security-no-savings-snap-benefits-debt-boomers-experiences-2024-6">retirement savings </a>to fall back on if their benefits are slashed. He added that older Americans who are wealthy or middle class would feel less stress from Social Security cuts, and may benefit in the short term from Trump's tax plan. "It would help people in the middle class, people that have the luxury of having a 401(k) or an IRA and have multiple sources of retirement income," Lee said. "But the people that's going to hurt the most are people that don't have that traditional retirement income." Lee said it's possible that <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-social-security-insolvency-medicare-donald-trump-biden-mcconnell-2023-3">younger generations</a> will have lower Social Security benefits, requiring them to rely more heavily on retirement savings. To be sure, any changes Trump hopes to make the tax or Social Security systems would need to be approved by Congress. Working in his favor is that the<a target="_blank" class="" href="https://www.businessinsider.com/republicans-win-senate-election-majority-election-2024-11">Senate will have a Republican majority</a>.(Votes for House representatives are still being counted.) Lee added that tax funding is also not the only challenge facing Social Security: people are living longer, meaning that more benefits funding is required per person. As for other retirement finances, like <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-401k">401(k) accounts</a> and <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">investments</a>, it's unclear what impact a second Trump term will have. The president-elect plans to impose tariffs on foreign goods and make broad tax cuts, a move that is likely to drive inflation and make the cost of living <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">more expensive</a>. With the <keyword id="23944794" type="General" weightage="20" keywordseo="future-of-Social-Security" source="keywords">future of Social Security</keyword> uncertain, Lee said it's important for retirees to build a strong financial plan. "There's a lot of planning that we can still do," Lee said. "Government policy — we really can't affect that. So we just have to control what we can control." Are you relying on Social Security in retirement? Are you adjusting your retirement plans based on Trump's return to office? If so, reach out to this reporter at <a target="_blank" class="" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>.

Trump's plan for Social Security will help baby boomers in the short term and cut benefits for anyone younger

The Indian automotive landscape is evolving as consumers lean toward both luxury and sustainable options, according to <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="261" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword>’s survey, Shifting Gears: Understanding Passenger Vehicle Market Trends. The survey, gathering insights from over 3,500 respondents, found that 85% are interested in high-end variants, with a notable rise in preference for <keyword id="20372525" type="General" weightage="20" keywordseo="hybrid-vehicles" source="keywords">hybrid vehicles</keyword> over electric options. With 40% of respondents favouring hybrids and only 17% opting for EVs, the shift suggests a cautious approach as consumers await more robust <keyword id="20415012" type="General" weightage="20" keywordseo="EV-infrastructure" source="keywords">EV infrastructure</keyword> and incentives. Meanwhile, 34% still prefer petrol vehicles, indicating the ongoing transition in <keyword id="21046358" type="General" weightage="20" keywordseo="consumer-preferences" source="keywords">consumer preferences</keyword>. Hybrid vehicles, acting as a bridge, are likely to boost familiarity with green technology, paving the way for broader EV adoption in the future. According to Saket Mehra, Partner and Auto &amp; EV Industry Leader at Grant Thornton Bharat, automakers must focus on both hybrid and electric solutions to match changing demands. This year’s festive season—typically accounting for 30-40% of annual sales—is critical, yet high inventory levels, weather impacts, and regional elections have slowed growth. Utility (UV) and sports utility vehicles (SUVs) continue to dominate, now representing 65% of passenger vehicle sales with 13% growth year-over-year. Despite a slow start to FY25, the popularity of SUVs and UVs reflects a strong preference for versatile vehicles. Yet, automakers are grappling with inventory challenges, with 7.9 lakh units worth ₹79,000 crore in stock as of September 2024. To tap into festive demand, nearly 90% of consumers expect substantial discounts. The survey also highlights a shift in consumer priorities, with a heightened focus on <keyword id="20961985" type="General" weightage="20" keywordseo="vehicle-safety" source="keywords">vehicle safety</keyword> overtaking traditional factors like design or performance. Subscription models are also gaining traction, indicating a broader transformation in how Indians perceive mobility solutions.

Indian consumers shift gears toward luxury and sustainability in the auto sector: Survey

<ul class="summary-list"><li>Brandon Chen is the author of webcomics like <a target="_blank" class="" href="https://www.webtoons.com/en/fantasy/just-a-goblin/list?title_no=3514">"Just A Goblin"</a> and the CEO of Inspired Productions.</li><li>After college, he got a job at a Big 4 consulting firm, but his childhood dream was to make manga.</li></ul>This as-told-to essay is based on a conversation with Brandon Chen, a 27-year-old webcomic author from New York City. It has been edited for length and clarity.I was 7 or 8 when I discovered comics.My mom got me this <a target="_blank" class="" href="https://www.businessinsider.com/netflix-one-piece-live-action-vs-manga-anime-differences-2023-9">manga</a> from the library called "Dragon Ball." It was the first time I'd read a series that was not just words. The narrative concepts and beautiful drawings got me hooked, and I started to want to draw and do that kind of work myself.In elementary school, I used to create a weekly manga magazine for myself and try to sell it to kids on the playground for quarters. No one was biting really, but it was just something I would do. That's how I started getting into the manga space.Writing and drawing involve very different skill sets, and it's hard to improve both simultaneously. You're doing one or the other; there's an opportunity cost there. I felt I had to make a decision.I was 14, and I was like, "I'm going to decide my future right here, right now, kind of like an <a target="_blank" class="" href="https://www.businessinsider.com/best-anime-series-to-watch-on-netflix-naruto-pokemon-2020-3">anime</a> protagonist, and bet it all on a coin flip." If it's heads, I'm a writer; if it's tails, I'm an artist. The coin landed on heads. I had an art Instagram at the time, and I deleted the whole thing and went all in on writing.<div type="image" title="brandon chen, a young man with black hair, sitting at a Webtoon table at new york comic con speaking to a person in a naruto shirt. there's a panel behind him showing webtoon art" height="3648" width="4864" msid="115360037" hostid="261" sizebytes="767952"></div><h2 id="70673a55-f548-4441-bc3d-68cc5edb86b3">I published my first novel when I was 17</h2>I started working on writing my first novel when I was 14. It was pretty heavily inspired by the manga series "Naruto," which was a big thing around that time.I focused on novels, not manga, at that point because I had quit drawing. I didn't understand how the whole comics business works, and working with an artist, until later on in my career.I was chronically online as a teenager, so I promoted my work on Wattpad. I was driving a lot of traffic from Instagram to my Wattpad, and it got 100,000 reads, which at the time for me was pretty great. I was like, "Wow, I'm getting a lot of feedback." I went ahead and finished that novel, packaged it, and <a target="_blank" class="" href="https://www.businessinsider.com/author-ana-huang-self-publishing-books-like-running-small-business-2024-10">self-published</a> it when I was 17.I think the hardest part about <a target="_blank" class="" href="https://www.businessinsider.com/how-to-write-book-30-days-tips">writing novels</a> or doing any creative project is that the first time you do it, it's super hard. The second time you do it, you know all the pain points and the process: how to work with an editor, how to hire an illustrator, all that stuff.From ages 17 to 20, I put out a project every single year, whether it was comics or novels. I stopped releasing novels around 21 or 22 because I was shifting back into visual storytelling.I was at NYU studying economics and computer science at that time, and like a lot of college students, I felt I had a lot of freedom. I was an OK student sometimes, but I was also the type of student — and I don't encourage people to do this! — that would always learn better outside the classroom.I'd go to class a few times, and then sometimes skip class and use that time to write and study instead. Some people were partying more than me probably, but a lot of what I used to do in my free time was writing.<h2 id="158736bd-5390-498e-a22f-596cb430bccb">When COVID hit, I kept pursuing writing</h2>After I graduated from NYU in 2019, I took a consulting job at <a target="_blank" class="" href="https://www.businessinsider.com/big-four-deloitte-pwc-kpmg-ey-staff-revenues-focus-2024-11">KPMG</a>, but I was entering my quarter-life crisis for sure.Those first few months out of college were rough for me because, before <a target="_blank" class="" href="https://www.businessinsider.com/people-share-what-theyve-learned-about-themselves-in-quarantine-2020-4">COVID hit and we were all stuck inside</a>, I was working 60 to 70 hours a week in an office. You get off work, the next thing you do is eat, maybe you work out, then you sleep, and then repeat. Your weekends are like, "Oh man, I just need to rot to cope with that rough week."It was actually COVID that allowed me to make this <a target="_blank" class="" href="https://www.businessinsider.com/love-is-blind-brett-brown-job-net-worth-income-influencing-2024-9">career change</a>, because I had more time to myself.The free time I had from avoiding commutes and avoiding seeing my friends enabled me to start writing again. I would put in a total of maybe a hundred hours a week: If it was 60 hours that I was working that week, I'd put another 40 into writing.I wasn't sleeping that much, but I was grinding a lot to try to make the dream happen.<div type="image" title="a character from just a goblin with green skin and white hair, wearing a coat with white fringe. their eyes are intense and burning, and green light crackes around their frame as they leap through the air" height="968" width="1290" msid="115360031" hostid="261" sizebytes="68382"></div>My comic <a target="_blank" class="" href="https://medibang.com/book/4r2008251133226500016517020/">"Icarus Rising"</a> was the one that kind of jumpstarted everything in 2020.The artist and I did an entry to Shōnen Jump Tezuka, a manga contest in Japan. I was posting about my process on TikTok, and a lot of those videos went <a target="_blank" class="" href="https://www.tiktok.com/@inspired.author/video/6870272733997976838?is_from_webapp=1&amp;sender_device=pc&amp;web_id=7192678209945847338">viral</a>. "Icarus Rising" was also going viral, and it enabled me to get my first serialization deal for "<a target="_blank" class="" href="https://www.voyce.me/series/god-game">God Game,"</a> which is still running.From there, I was able to connect with Webtoon using my portfolio and get "Just A Goblin" off the ground. That was just the start of my partnership with Webtoon. We have a bunch of other series, like <a target="_blank" class="" href="https://www.webtoons.com/en/action/samurai-no-tora/list?title_no=3654">"Samurai no Tora"</a> and <a target="_blank" class="" href="https://www.webtoons.com/en/drama/angel-wings/list?title_no=6920">"Angel Wings,"</a> that we're doing with them now.<h2 id="68222856-4e6f-4a24-a0a5-8acf673e8187">I convinced my parents that my webcomic career was sustainable</h2>I finally quit my finance job in May 2021.At some point, I realized I was making the same, if not more, than my finance salary from writing part-time. But my parents are very traditional Chinese — there was concern over "Hey, is this sustainable?"I had to do the classic consulting thing where I market, pitch, and basically build a PowerPoint deck to assure them: "Mom, Dad, here are the projections. If I don't hit these projections over the next five years, I will go back to my job that I promised I would do after college to make back that college tuition."I was just convincing them that I wouldn't be out of money and that I'd be OK. As soon as they saw the numbers, it was actually not super hard to convince them. And clearly, it's worked out.The catalyst for all this, in the quarter-life crisis mode, was definitely when the mangaka Kentaro Miura, who did "Berserk," died in 2021. He was in his 50s. My thought was: "What if I turn 40 and I'm still doing this finance job, and I never took a chance on myself and then I died one day? What a tragedy. Why don't I just take my risk now?" And that's when I took a jump, and then I had to convince my parents.My entire life they've known that this is my calling. They see everything I'm doing and my passion. The question for them always was, "When is he going to do it?"

I quit my finance job to pursue my dream of writing comics. I used a pitch deck to convince my parents it was a good idea.

<ul class="summary-list"><li>Pennsylvania has one of the fastest-aging populations in the nation.</li><li>It's a case study of how the US will handle a surge of retirees and fewer younger workers.</li></ul>Maureen, 67, is <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">planning to vote</a> for former President Donald Trump in November because she believes he'll be more beneficial to her finances now that she's <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">retired</a>.The northeast Pennsylvania resident, who requested her last name be withheld to protect her privacy, said she approaches each election with an open mind and has previously voted for both Republicans and Democrats. Like many Americans, this time around, Maureen's deciding factor is her <a target="_blank" class="" href="https://www.businessinsider.com/blockbuster-jobs-report-kamala-harris-election-trump-inflation-economy-2024-10">perception of the economy</a>."I'm just looking back over the past eight years, and my 401(k) grew in the four years Trump was in office," Maureen told Business Insider. "Do I like his personality? Heck no, I don't. But my 401(k) went up, interest rates were low, unemployment rates were low."Maureen's view highlights a common theme among American voters, particularly those <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">carefully watching their retirement</a> nest egg: they hold whoever is president accountable for how they feel about their finances. Despite the fact that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">stocks</a> have enjoyed significant gains under both Biden and Trump and even though the Federal Reserve — <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cut-trump-fed-powell-reaction-independence-history-2024-9">not the president</a> — dictates benchmark interest rates, Maureen still blames the current administration for her dissatisfaction.Marjorie Klein, 80, lives in Philadelphia and is also retired. Similar to Maureen, she's concerned about financial security for older Americans — but she will be supporting Vice President Kamala Harris."He says that he's going to keep Social Security, but you never know with him," Klein told BI of Trump.Americans like Maureen and Klein may decide the election. A Morning Consult <a target="_blank" href="https://www.nytimes.com/interactive/2024/us/elections/polls-president-pennsylvania.html">poll</a> conducted from October 6 to 15 found Harris leading Trump in the swing state of Pennsylvania by just one point. However, among voters aged 50 and over in Pennsylvania, a recent <a target="_blank" href="https://www.aarp.org/politics-society/government-elections/info-2024/pennsylvania-harris-trump-poll.html">poll</a> from AARP found Trump leading Harris by eight points."We're a pivotal state for this presidency," Bill Johnston-Walsh, state director of AARP Pennsylvania, <a target="_blank" href="https://www.aarp.org/politics-society/government-elections/info-2024/pennsylvania-harris-trump-poll.html">said</a>. "Whoever wants it is going to have to go through us."Pennsylvania is a case study for the role the federal government will play in supporting the US's aging population over the next few decades through programs like <a target="_blank" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">Social Security</a> and Medicare. Pennsylvania voters and economists told BI it's vital that the next presidential administration plan for a future when retirees greatly outnumber younger Americans to ensure the economy and workforce can function effectively. As a swing state, it's critical for their campaigns that Harris and Trump listen to older Pennsylvanians' concerns.<h2 id="af5cee7e-b374-4096-b8b8-8442a2e05213">Social Security and Medicare in the hot seat</h2>Pennsylvania is aging rapidly; it has nearly 2.5 million residents over the age of 65, the fifth-highest total in the country. Nationally, the population of adults over 65 is expected to surge by 20 million between now and 2040.The state's residents rely heavily on federal government income, mainly through Social Security and Medicare, with two rural counties — Fayette and Cambria — among the most reliant in the nation, a report from the bipartisan Economic Innovation Group found.Benjamin Glasner, a coauthor of EIG's <a target="_blank" href="https://eig.org/great-transfermation/">report</a>, told BI that the most reliant counties were generally in older, poor, and more rural communities. Cambria, for example, needed more government aid after steel plant closures in the 1980s. Residents' incomes still haven't recovered."You can only receive so much from Social Security. Medicare can only cover so much, and Medicaid can only cover so much," Glasner said, adding that creates "a thin level of economic prosperity" reliant on the program's generosity."Mike Crossey, 73, has seen the limits of government aid firsthand in his work as an advocate for retirees. The Pittsburgh-area resident wants the next president of the US to strengthen Social Security, protect pensions, and expand Medicare. He said he knows too many older Americans who live off Social Security alone, which <a target="_blank" href="https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/">averaged</a> $1,921 nationally for retirees in September."I run into people every day who are still making decisions about, 'Do I take my prescriptions today or do I have lunch today?' And that just breaks my heart," Crossey said.While Trump has denied that he would cut Social Security and previously criticized GOP lawmakers who proposed raising the retirement age to 70, the Committee for a Responsible Budget <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">said</a> that Trump's policies could force cuts to Social Security benefits in as little as six years. Harris has proposed strengthening Social Security by ensuring the wealthy and big corporations pay what they owe in taxes.With the Social Security and Medicare Board of Trustees report recently projecting that Social Security will only be able to pay out full benefits <a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">for the next 11 years</a>, the issue is growing more pressing, and not only for Pennsylvanians. Richard Fiesta, the executive director of the nonpartisan 4 million-member Alliance for Retired Americans, said that "Congress and the next administration needs to have a serious look at Social Security."Some retirees are <a target="_blank" href="https://www.businessinsider.com/retirement-savings-401k-pension-real-estate-investments-baby-boomers-2024-6">able to live comfortably</a> amid economic headwinds. However, Fiesta said the decline in defined benefit pension plans, or employer-subsidized retirement plans, contributes to a <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-social-security-poverty-older-americans-savings-inequality-2024-3">slump in average retiree savings</a>.This means that more and more Americans rely primarily on Social Security to help keep them financially afloat as they age. The previously mentioned EIG report found that income from government aid is the fastest-growing portion of an American's income, and it is primarily driven by retirees, who make up a rising share of the total US population."And we're just kind of seeing that now over the last 10 to 15 years as that generation ages into retirement," Fiesta said.<h2 id="a2e550dc-625f-4039-8e34-cbb0ecc4d25f">An aging workforce creates job mismatches</h2>The workforce in Pennsylvania is already starting to see imbalances as the younger population dwindles and the number of retirees grows.Kyle Kopko, executive director of the bipartisan legislative agency Center for Rural Pennsylvania, said local business owners complain of labor shortages. CRP research suggests that's due to fewer older adults working traditional jobs and instead pursuing entrepreneurship to supplement their retirement incomes. At the same time, lower birth rates mean younger adults are not filling the open roles either, Kopko said."If you don't have a pool of younger adults in Pennsylvania who can backfill for some of the retirees, that's going to create supply and demand imbalances," Kopko said, referring to the role retirees play in the economy as consumers, but less so as workers.When it comes to the issue of jobs nationwide, Harris proposed tax incentives for small businesses to spur more hiring, while Trump has largely focused on bolstering manufacturing in the US to create more jobs.One possible avenue for job creation — the infrastructure industry — has hardly been mentioned by either candidate in policy discussions. Bill Candelori, a 68-year-old retired commercial painter, sees this as an overlooked opportunity. He says Biden's infrastructure investments, which brought $16 billion to Pennsylvania, was a promising step but wants the next administration to go further."It's not only roads and bridges. It's airports, it's water authorities, it's schools, it's libraries, any public project," Candelori said. "That's work for us. And it's work afterward on maintaining those facilities. It's job creation."<h2 id="485b4799-3267-4ca3-96b7-d90ae5f90405">Political steps being taken</h2>State and local governments have already taken steps to address these mounting issues. Pennsylvania Gov. Josh Shapiro — a Democrat — has worked with members of his administration to create a <a target="_blank" href="https://www.pa.gov/content/dam/copapwp-pagov/en/aging/documents/aging-our-way/documents/AOW%20Final%20PDF%20online%20version%20with%20signature.pdf">10-year strategic plan</a> that outlined eight key priorities for older adults, including housing, transportation, and health and community support.Pennsylvania's Aging Secretary Jason Kavulich said it's a bipartisan issue that has bipartisan support: "There is not a representative or senator who I've ever sat down with that does not care about older adults in their district."JR Reed and Krista Geer, both in charge of county-wide aging agencies, have met with older adults in Pennsylvania to hear their top worries. Geer said that one of the biggest concerns she's heard about is the high cost of living, which has interfered with their ability to afford medications, gas, and groceries. Though inflation has moderated in recent months, it's still historically elevated and putting pressure on consumers."Social security just doesn't quite keep pace with that," Geer said. The program adjusts payouts annually to account for inflation. Critics say it isn't tied to a measure that accurately reflects the spending of older Americans.Reed and Geer agree the solution is for older populations to have a bigger nest egg, but not one that comes from Social Security. Reed said that he hopes Trump or Harris will continue to fund a 1965 federal law that provides funding to states to better support older adults.At the federal level, Harris recently proposed a plan that would allow Medicare coverage for in-home eldercare, which Fiesta said would "go a long way" toward helping both older adults and the family members who typically would take care of them.Trump, to date, has offered minimal details about his plans to address eldercare. Brian Hughes — his campaign's senior advisor — told BI that the presidential hopeful and his running mate, JD Vance, "share the principles of using more choice in the marketplace and efficiency as tools for better, more affordable health care."Overall, the stakes for an aging US population are high, and bipartisan participation is required to ensure the country is properly prepared for a surge in retirees.Kavulich said that the shift needs to be addressed head-on."Older adults really drive our economies," Kavulich said. "They drive our communities, and we have to respect that. And we have to not just think of them as frail and old and vulnerable."

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