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<ul class="summary-list"><li>Facebook cofounder Eduardo Saverin is currently the wealthiest person living in Singapore.</li><li>He just donated $15 million to the Singapore American School.</li></ul><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg">Meta CEO Mark Zuckerberg's</a> former business partner is making a massive donation to the <a target="_blank" class="" href="https://www.sas.edu.sg/about-us/superintendent/messages-preview/posts-preview/~board/superintendents-message/post/sep-20">Singapore American School</a>.Facebook cofounder <a target="_blank" href="https://www.businessinsider.com/reminder-the-social-network-victim-eduardo-saverin-is-a-billionaire-2010-10">Eduardo Saverin</a> donated 20 million Singapore dollars, or around $15.5 million, to SAS, the school <a target="_blank" class="" href="https://www.sas.edu.sg/about-us/superintendent/messages-preview/posts-preview/~board/superintendents-message/post/sep-20">announced</a> on Friday. It's the biggest donation the school has ever received.<a target="_blank" class="" href="https://www.sas.edu.sg/admissions">SAS is a private school</a> in Woodlands, an area in northern Singapore close to Malaysia. The school had 4,100 students enrolled in 2023. Over half of those were US citizens, per a US state department <a target="_blank" class="" href="https://www.state.gov/singapore-american-school-fact-sheet/#:~:text=Enrollment%3A%20At%20the%20beginning%20of,1%2C727%20were%20third%2Dcountry%20nationals.">fact sheet</a>.The school charges up to $47,000 a year in tuition and accepts students from pre-kindergarten through high school.SAS will use Saverin's donation to fund projects including laboratories and a new elementary school, Tom Boasberg, the school's superintendent, said in the announcement.Boasberg also said the donation will bolster SAS' Chinese immersion program, a bilingual initiative aimed at elementary school students.The school's announcement quotes Saverin's wife, Elaine Saverin, as saying the donation is a "significant and meaningful" way to demonstrate their commitment to the school and the community.Saverin was born in Brazil. He moved to Singapore with his family in 2009. He renounced his US citizenship two years later, before Facebook — now known as <a target="_blank" href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Meta</a> — went public in 2012.In 2015, Saverin cofounded <a target="_blank" href="https://b.capital/team/eduardo-saverin/">B Capital</a>, an investment firm, and now serves as its co-CEO.Saverin retains a 2% stake in Meta, which is estimated to be worth around <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/eduardo-l-saverin/">$30.5 billion</a>. This makes Saverin the wealthiest man in Singapore, <a target="_blank" href="https://www.forbes.com/lists/singapore-billionaires/">Forbes</a> reported earlier this month.Singapore, <a target="_blank" class="" href="https://www.businessinsider.com/singapore-attracts-ray-dalio-sergey-brin-family-offices-2021-2">which has no capital gains tax</a>, has for years been an attractive destination for high-net-worth individuals, as well as for those setting up family offices. Sergey Brin, Ray Dalio, and James Dyson have all <a target="_blank" class="" href="https://www.businessinsider.com/singapore-attracts-ray-dalio-sergey-brin-family-offices-2021-2">set up family offices in Singapore</a>.<a target="_blank" class="" href="https://www.sas.edu.sg/about-us/campus">SAS' campus</a> spans 36 acres. It has an indoor air-conditioned rock climbing gym and a two-acre natural rainforest. The school was founded in 1956.SAS declined Business Insider's request for comment. Saverin did not immediately respond to a request for comment from BI.

Facebook cofounder Eduardo Saverin donated $15 million to a Singapore private school that charges up to $47,000 a year 

<ul class="summary-list"><li>When it was time for my 5-year-old to start school, I knew the public school setting wasn't for him.</li><li>We've decided to pay for his private school, but not for his college. </li></ul>As we entered the <a target="_blank" href="https://www.businessinsider.com/my-twins-started-kindergarten-a-year-late-2023-8">kindergarten room</a> on a tour of our local public school, the entire class was wearing headphones and engrossed in their tablets.Seeing my eyebrows rise in surprise, the teacher said, "Don't worry, they're only on devices for 20 to 30 minutes each day.""And how long are they outside for recess?" I asked."Half an hour per day," came the response.I couldn't imagine my energetic son thriving in an environment where he had daily tablet time and only 30 minutes a day outside at such a young age. Like most 5-year-olds, he was constantly on the move exploring, making up games, and figuring out life by doing. At the time, he attended a <a target="_blank" href="https://www.businessinsider.com/private-kindergarten-costs-84000-were-making-school-district-pay-2023-7">play-based preschool</a> where imagination and play led to learning and discoveries.I knew that moving him into our local <a target="_blank" href="https://www.businessinsider.com/what-i-learned-teaching-in-public-school-for-23-years-2023-9">public school setting</a> would be at odds with who he is naturally and would be like trying to fit a square peg in a round hole. After talking with my husband, we decided to enroll him in a <a target="_blank" href="https://www.businessinsider.com/montessori-school-cost-mortgage-payment-2024-2">Montessori school</a>, where he has flourished.<h2 id="d0e0a7a6-c02a-4fec-bd42-f8daf06fd03b">We are not paying for his college tuition</h2>The notion of sending a child to <a target="_blank" href="https://www.businessinsider.com/mom-has-had-kids-in-private-public-and-homeschool-2023-8">private school</a> isn't entirely out of the ordinary, but what usually surprises people is our decision to pay for his early education but not for college.We arrived at our decision because we truly believe that by setting the groundwork for a love of learning early in life, our son will ultimately be more successful. He is an outside-the-box thinker, a hands-on learner, and thrives in smaller environments. Unfortunately, the local <a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">public school system</a> prioritizes teaching to the standardized state test, continuously makes cutbacks to the arts and music programs, and has burgeoning class sizes with too few teachers.Investing in his education during these crucial formative years makes more sense for our family than paying college tuition, which he may or may not even attend.<h2 id="f7b6d5cf-0940-4644-a42e-ae50c93bb748">There are options when it comes to college</h2>If he does attend college, there are ways to reduce the tuition price, from <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-scholarship-websites">scholarships</a> — over<a target="_blank" href="https://www.forbes.com/sites/markcperna/2021/11/01/100-million-in-scholarship-money-goes-unclaimed-every-year-does-it-have-to/"> $100 million</a> worth go unclaimed yearly—to work-study programs to attending a community college for the first couple of years. It is also naive to think that the educational landscape will look the same when he is 18. Gaining knowledge outside the traditional classroom setting is easier than ever before and is only becoming more accessible.While we will not pay for his college education, we have set up a custodial account for him, which he will have complete control of upon turning 18. Each birthday and Christmas, we deposit $500 and any financial gifts from family into his account, which we invest in an index fund. We are not stipulating what he does with this money, which is why we opted for a custodial account rather than a 529 account, which must be used for higher education.Even if we did decide to help him with college expenses, rising tuition costs would make our contributions negligible. We believe using the money now will have a more significant impact on his educational experience than saving it for later.The yearly tuition cost for my son's school is $9,000, and while we are comfortably considered middle class with both of us working, we are not wealthy. Rather than getting caught up in the lifestyle creep, we continue to live much as we did when we made less money. From owning one paid-off car to cooking at home to buying clothes from thrift stores, we have enabled ourselves to save the extra money we have made over the past few years.Putting that money toward our son's primary education was an easy decision for our family.

We're paying for private school for our son, but we won't pay for college

<ul class="summary-list"><li>Arizona established a universal school voucher system to allow kids to switch from public to private school.</li><li>An expert told BI that vouchers tend to go to wealthy families.</li></ul>The prominence of school vouchers continues to surge across the country — but they might not benefit the families who need them the most.Over the past few years, states like <a target="_blank" href="https://www.news5cleveland.com/news/local-news/investigations/every-ohio-family-can-now-get-a-private-school-voucher-some-say-it-helps-students-experts-call-it-harmful">Ohio</a> and <a target="_blank" href="https://arkansasadvocate.com/2024/04/02/arkansas-governor-marks-start-of-year-two-for-voucher-applications/">Arkansas</a> have expanded their school voucher programs to allow most or all parents to receive funding to send their kids to private schools. More than 20 states now have some kind of voucher program with more in consideration. Arizona was the first state to create a universal voucher program in 2022 — and experts have said it's the state to watch when analyzing the impact of vouchers for all.The modern school voucher movement started to grow in the 1990s under the idea that the government would give parents a certain amount of money to put toward private school tuition. The programs were means-tested, meaning recipients had to meet a certain poverty limit to receive assistance, with the idea that kids with fewer resources would be able to earn a better education at private schools.However, gradually, more states began to raise the poverty limit, making nearly any parent eligible to receive the funding — and in some states, it led to the cash going to the wealthiest families. Arizona is "a cautionary tale" regarding the expansion of vouchers, Josh Cowen, professor of education policy at Michigan State University, told Business Insider."With the Arizona expansion, it's just going into communities that are primarily wealthy," Cowen said. "When this thing stopped becoming a means test 20 years ago, it stopped being an antipoverty device."A new <a target="_blank" href="https://www.brookings.edu/articles/arizonas-universal-education-savings-account-program-has-become-a-handout-to-the-wealthy/">report</a> from the Brookings Institution delved further into the implications of Arizona's voucher program. Arizona was the first state to implement a universal education savings account — which the state calls the <a target="_blank" href="https://www.azed.gov/esa">Empowerment Scholarship Account</a> — to allow parents to receive state funding to send their kids to private school.While the program initially was capped to students with disabilities, it gradually expanded to include more students, and it's now open to all students — but the wealthiest are disproportionately getting the funds.Arizona is just one example of the range of programs across over 20 states implementing voucher programs. While they've been championed by many Republican legislators who have argued that the vouchers allow parents to control what their kids are learning, critics have argued that they've diverted funds from public schools and lack accountability measures.Through an analysis of the 2024 second-quarter report for the program, Brookings found that the lowest-poverty areas in Arizona tend to have the highest participation in the ESA program, and the area with the lowest median income also has the lowest ESA participation rate.For example, the zip codes with the lowest poverty rate, like Phoenix suburb Queen Creek, had the highest participation rate of 75 recipients per 1,000 children under 18.The report noted that there are a range of reasons families in higher poverty areas might not be participating in the program, including being unaware of the program or unable to get to their preferred school due to transportation barriers. Cost is also a barrier, the report said, since tuition at private schools often exceeds the scholarship amount."Regardless, if states that have adopted (or are considering) universal ESA programs are serious about using private school choice to address inequities in school access, they need to take a hard look at these programs," the report said. "The data emerging from Arizona provide plenty of reasons for concern."<div type="image" title="Arizona Gov. Katie Hobbs" height="512" width="1024" msid="110081662" hostid="261" sizebytes="21158"></div><h2 id="7592e468-549f-4814-a8b2-978e30665e85">The complicated future of school vouchers</h2>Arizona's former GOP Governor Doug Ducey made the state's ESAs universal in 2022, later saying during a February <a target="_blank" href="https://reason.com/2024/02/24/former-arizona-gov-doug-ducey-on-spending-and-school-choice/">interview</a> that during remote learning, "parents were able to see what their kids were being taught or not taught and the level of rigor and expectation from the public schools.""They also saw that the charter schools opened and the Catholic schools opened and many of the largest public districts chose to stay closed for nearly two years, even when the government was telling them to open," Ducey said.Republican members of the legislature have <a target="_blank" href="https://azcapitoltimes.com/news/2024/01/08/freedom-caucus-slams-hobbs-plan-to-regulate-school-vouchers/">supported</a> the expansion of vouchers, emphasizing that parents should have a role in choosing their kids' education.But Katie Hobbs, the state's current Democratic governor, proposed a <a target="_blank" href="https://azgovernor.gov/office-arizona-governor/news/2024/01/governor-katie-hobbs-announces-plan-esa-accountability-and">plan</a> in January to rein in the program as part of an effort to address budget deficits. Her plan would require students to attend a public school for 100 days at any point in their education before becoming eligible for a voucher. It would also establish transparency measures that would ensure, for example, vouchers do not pay for extravagant field trips."My plan is simple: every school receiving taxpayer dollars must have basic standards to show they're keeping our students safe and giving Arizona children the education they deserve," Hobbs said in a statement.While Arizona got a head start on implementing its voucher program, other states are following suit. <a target="_blank" href="https://www.nea.org/nea-today/all-news-articles/no-accountability-vouchers-wreak-havoc-states">At least eleven</a> now have universal programs, and other states, including Tennessee, Georgia, and Alabama, are considering new laws. Arizona could preview not only budget complications for other states but a rocky outlook for the future of public education."You see these vouchers start to cannibalize on public school funds. The most important piece probably is at that state level where you really are talking about taking up a huge portion of dollars that the state can be spending on other things, like public schools, but also other parts of the economy," Cowen said."The amount of money that you're spending on this means that at some point, there are real meaningful policy trade-offs, and not all dollars are created equal," he continued. "So for schools, the state aid portion is really, really important. It's the important equalizer at the local level between districts that might have very different tax bases to draw from."Have you received a school voucher or decided not to participate in your state's program? Are you in a state considering school vouchers? Share your story with this reporter at <a target="_blank" href="mailto:asheffey@businessinsider.com">asheffey@businessinsider.com</a>.

Arizona is a cautionary tale for school vouchers as a wave of states are giving parents cash to send their kids to private school

<ul class="summary-list"><li>California Gov. Gavin Newsom announced a ban on legacy preference in admissions for private colleges.</li><li>It's the second state to ban the practice at private schools, and other states have done the same at public institutions.</li></ul>Students can no longer use their <a target="_blank" class="" href="https://www.businessinsider.com/how-are-schools-using-legacy-admissions-scholarships-state-flagship-colleges-2024-3">legacy connections</a> to help them get accepted to prestigious California schools like Stanford.On Monday, California Gov. Gavin Newsom <a target="_blank" class="" href="https://www.gov.ca.gov/2024/09/30/california-bans-legacy-and-donor-preferences-in-admissions-at-private-nonprofit-universities/">announced</a> a ban on legacy and donor preferences in admissions at private universities in the state, including Stanford and the University of Southern California.The announcement makes California the second state after Maryland to ban legacy preference in admissions at private universities."In California, everyone should be able to get ahead through merit, skill, and hard work," Newsom said in a statement. "The California Dream shouldn't be accessible to just a lucky few, which is why we're opening the door to higher education wide enough for everyone, fairly."Following the Supreme Court decision last summer that <a target="_blank" class="" href="https://www.businessinsider.com/scotus-outlawed-race-based-college-admissions-donor-legacy-applications-fine-2023-6">struck down affirmative action</a>, prohibiting schools from considering race in admissions, the admissions practices of colleges across the country fell under increased scrutiny, with legacy preference — and fairness of the practice — at the center of the conversation.As Business Insider <a target="_blank" class="" href="https://www.businessinsider.com/harvard-elite-colleges-legacy-admissions-financial-endowments-alumni-donations-2023-10">previously reported</a>, the admission of legacy students was a central way colleges could ensure continued donations to support their endowments. Ethan Poskanzer, a professor at the University of Colorado at Boulder, previously told BI that legacy students "are more likely to attend the college if they are admitted, so they're more likely to accept their offers, which means a stabler stream of tuition for the college."However, some colleges have pushed back against that idea over the past decade and banned legacy preference in their own admissions practices. Wesleyan President Michael Roth, for example, <a target="_blank" class="" href="https://www.cnn.com/2023/09/25/business/legacy-admissions-curious-consumer/index.html">told</a> CNN last year that the Supreme Court's affirmative action decision "made it even more clear to me that it was indefensible to give preference to the children of alumni."Similarly, Gabrielle Star — president of Pomona College, which got rid of legacy admissions in 2017 — said that "for every person who may be disappointed that legacy status isn't considered there are other people who are really proud that we don't consider legacies."While California's ban is specific to private universities — the public schools in the University of California system banned the practice in 1998 — other states like Illinois and Virginia did away with a preference for legacy students at public universities in their states."If we value diversity in higher education, we must level the playing field," California Assemblymember Phil Ting said in a statement. "That means making the college application process more fair and equitable. Hard work, good grades and a well-rounded background should earn you a spot in the incoming class – not the size of the check your family can write or who you're related to."

Legacy students no longer have an advantage at Stanford and other private California colleges

<ul class="summary-list"><li>Khristianne Uy, or Chef K, grew up in the Philippines before moving to LA and attending culinary school.</li><li>Her career began in the restaurant industry before she started cooking for high-profile clients.</li></ul>This as-told-to essay is based on a conversation with Khristianne Uy, known as Chef K, a 42-year-old private chef for celebrities based in Los Angeles. It's been edited for length and clarity.I grew up in the Philippines with two older brothers, my mom, who was a housewife, and my father, who was a cop. Everything in our family was about food — regardless of what we were eating, my mom would encourage us to talk when we sat around the table.When I <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-los-angeles-influencer-party-culture-toxic-2023-10">moved to Los Angeles</a> with my family at age 12, I knew I wanted to go to culinary school. My father always instilled in us that education was the top priority and that you were on your own after school.When I decided to go, my dad, who was very old school, just couldn't understand it. Then, I also <a target="_blank" class="" href="https://www.businessinsider.com/coming-out-gay-then-came-out-nonbinary-lgbtq-2023-8">came out gay</a>. He said to me, "What do I deal with first? You're going to culinary school to learn how to cook — don't you know how to do that already?"It gave me hope because he didn't completely shut it down, but he asked me why I didn't want to be a nurse — it felt like all <a target="_blank" href="https://www.businessinsider.com/filipinos-make-up-disproportionate-covid-19-nurse-deaths-2020-9">Filipinos were nurses</a> then, and my older brother went to nursing school. I explained to him that culinary school was what I wanted.<h2 id="be3037b3-bb63-493e-a9c7-1fd533e4d0c9">I had my father's approval but didn't necessarily have his support</h2>I was studious and punctual, made sure I made the Dean's honors list, and I got that proud Asian parents' moment.After graduating, I didn't know how to <a target="_blank" href="https://www.businessinsider.com/personal-finance/student-loans/how-to-pay-off-student-loan-debt-fast">pay back the more than $100,000 in student loans</a> I'd taken out, but I started working at restaurants and resorts and doing restaurant consulting. I was introduced to working as a <a target="_blank" href="https://www.businessinsider.com/hire-personal-chef-best-decision-for-family-2023-9">private chef</a> through someone I met at work.Once I started — even though it was foreign and intimidating — I grew to love it. It brought me back to those moments of my mom cooking in the kitchen.<h2 id="33f02d9f-6096-425a-9804-832bc7955fd8">I loved being in someone's home, seeing their reactions, and interacting with families</h2>I wanted to be part of the Western tradition. I learned about it through my cooking classes, but things like Thanksgiving were still foreign to me. There are no turkeys in the Philippines, but now I'm known for my Thanksgiving meal.In 2003, I did a one-year unpaid internship with a seasoned private chef to advance my career. I told her I'd do whatever it took, and to make it work, I took out more loans.From there, I started working with her to cook for Simon Fuller. Then, I met <a target="_blank" class="" href="https://www.businessinsider.com/james-cameron-bill-gates-ai-hard-write-science-fiction-2024-9">James Cameron</a>'s wife, Susan Cameron, who I started working for. I learned so much about the traditions of Western culture from their family.<h2 id="812093c6-e40f-4d0c-8695-14e0e78f6848">Being a private chef is different because there's no ego</h2>You have to get curious about what your clients want and ask them how you can improve. There's also magic that happens in a family's kitchen, and as a private chef, I get to make Grandma's recipes, which are on an index card in the cupboard.If you were to tell most people that their jobs would require them to never spend a holiday with their family, they wouldn't want to do it, but I do, and I'm happy to do it. I think that's why I've had longevity in my career, where many other chefs get burned out. I have so much gratitude.I went on to work with all kinds of celebrities, from <a target="_blank" class="" href="https://www.businessinsider.com/charlie-sheen-public-fallout-after-stress-drug-use-2021-2">Charlie Sheen</a> to the <a target="_blank" class="" href="https://www.businessinsider.com/jonas-brothers-nick-joe-kevin-facts-2019-5">Jonas Brothers</a>. I realized I didn't think I would ever return to the restaurant world — it was too monotonous for me.<h2 id="29ffec85-b6dd-4f94-826f-acfe8b6fe154">I was working for Ryan Seacrest when my father died</h2>I had moved to New York to cook for him, but my father's dying wish was for me to be with my mom in California, so I moved back.Typically, when you leave a job, there's hurt there — but instead, Ryan wanted to help and asked me if I had anything lined up in LA. When I told him no, he called Kris Jenner.I started <a target="_blank" class="" href="https://www.instagram.com/p/C--4mY0SdL2/?hl=en">working for the Kardashians</a> in 2015 and still work for them. I cook for all of them at all of their houses, depending on who needs me and when. I make sure to keep all their favorites stocked — everything from animal crackers to salads — as well as cook for their themed family events.I have a small team of eight that helps me, and I like to keep it that way because it's my name if something breaks or goes wrong.I do everything back of the house because I'm shy. Even when they're filming <a target="_blank" class="" href="https://www.businessinsider.com/the-kardashians-most-shocking-dramatic-moments-hulu-season-one-2022-7">The Kardashians on Hulu</a>, I hide in the pantry or duck down. At first, I was nervous about giving up my privacy and time to myself, but I thought it might help fortify me as I think about retirement, spending more time with my mom, and focusing on creating my own family.<h2 id="1a54440f-1814-4ad2-ae6a-aef601993152">After 20 years, I've learned a lot</h2>First, never battle with the missus. She's the queen, and you have to do things the way she wants them done, even if you don't agree because it's not your house.I know kids are the best and worst critics, so as long as the children are happy, the mom is happy. If a child just wants buttered pasta and broccoli, I'm thinking about how I can add protein — but usually on the side because kids hate things touching.You also learn to adapt to challenges and problem-solve. There have been situations where I plan to feed a certain number of people, and 100 more show up.Another time, I had an event, and a team member forgot to close the refrigerator the night before. Tens of thousands of dollars worth of fish flown in from Japan had gone bad. We went to every vendor we could think of to buy fish to make the event happen.<h2 id="2b993c65-07df-454a-bb7b-1f1f1538eb23">In addition to being a private chef, I've been able to build my own businesses</h2>During quarantine, I started Karts by Chef K because I knew my clients were scared. I provided a roll-up service where I didn't have to be in the kitchen but could provide a fully customized meal. We would do sliders and fries, barbecue, and even snow cones. It provided so much nostalgia and made people feel like kids again.I'm also into <a target="_blank" class="" href="https://www.tiktok.com/@chefklosangeles?lang=en">social media</a> now. I was cooking for <a target="_blank" class="" href="https://www.businessinsider.com/the-cancellations-of-james-charles-the-rise-and-fall-of-a-beauty-youtuber-2022-1">James Charles</a> a few years ago, and he asked me to do a TikTok with him. I didn't even know what he meant — I was like, "I don't know how to dance." He had me give him my phone, and he and his social media manager made me a TikTok, which blew up. I couldn't believe it.Now, I work with brands on partnerships, which helps me do new things for my clients and learn about the next big trends. This new role as an influencer also allows me to have an online community.There's so much on the horizon, I'm working on a cookbook and some docuseries — maybe even my own reality show. It's time to get comfortable with coming out of my shell.Want to share your story working for a celebrity? Email Lauryn Haas at lhaas@businessinsider.com.

I'm the Kardashians' private chef of nearly a decade. I like to stay out of the spotlight.

<ul class="summary-list"><li>Scott Galloway warned against following a passion, betting the farm, and paying for private school.</li><li>The NYU marketing professor and "Pivot" co-host said rejection is inevitable on the path to success.</li></ul>Almost nobody should <a target="_blank" href="https://www.businessinsider.com/the-hard-truth-about-following-your-passion-to-do-work-you-love-2013-11">try to turn</a> their passion into a career, bet the farm on a single investment, expect to escape rejection in life — or pay for private school, says <a target="_blank" href="https://www.businessinsider.com/author/scott-galloway">Scott Galloway</a>.Galloway is a marketing professor at NYU Stern and a host of podcasts like "Pivot" and "The Prof G Show." He offered some frank and surprising advice to young people on a <a target="_blank" href="https://www.youtube.com/watch?v=gZ5K4iReUnE&amp;list=PLkL7BvJXiqSQu3i72hSrG4vUkDuaneHuB&amp;index=2">recent episode</a> of the "Modern Wisdom" podcast.<h2 id="a216b65a-4cb7-4151-b171-3b180d6ea81e">1. Passion comes later</h2>The author and founder of multiple startups including L2 and Red Envelope emphasized that chasing a passion rarely pays the bills."Just keep in mind that the person telling you to follow your passion is already rich usually, and they made their billions in iron ore smelting," he quipped.Instead, Galloway advised working hard to hone a talent that lets you pursue a career you can excel in, but in an industry with ample jobs."Find something that you're naturally good at, that you could become in the top 10% or top 1%, in an industry that has a 90%-plus employment rate, and focus on it," he said.The business guru said that people become passionate about careers that provide them with status and economic security, and allow them to meet the demands of other parts of life."As you get older, you become really passionate about taking care of your kids," he said. "You become really passionate about doing wonderful things with your spouse, taking care of your parents, and your priorities change."<h2 id="99ed79a4-23df-4ed5-a973-c8c6599b7ce1">2. Spread your bets</h2>Galloway said he never wagers more than 3% of his net worth on a single investment. He explained that diversifying your portfolio allows you to shrug off losses from bets that don't pay off."It's a bullet to the chest when it goes to zero, but I've got Kevlar," he said. "Yeah, it knocks me off my feet, but then I get up and I've got a bruise and I'm like, I'm fine."Nothing's ever critical, much less fatal," he continued. "Whereas before, when I got shot in the chest in 2000 with the dot-com explosion or implosion, and the great financial recession in 2008, I almost never could get up again."<h2 id="bab7ec01-a6a3-45d8-abd9-c25e4fa4f4ff">3. Prepare to hear 'no' a lot</h2>Putting yourself out there and asking for a job or date is often the only way to snag the position or partner you want, but it carries the risk of being turned down. Learning to shrug off a "no" is an important life skill."All you need is one good mentor, a few good friends, one wonderful mate, one business that works," Galloway said. "But to get there means putting yourself in a position of rejection over and over and over.""You're Kanye or Madeleine Albright or Stephen Hawking, you're going to be fine," he continued. "Assume you are not that person. A much more reliable route to success is just resilience and an ability to eat shit."<h2 id="022841e7-2f4f-4aa9-ab18-a5ccb155e408">4. Save, don't spend — even on your child's education</h2>Galloway argued that paying a ton of money to send a child to private school isn't the best option for many families.If their goal is to give their kid a better life than they had, he said, sending them to public school and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/scott-galloway-pivot-apple-amazon-stock-tech-buffett-berkshire-investing-2023-9">investing the cash</a> they would have spent in a <a target="_blank" href="https://www.businessinsider.com/millionaires-investment-strategy-low-cost-stock-index-funds-building-wealth-2018-12">low-cost index fund</a> for the long term is a better idea based on historical returns."Assume you are wrong," Galloway said. "You sent that kid to public school and you screwed up. They didn't get into the best college. They ended up with a mediocre career. They have trouble buying their first home."They can't live the life that you got to lead or that you really hoped for them," he continued. "Here's what's going to ease your pain. If you were disciplined and reinvested that money you would have spent on Grace Church, by the time they are 35, you'll have $5.3 million to give to them."

Don't try to turn your passion into a job or pay for private school, says business guru Scott Galloway

<ul class="summary-list"><li>School choice issues are on the ballot in Nebraska, Colorado, and Kentucky.</li><li>Advocates of school choice said it gives parents more educational options to best fit their child's needs.</li></ul>School choice is a hotly debated issue — and it's on the ballot in a few states.Colorado, Kentucky, and Nebraska are allowing residents to vote on school choice, which allows families to use public funds to cover costs if they choose to send their kids to a school outside their local district, including charter and private schools.Advocates have said it allows families to choose the school that best fits their child's needs, giving parents more freedom to decide among the educational options their community provides. Critics have said that school choice puts public education at risk by diverting funds away from public schools and that some school choice initiatives have <a target="_blank" class="" href="https://www.businessinsider.com/private-school-vouchers-arizona-cautionary-tale-savings-accounts-parents-cash-2024-5">disproportionately helped wealthier families</a>.Some voters will have a say on the issue. Colorado's<a target="_blank" class="" href="https://www.5280.com/2024-statewide-colorado-ballot-measures-guide/#amendment-80"> Amendment 80</a> establishes a constitutionally protected right to school choice for children from kindergarten through 12th grade. If the amendment passes, families in the state will be able to secure funds to choose between public schools, private schools, charter schools, and homeschooling.The Kentucky ballot initiative — <a target="_blank" class="" href="https://www.sos.ky.gov/elections/Pages/2024-Constitutional-Amendments.aspx">Amendment 2</a> — would allow the state to fund education costs for students from kindergarten through 12th grade who are outside the public school system. The Kentucky Center for Economic Policy <a target="_blank" class="" href="https://kypolicy.org/the-impact-of-diverting-public-money-to-private-school-vouchers-in-kentucky/">estimated</a> the initiative would cost the state $1.19 billion annually. Kentucky Gov. Andy Beshear, a Democrat, <a target="_blank" class="" href="https://apnews.com/article/kentucky-governor-legislature-school-choice-6d8dde6cf2b52d121484c22b87d37db9">said</a> the proposal would put public school budgets at risk, while Kentucky Sen. Rand Paul, a Republican, <a target="_blank" class="" href="https://www.courier-journal.com/story/news/politics/2024/09/27/rand-paul-calls-school-choice-a-civil-rights-issue-wife-says/75395331007/">said</a> it would support parents who want to have a say in their kids' educations.Nebraska's <a target="_blank" class="" href="https://sos.nebraska.gov/sites/default/files/doc/elections/Petitions/2024/Private%20Education%20Scholarship%20Partial%20Referendum.pdf">Referendum 435</a> gives voters the opportunity to decide whether they want to retain or repeal an existing state law that allocates $10 million a year for parents to send their kids to private schools. If the law is repealed, it would get rid of the state's school choice program.If the state ballot initiatives pass, they would build on the existing school choice programs across the country. Over the past few years, some states, like Ohio and Arkansas, have expanded their school voucher programs to allow most parents to receive funding to send their children to private schools. Arizona added to the momentum by creating the first universal voucher program in 2022, and nearly 30 states have some form of a school choice program.School choice remains a partisan issue, and experts and lawmakers have debated the merits of boosting funding for public education and allowing parents to choose where their children go to school.

School choice is gaining momentum, and it's on the ballot in 3 states. We want to hear what you think.

<ul class="summary-list"><li>More companies would move to Miami if there were more private schools, said Barry Sternlicht.</li><li>Miami's business-friendly environment and tax savings have attracted companies like Citadel.</li></ul>One hiccup prevents Miami from attracting more money and talent, according to billionaire real estate fund manager and Miami transplant <a target="_blank" href="https://www.businessinsider.com/billionaire-barry-sternlicht-predicts-weekly-bank-closures-inflation-interest-rates-2024-5">Barry Sternlicht</a>.The city doesn't have enough private schools, he said in an <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-09/sternlicht-says-miami-is-hamstrung-by-impossible-school-access?srnd=homepage-asia">interview</a> on Thursday with Bloomberg Television."There are a lot of companies that would move down if they could get their employees' kids into schools, which is impossible," said Sternlicht, the CEO of Starwood Capital Group.Sternlicht <a target="_blank" href="https://www.bloomberg.com/news/articles/2018-11-20/sternlicht-to-build-miami-beach-offices-as-his-firm-moves-south">announced</a> in 2018 that he would move Starwood from Connecticut to Miami, and the firm relocated during the pandemic. The company managed $115 billion of assets and has 5,000 employees globally, according to its website.While he expected better weather and tax savings, Sternlicht was pleasantly surprised by how welcoming Florida is to business, he said in the interview.Sternlicht is one of <a target="_blank" href="https://www.businessinsider.com/billionaire-barry-sternlicht-predicts-weekly-bank-closures-inflation-interest-rates-2024-5">several real estate moguls</a> and billionaires who moved their company from the northeast to Miami in recent years.In 2022, Citadel and Citadel Securities founder Ken Griffin <a target="_blank" href="https://www.businessinsider.com/citadel-headquarters-in-miami-work-life-balance-2024-3">moved the headquarters</a> of both of his companies from Chicago to Miami after complaining about <a target="_blank" href="https://www.businessinsider.com/citadel-ken-griffin-20-million-campaign-illinois-not-raise-taxes-2020-9">Illinois taxes</a> and politics. Late last year, former Amazon CEO Jeff Bezos <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-move-miami-parents-avoid-taxes-2023-11">announced</a> he was relocating from Seattle to Miami, a move that could save him <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-amazon-miami-move-save-600-million-in-taxes-2024-2">$600 million</a> in taxes.Florida is one of only <a target="_blank" href="https://www.businessinsider.com/personal-finance/states-with-no-income-tax-map">nine US states</a> with no state income tax, and high-earners moving to the state are often called "<a target="_blank" href="https://www.businessinsider.com/miami-luxury-real-estate-wealthy-new-yorkers-tech-ceos-tax-laws-2019-2">tax refugees.</a>"The shortage of private schools in the area is due to a recent population boom in Miami and the state overall.<a target="_blank" rel="" href="https://www.businessinsider.com/florida-population-jobs-economy-housing-battle-new-york-california-2023-3">Florida's population</a> jumped by 1.9% from 2021 to 2022, with a net gain of 417,000 new residents, <a target="_blank" href="https://www.businessinsider.com/why-are-people-moving-florida-home-prices-cost-of-living-2023-12">more than</a> any other state in the country. Miami saw the number of millionaires rise 78% in the last decade, to 35,300, per a <a target="_blank" rel=" nofollow" href="https://www.henleyglobal.com/newsroom/press-releases/wealthiest-cities-report-2024">report </a>released Tuesday by immigration consultancy Henley &amp; Partners.The spike is in part due to employees of Goldman Sachs, Blackstone, D1 Capital Partners, and other firms that have moved in. High-earning employees want to send their children to elite schools that match the quality of New York area's schools, BI <a target="_blank" href="https://www.businessinsider.com/miami-real-estate-tax-breaks-top-private-schools-huge-waitlists-2019-3">previously</a> reported.Newcomers to the city face <a target="_blank" href="https://www.businessinsider.com/miami-real-estate-tax-breaks-top-private-schools-huge-waitlists-2019-3">long waitlists</a> to get into elite schools because of the small number of such schools in the city and developers <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-20/avenues-drops-plan-to-tempt-rich-transplants-to-miami-with-48-500-tuition">dropping plans</a> to build new ones.Despite the school challenge, Sternlicht said that Miami's growth story is not over."I don't think Miami has peaked. I think Miami and Florida have cycles because they get overbuilt, but they're ever-higher cycles," he told Bloomberg. "You just have to have stamina to stay with it."

More companies would move to Miami if there were more private schools, says billionaire Miami convert Barry Sternlicht 

<ul class="summary-list"><li>Jonathan Sit is a regional general manager at One15 Marina in Singapore.</li><li>The 34-year-old said he uses face-to-face communication and respect to build strong relationships.</li></ul>This as-told-to essay is based on a conversation with Jonathan Sit, a regional general manager for ONE15 Marina. It has been edited for length and clarity.I grew up in Hong Kong, where I interned at hotels like the Four Seasons and at a three Michelin Star restaurant called Caprice. Since then, my entire career has been based around relatively high-net-worth individuals, and I get to see the ins and outs of that market.After graduating from <a target="_blank" class="" href="https://www.businessinsider.com/cornell-student-pandemic-remote-hybrid-classes-fall-semester-2020-9">Cornell's</a> hospitality program, I moved to Singapore. I joined <a target="_blank" class="" href="https://www.businessinsider.com/singapore-sentosa-cove-one-marina-hotel-yacht-club-review-2023-5">ONE15 Marina</a> at Sentosa Cove Singapore in 2014 as a management associate for two years before becoming regional general manager.My role now involves managing the marina, an events management company, a charter company, and a few external projects. My day is always packed, but that's what makes it exciting.Some of the <a target="_blank" class="" href="https://www.businessinsider.com/charter-yacht-singapore-cheapest-option-sentosa-cove-photos-2022-2">boats</a> docked in our marinas are worth $20 million to $30 million each, and it would take a multiplier to your net worth to own a boat like that, so our clients can be very <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-secretive-world-of-superyachts-2023-8">wealthy individuals</a>.It's a strangely humbling experience because people walk around wearing T-shirts and shorts when I just read about them on CNBC, and here they are, having coffee with me.<h2 id="ae5fbacd-3977-4182-ab28-8b187407dbbf">1. Avoid emails whenever you can</h2>When I first started, there were times when difficult conversations came up, such as an email from a disgruntled member about certain things that we could agree to disagree on.In the past, I would have replied by addressing everything point by point, but I've learned quickly that it's ineffective. You're starting an argument, and members don't want to argue. They want things to be resolved.Although I may shy away from it, it's better just to pick up the phone and give them a call and say: "Hey, can I have a chat with you? Best if we can meet in person," because a lot of times in emails, the tone of what you've written is subject to interpretation.Memorably, I've had hostile clients who threatened to sue us, but after talking things through with them, they became very friendly and loyal customers because they knew that we were taking them seriously.It's very old school, but having that face-to-face negotiation and finding common ground to land where everyone's happy can change the dynamics of the conversation very quickly.<h2 id="df9ae20c-3050-49ac-8ce0-2d5e01eb36bb">2. Your word is worth your weight in gold</h2><a target="_blank" class="" href="https://www.businessinsider.com/photos-singapore-sentosa-island-former-pirate-haven-turned-vacation-spot-2023-5#according-to-the-los-angeles-times-the-island-has-one-foot-in-fantasy-land-and-one-foot-in-a-future-in-which-singapore-embraces-well-southern-california-with-a-gated-community-of-luxury-homes-and-a-yacht-marina-21">Sentosa Cove</a> is very residential, with around 2,000 to 3,000 households, many of whom are our members, and some even live on their yachts.They're not shy about sharing feedback, and sometimes, they ask me to go out to lunch so they can tell me a bit more about their current work or their businesses.For example, a member recently asked us to set up tennis groups because he didn't know anyone. Afterward, he was so thankful that he invited us to dinner. We discussed renovating our restaurants and the costs of building pickleball courts.Talking about pricing is a great way to interact with clients and understand their perspectives on where their money is going. What I think in isolation might differ from their needs.Our members just want fair value for what they pay for. They might be able to afford services that cost $100,000, but they are ultimately looking for good value.But I also have to be careful when making promises because I'll have to ensure they are fulfilled. Your words are worth your weight in gold. Once you lose their trust, it's hard to regain it.<h2 id="fbd75871-ea86-4ea3-bd65-a02da3e9fe69">3. Don't put wealthy people on a pedestal</h2>It sounds cliché, but the marina industry is a people business, and members want to be treated like humans.If there's an issue, don't just pull out the contract and throw the bylaws at them. Sometimes, it's better to talk to people like humans and treat them respectfully.Some days might feel frustrating when someone is stubborn or unreasonable, but I don't take it to heart. On other days, it's fulfilling when clients recognize my or my team's work.For example, when we run sustainability efforts, like cleaning beaches or our coral nursery, people come up to us and say, "Wow, you're so far ahead of the competition." It's those moments of recognition that make it all worthwhile.Learning a bit about yachting also helps me relate to the members better. I try to keep up with current affairs as much as possible. Many members are businesspeople, and discussing the latest events, such as the upcoming <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-50-days-vance-walz-electoral-math-2024-9">US elections</a>, is a quick way to connect with them.Engaging with them on a human level and not putting them on a pedestal builds respect. Sometimes, if you can banter with them, they appreciate it and treat you like a friend.Many times, they've come to me and said that they want to help out, be it with funding or manpower, which was not something that we were expecting.Our members are very humble and honest in my experience, and we've been lucky to work with them. They're not asking for special treatment. They just want good, honest service.Do you have a story to share about working around high-net-worth individuals? Email this reporter at <a target="_blank" href="mailto:lwee@insider.com">lwee@insider.com</a>.

I manage a private yacht marina in Singapore. Here are 3 ways I build trust with wealthy clients.  

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! Summer vacation have you dreaming about giving it all up and moving abroad? Luckily, six European towns are <a target="_blank" rel="noopener" href="https://www.businessinsider.com/get-paid-to-move-to-europe-greece-spain-switzerland-italy-2024-7">offering cash to help you move there</a>.Speaking of money and vacations: In today's big story, summer vacation means financial stress for parents looking to keep their kids busy while school is out <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">without breaking the bank</a>.What's on deck:<ul><li>Markets: The June jobs report is <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">good news for a potential rate cut</a>.</li><li>Tech: The founder of Gen Z's new favorite app details <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">how she plans to avoid being just a fad</a>.</li><li>Business: The three worst letters in real estate: <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">HOA</a>.</li></ul>But first, hello campers!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 cost of summer</h2><div type="image" title="illustration of coin on swan" height="880" width="1168" msid="111587548" hostid="261" sizebytes="82826"></div>School's out for summer, but the relief for kids is causing financial pain for their parents.Summer can be a money pit for parents scrambling <a target="_blank" href="https://www.businessinsider.com/cost-summer-camp-childcare-inflation-parents-debt-work-schedules-2024-7">to keep their kids entertained in July and August</a>, write Business Insider's Juliana Kaplan and Madison Hoff.Summer childcare isn't cheap. Nearly a quarter of recently surveyed parents with kids in a summer program said they expect to pay more than $1,000 a month per child this summer. And those costs can balloon well beyond that, with one family spending $6,000 for a three-week sleepaway camp.Further complicating things is most camps don't cover the two-plus months parents need to fill for their kids. The result is sometimes a patchwork system of camps and part-time nannies that parents need to cobble together.Sometimes costs crop up before camp even starts. Parents spend hundreds, or even thousands, on <a target="_blank" href="https://www.businessinsider.com/parents-spend-hundreds-summer-camp-packing-services-kids-2024-6">packing and prepping their kids before shipping them off</a>.Just about everyone feels the squeeze on their wallets when the temperature rises.An Intuit Credit Karma survey found 61% of parents with children under 18 said it "feels even more expensive to raise kids in the summer months."It's a brutal reality check for parents who thought their days of high childcare costs were behind them when they became DIPS (<a target="_blank" href="https://www.businessinsider.com/parents-paying-preschool-childcare-costs-new-term-dinks-dips-henry-2024-2">dual income, public school</a>).Instead, some are even going into debt, despite sky-high credit card interest rates, to make it work.<div type="image" title="Illustration of a teddy bear with makeup in front of campgrounds and cabins." height="1500" width="3000" msid="111587547" hostid="261" sizebytes="1234734"></div>Things don't always get easier once kids are at camp, though.This year, skincare products proved to be <a target="_blank" href="https://www.businessinsider.com/sephora-kids-sleepaway-camps-ban-expensive-skincare-beauty-products-2024-6">a lightning rod for kids and parents at elite summer camps</a>, writes BI's Anna Silman. Outright bans or restrictions on luxury skincare products — because nine-year-olds need their daily lip oil — created chaos among their tweens.Of course, drama comes with the price of admission at these fancy establishments, which can run $16,000 for the summer.In 2021, Anna reported on how parents were <a target="_blank" href="https://www.businessinsider.com/sleepaway-camp-photo-drama-tyler-hill-2021-7">up in arms over the daily photos shown from camp</a>. Parents inundated camp employees with concerned or critical emails and calls as they tried to parent their children from hundreds of miles away.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Your Monday headline catchup</h2>A quick recap of the top news from over the weekend:<ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/boeing-big-mea-culpa-just-dropped-does-not-look-pretty-2024-7">Boeing's big mea culpa just dropped and it doesn't look pretty.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">Modi's Russia visit shows India isn't worried about making the US mad.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/joe-biden-should-not-drop-out-election-prediction-allan-lichtman-2024-7">Kamala Harris won't save Democrats if she takes over for Biden, warns historian who correctly predicted 9 of the last 10 elections.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/france-election-results-new-popular-front-2024-7">France's left-wing alliance blocks a far-right majority, projection shows.</a></li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/russia-use-wwii-tactic-defend-against-ukrainian-drone-strikes-2024-7">Russia may resort to an old World War II tactic that had a key role in the D-Day landings to repel Ukrainian drone attacks.</a><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mint-butterfield-teen-child-tech-founders-found-safely-police-2024-4">ded Slack and mom cofounded Flickr, found safe, police say</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="man walking by power plants" height="546" width="1102" msid="111587552" hostid="261" sizebytes="147554"></div><ol><li>How to get in on the AI infrastructure trade everyone's talking about. You've read a lot about the role data centers and utilities play in powering AI. But where should you invest? <a target="_blank" href="https://www.businessinsider.com/ai-stocks-companies-building-out-infrastructure-goldman-sachs-picks-2024-7">Goldman Sachs identified 89 stocks across 10 sectors</a> that are key to AI infrastructure.</li><li>The June jobs report included a couple surprises. The US labor market added more jobs last month than expected (206,000). But an unexpected uptick in unemployment to 4.1% is good news for <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">investors hoping for an interest-rate cut</a>.</li><li>An activist short-seller's Pyrrhic victory. Hindenburg Research wiped out $150 billion in market value from the Adani Group when it accused the Indian conglomerate of sweeping fraud. Meanwhile, Hindenburg's rewards were meager: The short-seller made just $4 million for its efforts. <a target="_blank" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">But its leader insists it's not about the money</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Phones with Noplace." height="553" width="738" msid="111587549" hostid="261" sizebytes="32544"></div><ol><li>Gen Z's new favorite social media is… MySpace 2.0? The app Noplace, which is going viral among young people, is a nod to the early days of social media before the "algos and ads" took over. <a target="_blank" href="https://www.businessinsider.com/noplace-app-takes-over-apple-charts-myspace-twitter-for-genz-2024-7">Its founder has a plan to keep it from fizzling out</a>.</li><li>How Andy Jassy secretly wooed Wall Street. After a rough start to his tenure as CEO, Jassy executed a stunning turnaround: He slashed costs, won over investors, and put a new stamp on Amazon's culture. More than a dozen employees, investors, and analysts explained <a target="_blank" href="https://www.businessinsider.com/amazon-andy-jassy-wooed-wall-street-overhauled-bloated-tech-giant-2024-7">how Jassy overhauled the tech giant for the better</a>.</li><li>Amazon laps Netflix in the race for TV ad dollars. Ad buyers told BI that <a target="_blank" href="https://www.businessinsider.com/amazon-beating-netflix-upfront-battle-for-tv-sports-dollars-2024-7">Amazon is leading streamers in the competition for advertisers</a>, thanks to its large sports footprint and lower prices. It also has a larger ad-supported audience, since it <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">switched on ads for all Prime Video users</a> in January.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Nosy neighbor with binoculars peeking over shrubs, shocked at neighbor's 'NO HOA' sign" height="900" width="1200" msid="111587555" hostid="261" sizebytes="92110"></div><ol><li>Down with homeowner associations. Millions of Americans live in neighborhoods with HOAs that operate as private quasi-governments. While a new Florida law has made strides to limit HOAs' power, it will take more than some modest adjustments. <a target="_blank" href="https://www.businessinsider.com/abolish-hoas-homeowner-associations-housing-market-real-estate-costs-2024-7">We may need to break the system entirely</a>.</li><li>Stay greasy, McDonald's. Over the course of many years, McDonald's forays into healthy alternatives haven't panned out. That's probably because no one is going there to enjoy a salad. Customers know that. McDonald's does, too — <a target="_blank" href="https://www.businessinsider.com/mcdonalds-should-stick-to-unhealthy-food-burgers-chicken-2024-7">and it shouldn't forget it</a>.</li><li>Gen Z in Neverland. A growing share of young Americans are living with their parents way past college, and relying on the Bank of Mom and Dad for support. But it isn't all their fault. Lacking social safety nets, <a target="_blank" href="https://www.businessinsider.com/gen-z-living-at-home-relying-on-parents-safety-net-2024-7">American parents are often left to provide cover</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/when-to-quit-six-figure-job-for-mental-health">3 high-earners share when they knew it was time to quit their 6-figure jobs: 'It was literally driving me to the edge.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/samsung-apple-galaxy-iphone-battle-ai-intelligence-smartphones-2024-7">Samsung really wants to outsmart Apple in the Galaxy-iPhone battle</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-mocks-mark-zuckerberg-hydrofoil-video-2024-7">Elon Musk mocks Mark Zuckerberg's big hydrofoil swag moment and says he prefers to work instead of having fun on yachts</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-downgrade-ai-fully-valued-nvda-tech-2024-7">Why Nvidia just got a rare stock downgrade</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/hamptons-nightlife-clash-between-elite-clubs-and-angry-locals-2024-7">Elite nightclubs are forcing the Hamptons into an identity crisis</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/retire-early-expert-savings-advice-2024-7">I want to retire before 50, so I asked a financial planner for 3 ways to earn more on my savings</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chase-warns-pay-free-services-checking-account-2024-7">Why your checking account may no longer be free</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tech-workers-real-winners-ai-talent-war-pay-2024-7">Tech workers look like the real winners of the AI talent war</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Samsung workers <a target="_blank" rel="noopener" href="https://www.reuters.com/technology/samsung-workers-union-south-korea-kicks-off-three-day-strike-2024-07-08/">began a three-day strike</a>.</li><li>Russian President Vladimir Putin met with Indian Prime Minister Narendra Modi.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Jack Sommers, deputy editor, in London. Annie Smith, producer, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

School's out, and parents' financial stress is in

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/spacex-launch-risky-polaris-dawn-mission-first-commercial-spacewalk-radiation-2024-8">SpaceX launched the Polaris Dawn mission</a> Tuesday morning, sending four people on an ambitious flight.</li><li>The private mission aims to fly through radiation belts and conduct the first commercial spacewalk.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/spacex-polaris-dawn-mission-launch-2024-8">SpaceX just launched four people</a> on its most daring human spaceflight yet, a mission called Polaris Dawn.The crew features a billionaire, a pilot, and two SpaceX employees. After an early morning launch on Tuesday, they're floating in the company's <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-says-next-spacex-flight-will-have-better-toilets-2021-9">Crew Dragon spaceship</a> in Earth's orbit.None of them are NASA-grade <a target="_blank" class="" href="https://www.businessinsider.com/nasa-astronaut-warns-tourists-that-spaceflight-is-uncomfortable-risky-2021-8">professional astronauts</a>, but they're scheduled to fly further from Earth than anyone has traveled in over 50 years, since the Apollo missions.They're also planning to <a target="_blank" class="" href="https://www.businessinsider.com/polaris-dawn-spacewalk-spacex-crew-dragon-2024-9">conduct the first-ever commercial spacewalk</a>, taking the risk of opening their entire Crew Dragon spaceship to the vacuum of space.Here's who's on board this bold, historic mission.<h2 id="688a5c11-20ce-406b-89c2-4f98790acc82">Jared Isaacman, mission commander</h2><div type="image" title="jared isaacman spacex crew dragon" height="2560" width="3840" msid="113245844" hostid="261" sizebytes="991006"></div><a target="_blank" class="" href="https://www.businessinsider.com/jared-isaacman-net-worth-career-spacex-polaris-dawn-2024-8">Jared Isaacman</a> is the billionaire bankrolling the mission and serving as its commander. This isn't the 41-year-old's first rodeo.In 2021, he funded and flew on the <a target="_blank" class="" href="https://www.businessinsider.com/spacex-civilian-crew-zip-ties-sedatives-orbit-2021-9">first-ever all-civilian spaceflight</a>, called Inspiration4, and brought three people with him to circle Earth aboard SpaceX's Crew Dragon.That mission's name, Inspiration4, derives from Shift4, the payment-processing company that Isaacman founded at age 16 in his parents' basement after dropping out of high school. He is still the CEO.Compared to other space-faring billionaires — like the <a target="_blank" href="https://www.businessinsider.com/virgin-galactic-richard-branson-spaceflight-2021-7">flashy Richard Branson</a> and <a target="_blank" href="https://www.businessinsider.com/video-jeff-bezos-interrupts-william-shatner-space-speech-spray-champagne-2021-10">champagne-spraying Jeff Bezos</a> — Isaacman's tone is much more serious.For starters, he's a relatively private person. He's repeatedly declined to say how much money he's spent on his missions with SpaceX.He also has some technical qualifications for the <a target="_blank" class="" href="https://www.businessinsider.com/virgin-galactic-blue-origin-spacex-commercial-space-flights-tourism-cost-2023-7">commercial astronaut</a> gig: He's an accomplished pilot, reporting over 7,000 flight hours. Isaacman's business repertoire also includes Draken International, a private aircraft provider and pilot-training company that he founded in 2012 and sold to Blackdstone in 2019. The sale, along with taking Shift4 public, made him a billionaire.Messaging around both <a target="_blank" class="" href="https://www.businessinsider.com/spacex-final-members-of-the-all-civilian-inspiration4mission-revealed-2021-4">Inspiration4</a> and Polaris Dawn has been heavily focused on fundraising for St. Jude Children's Research Hospital as well as making technological advancements in human spaceflight."I just knew it was a pretty significant moment in history, and it comes with some responsibility," Isaacman told BI ahead of the Inspiration4 launch in 2021. He said the St. Jude fundraising was an effort to "take care of some of the problems that we have here on Earth, so we earn the right to go and explore among the stars."Isaacman has also approached NASA, offering to fund a <a target="_blank" href="https://www.businessinsider.com/nasa-spacex-announcement-billionaire-spaceflight-hubble-space-telescope-2022-9">Crew Dragon mission to boost the Hubble Space Telescope's orbit</a> and therefore extend its lifespan, since it's currently expected to fall from orbit in the mid-2030s. NASA has declined the offer for now.Isaacman lives in New Jersey with his wife, Monica Isaacman, and their two daughters, according to the <a target="_blank" class="" href="https://nypost.com/2024/09/10/us-news/jared-isaacman-nj-high-school-dropout-turned-tech-billionaire-set-to-conduct-first-private-spacewalk/">New York Post</a>.<h2 id="826614e6-dace-47db-8f31-d7d755ada4e7">Sarah Gillis, mission specialist</h2><div type="image" title="sarah gillis smiling woman in white spacesuit and open helmet with gray and black trim" height="1667" width="2500" msid="113245841" hostid="261" sizebytes="137418"></div>As the engineer overseeing <a target="_blank" class="" href="https://www.businessinsider.com/how-spacex-first-civilians-trained-for-spaceflight-photos-2021-9">SpaceX's astronaut training program</a>, Sarah Gillis first got to know Isaacman when she was preparing him and his crewmates for the Inspiration4 flight."You spend a huge amount of your job pretending to be an astronaut and thinking through what they would care about," Gillis, aged 30, said in a briefing on August 19. "I cannot wait to actually test this in space and bring back knowledge to the engineers."Growing up in Boulder, Colorado, Gillis was on track to be a violinist like her mother until her junior year of high school, when she attended a university guest lecture by Joe Tanner, a former NASA astronaut and a mechanical engineering professor. She told <a target="_blank" href="https://www.denverpost.com/2024/07/22/spacex-colorado-astronauts-scott-poteet-sarah-gillis-polaris-dawn/">The Denver Post</a> that she stayed to talk with Tanner, who became her mentor as she pursued aerospace engineering.Gillis started with an internship at SpaceX in 2015 and quickly ascended through the ranks of the company's astronaut training program and mission control operations. She's still a skilled violinist and an avid hiker.Gillis's husband, Lewis, is also a SpaceX engineer. He helped build Dragon's propulsion system."So I know exactly what goes into the testing and the design and the rigor behind absolutely everything in the spacecraft," Gillis said, adding that she was "very, very excited to fly on my favorite Dragon spacecraft."She's serving as the mission specialist on Polaris Dawn, assigned to leave Dragon on Thursday to <a target="_blank" class="" href="https://www.businessinsider.com/video-shows-cosmonaut-space-littering-during-spacewalk-nasa-says-harmless-2023-5">conduct the first commercial spacewalk</a> alongside Isaacman. This is her first time in space.<h2 id="3fe1acf4-ea8f-4279-9bc9-30d402b3c54d">Anna Menon, mission specialist and medical officer</h2><div type="image" title="Crewmember Anna Menon of Polaris Dawn smiling and wearing sunglasses" height="1500" width="2004" msid="113245851" hostid="261" sizebytes="165860"></div><a target="_blank" href="https://www.businessinsider.com/nasa-astronaut-parenting-tips-career-vs-dad-time-2024-3">Anna Menon</a> has dreamed of going to space since she was a child."I grew up in Houston, another Space City, and I was exposed to space on a field trip and got to experience a day in the life of an astronaut and a flight controller in mission control," Menon said during the August 19 briefing. "And I fell in love with the industry." Polaris Dawn is the 38-year-old's first time in space. She's an engineer at SpaceX and is serving as a mission specialist and medical officer for Polaris Dawn. "I think working at SpaceX gives me a tremendous amount of competence going to space," Menon said. Before joining SpaceX, Menon worked at NASA and helped oversee International Space Station operations as a biomedical flight controller. She's not the only one in her family headed to space. Menon's husband, Anil, is one of <a target="_blank" href="https://www.businessinsider.com/nasa-astronauts-hiring-resume-selection-manager-2024-3">NASA's new astronauts</a>. The couple have two children, James and Grace.During her trip in space, Anna plans to get in a bit of reading. "I'm going to read a children's book I wrote, '<a target="_blank" href="https://www.penguinrandomhouse.com/books/744559/kisses-from-space-by-anna-menon-and-keri-vasek-illustrated-by-andy-harkness/">Kisses from Space</a>,' to both my kids as well as some of the brave kids at St. Jude Children's Research Hospital," she <a target="_blank" href="https://people.com/billionaire-jared-isaacman-leads-four-civilian-astronauts-historic-polaris-dawn-mission-8709509">told People</a>. The live feed storytime is part of the mission's fundraising for the pediatric hospital, which treats childhood cancers and other diseases.<h2 id="3fce8d66-9204-4222-b02b-13d7f457607b">Scott "Kidd" Poteet, mission pilot</h2><div type="image" title="Polaris Dawn crewmember Scott Poteet against a white background" height="1500" width="2151" msid="113245842" hostid="261" sizebytes="78440"></div>Though he's flown fighter jets for the US Air Force, Scott Poteet has never been to space. The 50-year-old <a target="_blank" href="https://polarisprogram.com/team/scott-poteet/">mission</a> pilot <a target="_blank" href="https://mynews13.com/fl/orlando/space/2024/08/16/scott-kidd-poteet-talks-about-polaris-dawn">suffers</a> from motion sickness, but managed to overcome that in his combat missions and <a target="_blank" href="https://www.airforce.com/thunderbirds/overview">performing</a> aerobatic maneuvers with the US Air Force's Thunderbirds.Poteet told <a target="_blank" href="https://mynews13.com/fl/orlando/space/2024/08/16/scott-kidd-poteet-talks-about-polaris-dawn">Spectrum News</a> his route to becoming an astronaut wasn't typical, at least not by today's standards. His grades weren't the best in school, and he doesn't have a background in engineering or science. Nevertheless, Isaacman invited Poteet, who goes by "Kidd," to pilot Polaris Dawn."On a personal level, flying fighter jets in the Air Force for 20 years, combat experience, operational test experience, leading many red flag exercises, and fighter weapons school, I can tell you without a doubt this has been some of the most challenging training that I've ever experienced," Poteet said about his training for Polaris Dawn during the briefing on August 19.Poteet lives in Monument, Colorado with his wife and has <a target="_blank" href="https://www.instagram.com/p/C8QPSBUMRo8/?img_index=1">three</a> children. At least one hopes to follow in his footsteps. "My 12-year-old son absolutely plans to go to space," he recently told <a target="_blank" href="https://magazine.unh.edu/issue/winter-2023/to-the-stars/">UNH Magazine</a>. "He believes it will be commonplace in his lifetime."

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