Marriage and family therapist on the rise of political polarization
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CNBC
3 hours ago
- CNBC
Even many high-earning Americans don't feel wealthy. Here's why
About 14% of all U.S. households make $200,000 or more per year, according to 2023 Census data. But a significant salary hasn't translated to big account balances for some of these consumers — which experts have dubbed "HENRYs," or "high earners, not rich yet." Rising costs, debt and lifestyle creep can leave them feeling stuck, experts say. Nearly two-thirds, or 62%, of people with salaries over $300,000 a year struggle with credit card debt, a new survey from BHG Financial found. Other reports have found many six-figure earners still live paycheck to paycheck. "Earning doesn't actually make you feel rich; spending it does," said Sabrina Romanoff, a clinical psychologist. "If most people spent 99% of their paycheck, they'd feel quite rich. And it's the paradox here. When we're in accumulation mode, it's very difficult to feel rich." More from Personal Finance:Trump's 'big beautiful bill' created a new student loan plan: What to knowAffordable Care Act health plan enrollees could face 'subsidy cliff' in 2026Trump's 'big beautiful bill' includes these 2025 tax changes Americans say they would need to make $520,000 a year, on average, to feel rich, according to a 2024 Bankrate survey. The more money people earn, the more they say they need to feel comfortable. Americans making under $50,000 said they needed an average $157,000 a year to live comfortably, while those making at least $100,000 said they would need $246,000. Marie Incontrera, 39, worked as a professional composer, bandleader and pianist before launching her virtual assistant business in 2016. She then expanded her business during the pandemic into a digital marketing consulting agency. The career pivot has multiplied her income. Incontrera anticipates her business' revenue for 2025 to be around $1.4 million. She expects to take an owner's draw of $300,000 to $400,000 this year. "I had a pretty successful career as a musician through most of my 20s," Incontrera told CNBC. "But the thing they don't tell you about having a career as a musician in music school is that you can be playing Carnegie Hall, which I was, and I was making $15,000 a year." Despite her income going from $15,000 to $300,000 per year, Incontrera still doesn't feel rich. "I would have thought back then that the amount of money that I have in the bank right now, I would be rich, right? I would have just thought, 'Oh, yeah, she's made it' ... and I don't feel that way," she said. "I have more money anxiety, almost, now than I ever did in my 20s." "I feel very lucky. I feel privileged, but I do not feel rich," Incontrera said. "I know that I am on a hamster wheel with my business. I actually really love the hamster wheel. I love what I do, but I also realize that I can't stop." That's not unusual, experts say. "It can be pretty easy for someone to feel like, I'm making really good money, but I don't have a lot of discretionary income," said Kamila Elliott, CEO of wealth management firm Collective Wealth Partners in Atlanta, and member of the CNBC Financial Advisor Council. "One of the things I focus on with my clients is a budget should be a representation of your values," Elliott said. "The issue is you can't value everything ... You have to pick maybe one or two things where you're going to focus your discretionary spending and then take that extra and reroute that to savings so you can start feeling rich." Watch the video above to learn how spending habits can leave even high earners feeling like they're on a never-ending hamster wheel.
Yahoo
5 hours ago
- Yahoo
$4,000 Is Ethereum's Last Hurdle Before Price Discovery, Says Galaxy Digital's Mike Novogratz
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Michael Novogratz, CEO of Galaxy Digital on Thursday said Ethereum (CRYPTO: ETH) has a chance to outperform Bitcoin (CRYPTO: BTC) over the next three to six months as institutional capital begins to rotate deeper into Ethereum. What Happened: The remarks came during an interview with CNBC, where Novogratz discussed macroeconomic tailwinds and capital inflows driving momentum in the crypto market. Galaxy's bullish stance on Ethereum is also evident in its onchain activity. Trending: Be part of the breakthrough that could replace plastic as we know it— According to blockchain intelligence platform Arkham, Galaxy Digital currently holds over 52,000 ETH valued at approximately $193.95 million, making it the firm's second-largest crypto position after Bitcoin. "If ETH takes out 4,000, it goes into price discovery," Novogratz said. "The market was really short ETH, and now we have major treasury companies raising capital and buying Ether. There's not a lot of supply." Why It Matters: Bitcoin remains the largest holding in Galaxy's crypto portfolio at over 13,500 BTC, worth $1.57 billion, followed by 328,959 Solana (CRYPTO: SOL) worth roughly $59.3 million. Other holdings include stablecoins like USDC (CRYPTO: USDC) and USDT (CRYPTO: USDT), and real-world asset tokens like Sonic (CRYPTO: S). Galaxy's total visible crypto portfolio value sits just below $1.9 billion, Arkham data shows. That figure has surged alongside Bitcoin's rise above $115,000 and Ethereum's rally toward the $4,000 noted that the broader macro environment, defined by political pressure on the Fed to lower rates and a global reflation push from countries like China, has created a tailwind for 'inflation trades' like gold, silver, and crypto assets. "We're in price discovery in many of these markets," Novogratz said. "Bitcoin could easily reach $130K to $150K, but Ether's supply dynamics and growing adoption make it compelling." Galaxy's ETH holdings support this outlook. The fund has added significantly to its Ethereum position during the past two quarters, according to Arkham's historical balance chart, with an observable increase in mid-2024. The broader Ethereum ecosystem has seen renewed interest with the rise of ETH-based treasuries, staking products, and upcoming scalability upgrades. With ETF applications pending and layer-2 activity rising, institutional ETH accumulation is expected to continue. Read Next: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Image: Shutterstock This article $4,000 Is Ethereum's Last Hurdle Before Price Discovery, Says Galaxy Digital's Mike Novogratz originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
6 hours ago
- CNBC
EU chief to meet Trump in Scotland in push to avoid a transatlantic trade war
European Commission President Ursula von der Leyen will meet with U.S. President Donald Trump in Scotland over the weekend, seeking to reach a framework trade agreement shortly before a 30% tariff on EU imports comes into effect. In a post on social media platform X on Friday, the EU's von der Leyen said she had agreed to meet with the U.S. president on Sunday "to discuss transatlantic trade relations, and how we can keep them strong." Trump later confirmed the meeting would take place as he arrived in Scotland on Friday evening, saying "we'll see if we can make a deal." "I think we have a good 50/50 chance. That's a lot," he added. It comes amid a sense of growing optimism about the prospect of a tariff breakthrough, with sources telling CNBC that the current base-case scenario for a deal includes a 15% tariff on EU imports to the U.S. Trump has threatened to impose tariffs of 30% on EU goods from Aug.1, prompting the EU to consider countermeasures as part of its response. The U.S. and EU have the largest bilateral trade and investment relationship in the world, representing almost 30% of global trade in goods and services, and accounting for 43% of global gross domestic product (GDP), according to EU figures. Trump's four-day and golf-heavy Scotland visit is also expected to see him hold an informal meeting with U.K. Prime Minister Keir Starmer. Unlike the EU, the U.K. recently struck a trade deal with the Trump administration, one which is centered on a 10% tariff baseline on British goods arriving in the U.S. Hopes of the U.S. and EU averting a transatlantic trade war from Aug. 1 have been buoyed at least in part by the recent announcement of a framework agreement between the U.S. and Japan. The U.S.-Japan deal, which Trump described in a social media post as "perhaps the largest Deal ever made," includes a baseline tariff rate of 15%. Jack Allen-Reynolds, deputy chief euro zone economist at Capital Economics, said Friday that a similar framework for the EU might be seen as case where a bad deal is better than no deal. "Reports this week suggest that the EU and US are on the brink of agreeing a trade deal with a 15% baseline tariff on US imports from the bloc. It's hard to spin it as a good deal, but it would at least avoid much higher US tariffs and retaliation from the EU," Allen-Reynolds said in a research note.
