Latest news with #financialsuccess
Forbes
3 days ago
- Business
- Forbes
Family Office Learnings From This Year's Most Noteworthy Collectible Sales
Thomas H. Ruggie, ChFC®, CFP®, Founder & CEO, Destiny Family Office. Million-dollar collectible sales write splashy headlines, but as family office professionals, they capture our attention not for the dollar figures but for what we can learn from them. Each headline sale is brimming with valuable lessons for high-net-worth collectors. In servicing our clients, we monitor industry activity closely to understand how they can better optimize their collections for financial success. Thus far in 2025, various significant collectibles have dazzled with their sales prices, and I've synthesized several key themes that demand consideration from collectors and their advisors. The highest standards of authentication are a necessity. This spring delivered two remarkable game-worn NBA jersey sales, highlighted by the staggering magnitude of their capital appreciation. In March, Sotheby's sold a Chicago Bulls jersey worn in the preseason of Michael Jordan's rookie year for $4,215,000. The jersey last sold in 2009 for just $66,000. Not to be outdone, Kobe Bryant's regular season debut jersey notched a sale price of $7,004,000 in April. It last crossed the auction block in 2013, selling for $115,242. How did these museum-quality pieces multiply in value by factors of more than 60? The elevation of the market for game-worn sports memorabilia certainly played a role. High-end sports artifacts have risen in stature and sales prices to a tier previously reserved for fine art. As recently as early 2022, the record for the most expensive game-worn sports memorabilia was $5.6 million. Today, that record is $24.1 million, supercharged by the sale of Babe Ruth's 'Called Shot' jersey in 2024. But the meteoric rise of the two game-worn jerseys sold this spring is not merely the result of broader market appreciation. When these jerseys came to market previously, they did so without stringent third-party authentication substantiating their in-game use. Upon their return to auction this year, both lots improved upon more informal photo-matching efforts offered in their prior listings, presenting thorough photo-matching authentication from multiple providers. A glance at any ranking of the most expensive game-worn items ever sold reveals that a vast majority of them were authenticated using this method, in which reputable authenticators match unique characteristics of a garment to their appearance in period-specific photographs. The lesson is essential for collectors: Pursuit of the highest available authentication standards is of paramount importance to an item's marketability. Even collectors who have no immediate intention of selling should heed that lesson. By confirming their items' authenticity, collectors ensure their families can realize full value for them in their absence. Failure to authenticate an item and preserve the accompanying documentation leaves inexperienced heirs with a steep learning curve to climb. Regardless of circumstance, obtaining the most stringent authentication could represent the difference between an item worth hundreds of thousands of dollars and one worth millions. Asset sales while living are a critical component of planning. Early 2025 saw Bernie Ecclestone, one of the godfathers of F1, sell his unparalleled collection of Formula One cars—reportedly worth hundreds of millions of dollars—through high-end dealer Tom Hartley Jr. Ecclestone explained the impetus for the sale: 'After collecting and owning [my cars] for so long, I would like to know where they have gone, and not leave them for my wife to deal with should I not be around.' His thought process should resonate with collectors whose heirs have little knowledge of their collections, as a proactive sale can create simplicity and reduce undue burdens in estate planning. While owning collections through death can offer financial benefits, the right choice for each collector is highly circumstantial and deeply personal. For Ecclestone, gaining certainty about the collection's next chapter while simultaneously ensuring his family would be unburdened by it was a tidy outcome. Collectors can use passion assets to leave a legacy. In February, Sotheby's sold a violin crafted by Antonio Stradivarius in 1714 for $11,250,000. The Joachim-Ma Stradivarius, named for prior owners and prolific violinists, Joseph Joachim and Si-Hon Ma, is the latest in a remarkable string of Stradivarius violins to reach eight-figure prices. Though the sale is over, the proceeds will shape the future of music for decades to come. Si-Hon Ma passed away in 2009, and per his wishes, his estate donated his Stradivarius to the New England Conservatory, where he was a student in the 1950s. That donation came with the stipulation that the conservatory could one day sell the instrument, provided it used the proceeds to fund student scholarships. After several years of use by advanced students, the Conservatory consigned the violin this winter, generating funds that will enable the establishment of the largest named scholarship program in the Conservatory's history. When estate planning, many collectors face a series of difficult decisions. Bequeath to heirs or sell now? Keep or donate? And if donating, to whom and for what? Si-Hon Ma's Stradivarius illustrates the capacity of passion assets to cement lasting legacies when collectors plan thoughtfully. In pursuing the items meaningful to them, collectors compose a rich personal story. However, by planning diligently, they can ensure that the final chapter is the most rewarding. Beneath the surface of every multimillion-dollar collectible headline, collectors can find myriad valuable lessons on collection stewardship. Just as assembling the perfect collection requires attention to detail and nuance, so too does its ongoing management. Exercising diligence in collection-related organization and planning can be the difference in unlocking and preserving millions of dollars in value for the purpose of the collector's choosing. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Fast Company
3 days ago
- Business
- Fast Company
5 steps to earning more in your career
We're taught to think of raises as the holy grail of career and financial success. Annual performance reviews. Awkward remuneration conversations. Hoping (and sometimes praying) that your hard work gets noticed. If this is your earning strategy, you're already behind. Forget the raise. In today's workplace, shaped by AI and economic flux, the smart earners are rewriting the rules. We can't say that raises don't matter, but they're no longer the most effective path to earning more. Here are the five savvy steps to get you closer to making more. 1. Ditch the illusion of linearity Stay longer, get promoted, earn more. In today's landscape, it doesn't always work that way. Pay progression isn't neatly tied to tenure, and loyalty alone no longer guarantees growth. So too, for following a traditional career path, the well-trodden graduate to partner/executive/C-suite path. In the modern job economy, status has become more performative than financial. Earning more doesn't follow a straight line, nor is it built on hierarchy. It's built on leverage. A linear mindset ignores lateral moves and misses cross-industry opportunities, often with a significant financial upside. With global skills shortage, never have employees with in-demand skills held such a financial strategic advantage. But be smart: this is not an endorsement for job-hopping. Tenure is still important when in conjunction with in-demand skills. This combination can make you exponentially more valuable, opening doors to equity options and lucrative bonus structures. 2. Flip your view of a raise A raise isn't the only way to take home more pay: consider additional retirement contributions, performance bonuses, opportunities for upskilling, flexible work arrangements, or additional leave entitlements. These benefits have lower immediate costs to your employer, but compound your long-term opportunity for financial gain. When no direct salary increases are on the table, employers are often relieved to meet you halfway. A collaborative, rather than adversarial, approach demonstrates strategic thinking, further reinforcing your position as a high – value employee. 3. Revalue your contribution Too many people expect that increases happen regularly and every year. They don't. And when they do ask for more, it's based on the increasing cost of living. Overall, these tactics yield crumbs. Move beyond base-level expectations: you want the cake. Salary growth and negotiations follow transformation. Revisit what you have contributed in the last 12 months and quantify it into a measurable business impact. Is it cost savings, revenue generation, value creation, new efficiencies, or some kind of innovation? If you can, put a dollar amount on it. And from now on, commit to a monthly log of contribution and value creation—and take it with you for next year's salary discussions. Make a compelling business case based on data and the market, not opinion, helping you pitch confidently rather than passively. 4. Look for multiple income streams This is not a second job or building on your portfolio. This is a long game, being entrepreneurial with your skills within your existing professional framework. Develop expertise and relationships that generate opportunities beyond your existing role. This could be consulting or advisory work, keynote speaking engagements, expert commentary contributions, board positions, or industry committee roles. The key is leveraging your existing job to create premium – paying opportunities that further enhance rather than compete. This could work perfectly if you have negotiated upskilling, professional development and additional leave entitlements. These activities don't just create income; they build on your professional reputation, expand your network, placing you as an industry leader. Here is where it gets interesting: a higher profile strengthens your position in future salary negotiations, a virtuous cycle. 5. Position yourself as a product (because you are one) AI has automated many tasks, but it can't replace strategic visibility. Just as successful product marketing showcases attributes and unique selling points, so too must you ensure your professional contributions are recognized by the right stakeholders. Position yourself in high-profile projects and meetings. Ensure your ideas are heard and your work is clearly attributed to you, not lost in the 'we,' 'us,' or 'team.' Collaborative input has its place; so do individual contributions, and not at the expense of the other. Just as products need care, attention, and servicing to keep them in top form, so do you. Ensure you are recharging, caring for your mind and body, and pursuing growth opportunities to enhance your professional worth. Rethinking your earning strategy means recognizing the more profound shifts in how we work and what's valued. Understanding these shifts allows you to approach your career and earning potential not as an ordered system, but as a platform: adaptable, strategic, and ready for what's next.
Forbes
6 days ago
- Business
- Forbes
Forbes Daily: Earnings Optimism Drives S&P 500 To New Heights
Moving out of poverty and achieving financial success is a core tenet of the American Dream—but has become increasingly difficult to achieve. A group of billionaires wants to reverse that trend. The charitable foundations of Bill Gates, Charles Koch, Steve Ballmer, Intuit founder Scott Cook and hedge fund investor John Overdeck pledged more than $1 billion Thursday to a new philanthropic entity that, in partnership with AI giant Anthropic, will support organizations focused on using AI and other emerging technologies to help low-income Americans. The organization, NextLadder Ventures, hasn't made any funding commitments yet, but there are a number of organizations that fit the mission—from a nonprofit that has developed a platform to connect people in need with groups that provide a variety of resources, to a startup that can expunge criminal records at a much lower cost. President Donald Trump and Attorney General Pam Bondi Getty Images President Donald Trump said he directed Attorney General Pam Bondi to release grand jury testimony in the Jeffrey Epstein case on Thursday night, shortly after threatening to sue the Wall Street Journal and its owner, Rupert Murdoch, over what he claimed was a 'FAKE' report. The Journal report alleged that a sexually suggestive letter gifted to Epstein for his 50th birthday in 2003—with a drawing of a naked woman—bore the president's name and signature. Strong earnings and economic data catapulted the S&P 500 to an all-time high Thursday, with companies like PepsiCo, United Airlines, Nvidia and Microsoft fueling the gains. As of Thursday afternoon, about 50 companies listed under the S&P had reported earnings for the second-quarter, and 88% of them surpassed projections, data show. Paid users can now use ChatGPT for more complicated tasks like creating slide decks or purchasing ingredients, thanks to OpenAI's just-launched 'ChatGPT Agent,' which marks the company's biggest entrance into increasingly popular AI task management applications. The AI behemoth said the new capabilities come with risks, because while it has added safeguards, malicious prompts on webpages could trick the agent into sharing private data. The $8 billion Facebook privacy trial ended Thursday, as Meta CEO Mark Zuckerberg and other executives reached a settlement with a group of the company's shareholders. The shareholders had alleged Zuckerberg, former COO Sheryl Sandberg and other billionaires tied to the company violated a Federal Trade Commission agreement by sharing user data with third-party apps without their consent. WEALTH + ENTREPRENEURSHIP Nasir Qadree, founder and managing partner at Zeal Capital Partners Photo courtesy of Damien Carter Investor Nasir Qadree is on a mission to disrupt the venture capital world: In June, his firm Zeal Capital Partners closed on an $82 million raise for its third fund, which it will use to invest in 25 early-stage companies building enterprise AI software in education, finance, and healthcare. Out of more than 1,000 women- or minority-owned private equity and venture capital firms in the U.S., just 168 are Black-owned. 'Diversity will always be part of our DNA,' Qadree says. TECH + INNOVATION As investors pour money into AI code-writing startups, two-year-old firm Lovable has raised $200 million in Sweden's largest-ever Series A round, earning it a $1.8 billion valuation as it joins the ranks of the country's unicorns, which include Klarna and Spotify. Lovable and its American competitors Replit and StackBlitz have seen huge growth over the last year, using large language models to turn simple written instructions into websites and apps in minutes. MONEY + POLITICS The House approved several crypto bills Thursday, including a regulatory framework for stablecoins, a cryptocurrency often tied to the value of the U.S. dollar or another asset, after a revolt from some conservatives blocked the package during what the GOP is calling 'crypto week.' The act establishes guidelines for banks and other entities that issue stablecoins and protections for stablecoin holders, as well as bans the Federal Reserve from issuing a central bank digital currency. The House voted to approve the White House's request to scrap $9 billion in previously approved funding for foreign aid and public broadcasting Friday, sending the matter to President Donald Trump's desk, after a delay caused by a clash in the narrowly divided chamber over the Epstein files. The rescissions package will allow the Trump administration to claw back $1.1 billion in funding from the Corporation for Public Broadcasting, which helps fund public broadcasters like PBS and NPR, and approximately $8 billion from foreign aid programs, including allocations to USAID. SPORTS + ENTERTAINMENT Stephen Colbert during Thursday's show CBS via Getty Images Executives at CBS and its parent company, Paramount, announced the cancellation of 'The Late Show with Stephen Colbert,' saying it was a 'purely a financial decision.' Several Congressional Democrats questioned the timing of the move, which came just days after the comedian criticized the media giant over its decision to pay $16 million to settle a lawsuit brought by President Donald Trump. DAILY COVER STORY Inside America's Top Small Business Bank Live Oak CEO James "Chip" Mahan Shawn Hubbard for Forbes If small business is the beating heart of America's $30 trillion economy, then it might be surprising to find out that the loans that help sustain it come not from Wall Street, but from a tiny branchless bank in Wilmington, North Carolina. Founded in 2008, Live Oak Bancshares has 1,053 employees, $14 billion in assets, and a $1.5 billion market capitalization. Since 2017, it has issued $15.4 billion in government-backed 7(a) loans, more than any other bank in the country. The 7(a) program is the Small Business Administration's flagship offering, designed to help small businesses that might not qualify for conventional credit. Live Oak's average loan is just $1 million, chump change for bigger, brand-name competitors, but the lender does around $2 billion a year in SBA loans, plus another $3 billion in conventional small business loans. And while most people think of small business lending as a handshake deal at the local bank down the street, Live Oak has flipped that on its head. It leans on tech instead of geography, with a fintech venture arm and a track record that includes spinning out the $3.4 billion market capitalization cloud-based banking software firm nCino. That edge in technology helps it approve loans faster. The lender does other mission critical tasks differently as well. Loan officers don't earn commissions, a move designed to avoid conflicts between sales and credit. The bank sticks to industries where it has subject matter expertise. It started by lending to veterinarians because its CEO Chip Mahan's stepfather is a well-known equine vet. Today, Live Oak focuses on 35 industry verticals, including home health care, funeral homes and auto repair. WHY IT MATTERS 'It's hard for regular investors to get exposure to small business,' says Forbes reporter Brandon Kochkodin. 'Live Oak is a rare exception. It's a public company built entirely around lending to small businesses, with a track record of using technology to grow and adapt. It's also launching new efforts in high-cost lending, with an eye toward bringing structure and transparency to a messy corner of the market. For anyone who wants to bet on Main Street, this is one of the few ways in.' MORE SBA Loan Limit May Double To $10 Million, But Not For Every Small Business FACTS + COMMENTS The FDA authorized Juul's e-cigarettes Thursday, a major win for the company after it faced a marketing ban from the agency and shelled out millions to settle a class action lawsuit. It comes as Health and Human Services Secretary Robert F. Kennedy Jr. continues to shake up the department: 2022: The year the FDA moved to ban Juul products, but an appeals court allowed the company to continue selling pending an appeal, and the FDA later temporarily suspended the order $438.5 million: The settlement amount stemming from a lawsuit filed by dozens of states over claims that Juul marketed its products to teenagers $300 million: The amount the company paid out to previous users in a class action settlement regarding the product's addictiveness STRATEGY + SUCCESS If your work life is getting stale or you're feeling stuck, it's worth remembering that many professionals reach a point where they've outgrown their current team. Some of the signs might include: Progressing much faster than your team members, feeling like the unofficial leader or getting disconnected from the mission. Still, sometimes it can be strategic to stay a little longer, whether to finish a project or explore internal opportunities—but use that time deliberately to plan your next move. VIDEO TSA has made a number of policy changes for travelers under the Trump Administration. Which regulation did Homeland Security Secretary Kristi Noem suggest could be updated next? A. Removing large electronics from bags B. The limit on liquids in carry-on bags C. Taking off your shoes D. Having to show your boarding pass Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
Yahoo
15-07-2025
- Business
- Yahoo
7 Key Signs You'll Never Make It to the Upper Class
America is based on the concept of upward mobility. While there are certainly obstacles to the American Dream for many, you're not doing yourself any favors if you put obstacles in the way of your own success. If you're striving to create a better financial life for yourself, and perhaps even reach the upper echelons of wealth in America, you'll have to make a plan — and avoid numerous pitfalls. If any of the following characteristics apply to you, it's a sign that you'll have to make some changes if you want to make it to the upper class. Find Out: Read Next: Debt is the single biggest drag in the quest for wealth. Every dollar you divert to your debt is a dollar you can't save or invest. Even worse, if you're paying 25% or more in interest on your debt, it's likely growing instead of shrinking. As billionaire Mark Cuban once cautioned on the Dave Ramsey Show, 'The best place to invest is to pay off all your credit cards and burn them. If you're paying 15% or 20% interest, paying that down is like earning 15% or 20%. It's that simple,' he said. Learn More: If you live paycheck to paycheck, it means there's no room in your budget to set aside money for savings and investments. Without living within your means, you'll never accumulate real wealth. In fact, the more likely scenario is that you rack up credit card debt. There are only two solutions to get out of the paycheck-to-paycheck cycle — earn more or spend less. If you're already on a tight budget, earning more might be your only choice. Look around for higher-paying jobs that can leverage your existing talents, or better yet, consider taking classes or workshops to make yourself a more valuable worker. As billionaire Warren Buffett often says, investing in yourself is the best thing you can do. As difficult as it may be to climb the wealth ladder in America, it's harder still if you don't have others that you can lean on. There are very few truly self-made millionaires and billionaires in the world. Even entrepreneurs rely on networking to gain visibility for their products and services and connections to make deals. If you're closer to the bottom of the ladder and simply looking for a higher-paying job, knowing people in positions of power can help you stand out from the crowd of anonymous resumes and electronic job applications. Diversifying your income streams is a hallmark of the upper class. If you rely on a single source of income, your financial life could be immediately upended at any time due to layoffs or salary cutbacks. Multiple streams of income not only protect you from sudden calamity but typically boost the amount of money you earn as well. Typical sources of additional revenue include side gigs, personal businesses, rental income and investments. It's one thing to earn a high salary. But as many financial experts will tell you, without knowing how to save and invest that money, it won't get you that far in terms of your lifelong net worth. In fact, if you don't consciously set aside a big chunk of your money, it's more likely that you'll end up spending all of it, falling into the pattern of living paycheck to paycheck. To truly create lifelong wealth, do all you can to stop trading hours for dollars. Instead of working hard all day to make money for someone else, consider owning a business so all the profits go to you instead. Another option is to build up various means of passive income, such as rental income, investment income or even royalty income, if you have the means. All of these methods allow you to 'make money while you sleep,' meaning you don't need to clock into a 9-to-5 job and rely on someone else paying you for your valuable time. Your workplace retirement plan is the closest thing to 'free money' you're likely to ever have. Not only can you defer taxes on your contributions until retirement, your employer will typically make some type of matching contribution to beef up your account. If you earn $100,000 and contribute $6,000 to your 401(k), for example, you might receive an additional $3,000 from your employer, or $6,000 if they offer a 100% match. This can amount to tens of thousands of dollars added to your retirement plan on your behalf, an amount that might grow to hundreds of thousands over time due to the magic of compound interest. Skipping out on this type of financial boost makes no sense if you're trying to reach upper-class status. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Warren Buffett: 10 Things Poor People Waste Money On The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on 7 Key Signs You'll Never Make It to the Upper Class
Forbes
07-07-2025
- Business
- Forbes
$1,000 Baby Bonus Explained: Who Qualifies And How To Get It
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. President Donald Trump's new Big Beautiful Bill aims to set children up for financial success by offering a new savings account called the 'Trump Account.' The federal government will provide a $1,000 bonus for every U.S. citizen born in 2025 and through 2028. It's a one-time payment from the government automatically put into this special savings account for your baby. Think of it as a starter fund meant to grow over time, like a 529 plan , but with more ways you can use the money later. Children born after December 31, 2024, and before January 1, 2029,(as U.S. citizens with Social Security numbers) qualify. Some families may be automatically enrolled if the IRS creates an account on their child's behalf using tax records. If not, parents or guardians will need to apply to open a Trump Account to trigger the $1,000 government contribution. Up to $5,000 a year can be contributed to the account. Employer contributions have a separate $2,500 limit. Contributions from parents aren't tax-deductible, so don't expect a tax break for putting money in. The money grows tax-deferred . That means you don't owe taxes on any earnings while they are in the account. . That means you don't owe taxes on any earnings while they are in the account. Generally, withdrawals are permitted once the owner turns 18. Don't think of this as a quick payout—it's a jumpstart on a long-term savings tool. The earlier you add to it, the more it can grow with compounding. Use it alongside other savings plans, like a 529 or a custodial account, to give your kid a solid financial foundation. Since this program just started, some details might change as the government works out the logistics. Also, the bonus amount is universal, meaning there's no extra help if you're on a lower income, and it comes as part of a bigger bill that changes programs like Medicaid and SNAP. The Big Beautiful Bill's $1,000 baby bonus aims to encourage families to save early for their kids. It's not just free money, but a financial tool intended to help build wealth over time. Was this article helpful?
