Insider Finance - Business - The truth about wealth

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June 15, 2023

Hello, Insiders. Matt Turner here. What does it take to be wealthy? A recent survey asked 1,000 respondents across America that very question. The average of the answers was $2.2 million. But the survey also found that for many, wealth is much more than a dollar amount. More on that in today’s Big Story.

Also in today’s edition:

Starbucks let store managers decide how to decorate for Pride. Chaos ensued.
Fifteen towns for homebuyers on a budget.
The Fed just paused on raising interest rates. What that means for you.

— Matt Turner

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THE LATEST

Trump, Tesla, & more

Trump's die-hard fans handed him another $6.6 million, per his campaign. The donations came as the former president was indicted a second time. The full story.
One of America's biggest health insurers just issued a warning that healthcare costs are about to soar, as more Americans get elective procedures.
Tesla's market value soared almost $300 billion in just a month as deals with GM and Ford supercharged the EV maker's stock. More here.

THE BIG STORY

How to feel wealthy

Leon Neal/Getty Images

One of the fascinating things about wealth is that it's often in the eye of the beholder. A new survey identified several trends in how these perceptions of wealth are formed.

In the survey, Schwab asked 1,000 respondents in America whether they feel wealthy. 48% said very or somewhat. What’s striking is what goes into that calculus.

More than 60% of Gen Z and millennial respondents, for instance, said they feel wealthy when they can afford a similar lifestyle to their friends. Just over half of Gen Zers said they compare their lives to others on social media.

For many others, meanwhile, feelings of wealth came with a life well-lived. When asked which statement better describes their feelings about wealth, 72% said "having a fulfilling personal life" rather than "working on my career.”

READ THE FULL STORY HERE

TOP READS

Starbucks, Musk, & more

Alexi Rosenfeld/Getty Images

Starbucks is the latest company to face controversy surrounding Pride month. Chaos and confusion broke out after Starbucks managers took different approaches to decorations, with some workers claiming they were told Pride-month decor was banned, the Starbucks workers’ union blasting the move on Twitter, and Starbucks denying changing any policies. Dig into it here.
Young people across China are ditching white-collar jobs for blue-collar roles as baristas and cashiers. It’s part of a larger trend known as "taking off Kong Yiji's long gown,” and they’re sharing photos and videos of their new roles en masse online. Read more.
The Fed just paused on raising interest rates. Here's what that means for your summer: jobs are expected to keep going strong, your bank account should be safe, and energy and gas prices are seeing relief. We break it down further here.
Are you a homebuyer on a budget? Then we’ve got 15 towns you should check out. In these markets — which include Independence, Missouri; Joliet, Illinois; and Waterbury, Connecticut — the average down payment is $50,000 or less. See the others here.
Elon Musk is adding to a headache for Goldman Sachs. Goldman is part of a group of banks that made a $1.7 billion loan to Columbia Property Trust, the owner of several of Twitter’s offices — and Musk is accused of not paying rent on those offices. Read more.
Russia has lost so much money that it’s trying to raise $4 billion by taxing its oligarchs. The Kremlin is feeling the pinch from its war in Ukraine, so much that it's imposing a one-time windfall tax on companies that made more than 1 billion rubles in profits since 2021. The full story.
Jeff Bezos kicks off hot yacht summer with Lauren Sanchez. A series of photos show Bezos hanging out with his fiancée on a superyacht in the Italian Riviera. The ship is reportedly the Koru, the $500 million yacht that the Dutch nearly dismantled a historic bridge for. Check it out.

TAKE A LOOK

Underground city

Natalia Moroz/Getty Images

A man knocked down a wall in his basement — and he found an abandoned underground city. The ancient city in Turkey, which once housed 20,000 people, was discovered by a man in the 1960s after he noticed his chickens were disappearing through a gap in his basement. See photos.

WATCH THIS

Ozempic explained

How a miracle diabetes drug became the center of a weight-loss craze. The viral drug that has celebrities slimming down wasn’t designed for weight loss. Here’s everything you need to know about it.

CAN'T GET ENOUGH?

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This edition was curated by Matt Turner, and edited by Hallam Bullock, Lisa Ryan, Nathan Rennolds, and J.R. Stacey. Get in touch: insidertoday@insider.com.

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Insider Finance - Business - The truth about wealth

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