After more than 2 weeks of relentless selling that took yields to their highest levels since 2007, bonds have increasingly been sitting on dry powder–at least from a technical standpoint. Today’s PMI data provided the spark. The explosion of bond buying began in Europe where PMIs were much weaker across the board in the services sector. US numbers weren’t as bad by comparison, but far enough below consensus to greenlight the rally. Interestingly, and perhaps importantly, the rally didn’t let up ahead of the 20yr Treasury auction, but the auction was decent nonetheless. This increases the temptation to conclude “the top is in” for rates, but that top is only as good as the forthcoming data is bad. We also need to see if Powell has anything interesting to say on Friday (or at least if enough of the market was waiting on Jackson Hole before making even bigger moves).
S&P Global PMI
Services: 51.0 vs 52.2 f’cast, 52.3 prev
Manufacturing: 47.0 vs 49.3 f’cast, 49.0 prev
09:33 AM
Big gains on EU PMI data. 10yr down 9bps at 4.24 and MBS up nearly half a point.
12:58 PM
Sideways at stronger levels, despite some volatility in MBS due to illiquidity. UMBS up half a point and 10yr yields down 12.4bps at 4.208
03:59 PM
10yr down 15bps at lows of the day, 4.184. MBS up 18 ticks (.56).
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Everyone loves a good celebrity story—the dazzling red carpets, the breathtaking performances, and sometimes… the scandals. From Justin Bieber to Meghan Markle, each star brings their own set of controversies that make us scratch our heads in disbelief. But what’s worse than a scandal is when an influential celebrity gets away with toxic behavior without facing any repercussions.
In today’s blog post, we’re counting down 20 celebrities whose questionable deeds mostly flew under the radar. So if you want to learn more about who wasn’t caught in these webs of drama, keep reading!
1. Nicki Minaj
One user posted, “Nicki Minaj and oh god where to begin…. She paid for the bond of her brother, who was convicted of s-xually assaulting his 12-year-old step-sister, and years later went on Twitter and accused the girl’s mother of extortion, but let’s just say the forensics evidence in court made it VERY clear the child was not lying.
“She dressed as a fairy princess and ‘demanded’ a woman in a wheelchair walk.
“She married a man who had broken into a 17-year-old girl’s home, put a knife to her back and attempted to assault her… She then went on to her radio show and told over 10 million people that the victim was a white woman (she was not) who was lying to an innocent black man due to spite. The victim has been harassed by her fans since, even receiving death threats.
“She gloated in a now-deleted tweet about how she fires her employees who ask for days off. When asked, she would tell them to think about the days she wanted off but never got, and if they still wanted the day off after her spiel, she would fire them.
“She’s consistently a very vile person, and it seems no one cares enough to say anything about it.”
2. Kirk Douglas
“Kirk Douglas. R*ped Natalie Wood and probably more. Still regarded as a legend,” one user shared.
Another user added, “It was a violent [too], from what I read. He was a horrible man. Comparing women to dogs.”
“…And maybe killed a pregnant girlfriend. I don’t think they ever found her body,” one commenter replied.
3. Jack Nicholson
One Redditor said, “In 2000, Jack Nicholson beat a woman so severely that she sustained permanent damage to various regions of her brain.”
Another user asked, “Why haven’t I heard of this? What a [horrible human].”
One user replied, “Nicholson is getting up in years as he’s in his mid-eighties now, and rumour has it that he’s got Alzheimer’s—hasn’t made a film in several years. If some of the more unsavoury and sinister stories about him are true, it’s likely to come out after he passes. Once he’s gone, I don’t know whether his several adult children would have the clout and influence to suppress something like an exposé biography.”
4. Oprah
One Redditor commented, “Oprah. Oprah started the anti-vaxxer movement by bringing on Jenny McCarthy and Andrew Wakefield and didn’t bring out an actual scientist to dispute the claims. She gave them the voice that they should never have had, and because of it, she has the blood of every person who has died because of their anti-vaxxer beliefs on her hands.”
Another user added, “Oprah and Meryl Streep enabled and supported Weinstein for decades. I’ve even heard stories about them directing young hopefuls in his direction, knowing full well what he would do. Somehow they haven’t had a word said against them for their behaviour and are treated as modern-day saints.
“No amount of wearing a ‘Times up’ button and espousing girl power nonsense will cover up the fact that they were complicit in his crimes. But because they are so powerful, rich and (most importantly, women), they have gotten away with it without much mention. I get you can’t be held responsible for someone else’s actions. But they knew, and they were fine with it.”
5. Charlie Chaplin
“Charlie Chaplin treated his children and teenage wives with relentless cruelty,” one user shared.
Another user replied, “There was a documentary on Chaplin where they tried to wave all these ‘[abusing] teenage girls’ [claims] away by basically saying: ‘Oh, women in Hollywood are all jaded cynical;… Charlie just appreciated the pure innocence of young girls before they corrupted themselves.’ I remember thinking they should have just ignored the issue entirely if that was the best they could come up with.”
6. Ellen DeGeneres
One Redditor posted, “Ellen got away with it for a long time.”
Another user shared, “Ellen always had a nasty streak, all the way back to her Carson appearance. Her humour was always based on pain, but she crossed a line when she went from exploring it to inflicting it on others. I honestly think she had some incredible insight into modern culture, but it’s all [thrown] away by being a sh-thead. Losing her sitcom really seemed to have broken something in her.”
One user replied, “Remember when she tricked a celebrity (don’t remember who) into revealing she was pregnant on her show, which is a massive breach of privacy in a world where famous people need to fight to keep anything private.
“Then the woman had to announce sometime later that she suffered a miscarriage. Sure, it’s not Ellen’s fault that it happened, but if she had just minded her own business, this person would not have to deal with her trauma publicly. There’s a reason some people wait a few months to announce a pregnancy.”
7. Paul Walker
“The internet still seems to go all lovey when Paul Walker comes up, but he was literally mid-thirties when he started hooking up with his 16-year-old girlfriend. I never understood why he got a pass for that,” one user shared.
Another user replied, “Cause he died young and starred in a successful franchise.”
8. Antony Starr
One user shared, “[Antony] Starr, who plays homelander on The Boys, was harassing women at a restaurant. A 21-year-old chef tried to be diplomatic with him, and Anthony smashed a bottle against his face; when he literally had glass shards implanted in his eyebrows, Anthony said, “You don’t know who you’ve messed with, you don’t know who I am and what you’ve done. You’ve committed the mistake of your life, and I’m going to look for you. I want to kill you.”
“There’s a reason why his co-stars say he’s most like his characters. The way he got so violent after someone being diplomatic with him and the desire to continue wanting to destroy him, as indicated verbally by him, are clear signs of someone on the psychopathy spectrum and someone with the wealth and status to habitually and casually get away with treating people terribly.”
9. Victor Salva
“Victor Salva. Director of the Jeepers Creepers films. Less toxic, more convicted [child abuse] behaviour, but nobody seems to care and keeps giving his films—which are clearly him living out his fantasies of tormenting young boys—the time of day,” one user commented.
Another user replied,” (Not so)Fun fact. He filmed jeepers and creepers right next door to an elementary school and high school. I was at the high school when it was filmed. Total piece of sh-t.”
10. Dr. Phil
One user shared, “Dr. Phil. He literally sent troubled teens to an abuse camp (‘ranch’) to ‘fix them.’ The workers physically, emotionally and s-xually abused those kids.”
Another Redditor responded, “You can just call him “Phil.”
11. Phil Spector
“Phil Spector used to point guns at everyone in the studio and would threaten people on a daily basis. He made a gold coffin for his wife in case ‘she would ever leave him.’ Yet, people were surprised when he murdered someone.”, one user shared.
Another user added, “He held Ronnie Bennett captive and abused her for years. She gave up custody of her children and all future earnings on her recordings during the divorce out of fear he would hire somebody to kill her. His kids all say he s-xually abused them and kept them captive.”
12. Kobe Bryant
One user commented, “Kobe got away with r-pe…
Kobe’s defenders claim Kobe is innocent by citing something the victim allegedly said after the trial, ‘I’m going to make so much money off of this,’ even though every publication that initially reported this eventually had to take their article down. And even then, maybe it’s ok to be happy considering what Kobe’s PR team, the media, and celeb worshippers who say the same stuff you’re saying put her through?”
13. Steven Tyler
One user posted, “Steven Tyler makes me want to vomit. I hate how Aerosmith is still played all over.”
Another user added, “I am almost certain that when their guitarist went solo in the 80s, Tyler’s BS was part of the issue, and only part of the band wanted to sober up. Amazing what a large contract with tons of money can make some people come back to, though.”
14. Joan Crawford
“Joan Crawford, in her lifetime, physically and emotionally abused her children, and it was not a secret to those close to her. Woody Allen is still welcome in some social circles though he is a [predator] and a sociopath who has groomed and… abused his own children. He married his stepdaughter, a child when they began living together… There’s a long list,” one Redditor posted.
15. Jimmy Page
One user shared, “Jimmy Page. He [abused] a lot of children.”
One user asked, “Wait, what? Really?”
One user answered, “Dude was even caught red-handed with hard drives of child [images]…”
16. Heidi Klum
“Heidi Klum. She’s literally abusing minors on camera AND is making money off of that, but nobody is talking about it,” one user posted.
One user replied, “I couldn’t agree more. I’m from Germany, and just about every woman over the age of 10 watches her show ‘Germany’s Next Top Model.’ In school, my classmates would just talk about this show all the time when it was on, and some of my friends still watch it. I’ve never watched it, and I’m not going to.
“It’s really disgusting what happens there. You are allowed to participate from the age of 16. The participants even have to pose [in nothing] or only in their underwear. Anyone who refuses will be kicked out. There are countless things I could list now, but that would be too much for me. I can not understand how something like this can still be produced and shown. Heidi Klum is a terrible person, in my opinion.”
17. Cardi B
One Redditor asked, “Didn’t Cardi B admit to drugging and robbing guys she had met at the strip club? I was pretty surprised at how quickly the media let her off the hook for that one.”
Another user answered, “Didn’t one of the victims say that being drugged was still a better experience than listening to her music.”
One commenter responded, “That’s hilarious if true.”
18. Woody Allen
“Before Allen v. Farrow HBO came out, Woody Allen used to have supporters on Reddit who would go hard at defending him like the Al Franken supporters do these days. They would link to bullshit publicans and weird pdfs claiming to be from the court case. People would usually give up arguing with them because they were so many, and they were extremely knowledgeable about the case, so they could just keep citing shit whenever people would critique Woody Allen.
“I would keep talking shit about Woody, and sometimes there were no defenders, but weeks later, you would have someone come in and start a point-by-point breakdown about how Woody was innocent and was framed by Mia.
“Then Allen v. Farrow HBO came out, and suddenly, I don’t see these types of comments anymore. I suspect a social media astroturfing campaign was a part of Woody’s PR budget, but then it became exhausted after Allen v. Farrow,” one user posted.
19. Sean Penn
A user also commented, “Sean Penn tied [up] his wife, Madonna,… and beat her. No one seemed to care. Most people don’t even know it, I bet.”
However, one user disagreed, “According to her, it never happened. There are many documented instances of him being an asshole, but I’m inclined to believe her on this.”
20. Billy Joel
“Billy Joel. Dated a 19-year-old Elle McPherson in his mid-thirties. Then moved on to Christie Brinkley. He treated his band, who was co-writing and arranging his songs, like absolute garbage. He then unceremoniously fired them at a producer’s insistence.
“They protested fishing limitations imposed on fishermen on Long Island by getting purposely arrested. The thing is, there were dangerous levels of chemicals in the fish. The restriction was so people didn’t get sick and die.
“He was allowed to play Moscow during the height of the Cold War. They proceeded to act like a total asshole because the film crew documenting it wanted to light the audience. Also, years of being a fat, drunken slob and terrorizing Long Island.” one Redditor posted.
Another user added, “My Father owned an appliance repair company on the south shore of Long Island; he sold it in ’95. Billy Joel was a customer, and my Dad said the man was always a huge [jerk]. He hated doing service calls for Joel and always tried to pawn them off on his apprentice, but that didn’t always happen, and he’d have to go there himself. I wondered why the guy didn’t just buy a new washer, but whatever. Apparently, his brother was a nice man.”
Do you agree with the list above? Tell us below!
Source: Reddit.
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Have you ever wondered what a 9-figure amount looks like? It’s a sum of money too big to ignore, with a whopping total of 100 million to less than 1 billion. Discover more about this colossal figure and the wealth it represents
When we mention nine-figure sums, we’re talking about a truly astronomical level of wealth. To put it in perspective, nine figures represent anything from $100,000,000 all the way up to $999,999,999.
This figure surpasses the GDP of several small nations. For instance, Samoa reported a GDP of approximately 843.8 million USD in 2021.
Or consider that according to Investopedia, 7-figure wealth is what puts you among the top 0.1% of the wealthiest people on the planet. This means that having nine figures puts someone at an even more elite level, one whose luxury extends far beyond mere financial freedom.
Only a small fraction of individuals or companies globally can boast such immense wealth. However, it is not an unattainable goal. Let’s take a look at some of the strategies you can employ to accumulate substantial wealth while also examining the lifestyles and pursuits of those who have successfully achieved it.
How Much Is a 9-figure Salary?
Table of Contents
A nine-figure income signifies any earnings that flaunt nine digits, starting from $100,000,000 and soaring upwards. To put it into words, we’re discussing one hundred million dollars.
Quite a mind-boggling figure, isn’t it?
It’s like being handed the keys to a kingdom of unimaginable wealth. But remember, this is a sphere occupied by only a select few worldwide.
Their playgrounds? Often, you’ll find them in the tech sector, inheriting vast wealth or expanding an already thriving family business.
Now, let’s delve a bit deeper, shall we?
When we speak of nine figures, are we referring to the lower end close to one hundred million, the middle ground around 550,000,000, or the staggering high end nearing 999,999,999?
So, the next time you find yourself daydreaming about a nine-figure salary, remember this: It’s not just a number; it’s a lifestyle, a testament to extraordinary achievements, and a beacon of exceptional success.
And who knows? With the right mix of passion, dedication, and a sprinkle of luck, you might just find yourself joining this elite club.
After all, isn’t the sky the limit when it comes to chasing our dreams?
Examples of People Who Earn 9-Figure Incomes
Cristiano Ronaldo: A Sports Icon – With an astonishing income of $105,000,000, this celebrated athlete is not just a football superstar but also a nine-figure earner.
Safra A. Catz: Leading Oracle – As the CEO of Oracle, Safra A. Catz’s leadership prowess is reflected in her staggering earnings of $108,200,000.
David Zaslav: The Discovery Dynamo – Captaining Discovery as its CEO, David Zaslav, commands a whopping $129,500,000.
Nikesh Arora: The Palo Alto Networks Powerhouse – As the CEO of Palo Alto Networks, Nikesh Arora’s genius is rewarded with a hefty paycheck of $125,000,000.
Roger Federer: Tennis Titan – This globally recognized athlete proves that sports can indeed yield nine-figure incomes, as evidenced by his impressive earnings of $106,300,000.
Case Study: What Does A 9-Figure Earning Look Like?
Understanding the intricacies of nine-figure earnings can be a complex undertaking due to the lack of universally defined parameters. For the context of this case study, we will consider an annual income of at least $432K as the lower limit for this category. It is worth noting that any figure below this threshold would classify one into the realm of billionaires.
Renowned business magnates such as Warren Buffet and Mark Zuckerberg exemplify this earnings bracket, with annual incomes reported around $51M and marginally less than $50M, respectively.
Reaching the stature of a nine-figure income earner typically necessitates either a substantial inheritance or proprietorship of a prosperous company with diverse revenue channels. The case of Elon Musk serves as a prime example, with his considerable income derived from two distinct sources – Tesla and SpaceX.
Aspiring for this scale of income undoubtedly sets a high bar. However, with the appropriate strategy and relentless determination, it is not beyond reach. Be prepared to tread a path akin to those who have already achieved this feat.
What Is the Potential Monthly, Weekly, Daily, or Hourly Income in the 9-Figure Range?
How Much Is 9 Figures Monthly?
To figure out the monthly income from a massive annual salary, just divide the yearly amount by 12. Keep in mind that this will give you a range of values. But if you want to earn a nine-figure salary, the smallest monthly income would be $8,333,333.33.
$100,000,000 per year / 12 months
= $8,333,333.33 per month
This question might take a different perspective if you’re raking in 9 figures every month. That means your annual income would be at least $1,200,000,000 or even more.
How Much Is 9 Figures a Week?
If we were to divide the 9-figure annual salary by 52 weeks, we’d be looking at a minimum weekly income that could make anyone’s head spin – a cool $1,923,076.9! 💸💼.
$100,000,000 per year / 52 weeks
= $1,923,076.9 per week
While you’re at it, if you manage to rake in a solid 9-figure sum every week, your annual income will soar to a minimum of £52,000,000,00 or maybe even more.
How Much Is 9 Figures a Day?
Want to know how much you can earn daily from a nine-figure income? Just divide it by 365! If you make money every day, your minimum daily earnings would be $273,972.6. That’s your ticket to the nine-figure club!
Here’s the breakdown:
$100,000,000 per year / 365 days
= $273,972.6 per day
Now, let’s say you take weekends and U.S. holidays off. In that case, you’d need to earn around $381,679.3 per day to make $100,000,000 per year. It’s a good goal to aim for if you want that nine-figure salary without burning yourself out.
How Much Is 9 Figures an Hour?
If you’re seeking a nine-figure income from hourly wages, the calculations are slightly different. Just divide your per day salary by 8 hours, and voilà! The minimum number is $47,709.90per hour. This calculation is based on working days – usually 262 days per year in the US.
How Much Is 9 Figures After Taxes?
Achieving a 9-figure income is quite an extraordinary feat, one that is typically reserved for the most successful entrepreneurs, athletes, and entertainers in our society. It’s almost impossible to reach that level through a single salary alone.
Instead, individuals in this income bracket often have multiple income streams, such as investments, business ventures, and other revenue-generating activities.
Calculating the exact tax on a 9-figure income can be a challenging endeavor. Taxes can vary greatly depending on many factors, including location, type of income, applicable deductions, and more. However, it’s safe to say that anyone earning in the 9-figure range will face a significant tax bill.
What Is the Pathway To Achieving a 9-Figures Income?
If you are in pursuit of a 9-figure income, it is essential to have an understanding of the components that fuel this elusive status. What sets apart these high-net-worth individuals from the rest is their capacity to create multiple streams of passive income and capitalize on them.
Here are some tips to help you achieve this milestone:
Acquire Valuable Skills and Experience
The first step towards achieving a 9-figure income is building a solid foundation of high income skills and experience in a high-value field. This could be anything from technology and finance to entertainment and sports. The key is to become exceptionally good at what you do, often necessitating years of dedication, learning, and practical application.
Build or Join a High-Growth Venture
Next, it’s super important to either build or get involved in a high-growth venture. This could mean starting a business with a game-changing idea or joining a rapidly expanding company in a leadership position. The aim here is to use your unique skills and experiences to create substantial value and wealth, which could potentially lead to a massive income if the venture becomes incredibly successful.
Invest Wisely and Diversify Your Income Streams
Who said you can’t have your cake and eat it too? Investing in the stock market, real estate, bonds, and other alternative investments is another way to generate a 9-figure income. It’s important to diversify your portfolio across multiple strategies so that you’re not overly exposed to any one asset class.
Let’s give you an example.
If you’re already running a successful business, consider investing in cryptocurrency or another digital asset class to increase your income streams. This could provide an additional source of passive income that can help solidify your journey to a 9-figure salary.
Equities and Derivatives Trading
The stock market is an incredibly powerful tool that can help you to achieve a 9-figure income. Through equity and derivatives trading, you can tap into the world’s most lucrative markets and make substantial returns on your investments in a short amount of time.
Learning how to navigate this complex ecosystem of risk and reward requires patience, dedication, and a lot of practice. Start by investing in the stock market or trading on a simulated platform to get comfortable with the process before taking it to the next level.
Leverage Networks and Opportunities
Networking is a critical component of achieving a 9-figure income. By cultivating meaningful relationships with influential people in your industry, you can open doors to opportunities that might otherwise remain closed. These could include partnerships, investments, or high-profile job offers that can significantly boost your income.
Jobs That Pay 9 Figures
Earning a nine-figure salary is an incredibly rare achievement reserved for the top echelons of various lucrative industries. Here are some of the highest-paying jobs and industries that can bring in nine-figure salaries.
Tech Company Bosses
Tech company bosses, particularly those at the helm of companies like Amazon, Facebook, and Tesla, are among the highest earners globally. Their compensation often comes in the form of stock options, which can value in the hundreds of millions or even billions when their companies perform well.
Examples include:
Elon Musk, CEO of Tesla ($242.4 billion)
Jeff Bezos, CEO of Amazon ($151.5 billion)
Mark Zuckerberg, CEO of Facebook ($103.4 billion)
Professional Athletes
In the world of professional sports, athletes like Cristiano Ronaldo, Lionel Messi, and LeBron James have managed to secure contracts and endorsement deals that push their annual incomes into the nine-figure realm. These athletes excel in their respective sports and have built strong personal brands, attracting lucrative sponsorship deals.
According to reports, these athletes earned more than $100 million in a single year:
Hollywood Celebrities
Hollywood is no stranger to nine-figure earners. Actors like Dwayne Johnson and Robert Downey Jr., thanks to their roles in blockbuster franchises, command massive salaries. Additionally, they earn significantly from endorsements, producing roles, and profit participation deals.
Media Stars
Media stars, especially those with a strong presence on digital platforms, can earn nine figures. For instance, YouTubers and influencers with millions of followers can generate substantial income from ad revenue, brand partnerships, and merchandise sales.
Hedge Funds & Investment Bankers
Investment bankers and hedge fund managers are some of the highest earners in the financial sector due to their expertise. Some notable examples include:
Ray Dalio, founder of Bridgewater Associates ($19.1 billion)
David Tepper, hedge fund manager ($18.5 billion)
Carl Icahn, founder of Icahn Enterprises ($10.1 billion)
Pop Superstars
The music industry has always been a lucrative field for successful artists. Pop superstars like Taylor Swift and Beyoncé have made fortunes from their music sales, concert tours, and endorsement deals. These musicians not only create hit songs but also build powerful brands that amplify their earnings.
Entertainment (actors, singers, dancers, etc.)
Performers in the entertainment industry, including actors, singers, and dancers, can achieve nine-figure incomes. Successful film actors can earn millions per movie while top-charting musicians make a significant portion of their income from touring. Broadway performers and dancers in high-demand shows can also command high salaries.
Top-notch Business Owners
Business owners, especially those who own large corporations or successful startups, can earn nine figures. This income comes from their business profits and, in some cases, from selling their businesses. Entrepreneurs like Elon Musk and Jeff Bezos have made billions from their ventures.
These careers represent the pinnacle of earning potential in their respective fields. However, it’s essential to note that reaching this income level requires exceptional talent, hard work, and often a good dose of luck.
Are 9-Figures Rich?
When we talk about money, figures, and digits start dancing in our heads. Six figures? That’s quite impressive. Seven figures? Now you’re playing with the big boys. But when we leap into the world of nine-figure incomes, we’re talking about a whole different ball game. It’s like comparing a kiddie pool to the Pacific Ocean!
A nine-figure income means someone is raking in between $100,000,000 and $999,999,999 annually. That’s right. There are more zeros in that figure than in a beginner’s Sudoku puzzle! This income bracket places individuals among the financial titans of the world. To put it plainly, if you’re earning nine figures, you’re not just rich—you’re Scrooge McDuck swimming in a vault of gold-level wealth.
But let’s be real, nine-figure incomes are as rare as a unicorn at a donkey convention. Even some of the world’s wealthiest individuals, like Bill Gates and Warren Buffet, didn’t make their billion-dollar fortunes overnight. It took years of smart decisions, a bit of luck, and probably a few sleepless nights.
And don’t forget, these ultra-wealthy folks aren’t waiting for a paycheck every month. Their wealth comes from various sources, including investments, real estate, and businesses3. They’ve got their fingers in so many pies; they could open a bakery!
What Does a 9-Figure Lifestyle Entail?
Living a 9-figure lifestyle is beyond the realm of what most people could even imagine. It involves not just extraordinary wealth but also the responsibilities and opportunities that come with it. Here’s a detailed look at what such a lifestyle might entail:
Extreme Luxury
A 9-figure lifestyle allows for some of the most opulent luxuries in the world. For instance, consider real estate: billionaires often own multiple properties around the globe. According to a report by Economics Times, the average billionaire owns 4 homes, with each worth nearly $20 million.
Traveling is another area where this wealth is evident. Private jet travel is commonplace among this group. The cost of owning a private jet can range from $3 million to over $90 million, not including the ongoing costs of maintenance, fuel, and crew salaries.
Philanthropy
Philanthropy is a significant aspect of a 9-figure lifestyle. Many ultra-wealthy individuals are committed to giving back to society. For example, Warren Buffett, one of the richest people in the world, pledged to give away 99% of his wealth to philanthropic causes.
The Giving Pledge is another example of this. Initiated by Bill Gates and Warren Buffet, it’s a commitment by some of the world’s wealthiest individuals and families to give away more than half of their wealth to solve societal problems.
Investments
Individuals with a 9-figure income often have vast and diverse investment portfolios. For instance, Jeff Bezos, the founder of Amazon and one of the wealthiest individuals on the planet, has investments spanning multiple industries. He owns The Washington Post, has a venture capital firm called Bezos Expeditions, and invests in space exploration with his company Blue Origin.
Personal Staff
Having a 9-figure income often means employing an extensive personal staff to handle daily affairs. For example, Oprah Winfrey, a billionaire media mogul, reportedly employs a team of over 3,000 staff, including gardeners, chefs, housekeepers, and security personnel.
This level of staffing isn’t uncommon among the ultra-wealthy. After all, managing a 9-figure lifestyle requires a lot of planning and assistance to make sure everything runs smoothly.
Political Influence
The ultra-wealthy have significant influence in politics due to their large contributions to political campaigns and the influence they can wield over policy decisions. This influence can be used for both good and bad purposes, depending on who is wielding it.
However, the effects of political influence by wealthy individuals shouldn’t be underestimated. It can have a profound impact on policy decisions and shape public opinion in powerful ways. This level of influence is not available to everyone, but those with 9-figure incomes typically use it to their advantage.
Privacy and Security
With great wealth comes the need for privacy and security. People with a 9-figure income often invest in advanced security systems, hire personal security staff, and take measures to maintain their privacy.
This isn’t just to protect their money; it’s also about protecting themselves and their families from potential threats. After all, when you’re one of the wealthiest people in the world, there are bound to be a lot of eyes on you.
High-End Experiences
Those with a 9-figure lifestyle often have access to experiences that are out of reach for most. This can range from private concerts with top musicians to exclusive dining experiences with world-renowned chefs.
This level of wealth also opens up opportunities to travel to the most luxurious places in the world. From private island getaways to luxury cruises, the experiences available to 9-figure earners are limited only by their imagination and budget.
The Bottom Line – Making 9 Figures
Taking all of this into account, it is clear that those with a 9-figure income have access to exclusive and luxurious experiences, as well as the privacy and security often associated with great wealth. This level of influence can also be extremely powerful. Therefore, it should not be underestimated or overlooked.
Overall, 9 figures is an amazing achievement and one that requires hard work and dedication. It is often an indicator of success and can open up a world of new possibilities for those who have achieved it.
Regardless of your current financial status, never forget that anything is possible with determination and perseverance! With the right attitude and mindset, you, too, could one day reach 9 figures or more. Start planning today, and remember to take every opportunity that comes your way. With a bit of luck and the right attitude, success is just around the corner.
FAQs – Making 9 Figures
How many words are nine figures?
Nine figures is a term used to refer to incomes between $100,000,000 and $999,999,999. It does not refer to the number of words.
Does anyone make nine figures?
In the United States, a remarkably small number of individuals achieve the remarkable milestone of earning nine figures or more. According to a report by Market Watch, only 205 people in America earn an astonishing sum of over $50,000,000 in wages alone annually.
To put this into perspective, a nine-figure income would be twice the amount of $100,000,000! As a result, the exclusivity of this income bracket is amplified, leading to a limited number of individuals who can boast such astronomical earnings.
What do “figures” mean in money?
Figures is a term used in accounting and finance to refer to digits of numerical values. It does not refer to physical currency or coins. For example, if you have $50,000, five figures are present (50000). This can also apply to other forms of money, such as stocks, bonds, and investments.
What is a nine-figure job?
A nine-figure job is a term used to refer to the careers of those who have achieved the tremendous milestone of earning nine figures or more annually. This could include professionals from various industries such as tech, investment banking, and sports.
These individuals are typically highly successful in their fields and command higher salaries than other professionals due to their extensive experience and knowledge.
What’s the difference between a 9-figure salary and a 9-figure income?
A 9-figure salary is an annual income of $100,000,000 or more. A 9-figure income is a measure of all sources of income that a person has, including wages, investments, and other revenue streams like royalties. This means that a person can have a nine-figure income without having an extremely high salary.
For example, someone who earns a salary of $1,000,000 but has investments of $100,000,000 would have a 9-figure income. This demonstrates why it is important to consider all sources of income when assessing the overall financial health and status of an individual or family.
What is the difference between 9 figures and 8 figures?
Eight figures refer to financial values between $10,000,000 and $99,999,999. In contrast, 9 figures are incomes of $100,000,000 or more. This is an important distinction to make when discussing the wealth of individuals because it shows how much greater the income of a nine-figure earner is compared to someone with eight figures.
For example, someone who makes $100,000,000 in a year would have twice the earnings of someone who makes $50,000,000. This is why it is important to consider figures when discussing wealth and income, as they can provide valuable insight into the financial status of an individual or family.
Is 9 figures a lot of money?
Yes, 9 figures is a lot of money. It is an astronomical amount that few individuals ever reach. As such, it demonstrates the impressive achievements of those who have managed to achieve nine-figure incomes and provides insight into their level of success and financial status.
Northwestern Mutual Recognized Among the “Best Companies for Diversity” by Black Enterprise Magazine MILWAUKEE, July 3, 2023 /PRNewswire/ — An unwavering commitment to respect and inclusion is core to Northwestern Mutual’s culture – a quality that earned the company acclaim from one of the nation’s premier news outlets for Black and African American business professionals. … [Read more…]
The Bank of England raised interest rates in June from 4.5% to 5%.
The significant 0.50 percentage point increase had been widely feared following the announcement from the Office for National Statistics that inflation had remained at 8.7% in May – more than four times the government’s target.
June’s rate rise marks the 13th since December 2021 when Bank rate stood at just 0.1%. It puts Bank rate at its highest level since 2008 and has applied further pressure on the cost of borrowing.
Volatility and uncertainty
Mortgage rates first rocketed after last September’s mini-Budget, which triggered market uncertainty and sent the pound crashing to historic lows. At the time, major lenders including NatWest, Barclays, Halifax and Virgin Money pulled deals and brought them back to market at higher prices.
While mortgages costs have undergone a correction since then, there’s been a more recent flurry of lenders putting up the cost of deals as Bank rate continues its relentless climb in the face of high inflation (more on this below).
Free Mortgage Advice
Better.co.uk is a 5-star Trustpilot rated online mortgage adviser that can help you find the right mortgage – and do all the hard work with the lender to secure it. *Your home may be repossessed if you do not keep up repayments on your mortgage.
Average and best costs of popular deals
According to our mortgage partner, Better.co.uk, the average cost* of a two-year fixed rate deal today stands at 5.69%. The average cost of a three-year deal is 5.39%, while five-year fixes now stand at 5.31%. Just yesterday, both three- and five-year deals were priced at 5.29% on average.
Many mortgage lenders had already ‘priced in’ the most recent Bank rate rise into their costs. However, lenders across the board are continuing to raise fixed rates and pull deals.
According to Better.co.uk, the most competitive two-year fixed rate today stands at 4.99%. The best three-year fix is priced at 4.93%, and the best five-year at 4.82%. The average two-year tracker rate today is at 5.43%, which compares to 4.89% for the leading deal of its kind.
Lenders’ typical standard variable rate (SVR) today stands at 7.34%, according to Better.co.uk. Average SVRs a year ago in May 2022 were just 4.53%.
On 1 June, there were 4,967 residential mortgage deals on the market, according to Moneyfacts. The number of available mortgages had plummeted to around 2,560 following last Autumn’s mini-Budget.
Interest rates and mortgages
So what does the latest June Bank rate rise mean for the cost of mortgages?
The estimated 1.4 million homeowners (according trade body, UK Finance) on variable rate deals, such as base rate trackers, will see an almost immediate rise in their monthly repayments following the latest Bank rate rise to 5%.
As an example, a tracker rate rising from 5% to 5.5% costs around an extra £58 a month on a £200,000 loan taken over 25 years, with monthly repayments rising from £1,170 to £1,228.
Borrowers on fixed-rate deals, where the interest rate is locked in for, say, two or five years, won’t see any difference in their monthly payments. However, when the deal expires – as will be the case for over 500,000 mortgage holders during the remainder of 2023 – available mortgage deals will be much more expensive.
You can work out the monthly cost of a mortgage against various interest rates with our Mortgage Calculator.
House prices and Stamp Duty
The latest major house price indices are all reporting falls in the value of UK property.
Nationwide’s house price report, published today (30 June), showed house prices fell by 3.5% in the 12 months to June, slightly steeper than the 3.4% annual drop posted in May. On a monthly basis, prices edged up 0.1% according the building society, taking average UK property prices to £262,239.
Halifax’s most recent house price report (published on 7 June) showed a fall in annual house prices for the first time since 2012. The cost of an average home in May (£286,532) was 1% lower than in May last year. On a monthly basis, prices remained flat, said Halifax.
Zoopla reported price falls of 1.3% in the six months to April, although still reports positive annual inflation of 1.9%.
Stamp Duty cuts announced in last Autumn’s mini-Budget raised the nil-rate band on the purchase of a property from £125,000 to £250,000. While u-turns were made on the other tax breaks announced under former Prime Minister Liz Truss, this one remained in place.
Why are interest rates rising?
The Bank’s MPC uses interest hikes as a means of cooling the economy and taming rising inflation.
The Consumer Prices Index (CPI) measure of inflation remained unbudged at 8.7% in the 12 months to May, the Office For National Statstics (ONS) announced today. While this is some way off its peak of 11.1% posted back in October, it should viewed in the context the government’s inflation target for the Bank of England which is just 2%.
One of the main longer-term drivers behind rising inflation is the cost of energy. Since 1 April, 2023 the energy price cap, as set by regulator Ofgem, has been pegged at £3,280. The cost refers to an annual bill for a dual fuel household paying by direct debit based on typical consumption.
However, the government’s own Energy Price Guarantee (EPG), which was implemented to protect households from rocketing energy costs, applies instead. Currently, the EPG is set at £2,500 a year.
The energy price cap will fall as of 1 July from £3,280 to £2,074. As this is below the level of the EPG, the price cap will once again apply and determine the cost of energy for households in England, Wales and Scotland until the end of September.
A new cap will then take effect from 1 October.
What mortgage deals are available?
With upwardly-mobile Bank rates, keeping track of mortgage costs is challenging – especially when rates change, and deals can be pulled, on a daily basis.
One simple way is use our mortgage tables, powered by Better.co.uk.
To find out what deals are available at today’s rates for the kind of mortgage you’re after, you’ll need to enter your personal criteria into the table below. Here’s what to do:
Select whether the mortgage is to fund a house purchase or if it’s a remortgage for an existing property
Enter the property value and the mortgage amount you require. This will automatically generate a percentage which is known as your ‘loan to value’. The lower your loan to value, the cheaper the mortgage rates available
Tick the relevant box if it’s a buy-to-let or interest-only mortgage (you’ll need a repayment strategy in place for these deals), or if you’re looking for a mortgage to fund a shared ownership property
Finally, filter your search by the type of mortgage you want, for example a two- or five-year fix or tracker. The filter is set to a complete mortgage term of 25 years but you can change this if required.
Here’s a live table of the mortgage deals available today.
What else do I need to know?
Mortgage deals offering the cheapest rates usually come with fees attached. You can opt to pay these upfront or add them to the loan. To factor in the cost of the fee, order your the results by ‘initial period cost’ (in the ‘Sorted by’ dropdown).
Alternatively, you can order results by initial rate, lowest fee or monthly repayment – even by the lender’s ‘follow on’ rate that the deal will revert to at the end of the term.
The very cheapest are reserved for bigger deposit amounts, usually of 60% of the property value or more. And, in all cases, you will need a sufficient income and clean credit history to be accepted for a mortgage.
If you want to see what your monthly mortgage payments might look like in different scenarios while overlaid with household bills, our Mortgage Calculator will crunch the numbers.
When can I start a remortgage?
Once issued, mortgage offers tend to be valid for six months, although a handful of lenders such as Skipton Building Society honour offers for up to 12 months. If you are looking to remortgage your current home, this means you can lock in a rate today – at no cost and with no strings attached.
How are average mortgage costs calculated?
*Average mortgage costs can vary between sources depending on how the data is gathered. Better.co.uk’s data refers to the average cost of the primary fixed rate mortgage recommendation that is issued to applicants based on their circumstances from its 100-plus panel of lenders.
The data counts remortgage and purchase loans but excludes SVRs, adverse credit, self-build and shared ownership. Data is collected at the end of each business day.
Better.co.uk targets applicants with a good credit history. Lower loan-to-values (under 85%) account for a significant portion of its business which can translate into cheaper loan rates.
Its average fixed rate costs may therefore appear lower than some others quoted on the market.
I shared a list of my favorite books about money once before, but that was over two years ago. I’ve read dozens of books since then (and thumbed through dozens more). Here is a revised list of 25 great books about money.
These are all books that I found entertaining or influential. There are still many “big name” books that I haven’t read, such as “A Random Walk Down Wall Street” and “The Intelligent Investor,” and I’ve left off some perennial favorites such as “The Richest Man in Babylon” and “The Wealthy Barber.”
These books are grouped into sections, roughly following the financial progression of the average person (from debt to financial independence). I’ve linked to the Amazon page for each book, but, as always, I encourage you to borrow the titles that interest you from your public library. If you prefer to read on a device, get to know Overdrive, which allows you to borrow e-books for free.
Debt Reduction
For those in the first stage of personal finance, debt reduction is the most important task. I know from experience that this can seem like a long, lonely battle. But others have fought it before, and have lived to document the process. Here are three books that describe different approaches to winning the fight:
The Total Money Makeover by Dave Ramsey — Ramsey is an anti-credit zealot. He made a $4 million fortune by his mid-twenties, and then lost it to bankruptcy. Now he runs a personal-finance empire. He takes a lot of criticism for his support of the debt snowball, which he describes in detail here, but the thing is, his methods work. If you’re struggling with debt, there’s no better starting place than this book. Ramsey’s advice is permeated with his Christianity, but you can get a lot out of this book even if you’re not religious. [My review.]
Debt is Slavery by Michael Mihalik — Debt is Slavery is a deceptively simple book. It’s short. Its advice seems basic. And it’s self-published, so how good can it be? Well, I think it’s great. In fact, I found myself wishing that I had written it. Mihalik’s advice is spot-on, and he covers a lot of topics that other authors shy away from, such as the effects of advertising, the weight of possessions, and the soul-sucking misery that comes from a bad job. This book may be short, but it’s sweet. Especially great for recent graduates, I think.
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis — How to Get Out of Debt is built on the principles of Debtors Anonymous, a twelve-step program founded in 1971 to help those who struggle with compulsive debt. Mundis was himself a debtor, and he based this book on his own experience. This isn’t purely theoretical information from the mind of some Wall Street finance whiz who has never struggled; this book contains real tips and real stories from real people. If you’ve tried Dave Ramsey without success, read this. It’s 20 years old, but the information is timeless. [My review.]
Everyday Personal Finance
After you’ve defeated debt, you enter the second stage of personal finance, mastering the everyday habits that allow you to build wealth. The books listed here offer a wide view, discussing many aspects of money. They offer advice about saving, investing, and frugality. They don’t go into much detail about any one subject, but they provide motivation to get started. And that’s what’s most important.
Your Money or Your Life by Dominguez, Robin, and Tilford — A classic, and one of the foundation books for the simplicity movement. The authors play off the concept “time is money” in a very literal sense. They encourage readers to sort out priorities, to cut expenses, and then to seek passive income in pursuit of financial independence. A little New Age-y in spots. An excellent book, and a huge influence on many prominent personal-finance bloggers. I hope to review the new, revised edition of YMoYL soon.
All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren and Amelia Warren Tyagi — I didn’t like All Your Worth when I first read it. The book takes a dim view of frugality and thrift, and it contains some wild assumptions (like 12% stock market returns). But with time, I’ve come to appreciate the strength of All Your Worth, not just for those struggling to shake off debt, but also for those of us who are beginning to build wealth. This book’s balanced money formula is probably the single most important part of my current financial plan. There’s good stuff here, though you may need to filter some of the authors’ rhetoric. [My review.]
I Will Teach You to Be Rich by Ramit Sethi — This book is great, but it’s not for everyone. It’s targeted almost exclusively at young adults. If you’re under 30 and single, and if you make a decent living, this book is perfect. But if you’re 45 and married with two children, and if you struggle to make ends meet, this book is less useful. Plus, Ramit has a strong authorial voice. He’s bold, sarcastic, and even a little sassy. Not everyone likes this. If you’re turned off by his blog (or by his guest posts at Get Rich Slowly), you’ll be turned off by his tone in this book. These caveats aside, I Will Teach You to Be Rich is packed with solid advice, cites its sources, and provides scores of tactical tips for managing money. [My review.]
The Complete Tightwad Gazette by Amy Dacyczyn — “The Tightwad Gazette” was a newsletter published during the early 1990s by Amy Dacyczyn (pronounced “decision”). Eventually the back issues were collected into a series of books, which were in turn collected as The Complete Tightwad Gazette. Dacyczyn wrote articles like: “Used Shoes: Are they Good or Bad?”, “Budget Bug-Busting”, “Tightwad Toys”, and “Saving Money on Your Mortgage”. Sounds just like a personal finance blog, doesn’t it? This book has thousands of tips, many of which were contributed by readers of the newsletter. (You won’t find any info on investing here. This book is about frugality!)
Investing
Learning to invest your money wisely is one important aspect of the middle stages of financial development. Wall Street is not friendly to the small investor. It’s designed to part you from your hard-earned dollars. These books can help you develop an investment philosophy that will let you improve your odds of retiring wealthy.
The Four Pillars of Investing by William Bernstein — I’ve read dozens of books about investing. Of these, The Four Pillars of Investing is probably my favorite. Most investing manuals espouse one sure-fire method or another. Four Pillars does that to an extent, but the author provides a great deal of depth and color to support his argument. I love that Bernstein takes a comprehensive, holistic approach to the subject, not just looking at the theory and business of investing, but also looking at the history and psychology of investing. This is a great book. [My review.]
The Random Walk Guide to Investing by Burton Malkiel — Malkiel is best known for his classic A Random Walk Down Wall Street. This book is shorter, written in plain English (there’s no investing jargon), and easy to understand. But that doesn’t mean it’s simplistic. This is an excellent book, filled with advice based on sound financial principles. It covers risk tolerance, asset allocation, diversification, and even a little behavioral finance. An excellent guide for beginners. [My review.]
The Only Investment Guide You’ll Ever Need by Andrew Tobias — Andrew Tobias is an entertaining writer. His jocular, conversational tone will keep you interested as he describes mutual funds, bonds, and treasury bills. There’s a good section on how to handle a windfall (lottery, inheritance). My favorite bit from Tobias is his three-step budget: destroy your credit cards, invest 20% of everything you earn (and never touch it), and live on the remaining 80% no matter what. Awesome. This is a classic introduction to the subject of investing, though at times it seems a little dated. (You can read Andrew Tobias every day at his blog.
The Bogleheads’ Guide to Investing by Larimore, Lindauer, and LeBoeuf — You want expert investment advice? You can’t beat the info found here. These devotees of Vanugard founder John Bogle are big on slow, sure investments like indexed mutual funds. They tap their decades of experience to teach about diversification, inflation, and asset allocation. It’s not nearly as boring as it sounds. This book covers a broad range of topics, though its primary focus is investing. Highly recommended.
The Automatic Millionaire by David Bach — There’s more to David Bach than just “the latté factor”. The system he recommends here is excellent — an automated approach to managing your personal finances. If you’ve been meaning to open a Roth IRA, but have never actually done so, then read this book! He’ll explain how to set it up so that it’s painless. The only caveat I’d note is that this book is several years old now, and because it contains specific recommendations for financial companies, it may be be in need of an update.
Financial Independence
This next group of books may be my favorite. These volumes cover topics related to Financial Independence — that magical point where you no longer have to work. This is the final stage of money management. For many people, this means retirement. But it doesn’t have to be that way. These books offer solid advice for how to create a future that matches your dreams.
The Millionaire Next Door by Stanley and Danko — The authors interviewed and surveyed a pool of millionaires, attempting to find common connections among them. They discovered that millionaires live below their means. They budget. They let their adult children make it on their own. This book introduces several key concepts, including degrees of wealth accumulation. It’s a bit tedious in spots, at least in the audio version. This is one of just a few books to cover both sides of the wealth equation: saving money and earning money. [My review.]
Yes, You Can…Achieve Financial Independence by James Stowers — Yes, You Can…Achieve Financial Independence is informative without being dense. It’s accessible without being condescending. Its advice is solid. The book is filled with investment advice, but it gives equal time to thrift and savings. Best of all, it asks as many questions as it provides answers. It prompts the reader to think, to evaluate her priorities. Its message is that yes, you can achieve Financial Independence, but you can’t get there overnight, and you can’t get there without setting goals and making sacrifices. [My review.]
The Incredible Secret Money Machine by Don Lancaster — This hard-to-find volume from 1978 looks like a get-rich-quick book. It’s not. It’s all about starting and running small businesses, especially craft businesses. To Lancaster, a “money machine” is any venture that generates “nickels”. Nickels are small streams of revenue from individual customers. If your goal is simply to earn a comfortable income for yourself by doing something you love, then this book can help you explore the idea of business ownership. One of my Dad’s favorites, and one of my favorites, too. [My review.]
The 4-Hour Workweek by Tim Ferriss — The 4-Hour Workweek is a frustrating book. A lot of the advice seems impractical and out-of-reach for the average person. But on the other hand, it’s filled with inspirational anecdotes and provocative ideas about how you can make the leap from desk jockey to the pursuit of your dreams. In my review, I wrote that this book “is like a kick in the head”, and it’s true. The flow of ideas is relentless. Despite its flaws, I think this is a great book. [My review.]
Work Less, Live More: The Way to Semi-Retirement by Bob Clyatt — While Financial Independence is my long-term dream, semi-retirement is my more immediate goal. Clyatt describes techniques for leaving the workaday world years (or decades) before the traditional retirement age of 65. Work Less, Live More includes sections on defining your goals, learning to live on less, putting your investments on autopilot, and more. This book is like a toned-down, practical version of The 4-Hour Workweek. I like it. A lot.
The Psychology of Money
I firmly believe that success with money is more about mind than it is about math. We all understand the arithmetic behind personal finance — to build wealth, you must spend less than you earn — it’s mastering the emotions and habits that causes us trouble. These books explore your money and your brain.
Why Smart People Make Big Money Mistakes (and How to Correct Them) by Gary Belsky and Thomas Gilovich — In this short book, Belsky and Gilovich catalog a menagerie of mental mistakes that cause people to spend more than they should. What might have been a boring topic becomes fascinating thanks to an engaging style and plenty of anecdotes and examples. This book covers more than a dozen psychological barriers to wealth and explains how to prevent them from sabotaging you. [My review.]
The Paradox of Choice by Barry Schwartz — I just finished this book the other night, and hope to provide a full review in the next week. It’s fascinating. Schwartz argues that the vast array of choices available to us in the marketplace actually make us less happy. We’d be better off with two options for a wide-screen plasma television instead of twenty. Too much choice doesn’t just make us unhappy — it prevents us from making smart decisions. Fascinating stuff.
Kids and Money
Many parents are unprepared to teach their children about money. You needn’t be one of them. These books suggest methods for getting kids to understand how money works.
Living Simply with Children by Marie Sherlock — Sherlock offers tips for how to raise children that aren’t part of the consumerist culture. She encourages strong family ties as a counter to the relentless purchase to acquire “stuff”. Sherlock is also a proponent of using family rituals to replace consumer-oriented cultural activities. There’s some great advice here (the book is strongly influenced by Your Money or Your Life), but some readers may be put off by the author’s philosophy.
Growing Money: A Complete Investing Guide for Kids by Gail Karlitz — Growing Money has good chapters on banks and bonds, but most of the book is devoted to stocks. The book also contains chapters on the history of the stock market, how investors make money, and how to buy and sell stocks. This is probably my favorite book for children, but it does have some weak spots. Only one page out of 120 is devoted to mutual funds. Because the book is aimed at children, taxes are barely considered. Still, its strengths outweigh its weaknesses. It’s the sort of book to buy for your nephew, but read yourself before you pass it on. [My review.]
What Color is Your Piggy Bank? by Adelia Cellini Linecker — This slim volume is a great choice for kids from 10-14 who are beginning to show an interest in entrepreneurship. Linecker covers the world of jobs, setting up shop, and how to manage money.
Financial Journalism
This final trio of books won’t help you get rich — at least not directly. These don’t contain overt stock tips or advice for frugal living. Instead, they tell real-life stories about certain aspects of finance.
Den of Thieves by James B. Stewart — It’s not just Bernie Madoff. Wall Street has fallen prey to all sorts of unscrupulous men over the course of its history. In Den of Thieves, Stewart takes us inside the high-finance worlds of Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine. These men were embroiled in the insider trading scandals that shook the market during the 1980s, and through their stories were able to see just how corrupting the influence of money can be. A little dense at times, but a great way to learn about the market.
Buffett: The Making of an American Capitalist by Roger Lowenstein — It’s no secret that Warren Buffett is one of my financial heroes. In this biography of Buffett, Roger Lowenstein describes the events that shaped his life, starting as a boy in the early 1930s. As we follow Buffett’s growth, we learn about the development of investment theory. There’s plenty of information here about Buffett’s investment philosophy. Entertaining and educational.
Hard Times: An Oral History of the Great Depression by Studs Terkel — Writer Studs Terkel published Hard Times in 1970. It features excerpts from over 100 interviews he conducted with those who lived through the 1930s. Terkel spoke with all sorts of people: old and young, rich and poor, famous and not-so-famous, liberal and conservative. By including the perspectives of so many different people, Terkel is able to paint a richer picture of what things were like. [My review.]
Bonus! The Worst Book About Money
Over the past few years, I’ve read many bad books about money. But none can compare to to the idiocy contained in The Secret by Rhonda Byrne. This book promotes all of the wrong messages, and encourages readers to believe that if they simply wish for something, it will come true.
The Secret contains tips like:
“It is helpful to use your imagination and make-believe you already have the money you want. Play games of having wealth and you will feel better about money; as you feel better about it, more will flow into your life.”
“The only reason any person does not have enough money is because they are blocking money from coming to them with their thoughts.”
“Visualize checks in the mail.”
“This kind of crap is dangerous,” I wrote in my original review. “It’s get-rich-quick drivel of the worst sort. It doesn’t help people address their money issues. It puts them into a pattern of wishful thinking.”
This book is awful.
Final Thoughts
Few personal finance books are perfect. For most, you need to employ personal filters. Dave Ramsey’s The Total Money Makeover is a fantastic book on debt reduction, but if you’re not Christian, you’ll have to tune out the Bible verses. All Your Worth contains a great plan for achieving financial balance, but you may need to ignore its constant disparaging of frugality and thrift.
Because I’ve limited myself to 25 books, I’ve had to leave a lot of great titles off the list. Please feel to share your favorite books about money and explain why others should read them.
Prepare for a fiery odyssey that will ignite your taste buds and test your spice tolerance to the limit. Fueled by unique varieties and the surge of the internet shows celebrating fiery hot sauces, the popularity of super spicy peppers has skyrocketed. Join us on a thrilling exploration as we uncover the secrets of the world’s hottest peppers, from the tongue-tingling jalapeño to the tear-inducing habanero.
1. Carolina Reaper
The Carolina Reaper, bred by South Carolina farmer Ed Currie, holds the title of the world’s spiciest chili pepper. With its vibrant appearance and deceptive fruity sweetness, it quickly reveals its fiery nature, delivering a scorching heat that lingers. Only the brave dare to experience its intensity, using it sparingly to add a thrilling kick to various dishes. The Carolina Reaper stands as a legendary pepper, pushing the boundaries of spiciness and leaving a lasting impression on the culinary realm.
2. Komodo Dragon
The Komodo Dragon pepper, created by Italian producer Salvatore Genovese, is a fiercely hot variety inspired by the mighty reptile. Released in 2015, it boasts a Scoville rating ranging from 1.4 million to 2.2 million. With its vibrant colors, wrinkled skin, and deceptive sweet and fruity flavor, this pepper gradually builds up to an intense heat. It is recommended for experienced spice enthusiasts and can be used sparingly to add a fiery kick to various dishes. The Komodo Dragon pepper is a thrilling culinary adventure for those seeking an extraordinary heat experience.
3. Chocolate Bhutlah Pepper
The Chocolate Bhutlah pepper is an exceptionally hot and rare chili variety. Created by Chad Soleski by crossing the Bhut Jolokia and Douglah peppers, it possesses distinctive chocolate-colored, wrinkled skin. Despite its Scoville rating of two million units, it delivers an intense and gradually building heat. Caution should be exercised when handling and using this pepper, but it can add a fiery kick to various dishes, especially meats. The Chocolate Bhutlah pepper is a coveted choice for those seeking an unforgettable and extraordinary spicy experience.
4. Trinidad Moruga Scorpion Pepper
The Trinidad Moruga Scorpion is a renowned chili pepper with intense heat. Originally discovered in Trinidad and Tobago, it features wrinkled, red, or orange skin. With a Scoville rating of two million units, it ranks among the world’s hottest peppers. Known for its slow-building burn and long-lasting heat, it offers a sweet and fruity flavor that enhances hot sauces and recipes. While newer peppers have claimed the hottest title, the Trinidad Moruga Scorpion remains highly regarded by spicy food enthusiasts.
5. Seven Pot Doughlah Pepper
Prepare for a thrilling culinary adventure with the Seven Pot Douglah pepper—a chili renowned for its intense heat and irresistible flavor. Originating from Trinidad and Tobago, this pepper boasts distinctive dark or chocolate-colored skin. With a Scoville rating of nearly 1.8 million units, it ranks among the world’s hottest peppers. Its slow-building burn gradually intensifies, delivering a powerful and long-lasting heat. Despite its fiery nature, the Seven Pot Douglah surprises with a sweet and nutty flavor that enhances various dishes. This pepper has become a favorite in Caribbean cuisine and among chili enthusiasts.
6. Dorset Naga Pepper
Experience the fiery enchantment of the Dorset Naga chili pepper. Crafted by innovative farmers Joy and Michael Michaud in Dorset, England, this chili delivers an intense heat and captivating fruit-like flavor. With its vibrant candy-apple red or orange-red skin, it’s a visual feast. Ranked among the hottest peppers worldwide, the Dorset Naga boasts a precise Scoville rating of 1,598,227 units. Brace yourself for its swift and surprising heat, complemented by a delightful fruity sweetness. Whether you’re a spice enthusiast or an adventurous food lover, the Dorset Naga promises a thrilling culinary adventure.
7. Seven Pot Primo Pepper
Embark on a fiery adventure with the Seven Pot Primo pepper, a remarkable hybrid of the Trinidadian Seven Pot and the legendary Naga Morich. Created by farmer Troy Primeaux, this pepper boasts mesmerizing deep red or rusty orange skin with intriguing textures. With a scorching Scoville rating of 1,473,480 SHU, it ranks among the hottest peppers worldwide. Its slow-building burn delivers a relentless and long-lasting heat, balanced by a surprising blend of fruity and lemony flavors. The Seven Pot Primo is a favorite in hot sauces and spice blends, offering a tantalizing kick to any dish.
8. Trinidad Scorpion Butch T Pepper
Experience the scorching sensation of the Trinidad Scorpion Butch T pepper, a legendary “Capsicum chinense” variety from Trinidad and Tobago. Named after Butch Taylor of Zydeco Farms, this pepper boasts a fearsome appearance with its fiery red or orange skin and wrinkled ridges. It once held the title of the world’s hottest pepper. Though surpassed in recent years, its potent kick still demands caution. Brace yourself for an unforgettable encounter with this fiery legend that continues to captivate spice enthusiasts worldwide.
9. Naga Viper
Discover the sensational Naga Viper pepper, a British chili that reigns among the hottest of the hot. Bred by Gerald Fowler, this hybrid marvel blends the powers of the Trinidad Scorpion, Bhut Jolokia, and Naga Morich peppers. With its fiery appearance, featuring wrinkled red or orange skin, this pepper delivers a powerful punch. However, it also surprises with its fruity and floral flavors, making it a beloved ingredient in hot sauces.
10. Seven Pot Brain Strain Pepper
Prepare to be caught off guard by the remarkable Seven Pot Brain Strain pepper, renowned for its unexpected, sneak attack of heat. This extraordinary chili is a cultivar of the Trinidadian Seven Pot pepper, boasting a vibrant orange or red hue and a heavily wrinkled appearance, characteristic of its fiery counterparts. Embraced by spice enthusiasts and celebrated in Caribbean cuisine, the Seven Pot Brain Strain pepper is a favored choice for those seeking a thrilling culinary experience. Get ready to embark on a spicy adventure as you delve into the world of this captivating pepper variety.
We’ve explored a range of peppers, from the legendary Carolina Reaper to the fiery Naga Viper, each with its own unique characteristics and heat levels. These peppers have captivated spice enthusiasts and added a fiery kick to various dishes. Whether you’re a seasoned spice lover or an adventurous foodie, these peppers offer an exhilarating exploration of flavor and intensity.
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10 Terrible Fads People Are Glad Died Out
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Pollution is a growing concern worldwide, felt in every corner of the globe. From dirty air to dirty water, pollution is damaging our environment and our health. Despite their best efforts, some cities continue to struggle with high levels of pollution. In this article, we’re taking a look at some of the most polluted cities in the world.
1. South Italy
The presence of organized crime groups has contributed significantly to the pollution problem in the south of Italy, especially in the area known as the “Land of Fires.” Gangs have a stranglehold on garbage collection and waste disposal, which they use to their advantage to bribe officials and extort businesses. As the only game in town, the mafia does not have to provide high-quality waste management services and can charge exorbitant fees.
Illegal Dumping
This has resulted in the illegal dumping of waste, including toxic and hazardous materials, in the countryside, leading to severe environmental damage. In addition to the toxic waste dumping, the mafia has also been involved in the burning of waste, including textiles mixed with hazardous chemicals, which has led to air pollution and health problems for the local population. As a result, the Campania region, where the “Land of Fires” is located, has been in an environmental crisis zone for decades.
2. Phuket, Thailand
Phuket, a popular tourist destination in Thailand, is facing air, water, noise pollution, and plastic pollution problems. Air pollution during peak tourist season is particularly hazardous due to the surge in PM2.5, PM10, and NOx from the increased number of vehicles and boats. Water pollution is primarily caused by untreated sewage and wastewater from hotels and restaurants, as well as single-use plastics from tourists and businesses.
Noise Pollution is Frustrating Locals
Noise pollution from bars and nightclubs causes inconvenience to locals. To address the pollution issues, governments, businesses, and citizens need to collaborate by implementing and enforcing regulations, promoting sustainable tourism, increasing awareness, and improving waste management practices. People are slowly losing interest in vising Phuket because of the absurd pollution levels.
3. Lahore, Pakistan
Lahore, Pakistan is a city renowned for its culture, history, and cuisine; and it’s struggling with major pollution. The city’s air, water, and noise pollution are causing worry and health problems for its citizens and visitors. The air quality in Lahore is notoriously poor. Multiple factors such as urbanization, increasing traffic, and fossil fuel usage have contributed to this problem. The thick smog makes breathing difficult, and many people suffer from respiratory issues.
Masking Up for Pollution
It’s a common sight to see people wearing masks to protect themselves from the harmful particles in the air. In addition to air pollution, the water supply in Lahore is heavily contaminated with industrial waste, chemicals, and human waste, which affects both health and the environment. Marine life is dying off, and the ecosystem is disrupted. The noisy city is also plagued with noise pollution from honking horns, loud music, and construction work, which can causes stress, anxiety, and hearing damage. The government is trying to tackle the pollution issue, but more action is required.
4. Dhaka, Bangladesh
Dhaka is a place full of life and culture, but they’re facing a severe environmental crisis due to air, water, and noise pollution. Increasing vehicles on the road are causing harmful pollutants to be released into the air, leading to respiratory problems. The Buriganga River is one of the most polluted rivers in the world due to untreated waste and chemicals being discharged into it. Car horns, construction work, and public music bring a lot of noise pollution. Dhaka is a city full of culture and vibrancy, but action is needed to make it a cleaner and healthier place to live in.
5. Jakarta, Indonesia
Jakarta, the lively capital city of Indonesia, has a pollution problem that poses a threat to its citizens and environment. The city’s air is polluted due to vehicle emissions, which causes respiratory issues and even premature death. Water pollution is also a significant concern, with industrial waste and untreated sewage contaminating rivers and canals. Noise pollution from traffic and construction work adds to the issue. Jakarta’s culture and food are wonderful, but it’s sad to see such a culturally rich place to be so full of pollution.
6. Delhi, India
Welcome to Delhi, a city of contrasts where the past and present collide in a frenzied dance. But with air, water, and noise pollution reaching critical levels, Delhi’s citizens face serious health risks and environmental degradation. The city’s air quality is notoriously poor, with a mix of emissions from vehicles, industries, and agricultural fires enveloping the city in haze. This toxic air is responsible for numerous respiratory illnesses, heart disease, and premature deaths. The Yamuna River running through the city, laden with industrial waste and sewage. The river’s polluted state is not only a threat to aquatic life but also a severe health hazard to the city’s inhabitants.
Harmful Noise Levels
It’s not just the air and water pollution, Delhi’s relentless noise levels can lead to long-term health problems. With an expanding infrastructure, the noise is only expected to worsen. Despite the pollution, Delhi is full of energy and rich in history and culture. But to ensure that its future is just as vibrant, it’s crucial that the citizens of Delhi take action now to preserve its heritage and safeguard the health and well-being of its people.
7. Hong Kong, China
Hong Kong, the iconic Asian city, is notorious for its severe pollution, primarily air pollution caused by emissions from vehicles, industry, and nearby factories. The city’s skyline is often shrouded in a thick, gray haze that poses serious health risks, including respiratory problems, heart disease, and stroke. Water pollution is also a concern, with beaches and waterways contaminated with sewage, trash, and industrial waste. Despite the pollution, Hong Kong remains a vibrant and exciting city.
Pollution is a global problem that affects all of us, and the cities discussed in this article are just a few examples of the many places facing severe pollution issues. Governments, businesses, and individuals must work together for sustainable solutions, such as waste management, clean energy, and reducing carbon emissions. It’s up to us to take action and make a positive difference in the world.
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Company Webinars and Training, Internal Audit, CRM, Servicing, Marketing Tools; Another Lesson in “Don’t Fight the Fed”
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Company Webinars and Training, Internal Audit, CRM, Servicing, Marketing Tools; Another Lesson in “Don’t Fight the Fed”
By: Rob Chrisman
Thu, Jun 15 2023, 11:08 AM
Here’s a couple informal reads on the economy. When I have a few extra ducats in my pocket, sometimes I’ll spring for the more expensive Shrimp Alfredo at Olive Garden instead of the cheaper Lasagna Classico. When Freedom Mortgage’s Stan Middleman is faced with a similar situation, instead of buying a couple seats near the dugout of the Philadelphia Phillies, he bought a piece of the entire team. I have some Tupperware that I never bought. You? My Mom went to Tupperware parties: Not expensive, lasts forever, people would have their favorites pieces, using it better than thousands of miles of plastic wrap clogging the landfills every year. But Tupperware is faltering. And so is San Francisco’s 127-year-old, iconic Anchor Brewing Company. The brewer of Anchor Steam, owned by Japan’s Sapporo, confirmed that it would not brew its beloved Christmas Ale this year due to time and cost constraints. America’s first microbrewer is planning to pull back its 50-state distribution footprint to just one: California, where the Anchor brand does roughly 70 percent of its business. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Today’s has an Interview with 1st Signature Lending’s Matt Bridgman on all aspects of the construction-to-permanent (CTP) space.)
Broker and Lender Services and Software
Last year, one man made headlines after turning $26 into $283K by correctly predicting the winners of 6 major championships. Now that’s one investment that certainly paid off. In today’s market, lenders are betting on their tech stacks to help them win big as well. But how do they know if their bets are paying off? PRMG recently set out to answer that question and found that TrustEngine’s Mortgage Coach platform beat out all other technologies and helped its users generate 237% more annual loan volume than their peers. Similarly, PRMG found $121M of fundings in just 9 months was directly attributed to TrustEngine’s Sales Boomerang. Are you looking for a safe bet that will help increase production volume and revenue? Read more about how PRMG LOs doubled down with Mortgage Coach and Sales Boomerang to win big.
“Now is the time for mortgage servicers to take full control of their businesses. While many servicers may believe they are already in control, those using yesterday’s servicing software are not. Success will require mortgage servicers to become disrupters, according to MortgageFlex. Consumers may drive it, technology partners may enable it, but the servicer is the only party that can actually do it. The three main reasons this has to happen now are changing compliance requirements, increasing prices and the need to provide a better borrower experience while controlling costs. If the software the servicer is currently using doesn’t make it easy, or even possible, to take control of their business, the only thing they’ll be able to do is what they have always done in the past. That won’t work. Contact John McCrea today to see what will work or visit us.”
Did your team, like so many others, let good retail marketing practices go by the wayside during the height of the refi boom? Are you now scrambling to reestablish or up your marketing game? You should copy smart lenders and talk to Velma! With Velma CRM, you have the power to effortlessly manage and automate your marketing campaigns. Whether you prefer to centralize the process and handle all the marketing for each loan officer or empower individual loan officers to log in and market for themselves, Velma has the marketing solution for you. Easy, automatic, and brand compliant. Learn more about Velma CRM so you can start marketing like a machine!
What’s an internal audit anyway and do you need one? An internal audit acts as a third line of defense for your mortgage operation. It provides comprehensive assurance based on the highest level of independence and objectivity to evaluate the effectiveness of management’s internal controls. This function should advise your mortgage operation on plans to achieve the company’s strategic, operational, financial and compliance goals. An effective internal audit should go far beyond just checking a compliance box; it should be an integral part of protecting your company. If you want to ensure you’re adhering to regulatory requirements and demonstrating good faith business practices, a Richey May internal audit is a good fit. If you’re looking to be Fannie Mae approved in the future or want to maintain your approved status, it’s required. If you’re unsure whether you need an internal audit, ask one of Richey May’s experts today or learn more here.
TPO Products for Brokers and Correspondents
AmeriHome Correspondent, backed by the strength and stability of Western Alliance Bank, continues to grow market share in the correspondent space. When you combine AmeriHome’s industry leading loan purchase platform with Western Alliance Bank’s warehouse lending and treasury management services, this is one “must-have” relationship for mortgage bankers of all shapes and sizes. IMBs and financial institutions alike benefit from AmeriHome’s Delegated and Non-Delegated options, full suite of conventional and government products, and Bulk, Bulk/AOT and Best-Efforts delivery options. They are currently running a pricing special for Purchase loan amounts of $200,000 or less and offer a stable of temporary rate buy-down options. Check out their Upcoming Events page for details on where they’ll be this summer, find your sales rep here or send them an email to learn more about the advantages of partnering with AmeriHome.
Company Sponsored Webinars and Training
“Register for QC Industry Trends Webinar to learn how to navigate volatile financial landscape. ACES Quality Management just released its Q4 2022 Mortgage QC Industry Trends Report, showing defect rates declined 25.5% over Q3, while the annual defect rate remained above 2%. Join us for our QC Trends and Industry Insights webinar on June 28th at 11:00 AM PDT as ACES Quality Management’s President, Phillip McCall and EVP, Nick Volpe cover an analysis of the Mortgage QC Industry Trends Report, a deep dive into mortgage quality control trend reporting and how it aligns with the current state of the industry, and industry insights and how to best navigate through the volatile financial landscape. As the GSEs begin taking an aggressive stance on repurchase requests for loans with curable defects, now is the time to take steps towards ensuring true loan quality. Register today.
“Free webinar alert! With volumes down 40% or more midway through 2023, large-scale digital transformation feels more out of reach than ever. Instead, many lenders are focusing on smaller projects to produce short-term ROI gains. Join executives from Fairway Independent Mortgage Corp., Lennar Mortgage, Stavvy, Wolters Kluwer and Falcon Capital Advisors as they discuss the shift in approach from open-ended “digital journeys” to targeted incremental “sprints.” We will delve into various aspects such as the prioritization of digital transformation projects, the evolving objective of achieving fully digital closings and eNotes, and the potential impact on the upcoming cycle. Don’t miss out: register now for this July 19th event.”
Join ACUMA and MCT on June 22nd at 11am PT for their upcoming webinar on Strategies for Credit Unions to Mitigate Market Risk. This webinar will provide a current market overview and include actionable insights and recommendations for credit unions to mitigate market risk. ACUMA’s President, Peter J. Benjamin, CMB, and MCT’s Phil Rasori and Andrew Rhodes will also review strategies to improve profitability to add value for members. MCT also recently released a new whitepaper on Mortgage Pipeline Hedging 101. The whitepaper reviews information on moving to mandatory, the strategy of hedging, the benefits of hedging, and how to determine if you are ready. Read the whitepaper to learn how you can use hedging as a tactic to mitigate risk and optimize profitability when selling mortgage loans.
One For All and All For One
Benjamin Franklin, during the Revolutionary War, sagely observed, “We Must Hang Together or Surely We Shall Hang Separately.” Things are not that dire in residential lending, but it is important to know we’re better off standing together as an industry.
With that in mind, the week of June 12-16th, the Mortgage Bankers Association (MBA) is hosting its eighth annual action week, a national, industry-wide campaign to grow its FREE grassroots advocacy network, the Mortgage Action Alliance (MAA). MAA is non-partisan and one of the most effective ways to participate in the political process. The industry’s well-being and future are in our hands. To help strengthen our industry’s voice, we encourage all mortgage industry professionals to support this effort. MAA unites all industry advocates and allows them to have an active role in shaping legislation and regulations, impacting our company, customers, and the broader economy. To join this free grassroots advocacy network, click here or text “MAA” to 50457 to receive a signup link. Renewing or joining takes less than 30 seconds! MAA members receive many benefits with real-time news alerts impacting our industry, “Calls to Actions,” pre-drafted communications directly to their elected officials or federal regulators when immediate action is needed, monthly newsletters with legislative developments, and access to MAA quarterly webinars/townhalls. Our legislators and regulators shaping policies impacting our industry must hear from you. You are the experts; your voices are needed to share the vital work we do. I have joined MAA, and I encourage you to do the same. The larger the group, the louder the voice.
Capital Markets
The FOMC concluded its two-day policy meeting yesterday with the unanimous interest rate decision of “pause, not stop,” keeping its benchmark rate range from 5.00-5.25 percent as well as the door open for future rate hikes.
While the pause was widely predicted via much foreshadowing by Fed officials, the “dot plot”, used by analysts to predict Fed activities, showed two more rate hikes projected in 2023 (for up to 50 basis points, which would make for an overnight rate as high as 5.6 percent), making the decision a “hawkish pause” (or skip). This is the first pause since the Federal Reserve began a historically aggressive round of monetary tightening 15 months ago, hiking the fed funds rate 10 times for a total of 500 basis points. However, there was plenty of hawkishness in the accompanying commentary and in Chair Powell’s press-conference.
Powell went out of his way to remind market participants that it may raise rates down the line as the Fed remains focused on taming inflation and bringing it back in-line with its 2 percent target. With inflation cooling, though the core reading is still above 5 percent, and America’s employment picture remaining robust (the unemployment rate sits below 4 percent), the Fed certainly has rationale for more raises.
It’s now wait and see how it all shakes out until the Fed’s next meeting in July. The Fed is hoping to bring the post-pandemic U.S. economy in for a gentle landing, and “judged it prudent” to hold rates steady given how quickly they have risen, wanting to take time to assess. Powell added that the pause is a continuation of its moderating pace of policy measures and the full effects of the Fed’s tightening have yet to be felt at a time when inflation has already decelerated to 4 percent.
With GDP up, unemployment down, CPI and PPI going marginally in the Fed’s desired direction (we learned yesterday that the Producer Price Index benignly declined 0.3 percent month-over-month in May to register up 1.1 for the year, which is below the Fed’s target rate for inflation), another 25 basis points hike is currently priced in for the July meeting. The likelihood of an additional hike after that has also increased given the dot plot and the lack of credit crunch the Fed was expecting from the banking sector. Banking challenges have already resulted in a tight credit environment, and the threat of further hikes will only further slow economic activity.
But lenders care about mortgage rates, and they’ve generally increased in the past month, and this has slowed the pace of housing market activity, as potential homebuyers have been very sensitive to any changes in rates this year. The yield on the 10-year U.S. Treasury is sitting around 3.8 percent. That normally means the 30-year mortgage rate would be around 5.6 percent. However, mortgage rates have been near 7 percent recently, so there is the potential for a decline as we progress through the year.
With pull through rates jumping, the selling needs of originators have jumped significantly as pipelines extend with pull through rates rising. It is certainly notable that pipelines are much more reactive to rate moves now than they were in early 2023. After the Fed’s decision, the yield curve immediately flipped from “calm steepener” to “angry bear flattener” on the news. The 2s/10s spread went as far as 95 basis points inverted and 2-year Treasury notes are now officially in technical no-man’s land. Some yield curve steepening is desperately needed.
Today’s calendar is packed with market moving potential starting with the latest rate decision from the European Central Bank (+.25 percent to 3.50 percent, as expected) and ECB head Lagarde’s press conference. The U.S. calendar is under way with retail sales (+.3 percent, ex-auto +.1 percent, stronger than expected), Empire and Philadelphia Fed manufacturing (6.6, a huge jump, and -13.7, respectively), weekly jobless claims (262k, unchanged) and import & export prices (imports were -.6 percent). May industrial production and capacity utilization, April business inventories, Treasury auction sizes for next week’s reopened 20-year bonds and 5-year TIPS, and Freddie Mac’s Primary Mortgage Markets Survey are also on tap. We begin the day with the 2-year up at 4.74 percent, Agency MBS prices roughly unchanged from the ugly Wednesday afternoon, and the 10-year yielding 3.81 after closing yesterday at 3.80 percent.
Employment
“At Planet, we understand you’re facing ever-increasing challenges of running a successful nonbank retail organization: the relentless competition for shrinking volume, perpetually squeezed profit margins, and the unpredictable evolution of the marketplace. You’ve built an extraordinary empire, and a move to Planet can ensure it continues to thrive. With us, you’re not just plugging into a platform. You’re joining a multichannel family of companies that works with you to ensure your business operates at peak performance. Go beyond just keeping the lights on. Gain the confidence to shine brighter than ever. Benefit from the unparalleled stability, scalability, and competitive pricing generated by $26 billion a year in volume and an $82 billion servicing portfolio. Considering the potential advantages of selling your purchase-centric distributed retail company? For a comprehensive and confidential discussion of the benefits of acquisition, reach out today to Planet SVP Talent Acquisition Brian Miller ( 214-223-9986) or VP Talent Acquisition Peter Briggs (435-709-6278).”
“PrimeLending is the ultimate destination for loan originators seeking to fuel their rise to greatness. Through May of this year, we’ve experienced a remarkable growth surge, adding over 100 top performing LOs and establishing seven new branches nationwide. Why are so many producers choosing PrimeLending? It’s simple: our strength, stability, experienced leadership team, extensive loan product offerings, and world-class operations. Our commitment to excellence is further validated by our rankings: 11th among top retail lenders and 15th overall, according to the Scotsman Guide. Contact Nic Hartke to discover how PrimeLending provides an unparalleled platform for loan originators to shine. Unleash your potential and experience extraordinary opportunities with PrimeLending today.”
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Structured Finance Association President Kristi Leo is exiting the position after four years in the role.
But her affiliation with the organization goes back 10 years, when Leo, through her company Boulder Advisors, was one of a pair of consultants of what was then-called the Structured Finance Industry Group hired several months after it was created in March 2013.
Prior to starting Boulder Advisors, Leo was a managing director at Deutsche Bank Securities. She joined the Structured Finance Association on a full-time basis in June 2019 as president, around the same time SFIG rebranded to its current name.
“It’s hard to leave something you love — which is why I stayed much longer than I expected — but now it’s time for me to take on new challenges and write the next chapter of my life and career,” Leo said in a press release issued by the organization. “Over the next three weeks, I will support [CEO] Michael [Bright] and the team in transitioning my responsibilities.”
Leo will remain in place until the end of June as part of that transition, the release said.
“SFA has gone through enormous change over the past few years, and Kristi’s industry knowledge, relentless work ethic, and poise have been critical elements to our success,” a statement in the release attributed to Bright, Chair Patricia Schulze and Vice Chair Nancy Handal said.
A portion of the statement attributed to only Bright read “There is no way to ‘replace’ Kristi Leo. There is also no way I can adequately thank her for her service to SFA and to the entire market this organization represents. But we will build off her impressive work, and I know that she will do exceptionally well in any endeavors she pursues.”