Wealth

$14.9M palatial estate in Connecticut priced to break local record

$14.9M palatial estate in Connecticut priced to break local record

Hidden behind a stone wall spanning 1,500 feet in one of Connecticut’s wealthiest neighborhoods is a palatial estate with a great room inspired by a Scottish castle. The brick-and-limestone residence, built in 1929, is the most expensive home for sale in New Canaan with a $14.9 million price tag. Prices in the wealthy enclave, about …

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Cryptocurrency has been touted as the key to building Black wealth. But critics are skeptical

Cryptocurrency has been touted as the key to building Black wealth. But critics are skeptical

At the time, Williams didn’t know much about cryptocurrency but decided to invest a little more than $200 to see where it would get him. “No one knew what it was,” Williams said. “But it was going to change the world. So I was drinking a lot of crypto Kool-Aid.” Cryptocurrency — decentralized digital money …

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Millennials' average net worth more than doubled during the pandemic. Here’s what advisors say they should do next

Millennials’ average net worth more than doubled during the pandemic. Here’s what advisors say they should do next

andresr | E+ | Getty Images Covid-19 relief and record-low interest rates boosted many Americans’ finances during the pandemic. That has been especially true for millennials, who have on average built significant wealth. Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of …

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Vegas home builder bets $32.5 million spec mansion will smash a local record in Southern California

Vegas home builder bets $32.5 million spec mansion will smash a local record in Southern California

Blue Heron’s cliffside spec house spans four levels in San Diego’s La Jolla neighborhood. Blue Heron This newly built cliff-side mansion overlooking the Pacific Ocean in Southern California comes with an ambitious $32.5 million asking price. It’s one of the most expensive homes for sale in San Diego County, and that price tag puts it …

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State lotteries transfer wealth out of needy communities, investigation finds

State lotteries transfer wealth out of needy communities, investigation finds

Over the past two decades, state lotteries have nearly doubled in size, driving a multibillion-dollar wealth transfer from low-income U.S. communities to powerful multinational companies. A nationwide investigation of state lotteries by the Howard Center for Investigative Journalism at the University of Maryland found that lottery retailers are disproportionately clustered in lower-income communities in nearly …

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Rate resets on 9.62% interest, taxes, inherited assets: Experts weigh in on 3 tricky questions about Series I bonds

Rate resets on 9.62% interest, taxes, inherited assets: Experts weigh in on 3 tricky questions about Series I bonds

The demand for Series I bonds, an inflation-protected and nearly risk-free asset, has skyrocketed as investors seek refuge from soaring prices and stock market volatility. While annual inflation rose by 8.6% in May — the highest rate in more than four decades, according to the U.S. Department of Labor — I bonds are currently paying …

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Theranos ex-COO Sunny Balwani found guilty on all 12 fraud charges 6 months after founder Holmes' conviction

Theranos ex-COO Sunny Balwani found guilty on all 12 fraud charges 6 months after founder Holmes’ conviction

SAN JOSE, Calif. — In the latest chapter of the Theranos saga, Ramesh “Sunny” Balwani, the company’s former chief operating officer and ex-boyfriend of founder Elizabeth Holmes, was found guilty on all 12 criminal fraud charges. Balwani had no reaction as the verdict was read at the U.S. District Court in San Jose, California, and …

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Some experts say a recession is coming. Here's how to prepare your portfolio

Some experts say a recession is coming. Here’s how to prepare your portfolio

Phonlamaiphoto | Istock | Getty Images Months of stock market volatility, surging inflation and rising interest rates have left many investors wondering if a recession is coming.  The stock market tumbled again on Thursday, with the S&P 500 capping its worst six-month start to a year since 1970. In all, it’s down more than 20% …

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Op-ed: This 'unfamiliar' type of bond fund may offer opportunities for fixed-income investors

Op-ed: This ‘unfamiliar’ type of bond fund may offer opportunities for fixed-income investors

Yellow Dog Productions | The Image Bank | Getty Images Investors discouraged by a bond market where yields are savaged by inflation may find relief in what, for many, is an unfamiliar fixed-income vehicle: closed-end municipal bond funds. These funds, less common than the open-ended variety, are offered by large financial services companies. Some are …

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'It's like going to the DMV online': What to know about buying Series I savings bonds via TreasuryDirect

‘It’s like going to the DMV online’: What to know about buying Series I savings bonds via TreasuryDirect

Eakgrunge | Istock | Getty Images There’s been record demand for federal Series I savings bonds, an inflation-protected and nearly risk-free asset, offering an eye-popping 9.62% annual return through October. However, it’s not easy to buy I bonds through TreasuryDirect, a 20-year-old platform run by the U.S. Department of the Treasury, financial advisors say.  “It’s …

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