CNBC goes inside the shadowy world of organized retail crime, revealing how a crime ring stole millions of dollars of beauty items that ended up for sale on Amazon, according to authorities. For months, we got exclusive access to major investigations by the California Highway Patrol, making arrests and serving search warrants. Ulta Beauty CEO Dave Kimbell, in a first in-depth interview by a corporate leader about organized retail crime, says more needs to be done by the online marketplaces to curb the sale of stolen items.
Shopback, PropertyGuru, Meta, eBay and Dell. These are just a handful of companies that carried out mass layoffs in the first quarter of 2024 alone.
What are the sure signs that a retrenchment is headed your way? How to tell if your job is safe? If you do get laid off, should you hide it from your next potential employer? We find out the answers from an HR professional who agreed to bare all the facts on condition of anonymity.
The Sony PlayStation changed the gaming industry’s landscape when it was introduced to players 30 years ago. The PlayStation 2 went on to become best-selling console of all time, a title it still holds today. But the company has its fair share of challenges ahead with the ever-changing gaming sector. Just last year, Microsoft’s $69 billion acquisition of Activision Blizzard threatened the landscape of gaming exclusivity. And Sony faces some headwinds with lower demand and industry-wide layoffs. Sony has continually adapted and evolved over the span of the past three decades, but can it continue to hold strong in the console wars? CNBC spoke with Sony Interactive Entertainment CEO Jim Ryan, former SIE Worldwide Studios chairman Shawn Layden and other experts to find out.
Athletic Brewing Co. is a mid-sized craft brewing company based out of Milford, Connecticut. Like most craft brewing operations Athletic Brewing pumps out IPAs, Dark Beers, Lite Beers, Hazy, some special edition, maybe even a fruity offerings during the summer. Like other breweries you’ll find huge industrial barrels of hops and wheat, maybe a couple brewing awards displayed. But, the one thing you won’t find at Athletic Brewing is alcohol.
Fisker, the EV startup founded by renowned Danish car designer, Henrik Fisker, is struggling. The Fisker name became a cautionary tale for much of the automotive world after his first company, Fisker Automotive, ended in bankruptcy. Now, he is trying again, with a new company bearing an almost identical name and logo. The company and its founder are taking steps to strengthen the financials and reputation by selling cars through dealers, by licensing technology, and negotiating a potential investment from an unnamed large automaker. But so far, executive turnover, delivery bottlenecks, cash burn and other challenges have hampered the growth the EV maker was hoping for.
CNBC Marathon explores the decline of electric vehicle sales and its implications.
In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that's mainly driven by Tesla. About two thirds of EVs sold are Elon Musk's brand. Companies like Ford have ramped up hybrid production as demand has leveled off.
Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including internal combustion engines (ICE), hybrid and EVs declined by only around 5 percent.
In October 2021, Hertz publicly announced it intended to buy 100,000 Tesla vehicles. Newly emerged from bankruptcy, Hertz had a bold plan to lead the EV revolution in car rental. Shares of Hertz soared, as did Tesla’s - its market value hit $1 trillion. First mover advantage aside, it would help Hertz distinguish itself in an industry plagued by commoditization. But only a couple of years in, the rental company’s EV strategy is facing some serious challenges: pricing troubles, skyrocketing repair costs and low resale values. Meanwhile big rental rivals are holding back on EVs.
When investors think of the financial markets, the first thing that likely comes to mind is the stock market.
But there is a bigger, less-flashy counterpart to the equity market: the bond market. At the heart of the fixed income space lies U.S. Treasurys, one of the safest investments in the world.
"We have not paid attention to the Treasury market because it was a market for foreigners or for the Fed," said Priya Misra, fixed income portfolio manager at J.P. Morgan Asset Management. "Now it's a market for all of us, and it's giving you better yield. So it's something which we should not ignore."
Buyers of U.S. Treasurys have been changing, with major players including China, Japan and the Federal Reserve seeing their respective holdings decline in recent years. The shift could have broad implications for the U.S. economy.
"What we're observing is that [the new buyers] are a lot more price sensitive," said Anders Persson, global fixed income chief investment officer at Nuveen. "They're just not quite as sticky."
Watch the video above to find out more about why major buyers are fleeing the U.S. Treasury market, the impact on yields and the economy at large, and how investors can best navigate the market going forward.
CNBC Marathon explores the business of airline amenities and how airlines are working to improve them.
Over the past couple of years, airlines and credit card companies like American, United, Chase and Capital One are investing millions into expanding their airport lounge networks for customers. However, lounges have become so popular that some face overcrowding, and companies like Delta are making it harder to get airline status.
Airlines have been spending big to add more space and comfort to seats on board planes. According to AeroDynamic advisory, airplane seats were a $2.6 billion dollar market globally in 2022, almost half of $6.2 aircraft interiors market. U.S. airlines like American, Delta and United have been adding more premium seats to their fleets. Delta estimates its premium revenue will be 35% of total revenue this year compared to 24% in 2014.
Food service on domestic airlines has drastically changed in recent years. Nearly 3 million passengers fly every day in the U.S. Post pandemic, airlines have seen an increase in passengers buying up to premium seats - putting pressure on airlines to offer better food options and more of them.
Airplane Wi-Fi has been around for decades but its reliability and speeds can vary widely depending on the airline, the route and the type and age of the aircraft. American Airlines, United and other U.S. airlines have been updating their fleets to provide better Wi-Fi. Delta has spent over $1 billion retrofitting its planes to bring free wifi to its customers.
Hyundai Motor Group is the 3rd largest automaker in the world by volume. In the 1990s, it suffered low sales and a reputation for low quality. Now its three auto brands - Hyundai, Kia and Genesis - are nipping at the heels of well established competitors, and winning award after award. While Tesla still dominates the EV industry, Hyundai and Kia are inching closer. But the company also wants to revolutionize manufacturing, invest in robotics, autonomous driving and flying taxis, ambitions that many rivals have abandoned. But the company has also faced setbacks: a plague of thefts, millions of vehicles at risk of catching fire, a looming union push and a snub from the U.S. government.
The ongoing migrant crisis is unprecedented, both in scale and the impact it’s had beyond the border states to cities located deep within the country. Major cities like New York, Denver, and Chicago are finding themselves under extreme financial pressure, exacerbated by the lack of federal funding or assistance. So just how long can cities withstand the recent surge of migrants and what do they need to end the crisis?
The tech sector is having a big 2024. Nvidia just crushed earnings expectations. The AI boom remains in full swing. The tech-heavy Nasdaq index is up more than 8 percent year-to-date.
The U.S. economy is also doing surprisingly well, adding 353,000 jobs in January, well ahead of economists' forecasts. Hotter-than-expected inflation data may also keep the Fed from cutting rates as soon as the market expects, a sign that the economy remains strong enough to support higher interest rates for longer. It's a different story for tech workers, though.
"The layoffs to the start of 2024 signal a dramatic shift in the tech industry," said Jeff Shulman, professor at the University of Washington's Foster School of Business. "We're going to continue to see layoffs happen as the future of work has changed, as the future of technology has changed, and as investors appetite for risk and growth versus profitability has dramatically changed as well."
The number of tech sector layoffs in 2024 has been outpacing the number of terminations in 2023. So far, about 42,324 tech employees were let go in 2024, according to Layoffs.fyi, which tracks layoffs in the tech industry. That averages out to more than 780 layoffs each day in 2024. In 2023, nearly 263,000 tech employees got laid off, averaging about 720 firings each day that year.
There are several factors behind the churn. Artificial intelligence is at the forefront. Companies need to free up cash to invest in the chips and servers that power the AI models behind these new technologies. There's also the stock market effect. Companies that conducted layoffs haven't been punished for it, either by investors or on their bottom lines.
Watch the video above to find out more about why tech workers may be poised to endure another rough year of layoffs, and why the surprising strength of the U.S. economy may not be coming to their rescue.
With annual sales of $11.6 billion as of December 2023, Nescafé is Swiss-based food giant Nestlé’s largest coffee segment. Sold in over 180 countries, one in seven cups of coffee consumed worldwide is a Nescafé. Globally about 3 billion cups of coffee are consumed each day and that number is expected to rise. To keep up with demand Nescafé works with over 100,000 farmers and buys more than 13 million bags of green coffee annually. It also has two dozen factories globally. But producers are facing a number of challenges including fluctuating coffee prices and higher labor costs . So how is Nescafé instant produced? CNBC traveled to Vietnam to get a behind the scenes look at Nestle’s operation to find out.
It may come as a surprise that Monster Beverage Corporation, which sells Monster Energy drink, is the best-performing U.S. stock in 30 years, even over tech giants such as Google, Apple, Nvidia and Microsoft. The company has been run by South African billionaires Hilton Schlosberg and Rodney Sacks since they acquired Hansen Natural in 1990. Monster, followed by main competitor Red Bull, is the leader in the $21 billion energy drink industry. Watch the video above to learn how an unassuming company came to have such wild success by focusing on marketing to audiences of sports such as UFC, MotoGP, Formula 1 and Nascar.
Food delivery is a booming business in 2024. There's one food delivery trend, however, that hasn't gone along for the ride: ghost kitchens.
Once a pandemic darling that raised more than $3 billion in venture funding, the ghost kitchen industry is falling short of lofty expectations. Euromonitor International estimated that the ghost kitchen industry could reach a market size of $1 trillion by 2030.
Big brands wanted a piece of the pie. Companies such as Wendy's, Ruby Tuesday, TGI Fridays and Wingstop all joined the wave of ghost kitchens."It is clear that the impact of ghost kitchens was overestimated," said Evert Gruyaert, restaurant food and service leader at Deloitte. "And we see that today with the decline in ghost kitchens."
Consumers complained about the clandestine nature of ghost kitchens, and food delivery apps shuttered thousands of the virtual kitchens. Then consumers shifted back to brick-and-mortar restaurants in droves, forcing investor pullback and mass closures of ghost kitchens.
Now the smaller businesses left in the industry are pivoting to a new business model to survive. Some hope to diversify the food business to expand to events and catering, not just delivery. One such business is New York City-based Nimbus Kitchen, a co-cooking space hoping to shed the negative connotation of ghost kitchens.
"Shared kitchens and co-cooking infrastructure like Nimbus is here to stay," said Camilla Opperman, Nimbus Kitchen co-founder. "We believe that the future of the industry is catering towards not only the delivery concepts, but to all of these different kinds of food businesses that ultimately need the kitchen space to legally sell to the end consumer."
Watch the video above to find out more about the rise, fall and future of ghost kitchens and if the business can pivot to return to its pandemic highs.
2023 saw slightly less enthusiasm among Singaporeans to invest in cryptocurrency. The Independent Reserve Singapore polled 1,500 people for its latest cryptocurrency index and found ownership slipped three percentage points from the year before. Nadirah Zaidi reports.
For troupes seeking good quality, attractive and lightweight lion heads for their performances, there is only one man they would trust – Henry Ng, who is believed to be the last remaining lion head maker in Singapore.
CNA is marking its 25th anniversary this month. We are taking the opportunity to look ahead to the next quarter century in Asia. Today's focus is business and work. Much has been said about the 21st century being the Asian century, with analysts saying the future is Asian.
Some of them project the region's share of global GDP will hit 52 per cent by 2050. The ADB describes Asia as being in the middle of a historic transformation and predicts that by 2050, its per capita income could rise six-fold in purchasing power parity terms to reach Europe’s current levels.
CNA is marking its 25th anniversary this month. We take the opportunity to look ahead to the next quarter century in Asia. Today's focus is on tech. Here's a look at China's long-term semiconductor ambitions and the new frontier of quantum computing.
Looking to make a healthier-for-you meat snack, friends Pete Maldonado and Rashid Ali together put forth $6,500 to launch their "side hustle" back in 2012. After four years, Trader Joe's began selling their products and sales significantly grew. In 2023, Pete and Rashid's once side-hustle has brought in nearly $250 million in retail sales.
Sal Khan, 31, moved from California to Texas to live with his parents during the 2020 pandemic. They insisted on not charging him rent. He saw this as an opportunity to build a stronger relationship with his parents, save money, and potentially purchase some properties for his future. Now, almost four years later, he has been able to save over $200,000 and has a real estate portfolio consisting of four properties across the U.S.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
In the late 2010s, towns around Italy started going viral for selling off crumbling properties for 1 euro, or roughly $1.05. How much does it really cost to buy and renovate a 1-euro home in Italy? And is it worth it? CNBC Make It spoke to several Americans who have bought a 1-euro home in Sicily, Italy.
Chisom Okwulehie was gifted at drawing from a young age. She decided to turn her artistic instincts toward a more profitable line of work, studying architecture and public planning in college. Today, the 35-year-old mother of two earns about $163,000 a year working as an architectural designer for the Port of Authority for New York and New Jersey and running her own interior design side business for private clients, Juntero.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
Singapore, a city state around the same size as New York City, has built one of Southeast Asia’s most advanced militaries. Despite being at peace with its neighbors, Singapore’s defense budget was over $11 billion in 2022, ranking it per capita among the highest in the world.
Singapore has ordered 20 F-35 jets and its navy is increasing its number of submarines to eight, more submarines than both its larger neighbors Malaysia and Indonesia combined.
WSJ takes a closer look at why this small nation is pouring billions into its armed forces.
At least three more major banks in Singapore including HSBC, Maybank and Standard Chartered are set to offer a money lock feature as early as June this year. Banks that already started offering the function last November say that while the number of people choosing to protect their savings is growing, most of them are older customers. Young adults make up as little as 15 per cent of the safety feature users. CNA’s Nasyrah Abdul Rohim reports.
One tool that every shareholder or investor should have in their arsenal is the ability to read and assess a company’s financial statements. But not everyone is equipped to cut through the jargon. David Gerald, founder, president and CEO of Securities Investors Association (Singapore) shows Andrea Heng what to look out for.
Singapore's core inflation has fallen well below its peak of 5.5% in January and February 2023. But is it coming off fast enough? OCBC chief economist Selena Ling weighs in.
Temu, a Chinese-founded e-commerce company, became the most-downloaded app in the U.S. in just over a year. The retailer has flooded social media feeds with curious consumers and even aired ads at back-to-back Super Bowls. In 2023, the discount retail app moved about $17 billion worth of goods between manufacturers and customers across the Pacific.
WSJ breaks down how its continued growth could redefine online retail, just like Amazon’s speedy delivery did.
China’s property crisis is expected to get worse as sales of new homes plummet and indebted developers struggle to find funds to complete projects. Real estate giant Evergrande was recently forced to liquidate as more than 50 housing developers have defaulted on their debts in recent years.
WSJ’s Jonathan Cheng travels to an abandoned “ghost town” in Shenyang City built by the Greenland Group to explain how China’s real-estate slump has become a headache for the government.
Over four million Americans will reach traditional retirement age this year, more than any other time in history. By 2030, baby boomers will all be 65 or older, shrinking the workforce share of the population. What does this mean for Social Security, which is funded by taxing current workers?
WSJ breaks down how this demographic shift threatens the future of Social Security if nothing is done before 2034.
Following its peak in 2021, China has seen an epic US$7 trillion stock crash. Are we seeing a bottom nearing? What benefits can be reaped from buying cheaper Chinese stocks? Andrea Heng speaks to John Lin, Chief Investment Officer of China Equities at AllianceBernstein.
Prisca dives into the world of alternative investments, weighing up the pros and cons of investing in collectible cards and whisky. What’s the most expensive whisky Prisca sampled? And could she guess how much football star Erling Haaland’s rookie card is worth?
Singaporean Jackson Aw’s Mighty Jaxx is widely regarded as one of the most influential producers of collectibles and lifestyle products – many of its designs are sold out in a flash.
How does Scoot decide on its destinations? What are the most popular destinations among Singaporeans? CNA Lifestyle sat down with Scoot’s CEO Leslie Thng for the lowdown. (Video: Try Sutrisno Foo, May Seah)
In Johor Bahru, 2-hour commutes have become the norm for many locals, with roads in and around the city gridlocked during peak hours. And so better transport links - in the form of buses, ferries, light rail, trams, and maybe even a high-speed rail station - cannot come soon enough for long-suffering locals, and especially if the state wants to emulate China’s manufacturing and tech hub Shenzhen.
Analysts are estimating millions in revenue to be generated across industries in Singapore from US pop superstar Taylor Swift’s sold-out Eras Tour. Countries that have hosted the concert are now basking in the afterglow of the phenomenon coined as Swiftonomics. Recent research estimates that the tour generated a US$5 billion economic boost to the US, bigger than the entire economy of some small nations. David Mann, Asia Pacific chief economist at Mastercard, discusses what the next week could mean for Singapore’s economy as Taylormania hits the nation.
The latest changes to the CPF scheme announced in Budget 2024 raised concerns about the potential impact on retirement planning – specifically, the closure of the CPF Special Account. How will these changes affect your nest egg? We speak to Alvin Chow, CEO of financial education platform Dr Wealth.
Do you stock up on generic drugs when you travel to Malaysia? Or buy medication from online retailers that deliver to Singapore? In this #TalkingPoint experiment, we test the potency of such medicines to see if they are really effective.
In this digital extra, Talking Point producer Charmaine Tan takes on the challenge of redesigning the stall’s confusing price list, with tips from a marketing expert to make the menu more intuitive for customers.
Singaporeans have had to grapple with surcharges while they prepare for the Lunar New Year festivities. From haircuts, manicures, car servicing and even pet grooming – businesses are charging their clients an extra cost on top of their regular prices. But why are these surcharges starting so early and how do we determine what is a fair surcharge? That’s what host Steven Chia investigates in this episode of Talking Point.
Love-wary actor Aaron Mossadeg explores why young people from Singapore and Asia delay marriage and parenthood. In Singapore and Hong Kong, he meets couples struggling with housing issues and limited space, learning its impact on family formation. Aaron examines if better gender equality in parenting might encourage more children. His quest leads him to Sweden, known for progressive parental leave policies, where he encounters a 'Latte Papa,' a symbol of modern fatherhood.
Reflecting on his own doubts about lifelong marriage, Aaron visits South Korea to explore the youth's growing preference for cohabitation over traditional wedlock. Finally, Aaron confronts misconceptions about fertility, testing his sperm and questioning the effectiveness of IVF as a last resort. Delays in childbearing may hinder the aspiration for larger families, but he finds hope in the supportive role of grandparents. Aaron merges personal and cultural insights on modern Asian family life.
The shock of losing a job without any warning is usually followed by anxiety over the loss of regular income. What are your options if you are retrenched and how do you stretch your savings while waiting for the next job?
Sim Yong Han, senior financial consultant of Trust Advisors Group at SG Alliance, provides some practical tips.
The government recently launched BudgetMealGoWhere, a platform that aims to help people easily locate HDB coffee shops that offer budget meals. But what exactly do you get for these low prices?
Now that the remote and hybrid work revolution has begun, many cities are filled with empty or half empty offices, creating very quiet downtowns. At the same time, the U.S. is experiencing a housing crisis. CNBC Marathon explores if U.S. cities will convert offices into apartments.
Some U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the pandemic remote work boom reshaped cities. Declines in office activity are straining tax revenues for city services like education and transit, leading some local leaders to prioritize increased conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. east coast.
Meanwhile, San Francisco is facing its highest office vacancy rates in nearly 30 years. At the same time, the city is facing a housing crisis with the state demanding 82,000 new units of housing to be built by 2031. CNBC sits down with San Francisco Mayor London Breed to discuss how the city could tackle two of its biggest issues head-on. Plus, CNBC visits a building in the Civic Center neighborhood that undertook the biggest office-to-residential conversion in the city to date.
Major American cities such as New York and San Francisco face serious problems — mass migration, empty offices and declining tax revenues. These trends have had a direct impact on cities, which rely on tax revenues for funding, a significant portion from commercial real estate. Stijn Van Nieuwerburgh has defined this cycle of spillover effects as the ‘urban doom loop.’
2023 was a challenging year for real estate investment trusts or REITs with rising interest rates. But how exactly do they work, and should you include REITs in your portfolio in the year of the dragon? Executive chairman of GCP Global Gabriel Yap gives Andrea Heng a crash course on this episode.
Renovation apps are gaining traction in Singapore, after struggling to get a foothold in the industry three years ago. Homeowners are using them to cut some middlemen's fees and save on renovation costs, which have climbed about 20%. For example, web app Homeez said it's seeing at least 200 new users every week. Homeowners can select a pre-loaded floor plan, decide their tiles and paints, and contact those suppliers directly or hire a project manager. As labour and material costs rise, industry players said renovation works may get more expensive this year. Rebecca Metteo reports.
Meet Wilfred, a former interior designer turned miniature artist. He had built his interior design career after spending 9 years in the military. Then at 55, he made the bold choice to become a full-time artist, making intricate miniatures of old Singapore scenes from recycled materials. Since then, his work has caught the attention of clients big and small. His story is a testament to resilience, creativity and never giving up.
Jenna Bhaloo, 30, lives in Chicago, Illinois with her husband Neil. The couple earns around $227,000 a year, and are working towards a $2.5 million net worth. Jenna and Neil's income comes from a combination of Jenna's work as a senior financial analyst and Neil's job in tech.
This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
What takes a big bite out of a young person's paycheque every month? A new Money Mind survey discovers the one major expense for young working adults across Southeast Asia: investments.
KFC, with 29,000 stores and 800,000 employees globally, is one of the world’s most extensive fast-food chains, opening a new location every three and a half hours. While it originated in Salt Lake City in 1952, its rapid expansion is now significantly fueled by its presence in China, opening its 10,000th store in comparison to its over 4,300 locations in the United States. KFC China, operated by Yum China, has adapted its menu to include local favorites and has embraced digital ordering and delivery. Despite its success, KFC China has faced challenges like food safety scandals and the economic impacts of Covid. In 2022, Yum China reported $7.2 billion in revenue from KFC, with plans to return $3 billion to shareholders over three years. CNBC got an exclusive interview with Yum China CEO Joey Wat at a KFC in Hangzhou, China to learn more.
A pair of Nike Air Force 1s at the age of 16 kicked off Dexter Tan’s lifelong passion for sneakers. The co-founder of the Sole Superior sneaker convention shows us his rare kicks and offers tips on collecting and taking care of them.
More than half of Americans earning more than $100,000 a year say they’re living paycheck to paycheck, according to a report from PYMNTS and LendingClub. This may be a result of a sneaky behavioral phenomenon called lifestyle creep, which is when a person’s spending habits expand as their income rises. The rise in the cost of living complicates matters, as incomes have not kept up with inflation.
So what’s going on?
“I think people hold these benchmarks in their mind [of], if I reach this position or I get this promotion or I make it to this age, then I can live this life, or then I deserve to have these things,” said Sabrina Romanoff, a clinical psychologist who works with clients struggling with financial stress. “Then they kind of go a little crazy or go a little wild on it, and then it becomes like a trade-off, like they only can enjoy their present happiness and they’re not able to save or plan for the future.”
But spending more may not be as simple as people wanting to indulge. Many Americans simply don’t have enough money to make ends meet because their incomes have not been keeping up with the rise in costs of living.
“The idea that people save and they just hit a point where they feel like they deserve [to spend more]; I fully disagree with that,” said Saprina Allen, a budgeting coach who offers insights and guidance to her more than 100,000 TikTok followers on how to be more conscious about money. “When most people don’t have $1,000 in the bank, like most people cannot handle a tire blowout or they’re going to put it on credit.”
Allen breaks down lifestyle inflation into two buckets.
One is that “general idea of what lifestyle inflation is, which is the buying fancy cars, the buying nice things along those lines,” she said.
The second bucket, she said, is more about “everyday things that, if you’re living paycheck to paycheck, you’re going without.” These may be necessary goods or services, such as going to the dentist or getting the car’s oil changed regularly.
“There was a time in my life when [an] oil change was just like, not even a priority,” Allen said. “I’m trying to keep tires on my car. I’m trying to keep it running. I’m trying to keep the registration paid. I’m not concerned about an oil change.”
Living paycheck to paycheck makes people vulnerable to accumulating high-interest credit card debt. Almost half, 46%, of Americans said they held a balance on their credit card because of an emergency expense, according to a September 2022 CreditCards.com survey. Experts recommend having an emergency fund to fall back on with roughly three to six months’ worth of living expenses.
