Annie Park, 32, makes $230,000 running Sarah's Handmade Ice Cream, an ice cream shop franchise, with her mom in the Washington, D.C. area. The ice cream business brought in $1.86 million in revenue in 2022.
This is an episode of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.
Do delivery riders have it rough trying to earn enough? The two-part #TalkingPoint special on food delivery riders got tonnes of buzz. In this video, host Steven Chia and producer Sara Grosse respond to comments on social media.
Everything is more expensive. Overall consumer prices are about 13% higher than they were in April 2021 and Americans are feeling the pain. Inflation, or the rate prices are increasing in the general economy, has been a persistent problem the past two years. The Federal Reserve had hoped inflation would normalize as the pandemic’s volatility subsided, but prices have stubbornly stayed well above its 2% goal. Watch the video above to learn why inflation sticks around and what we can do about it.
Rolex is the world’s most popular luxury watch brand, yet it’s not involved in many of its own watch sales. Surprisingly, some used Rolex models cost more than the new ones.
WSJ’s fashion columnist Jacob Gallagher explains how factors like long waitlists and supply chain issues have caused the used watch market to explode in recent years, and how Rolex is trying to get in on the action with its own certified pre-owned watch program.
Is the clock ticking on the used watch market’s popularity?
In Japan, the average household had four members in the 1980s. As of 2020, 38% are single-member households. But the pace of households shrinking to just one person is rising fast. It’s likely to exceed 40% of all households very soon. Michiyo Ishida checks out a new solo dining trend amid the shifting social structure.
In South Korea, the rise of single-person households is also bringing sweeping changes to many sectors, including the funeral industry. Lim Yun Suk finds out why more young Koreans are choosing to stay single, with some even wanting to plan ahead for their funerals.
In the United States, Sally Patterson examines the price that solo living carries. Research shows singles in the nation fork out thousands of extra dollars on rent in what’s being called a ‘single’s tax’, as more Americans are unpartnered - meaning neither married nor living with a partner - than ever before.
The trillions in excess personal savings built up in the pandemic are beginning to vanish amid high inflation, according to Federal Reserve economists. The monthly saving rate fell to a 15-year low in 2022. It started a recovery in 2023, but remains well below long-term trends. Despite this slowdown in saving, consumer spending has remained robust, keeping the U.S. from recession.
“Something like $2 [trillion] to $2.5 trillion above what we would have otherwise expected were saved by American households,” said Curt Long, chief economist at the National Association of Federally-Insured Credit Unions.
Collectively, Americans have trillions in excess savings compared with expectations leading up to the pandemic, according to Federal Reserve economists.
With a boom in the world of wealth management over the past decade, the data appears to show Singapore as an attractive destination for family offices to manage the wealth of the super-rich, especially for those in China.
We speak with Dr Yu Hong, senior research fellow at the East Asian Institute at the National University of Singapore, on this issue and discuss its potential impact on Singapore.