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The Luxury Millennial Mindset Explained

In a recent episode of our “Estate of Mind” podcast, we were fortunate enough to sit down with Andrew Hong, co-founder and CEO of digital marketing firm Tobe Agency. In this episode, we spoke with Hong about his own experience as a millennial buyer in the luxury real estate market. We encourage you to listen… The post The Luxury Millennial Mindset Explained appeared first on RISMedia......»»

Category: realestateSource: rismediaNov 28th, 2022

The WEF Isn"t A Cabal, It"s A Cult

The WEF Isn't A Cabal, It's A Cult Authored by Mark Jeftovic via BombThrower.com, World Domination in An Age for Lucifer “This book explores a strange new spirituality about to enter into competition with other established religions. My purpose here is to convince you that its emergence is probable, if not inevitable. I begin this exploration with an unproven assumption based on Darwinian evolutionary principles: a new predator will appear on our planet, an evolutionary prototype designed to prey on humans. Another assumption then follows: this predator will evolve gradually and incrementally from humanity, just as we apparently evolved from lower forms to prey on them. A further assumption suggests that these predators have already appeared as evolutionary prototypes, as new humans with advanced methods of survival and new forms of spiritual expression and religious organization designed to support and advance their predation.“ — Robert C Tucker, An Age For Lucifer: Predatory Spirituality & The Quest for Godhood Robert C. Tucker was a Canadian psychologist who worked with an organization called COMA – Council On Mind Abuse (not to be confused with his namesake, an American political scientist who covered the Soviet Union and wrote a biography of Stalin). Our Tucker worked with “adult survivors and child victims of ritual abuse“ and spent time interviewing self-described “Satanists”. His book was more of a thought experiment, which tried to identify an impelling idea behind the ideology of a cult: “with destructive cultism, however, I sensed something else animating these stories of Satanic activity and ritual abuse, something familiar yet unspoken. Satanism was a puzzle behind which it hid, or a myth beneath which it lived. Like cultism, Satanism seemed to point at something beyond itself“. Tucker’s book is not about Satanism: it’s about a theorized class of spiritual predators he called Luciferians. In later chapters, Satanists are almost dismissed as cartoonish, lower order predators. They would be shunned by truly elite Luciferians. “Distant cousins”, at best. Where Satanists pursue unrestrained ego and impulse gratification, Luciferians play the longest game of them all, and seek to attain Godhood itself. Pure power. Tucker posits that this type of impulse would emerge out of evolutionary imperatives and that it would begin to form its own psycho-spiritual framework among participants – possibly on a subconscious level. COMA spent much of its existence waging legal battles with the cults they sought to protect the public from. However, after a protracted lawsuit from the Church of Scientology, Tucker announced COMA’s dissolution in 1992. But there is something in Tucker’s book, particularly how he ‘described the merging goals of cults and corporations: “We have to recognize that cults are successful organizations with techniques now being borrowed by other successful organizations”’ Arguably one of the most successful organizations in existence today, is the World Economic Forum. World leaders are known to emerge from annual conclaves chanting the same mantra, nation states actively fund them, the WEF boasts of having penetrated the world’s governments and even the UN seems to take its cues from Davos. In past articles, I’ve been looked at the thin scab of elites that sits atop the global cap table. Class structure, now and future And the story so far is: John Maynard Keynes, from whose work the modern economic system is derived, was a Marxist. The super-wealthy 0.1% of the 1%  who coagulate into supra-national policy organizations are Malthusians. The core premise driving their ideology is a radical reductionist materialism. While many view the Davos elites as a global, all-encompassing cabal, which Controls Everything™, I could never quite bring myself to accept that description. The fact is, the world is inherently uncontrollable. We can stipulate that people and groups can acquire outsized influence, then use it to do morally bankrupt things in order to further their own aims. We can further agree that the higher up the sociopolitical hierarchy from where these agendas originate, the more likely it is that the consequences  are borne most heavily by the plebes. Most of the time, those whose machinations were responsible for catastrophic outcomes, escape being held to account for it. I said most of the time But the world we live in today is proof positive of one thing: nobody is in control of anything. However, like Tucker, I look at agendas like Stakeholder Capitalism, The Great Reset or The Great Narrative (or whatever it’s being called these days), and sense something behind it. “Something that points beyond itself”. Years ago, in what feels like another life-line (a.k.a “Before Covid”), I was supposed to be writing  a book about the dangers of techno-utopianism. In it, I was already recognizing transhumanism as a kind of religion, and deemed it one of the four ideological pillars of techno-utopianism (the other three being: AI, technocracy and fully automated luxury communism). Very early in my work on that, I concluded that techno-utopianism was ultimately a Luciferian construct. Not necessarily literally Lucifer, but that the aspiration to “usurp God” was Luciferian in character (the plan was for the final section of the book to propose a counter-framework called “techno-realism”, based on humanity’s hyper-adaptability as a superior approach to central planning). When we seek to shape the world through technocracy – not to mention reality itself through transhumanism and AI – we are pursuing a uniquely eschatological event known as “The Singularity”: a point in time when our technology becomes the base layer of reality. It is probably not the first time we thought we were capable of leveraging our gizmos into Godhood. The legend of Babel hints at a prior iteration, one that didn’t end well. We don’t know for sure where mythology borders pre-history, but whatever happened most certainly left deep grooves in our collective psyche. When you consider the positioning and branding of the WEF, with their certitude and paternalism, it all makes a lot more sense when viewed  as a cult instead of a cabal. Cultists know all, they have the inside track – and most importantly, they claim moral authority over us all by Divine Right. The stated objectives of the World Economic Forum: From their institutional report “to stakeholders”, the WEF pursues  three Phases of Interaction: Our activities drive communities through three phases of interaction, each resulting in increased impact: 1) stimulating dialogues and generating insights; 2) shaping agendas and developing influence; and 3) catalysing initiatives and generating impact. …which in that characteristically banal WEF-speak, is a dog whistle for world domination. They feel no compunction about it.  An Age for Lucifer posits the emergence of a type of human whose beliefs hold the adherents to be higher up the spiritual food chain than everybody else. Literally a breed above. The key component of Luciferian metaphysics is predation. “reality is layered from the physical to the spiritual. Pure power thrums only in the higher reaches of the spiritual domains. The higher dominates the lower. Spirit determines matter, not the reverse… Elitism is of the essence here; only powerful spiritual adepts and Luciferian masters deserve to occupy the higher realms and to enjoy the the benefits found only there.” If we replace all instances of “spiritual” in the above passage with “intellectual”, then we have an accurate model for the ideological framework of “Davos Man”, because the entire elite ontology (or what passes for it) rests upon radical material reductionism. And materialism, at its core, is pure nihilism. There is no spirit. We have no souls. There is only matter, and lower humans are merely “hackable animals”. Everyone has likely seen this montage, but it does capture “The Essential Harari”, who I personally think talks about all this in more of a descriptive than prescriptive timbre. But he is undeniably a Davos darling and when you get him going, he has that pronounced Dr. Strangelove-style glee. Through the utter domination of what is intellectually permissible – and with expert technocratic oversight – matter can be subjugated to models …and elites can ascend to Godhood. All in a metaverse of their own making. Cabals are self-serving and mundane. And while Davos Man is certainly that, a cabal is missing that essential element that makes for full-throated commitment – that thing that “points beyond itself”. Participants in a cabal will abandon it the moment it ceases to serve their interests… but cultists will double-down. They will burn themselves alive and eat their children. They are ideological berserkers. What is this thing “that points beyond itself?” I frequently say that the reason I think Bitcoin ultimately prevails, and industrial-era central planning fails, is because the former has sprung forth from a higher order of intellectual abstraction than the hierarchical, centrally-planned one. This is all part of an inexorable progression, an unfolding, if you will. It distinguishes itself from a techno-utopian singularity, in that it is not something we’ve seized control of and are expertly managing, it’s something coursing through us. Impelling us, in fact all living things, forward. I’ve never found a great word to describe this “thing beyond itself” that runs through everything; obviously it’s the inspiration for spiritual movements throughout the ages, for mythological constructs.  I’ve always just called it “The Great Externality”. It’s the indescribable (“the Tao which can be explained is not The Tao”), and ineffable. It can be experienced as “I am”, but if you try to put that into a Ted Talk it’ll probably stiff. When I talk about how the architecture of intellectual abstraction has shifted from centralized to networked, that’s just a surface attribute. I’ve never really done an adequate job of explaining the fundamental change in the level of intellectual abstraction and how important that is. Jean Gebser called it the aperspectival world in “Ever Present Origin”, his exhaustive study of the evolution of consciousness itself. “The condition of today’s world cannot be transformed by technocratic rationality, since both technocracy and rationality are apparently nearing their apex; nor can it be transcended by preaching or admonishing a return to ethics and morality, or in fact, by any form of return to the past. We have only one option: in examining the manifestations of our age, we must penetrate them with sufficient breadth and depth that we do not come under their demonic and destructive spell. We must not focus our view merely on these phenomenon, but rather on the the humus of the decaying world beneath, where the seedlings of the future are growing, immeasurable in their potential and vigor” Gebser wrote Ever Present Origin in 1949; it wasn’t translated into English until 1985. He understood that crises of modernity were brought about not by differing political views or even economic incentives, but in collisions between successive iterations of consciousness itself. Humanity, according to Gebser, arced over three broad phases of Unperspectival (we could barely differentiate our own minds from the wider experience of the world), Perspectival (linearity and rationality) and into Aperspectival (what comes next – a level that integrates those which came before). Perhaps one way to make the analogy is to frame it as the layering of dimensional orders: In the Unperspectival world, our minds basically merged with reality; we were largely undifferentiated as self-aware creatures. It was a zero-to-one dimensional existence: ‘The initial, archaic structure is zero-dimensional; it is thus spatial and temporal, although our present mentality, if it grasps this at all, will see this in a paradox. It is origin; only in a terminological sense is it a “first” structure emanating from that perfect identity existing “before” (or behind) all oneness or unity which it initially might have represented. It is akin, if not identical, to the original state of biblical paradise: a time where the soul is yet dormant, a time of complete non-differentiation of man and the universe.’ Over the Perspectival Era, we became self-aware and to underwent individuation, straddling two-to-three dimensional constructs. I’ve mentioned before W R Clement’s “Quantum Jump”, which described the Enlightenment as a leveling up in mental abstraction. The discovery of perspective in art both impelled and signified this jump. The fiat, technocratic era, is essentially the tail end of this Perspectival mindset – and what comes next contains yet another higher-order dimension, an axis into an Aperspectival construct… like a hypercube. How high does the dimensional ladder go? String theory posits a universe existing in ten dimensions. A ten dimensional hypercube? Who in their right mind comes up with this stuff. Anyway, this thing that points beyond itself isn’t arising from within the 3D construct that materialists assume forms the edges of existence. It comes from one level beyond. There are phenomena that exist in this larger, super-reality that when experienced here, from within the perspective of our limited awareness, we struggle to contain within our senses. We may experience them as egregores or morphic fields, even a zeitgeist.  The Russian mystic Vedim Zeland’s concept of “The Pendulum” has aspects of both absorbing and channelling thought energy: An energy pendulum is created when a group of people begin to think in a certain way and then: “their thought energy finally unites into a single current. When this happens, as if in the middle of an entire ocean of energy, a separate, independent energy-information structure is created which is referred to as an energy pendulum. Eventually this structure begins to live its own life and subjugate to its laws the very people who created it. The structure is referred to as a pendulum because the more people-adherents that feed it with their energy, the more powerfully it sways” — from Vadim Zeland’s ‘Transurfing’ A pendulum is self-perpetuating with a single imperative: to draw as much energy into itself as possible. More importantly, it is agnostic about the energy charge – it doesn’t matter if people are in harmony with the pendulum or opposed to it. Both poles create the energy that the pendulum craves. This is why the New Thought philosopher Neville Goddard’s advice about the need to renounce evil rather than resist it, is so important. There is a great difference between resisting evil and renouncing it. When you resist evil, you give it your attention; you continue to make it real. When you renounce evil, you take your attention away from it and give your attention to what you want. Now is the time to control your imagination and give your energy to what you want.” — Neville Goddard, The Power of Awareness Pendulums can be benign or malevolent – the conditions that bring them forth make it so. The world’s great religions can be seen as super-pendulums. Movements and cults could be minor ones.  In any case, once the pendulum has formed, active opposition to it only has one effect: to give it more energy and amplify it. Techno-communism as typified by the WEF, and crypto-anarchism as embodied by Bitcoin, are both pendulums. This is why taking up arms against the WEF doesn’t hurt the WEF – it strengthens it. And this is also why Bitcoin is an anti-fragile honey badger. Pendulums feed on the energy of both their adherents and opponents, but their centre of gravity forms an axis through our experiential world and anchors them into The Great Externality. The WEF pendulum is distinctly Ahrimanic.  Ahriman is traditionally an evil spirit of chaos from Zoroastrianism, however I’m drawing on the work of the Austrian mystic Rudolf Steiner, who had been trying to warn us of the coming Age of Ahriman almost exactly a century ago. From lecture GA 191 delivered on 1 November 1919, Dornach (excuse the length): Whenever preparation is being made for incarnations of this character, we must be alert to certain indicative trends in evolution. A Being like Ahriman, who will incarnate in the West in time to come, prepares for this incarnation in advance. With a view to his incarnation on the earth, Ahriman guides certain forces in evolution in such a way that they may be of the greatest possible advantage to him…. The right stand can be taken only by recognising in one or another series of events the preparation that is being made by Ahriman for his earthly existence. And the time has now come for individual men to know which tendencies and events around them are machinations of Ahriman, helping him to prepare for his approaching incarnation. It would undoubtedly be of the greatest benefit to Ahriman… if the vast majority of men were to regard these preparations for the Ahriman-incarnation as progressive and good for evolution. If Ahriman were able to slink into a humanity unaware of his coming, that would gladden him most of all.  Here’s the punch line: One of the developments in which Ahriman’s impulse is clearly evident is the spread of the belief that the mechanistic, mathematical conceptions inaugurated by Galileo, Copernicus and others, explain what is happening in the cosmos. Pure materialism. Pure reductionism. Pure Harari. Steiner warns that: “The consciousness of those human beings whom I have called devourers of soul and spirit is in a condition of dimness…; for by not accepting the spiritual into their human nature, they drive straight into the Luciferic stream everything they introduce … What men eat and drink without spirituality goes straight to Lucifer!” Here Steiner is talking about spiritual predation and warning those who think they’re the predators, are actually the prey for the egregores they serve. (Ahriman and Lucifer were two separate incarnations in Steiner’s cosmology, yet they worked in concert across the three thousand years that separate their physical incarnations in earthly terms). This materialist undercurrent that forms the basis of our conventional paradigm is anchored in this, and it cleaves our earthly existence away from our souls. Is it any wonder why reductive, technocratic impulses and hyper-normality increasingly permeate our elite institutions? “Too little attention has been paid to the fact that politics lures disordered, Messianic personalities into positions of power”. — Rees-Mogg & Davidson, The Sovereign Individual  It isn’t so much  cognitive incoherence afflicting the psyches of those both attracted to and ensnared within the corridors of power, as aperspectival madness – a term coined by Ken Wilber, the integral theory philosopher who has picked up the baton from Gebser here in the West. Wilber used the phrase in his 2017 ‘Trump in a Post-Truth World’, which is arguably a book from the left about excessive wokery and Trump Derangement Syndrome. We’re seeing these types of infections of the psyche play out in escalating waves, going under different names: Hyper-normality; TDS; …apersepectival madness. “Mass Formation Psychosis” being most recent. Of course, our expert overlords are having none of it… Some day they will inform us that “Experts say there is no higher-order reality” (string theory having been stricken down by MSM fact checkers). But this soul sickness that threatens to overrun the world is the result of ignoring these higher order constructs, and of attempting to pack reality into a 3-dimensional, materialist box. Everything has to warp just to attempt to fit it all in there. Pick Your Pendulum The Party at Davos is increasingly being regarded as a malevolent and controlling force on society, and with ample justification. Yet they seemingly wield so much power and wealth; how can one hope to counter their influence? By actively going out there and resisting the WEF, you are giving your energy to it. The key is to put your energy into what you want, not what you don’t want. The counterbalancing pendulum to the Luciferian-inspired fully automated luxury communism of the WEF  is a distinctly Promethean construct – an impulse that had been building for decades, perhaps longer, and then revealed itself during the Global Financial Crisis. Via TheBitcoinTimes That emergent impulse manifested in Bitcoin. I’ve described elsewhere the seemingly preternatural circumstances behind its emergence and the mind-boggling synchronicities I’ve personally experienced around it. That trend has continued. We’ve already had certain warnings  of the similarities between CBDCs and Revelations-style “number of the Beast” prophecies even before the freakishly numbered WIPO Patent 2020/060606 which described implantable digital-currency systems: (Owned by Microsoft, btw.) That previous article put me in touch with someone who made me aware of Revelations 2:17: “Anyone with ears to hear must listen to the Spirit and understand what he is saying to the churches. To everyone who is victorious I will give some of the manna that has been hidden away in heaven. And I will give to each one a white stone, and on the stone will be engraved a new name that no one knows except the one who receives it.” You mean everybody gets their own private key? Kinda sounds like it. So on one side, we have an implant or a mark on the hand or head “without which one cannot buy or sell or conduct business of any kind” – while on the other there’s this group of the victorious who have possession of their own private keys. As I said in the other article, I don’t subscribe to Biblical prophesy in the literal sense that it predicts the future. What I do believe is that we exist in a multi-faceted reality that transcends the material, 3-D reduction, which conventional thought insists upon. These mythologies attempt to describe something glimpsed in hyper-dimensional constructs from beyond linear time. Sidebar: Life is but a dream (Here’s an analogy for how I look at these concepts: think of a dream. My guess is whatever is happening in them, is happening at light-speed. The reason why is because you can experience a dream in which you seemingly pass hours, or even a lifetime – and then your snooze goes off, again. Turns out it’s been 10 minutes. Then in that dream, something starts to happen, usually a sound but maybe it manifests in other ways, and when you wake up and you realize that your dream was reacting to something external to it, something happening in your waking world, like the doorbell ringing or a loud truck driving by. When we wake up we have a hard time parsing what we experienced in the dream state – my theory there is because we dream in at least one additional dimensional axis – so of course it would be near impossible to unpack what happened in the hypercube back into 3D experience.) I went on that tangent because I often suspect something like that is happening with synchronicities. Even prophesies or premonitions may be akin to this: an incursion into our waking world from some stimulus originating from a higher dimensional order outside of our conventional state. It would be exceptionally hard to make any sense of it because we’re missing a dimensional axis when we even try to think about it. Our collective thought energies are responding to higher-order impulses, and we create or join pendulums. Those pendulums are further shaped by larger, underlying morphic fields and act as filters or bridges to The Great Externality. We gravitate into benign, healthy pendulums or malevolent self-defeating ones. If we persistently engage in contemplative or spiritual practices, we may garner enough self-awareness to recognize these larger currents and make conscious decisions about which ones to put our energy into. Conventional material reductionism would have it that our minds are just something our brains are gassing off, and there’s nothing more to it. But there is more to it than that, a lot more – and we aren’t consciously choosing what to think or how to steer our own evolution, as much as we’re akin to iron filings arranging ourselves in line with one magnetic field or another. If we’re really aware, we can make a conscious decision around which one to align with. The majority of people just go with whatever ones they get swept up in. Digesting it all There will never be path function where the WEF either loses their power or reforms their ideals. The only option is irrelevance (which is why I’ve always told the cancel-culture and deplatforming crazies that the one, true magic bullet for killing a truly indefensible idea, is indifference). The Party at Davos is under the impression that they are the vanguard of neo-Darwinist evolution – when it’s looking instead like they are functionaries of a larger morphic field that is distinctly Luciferian or Ahrimanic in character. This field encapsulates transhumanism, techno-Marxism, technocracy and social credit. The antidote in our age is to choose a life path of radical sovereign individuality, and to embrace the Promethean impulse that gave rise to Bitcoin, public cryptography, and decentralization. This field is expressed through crypto-anarchy and network societies, yet with a grounding in spiritual expression, contemplative practices, family, community and tribes. So when the next Davos meeting comes around, don’t bother picking up a placard and demonstrating in the streets; stack some sats and orange-pill your friends, family, neighbours and colleagues. That’s how we win. I cover macro tensions between the globalists and sovereign-individual extensively in The Bitcoin Capitalist Letter, along with a tactical focus on CBDCs, pending legislation, digital assets and crypto stocks. Get the overall investment / macro thesis free when you join the Bombthrower mafia. Follow on Twitter here,  Gettr, or join the Bombthrower Telegram Tyler Durden Wed, 12/07/2022 - 23:40.....»»

Category: dealsSource: nytDec 8th, 2022

Transcript: Darren Palmer

    The transcript from this week’s, MiB: Darren Palmer, Chief of Battery EVs at Ford, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST,… Read More The post Transcript: Darren Palmer appeared first on The Big Picture.     The transcript from this week’s, MiB: Darren Palmer, Chief of Battery EVs at Ford, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ BARRY RITHOLTZ, HOST, MASTERS IN BUSINESS: This week on the podcast, I say it every week but it’s true, I have an extra special guest. His name is Darren Palmer, he is the head of electric vehicle development at Ford where he helped to introduce such vehicles as the Mustang Mach E, the F1 50 Lightning, the E Transit Van, they are working on everything from an electric Explorer, if you would like to get your hands on an electrified Bronco, well you better listen to this because this is absolutely a fascinating conversation not just about cars but about technology and software and consumer relations and design. And really I don’t think this scenario we didn’t touch on. I found it utterly, utterly intriguing and I think you will also. So with no further ado, this is Ford’s director of electric vehicle development, Darren Palmer. ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: My extra special guest this week is Darren Palmer, he is the general manager battery electric vehicles at Ford, he is overseeing Ford’s $30 billion shift to electrification. He helped launch the Mustang Mach E, the E Transit and the F150 Lightning. he holds an MBA from Henley Management College in the UK as well as an electrical electronics and technology degree from Birmingham University. Darren Palmer, welcome to Bloomberg. DARREN PALMER; VICE PRESIDENT, ELECTRIC VEHICLE PROGRAMS; FORD MOTOR COMPANY: Thank you. It’s a pleasure to be here. RITHOLTZ: So let’s start with your background, you get an engineering degree in the 1990s, was the plan always to go into automobile manufacturing or were you focused on a different sector? PALMER: Well, it sounds so long ago now when you say the 90s. Yes, so my plan was always to go into engineering, I think a lot of people in engineering know that they are destined for that. I really like mechatronics at the time. So the fusion of electronics and electrical with creating movement as well. So I knew I wanted to go into something of complex engineering and I think somebody once said to me you know, planes take too long, trains don’t have as much interest but cars are constantly changing over and they’re a huge purchase in people’s lives. So that’s what made me look towards cars and I look to a number of car companies but I think I always know I wanted to go into auto, and I got a few offers, but Ford, the company had a great reputation and furthermore, makes cars for everybody and I was interested in making cars for everybody not just a privileged few. RITHOLTZ: Really interesting. And you have a reputation as a petrol head, you’re a Mustang guy, what led you to gravitate toward EVs over these years? PALMER: Well, I’ve been very lucky in this career, 29 years in Ford, and every time the last challenge finished they offered me another challenge, so I ended up working all over the world on every type of cars, vans, commercials, every class, B, C, CD class cars, so increasingly larger and in luxury, and every — all around the world, India, China, South America, U.S., and Australia, so at one point, I had plants on four continents — five continents, and development center on four continents, so all of those different parts of experience led me to I was starting to work on hybrids. And the company said we want to do something different, we need to have a completely new approach to electric cars because we were trying them are getting know where they decided to do something called Team Edison, and they asked, with my background in international and really open-mindedness was the key there, we formed a team called Team Edison to determine the future of electric cars for Ford. So that was about four years ago and that was four and a half and that was my move into electric cars. RITHOLTZ: Tell us about Team Edison, obviously a little bit of a reference to a famous American entrepreneur, what is Team Edison at Ford? PALMER: So what was happening was we were trying to develop electric cars, but they would be measured by the same measures as gas cars, so they wouldn’t meet the hurdles, the investment hurdles, the profit hurdles, the volume projections, so we were getting nowhere and we in fact, we were going to make Ford Focus BEV version 2, and we knew it was becoming increasingly aware that that really isn’t what the market wanted. So we had to change something and we knew it was a cultural change, so we decided, we either buy an electric car company but then you have to transfer tens of thousands of people in one day or we try something different, we tried — we create a startup within Ford Motor Company and that’s what we decided to do. So a gent called Ted Cannis, really one of our top business leaders was put in as the head of that group and he set about recruiting people internal and external to head up Team Edison. I was the first one in and when he told me the proposal he convinced me to come in and that’s where the journey started, and we had some external people but not huge amount because it’s all about, first, you got to work out what to do and then you got to make it happen, you know, 100-year-old company and I can tell you … RITHOLTZ: (LAUGHTER). PALMER: Making it happen was harder than determining what to do. So we formed and we moved ourselves outside of the main buildings and we formed a different culture, really building up from the ground, we had about 70 to 80 people handpicked each one and we were inspired by startups in California. So we spent time there early on to determine how they work, which is very different and we setup a culture extremely similar to that. We also went to China, to Norway where electric cars were prevalent to see what others are doing and then we set about determining where to go, at the time it was an $11 billion investment in electric cars. RITHOLTZ: Wow. PALMER: It is now today announced a few days ago to 50 billion now by 2022. RITHOLTZ: Wow, I have 30 billion down my notes but 50 is a lot of money. The Team Edison, the first project was that the Mustang was it later was Team Edison after the Mustang Mach E? PALMER: The first thing to do was to determine where to play and how to win, and that meant we had to first understand, I mean for the whole portfolio, was at the time was $11 billion, so three or four cars coming through. And the battery infrastructure and the charge infrastructure, and all those things you had to do, so it was actually to work out where to play and how to win and we quickly worked out, we went to California and I was talking to customers in California and quizzing them about their cars, and we determined quite quickly that they had transitioned to BEV and they would never come back, they were also delighted with their products. And it felt like they moved from a flip phone to a smart phone like an iPhone or similar. And at any price, they would never move back which is very similar to the phone analogy and I asked one of them I offered them “Hey you know we need your car for testing so I will give you a free BMW M3 and two thirds of your money back” and he said, “I’m not interested.” RITHOLTZ: Really? PALMER: Well, I’m authorized to offer you 100 percent of your money back and free BMW M3. He said “Not interested” and I said how can that be? And he said “Well, because I discovered the future, I can afford it and I deserve it.” And we realized at that point, these people, they are never going to buy the traditional vehicles that we had, they are buying a technology product and we brought that realization back and said we need to completely change our plan. And that led us to leading with our icons so we made a plan which vehicles to attack in which order and we made the strategic choice, every BEV vehicle from Ford will do things that gas never did enabled by the technology, so none of them will be a car just with an electric motor in it, that’s not what customers want. And so that’s what we did and the first thing we did in Team Edison which was $11 billion and made the first three cars, the Mustang Mach E, which you may have seen one recommended — the only electric car recommended in America, and now, last week and then E-Transit is now just launching, we are nearly sold out already … RITHOLTZ: Wow. PALMER: And it is likely to be a leader in its field, it’s already nearly 50% global in its field now with the gas vehicle, and then the F150 Lightning which is of course the big one for us, where we got over 220,000 orders now, we had to switch the system off. ANNOUNCER: You’re working hard to build and protect wealth, and today’s markets are challenging. Diversification is always important and in times of increasing volatility, alternative investments can provide both balance and potential upside. Did you know professional venture capital investing traditionally only opened to the ultra-wealthy is now accessible to millions of accredited investors like you. Get to know Alumni Ventures. Since 2015, Alumni Ventures has made investing in highly competitive venture backed private companies simple and accessible. We built a unique venture firm to serve individuals not institutions. This is not Angel investing or equity crowdfunding. 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PALMER: Yes, so we had originally planned Focus BEV Part 2, but we quickly realized due to human centric work we were doing and human centric work puts you out with customers very early, and you just talk with them about how they feel about things that you know, you are not asking them exactly what they want, you are just talking to them about their lives and what they see, we discovered pretty quickly what they were looking for in this next generation was a technology product first. And you know, there’s one company out there which is really doing that which is Tesla and they’ve been a leader in that space and we noticed how customers of those vehicles were — they really liked the experience they got and we said we – in that vehicle we’re going to make, it needs to be a technology-first vehicle, but we want to bring what is our spin on that, what is Ford, what does Ford bring to the table? Tesla has their attributes so Ford needs to have their own and we said to ourselves what brands do we have that could be worthy of what we’re going to make an it could be synergistic. So the one that came to mind pretty quickly was Mustang and the first time we said that, it sounded crazy as some people were very shocked by that, so we asked ourselves what if it was a Mustang? And then we started with the exterior design actually and we went downstairs to the design team who are working on a Focus BEV part two and I could tell you they weren’t the most fired up. And then we said what if and again they started to come to the table and we said what if we mixed, there is going to be an SUV because that segment growth, the greatest segment growth and where customers are going especially millennial, so we wanted to be there, we knew that. So therefore, we are talking about an SUV Mustang what might it look like, and in that first day, they started sketching we put together some of the Mustang cues with that SUV and then we started to like what we saw and then the designers got lost in it and then said okay, leave us, we left them and then we said we are going to make a clay of that vehicle. And so we went away for the weekend we came back early 6, 5 or 6 am on a Monday morning and said don’t look at it, we walked away and they were put in dyno conduit, which is the kind of silver foiled simulator vehicle and when we all turned around and we saw that first execution, we said “oh my word, that can work. That could work.” That was from the first weekend. RITHOLTZ: That’s amazing. PALMER: And we said my word, that could work. And by the way the designers had gone from not the most excited to off the wall excited, didn’t have time talk to us, just busy creating, they immediately took the dyno cost again and started carrying on with the clay and they were off. So we went to the next department, and we went to interior and we said, well, what have we got? They showed us and we said, you know, it doesn’t really look, that’s not a Mustang, that’s not worthy of that and we said, how would you change it if it was a Mustang, the same thing happened, they start to get excited. RITHOLTZ: (LAUGHTER) PALMER: By the way, both of them, the exterior designers and the interior were both the people who did Mustang, so you didn’t need to explain to them what a Mustang was, it was the same people and they start to bring a lot of those cues in. So they kicked off, there was the same excitement, we went to the next department and we said we need technology and that was a problem, we went and said well, what have we got that would be a high-tech tech forward solution that is over the air updatable and will work for years to come and upgraded and I’m afraid we didn’t have anything. Our system at the time was just not going to do the job. So that was the biggest challenge for us and we went downstairs to the development team and we said in Team Edison, we work without grade structure, all together on the problems and anybody can speak out without fear of anything, reprisal or anything. So we encourage people to speak up so we pooled together and we went downstairs to the main team and worked — asked the programmers who were working on graveyard (ph) to come into the room and shut the door we explained how we work and you want to speak up and I said to them hey guys we needed next gen operating system that is world class and this car is launching in two and a half years, how might we do that? And they go silent for a while, people take time before they are comfortable and one of them said not working the way we work. And I said interesting, how would you do that then? RITHOLTZ: (LAUGHTER) PALMER: He said you’d have to work like a software company. And we said, like what? Well, they work in one room with the designers, the human machine interface and the programmers in one team together with the equipment they need, the facilities they need and the funding they need without frankly management interference. And I said what if we do that? And they said we’re never going to do that here. I said well, what if we said we’d give you everything you want? Could you do that? They said, well, if you could do it, then yes, we would. And I said, well, would you start Monday if we could do that? RITHOLTZ: (LAUGHTER) PALMER: They said yes. And then I said, and I’d never forget this, it made me laugh, I said, hold on a minute, hold on a minute, how do I know that you actually know how to do that? And he said, John, and so he looks over to me with judgment, he puts down his Dell laptop and he pulls out an Alienware from his side bag and as he is opening it, (inaudible) he’s just come back from a gaming convention in South Korea, and I’m like, oh okay, he then shows me some of the things they worked on and they have and it looked like something out Marvel and okay, I got it, you guys know so we then went upstairs and went to our leadership team and we said we really, we’re into big trouble, we need this system in two and a half years and the team couldn’t come to it the way they work. And they said, well, have you got a proposal? We said yes. And we have to work a different way and we need maybe $7 million of immediate funding to just fund everything they need. So he said okay, just do it, do it now. Okay. So went upstairs to the VP of engineering and we said the same thing, he said start now. Get on with it. So we went back down to the team that evening and said we’re ready to go. Please start. And Monday morning, they started and what I’ve learned from many of the startups, the way to work nimble is that leaders serve the employees … RITHOLTZ: Yes. PALMER: Who are creating for the customer. My job is to clear the path in front of them so I went every morning, what do you need today? We need better computers. Do you know where to get the? Yes. Go and buy them now. What else do you need? We need some screens to emulate the screens we are building for. Good. Go and buy them. Do you know how to get them? Yes. Then buy them in Best Buy. Go and buy them now. And they were delighted to have that ability. And then the next day, I ask what do you need? Hey, we need a server computer to serve some of the interfaces, okay, you can give it to them. And then on the third day, I said, what do you need. They say, oh, free flowing [ph] coffee kind of joking, okay, you get free flowing [ph] coffee. What else do you need? The answer is what do you need? You get it. And they’ve never worked like that in Ford and then the fourth day, what do you need? Nothing, Just leave us alone. Okay. RITHOLTZ: (LAUGHTER) PALMER: Fifth day, what do you need? Something else and so on. We just kept doing that. And then we created no presentations when they want to demonstrate something, they just showed it to us and the progress was I’ve never seen anything like it in my career, within two weeks they had running prototypes that were touchable interfaces that they had created. One of them created the main interface you know while he was working off-site at home and he decided to create it in HTML 5 the Internet my main language for websites because that was convenient to create and he had a complete working interface in two weeks. And because it was HTML5, we could reconfigure like a webpage does which most cars do not do. And then within three weeks, they were testing it with customers in Chicago and streaming it live while the whole team watched the customers. RITHOLTZ: Wow. PALMER: And at one point, the customer got caught up on some of the interface and the guy said hey, can we fix that? And he corrected the code live, redeployed and because it was live said from a server, it updated the interface in the hands of the customer who then was knocked cold on it and we could carry on with the work. I’ve never seen anything like it, they did three rounds of that testing live watching customers in Europe, in China and in US and in 12 weeks created an all new interface which is getting extremely good reports now from Consumer Reports and JD Power, one of the best car interfaces in the world. So it was incredible, I’ve never seen anything like it in my career and I learned a lot through that process. RITHOLTZ: And last year, despite the pandemic and despite the supply issues, I think you guys sold something like 27,000 Mustangs, is that right in the U.S.? PALMER: Yes, a bit more and were nearly 50,000 globally from the same plant and we completely sold out and we were trying to meet that demand, what we’ve — were actually we’ve agreed and we have funded and we are going to increase production to over 200,000. RITHOLTZ: Wow that’s a huge number. PALMER: I mean that is coming in… RITHOLTZ: So the Mach E is very much a crossover, are there any plans to electrify the traditional Mustang pony car? The two door sports car? PALMER: So I get asked that one a lot. So the next cars along after we’ve done the lightning is the three row car, so the size of an Explorer, that type because that’s the one along, we’ve already announced that one. And then we have a lot of calls for other cars as you can imagine, this huge calls for an electric Bronco. RITHOLTZ: Got to be. PALMER: And others which we haven’t announced yet, we got our $50 billion roadmap of many cars including Lincoln and the Mustang Sports Coupe, that needs not a very low battery to make that to what we wanted to be and we have quite high aspirations for what we would want that to be. And so we are only going to do that when the technology will allow. We know customers really want, they want over 300 miles, that makes them comfortable and happy and that’s always been a product that has punched above its weight and gives performance of normally much more expensive cars, and with the whole imagery of Mustang. And so we are not doing it yet, we have nothing to declare on the timing of that yet, we are going to do it but we will only do it when the technology allows us to make it incredible. RITHOLTZ: You know, the Mach E has by all measures been a wild success. If there’s any fly in the ointment and this kind of surprised me, it was all the pushback on the Mach E over the Mustang name, well you’re a Mustang guy, what was your reaction to the sort of you know old-school enthusiasts who were offended by a crossover with using the name Mustang? PALMER: Well I understand, I very much understand it, I’m extremely active on listening on social media, something we learned along the way, startups do it all the time. And from the first weekend we launched, we were watching social media live and somebody here for example had a problem on the first Saturday and we asked permission to speak to them and we contact them which they loved and we fixed it. So I’m extremely aware of negative feedback from current owners. So what I set off about doing a year ago was talking to lots of them and we actually brought in the presidents of both Mustang clubs and amazing guys and we brought them actually to the launch in California and they – we brought them along and they came to see me and said Darren, you know, I understand what you are doing but can’t really endorse it and you know, I just want to let you know, I do appreciate what you are doing here. So that was at the beginning, at the end of the two days, one of them bought two, and one of them bought one. RITHOLTZ: (LAUGHTER). That’s so interesting. PALMER: And they said wow, and they said, so listen, so this vehicle supports the other Mustang, we couldn’t be selling the V8 Mustang very much longer … RITHOLTZ: Sure. Right. PALMER: Without the support of these EV so it protects the current Mustang. By the way we still sell the car Mustang so it’s a companion, it is growing the brand in a new space and I can’t tell you the joy of the customers, you know, literally 91% of them recommend it to friends and families and everyone will listen to them. So that’s the highest satisfaction car I’m ever aware of that we’ve had. RITHOLTZ: Well I will tell you. PALMER: And we’ve got some nice cars people love. RITHOLTZ: I will tell you personally having sat in you know everything that’s out there and having had the Mach E the sort of middle not the GT, the middle of the of the road version for a week, I came away very impressed with the build quality the fit and finish, it just felt like a substantial vehicle that was well-made and was, I don’t want to say luxurious but it kind of reminded me of a Volvo where everything is very well put together, very well thought out, there is a degree of minimalism in it that was very effective and it very much had its own personality. I came away really impressed with that and want to try a GT out and see what the higher horsepower is like. But, you know, the Mustang everybody knows a lot about, the sexy new hotness is the 150 Lightning. The Ford F150 has been the best-selling vehicle in America for, I don’t know, 40 years running, some crazy number, you must have very, very high hopes and expectations for the Lightning. Tell us a little bit about the development of that vehicle. PALMER: Yes, the Mach E was like a practice compared to the Lightning. So I’m — we are very aware of Lightning, F150 status as America’s number one vehicle for over four decades and the love for that product is indescribable. I know that because I have seen the customers talking. So when we started that project, we knew what was ahead of us and everyone was warning us you better make sure that vehicle is worthy. So what people expected is Built Ford Tough and of course, it’s been punished, every piece is the same as the gas, it will pass all of the things the gas does, of course it does and then we put it down Silver Creek which is hideous to be honest, we have robots drive them now because it is too brutal for humans in an accelerated test, that’s how brutal they are now, and all the F150s do, but so does the Lightning, we made a battery case system that is impervious and can go underwater in gear, we know it has to be tough and reliable and that’s a given. But what people didn’t expect is that mantra that we put forward, every electric card from Ford has to do things that gas could never do because that’s what attracts people in. We are aware, you know, we believe this could be the vehicle that attracts mainstream America into BEVs. Because I can tell you 30 seconds in the driver seat will convert the most hardened V8 enthusiast into a wow because it feels like a magic carpet when you drive off because it’s an isolated subtrain, no vibrations at all, near silence you’re waiting for the noise to come, and then you look at the speedometer and you’re at 60 miles an hour and there is no noise, it’s quieter than a Navigator compared to, its amazing and because there is one gear and the accelerator pedal reacts in a fraction of a second, it is unbelievable even the most hardened electric enthusiast and I had some really amazing journalists in there, they are ready to be amazed and they come away and say, oh my god, I was ready and I’m still amazed. Because it thumps you in the back like it had 775 foot-pound of torque in a fraction of a second with one gear, you can’t really describe that and you think and you are ready for it, you say yeah, I’m ready, but it surprises you and you just want more. And so, the great thing about it is that you can show customers in a few seconds, and you’ve converted them, that’s all it takes, you don’t need to describe any more, and that’s going to do a lot for electric vehicles. And so, because we have a huge dealer network, I’m able to put one, I’ve decided to put one in every dealer in America that’s an EV data which is pretty much all of them so that people can go down there and try it. And the dealers are going to call their customers and those who say hey, electric is not for me, they could say good, good come along, here’s the keys. RITHOLTZ: (LAUGHTER). PALMER: And see what you say after you’ve driven it and tried it out on the most hardened people I can find and they all — opens their eyes hugely. I did the same with Mustang by the way, I found the most v8, petrol in the veins, gas in the veins enthusiasts I could find and I gave them a Mach E and said try that, and they went away and I am not interested, I’m not interested in these things, you know, I’m always going to love gas, all my life I do racing, I hear you, I hear you. I give them a Mach E GT performance edition and they come back three hours later with their mouth open and oh my god, one guy came back and said to me, oh my god, the new definition of performances is silence. (LAUGHTER) RITHOLTZ: (LAUGHTER). PALMER: I might have to write that down. And then he texted me later, he got on to his, you know, older coupe, and he said, I feel like I stepped back 10 years. So that was the most hardened guy I could find. And I said to him, hey, you know you think you’re a petrol head, and actually you are not, you’re a performance enthusiast and it just so happens that the new performance benchmarking is now electric. RITHOLTZ: Yet…. PALMER: And he said oh my god, that’s it. And so that’s how we knew it would work and because real people who are passionate about that loved it when they experienced it and so that was a — there is a barrier on the Mach E Mustang because that preconception, but on the F150, there is no barrier, people are like, well, maybe I will try it, they tried ECOBOOST once and we changed their mind about ECOBOOST. And so they throw that to me and say, well, I’m willing to give it a go now and I put them in there and 30 seconds, they are like, I got to have it. So I’m really excited about that. RITHOLTZ: And for people who want to see that torture test, just go to YouTube and search for Silver eak of response we change their mind about become bruised and so they closed at 2 million so I’m willing to give it a go now and I put them in their 30 seconds and so I’m really excited about the people who want to see that torture test just go to YouTube and search for Silver Creek Ford torture test and you’ll see what they do to these poor trucks, it’s quite astonishing to see the videos. All right, so we have the Must.....»»

Category: blogSource: TheBigPictureMar 23rd, 2022

Meet the next generation of luxury entrepreneurs selling millions in real estate, creating art galleries, and building fashion empires

A new crop of luxury entrepreneurs has popped up, creating the businesses they want to see taking over the sector. (L-R), Alex Assouline, Destinee Ross-Sutton, Marina Raphael, Avi Hiaeve.Emilia Brandao; Courtesy the artist and Destinee Ross-Sutton 2020; Marina Raphael; Avi & Co; Yuqing Liu/Business Insider Luxury spans many sectors including, fashion, travel, real estate, and nightclubs.  However, the industry is changing: People want more sustainability and faces that are more diverse. Insider regularly talks to the young people who are making their mark in luxury and challenging the market.  Visit Insider's homepage for more stories. Luxury is a pretty hard sector to tap into — and even years of notoriety doesn't necessarily mean years of financial stability or economic success. The coronavirus pandemic only heightened many of those issues, as brands and retailers throughout the world have been forced to close or declare bankruptcy. Even before the pandemic, however, there were calls for a changing of the guard in the luxury sector. People want more sustainability, leaders who are more tech-savvy, faces that are more diverse, and clothes that come with a meaning and a purpose.Rather than wait around for those currently in charge to change, a new crop of luxury entrepreneurs has popped up, creating the businesses they want to see taking over the sector. These are names and the faces that will come to define and helm the next generation of luxury spending. Insider has been speaking to the new rising faces in luxury about the future of their respective spaces, touching on topics such as the investment value in high-priced watches, and where they hope to see the world after the pandemic subsides. The interviews are being compiled here: Millennial entrepreneur Brandon Blackwood shares how $7,000 and Instagram helped him build a handbag empire that's on track to book $30 million in revenueBrandon BlackwoodBrandon BlackwoodBrandon Blackwood, 29, is the founder of his eponymous handbag line that went viral last year after making a tote that said: "End Systemic Racism." Since then, other styles of his bag have gone viral and he's launched a spring campaign featuring celebrities and influencers like Ryan Destiny, Normani, and Jaime Xie. So far, the brand booked more than $14 million in revenue this year and is on track to close 2021 with $30 million. The 24-year old jewelry designer, whose rings have been spotted on Serena Williams and Meghan Markle, uses half her profits to fund female entrepreneursShilpa YarlagaddaCourtesy of Shilpa Yarlagadda; Taken by Shoji Van KuzumiShilpa Yarlagadda, 24, is the cofounder of Shiffon, the fine jewelry brand that invests its proceeds back into female-funded businesses. For the upcoming election, the brand has partnered with Michelle Obama's When We All Vote foundation for limited-edition hoop earrings to represent the hoops women have to go through for basic rights. In an interview with Business Insider, she talks her career journey, the importance of mentorship, and her partnership with Obama. Inside the world of 'Bling Empire's' Jaime Xie, the tech heiress forging her own path as a fashion influencerJaime XieYoshi UemuraXie told Insider she had never even seen reality TV before joining the cast of Netflix's hit show "Bling Empire." Now she's one of its standout stars and is best known for her fashion and style. Born in Silicon Valley, she said tech wasn't really her thing, and she's always wanted a career in fashion. Now she's an influencer, jet-setting to Paris and Milan, sporting the hottest ready-to-wear looks. In an interview, she gives Insider a peek at her glamorous life. Real estate heiress Danielle Naftali, who is just 27, helped convince a mystery buyer to shell out $35 million for an NYC penthouse during the pandemicJonathan GrassiDanielle Naftali, 27, is expected to take over her father's real estate company Naftali Group, which develops some of New York City's most luxurious properties. But even she had to start at the reception desk. To Insider she breaks down working her way up and how she helped convince a buyer to shell out over $30 million for an apartment during a pandemic. Pajama sets are the new 2-piece suit. A millennial brand explains the wild pandemic year when sales spiked 400% .Joel Jeffery (L) and Molly Goddard (R)Desmond & DempseyHusband-wife duo Molly Goddard and Joel Jeffrey are known for their high-end pajama line Desmond & Dempsey, which also saw record growth during the pandemic as people sought to buy more comfortable clothing. To Insider, they talk about the brand's beginnings and how they hope to further capitalize on the billion-dollar markets of both wellness and comfort wear. Meet the millennial designer and CEO who wants to make comfort clothing the new power dressingMisha NonooCourtesy of Misha NonooDesigner Misha Nonoo thinks comfort clothes will also be part of the new way to power dress. To Insider, she spoke about her career beginnings, her latest collection, and what she thinks the future of sustainable fashion will be in a post-pandemic world. How fashion's 'patient zero' turned her fight with Covid into a new hygiene and wellness lineNga NguyenCourtesy of Nga NguyenAfter being diagnosed with COVID-19 last year, Nga Nguyen was deemed the fashion industry's "patient zero" as she was the first known case in the world of jet-set high fashion to catch the virus. But she's light at the end of the tunnel. To Insider she talks about her new wellness line, inspired by her run-in with the virus, and shares her expectations on what role hygiene products will play in a post-pandemic world. How a 28-year-old sold his first jewelry design for $25,000 and within 3 years built an exclusive client roster including RihannaEmmanuel Tarpin.Emmanuel TarpinCalling in from Paris, Emmanuel Tarpin spoke about his rise in the jewelry industry, how he nabbed two of the industry's top honors, and got Rihanna to fall in love with his work.How a 22-year-old heiress launched a handbag line and within 3 years landed the Netherlands' Queen Maxima as a fanMarina Raphael.marina raphaelAt just 22, Marina Raphael has already built a luxury handbag business that counts the Queen of the Netherlands as a fan. In an interview with Business Insider, she spoke about learning Italian, teaching herself design, and her plans to build the next-big-thing in luxury — as well as being a sixth-generation member of the Swarovski crystal dynasty.Swarovski crystal heiress Marina Raphael explains how she achieved record-breaking sales by selling smaller handbags, donating to charity, and using snail mail to reach customersMarina Raphael with her SS21 collection(1)Marina RaphaelRaphael caught up with Insider again in March of this year to talk about how her brand saw record growth during the pandemic. To cope with the time, she changed her marketing strategies and even reduced the size of her handbags as production took a hit due to closures. Still, the brand came out stronger than ever before. How one millennial CEO built a luxury eyewear brand that's been spotted on everyone from Jeff Bezos to Brad PittCourtesy of Garrett LeightGarrett Leight is the founder, CEO, and creative director of Garrett Leight California Optical. His father, Larry, was the founder of the sunglass brand Oliver Peoples. In an interview with Business Insider, Garrett talks about opening his own eyewear brand and keeping his family legacy alive. Pauline Ducruet isn't so different from other 26-year-old entrepreneurs — she just happens to be Grace Kelly's granddaughterPhoto by Francois Durand/Getty ImagesPauline Ducruet is the founder of the gender-neutral fashion line, Alter Designs. She also happens to be a granddaughter of Grace Kelly through her mother, Princess Stephanie of Monaco. In an interview with Business Insider, she talks about the importance of sustainability in fashion, and how the pandemic almost wiped out her business. A millennial car customizer who counts Lebron James and Kendall Jenner among his clients explains why he's expanding his business with a luxury shoe lineVik Tchalikian.Vik TchalikianVik Tchalikian is best known as the car customizer for the stars and boasts a client list that includes Kendall Jenner, LeBron James, and Billie Eilish. In an interview with Business Insider, he talks about how he used his car knowledge to start up a luxury shoe line. Two Gen Zers turned a $2,000 investment into an art gallery that sells $600K pieces. They want to usher in a new generation of art collectors.Alexis de Bernede (L) and Marius Jacob (R)Darmo ArtBased in France, Alexis de Bernede and Marius Jacob are the founders of Darmo Art gallery. Last summer, their two art shows netted six figures each, and they are now planning future exhibitions in Paris, the French Riviera, and at the Grand Hotel Heiligendamm, an exclusive report in Germany. Millennial fashion designer Alexandra O'Neill is seeing cocktail dress sales skyrocket as customers prepare for the new Roaring 20sCourtesy of Alexandra O'NeillAlexandra O'Neill is the founder of luxury brand Markarian and made headlines last year after First Lady Jill Biden wore a custom Markarian piece for Inauguration. Since then, the company has seen sales skyrocket. What's more, O'Neill held her first New York Fashion Week presentation in September, showing off a collection inspired by Lauren Bacall in the movie "How to Marry a Millionaire." Meet the Black millennial art curator who worked on a Zendaya photoshoot, had her portrait featured in Beyoncé's 'Black Is King,' and was just tapped by auction house Christie's to curate an exhibitDestinee Ross-Sutton.Courtesy the artist and Destinee Ross-Sutton 2020The art industry is notoriously white. Enter, Destinee Ross-Sutton, the 24-year-old art curator who already counts a Zendaya photoshoot and a Christie's exhibit under her name. A shining moment for her this year was when she discovered that a painting of her was featured in Beyoncé's "Black IS King." In speaking with Business Insider, Ross-Sutton talks about her mission to increase diversity and inclusion in the art world.The 28-year-old heir to a luxury publishing house explains how he creates some of the most exclusive — and expensive — private libraries in the worldAlex Assouline.Emilia BrandaoAlex Assouline is a creative library designer who helps create some of the most exclusive — and expensive — libraries in the world. The heir to his family's publishing house, Assouline also helps make stunning coffee books on subjects ranging from feminism to the palace of Versailles. In an interview with Business Insider, he talks about the art of library designing and which books he is helping to make next. Meet the 'VIPER Girls,' the female nightlife entrepreneurs who couldn't get a credit card 4 years ago and now field requests to work the Super Bowl(L) Kelsi Kitchener and (R) Celeste Durve.Courtesy of Kelsi Kitchener and Celeste DurveKelsi Kitchener, 28, and Celeste Duvre, 24, are the cofounders of the guest experience company VIPER, which works with some of the biggest celebrities and brands in the world. Known as the Viper Girls, they manage all points of the overall guest experiences at events. In an interview with Business Insider, Kitchener and Duvre talk about the founding of their company, and being young women in an industry that's long been touted as a "boys club." A 25-year-old set her eyes on taking over the high-end smoking accessories market — and it's workingCourtesy of Smoking JacketChiara di Carcaci, 25, is the founder of Smoking Jacket, a high-end cigarette accessories company that counts a Getty heiress as a fan. In an interview with Business Insider, di Carcaci talks about why she decided to start a luxury cigarette brand, and her ambitions to expand it into a full-service lifestyle company. A 28-year-old fashion brand director explains how ruthless attention to detail has landed Rihanna, Kim Kardashian, and Jennifer Lopez as clientsKyle Bryan.Courtesy of Kyle BryanIn an exclusive interview with Business Insider, Kyle Bryan, brand director at the luxury label LaQuan Smith, breaks down his plans on helping create the next big American fashion house. "A lot of women and celebrities will directly reach out to LaQuan and say, 'I would love for you to make me something,'" he said. "That's how some of our best stuff has even happened."Nisha Persaud's side hustle is creating at-home manicure boxes that are beloved by celebs and have been featured in luxury campaignsDanisha "Nisha" PersaudDanisha "Nisha" PersaudWhen the pandemic made it impossible for Nisha Persaud to get her nails done last year, she created at-home manicure kits to bring the nail salon to her. Since then, she's netted more than $100,000 in revenue and her work has been reposted on social media by Cardi B, received a shoutout by Megan Thee Stallion in a video, and gifted to the model Teyana Taylor for her baby shower. Meet the millennial cofounders of Apparis, the cult-favorite vegan coat brand that raised $3 million in funding this year and just launched a collaboration with Juicy Couture(L) Lauren Nouchi and (R) Amelie Brick.ApparisAmelie Brick, 37, and Lauren Nouchi, 29, are the cofounders of Apparis, an apparel company best known for its vegan coats. In an interview with Business Insider, they talk about why they decided to start a high-end vegan coat line, how the pandemic led them to expand into homewear, and why they decided to launch a collaboration with Juicy Couture. Meet the millennial cofounder of a jewelry brand that has partnered with the NFL and NBA and is on track to make $50 million in revenue this yearChristian Johnston.Courtesy of Christian Johnston cofounder of GLDChristian Johnston is the cofounder of the jewelry brand GLD, beloved by the likes of Justin Bieber and rapper Wiz Khalifa. The company has also done partnerships with the NFL, NBA, MLB, and Disney's Marvel. In an interview with Business Insider, Johnston talks about growing his jewelry company, which is now on track to make $50 million in revenue this year. Hogoè Kpessou worked as an Uber Eats driver before she launched her handbag brand last year. Now she's on track to net seven figures.Hogoè KpessouHogoè KpessouLuxury designer Hogoè Kpessou is best known for her backpacks emblazoned with a gold bumblebee. Before starting her eponymous company, she worked weekend shifts at a local restaurant and delivered food for Uber Eats. Today, she estimates her brand will hit seven figures in revenue in the beginning of 2022. YIMBY with a conscience: Meet the 26-year-old real-estate heir who wants to make affordable housing a reality in the Biden eraDonahue Peebles IIIPeebles CorporationDonahue Peebles III is set to one day take over his father's real estate and development empire, The Peebles Corporation. Speaking to Insider, he talks about his passion for helping make housing more affordable, gives his thoughts on gentrification, and shares his expectations for what's to come under a Biden presidency. Meet the millennial CEO who wants to redefine the ownership of men's clothing, and convinced Alexis Ohanian and Nas to investRegy PerleraCourtesy of SeasonsRegy Perlera is the co-founder of Seasons, an app that allows men to rent designer clothing. He tells Insider that renting clothing is one way to reduce your carbon footprint, and contribute to the circular economy. In 2019, Seasons raised $4.3 million in funding from investors such as Alexis Ohanian's Initialized Capital, Notation Capital, and the rapper Nas.A millennial entrepreneur who runs a high-end watch retailer explains why now is the time to invest in watches — and which timepieces are the most valuableAvi & Co.Avi Hiaeve, owner of the high-end watch retailer Avi & Co., met with Business Insider earlier this year to talk about his watch business as well as give tips for those looking to start investing in luxury watches. "The celebrities and the artists and all of them, they're not wearing watches under $100,000 anymore, everything they want is over $100,000. It's really gone through the roof," he explained to us. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 3rd, 2022

A billionaire boomer blames his generation for ruining the economy for millennials

Boomers left future generations with debt and a broken economy, billionaire Howard Marks said. It says a lot about millennials' affordability crisis. Howard Marks is a billionaire boomer with a bone to pick with boomers.K. Y. Cheng/South China Morning Post via Getty Images Boomers have left future generations with debt and a broken economy, billionaire Howard Marks said. With an affordability crisis and two recessions under their belt, millennials took the brunt of it. Boomers need to make room for millennials to wield economic and political influence. One boomer billionaire is going off on his wealthy peers.Howard Marks, investor and cofounder of Oaktree Capital Management, recently wrote a memo to clients full of his usually notable remarks on the economy — and a shot at baby boomers for essentially ruining the economy for younger generations.He pointed out that over 71 million people are boomers — triple the 23 million Silent Gen members and 10% more than the 65 million Gen Xers, the two generations on either side of them."The magnitude of the boomers' votes and financial resources have given them enormous political influence over the last 40 years," he wrote. "The result has been extensive deficit spending on things the boomers want and a failure to modify benefit programs that need fixing, all at the expense of future generations."Marks explained that this exemplifies generational unfairness, with both party administrations historically and currently "spending vast amounts, taxing less than they should relative to their spending (thus incurring deficits), and running up the national debt, largely favoring the baby boomers."He continued: "Baby boomers have been and still are consuming more than their fair share of the pie. This will leave future generations saddled with substantial debt stemming from expenditures they didn't benefit from proportionally."Marks did not immediately respond to a request for comment.Boomers' hand in millennials' affordability crisisMarks isn't the first to question boomers' economic influence. Both generational experts and news outlets ranging from Vox to the Guardian have called out the generation for their role in bankrupting the rich economy they inherited, leaving millennials to pick up the pieces.Millennials, now the largest generation, have faced an affordability crisis ever since they came limping out of the Great Recession into a blighted job market, struggling to build wealth as they faced soaring living costs and shouldered massive student debt. They were still dealing with its lingering effects a dozen years later when the coronavirus recession and a historic housing crisis hit.Boomers, too, have been a force behind their economic plight. Neil Howe, the economist, historian, and demographer who coined the term "millennial," previously told Insider that boomers refuse to pay for institutional upkeep, preferring to spend money on things that change people's lives now. He said this is a result of their coming-of-age experience, in which their parents, the GI generation, cared about building strong institutions and looking into the future. Boomers took that for granted and developed a "live-for-today attitude," he said.They reaped economic benefits from this mindset, a Deutsche Bank Research report found last year. Boomers, it said, saw an increased value in assets thanks to low interest rates and inflated housing prices. They didn't have to pay as much for education as millennials have, nor will they face the cost for environmental damage caused by the carbon emission-releasing companies in which they've invested. Boomers created an economic crisis that will leave millennials the first generation worse off than their parents, author Jill Filipovic explores in her book "OK Boomer, Let's Talk." Millennials, she told Insider, are a generation of optimistic, hard-working people who have been dealt a bad hand. "None of this was an accident," she said. That boomers have held tremendous political, cultural, and economic power for the past several decades has prevented millennials from seeing the economic solutions they need, Filipovic said. She argues that millennials need boomers to impart their wisdom and experience while making room for the younger generation to be part of decision-making processes. "Unless millennials are at the table, we're really not going to see the issues that are most important to us addressed," Filipovic said. "You need people who are actually going to live in the future, who have a stake in the future, at the decision making table."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderNov 24th, 2021

3 couples who drive trucks for a living reveal how they manage to stay in love while on the road

"You might think you like them," one trucker told Insider. "But when you're in a very small space 24/7, those adorable quirks aren't always so cute." "Our marriage is completely different today than when we first started," Robert Holmes said. "It's way better."Courtesy of Carla Holmes Team truckers are two people who take turns driving one truck. While one drives, the other sleeps.  This allows the drivers to travel double the distance of a solo trucker — and make double the pay.  Insider spoke to three married team truckers about the lifestyle's impact on their relationships. Stephanie and Frank Rebelo have traveled to 40 countries together over the past nine years. Their joint Instagram account features selfies from the sand dunes of Dubai and the Brazilian coast. But the Rebelos aren't influencers or travel photographers — they're truck drivers. Better known as The Trucking Couple by their combined 30,000 followers and subscribers on Instagram and YouTube, Frank and Stephanie belong to a cohort of truckers who drive with their spouses. Team drivers can cover double the distance of a solo driver and can make more than $100,000 a year. Trucking teams have always been highly sought-after. Now, as a lingering driver shortage and supply chain chaos continue to wreak havoc throughout the American economy, even years into the pandemic, they're in more demand than ever. Insider interviewed three trucking couples about how their marriages have survived — and even thrived — while driving freight across the country. In the beginning, I wish we had an eject button in the truck. Robert HolmesVeteran truckers turned owner-operators Deb and Del LaBree have one piece of advice for couples that want to start trucking together: Spend a three-day weekend inside a walk-in closet first. "Even prisoners have a bigger cell than a truck," Deb told Insider. "If you don't kill each other after that three-day weekend, you got a good chance of trucking together."The first six months of driving as a couple have a steep learning curve, all three teams agreed. On top of perfecting the art of driving an 18-wheeler for 12 hours straight, couples are faced with navigating a completely new type of relationship. "Of course you love the person, but you better like that person, too," Frank Rebelo said. "Picture being confined in an 8-by-10 box with them 24/7, 10 months a year. You've got to learn to fight fair."Fighting with your spouse while they're driving an 80,000-pound vehicle isn't the best idea, Rebelo explained. In a truck, the only separation between work and home is a thin curtain between the front seats and the sleeper. And  "you can't slam the curtain," the Rebelos and LaBrees said. "You get into a little bit of an argument and you're packing all your stuff," Deb LaBree told Insider about the couple's early trucking days. "You want to get off right there on the interstate."The sleeper in Carla and Robert Holmes' truck.Courtesy of Carla HolmesWe've been married 16 years — that's 32 in trucking years. Deb LaBreeShowers and sinks are a luxury. Robert Holmes brushes his teeth outside the driver's seat window with a water bottle, while Carla prefers truck-stop restrooms, where she puts on mascara if she can. Team drivers divvy up shifts depending on individual preferences. Deb LaBree drives from 3 p.m. to 3 a.m., while her husband does the inverse. She said her husband is a "sunrise person" and she's a "sunset person" — so it works out. During one month, the Rebelos said they drove almost 20,000 miles between New York and Southern California, rotating an "8-2-2" split shift. "That was a month that we almost made $20,000 for ourselves with bonuses," Frank said. But after 30 days of nonstop driving, he worried Stephanie was "never going to get back in" the truck.So they left the truck in New Jersey and hopped on a cruise the next day. Daily challenges in the Holmeses' truck include brushing their teeth without a sink, left, and potty training their new puppy, Arrow.Courtesy of Carla HolmesThe truck is the "third in the relationship," Stephanie said, adding that it's often hard to separate problems from the vehicle itself. "You have to know your partner when your partner is on the verge of throwing the keys at your head and leaving," Frank said. "You have to figure out, do we just take two days off? Do we get a hotel room for the night? Or do I take her on a cruise?"Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 23rd, 2023

Leading Saudi Developer, AJDAN, Announces the Launch of Infiniti by Ajdan

AJDAN, one of Saudi Arabia’s leading mixed-use, lifestyle developers and the company behind the highly successful and popular Ajdan Waterfront, is delighted to reveal its latest destination: Infiniti by Ajdan. The development will cover a total land area of 45,510sqm. This integrated mixed-use landmark project overlooking the eastern coast of... The post Leading Saudi Developer, AJDAN, Announces the Launch of Infiniti by Ajdan appeared first on Real Estate Weekly. AJDAN, one of Saudi Arabia’s leading mixed-use, lifestyle developers and the company behind the highly successful and popular Ajdan Waterfront, is delighted to reveal its latest destination: Infiniti by Ajdan. The development will cover a total land area of 45,510sqm. This integrated mixed-use landmark project overlooking the eastern coast of Al Khobar, will consist of more than 480 residential units in three high rise towers of 35, 40 and 45 towers respectively, flanked by 20,000 sqm of retail, food and beverage, and other mixed-use space. Ajdan have also announced that a world renowned international architectural studio will be lead architects on the project, setting it apart in design and delivery. This stunning destination carries the name Infiniti, which is derived from the spectacular pools integrated in the development’s design—acting as a connective tissue across the foot of the three towers—giving the space an infinite and captivating feel. With stunning views of the Arabian Gulf, Infiniti promises to be a timeless destination that embodies AJDAN’s vision for an upscale, 360° lifestyle experience. This holistic, lifestyle development will be made up of interwoven residential and retail components. Three residential towers, each taller than thirty floors, will form the centrepiece, and feature the contemporary designs and quality that AJDAN is known for. Within the In offering a truly seamless customer experience journey and exquisite finishes throughout, AJDAN differentiates itself from other residential developers in the region. For residents, life at Infiniti by Ajdan will feel like an infinite vacation. As a developer focused on cultivating a holistic lifestyle vision, AJDAN also strives to deliver a stellar retail, food and beverage (F&B) offering. With the residential towers stretching skyward, Infiniti by Ajdan will also feature 20,000 sqm of elegant open-air, lifestyle-shopping space. This retail development will include a luxury shopping boulevard, as well as fine dining and premium casual concepts, and is set to attract leading national and international brands. Sitting amongst beautiful landscaping and water features, Infiniti by Ajdan’s retail village aims to capture the spirit of the developer’s current flagship project, Ajdan Waterfront, by creating airy, lively outdoor space. Ultimately, Infiniti by Ajdan will be a both a home for locals and expats, as well as cementing the Eastern Province as a destination for visitors from across Saudi Arabia and the GCC. Mr. Mohammed Abdulmohsen AlOtaibi, CEO of AJDAN, highlights that “Infiniti by Ajdan represents the culmination of AJDAN’s design-first vision. AJDAN aims to transform people’s lifestyle and mindset toward a more open society will help drive the investment inwards in Saudi Arabia, especially in terms of entertainment and tourism growth. This project will be the Eastern Province’s foremost, premium mixed development.” AJDAN: Leading development in Saudi Arabia AJDAN is one of Saudi Arabia’s leading mixed-use, lifestyle developers, and the leadingdeveloper in the country’s Eastern Province. Its project portfolio is currently focused on three main cities: Al Khobar, Riyadh and Jeddah—with plans on the horizon for rapid expansion into other cities and regions of Saudi Arabia. In Al Khobar, their developments span Ajdan Waterfront (including the popular AJDANWalk and soon to open Fairmont Hotel), Bayfront, and now, Infiniti by Ajdan. With anemphasis on delivering high quality destinations within the Eastern Province and beyond in the coming years; expansion plans include developments in Riyadh and Jeddah to follow. AJDAN’s birthplace, Al Khobar, has recently gained momentum as a hub of cross-functional projects that ascribe to a holistic approach. Many of these projects have already launched, with many others being under developments. Projects in the Eastern Province, such as Dharhan Opera House, SEVEN and others—position the region as a charming destination for domestic and GCC tourists. Ajdan Walk, the first completed component of the Ajdan Waterfront development, opened in 2019 and has since proven a huge success. The now-bustling Ajdan Walk enjoys a unique location in the heart of Al Khobar and It features the first food village in the eastern province with many leading international food brands located in and around Boulevard Street. In their partnership with internally renowned architecture firm, Benoy, AJDAN created a hybrid cultural space that effortlessly integrates a premium retail, entertainment and F&B offerings with the essence of Al Khobar. The wider Ajdan Waterfront development also includes the breath-taking Ajdan Rise and Fairmont Ajdan. AJDAN recently announced the SAR250m Bayfront project in Al-Khobar. Bayfront will be a mixed-use project located on the northern part of Al-Khobar’s beach, spanning over 100,000 square metres. The post Leading Saudi Developer, AJDAN, Announces the Launch of Infiniti by Ajdan appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 18th, 2023

The World Economic Forum’s Klaus Schwab on What Lies Ahead

WEF founder Klaus Schwab sat down in New York City with TIME’s editor-in-chief Edward Felsenthal. The World Economic Forum may be returning to its long-standing ritual of meeting in Davos, Switzerland, in January, but—even as the pandemic ebbs—this is still a time of remarkable upheaval. WEF founder Klaus Schwab sat down in New York City with TIME’s editor-in-chief Edward Felsenthal to discuss what’s ahead for Davos and the global economy. A couple of times when we’ve had these conversations, I’ve asked you about what the impact of a real economic downturn might be on the tension between stakeholders and shareholders. And here we are, with the economy facing some real headwinds. Do you see any retreat from the movement toward stakeholder capitalism? [time-brightcove not-tgx=”true”] I think it’s the wrong approach, from the beginning on, to create a choice between shareholder capitalism vs. stakeholder capitalism. The company is not just an economic unit: it’s a social organism, which has to play its role inside society. This generation expects from a company not just to serve shareholders, but to take care of people and the planet. The company who keeps this in mind will have much better talent in the future and will have much higher attractivity with its customers. But there is some tension. You can’t fully take care of your people if you’re laying off 13,000 workers. No, in your practical decisions as a CEO, you have to make compromises. At a certain moment, the balance may shift more to the short term—which is to emphasize, let’s say, the profitability of the company. And other times it may shift more to the long term. [video id=dL4Om8QI autostart="viewable" no-rec] There aren’t many people in the world who talk regularly to as many CEOs and world leaders as you do. What are you hearing and feeling about the economic outlook for ’23? I wouldn’t relate it only to ’23. We are in a restructuring of the global economy. When you have a restructuring in a company, you write off the costs on your balance sheet, and shareholders are suffering and sometimes employees have to go. But when you have a restructuring of an economy, it bites into the purchasing power of the people. We should not look at the global economy with a crisis mindset and a short-term approach. We have to manage in a strategic way this transformation period, which may last three, four, five years and will be socially very painful. The company is not just an economic unit: it’s a social organism. You made the unprecedented decision last year to ban Russia from Davos. We immediately followed the global sanction policies, so we froze all our relationships with Russia. And that continues? That continues. The first time I came into contact with the crypto world at all was at Davos. After the collapse of FTX and the broader challenges over the past four or five months, what do you make of that market? I’m a big fan of new technologies, so we [at the World Economic Forum] were always very engaged in the development of crypto. But it’s a fact that technological development is so complex and so fast, that sometimes it’s very difficult for political [institutions] to comprehend the significance of a certain new development, and even more difficult to create the necessary boundaries around it. So I’m not surprised about what happened. Crypto will remain. But now we have to make sure crypto is integrated into, or at least made congruent with, our traditional systems. Now you’re working on bringing the World Economic Forum into the metaverse. A year ago, when Meta had changed its name, I became curious what [the metaverse] is and could it have an impact, as you did with crypto. So I asked many people, What does it really mean? Everybody gave to me a different answer. And for me, it became very clear: it’s the capability to meet in a virtual three-dimensional room. I mean, you have two levels. First is just to meet around a table with your avatars. And second, is to combine it with an immersive experience—and that’s what we will do in Davos. We will showcase in Davos what we call the Global Collaboration Village and inaugurate it in the summer next year. This has such an importance because it can make global collaboration more open; you always can convene the most relevant and the most knowledgeable people. And second, it makes it more sustained, because you can work together on a continued basis, and not just come together for a physical meeting and then nothing happens for quite some time again. We created a community, which has at the moment 70 members, whom we call Village Partners, who support us. [Salesforce, whose chair and CEO is TIME’s co-owner Marc Benioff, is a Village Partner.] I feel this could be a game changer in global collaboration. What brings you optimism in this challenging time? I’m always an optimist—and if I tend to become a pessimist, I just think of my mentor Shimon Peres, who explained in Davos once the difference between optimists and pessimists: both, in principle, have the same lives, but optimists have a much happier life. This situation which we are in now is not the worst of all the times. It’s a bad one. But at the end, change is what’s happening. We can manage change. This interview has been edited for length and clarity.....»»

Category: topSource: timeJan 17th, 2023

Meet the "zillennials," who grew up online, live with their parents, and have retailers chasing their disposable income

Zillennials, or zennials, sit on the cusp of millennials and Gen Z. What makes them unique from their older and younger peers is their spending power. Retailers are fighting for zillennials' disposable income.Kena Betancur/Getty Images 'Zillennials' are the consumers at the cusp of the millennial and Gen Z generations. As many as 48% of zillennials live with their parents, meaning they don't pay a mortgage or rent. This gives them enormous spending power, and retailers are hoping to attract zillennial dollars. A powerful micro-generation is on the rise, and retailers are starting to fight for its disposable income.Called 'zillennials', or 'zennials', this cohort of roughly 30 million consumers includes anyone born between 1990 and 2000 — right at the cusp of the millennial and Gen Z generations. But what makes zillennials unique from their older and younger peers is their spending power, according to a recent report from financial services publication PYMNTS. PYMNTS estimates that about a third of zillennials, or around 11 million people, are still living with family members. The US Census Bureau estimates that share is even higher — recent data showed that around 48% of Americans between the ages of 18 and 29 are living with their parents.That means that a large share of young consumers aren't paying for rent or a mortgage. Add that to their steady income and the fact that they grew up on the internet, and zillennials are becoming savvy shoppers with plenty of disposable cash. And they're spending it on luxury products. Morgan Stanley analysts wrote recently that young consumers living with their parents are helping to fuel the luxury boom because they're saving on bills and necessities like groceries. Analysts called the trend "fundamentally positive for the industry."The luxury market is expected to grow 21% in 2023, driven, in large part, by young shoppers who are starting to buy luxury products three to five years earlier than previous generations, according to a recent report by management consulting firm Bain & Company. In fact, millennials and Gen Z are expected to make up 70% of luxury shoppers worldwide by 2025 — in 2019, they made up just 44% of the market, Quartz reported, citing Bain data.Retailers are starting to catch on, working to lure zillennial dollars.Nike CEO John Donahoe said on CNBC's Closing Bell this month that the brand is "really focused" on attracting young consumers right now because they want "the most innovative products and wants brands that are globally relevant." JD Sports, which owns sneaker store chains like Finish Line, said recently that young consumers boosted holiday sales by 20% as they gobbled up over 2 million pairs of Nike Air Force 1s, a Gen Z staple that typically retails for $110."I think that the buying power of our customer is much higher than it used to be," JD Sports CEO Régis Schultz told reporters, according to Reuters. "They don't have the utility and the rent or the mortgage to pay."Read the original article on Business Insider.....»»

Category: personnelSource: nytJan 17th, 2023

Millennials are living with their parents at higher rates than past generations, and they"re not ashamed

Millennials are living with their parents at higher rates than past generations. They're saving for down payments, retirement, and experiences. Trysta Barwig, Megan Zuckerman, Chloë Grande, and Patricia Kolesa.Trysta Barwig, Megan Zuckerman, Rachel Sulman Photography, Patricia Kolesa Since 2020 adults aged 25 to 34 are living at home at higher rates than past generations, said the Census Bureau. Four millennials talk about what contributed to their decision to live with their parents. Some are saving for a down payment, while others don't consider homeownership a marker of adulthood. Since the onset of the pandemic, young millennials are living with their parents at rates not seen since 1972, and they seem to be in no rush to move out.According to the US Census Bureau, about 18% of men and 12% of women ages 25 to 34 were living with their parents in 2022.For the roughly 48% of 18 to 29 year olds the US Census Bureau estimates are living with their parents, no rent can mean spending savings on luxury handbags and watches, according to a report about discretionary spending by Morgan Stanley research. But for many of their slightly older millennial counterparts, living at home means saving money for a down payment for their own place, waiting out high mortgage rates and sky-high housing prices, and prioritizing spending on experiences like vacations and concerts rather than material goods.There's also a shift happening: Americans well into their 30s aren't afraid of being labeled immature or unsuccessful for living at home.Trysta Barwig, a project manager for a home-improvement store in Atlanta and one of three millennial women in the US Insider spoke with who are still living at home, said she'd experienced the shift in her own thinking."I think back in the day people used to look down on you for staying at home with your parents like you're some kind of loser, but I've got a job, I've got a salary," Barwig said. "I don't see why I need to live on my own."And the trend isn't limited to the US. Right across the border in Canada, rents also have spiked. Insider spoke to a woman who moved from her own place in Toronto to live at home in Ontario to save money.All four women opened up about how much money they're saving by doing it, what they're prioritizing in their futures, and what they think about their living arrangements.Financial goals, and cultural traditions, keep her at homeBarwig.Trysta BarwigBarwig, 33, has almost always lived with her parents."In my culture — I'm from Malawi — you stay home until you get married," she said.Barwig tried living on her own, about two years ago, in a $2,000-a-month studio in Atlanta."I knew I could afford it, but it was a lot of money," said Barwig, who in addition to working as a project manager for a home-improvement store runs a Hawaii travel blog on the side. Barwig asked not to name her employer and wouldn't share her salary, but Indeed.com lists the average salary at Lowe's for Barwig's role as $49,456 a year.She doesn't consider herself a frivolous spender, and decided the expense of the monthly rent payment outweighed the pros of independent living. In early 2022 she decided to move into her parents' home in Atlanta to save up for a down payment and, she hopes, wait out higher mortgage rates.There are other pluses, too. Barwig said she's able to contribute the maximum amount to her 401(k) and other benefits through work because she isn't paying a huge sum for rent. She's also able to spend more on experiences, like traveling to Hawaii three times a year.Barwig contributes $200 a month to her household to help cover the electricity bill. Her other monthly expenses include her phone bill, health insurance, and car insurance. She's paid off her student loans and doesn't have any credit-card debt. Barwig estimates she's saving about $30,000 a year."I don't really spend a lot of money," she said. "You're never going to see me at a restaurant spending $50 on a dish."The pandemic brought her home, but the savings make her stayZuckerman.Megan ZuckermanIn March 2020, Megan Zuckerman moved home to the Jersey Shore from her apartment with two roommates in Manhattan's Flatiron neighborhood, where she paid $2,000 a month.The 28-year-old, who had been living in New York City for about seven years at that point, was used to being more independent. The disappointment of moving home was overwhelming.She was planning on signing a new lease in Manhattan when things got a bit more back to normal."But then I started realizing that I was saving so much money, and it was going to be really hard to go back to spending so much on rent," she said.Zuckerman works as a public relations and events manager at an educational consultancy, where she pulls in six figures. She's been able to maintain the job as a mostly remote employee at the Jersey Shore, where her parents live.She looked to a few of her older friends as inspiration for her next decision: to continue living at home as she saves up for a down payment, ideally for a studio on Manhattan's Upper East Side."I really don't want to have a crazy-high mortgage, so I think it'd be better to keep waiting and then put down as much of a down payment as possible," Zuckerman said. She's hoping to save about $100,000 before moving out.She contributes to the grocery bill and often picks up the tab when her family dines out, she said. And living at home has freed her up financially to lean more into experiences, like splurging on Bruce Springsteen tickets and going to more nonprofit fundraisers, which Zuckerman said usually start at about $100 a ticket.She has FOMO — fear of missing out — when she knows her friends who still live in the city are going out, but the savings help her overcome the feeling.She's focusing on her health, and starting her own businessGrande.Rachel Sulman PhotographyChloë Grande moved 19 times in 10 years, but her most recent experience with a negligent landlord in Toronto pushed her to her limit.She broke her lease and moved home to St. Catharines, Ontario, right across the border from Buffalo, New York, in April 2021.On top of that, the coronavirus pandemic pushed Grande, then working in corporate communications, inward."I really thought deeply about my values, my purpose. So I had a lot of thinking, which is also connected to my relapse with an eating disorder over the pandemic," Grande said. "I really put my health as a priority rather than these external goals that I felt pressured to achieve before the pandemic."Grande quit her gig, focused on her health, and decided to launch her own business in early 2022 as an eating-disorder-recovery blogger, writer, and speaker. The transition not only saw her leave behind a steady paycheck but also changed her big-picture priorities."My spending habits now are mostly directed towards my business," she said. "That's become the priority and dream rather than saving for a down payment."When she was bringing in 80,000 Canadian dollars in her corporate-communications role, the 29-year-old is now hoping to make 20,000 to 30,000 Canadian dollars, or about $15,000 to $22,000, in her first year of self-employment.She pays her mom 500 Canadian dollars a month for a separate apartment in the home, and she still has savings from her corporate job when she's ready to buy a home of her own. But she's in no hurry.She said studying abroad and talking to friends from different cultures that don't idealize homeownership, such as in Germany and France, where people often remain renters, had helped her to change her expectations."I feel I don't need to own a house for that to be a marker of success," she added, "or a sign that I'm a proper adult."Her friends live at home, so she's in no big hurryKolesa.Patricia KolesaPatricia Kolesa has never lived too far from home, straying only when she lived in the dorms at Rutgers University in New Brunswick, New Jersey, the same town she grew up in.After graduating in 2019, Kolesa decided to move back in with her parents as she pursued her master's degree online in human nutrition. She's been living at home ever since.The cost of housing in New Jersey is far higher than the national average — 38%, according to RentCafe — a fact that Kolesa is acutely aware of. Now, she and her boyfriend, both 26 and both living with their parents, are saving for a down payment and forgoing the high rents in the area.She feels more at ease living at home because a lot of her friends are doing the same. "Just having them within close proximity has been really another reason for me to stay," she said.The ability to live at home while working full time as a registered dietitian at an acute-care hospital, where she makes about $65,000 annually, has also helped her to afford to travel the world, with stops in Ecuador, Portugal, and Turks and Caicos since mid-2021.Kolesa doesn't have any student loans and said her big expenses at the moment were healthcare, auto repairs, and credit-card bills.She estimates she's putting about $30,000 a year into her bank account, and she wants to invest more in the stock market in 2023 to diversify her income streams. She is also saving to start her own business as a dietician to counsel clients on healthy eating habits.Still, she does want to buy her own place one day."Unfortunately, something a lot of people that I'm close to wish for is another crash," she said, referring to the subprime-mortgage crisis. "So then the prices go down, which is not an easy thing to say, but it'd be easier for us to have the ability to purchase a home."If you or someone you know has an eating disorder, call the National Eating Disorders Association Helpline (1-800-931-2237) on weekdays for support, resources, and information about treatment options. In crisis situations, NEDA offers 24/7 support — just text "NEDA" to 741741.Read the original article on Business Insider.....»»

Category: dealsSource: nytJan 17th, 2023

Sleep experts say you can "catch up" on sleep but sleeping in on the weekends isn"t the way to do it

Catching up on sleep after a long workweek is possible but hard to achieve. Experts say don't wait until the weekend, because by then it may be too late. If weekends are the only time you can snag extra sleep, so bet it, but experts don't recommend waiting that long.Yasser Chalid / Getty Images Sleep experts say you can make up for lost sleep, but it's best to do it sooner than later. Researchers proposed it takes 4 days of quality sleep to recover from just 1 hour of sleep debt. Napping or snagging more sleep during the week may be better than waiting to sleep in on weekends. One-third of Americans are wracking up a debt each night that they may never be able to pay back: sleep debt.That's where the concept of "catching up on sleep" comes in: You try to squeeze in extra hours of sleep on the days following a bout of poor sleep. For example, sleeping in on the weekends.But do those extra hours of sleep actually protect you from the health risks of sleep deprivation?Study results are mixed on the matter, but after checking out the research and chatting with some experts, we can say it seems possible to catch up on sleep, but it's difficult to achieve.Why it's hard to catch up on sleep Psychiatrist and sleep medicine expert, Dr. Alex Dimitriu, is of the mindset that you can catch up on sleep, but only if you haven't let your sleep debt grow too great. By definition, one hour of sleep lost equals one hour of sleep debt."If the sleep debt is greater, the time to recover becomes markedly longer, and complete recovery may not be possible, so it's important to not let sleep debt go too far," Dimitriu, founder of Menlo Park Psychiatry & Sleep Medicine, told Insider.Keeping your sleep debt in check is important because "long-term, not getting sufficient sleep can lead to medical problems such as obesity, cardiovascular disease, increased risk of cancer, and immune dysfunction," said Dr. James A. Rowley, former president of the American Academy of Sleep Medicine Foundation.Perhaps the most intriguing results of sleep debt and recovery time came from one small study that proposed for every one hour of sleep debt, a person would need four consistent nights of seven to nine hours of quality Zzzs to fully recover.So, if you need seven hours of sleep per night but only get six during the work week you'd accumulate five hours of sleep debt come Friday. According to the study's predictions, this means you'd need about 20 days of consistent quality sleep to fully recover. So, sleeping in for a few hours on the weekend probably isn't going to fix that."While one can make up an hour or two on weekends, one cannot make up getting insufficient sleep for the whole week just by sleeping those extra hours," Rowley said.That said, in 1963, a then-17-year-old stayed awake for 11 days for a science project. He dealt with temporary nausea and memory loss, but said that after sleeping 14 hours, he felt back to normal. While that's not an experiment that Dimitriu would like to see his patients or anyone else repeat, it's worth noting that there's more room for studies on how periods of extended sleep affects the health risks of people who are already chronically sleep deprived.  And if the weekend is the only time you can find for sleep, it's "better to increase [sleep hours] on the weekend rather than not doing it at all," biological psychology professor at Stockholm University told Insider's Lyndsay Dodgson. So what can you do if you're like one-third of Americans who are getting fewer than six hours of sleep a night?How to pay back sleep debtPaying back sleep debt is like paying back credit card debt: Try to pay all, or as much, of the total balance so that the debt doesn't grow too large.That means not waiting until the weekend to try and catch up on an entire week's worth of lost sleep. Instead, if you miss an hour or two of sleep, try making up for it immediately the following day either with a nap — 20 to 30 minutes is best — or get a good night's sleep the following evening.Most important, however, is that you set a sleep schedule and stick to it. "Sleep loves regularity and rhythm," Dimitriu said, because it keeps a consistent circadian rhythm. Circadian rhythm, often called your internal clock, affects a whole host of important bodily functions including temperature regulation, hormone control, memory, focus, and — of course — sleep.Keeping a consistent sleep schedule — aka going to bed and waking up at the same time every day — is one key way to maintaining a healthy circadian rhythm and, subsequently, a healthier you. That's why sleeping in may not be the best option and brief naps could be better.Of course, this is all easier said than done and not everyone can change their schedules to allow for more sleep. For example, if you're working night shifts, have multiple jobs, or need to get the kids out early in the morning, you're more likely to have sleep debt, but have less flexibility to address it. Do the best you can to get as much sleep as possible. "In those circumstances, even finding an extra 15 minutes per night can be a big difference," Rowley said. It may also be worth thinking outside the box. For example, a recent study found that when people switched from a 5-day work week to a 4-day work week, the percentage of those getting fewer than seven hours of sleep a night dropped from 42.6% to 14.5%.However, you decide to try and pack in more sleep, just remember that sleep isn't a luxury, it's a necessity."Sleep should be considered the same as diet and exercise, one of the pillars of overall good health and should be prioritized just like they are," Rowley said.Read the original article on Business Insider.....»»

Category: personnelSource: nytJan 14th, 2023

Global Debt Leverage: Is a Great Reset Coming?

Ahead of the World Economic Forum, some of today’s turbulent state of affairs are explained by S&P Global economists and analysts. We have identified six interconnected themes – energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks – with the greatest potential for large-scale disruption. Q4 2022 hedge […] Ahead of the World Economic Forum, some of today’s turbulent state of affairs are explained by S&P Global economists and analysts. We have identified six interconnected themes – energy security, climate and sustainability, technology and digital disruptions, supply chains, capital markets and geopolitical shocks – with the greatest potential for large-scale disruption. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q4 2022 hedge fund letters, conferences and more   These insights will help decision-makers like asset managers, asset owners, companies, multilateral institutions, nonprofit organizations and governments look beyond the near term and explore the trends that will shape our future. Below are research insights from S&P Global Ratings. Global Debt Leverage: Is a Great Reset Coming? Terry Chan, CFA, Managing Director & Senior Research Fellow, S&P Global Ratings Alexandra Dimitrijevic, Global Head of Research & Development, S&P Global Ratings Rising rates and slowing economies mean the world’s high leverage poses a crisis risk The world’s leverage is at a higher level than pre-global financial crisis (GFC) peaks. Yet demand for debt — to help consumers with inflation, mitigate climate change and rebuild infrastructure — will continue. To mitigate the risk of a financial crisis, trade-offs between spending and saving may be needed. Record leverage. Global debt has hit a record $300 trillion, or 349% leverage on gross domestic product. This translates to $37,500 of average debt for each person in the world versus GDP per capita of just $12,000. Government debt-to-GDP leverage grew aggressively, by 76%, to a total of 102%, from 2007 to 2022. The projected global debt-to-GDP ratio could reach 366% in 2030, above the 349% reached in June 2022. Higher interest rates. Debt servicing has become more difficult. Fed funds and European Central Bank rates were up an average of 3 percentage points in 2022. Assuming 35% of debt is floating rate, this means $3 trillion more in interest expenses, or $380 per capita. Great Reset. There is no easy way to keep global leverage down. Trade-offs include more cautious lending, reduced overspending, restructuring low-performing enterprises and writing down less-productive debt. This will require a “Great Reset” of policymaker mindset and community acceptance......»»

Category: blogSource: valuewalkJan 13th, 2023

25 books management consultants from firms like McKinsey and Bain recommend for anyone who wants to make smarter business decisions

This wide-ranged reading list provides tips for problem solving and persuasion, different management styles, and more. There are some skills management consultants can learn and develop from books.Goodboy Picture Company/Getty Images Management consultants can make six-figure salaries right after college or business school.  Consultants are often expert problem-solvers who have mastered negotiation and soft skills. Insider spoke with consulting experts and business school professors who shared 25 of their go-to reads.  Titles range from a 90s classic, "The McKinsey Way," by Ethan M. Rasiel to "Never Split the Difference" by Chris Voss, a former international hostage negotiator for the FBI who shared tips on how to get through to anyone.  Visit Business Insider's homepage for more stories. Whether you're a consultant hoping to excel at work or a business school student eager to land a six-figure job at a firm, books can serve as a great resource for you to learn the ins and outs of the management consulting industry. Consultants specialize in advising leaders to make smarter money and business decisions. They usually have a knack for diagnosing company strengths and weaknesses on the fly.Apart from the high salaries and prestige, consultants spend their days collaborating with teams, negotiating with high-profile clients, and solving complex problems. Most of their skills are mastered through business school and rigorous training at elite firms. But there are some skills management consultants can learn and develop from books.Leading consulting firms like McKinsey & Company, Boston Consulting Group, and the Big Four account firms (which consists of Deloitte, KPMG, EY, and PwC) are known to be rather tight-lipped about their client work. But there are several books written by former employees and journalists that can offer you more insight to what it's like to work there. Insider has compiled a list of books recommended by MBA graduates, business school professors, and consultants. We also included resourceful reads for job seekers who want to learn more about specific firms. This wide-ranged reading list gives tools for problem solving and persuasion, teaches the impact of different management styles, informs you about effective DEI practices, and tells you what you're expected to know.Here are 25 books related to management consulting you should read. "Quiet" by Susan CainCrown Publishing Group, Random House, Inc."Quiet" is a curriculum requirement in Zoë Chance's lectures at Yale School of Management. Chance, a management professor teaching "Mastering Influence and Persuasion," shared in a Medium post that her students can become better leaders once they figure out how to work well with introverts. In this book, author Susan Cain gives a crash course on how extroverts and introverts think differently. She explained their strengths and weaknesses in problem solving, and she emphasized that introverts can make great (if not better) leaders. Get it here >> "Good to Great: Why Some Companies make the Leap and Others Don't" by Jim CollinsHarperBusinessDavis Nguyen, went to Yale and worked at Bain & Company for two years. He also founded careers company My Consulting Offer. He suggested several books that helped him through job transitions and leadership challenges.  The first is "Good to Great," a leadership book that is applicable to today's changing workplace, and it's also a standard read in business school, Nguyen said.Author Jim Collins previously published "Built to Last," a six-year research project that  provided a blueprint for building long-lasting companies. In his latest book, Collins takes a closer look at what turns the good companies into great ones. "Good to Great" lays out four key management strategies that combine classic business concepts with an entrepreneurial mindset. Get it here >> "The McKinsey Way" by Ethan M. RasielThe McGrawHill Companies, Inc.Landing a job at McKinsey & Company is challenging. One way to prepare for their hiring process is to read about how the "McKinsey-ites" think. Author Ethan M. Rasiel is a former consulting associate at the company. The book title, "The McKinsey Way," is as on the nose as it sounds. Rasiel discusses how McKinsey consultants' approach to every aspect of the job — how they brainstorm, how they build a team, and how they navigate through a high-pressure work environment. Get it here >> "Stories that Stick: How Storytelling can Captivate Customers, Influence Audiences, and Transform Your Business" by Kindra HallHarperCollins LeadershipMorgan Bernstein, director of strategic initiatives at Berkeley's Haas School of Business, recommended Kindra Hall's bestseller for management consultants who want to be more effective in their jobs. Consultants are also storytellers. They compile data, research competitors, propose a plan, and paint a picture for each client through presentations.Hall's "Stories that Stick" classifies four types of stories that appear in business: The value story, the founder story, the purpose story, and the customer story.Hall's book gives concrete examples and templates on how to leverage storytelling as a business skill. Get it here >> "The Five Dysfunctions of a Team: A Leadership Fable" by Patrick LencioniJossey BassNguyen said "The Five Dysfunctions of a Team" is one of his favorite leadership books — it's also a standard issue at Bain & Company once you take on a leadership role.  Author Patrick Lencioni offers practical information to build small and large teams. He pinpoints five main dysfunctions that even the best companies struggle with. These dysfunctions are often identifiable and curable, he wrote. The author gives ways to overcome those issues.  Get it here >> "Linchpin: Are you Indispensable?" by Seth GodinPenguin GroupIn this book, bestselling author Seth Godin draws attention to an emerging third team in today's workplace: The linchpins or the people who figure out what to do when there's no rule book. Godin refers to real-world narratives of people who refused to conform, carved their own paths, and succeeded. As one of Harvard's recommended books for aspiring consultants, "Linchpin" guides readers to find their own niche and see work through an entrepreneurial lens. Get it here >> "Leaders Eat Last: Why Some Teams Pull Together and Others Don't" by Simon SinekPenguin Random House LLCIn "Leaders Eat Last," bestselling author Simon Sinek puts the spotlight on leadership and management sacrifices. Sinek, who's also career and workplace keynote speaker, travelled around the world and came across a variety of team cultures. He wondered what builds trust in a workplace, and why some leaders fail to establish that same trust with their employees. After an encounter with a US Marine Corps general, the author finally understood a crucial lesson in management — it's that great leaders sacrifice their own comfort for their teams.Get it here >> "HBR's 10 Must Reads: The Essentials" by Harvard Business ReviewHarvard Business School Publishing CorporationHarvard Business Review editors compiled 10 seminal articles by management's most influential experts.Some of the big ideas in "The Essentials" include how to understand customer needs, the importance of soft skills in business, and the eight critical stages in leading change.  Get it here >> "Love Does: Discover a Secretly Incredible Life in an Ordinary World" by Bob GoffThomas Nelson, Inc."Love Does" is written by Bob Goff, a New York Times bestselling author and a former lawyer. His memoir is another book included in the Yale School of Management's curriculum.Chance assigns two particular chapters for her MBA courses.Chapter six, "Go Buy Your Books," is to encourage her students to seize an opportunity when they get one. Chapter 10 in the book, "The Interview," is when Goff finally realized that success is much more about hard work and strategy rather than talent, as he discovered that "ordinary people" can become important. Unlike the more practical reads in this list, "Love Does" documents Goff's journey in overcoming challenges with a positive attitude and how he adapts to life's curveballs. Get it here >> "The Trusted Advisor" by David H. Maister, Charles H. Green, and Robert M. GalfordSimon & Schuster"This book is given to every Bain manager who is on the path to becoming partner," Nguyen wrote in an email to Business Insider. "This is also one of the managing partners of Bain's favorite books. I learned this while working with him." The three authors (who are also former management consultants) give readers the essential tools for consulting, negotiating, and advising. They emphasize perfecting soft skills to build trust with clients. Get it here >> "Just Listen: Discover the Secret to Getting Through to Absolutely Anyone" by Mark GoulstonAmerican Management AssociationEffective people skills are hard to master. For Mark Goulston, the many aspects of connecting with someone, whether they be a client, friend, or spouse, is an art form. The author draws from his experience as a psychiatrist, business consultant, and coach to identify techniques for persuasion, negotiation, and sales. "I think of this as the modern version of "How to Win Friends" for anyone who loved the classic but want to hear more about how it is applied this decade," Nguyen added. Get it here >> "Rising Strong: How the Ability to Reset Transforms the Way we Live, Love, Parent and Lead" by Brené BrownRandom HouseBernstein recommends this book for business school students who want to be successful and deliver compelling "stories that inspire an audience to take action," she wrote to Business Insider. Social worker Brené Brown, a New York Times bestselling author, dedicates her career to studying shame and vulnerability. In this book, she leverages grounded theory research and offers advice on how to navigate through failures and discomfort.In business and in life, we often stay away from the unfamiliar, but regaining our footing during hard times make us better, Brown wrote. Get it here >> "Problem Solving 101: A Simple Book for Smart People" by Ken WatanabePenguin Books Ltd."Problem Solving 101" is written by Ken Watanabe, a former McKinsey consultant who later became a school teacher. He originally wrote the book to encourage the Japanese education system to redirect its focus from memorization to critical thinking, and it soon became an international bestseller."He wanted to be able to teach McKinsey's way of thinking creatively and structurally to kids at a younger age," Nguyen told Business Insider. "It's one of my favorite books and a gift I give to a lot of my mentees." Throughout the book, Watanabe uses logic trees, matrices, and illustrations to simplify complicated concepts. It's essentially a guide for consulting beginners disguised as a teen read.Get it here >> "Give and Take: Why Helping Others Drives Our Success" by Adam GrantPenguin Random HouseAdam Grant, an award-winning organizational psychologist  and a Wharton professor, documents in empirical detail how being a "giver" — that is, someone who seeks to help others — is a strategy for career success, as opposed to only "taking" from other people, which often comes back to haunt would-be high achievers. "In class, we discuss why so many of the least and the most successful people are givers," Chance wrote of the book in a Medium post. Get it here >> "Influence: The Psychology of Persuasion" by Robert B. CialdiniAn essential skill for any consultant is persuasion. Cialdini's bestseller is a must-read book in business school, Chance said. It teaches six universal principles on persuasion that are based off decades of scientific research and experiments. The liking principle, for example, refers to how we're more likely to agree with people we like and how we're also prone to like people who agree with us.  You can use this book as a guide for better negotiations once you understand the behavioral concepts. Get it here >> "Never Split the Difference: Negotiating as if your Life Depended on it" by Chris Voss with Tahl RazHarperCollins BooksNguyen recommends "Never Split the Difference" because it teaches readers how to deal with tough conversations. "This happens a lot in consulting where you have multiple stakeholders and you need to decide how to best work with them," he wrote in an email. Author Chris Voss is a former international hostage negotiator for the FBI, and he simplifies negotiating into nine core principles you can use to become more persuasive. For example, the first big tip in the book encourages readers to be better listeners. Making your clients feel heard is the very first step in any negotiation. Some other strategies Voss discusses include mirroring their clients and getting better at saying no. Get it here >> "Financial Intelligence: A Manager's Guide to Knowing What the Numbers Really Mean" by Karen Berman and Joe KnightHarvard Business School Publishing"Financial Intelligence" is the closest reference to a textbook in this list. It's a guide that helps people make sense of the numbers and why it matters. "To be a consultant, you need to be able to read financial statements and be comfortable with numbers," Nguyen said. "This is a primer guide to accounting and understanding what the numbers mean." Get it here >>   "The Hard Thing about Hard Things: Building a Business When There are no Easy Answers" by Ben HorowitzHarperCollins BooksIf anyone knows how hard it is to run a successful business, it's Ben Horowitz.He had previously run Opsware, a software company that was sold for $1.6 billion in 2007. That acquisition led to him cofounding venture capital firm Andreessen Horowitz. In this book, he reflects on his experience as cofounder of Andreessen Horowitz and gets candid about the entrepreneurial challenges that he never learned in business school. The author shares insights on how to maintain a growth mindset, establish sustainable growth, and outperform business competitors.Get it here >> "The Back of the Napkin: Solving Problems and Selling Ideas with Pictures" by Dan RoamPenguin GroupRecommended by Harvard's Professional Development Center, "The Back of the Napkin" urges consultants to leverage the power of visual thinking to work through client problems. In this book, author Dan Roam draws on more than 20 years of experience in vision science and argues that drawing on a piece of paper can help you communicate your ideas better than any PowerPoint presentation. "There is no more powerful way to prove that we know something well than to draw a simple picture of it," he wrote in the book. "And there is no more powerful way to see hiddens olutions than to pick up a pen and draw out the pieces of our problem." Get it here >>"Flawless Consulting: A Guide to Getting Your Expertise Used" by Peter BlockPfeiffer"Flawless Consulting" by Peter Block is known to be a must-read for consultants, and it's been revised and published with three editions to fit the challenges that next-generation consultants might face at work. With over 18 comprehensive chapters, Block guides readers on how to deal with difficult clients, address the challenges of international consulting, and work in a virtual workplace.Harvard's Professional Development center champions the author's emphasis on maintaining authentic relationship and his concise breakdown of the consulting process. Get it here >> "The Firm: The Story of McKinsey and Its Secret Influence on American Business" by Duff McDonaldSimon & Schuster, Inc.Duff MacDonald is one of few business journalists who penetrated the culture at McKinsey, one of the most influential and secretive consulting firms in the world. In this book, the author tells the origin of the firm and how it earned it prestige in the corporate world. MacDonald also narrates McKinsey's involvement in legendary business transformations as well as controversial projects like building the Enron bomb or working with General Motors before its bankruptcy in 2009. Get it here >> "The Pyramid Principle: Logic in Writing, Thinking, and Problem Solving" by Barbara MintoMinto International, Inc.Barbara Minto is a former McKinsey consultant who wrote "The Pyramid Principle" during her time at the firm. She wrote this book to help consultants how to structure their advice for clients, leverage logic and reasoning, and communicate ideas concisely. Through her research and experience, Minto argues that we can arrange information into a pyramidal groupings to save time. This book remains a must-read for employees at McKinsey, Ernst & Young, and boutique firm Booz Allen Hamilton today, according to consulting careers resource company Management Consulted.Get it here >> "The Consultant with Pink Hair" by Cal HarrisonRockbench Publishing CorporationAlex Nuth, a former strategy consultant at Accenture and cofounder of Now or Never Ventures, an innovation consultancy, wrote that "The Consultant with Pink Hair" offers an entertaining glimpse into the lives of consultants. This book is about two partners at a management consulting firm who navigate through a tough client case. Despite it being a novel, author Cal Harrison accurately describes a consultant's lifestyle of working late nights, managing clients, and tackling competition at work, Nuth wrote. Get it here >> "The Waymakers" by Tara Jaye FrankAmplify PublishingTara Jaye Frank's book, "The Waymakers: Clearing the Path to Workplace Equity with Competence and Confidence," explains how leadership can be the key to greater equality in the workplace. She uses case studies to show how leaders can use their authority to make a way for those historically excluded from professional spaces.Fortune 500 consultant Nika White previously recommended this book to Insider for its actionable steps in leadership-capacity building."Any leader needing this kind of support should consider this book and after reading it, read it once again, and then again," White said.Get it here >>"Plantation Theory" by John GrahamMynd Matters PublishingIn his book, "Plantation Theory: The Black Professional's Struggle Between Freedom and Security," DEI and culture consultant John Graham wrote about the realities many Black professionals face in the corporate world. He includes his own experiences to educate leaders and encourages them to do the hard work in ending inequitable workplaces rather than continuing with performative gestures.Netta Jenkins, the founder of Holistic Inclusion Consulting, previously recommended this book to Insider for leaders to form a deeper level of racial justice action and commitment. "Many organizations want to start and continue their DEI journey, but fail at understanding the historical context," Jenkins said. "This gives all a chance to do that."Get it here >>Read the original article on Business Insider.....»»

Category: smallbizSource: nytJan 12th, 2023

Influencer Grace Beverley runs 2 companies and is only 25. She shares her morning routine, productivity hacks, and pitch deck that raised $5.7 million.

Grace Beverley, the 25-year-old founder of Tala and Shreddy, discussed her morning routine, productivity, and raising $5.7 million from investors. Grace Beverley said that when she commutes, she listens to a podcast that aligns with her first task of the day.Grace Beverley Grace Beverley, 25, is the founder and CEO of Tala, an activewear brand, and Shreddy, a workout app. She's shared with Insider her morning routine, her productivity tips, and a pitch deck. She's said she avoids working weekends and tries to consistently get eight hours of sleep. At 25, Grace Beverley has already founded two companies: the sustainable-activewear brand Tala and the workout app Shreddy.At different stages in her career, Beverley has shared with Insider her morning routine, the productivity tips she swears by, and the pitch deck she used to raise $5.7 million for Tala.Her morning routineBeverley usually wakes up between 6:45 and 7:45 a.m., or 8 if she's working from home. "I am obsessed with sleeping eight hours," she said. "That's not to say I'll show up to work three hours late if I've had a late evening, but I try to be flexible with myself."She works from the office three or four times a week — typically Tuesday to Friday. She said that when she works from home she tries to "have a more relaxed morning because it's such a luxury."On her commute, she listens to a podcast that aligns with her first task of the day so she's in the right headspace. For "extra inspiration," she said, she'll listen to "something business-y."Beverley's to-do list consists of three nonnegotiables for the day. She splits the rest into three categories: "quick ticks," tasks, and projects."Quick ticks take five minutes or less, tasks take around 30 minutes and require more thought, and projects take over 30 minutes and are made up of multiple tasks," Beverley said.Beverley said that while she can easily get overwhelmed, visualizing her day and prioritizing tasks can help.She said she likes to avoid anything "too autopilot" in the mornings and aims to start her day with the hardest task on her to-do list. If she has a concentration-heavy task during the afternoon, she'll often schedule a 20-minute reading break."I find sitting with my Kindle for a short period takes me completely out of my day and I can get back into a creative mindset," she said.Read more: Fitness influencer Grace Beverley starts her day with the hardest task on her to-do list. Here's the morning routine that helped her found and run 2 companies.Her 6 productivity tipsBeverley has said she follows the SMART project-management mnemonic: specific, measurable, achievable, relevant, and time-bound."Don't just set generic goals, or you'll never know whether you're getting them right," she said.She said that in January 2020 she set some boundaries between work and rest, including not working weekends. "I realized my relationship with work was becoming unhealthy," she said. "It is imperative to understand that rest is as important as being productive, despite what infographics on Instagram might tell you."Read more: Entrepreneur Grace Beverley launched her activewear startup in college that raised $5.7 million. Here are her 6 top productivity tips.Tala's $5.7 million pitch deckWhen Tala announced last February that it had raised $5.7 million, Beverley gave Insider exclusive access to the pitch deck used to secure it.Beverley launched Tala in May 2019 when she was an undergraduate at Oxford University. She said she'd struggled to buy affordable, sustainable activewear."I'm just a customer, and I'm just someone who's in the fitness industry, and I'm someone who wears activewear, and I'm someone who cares about these things," Beverley said.Read more: Check out the pitch deck fitness influencer Grace Beverley used to raise $5.7 million for her clothing startupRead the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 12th, 2023

Ex-Trump CFO Allen Weisselberg begs for leniency as he"s sentenced to 5 months for Trump Org tax fraud

Thanks to his testimony against the Trump Organization in a trial last year, the company was found guilty of tax crimes. Allen Weisselberg looks on as then-U.S. Republican presidential candidate Donald Trump speaks during a news conference at Trump Tower in Manhattan, New York, U.S., May 31, 2016.Carlo Allegri/Reuters/File Photo Top Trump money man Allen Weisselberg sentenced to five months in Trump Org tax-dodge scheme. He testified in a monthlong tax crimes trial against the Trump Organization, which was found guilty. The former executive remained on the company's payroll while testifying at the trial. A Manhattan judge on Tuesday sentenced Allen Weisselberg, the longtime top financial official of former President Donald Trump's company, to five months in jail for a running a complex and lengthy payroll-tax fraud scheme at the company."The entire case was driven by greed," said the judge, New York Supreme Court Justice Juan Merchan, in imposing the sentence.Weisselberg appeared in court wearing not his typical crisp business suit, but an olive green fleece jacket.His client meant no disrespect, defense lawyer Nicholas Gravante Jr., told the judge."He is dressed the way he is because he expects to be remanded today and wanted to appear in the appropriate clothes," the lawyer explained.He had pleaded guilty in August to 15 felony counts — including scheme to defraud, conspiracy, grand larceny, and criminal tax fraud — first brought by the Manhattan district attorney's office in July 2021.The former Trump Organization chief financial officer had overseen a decade-long scheme that allowed top executives to dodge hundreds of thousands of dollars in taxes.Over the course of the scheme, Weisselberg admittedly enjoyed some $900,000 in perks, including luxury apartments and cars, and tuition for his grandchildren, without paying a cent in taxes on them.Under the terms of the plea agreement, the 75-year-old was required to serve five months in jail, and then have five years of probation, providing he testified truthfully at trial. He also had to pay $2 million in taxes, interest, and fines, a condition prosecutors said Tuesday that he has met.Along with charges against Weisselberg, the Manhattan district attorney's office brought charges against the Trump Corporation and the Trump Payroll Corporation, two of the entities that comprise the Trump Organization.As part of his plea deal, Weisselberg took the stand for three days in the trial against the corporate entities, which took place in a lower Manhattan courtroom between late October and early December.The former president and his family members weren't personally charged, although the district attorney's investigation appears to be ongoing.Former CFO Allen Weisselberg leaves the courtroom for a lunch recess during a trial at the New York Supreme Court on November 17, 2022 in New York City.Michael M. Santiago/Getty ImagesWeisselberg's plea came after months of pressure from the Manhattan district attorney's office. Hanging over him was the specter of charges against his son, Barry Weisselberg, who also worked for the Trump Organization and had tuition bills for his kids comped by the company. Jeff McConney, the company's controller, previously testified before the grand jury, which immunized him from criminal charges.But when Weisselberg took the stand at the Trump Organization's trial, he was less than forthcoming, jurors found in their decision to find the company guilty."He has a half a million reasons to kind of shade the truth towards their side of the room," Assistant District Attorney Joshua Steinglass told the jury, a reference to a possible $500,000 annual bonus Weisselberg had hoped for in January, on top of his $1.14 Trump Organization pay package for 2022.The question of Weisselberg's allegiance — to the Trump Organization or to the truth — had raised the possibility that New York Supreme Court Justice Juan Merchan would revoke the plea deal.A separate sentencing hearing, for the Trump Corporation and the Trump Payroll Corporation, is scheduled for Friday.This is a breaking story; please check back for developments. Read the original article on Business Insider.....»»

Category: personnelSource: nytJan 10th, 2023

An oil historian explains China"s impact on a key Russian oil product — which is now trading far below the EU"s price cap

Insider's Phil Rosen sits down with oil historian Greg Brew to break down how a softening global market is impacting Russian crude prices. Top of the morning, readers. I'm senior reporter Phil Rosen. While there remains plenty of hubbub around the crypto world and FTX, today I'd like to point your attention to Russian oil. Remember, before Vladimir Putin ordered the invasion of Ukraine, Russia was Europe's leading fuel supplier, and the world's second largest exporter of crude. But since then, many countries, including the US, imposed sanctions on the warring nation, with the aim of punishing Russia's economy. In December, a $60-per-barrel price cap was established to limit how much cash Moscow could pull in from oil exports. But the country's key oil product is trading far below that level, which in one sense makes the cap moot. I caught up with oil historian Gregory Brew, to get the details.  If this was forwarded to you, sign up here. Download Insider's app here.Russian President Vladimir Putin, center, speaks to workers while visiting the Rosneft oil refinery in the Black Sea port of Tuapse, southern Russia.AP/RIA-Novosti, Presidential Press Service, Alexei Nikolsky, Pool, File1. Currently, Russia's Urals blend is trading at $37.80 a barrel, according to data from Argus Media. That's less than half the mark of Brent crude, the international benchmark. At first glance, the depressed prices signal that Russia is struggling to recoup European and other customers that have shunned them in trade. But to Gregory Brew, a Kissinger Visiting Scholar at Yale, rather than being a direct consequence of any sanction measure, the steep discount reflects the easing global market. "Since the war, we've generally seen Urals go for less, so this isn't a surprise," he told me on a phone call. "The current drop reflects softer conditions on the market overall. There's uncertainty with the global economy and with China's zero-COVID policies."That low price, Brew maintained, suggests Russia will have to keep offering fairly steep discounts in order to maintain its market share, which has come under pressure. He noted that Urals as a product, too, isn't a good benchmark for all of Russia's oil, as it has a narrower refining market and tends to get priced lower because of certain distinct characteristics compared to other global crude benchmarks.But ultimately this is a demand-driven story, in Brew's view, and China is the key variable here. Whether domestic demand there bounces back sufficiently will determine a great deal of how global flows move. It isn't about what Russia can produce or how badly it's revenue is impacted by sanctions, but instead the focus should be on what kind of market Russia will be operating in. Whether Chinese demand comes roaring back or not will hold the biggest sway, the historian said, on how steep a discount Russia can sell its oil at. "Softer market conditions have made the [price] cap somewhat moot," Brew said. "The market is somewhat oversupplied, and to say this is the result of the cap is a bit hard to argue."What will the standing of Russia as a world energy hub be by the end of the year?Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.In other news:Spencer Platt/Getty Images2. US stock futures fall early Tuesday, as investors get ready to hear what Fed chair Jerome Powell has to say at a central bank event in Sweden. Attention will then turn to Thursday's CPI data. Here are the latest market moves.3. On the docket: Albertsons Companies, Games Workshop Group, and Bed Bath & Beyond, all reporting.4. These are the top 11 stocks to buy for 2023. This batch of names are positioned for both a recession and a recovery, according to Bank of America. Here's the full list. 5. A financially independent millennial predicted that 2023 will be the year of the "creator millionaire." And that new standing will be what replaces the "crypto millionaire." He explained how he's taking advantage of the creator economy while it lasts.6. Investors cheered for Alibaba as Jack Ma is set to give up control of his fintech empire, Ant Group. Shares of the Chinese e-commerce giant climbed for a sixth straight trading session, and have soared 80% from October lows. After disappearing from the public eye in 2020, the billionaire mogul last week resurfaced in Thailand.7. BlackRock strategists warned that turbulence in stocks is on the way, and emerging-market stocks could outperform those in developed nations. They explained how China's reopening, a recession, and high interest rates will disrupt the market. 8. US hedge funds have been subpoenaed over dealings with Binance. The probe of the world's largest crypto exchange continues to unfold, with the Washington Post reporting that the company is under scrutiny for potential violations of money-laundering rules.9. Morgan Stanley's James Egan said home prices are due to drop in 2023 for the first time in over a decade. "Affordability continues to deteriorate at a faster pace than at any point in at least the past 30 years," he said. The strategist shared three data points that are strikingly similar to the mid-2000s crisis.Bed Bath & Beyond stock on Jan. 10, 2023Markets Insider10. Bed Bath & Beyond rallied over 30% Monday following last week's plunge. Despite bankruptcy fears, Reddit users are speculating that a potential merger and acquisition deal could be in the works for the ailing retailer. Here's what to know about the meme stock.Curated by Phil Rosen in Los Angeles. Feedback or tips? Tweet @philrosenn or email prosen@insider.comEdited by Max Adams (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: smallbizSource: nytJan 10th, 2023

$54M Braemar luxury senior residence breaks ground in Montebello, NY

Owner/developers FilBen Group and RSF Partners, general contractor McAlpine Contracting, and designer H2M Architects + Engineers broke ground for Braemar at Montebello, a new 200-resident, 133,675-square foot, four-level luxury assisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Avenue in Montebello. The property is close... The post $54M Braemar luxury senior residence breaks ground in Montebello, NY appeared first on Real Estate Weekly. Owner/developers FilBen Group and RSF Partners, general contractor McAlpine Contracting, and designer H2M Architects + Engineers broke ground for Braemar at Montebello, a new 200-resident, 133,675-square foot, four-level luxury assisted living residence located on 6.2 bucolic Lower Hudson Valley acres at 250 Lafayette Avenue in Montebello. The property is close to Harriman State Park in Rockland County and offers breathtaking views of adjacent woods, large private properties, meadows, and rolling hills. The parcel is adjacent to a larger site that includes the Montebello commercial center, which will offer Braemar’s residents access to retail, entertainment, dining, and medical services within close proximity of their home. The Braemar property also neighbors the Good Samaritan Hospital – Suffern in Montebello, a part of Bon Secours Charity Health System (BSCHS), a member of the Westchester Medical Center Health Network (WMC Health). Braemar is a brand of FilBen-owned and operated senior living communities. The first property, the Braemar at Medford in Medford, NY, opened its doors in 2008. The Braemar at Wallkill in Middletown, NY, the second property to open under the brand, welcomed its first residents in 2015. The Montebello community will be the third Braemar-branded residence when it opens in 2024. FilBen plans to begin construction of its fourth property, a 152-bed assisted living community in Carmel, NY, in early 2023. “We expect senior residents of Rockland County, the Lower Hudson Valley, as well as the greater New York area and northern New Jersey, to be drawn to the active lifestyle that this community will offer,” said Jessica Cotellese, Manager of Development for FilBen Group. “This $54 million project will add a beautiful, high quality senior care residence for the Montebello and Rockland County communities,” said McAlpine Vice President John Nolan. “Because of the location of the future building on a sloping site, which will offer breathtaking views to the residents, the project presents several technical and logistical challenges to the construction and design team. For example, construction of foundations and the structural system will proceed in a phased, staggered manner to accelerate theschedule, while addressing access and site engineering complexities,” he added. The total development cost of the project is $54 million, including $36 million in construction cost. The owner/developer is a partnership between FilBen Group and RSF Partners, a private equity firm based in Dallas, TX. M&T Bank provided a $34.8 million construction loan. The Montebello site is long, narrow, and sloped, which created design challenges as well. “The building footprint is elongated and fairly shallow to match the property configuration,” shared Mark McKee, AIA, H2M Senior Architect. “Large areas of glazing will draw natural light into all of the interiors and will offer grander views than are typical available in other senior residences.” H2M designed the Braemer Wallkill property and is currently working with FilBen on the design of the Carmel development. Additional team members include site engineer Booker Engineering, landscape designer Robert G. Torgersen, LA; mechanical/electrical/plumbing (MEP) engineer Fellenzer Engineering LLP; and structural engineer Mulhern+Kulp Residential Structural Engineering. Project design drawn from site and local architectural influences“The property slopes significantly from a high point at the south toward a low point at the north, and the linear building plan will be placed perpendicular to the line of the slope, with three levels above grade to the south and an additional lower level above grade to the north,” explained Nolan. The building plan will have a central section and two symmetrical wings that will bend from that section toward the north. A port cochere and circular vehicular drop off will be centered in the south façade on the main level, on grade with the main parking lot to the south and a staff parking lot and service entrance to the east. Activeoutdoor resident areas will be located at both the north and south building facades, while hiking paths will span the grounds. Victorian-era buildings in the surrounding area provided the design inspiration for the building façade. Simulated wood look horizontal beveled siding in a neutral palette will be combined with stone veneers at the main level facing the outdoor patios and on the upper levels above the entrance. Columns with stone veneer bases will support the pitched roof of the porte-cochère. Windows will be in a traditional double-hung style. The roof will feature pitched mansard sections on the perimeter and reverse gables with decorative trim to invoke a Victorian aesthetic. Proactive construction modifications will expedite project schedule and reduce costsMcAlpine has developed a phased process of excavation, starting at the east and moving west, in order to accelerate the project. A poured concrete foundation will support exterior load bearing concrete masonry unit (CMU) walls, concrete plank floors and roof, and light gauge metal stud interior walls. The slope will need to be excavated in order to place the structure. “The first section will be excavated, and foundations will be poured. As the structure above that foundation section is installed, excavation will continue on the next section, and the process will be repeated down the length of the building footprint,” explained Alan Hajtler, Executive Oversight at McAlpine. By applying this logistical solution, McAlpine expects to shorten project completion by four weeks. “Several façade and structural systems were considered for the project. The McAlpine team worked with H2M to select the most economical solution that would also be impervious to supply chain delays. The joined teams selected bearing concrete masonry unit (CMU) walls and concrete plank floors to meet the budget and to expedite the construction schedule,” shared McAlpine Project Manager Vitrag Shah. Interior spaces are designed for interactive community livingThe building will feature shared public spaces on the main, second, and third levels. A total of 143 residential units – 54 private, one-person studio units of approximately 400-square feet each and 57 two- bedroom semi-private “Friendship” units of approximately 600-square feet each – will be located on these levels, while additional 12 private and 10 Friendship units will be located on the lower level in a memory care section. The private units are studios with kitchenettes and private baths. The Friendship units have two bedrooms that share a kitchenette and bathroom. All kitchenettes and bathrooms are barrier-free and include roll-in showers. The visitor entrance on the main level will lead from the south parking lot into a two-story, 22-foot high cathedral-ceilinged atrium with a stone and wood reception desk, a tiled fireplace, and comfortable seating. Behind the desk, a feature wall in a curved wood pattern will evoke the Braemar logo. Beyond the reception area, a C-shaped grand staircase with metal balusters in a geometric pattern, a wood handrail, decorative trimwork and wall art will extend to the second level. A corridor will lead past the grand stair to the main double loaded corridor that bisects the floor. Two passenger elevators, one service elevator, andtwo additional stairs will provide vertical access and emergency egress to all levels. Administrative offices will be located adjacent to the reception area, but the majority of the remaining spaces in the central section and east wing of the main level will be occupied by common spaces. The primary public space is the 3,500-square foot main dining room that extends out from the north façade to offer stunning 180-degree views of the surrounding vistas. A private dining room will also be available for celebrations and private dinners. Along the south façade, a 1,200 square-foot pub and game room will offer lounge seating, game tables, a fireplace, televisions, and direct access to a billiard room. The pub will open onto the south terrace, where residents will be able to enjoy outdoor seating surrounded by a pergola, gazebo, and raised planting beds; stroll along walking paths; and even play a game of giant chess. Additional shared spaces include a billiard room, café, business lounge, general store, arts and crafts room with a sink and art tables, family loungewith an adjacent kids’ room, beauty salon, and coffee shop. The fitness center will be located adjacent to the wellness center, which will be equipped with a waiting area, exam room, medication room, offices for the director and staff, and a records storage room. The east wing will also include a commercial kitchen and food preparation area that services the entire property, as well as a receiving area for deliveries, a service lobby, and a staff lounge. The west wing will contain eight private and five Friendship rooms for a total of 26 beds. On the second level, common areas will include a 940-square foot parlor that will open onto a 1,000-square foot outdoor terrace with a pedestal paver system, decorative planters and comfortable seating for enjoying the views. The parlor will share a double-sided fireplace with the adjacent 510-square foot library. A 1,080-square foot cinema and a chapel will complete the public spaces. The floor will contain 22 private rooms and 24 Friendship rooms for a total of 70 beds. A large number of common spaces were included in the design to encourage social interaction and provide multiple options for entertainment and engagement. The private dining room, family room and kid’s room will allow residents to include their families in their lifestyle. Lectures and other special events, some of which will be open to outside attendees, will connect Braemar residents to the neighboring community. The third level floor plan is similar to the second, with a lounge and shared laundry room as well as 24 private rooms and 28 Friendship rooms for a total of 80 beds. A portion of the lower terrace level will house the memory care unit. This level will offer views to the natural landscape down the slope and beyond the property, with full exposure to natural light that will permeate the building interior. The level will contain 12 private units and 20 Friendship, two-bedroom units for a total of 33 beds. A dining and activity room will be centered in the footprint directly under the main level dining room above and will be wrapped with glass to provide similar views. Two lounges – one with an exit to the north terrace, the other a quiet space – will provide additional social interaction. Acircular staff desk with an integral medication room will provide oversight of the dining room and corridors. An exam room and therapy room complete the unit. The exterior terrace will be provided with comfortable lounge and dining furniture and will be protected by secure fencing. Maintenance and staff areas, separated from the residential units by dedicated service corridors, will occupy the north side of the lower level. These spaces include men’s and women’s locker rooms, laundry center, housekeeping storage, and medical waste room. Mechanical equipment rooms, maintenance shop, and server room area also located in this area. Interior design mirrors the surrounding landscape H2M designed the interiors in close collaboration with Cotellese, who has an interior design background. According to Cotellese, “The interior design inspiration came from the environment, including the water and proximity to the Hudson River and lush greenery of the various local state parks.” The intent is to create a visual landscape connecting all the elements – the environment, community, and the residents. The wall finishes and flooring in the common areas will include wood-look LVT, commercial grade carpeting, sheet vinyl, wallcovering, and a palette of nature-inspired colors. There will be accents of ceramic tile, and reclaimed wood fireplace mantels. “The materials will provide a soft visual background to layer upon with organic and geometric patterns. This will be seen in the decorative architectural elements, including focal walls and wood screening to furnishings, fabrics, and artwork. The patterns will mimic what one sees in the local landscape, such as river stones, the ripple of water, or a view through the trees,” continued Cotellese. Saturated pops of greens, blues, oranges, and purples will provide accents and offset the neutral paint tones and natural materials. The common area spaces are designed so that residents will have visual connections to theactivities around them, even if they are not personally engaged. Residences are also designed to be bright and welcoming with large windows that will provide natural light and expansive views. Bedrooms will be carpeted in neutral tones to match the soft blues and beiges of the walls. Kitchens will feature LVT flooring, wooden cabinetry, refrigerators, and microwaves. Ceilings will be a combination of drywall and wood plank. Bathrooms will have sheet vinyl flooring with a stone texture and accessible fixtures, including roll-in showers. Furniture will be provided, however residents will beable to either replace or complement the provided fixtures with cherished pieces from their previous homes and install their own window treatments. FilBen GroupFilBen Group is comprised of the Filaski and Benenson families that have worked closely together for more than 40 years to build, own, and operate senior housing and health care facilities in the New York metropolitan area. The FilBen team is expert in New York State senior living regulations and best practices as well as in providing comfortable, joyful, and safe environment to senior residents. To date, the principals of FilBen have built over 5,000 nursing-home beds, of which they owned 1,300 and operated over 800. The firm currently owns and operates 400 assisted living beds with another 352 beds under development. In addition to constructing and operating its own facilities, FilBen offers the full spectrum of development and management services, including site selection, development, construction, and project management as well as healthcare program development and operation to other senior care providers. FilBen principals have worked with numerous large not-for-profit agencies, such as Catholic Charities and Senior Citizen Housing Committee, to create over 1,400 units of independent senior housing. Most recently, the firm has been retained to manage a new assisted living residence owned by the Greek Orthodox Church, which is scheduled to open in Uniondale, NY in 2024. FilBen’s programs are acknowledged to be at the forefront of skilled nursing and sub-acute care, and its facilities include the latest healthcare technologies. This expertise and quality of services is reflected in numerous awards and recognitions. SeniorAdviser.com recognized the Braemar at Wallkill on its 2017 Best Assisted Living list. The Times Herald-Record included the Wallkill community on its 2022 Best of the Best Assisted Living list. RSF PartnersRSF Partners is a boutique private equity firm based in Dallas, TX that invests in niche subsectors of the real estate market. Since the firm’s founding in 1998, RSF has invested over $1 billion in discretionary private equity capital across real estate product types, layers of the capital stack, and regions of the United States. RSF has a particular focus on seniors housing and has made over 150 investments in the industry.   The team is committed to the seniors housing community and serves in leadership positions on various industry boards. RSF prioritizes relationships with operating partners to customize investment partnerships that are tailored to individual operator objectives.  McAlpine ContractingEstablished in 1991, McAlpine Contracting is a leading new construction and interior fit-out general contractor and construction manager operating throughout the greater New York Area, including New York City, Long Island, New Jersey, and Lower Hudson Valley as well as in Vermont. Headquartered in Manhattan, the firm has a portfolio of completed seniors housing, multi-family residential, commercial, and institutional projects totaling in excess of $2 billion in value. McAlpine’s expertise encompasses ground-up multi-family developments, office interiors, commercial building redevelopments, medical and healthcare projects, seniors housing, and educational facilities as well as retail, hospitality, industrial, technology, and public work. McAlpine’s current and most recent projects include the $42 million, eight-story The Clark rental apartment building at 310 Clarkson Avenue and the $70 million The Lois apartment development at 350 Clarkson Avenue, both in Brooklyn, NY; the $20 million Elmsford Apartments complex in Elmsford, NY; the $19 million, four-story Amber Court senior living community in Nesconset, NY; the $18 million, 80,000-square foot Belair Medical Center in Bellmore, NY; and the 9,000-square foot, three story Harmony Early Learning Center in Levittown, NY. The post $54M Braemar luxury senior residence breaks ground in Montebello, NY appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 9th, 2023

Trump"s top money man, Allen Weisselberg, is braced to begin time at NYC"s notorious Rikers jail on Tuesday

Allen Weisselberg, Donald Trump's CFO since the '80s, heads to NYC's infamous Rikers Island jail Tuesday for an expected 5-month tax-fraud sentence. Allen Weisselberg, right, stands behind then President-elect Donald Trump during a news conference in the lobby of Trump Tower in New York, Jan. 11, 2017.Evan Vucci/AP Ex-CFO Allen Weisselberg, 75, was convicted of rampant payroll tax fraud at Trump's company. A judge will likely order he immediately begin serving 5 months in NYC's notorious Rikers Island. Weisselberg's jail coach says he is 'prepared to do his time honorably and quietly.' Allen Weisselberg, Donald Trump's top money man for decades, is braced to begin serving an expected five-month tax-fraud sentence on Tuesday at New York City's notorious Rikers Island complex, his jail coach told Insider.Weisselberg, 75, is the lone executive going to jail in the Manhattan District Attorney's Office's prosecution of a decade-long tax-fraud scheme at the Trump Organization, the former president's real-estate and golf-resort company."He understands he will be taken into custody by the Department of Correction immediately" upon sentencing, said Craig Rothfeld, a prison consultant Weisselberg hired to advise him on his upcoming sentence. Trump's former finance chief will walk into the courtroom a free man, but be escorted out in handcuffs, Rothfeld said.And while he is more accustomed to the Mercedes luxury vehicles the Trump Organization once provided him, Weisselberg will then step into a New York City Department of Correction van or bus for the trip to Rikers.Rikers is notorious for understaffing, unsanitary conditions, and violence, which have been long documented by journalists; 19 detainees died in custody there last year, many by suicide or suspected overdoses, according to Gothamist.Weisselberg will stay in his business suit for the trip, Rothfeld said.Once at Rikers' admissions facility, the Eric M. Taylor Center, he will be issued the jail's standard "uniform" of tan pants and a white T-shirt or sweatshirt, and his suit and tie will be vouchered and stowed by staff, Rothfeld said."Mr. Weisselberg is prepared to do his time honorably, quietly and without incident so that he may return to his family and loved ones as soon as possible," Rothfeld said.Rothfeld, of Inside Outside Ltd., is also a prison consultant for Harvey Weinstein. He has helped the disgraced Hollywood producer navigate New York's prison system since he was sentenced in 2020 to 23 years for the rape and sexual assault of two women.Rothfeld declined to describe specifics of Weisselberg's preparation for what is expected to be a term of 100 days behind bars. Under city law, inmates get a third off their sentences for good behavior.Himself a veteran of Rikers, Rothfeld did say this — it won't be easy."Rikers is already hard on a 20-year-old," he said. "Generally speaking, someone in their '70s will have added challenges."A board containing confiscated shanks from Rikers Island is displayed during a press conference with Mayor Eric Adams on Rikers Island on June 22, 2022.Shawn Inglima/New York Daily News for Getty ImagesWeisselberg is hoping to be assigned to an individual cell or to protective custody, Rothfeld said."Even if he wasn't the former CFO and a dear friend of the former president for five decades, everyone who is 75 years old needs to be looked at differently, whether you're Allen Weisselberg or not," Rothfeld added.He's hoping not to be assigned to one of Rikers' open dorm rooms, where up to 60 detainees are housed under the supervision of a single correction officer.The doorms have "20 beds down the left wall, 20 down the right wall and 20 down the middle," the jail coach explained. "The majority of people in these dorms are people held without bail due to the violent nature of their crimes," he said. "You have competing gang factions, ethnic and racial conflict. It's a fuse box waiting to go off. And the Department of Correction needs more staffing. It's not their fault." Weisselberg's jail housing will not be assigned until after his admission."The health and safety of our staff and every individual in our custody is paramount to us," said James Boyd, deputy commissioner for public information for the city Department of Correction. "Every individual who enters DOC's custody is housed in accordance with our policies. It is our agency's mission to create a safe and supportive environment for everyone who enters our custody. "The Rikers Island jail complex in New York City, with the Manhattan skyline in the background.Seth Wenig/APWeisselberg admitted to running a decade-long payroll tax scam as the CFO of Trump Organization, saving himself $900,000 in taxes and hundreds of thousands of dollars more for fellow second-tier executives at the company.He was promised a five-month sentence as part of an August plea deal. The deal required he pay $2 million in back taxes and penalties and that he testify truthfully against the company at trial.In November, Weisselberg took the stand against his company in the same courtroom where he'll be sentenced after lunch on Tuesday.Whether he testified truthfully remains open to debate.Manhattan prosecutors said during closing arguments that Weisselberg "shaded the truth" when he told the jury that he had zero intention of helping the company.It appears that jurors, too, did not believe that "zero intention" portion of Weisselberg's testimony — otherwise, they legally could not have convicted him, former Manhattan prosecutors told Insider last month.New York Supreme Court Justice Juan Merchan has warned that he could impose a higher sentence than five months if he finds Weisselberg failed to testify truthfully.Weisselberg's lawyer, Nicholas Gravante, Jr., declined to comment; he has maintained that Weisselberg did testify truthfully. Prosecutors, too, have declined to say if they will ask for more time, but the office has noted that Weisselberg's indictment, guilty plea, and truthful description of the payroll tax scheme were crucial to last month's 17-count Trump Organization conviction. The Trump Organization now faces up to $1.6 million in fines; Merchan is scheduled to set the amount at a January 13 sentencing.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 9th, 2023

Mixed Results for Luxury Home Sales in 2022 for Markets North of NYC

The luxury real estate market north of NYC ended 2022 with mixed results as luxury sales in Westchester, Putnam and Duchess counties were largely unchanged while Greenwich,  Darien and New Canaan posted  sharp declines, according to the Houlihan Lawrence Luxury Q4 Market Report released today. According to the report, Westchester (sales $2M and higher) showed a slight uptick in closed sales in 2022, making it the... The post Mixed Results for Luxury Home Sales in 2022 for Markets North of NYC appeared first on Real Estate Weekly. The luxury real estate market north of NYC ended 2022 with mixed results as luxury sales in Westchester, Putnam and Duchess counties were largely unchanged while Greenwich,  Darien and New Canaan posted  sharp declines, according to the Houlihan Lawrence Luxury Q4 Market Report released today. According to the report, Westchester (sales $2M and higher) showed a slight uptick in closed sales in 2022, making it the only area north of NYC to exceed  2021 sales.  Westchester performed solidly in the  lower end of the market  (below $5M) and sales in the higher end dipped by nearly 20%. In a rare bright  spot for buyers, inventory is building in Northern Westchester and pended sales are down. The story in Putnam and Dutchess counties is unchanged from last year. Pending sales are down significantly, and first quarter sales will likely land in negative territory. “These longer-commute-time markets became the darling of NYC buyers seeking low-density areas during the  height of the Covid boom, when work from home seemed here to stay. Now, pressure from employers to return to the office, lay-offs at technology companies, and smaller Wall Street  bonuses may temper this  once white-hot market,” said  Anthony P. Cutugno, Sr. Vice President, Private Brokerage of Houlihan Lawrence. Luxury markets in Greenwich (sales $3M and higher) and New Canaan and Darien (sales $2M and higher),  reported closed sales down by double digits. “At first glance, the logical conclusion is a slowdown in the luxury market. However, the data suggest  strong buyer demand in a sharply supply-constrained market. Homes are selling  faster at closer to list  price at a higher average price per square foot than last year. Persistent inventory shortage keeps demandhigh as the scarcity principal kicks in,” said Cutugno. Cutugno said the supply issue will not correct itself anytime soon, noting that in the luxury  market rising  interest rates have a greater impact on sellers than buyers. He said many  homeowners who want to sell  are unwilling to give up a low rate mortgage to purchase a  new home at higher rate in a tight market. Consequently, they decide to hold on to their  house and wait for more favorable conditions, fueling the imbalance in the market. “The market is admittedly complicated. The first half of 2023 will likely see a decline in salesnorth of NYC, though even a sharp drop does not mean the market is collapsing,” said Cutugno. He explained that the  past two years of luxury sales in Westchester are about  equal to the aggregate homes sold in 2016, 2017,  2018, and 2019. “Perhaps 2023 will  recalibrate our expectations of a healthy real estate market as the  shadow of the pandemic recedes,” he added. 2022 MARKETS AT A GLANCE (2022 vs 2021) Westchester County Luxury Home Sales /$2M and Higher Homes Sold: Up 3.2% Median Sale Price: Up 0.6% Highest Sale Price Q4: $10,250,000 Rye Neck Putnam and Dutchess County Luxury Home Sales /$1M and Higher Homes Sold:  Down 2% Median Sale Price: Down 9.4% Highest Sale Price Putnam Q4: $1,775,000 Carmel   Highest Sale Price Dutchess Q4: $4,000,000 Washington Greenwich Luxury Home Sales /$3M and Higher Homes Sold: Down 30.4% Median Sale Price: Up 4.8% Highest Sale Price Q4: $11,193,132 Darien Luxury Home Sales /$2M and Higher Homes Sold: Down 24.8% Median Sale Price: Down 1% Highest Sale Price Q4: $7,100,000 Rowayton Luxury Home Sales /$2M and Higher Homes Sold: Down 34.4% Median Sale Price: Up 16.1% New Canaan Home Sales /$2M and Higher Homes Sold: Down 28.7% Median Sale Price: Up 1.1% Highest Sale Price Q4: $4,945,000 The post Mixed Results for Luxury Home Sales in 2022 for Markets North of NYC appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJan 9th, 2023

14 tiny-home startups set to transform real estate in 2023 by making housing cheaper, helping owners earn passive income, and more

2022 was a big year for tiny homes as companies started addressing the housing-affordability crisis. They also give homeowners an option to earn passive income. The N1 model by Escape.Courtesy of Escape Homes Tiny homes had a coming-out party in 2022, as more places began building or budgeting for tiny home villages. Affordability, sustainability, and the chance to make extra money caught the eye of homeowners looking for something new.  We compiled 14 tiny-home and accessory-dwelling-unit (ADU) startups to watch in 2023. Tiny homes were not a new invention of 2022, but they picked up a lot of momentum.Whether you're a millennial or Gen Z buyer facing record-high prices, a current homeowner looking to live with less, or a city dweller whose lifestyle shifted during the pandemic, tiny homes can be filled with promise.Elon Musk uses a Boxabl tiny home as a guest house near his Texas home. Boxabl cofounder Galiano Tiramani even shared a video on Twitter of a Tesla hauling a 15,000-pound tiny home.Gimmicks aside, tiny homes are being used as solutions to housing crises in cities like Chicago or Bridgeton, New Jersey — where tiny homes are being used to house former inmates for free after their release. Albuquerque, New Mexico, created Tiny Home Village, which has 30 120-square-foot homes, and is being used as transitional housing and is providing shelter for people without housing. The often-modular approach of tiny homes can help reduce construction costs and make housing cheaper. From all-electric homes to optimizing backyards in the Bay area, the future of housing may look smaller.Tiny homes can range in price and aesthetics, but typically remain under 600 square feet. The median square footage of single-family units in America through the first three quarters of 2022 was 2,294 square feet, according to the Census Bureau.They can also be money makers. Petite, picturesque Airbnbs are popular with Instagram-savvy travelers. In states like California, homeowners are tapping companies that plop prefabricated structures down in their backyards. In one model, a startup collects rent from the tenants of the accessory dwelling units, or ADUs — and pays out a portion to the homeowner.We've compiled a list of the hottest tiny-home companies to look out for in 2023, all shaking up real estate in different ways. Here they are, presented in alphabetical order.AboduAn Abodu home.Courtesy of AdobuAbodu helps homeowners make use of their unused backyard space with accessory dwelling units, or ADUs. The Redwood City, California-based company, founded in 2018, promises customers none of strings some of their competitors require, such as splitting rental income."We don't do any sort of land lease with the owners," John Geary, Abodu's co-founder, said. "Our biggest view is that homeowners should feel free to use their backyard as they see fit and not have it tied to us as a company — or any other company."Instead, Abodu makes its money on customers' initial purchases of its tiny homes. Studios of 340 square feet start at $228,000, though the average purchase among all its offerings is closer to $280,000, according to Geary. Abodu also offers one- and two-bedroom homes in the relatively generous sizes of 500 square feet and 610 square feet, respectively.The company has raised $25 million, according to an August press release. Geary declined to provide Abodu's revenue but said it increased nearly five times in 2021 from 2020. It has placed 100 units in backyards as of 2022, and has more than 100 more units in production, according to Geary.BoxablA Boxabl unit.Courtesy of BoxablBoxabl's factory-built homes may be tiny, but the Nevada-based company is scoring big endorsements from some of the most recognizable names in the homebuilding industry and beyond. In 2022, the company landed an investment from DR Horton — the largest US homebuilder by volume. The company didn't disclose the financial details of the deal, but Galiano Tiramani — a cofounder and director of Boxabl — said the company has now raised more than $100 million, the vast majority of which has come through crowdfunding. That puts the company's valuation at roughly $3 billion. Boxabl delivers its 375-square-foot "Casitas," which the company builds on an assembly line in Las Vegas, to sites via shipping containers and assembles them out into full-fledged homes in less than an hour. The unique assembly method has swirled up interest on social media and helped generate a waitlist of more than 100,000 names, according to Tiramani. Each unit sells for $50,000, not including the cost of installation. Boxabl has produced about 200 homes so far, 156 of which have gone to the Department of Defense for military housing. Boxabl is ramping up production at its existing factory and has secured land next door for an additional facility. Once both are running at full speed, they'll be able to produce about 5,000 units a year, Tiramani said.CasataA Casata unit.James Rodriguez/InsiderWhy rent an apartment when you can lease a tiny home? That's the premise behind the Austin, Texas-based tiny-home company Casata, which earlier this year debuted a community of 66 microhome rentals in the fast-growing Texas capital.Residents — who pay between $1,400 and $1,865 per month — quickly snapped up the homes, which range in size from 378 to 758 square feet. Casata, which launched in 2020, is now planning larger projects in other Texas cities such as Houston, San Marcos, Bastrop, and College Station, while eyeing national expansion in the future. Champion Homes built the inaugural Casata units in a factory near Dallas. Future Casata communities will feature custom floor plans Casata designs and use modular construction, Aaron Levy — the CEO of Casata — told Insider. This means Casata will still build them in a factory, but the homes will sit on foundations like traditional homes and meet the same building codes required for homes built on-site.Casata has raised roughly $2.1 million from a range of investors, including the family office of Adam Neumann — the founder of WeWork. In the next five to seven years, Casata aims to have 30 to 40 communities, which would equal a roughly billion-dollar portfolio, Levy said.CosmicA Cosmic ADU.CosmicThis San Francisco-based startup creates accessory dwelling units equipped to generate enough energy to power themselves and supply energy to the property's main home. The company, which founder Sasha Jokic began in 2021, currently sells two styles: A studio starting at 350 square feet and $190,000, and a one-bedroom unit starting at 450 square feet and $370,000. Cosmic's innovation is a prefabricated platform that draws its power from a lithium-ion battery and thermal energy. Cosmic constructs the carbon-neutral units on-site with sustainable materials once the platform is in place. From start to finish, it takes from six to eight months to create a Cosmic dwelling.Although the units are small now, Cosmic envisions scaling up. "We'll consider ourselves successful once we tackle the problem of housing insecurity with the multifamily homes," Jokic told Insider in May.CoverInside a Cover ADU.Courtesy of CoverCover has a premise. Companies today use an outmoded method to build homes, and they can apply technology they use to design, create, and predictably price products — like cars — to residential construction. Cover has gathered followers and has raised a total of $73.3 million over four rounds through 2021, according to Crunchbase.Cover customizes its backyard dwellings to each buyer and manufactures them in sections at its Los Angeles factory before assembling them on a dedicated site. According to Tech Crunch, the homes currently max out at 1,200 square feet with prices ranging from about $200,000 for a 400-square-foot studio to $500,000 for a three-bedroom house.The production process is swift, taking about 30 days to build and install a home once Cover completes the foundation. As of October 2021, Cover had produced about 20 dwellings, though it expected production to ramp up after moving into its new 100,000-square-foot factory.DveleA Dvele unit.Courtesy of DveleRobots might, one day, build your home.At least, that's if San Diego-based Dvele achieves its lofty vision. The company, which builds modular homes and assembles them on-site, announced in June the closing of $15 million in funding to build an automated, robotic production line at its factory in Loma Linda, California. The idea is to give people the opportunity to personalize their home online, then feed orders to the smart factory, and transport the completed modules — essentially the building blocks of the home — to their permanent site.Dvele doesn't just focus on tiny homes, or "mini homes," as the company calls them. Its floor plans range in size from 400 square feet to more than 3,900 square feet, and prices vary between $200,000 and $1.5 million. That doesn't include the cost of prepping the site, delivering the home, and installing it once it's arrived. The company launched in 2018 and plans to produce about 200 modules this year, Kellan Hannah — Dvele's director of growth — said. While the mini homes require just one module, the larger ones are made of between three and five modules. Once the factory is totally automated and running at full capacity, the company's production should approach 1,500 modules annually, Hannah said. For now, the company is mostly focused on delivering homes to California and neighboring states due to shipping costs, Hannah said.EscapeThe Traveler model by Escape Homes.Courtesy of Escape HomesEscape Homes of Rice Lake, Wisconsin, has been selling tiny homes since 2014, but business has never been this hot. "The pandemic was gasoline on the fire," Dan Dobrowolski — the founder of Escape Homes — told Insider.Urban dwellers searching for greener pastures joined a movement that Dobrowlski says has been building across demographics and age groups. He's seen this in every region where Escape has built homes as large as 388 square feet over the past 8 years, from California to New York, and even in Hawaii. The cost of the homes runs from about $43,600 to $93,261.As the pandemic deepened in 2020, Escape teamed up with the furniture giant IKEA to develop the outlet's first tiny-home offering. The 187-square-foot unit was Escape's Vista Boho XL model outfitted with IKEA furniture, and available through its website. Dobrowolski says the partnership was a "really easy match," with both companies aligned on environmental issues. In other sustainability efforts, Escape has introduced some all-electric models. Other models were already close to being all-electric, but changing out cooking appliances, water heaters, and furnaces brought them to the next level, Dobrowolski said. Escape is also trying to transform neighborhoods. In 2020, the company opened its Escape Tiny Home Village — a cluster of 10 homes in a converted Tampa Bay, Florida, trailer park. The homes only take up about 20% of the acreage, leaving room for ample green space. Dobrowolski calls it  a "neighborhood of the 21st century." "It's a much more efficient use of space, but at the same time gives you what people still think of as the American dream," Dobrowolski said.GetawayA Getaway cabin.Courtesy of GetawayThis tiny-abode-hospitality company based in Cambridge, Massachusetts, has created nature-filled experiences without common amenities like WiFi or TV in an effort to help people — especially big-city dwellers — unplug. At a base price of $109 per night, guests can stay in these tiny homes in 19 outdoorsy environments from Shenandoah National Park in Virginia near Washington, DC; to Mount Vernon, Washington, near Seattle. The 780 cabins of up to 200 square feet are stocked with bedding, cooking supplies and an outdoor-camping setup. "Growing up in rural Minnesota I was always surrounded by nature," Jon Staff — a cofounder and the CEO of Getaway — said. "When I returned to nature later in life, I fell in love with the idea of living simply in nature and making frequent disconnection part of my routine."The company announced in June that it would add 9 new locations including places in Indianapolis, St. Louis, Cincinnati, Columbus, Ohio; Greenville, South Carolina; and Milwaukee, Wisconsin. The expansion would boost Getaway's offerings to 1,000 cabins.In 2021, Cerates led the startup's Series C funding, in which Getaway raised over $41 million.IconAn Icon home.Joshua Perez/Courtesy of IconFounded in 2017 in Austin, Texas, Icon has dominated the 3D-printed-housing market with technology that has brought over 24 homes to the United States and Mexico — the largest number of such structures completed by a construction company. It has so far raised $451 million from investors.In 2021, the company worked with an Austin-based developer who brought a version of its 3D-printed home to market with prices starting from around $450,000. Others are eyeing the company's technology as proof-of-concept for affordable and emergency-housing communities of the future.Icon is now expanding the scope of its operations in collaboration with the United States Army to create moveable training barracks that, once completed, will count as the largest 3D-printed structures in the Western Hemisphere. The company is also working with NASA to develop construction systems to create infrastructure and habitats on the moon and beyond.MinimalisteA Minimaliste home.Courtesy of JP MarquisQuebec City-based Minimaliste builds and transports tiny homes specifically designed for the climate surrounding the designated plot of land they will sit on. Founded in 2015, Minimaliste gained popularity for prefabricated tiny homes that are able to withstand wild weather conditions — from extreme heat to frigid temperatures — by regulating the temperature inside the tiny home with efficient heat pump and air conditioning systems.Unlike most tiny homes, Minimaliste homes come with a heat pump and air-conditioning system. Minimaliste has built over 100 homes, though scaling up is not the company's goal, JP Marquis — a cofounder of Minimaliste — told Insider. Instead, it's focused on process, or making sure steps such as choosing materials, design, and delivery go smoothly, he said. "We invested a lot in the recipe," he said.Customers can buy Minimaliste's custom homes of up to 382 square feet, or choose from one of the company's pre-designed layouts such as Nomad, a 165-square-foot home with a minimalist design for about $65,000. Most Minimaliste clients are based in New York, California, Washington and Ontario, Canada, but it's getting increased interest from people in southern US states such as North Carolina, South Carolina, Texas, and New Mexico, Marquis said. MolivingA Moliving unit.David MitchellMoliving is introducing luxurious, sustainable, and affordable hospitality experiences to the tiny-house movement. The New York-based company has a fleet of prefabricated 399-square-foot trailers with additional deck space. It can expand or shrink the supply to meet seasonal demands, which helps lower the cost of the luxury digs, Jordan Bem — one of the company's cofounders and the CEO — told Insider. The first location for one of Moliving's mobile hotels will open during peak tourist season later this summer in a lush, mountainous hideaway in the Hudson Valley town of Hurley, New York, Bem said. It will have 60 suites starting at about $249 per night, he said.But when the weather gets cold in New York, Moliving will simply take its accommodations elsewhere. "We take our suites, and trailer them to the next destination, something that is perfectly opposite, like Palm Beach, for example," Bem said. The nomadic business model eliminates off-season expenses, such as shutting down for a few months, or costs associated with climate, he said.Bem invested nearly $7 million into the business, which recently closed a seed round of funding — which the modular investor SG Blocks led — in June, he said. In 2022, Moliving won the American Business Award for startup of the year in business services, and a Titan Business Award. New Frontier DesignA New Frontier tiny home.Studio Bull/New Frontier DesignDavid Latimer founded bespoke tiny-home outfit New Frontier Design in 2015 in Nashville, Tennessee, out of a desire to perfect a product from the design phase through to completion. The detail-oriented craftsman builds highly customizable tiny homes that he told Insider are mostly purchased by clients in Western states like California, Washington, and Idaho. Latimer said his clients often use his product as a luxury solution for the hurdles associated with building on remote properties, such as restrictive permitting issues and high construction costs.New Frontier counts Olivia Wilde among its all-star client roster, as well as "some of the wealthiest people on earth," according to Latimer. The company's tiny homes range in size from about 250 square feet to 450 square feet with prices sometimes exceeding $350,000. Latimer estimated he's built 60 to 70 highly customized homes to date. An added bonus in the tiny-house space for Latimer? "It's a vehicle for intentional living," he said. "You can't mindlessly consume." The space constraints simply won't allow for it.OBY CooperativeAn OBY Cooperative house.Courtesy of OBY CooperativeThe OBY Cooperative gets its name from the development debates between NIMBY (Not In My Backyard) versus YIMBY (Yes In My Backyard) camps. OBY instead stands for "Our Backyard" and imagines a future beyond the debate."It doesn't have to be yes or no, but just the understanding that collectively all of this land is ours," Declan Keefe — a cofounder of OBY Cooperative, in Oakland, California — said. OBY is in the process of establishing its first unique land-lease agreement with an owner and a tenant.The cooperative seeks out homeowners who want extra income from an accessory dwelling unit, and pairs them with tenants who are utilizing housing vouchers. It aims to ink 35-year agreements under which it permits, builds, manages, and maintains the ADUs of about 650 square feet on residential properties, at no cost to the homeowner. Homeowners can earn around $500 a month for the rental.A unique element of the cooperative is a plan to eventually sell shares of the rental unit to other members of the community. OBY is also tackling sustainability. The unit itself is all-electric and runs on net-zero energy. Even the construction process is carbon neutral and powered by solar energy. Keefe said the first tenant is expected to move in within the coming months. The homeowner has been an active participant in the endeavor, leaning on a legal background to help them draft equitable contracts, he said.United DwellingA United Dwelling property in Los Angeles, where median home prices are over $1 million, according to Zillow.Courtesy of United DwellingSteven Dietz — the founder of United Dwelling — thinks he has a solution to Los Angeles' housing crisis. After a career in venture capital, Dietz wanted to make an impact on his community and in 2019 decided to tackle housing affordability through increasing attainable inventory. His team started by transforming garages, but found them to be inadequate. In part, a 2019 California state law that streamlined the construction process of ADUs made Dietz's vision possible. United has so far built 60 homes, with 300 more in the permitting process, according to Dietz, who said their sizes range from 328 square feet to 1490 square feet. The homes start at $195,900, including demolition and design, permitting, and solar water and power systems."I can see a way we get to where affordability is removed as a problem in probably five to seven years," Dietz told Insider. "You just have to build enough new homes to pull down the price at the low end of the market." Dietz says units have been filled by working-class people who were suffering through brutal commutes. Teacher's aides, EMTs, and nurses who were driving over two hours to their jobs are now just minutes away.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJan 1st, 2023

5 ways to make affordable housing for all in 2023 — from construction laws to mortgage financing

Developers, mortgage lenders, and local governments can take steps in 2023 to ensure that more people have affordable housing. Making housing affordable for all is not simple, but these ideas are a starting point in 2023.Andrii Yalanskyi/Getty Images It's the hardest that it has ever been for the average person to pay for housing costs. Real estate businesses, lenders, and local governments can help alleviate these costs, though.  Insider asked top real estate experts to share their ideas on how to do so in 2023. Here's what they said. With the new year is another chance to make housing more affordable for all. Right now, it's harder than ever to buy a home. In 2022, an astronomical rise in mortgage rates coupled with already steep home prices pushed many out of the market altogether. Meanwhile, countless renters saw their monthly payments soar to the point of becoming rent-burdened — a situation where one is putting more than 30% of their household income towards housing expenses. Although rents and home prices started to trend downward in recent weeks, many American households remain cost burdened.From modernizing zoning policy to make it easier for homebuilders to construct more housing — whether it's traditional apartments or prefabricated homes — there are things that developers, mortgage lenders, and local governments can do in 2023 to ensure that more people have affordable access to a roof over their heads, according to the following six real estate experts Insider spoke to. The solutions are not simple, experts say. There are many hurdles to overcome in conjunction with the political will to make housing more affordable throughout the country in years to come.Here are five actions that experts say could ease the affordability crisis in 2023.1. Local governments should address outdated zoning policies and reform them based on today's needsLocal officials in San Ramon, California look over zoning mapsSan Francisco Chronicle/Hearst Newspapers via Getty Images /ContributorIt all comes down to zoning, George Raitu, senior economist at Realtor.com, told Insider.In fact, zoning in many places is about 60 years out of date, he said. In order to make housing more affordable, Raitu explained, cities need to be zoned to allow housing to be built at a greater density further away from the city's downtown. Houston has been able to keep its housing affordable in large part because of just this, he said. More housing is built as a result and the supply keeps prices down. Still, there are other problems with that kind of building: a Princeton University study found that this sprawling development father away from the downtown area increased flooding during Hurricane Harvey in 2017. When planning new zoning laws, cities should be asking how do we increase total housing units while minimizing the negative impact on the city. "It sounds old fashioned, but movement in the right direction would be a truly innovative task," Raitu said.  Raitu is not alone in his thinking. Jeff Tucker, the chief economist at Zillow, also told Insider that the biggest hurdle to affordable housing was "zoning reform."It's a mission that is taking off in California. This year, several new housing laws were introduced to the state's legislature as a means to alleviate its housing crisis.The two most significant housing bills, titled SB 6 and AB 2011, were signed into law in September and permit home construction on what had previously been classified as non-residential lots. This means that homes can be built in places that were previously reserved for commercial uses like retail and offices.Critics of the bills are concerned that the law may lead to lower levels of commercial property tax income for local governments, however, supporters hope rezoning will eventually bolster the state's affordable housing supply.2.  Local governments can forge private-public partnerships to combat prohibitively high costs to buildandykazie/Getty ImagesBefore even putting a shovel in the ground, the current cost of building a home is about $100,000 in material and labor, according to a Fannie Mae report. These high costs trickle down to the consumer, ATTOM's Rick Sharga said, because it's impossible to make a profit without pricing a new home out of reach for typical households in the US. For this reason, local governments need to step in, and offer deals that incentivize development, he explained. This would be a situation "where the government actually helps me to offset costs and contributes to a certain extent," Sharga added. In Philadelphia and Chicago, local governments have been operating programs that sell long-vacant publicly-owned land to individual homeowners and private developers for as little as $1 to help spur new construction and to get the parcels back on tax rolls. But local governments can also offer tax breaks or actively contribute to the cost of building in exchange for a chunk of equity in the project. California has already done this when its citizens voted to pass Proposition 46, which provides funding specifically for affordable housing. It allocated just shy of $1 billion to the multifamily sector, according to CCIM, and is expected to see $13 billion in private funds be pushed into affordable housing. The aim is to add up to 134,000 places to live by 2027. 3. Cities should incentivize building for the workforce, not just the billionairesLocal government leaders should prioritize building housing for the typical family, rather than the ultra-wealthy, Jonathan Miller said.MoMo Productions/Getty ImagesLocal lawmakers also need to craft policies that incentivizes equitable distribution of luxury, market rate, and workforce housing in cities like New York, according to housing expert and appraiser Jonathan Miller. New York City, home to some of the most unaffordable zip codes in the US, is a perfect case study of what happens when this is not in place.There are too many ultra luxury units geared towards billionaires but not nearly enough housing for the typical worker in the city of nearly 8.5 million people, Miller said. Because of this, many of those that live and work in the city simply can't find an affordable place to live because there is a dearth of homes created for this price range. But, Miller admits, it's a "Catch-22.""The thing that you have to couch all that with is that the city doesn't have the money to subsidize," he said. So instead, the city needs to zone to incentivize building in certain areas, so that real estate can continue to be profitable while striving to be affordable. 4. Mortgage companies can make it easier to get financing on manufactured and prefabricated homes. Eliminating some barriers to accessing financing for prefabricated homes could alleviate the crisis.Louise Beaumont/Getty ImagesTiny and prefabricated homes have been having a moment in the last few years. These minimalist, typically under 500-square-foot dwellings, can cost as little as $10,000 to buy — a far cry from the typical home prices that hit over $400,000 this year. There are numerous draws to these types of homes with their small footprint, largely due to their affordability and flexibility they offer. But unfortunately, because securing a mortgage on these properties is difficult, they are still out of reach for many — lenders require higher credit scores than a mortgage on a conventional home would, and they are more likely to lend money to companies that then lease out the homes, instead of directly to the person living it the home, according to a study the Pew Research Center released this month. Indeed, nearly 54% of those surveyed said they were flat out denied a mortgage for a manufactured home, the study found. Experts say that breaking down those barriers could be one way to quell the affordability crisis. "These aren't your grandfather's mobile homes. In a lot of cases they're really nice properties," Sharga said. "The mortgage industry really needs to take a look at how to make that kind of financing more widely available." In July, Ginnie Mae, a federally-backed mortgage provider, specifically focused on affordable housing, requested that a manufactured home mortgage program be extended. 5. Local governments can encourage homeowners to refurbish deteriorating or abandoned homesEncouraging homeowners to refurbish their homes could take some strain off the market.James Osmond/Getty ImagesDenise Scott, president of Local Initiatives Support Corporation, a national nonprofit organization, told Insider that persevering the nation's existing housing stock is an important step in boosting its supply of affordable homes."We are looking at preservation as a part of an innovative strategy given market conditions and the fact is that it's hard to build more homes," Scott said. Indeed, higher mortgage rates and supply strain constraints have deterred home builders from constructing many homes in 2022 — this has only exacerbated the nation's affordable housing crisis.With home construction slowing and home prices still rising — albeit at a slower pace of growth — Scott suggests that local governments introduce more home repair programs to help citizens "recapitalize their homes.""LISC is particularly interested in this strategy as it connects to BIPOC homeowners," Scott said. "The idea here is to use a blend of government and private dollars to provide very low or zero-interest loans to help these families recapitalize their homes and bring them up to standard."This method could lead to more families owning the title of their homes, making it easier for them to eventually pass on the property to a family or community member. This could eliminate participation from developers or brokers who could purchase the property and later sell it or re-market it as costly rental units.Read the original article on Business Insider.....»»

Category: worldSource: nytJan 1st, 2023