The Daily Money: Who will be the world's first trillionaire?
Good morning! It's 17 degrees in the D.C. suburbs, and today, we'll call that progress.
It's Daniel de Visé with your Daily Money.
The rich just keep on getting richer, and one of them could become the world's first-ever trillionaire within the next decade, according to the anti-poverty group Oxfam International.
The organization released its annual report this week, Eric Lagatta reports, as business and political elites began to gather to hobnob during the World Economic Forum. Warning of an impending "decade of division," the report's most stark findings highlighted the growing wealth gap between billionaires and, well, everyone else.
Could the world's first trillionaire be Tesla CEO Elon Musk, who also owns the social media platform X? How about investment guru Warren Buffett? Or Amazon founder Jeff Bezos?
All three of the billionaires are among the five richest men whose fortunes shot up by 114% since 2020, while the world was reeling during the COVID-19 pandemic, Oxford found, using figures from Forbes.
Setting a budget for 2024? First, examine your spending in 2023
A great way to make a household budget for 2024, financial planners say, is to look at how you spent money in 2023.
You might call it data-driven budgeting: Before you create a spending plan for this year, analyze how you allocated funds last year, to see where your money actually went.
“You need to figure out what happened in the past to have a roadmap going forward,” said Lili Vasileff, a certified financial planner in Greenwich, Connecticut.
Data-driven budgeting is a daunting exercise. To do it right, you must pore over hundreds or thousands of expenses and assign them to categories: Streaming services. Take-out coffee. Meal deliveries. Out-of-pocket medical expenses. Housing costs. Veterinary bills. A budgeting app can help.
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🍔 Today's Menu 🍔
What could go better with a foot-long sub than a foot-long cookie?
For you diners who can't get enough Subway, and who aren't counting calories too carefully, the chain announced in a news release Thursday that its new Sidekicks menu will feature a trio of "new foot-long snacks."
In December, the fast food restaurant unveiled new foot-long cookies at select stores in Chicago, Dallas, Miami and New York for National Cookie Day. The new menu will go nationwide on Monday.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you.