Author: Money Mechanics

Elon Musk’s AI company, xAI, now has a new chief financial officer: Former Morgan Stanley banker Anthony Armstrong, the Financial Times reported, citing anonymous sources. Armstrong, who previously advised Musk during the Twitter deal, will oversee the finances of both xAI and X, which were merged in April, the report said. The former banker has been working with xAI for several weeks and was only recently appointed as CFO, the FT added. xAI has been without a CFO since its previous finance head, Mike Liberatore, left the company in July, and Armstrong’s appointment follows a slate of high-profile executive departures…

Key Takeaways Leaders from Amazon, Walmart, and Anthropic warn AI could shrink corporate workforces and eliminate entry-level white-collar jobs.Others, like Salesforce CEO Marc Benioff, argue AI is currently more likely to augment existing roles rather than replace them outright.Some executives, including Ford CEO Jim Farley and Nvidia CEO Jensen Huang, believe the shift could revive interest in trade schools. CEOs and founders across industries, from technology to automotives, say artificial intelligence (AI) could dramatically change how people work. Some believe AI may soon replace many office jobs, while others think it will simply help workers do their jobs better. As…

Key Takeaways The most expensive states for retirement tend to have low relative affordability rankings and high tax rates.Some of the most expensive states levy taxes on (or don’t offer tax credits for) Social Security and retirement income.Retirees who move to some of these states may also be on the hook for estate tax. More than half of all Americans—55%—are concerned that they won’t be able to achieve a financially secure retirement, according to a study from the National Institute on Retirement Security. Furthermore, a 2024 AARP survey found that 20% of adults aged 50+ have no retirement savings at all.…

Key Takeaways Co-living offers a more affordable way to live in expensive cities by bundling rent, utilities, and amenities into one payment.Flexible lease terms and move-in-ready units make co-living especially appealing to students, young professionals, and people moving to a big city for the first time.The tradeoff is reduced privacy and less control over who your roommates are, which may not suit everyone. Big-city living doesn’t have to bankrupt you, but you may have to give up some of your privacy to save some money on rent. Enter: co-living. Co-living spaces are very different from traditional apartments, as these spaces…

Key Takeaways BlackRock is not buying all the houses—large investors own only a small share of single-family rentals nationwide, though their presence is greater in some local markets.Rising rents are driven more by housing shortages, inflation, and alleged price coordination than by any one company’s strategy, though concentrated ownership can still impact local affordability. The viral claim that BlackRock is buying up all the houses isn’t accurate—but it’s rooted in real issues. Rising rents, limited housing supply, and Wall Street’s growing footprint in the real estate market have fueled confusion about who’s responsible. Professor Eric Seymour of Rutgers University says…

Stock futures were little changed Tuesday after the Nasdaq and S&P 500 posted fresh closing highs on AI optimism. The tech-heavy Nasdaq and benchmark S&P 500 ended up a respective 0.7% and 0.4% yesterday, aided by news that Advanced Micro Devices (AMD) was partnering with ChatGPT maker OpenAI on a massive chip deal. AMD shares soared 24% Monday and were up a further 4% in premarket trading. The blue-chip Dow Jones Industrial Average closed down 0.1% Monday, and futures associated with the three major indexes were all within 0.1% of yesterday’s ending levels as investors continue to downplay the U.S. government shutdown, which…

The spotlight is shining on Swiss banks and offshore investment accounts. The strategy of wealthy Americans moving assets overseas in search of safety and stability in uncertain times is back in vogue. What’s causing the flow of U.S. savings across the pond? Acute economic uncertainty in the U.S.With the dollar losing value, tariffs causing financial angst, and some economists warning that the Trump administration’s economic policies will push spiraling U.S. debt even higher, high-net-worth (HNW) Americans (defined as having at least $1 million in liquid assets) are paying attention. Many are looking to protect their money and diversify their portfolios,…

If you’re looking to increase or preserve your retirement savings, this year has been a roller-coaster ride — and that’s true whether you’re still collecting a paycheck or you’ve already made your exit from the workforce.Conflicting signals about the economy and the financial markets abound. Inflation is finally under control — no, wait, it may be ticking up again, the latest data suggests. Tariffs are on, then off, higher, then lower, on a continuous loop.Stocks nosedived in April, then shot up to record highs. As for a possible recession? Economists keep changing their minds, with the latest forecasts putting the…

Owning a vacation home sounds nice in theory, but where you buy matters just as much as what you buy. Your location choice can shape not only your travel experience but also your financial reality.In fact, the market you choose could determine whether purchasing a second home is even possible. Factors such as home prices, the local cost of living, and rental demand all play a major role in overall affordability.We’ll explore where vacation homes offer the strongest returns, how costs vary by region, and what to know before you buy. So you can make an informed decision before signing…

AI-driven search is upending traditional information pathways and putting the heat on businesses and organizations facing a web traffic free-fall.Survival instincts have companies scrambling to shift their web strategies — perhaps ending the days of the open internet as we know it.After decades of pursuing web-optimization strategies that encouraged high-volume content generation, many businesses are now feeling that their content-marketing strategies might be backfiring. From just $107.88 $24.99 for Kiplinger Personal Finance Be a smarter, better informed investor. CLICK FOR FREE ISSUE Sign up for Kiplinger’s Free Newsletters Profit and prosper with the best of expert advice on investing, taxes,…