Winning a lottery jackpot can seem like a dream come true, but the harsh reality is that a significant portion of the winnings will be lost to taxes. The recent $1.128 billion Mega Millions jackpot winner in New Jersey will undoubtedly experience a considerable tax impact on their windfall. Experts have revealed that the lucky
Wealth
Mumbai, India’s financial capital, has recently taken the lead in Asia with the most number of billionaires, surpassing Beijing and Shanghai. According to Hurun Research Institute’s global rich list, Mumbai now boasts a total of 92 billionaires, marking a significant shift in wealth distribution in the region. This marks the first time that Mumbai has
When it comes to planning for retirement, it’s essential to explore all available options to lower your tax bill and boost your savings. One lesser-known strategy that can benefit married couples is the spousal IRA. This unique opportunity allows non-working spouses to contribute to an individual retirement account, providing a current-year tax break and increasing
The Mega Millions jackpot, which reached an astounding $1.1 billion, poses significant financial challenges for potential winners. While the grand prize is not as high as last year’s record $1.6 billion, winners still need to navigate through various obstacles to secure their winnings. With two payout options available – a lump sum of $525.8 million
Micromanagement, a common leadership style that often evokes strong opinions, has been a point of discussion in recent times. Mark Cuban, the well-known billionaire entrepreneur, recently shared his thoughts on micromanaging on social media. According to Cuban, constant micromanaging is a red flag indicating that something is amiss. However, he did acknowledge that in certain
Traveling in style has always been a hallmark of the wealthy, but the notion of “quiet luxury” is challenging the very definition of high-end travel experiences. No longer satisfied with flashy destinations and over-the-top displays of wealth, the ultra-rich are now seeking more discreet and exclusive getaways. From heli-skiing in Antarctica to tracking snow leopards
In a groundbreaking move, Singapore is revolutionizing its border control procedures by going “passport-free” at its land border with Malaysia. This initiative aims to streamline immigration clearance processes and enhance security measures to accommodate the increasing number of travelers passing through these checkpoints. The QR Code System Effective immediately, travelers crossing the border between Singapore
French luxury group Kering experienced a significant hit in the stock market, with shares plunging by 14% following a profit warning. The warning indicated a potential 20% decline in Gucci sales for the first quarter of 2024, particularly in the Asia-Pacific region. This forecast of falling revenues has set Kering apart from other luxury brands
Understanding the rules surrounding Social Security benefits can often feel like navigating a complex maze. However, for certain divorced individuals, there is a valuable quirk that can significantly impact their benefits. When a former spouse passes away, the monthly Social Security benefit that can be claimed based on their work history can essentially double. This
Ferrari CEO Benedetto Vigna recently announced the company’s plans to launch its first fully electric vehicle in the final quarter of 2025. The luxury carmaker is set to open a new production site in Maranello, Italy, in June to manufacture electric motors, battery packs, and power inverters. With an ambitious forecast that 60% of its