• Elon Musk said on X that he's forming a new political party amid a feud with President Donald Trump.
• He said it would be called the "America Party."
• Musk has publicly criticized Trump's spending bill, which the president signed on July 4.

Elon Musk declared on X the formation of a new political party amid his ongoing feud with President Donald Trump over the "Big Beautiful Bill."

"Today, the America Party is formed to give you back your freedom," Musk wrote in an X post on Saturday afternoon.

Musk's post came a day after he conducted a July 4 poll, asking X users if they want "independence" from the two-party system. About 65% of the 1.25 million participants voted "Yes."

Musk, who was a staunch supporter of Trump's 2024 reelection bid, has been publicly critical of the president's "Big Beautiful Bill," a sweeping domestic policy bill that includes extensive tax cuts and could add more than $3 trillion to the national debt, according to the Congressional Budget Office.

The Tesla CEO has characterized the bill on X as a form of "debt slavery."

Just days after stepping away from his work at the White House DOGE Office, which was tasked with cutting spending and reducing the deficit, Musk in June called the legislation a "massive, outrageous, pork-filled Congressional spending bill."

Musk then proposed the idea of forming a new political party that represents the "80% in the middle."

Musk's repeated attacks on the bill led to a spectacular public fallout between him and the president. Trump even suggested that his office would look into possibly deporting Musk, a South African immigrant.

Musk's July 4 poll on X came the same day Trump signed the bill into law.

The CEO said on his social media platform that one way the new party could work is to focus on winning just a handful of Senate seats and House districts that could serve as the "deciding vote" on "contentious laws," given the "razor-thin legislative margins" in Congress.

Musk and a White House spokesperson did not respond to a request for comment.

Musk's back-and-forth regarding his involvement in political affairs has been followed by volatile times for the CEO of Tesla, his EV company.

Wall Street analysts, including Tesla bull Dan Ives, have said that Musk's politics could lead the company astray if the chief executive doesn't snap back into focus.

Earlier in June, Baird analysts downgraded the Tesla stock, noting that the Musk-Trump spat adds "uncertainty to TSLA's outlook.

• Brad Barrett shares three questions everyone must ask before pursuing financial independence.
• Barrett emphasized the importance of rethinking spending habits and prioritizing savings.
• Open discussions about money with your partner are crucial for a successful relationship, he said.

This as-told-to essay is based on a conversation with Brad Barrett, who hosts the ChooseFI podcast. Business Insider has verified his professional history.

My journey to financial independence, or FI, started long before I had heard of or read about this term.

I'm a Certified Public Accountant, and I began my career at a big accounting firm. I lived at home with my parents when I got my first job and started saving big chunks of my salary. I was frugal and made decisions in the service of a life I wanted in the future.

In 2013, I read the Mr. Money Mustache blog, and it all made sense to me. His post on the "shockingly simple math behind Early retirement" has become one of the seminal articles in our community. The article was a thunderbolt in my life, and my reaction was: "Oh, wow, I can actually do this."

I left my full-time job in early 2015, at age 35, about 13 years after I started working. Since then, I have gone on an entrepreneurial journey and have worked on a travel rewards website, a newsletter, and a podcast called ChooseFI, which I have been running for nine years.

To me, FI is not only about quitting your job early and never working again. It's about reaching a point where we can control the most important and finite aspect of our lives, which is our time.

FI can be a yearslong journey that requires making changes and sacrifices. From talking to people on my podcast and answering questions at FI events, here are three questions I wish everyone would ask themselves before starting their journey to FI.

1. Are you ready to make a change?

One of the biggest issues people have is that they are ashamed of their financial lives. They feel that they've made mistakes and are stuck. My question to them is, are you ready to make a change? If you've messed up financially, are you ready to stop beating yourself up about past mistakes? I've made calamitous money mistakes, but I've still reached FI.

If you are working toward building a nest egg, are you willing to think long term and forgo everyday convenience in exchange for building a better life in the future? It's about not succumbing to instant gratification like buying fancy cars and going out to dinner all the time. It's also about the little things, like planning a week's worth of meals that you can cook at home, so you don't end up getting fast food just because it's 6 o'clock on a Tuesday evening and no one's eaten yet.

On the other hand, if you are someone who has a significant savings rate, are you willing to spend more of it to ensure you are making your life better?

2. Can you rethink what 'afford' means?

In modern American society, saving money is seen as countercultural and unusual. And that's ridiculous.

In order to live a functioning life, you need to have a savings rate. And you need to account for that rate every time you ask yourself whether you can afford something.

Some people make $5,000 a month and think that means they can spend up to $5,000 that month. That mindset needs to change to, "Hey, I need a savings rate. Can I afford this if I'm ever going to retire or have any kind of financial security?" If you decide your savings rate is 30%, that means you only have $3,500 to spend a month.

This doesn't mean you're depriving yourself. It's about prioritizing spending on what is most important to you and saving to have freedom in the future.

3. Are you ready to have conversations about money?

While no one should stuff financial independence down other people's throats, you have to have conversations about money with your family or partner.

I've seen every combination of FI relationships work — many where one partner is working and the other has retired early. Those were the result of significant conversations that weren't just, "Hey, I'm retiring today, but can you still pay the bills?"

Getting on the same page financially is important for any couple, whether in the FI community or not, because we know, money is one of the biggest stressors in life and in relationships.

It's OK to date somebody who has significant debt, because that happens. But are you on the same page? Are they trying to pay that debt off?

There's, of course, no requirement that you have this certain net worth to date somebody in the FI community. But is it going to go well if you have a 50% savings rate and the person you're dating is going more and more into debt every month? No.

Israel rejected Hamas' proposed changes to the latest Gaza hostage and ceasefire deal, but will send negotiators to Qatar on Sunday to try to close remaining gaps, Prime Minister Benjamin Netanyahu's office said Saturday.

Why it matters: While key hurdles remain, the resumption of indirect talks in Qatar is a significant step toward a potential ceasefire between Israel and Hamas.

• The two parties haven't engaged in negotiations since the previous round of talks collapsed six weeks ago.

Driving the news: President Trump has been pressuring both Israel and Hamas — through Qatari and Egyptian mediators — to agree to a deal that includes a 60-day ceasefire in Gaza and the release of 10 living hostages and 18 bodies.

• He wants to see some progress by Monday, when he plans to meet with Netanyahu at the White House.
• Trump told reporters aboard Air Force One on Friday night that he's "very optimistic" about the chances of getting a deal next week.

What they're saying: "The changes Hamas wants to make in the Qatari proposal are unacceptable," the Israeli prime minister's office said in a statement.

• Still, Netanyahu agreed to Qatar's invitation for "proximity talks" with Hamas.
• The statement said the Israeli negotiating team will depart for Doha on Sunday, and emphasized the talks will be "based on the Qatari proposal that Israel has agreed to."

Catch up quick: Hamas said Friday that its response to the proposed ceasefire and hostage deal "can be characterized as positive" and that the Palestinian militant group is ready to begin implementation talks.

• But Hamas also gave Qatari mediators three reservations it wants to address in indirect talks with Israel and the U.S.
• Once the ceasefire begins, Hamas asked for the UN to take back control of humanitarian aid delivery in Gaza. It demanded that the Israel and U.S.-backed Gaza Humanitarian Fund no longer be part of the aid delivery.
• It also wants the IDF to pull back to the positions it held before the March ceasefire collapsed.

Israel has rejected those demands.

Between the lines: Under the current proposal, Israel and Hamas would hold indirect talks during the 60-day ceasefire to negotiate terms for a permanent end to the war.

• The U.S., Qatar and Egypt would commit to extending the truce beyond 60 days if more time is needed.
• Hamas is pushing for a stronger U.S. guarantee that Israel won't be able to unilaterally resume fighting after 60 days.