• My wife and I have been spending our retirement traveling and have visited over 43 countries so far.
• As Americans, I wish we'd known how much Schengen rules could impact our travels in Europe.
• Now that we get the rules, we use a strategy to avoid overstaying our welcome in select places.

My wife and I have been living as full-time nomads since 2019 and have already visited more than 43 different countries.

Our lifestyle seems dreamy, but we've experienced numerous issues along the way — and many of the biggest have been related to visas.

As Americans, we're fortunate to have one of the strongest passports in the world, and many countries have not required us to present a visa upon entry.

However, I wish I'd known before we began our journey that there are some especially strict travel limitations in Europe that could complicate our plans.

Schengen rules make it difficult for foreigners to spend months traveling through Europe

As Americans, we knew we could not spend more than 90 days in a row visiting countries like Italy or Germany. However, we soon learned that simply hopping from one European country to another in 90-day stints wasn't an option or workaround to that rule, either.

This is, in part, due to Schengen rules: Non-European Union citizens can only stay in the Schengen zone for up to 90 days within a 180-day period

The Schengen zone consists of mostly European Union countries that share similar criteria for visitors. Citizens within those countries can freely travel across others in the zone without being subject to border checks.

The Schengen zone includes 29 European countries, including France, Italy, Germany, Spain, Belgium, and the Netherlands.

For many travelers staying in Europe for less than 90 days, these rules are pretty irrelevant. However, for us, this meant a lot of European countries were off-limits for long trips.

We knew that if we wanted to stay in Europe long-term, we'd need a residency permit.

After getting a visa proved difficult, we began planning our trips around the Schengen rules

Many countries offer multiple variations of residency permits, like digital-nomad visas or retirement visas. However, visa applications can be complicated and take months (or even years) to get approved.

At one point, we attempted to get retirement visas in Spain. After months of preparing and filing paperwork and spending a fair amount of money, our application has still not been approved.

Eventually, we decided to stop waiting for a visa. Instead, we would do the "Schengen shuffle," a common strategy among expats that involves strategically entering and leaving the Schengen zone without overstaying your welcome.

For example, if we've been exploring Spain and Italy for almost 90 days, we'd then spend months traveling to places outside the Schengen zone, like Malaysia or Bosnia, before returning to any country in it.

Fortunately, as nomads, we're very flexible — and we've gotten good at doing the "shuffle."

However, it's worth noting that the "shuffle" comes with risks, and violating Schengen rules can have severe legal consequences ranging from jail time and deportation to bans and fines.

Until we get a residency permit in Europe, we'll continue to stay on top of visa rules in every country we visit, as all travelers should.

After all, the rules can (and do) change often.

• Boeing's 777X to enter service with Lufthansa in 2026, CEO Kelly Ortberg confirmed.
• The jet has faced certification delays, with flight tests paused for months.
• The latest setback cost Boeing $2.6 billion.

Lufthansa is set to be the first airline to fly the 777X, Boeing's much-delayed newest jet.

CEO Kelly Ortberg said on an earnings call this week that the German carrier would get the first plane next year. Boeing continued to have "seat challenges, but we do know what those challenges are for Lufthansa deliveries," he added.

The Boeing 777X is an upgraded, modernized version of the world's best-selling widebody jet.

It includes a wider and more spacious cabin while taking advantage of technology used for the 787 Dreamliner.

A key feature is its folding wingtips. This allows for longer wings, which enhance aerodynamics.

The wings can also fold up while on the ground allowing it to fit at more airport gates. The double-decker Airbus A380 can only be operated at certain airports because it's so large.

More than a dozen airlines, including British Airways, Emirates, and Singapore Airlines, have placed about 500 orders for the twin-engine jet.

Boeing launched the 777X program in late 2013, targeting an entry to service in 2020. Delays have piled up and it's struggled to achieve certification for the jet.

Test flights were paused last August after a problem with a key component connecting the engine to the plane, before resuming earlier this month.

Ortberg said in October that the first delivery was expected in 2026 rather than this year.

In a third-quarter earnings report, Boeing said that the latest 777X setback would cost $2.6 billion.

There's much at stake, such as proving Boeing had the right strategy in modifying a previous design instead of building a new plane from scratch.

The planemaker has suffered from a loss of trust with some airlines after a damaging 2024 plagued by delivery delays. Boeing slowed down production after the Alaska Airlines blowout and then faced a seven-week strike later in the year.

Emirates president Tim Clark told BI in October: "I fail to see how Boeing can make any meaningful forecasts of delivery dates."

"Emirates has had to make significant and highly expensive amendments to our fleet programs as a result of Boeing's multiple contractual shortfalls and we will be having a serious conversation with them over the next couple of months," he added.

Others have been more patient, such as Qatar Airways CEO Badr Mohammed Al-Meer. At last July's Farnborough Airshow, he said he didn't expect to receive the first 777X until 2026.

"And as English people say, let us not cry over spilled milk," he added. "Let us focus on the new delivery."

• Alexander Weber's parent realized his family had money when they moved into a bigger house.
• However, his parents still gave him a small allowance and taught him financial responsibility.
• That pushed him to work, which impacted his career as an entrepreneur.

This as-told-to essay is based on a conversation with Alexander Weber. It has been edited for length and clarity.

Until I was in elementary school, my parents and I lived in a modest apartment. My mom ran her own business, and my dad worked for a major retailer in Germany, where we lived. He was in management, working as a buyer for the whole of Germany. It was an important role, with a solid salary to match. My dad would spend weekdays in another city, visiting us on the weekends. I didn't think much about how much money we had.

Then, we moved to a very large house. Our financial status hadn't changed — my mom and dad had always made substantial money. But suddenly, that was clearer to others, and to me, as a child. Our new house had three stories, a finished basement, and a garage. My parents drove fancy cars like BMWs and Mercedes. That's when I noticed that, compared with my peers, my family was wealthy.

Unfortunately, my dad died when I was 13. However, my mom's business generated a solid income, so she was able to keep our family financially secure, while instilling lessons I still use today.

My parents tied allowance to responsibility

Although we had more material items than many of the people around us, my parents only gave me a very modest allowance. At the time, it was about 25 euros a month, enough to go to the cinema once — twice if I was lucky.

Sometimes I would argue with my mom, pointing out she could afford to give me a larger allowance. But she wouldn't budge. Then, after a few years, my mom offered me a more substantial allowance. If I took it, however, I would be responsible for paying for my needs, in addition to my wants. I would have to budget for clothes and food. At the end of the day, I didn't want that responsibility. I also realized that I might end up with even less discretionary spending money than if I took a more modest allowance.

My small allowance pushed me to work

Since I'd chosen to stick with my modest allowance, I got creative about earning money. I started building websites when I was a teenager and even automated video games to sell in-game currency. Building that entrepreneurial spirit early impacted my career path. As a young adult, I grew my own online companies, focused on helping businesses use social media to increase their sales and online presence. I'm still running those today.

My mom emphasized never having debt

As a teenager, I was exposed to material items, like those flashy cars my parents had, and yearly trips to California. At first, I wanted more of that, but eventually, the novelty wore off. These days, I'm not drawn to luxury or fancy items.

My mom always told me that if you have debt, you give the banks (or credit card companies) control over you. She emphasized that I should always make money before I spend it. I internalized another message: don't buy unnecessary things.

I'm 29 now, but I still live by that rule. I still travel, but it's more likely to be a car or train ride to somewhere else in Europe than a lengthy trip to the US. I really don't buy things for myself. I'll spend it on my business or my girlfriend, but rarely on something I want. When I do, I try to purchase a quality item that will last a long time.

I realized people talked about my wealth

As I got older, I realized people were talking about my family's wealth. California is a big thing to Europeans, and people were impressed that my mom and I spent about a month there every year.

At first I wanted to lean into the status wealth gave me — I even tried my hand at becoming an influencer. But I quickly realized that being flashy made me feel like an imposter. I was being celebrated for something I'd been gifted, not something I earned.

These days, I try to avoid attention. I still live in that big house my parents moved into when I was a child. But it's old now and needs lots of work. I'm looking forward to downsizing, so I can focus on my work and my partner — the things that really give my life purpose.

• LA's wildfires put added pressure on the city's 2028 Olympic hosting gig.
• Historically, most host cities have faced costly overruns.
• LA could be in a stronger position than other cities because of its existing sports venues.

Los Angeles' wildfire rebuilding efforts could be at odds with another multibillion-dollar expense: hosting the Olympics.

The city's recovery efforts face a hard deadline ahead of the 2028 Summer Olympics. Historically, most host cities have faced costly overruns, and LA is already likely to face serious economic challenges in the wake of the fires.

However, Andrew Zimbalist, a sports economist at Smith College, told Business Insider that LA could be in a stronger position than other cities to handle Olympic costs because of the city's existing sports venues.

"I think the 2028 games will provide an opportunity for Los Angeles to show how it's rebuilt itself," Zimbalist said.

While many sports facilities were sparred from the fires, the city's economic losses could reach $275 billion, per the data platform AccuWeather. The estimate accounts for direct costs like emergency response and construction, along with indirect costs like lost employee wages, housing displacement, and hits to the local business scene and job market. Additionally, some experts estimate it could take the city years, or up to a decade, to rebuild.

Zimbalist said he thinks LA is in a good position to "break-even" economically as the Olympics host, in large part because it doesn't have to build any new sporting venues. This will significantly reduce the construction and infrastructure costs that often balloon host cities' spending.

The LA Olympics Games have an operating budget of $6.9 billion, according to the latest estimate provided by LA2028, the private committee responsible for putting on the Olympics and raising funding for the games.

The money is expected to come from International Olympic Committee funding and revenue generated from the Games — which are tied to things like international sponsorship income, ticket sales, and licensing merchandise. These funds will go toward hosting the sporting events and the opening and closing ceremonies, including investments in the city's airport and a downtown convention center.

LA2028 did not respond to BI's request for comment.

LA may be in a strong position to host 2028

If the costs of hosting the Olympics exceed the generated funds, LA has pledged to contribute $270 million to close the gap. If this isn't sufficient, the state of California has committed an additional $270 million, and if that doesn't cover it, LA would be on the hook for the rest. As of July, LA2028 was $1 billion short of its sponsorship goal.

Zimbalist said this insurance policy to cover some of its exposure in the case of a budget overrun is standard for every host city. As things stand, he doesn't expect the Games to go over budget, though he said it's "far from a sure thing."

"I don't see there being a public deficit here overall because there's so little building to be done," Zimbalist said.

While LA might be able to avoid drawing upon public funds, the Olympics are likely to cost US taxpayers. Zimbalist said LA is counting on the federal government to help provide as much as $5 billion in funds for transportation and security costs ahead of the Games. In comparison, the federal government's contribution to the 2002 Salt Lake City Winter Olympics was about $2 billion when adjusted for inflation.

In 1984, the last time LA hosted the Olympics, Zimbalist said LA generally avoided negative economic impacts, which he said was driven by the availability of existing venues, significant IOC funding, and solid financial management from the city's Olympic committee. He said that LA could benefit from the same factors this time.

Host cities often lose money on the Olympics

Many Olympic host cities spend beyond their budget due to unforeseen expenses, construction costs, or an inability to produce enough tourism revenue, per the 2024 Oxford Olympics Study. And, with a higher number of events and athletes, the study reported that the Summer Games are especially expensive.

The Oxford Olympics Study — which analyzed the cost of past Olympics in 2022 US dollars — found that the Summer Games held between 1960 and 2024 went over budget by an average of 195%. In the past two decades, the most expensive Games was Rio 2016, costing $23.6 billion with a cost overrun of 352%, some of which was shouldered by taxpayers.

"When you add it all up, most cities end up with a deficit that could be on the order of $10 or $20 billion, sometimes more than that," Zimbalist said.

In December, Paris announced that it closed the 2024 events under budget, but this only included the operating costs of the Olympics during the 17 days they were held. When operating costs, capital costs related to the Games (like building sporting venues), and indirect capital costs (like investments in Paris's rail system) are all accounted for, Zimbalist estimated that the total spending approached $20 billion.

To be sure, Zimbalist said there are benefits to hosting the Olympics that economic indicators can't measure. While LA will likely still be recovering from the wildfires, he said the Olympics could provide the city with the opportunity to show its progress.

Have you experienced financial challenges due to a natural disaster? Are you open to sharing your experience with a reporter? If so, reach out to [email protected].

• An explosion at a Rheinmetall munitions factory in Spain injured six workers, local emergency services said.
• The German arms manufacturer told BI that the company saw no indication of an attack.
• Russia is suspected of being behind a plot to assassinate the CEO of Rheinmetall.

An explosion at a Rheinmetall munitions factory in Spain injured six workers on Thursday, local emergency services have said.

One person was left with serious injuries following the incident, which occurred in the southeastern Spanish city of Murcia.

Oliver Hoffmann, a spokesperson for the German arms manufacturer, told Business Insider that the cause of the explosion was still under investigation but that the company saw no indication of an attack.

Hoffmann said the site's production facilities were not damaged in the incident.

According to Spain's state register of emissions and pollutant sources, the depot's main activity is the manufacturing of explosives.

Rheinmetall has been a key military aid provider to Ukraine, supplying Kyiv with artillery ammunition, combat vehicles, tanks, and more.

Rheinmetall vehicles delivered to Ukraine include the Leopard 1 and Leopard 2 main battle tanks, the Marder and Lynx infantry fighting vehicles, and the Gepard antiaircraft tank.

The company has also helped train Ukrainian specialists in maintenance and repair tasks.

In February, Rheinmetall said it aimed to produce up to 700,000 rounds of artillery ammunition a year by 2025 at its plants in Germany, Spain, South Africa, Australia, and Hungary.

Armin Papperger, Rheinmetall's CEO, said in a March interview with the German newspaper Süddeutsche Zeitung that the company planned to increase production capacity to 1.1 million rounds a year by 2027.

In 2024, US intelligence reportedly helped thwart a Russian plot to kill Papperger.

James Appathurai, NATO's Deputy Assistant Secretary General for Innovation, Hybrid, and Cyber, confirmed the plot at a European Parliament committee meeting earlier this week.

"What we have seen over a period of the last couple of years in particular, is incidents of sabotage taking place across NATO countries, by which I mean derailment of trains, acts of arson, attacks on politicians' property, threats to…plots to assassinate industry leaders, like publicly the head of Rheinmetall," he said.

The German newspaper Der Spiegel previously reported the Russian scheme had been spurred on by Rheinmetall's plan to establish a tank factory in Ukraine as part of a push to bolster the country's arms industry.

Kremlin spokesperson Dmitry Peskov rejected the reports at the time.

Russia is believed to have been behind dozens of hybrid attacks on NATO members in recent years, including a number of incidents targeting the air freight industry.

• Scott Goodfriend was laid off from his $215,000-a-year Meta job in February 2023.
• He took his food tour side hustle full time and now makes $145,000 a year in revenue.
• Goodfriend says he misses the cushy salary, but Big Tech can't match building your own business.

This as-told-to essay is based on a transcribed conversation with Scott Goodfriend, 39, who runs Ultimate Food Tours. Business Insider verified his previous employment and financial claims with documentation. The following has been edited for length and clarity.

I didn't expect my career path to take me from working on virtual reality at Meta to leading tour groups around New York, but I'm enjoying taking the risk and betting on myself.

In 2011, I moved from Los Angeles to New York, where I worked at We Are Plus making corporate videos. In 2016, I started at Edelman, a major PR and marketing firm, and climbed the ranks to executive producer, pioneering their augmented- and virtual-reality initiatives.

Working at Meta was my dream job

I wanted to pivot my skills into tech, so I started applying for jobs in 2022. I landed a job at Meta in July 2022. Working as an augmented-reality producer with a $215,000 salary felt like the crowning achievement in my career.

I was handed the reins on Meta's "real-time avatar" feature, where I ran the project's operations. I integrated workflow, managed the 3D design, and helped the team meet deadlines. Despite being a remote employee bridging both coasts, I thrived in a fast-paced, elite environment.

The sense of purpose I felt working at Meta was remarkable. We were pushing the boundaries of what was possible in the digital realm, and every day brought new challenges.

But Silicon Valley's volatility showed its face in November 2022 with mass layoffs. I thought I was safe working in a cutting-edge space like AR, but my role was eliminated, and I was placed on an internal redeployment plan. In February 2023, I was laid off, just eight months into what I thought would be a long-term journey.

My culinary side hustle was a saving grace

Fortunately, I was still making an income via my side hustle, Ultimate Food Tours. Since I moved to New York, I'd created and researched various food tours and would take groups of friends to the hidden gems I'd found. In November 2019, on a whim, I posted my first food tour on Airbnb.

Between November 2019 and the beginning of COVID-19 in March 2020, I received around four bookings. At the time, I charged $60 per person per tour, which included food and non-alcoholic drinks but excluded tips.

These tours, limited to 10 people, are a journey through time and culture. I wanted it to feel like exploring a city with a knowledgeable friend.

All of my prior supervisors, both at Meta and Edelman, encouraged my side hustle. I made $30,000 in 2022 doing food tours while employed at Meta.

After getting laid off, I received another offer at a tech job. The idea of having a stable income was enticing. I struggled with my decision, but after speaking to my parents and mentors, I knew it was time for a change.

I always kept my money from my food tours separate from my corporate salary. When I was laid off, I had roughly $20,000 from my food tour business to fall back on. I didn't have to touch my severance money at the time.

Being single, with savings in the bank, I turned my layoff crisis into an opportunity. Years of running tours as a side gig meant I had the experience and financial runway to take this leap. I already had deep relationships with my vendors and knew how to build relationships with other food personnel to promote my business.

Giving up a cushy tech salary was difficult

Trading the security of Big Tech for the unpredictability of entrepreneurship wasn't an easy choice. I miss the cushy corporate perks and a steady paycheck, but the thrill of building something meaningful feeds my soul in ways technology never could.

Losing my tech salary was a personal test. Spontaneous vacations and casual dinners out were replaced with budgeting and home-cooked meals. However, working in Big Tech taught me financial forecasting and operational management, which I now apply to my business.

I haven't matched my Meta salary yet, but the business made $145,000 in revenue this past year, and running costs are minimal. The tour guides I hire are all freelancers who get paid between $30 and $60 per hour per tour, excluding tips.

I don't draw a traditional salary and use the business funds to cover my essentials and the business's expansion. The freedom of building something makes up for the financial juggling act.

Being an entrepreneur is demanding but worth it

My days are split between understanding accounting software, coordinating with global affiliates for our expansion into Japan, and crafting tours that show a deep knowledge of local communities.

I have a team of four freelance tour guides that I work with in New York, two in Vegas, and one in Tokyo. I ensure that each tour is tailored to the group. On average, I work 60 hours a week. I do tours on top of running the marketing and business operations and ensuring my finances are in order.

The corporate world, with its predictable rhythms and clear career ladders, still appeals to me. But unless an extraordinary opportunity presents itself, I'm committed to Ultimate Food Tours.

I've learned I'll feel afraid whether I'm launching a business or taking on increased responsibility in a corporate role. The key is recognizing that every career path has its uncertainties, and the bigger risks will have greater payoffs.

• Dell is calling its global workforce back to the office full time, per a memo obtained by BI.
• In September, the company told its sales teams to be in the office five days a week.
• "Nothing is faster than the speed of human interaction," CEO Michael Dell told staff in the email.

Dell is calling an end to hybrid and remote work.

In an email sent on Friday morning, CEO Michael Dell said that from March the company would expect all employees living within an hour of offices to be at their desks five days a week.

"Starting March 3, all hybrid and remote team members who live near a Dell office will work in the office five days a week. We are retiring the hybrid policy effective that day," the CEO, who has a net worth of $117 billion, told staff.

According to the email, which BI exclusively obtained, employees who live far from a Dell office will be allowed to continue working remotely.

"What we're finding is that for all the technology in the world, nothing is faster than the speed of human interaction," Michael Dell told staff. "A thirty-second conversation can replace an email back-and-forth that goes on for hours or even days."

The CEO acknowledged that staff would have questions.

"Please hold those for now," he said. "We're still working through details, and additional information will be available soon."

BI understands that leaders at Dell will be able to ask for exemptions for their team members.

Most offices have capacity for all workers to return in March, but in the few cases where space was limited, Dell will provide guidance in the coming month, BI understands.

"We continually evolve our business so we're set up to deliver the best innovation, value and service to our customers and partners. That includes more in-person connections to drive market leadership," a Dell spokesperson told BI.

Dell has already implemented a five-day return-to-work policy for some parts of its business.

In September, the company sent a memo to its entire global sales team informing them they would be required to work in the office full time.

Manufacturing teams, engineers in the labs, onsite team members, and leaders had also already been asked to be in the office five days a week.

Parents at Dell told BI that the September five-day mandate had left them scrambling to find childcare arrangements, while other sales staff said there was a shortage of parking spots and desks — a common logistical challenge for companies implementing RTO.

Vivek Mohindra, Dell's senior vice president of corporate strategy, told BI in December that the company had seen "huge benefits" from bringing the sales team back to the office and that the energy on the sales floor had been "very different" since the policy was introduced.

The company, which sells PCs and enterprise technology such as servers, asked its more than 100,000-strong workforce to classify as either remote or hybrid in February 2024.

Last year, BI obtained internal data showing that close to 50% of Dell's full-time workers in the US initially chose to stay remote, while a third of international staff remained remote. Their reasoning included living far from the office, working in teams spread over different states and countries, and working remotely before the pandemic.

Dell joins a growing list of companies, including Amazon, AT&T, and JPMorgan, that have reversed their stance on remote work and now expect employees to be in the office full-time.

Federal workers have also been called to return to their offices full time after President Donald Trump signed an executive order mandating an RTO on his first day in office last week.

Read the full memo below:

Team,

We are building a new Dell Technologies for a new future. The pace of innovation has never been faster, and for us to lead, the speed of our business must continue to accelerate. What we're finding is that for all the technology in the world, nothing is faster than the speed of human interaction. A thirty second conversation can replace an email back-and-forth that goes on for hours or even days.

We've already asked our sales teams, manufacturing teams, engineers in the labs, onsite team members and leaders to be in the office five days a week, and we have seen these areas come alive with new speed, energy, and passion. Now, we want to see that same sense of urgency and drive everywhere.

Starting March 3, all hybrid and remote team members who live near a Dell office will work in the office five days a week. We are retiring the hybrid policy effective that day. We remain committed to flexibility within your workday, and you should continue to work with your manager to meet your needs. But for the most part, you should plan to work in the office five days a week.

If you opted-in for remote work and live near a Dell office, we expect you to join us in the office. If you are remote and live a long distance from a Dell office, you'll stay remote. If you are field, you will continue to spend five days a week with customers and partners or in a Dell Technologies office.

We know you may have questions about what this means for your specific situation. Please hold those for now. We're still working through details, and additional information will be available soon. But I personally wanted to share this news sooner rather than later, so you have time to process and plan.

We continually evolve our business to deliver the best value and service to our customers and partners. I'm excited for us to have more in-person connections to drive speed, market leadership, and an even stronger culture.

I look forward to seeing many more of you in the office. Welcome back!

Michael 

Are you a Dell employee with insight to share? Contact these reporters via email at [email protected] and [email protected], or via Signal at Polly_Thompson.89 and jyotimann.11. Reach out via a nonwork device.

• What was meant to be an epic vacation in Bali with 18 family members turned into a bickering mess.
• We should have known it wouldn't work when it took six months to agree on accommodations.
• I'll keep the international vacations to my family of five from now on.

The idea of an epic overseas family holiday was nice in theory but a nightmare in reality, and if I had my time again, I probably wouldn't sign up for it.

The nightmare began in 2022 when my extended family decided to vacation in Bali for Christmas.

We usually get together every other year on the Gold Coast in Queensland, Australia, where I grew up, but this time, we wanted to try somewhere else.

My family of origin and I had been to Bali before and knew what to expect, but we had no idea how different the experience would be with 18 people from five families.

The trouble started before we even got on a plane

Booking accommodations was a complete fiasco and should have been a red flag.

Some people wanted resort-style accommodation with all the bells and whistles — kids' clubs, swim-up bars, and other Western comforts. Others in the group liked the idea of more authentic, budget-friendly accommodation with a Balinese feel.

It took six months and a lot of bickering on our family WhatsApp group to settle on a compromise: We'd stay in three different hotels during our 12 nights in Bali. Moving from place to place wasn't ideal, but it meant everyone felt that their needs were being met.

Bickering over where to eat made me want to hide in my room and order room service

Everyone was excited when the big day arrived, and we all touched down at Denpasar International Airport. The youngest family member, our daughter, was 4 months old. The oldest member, my dad, was 78.

The excitement quickly dissipated at the first resort, though. Some family members wanted an affordable vacation, while others were ready to splurge on food, drinks, and entertainment without concerns about cost.

Meal time was particularly tiresome. Family members with more cash to splash preferred eating at our resort or restaurants in pricier areas such as Seminyak, known for its luxury hotels and high-end shopping and dining.

Whereas those on a tight budget would suggest dining at a local warung, a small traditional Balinese restaurant, usually decked out with simple plastic chairs and tables, offering cheap, tasty food.

The nightly debates about where to eat created unnecessary tension, and I wanted to hide in my room and order room service.

I didn't anticipate the hassle of all the Christmas gifts

Holidaying during the festive season also created a logistical nightmare.

With five different families all celebrating Christmas, we exchanged many gifts.

Lugging the presents there and bringing them home proved to be a challenge, and we sent stuff back to Australia with my folks (who live in another state) because we couldn't fit everything into our two suitcases.

The gifts are still collecting dust at my folks' house.

The worst of it was yet to come

All those hassles paled in comparison to the digestive issues, aka Bali belly, that affected nearly the whole group.

It started with my dad, who went down on day three with vomiting and diarrhea, then took out 15 of the 18 of us. Each night, we'd place bets on who would go down next.

For Christmas Eve, we'd pre-paid for a lavish seafood buffet dinner at hotel number two, the Holiday Inn in Nusa Dua. That night, my husband started experiencing gastro symptoms, and needless to say, Christmas Eve was not what we'd hoped for.

By Christmas Day, our 4-month-old daughter had started projectile vomiting by the pool; then, I woke up feeling horrendous on Boxing Day.

I remember brushing my teeth when I thought I was over the worst of it, letting out a little gas, and then looking at my husband with horror because more than just gas had come out. That was a real low point.

When it was time to go home, I was ready for a real vacation with some actual peace and tranquility.

I think next time, we'll keep the big family get-togethers at my parents' house in Queensland and leave the international holidays to our family of five.

• I spent years becoming a psychologist and then trying to achieve tenure.
• When I finally got tenure, I should have felt accomplished, but something was missing.
• I had to slow down, and then I realized I wanted to be a mother.

Becoming a psychologist is a long and grueling process. After four years of college, it's another six years or so to earn your master's and doctoral degrees. You then work full time for at least one year, accruing supervised hours before you're even eligible to take the licensing exam.

After that, if you are in a tenure-track academic position, like I was, then there are additional hurdles before you are considered for tenure. If you are granted tenure, the rewards are significant: Your job security increases dramatically, and you have more academic freedom in how you study and teach.

For years, that's what I was working towards: job security and freedom. But when I finally achieved it all, something felt off.

Receiving tenure first felt like winning the lottery

When I was granted tenure after a months-long application review process, I was euphoric. I truly felt like I had won the lottery and that I had finally "made it."

But, like for many who have actually won the lottery, the high subsided after a few months.

This alone was not unexpected. I knew the feeling would fade, as all feelings eventually do. What I could not make sense of was the experience of looking at my life and wondering, "Is this it? Is this everything?"

I followed the formula: Study hard, get good grades, work hard, get promoted, keep working hard, get tenure, and live happily ever after. I had a stable career, a loving husband, and a full life by any measure.

What was still missing?

When the euphoria faded, I thought something was wrong with me

I had experienced periods of depression in my life before, and so that was my first hypothesis, but I wasn't actually depressed. I still derived meaning and enjoyment from my role as a professor, so I wasn't disillusioned with the job.

It took months of exploration in therapy and honest self-reflection for me to acknowledge that for most of my adult life, I had been on one track or another, striving toward the next stop and barely pausing before moving to the next.

The tenure track was no different from any other track in the sense that it was predetermined and clearly demarcated. My particular gender and cultural conditioning had primed me to choose tracks over off-roading, and so I believed that if I just stayed the course and completed it well, fulfillment and contentment would be my rewards.

Except, when I finally got there, I still had a nagging sense of incompleteness.

I was so focused on my career that I didn't realize what I really wanted

All those years of striving overshadowed the parts of me that have no interest in tracks, achievements, or successes. My capacity to enjoy being for the sake of being and not having to earn or prove anything, was diminishing as I accrued more accomplishments and accolades.

Once I decided to pay more attention to my need to just "be" and not "do," I opened myself to other realizations — the most shocking of which was my growing desire to have a child.

The younger me would have shuddered at a future in which I finally earned tenure, voluntarily closed my private practice, and stepped down from a dean-level position so that I could spend more time with my child. But that's just what I did.

Parenting is meaningful, yes, but it's not a strategy for fulfillment. Indeed, I still have some unresolved dissonance about my trajectory, and becoming a parent has involved a whole lot of "doing" at the expense of "being," especially as a working mom.

On the other hand, despite the challenges, I do feel a greater sense of completeness in our family. I'm glad I eventually paid attention to the voice inside me that led me here, and I wish I had tuned in sooner.

• A Spotify layoff in December 2023 affected 17% of employees, including Sophia Omarji, a UX researcher.
• Omarji faced visa issues and a competitive job market before being forced to leave for Dubai.
• Still looking for her next role a year later, she's focused on skill development and networking.

In January 2023, I moved from the UK to Sweden for my dream job at Spotify. I'd been at the company since July 2022, when I joined as a user experience research intern, and secured a full-time associate role and later a promotion.

As a music psychology graduate, joining Spotify was a dream come true. I never expected to reach that point in my career fresh out of college — I assumed it would take years.

At the end of 2023, I was among the 17% affected by layoffs at the company I'd dreamed of joining. Since then, I've processed the reality of being laid off and navigated the emotional and professional challenges that come with it.

The year since has been anything but straightforward, from grappling with visa issues to navigating Sweden's competitive job market. It has also been a time of profound learning and unexpected growth.

On Monday, December 4, 2023, I received the email that changed everything

I woke up and rolled over to see two emails from work. One was sent to the whole company from Spotify's CEO, Daniel Ek, and another was sent from HR — an invite for a 15-minute individual meeting to discuss my role. Having been present for another round of layoffs earlier that year, I knew that I was about to be let go.

Every day at work had felt surreal and confirmed I was living out my aspirations. I loved the culture, people, and projects — the role excited me and built my passion further. I'd envisioned a long career at the company.

In the call, they told me my role was being made redundant, and they couldn't find me another position because of the scale of the reduction. I was given a three-month notice period but wasn't required to work from then on.

I felt a mix of disbelief, frustration, and pure heartbreak

It wasn't just about the job loss but the upheaval of everything I'd planned for the coming years. The uncertainty was further amplified by my work visa situation, being in Sweden as a British citizen, forcing me to navigate emotional turmoil and the post-Brexit bureaucratic maze.

With a ticking clock and no clear path forward, I felt paralyzed. I quickly realized that the emotional aftermath of losing a job was more complex than I'd anticipated.

I had to give myself the space to experience the stages of grief, mourning the loss of my sense of identity and future certainty alongside the feelings of rejection that accompanied it. Over time, I began to appreciate the value of giving myself time to adjust rather than rushing to fill the void.

I've learned how to embrace the discomfort of not having everything figured out immediately

It's easy to feel as if you're falling behind when you have no clear direction or routine, but I soon realized that growth often arises in moments of uncertainty.

I decided to focus on what I could still control. I leaned into the skills I'd developed at Spotify, such as data analysis, storytelling, and working with different stakeholders, and explored new avenues for applying them.

I couldn't find part-time work in Sweden because my work visa was revoked, leaving me in a sticky situation. Over the past year, I've focused on networking, attending conferences, and expanding my skill set through courses.

I've also honed my background in music psychology, searching for opportunities to share that expertise through workshops, speaking engagements, my blog, and my podcast.

Early-career professionals in the current job market face unique challenges

The pressure to progress quickly, build experience, and establish ourselves can feel overwhelming, especially in industries such as tech, where expertise is highly valued.

I've learned being junior doesn't mean being less capable — it's an opportunity to build a foundation of skills and knowledge that will support long-term growth. Young people bring fresh perspectives, adaptability, and a willingness to learn, and adaptability isn't just about adjusting to changes within your current role or industry — it's about being open to geographical and professional shifts that push you out of your comfort zone.

After my layoff, I could stay in Sweden for six months before ultimately having no choice but to leave Stockholm. I relocated to Dubai to be with my family.

The transition was difficult — I had to leave behind my partner, friends, and the life I had built. Adjusting to a long-distance relationship added another layer of complexity, but I learned that a new location doesn't have to limit opportunities.

I now see myself as a citizen of the world

I'm navigating life on the move and juggling pursuing my next job with quality time spent with family and friends, exploring new places, and focusing on personal and professional projects. My ultimate goal is to return to Sweden — or wherever the best opportunity takes me — so my partner and I can reunite and build the best life possible.

My goal for the year ahead is to find professional success. I'm open to similar roles and new directions if they align with my values. Whether it's in music psychology, UX research, or the broader tech industry, my focus is on meaningful and impactful work. As the world evolves, so will my career.

Do you want to share how your layoff affected you? Email Lauryn Haas at [email protected].

• Bill Gates says some of his tech predictions didn't go how expected.
• Gates told the NYT that Silicon Valley's swing toward the right was a "surprise" to him.
• He warns of AI misuse, emphasizing the need for defensive tech against cyber threats.

Bill Gates says he's gotten a few things wrong during his decadeslong tech career.

The Microsoft founder spoke to The New York Times about how some of his predictions for the tech industry didn't pan out the way he thought they would. Gates, who started the tech giant in 1975, has been around long enough to witness significant cultural shifts and innovations in Silicon Valley.

What he didn't expect was its leaders leaning into the right wing.

"I always thought of Silicon Valley as being left of center," Gates told NYT.

His peers, including Mark Zuckerberg, Elon Musk, and Jeff Bezos, have shown support for President Donald Trump — attending his inauguration and catching up at UFC events. Musk and Zuckerberg have both previously kept their political beliefs relatively private.

"The fact that now there is a significant right-of-center group is a surprise to me," Gates added. Gates donated $50 million to a pro-Kamala Harris super PAC in 2024, the NYT previously reported.

The advent of social media also brought a twist in technology that Gates said he didn't see coming. When platforms like Facebook and Twitter arrived on the scene, they brought about "ills that I have to say I did not predict."

Gates said tech has been weaponized to sow political division and act against public interest. He told the NYT that he was "wrong" to think of "more information as always a good thing."

"I didn't predict that would happen," Gates said.

Meta and X, formerly Twitter, are owned by Zuckerberg and Musk, respectively, and have both faced complaints about their approaches to content moderation. In January, Zuckerberg said Meta would adopt a "community notes" model similar to X instead of using third-party human fact-checkers.

While he had previously held more positive predictions for the present, Gates said he's less optimistic about the future of tech. Looking to the future, Gates reiterated his apprehension about the evolution of artificial intelligence.

"Now we have to worry about bad people using AI," he told the NYT.

Gates previously expressed his concerns about AI during an interview on the "On with Kara Swisher" podcast. He shared his uneasiness "that bad people with bad intent will use AIs for cybercrime, bioterrorism, nation-state wars."

"In that case you think, OK, let's make sure the good guys have an AI that can play defense against those things, and that makes you want to move ahead and not fall behind," Gates said in the interview.

• Alex Hofmann founded 9count, a social media app conglomerate, in 2019 after leaving Musical.ly.
• Hofmann is also an investor in several social startups and is betting on "private social networks."
• Here are five trends Hofmann thinks will define the future of social networking.

We're still waiting for the next big thing in social media.

Clubhouse's social audio moment didn't stick, BeReal's gamified photo-sharing faded, and while TikTok's impact on social media is indisputable, its uncertain future has consumers hungry for new apps.

So, what comes next?

Alex Hofmann, the CEO of the social-media conglomerate 9count, is betting on a new wave of private social networks that prioritize friends over media.

Hofmann founded 9count in 2019 after leaving his post as president of Musical.ly (now TikTok) in 2018, after ByteDance acquired it. 9count's portfolio includes mostly mobile apps, such as dating app Wink, friend-making app Soda, and LGBTQ+ social network Lex (9count acquired Lex in 2024).

Hofmann said that with influencers, brands, and ads competing for attention on social platforms, consumers aren't seeing or engaging with their own personal connections as much as they may like.

"We are seeing a shift from social networks to social media to media," Hofmann told Business Insider.

As a result, he thinks there's room in the market for more straightforward social networks.

"We finally are at a tipping point because of frustration with policy changes, algorithmic feeds, privacy breaches, excessive commercialization," Hofmann said. "It's time for a change. It's time to build better products."

Beyond connecting people with their friends via private networks, Hofmann sees potential in apps serving niche communities and helping people meet IRL.

Outside 9count's own portfolio of apps, Hofmann has also invested in new social apps as an angel investor and via his VC fund Progression. Those investments include Mozi, an app for close friends cofounded by Ev Williams; Bond Social, a decentralized social network; and Girlgroup, a community and events app for women founded by 9count employee Shoshana Cooper.

Here are five trends in social media Hofmann is eyeing:

1. There's a need for apps serving niche communities. As platforms like Meta or TikTok scale to billions of users worldwide, the apps often prioritize the masses (and advertisers) over smaller segments of users. Hofmann pointed to Girlgroup and Lex as examples of apps built for niche communities, whether that's young women in a specific city or for the LGBTQ+ community.
2. People want to connect IRL. "The big trend that we are seeing is that after Covid, there's a big desire really to meet more in the real world," Hofmann said. Several IRL-social apps raised millions of dollars in 2024, such as 222, Pie, and Posh.
3. Dating apps will need to move past swiping. Hofmann compared the current model of dating apps to Zillow — you can look at a house, but you can't really discern the energy, aura, or feel of the house with just pictures. "The dating app that will be successful is one that is able to mirror that energy in a digital format," he said. Gen Z will also define the next wave of online dating, Hofmann added, particularly how younger users are more interested in sparking a connection, even if just platonic, than finding an instant date.
4. The next big thing won't be a TikTok copycat. "Seeing so many TikTok clones is interesting, and it's a good way for new entrepreneurs to learn how to build products," Hofmann said. "But I hope that these products will either grow into something much bigger, much different, much more valuable to the user base."
5. More new social apps will become pay-to-play or offer freemium models. Public social-media apps usually go after advertising as a primary revenue model and are free to use. Hofmann is bullish on private social networks that instead use subscriptions, paywalls, and freemium models. "Some people believe that that would not be scalable, but the numbers so far show that it's actually quite possible," Hofmann said. He pointed to Duolingo as a successful example of a freemium model, and added that Girlgroup has a paid membership.

While Hofmann wants to see innovation in social apps — either via 9count or his investments — he knows very well that the consumer social landscape is volatile.

"The chance to build a successful product in the social-media space is very small," Hofmann said.

• Trump has said he'll institute tariffs on imports from China, Canada, and Mexico by February 1.
• Small businesses are bracing for potential price hikes and supply chain disruptions.
• Some stocked up ahead of time in hopes of keeping prices steady, others are in wait-and-see mode.

Customers at Mellow Monkey, a home decor and gift store in Connecticut, sometimes ask owner Howard Aspinwall why so many of his products are made in China. In response, he shows them the products he sources from the US — and their higher price points. He said they usually balk.

"Their wallet can only support buying from China," he said, adding, "The problem I see at the retail level is customers don't want to pay higher prices for the products that they're buying now."

But it looks like buying some imported goods is about to get more expensive. Trump has said he would enact a 25% tariff on goods from Canada and Mexico by February 1 with a potential 10% tariff on Chinese goods also on the table.

More than half a dozen small business owners BI spoke to are waiting to see how their goods might be impacted. Some placed advanced orders; others are negotiating new deals and finding new suppliers. One, who specializes in holiday goods, is sitting back, waiting, and hoping they don't have to go out of business.

The uncertain impact of tariffs

Angie Chua is the owner of the stationery line Bobo Design Studio, which has a retail location in Palm Springs, California, and imports goods from China. She started worrying about tariffs around the time of the election but wasn't sure if Trump's plans would ever come to fruition. As his self-imposed February 1 deadline nears, she's getting more concerned.

Unlike some artist friends she spoke to who put in orders early in case of price increases, Chua didn't want to expend too much upfront cash. For now, her orders from China are set to come in before February 1. If prices do rise, Chua said the business will remain transparent about growing costs.

"We might add an extra service fee," she said, adding that she may message to her customers that "this is a Trump tariff fee. This is not anything that we can control."

Upon taking office, Trump laid out his plans to use tariffs to enrich the US economy. So far, he's used them as a bargaining chip with Colombia. He told reporters in the Oval Office on Thursday that he would enact tariffs on goods from Canada and Mexico to incentivize the two countries to help mitigate America's fentanyl crisis. He also previously said he would consider a 10% tariff on China for the same purpose.

"In his first administration, President Trump instituted tariffs that resulted in historic job, wage, and investment growth with no inflation," White House Spokesman Kush Desai said in a statement to BI. "In his second administration, President Trump will again use tariffs to level the playing field and usher in a new era of growth and prosperity for American industry and workers."

Economists have warned that sweeping tariffs could lead to price hikes for consumers, and analysis has found that tariffs could reduce GDP and cost the equivalent of hundreds of thousands of jobs. However, tariff advocates have said that the levies can be an important negotiation tool — and potentially incentivize domestic production. President Joe Biden imposed tariffs on Chinese EVs in an effort to bolster US automakers.

"Tariffs play an important role in our trade policy when used in a strategic manner to really go after certain specific trade issues," Jonathan Gold, the vice president of supply chain and customs policy at the National Retail Federation, said. "I think the concern is going broad-based and hitting everyday consumer essentials."

Richard Kligman, the co-owner of two Trump Superstores in South Carolina, said that tariffs are not currently an issue for the store. He hasn't heard from any suppliers saying that prices are going up to reflect a tariff. He's already well-positioned because the store increased its domestic suppliers during the pandemic, and he said he doesn't have a problem finding new merchandise — every day, he has someone calling to offer a new Trump product for them to sell.

Kligman said though he's heard tariffs could lead business owners like him to raise prices for customers — which he would have to do if their raw materials prices were going up — that's currently not the case.

"I can only look at it from the perspective of my business and in my business it hasn't become an issue," he said.

Some businesses are stocking up, others worry about price hikes

Paulina Hoong recently ordered 5,000 tote bags from China. That's at least 10 times the usual order for her small business. She's stocking up in case President Donald Trump levies his promised tariffs on China on February 1.

"I am really anxious, actually, because I am uncertain if the whole stock will sell out," the owner of Menmin Made said.

Rebecca Haacke has also been stocking up on custom dog gear for her Utah-based business River Dog Gear. Haacke imports about 90% of her supplies, the majority from China; she's been stocking up as much as she can afford to fend off raising prices as long as possible.

"I haven't changed my shop prices and I'm trying hard not to as long as possible because my customer base are mostly disabled service dog handlers and they will be hugely impacted by any price increase," Haacke said.

And prices might be top of mind for consumers.

"Just the mere mention of these tariffs have a lot of us in a tailspin," Joe Hakim, the general manager of Ackroyd's Bakery in Michigan, told BI. The bakery imports items through distributors; most goods come from the United Kingdom, and some packaging is from China. Any tariff would stretch the bakery's already thin margins, he said. "All of these costs are being hoisted upon the shoulders of small business, which then have to be placed into our pricing structure."

Elizabeth Hudy, the owner and creator of The Peach Fuzz — which Hudy described as making "agitational propaganda" encouraging people to "give a damn about their neighbors and their community and to resist fascism" — put in an order for around $15,000 worth of supplies in the last two months of the year. Hudy said that they usually order 90 day supplies, but were doubling up this time around.

Gold at the NRF noted that some of their smaller retailers have shared concerns about their ability to operate should tariffs go into effect, a sentiment Hudy and other business owners echoed.

Hudy said she wished more people understood how tariffs work and that businesses like hers — and their customers — tend to pay them. "It isn't paid by the country that you're waging these tariffs against. It's paid by the importer — it's paid by me."

Are you a business or consumer who might be impacted by tariffs? Contact this reporter at [email protected].

• BI spoke to 4 older Americans who retired comfortably with over $1 million in assets.
• Dozens of older Americans said they still maintain frugal habits despite having significant wealth.
• Still, some retirees said they regretted how they balanced saving too much with enjoying life.

Brian Loffredo, 68, still does his own yard work and watches his grocery spending despite having millions in the bank.

Loffredo, who lives in Connecticut, worked in retail management for decades but said finances were tight early in his career while raising four stepchildren. He recalled winters where he could "see the breath coming out of our mouths" because he couldn't afford heat.

As he navigated higher-paying jobs, including management roles where he worked 50 to 70 hours a week, he learned how to do home improvements himself to save money. In addition to smart investments and staying at one company for 26 years, these strategies helped him grow his wealth during difficult times — and he plans to keep them.

"You do what you have to do, you learn to do it yourself, and you can get it done," Loffredo said. "In the meantime, you're saving money that allows you to buy presents for the kids."

Loffredo could be seen as an example of a "millionaire next door," as described in a classic 1996 finance book. Many wealthier Americans live in middle-class areas and achieve their wealth through careful planning and investing instead of risky business moves or very high-paying jobs.

We want to hear from you. Are you an older American who thought you retired well? Do you have any life regrets that you would be comfortable sharing with a reporter? Please fill out this quick form.

For many Americans like Loffredo, more money doesn't necessarily mean a drastic lifestyle shift. Business Insider heard from dozens of older Americans who retired comfortably but still remain frugal. Some older Americans told BI they're working while enjoying seven-figure net worths, whether for financial security or simply having something to do.

Some regretted over-saving and not enjoying their money when they were younger, but most said they would change little about their retirement strategies and believe they would not be who they are without making these sacrifices.

Loffredo hadn't thought seriously about investment strategies until 2000, a few years after his wife died. He watched financial cable news channels and read about diversifying his portfolio. He took $100,000 of his savings and day-traded it before taking the buy-and-hold approach.

After searching for areas with less costly real estate, he sold his 2,200-square-foot house for a 3,500-square-foot home that cost only $10,000 more. Despite a demotion from a six-figure income to about $60,000, his investments, including his 401(k) and IRA accounts, continued to grow.

"I could have bought a house for a million and a half, and my investments have made some money," Loffredo said. "I don't believe in wasting that kind of money, and every house you get that is more valuable costs you more to maintain it."

Loffredo retired in April 2021 and volunteers in the community. He recently splurged on a Corvette, though he continues living frugally in other aspects. He still sometimes waits until he has a coupon to get new clothes.

"Before you spend money, think about what that money could have earned if you hadn't spent it," Loffredo said. "Whether it's a frivolous vacation or a fancier car, is that more important to you than what that extra money might have earned?"

A magazine article sparked a financial awakening

Ken Curell, 73, recalls reading an article from a financial magazine decades ago arguing that people save money before spending it. Curell said except for wishing he had invested more in Roth IRAs, his retirement planning strategies worked well.

The Ohio resident served in the Air Force for over three decades. During this time, he married his wife and raised two children. He left active duty to fly for airlines until his retirement in 2012, and he taught his children how to fly planes.

"Angry perseverance for me was the impetus, the fuel, the ignition source for not giving up on flight and doggedly pursuing an avenue where I wanted to go," Curell said.

Curell said one of his major regrets was devoting too many hours to work. "My employers conditioned me to the idea of more time spent in the office and after-work-hours attention to work-related actions made me the better employee," Curell said.

Many older Americans who told BI they retired well wished they had worked less. In December, BI released a series on older Americans' retirement regrets, and a common theme was over-saving — being too frugal or putting in long hours without vacations.

Curell read extensively about retirement planning, investing in stocks, bonds, low-cost funds, and IRAs that have grown to seven figures. He said his portfolio is about 70% stocks and 30% bonds. In the early 2000s, amid pay cuts for pilots, he said he cut coupons and cut back on unnecessary expenses. He and his wife of 46 years, also an Air Force veteran, receive annuities that have made retirement planning less stressful.

"The first rule of thumb is to check your emotions at the door when you start dealing with your finances, making it purely about the numbers," Curell said.

Working too hard but celebrating the little things

Deborah Hrustich, 69, has rediscovered herself in retirement.

Hrustich, who lives outside Albany, worked 5 a.m. shifts as a neurosurgeon so she'd finish early enough to attend her three children's activities. She spent years sleeping five hours a night, working until she was 61.

Hrustich said she had few regrets about her spending, as she spent a lot on her children's activities but cut back on cars, clothes, and her home. She and her husband spent her money and saved his — they took extensive trips, bought Super Bowl and World Series tickets, and paid off their mortgage early.

They hired an accountant to manage their money, as she said neither of them knew how to properly invest. She said they had saved enough money to live until 100 and be financially stable.

"I don't think young people at 35 understand that you have to have money to retire, that you can't live on Social Security, but you want to balance that with fun times," Hrustich said. "If you dream of taking a trip somewhere, take it."

However, with millions saved for retirement, she said it took a few years to fully enjoy it. Her husband died suddenly three years ago, putting her retirement plans in flux. She also wished she would have taken more time for herself earlier in life.

"I never ate the last piece of cake," Hrustich said. "I always put the needs and wants of everyone else first."

She said it took two years after her husband's death to rebuild her life and surround herself with people who share her values. Hrustich volunteers as a caregiver for Alzheimer's patients and as a tutor, and she hopes to continue traveling.

Careful saving, tragedy in retirement, and bouncing back

Karen Jones, 69, didn't have stable work or actively save until her 30s. She worked as a customs broker while her husband stayed home with their children, and she started a customs brokerage and forwarding firm in Boise at 44.

"We were in our late 30s before we even thought of or cared about retirement, and we had a lot to make up," Jones said. "We maxed out our 401(k). If we had to make payments for two years for a couch, we didn't buy it."

She ran her company for 16 years, working long hours and saving much of her earnings. She and her husband stayed in the same house for 25 years, drove their cars for over 20 years, and bought a camper in cash. She planned to find a buyer for the firm after 10 years, but she ran it until she was 61 and retired at 64. She sold her company for about $700,000, including the payout for three additional years, and paid off her house and other debts.

"We were the only customs broker for a long time in Boise, but I treated my customers like there were a million of us around," Jones said.

Three days after her retirement, while preparing for a camping trip, her husband had a heart attack and never fully recovered. She spent two and a half years as his caregiver until he died, and she regretted not taking more time off while working to go on trips with family.

Jones teaches college courses, takes piano lessons, tends to her garden, and travels frequently. She earns about $5,000 a month from Social Security and investments and plans to move to Madrid.

"My finance guy keeps telling me to spend more," Jones said. "People save all their lives, and then they can spend it, but they don't know what to spend it on. Still, I don't think I have to worry about money."

• February 1 could mark the beginning of a tariffs campaign Trump has been talking about for months.
• So far, he's leveraged tariff threats to achieve policy goals and promised an American manufacturing revival.
• Here's where all of his trade proposals stand so far, and what prices they could impact.

President Donald Trump said that February 1 will mark the beginning of his tariffs campaign, which includes threats on numerous countries in an attempt to revive American manufacturing and achieve certain policy aims.

Trump told reporters in the Oval Office on Thursday that his first move will be 25% tariff on goods from Canada and Mexico to strengthen border policy and a 10% tariff on China to crack down on drug policy.

Economists widely expect firms to pass increased costs caused by tariffs onto customers, and several companies have already said they are preparing to raise prices if tariffs are implemented. Electronics, groceries, and apparel are among the most likely products to see price increases.

The White House maintains the tariffs will work to deliver Trump's campaign promises. Regarding his proposed first round of tariffs, an official told BI that "Trump has been clear about his desire to end the fentanyl crisis, and it's time for Mexico and Canada to join the fight as well." Trump has said a tariff on China would also be intended to fight the fentanyl crisis.

Here are the other countries Trump has targeted so far with his trade proposals.

China

China was a key focus for tariffs on the campaign trail. Trump proposed a 60% tariff on all goods imported from China, alongside a 10% to 20% tariff on imports from other countries.

Once Trump took office, though, his ideas for tariffs on China appeared to narrow. On January 21, he suggested a 10% tariff on imports from China into the US on February 1 "based on the fact that they're sending fentanyl to Mexico and Canada." It's unclear if Trump was referring to a particular situation with fentanyl exports.

China is a major electronics supplier to the US, so cellphones, computers, and games could get more expensive with a new tariff.

Mao Ning, a spokesperson for China's Foreign Ministry, told reporters on February 22: "We believe that there's no winner in a trade or tariff war, and we will firmly uphold our national interests."

Canada and Mexico

On January 20, Trump warned of a 25% of Mexico and Canada, which he said could go into effect on February 1. It echoes his proposals from November when he posted on his social media platform Truth Social that he would impose tariffs on those two countries on his first day unless they didn't strengthen their border policy.

The US imports many key goods from both Mexico and Canada. Americans receive $92 billion in crude oil from Canada, along with billions of dollars worth of vehicles and vehicle parts. In addition to car parts, Mexico also supplies $25 billion worth of computers to the US.

Russia

Trump said on January 22 that he would place tariffs on imports from Russia if the country did not end the Ukraine war soon.

"If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump wrote on Truth Social.

The US imports $4.57 billion worth of goods from Russia in 2023, which made up just 0.14% of total imports that year, based on Census data. That makes the threat of a tariff on Russian goods fairly low, given how little the country exports to the US.

Colombia

After Colombia's president turned away two flights from the US that carried deported migrants, Trump threatened the country with a 25% tariff. He said that in one week, the Colombia tariff would be raised to 50%.

"We will not allow the Colombian Government to violate its legal obligations with regard to the acceptance and return of the Criminals they forced into the United States!" Trump said.

Colombia's president Gustavo Petro responded in a statement that his country would receive Colombians "on civilian planes, without treating them like criminals." The White House then withdrew its threat but warned it could be reinstated if Colombia failed to honor its agreement.

Key goods the US imports from Colombia include coffee and bananas, which would likely get more expensive under tariffs.

BRICS nations

On November 30, Trump posted on Truth Social that he would impose a 100% tariff on the BRICS group unless they committed to not creating a separate currency that competes with the US dollar.

BRICS is comprised of nine countries: Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran, and the United Arab Emirates.

Top imports from countries part of BRICS, excluding China, include pharmaceutical preparations, crude oil, and households goods.

Denmark

Trump said during a press conference on January 7 that he would "tariff Denmark at a very high level" if the country did not allow Greenland to join the United States.

The president has not yet offered further details on that claim. The Financial Times reported that Trump and Denmark's premier, Mette Frederiksen, had a call to discuss the threat, during which  Frederiksen reportedly emphasized that Greenland was not for sale.

The US primarily imports medicinal products and machinery from Denmark.

• Watch group Swatch saw its sales decline by more than 12% and its profits by 75% in 2024.
• It attributed its weak results to a "persistently difficult market situation" in China.
• 2024 was a bad year for luxury brands, from LVMH and Kering to Champagne producers.

Swatch reported weak sales and a major slump in operating profits in 2024, owing largely to weak demand from Chinese consumers.

The luxury watch group, which owns watch big league brands like Omega, Tissot, and Longines, saw its sales decline 12% and its profits drop about 75% last year.

In the earnings press release published on Thursday, the group posted net sales of 6.7 billion francs, or $7.4 billion. This was a 12.2% decline from 2023 when it earned 7.9 billion francs.

Its operating profit dropped about 75% from about 1.2 billion francs in 2023 to 304 million francs in 2024.

The group attributed the results to a "persistently difficult market situation and weak demand for consumer goods overall in China."

Swatch's press release said sales in China, including Hong Kong and Macau, slid around 30% in 2024.

It also added that there was a "huge drop in demand for consumer goods" in Southeast Asian markets, which it said are "heavily dependent on Chinese tourists."

However, it reported stronger sales in other key markets, such as the US, Japan, India, and the Middle East. It said that in the US, Tissot sales exceeded $100 million for the first time.

Overall, luxury Swiss watchmakers struggled with weak demand in 2024. In September, Bloomberg reported that Girard-Perregaux and Ulysse Nardin, Swiss luxury watch brands owned by Sowind Group, turned to the government for financial support to cope with low demand.

Meanwhile, the Rolex resale market has also been cooling for more than two years after its COVID-era high, owing partly to a surge of watches coming into the market.

A bad year for luxury goods

Watches are not the only luxury products impacted by waning demand in China.

In 2024, overall luxury spending stagnated, and big brands saw their share prices drop. Kering, the owner of Gucci, YSL, and Balenciaga, saw its stock fall more than 40% last year.

And luxury conglomerate LVMH's sales declined by 3% in the third quarter of 2024, partly because of weakened consumer confidence in China.

Representatives for Swatch did not respond to a request for comment from Business Insider, sent outside regular business hours.

• A jet operated by American Airlines collided with a Black Hawk helicopter in Washington, DC.
• Investigators on Thursday said they recovered the black boxes from the passenger jet.
• Black boxes can provide key data from moments before the impact.

Investigators recovered the recording devices, or black boxes, from one of the aircraft involved in Wednesday night's midair crash near the Reagan Washington National Airport.

A spokesperson for the National Transportation Safety Board, which is overseeing the probe into the crash, told Business Insider in an email that the "cockpit voice recorder and flight data recorder" from the Bombardier CRJ700 airplane operated by American Airlines was recovered.

"The recorders are at the NTSB labs for evaluation," the spokesperson said.

Black boxes, despite their name, are actually bright orange. They provide key data that can help investigators determine what happened in the moments before the impact.

The cockpit voice recorder "records radio transmissions and sounds in the cockpit, such as the pilot's voices and engine noises," according to the NTSB. "The other, the Flight Data Recorder (FDR), monitors parameters such as altitude, airspeed and heading."

A flight data recorder can hold up to 24 hours of information while a cockpit voice recorder stores up to the last two hours of audio, NTSB wrote.

The black boxes themselves are stored inside reinforced shells that can withstand temperatures of up to 2,000 degrees Fahrenheit for up to 30 minutes and be submerged in 20,000 feet of water, BI previously reported.

A transmitter attached to the flight data recorder allows investigators to find the black boxes, but finding an aircraft that is submerged in a large body of water can still be difficult.

When the Lion Air Boeing 737 Max 8 crashed into the Java Sea in October 2018, killing 189 people on the flight, black box data recovered by investigators revealed how the two pilots struggled to maintain control of the plane as the aircraft was repeatedly sent in a nose-dive position.

The District of Columbia Fire and Emergency Medical Services Department said in an X post on Thursday evening that authorities will conduct "additional searches to locate aircraft components, to support the investigation, and begin operations to salvage the aircraft."

"Overnight, boats will remain on scene for security and surface searches from local, state, and federal regional partners," the agency said.

The collision between a passenger jet and a military helicopter occurred in one of the most congested airspaces in the US.

Sixty-seven people — including four crew members and 60 passengers aboard the CRJ700 and three Black Hawk crew members — were presumed dead.

For years, aviation experts have warned of the risks of midair collisions amid air traffic controller staffing shortages and an increasingly congested airspace.

• I moved closer to my daughter, anticipating the arrival of my grandson.
• When he was 4 months old, I received a call that my daughter had unexpectedly died.
• I put my life on hold to help take care of my grandson.

Anticipating retirement as a single mother, I made a major move to be closer to family. With two kids out of college, both married, the prospect of grandchildren, and the ocean close — a side benefit — I could now indulge in personal pursuits writing fiction.

After two gut-wrenching days of labor, my daughter, Kendra, gave us Ewan. Beautiful and healthy, his eyes sparkled with knowing wisdom that defied explanation. Savoring the joy after years of uncertainty, I was ecstatic to learn that my son, Erik, and my daughter-in-law, Laura, were expecting their first child six months later.

Then, my daughter died

Living minutes away, Kendra and I were in frequent contact as she adjusted to motherhood with the end of her maternity leave in sight. Surprising me one day with a visit, she held her plump-cheeked 4-month-old delight, and I noted his flirting.

"I've never seen him do that," she replied.

"Here, I'll hold him so that you can see." Her glow was immediate as he delivered that coy smile, his head slightly tilted, with his thick lashes and watery blue eyes.

The next day, I received a call at work. I drove down the highway at 95 miles an hour, screaming, "Hold on, I'll be there," but I was too late — by hours. My daughter had died suddenly. The rest is too painful to recount.

I took care of my grandson

Temporarily suspending my job, I focused on Ewan — as I shared the air with my son-in-law, Steve, my family, Steve's family from Ireland, and their friends, young parents themselves.

Watching my 40-year-old daughter's world being eviscerated, I inhaled the insensitivity. At times an invisible entity, and in shock, I recalled her heartfelt anguish the day before — that I was the only one she trusted to care for Ewan.

Having firsthand knowledge of Ewan's world, I temporarily moved in with Steve to share in his 24/7 care. Shutting out the heartless advice to leave this neophyte young father alone, to get over my grief and move on, I wouldn't abandon my daughter's child.

As a veteran, I also understood the visceral impact of trauma, and I knew what Kendra wanted for her child.

Like all sleep-deprived new mothers, I managed the daily routine so that Steve could return to work. Following sprints to day care, diaper bag in tow, I'd head to my job with spit-up on my shoulder and then rejoin the commuting tangle to make the 4:30 p.m. pickup. Our evenings were spent together until Ewan fell asleep, and I would return home alone to a space now outfitted with the requisite baby paraphernalia.

A bright spark ignited our landscape when my granddaughter, Matilda, and her brother, William, were born, uplifting our spirits with their precocious charm. From this growing family, new traditions emerged with weekly burger nights as we guided Steve back to living.

As reluctant partners, taking our cues from the parents' poorly crafted playbook, we, over time, adjusted to Ewan's growing demands, from newborn challenges to toddler exploration. The criticism is still in play, with retirement a necessity.

I went back to writing

Following my son's suggestion, I returned to my writing. Lost in my characters' despair and the elation of hard-won victory over injustice, I embedded the life I'd wished for myself in their narrative.

With Steve's remarriage and two energetic babies, my care of Ewan gradually shifted to weekends and daily day-care runs while balancing grandkid sleepovers, picky eaters, cooking lessons, new holiday traditions, and special Grammy days with Matilda and William. Despite the imbalance, with time and maturity, they understood that my relationship with Ewan would need to be different.

After a recent local move, I'm pleased that Ewan, now a thriving 13-year-old, still comes every weekend by choice. His future is secure, and his cousins are his best pals. He has blossomed with the loving support of family.

As I sit on the cusp of new dreams — postponed for 13 years — I know that life's trajectory isn't ours to control, despite all we crave, as impermanent as icicles.

While nothing can erase the pain of a child's passing, my future now includes the warm touch of unconditional love and a new definition of retirement — come what may.

• My daughter is entering high school, and I got her a "dumb phone" with no access to social media.
• I can't ignore the studies that say social media is harmful to teens.
• She can try to change my mind, but I doubt I'll budge.

I spent over a decade working in education. After the pandemic, I saw a distinct change in the screentime habits of my middle school students, and that's when I knew I needed to make a different decision for my daughter.

My daughter is finishing up middle school and about to enter high school this year.

I decided my teenager would have a "dumb phone" that's limited to calling, texting, and photo-taking capabilities. The phone will never have social media, internet browsing, email, news, or ads. The goal is to have my teenager go through most of high school with a dumb phone.

Of course, my daughter isn't happy about it, but I am certain I'm making the right decision.

I can't ignore the studies that show social media is harmful to teens

To say my teenager is less than thrilled to be getting a dumb phone for high school would be the understatement of the century. It's not just my teenager; other parents are typically taken aback as well.

However, I don't think there is a one-size-fits-all plan for technology that works for teens and social media.

I can't simply ignore the facts. According to a 2024 Pew Research study, 95% of teenagers at least have access to a smartphone, putting our decision to give our teenager a dumb phone into a much smaller subset — and making us wildly unpopular parents. The study also found that these teens are on social media apps "almost constantly."

Smartphones bombard teenagers with constant notifications, curated images, and overwhelming amounts of information — all of which can contribute to increased anxiety, depression, and isolation.

The social and physical comparisons on social media are unrelenting and incredibly harmful, especially for teenage girls. Teenagers are especially susceptible to visual comparison and perfectionism, and social media platforms give much more life to these ideas than I could ever counter as a parent. I cannot compete with that, so I am not going to spend my energy trying to do so.

I am worried my daughter will feel left out

Our daughter has played competitive sports for several years, which involve travel and significant time at practice and games. I connect with her through an Apple Watch, which gives me a way to communicate while keeping track of her safely and allowing autonomy. However, it doesn't give her the ability to communicate with her friends or teammates.

If you ask her what bothers her the most about having an internet-less phone, the top complaints are that she won't have the internet to look information up and that she won't be able to download games. Luckily, being on social media holds no value for her as a middle schooler heading into high school, but she's a teen, and that could change tomorrow.

I'm sure she'll struggle to communicate with friends outside school, but she can still make phone calls. She will also have a laptop for high school.

I'm open to changing my decision, but I doubt I'll budge

I told my daughter that if she can find three studies demonstrating the benefits of smartphones and social media, I will renegotiate my stance. The empirical evidence is not in her favor.

When she's an adult — and there is far more research and data — I'm more than willing to admit I was wrong if studies show that social media and smartphones weren't the problem.

I just don't think that will happen.

• On Thursday, federal prosecutors unsealed an updated sex-trafficking indictment against Sean Combs.
• The indictment brings no new charges but does make reference to two additional anonymous victims.
• The feds are asking for Combs to be arraigned on the new indictment on March 17.

Federal prosecutors in Manhattan filed a long-awaited updated sex-trafficking indictment on Thursday against Sean "Diddy" Combs — and while it makes reference to two additional anonymous female victims, there are no new charges or defendants.

The new indictment does not warrant delaying Combs' scheduled May 5 trial date, prosecutors said, asking that he be arraigned on the new charges at his next court date, March 17.

"The latest indictment contains no new offenses," defense attorney Marc Agnifilo said in an emailed response. "The government has added the ridiculous theory that two of Mr. Combs' former girlfriends were not girlfriends at all, but were prostitutes. Mr. Combs is as committed as ever to fighting these charges and winning at trial."

Combs pleaded not guilty to the first indictment and says that any sexual activity with his accusers was consensual.

Prosecutors had been warning since October, just weeks after Combs' arrest, that they may seek to re-indict the entertainment and fashion entrepreneur, signaling that they were looking at potential weapons and drug charges and possible additional victims.

The second indictment makes no new mention of weapons or drugs, and repeats almost verbatim the allegations of Combs' original indictment from September, charging him again with racketeering conspiracy, sex trafficking, and transportation to engage in prostitution.

It does allege that Combs trafficked an unnamed "Victim-2" and "Victim-3." The original indictment had listed only "Victim-1," Combs' ex-girlfriend Cassie Ventura.

The new indictment also adds a smattering of details.

In describing the conspiracy, it now specifies an allegation that back in 2016, Combs or his associates paid a $100,000 bribe to a security employee at the InterContinental Hotel in LA. In return, the employee provided the hallway surveillance video that shows Combs kicking and dragging ex-girlfriend Cassie Ventura, it says. The previous indictment had just alleged that there was a bribe.

The new indictment names two additional drugs that prosecutors say the Combs conspiracy used in its trafficking scheme: a psychedelic and methamphetamine. The original charges allege he gave ecstasy. ketamine, GHB to his victims.

It also alleges that Combs' sex trafficking conspiracy began in 2004, instead of in 2008 as alleged in the original indictment.

Prosecutors had said they recovered baggies of a pink powder they believed to be narcotics from Combs' hotel room when he was arrested in September. The new indictment makes no mention of this seizure.

The indictment also does not charge Combs with guns and ammo prosecutors say they seized when search warrants were executed in March at Combs' homes and a Florida airport.

Federal agents had seized three AR-15 rifles with defaced serial numbers, plus two magazines containing 29 rounds, prosecutors said. Two of the weapons were found broken down into parts in the bedroom closet of Combs' $48.5 million Miami mansion, prosecutors alleged back in September.

Agnifilo, Combs' attorney, had suggested during bail arguments in September that the weapons belonged to his client's security guards.

"I don't dispute that Mr. Combs has used armed security," Assistant US Attorney Emily A. Johnson had told the judge in response.

"But it is incredulous that armed security in a professional security company would use defaced AR-15s and store them in pieces in the defendant's personal closet."

This story was updated to include a statement from Combs' defense lawyer.