• Bayer's CEO overhauled his corporate budget system with 90-day cycles in an effort to reduce bureaucracy.
• Bill Anderson said the inspiration came from a "radical experiment" at Genentech to kill budgets.
• Bayer also reorganizes teams every 90 days and has cut 5,500 positions, many of which were managers.

The annual budget process can be a parade of lengthy meetings and red tape — so one CEO decided to try something different.

Since becoming CEO at Bayer, Bill Anderson has introduced a set of striking changes to the company, including an overhaul of its budget system, which he sees as the driving source of corporate bureaucracy.

"We all know that the belly of the beast of bureaucracy is the budget process, right," Anderson said in an interview with Business Insider. "Everybody knows that. Everyone hates it."

Every 90 days, Anderson reallocates budgets for the next cycle.

The executive said the decision to take the company "90 days at a time" was inspired by a "radical experiment" he helped implement at Genentech in 2016 before becoming CEO of the biotech company in 2017. After what he described as an unsuccessful attempt to de-bureaucratize the budgeting process at Genentech, Anderson said Genentech decided to "kill all budgets."

However, the plan didn't lead to lower spending, he told BI.

While company spending at Genentech went down in the first year, it shot right back up a year later, Anderson said. While the CEO didn't want to bring back the old process, he concluded he had to find something to replace it with.

Genentech declined to comment.

Anderson brought the lesson to German life science company Bayer, where, a month after becoming CEO in June 2023, he replaced annual budget discussions with 90-day cycles. Instead of managers spending five months setting targets and forecasting, Anderson said squads come together every 90 days to discuss whether the company achieved its goals, how it used resources, and what it needs to focus on next.

In a conventional budget process, Anderson said the team would be discussing what they're going to do in the third quarter a year ahead. The problem with that, he said, is "nobody knows" what they'll be doing that far in advance.

"That's a waste of time," Anderson said. "They're negotiating over budgets for Q4 next year. They don't even know what they're going to be doing."

The budget overhaul is part of a larger restructuring which the company refers to as "Dynamic Shared Ownership." In addition to flipping the budget system, the model also reorganizes staff every 90 days into "mini networks" made up of who is best suited to lead that specific project.

"So every 90 days, people can flow between teams, money can flow between teams," Anderson said. "And you're working on the most important things for the next 90 days."

In a press release announcing the new operating model in January 2024, the company said the structure would "reduce hierarchies, eliminate bureaucracy, streamline structures," and speed up the decision-making process.

A company spokesperson told BI that select groups called "frontrunner teams" transitioned to the new model in the summer of 2023. Now, most of the company has moved to the new structure. Along the way, managerial positions have changed, with some transitioning to individual contributors and others being laid off.

Since the beginning of the year, the company has cut about 5,500 roles, most of which were managers, shrinking its overall headcount from around 100,000 down to around 94,500. A spokesperson said layoffs are ongoing.

Anderson said some teams, like those that started the transition a year ago, "are racing ahead and doing great," while other groups are "still stuck in the starting blocks." He added that the company's voluntary attrition rate has gone down since transitioning to the new operating structure.

The company has embarked on a plan to cut costs by about 2 billion euros by 2026. Bayer's stock price is down 46% since the beginning of the year. In its third-quarter earnings, the company reported over $4 billion in net losses and shared expectations for a "muted outlook" and "declining earnings" over the next year.

The company has faced several recent headwinds, including the expected loss of exclusivity on the blood-thinning drug Xarelto. Anderson said the drug was once responsible for a significant amount of Bayer's profits.

The company has also grappled with legal battles over Roundup, a herbicide produced by Monsanto, which Bayer purchased for $63 billion in 2018. The product has been the subject of thousands of lawsuits alleging it causes cancer, and Bayer agreed to pay billions of dollars to resolve some of the litigation while it also appeals some of the court decisions.

"The litigation topic is a big overhang for our company," Anderson said, adding that "there's a lot of great things happening" but investors want the company to deal with the lawsuits, which it is.

When Bayer announced the new operating model, the company said its goal was to become "more agile and significantly improve its operational performance," and Anderson has already reported some positive results.

In Bayer's third-quarter earnings report, Anderson said Bayer's Pharma division outside Milan cut release time by almost 50%, resulting in less waste, improved cash flow, and lower inventory. Anderson said in the report that when he first asked about success stories, he would get the same two or three examples.

"Now, I'm hearing stories like these basically on a daily basis," Anderson told investors. "I'm confident that will translate into results for our investors, and a bright future for us and our customers."

• As the eldest sibling, I felt pressure to spend money on my family during past holidays.
• It made me happy, and I wanted to be seen as successful. This year, I'm not making as much money.
• My financial position gave me anxiety, and I needed to find a solution.

I take the role of being the "eldest sibling" seriously. As the oldest sibling, I want to be a good example for my younger brother, look out for my family's needs, and be reliable and responsible.

For me, financial success is the best way to fulfill this role. In 2023, I stayed true to my role while making a decent monthly income. After monthly expenses, I could save some part of my salary. I'd spend that on my family when I visited over the holidays. But in July 2024, I turned to freelancing. My income wasn't stable, and I felt more financial pressure than ever.

As the holidays neared, I grew more anxious about money. I was still finding my footing in the freelancing world, and my savings were drying up. If I wasn't earning well, I couldn't spend well, either.

I worried about whether I could afford holiday expenses this year. I wanted to live up to what I expected of myself and what I felt my family expected of me. I also wanted to avoid the mistakes I'd made during the holiday season last year.

This year, I'm not in the same financial position as I was last year

When I went home for the holidays last year, thanks to my stable income, I wasn't worried about spending or having a holiday budget. However, I realized I should have set a spending limit when I returned. I had gone overboard.

My "eldest daughter syndrome" had kicked in several times. Treating my family to dinners, arranging celebrations for cousins, buying last-minute gifts — I wanted to take care of everything. I wanted to be reliable.

This year, my heartbeat quickened at the thought of going home. Whenever my brother called me to plan a dinner or a trip with the cousins, I would instantly check my account and wonder how I would afford it.

I didn't have the same financial privileges I'd had the year prior. Freelancing seemed promising, but I hadn't yet gotten in the groove of onboarding regular clients and earning a consistent income. I wouldn't get paid for 1-2 months after submitting one-off assignments and had to rely on my savings for expenses.

The whole month before I went home to see my family, my anxiety was through the roof. I needed a plan to navigate my financial anxiety. But first, I had to understand why it exists.

I had to look at why I felt so much pressure to pay for everything

I had a few fears. I was afraid I'd run out of money because of last-minute expenses, like dinners and gifts. I was afraid that my family would have to cover me if that happened. Lastly, I feared they would judge me if they had to cover me. I also didn't want anyone paying my way; after all, I felt like I was supposed to look out for my family, not the other way around.

I realized that spending money on my loved ones wasn't just a way to fulfill my role as the eldest sibling. It also gave me immense pleasure and was important to me. Whether it was a small gesture or a cozy dinner, I wanted to offer it.

As I explored further, I thought about how I spent every holiday since I'd started earning my own money. My parents, my cousins, everyone would offer to pay for things or contribute, but I'd insist on taking care of it. I'd go to great lengths to make sure I was the one paying. Once, I argued with my mom to let me pay for her new sweater, in front of the cashier.

When I thought back, I realized that though I enjoyed paying for things in the past, no one else expected it from me. I wanted to do it because I wanted to be perceived as responsible. In reality, I realized that I was adding unnecessary pressure on myself, especially when I was struggling to earn well.

Once I identified the problems, it was easier to look for solutions.

I figured out ways to alleviate pressure on myself

First, I allotted money to a holiday budget and decided to take on a couple of extra freelance projects to make sure sticking to it wouldn't strain me financially. I also installed a savings app that automatically transferred a fixed amount from my bank account daily. I could withdraw those savings if I went over my predetermined budget.

I noticed that the idea of unplanned holiday expenses like last-minute gifts was freaking me out. I started looking for gifts a month in advance so I'd have time to choose things that fit my budget.

Next, I examined the pressure I always felt to pay for outings with my family. I realized that I didn't have to pay for everything while struggling to build a career — and, further, no one expected me to.

Once I gained control of my holiday budget, I started to feel more confident. I also realized that I don't — and can't — always have it all together as the eldest sibling. I had to come to terms with the fact that I can't pay for everything this year. I can foot the bill for a couple of dinners with my family and cousins, but not all of them.

Letting someone else pay might challenge how I thought of myself in my role as the older sister, but keeping up that perception for myself just isn't worth it. I decided to be open to others contributing or offering to pay. I'm trying to make my peace with it.

I also reassure myself that my budget is restricted only for this holiday and that there are many more lavish holidays to come.

The National Defense Authorization Act (NDAA) spending bill has just been release and it grants DJI a year's grace before it's potentially banned in the US, The Verge reported. It was expected that DJI and rival Autel could be banned by the end of 2024 because of the Countering CCP Drones Act provision. However, the bill gives DJI an extra year to prove to an "appropriate national security agency" that its products don't pose a national security risk in the US. 

Failing that, the bill authorizes the Federal Communications Commission (FCC) to place DJI's drones on its covered list for 2026, meaning retailers would no longer be able to import them. It also means that the products (including drones and cameras like the Osmo Pocket 3) would be prohibited from connecting to US networks, and their internal radios would no longer be authorized by the FCC. That would technically prohibit the use of DJI products already owned by consumers, though the US wouldn't likely stop consumers from doing so. 

In a reply on its Viewpoints blog, DJI said it's "good news" that the ban wasn't included in this year's budget. However, it pointed out that "drones manufactured in China are singled out for scrutiny and the legislation does not designate a specific agency to undertake the required study." The latter point could cause the company harm "simply because no agency chose to take on the work of studying our product," it wrote.

The main reason DJI is still alive is through the support of drone enthusiasts and content creators, along with law enforcement and search and rescue organizations. "In the event that a bill like this would go fully through and would potentially ban the use of Chinese drones for public safety, it'd be catastrophic for the public safety drone industry," said Law Enforcement Drone Association spokesperson Brendan Karr in a letter to Congress. 

However, US representatives believe they're a risk. "DJI drones pose the national security threat of TikTok, but with wings. This Chinese-controlled company cannot be allowed to continue to operate in the US," said Republican Representative Elise Stefanik. "These Chinese-manufactured drones allow for the CCP, the Chinese Communist Party, to access data in a backdoor manner and ultimately surveil Americans," added Democratic Representative Raja Krishnamoorthi. 

This article originally appeared on Engadget at https://www.engadget.com/cameras/dji-evades-us-ban-but-has-one-year-to-prove-its-products-arent-a-national-security-threat-133042749.html?src=rss

©

© Steve Dent for Engadget

The Senate voted to pass the $895 billion annual defense policy bill that includes a pay raise for U.S. servicemembers and a provision that restricts transgender care. 

The bill passed 85 to 14, and now heads to President Biden’s desk for his signature. 

The legislation scored a more bipartisan vote in the Senate than it did in the House, where more Democrats voted no on the legislation in protest of the transgender provisions. 

The bill prohibits military health care provider Tricare from paying for transgender care "that could result in sterilization" for children under 18.

The legislation passed the House last week 281-140, with 16 Republicans voting "no." Only 81 Democrats voted yes – 124 voting no – a much larger margin than in years passed when the legislation typically enjoyed bipartisan support. 

The 1,800-page bill details how $895.2 billion allocated toward defense and national security will be spent. It will be voted on more than two months after the start of the fiscal year. 

The $895.2 billion represents a 1% increase over last year’s budget, a smaller number than some defense hawks would have liked. 

Additionally, while the National Defense Authorization Act (NDAA) outlines policy, a separate spending bill will actually fund the programs it lays out. That spending legislation will be voted on in the next Congress, when Republicans will have a narrow majority in both chambers. 

A significant portion of the legislation focused on quality-of-life improvements for servicemembers amid record recruitment issues, a focus of much bipartisan discussion over the last year. That includes a 14.5% pay increase for junior enlisted servicemembers and increasing access to child care for servicemembers while also providing job support to military spouses.

The measure authorizes a 4.5% across-the-board pay raise for all servicemembers starting Jan. 1 and a 2% increase for civilian personnel within the Department of Defense.

It also puts more restrictions on Chinese-made drones, fearing their use in the U.S. could be for foreign surveillance. It specifically targets China-based DJI and Autel Robotoics. 

The NDAA mandates that a national security agency must determine within one year if drones from DJI or Autel Robotics pose unacceptable national security risks. If no agency completes the study, the companies would automatically be added to the Federal Communications Commission’s "covered lists," preventing them from operating in the U.S. 

DJI is the world’s largest drone manufacturer and sells more than half of all U.S. commercial drones. 

The bill recommends a $20 million increase in counter-unmanned aerial systems (UAS) Advanced Development budget and requires the Defense secretary to establish a "C-UAS task force" within 30 days and provide a report to congressional defense committees on the military’s latest counter-drone training efforts within four months.

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Sen. Tammy Baldwin, D-Wis., led a group of 21 Democratic senators demanding an amendment to remove the transgender care restrictions from the NDAA. That amendment was not included as it would have forced the bill back to the House. Congressional leaders spent months conferencing to find agreement between the chambers and the parties on the yearly must-pass legislation. 

"Let’s be clear: we’re talking about parents who are in uniform serving our country who have earned the right to make the best decisions for their families," Baldwin said in a statement. "I trust our servicemembers and their doctors to make the best health care decisions for their kids, not politicians."

The amendment will affect care for 7,000 children, according to Baldwin, who said she would support the NDAA if not for the provision.

Other Democrats said they had objections to the provision, but the bill's provisions to strengthen U.S. defenses against China, raise pay for servicemembers, invest in new military technologies and replenish weapons stockpiles. 

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"Of course, the NDAA is not perfect. It doesn’t have everything either side would like … But of course, you need bipartisanship to get this through the finish line," said Senate Majority Leader Chuck Schumer, D-N.Y.

Sen. Jack Reed, D-R.I., chair of the Senate Armed Services Committee, told reporters Tuesday he shares his colleagues' "frustration" with House Speaker Mike Johnson's "extreme, misguided provision," but he said Democrats during the negotiation process were able to strip out "the vast majority of very far right provisions that had passed in the House bill."

Provisions like a blanket ban on funding for gender transition surgeries for adults did not make their way into the bill. Neither did a ban on requiring masks to prevent the spread of diseases. 

The bill also supports deploying the National Guard to the southern border to help with illegal immigrant apprehensions and drug flow. 

Another provision opens the door to allowing airmen and Space Force personnel to grow facial hair. It directs the secretary of the Air Force to brief lawmakers on "the feasibility and advisability" of establishing a pilot program to test out allowing beards. 

Democrats are also upset the bill did not include a provision expanding access to IVF for servicemembers. Currently, military health care only covers IVF for servicemembers whose infertility is linked to service-related illness or injury.

However, the bill did not include an amendment to walk back a provision allowing the Pentagon to reimburse servicemembers who have to travel out of state to get an abortion.

The bill extends a hiring freeze on DEI-related roles and stops all such recruitment until "an investigation of the Pentagon’s DEI programs" can be completed.

Johnson, meanwhile, touted $31 billion in savings in the legislation that would come from cutting "inefficient programs, obsolete weapons, and bloated Pentagon bureaucracy."

• Elon Musk, a cohead of the cost-cutting commission DOGE, said on X that the bill "should not pass."
• The 1,547-page proposal would fund the government through mid-March.
• House Speaker Mike Johnson said in a release he spoke with Musk on Tuesday about his displeasure.

Hours after lawmakers released an eleventh-hour bill to fund the government through the middle of March, Elon Musk weighed in on the proposal.

"Ever seen a bigger piece of pork?" he asked in a post on X above a photo of the 1,547-page bill.

Musk is set to co-lead the Department of Government Efficiency, which aims to cut $2 trillion from the federal budget by July 4, 2026, alongside the biotech billionaire Vivek Ramaswamy.

In his own post late on Tuesday, Ramaswamy urged every representative and senator to read the bill. Musk minced no words when he reposted his cohead's statement.

"This bill should not pass," Musk wrote.

If passed, the stop-gap spending bill will fund the government through March 14 and avert a government shutdown, leaving Congress to deal with major spending choices after President-elect Donald Trump takes office. The bill includes $100 billion in disaster relief, $10 billion in economic aid for farmers, and the first pay raise for members of Congress since 2009.

Ramaswamy issued a scathing rejection of the bill in a six-paragraph X post on Wednesday, writing: "It's full of excessive spending, special interest giveaways & pork barrel politics."

Among other provisions, Ramaswamy criticized the stimulus for farmers, disaster relief, and pay raise for members of Congress and compared the additional "feel good" spending to "showering cocaine on an addict." He also said that the bill could have been fewer than 20 pages.

How members of Congress vote will, he said at the end of his post, show how serious they are about working with DOGE. "This is an early test," he wrote.

House Speaker Mike Johnson said in a press release that he had spoken with Musk and Ramaswamy in a text chain on Tuesday night. The two "understand the situation," the speaker said in the release.

"They said, it's not directed to you, Mr. Speaker, but we don't like the spending," Johnson said. "I said, guess what, fellas, I don't either."

Musk and Ramaswamy have already begun publicizing prospective targets for cuts, including scaling back the federal workforce and slashing departments. The two have met with GOP lawmakers to discuss their goals, though details of the meeting remain scarce.

Representatives for Johnson and Ramaswamy declined to comment further for this article, and Musk did not respond to a request for comment.

• 56 million US workers lack employer-provided pension or retirement savings plans.
• A new AARP report highlights the financial insecurity facing workers without retirement plans.
• Those workers would likely have difficulty living solely off Social Security.

Many Americans don't feel ready for retirement — and their jobs aren't stepping in to fill in the economic gaps.

A new analysis from the AARP Public Policy Institute finds that, in 2022, 56 million Americans — nearly half of the private-sector workforce — worked for employers who didn't offer pension or retirement savings plans.

Workers with less education and lower earnings were less likely to have access to plans. Specifically, AARP said that about 75% of private-sector workers with less than a high school degree, 50% of workers with some college, and 31% of workers with a bachelor's degree do not have a retirement plan. On top of that, about 79% of workers earning $53,000 or less annually and 21% of workers earning over $53,000 do not have retirement plans.

David John, one of the AARP report's authors, told Business Insider that even while those workers would get Social Security benefits, they likely wouldn't be enough to supplement other expenses.

"The fact is that if you are a career lower-income individual, yes, Social Security is going to replace a higher proportion of your earnings, but you still have the emergencies that are going to come up," John said. "And that includes things like car repair, cost of medication, house repair — hot water heaters don't really care who you are at the time they decide to fail."

The AARP report said that, with the average Social Security benefit totaling around $1,767 a month in 2022, most retirees will need additional income sources to stay financially afloat.

"We have a substantial number of people who don't have sufficient retirement savings to supplement their Social Security. Social Security is it for a substantial number of people," John said. "And that means, essentially, that they may not have the kind of retirement that they dreamed of."

The report uses data from the Census Bureau's Current Population Survey on employer coverage, which provides data on Americans' work, earnings, and education, and adjusts it by factoring in additional data from the Survey of Consumer Finances and IRS to bring the findings in line with the overall population, allowing the researchers to break out specific demographic groups.

Financial security remains a top concern for many older adults. A recent report from the Alliance for Lifetime Income's Retirement Income Institute found that in 2024, over 30 million Americans born between 1959 and 1964 — the tail end of the baby boomer generation — will start turning 65, meaning many of them will increasingly start to rely on retirement savings. Without a retirement plan, some previously told BI they would likely have to continue working to supplement their Social Security.

Some states have taken steps to aid workers who do not have access to retirement plans through their employers. California created a program in 2019 called CalSavers, which requires employers in the state who do not sponsor a retirement plan to provide individual retirement accounts that employees are automatically enrolled into unless they opt out. John said that some variation on that type of plan could work at the federal level.

"The basic model or the basic way the state programs are structured can be a guide to help create a national solution to the retirement coverage problem," he said.

The latest Social Security and Medicare Board of Trustees report found that Social Security will only be able to pay out full benefits for the next 11 years if Congress does not intervene.

John said that the lack of coverage goes beyond just weighing down individuals — it could also have a drag on the wider economy.

"If we have a substantial number of people who don't have sufficient resources, they're going to put pressure on governments," he said. Those retirees will likely be more dependent on government programs like housing, healthcare, and senior citizen centers. "There is an expense to the economy and there is an expense to frankly the future by not dealing with this problem."

Do you not receive retirement benefits through work and are worried about your future? Contact these reporters at [email protected] and [email protected].

• I'm used to being in relationships where my partner is the breadwinner.
• However, when my partner and I moved back to Canada, I became the sole earner in our relationship.
• Being the breadwinner made me proud of myself, even though it came with a few challenges.

For most of my adult life, I've been in heteronormative relationships where my partner was the breadwinner. My career path has been somewhat unconventional, as I worked in various fashion sales and merchandising roles before getting into freelance writing. I've worked full-time, part-time, and a blend of both alongside freelancing — meaning my income hasn't always experienced linear growth.

My husband, on the other hand, spent most of his 20s and early 30s climbing the corporate ladder. He had a higher and more stable salary than I did for the first five years of our relationship — until we decided to move back to Canada last year, and the roles were reversed.

I became the breadwinner when we moved

We originally met in Canada, where he took a brief pause from his corporate management job to travel the country on a working-holiday visa. Upon returning to the UK, his homeland, he went back to his job, and I eventually joined him on my own working-holiday visa. We spent four years living in the UK together but ultimately decided we wanted to live in Canada.

The immigration route we took meant he would have to leave his job, and that he wouldn't be able to work for up to a year while we waited for his permanent residency to come through. It was up to me to be the sole breadwinner for the first time in our relationship. As a Canadian citizen, I was able to work from the get-go. It wasn't a decision we made lightly, but we had a safety net of savings and calculated that my freelance income would be enough to cover our bases and live comfortably.

I felt proud, but there were challenges, too

Being the breadwinner was simultaneously challenging and empowering. On the one hand, I felt proud knowing I could support my family all on my own after years of always being the one who earned less. But living on a single income isn't easy in this economy. We weren't saving much, and though we didn't have to make too many sacrifices in our daily lives, we held back on bigger-ticket non-essential items that we normally love, like travel and concerts.

It also gave me a new perspective about finances and ultimately brought us closer together. We always used to split our finances, but after the move, we created a shared account — my husband couldn't create his own while he was in immigration limbo. I used to be hesitant about joint accounts. I worried about having petty arguments over purchases we didn't agree on, and maintaining a sense of independence was important to me.

Fortunately, we've found having one account keeps us both accountable for our spending habits. My husband has admitted he's reined in on casual purchases compared to when we had separate accounts, and I'm also more careful about what I buy. Plus, it's nice to see all our earnings in one place. It makes me feel like we're more unified.

We now earn about the same amount again

My husband has since received his permanent residency and found a new job here in Canada. We're now earning a similar amount and still share an account. I'll be honest — it's a relief not to be the sole earner anymore. Still, I'm grateful for everything I learned during my time as the breadwinner.

I feel more confident in my own earning capabilities, and I feel that my husband and I have become more equal as partners since we've both had the opportunity to step up and provide. We went through a period that often makes or breaks a couple, and I'm thrilled to say it only made us stronger.

A top New Jersey lawmaker is proposing legislation to form a Department of Government Efficiency (DOGE) in the Garden State, modeling it after the one Tesla CEO Elon Musk and Ohio entrepreneur Vivek Ramaswamy are forming at the federal level.

"We need it more" than Washington, Senate Minority Whip Joe Pennacchio, R-Boonton, said. 

"We're mirroring what the federal government and what those two gentlemen are doing."

Pennacchio, who also previously worked under former Republican Gov. Donald DiFrancesco on economic development, said NJDOGE would take on a state budget that has increased 60% in the past seven fiscal years.

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"A lot of those increases were one-shots, when they borrowed money during the period of COVID. You're not going to get that back. … They haven’t even spent it all. Those one-shots, they’re all gone.

"I’ve seen estimates of a budget deficit next year of maybe $4 billion. Next year is the governor’s race. We will have a new governor, and regardless of who comes in — Republican or Democrat — it would be nice to have a committee together to give them a blueprint of what we can or should not do."

He said the state does have a "red tape" commission set up by former Gov. Chris Christie to trim regulations, adding it hasn’t borne results.

"Every dollar we save is $1 less that [Trenton] has to raise taxes," Pennacchio said. 

Pennacchio’s committee, if approved, would consist of one member from the state Treasury, one from the Chamber of Commerce, the top Republican and Democrat from the Senate and General Assembly and one public member appointed by the governor.

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"[N]ot only can we start to chip away at our exacerbated affordability crisis by cutting wasteful spending and ensuring efficiency, we can also ease the financial burden for our constituents across the Garden State by lowering the onslaught of taxes and fees," Pennacchio said.

At least one other state senator is planning to endorse the idea but has not yet done so publicly. Fox News Digital also reached out to representatives of the General Assembly for their reaction to the senator’s legislation.

Despite being long viewed as a reliably "blue" state, New Jersey came within about four points of electing Donald Trump instead of Vice President Kamala Harris. Political analysts pointed to the results as evidence of a tidal shift in public opinion toward government spending, among other subjects.

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Trump twice won Morris County and flipped Passaic County in 2024, parts of which Pennacchio represents. The lawmaker said his constituents are on board with his NJDOGE proposal and that they’ve similarly recognized disparities in the funding support they receive from Trenton.

Fox News Digital reached out to the Trump Transition for comment on the plan.

"My district is a district that is getting the bills. Schools in my district are seeing cuts while schools in other districts are not seeing cuts," Pennacchio said.

"It is stuff like this that we should look at. … If the legislature sees fit that they still want to subsidize this nonsense, then that's fine. They’ll be on record.

"Let's greet the next new governor with outlines of what they can do, where there are cost savings, where things can be eliminated; that will stimulate the economy, maybe decrease taxes on the people."

The 2025 field for that governor’s race is packed, with several top names in both partisan primaries.

Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop, former Senate Leader Steve Sweeney and representatives Mikie Sherrill and Josh Gottheimer round out the Democratic choices.

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Truck driver and former state Sen. Ed Durr, Sen. Jon Bramnick, conservative journalist Bill Spadea and 2021 gubernatorial nominee Jack Ciattarelli are the top names on the Republican side.

State Sen. Robert Singer, R-Lakewood, also joined Pennacchio's call for a NJDOGE.

"With President Trump's plan to bring business back to the U.S., New Jersey has the chance to lead the charge. It's time to restore our state's manufacturing glory with high-paying jobs," Singer said.

"Let's make New Jersey the blueprint for the Make America Work Again movement, starting with a statewide DOGE."

Recently, large drones have been spotted across Pennacchio’s district, making nationwide news.

Pennacchio slammed the feds for offering Jerseyans few answers on the aircraft, saying that when terrorists attacked the World Trade Center in 2001, government officials knew right away who orchestrated it.

"We even had some face time with the Department of Homeland Security (about the drones). They were useless. … They should be ashamed of themselves. The FBI director, he checked out. [Christopher Wray] already announced that he's leaving. … So who's minding the store here?"

• I almost always get my weekly groceries at Aldi, and I've learned some money-saving tips.
• The budget grocer already has pretty good prices, but there are usually weekly deals.
• I try to avoid looking through the Aldi Finds aisle and stick to the perimeter of the store.

My fiancée and I shop on a budget, and we're dedicated to Aldi.

The grocery chain already offers great prices, but we've begun doing a few things there to stretch our dollar even further.

Here's how we save money shopping for groceries at Aldi.

• I get my nails done every month and have tried everything from Gel-X to Russian manicures.
• I've never done my own gel manicure at home, though, so I was excited to try it.
• Le Mini Macaron's gel-manicure kit was only $38, but I felt using it required a lot of work.

Although I'm well-versed in getting my nails professionally manicured — I go every month and have tried everything from Russian manicures to artful press-on sets — I've never done my own gel polish.

If you're on my side of TikTok, you may have also been scared away from doing it yourself for fear of developing a gel allergy or contact dermatitis from improper technique.

Many gel polishes contain reactive ingredients that can cause irritation if absorbed into the skin.

To shake off my hesitations, I spoke with Christina Kao, the cofounder of Le Mini Macaron, about best practices before using the company's at-home kit.

Here's how my first gel manicure at home went.

• I get my nails done every month and have tried everything from Gel-X to Russian manicures.
• I've never done my own gel manicure at home, though, so I was excited to try it.
• Le Mini Macaron's gel-manicure kit was only $38, but I felt using it required a lot of work.

Although I'm well-versed in getting my nails professionally manicured — I go every month and have tried everything from Russian manicures to artful press-on sets — I've never done my own gel polish.

If you're on my side of TikTok, you may have also been scared away from doing it yourself for fear of developing a gel allergy or contact dermatitis from improper technique.

Many gel polishes contain reactive ingredients that can cause irritation if absorbed into the skin.

To shake off my hesitations, I spoke with Christina Kao, the cofounder of Le Mini Macaron, about best practices before using the company's at-home kit.

Here's how my first gel manicure at home went.

• Sheri Atwood became a millionaire in her 20s, and again in her 40s.
• After reassessing what she was spending on, she decided to prioritize her daughter's education.
• She gave her daughter an allowance to teach her about money and had her pay for her own things.

This as-told-to essay is based on a conversation with Sheri Atwood, the founder and CEO of SupportPay. It has been edited for length and clarity.

The first time I became a millionaire, I was 24. I was a vice president in corporate cyber security, making $450,000 a year — more money than I ever could have imagined growing up poor.

Despite my wealth, I wasn't happy. I was married and had a 4,000-square-foot house near the California vineyards. When I was poor, I always thought money and material wealth would make me happy, but I was absolutely miserable.

Soon after my daughter Janicya was born, I got divorced. I was a single mom, like my own mother had been, but I was in a very different financial situation. I wanted to be smart with my money, investing to create a solid financial foundation for my daughter.

I spent $43,000 a year on private school

With that in mind, I started to reassess what I was spending my money on. My big house was stressing me out, and I realized I'd rather live in a townhouse with less maintenance. I didn't buy new clothes or cars. Even now, I drive a Lexus, but it's 17 years old.

Instead, I spent on my daughter's education. I only escaped poverty because of my master's degree and knew I would never regret investing in Janicya. I put her in an expensive and wonderful private school, paying $43,000 a year in elementary school tuition and even more than that as she got older. Because that was my choice alone, my ex didn't contribute to tuition.

Teaching my daughter financial literacy was critical

When Janicya was 7, she had emergency brain surgery. My job required tons of travel, so I quit my corporate role to start my own company. It was self-funded, and although I was financially stable, I wasn't a millionaire anymore. I reached that status again about four years ago, in my early 40s.

I was always of two minds about my daughter and money. I wanted her to understand the value of money, and I also wanted to give her access to everything I never had.

Teaching Janicya financial literacy was a way to do both. I never learned about credit, or interest, or how to leverage other people's money (via loans and investment) to build your wealth. My mom declared bankruptcy, and my sister had multiple bankruptcies. I wanted Janicya to have access to the same financial knowledge as her private school peers who had generational wealth.

I gave her allowance to teach her the value of money

I also wanted Janicya to learn day-to-day money skills. I gave her an allowance that's meant to pay for incidentals, like Starbucks or fancy new cups. I taught her we can't always keep up with others — especially those at her private school. When she wanted an expensive purse, I showed her I didn't even have one.

Sometimes, however, I bent the rules. As a single mom running a business, it was sometimes easier to give her money to go out with her friends because I just needed some downtime. Once, she had a chance to travel to Puerto Rico with a friend's family. I paid for that because it was an opportunity I would have loved as a teen.

Today, my daughter works hard and tells me when to scale back

Still, I tried to make Janicya understand the value of money. When she was 16, she got a job scooping ice cream. Today, she's 20 and a junior in college. My ex and I pay her tuition, but she pays all her other expenses. She's working two jobs while in school, which makes me proud.

Right now, she wants a new car. She's currently driving a 20-year-old Lexus with 180,000 miles — it used to be her grandmother's. I told her I'll match what she saves for a new vehicle. I'll do the same one day when she's ready to buy her first home.

Although I'm a millionaire again, I continue to live like I'll never make another dollar. After growing up poor, I'm terrified of having no money. I like to save and invest, and I never overextend myself with loans and credit cards.

But I've also learned from Janicya. She tells me I work too much. I know from experience that money isn't everything, so I'm trying to spend more time with her — and maybe even take a vacation.

• French Prime Minister Michel Barnier lost a confidence vote on Wednesday.
• The vote was triggered after he forced through part of the 2025 budget using an executive decree.
• It was France's first successful vote of no confidence in more than 60 years.

Michel Barnier, the French prime minister, lost a no-confidence vote in the National Assembly on Wednesday after left and far-right parties voted together.

The collapse of the 3-month-old government makes Barnier France's shortest-serving prime minister and could bring further upheaval to financial markets.

What's going on with France's public finances?

France's government deficit has ballooned in recent years after it spent billions on COVID-19 subsidies, tax cuts, and subsidies for energy bills, which soared following Russia's invasion of Ukraine in early 2022.

The European Union expects France's government deficit to reach 6.2% of GDP this year — more than double the EU limit — before declining to 5.3% in 2025. France is facing an EU review over its deficit, though that's also the case for other member nations, including Italy and Poland.

France is set to spend more on servicing government borrowing this year than on defense.

Late last month, French government-borrowing costs briefly exceeded those of Greece, underlining investors' concern about its economic trajectory. It was a notable moment because Greece was at the center of the eurozone debt crisis less than 15 years ago.

Why was the budget a big problem?

Emmanuel Macron, the French president, appointed Barnier as prime minister in September in hopes of breaking a political deadlock following elections in July that left him without a parliamentary majority.

Macron hoped Barnier, who led the EU's negotiations with Britain after its decision to leave the bloc, could overcome differences with opposition parties and pass the 2025 budget.

It would have raised taxes and cut spending to the tune of about 60 billion euros, about $63 billion, to help restore the public finances.

However, after weeks of negotiations, amendments, and concessions to opposition parties, Barnier used an executive order on Monday to force part of it through without the approval of lawmakers in the lower house.

In response, the far-right National Rally, led by Marine Le Pen, vowed to support a no-confidence motion brought by the left-wing New Popular Front.

On Tuesday, Barnier said he was open to negotiations with all political parties amid a "serious" and "difficult" situation.

However, his pleas fell on deaf ears and the motion was passed by 331 votes — the first time a no-confidence vote has succeeded in France since 1962.

What happens next?

Barnier is expected to resign but may continue as a caretaker until a new prime minister is appointed.

Macron, whose popularity has been on the slide, is under rising political pressure to appoint a replacement. Finding someone to do the job could prove difficult, however, and whoever takes over is likely to encounter the same obstacles as Barnier.

Next year's budget is now unlikely to be passed, although that does not mean there will be a US-style government shutdown in France. Instead, a provisional budget mirroring this year's document is likely to be implemented, economists at ING wrote.

UBS analysts wrote on Thursday: "Since there is little experience with the special laws to roll over a budget into the next year, uncertainty remains at this stage."

Antonio Fatas, a professor of economics at INSEAD, a French business school, told Business Insider ahead of the vote there was no reason for the rest of the European Union to panic as he didn't expect "contagion" to spread.

Fatas said the bloc could do without such a headache, given its anemic economic growth. Germany, the EU's largest economy, is also facing political instability after the collapse of Olaf Scholz's coalition government, with a snap election to be held in late February.

The euro was largely unaffected by the events and was trading at about $1.0517 on Thursday, while the Cac 40 was trading 0.3%.

Market strategists surveyed by Reuters on Wednesday expected the euro to remain weak due to the political turmoil in France and the threat of new US tariffs next year.

Under French law, new elections cannot be held until mid-2025. The political uncertainty France now faces could trigger a spike in borrowing costs and worsen its already-strained public finances.

• FIRE blogger Andre Nader and his wife have been working toward early retirement for years.
• When they were both working full-time in tech, they lived off of one income and saved the other.
• Nader broke down their household budget from March 2023 to February 2024.

When Andre Nader sat down to calculate his "enough number" — the amount of money that would allow him to never have to earn another dollar and give him the option to retire early — the first thing he did was analyze his spending.

From there, he could work backward and estimate how much he'd need to sustain his family of three's lifestyle in retirement.

Members of the FIRE (financial independence, retire early) community typically use the "4% rule," which suggests that you can safely withdraw 4% annually from your nest egg. For example, if you retire with $1 million, you should be able to withdraw $40,000 from your retirement funds each year without running out of money. To figure out your number using this rule, you simply multiply your annual spending by 25. Nader prefers to use a more conservative 3% safe withdrawal rate, which you can calculate by multiplying your annual number by 33.33.

He and his wife, who works as a designer for Uber, had been preparing to retire early together. They were on track to do so until Nader was affected by Meta's 2023 layoffs. The couple had enough between their savings and one tech income that Nader didn't have to find another job, but he says he'll consider himself "semi-FIRE'd" until his wife also walks away from her job.

They built a seven-figure net worth thanks to a variety of factors, including high incomes — "I won the income game by being in tech, by being a dual-income household," said Nader — but they've also been disciplined savers and investors.

Nader, who describes himself as "naturally frugal," said that he and his wife always kept their expenses low enough so that just one of their tech incomes could cover all of their household expenses. This allowed them to invest about half of their combined income in low-cost index funds.

Between March 20203 and February 2024, the family of three residing in San Francisco kept their annual expenses around $140,000.

Nader, who writes about financial independence on his Substack, FAANG FIRE, broke down his family's annual budget:

Housing: $60,000 a year ($5,000 a month). The biggest chunk of their budget (42%) goes toward rent. "Running the numbers for my personal situation, I have never been able to make home ownership pencil in within San Francisco," he wrote on his blog.

Shopping and personal: $21,473 a year ($1,789 a month).

Children: $18,136 a year ($1,511 a month). This spending category, which includes education, childcare, activities, and necessities like clothing, decreased significantly after Nader's daughter graduated from preschool and started at public school as a kindergartner.

He broke down the costs within this spending category between March 2023 and February 2024 in a separate chart.

Food: $16,284 a year ($1,357 a month).

Travel and vacations: $10,443 a year ($870 a month). Now that his daughter is getting older and travel is more manageable, Nader says he's intentionally trying to increase spending in this category.

Bills and utilities: $6,241 a year ($520 a month).

Health and wellness: $5,363 a year ($447 a month).

Transportation: $2,741 a year ($228 a month). Nader and his wife share one fully paid-off car. They also are on a pre-paid maintenance plan for the next four years.

Miscellaneous: $1,201 a year ($100 a month.)

Increasing his budget heading into 2025

After being laid off in 2023, Nader is hyper-aware that life happens, and his expenses and circumstances will continue to change.

His spending has already increased since he ran his numbers in early 2024. Most notably, his family moved so that they could be within walking distance of their daughter's school. The move bumped his rent from $5,000 a month to $8,000.

He's thinking about 2025 as an experimental year and is doing some "boundary testing" on their spending, particularly while his wife is still working.

"It's much easier to increase spend while someone in your house is working, so right now, we're like, 'Hey, what would it be like if we did live in a single-family home in San Francisco? Is that the life that we want?'" he said.

His spending philosophy has shifted after reading Bill Perkins' "Die With Zero," he added.

The book was "a good counter for me," he said. "I'm naturally frugal and naturally live within spreadsheets. 'Die With Zero' forced me to think about experiences more in the same way that I think about my finances: Just like my finances can compound, life experiences can also compound. That led me to prioritize travel to a higher degree."

Nader doesn't want to sacrifice a certain quality of life or experiences in his pursuit of FIRE. He recognizes that what he and his family value will shift over time, which is why he periodically revisits his spending and "enough number."

"What 'enough' is in 2022 ended up being different than what I thought 'enough' would be in 2024," he said. "I realized that I did want to spend more in certain places, so I explicitly forced myself to spend more on things like travel. I realized I was unnecessarily saving more than I needed to, and I wasn't spending in a way that was bringing me happiness."

• There's a lot of temptation to spend money at Disney World, but some things aren't worth it.
• I will never buy hot coffee from a park or resort in the morning.
• I'm also no longer buying ponchos at the parks since they are cheaper elsewhere.

I've been going to Disney World for over 30 years and visit the Orlando theme parks multiple times a month.

Over the years, I've bought my share of souvenirs and merchandise. However, I've also narrowed down what's not worth the money at the parks and resorts.

Preparing for a new year is a prime time to reassess my travel budget.

Here are some of the things I don't plan on buying at Disney World in 2025.

• Donald Trump will decide whether to renew subsidies that make the ACA marketplaces more affordable.
• Biden's enhanced ACA subsidies, which lowered premiums for the middle class, will expire in 2025.
• Ending the subsidies would save the government money, but increase premiums for many Americans.

Federal subsidies meant to make health insurance more affordable for low- and middle-income Americans could be on the chopping block when Donald Trump returns to the White House.

President Joe Biden's enhanced version of the Affordable Care Act subsidies — which provide lower premiums and reduced out-of-pocket costs for lower-earning Americans who don't get health insurance subsidized by their employer or a government program like Medicaid — are set to expire at the end of 2025. At some point next year, Trump and a Republican-led Congress will decide whether to renew or end the subsidies.

Ending the subsidies would save the government money but restrict healthcare options for the people and families who rely on them. If the subsidies are allowed to expire, the Congressional Budget Office estimated that nearly 4 million people would drop coverage in 2026. 

The president-elect has been inconsistent with his support for the Affordable Care Act and has previously proposed cuts to healthcare programs like Medicare and Medicaid. The Trump transition team did not respond to BI's inquiry about ACA subsidies but previously shared a statement that Trump would "protect Medicare" as president.

Trump has not publicly said whether he plans to let the enhanced ACA subsidies expire, but he has made cost-cutting a cornerstone of his second-term promises.

The Affordable Care Act — also known as Obamacare — was passed in 2010. The law introduced the ACA marketplaces, which were meant to make health insurance more affordable for lower-earning people whose incomes would be too high to qualify for Medicare and Medicaid. It also requires insurance companies to cover preexisting conditions, like diabetes and heart disease.

Biden's expansion increased the financial assistance for people already on ACA plans and lifted the income eligibility cap for those benefits. Some middle-class families had previously been priced out of health insurance.

Since 2020 — the year before the subsidies went into effect — the number of people with ACA marketplace coverage has grown by 88%, to 21.4 million people from 11.4 million, per KFF.

Gary Young, the director of Northeastern University's Center for Health Policy and Healthcare Research, told Business Insider that the ACA subsidy debate underlines a growing problem: America's healthcare costs are ballooning, and it's taking a toll on people's finances and federal budgets.

"We are having this debate at the same time that we are beginning to see healthcare costs ramp up," Young said.

How ending ACA subsidies would impact Americans and government spending

Ending subsidies would be cheaper for the government and taxpayers. Some Republicans like Vice President-elect JD Vance have said they want to inject needed competition into the health insurance marketplace. Young said a more robust marketplace could lead to more diverse insurance plans being available, allowing people to choose coverage that best fits their needs without the government footing the bill.

"There's concerns about whether the subsidies maybe went too far," Young said. "They're providing people with financial resources to purchase more extensive insurance than they otherwise would purchase, and it's not necessarily an efficient way of using federal resources."

Still, Young said letting the ACA subsidies expire would probably make healthcare more expensive for millions of people. Nearly all Americans on ACA plans would pay higher premiums, he said. KFF reported that low-income people would see the steepest increase in healthcare costs relative to their income.

Any move by Trump to change ACA policies would need congressional approval. Because insurers have to submit their plan proposals next summer for the 2026 enrollment period, Trump will probably need to decide early in his term whether to extend the enhanced ACA subsidy.

Trump's 2nd term has a cost-cutting agenda

The US government spent $6.75 trillion total in fiscal year 2024, which resulted in a national deficit. At $912 billion, the Department of Treasury reported that healthcare — programs like Medicaid, the Children's Health Insurance Program, the Centers for Disease Control and Prevention, and more — is a top government expenditure behind Social Security. Medicare costs add another $874 billion. If the enhanced ACA subsidies were to become permanent, the Congressional Budget Office and Joint Committee on Taxation estimate that it would cost $335 billion over the next 10 years.

Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy were tapped by Trump to co-lead a new Department of Government Efficiency. The pair plans to propose cuts for the government's most costly programs, but it's not yet clear if that will include healthcare programs.

Trump's nominees for the top healthcare positions are Robert F. Kennedy Jr. leading the Department of Health and Human Services and Dr. Mehmet Oz leading the Centers for Medicare and Medicaid Services. Neither Kennedy nor Oz has outlined a specific plan for affordable healthcare in 2025, and neither responded to a request for comment.

In an opinion piece published in 2020 on Forbes, Oz said he supports a universal healthcare plan, but the stance is likely to be at odds with the Trump administration's cost-cutting agenda.

Are you doing anything to prepare your finances or healthcare plan for Trump's second term? If so, please reach out to this reporter at [email protected].

Correction: December 2, 2024 — An earlier version of this story misstated who is eligible for the enhanced Affordable Care Act subsidies. The subsidies apply mostly to people who purchase health insurance on the Affordable Care Act marketplaces. Some Medicare recipients are also eligible, but not Medicaid recipients.

DJI hasn't finished yet with its busy 2024, as it just announced the Mic Mini wireless microphone system. The company took most of the characteristics of the popular Mic 2 and shrunk it down considerably, while also making it much more affordable.

The Mic Mini consists of a receiver and one or two transmitters with built-in microphones. To use it, you just affix the mics to your subject, either via a clip or magnetic attachment, and turn them on. Then, power up the receiver and connect it to your camera via a 3.5mm cable. Everything pairs automatically, and the final step is to adjust your levels using the dial on the side. 

Steve Dent for Engadget

The mics feature omnidirectional recording and the receiver can work with two of them at once, either to separate channels or mixed together. If you use it with the DJI Mimo app, you can record backup audio at 6db lower than the main track to avoid any clipping issues. Audio can be transmitted up to 400 meters (1,300 feet) and DJI says it provides stable audio even in busy electronic environments thanks to the anti-interference tech. 

The Mic Mini is part of DJI's OsmoAudio ecosystem, so the transmitters can connect to other DJI devices like the Osmo Action 5 Pro, Osmo Action 4 or Osmo Pocket 3 without a receiver to simplify workflow. It also connects directly to smartphones via Bluetooth, again with no receiver required (if you want to use multiple mics with your smartphone, there's an optional USB-C adapter for the transmitter). It's available in a kit with a charging case that keeps everything in one place and provides 48 hours of extended use when fully charged. 

DJI

The main feature missing that can be found on the more expensive Mic 2 is a 3.5mm port on the transmitters for an external microphone. The Mic Mini also lacks the Mic 2's internal 32-bit float recording that eliminates clipping. 

I've used the system for a short while and the microphones are the smallest and lightest I've seen yet and are relatively discreet apart from the DJI logo (which is nothing a piece of black tape won't fix). They're easy to attach with the magnetic clips and don't flop around like the Mic 2 or other larger wireless mics on loose clothing (t-shirts etc.) because they're so light at 10 grams. I used them for two videos and they offered crisp sound across all frequencies — in fact, I couldn't tell the difference between the Mic Mini and Mic 2 by ear. 

DJI

I also tested the Mic Mini with an Android smartphone, iPad and DJI's Action 5 camera, and it worked flawlessly. You can use the DJI Fly app to connect to a Neo drone and benefit from the noise reduction, much as you can with the Mic 2. 

The Mic Mini arrives shortly after Sennheiser launched its $299 Profile Wireless Mic, though that product competes more closely with the DJI Mic 2 (and lacks a Bluetooth transmitter). Another option is the $150 Rode Wireless Micro, which only works with smartphones and not cameras.

For creators, the most interesting part of the Mic Mini is bound to be the price. For a one receiver and one transmitter, you'll pay just $89, and a full kit with a charging case, two transmitters, a receiver, cable and wind muffs is $169. It's available at DJI's store, Amazon and elsewhere. 

This article originally appeared on Engadget at https://www.engadget.com/audio/djis-tiny-mic-mini-offers-high-quality-wireless-sound-recording-starting-at-89-130036583.html?src=rss

©

© Steve Dent for Engadget

• I'm a private chef, and I buy all of my family's weekly staples at Trader Joe's for about $60.
• I took that same budget to Whole Foods to see how the grocer compared.
• I wasn't able to get nearly as much at Whole Foods, so I'll stick to Trader Joe's.

As a private chef, I get Whole Foods delivered for my clients a lot. But the total can often seem too high, so I've stayed away from shopping there for my family of three.

Plus, there's a Trader Joe's just down the street from me, and I can get all our weekly staples for about $60.

After seeing and hearing about the interesting, high-quality brands Whole Foods carries, however, my curiosity got the best of me.

I decided to take my Trader Joe's budget to Whole Foods. Here's a dollar-by-dollar breakdown from my trip.

• I help people package and monetize their skills, and I've helped my kids do the same.
• From when they were young, they've published books, sold baked goods, and more.
• I encourage these pursuits and talk to them about budgeting and saving money.

I realized early on in my work as a personal branding and executive coach that I had a gift for seeing my clients for who they uniquely were. I could quickly pinpoint a clear opportunity they could tap into to tell their story, share their expertise, or make money from a unique skill.

So, back when my two teens were in elementary school, I intentionally set out to teach them how to boldly package their genius once they had demonstrated skills and services I thought could be marketable.

My sons were open to my suggestions

When my then-9-year-old son Connor wrote a hilarious short story as a fourth-grade class assignment, I encouraged him to keep going and make it longer. I told him that if he wrote a little more, I'd help him publish his story as a book on Amazon.

That motivation proved powerful for a fourth grader, and over the winter holiday break that year, he finished his book "Zombie Tag," which became a playground hit. He wrote two more titles in a series, and they're all still available on Amazon. He did a few book talks and book fairs, and all of his book sale money went into a high-yield CD. He still sells a few copies of his book each month, and all new royalties go directly to a liquid high-yield savings account that he watches grow from an app on his phone.

Logan, who is a year older than Connor, helped with the book marketing and got a percentage of the early sales when they did things like set up at book fairs. Since then, the two have also both earned money from their shared skills; for example, they both had a joint podcast audio editing studio a few years ago with a small roster of clients.

Additionally, they pursue their individual passions, which I encourage. Logan has sold digital art portraits, blank coloring pages, and postcards with original art, and Connor has sold his electronic beats, original podcast theme music he produced on GarageBand, and, most recently, homemade cinnamon rolls. Whenever there is a demand for something they do, I make a point of challenging them to package it in a way a customer can buy — if that's something they're open to doing, which they usually are.

I try to teach them about money and how to save and budget

I think it's important to show them they have agency; they may want to buy concert tickets or new sneakers, but they're not at the mercy of my bank account. My goal has always been to show them that opportunities to make money are as unlimited as their own creativity.

As my children began earning money independently, I encouraged them to save 10-50% of what they made. I've also talked with them about what makes a big purchase "affordable." One lesson that seems to have stuck is that if a purchase will take up more than 10% of their cash on hand, it may be too costly and need to be reconsidered.

That said, they still spend like teens and come to me when they want to buy something out of their budget. But I do believe that once they're on their own and fully financially responsible for themselves, they'll have the basic framework to help them make good money decisions.

I want their creativity to give them a sense of freedom

As a coach, I work with adults who find it difficult to give themselves permission to package their expertise and skills in different ways. I see how hard it is to mentally shift from expecting a paycheck to show up automatically every two weeks to getting creative when you need to earn additional money.

There will inevitably be lean times, and you may need to adapt when fortunes change or might be forced to do something different when the job market dips. I've seen how tough it can be for my clients to flip the switch of monetizing their work. But once they unlock that key skill, they also unlock the peace of mind from knowing they always have what it takes to earn more.

I want my kids to have that now so they're never at the mercy of a toxic boss or job that's not the right fit. I want them to be aware of their innate ability to create opportunities so they aren't always waiting for one to be handed to them. As a mother, I want to give them a sense of their personal power early so they don't fall into the trap of overworking to prove their worth — a trap that too often leads to burnout.

As of now, they've made around $10,000 from book sales, bake sales, audio editing, and digital art sales combined. But whether they make a lot of money from their endeavors or not doesn't matter so much to me. I just want them to be aware that they are powerful and they always have the power to shift their financial futures — regardless of what's happening in the economy.