Raphael Stevens

Derek Jeter is stepping down as chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise, the Hall of Famer announced Monday.
In a statement announcing the move, Jeter, 47, said the “vision for the future of the franchise is different than the one I signed up to lead,” when he took over the Marlins.
The news came on a big deadline day for MLB. Owners gave the players union until Monday to agree to a new labor deal.

Derek Jeter CEO of the Miami Marlins speaks to the media to announce loanDepot as the exclusive naming rights partner for loanDepot Park formerly known as Marlins Park home of the Miami Marlins on March 31, 2021 in Miami, Florida.
Mark Brown | Getty Images

Derek Jeter is stepping down as chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise, the Hall of Famer announced Monday.
In a statement announcing the move, Jeter, 47, said the “vision for the future of the franchise is different than the one I signed up to lead,” when he took over the Marlins.

“We had a vision five years ago to turn the Marlins franchise around, and as CEO, I have been proud to put my name and reputation on the line to make our plan a reality,” Jeter said. “Through hard work, trust and accountability, we transformed every aspect of the franchise, reshaping the workforce, and developing a long-term strategic plan for success.”
Jeter, a New York Yankees icon, had a 4% stake in the team and took over its top C-suite role in 2017. The Marlins finished in fourth place in the National League East division last year. The team made the postseason once during Jeter’s tenure, a wild card spot in 2020.
The Marlins are worth $990 million, according to Forbes. But that’s a drop from the estimated $1.2 billion Sherman’s group, which included Jeter, paid for the MLB team in 2017. The team’s valuation fell to $980 million in 2020 before rebounding last year.
Marlins principal owner and Chairman Bruce Sherman said the club would work as a committee to run business and baseball operations while searching for Jeter’s successor.
Sherman also said the team is “committed to keep investing in the future of the franchise — and we are determined to build a team that will return to the postseason and excite Marlins fans and the local community.”

The news came on a big deadline day for MLB. Owners gave the players union until Monday to agree to a new labor deal, or Opening Day and potentially other games would be canceled.
MLB Commissioner Rob Manfred took a slight break from labor negotiations and thanked Jeter for his time running the Marlins. In a statement, Manfred called Jeter “a winner on and off the field,” and added he’s a “pillar of our game and we look forward to his future contributions to baseball.”
The club experienced some dramatic changes during Jeter’s tenure. The Marlins traded franchise player Giancarlo Stanton and his $325 million contract to the Yankees soon after Jeter took over as Miami’s CEO. In November 2020, the Marlins hired Kim Ng as general manger. Ng became the first woman hired to run an MLB team’s baseball operations.
On the business front, the Marlins had few breakthroughs.
Last March, the Marlins struck their first ever naming rights deal for their ballpark that was built in 2012. Mortgage platform LoanDepot is paying the Marlins a reported $10 million per year for that asset.
Yet the Marlins fell to last in MLB attendance, a spot the club has occupied since 2018.
The franchise failed to draw at least 1 million fans to the ballpark, and only grew annual revenue slightly – to $222 million from $219 million – between 2017 and 2019. The team’s 2020 revenue was reportedly $96 million, partly due to the sport’s recovery from the coronavirus pandemic.
Correction: This story was updated to reflect the correct annual revenue numbers for the years of 2017-20.

WATCH LIVEWATCH IN THE APP More

This story is part of CNBC Make It’s Millennial Money series, which details how people around the world earn, spend and save their money.
When Lauren Simmons introduces herself to new people, she usually says she works in finance.

But really, the 27-year-old is an author, producer, podcast and TV host, angel investor and board member of several financial companies.
It’s a lot for one person, but Simmons is used to taking control of her career. She’s already made history several times over: In 2017, at the age of 22, Simmons became the youngest full-time female trader on Wall Street, and the second African American woman trader in the New York Stock Exchange’s 229-year history.
But while at the NYSE, Simmons learned she was being paid just $12,000 while male colleagues with the same job and qualifications were making upwards of $120,000. From that point on, she made a commitment to herself that she’d never make less than $120,000 a year.

Lauren Simmons, 27, is a finance expert on track to earn $1 million this year.
Tristan Pelletier | CNBC Make It

Simmons left the trading floor in 2018 and formed an LLC to manage all of her projects.
In the last few years, she has secured deals on a book, movie, TV show and two podcasts. Her most consistent income comes from speaking engagements (she averages two per month), and she can earn up to six figures on brand deals.

No two days look the same. Simmons works long hours and on weekends, taking meetings as early as 3 a.m. and as late as 11 p.m. because she works with people all over the world. Her most recent project is a hosting job with the streaming series “Going Public,” which requires filming the series itself and traveling to promote it.
In 2021, Simmons moved to L.A and earned $650,000. In 2022, she’s on track to earn $1 million.

Extreme savings

Simmons grew up in Marietta, Georgia, with her mom, twin brother and younger sister. She credits her mom’s strict budgeting for how she learned to save 85% of her income, which she began doing while earning just $12,000 in New York City. It was barely enough to pay for transportation while she lived with family in nearby New Jersey, and she didn’t spend any money on going out.

In 2017, at the age of 22, Lauren Simmons became the youngest full-time female trader on Wall Street, and the second African American woman trader in the New York Stock Exchange’s history.
Courtesy of Lauren Simmons

Simmons admits her saving strategy today isn’t the most traditional, but it works for her.
She sends all of her earnings into a savings account and for the most part doesn’t touch it. She also waits as long as possible to deposit her earnings. Simmons closed a few speaking engagement deals in January but will have her business manager hold onto the checks until just before they expire, so she won’t actually see that income until March.
“I like for my money to be out of sight, out of mind so I won’t spend it,” she says.
She’ll sometimes transfer money to a separate checking account, which she keeps at $2,000 for everyday spending. She’ll give herself a little more for birthdays and holidays, but never allows herself to spend more than 15% of her earnings each month.

No two days look the same for Lauren Simmons, who takes meetings as early as 3 a.m. and as late as 11 p.m. She also travels a lot for work.
Tristan Pelletier | CNBC Make It

Despite making a name for herself in the financial world, Simmons doesn’t feel like an expert all the time. She only began investing in the stock market during the 2020 pandemic downturn. She keeps her emergency fund, savings and retirement money all in one bank account. And she unapologetically splurges on Bath & Body Works candles: “Any time they have a sale, I am there.”
As for managing her own money, “I think that there are days that I’m decent at it,” Simmons says, but “I know that there’s a lot to learn every time I get to a different phase in my life.”

How she spends her money

Here’s a look at how Simmons typically spends her money, as of January 2022.

Arrows pointing outwards

Elham Ataeiazar | CNBC Make It

Rent: $3,850, paid for one year upfront and includes Wi-Fi, water and parking
Transportation: $215, including car insurance and about $20 to charge her Tesla, which she leases under her LLC
Pet: $200 for dog food and grooming
Discretionary: $182 includes shopping, entertainment and household goods
Food: $165 on groceries and dining out
Health insurance: $100, paid for one year upfront
Utilities: $43 for heat and electricity
Subscriptions: $24 for meditation app Hay House, Hulu and The New York Times

Simmons’ earnings fluctuate wildly from $12,000 to $150,000 a month, so she plans ahead for big expenses. She paid a year’s worth of her rent upfront when she moved in, for example. She pays for health insurance a year at a time and car insurance six months at a time.
Another big constant in her budget is her 7-year-old Maltese, Kasper. She spends about $200 on him each month between grooming and pet food. “He lives a very luxurious lifestyle,” Simmons says.
Otherwise, Simmons keeps her budget pretty lean. In January, she spent $182 on shopping and entertainment, $165 on food (mostly groceries from Whole Foods) and $24 on a few subscriptions. She shares streaming-service logins with family and contributes Hulu to the pot.
Given her hectic schedule, making time for health and wellness is a non-negotiable. Simmons prefers hiking, doing yoga and exercising outdoors — it’s a big reason why she moved to L.A. She meditates every morning, anywhere from 15 minutes to two hours, to stay grounded and focused.

Given her hectic schedule, Lauren Simmons grounds herself through daily meditation.
Tristan Pelletier | CNBC Make It

Simmons believes it doesn’t have to be expensive to take care of yourself. “I don’t want to turn into that person that is spending thousands of dollars in wellness, because I think you can do it for free at home,” she says.
That said, she does splurge on herself “once in a blue moon”: She recently treated herself and her mom to a seven-day trip at a wellness retreat as a gift.

Becoming a millionaire

This year, Simmons expects to earn $1 million across brand deals, partnerships, speaking engagements, and returns on investing in companies.
But even for someone who loves talking about money, it still feels awkward to say out loud.
Simmons knows all too well that when young women succeed at work, “we don’t get the same kudos as our male counterparts.” But those reminders only make her want to talk about her accomplishments and pay even more.

Lauren Simmons earns her money through speaking engagements, brand partnerships, project deals and, most recently, a hosting gig with the streaming series “Going Public.”
Courtesy of Going Public

“That’s why we’re trying to fight societal norms and have these open dialogs and change the mindset of people,” she says. She wants to eliminate the stereotype that “young, successful women who make a lot of money are bragging.”
The million-dollar milestone carries a lot of personal significance, too: “I’m the first person in my family to graduate with a college degree,” she says. “My family and I have come a long way, and I’m super grateful.”

Looking ahead

Simmons couldn’t have predicted how much her life would change from the first day she walked onto the NYSE trading floor. But she still has big plans ahead to negotiate new projects for herself and invest in more startups.

Lauren Simmons wants to help democratize the world of business and finance, and invests in women- and minority-owned startups.
Tristan Pelletier | CNBC Make It

Given the turns in her career thus far, it’s hard for her to say what she expects her life will look like in the next five to 10 years. But she hopes to have an investment property in Florida and maybe a house of her own somewhere else.
“Outside of that, I have no idea, but I’m excited to watch this video five to 10 years from now and to see where I’m at — maybe running for president.”
What’s your budget breakdown? Share your story with us for a chance to be featured in a future installment.
Check out:

Sign up now: Get smarter about your money and career with our weekly newsletter More

New York City mayor Eric Adams told CNBC told CNBC on Monday he wants to encourage businesses in the city while keeping them safe.
“Why are we apologizing for being capitalists?” the Democratic Adams said. “We should encourage new businesses to be here, but be compassionate in our actions.”
As steps are taken to assuage people’s fears about safety, Adams said he wants to see more employees feel safe enough to come back into the office.

New York City Mayor Eric Adams told CNBC on Monday he wants to encourage new business formation in the Big Apple, including in nascent industries like cryptocurrency.
In an interview on “Squawk on the Street,” the Democratic Adams lamented that “the layers of bureaucracy” that he believes stand in the way of entrepreneurship in the nation’s financial center.

‘Compassionate capitalist’

“I’m a compassionate capitalist. I don’t know what the heck happened to our country where the foundation of our existence has been on capitalism,” Adams said on “Squawk on the Street.” 
“Why are we apologizing for being capitalists? We’re working hard. We’re opening small businesses, and hopefully one day opening corporations,” he added. “We should encourage new businesses to be here, but be compassionate in our actions.”

Mandates ending a ‘symbol’

Adams’ comments come after he recently announced the country’s most populous city would lift its indoor vaccine requirement on March 7, as long as Covid cases continue to decrease. The city’s mask mandate in its public school system, the nation’s largest, is tentatively set to be lifted that same day.
Adams said he thinks the removal of face-covering requirements sends a signal that stretches beyond health metrics. “When we take off the masks, we’re going to start to show we’re open. We’re ready to do business,” he said. “It’s just symbol that we are back,” he added.

‘Stop the normality’ of disfunction

The mayor and New York Gov. Kathy Hochul also recently announced an effort to remove from the subway homeless people who appear to be using the trains as shelter. The move comes as city-goers have reported more violent incidents on the subway and around the city in the past year, including the death of Michelle Alyssa Go, whom a homeless man shoved into the path of an incoming train earlier this month.

Some businesses also have become more concerned about theft. Adams said that like with the problem of subway safety, the “normalcy” of being fearful needs to be put to an end.
“We’re eroded our expectation to be safe, to be able to have a business, that erosion must stop, and we were there before, during the mid-’80s,” said Adams, a former New York City police captain . “We have to stop the normality of the city, of being dysfunctional.”
Another priority Adams said he’s focused on is getting New Yorkers back to in-person work. He expressed concerns about the economic future of the city’s central business districts like Midtown if the Covid-era surge in remote work remains a long-term fixture.
“We have to see the financial ecosystem and we are in this together. New York City runs on being in the office,” Adams said.

WATCH LIVEWATCH IN THE APP More

The International Space Station partnership is yet unaffected by Russia’s invasion of Ukraine.
The NASA and Russian Roscosmos “teams are still talking together, we’re still doing training together, we’re still working together,” Kathy Lueders, the top NASA official on human spaceflight, said on Monday.
Currently, there are seven people on board the ISS: five astronauts — four American and one German — and two Russian cosmonauts.

The International Space Station is pictured from SpaceX’s Crew Dragon Endeavour during a fly around on Nov. 8, 2021.

NASA’s top official on human spaceflight addressed the agency’s International Space Station partnership on Monday amid growing global tensions, saying the orbiting research laboratory is yet unaffected by Russia’s invasion of Ukraine.
“We are not getting any indications at a working level that our [Russian] counterparts are not committed to ongoing operations,” NASA Associate Administrator Kathy Lueders said during a news conference on Monday.

The NASA and Russian Roscosmos “teams are still talking together, we’re still doing training together, we’re still working together,” Lueders added.
Currently, there are seven people on board the ISS: five astronauts — four American and one German — and two Russian cosmonauts. Lueders spoke during a news conference hosted by Axiom Space, which plans to launch its private Ax-1 crew mission to the ISS on March 30.
The ISS is physically divided into two sections: the United States Orbital Segment and the Russian Orbital Segment. The U.S. and Russia keep the research laboratory continuously staffed with astronauts and cosmonauts, with the roles of each nation’s segment mutually dependent on the other — ranging from life-support systems to thrusters that keep the ISS in orbit.

Russian cosmonauts Pyotr Dubrov and Anton Shkaplerov attach a new module to the country’s segment of the International Space Station during a spacewalk on Jan. 19, 2022.

Simply put, the ISS’ future in orbit — absent a very expensive and challenging investment by NASA — is dependent on the U.S. and Russia continuing to work together.
“It would be very difficult for us to be operating on our own,” Lueders said.

While NASA expects to continue to operate the ISS until 2030, Roscosmos has not renewed its role beyond 2024. Dmitry Rogozin, the head of the Russian space agency, made a series of veiled threats on Twitter last week in response to U.S. sanctions — saying “monstrous consequences” could include the ISS de-orbiting.
Lueders emphasized that NASA is looking at alternatives to “get more operational flexibility.” Northrop Grumman is “offering up a reboost capability” to keep the ISS in orbit, Lueders said, and Elon Musk’s SpaceX is looking at what the company can offer NASA to assist with the space station.
“Currently there is no plan” to replace Russia’s role on the ISS, Lueders noted.
Beyond the long-term ISS partnership, crew and cargo transportation is top of mind. Lueders said NASA still plans to return astronaut Mark Vande Hei from the ISS, via Russia’s Soyuz spacecraft, in about a month.
Additionally, while Roscosmos has yet to fly a cosmonaut on SpaceX’s Crew Dragon, the agencies have been working toward an agreement that would see Russia’s Anna Kikina fly on the U.S. spacecraft later this year.

WATCH LIVEWATCH IN THE APP More

Advice and the Advisor

If you’re considering a Roth IRA conversion, stock market drops may make the strategy more appealing, financial experts say. 
However, you need to weigh the upfront taxes, along with the consequences of boosting adjusted gross income.

Getty Images

If you’re considering a Roth conversion, stock market drops may make the strategy more appealing, according to financial experts.  
While the popular move, allowing higher earners to bypass income limits for Roth individual retirement account contributions, was in peril as House Democrats passed Build Back Better, the spending package stalled in December.

Nevertheless, the move may be attractive amid stock market volatility triggered by the Russia-Ukraine conflict, said certified financial planner Jordan Benold, partner at Benold Financial Planning in Prosper, Texas.

More from Advice and the Advisor:

Roth conversions may trigger levies on pretax contributions or earnings, so investors will need a plan for covering the bill.
For example, let’s say you have a pretax traditional IRA worth $100,000, you like the investments, and when the entire market goes down, the value drops to $65,000. 
“That might be an opportune time to do it,” Benold said, explaining how you’ll pay taxes to convert $65,000 rather than the original $100,000. But you need to weigh more than asset values alone.

Upfront taxes

“You need to be mindful of whatever taxes you’re going to incur, based on the conversion,” said Ashton Lawrence, a CFP with Goldfinch Wealth Management in Greenville, South Carolina.

If you’re willing to pay upfront taxes on a Roth conversion, you may project how many years it will take to break even, said Marianela Collado, a CFP and CPA at Tobias Financial Advisors in Plantation, Florida.  
You also need to weigh combined balances across IRA accounts, because of the so-called “pro-rata rule,” which factors in your total pre-tax and after-tax funds to calculate your bill.
“It’s one of those things that you can’t look at in a vacuum,” Collado added.

Watch for the five-year rule

While Roth IRAs typically offer tax and penalty-free withdrawals anytime for contributions, there is an exception for conversions known as the “five-year rule.”
Investors must wait five years before they can withdraw converted balances, regardless of their age, or they will incur a 10% penalty. The timeline begins on Jan. 1 on the year of the conversion.

Increasing adjusted gross income

Another possible downside of a Roth conversion is the potential to increase that year’s adjusted gross income, which may trigger other issues, Lawrence said.  
For example, Medicare Part B calculates monthly premiums using modified adjusted gross income, known as MAGI, from two years prior, which means 2022 income may create higher costs in 2024. 
The base amount for Medicare Part B in 2022 is $170.10 per month, and payments increase once your MAGI passes $91,000 or $182,000 for joint filers.
For 2022, the top Medicare Part B surcharge is $578.30 once MAGI exceeds $500,000 for single filers or $750,000 for couples filing together.
“It’s like a balloon,” Lawrence explained. “If you squeeze it at one end, you’re going to inflate it somewhere else.” More

California-based Viasat announced on Monday that it believes “a cyber event” disrupted its satellite internet service in Ukraine.
“Viasat is experiencing a partial network outage — impacting internet service for fixed broadband customers in Ukraine and elsewhere on our European KA-SAT network,” the company told CNBC.
The Viasat outage began on Feb. 24, the day Russia invaded Ukraine.
Elon Musk, CEO of Viasat rival SpaceX, said his company’s service is “active in Ukraine,” with “more terminals en route” to provide internet access to the country.

A Viasat Inc. logo seen displayed on a smartphone and in the background.
Sopa Images | Lightrocket | Getty Images

Viasat said Monday that it believes “a cyber event” disrupted its satellite-internet service in Ukraine, with an ongoing outage under investigation.
“Viasat is experiencing a partial network outage — impacting internet service for fixed broadband customers in Ukraine and elsewhere on our European KA-SAT network,” the California-based company said in a statement to CNBC.

“We are investigating and analyzing our European network and systems to identify the root cause and are taking additional network precautions to prevent further impacts while we attempt to recover service to affected customers.”
The outage began on Feb. 24, the day Russia invaded Ukraine, according to the company, which said it notified “law enforcement and government partners,” adding it has “no indication that customer data is involved.”
It is unclear how many customers Viasat has in Ukraine, and the company declined to say how many are being affected.
Shares of Viasat were up 3.5% in midday trading Monday at about $45.

SpaceX says it is sending dishes to Ukraine

A Starlink user terminal, also known as an antenna or satellite dish, on the roof of a building.

Viasat operates large satellites in geosynchronous orbit — meaning they are stationary at a point about 35,000 kilometers from Earth to maximize coverage area.

That’s the traditional method of providing broadband service from space, but a number of companies are pouring funds into developing networks in low-Earth orbit that utilize hundreds or thousands of satellites — such as SpaceX’s Starlink.
On Sunday, SpaceX CEO Elon Musk announced his company’s service is “active in Ukraine,” with “more terminals en route” to provide internet access to the country. Musk’s tweet came in response to a request for Starlink support from Ukraine digital minister Mykhailo Fedorov.
Musk did not specify how many terminals — or ground antennas that connect users to the network — were being sent or when they would arrive.
SpaceX has launched 2,000 Starlink satellites to date. The company’s service has around 145,000 users as of January, who pay $99 a month for the standard service or $500 a month for a premium tier.

WATCH LIVEWATCH IN THE APP More

In 2021, amid the ongoing pandemic and “Great Resignation,” Americans filed a record 5.4 million applications for new businesses, according to data from the U.S. Census Bureau.
That means a lot of new business owners are facing their first filing season. While many people can file their personal returns on their own, tax experts strongly advise that business owners seek professional help.

“Do not do this on your own,” said Adam Markowitz, an enrolled agent and vice president at Howard L Markowitz PA, CPA in Leesburg, Florida. “There’s just too much out there.”
Here’s what tax experts say new business owners should know before filing their 2021 taxes.
More from Invest in You:When markets fall, investors should focus on what they can control: expertsHow to rethink your budget to combat rising inflationThe American dream of the middle class isn’t what it used to be
Understand your structure
One of the first things that new business owners need to know before they file is how their company is structured.
“A lot of [the] time, entrepreneurs don’t understand the default taxation of their business,” said Sheneya Wilson, CPA and founder of Fola Financial in New York.

This is important because the structure of your business determines how you file. Most entrepreneurs know if they have a limited liability company, or LLC, but don’t know if their business is a partnership (meaning multiple people own the business), if they’re a single member or if they previously elected to be an S corporation.
“What it really boils down to is if you’re a single member you file on a Schedule C; if you’re a multi-member, you file on a partnership,” said Markowitz. If you think you’re an S corporation, you should have made an election on Form 2553 and received confirmation from the IRS, he added.

“If they don’t have the confirmation from the IRS, they aren’t an S corporation,” he said.
In addition, companies set up as S corporations, which often have “Inc.” or “Corp.” in their names, need to file Form 1120 or Form 1120-S; they can’t file a Schedule C.
This is important because how you’ve structured your business may change your filing deadline. While many returns are due April 18, returns for corporations are due March 15.
Find a professional in your niche
If that all sounds confusing, it is. Most business owners — and especially new ones — should take the time to find a tax professional to guide them through this process.
Yet finding a tax professional can be overwhelming. Wilson recommends that entrepreneurs narrow their search by looking for someone who has experience in their business area.
“A tax professional who is experienced in your niche will be of better service to you in making sure you’re maximizing your tax profile,” she said. That includes helping you properly deduct expenses and claiming credits that could get your business a refund.
You may also want to work with someone who has experience in the state where your company is located, because there are sometimes local rules, said Markowitz.
If you haven’t had luck finding someone online, Markowitz recommends checking with your local chamber of commerce or any local CPA organizations.

Once you’ve found a few professionals you’re interested in working with, make sure you vet them thoroughly. That includes looking at their education and experience — you should gravitate toward people who have earned either a CPA designation or are so-called enrolled agents.
It’s important that you file business returns accurately to avoid penalties. For example, the penalty for failing to file a partnership return is $210 per month for up to a year multiplied by the total number of people in the partnership for the tax year.
That can quickly add up to thousands of dollars, said Markowitz. If its your first time making such a mistake, you may be able to get the penalty waived, though it’s “not a slam dunk,” according to Markowitz.
Have your records ready to go
Once you do find a professional to work with, there are a few things they’ll need right away to help prepare your taxes.
That includes your Employer Identification Number (EIN), articles of incorporation and operating agreement. You should also come prepared with your business’ financial documents, including your balance sheet and bookkeeping.

Do no do this on your own

Adam Markowitz
enrolled agent and vice president at Howard L Markowitz PA, CPA in Leesburg, Florida More