Raphael Stevens

Successful Black professionals may pressure themselves to aid family and the wider community they come from before they’ve ensured their own financial security.
The best way for newly prosperous individuals to make sure they can be of long-term help to others is to put on their own “financial oxygen masks” first.

Klaus Vedfelt | DigitalVision | Getty Images

The wealth gap between Black and white Americans has been persistent. That gap, of course, reveals the effects of accumulated inequality and discrimination.
Despite certain gains in income and wealth for Black families in America, white families often have a net worth up to 10 times higher.

Discriminatory financial practices such as redlining or credit discrimination have increased the wealth gap and held Black families back from being able to create generational wealth.
Times are changing, however.
Black millennials are one of the first generations to push beyond that wealth gap to find financial success. These first-generation wealth builders tend to be hard workers, and they’re incredibly appreciative of everything that they have. However, as their success grows, the pressure and obligation they feel grows, as well.
As a certified financial planner, it’s my job to help my clients who are first-generation wealth builders.
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Many of these wealth builders must learn to embrace their success, build positive financial habits and navigate the many pitfalls and roadblocks that they’ll face throughout their financial lives.
It’s not a secret that success isn’t always a walk in the park for these first-generation wealth builders. To that point, as their success grows, so do the responsibilities and obligations that come along for them.
First-generation wealth builders may put an added level of pressure on themselves as their wealth continues to grow. Many individuals are the first in their family to go to college, earn a high salary or have some disposable income.
Instead of enjoying their success, many feel a sense of guilt. This guilt drives them to step up and find ways to provide for their family (parents and grandparents, for example) and the loving wider Black community that helped guide them over the years and get them to where they are today.

While there isn’t anything wrong with this, of course, it can at times cause financial tension if the person allows the giving back to community to override smart personal financial decisions they need to make for themselves and their own family.
It’s for that reason that I urge these first-generation Black wealth builders to “put on their own oxygen mask first.”
I’m always reminded of how this well-known instruction for airline passengers also applies to our own financial lives. Before we can help our communities, we have to help ourselves.
This means that before you can financially support that loving community, you have to make sure you’re taking care of your own financial needs. Whether you have a mountain of student loan debt you’re paying down, or savings goals you’re trying to reach, put a plan in place to address those needs in your own life before trying to financially support others.
Statistically, individuals in the African American community are significantly more likely to become a family caregiver over the course of their lifetime.

As a first-generation wealth builder myself, I understand the drive to give back to your family and your community. It’s important that we remember our roots, and to celebrate the people and the culture that makes us who we are.
The best way I’ve found to simultaneously put your own oxygen mask first while still making room to support your community financially is to plan ahead — and to automate the process.
For example, with each paycheck you receive, budget for a specific amount to be automatically deposited into separate savings or checking accounts that have been earmarked for family support. Having these funds already set aside gives you the flexibility to support family members when they need it without having to dip into your personal budget or savings to do so.
This system helps you to continue growing your wealth as a first-generation wealth builder in your family, while still lifting up your community in a way that satisfies the emotional responsibility you feel.
Acknowledging the responsibility you feel as a first-generation wealth builder is the first step toward creating a balanced strategy for giving your resources to the community you love.
— By Rianka R. Dorsainvil,  co-founder and co-CEO of 2050 Wealth Partners

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Peloton shares are soaring as the beaten down connected fitness maker attracts interest from outsiders.
Thus far, reports have named Amazon and Nike as potential suitors. But the talks are preliminary, and Peloton has yet to kick off a formal sales process, a person familiar with the matter told CNBC.
And while activist firm Blackwells Capital has urged Peloton to sell itself, CEO John Foley and other insiders have a lot of voting power within the company.

Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California.
Ezra Shaw | Getty Images

Peloton’s stock soared more than 30% in premarket trading Monday, putting it on pace to open back above its IPO price, as the beaten down connected fitness maker attracts interest from outsiders.
Thus far, reports have named Amazon and Nike as potential suitors. One analyst thinks Apple is “aggressively involved,” too. But all talks are preliminary, and Peloton has yet to kick off a formal sales process, a person familiar with the matter told CNBC.

And while activist firm Blackwells Capital, which has a less than 5% stake, has urged Peloton to sell itself, some analysts are throwing cold water on the proposition.
For one, Chief Executive John Foley along with other Peloton insiders had roughly 80% voting control, combined, as of Sept. 30, making it practically impossible for any deal to go through without their approval.
Baird analyst Jonathan Komp said in a research note on Monday that Foley likely won’t be willing to sell, unless there is enough internal pressure stemming from Peloton’s recent stock selloff. Foley’s management team has had “unwavering confidence” in its ability to achieve its longer-term goals as a standalone business, he said.
Peloton shares closed Friday at $24.60, giving the company a market value of just over $8 billion — far below the roughly $50 billion market value it fetched a year earlier. In recent days, shares have been trading beneath the stock’s debut price of $29 and far below its 52-week high of $155.52.
Meantime, other experts say regulatory scrutiny of big tech in Washington, D.C., could chill the chance of a deal with a business like Amazon or Google. The Federal Trade Commission recently sued to block an acquisition by chip maker Nvidia, for example. Amazon’s deal to buy MGM Studios, which was announced last May, has yet to receive regulatory approval. And Google’s Fitbit acquisition was tied up in reviews for over a year.

Cowen & Co. analyst John Blackledge said a deal is unlikely for Peloton, given that the company is still in the “early innings” of growth in the global fitness industry.
In a research note, Blackledge draws a parallel between Peloton and Netflix back in 2012, during the early days of video streaming services. At the time, activist investor Carl Icahn targeted the tech company and said there would be strategic value if Netflix combined with a larger business. That never came to fruition.
BMO Capital Markets analyst Simeon Siegel said he is skeptical of the value that Peloton would bring to any major tech company, or an athletic apparel giant such as Nike, “given its comparably small size, faltering demand, and declining engagement.”
Siegel added in a note to clients that Peloton would be more like a “fixer upper” for a major corporation such as Amazon. And many of Peloton’s current fitness subscribers likely overlap with existing Amazon Prime customers, he said, meaning there might not be much value add for the e-commerce giant.
To be sure, a Peloton subscription could be another appealing perk that Amazon could dole out to Prime members, especially as it prepares to hike the price of the service nearly 17% to $139 annually.
“A company is worth what someone’s willing to pay for it,” Siegel said. “If a mega-cap decides to pay up for Peloton, that’s all that matters. However, until that happens, we question whether it’d make sense.”
Peloton is scheduled to report its fiscal second-quarter financial results after the market closes on Tuesday.
—CNBC’s Alex Sherman contributed to this report.

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Frontier Airlines and Spirit Airlines, the two largest low-cost carriers in the U.S. have agreed to merge, creating what would become the fifth-largest airline in the country.
The company boards approved the deal over the weekend, prior to the CEOs of both airlines announcing the agreement in New York City.
The deal, valued at $6.6 billion, is structured with Frontier Airlines controlling 51.5% of the merged airline while Spirit will hold the remaining 48.5%.

Frontier Airlines and Spirit Airlines, the two largest low-cost carriers in the U.S. have agreed to merge, creating what would become the fifth-largest airline in the country. The boards of both companies approved the deal over the weekend, prior to the CEOs of both airlines announcing the agreement in New York City.
The deal, valued at $6.6 billion, is structured with Frontier Airlines controlling 51.5% of the merged airline while Spirit will hold the remaining 48.5%. Spirit investors will receive 1.9126 shares of Frontier plus $2.13 in cash for each Spirit share they own. The companies say the deal implies a value of $25.83 per Spirit share, which would be a 19% premium over the value of Spirit shares at the end of last week.

Still to be determined is the name of the combined carrier, who will be CEO and the location of the airline’s headquarters. The chair of the new airline will be Bill Franke, the current chair of Frontier and managing partner of its parent company, Indigo Partners. In a release announcing the agreement, Franke said the combined carrier “will create America’s most competitive ultra-low fare airline for the benefit of consumers.”
For Franke, the deal is the latest in a career of making investments in and overseeing low-fare airlines around the world, including Spirit. From 2006 through 2013, Indigo Partners held a stake in Spirit with Franke serving as chair of the airline before he resigned when Indigo sold its position in the carrier. Shortly after that move, Indigo bought Frontier Airlines from Republic Airways for $145 million.

Spirit Airlines aircraft are seen parked at the end of a runway at Orlando International Airport on the sixth day the airline has cancelled hundreds of flights.
Paul Hennessy | LightRocket | Getty Images

Since that acquisition, Denver-based Frontier has steadily expanded its route network with new destinations and additional flights, often targeting cities where larger airlines like Southwest have a strong presence. In almost every case, Frontier enters with low fares to gain a foothold with price-conscious travelers.
Spirit, based in Miramar, Fla., has also been aggressively expanding in the last decade and plans to continue that strategy once combined with Frontier. “This transaction is centered around creating an aggressive ultra-low fare competitor to serve our guests even better,” said Spirit CEO Ted Christie in a statement about the agreement.
In 2013, Spirit and Frontier had 2.8% of the revenue passenger miles flown by U.S. airlines, according to the Department of Transportation. By 2019, their combined market share had almost doubled to 5.4% while the four largest airlines in the U.S., American Airlines, Delta, United and Southwest, controlled 73.9% of revenue passenger miles

With both carriers flying only Airbus planes and neither dominating one particular market, a Spirit/Frontier merger makes sense on paper. Still, the Biden administration has made it clear to corporate America it will scrutinize potential mergers far more aggressively than the Trump administration. The carriers expect the deal to close in the second half of the year.
In premarket trading Monday, Spirit shares jumped about 11% and Frontier Group stock fell about 3%.
CNBC’s Meghan Reeder contributed to this article

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The analysis, published on Monday by non-profit organizations NewClimate Institute and Carbon Market Watch, found the headline climate pledges of most major multinational firms cannot be taken at face value.
The study assessed the transparency of each firm’s headline climate pledges and gave them an “integrity” rating.
Amazon, Google and Volkswagen were among the household names found to have low integrity on their net-zero targets, while Unilever, Nestle and BMW Group were found to have very low integrity.

Extinction Rebellion and other climate change activist groups organized a greenwash march during COP26 to call on world leaders to act appropriately to the problem of combatting climate change and stop their current destructive habits. The rally was held on the 3rd of November 2021 outside Glasgow Royal Concert Hall, in Glasgow, United Kingdom.
Andrew Aitchison | In Pictures | Getty Images

The climate pledges of the world’s largest companies plan to reduce absolute carbon emissions by just 40% on average, not 100% as suggested by their net-zero claims, according to a study of 25 corporations.
The analysis, published Monday by non-profit organizations NewClimate Institute and Carbon Market Watch, found the headline climate pledges of most major multinational firms cannot be taken at face value.

The study assessed the transparency of each of the firm’s climate pledges and gave them an “integrity” rating. It scored them based on criteria including their climate targets, how much offsetting they planned to use and the reliability of those offsets, progress on reducing emissions and transparency.
Amazon, Google and Volkswagen were among the household names found to have low integrity on their net-zero targets, while Unilever, Nestle and BMW Group were found to have very low integrity.
None of the major multinationals were found to have high integrity overall. Maesrk came out on top with reasonable integrity, the report said, followed by Apple, Sony and Vodafone with moderate integrity.
CNBC contacted the companies mentioned in the report for comment. Some disagreed with the methods used in the study and said they were committed to taking action to curb the climate crisis.
Benjamin Ware, global head of climate delivery and sustainable sourcing at Nestle, said the firm’s greenhouse gas emissions had already peaked and continue to decline. “We welcome scrutiny of our actions and commitments on climate change. However, the New Climate Institute’s Corporate Climate Responsibility Monitor (CCRM) report lacks understanding of our approach and contains significant inaccuracies.”

Separately, a spokesperson for Amazon told CNBC: “We set these ambitious targets because we know that climate change is a serious problem, and action is needed now more than ever. As part of our goal to reach net-zero carbon by 2040, Amazon is on a path to powering our operations with 100% renewable energy by 2025.”
And a spokesperson for Volkswagen commented: “We agree with the aims of the New Climate Institute that large companies should be held accountable for their claims in a clear and transparent manner. We only disagree with some of their conclusions with respect to our company.”

It comes at a time when corporations are under immense pressure to reduce their environmental impact amid the deepening climate emergency.
The 25 firms evaluated account for roughly 5% of global greenhouse gas emissions, the report says. This reaffirms the scale of their carbon footprint and underlines the potential they have in spearheading the effort to tackle the climate crisis.
Thomas Day, climate policy analyst at NewClimate Institute and lead author of the study, said: “We set out to uncover as many replicable good practices as possible, but we were frankly surprised and disappointed at the overall integrity of the companies’ claims.”
He added: “As pressure on companies to act on climate change rises, their ambitious-sounding headline claims all too often lack real substance, which can mislead both consumers and the regulators that are core to guiding their strategic direction. Even companies that are doing relatively well exaggerate their actions.”

‘Put an end to this greenwashing trend’

Near-term climate targets were found to be of particular concern.
The report found the world’s biggest companies were on track to cut their emissions by only 23% on average by 2030. That falls far short of the figure of nearly halving emissions in the next decade that the world’s leading climate scientists say is necessary to avoid the most damaging effects of the climate emergency.
For the minority of the evaluated 25 companies, the report said headline climate pledges served as a useful long-term vision and were backed up by specific short-term goals.
However, many of the pledges were found to be undermined by contentious plans to reduce emissions elsewhere, hidden critical information or accounting tricks.
Almost all the evaluated companies were likely to rely on carbon offsets of varying quality, the report said.
Carbon offsetting is the controversial practice whereby polluting companies pay for projects elsewhere to reduce or remove carbon, typically by maintaining forests or growing new trees.
Campaign groups are sharply critical of carbon offsets, claiming they allow a business-as-usual approach to continue to release greenhouse gases. Proponents argue they are a useful tool to curb the climate crisis.
The headline climate pledges of just three of the 25 firms — Maersk, Vodafone and Deutsche Telekom — were found to clearly commit to deep decarbonization of more than 90% of their full value chain emissions.
The study concluded that, overall, the strategies in place would — if implemented — reduce emissions by 40% on average. It is a far cry from the 100% indicated by many of the companies’ net zero and carbon neutral claims, the report said.
What’s more, the way businesses talk publicly about their climate pledges was said to be a problem.
“Misleading advertisements by companies have real impacts on consumers and policymakers. We’re fooled into believing that these companies are taking sufficient action, when the reality is far from it,” Gilles Dufrasne, policy officer at Carbon Market Watch, said in a statement.
“Without more regulation, this will continue. We need governments and regulatory bodies to step up and put an end to this greenwashing trend.”
The full list of companies assessed was: Maersk, Apple, Sony, Vodafone, Amazon, Deutsche Telekom, Enel, GlaxoSmithKline, Google, Hitachi, Ikea, Vale, Volkswagen, Walmart, Accenture, BMW Group, Carrefour, CVS Health, Deutsche Post DHL, E.On SE, JBS, Nestle, Novartis, Saint-Gobain and Unilever.
A spokesperson for Unilever said: “While we share different perspectives on some elements of this report, we welcome external analysis of our progress and have begun a productive dialogue with the NewClimate Institute to see how we can meaningfully evolve our approach.” More

Sadiq Khan has called for a register of overseas property ownership as threats of Russian sanctions intensify.
Khan said a lack of transparency around property ownership was positioning the capital as a money laundering hub.
Khan said the government was aware of some properties owned by Putin’s allies, but the current system means it remains unclear who owns thousands of others.

Luxury residential townhouses stand overlooking Regents Park in London, U.K., on Friday, Nov. 29, 2019. U.K. house prices increased at their fastest pace in more than a year in November, according to Nationwide Building Society.
Bloomberg | Getty Images

The Mayor of London has called for a register of overseas property ownership in a bid to crack down on money laundering as threats of Russian sanctions intensify.
Sadiq Khan said a lack of transparency around property ownership in Britain was enabling allies of Russian President Vladimir Putin to shelter billions of pounds worth of undeclared sums in the capital and across the country.

The government planned to have a register operational by 2021. But five years after work on the proposals commenced, Khan said there was still no meaningful legislation in place.
“The slow pace of progress on this issue has been bitterly disappointing – and it will prevent the government acting on their tough talk about further sanctions if they are imposed on Putin’s regime,” Khan said.
The mayor noted that the opaqueness of the current system could be aiding offences such as tax evasion and money laundering, as well as hiding the assets of those targeted by economic sanctions.
It comes as the U.K. government threatens tough sanctions if Russia invades Ukraine, with Foreign Secretary Liz Truss warning that oligarchs with links to the Kremlin would have “nowhere to hide.”
Yet a recent report by cross-party members of parliament found that the U.K.’s law enforcement regime is not “up to the job” of preventing fraud and money laundering seeping into its financial system.

Swelling foreign property ownership

The amount of illicit and undeclared money invested in Britain is notoriously hard to track. 
Khan said that while the government was aware of some properties owned by Putin’s allies, the current system means it’s unclear who owns thousands of others. A register would make it easier to trace the owners of properties, which can often be held discretely through holding companies.
“For far too long ministers have turned a blind eye to the use of our capital city as a safe harbor for corrupt funds, which is having a negative impact on both our international reputation for transparency and our local housing market,” Khan said.
Currently nearly 250,000 properties in England and Wales are registered with overseas-based buyers — up from fewer than 88,000 in 2010 — with London accounting for almost one-third.
Many such properties are left vacant at a time when Britons are struggling to get on the property ladder amid rising property prices and unaffordable rents.
“The truth is that property in London plays a central role in harboring illicit funds from around the world, which also results in many properties being left empty and unused at a time when many Londoners are struggling to afford a home to buy or rent,” Khan added.

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French palaces and Italian castles are available to rent or visit — or even to buy, for a multimillion dollar price tag.
Some of “The Godfather Part III” was shot at the Piazza Agostino Pennisi, on the Italian island of Sicily, on sale for $6.8 million.
Visitors to France can stay in “quite possibly the most extravagant suite in Europe,” the Hotel Chateau du Grand-Luce in the Loire Valley.

The Chateau de Chambord, in the Loire Valley region of France.
DEA / C. SAPPA | De Agostini | Getty Images

France and Italy are home to some of the most storied castles, palaces and grand homes in the world, ranging from Loire Valley chateaux to Sicilian strongholds and French Riviera mansions. Many are available to hire for weddings or parties, overnight stays or wine tastings. You can even buy one — if your budget stretches into the millions.
CNBC has picked a selection of some of the grandest French and Italian castles and palaces you can find.

To buy:
The Godfather’s castle

The Piazza Agostino Pennisi in Sicily, Italy
The Piazza Agostino Pennisi / Sotheby’s International Reality

Want a piece of movie history? The 22-bedroom neo-Gothic Piazza Agostino Pennisi, which was featured in “The Godfather Part III,” is for sale. The castle — on the Italian island of Sicily — has an asking price of $6.8 million and has 12 reception halls, a private park, grotto and separate caretaker’s home. Coming in at around 43,000 square feet, it also has a chapel decorated with frescoes by 19th-century artist Giuseppe Sciuti. Sotheby’s International Realty, which is marketing the property, describes it as a “single family home.”

Castello nel Chianti

If you fancy cultivating a winemaking hobby, consider this grand Italian castle in Tuscany’s Chianti region. It could be yours for 20 million euros ($22.3 million), and is listed by Christie’s International Real Estate. Dating back more than 1,000 years, it was restored in the 1980s by its current owner. The castle is surrounded by around 30 acres of vineyards — which can produce up to 150,000 bottles of wine a year — as well as olive groves and countryside. It has plenty of room for guests, with 25 bedrooms and 33 bathrooms, and there is plenty of sightseeing to do nearby, as it’s located between Florence and Siena.

A Cannes palace

Yachts in the harbor at Cannes, France.
Alf | Moment | Getty Images

Cannes, the playground of the rich and famous in the south of France, is home to Le Palais Venitien, which is on sale for a staggering $136.9 million. The 32,300 square foot home was built in 1990 and has nine “residential suites,” along with a cinema, nightclub, hammam and wine cellar. Also listed by Sotheby’s, it is set in six acres of land, including a woodland, tennis court and lake, all overlooking the Mediterranean.

To rent:
Sleeping beauty

Chateau des Joyaux in France’s Loire Valley
Courtesy: Oliver’s Travels

If buying a palace feels a little out of reach, why not rent a castle? Chateau Des Joyaux in France’s Loire Valley looks straight out of a Disney movie with its spires, lake and 22 bedrooms. It comes in at around 33,000 euros for a two-night midweek stay — for the whole place. Built in 1854, it’s sometimes referred to as “Petit Chambord” for its resemblance to the 16th-century Chateau de Chambord in the same area, and has a neighboring 600-person capacity Catholic church for those holding weddings at the venue. The castle is available to rent via Oliver’s Travels.

Lake Como luxury

Views over Italy’s Lake Como from a luxury villa vacation rental.
Courtesy: SopranoVillas

Upscale rental website SopranoVillas lets properties across Italy, including an Art Nouveau-style luxury villahigh above Lake Como, a region famous for celebrity homes. Formerly a medieval lookout point, it has views over the lake and mountains and comes with a chef and concierge. Along with eight suites that can sleep 14, the rental has an entertainment floor with two roof terraces, an island bar, viewing platform and music system. Weeklong stays start from 41,250 euros.

To stay:
Hotel Chateau du Grand-Luce

The Hotel Chateau du Grand-Luce and its grounds.
Adam Lynk, Hotel Chateau du Grand Luce.

About a two-hour drive out of Paris is the Hotel Chateau du Grand-Luce, a palatial 18th-century property in the Loire Valley, which the hotel claims is “quite possibly the most extravagant suite in Europe.” The gilded, 7,502 euro-per-night Baron’s Suite has 17-foot high ceilings, garden views, and two reception rooms including the Salon Chinois, with its walls hand-painted by 18th-century artist Jean-Baptiste Pillement.

Hotel de Crillon, Paris

The Crillon hotel, Paris, seen from La Place de la Concorde.
Christophe Lehenaff | Moment | Getty Images

No list of fancy buildings would be complete without mention of the Hotel de Crillon, known as the grande dame of hotels in Paris — part of which dates back to the 18th century. Renovations by architect Richard Martinet in 2017 added an underground spa and two suites designed by the late designer Karl Lagerfeld, and each room has butler service. Prices start from 1,070 euros for a double room.

To visit:
Castello di Ama

Siena is a short distance from Castello di Ama.
Peter Zelei Images | Moment | Getty Images

If you don’t have the rental budget for a castle, consider Italy’s many options for wine-tasting and day tours. The 18th-century Castello di Ama, close to Siena, mixes contemporary art with wine tours, and includes works by Louise Bourgeois, Anish Kapoor and Roni Horn, with works both indoors and in the surrounding grounds. Tours start at 65 euros, which includes tasting two Chianti Classico wines. Five suites are available.

Palais des Papes

The 14th-century Palais des Papes in Avignon, France.
Sylvain Sonnet | The Image Bank | Getty Images

The huge 14th-century Pope’s palace in Avignon, southeast France, is a UNESCO World Heritage site and was described by medieval writer Jean Froissart as “the most well-fortified house in the world.” It’s Europe’s largest Gothic palace and is made up of two buildings — the Palais Neuf (new palace) and the Palais Vieux (old palace). The latter includes private papal apartments, massive halls, and the 52m Trouillas Tower, while the new palace houses the Great Chapel. Prices start at 12 euros for the day.

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