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Lyra Therapeutics

Lyra Therapeutics Inc is a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients. The Company's operations and manages its business as a single operating segment which is the business of developing targeted medicines to address ears, nose, and throat, or ENT diseases. Its initial product candidates, LYR-210 and LYR-220, are bioabsorbable polymeric matrices designed to be administered in a brief, non-invasive, in-office procedure and intended to deliver continuous drug therapy to the sinonasal passages for the treatment of chronic rhinosinusitis, or CRS.

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Applied Digital, Meta, Alphabet, Lyra Therapeutics, Tesla: 5 valores que están en el radar de los inversores

After a volatile start to the year, the stock market has rebounded — offering investors, especially retirees, a valuable chance to reassess their portfolios. Financial expert <a href="https://www.benzinga.com/personal-finance/management/25/07/46266281/divorce-at-72-leaves-woman-working-full-time-to-make-ends-meet-but-thats-not-all-suze-orman-weighs-in">Suze Orman</a> is encouraging older Americans to use this moment of market recovery as an opportunity to adjust their investment strategies.
<h2 class="wp-block-heading">Market Recovery Offers a Second Chance</h2>
Orman shared that in the first few months of 2025, the S&amp;P 500 dropped more than 15%, and the Nasdaq 100 saw losses close to 20%. But by late June, both indexes had not only bounced back — they posted gains for the year. This quick turnaround, she says, is a rare window for reflection and course correction.
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"If you were anxious during the market sell-off in the first half of the year, now is a good time to think through whether it is indeed time to reduce your overall allocation to stocks," Orman wrote in a recent <a href="https://www.suzeorman.com/blog/Your-Mid-Year-Investment-Check-Up">blog post</a>
<h2 class="wp-block-heading">Your Strategy May Need an Update</h2>
Orman points out that the same investment strategy that worked in your 40s or early 50s might not serve you well in your 60s or 70s. While she says that stocks still have a place in <a href="https://www.benzinga.com/personal-finance/management/25/06/46043866/can-you-guess-what-single-asset-makes-up-30-of-the-average-americans-portfolio-its-not-a-401k">retirement portfolios</a> — particularly to help outpace inflation — she advises against holding an overly aggressive position.
Someone who once had 80% of their portfolio in stocks may now want to take a more balanced approach. "Each of us has to know what will work for us," Orman wrote. That includes reevaluating your risk tolerance as you age and your income needs shift.
Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — <a href="https://www.benzinga.com/money/americans-spend-1000-per-year-on-plastic-water-bottles-kara-pod-gives-you-clean-drinking-water-by-pulling-moisture-from-the-air">And You Can Invest At Just $6.37/Share</a>
<h2 class="wp-block-heading">Build a Cash Cushion for Stability</h2>
One of Orman's key pieces of advice for retirees is to maintain a solid cash reserve. She recommends setting aside at least two to three years' worth of living expenses in cash — not including your emergency savings.
This buffer allows retirees to avoid dipping into stock investments during downturns, helping to preserve long-term growth while providing peace of mind. If you don't currently have that cushion, Orman suggests that now — while markets are up — may be a smart time to build it.
"Being able to cover your living costs without touching stocks when they are down…is how you sleep soundly in retirement," she explains.
<h2 class="wp-block-heading">Prepare for Ongoing Volatility</h2>
Although the market has shown resilience so far this year, Orman cautions that more turbulence may lie ahead. Factors like <a href="https://www.benzinga.com/markets/equities/25/06/45994928/global-investing-in-an-age-of-geopolitical-uncertainty">global trade uncertainty</a> and shifts in the job market due to artificial intelligence could continue to shake investor confidence.
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Still, she says the long-term case for stocks remains strong. The key is having the right mix of investments to reflect both your risk tolerance and your retirement timeline.
<h2 class="wp-block-heading">Time to Rebalance?</h2>
If the recent market rally has you feeling relieved but uncertain, now may be the perfect time to rebalance your portfolio. Whether that means reducing your stock exposure, increasing your cash reserves, or simply reviewing your asset mix, Orman's message is clear: your financial strategy should evolve with your life.
"Recalibrating your overall investments in stocks to match your risk tolerance and your needs is smart prep work for whatever lies ahead," she says.
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Image: Shutterstock

Personal Finance

'What Worked for You 5 Or 10 Years Ago May Not Be The Right Strategy': Suze Orman Warns Retirees To Rebalance While Markets Are Up

An aspiring buyer with $100,000 in savings recently asked Reddit&#8217;s <a href="https://www.reddit.com/r/smallbusiness/comments/1m043hq/what_are_the_best_boring_business_to_buy_from/">r/smallbusiness</a> community, "What are the best &#8216;boring&#8217; businesses to buy from <a href="https://www.benzinga.com/personal-finance/24/09/40987007/baby-boomers-are-the-richest-generation-ever-but-being-pretty-stingy-with-their-money-and-younge">retiring boomers</a>?" They said they were eyeing a $200,000 business where seller financing could cover the rest.
<h2 class="wp-block-heading">Reddit Responds: Laundromats, Car Washes And More</h2>
The responses poured in, and the most recommended business types had one thing in common: they're stable, not flashy.
&#8220;Laundromats in college towns or near apartment complexes do quite well,&#8221; one commenter wrote. Another chimed in: &#8220;Right up my alley. Every business I've ever bought was from a boomer.&#8221; They recommended buying established fast-casual restaurants. &#8220;If they've been around for over 15 years you're almost guaranteed success. Stay away from full service.&#8221;
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Car washes, <a href="https://www.benzinga.com/news/25/04/44630156/self-run-car-wash-profits-thousands-per-month-for-young-entrepreneur-i-basically-just-stop-by-to-mix-the-soap">especially automated ones</a>, also got plenty of love. <a href="https://www.benzinga.com/24/05/38826490/cannabis-beverages-at-liquor-stores-largest-wine-retailer-in-us-selling-6byear-adding-thc-to-the-men">Liquor stores</a> were mentioned too, but with a warning: they only work well in states with flexible liquor laws. &#8220;If you're in California, do it. If you're in Alabama, don't,&#8221; one experienced buyer noted.
Some looked to more niche but proven paths. &#8220;Bought a ballroom dance studio with a partner for this amount back at the end of 2021. It&#8217;s a niche market &#8230; and overall it is a cash cow,&#8221; one person shared. Others suggested bridal stores, <a href="https://www.benzinga.com/money/invest-in-storage-units">storage units</a>, even yacht charter operations—provided the inefficiencies could be cleaned up.
<h2 class="wp-block-heading">The Realities Of Buying A Boomer Business</h2>
The romanticized idea of buying a business from a retiring boomer got a reality check. Many warned that what looks like a turnkey operation may actually be a mess under the hood.
&#8220;40 year old business, financials are sh&#x2A;t because the seller is 83 years old and didn't know what [customer relationship management] is,&#8221; one buyer shared about their custom woodworking shop purchase. &#8220;But lots of upside. Time will tell. Ask me again in 6 months.&#8221;
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Tariffs, outdated tech, and owner-dependent operations were also common pain points. &#8220;You might be buying the headache and whatever the equipment is worth,&#8221; one commenter responded.
<a href="https://www.benzinga.com/partner/general/24/05/38901957/sell-your-business-before-your-kids-do-business-broker-experts-share-their-advice-for-retiring-ba">Business brokers</a> joined the discussion to offer clarity. &#8220;Do not focus on popular business industries,&#8221; one wrote. &#8220;The right opportunities are the ones that match your interests, experience, skills, location, and budget.&#8221;
<h2 class="wp-block-heading">The Financing Side Of Things</h2>
The original poster was hoping for a deal where the seller would finance half. Several people pointed out that seller financing isn't as common as it sounds on social media. &#8220;In the U.S., sellers prefer buyers with [Small Business Administration] loans because they can receive 80-100% of the purchase price at closing,&#8221; the business broker explained.
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That means with $100,000 down, a buyer could potentially go after businesses worth up to $1 million using a mix of <a href="https://www.benzinga.com/partner/general/24/06/39311146/lifeline-for-micro-businesses-ai-and-fintech-simplify-sba-loans-leading-to-more-companies-securin">SBA loans</a> and seller notes. But the reality is more competitive than many realize.&nbsp;
A few veterans of the small business scene gave OP a friendly dose of realism. &#8220;You are not going to find a stable 100K profit business for your 100K down, 100K loan,&#8221; one person warned. &#8220;That only happens in TikTok fantasy stories.&#8221;
Still, others offered encouragement. &#8220;My friend who purchases businesses from 60+ owners looks for poorly run but profitable businesses that he can go in and clean up,&#8221; one person said. &#8220;Usually takes him about a year to get them up to speed, then he moves onto the next business.&#8221;
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Image: Shutterstock

A Potential Investor Reached Out To Small Business Owners Asking, 'What Are The Best 'Boring' Businesses To Buy From Retiring Boomers?'

A Reddit user <a href="https://www.reddit.com/r/financialindependence/s/RYDKwo2Idr">posed a question</a> that hits home for a lot of families trying to help their aging parents navigate retirement: Does it make sense to buy an annuity?
The post laid it all out. Their dad is 80. Mom is 65. They've <a href="https://www.benzinga.com/personal-finance/management/25/07/46266572/heres-how-much-you-should-have-saved-for-retirement-by-40-50-or-60-are-you-ahead-of-the-curve-or-falling-behind">got around $687,000 in investments</a> and roughly $69,000 in annual income from Social Security and a pension. The user considered letting them follow the variable percentage withdrawal method—basically taking around 5.1% from the portfolio each year. That would give them about $85,000 in income annually, which should cover their estimated $75,000 in yearly expenses.
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Still, they weren't fully convinced. "I don't trust that she truly <a href="https://www.benzinga.com/personal-finance/24/11/41869557/can-you-guess-how-much-the-average-retiree-spends-per-month-hint-its-likely-more-than-youd-think">understands how much they spend</a>," they said about their mom, who believed their retirement spending would naturally drop. So the user started looking into annuities. Fixed, guaranteed income for life? Fewer surprises? It seemed appealing, especially for parents with such a large age gap. And they were fine with the idea that it might use up most of the money. "Yes, they won't leave anything to us when they pass, but it would be split six ways anyway," they wrote.
That kind of honesty sparked plenty of responses. Some suggested the VPW method could still work. Others were quick to bring up annuity rates, which in mid-2025 have climbed significantly. Several said that fixed annuities were now paying over 5%, with joint lifetime annuities offering even more for older buyers. That's where the math starts to matter.
The original post didn't specify exactly how much they'd consider converting, but let's say the parents decided to put $500,000 into a <a href="https://www.benzinga.com/personal-finance/24/09/40739486/if-i-buy-a-100-000-annuity-how-much-cash-will-it-pay-me-each-month">joint immediate annuity</a>. Based on current market rates, that could generate around $2,350 to $2,500 per month, or roughly $28,000 to $30,000 per year. Add that to their existing $69,000 in Social Security and pension income, and their total annual income could land around $97,000 to $99,000.&nbsp;
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But once they commit to an annuity, that money is locked in. It's not available for emergencies, unexpected medical costs, or any big one-time expenses. If they choose inflation protection, the monthly payouts drop at the start in exchange for gradual increases later. And unless they add specific riders, there's typically no money left over for heirs. For retirees focused on guaranteed income and less day-to-day decision-making, it might be worth the trade-off. But for others, the loss of flexibility—especially with a large chunk of savings—can feel like too big a sacrifice.
In this case, the adult child wasn't chasing returns—they just wanted to make sure their parents didn't run out of money. An annuity could help with that. But it's not the only answer. The right move depends on spending habits, health, priorities, and how much they value predictability over control.
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Should My 80-Year-Old Dad and 65-Year-Old Mom Turn Their $687,000 Nest Egg Into an Annuity? 'I Don't Think They Realize How Much They're Spending'

Tennis great Roger Federer's most lucrative financial move wasn't made on a tennis court — it came through a strategic <a href="https://press.on-running.com/roger-federer-joins-swiss-running-brand-on-as-an-entrepreneur">investment</a> in a Swiss sneaker company, On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>).
According to <a href="https://www.bloomberg.com/billionaires/">Bloomberg's Billionaire Index</a>, Federer has amassed a net worth of $1.3 billion. While he earned $130.6 million in prize money during his 24-year career — including 20 Grand Slam titles — his wealth primarily stems from endorsements and investments.
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<h2 class="wp-block-heading">From Grand Slams To Billionaire Status</h2>
Federer joins the ranks of billionaire athletes, including Michael Jordan, LeBron James and Tiger Woods. His net worth reflects a combination of endorsements, equity stakes, and earnings, adjusted for Swiss tax rates and market performance, <a href="https://www.bloomberg.com/news/articles/2025-06-27/roger-federer-s-long-term-deals-make-him-a-tennis-billionaire">according</a> to Bloomberg.
Many of his partnerships have spanned decades. Federer earns $8 million annually from Rolex and $5 million from Mercedes-Benz, and also received $20 million from Swiss chocolatier Lindt, Fortune <a href="https://fortune.com/2025/07/08/billionaire-tennis-star-roger-federer-grand-slam-winner-investments-mercedes-rolex/">reported</a>. However, his biggest financial wins came in the later stages of his career.
<h2 class="wp-block-heading">The Uniqlo Deal That Led to a $500 Million Sneaker Bet</h2>
In 2018, Roger Federer ended his long-standing apparel partnership with Nike (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) and signed a $300 million, 10-year deal with the Japanese clothing brand Uniqlo. Unlike Nike, Uniqlo doesn't produce footwear, giving Federer the freedom to explore new opportunities in the shoe market.
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That opening led to a pivotal investment in On Holding, then an emerging sneaker maker. Federer first came across the brand after his wife bought a pair and introduced him to its founders. Impressed by the product and vision, he met with the team and later collaborated on developing his own line of performance shoes, Bloomberg reported.
Federer ultimately purchased an estimated 3% stake in On. The brand's popularity has surged, particularly in the U.S., and it now has a <a href="https://www.benzinga.com/quote/onon">market capitalization</a> of more than $17 billion. Bloomberg estimates Federer's stake is worth at least $500 million—nearly four times his total tennis prize earnings over two decades.
<h2 class="wp-block-heading">From Athlete to Investor: A Shifting Playbook</h2>
Jordan, James and Woods are all part of the billionaires club, not just through sports performance but through savvy business decisions.
Federer joins that group by taking a longer-term approach. While many athletes today expand their influence through social media and brand visibility, Federer has taken a different route.
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He has remained selective about his public presence and commercial commitments, avoiding commentary roles and short-term sponsorships. Instead, Federer works with long-term advisors, including his management company Team8 and investment firm Format A, to focus on brand partnerships and philanthropy that align with his personal values, according to Bloomberg.
<h2 class="wp-block-heading">A Legacy Beyond the Court</h2>
In a commencement <a href="https://www.youtube.com/watch?v=pqWUuYTcG-o">speech</a> at Dartmouth College last year, Federer urged graduates to look beyond their careers and focus on meaning and impact. "All of you have so much to give, and I hope you will find your own unique ways to make a difference, because life really is much bigger than the court," he said.
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Image: Shutterstock

ONON

How 3% Of A Shoe Company Made Federer More Money Than 20 Grand Slam Wins

Gov. Tim Walz (D-Minn.) offered a candid reflection on his rhetoric toward Donald Trump, acknowledging regret over earlier inflammatory comments made during the <a href="https://www.benzinga.com/news" target="_blank" rel="noreferrer noopener">2024 presidential campaign</a>.
The Minnesota governor, who was the Democratic vice-presidential nominee last year, <a href="https://www.theguardian.com/us-news/2025/jul/18/tim-walz-trump" target="_blank" rel="noreferrer noopener">told</a> The Guardian that Trump &#8220;brings out the worst in people, and he brings out the worst in me.&#8221;
In May, Walz urged Democrats to respond more forcefully to Trump&#8217;s political tactics, calling for the party to &#8220;bully the shit out of him back.&#8221;
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He now admits those remarks may have crossed a line, especially in light of a tragic shooting that rocked Minnesota politics in mid-June.
On June 14, former state house speaker Melissa Hortman and her husband were shot and killed at their home near Minneapolis.
The following day, State Sen. John Hoffman and his wife were wounded in a separate attack allegedly committed by the same suspect, who later surrendered to law enforcement.
In response to the violence, Trump criticized Walz, calling him &#8220;whacked out.&#8221;
The governor rejected that characterization, arguing that Trump used a moment of statewide mourning to launch political attacks instead of offering compassion.
Federal charges against 57-year-old Vance Boelter include murder and stalking.
In court documents, Boelter falsely accused Walz of coercing him to assassinate Sen. Amy Klobuchar (D-MN) and Sen. Tina Smith (D-MN), a claim that prosecutors and Walz have outright denied.
The governor emphasized he had no personal relationship with Boelter, saying, &#8220;Never, to the best of my ability, was [I] anywhere around.&#8221;
Walz has announced plans to run for a third term as governor in 2026. Though Minnesota&#8217;s top executive office has no term limits, speculation persists that he may also eye a bid for the 2028 Democratic presidential nomination.
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Image: Shutterstock/lev radin

Politics

General

Tim Walz: Trump 'Brings Out the Worst in Me'

For many budget-conscious homeowners, frugality is a badge of honor. But when guests are on the way, that pride can give way to hesitation — especially if your cost-saving habits are unconventional.
One Reddit user recently posted to the <a href="https://www.reddit.com/r/Frugal/comments/1ls9txy/anyone_else_frugal_proof_their_home_before_guests/">r/Frugal forum</a> asking: "Anyone else ‘frugal proof' their home before guests come over?"&nbsp;
The question sparked hundreds of replies, revealing a surprisingly common dilemma: when does <a href="https://www.benzinga.com/personal-finance/management/25/07/46221836/a-frugal-shopper-did-a-cost-analysis-of-instacart-vs-in-store-shopping-heres-how-the-expenses-compare">frugality</a> become too much for company?
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<h2 class="wp-block-heading">Hiding the Hacks for the Sake of Guests</h2>
The original poster shared that they often hide their most noticeable money-saving tricks before hosting. That includes repurposed containers, DIY heating setups with blankets and space heaters, and a homemade bidet attachment.
"I love being frugal," the OP wrote, "but sometimes I don't feel like explaining why I have cut-up old t-shirts instead of paper towels."
Several commenters admitted to doing the same thing. One noted they bring out the &#8220;good toilet paper&#8221; for guests and stash the hoarded takeout containers they usually use for meal prep. Another said it's just like using fancy china or wine when company comes over — presenting a polished version of your home is normal.
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<h2 class="wp-block-heading">It's Not About Shame — It's About Hospitality</h2>
Not all who "frugal-proof" do so out of embarrassment. For many, it's about making guests feel comfortable. One user explained they adjust the thermostat, use paper towels even if they don't normally, and avoid commenting on guests' disposal habits.
"I don't expect people to embrace everything I do," they wrote. "I want my guests to be comfortable and feel welcome."
This sentiment was echoed by others who said it&#8217;s not about hiding frugality — just choosing what's appropriate for the occasion. As one commenter put it: "There&#8217;s a sweet spot between being comfortable with your choices and just making sure guests aren&#8217;t uncomfortable."
<h2 class="wp-block-heading">Frugality With Style and Purpose</h2>
Several Redditors chimed in to say frugal doesn't have to mean ugly — or awkward. Some described homes filled with secondhand finds that are actually high-quality and stylish. One said their homemade products look better in glass jars than store-bought plastic containers. Another uses cloth napkins made from an old duvet, which they claim are prettier than paper alternatives.
See Also: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
"I buy 90% of things used, but I am patient and will go without until I can get a deal on a high-quality item," one user explained.&nbsp;
Others were quick to draw a line between thoughtful frugality and habits that could feel off-putting. Using cut-up t-shirts instead of towels, for example, was seen by some as crossing into "odd" territory. The same went for a DIY bidet that might confuse guests or require a demonstration.
<h2 class="wp-block-heading">Embracing a Frugal Lifestyle — Proudly or Quietly</h2>
Some commenters fully embraced their thrifty ways without apology. One proudly quoted a family motto on their fridge: "Use it up, wear it out, make it do or do without."
Another shared a touching story about giving away a restored $200 car to a young teen in a tough situation — proof that frugality, at its best, can empower others and build community.
For others, the goal is to make frugality look intentional and elegant. "My frugal things look nice," one user said. "Frugal does not have to equal cheap."
<h2 class="wp-block-heading">Bottom Line</h2>
Whether you choose to flaunt your <a href="https://www.benzinga.com/personal-finance/management/25/06/46043900/ramit-sethi-pushes-back-on-frugal-habits-with-one-key-insight-very-few-people-talk-about-increasing-your-earnings">frugal habits</a> or tuck them away when guests arrive, you're not alone. There's no one-size-fits-all approach. For many, it's a balancing act between personal values and social norms — and finding that balance is part of the journey.
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
Image: Shutterstock

Frugal Or Just Embarrassing? Homeowner Admits To Hiding Money-Saving Hacks From Guests

Jamie Dimon, the CEO of JPMorgan Chase, recently shared the investment philosophy that has been the cornerstone of his successful career: &#8220;Don&#8217;t blow up.&#8221;
Born from his first investment experience at the age of 14, this mantra has significantly influenced the risk culture at one of the world&#8217;s leading banks.
As reported <a href="https://fortune.com/2025/07/17/jamie-dimon-bought-first-stock-14-years-old-dont-blow-up-philosophy/">by</a> Fortune, Dimon elaborated on his investment philosophy during a recent episode of the &#8220;Acquired&#8221; podcast.
His first venture into the market, under his father&#8217;s guidance, was at the tender age of 14. After buying his first stock in 1972, he experienced a market crash of 45% within just two years, a stark introduction to the unpredictable nature of markets.
His mantra serves as a warning to avoid financial catastrophe during periods of market euphoria. This principle has been implemented at JPMorgan Chase through the &#8220;fortress balance sheet&#8221; strategy, which emphasizes high liquidity, conservative capital levels, and strong reserves.
Also Read: <a href="https://www.benzinga.com/news/25/02/43581818/charlie-mungers-four-life-lessons-consume-less-than-you-accumulate-invest-judiciously-persistently-learn-and-uphold-discipline">Charlie Munger&#8217;s Four Life Lessons: &#8216;Consume Less Than You Accumulate, Invest Judiciously, Persistently Learn, and Uphold Discipline&#8217;</a>
Despite his conservative stance, Dimon&#8217;s leadership has enabled JPMorgan Chase to consistently lead in global banking, even amidst financial crises. 
His philosophy, which is deeply rooted in his early investment experiences and refined over the years, provides a blueprint for sustained success in the financial sector.
Dimon&#8217;s investment mantra, &#8220;Don&#8217;t blow up&#8221;, is more than just a personal philosophy. It is a guiding principle that has shaped the risk culture at JPMorgan Chase, influencing its approach to financial management and decision-making. 
The &#8220;fortress balance sheet&#8221; strategy, which is a manifestation of this philosophy, has been instrumental in the bank&#8217;s ability to weather financial storms and maintain its position as a global banking leader.
Dimon&#8217;s philosophy underscores the importance of risk management in investment and banking. 
It serves as a reminder that while markets can be volatile and unpredictable, a cautious and disciplined approach can mitigate potential losses and pave the way for long-term success.
Read Next
<a href="https://www.benzinga.com/news/25/04/44780302/jpmorgan-chases-jamie-dimon-says-younger-generation-will-thrive-if-one-major-risk-is-avoided">JPMorgan Chase&#8217;s Jamie Dimon Says Younger Generation Will Thrive if One Major Risk Is Avoided</a>
Image: Shutterstock/lev radin

Success Stories

What JPMorgan's CEO Learned From First Stock — Jamie Dimon's Billion‑Dollar Philosophy: 'Don't Blow Up'

When a retired mother called into "<a href="https://www.tiktok.com/@george.kamel/video/7520627669654867231">The Ramsey Show</a>," she wasn't asking for budgeting advice. She was trying to solve a deeply personal dilemma: Should she leave her $800,000 estate to children who haven't spoken to her in nearly a decade?
The emotional conversation sparked a discussion about estrangement, legacy, and how to plan an inheritance when family ties are fractured.
<h2 class="wp-block-heading">A Painful Estrangement</h2>
Ruth, the caller, told hosts <a href="https://www.benzinga.com/personal-finance/management/25/07/46264546/a-dave-ramsey-caller-skipped-her-car-payments-to-gamble-and-double-the-money-the-plan-failed-and-now-shes-19000-in-debt-with-no-car">George Kamel</a> and John Delony that her three living children — now aged between ages 35 and 45 — cut off contact with her nine years ago. One of them, she said, had struggled with heroin addiction.
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"I set a boundary with my youngest daughter, who is a heroin addict, and told her basically she can&#8217;t use me anymore," Ruth explained. "And I will support her in recovery and in her healing, and it ran from there."
The consequences, she said, were devastating. Despite her efforts to reach out over the years, she's received no response from any of her children.
Her oldest child passed away, leaving Ruth with three living children and eight grandchildren — none of whom are currently in contact with her.
<h2 class="wp-block-heading">What Happens to the Money?</h2>
With <a href="https://www.benzinga.com/personal-finance/management/25/07/46264798/a-57-year-old-asks-if-he-can-retire-at-60-id-like-to-plan-for-annual-expenses-of-80000-per-year">retirement</a> underway and her estate valued between $600,000 and $800,000, Ruth was left wondering what to do with her assets. "I want to do right by God," she told the hosts. "And I want to be clear about this."
Trending: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
Kamel summarized her dilemma: "The kids won't talk to me. What do I do with this money?"
Rather than suggesting Ruth leave the inheritance directly to her children, Kamel and Delony introduced an alternative: skip a generation and leave it to the grandkids.
<h2 class="wp-block-heading">A Strategic Way to Give</h2>
Delony recommended opening <a href="https://www.benzinga.com/personal-finance/management/25/06/45828074/vincent-chan-unveils-how-you-can-make-your-children-rich-its-a-lot-easier-than-you-think">529 education savings plans</a> for each grandchild. These accounts are designed specifically for education-related expenses and come with tax advantages.
"That money's gonna be used for education only," he explained. "If not, it can just be rolled into a Roth with the kids down the line."
Kamel added that this option could allow Ruth to "feel good about it without leaving it directly to the children." Since the money in a 529 plan can't be freely withdrawn by the parents, Ruth would retain control over how it's used — while still offering a meaningful gift to the next generation.
Ruth would need each grandchild's <a href="https://www.benzinga.com/tech/25/05/45336132/major-data-breach-exposes-social-security-numbers-financial-records-and-much-more">Social Security number</a> to open the accounts, which could require communication with her estranged children. But the move could serve as both a financial legacy and a gesture of hope for reconnection.
See Also: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — <a href="https://www.benzinga.com/money/finally-a-fully-automated-trading-platform-for-individual-investors?">You Can Become an Investor for Just $500.25</a>
<h2 class="wp-block-heading">Estate Planning Isn't Always Simple</h2>
Ruth's story underscores a challenge more older Americans are facing: how to manage inheritance decisions when family dynamics are strained.
While her situation is unique, it raises a broader question for retirees: Should inheritance be a reward for close relationships, or a legacy regardless of them?
<a href="https://www.benzinga.com/money/best-online-financial-advisors">Financial advisors</a> often recommend working with an estate attorney to document your wishes — especially when they don't follow a traditional path. Tools like trusts, 529 plans, and beneficiary designations can help make sure your money goes where you intend, even if family ties are complicated.
For Ruth, a well-structured plan could ensure her $800,000 helps the people she cares about most — whether or not she ever hears from them again.
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
Image: Shutterstock

'They Ghosted Me Like 9 Years Ago' — Estranged Mother Asks Ramsey Show If Her Kids Should Still Inherit $800K

An Arizona woman, Christina Chapman, has been accused of facilitating North Korean IT workers in securing jobs at US companies under false identities. 
What Happened: Chapman is scheduled for sentencing next week in what is being termed as one of the most extensive worker fraud schemes ever charged by the Department of Justice.
According to a report <a href="https://fortune.com/2025/07/19/north-korea-it-worker-laptop-farm-arizona-woman-sentencing/">by</a> Fortune, Chapman admitted to conspiracy charges in February. The charges were related to a scheme that enabled IT workers to secure remote jobs at 309 companies, generating $17.1 million in compensation, which was subsequently sent to North Korea.
Despite Chapman&#8217;s claims of ignorance about North Korea&#8217;s involvement, prosecutors have recommended a nine-year prison sentence for her role.
Prosecutors are also seeking 36&nbsp;months of supervised release and a money judgment of $176,850, the same amount Chapman allegedly earned from the scheme. 
The scheme is believed to generate up to $600 million annually for North Korea, financing&nbsp;Kim Jong Un's nuclear weapons&nbsp;program.
Also Read: <a href="https://www.benzinga.com/news/23/04/31949490/trump-scratched-made-in-south-korea-sticker-off-elton-john-cd-before-giving-it-to-kim-jong-un">Trump Scratched &#8216;Made In South Korea&#8217; Sticker Off Elton John CD Before Giving It To Kim Jong Un</a>
In 2023, Chapman&#8217;s suburban Arizona home was raided, revealing an elaborate setup of 90 laptops, each labeled with&nbsp;the associated company and the&nbsp;corresponding stolen identity. 
Over three years, she allegedly&nbsp;aided workers in the scheme, even hiring two assistants to help her manage the workload.
Court records show that&nbsp;Chapman helped the IT workers&nbsp;verify stolen identities, installed software on company-shipped laptops, and helped&nbsp;North Korean workers log in&nbsp;remotely. 
She also facilitated the transfer of their payments, charging&nbsp;the North Korean workers $176,850&nbsp;in fees for her services.
Why It Matters: Prosecutors argue that a lenient sentence would send the wrong message to potential facilitators and North Koreans. The case is seen as&nbsp;a strategic move to set&nbsp;a precedent and deter future US facilitators. 
This case underscores the importance of stringent identity verification processes in the IT industry and the potential risks of remote working arrangements.
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Image: Shutterstock/FOTOGRIN

Global

Tech

American Faces Sentencing for Role in $600 Million IT Scheme That Funds North Korea's Nuclear Program

President Donald Trump signed a significant piece of cryptocurrency legislation into law on Friday, marking a pivotal moment in the digital asset industry&#8217;s <a href="https://www.benzinga.com/markets/25/07/46452094/trump-wishes-bitcoin-ethereum-xrp-happy-crypto-week-it-is-all-part-of-make-america-great-again" target="_blank" rel="noreferrer noopener">regulatory journey</a>.
In a ceremony held at the White House, Trump signed the <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46487109/ripple-ceo-hails-genius-act-as-transformational-legislation-compares-it-to-dodd-frank-act-this-moment-is-a-historic-one" target="_blank" rel="noreferrer noopener">GENIUS Act into law</a>, marking the week's culmination of crypto-focused policymaking.
Crypto advocates believe the measure will encourage broader acceptance of digital assets in the U.S. by offering long-awaited clarity around regulation, Al Jazeera <a target="_blank" href="https://www.aljazeera.com/economy/2025/7/18/trump-says-newly-signed-crypto-law-will-establish-american-dominance" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46503030/bitcoin-stuck-below-118000-as-ethereum-xrp-dogecoin-extend-gains" rel="noreferrer noopener">Bitcoin Stuck Below $118,000 As Ethereum, XRP, Dogecoin Extend Gains</a>
The industry has long argued that vague laws have discouraged mainstream participation and innovation.
However, critics are raising red flags.
Some point to the Trump family's business connections to World Liberty Financial, a firm that launched its own stablecoin dubbed USD1, the report adds.
They argue that current legislation fails to establish clear ethical boundaries for presidents holding financial stakes in crypto ventures.
The new legislation introduces a regulatory framework and consumer safeguards for stablecoins, a class of digital currencies tied to fiat money or commodities, the report adds.
Trump, celebrating what he called "crypto week," highlighted the bill signing as a milestone intended to reinforce America's position in the global financial system and crypto leadership.
While two other bills — one banning government-issued digital currencies and another redefining how crypto assets are regulated — are still awaiting a Senate vote, the stablecoin bill has officially become law.
Democrats have warned that the GENIUS Act's provisions could leave room for corporate dominance in digital currency issuance while offering insufficient consumer protection.
Some have called for stronger guardrails to prevent market manipulation and systemic risks.
Since returning to office in January, Trump has reversed multiple crypto-related investigations started under then-President Joe Biden.
That included dismantling a Department of Justice task force aimed at probing crypto fraud.
Several industry leaders once under federal scrutiny were present at the White House event, including Brian Armstrong, Chris Pavlovski, and Cameron and Tyler Winklevoss.
"You've come a long way since the Biden administration, when they had no idea what you were all talking about, and half of you were under arrest for no reason whatsoever," Trump told the crowd.
He also reiterated his vision of establishing a national crypto reserve and praised the industry's resilience. "You were counted out as little as a year and a half ago, but this signing is a massive validation," he said.
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Image: Shutterstock/Shutterstock AI

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Trump Signs GENIUS Act, Ending Biden-Era Crypto Probes and Backing Industry Titans

Sophia Kianni and <a href="https://www.benzinga.com/news/topics/25/07/46260421/phoebe-gates-opens-up-about-being-a-nepo-baby-and-reveals-dorm-room-aha-moment-that-sparked-fashion-startup-phia">Phoebe Gates</a> met as Stanford roommates who bonded over fashion, climate advocacy, and secondhand shopping. Kianni had already gone viral during the pandemic by founding Climate Cardinals, a nonprofit that translated climate resources into over 100 languages. Gates, daughter of Microsoft co-founder <a href="https://www.benzinga.com/news/25/05/45184302/bill-gates-daughter-launches-phia-a-850k-ai-powered-fashion-app-with-backing-from-kris-jenner-and-desiree-gruber">Bill Gates</a> and Melinda French Gates, had interned at British Vogue and was passionate about sustainable fashion,<a href="https://www.forbes.com/sites/alexyork/2025/07/11/how-podcasting-is-fueling-sophia-kianni-and-phoebe-gates-fashion-startup-phia/"> Forbes</a> says.
Their original concept was a browser extension that made it easier to shop secondhand, inspired by the clunky user experience they'd encountered, Kianni told Forbes. One of their professors was so impressed that he gave them a $250,000 grant to get started.
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That initial idea evolved into Phia, an AI-powered fashion app that helps users find the best price for a product across websites, view resale value graphs, and create curated collections, Forbes reports. The app is free for users and earns affiliate commissions on purchases made through its platform.
<h2 class="wp-block-heading">Sophia Kianni's Pivot to Scale</h2>
Before co-founding their fashion tech startup, Kianni was focused on climate education. She told Forbes that while visiting family in the Middle East, she realized many in the community didn't understand the greenhouse gas effect.
That language gap led her to launch Climate Cardinals, a nonprofit built on translation and education. Kianni said the experience taught her lessons she later applied to Phia, especially around building from scratch and mobilizing people online.
"I learned all of these little things that I now 100% have applied to Phia, just in terms of what it took to take something from zero to one," Kianni told Forbes.
Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — <a href="https://www.benzinga.com/money/finally-a-fully-automated-trading-platform-for-individual-investors?">You Can Become an Investor for Just $500.25</a>
<h2 class="wp-block-heading">From Instagram to Alex Cooper: How They Used Content as Capital</h2>
Phia's model leans heavily on partnerships and content to grow. The app works with major resale sites like eBay (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), The RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>), and Poshmark, and has collaborations with brands such as Reformation and Prada, Forbes says.
Their social media accounts now have over 100,000 followers combined, and according to Forbes, they also write a newsletter on Substack, where companies like Tory Burch and The RealReal are building fashion communities.
In March, they signed with podcaster Alex Cooper's Unwell Network to host their own show, ‘The Burnouts,' which dives into their startup journey and features guests like Kris Jenner, Paris Hilton, and Vivian Tu, Forbes reports.
See Also: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
<h2 class="wp-block-heading">‘We Do Have Ourselves': Their Media Strategy Skipped Traditional Ads</h2>
The podcast idea came from advisor Joanne Bradford, former president of Honey, a coupon extension, was sold to PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) in 2020 for $4 billion. Bradford told them ‘Call Her Daddy' was one of their best-performing ad channels, but instead of buying ad space, Kianni and Gates pitched a podcast of their own, Forbes says.
"We don't have millions of dollars to spend on ‘Call Her Daddy' ads, but we do have ourselves," Kianni told Forbes. "It was a win-win where we were able to have this incredible distribution vehicle that is able to provide essentially all of this organic coverage to Phia."
Phia has raised $850,000 in total from investors, including Kris Jenner and Sara Blakely, according to Forbes. The company has focused on content creation and partnerships as key growth strategies.
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
Image: Shutterstock

EBAY

PYPL

REAL

"We Don't Have Millions To Spend On 'Call Her Daddy' Ads, But We Do Have Ourselves": How Phoebe Gates And Sophia Kianni Built Phia Via A Podcast

Emil Bove, a former attorney for President Donald Trump who currently holds a top position at the Justice Department, is on the verge of a lifetime appointment as a judge, despite allegations of professional misconduct.
What Happened: The Senate Judiciary Committee has moved Bove&#8217;s nomination to the Third U.S. Circuit Court of Appeals forward, paving the way for a final vote.
The Senate Judiciary Committee advanced Emil Bove&#8217;s nomination on Thursday. This is the final step before a full Senate vote. If approved, Bove, 44, will secure a lifetime judgeship on the Circuit Court of Appeals in New Jersey.
There has been controversy surrounding Bove&#8217;s nomination due to allegations of professional misconduct. 
A whistleblower claimed that Bove, while serving as&nbsp;principal associate deputy attorney general&nbsp;at the Department of Justice,&nbsp;suggested that the DOJ might need to disregard court orders to implement President Trump&#8217;s agenda. Bove has strongly denied these allegations.
Despite the opposition, Bove&nbsp;appears to have enough support&nbsp;for confirmation. He needs 51 votes, and Republicans currently hold 53 of the 100 Senate seats. 
Also Read: <a href="https://www.benzinga.com/news/politics/25/07/46264859/ex-trump-family-attorney-raises-alarms-over-trumps-actions-as-president-i-have-never-been-as-concerned">Ex-Trump Family Attorney Raises Alarms Over Trump&#8217;s Actions as President: &#8216;I Have Never Been As Concerned&#8217;</a>
A letter opposing Bove&#8217;s nomination, written by a&nbsp;group of former federal prosecutors, seems to have had little effect.
Democrats walked out of the&nbsp;Judiciary Committee&#8217;s hearing after a vote was called before all members had&nbsp;a chance to speak. Democrats&nbsp;claimed this violated committee rules. 
Why It Matters: The nomination and potential confirmation of Bove is significant due to the allegations of professional misconduct against him. His potential appointment to a lifetime judgeship raises questions about the integrity of the judicial nomination process and the potential for political influence. 
The controversy surrounding his nomination also highlights the partisan divide in the Senate, with Democrats and Republicans clashing over the nomination process and the qualifications of judicial nominees.
Read Next
<a href="https://www.benzinga.com/news/politics/25/07/46266380/ex-trump-lawyer-sent-this-message-to-elon-musk-after-feud-with-donald-trump-erupted">Ex-Trump Lawyer Sent This Message To Elon Musk After Feud With Donald Trump Erupted</a>
Image: Shutterstock/sebra

Whistleblower's Texts Allege Ex-Trump Lawyer Bove Encouraged Lawbreaking. Now He's Up for a Judgeship.

The price of cryptocurrency Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) <a href="https://www.benzinga.com/crypto/cryptocurrency/25/07/46479649/xrp-smashes-all-time-high-as-bitcoin-reclaims-119000-and-dogecoin-ethereum-continue-climb">soared over 21%</a> in the last week and is now up over 40% in the past month. With a market capitalization of $430 billion, Ethereum is the second largest cryptocurrency.
What if I told you Ethereum almost didn't exist? In fact, if not for a small change in a video game, we might not have Ethereum today.
What Happened: Many are familiar with the butterfly effect thanks to a movie by the same name. The butterfly effect is an idea that small events can have non-linear impacts on a complex level. A small change made in a popular video game led to the <a href="https://wegotthiscovered.com/gaming/a-world-of-warcraft-nerf-lead-to-the-creation-of-cryptocurrency-ethereum/" target="_blank" rel="noreferrer noopener">creation </a>of one of the most valuable and most popular cryptocurrencies of all time.
A small change to a character in World of Warcraft, the popular game from&nbsp;Activision Blizzard&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATVI#NASDAQ">ATVI</a>), had a big impact on cryptocurrency and the creation of non-fungible tokens.
Changes made by World of Warcraft over a <a href="https://wegotthiscovered.com/gaming/a-world-of-warcraft-nerf-lead-to-the-creation-of-cryptocurrency-ethereum/">spell </a>used by the Warlock character made it less effective by changing the rules. This is known as nerf in the gaming world.
"I happily played World of Warcraft during 2007-2010, but one day Blizzard removed the damage component from my beloved warlock's Siphon Life spell," Ethereum cofounder&nbsp;Vitalik Buterin&nbsp;says on his<a href="https://about.me/vitalik_buterin" target="_blank" rel="noreferrer noopener">&nbsp;official blog</a>. "I cried myself to sleep and on that day I realized what horrors centralized services can bring. I soon decided to quit."
Read Also: <a href="https://www.benzinga.com/crypto/25/07/46500632/if-you-invested-1000-in-ethereum-at-launch-heres-how-much-youd-have-today-2">If You Invested $1,000 In Ethereum At Launch, Here&#8217;s How Much You&#8217;d Have Today</a>
Why It's Important:&nbsp;After he stopped playing World of Warcraft, Buterin became heavily interested in cryptocurrency and&nbsp;<a href="https://www.benzinga.com/money/how-to-buy-bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin&nbsp;</a>(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>). Buterin wrote for several Bitcoin focused media outlets and became a voice in the cryptocurrency sector.
Buterin wrote for Bitcoin Weekly and later co-founded Bitcoin Magazine. He dropped out of university to focus on cryptocurrency after obtaining a $100,000 grant from the popular Thiel Foundation, created by&nbsp;Peter Thiel.
"I went around the world, explored many crypto projects and finally realized that they were all too concerned about specific applications and not being sufficiently general – hence the birth of Ethereum, which has been taking up my life ever since."
Buterin created the idea for&nbsp;<a href="https://www.benzinga.com/money/how-to-buy-ethereum/" target="_blank" rel="noreferrer noopener">Ethereum&nbsp;</a>in 2013 and the cryptocurrency was launched on July 30, 2015.
It's pretty unreal to think that a simple change in World of Warcraft led to Buterin getting so heavily involved in the world of cryptocurrency.
Without the change made by Blizzard, there might not be Ethereum or non-fungible tokens in the world today.
Ethereum trades at $3,565.75 at the time of writing versus a 52-week trading range of $1,386.80 to $4,106.96. Ethereum hit an all-time high of $4,891.70 in November 2021.
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This article was previously published by Benzinga and has been updated.
Photo: Shutterstock

Education

$BTC

$ETH

ATVI

Ethereum Was Born When Vitalik Buterin 'Cried' Himself To Sleep Over This Video Game

A crypto analyst predicts a staggering 2,600% surge for Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>), which would catapult its market cap to $1 trillion.
What Happened: Crypto Kaleo, a pseudonymous crypto trader, shared on X that he anticipates Dogecoin to skyrocket to nearly $7. This would translate to a colossal gain of over 2,600%.
The prediction is based on a mathematical deduction, where Kaleo compared Dogecoin&#8217;s performance in the&nbsp;last cycle against Bitcoin (BTC)&nbsp;and projected a similar pattern for the future. 
&#8220;My target for DOGE this cycle is a one trillion dollar market cap (roughly $6.9420). Memes have proven they have real value throughout the course of the bear market. The king of memes deserves to see $1 trillion,&#8221; he said. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">My target for <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> this cycle is a one trillion dollar market cap (roughly $6.9420). Memes have proven they have real value throughout the course of the bear market. The king of memes deserves to see $1T.
&mdash; K A L E O (@CryptoKaleo) <a href="https://twitter.com/CryptoKaleo/status/1945976800577757566?ref_src=twsrc%5Etfw">July 17, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
&#8220;Last bull market, Dogecoin hit&nbsp;nearly 10% of BTC's market&nbsp;cap. 10% of $10 trillion&nbsp;is $1 trillion. $1 trillion&nbsp;market cap for Dogecoin =&nbsp;~$6.9420 per DOGE,&#8221; he shared on X.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43420393/analyst-forecasts-mammoth-200-surge-for-this-dogecoin-and-shiba-inu-competitor">Analyst Forecasts Mammoth 200% Surge for This Dogecoin and Shiba Inu Competitor</a>
At the time of the report, Dogecoin was valued at $0.24, marking a 9.97% increase over the last 24 hours. 
Kaleo wrapped up his analysis by stating that Dogecoin is currently on an upward trajectory against Bitcoin and traders should brace for an imminent &#8216;God candle.&#8217;
Why It Matters: This prediction, if realized, could significantly alter the landscape of the crypto market. Dogecoin, initially started as a joke, has already demonstrated its potential by becoming one of the top cryptocurrencies. 
A surge&nbsp;to a $1 trillion market&nbsp;cap would not only validate its standing but also potentially influence the dynamics of other cryptocurrencies. 
This could lead to increased investor interest and possibly trigger a new wave of investment in the crypto market.
Read Next
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Image: Shutterstock/alfernec

$DOGE

Dogecoin Set To Soar 2,600% and Hit $1 Trillion Market Cap, Says This Crypto Analyst

&nbsp;The <a href="https://www.benzinga.com/25/05/45279374/social-security-goes-digital-americans-will-soon-access-their-numbers-online-as-ssa-unveils-modern-alternative-to-paper-cards">Social Security Administration</a> will stop sending paper checks to beneficiaries at the end of September. If you still receive your Social Security payments by mail, it's time to make a switch — and soon.
This change is part of a larger government effort to modernize payment systems and make benefit delivery faster and more secure. Here&#8217;s what you need to know and how to get ready.
<h2 class="wp-block-heading">Who's Affected by This Change?</h2>
According to the <a href="https://blog.ssa.gov/social-security-to-fully-transition-to-electronic-payments/">SSA</a>, less than 1% of beneficiaries still receive their payments by paper check. And while that may seem small, that's still roughly 740,000 people who will need to take action before the Sept. 30 deadline.
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Everyone else — those already using direct deposit or a Direct Express card — will not need to make any changes.
<h2 class="wp-block-heading">Why Paper Checks Are Being Phased Out</h2>
The move to electronic payments isn't new. In fact, most federal benefit payments have been issued electronically for years. This final step is meant to streamline operations and improve safety.
The SSA says there are three key reasons for the transition:
<ol class="wp-block-list">
<li>Speed: Electronic payments are faster. No more waiting on the mail — funds are delivered directly to your account.</li>
<li>Security: Paper checks are 16 times more likely to be lost or stolen than electronic payments, increasing the risk of fraud.</li>
<li>Cost savings: It costs the government about 50 cents to issue a paper check, compared to less than 15 cents for an electronic payment. With millions of checks issued over time, the savings add up.</li>
</ol>
Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — <a href="https://www.benzinga.com/money/finally-a-fully-automated-trading-platform-for-individual-investors?">You Can Become an Investor for Just $500.25</a>
<h2 class="wp-block-heading">Your Two Payment Options</h2>
If you&#8217;re still receiving paper checks, you have two options for switching to electronic payments:
1. Direct Deposit
This is the most common and straightforward choice. You can have your Social Security payments deposited directly into your checking or savings account. If you already have a bank account, this may be the easiest route.
2. Direct Express Card
Don't have a bank account? The Direct Express card is a prepaid debit card that lets you access your Social Security benefits without a checking or savings account.
You can make the switch by logging into your personal my Social Security account at <a href="http://www.ssa.gov/deposit">www.ssa.gov/deposit</a>, or by contacting the SSA directly for help.
<h2 class="wp-block-heading">What Social Security Is Doing to Help</h2>
To make the transition smooth, the SSA is mailing notices to all affected recipients. If you're still getting paper checks, you should receive an insert in your check envelope with information about how to switch to electronic payments.
See Also: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
The SSA says that technicians are standing by to assist anyone who needs help navigating the process so you won't be left to figure it out alone.
<h2 class="wp-block-heading">Don't Wait Until the Last Minute</h2>
If you or someone you know still receives <a href="https://www.benzinga.com/personal-finance/management/25/07/46262509/ive-followed-the-rules-but-im-still-left-in-the-dark-teen-abroad-loses-survivor-benefit-after-turning-18-still-fighting-for-back-pay">Social Security payments</a> by check, now is the time to act. Waiting until after Sept. 30 could mean a delay in getting your benefits.
To avoid any disruption, take a few minutes to choose your preferred electronic payment method and enroll.&nbsp;
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
Image: Shutterstock

No More Paper Checks From Social Security After Sept. 30 — Here's What You Need To Do Now

President Donald Trump&#8216;s approval rating has surged among Generation X voters, a recent poll has revealed.
What Happened: The CNN/SSRS survey indicated a 23-point rise in Trump&#8217;s popularity among voters aged 50 to 64 since April. This age group, which falls under the Generation X demographic (born between 1965-1980), is currently the only cohort where Trump holds&nbsp;a net positive approval rating.
The <a href="https://s3.documentcloud.org/documents/25999223/cnn-poll-conducted-by-ssrs-trump-approval-policy-and-budget-bill.pdf">poll</a>, conducted July 10-13, sampled 1,057 voters from various age groups. The findings revealed that 55 percent of Gen X voters approve of Trump, while 45 percent disapprove, resulting in a net approval rating of +10 among this group.
This increase in approval could potentially bolster Trump&#8217;s standing within the Republican Party as he prepares for&nbsp;the November 2026 midterm elections.
Also Read: <a href="https://www.benzinga.com/news/politics/25/07/46266316/donald-trumps-approval-rating-jumps-among-baby-boomers-heres-whats-driving-it">Donald Trump&#8217;s Approval Rating Jumps Among Baby Boomers</a>
However, other polls suggest a less favorable overall approval rating for Trump. A Tyson Group poll&nbsp;showed Trump at 45 percent&nbsp;approval and 51 percent disapproval&nbsp;overall. The latest CNN/SSRS poll&nbsp;also&nbsp;showed Trump&#8217;s overall approval rating&nbsp;at net -16.
Thomas Whalen, an associate professor at Boston University, pointed out to Newsweek that Trump&#8217;s strong grip on middle-aged voters could be crucial, as this demographic is traditionally more likely to vote.
Nonetheless, he questioned the long-term sustainability of this support.
Why It Matters: The rise in approval rating among Gen X voters could be a significant factor for Trump&#8217;s political future. This demographic, known for its higher voter turnout, could potentially influence the outcome&nbsp;of the November 2026 midterm&nbsp;elections. 
However, the overall approval rating for Trump remains less favorable, indicating a divided public opinion. 
The sustainability of this support from Gen X voters remains uncertain, as noted by Thomas Whalen, raising questions about the long-term political implications for Trump.
Read Next
<a href="https://www.benzinga.com/news/25/05/45482902/poll-shows-trumps-approval-rating-underwater-on-nearly-everything-from-economy-to-abortion" target="_blank" rel="noreferrer noopener">Poll Shows Trump's Approval Rating Underwater on Nearly Everything From Economy to Abortion</a>
Image: Shutterstock/dizain

Gen X Voters Boost Donald Trump's Approval Rating — Here's What's Driving It

Matt Deitke, co-founder of Seattle-based AI startup <a href="https://www.benzinga.com/news/topics/25/06/45895934/vercept-raises-16m-with-google-legend-and-dropbox-co-founder-backing-to-build-future-of-workflows-with-vision-based-mac-app-called-vy">Vercept</a>, has joined Meta's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) <a href="https://www.benzinga.com/markets/tech/25/07/46409092/metas-superintelligence-lab-may-kill-open-source-ai-in-bold-strategy-shake-up-report">Superintelligence Lab</a> after receiving a direct offer from CEO Mark Zuckerberg. Deitke described the initiative as "the most exciting bet I've seen in tech history," signaling Meta's bold ambitions in artificial general intelligence,<a href="https://www.geekwire.com/2025/meta-snags-seattle-startup-co-founder-for-zuckerbergs-elite-superintelligence-team/"> GeekWire</a> reports.
Deitke brings advanced expertise in embodied AI and 3D computer vision, having previously worked at the Allen Institute for AI and studied at the University of Washington before founding Vercept in 2024, according to GeekWire.
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<h2 class="wp-block-heading">Meta Offers Up to $300M Over Four Years to Build the Most Elite AI Team in the World</h2>
Meta is offering compensation packages worth as much as $300 million over four years to attract elite AI talent for its Superintelligence Lab. According to GeekWire, the first-year payout can exceed $100 million, a figure larger than many startups raise in early rounds.
Zuckerberg has stated on<a href="https://www.threads.com/@zuck/post/DMF6tMAxkX8?xmt=AQF0UkNGqhretJMnJMMHCxc5DpqNccgdRNy3PbP-MYdL5g&amp;utm_campaign=article_email&amp;utm_content=article-15390&amp;utm_medium=email&amp;utm_source=sg"> Threads</a> that Meta will invest "hundreds of billions of dollars into compute" to support its superintelligence vision. With compensation packages that can dwarf entire seed rounds, companies like Meta can effectively cherry-pick top talent from promising startups, GeekWire reports.
Deitke confirmed that Zuckerberg personally reached out and initiated the hiring conversation, which quickly led to an offer. "Zuck reached out and we chatted and I talked to a few people on the team, and shortly after received an offer," he told GeekWire.
Trending: $100k+ in investable assets? <a href="https://www.benzinga.com/money/wiseradvisor-retirement-planning">Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes</a> – no cost, no obligation.
Deitke's first day at Meta was Monday, after relocating from Seattle to join the small Superintelligence Lab team, GeekWire reports. He has also updated his<a href="https://www.linkedin.com/in/mattdeitke/"> LinkedIn</a> to reflect his new role as "AI Researcher @ Meta Superintelligence Lab."
<h2 class="wp-block-heading">Vercept Moves Forward Without Co-Founder but With $16M from Elite Backers</h2>
Vercept has raised $16 million in seed funding from major names including former Google CEO Eric Schmidt, DeepMind Chief Scientist Jeff Dean, Cruise founder Kyle Vogt, and Dropbox co-founder Arash Ferdowsi, GeekWire says. The company is building Vy, an AI-powered Mac app that understands screens and performs tasks through natural language.
Vy is Vercept's flagship native Mac application designed to radically simplify how humans interact with computers. Instead of navigating menus or searching for help articles,<a href="https://vercept.com/about"> Vercept</a> says that users can give natural language commands as Vy understands what's on their screen and takes action intelligently, directly within the software they already use.
Early benchmarks<a href="https://vercept.com/about"> on the company website</a> show Vy significantly outperforming competitors like OpenAI, Google, and Anthropic on UI understanding and screen navigation tasks.
See Also: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — <a href="https://www.benzinga.com/money/finally-a-fully-automated-trading-platform-for-individual-investors?">You Can Become an Investor for Just $500.25</a>
Vercept CEO Kiana Ehsani confirmed Deitke's departure in a post on<a href="https://x.com/ehsanik/status/1944775767998840989?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1944775767998840989%7Ctwgr%5Ea9430187b35d6469b28121fb56bcef6ed3680b49%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.geekwire.com%2F2025%2Fmeta-snags-seattle-startup-co-founder-for-zuckerbergs-elite-superintelligence-team%2F"> X</a>, referencing the "comp rumors" surrounding Meta's offers to top engineers. She noted his early role in shaping Vercept's roadmap and said the team remains "fired up" about the company's future. Ehsani also joked about joining Deitke "on his private island next year," a reference to the rumored compensation scale for Meta's new AI team.
Despite leaving, Deitke expressed full confidence in Vercept's continued success, calling the team "absolutely amazing" and telling GeekWire that the direction they are building remains "very exciting."
Meta has already brought on top researchers, including OpenAI's Lucas Beyer, Apple's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) Ruoming Pang, former Scale AI CEO Alexandr Wang, ex-GitHub CEO Nat Friedman, and Daniel Gross of Safe Superintelligence, Geekwire says.
With plenty of capital and the ability to attract top-tier researchers, Meta's Superintelligence Lab continues to grow as one of the most closely watched AI initiatives in the industry.
Read Next: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $10.</a>
 Image: Shutterstock

AAPL

'Zuck Reached Out And We Chatted': Meta Lures Seattle AI Founder With $100M-Plus Offer To Join Its Superintelligence Dream Team

Sam Altman, the CEO of OpenAI, has emerged as the key tech ally of President Donald Trump in the wake of the fallout between Trump and Elon Musk.
What Happened: A recent report reveals how Altman, once a close associate of Musk, capitalized on the strained relationship between Musk and Trump. Altman and Musk, both co-founders of OpenAI, had a disagreement over the company&#8217;s direction, leading to Musk&#8217;s exit from the board in 2018.
As per the report <a href="https://www.wsj.com/tech/ai/sam-altman-donald-trump-musk-ai-198ae5d1?mod=hp_lead_pos8">by</a> The Wall Street Journal, Altman, traditionally a Democrat, became increasingly apprehensive about their economic policy approach. This concern, along with his dissatisfaction with Biden&#8217;s stance on AI, led him to align with Trump.
OpenAI started reaching out to Trump&#8217;s camp in spring 2024, successfully establishing themselves as an AI leader.
Despite an initial sidelining after Trump&#8217;s election, despite a $1 million donation to Trump&#8217;s inauguration, Altman managed to penetrate Trump&#8217;s circles by hiring well-connected Trump aides. 
Also Read: <a href="https://www.benzinga.com/news/politics/25/07/46266380/ex-trump-lawyer-sent-this-message-to-elon-musk-after-feud-with-donald-trump-erupted">Ex-Trump Lawyer Sent This Message To Elon Musk After Feud With Donald Trump Erupted</a>
This strategy paid off when Altman was invited to the Oval Office in January&nbsp;for the announcement of a&nbsp;$500 billion AI project, Stargate, a&nbsp;partnership between OpenAI, Oracle, and&nbsp;Japan's SoftBank.
The announcement ignited a public feud between Musk and Altman, with Trump siding with Altman. Despite Musk&#8217;s attempts to disrupt further collaborations, Altman has continued to strengthen his relationship with the Trump administration. 
OpenAI recently secured a&nbsp;$200 million contract with the&nbsp;Pentagon, and Altman is set to&nbsp;be the keynote speaker at&nbsp;an upcoming Federal Reserve conference.
Why It Matters: Altman&#8217;s strategic moves have not only positioned OpenAI as a leading player in the AI industry but also secured significant contracts and partnerships. 
His ability to navigate political landscapes and align with the current administration&#8217;s interests underscores the importance of political savvy in the tech industry. 
The fallout between Musk and Altman, once allies, highlights the competitive and dynamic nature of the tech world, where alliances can shift based on strategic interests and policy alignments.
Read Next
<a href="https://www.benzinga.com/news/politics/25/07/46382380/trump-vs-musk-sam-altman-saw-the-signs-elon-busts-up-with-everybody-thats-what-he-does">Trump Vs Musk: Sam Altman Saw the Signs: &#8216;Elon Busts Up With Everybody, That&#8217;s What He Does&#8217;</a>
Shutterstock/Photo Agency

Here's How Sam Altman Quietly Replaced Elon Musk as Donald Trump's Go-To AI Advisor

A regulatory overhaul is potentially looming—and the <a href="https://www.benzinga.com/etfs/specialty-etfs/25/07/46481143/meta-amazon-palantir-fuel-ai-data-center-boom-etfs-are-the-sleeper-bet">ETF market</a> is waiting with bated breath. 
According to Morningstar&#8217;s most recent mid-year ETF guide, the U.S. Securities and Exchange Commission (SEC) may approve hybrid ETF-mutual fund share-class designs as early as the second half of 2025. 
If approved, the change would unleash the floodgates for asset managers to launch new ETF share classes linked to their incumbent mutual funds, enabling new cost savings, tax advantages, and fund design opportunities that could shake the $25 trillion U.S. fund industry.
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<h2 class="wp-block-heading">The Backstory: Vanguard&#8217;s Quiet Advantage</h2>
Although Vanguard has been running ETFs as share classes of existing mutual funds under an SEC exemption all along, no other asset manager has had such access since. That exclusivity provided Vanguard with a structural advantage, specifically, tax efficiency and sharing of costs across share classes.
But with the other issuers now eager for similar flexibility, the industry waits anxiously. Asset managers such as Dimensional Fund Advisors (DFA), Fidelity, and Franklin Templeton have all signaled intentions to introduce ETF share classes if and when the regulations change.
<h2 class="wp-block-heading">What's At Stake: Fees, Taxes, And Fund Families</h2>
If ETF share classes are widely available, asset managers may be able to consolidate operations by making both mutual fund and ETF versions available under a single umbrella. That would result in fewer redundant portfolios, more consistent performance by wrappers, and cost savings that would be passed along to investors.
In addition, ETFs are more tax-efficient by nature due to their in-kind redemption feature. Encasing a mutual fund strategy in an ETF wrapper may provide legacy managers with the means to digitize without reinventing the wheel.
Also Read: <a href="https://www.benzinga.com/etfs/sector-etfs/25/07/46500815/corn-crash-or-sugar-rush-etfs-react-to-trumps-sweet-talk-on-coca-cola">Corn Crash Or Sugar Rush? ETFs React To Trump&#8217;s Sweet Talk On Coca-Cola</a>
<h2 class="wp-block-heading">Early Movers To Watch</h2>
Although SEC approval is speculative, certain companies are already in a good position for a potential first-mover benefit:
<ul class="wp-block-list">
<li>Dimensional U.S. Core Equity 2 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFAC#NYSE">DFAC</a>): Initially a mutual fund approach, which now exists as an ETF. Though not an official share class, DFAC demonstrates how companies such as DFA are adapting old approaches to ETF status, and would almost certainly switch to share classes if that became an option.</li>
</ul>
<ul class="wp-block-list">
<li>T. Rowe Price Blue Chip Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TCHP#NYSE">TCHP</a>): A classic mutual fund strategy ported into ETF format. T. Rowe has hinted it may leverage share-class flexibility to simplify its product shelf. &#8220;It's unlikely that we would utilize ETF as a share class for certain of our funds, but we've identified a number of them where we think it's an attractive opportunity,&#8221; Rob Sharpe, CEO, T. Rowe Price, had explained in the Q1 2025 earnings call.</li>
</ul>
<ul class="wp-block-list">
<li>JPMorgan Equity Premium Income ETF (JEPI): While not born from a mutual fund, JEPI's explosive growth has made it a model for what well-managed active ETFs can do, offering a benchmark for fund firms contemplating share-class ETFs with income-focused strategies.</li>
</ul>
<h2 class="wp-block-heading">What It Means For Investors</h2>
<ul class="wp-block-list">
<li>Cheaper costs: Shaded operational infrastructure translates into lower-cost funds.</li>
<li>Better tax efficiency: ETF structures provide more favorable tax treatment compared to mutual funds, especially for long-term investors.</li>
<li>More options: The ETF strategy universe may double overnight.</li>
</ul>
What&#8217;s Next: The SEC&#8217;s decision will depend on whether the share-class design presents any risk to ETF shareholders, especially in times of stress when flows could diverge between classes.
Nevertheless, market observers are hopeful. With ETFs already outperforming mutual funds in growth and popularity, regulatory innovation may be the spark that ignites a new wave of interest. 
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A majority of Americans now believes that the newly passed Republican tax and spending bill primarily favors the wealthy, contradicting GOP claims that the legislation is designed to benefit the working class.
What Happened: A poll from&nbsp;The Associated Press-NORC Center for Public Affairs Research revealed that approximately two-thirds of U.S. adults anticipate that&nbsp;the new tax law will&nbsp;primarily benefit the rich. 
The survey also discovered that around 60% of participants believe the law will negatively impact low-income individuals.
Despite the GOP&#8217;s portrayal of&nbsp;the legislation as a tax&nbsp;cut for all Americans, Democrats have counter-argued that the wealthiest will reap the most benefits, pointing to cuts in&nbsp;Medicaid and food assistance programs.&nbsp;
The <a href="https://apnorc.org/">survey</a> results suggest that Republicans may need to work harder to convince the public, as President Donald Trump&#8216;s approval rating on government spending has seen a decline since spring.
The majority of respondents are aware of the new law, and those with more knowledge about it are more inclined&nbsp;to believe it favors the&nbsp;wealthy. 
Also Read: <a href="https://www.benzinga.com/news/politics/25/07/46266316/donald-trumps-approval-rating-jumps-among-baby-boomers-heres-whats-driving-it">Donald Trump&#8217;s Approval Rating Jumps Among Baby Boomers — Here&#8217;s What&#8217;s Driving It</a>
Concerns have been voiced regarding potential impacts on caregivers and low-income individuals, who fear losing access to essential services such as&nbsp;day care and food stamps.
Interestingly, even among Republicans, many concur&nbsp;that the wealthy are likely&nbsp;to benefit more&nbsp;from the tax and spending&nbsp;law. Approximately half believe the law will favor the rich over the middle-class or low-income individuals.
Despite these perceptions, Democrats and independents are more likely than Republicans to believe&nbsp;the law could harm them&nbsp;personally. 
The poll also suggests that the high cost of the law may be influencing public opinion, with many Americans believing the government is overspending.
Why It Matters: This shift in public opinion could have significant political implications. If the perception that the GOP tax bill favors the wealthy persists, it could influence voter behavior in future elections. Furthermore, it could affect public support for future tax and spending legislation proposed by the GOP. 
The findings of this poll highlight the importance of clear communication and transparency in policy-making, as public perception can greatly impact the success and acceptance of legislation.
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Six in 10 Believe Trump's New Tax and Spending Bill Will Benefit Wealthy, Hurt Low-Income Groups

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Lyra Therapeutics to Present Study Results for LYR-210 and LYR-220 in Two Presentations at the ARS and AAO-HNS Annual Meetings

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Lyra Therapeutics Fully Enrolls Pivotal Phase 3 ENLIGHTEN 2 Trial of LYR-210 for the Treatment of Chronic Rhinosinusitis

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Lyra Therapeutics to Present 52-week Extension Stage Results for ENLIGHTEN 1 Phase 3 Study for LYR-210 for the Treatment of Chronic Rhinosinusitis at COSM 2025

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Lyra Therapeutics Announces Up to Approximately $15 Million Registered Direct Offering and Concurrent Private Placement Priced At-The-Market Under Nasdaq Rules

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