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Society Pass

Society Pass Inc is building an ecosystem of platforms and technology-enabled companies that synergistically work together to transform how consumers and merchants interact with one another in Southeast Asia and South Asia. Through the acquisition of companies and partnerships with visionary entrepreneurs, the company meets the growing demand for better services in sectors such as lifestyle, beauty, travel, and food and beverage. The company currently operates in Six reportable operating segments: Online Grocery and Food and grocery deliveries, Digital marketing, Online ticketing and reservation, Telecommunications Reseller, e-commerce, and Merchant Point of Sale (merchant POS). The company generates the majority of its revenue from the Digital marketing segment.

Society Pass Inc

When it comes to money, it's easy to fall into the comparison trap—especially in the age of social media flexing and financial "glow-ups." But let's be real: comparing your net worth to someone twice your age isn't exactly useful. The real question is, how do you stack up against people your age?
<h2 class="wp-block-heading">Top 10% Net Worth</h2>
Net worth is a key measure of financial standing, calculated by subtracting what you owe (liabilities) from what you own (assets). Assets include cash, investments, real estate, and valuable possessions, while liabilities cover debts like mortgages, student loans, and credit card balances. The higher your assets and the lower your debt, the stronger your net worth.
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According to <a href="https://www.federalreserve.gov/publications/files/2022-report-economic-well-being-us-households-202305.pdf">Federal Reserve data</a>, here's what it takes to land in the top 10% of net worth in the U.S. at different age groups:
• Ages 18–29: $281,550
• Ages 30–39: $711,400
• Ages 40–49: $1,313,700
• Ages 50–59: $2,629,060
• Ages 60–69: $2,808,600
• Ages 70+: $2,547,700
Across all age groups, reaching the top 10% of net worth in the U.S. requires at least $1.94 million.
These numbers might seem discouraging or motivating, depending on where you stand. But <a href="https://www.benzinga.com/money/are-you-rich">hitting the top 10%</a> isn't about luck; it's about consistently making smart financial moves. Whether you're just starting out or looking to level up, here are some key strategies to build your net worth over time.
Trending: The secret weapon in billionaire investor portfolios that you almost certainly don't own yet. <a href="https://www.benzinga.com/money/masterworks">See which asset class has outpaced the S&amp;P 500 (1995-2024) – and with near-zero correlation.</a>
<h2 class="wp-block-heading">How to Build Your Net Worth No Matter Your Age</h2>
1. Knock Out High-Interest Debt
Debt is the biggest drag on net worth. Prioritize high-interest balances like credit cards first, then move on to lower-interest loans. If your student loans have a low rate, it may make sense to invest instead of rushing to pay them off.
2. Max Out Retirement Contributions
If your job offers a 401(k) match, take it—it's free money. Even beyond that, contributing to tax-advantaged accounts like IRAs or HSAs can boost your wealth without giving extra cash to the IRS.
3. Cut Back on Spending That Doesn't Add Value
You don't have to give up your favorite coffee or stop traveling, but tracking your expenses will show where your money is disappearing. Small tweaks—like canceling unused subscriptions or negotiating bills—can free up cash for saving and investing.
4. Invest, Even If It's Small at First
Leaving all your money in a savings account won't grow your wealth. The earlier you start investing in stocks, index funds, or real estate, the more time your money has to compound.
See Also: Have $200K saved?<a href="https://www.benzinga.com/money/have-200k-saved-heres-how-to-turn-it-into-lasting-wealth"> Here's how to turn it into lasting wealth</a>
5. Buy a Car You'll Drive for a Decade
Cars are one of the fastest depreciating assets. Instead of upgrading every few years, buy a reliable vehicle and drive it as long as possible. That alone can save you thousands you can put toward building wealth.
Financial expert Suze Orman advises car buyers to spend the least amount possible on a vehicle that meets their needs, finance it for a short period, and maintain it for as long as possible. She practices what she preaches, having <a href="https://www.benzinga.com/personal-finance/24/09/40963028/suze-orman-says-keep-your-car-for-15-years-or-longer-instead-of-leasing-a-new-one-every-3-years-">owned her current car for over 12 years</a>.
6. Get Professional Financial Advice
A financial advisor isn't just for the ultra-wealthy. Whether it's tax strategies, investment plans, or retirement savings, professional guidance can help you maximize your money and avoid costly mistakes.
Building wealth isn't about hitting a magic number—it's about <a href="https://www.benzinga.com/money/smartasset">financial growth and stability</a>. The goal isn't to compete with strangers online but to improve your own financial situation year after year. No matter where you're starting from, the steps above can help push you closer to the top 10%.
Read Next:
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<li>Dogecoin millionaires are increasing –<a href="https://www.benzinga.com/money/dogecoin-millionaires"> investors with $1M+ in DOGE revealed!</a></li>
<li>Can you guess how many retire with a $5,000,000 nest egg? <a href="https://www.benzinga.com/money/5mil-nest-egg-adv">The percentage may shock you</a>.</li>
</ul>

Personal Finance

How Does Your Wealth Stack Up Against Your Peers? Here's the Net Worth You'll Need To Be Among The Richest 10% At Each Age

In a new poll, President Donald Trump, Elon Musk, and the Democratic Party all received poor marks on the economy.
What Happened: A poll released by NBC News on Sunday revealed that 54% of voters disapprove of Trump&#8217;s management of the economy, while 44% approve.
The <a href="https://www.nbcnews.com/politics/trump-administration/poll-trump-faces-early-challenges-economy-united-gop-backs-big-change-rcna195860">poll</a> also showed similar disapproval rates for Trump&#8217;s handling of inflation and cost of living, with 55% disapproving and 42% approving. This is the first time an NBC poll has indicated a majority of voters opposing Trump&#8217;s economic management.
Despite the negative economic ratings, Trump&#8217;s overall approval rating remains high, with 47% of respondents approving of his presidency, while 51% disapprove.
Musk&#8217;s personal approval rating is even lower, with only 39% of voters approving and 51% disapproving. However, 46% of respondents believe in the Department of Government Efficiency (DOGE), which Musk oversees, while 40% think it&#8217;s a bad idea.
Also Read: <a href="https://www.benzinga.com/news/25/02/43769836/trump-gains-trust-of-majority-on-americans-on-immigration-and-economy">Trump Gains Trust Of Majority Of Americans On Immigration, Economy</a>
The Democratic Party received the lowest ratings in the poll, with only 27% of voters having&nbsp;positive views of the party,&nbsp;compared to 55% with negative views. 
The poll was conducted before recent actions in Congress, where some Senate Democrats sided with Republicans on a&nbsp;resolution to fund the government.
The poll also showed voters are divided&nbsp;on who they want to&nbsp;control Congress after the midterms, with 48% favoring Democrats and 47% favoring Republicans.
Why It Matters: The poll results reflect the public&#8217;s current dissatisfaction with key figures and institutions. The negative ratings for Trump&#8217;s economic management could potentially impact his future political aspirations. 
Musk&#8217;s low approval rating, despite the support for the DOGE, indicates a disconnect between public opinion of him as an individual and his professional endeavors. The Democratic Party&#8217;s low ratings suggest a lack of public confidence, which could influence the outcome of the upcoming midterms. 
These ratings provide a snapshot of current public sentiment, which may have significant implications for future political and economic developments.
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<li><a href="https://www.benzinga.com/markets/25/02/43756824/market-instability-looms-in-trumps-second-term-warns-paul-tudor-jones-theres-no-room-for-mistakes" target="_blank" rel="noreferrer noopener">Market Instability Looms in Trump's Second Term, Warns Paul Tudor Jones: ‘There's No Room for Mistakes'</a></li>
</ul>

News

Politics

Trump, Musk, and Democrats Get Low Marks on Economy in NBC Poll

The Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) network has seen a massive 400% surge in activity. The number of active addresses is now approaching 395,000, indicating a significant increase in interactions with DOGE.
What Happened: According to reports, a sudden and substantial increase in Dogecoin network activity has been observed. This includes a wide range of interactions, such as transactions and trades, and often suggests changes in market sentiment, increased speculation, or heightened network engagement.
Historically, such surges in active addresses have been linked to periods of price volatility. In some cases, these spikes have been a precursor to price surges driven by growing demand and liquidity. However, they could also be a sign of a temporary speculative move that may quickly fade away.
Despite its origins as a meme coin, Dogecoin has consistently shown its potential for genuine engagement. The recent surge in activity may indicate something more than just sentiment, with the increase in transactions and involvement possibly hinting at future developments.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42380572/dogecoins-whopping-60-9b-movement-in-24-hours-a-bullish-sign">Dogecoin&#8217;s Whopping 60.9B Movement In 24 Hours: A Bullish Sign?</a>
At the time of the report, Dogecoin was trading at $0.16784, a 17.8% increase&nbsp;from the weekly lows. Whether&nbsp;this indicates an upcoming surge or a temporary shake-up in the on-chain realm, it&#8217;s clear that the market is closely watching Dogecoin.
Why It Matters: The surge in Dogecoin&#8217;s network activity is noteworthy because it suggests a heightened level of interest and engagement with the cryptocurrency. 
This could potentially lead to increased liquidity and demand, which are key factors in driving price surges. However, it&#8217;s also important to note that such spikes can sometimes be indicative of temporary speculative moves. 
Therefore, while the market is paying attention to Dogecoin, it remains to be seen whether this surge in activity will translate into a sustained increase in value.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42804970/dogecoin-to-hit-one-dollar-milestone-this-year-says-this-analyst">Dogecoin To Hit One Dollar Milestone This Year, Says This Analyst</a>

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

Cryptocurrency

Markets

$DOGE

Unprecedented 400% Surge in Dogecoin Network Activity: A Bullish Move?

In a high-stakes gamble, a Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) whale has initiated a short position of $332 million, facing potential liquidation if Bitcoin&#8217;s price surges to $85,000.
What Happened: A Bitcoin whale has opened a $332 million short position at an entry price of $84,040, as revealed by data from analytics platform Lookonchain. The position was leveraged 40 times, indicating that the trader borrowed 40 times the initial capital.
At the time of writing, Bitcoin was trading at $83,945, a 2.3% decrease over the past week, as per data from CoinGecko. If Bitcoin&#8217;s price hits the $85,000 mark, the trader&#8217;s massive position could face liquidation.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">BREAKING &#x1f6a8; A WHALE HAS TAKEN TAKEN A $332M SHORT ON <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw">#BITCOIN</a> Their targets are $69,414 &amp; $58,664 <a href="https://t.co/DG77DLoC4H">pic.twitter.com/DG77DLoC4H</a>
&mdash; That Martini Guy ₿ (@MartiniGuyYT) <a href="https://twitter.com/MartiniGuyYT/status/1901223073157681355?ref_src=twsrc%5Etfw">March 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The trader, who previously netted a whopping $16.39 million within a month on the decentralized perpetual trading platform Hyperliquid, now finds himself in a precarious situation. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44065728/crypto-analyst-predicts-195-bitcoin-rally-says-bull-market-not-over-yet">Crypto Analyst Predicts 195% Bitcoin Rally, Says Bull Market Not Over Yet</a>
Some observers anticipate an inevitable liquidation due to the high-risk nature of the 40x leverage, which could obliterate the entire position with a mere 2.5% price move.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This guy shorted <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> with 40x leverage again, with a position of 3,940.8 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($332M) and a loss of over $1M! Entry price: $84,040.8 Liquidation price: $85,300<a href="https://t.co/3fXA7ctoOh">https://t.co/3fXA7ctoOh</a> <a href="https://t.co/LmB6QhDlIc">pic.twitter.com/LmB6QhDlIc</a>
&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1900911677719409021?ref_src=twsrc%5Etfw">March 15, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Meanwhile, CoinGlass data reveals that crypto worth $94 million has been liquidated in the past 24 hours, with shorts making up the majority ($49 million). 
The largest single liquidation happened on Binance ($582,130 with the BTC/USDT pair), accounting for 38.79% of total liquidations.
Why It Matters: This massive short position underscores the high-risk, high-reward nature of cryptocurrency trading. The trader&#8217;s previous success on the Hyperliquid platform demonstrates the potential for significant gains, but the current risk of liquidation highlights the potential for substantial losses. 
This event serves as a stark reminder of the volatility inherent in the cryptocurrency market, and the potential consequences for traders who engage in high-leverage positions.
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43901226/robert-kiyosaki-says-everything-bubble-will-cause-historic-market-crash-bitcoin-will-be-fastest-to-recover" target="_blank" rel="noreferrer noopener">Robert Kiyosaki Says ‘Everything Bubble' Will Cause Historic Market Crash, Bitcoin Will Be Fastest To Recover</a>

$BTC

Bitcoin Whale Takes $332 Million Short Position, Here's Where It Gets Liquidated

The close relationship between Elon Musk, the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), and President Donald Trump will be short-lived, according to <a href="https://www.benzinga.com/news/25/02/43423724/scaramucci-warns-against-trumps-tariffs-urges-lawmakers-to-take-stand-crazy-nonsense">Anthony Scaramucci, a former Trump adviser</a>.
What Happened: Scaramucci, who served a brief stint as Trump&#8217;s communications director, anticipates that Musk&#8217;s alliance with Trump may soon &#8220;burn&#8217;.&#8221; Scaramucci stated in an interview, &#8220;Everyone flames out with Trump.&#8221;
Scaramucci, a vocal critic of Trump since his dismissal from the White House after only 11 days in 2017, cautioned others against working for Trump, warning, &#8220;He&#8217;s gonna burn you.&#8221;
"There's a lot of people in my life, I say, ‘Don't go work for Trump. He's gonna burn you,'&#8221; Scaramucci <a href="https://qz.com/trump-elon-musk-doge-anthony-scaramucci-1851768418">told</a> Quartz.
He also added that he didn't believe it when other people gave him the same advice. 
"I would've said to those people: ‘No, no, no. He burns other people. He's not gonna burn me.' Then he burned me," he said. 
Musk has been in close collaboration with Trump since the election, even unofficially heading the Department of Government Efficiency. His impact on federal policy has been noticeable, with Trump acknowledging Musk&#8217;s contributions in his first address to Congress.
"I believe past performance is an indication of the future. And so there's nobody in Donald Trump's orbit that likes him," said Scaramucci. Scaramucci also called Trump an "angry guy" and "miserable" person.
Also Read: <a href="https://www.benzinga.com/news/24/12/42714291/anthony-scaramucci-tells-musk-to-stick-to-business-heres-musks-musical-response">Anthony Scaramucci Tells Musk To &#8216;Stick To Business&#8217; — Here&#8217;s Musk&#8217;s Musical Response</a>
However, Scaramucci predicts that Musk&#8217;s influence may be fleeting. &#8220;I&#8217;m&nbsp;giving him a six to&nbsp;eight month duration,&#8221; he stated. Despite this, Scaramucci doesn&#8217;t foresee Musk being entirely sidelined due to his wealth, which he believes Trump values.
He'll be jettisoned from the Trump world. He's too rich and Donald Trump respects that kind of wealth," Scaramucci said. 
Musk has been a substantial benefactor to the Republican party, contributing&nbsp;at least $288 million towards the election of Republican candidates in the 2024 election.
Why It Matters: The potential fallout between Musk and Trump could have significant implications for Tesla and its future dealings with the government. 
Musk&#8217;s influence has been instrumental in shaping federal policy, and a breakdown in this relationship could impact the company&#8217;s ability to navigate the political landscape. 
Furthermore, Musk&#8217;s substantial financial contributions to the Republican party highlight his commitment to the current administration, and a potential split could signal a shift in his political affiliations.
Read Next
<a href="https://www.benzinga.com/news/25/03/44211446/anthony-scaramucci-slams-donald-trump-hes-going-to-put-us-into-a-recession-frankly">Anthony Scaramucci Slams Donald Trump: &#8216;He&#8217;s Going To Put Us Into A Recession, Frankly&#8217;</a>

TSLA

Scaramucci Sees Trouble Ahead for Musk-Trump Relationship: 'Everyone Flames Out With Trump'

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is set to introduce a slimmer iPhone 17 Air model, marking a potential shift <a href="https://www.benzinga.com/tech/25/02/43903365/apple-ditches-budget-smartphone-segment-with-iphone-16e-launch">towards portless iPhones</a>.
Bloomberg&#8217;s Mark Gurman, in his <a href="https://www.bloomberg.com/news/newsletters/2025-03-16/apple-iphone-17-air-foldable-iphone-details-ai-crisis-to-haunt-top-100-event-m8bl3a9c?srnd=undefined&amp;sref=TBDibEcD">latest</a> weekly &#8220;Power On&#8221; column, writes that the upcoming iPhone 17 Air is expected to be thinner than its predecessors, offering a blend of high-end and basic features. Despite its slim design, the device is designed to maintain a battery life similar to current iPhones.
The thin design necessitated substantial engineering efforts, including the redesign of&nbsp;display and silicon components, as&nbsp;well as software enhancements to improve device efficiency. 
However, compromises were made, such as a single 48-megapixel camera and the removal of&nbsp;a physical SIM card slot.
Also Read: <a href="https://www.benzinga.com/tech/25/03/44211544/apple-breaks-tradition-with-a-flood-of-new-releases-explores-smart-glasses">Apple Breaks Tradition With A Flood Of New Releases; Explores Smart Glasses</a>
The new model will feature Apple&#8217;s in-house modem chip, the C1, which&nbsp;is more power-efficient than those&nbsp;from Qualcomm Inc. This modem will contribute to the thin design of the Air model.
Apple initially aimed for a more ambitious design with this model, including a completely port-free iPhone. However, concerns about upsetting&nbsp;European Union regulators, who mandated&nbsp;the iPhone switch to USB-C, led to the retention of the USB-C connector in the new iPhone.
If the iPhone 17 &#8220;Air&#8221; proves successful, Apple plans to attempt port-free iPhones and transition&nbsp;more of its models to&nbsp;this slimmer approach. 
The company is also planning&nbsp;to use technologies from the&nbsp;iPhone 17 &#8220;Air&#8221; to create future models, including a foldable version expected as early as 2026. 
This move could potentially revolutionize the smartphone industry, setting a new standard for slim, efficient, and portless designs.
Read Next
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Tech

AAPL

Apple's iPhone 17 Air to Usher in New Era of Slimmer, Portless Models

A growing share of Americans are dipping into their retirement nest eggs to handle immediate financial challenges, underlining the <a href="https://www.benzinga.com/25/03/44262764/kohls-ceo-warns-of-pretty-challenging-environment-for-consumers-expects-value-seeking-to-grow-over-next-3-months">economic strain many households are experiencing</a> despite strong employment figures.
Last year, 4.8% of 401(k) account holders took early withdrawals for hardship reasons like paying medical bills or paying their home mortgage, according to <a href="https://institutional.vanguard.com/content/dam/inst/iig-transformation/has/2025-preview/251114.01_HASPRE_COMM_Commentary_v7_a11y.pdf">data from Vanguard Group</a>. It marks an all-time high, jumping from 3.6% the previous year and more than doubling the typical pre-COVID rate of about 2%.
 The increase comes as Americans navigate contradictory economic conditions.&nbsp;
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<li>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 $100.</a></li>
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While unemployment remains low—the Labor Department <a href="https://www.dol.gov/ui/data.pdf">reported Thursday</a> that jobless claims fell to 2,000 from the previous week to 220,000—and wages are rising, persistent inflation in essential categories like groceries continues to strain household budgets. <a href="https://www.wsj.com/personal-finance/retirement/401k-retirement-emergency-savings-americans-6a5dfed0?mod=hp_lead_pos10">The Wall Street Journal</a> noted <a href="https://www.benzinga.com/general/market-summary/25/02/43889033/consumer-sentiment-drops-10-unitedhealth-under-investigation-whats-driving-markets-friday">declining consumer sentiment</a> alongside rising delinquencies in vehicle financing and credit card debt.
David Stinnett, head of strategic retirement consulting at Vanguard offered a measured perspective to the Journal, saying that while financial hardship itself isn&#8217;t positive, &#8220;having savings to turn to is a positive.&#8221; 
Two key factors are driving the trend. Workplace retirement plans are becoming more widespread through automatic enrollment practices. Vanguard&#8217;s figures show that 61% of retirement plans under its management now automatically sign up new employees, compared to just 36% a decade ago.
Trending: It&#8217;s no wonder Jeff Bezos holds over $250 million in art — <a href="https://www.benzinga.com/money/masterworks">this alternative asset has outpaced the S&amp;P 500 since 1995, delivering an average annual return of 11.4%. Here&#8217;s how everyday investors are getting started. </a>
Second, regulatory changes have simplified the process of accessing retirement savings during difficult times. Legislation passed in 2018 removed the previous mandate to exhaust 401(k) loan options before requesting hardship distributions. Additionally, another law passed in 2022 created provisions for emergency withdrawals up to $1,000 annually without penalties, provided the money is returned before subsequent withdrawals. 
Among those making hardship withdrawals last year, 35% did so to avoid foreclosure or eviction, down from 39% in 2023. About 16% used the funds to purchase or repair a home. The median withdrawal amount was $2,200, according to the Journal.
Traditional 401(k) hardship withdrawals still come with costs. Account holders must pay income tax on the withdrawn amount and typically face a 10% penalty if they&#8217;re younger than 59 and-a-half.
See Also: <a href="https://www.benzinga.com/money/suze-orman-retirement-bucket">&#8216;Which Bucket Do I Draw From First?&#8217; Suze Orman Explains To 67-Year-Old The Best Order For Tapping Into Her Retirement Accounts</a>
Despite the increase in early withdrawals, overall 401(k) balances rose by an average of 10% in 2024, reaching a record high of $148,153. The share of participants with outstanding 401(k) loans remained steady at 13%, unchanged from 2023 levels.
As more employers not only automatically enroll workers but also automatically increase their contribution rates—typically by 1% annually until reaching about 10% of pay—retirement accounts are increasingly serving as de facto emergency funds for Americans facing financial difficulties.
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<li><a href="https://www.benzinga.com/money/gbr-savings-by-age">If You're Age 35, 50, or 60: Here&#8217;s How Much You Should Have Saved Vs. Invested By Now</a></li>
<li>Many are using retirement income calculators to check if they&#8217;re on pace —<a href="https://www.benzinga.com/money/how-do-i-calculate-my-retirement-income-adv"> here&#8217;s a breakdown on what&#8217;s behind this formula.</a></li>
</ul>

Why Millions Of Americans Are Tapping Their 401(k) Savings Early

NBA icon Shaquille O&#8217;Neal once exhausted a $1 million paycheck in a single day, oblivious to the fact that a portion of his <a href="https://www.benzinga.com/general/sports/24/12/42500103/shaquille-oneals-250k-accidental-investment-turns-into-a-fortune-after-business-booms">earnings were earmarked for taxes</a>.
What Happened: O&#8217;Neal disclosed this financial faux pas during an episode of the financial literacy podcast &#8220;Earn Your Leisure.&#8221; The retired basketball superstar confessed that he had already mapped out his spending plans even before the money landed in his bank account.
Upon receipt of a $1 million check from his agent, O&#8217;Neal promptly splurged on a black Mercedes for $150,000. Subsequently, he was convinced to purchase two more luxury vehicles for his parents, with jewelry and suits also making it to his shopping list.
During the <a href="https://www.youtube.com/watch?v=XByJpQzl2DY">interview</a>, O&#8217;Neal conceded that he was uninformed about the deductions made for&nbsp;payroll taxes under the Federal&nbsp;Insurance Contributions Act (FICA). 
"I don't know no&#8230;FICA. They took [something like] $200,000," he said.
Also Read: <a href="https://www.benzinga.com/general/sports/25/03/44209990/nba-legend-shaqs-walmart-shopping-spree-ends-in-credit-card-decline-heres-how-much-he-tried-to-spend">NBA Legend Shaq&#8217;s Walmart Shopping Spree Ends In Credit Card Decline—Here&#8217;s How Much He Tried To Spend</a>
After depleting the money, he was taken aback to discover from his bank manager that he had spent his entire paycheck. This incident served as a wake-up call for him to educate himself about taxes to prevent similar financial missteps in the future.
"I had no idea what FICA, and income, state tax, sales tax were. So then I said, ‘Okay, I don't want to be like the rest of these NBA players, I got to teach myself,'&#8221; he added during the podcast. 
Why It Matters: O&#8217;Neal&#8217;s story underscores the importance of financial literacy, particularly for high-income individuals who may face complex tax situations. 
His experience serves as a reminder that understanding the basics of personal finance, including tax deductions, is crucial to avoid costly mistakes. 
It also highlights the need for financial education to be more accessible and widespread, so individuals can make informed decisions about their money.
Read Next
<a href="https://www.benzinga.com/general/sports/24/11/42026306/nba-legend-shaqs-daughter-breaks-silence-on-dads-career-defying-family-expectations-its-a-no-go-for-me" target="_blank" rel="noreferrer noopener">NBA Legend Shaq&#8217;s Daughter Breaks Silence On Dad&#8217;s Career, Defying Family Expectations: ‘It&#8217;s A No Go For Me&#8217;</a>

Sports

Shaq Once Spent $1 Million in a Day on Luxury, Then Realized Taxes Took a Huge Cut

The burn rate of Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) has skyrocketed by over 62,000%, resulting in the removal of 505 million SHIB tokens from circulation within a single day.
What Happened: The burn rate of Shiba Inu surged by an astounding 62,000%, leading to the permanent removal of 505.6 million SHIB from circulation. A single transaction was responsible for the burn of 459.3 million SHIB, leading to speculation about its potential effect on SHIB&#8217;s price action.
Shibarium, the Layer-2 blockchain of Shiba Inu, saw a significant rise in daily transactions, from 69,800 on March 12 to 1.46 million on March 13. According to data from IntoTheBlock, large SHIB transactions increased by 64%, while daily active addresses grew by 1.1%.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a> Price: $0.00001268 (1hr -1.44% ▼ &#x7C; 24hr -0.51% ▼ ) Market Cap: $7,473,510,302 (-0.54% ▼) Total Supply: 589,254,668,976,984 TOKENS BURNT Past 24Hrs: 796,088 (-71.55% ▼) Past 7 Days: 535,582,404 (507.03% ▲)
&mdash; Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1901242087405649972?ref_src=twsrc%5Etfw">March 16, 2025</a></blockquote>
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On-chain data shows that 104.14 trillion SHIB ($1.27 billion) is now &#8220;in the money&#8221;, indicating profitable investments for many. However, a staggering 846.99 trillion SHIB remains "out of the money," signifying losses for a large number of holders.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/02/43768843/shiba-inu-coin-burns-over-58-million-tokens-as-weekly-price-increases">Shiba Inu Coin Burns Over 58 Million Tokens As Weekly Price Increases</a>
As of the time of reporting, SHIB is trading at $0.00001215, with a market cap of $7.16 billion and a 24-hour trading volume exceeding $200 million. 
The development team of Shiba Inu is also expanding its ecosystem, with the marketing lead announcing Shib OS, a decentralized governance platform, on March 13.
Why It Matters: The sudden surge in Shiba Inu&#8217;s burn rate and the removal of a significant number of tokens from circulation could potentially impact the token&#8217;s price. 
The increase in daily transactions on Shibarium and the growth in daily active addresses indicate a heightened activity around SHIB. However, with a large amount of SHIB still "out of the money," the future price action of SHIB remains uncertain. 
Read Next
<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42935252/shiba-inu-burns-skyrocket-by-300-amid-calls-for-larger-burns-from-shib-army" target="_blank" rel="noreferrer noopener">Shiba Inu Burns Skyrocket by 300% Amid Calls for Larger Burns From SHIB Army</a>

$SHIB

Shiba Inu's Burn Rate Soars, Removing 505 Million Tokens From Circulation

Former NBA superstar Allen Iverson is taking a swing at the golf industry. Iverson, who once lost a $200 million fortune, is now attempting to rebuild his wealth through a venture into golf. 
What Happened: This new endeavor is in partnership with sportswear giant Reebok and fellow NBA legend Shaquille O'Neal. Iverson, who amassed $155 million during his 17-year NBA career, found himself filing for bankruptcy in 2012. 
His financial downfall was a result of excessive spending on luxury cars, jewelry, and extravagant nights out, reports <a href="https://talksport.com/basketball/2085310/allen-iverson-net-worth-reebok-golf-shaquille-oneal/">the </a>Talksport. 
However, Iverson&#8217;s financial prospects improved significantly after striking a deal with Reebok. This partnership guarantees him an annual income of $800,000 and a $32 million trust fund when he turns 55. 
In 2020, he took on the role of vice-president of the basketball division at Reebok, working under NBA icon, Shaquille O'Neal.
Also Read: <a href="https://www.benzinga.com/general/sports/25/03/44209990/nba-legend-shaqs-walmart-shopping-spree-ends-in-credit-card-decline-heres-how-much-he-tried-to-spend">NBA Legend Shaq&#8217;s Walmart Shopping Spree Ends In Credit Card Decline—Here&#8217;s How Much He Tried To Spend</a>
In addition to this, Iverson has ventured into the cannabis industry, launching his own strain in collaboration with ex-NBA star Al Harrington, founder of cannabis company Viola. 
Despite his previous financial struggles, Iverson&#8217;s net worth is now estimated at $1 million.
Why It Matters: Reebok, which was bought by Authentic Brands Group in 2021 for approximately $2.5 billion, is now launching a golf range. 
The new line features the Question Golf, a shoe that pays homage to Iverson and his basketball silhouette. This venture into golf represents a significant shift for Iverson, who is best known for his achievements on the basketball court. 
It also signifies a strategic move by Reebok to diversify its product offerings and tap into the lucrative golf market.
Read Next
<a href="https://www.benzinga.com/general/sports/24/12/42500103/shaquille-oneals-250k-accidental-investment-turns-into-a-fortune-after-business-booms" target="_blank" rel="noreferrer noopener">Shaquille O'Neal's $250K ‘Accidental' Investment Turns Into A Fortune After Business Booms</a>

'I Blew $200M On Cars And Parties—Now I'm Back As A Millionaire With Shaq's $2.5B Brand,' Says Former NBA Superstar Allen Iverson

Billionaire investor&nbsp;Mark Cuban&nbsp;emphasized the significance of trusting one&#8217;s instincts, particularly for small business owners, as a key to achieving success.
What Happened: During a recent interview, Cuban highlighted the necessity for entrepreneurs to stay focused on their personal objectives and disregard irrelevant advice. 
At 66, Cuban cautioned entrepreneurs against being influenced by diverse ideas that could potentially overshadow a promising opportunity. 
He recommended selling to customers rather than being sold to by them. However, he also underscored the value of customer feedback, especially when a product or service does not meet expectations.
"When you're just getting started in a small business, it's easy to drown an opportunity if you let yourself get pulled by different ideas. People tell you, ‘Oh I love your product, but I would buy more if you only did this or if you change just one little thing.' You have to sell to them versus them selling to you," Cuban <a href="https://www.cnbc.com/2025/03/14/billionaire-mark-cuban-you-need-this-personality-trait-to-be-successful.html">told</a> CNBC.
Also Read: <a href="https://www.benzinga.com/tech/25/03/44067809/mark-cuban-shares-two-things-hed-do-at-12-to-succeed-and-they-work-for-everyone">Mark Cuban Shares Two Things He&#8217;d Do At 12 To Succeed — And They Work For Everyone</a>
Cuban suggested that sales figures are a reliable measure of a business&#8217;s trajectory.&nbsp;&#8220;When you see there&#8217;s no&nbsp;money coming in,&#8221; that&#8217;s an indication to modify strategies, he advised.
Cuban also shared his personal journey of confidence-building, a characteristic he believes is not inherently present in everyone. He developed his confidence by learning to dance, an activity that&nbsp;made him feel competent and&nbsp;capable of acquiring new skills.
Why It Matters: Cuban&#8217;s advice comes at a time when many small businesses are struggling to navigate the challenges of the market. 
His emphasis on trusting one&#8217;s instincts, focusing on personal goals, and the importance of customer feedback provide valuable insights for entrepreneurs. 
His personal journey of building confidence also serves as an inspiration for many who are in the process of developing their own businesses.
Read Next
<a href="https://www.benzinga.com/news/25/02/43581429/mark-cubans-400k-bet-on-teen-founder-comes-with-an-unexpected-invitation-i-want-my-daughters-to-meet-you-and-learn-from-you" target="_blank" rel="noreferrer noopener">Mark Cuban's $400K Bet On Teen Founder Comes With An Unexpected Invitation: ‘I Want My Daughters To Meet You, And Learn From You'</a>

Success Stories

Mark Cuban Reveals the Key Personality Trait You Need to Succeed

<h2 class="wp-block-heading">Man Sentenced To 78 Months In Prison For Tax Crimes, Investment Fraud</h2>
Rick Tariq Rahim of Great Falls, Virginia <a href="https://www.justice.gov/opa/pr/virginia-businessman-sentenced-tax-and-investment-fraud">was sentenced</a> on Friday to 78 months in prison for tax crimes and a wire <a href="https://www.benzinga.com/government/regulations/25/02/43903335/financial-crime-weekly-1-4-billion-ethereum-stolen-in-largest-crypto-hack-ever-sec-creates-cyber-and-emerging-technologies-unit">fraud scheme.&nbsp;</a>
Rahim owned multiple businesses, including laser tag facilities and an Amazon reseller, failed to pay the IRS taxes withheld from employees' wages and neglected to file quarterly employment tax returns from 2015 to 2021.&nbsp;
Read Next: <a href="https://www.benzinga.com/government/regulations/25/03/44310724/doge-cuts-to-ftc-sow-confusion-in-case-against-amazon">DOGE Cuts To FTC Sow Confusion In Case Against Amazon</a>&nbsp;
Additionally, between 2010 and 2012, he filed personal tax returns showing significant liabilities but did not pay the owed amounts. Rahim provided false information to the IRS, omitting assets such as a helicopter, luxury cars –including a Bentley and Lamborghini– and real estate. Shortly after, he transferred ownership of his Great Falls property to his wife.
Despite earning over $34 million in gross income since 2012, Rahim has not filed a personal tax return during that period, causing the IRS at least $4.4 million in losses.
Rahim also defrauded investors through automated trading bots marketed on social media platforms like TikTok, YouTube, and Discord. He falsely claimed to beat the stock market daily and promised high returns while showcasing his wealth with luxury items and properties.&nbsp;
However, he concealed trading losses exceeding $500,000 from February 2021 to December 2022. He earned at least $1.4 million in subscription fees, but lost over $300,000 of clients' funds within eight months.
As part of his sentence, Rahim agreed to forfeit over $1.3 million and pay restitution to both the IRS and victims of his investment fraud.
<h2 class="wp-block-heading">Woman Convicted Of $20 Million Insurance Fraud, Money Laundering </h2>
A federal jury on Tuesday convicted Maureen Wilson of Owings Mills, Maryland, for her involvement in a massive insurance fraud scheme. Wilson was found guilty of conspiracy to commit insurance fraud, wire fraud, money laundering and filing <a href="https://www.justice.gov/opa/pr/maryland-woman-convicted-20m-insurance-fraud-scheme">false tax returns</a>.
The evidence presented at trial revealed that Wilson and her husband, James Wilson, orchestrated a complex fraud operation involving over 40 life insurance policies with total death benefits exceeding $20 million. They misrepresented applicants&#8217; health, wealth and existing life insurance coverage to obtain these policies fraudulently.
To further their scheme, the Wilsons defrauded individual investors to secure funds for paying premiums on the fraudulently obtained life insurance policies. They attempted to conceal their illicit gains by transferring money through multiple bank accounts, including trust accounts.
Wilson also filed false individual income tax returns for 2018 and 2019, failing to report approximately $5.7 million and $2 million in fraudulent income, respectively.
The jury convicted Wilson on multiple charges, including conspiracy to commit mail and wire fraud, mail fraud, wire fraud, conspiracy to commit money laundering, money laundering and filing false tax returns.
Sentencing is scheduled for June 20, where Wilson faces a maximum penalty of 20 years in prison for each count of conspiracy, wire fraud, mail fraud and money laundering, as well as up to three years for each count of filing a false tax return.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/large-cap/25/03/44253259/uncertainty-rocks-the-trump-trade-how-maga-seven-stocks-look-now">Uncertainty Rocks The Trump Trade: How &#8216;MAGA Seven&#8217; Stocks Look Now</a></li>
</ul>
Image: Shutterstock&nbsp;

Legal

Financial Crime Weekly: Man Sentenced To 78 Months For Investment Scheme, Woman Convicted Of $20 Million Insurance Fraud

A man with apparent animosity towards Elon Musk was captured on camera vandalizing&nbsp;a Cybertruck in New York&nbsp;City. The perpetrator, identified as Michael Lewis, was later apprehended by the police.
What Happened: Lewis was spotted defacing a Cybertruck with a swastika. The vehicle was parked on Washington Avenue in Prospect Heights, Brooklyn. Avi Ben Hamo, the vehicle&#8217;s owner, witnessed the act from the other side of the street.
Following the act of vandalism, Lewis tried to escape but was intercepted by Ben Hamo, who had dialed 911. Lewis deserted his car and fled on foot, only to return an hour and a half later to collect his vehicle. Upon his return, he was arrested by the police, <a href="https://nypost.com/2025/03/15/us-news/deranged-anti-elon-musk-dad-scrawls-swastika-on-nyc-cybertruck-in-broad-daylight/">reports</a> The New York Post.
Lewis was initially charged with aggravated harassment. However, his attorney, Mark Luccarelli, contended that no crime was committed as the vehicle was not damaged.
"I feel myself burning inside," Ben Hamo said.
Also Read: <a href="https://www.benzinga.com/news/24/09/40971831/putin-ally-who-unveiled-tesla-cybertruck-with-machine-gun-last-month-now-says-elon-musk-remotely-dis">Putin Ally Who Unveiled Tesla Cybertruck With Machine Gun Last Month Now Says Elon Musk &#8216;Remotely Disabled&#8217; The Militarized EV</a>
The Brooklyn district attorney subsequently released Lewis without pressing charges. This event is not an isolated incident but part of a series of recent&nbsp;attacks on Tesla vehicles and&nbsp;infrastructure. 
These attacks are believed to be the work of left-wing groups protesting against spending cuts implemented by Musk&#8217;s Department of Government Efficiency. The New York Post has identified at least five groups responsible for these attacks.
The vandalized Cybertruck is the third vehicle to be targeted&nbsp;in New York City in&nbsp;recent days. Other incidents include a Cybertruck being&nbsp;egged and smeared with dog&nbsp;feces, and street signs in Williamsburg encouraging similar acts of vandalism.
Read Next
<a href="https://www.benzinga.com/markets/25/03/44346155/trumps-tesla-shoutout-falls-flat-no-spike-in-orders-or-inventory-movement">Trump&#8217;s Tesla Shoutout Falls Flat — No Spike in Orders or Inventory Movement</a>

Anti-Musk Protester Vandalizes Tesla Cybertruck With Swastika, Shocking Jewish Owner

Business magnate Mark Cuban has imparted some crucial advice to the Gen Z workforce. He underscored the significance of gaining knowledge in artificial intelligence (AI).
What Happened: While addressing the audience at SXSW last week, Cuban shared insights from his past failures and how they molded him into a successful entrepreneur. 
He <a href="https://www.youtube.com/watch?v=vkJfCMycJRk">stated </a>that if he were to start his journey today, his primary focus would be AI. Cuban emphasized that grasping AI and educating others about it could unlock numerous business prospects.
"If I was 16, 18, 20, 21 starting today, I would spend every waking minute learning about AI," Cuban said at SXSW. "Even if I am sleeping, I am listening to podcasts talking about AI," Cuban said. 
Cuban&#8217;s proposed strategy for Gen Z is to familiarize themselves with NotebookLM, an AI tool, and introduce it to small businesses, offering demonstrations at a rate of $25 per hour. He is of the opinion that those who dedicate time to learning AI will outshine in their respective fields.
A staunch supporter of AI, Cuban cautioned that those who do not adopt AI will be left behind. He clarified that AI is a tool, not the solution, and it can be utilized to augment existing skills.
Also Read: <a href="https://www.benzinga.com/news/25/02/43581429/mark-cubans-400k-bet-on-teen-founder-comes-with-an-unexpected-invitation-i-want-my-daughters-to-meet-you-and-learn-from-you" target="_blank" rel="noreferrer noopener">Mark Cuban's $400K Bet On Teen Founder Comes With An Unexpected Invitation: ‘I Want My Daughters To Meet You, And Learn From You'</a>
Cuban said, &#8220;It's up to you to stay ahead of the game and figure out how the technology can transform a business need: "When you run with the elephants, there's the quick and the dead. You've got to be better."
"AI is never the answer. AI is a tool. Whatever skills you have, you can use AI to amplify them," he added.
Furthermore, Cuban highlighted the significance of having the right attitude in entrepreneurship. He values curiosity and the zeal to innovate. He urged entrepreneurs to perceive their product or service as a public service and emphasized that failure is a stepping stone to success.
&#8220;While failing many times is sometimes inevitable in entrepreneurship, getting back up is the pathway to success. It doesn't matter how many times you fail," Cuban said. "You only have to be right one time," Cuban said. 
Why It Matters: AI has been making waves in the business world, and Cuban&#8217;s advice comes at a time when the technology is increasingly being adopted across various industries. His emphasis on AI is a testament to its growing importance in the future of work. 
With AI tools like NotebookLM, Gen Z can equip themselves with the skills needed to thrive in the evolving business landscape. Cuban&#8217;s advice could potentially guide Gen Z in carving out successful careers and staying ahead of the curve.
Read Next
<a href="https://www.benzinga.com/tech/25/03/44067809/mark-cuban-shares-two-things-hed-do-at-12-to-succeed-and-they-work-for-everyone">Mark Cuban Shares Two Things He&#8217;d Do At 12 To Succeed — And They Work For Everyone</a>

Mark Cuban Reveals What He'd Do As A Gen Zer to Get Ahead—Even While Sleeping: 'If I Was 16, 18, 20, 21 Starting Today, I Would Spend Every Waking Minute Learning It'

Elon Musk and OpenAI CEO Sam Altman have decided to speed up their ongoing legal battle concerning OpenAI&#8217;s shift to a for-profit model. The trial is set <a href="https://www.benzinga.com/news/24/03/37766544/elon-musk-is-feuding-with-sam-altman-in-a-major-lawsuit-over-openai-and-one-appears-to-already-have">to take place in December.</a>
What Happened: The two parties have reached a consensus to expedite the trial amidst their legal wrangling. In a court document filed on Friday, Elon Musk and OpenAI proposed to fast-track the trial for their dispute and postpone the decision on whether a jury will be involved in the case.
Musk, who co-founded OpenAI, has been at odds with the company since his departure from its board in 2018. 
He formally instigated the dispute last year by suing OpenAI in a California state court, claiming that the company had &#8220;betrayed&#8221; its mission by introducing a for-profit arm in 2019 and strengthening its alliance with Microsoft in 2023.
Also Read: <a href="https://www.benzinga.com/tech/25/03/44066117/elon-musk-battles-openai-over-move-to-for-profit-model-and-experts-are-pushing-back">Elon Musk Battles OpenAI Over Move To For-Profit Model — And Experts Are Pushing Back</a>
Earlier this month, US District Judge Yvonne Gonzalez Rogers denied Musk&#8217;s request for an injunction on OpenAI&#8217;s restructuring, but agreed to fast-track the trial over &#8220;interrelated contract-based claims&#8221;. OpenAI, for its part, has expressed satisfaction with the decision and is eager to present its case in court.
In February, Musk also made a $97.4 billion acquisition offer for the company, which was promptly turned down by OpenAI CEO Sam Altman.
Why It Matters: This legal dispute is a significant development in the AI industry, as it involves two major players, Elon Musk and OpenAI. 
The outcome of this case could potentially influence the future direction of AI companies and their decision to transition to a for-profit model. Furthermore, the trial&#8217;s expedited timeline indicates the urgency and importance attached to this case by both parties. 
The legal battle also underscores the ongoing tension between Musk and OpenAI, which could have far-reaching implications for their respective roles in the AI sector.
Read Next
<a href="https://www.benzinga.com/tech/24/12/42257564/musk-goes-to-court-to-block-openais-for-profit-transition" target="_blank" rel="noreferrer noopener">Musk Goes To Court To Block OpenAI's For-Profit Transition</a>

Elon Musk And Sam Altman Just Agreed On One Thing—And No, It's Not A Business Deal

The TON (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) token has witnessed a significant surge in value, following the recovery of Telegram founder Pavel Durov&#8216;s passport from French authorities.
What Happened: The price of TON has escalated by over 20%, trading above $3.45 and boasting a market capitalization of $8.14 billion. This price hike coincides with the return of Durov&#8217;s passport by French authorities.
The TON Foundation, the organization supporting the Telegram Open Network (TON), voiced its support for Durov on social media. The foundation commended Durov&#8217;s steadfast commitment to upholding online free speech and privacy rights.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">TON Foundation Celebrates Pavel Durov&#39;s Passport Return TON Foundation is delighted to learn that Pavel Durov&#39;s passport has been returned to him by French authorities, granting him the freedom to leave the country at his discretion. This news marks a significant moment of… <a href="https://t.co/KkNG7UnJBg">pic.twitter.com/KkNG7UnJBg</a>
&mdash; TON &#x1f48e; (@ton_blockchain) <a href="https://twitter.com/ton_blockchain/status/1900923518281543959?ref_src=twsrc%5Etfw">March 15, 2025</a></blockquote>
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The value of TON has also been positively influenced by the introduction of new features to the Wallet app on Telegram. These enhancements include multiple assets, a yield program, an updated user interface, and more.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42312553/telegram-related-ton-crypto-secures-20-million-raise-from-pantera-capital-down-13-from-all-time-high">Telegram-Related TON Crypto Secures $20 Million Raise From Pantera Capital</a>
Why It Matters: The return of Durov&#8217;s passport and the subsequent rise in TON&#8217;s value underscore the influence of Durov&#8217;s leadership on the cryptocurrency&#8217;s market performance. 
His commitment to privacy and free speech, as well as the introduction of new features to the Wallet app, have bolstered investor confidence, leading to a surge in TON&#8217;s market capitalization.
Read Next
<a href="https://www.benzinga.com/news/24/11/42154443/we-want-to-build-platform-that-allows-us-to-find-consensus-in-community-opinion-says-tons-jack-booth">We Want To Build Platform That Allows Us To Find Consensus In Community Opinion, Says TON Society&#8217;s Jack Booth</a>

$TON

TON Token Value Soars 20% As Telegram Founder Pavel Durov Regains Passport From French Authorities

Recent Internal Revenue Service data reveals that tax refunds are <a href="https://www.benzinga.com/25/03/44295365/trump-wants-no-tax-for-anybody-making-less-than-150000-a-year-says-howard-lutnick-thats-what-im-working-for">substantially larger this year</a>, even though fewer Americans are filing early returns.
According to a Detroit Free Press <a href="https://www.freep.com/story/money/taxes/2025/03/13/irs-receiving-fewer-early-returns/82303587007/" target="_blank" rel="noreferrer noopener">report</a>, this shift presents a valuable opportunity for tax professionals to guide clients through changing tax dynamics.
Larger Refunds for Early Filers
As of Feb. 21, the average federal income tax refund rose to $3,453 — a 7.5% increase from the previous year, <a href="https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-feb-21-2025" target="_blank" rel="noreferrer noopener">according to the IRS</a>. The IRS has distributed over $102.2 billion in refunds so far, marking a 10% increase over the same period in 2024.
See Also: <a href="https://www.benzinga.com/money/how-to-file-your-own-taxes">A Beginner's Guide: How to File Your Own Taxes in 2025</a>
Decline in Early Filing Numbers
Despite larger refunds, early tax filings have dropped by 4.2% compared to 2024, according to IRS data. This decrease affects both professionally-prepared returns (down 5%) and self-prepared submissions (down 3.3%).
New 1099-K Reporting Requirements
The IRS has lowered the 1099-K reporting threshold to $5,000 (previously $20,000), adding complexity for individuals with side hustles or online sales (IRS, 2025). This change has created confusion among taxpayers, especially regarding the distinction between business income and personal item sales.
Tax professionals should educate clients on accurately reporting these transactions to avoid potential penalties.
IRS Staffing Cuts and Potential Delays
The IRS recently announced the layoff of over 6,000 employees. This staffing reduction raises concerns about slower processing times.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/personal-finance/25/02/43975331/warren-buffett-paid-5-billion-in-taxes-and-says-if-800-other-companies-paid-their-share-no-one-else-would-have-to-pay-a-dime">Warren Buffett: If 800 Other Companies Paid Their Share In Taxes, No One Else Would Have To &#8216;Pay A Dime&#8217;</a></li>
</ul>
Image: Shutterstock

Financial Advisors

Average Tax Refunds Increase In 2025 Despite Fewer Early Filers

The escalating trade tensions between the U.S. and its key trading partners are creating fresh <a target="_blank" href="https://www.benzinga.com/news/econ-s/25/03/44262286/tariff-uncertainty-poses-major-risk-to-us-automakers-how-much-could-ford-gm-earnings-fall" rel="noreferrer noopener">concerns for the automotive industry</a>.
Goldman Sachs analyst warns tariffs pose a significant downside earnings risk for U.S. automakers and industrial tech companies, with potential reductions in vehicle production and rising costs for imported parts.
The U.S.&nbsp;Environmental Protection Agency&nbsp;(EPA) announced on Wednesday that it is starting the process to reverse dozens of Biden administration rules,<a target="_blank" href="https://www.benzinga.com/25/03/44295619/epa-targets-bidens-climate-policies-starts-process-to-reverse-passenger-vehicle-truck-emission-rules" rel="noreferrer noopener"> including vehicle emissions standards</a>.
The Federal Trade Commission requested a delay in its trial against&nbsp;Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), citing resource constraints due to recent cuts by the <a target="_blank" href="https://www.benzinga.com/government/regulations/25/03/44310724/doge-cuts-to-ftc-sow-confusion-in-case-against-amazon" rel="noreferrer noopener">Department of Government Efficiency</a>.
U.S. President&nbsp;Donald Trump&nbsp;has indicated that&nbsp;Meta Platforms&nbsp;Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) could invest up to $60 billion in the <a target="_blank" href="https://www.benzinga.com/markets/25/03/44323127/trump-suggests-meta-may-invest-up-to-60-billion-in-the-us-by-the-end-of-2025" rel="noreferrer noopener">United States by the end of the year</a>.
Earnings
SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) reported fourth-quarter revenue of $225.5 million, beating the&nbsp;consensus estimate of $222.25 million and adjusted earnings of four cents per share, beating<a target="_blank" href="https://www.benzinga.com/news/earnings/25/03/44291341/sentinelone-q4-earnings-revenue-beat-eps-beat-shares-sink-on-soft-guidance" rel="noreferrer noopener"> estimates of one cent per share</a>.
UiPath, Inc. reported fourth-quarter&nbsp;earnings of&nbsp;nine&nbsp;cents per share, which beat the analyst consensus estimate of&nbsp;three&nbsp;cents and revenue of $424 million missed the <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/25/03/44311004/uipath-stock-down-faces-caution-despite-margin-gains-analyst-doubtful-about-companys-ai-transition-capability" rel="noreferrer noopener">consensus estimate of&nbsp;$425.36 million</a>.
Blink Charging (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) reported fourth-quarter&nbsp;losses of&nbsp;15 cents&nbsp;per share, which beat the consensus for losses of 17 cents, and revenue of $30.18 million missed the <a target="_blank" href="https://www.benzinga.com/news/earnings/25/03/44318350/blink-charging-shares-up-slightly-after-q4-results-heres-why" rel="noreferrer noopener">analyst consensus estimate of&nbsp;$30.52 million</a>.
Rubrik (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>) reported fourth-quarter&nbsp;losses of&nbsp;61 cents per share, which beat the analyst consensus estimate for losses of 80 cents and revenue of $258.1 million beat the analyst <a target="_blank" href="https://www.benzinga.com/news/earnings/25/03/44317342/rubrik-stock-climbs-after-strong-q4-results-q1-guidance-above-estimates" rel="noreferrer noopener">consensus estimate of&nbsp;$233.1 million</a>.
Technology
Tech billionaire and venture capitalist&nbsp;Peter Thiel is considering writing a book about ancient prophecies, the Antichrist, and Armageddon—and he believes we're ignoring what may be the most dangerous threat of all: the rise of global<a target="_blank" href="https://www.benzinga.com/tech/25/03/44238979/palantir-cofounder-peter-thiel-might-write-a-book-about-ancient-prophecies-the-antichrist-and-armageddon-he-thinks-were-ignoring-the-real-threat" rel="noreferrer noopener"> authoritarianism disguised as peace</a>.
NVIDIA Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) teamed up with&nbsp;Microsoft Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to introduce neural shading support in the&nbsp;<a target="_blank" href="https://www.benzinga.com/25/03/44305160/revolutionizing-gaming-nvidia-and-microsofts-neural-shading-brings-ai-to-graphics" rel="noreferrer noopener">Microsoft DirectX preview for April</a>.
Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is eyeing the production of an affordable version of its popular&nbsp;Model Y in Shanghai. The company plans to commercialize in 2026 at its Shanghai <a target="_blank" href="https://www.benzinga.com/government/regulations/25/03/44330619/tesla-bets-on-low-cost-evs-in-china-after-february-sales-hit-two-year-low" rel="noreferrer noopener">Gigafactory for its China market.</a>
SpaceX's&nbsp;Crew-10 astronaut launch for&nbsp;NASA&nbsp;was postponed due to a hydraulics glitch. The&nbsp;Elon Musk-led rocket manufacturing company has <a target="_blank" href="https://www.benzinga.com/25/03/44296357/spacex-crew-10-astronaut-launch-to-bring-back-stuck-astronauts-delayed-due-to-hydraulics-issue-says-nasa" rel="noreferrer noopener">rescheduled the mission for Friday, March 14</a>.
Alphabet Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) Google&nbsp;is doubling down with a possible $115 million acquisition of eye-tracking <a target="_blank" href="https://www.benzinga.com/25/03/44267530/while-apple-reportedly-mulls-over-ar-glasses-google-bets-big-on-eye-tracking-tech-with-115-million-adhawk-acquisition-report" rel="noreferrer noopener">startup&nbsp;</a><a target="_blank" href="https://www.benzinga.com/25/03/44267530/while-apple-reportedly-mulls-over-ar-glasses-google-bets-big-on-eye-tracking-tech-with-115-million-adhawk-acquisition-report" rel="noreferrer noopener">AdHawk Microsystems</a>.
Meta&nbsp;won an emergency legal ruling to block the promotion of a memoir written by a&nbsp;former high-ranking employee&nbsp;who claims the company ignored sexual harassment complaints and quietly <a target="_blank" href="https://www.benzinga.com/25/03/44294128/meta-silences-whistleblower-who-worked-with-mark-zuckerberg-and-sheryl-sandberg-book-alleges-harassment-and-shady-china-strategy" rel="noreferrer noopener">built censorship tools for China</a>.
Gaming
Nintendo Co., Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NTDOY#OTC">NTDOY</a>) went all out for&nbsp;MAR10 Day&nbsp;this year, unveiling a packed celebration full of game discounts,<a target="_blank" href="https://www.benzinga.com/25/03/44212558/nintendos-mar10-day-bash-includes-a-349-switch-bundle-trip-to-super-nintendo-world-and-alarm-clocks-that-talk-back-heres-what-you-need-to-know" rel="noreferrer noopener"> travel sweepstakes, and more</a>.
Smartphones
Apple Inc.&#8217;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) services chief&nbsp;Eddy Cue&nbsp;shared insights into&nbsp;Apple TV+&#8217;s&nbsp;selective content strategy while praising the global success of "Severance,&#8221; calling it one of the most culturally<a target="_blank" href="https://www.benzinga.com/general/entertainment/25/03/44212936/eddy-cue-praises-severance-for-breaking-through-the-noise-globally-says-apple-tv-isnt-going-to-throw-20-shows-on-the-wall-hoping-one-will-stick" rel="noreferrer noopener"> impactful shows of recent years</a>.
Apple is preparing for what&nbsp;Mark Gurman&nbsp;described as "one of the most dramatic software overhauls" in the iPhone maker's history, with iOS 19 set to transform the <a target="_blank" href="https://www.benzinga.com/markets/equities/25/03/44240980/iphones-after-ios-19-will-feature-a-very-different-look-heres-whats-apple-might-change" rel="noreferrer noopener">smartphone's interface later in 2025</a>.
On March 11,&nbsp;Nothing&nbsp;will begin shipping its new&nbsp;Phone&nbsp;(3a) series, offering premium features under $500—but with a few trade-offs that <a target="_blank" href="https://www.benzinga.com/25/03/44214865/nothing-launches-phone-3a-and-3a-pro-with-flagship-specs-under-500shipping-starts-march-11-but-no-wireless-charging-or-ip68-rating" rel="noreferrer noopener">budget buyers should consider</a>.
Samsung Electronics Co.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) has reassured fans that the beloved&nbsp;S Pen&nbsp;isn&#8217;t going away, even though its absence from major product <a target="_blank" href="https://www.benzinga.com/media/25/03/44268878/samsung-says-s-pen-isnt-going-anywhere-but-if-thats-true-why-did-it-disappear-from-the-galaxy-s25-ultra-launch" rel="noreferrer noopener">announcements stirred some doubts</a>.
Artificial Intelligence
As China&#8217;s AI race accelerates, the viral autonomous agent&nbsp;Manus AI&nbsp;has partnered with&nbsp;Alibaba Group Holding Ltd&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) Qwen&nbsp;team to develop a localized <a target="_blank" href="https://www.benzinga.com/25/03/44267707/chinas-viral-ai-agent-manus-which-is-being-compared-with-deepseek-taps-alibabas-qwen-for-local-expansion-heres-what-you-need-to-know" rel="noreferrer noopener">version tailored for Chinese users</a>.
China&#8217;s&nbsp;Manus AI&nbsp;is being hyped as the next big leap in agentic AI—maybe even a &#8220;DeepSeek moment&#8221;—but early testers say the platform <a target="_blank" href="https://www.benzinga.com/media/25/03/44214424/move-over-deepseek-not-so-fast-chinas-manus-ai-goes-viral-but-early-users-say-it-crashes-loops-and-fumbles-the-basics" rel="noreferrer noopener">might be more sizzle than substance</a>.
OpenAI&nbsp;CEO&nbsp;Sam Altman&nbsp;spoke candidly at a private Morgan Stanley event, revealing what he believes investors are still <a target="_blank" href="https://www.benzinga.com/25/03/44297444/sam-altman-warns-ai-will-be-deflationary-but-says-openais-biggest-constraint-isnt-data-or-demand-its-gpus" rel="noreferrer noopener">underestimating about artificial intelligence</a>.

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Defense Secretary Pete Hegseth has directed a review of military standards related to physical fitness and appearance, signaling potential changes to recent policies designed to increase diversity and inclusion.
The review, <a href="https://media.defense.gov/2025/Mar/12/2003666182/-1/-1/1/RAPID-FORCE-WIDE-REVIEW-OF-MILITARY-STANDARDS-OSD001952-25-RES-FINAL.PDF" target="_blank" rel="noreferrer noopener">ordered</a> late Wednesday in a memo, focuses on physical fitness, body composition, and grooming guidelines, including beard policies across all military services.
&#8220;We must remain vigilant in maintaining the standards that enable the men and women of our military to protect the American people and our homeland as the world&#8217;s most lethal and effective fighting force,&#8221; the memo read.
Hegseth&#8217;s directive to the Under Secretary of Defense for Personnel and Readiness aims to examine the evolution of these standards since January 2015, when the military opened all combat roles to women, The Hill <a target="_blank" href="https://thehill.com/policy/defense/5196183-military-standards-review/?tbref=hp" rel="noreferrer noopener">reports</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/03/44346571/trade-war-may-boost-airbus-over-boeing-aercap-ceo-says-no-ones-going-to-want-to-pay-that" rel="noreferrer noopener">Trade War May Boost Airbus Over Boeing — AerCap CEO Says &#8216;No One&#8217;s Going To Want To Pay That&#8217;</a>
The memo highlights concerns about maintaining high standards that ensure military readiness and effectiveness.
Hegseth&#8217;s recent statements suggest a desire to tighten standards, particularly in response to what he claims are loosened requirements for physical fitness and body composition to meet diversity quotas.
He has previously criticized changes, such as higher body fat limits for recruits, and questioned the inclusion of women in combat roles, although he later pledged to ensure women have equal access to these positions as long as standards remain high.
The review will also likely address changes in grooming policies, including relaxed rules on hairstyles and appearance, aimed at accommodating diverse service members, particularly those in the Army.
The outcome of the review could result in stricter regulations across the military.
&#8220;Our adversaries are not growing weaker, and our tasks are not growing less challenging. This review will illuminate how the Department has maintained the level of standards required over the recent past and the trajectory of any change in those standards,&#8221; the memo added.
Read Next:
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Image: Shutterstock

General

Pentagon Orders Review of Fitness and Grooming Standards

In a world of ever-changing investment landscapes, the enduring wisdom of the late investment expert and Warren Buffett&#8216;s partner, Charlie Munger, continues to guide investors towards better investment results.
What Happened: Munger&#8217;s investment philosophy, which focused on capitalizing on market inefficiencies and steering clear of common mistakes that often ensnare investors. Munger&#8217;s belief was that wealth accumulation was not solely about making astute investment choices, but also about evading errors that could diminish wealth.
Munger warned about the dangers of emotional decision-making, a frequent obstacle in investing. He stressed the significance of a logical approach to business and investing, urging investors to cultivate a disciplined, rational mindset towards their financial choices.
"A great business at a fair price is superior to a fair business at a great price. If you're not willing to react with equanimity to a market price decline of 50% two or three times a century, you're not fit to be a common shareholder, and you deserve the mediocre result you're going to get," Munger said during an <a href="https://www.youtube.com/watch?v=ytGa7WR_UmI">interview</a>.  
Munger also cautioned investors about the perils of market timing. He was of the opinion that a steady presence in the market usually outperforms efforts to time market entries and exits. He championed a buy-and-hold strategy, highlighting the strength of patience and long-term vision in investing.
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>
Finally, Munger emphasized the importance of achieving the right balance in diversification. He warned against both over-diversification and under-diversification, advocating for a balanced approach that is adapted to individual situations.
&#8220;Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results," he said. 
He was convinced that identifying the right degree of diversification could potentially improve risk-adjusted returns and construct a more robust portfolio.
Why It Matters: Munger&#8217;s advice remains relevant in today&#8217;s volatile investment environment. His emphasis on rational decision-making, consistent market presence, and balanced diversification provides a roadmap for investors navigating the complexities of the market. 
His wisdom serves as a reminder that avoiding common investment pitfalls is as crucial as making smart investment decisions for wealth creation.
Read Next
<a href="https://www.benzinga.com/news/25/01/43219503/charlie-mungers-three-investment-lessons-buy-wonderful-businesses-at-fair-prices-big-money-isnt-in-buying-or-selling-its-in-waiting-good-businesses-are-ethical-businesses" target="_blank" rel="noreferrer noopener">Charlie Munger's Three Investment Lessons: ‘Buy Wonderful Businesses At Fair Prices, Big Money Isn't In Buying Or Selling-It's In Waiting, Good Businesses Are Ethical Businesses'</a>

Charlie Munger's Timeless Investment Advice: Sidestep These Three Common Missteps

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