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Forbes' billionaires list is out, and several Minnesotans are on it – Star Tribune

Homegrown Minnesota companies Cargill, Best Buy, Taylor Corp. and Hubbard Broadcasting fueled the fortunes for several people on Forbes’ billionaires list for 2022.

The richest of the 2,668 billionaires on the list is Elon Musk, who was worth $219 billion at the end of last year. Overall, the billionaires on the list are worth $12.7 trillion, down $400 billion from 2020.

A dozen heirs of W.W. Cargill — who began the global agricultural firm based in Minnetonka and is America’s largest private company — are on the list. The family still owns 90% of the company.

The richest of the heirs, according to Forbes, is Pauline MacMillan Keinath, whose holdings gained in value from $6.4 billion in 2020 to $8.8 billion in 2021. She lives in St. Louis.
Another heir, Gwendolyn Sontheim Meyer, saw the value of her holdings increase from $4 billion to $5.5 billion over the year. She lives in California.

James Cargill II, who lives in Birchwood, Wis., has holdings that increased in value from $3.6 billion to $5.3 billion, according to Forbes.

Martha MacMillan, who lives in Orono, and John MacMillan, who lives in Plymouth, each are worth $1.6 billion, up from $1.1 billion.

Richard Schulze, the founder of Best Buy, still owns an 11% stake in the Richfield-based consumer electronics chain. Schulze, who now lives in Florida, is worth $4.3 billion, down from $4.7 billion in 2020.

Glen Taylor, who lives in Mankato and owns Taylor Corp., saw his holdings decrease in value from $2.9 billion to $2.5 billion. He also is co-owner of the Minnesota Timberwolves and Lynx professional basketball teams and owner of the Star Tribune.

Stanley Hubbard, CEO of Hubbard Broadcasting, is now worth $1.8 billion, down from $1.9 billion in 2020. Hubbard Broadcasting owns 13 television stations, 45 radio stations and Reelz cable and streaming network.

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A 12-Week Money Course Helped Me Raise My Net Worth

“I am here. I am capable. I am wealthy.”
So goes the benediction at the start of every Factora Wealth Circle meeting, held over Zoom since the pandemic but headquartered in Austin. Factora, a women-led company that teaches personal finance in a tangible way, hosts Wealth Circle, a live, online course and community, for 12 weeks, twice a year. Sessions meet every other week on Wednesday nights, with homework in between.

I decided to attend earlier this year after a fellow writer from grad school tipped me off to the program. Now, a month out from my “graduation,” my net worth has increased 29% from when I enrolled.

I sit with my camera on, mic muted, amongst hundreds of other women. Our expressions range from fascination to exhaustion to epiphany. That’s just how it goes when personal finance is the topic du jour.

Our host, Allegra Moet Brantly, Factora’s founder and CEO, finishes the benediction with a bright smile and eager eyes. Looking around the Zoom room, it’s fascinating to consider what brought us all here, to a sort of financial confidence bootcamp for women. As Moet Brantly begins, I pull out my notebook and text my partner to bring me a bar of chocolate as the words “compound interest” in deep burgundy flicker onto the screen. It’s going to be a long night.
“It’s dangerous to find ourselves on auto-pilot,” cautioned Moet Brantly as slides in our third session demonstrated timeless financial principles, like paying yourself first and putting an end to trading time for money. The course also suggested repurposing mindless spending as investing, emphasizing increasing one’s investment rate instead of stressing over the small stuff.

Over the course of the class, I increased my own savings rate from a very auto-pilot-esque 10% to something closer to 30%. The trick for me? Labeling buckets in my high-yield savings account with short-to-mid-term goals. It turns out, when I can see my money’s redirection from Net-a-Porter to a house fund, it feels more satisfying.

Twice during each Wealth Circle, the group was split into random breakout rooms. Here, with little to no context beyond the rectangles on our screens, we shared real numbers, without shame. In one breakout session, we shared our net worths, numbers ranging from the negatives to upwards of a million. Then, we shared our net worth goals. I went first, apprehensive to speak a number higher than I’d ever imagined possible. I watched as the entire group smiled back, nodding, and then proceeded to each offer a number higher than my own. There was something coven-like and moving to feel a group of women encourage me to dream bigger.

But Factora’s not built on dreaming. It’s grounded in straightforward, if not simple, investing principles, like focusing on time in the market over timing the market. The conversation around assets highlighted just how personal things can get in the world of personal finance. As a 26-year-old in Brooklyn, owning property has always been a pipe dream, at best. A sound investment, to me, was a great pair of walking shoes and an unlimited subway card. Hearing women older than me, during breakout groups and as examples during lectures, inspired me to bring a level of creativity to accumulate assets. Sure, buying my apartment might not be my next step, but it was freeing to imagine what might be.

“Money creates opportunity. When you have more money, you’ll have more money and decision-making,” said Moet Brantly during our fourth session on real estate investments. Instead of investing in a home, I took the time to set aside an emergency fund with six months of living expenses. Was it a “sexy” investing move with massive payoff or worthy of bragging about at brunch? No, but it was a way of empowering myself toward decision-making from a place of security and stability.

The changes I’ve made thanks to Wealth Circle haven’t been drastic or dramatic. They’ve been small-scale shifts in the way I think about money, which is a tool toward greater freedom and more choice in the way I live my life.

By the last time we recited the benediction, I found myself believing the three sentences I spoke: “I am here. I am capable. I am wealthy.” Even though it was 8 PM in New York City, I was there. Thanks to my recent hiring of a CPA to sort out my freelancing taxes, I was capable. And because of my newfound confidence in investing, I was wealthy.

Disclosure: This post may highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team. Read our editorial standards.

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Rueda Empire signs $3.7 million deal to further its music career

Three albums and 3.7 million dollars are the basis of the agreement signed in Los Angeles on May 4 to boost Rueda Empire’s musical career. Following the success of the urban artist’s second album, Inefable, this new contract ensures the production and distribution of the artist’s material for the next three years.

It was with great joy that the artist signed this agreement on the eve of the Mexican Heritage holiday, which was a very symbolic moment for him. He assures that doing so on this date is a good omen for his musical career.

Rueda Empire will release his next album this summer, in which he has been working for months in collaboration with Nahuel Lion, from the Canary Islands. On this album, the artists fuse Latin rhythms with urban music such as trap and reggaeton.

The interpreter of “Tú no sabes de eso”, “Quédate”, “Solo amigos”, “Cómo me curo”, among other songs, continues to reap success in his musical career and hopes to continue making his audience dance with good music, contagious rhythms and modern melodies.

To stay up to date with everything that happens in Rueda Empire’s career subscribe to his YouTube channel where he makes all his releases. You can also find him on Spotify and Instagram as @rueda_empire.

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Opinion | Virginia uses tax money in wrong way to lure Washington Commanders stadium – The Washington Post

Localities in the D.C. area are jockeying to land the new stadium planned by the Washington Commanders. But there are a right way and a wrong way to deploy taxpayer dollars in pursuit of it. Maryland is going about it the right way. Virginia is not. The jury is out on the District of Columbia.

Maryland Gov. Larry Hogan, a Republican, made clear that the state would offer no money to help billionaire Daniel Snyder build a stadium to replace Landover’s FedEx Field, which the Commanders plan to vacate in 2027. He got no pushback from lawmakers in Annapolis, who passed a bill authorizing up to $400 million in borrowing — not for a new stadium but to tear down FedEx Field and, more to the point, kick-start a shiny new development in the wasteland nearby. That would help avoid an economic body blow to the local economy should the Commanders leave, and help transform nearby Largo into a plausible downtown for the surrounding locality, Prince George’s County. It would get a $16 million amphitheater, civic plaza, public market, library and other amenities near Metro’s eastern terminus for the Blue and Silver lines.

That’s a smart way for Maryland to tell the Commanders: Hey, we’ll be happy if the team stays put — and we’re willing to upgrade the neighborhood — but we’re not in the business of building stadiums for billionaires who can afford it on their own. What’s more, another National Football League team, the Los Angeles Rams, just won a Super Bowl at SoFi Stadium, their home field, which owner Stan Kroenke built with $5 billion in private funds. If the Rams owner can make do without milking taxpayers, so can Mr. Snyder.

Unfortunately, that lesson seems lost on Virginia. Although no deal has been finalized by state lawmakers in Richmond, they seem prepared to kick in as much as $350 million in state tax revenue for a new stadium for the Commanders. That’s a good deal for Mr. Snyder but not for Virginians.

Granted, it’s much less than the $1 billion in taxes the state originally seemed willing to earmark for the team. Granted, too, Virginia is the most populous state in the nation without a big-league sports franchise; it might be suffering from a case of franchise envy as it gazes across its borders at North Carolina, Tennessee, Maryland and D.C., all of which have plenty. But that is no excuse for profligacy in service to a very rich man.

D.C., for its part, isn’t really in a position to compete for the moment — the federal government owns the only plausible location for a new arena, at the current site of RFK Stadium, and Congress doesn’t look ready to pass legislation to sell it to the city.
Congress’s reluctance is rooted at least partly in justified concerns about Mr. Snyder, the Commanders and the team’s culture, which have been the subject of investigations into sexual harassment and, most recently, financial impropriety over allegations that the team hid and withheld revenue-sharing funds from the NFL. Those probes should serve as a warning: Mr. Snyder and his team are not worthy of public money.

Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the Editorial Board, based in the Opinions section and separate from the newsroom.

Members of the Editorial Board and areas of focus: Deputy Editorial Page Editor Karen Tumulty; Deputy Editorial Page Editor Ruth Marcus; Associate Editorial Page Editor Jo-Ann Armao (education, D.C. affairs); Jonathan Capehart (national politics); Lee Hockstader (immigration; issues affecting Virginia and Maryland); David E. Hoffman (global public health); Charles Lane (foreign affairs, national security, international economics); Heather Long (economics); Molly Roberts (technology and society); and Stephen Stromberg (elections, the White House, Congress, legal affairs, energy, the environment, health care).
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