Its been a couple of months since ProPublica revealed that Supreme Court Justice Clarence Thomas had a secret billionaire benefactor, the commercial real estate mogul Harlan Crow. The scandal wasnt that it was secretalthough it discloses decades of lavish gifts and trips and even a real estate deal, none of which were disclosed to the public. The scandal was that Thomas and Crow confirmed all of the reporting, and basically shrugged it off. Now the other Supreme Court justices are making their own disclosures, including real estate (Clarence Thomas wasnt among them). So what did Chief Justice John Roberts and the other judges disclose? 

Each justice is required by the Ethics in Government Act of 1978 to submit financial disclosures. Those financial reports were released this month for the 2022 year and were previously covered by the news outlet SCOTUSblog, the premier source dedicated to court coverage (the first part of its name is an acronym for Supreme Court of the United States). 

Of the nine justices, two did not submit their financial disclosures, using an extension period allotted to themJustice Samuel Alito and Justice Thomas. So well have to wait to see their real estate portfolios, following each ones 90-day extension (if Thomas ever makes his). 

Heres a look inside the real estate fortunes of the highest court in the nation.

A rental property in Ireland and a parking space in D.C.

In his 2022 financial disclosure, Chief Justice John Roberts included rental properties in Knox County, Maine, and County Limerick, Ireland. The former earned $15,001 to $50,000 in rental income and was valued between $250,001 and $500,000 for the reporting period (Jan. 1, 2022 to Dec. 31, 2022). The latter earned $1,000 or less in rental income and was valued at $15,000 or less. He reported the same two properties in his 2021 financial disclosure. The estimates are included in the financial disclosures, categorized as income during reporting period and gross value at end of reporting period.

Justice Elena Kagan also included a rental property in her financial disclosure, but it wasnt a homeit was a parking spot, in a building in Washington, D.C., to be exact. That parking space earned $2,501 to $5,000 and was valued between $15,001 and $50,000. Previously, for her 2021 report, Kagan had not specified that her rental property in D.C. was simply a parking space. 

And Justice Sonia Sotomayor listed a rental property in New York City that was appraised in 2021 (and also listed in her report for that same year). Unlike the others, she listed her mortgage on the property as a liability. The rental property earned $5,001 to $15,000 and was valued between $1,000,001 and $5 million.  She has owned the apartment since before her confirmation hearings in 2009, at which time she told the Senate that she hadnt decided where to live in D.C. if she got the job. Sotomayor purchased the apartment on 3 Bedford Street in 1998, began renting it out in 2010, and apparently still is, according to Curbed. To get an idea of its current value, Corcoran is currently advertising two listings for units in the same building. 

None of the other justices who submitted their financial disclosures listed property holdings. Supreme Court Justice Neil Gorsuch did list stock holdings in real estate investment trusts, some of which he had sold (perhaps he read Fortunes coverage of the apocalyptical climate in the sect). 

Shortly after Gorsuch was appointed to the Supreme Court in 2017, he sold a property he co-owned in Colorado, without disclosing the identity of the buyer. As Politico first reported, in April of this year, that buyer was the head of a law firm that has brought cases before the court. 

Justice Amy Coney Barrett, on the other hand, disclosed holdings in two real estate investment trusts. 

Although she didnt list any real-estate-related investments, newly appointed Supreme Court Justice Ketanji Brown Jackson disclosed three gifts, including a $1,200 congratulatory floral arrangement from Oprah Winfrey and a $6,580 designer outfit worn in a photo shoot from Vogue.

The real estate deal between Crow and Thomas 

One arrangement between Crow and Thomas, revealed in ProPublicas reporting, involved the purchase of a home and two vacant lots in Savannah from Thomas and his relatives by Crows companies. In 2014, this was the first known financial transaction between Crow and Thomas. As for the home, Crow renovated it and apparently allowed Thomas mother (who was a co-owner listed in the sale) to live there rent-free. 

In a statement released after ProPublicas report, Thomas said that after speaking with colleagues, he felt he did not have to disclose these gifts. However, he said, these guidelines are now being changed, as the committee of the Judicial Conference responsible for financial disclosure for the entire federal judiciary just this past month announced new guidance. And, it is, of course, my intent to follow this guidance in the future. So its likely that all eyes will be on his financial disclosure once its released. But for now, we can take a look at the justices who revealed their own property holdings earning them rental income.

Crow is the chairman and former CEO of Crow Holdings, a Texas-based real estate investment and development firm that was founded by his father Trammell Crow 75 years ago, reportedly making him the largest landlord in the U.S. at the companys peak. Aside from his oddly close and personal relationship with a Supreme Court justice, Crow has attracted attention outside of his real estate empire for his eccentric, even questionable art collection that includes a painting by a young Adolf Hitler.  

The U.S. Department of Education has confirmed when federal student loan repayments and interest accrual will restart this fall.

Borrowers can plan for interest to begin accruing again on their loans on Sept. 1, with payments due starting in Oct. A spokesperson told Fortune the department would be in direct touch with borrowers and ramping up our communications with servicers well before repayment resumes.

There has been a moratorium on payments and interest accrual since the start of the COVID-19 pandemic more than three years ago. Though some borrowers had hoped President Joe Bidens administration would once again extend the payment pause, part of the debt ceiling legislation recently signed into law included a Republican provision to terminate the moratorium.

One of the reasons borrowers hoped the payment pause would be extended again is the uncertainty surrounding Bidens plan to forgive up to $20,000 in federal student loan debt for most borrowers. After multiple legal challenges, the future of the plan rests with the U.S. Supreme Court. A decision is expected by the end of this month.

We recognize that the return to repayment would result in significant financial hardship for many borrowers, said the Education Department spokesperson. That is why this [a]dministration also put forward a plan to provide up to $20,000 in debt relief for hard-working Americans recovering from the economic harms of the pandemic.

Economists and other financial experts have said many borrowers are likely to struggle once payments resume. Financial firm Jeffries has warned of a student loan cliff in which households will pull back on other spending once their student loan bills are due, having a notable impact on overall U.S. economic growth.

Jeffries estimates federal student loan payments will cost an estimated 45 million borrowers around $18 billion per month. The Committee for a Responsible Federal Budget estimated the pause saves borrowers about $5 billion per month in interest.

The Education Department has instituted a number of other changes to ease some borrowers debt burden, including introducing a new income-driven repayment plan and improving the Public Service Loan Forgiveness program.

In spite of our opponents best efforts to sabotage our work to support student borrowers, we are fully committed to helping borrowers successfully navigate the return to repayment with the pandemic now behind us, the department spokesperson said.

MicroStrategy founder and executive chairman Michael Saylor believes the crypto industry will consolidate around Bitcoin following the Securities and Exchange Commissions lawsuits against Binance and Coinbase.

In an interview with Bloomberg TV, Saylor said regulators dont have any love for crypto tokens and have taken a narrow perspective on what a crypto exchange should be.

Their view is crypto exchanges should trade and hold pure digital commodities like Bitcoin, he told Bloomberg. And so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry, with maybe a half-a-dozen to a dozen other proof-of-work tokens.

Bitcoins dominance has grown in recent months, with it now making up about 48% of the crypto market, compared with 43% at the end of February, according to CoinMarketCap. Saylor thinks Bitcoins dominance could eventually reach 80%.

That could put exchanges in a tough spot. U.S.-based Coinbase has been trying to diversify revenue streams away from an overreliance on trading fees as regulatory pressure has decreased investor interest. If Bitcoins dominance grows, trading alongside a smaller stable of peers, that could further depress top-line numbers.

Coinbase reported just $374 million in trading fees in the first quarter, compared with $1.013 billion in the same quarter last year, a decrease of nearly two-thirds. But in stark contrast to last year, when trading fees made up 86% of first-quarter revenue, this year it was just under half.

Saylor brushed off any potential threat to exchanges should there be a consolidation around Bitcoin, insisting theyll still have a key role to play in the industryand in the U.S. Already, though, several exchanges and companies in the crypto space are looking abroad. Coinbase in May launched an international exchange in Bermuda, and other companies have said theyre looking for a foothold in Hong Kong as China may be warming to crypto.

Many institutional investors, Saylor continued, are confused or put off by the vast array of cryptocurrencies available, and theyre more likely to invest in the sector if it becomes more Bitcoin-focused. Despite the cryptocurrencys 4.5% slump, to below $26,000, since the SEC lawsuits were announced last week, Saylor, long a proponent of Bitcoin, remained firm.

Eventually, I have confidence that the crypto exchanges will come around to realizing that Bitcoin really is the dominant asset in this space, and their business models are fine when Bitcoin goes up by a factor of 10, Saylor said.

The MicroStrategy founder has led the companys strategy of accumulating billions of dollars in Bitcoin, even as he stepped down as CEO last year. As of April, the company owned about 140,000 Bitcoin, bought at an average price of $29,803, according to Saylor. Those holdings are worth $3.6 billion as of Wednesday, down about $1 billion from their value in April.

Looking forward to a treat is a tale as old as time, or at least as old as capitalism. Its the delayed gratification game: After eating broccoli you can have curly fries, once you finish crying over math homework you can watch TV, when work is over you can have funand maybe therell be a couple years of retirement you can squeeze in before you hit the can. Now, in the digital age, the concept of treating yourself has become a staple among young adults looking to make todays economic stress go down more smoothly. 

Thats because being an adult doesnt seem to have the promise of agency and purpose it once did. At the risk of sounding like Debbie Downer at Disney, millennials and older Gen Zers are doing the non-fun adult things like working without the added benefits of being able to afford a house, much less a comfortable life or even a world that isnt subject to the chaos of climate change, political extremism, and a pandemic. Why not get a treatmaybe some ice cream, a little plant, or even a Garfield phoneto wash the bitter taste of reality all down? 

Thats how Gen Z and millennials are dealing with their difficult economic reality. Younger generations, who lost multiple key years to a locked-down, pandemic world, have noticed life is short. Their response: Buy the treat, and lose the pretense that its a bad thing.

Theyve taken to Twitter and TikTok to talk about how buying a treat helps them get through the day, even with low savings. They say little indulgences arent making the already hefty price of living all that much less affordable, and it helps give them a sense of control over life. Also, treats are just fun. 

Treating yourself isnt a new or generational phenomenon, but I do think it holds a special appeal for a lot of people my age, explains Liat, a 27-year-old nonprofit worker. She requested her last name be withheld to minimize her digital profile, even though she has a Google-able enough name as is.

Treat culture, she says, is related to burnout, hot girl walks, and being young in a decaying empire. 

Treats are helping us escape the economy

The Treat Yo Self meme from NBC sitcom Parks and Recreation as the likely origin of the ubiquitous girlboss saying that gets printed on mugs and shirts and various wine mom merch, Liat says. Now, the word represents a much-needed salve for workplace and general existentialism during a time of high employee malaise. 

Were of a generation thats coming to terms with the fact that nothingthe ability to buy our own homes, the promise of being paid a living wage, a habitable planetis guaranteed to us the way it was to our parents generation, Liat says, adding that turning to treats is a logical response to the financial worries and general anxiety pervading young adult life. California is burning to the ground, Social Security is gonna run out of money before were even eligible, housing and healthcare and education are all getting more and more expensive.

Kiana Davis has seen evidence of the treat economy in her clothing store, Kiki The Brand. The 26-year-old says she releases new pieces once or twice monthlya drop style her customers clamor for, signifying they feel they deserve the indulgence of a limited item, she explains Fortune. I really love that because that is how I live my life.

I dont mind spending the money if it results in me being happy. It could be $5 or $100. It doesnt really matter if Ive had a big workload or a relaxed day, a treat is deserved whenever I feel like I need one, Davis says. Usually thats Health-Ades Pink Lady Kombucha, an affordable and healthy way of getting her daily boost of happiness.

Her below viral tweet explains as much, with 2,500 people backing her up. She believes that young women are especially starting to push against treat stigma: We value our money but most importantly, we value our happiness.

But there isnt a true generational trend on the rise, says Douglas A. Boneparth, a financial advisor who specializes in HENRYs, or high-earning but not rich yet clients who draw big salaries but havent saved enough to be considered truly wealthy. However, he noted that credit debt is at a record high. The American consumer is unstoppable, he tells Fortune, adding that the notion of treat culture can have an anti-millennial bent: [Theres] this notion that these kids cant control their spending and will never retire because theyre getting a cup of coffee or breakfast out, but many of them are now approaching their 40s.

At the end of the day, if youre in control of your spending, Boneparth says a treat doesnt really make all that much of a difference. If a $3 cup of coffee in the morning is the thing that gets you through the day and youre working really hard, I dont think thats going to make or break your ability to achieve your financial goals compared to bigger items like a car or mortgage. In other words, go ahead and treat yo self.

Life is short, so we decided to buy that extremely cute dress

The pandemic might have jump started this more relaxed view of spending, if you ask Mark Sabino, a 26 year-old-product and ad designer from New York who sells jewelry and accessories on social media. Quarantine and economic uncertainty made thinking about the long-term fraught for many, he explains. Purchases became more about fixing the immediateHow can I cheer myself up right now, if only for a little while? he says.

Davis agrees, saying that quarantine showed just how short life is. So we decided to buy that extremely cute dress that went viral on Twitter, get a day pass, get that massage, eat that A5 wagyu with the lobster tail on the side, and go on that trip! 

A diet coke can be the difference between a truly monotonous day and an okay one, a way of asserting agency over ones finances and life. Liat says that even before the pandemic she never brought her own lunch, instead looking forward to the escapism from an exploitative and underpaying job.

The only way I could get through the day was to have something to look forward to, a moment where I could leave the office and eat something that I couldnt makeand hadnt mademyself, she adds. 

Such a mentality has become more pronounced as some workers had the flexible work schedule theyve enjoyed over the past couple of years taken away from them during a wave of return to office mandates. Theres a push for freedom in seeking a treat to shake up your schedule, seen in Gen Zs very similar penchant for snacking. Whether its trying something new you wouldnt have before, or splurging on the deluxe version of a product, if youre feeling like youve been stuck in a routine or a rut, its almost like your Sisyphean existential rebellion via artisanal ginger ale, says Sabino.

A little treat goes a long way

Treat culture recalls the larger phenomenon that journalist James Greig remarked upon in his essay Everyone needs to grow up for British lifestyles magazine Dazed: That young adults are becoming progressively more infantilized due to the adulthood denied to them by todays economy. It has a paralyzing effect, he argues. Sabino agrees, saying that part of whats happening is that our idea of what an adult is is changing radically, and its obvious that many adults in power have failed future generations. Davis says she loves the word treat for its youthful and fun nature and regards it as a somewhat healing way of accessing her inner child. 

In 1899, economist and socialist Thorstein Veblens Theory of the Leisure Class surmised that all consumptive acts in a market economy are intended to signal a particular status. Young millennials and Gen Z are signaling through their treat consumption that theyre over itor they need a sugar rush to get through the day. Its an internet trend with long legs, because its not really a trend at all but rather a signal of greater disenchantment, if not discontent.

Treat culture is probably the product of more late-stage capitalism than the other way around, says Boneparth, adding that younger generations usually have a distrust of the financial system, and might have an even greater one in light of recent bank runs. But they and everyone else still need to participate in the game of capitalism to survive, he adds. 

To be fair, Boneparth adds that many young people he works with are still planning for the future, citing those looking to save in the long term. Its hard to get ahead for all generations, he adds, saying he sees plenty of people who are very highly motivated and hardworking. Im not really buying into this notion [that] entire generations of young people are simply just fed up, but Im also not dismissing that there arent many, many people who feel like theres no way to win, he says, citing housing prices inexorable rise as a major stress.

The phrase treat culture itself is an acknowledgment of younger generations powerlessness in the face of macroeconomic trends, Sabino says, concluding that most people are self-aware enough to know its a fleeting fix for a much deeper problem. 

No amount of abstaining from avocado toast will be enough for us to afford to buy houses when the cost of living has far outstripped wages for decades, so we may as well enjoy the little indulgences that make life pleasurable, explains Liat. Our economic prospects as a generation are so fucked that we may as well just live large to whatever degree we can afford.

Flag Day is not only the day the Stars and Stripes became our flag, it is also the birthday of an institution that defends the freedoms the flag representsthe Army. But what if the government required you to move, and the state you moved to wouldnt allow you to practice your profession? When military spouses move to a new state, their occupational licenses dont transferwhich means months of unemployment and financial hardship for military families. These rules not only go against the spirit of our country, but they also threaten military readiness and contribute to the recruiting and retention crisis.

A federal law, which passed with bipartisan support in Congress earlier this year, will provide some relief by requiring state licensing authorities to recognize a professional license from another state when a spouse moves on military orders. This is a giant leap forward for military families who have been clamoring for reformbut thousands of military spouses could still be excluded from the labor force if states dont cut out the red tape.

Michelle Wintering and her family know this all too well. A speech-language pathologist and Army spouse living in central Texas, Wintering lost roughly 17 months of practicing as she waited on state licensing boards to process applications over a five-year period. As her family moved from Colorado to Texas to Kentucky to Kansas and back again to Texas for her husbands military assignments, she lived at the mercy of state licensing boards and a complex web of tedious rules. 

The result? Despite their original plans to stay in the Army until retirement at 20 years, her husband has decided to leave later this year. With military recruitment already at record lows, this type of red tape is a danger to our national security.

Military spouses experience unemployment up to six times the national unemployment average. One in five active-duty spouses is unemployed. According to Blue Star Families 2021 Military Family Lifestyle Survey, two-thirds of active-duty spouse respondents who are employed report they are underemployed. 

We can and must do better for our military families. As it stands, when military spouses arrive at their new duty stations, their professional licenses will be recognizedbut they will still have to live at the mercy of state licensing boards, which have disparate requirements. Even with the new law, military families must submit to the authority of the licensing authority in the new jurisdiction for the purposes of practice, discipline, and fulfillment of any continuing education requirements.

Applications could take months to process, leaving them jobless and anxious, and facing food insecurity. Others might have to log additional hours of continuing education and repeat this with every relocation order. And still, others will have to pay hefty application fees, creating an undue burden for military families already drained by financial stress as they serve our country. 

The most common career fields for military spouses are education and healthcare, which often require state-issued licenses that are not transferable to a new state. Spouses who are teachers and nursesfields that are desperate for qualified personnelcant work in their fields until they are licensed in the new state, which can take months.

At my organization, Blue Star Families, we have heard horror stories. In one case, there was a teacher who had to stop teaching because maintaining her license was too much work and too expensive as she moved from state to state.

Heather Campbell, a registered dietitian and military spouse stationed in Alaska, told us that the frequent moves and strict licensure standards have made it impossible to maintain adequate employment that would cover the cost of childcare for three small children. Heather was forced to pay thousands of dollars of professional maintenance expenses out of pocket. It has taken a toll on her mental health and the overall well-being of her family.

The Department of Defense and many states have tried to find solutions to this problem, including creating interstate compacts that allow spouses to practice in their new home state without obtaining a new license. Unfortunately, interstate compacts only apply to one profession at a time and each state must create its own law that establishes each compact. This is clearly an inefficient way to solve the problem.

States should consider following the example of Kansas Gov. Laura Kelly, an early leader on the issue who signed a state bill in 2021 that expedites occupational licenses for military spouses. 

It is imperative that governors and other state officials finish the last mile of work to help create sustainable family incomes, while also serving as a magnet for their states economy, especially during this time of labor shortages, states competing for talent, and a massive military recruitment shortage. 

Kathy Roth-Douquet is the CEO of Blue Star Families, the nations largest chapter-based nonprofit serving military and Veteran families. She is also a former Defense official, author, attorney, and spouse of a 30-year Marine Corps Veteran.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

More must-read commentary published by Fortune:

The Reddit blackout was supposed to be a two-day event. But comments made by CEO Steve Huffman in an internal memo that leaked have strengthened the resolve of protesting moderators, who are vowing to keep the popular channels offline indefinitely.

Huffman, in a memo to Reddit staff Monday, reportedly downplayed the blackout. The Verge, which posted the email, quotes Huffman as saying the company has not seen any significant revenue impact so far and like all blowups on Reddit, this one will pass as well.

As of 11:00 a.m. ET Wednesday, more than 6,000 subreddits were still dark, with a large number set to restricted access, meaning Reddit users could see old posts, but are unable to make new ones.

Among the subreddits that remain dark are r/funny (with over 40 million subscribers), r/Music and r/science (with over 30 million subscribers each) and r/DIY, which has more than 20 million subscribers.

Reddit has budged microscopically, wrote the moderator SpicyThunder in an update. Despite some concessions, such as the restoration of a popular archiving tool, he added, our core concerns still arent satisfied, and these concessions came prior to the blackout start date; Reddit has been silent since it began.

At issue is Reddits decision to impose charges on certain third-party apps to utilize their application programming interface (API), a tool that powers popular third-party tools that give users an alternate way to browse Reddits forums. Reddit has said it is charging the fee for its API to cover the costs of an ad-free experience.

Reddit first announced changes to its API policy in April, but the ramifications of that werent clear until earlier this month. Since then, several popular tools have said will shut down at the end of the month, blaming prohibitive costs from API fees.

In the memo, Huffman also warned employees to be cautious as sentiment against the company increases.

I am sorry to say this, but please be mindful of wearing Reddit gear in public, he wrote. Some folks are really upset, and we dont want you to be the object of their frustrations.

Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up today.

Arnold Schwarzenegger has weighed in on the age-old dilemma faced by aspiring entrepreneurs: Leave your stable full-time job or chuck it all in pursuit of your dreams. The question of whether one can dedicate the necessary attention to a side hustle while juggling other commitments weighs heavily on the minds of many. However, the Hollywood legend believes that taking such a risk may not be justifiable.

In the challenging world of entrepreneurship, where most startups fail within their first three years, committing fully to a venture requires a leap of faith. Schwarzenegger, a seasoned entrepreneur and a multimillionaire, recently emerged as an unlikely but insightful source of wisdom for individuals seeking to embark on their entrepreneurial journeys.

His advice came in response to a fans query regarding his decision to retain his birth name despite pressure to change it when he entered the acting industry.

Dont listen to these follow your passion people who tell you to quit your job and jump off the deep end, he advised in his daily newsletter, while reflecting on his own career.

How Schwarzenegger made his side hustle into his career

Having juggled a career in bodybuilding while trying to break into acting, Schwarzenegger has mastered the art of turning your passion project into your career.

I didnt have a Plan B, he wrote about making the jump into Hollywood. But he didnt exactly go full-steam ahead into his dream job either.

Instead of having a backup plan to fall back on, Schwarzenegger explained how he soft-launched his career switch with the backing of his other businesses. 

I was making money from real estate, and that gave me the power to wait for the roles I wanted, he said. But this is why I always say dont listen to these follow your passion people who tell you to quit your job and jump off the deep end.

By 1982, Schwarzenegger says he got his big break with Conan the Barbarian and no longer needed to worry about financially sustaining his new career.

But only by having a steady revenue stream beforehand was he able to make the right career choices that have landed him the long-term success hes still enjoying today.

You need money, and if you quit your job, youre going to have to make decisions you wouldnt make otherwise in order to make money, he advises. I could say no, but only because I had my bricklaying business and then my real estate business so I wasnt desperate.

Desperation often forces you to make compromises that you wouldnt otherwise consider like taking on clients that dont align with your vision.

So by taking Schwarzeneggers advice, entrepreneurs may enhance their ability to put the long-term viability of their businesses ahead of keeping the lights on. 

READ MORE: Heres how one woman turned a part-time side hustle in her spare room into a gifting company making over $3 million a year.

Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up today.

More Articles ...

  1. The PGA leader who initially urged golfers to turn down Saudi millions and raised links to 9/11 is now 'recuperating from a medical situation' one week after announcing a merger with the LIV
  2. Working moms email signature response to a snippy message perfectly captured the reality for moms across America
  3. Bud Light dethroned as U.S. favorite beer despite Garth Brooks support
  4. All 5 meerkats at the Philadelphia Zoo just dropped dead and officials think humans accidentally poisoned them
Page 54 of 1160

Newspapers

Spinning loader

Breaking News, data & opinions in business, sports, entertainment, travel, lifestyle, plus much more. IdigNews.com is the leading news source for the internet  users...

           

Business

Entertainment

POST GALLERY