✈️ More Boeing trouble

Good morning investors! Some stocks hit new highs yesterday as BTC continued to hover under $65,000. The market, however, will remain closed today and there will be no issue tomorrow. We’ll see you on Friday.

Today we cover:

• Gen X to get richer

• Retail sales updates

• Boeing in trouble

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📊 Economy and News 

Gen X to get richer

Generation X stands to benefit the most from the upcoming $84 trillion Great Wealth Transfer over the next decade.

Although millennials and Generation Z anticipate significant inheritances as baby boomers transfer their wealth, Gen Xers are poised to receive the largest immediate windfalls.

Research by Wealth-X reveals that the average age of individuals in North America expected to inherit fortunes from parents worth $5 million or more is 46.1 years.

This highlights the significant wealth potential for Generation X, a group often overlooked in discussions about young inheritors.

The Wealth-X report advises that wealth management firms, luxury brands, and real estate companies targeting the next generation of affluent clients should also focus on Generation X.

In the next 10 years, 1.2 million individuals with assets of $5 million or more will transfer over $31 trillion in wealth.

Of this amount, nearly two-thirds (64%) will come from the ultra-wealthy, defined as those with net worths of $30 million or more. This means that approximately $20 trillion will be transferred by 155,000 of the wealthiest individuals.

The super-wealthy, those with assets of $100 million or more, will account for nearly half of the $31 trillion being handed down, with billionaires alone transferring about $5 trillion, according to the report.

Global hits:

• Millionaires are abandoning the UK in their droves, new research shows.

• French stocks face worse to come from political risk, Goldman strategists say.

• EU to challenge U.S. and China strategically on trade, competition chief says.

They’re investing in oil: Warren Buffett’s Berkshire Hathaway has scooped up more shares of Occidental Petroleum over each of the past nine trading sessions, driving his gigantic stake in the Houston-based oil and gas producer to almost 29%.

📈 Stocks

S&P 500 5,487.03 (+0.25%)
DJIA 38,834.86 (+0.15%)
NASDAQ 17,862.23 (+0.029%)
BRENT CRUDE 85.33 (+1.54%)
* Prices as of Jun 19th, 12:20 AM UTC

Boeing made more mistakes 

A current Boeing employee claims that the company tried to shield broken or out-of-specification 737 Max plane parts from regulators and lost track of them, according to a Senate subcommittee investigation made public Tuesday.

Boeing tried to hide the nonconforming parts from Federal Aviation Administration regulators by moving them out of sight and falsifying records, claims Sam Mohawk, the new whistleblower who works for Boeing quality assurance unit in Renton, Washington.

Boeing was unable to account for many of the parts that it moved around to skirt regulators, and they probably ended up getting installed in some planes, Mohawk said.

“We are reviewing the claims,” said the company’s statement. “We continuously encourage employees to report all concerns as our priority is to ensure the safety of our airplanes and the flying public.”

Warning: Apple has ‘very serious’ issues under sweeping EU digital rules, competition chief says. This come at a time when Google’s Android apps are coming in 3D via Xreal increasing competition for Apple’s Vision Pro.

💵 Personal Finance

These five states are best to start an LLC

Starting a business comes with both benefits and risks. Forming a Limited Liability Company (LLC) is one of the first but major steps of starting a business.

You can register a business in any state, even if you are not a resident. However, this is a complicated decision because the state you open your business will impact several factors, most notably your tax burden.

Here’s what to consider when choosing a state to register a business in:

• Associated charges such as filing fees and annual report fees.

• Tax benefits. This is important because some states have no income or sales taxes.

• Privacy if you want to shield your identity from public records.

We have covered the top five names based on these qualities:

Delaware: Despite being more expensive, Delaware can be a great option due to the ability to remain anonymous. Also, Delaware’s Court of Chancery is known for being business-friendly, but that may usually only benefit people operating in the state.

Wyoming: Known for having some of the lowest annual maintenance fees, Wyoming can be a great option for people who value security. However, don’t count on it if you plan on hiring local workers as the state is known for its small population.

Nevada: Nevada has no corporate or personal income tax, and excellent privacy laws. However, setting up a business can be a little costly here. Also, tax benefits are only for businesses that use the state as an operating base.

Alaska: Alaska doesn't offer anonymity and can be hard to operate a business in, but it’s still a good option given no personal income tax.

South Dakota: South Dakota has no corporate, personal, or estate taxes, but finding talent here can be a challenge.

In addition, we liked Utah, Montana, and Colorado. They all have very low filing and annual charges with some tax benefits.

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👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

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