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‘Shark Tank’ star Rashaun Williams says Gen Z can retire as millionaires if they follow these 3 steps

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Dreams of a comfortable retirement feel increasingly out of reach for young people—especially as even boomers, who spent decades saving, are now being forced back into the workforce. For Gen Z, it’s easy to feel hopeless and turn to bad financial habits like doom spending as a coping mechanism.

But the possibility of Gen Z retiring as millionaires may not be as complicated as the generation thinks it is. With proper financial planning, Gen Z can easily have seven figures to their name, according to Rashaun Williams, a multimillionaire venture capitalist returning as a guest judge on Shark Tank this upcoming season. 

The secret, he tells Fortune, relies on just following three simple steps: establishing an emergency fund, maxing out retirement accounts, and keeping investments simple.

The ‘Shark Tank’ investor’s 3 steps for Gen Z wanting to become millionaires: 1. Create an emergency fund

The path toward million-dollar wealth can’t begin without planning for the unexpected, such as a job loss or medical emergency. Williams says an emergency fund should start with saving up three months worth of expenses into your savings account.

“Make sure you have enough cash for a rainy day, so you’re not pulling from your 401(k) prematurely,” Williams tells Fortune.

For those who want to be a little extra careful—or are unlucky enough to have  life throw wrenches their way—many financial institutions, like Wells Fargo, suggest that up to six months’ worth of expenses could be worth it.

2. Maxing out your 401(k) and Roth IRA

Saving money using tax-advantaged accounts, like a 401(k) or Roth IRA, remains one of the most efficient ways to grow your wealth. Williams says Gen Z  should try to put as much money within their budgets into retirement accounts.

“If you just do that from 25 to 50 years old, you’re going to retire a millionaire,” Williams says. “…Just by maxing out your 401(k), it grows tax deferred, and it goes in tax-free. There’s no better return than to get your returns without taxes.”

The standard 401(k) limit for employee salary deferrals is about $23,500 in 2025. The maximum amount you can contribute each year to a Roth IRA is $7,000 for those under 50 (though your income must be below a certain adjusted income threshold).

Fidelity recommends individuals save at least 15% of their annual income for retirement—something that can be a tough ask for those Gen Z early in their career. 

But, it’s a number that fellow Shark Tank star Kevin O’Leary has echoed: “Take 15% of your salary each week, or every two weeks when you get paid, and put it into an investment account, and never touch it until you turn 65,” O’Leary told Us Weekly in 2023. “That’s how you will retire a multimillionaire.”

In reality, the average savings rate is about 14.1%, according to Fidelity. Taking advantage of any employer match program is also important.

3. Keep investments simple

While there are many ways to invest money—including seemingly fun opportunities like individual stocks or cryptocurrencies—Williams encourages people to keep their choices simple. He specifically called out S&P 500 indexes as one of the best places to invest, with a long history of sustained growth. After all, it delivered an average return of about 10% over the last century, helping usher an unprecedented level of millionaires and billionaires.

“You don’t have to get cute, you don’t need international, you don’t need bonds. You’re not 90 years old. Just do S&P,” Williams tells Fortune.

4. A bonus tip for Gen Z wanting to become millionaires before retirement

For many young people, becoming a millionaire is more than just a retirement dream—it’s an aspiration they want to hit as soon as possible. And while for some, hitting financial goals will mean temporarily saying goodbye to expensive lattes or a vacation to Europe, one of the best ways to build wealth is to simply create your own venture.

“Start something that you can invest in, that you can grow, and start your own business,” said multimillionaire Shark Tank investor Robert Herjavec. “It’s the only path to wealth.”



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SpaceX to offer insider shares at record-setting valuation

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SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at a valuation higher than OpenAI’s record-setting $500 billion, people familiar with the matter said.

One of the people briefed on the deal said that the share price under discussion is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion, though the details could change. 

The company’s latest tender offer was discussed by its board of directors on Thursday at SpaceX’s Starbase hub in Texas. If confirmed, it would make SpaceX once again the world’s most valuable closely held company, vaulting past the previous record of $500 billion that ChatGPT owner OpenAI set in October. Play Video

Preliminary scenarios included per-share prices that would have pushed SpaceX’s value at roughly $560 billion or higher, the people said. The details of the deal could change before it closes, a third person said. 

A representative for SpaceX didn’t immediately respond to a request for comment. 

The latest figure would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion.

The Wall Street Journal and Financial Times, citing unnamed people familiar with the matter, earlier reported that a deal would value SpaceX at $800 billion.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, Echostar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

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The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that launches satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it is aiming for an initial public offering for the entire company in the second half of next year.

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



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U.S. consumers are so strained they put more than $1B on BNPL during Black Friday and Cyber Monday

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Financially strained and cautious customers leaned heavily on buy now, pay later (BNPL) services over the holiday weekend.

Cyber Monday alone generated $1.03 billion (a 4.2% increase YoY) in online BNPL sales with most transactions happening on mobile devices, per Adobe Analytics. Overall, consumers spent $14.25 billion online on Cyber Monday. To put that into perspective, BNPL made up for more than 7.2% of total online sales on that day.

As for Black Friday, eMarketer reported $747.5 million in online sales using BNPL services with platforms like PayPal finding a 23% uptick in BNPL transactions.

Likewise, digital financial services company Zip reported 1.6 million transactions throughout 280,000 of its locations over the Black Friday and Cyber Monday weekend. Millennials (51%) accounted for a chunk of the sizable BNPL purchases, followed by Gen Z, Gen X, and baby boomers, per Zip.

The Adobe data showed that people using BNPL were most likely to spend on categories such as electronics, apparel, toys, and furniture, which is consistent with previous years. This trend also tracks with Zip’s findings that shoppers were primarily investing in tech, electronics, and fashion when using its services.

And while some may be surprised that shoppers are taking on more debt via BNPL (in this economy?!), analysts had already projected a strong shopping weekend. A Deloitte survey forecast that consumers would spend about $650 million over the Black Friday–Cyber Monday stretch—a 15% jump from 2023.

“US retailers leaned heavily on discounts this holiday season to drive online demand,” Vivek Pandya, lead analyst at Adobe Digital Insights, said in a statement. “Competitive and persistent deals throughout Cyber Week pushed consumers to shop earlier, creating an environment where Black Friday now challenges the dominance of Cyber Monday.”

This report was originally published by Retail Brew.



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AI labs like Meta, Deepseek, and Xai earned worst grades possible on an existential safety index

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A recent report card from an AI safety watchdog isn’t one that tech companies will want to stick on the fridge.

The Future of Life Institute’s latest AI safety index found that major AI labs fell short on most measures of AI responsibility, with few letter grades rising above a C. The org graded eight companies across categories like safety frameworks, risk assessment, and current harms.

Perhaps most glaring was the “existential safety” line, where companies scored Ds and Fs across the board. While many of these companies are explicitly chasing superintelligence, they lack a plan for safely managing it, according to Max Tegmark, MIT professor and president of the Future of Life Institute.

“Reviewers found this kind of jarring,” Tegmark told us.

The reviewers in question were a panel of AI academics and governance experts who examined publicly available material as well as survey responses submitted by five of the eight companies.

Anthropic, OpenAI, and GoogleDeepMind took the top three spots with an overall grade of C+ or C. Then came, in order, Elon Musk’s Xai, Z.ai, Meta, DeepSeek, and Alibaba, all of which got Ds or a D-.

Tegmark blames a lack of regulation that has meant the cutthroat competition of the AI race trumps safety precautions. California recently passed the first law that requires frontier AI companies to disclose safety information around catastrophic risks, and New York is currently within spitting distance as well. Hopes for federal legislation are dim, however.

“Companies have an incentive, even if they have the best intentions, to always rush out new products before the competitor does, as opposed to necessarily putting in a lot of time to make it safe,” Tegmark said.

In lieu of government-mandated standards, Tegmark said the industry has begun to take the group’s regularly released safety indexes more seriously; four of the five American companies now respond to its survey (Meta is the only holdout.) And companies have made some improvements over time, Tegmark said, mentioning Google’s transparency around its whistleblower policy as an example.

But real-life harms reported around issues like teen suicides that chatbots allegedly encouraged, inappropriate interactions with minors, and major cyberattacks have also raised the stakes of the discussion, he said.

“[They] have really made a lot of people realize that this isn’t the future we’re talking about—it’s now,” Tegmark said.

The Future of Life Institute recently enlisted public figures as diverse as Prince Harry and Meghan Markle, former Trump aide Steve Bannon, Apple co-founder Steve Wozniak, and rapper Will.i.am to sign a statement opposing work that could lead to superintelligence.

Tegmark said he would like to see something like “an FDA for AI where companies first have to convince experts that their models are safe before they can sell them.

“The AI industry is quite unique in that it’s the only industry in the US making powerful technology that’s less regulated than sandwiches—basically not regulated at all,” Tegmark said. “If someone says, ‘I want to open a new sandwich shop near Times Square,’ before you can sell the first sandwich, you need a health inspector to check your kitchen and make sure it’s not full of rats…If you instead say, ‘Oh no, I’m not going to sell any sandwiches. I’m just going to release superintelligence.’ OK! No need for any inspectors, no need to get any approvals for anything.”

“So the solution to this is very obvious,” Tegmark added. “You just stop this corporate welfare of giving AI companies exemptions that no other companies get.”

This report was originally published by Tech Brew.



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