More social media regulation is coming in 2023, members of Congress say

The U.K.’s Online Safety Bill, which aims to regulate the internet, has been revised to remove a controversial but critical measure.

Matt Cardy | Getty Images News | Getty Images

Days after Congress passed a bipartisan spending bill banning TikTok from government devices, legislators and advocates say they are looking to further regulate social media companies in the New Year.

TikTok, a video-sharing app owned by the Chinese company ByteDance, attracts more than 1 billion users every month. Lawmakers and FBI Director Christopher Wray have voiced concerns that TikTok’s ownership structure could make U.S. user data vulnerable, since companies based in China may be required by law to hand over user information.

TikTok has repeatedly said its U.S. user data is not based in China, though those assurances have done little to alleviate concerns.

Rep. Mike Gallagher, R-Wisc., compared TikTok to “digital fentanyl” on Sunday, telling NBC’s “Meet the Press” that he thinks the ban on the app should be expanded nationally.

“It’s highly addictive and destructive,” he said. “We’re seeing troubling data about the corrosive impact of constant social media use, particularly on young men and women here in America.”

Facebook whistleblower Frances Haugen said Sunday that since social media platforms like TikTok, Twitter and YouTube operate using similar algorithms, adding regulators should push for more transparency about how they work as a first step.

Haugen said she thinks most people are unaware of how far behind the U.S. is when it comes to social media regulation.

“This is like we’re back in 1965, we don’t have seatbelt laws yet,” she told NBC’s “Meet the Press.”

Congress failed to pass many of the most aggressive bills targeting tech in 2022, including antitrust legislation that would require app stores developed by Apple and Google to give developers more payment options, and a measure mandating new guardrails to protect kids online. Congress made more headway this year than in the past toward a compromise bill on national privacy standards, but there remains only a patchwork of state laws determining how consumer data is protected.

Sen. Amy Klobuchar, D-Minn., said bipartisan support exists for many of these bills, and many have made it onto the Senate floor. But she said the tech lobby is so powerful that bills with “strong, bipartisan support” can fall apart “within 24 hours.”

Klobuchar said on Sunday that things are only going to change with social media companies when Americans decide they have had enough.

“We are lagging behind,” she told NBC’s “Meet the Press.” “It is time for 2023, let it be our resolution, that we finally pass one of these bills.”

— CNBC’s Lauren Feiner contributed to this report

How to beat the post-holiday slump at work, according to executives

‘Tis the season for the post-holiday blues. 

Switching back to work mode after a few days of sleeping in, unwrapping gifts and popping champagne can be brutal. But even though the spell of holiday magic might have worn off, you don’t have to go back to work in despair. 

“The first week of the year is like a warm-up period,” Laith Masarweh, the CEO and founder of Assistantly, a virtual assistant staffing company, tells CNBC Make It. “Don’t put too much pressure on yourself to be 100% up-to-speed. [Just] do your best to be positive and let yourself get excited for the new year ahead.”

Consider these tips from executives for a smooth return-to-work after the holidays:

Wake up earlier 

It might seem counterintuitive, but waking up a bit earlier than usual on your first day back to work after the holiday break can help you ease back into your schedule and reduce some of the anxiety you might be feeling about returning.

Masarweh recommends starting your day with a brisk walk or run outside, or a different short exercise, which will “really get your mind working and set you up for success.”

If working out in the morning isn’t your thing, try a five-minute meditation or deep breathing exercise to calm your mind and trigger the release of endorphins, the feel-good hormones.

Set realistic expectations 

Much of the dread people feel coming back to work after the holidays can be attributed to the mountain of unread emails and pressure to “hit the ground running,” says Jâlie Cohen, the head of global talent and a senior vice president at the Adecco Group, a global HR provider.

During that first week back, however, Cohen stresses you should feel empowered to set clear expectations with your manager and teammates about which responsibilities you are prioritizing and how many meetings you will realistically be able to join without burning yourself out. 

“We’re just coming out of the holidays, nobody should expect you to have read every email and solved every issue that could have popped up at the end of the year,” she adds. “But being proactive in communicating what you are working on and what you have the bandwidth for when you’re back is helpful, because then people know exactly what to expect from you.”

Make time for fun in your schedule 

How this 26-year-old earns and spends $25,000 a year just outside NYC

These states will raise their minimum wages in 2023

Labor activists hold a rally in support of a national $15 minimum wage on May 19, 2021, in Washington, D.C.

Kevin Dietsch | Getty Images News | Getty Images

As the calendar turns to 2023, workers in more than half of all states have something to look forward to this year: a higher minimum wage.

That’s occurring as the federal minimum wage stands pat at $7.25 per hour — the same rate since 2009.

But many states and cities have put their own rates in place, and most of them are poised to increase in the new year.

A total of 26 states have announced that higher minimum wages will be introduced during 2023, with one more state likely to see an adjustment in July, according to research from payroll experts at Wolters Kluwer Legal & Regulatory U.S.

Meanwhile, 23 states and Washington, D.C., according to the Economic Policy Institute, will implement higher minimum wages on Jan. 1. Those increases, which will range from 23 cents to $1.50 per hour, will affect 8 million workers.

The state poised to provide the highest minimum pay rate is Washington, at $15.74 per hour, according to Wolters Kluwer.

Workers under the age of 16 in that state will be paid $13.38 per hour starting in 2023, or 85% of the adult minimum wage.

The minimum wage in Washington, D.C., will be $16.10 per hour.

Washington, D.C., and 13 states tie their minimum wages to the consumer price index, a government measure for the average change consumers pay for certain goods and services.

Why salaries in the U.S. don't keep up with inflation

“There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year,” said Deirdre Kennedy, senior payroll analyst at Wolters Kluwer.

Other states will continue to phase in increases passed through legislation. States that are not seeing minimum wage hikes in 2023 still tie their base pay to the $7.25 per hour federal rate.

How the federal minimum wage affects workers

President Joe Biden has campaigned to raise the federal minimum wage to $15 per hour. He signed an executive order in 2022 raising it to that level for federal workers and contractors.

But a broader change to $15 per hour nationally would have to be done through Congress. Efforts to raise the rate nationally failed to make it into Covid-19 relief legislation in 2021.

“As the gap between that and the federal minimum wage increases, it will be interesting to see if that can kind of spur more momentum for more states to increase their wages or try and get more momentum on the federal level,” said Kevin Werner, research associate at the Income and Benefits Policy Center at the Urban Institute.

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Raising the minimum wage nationally to $15 per hour would affect 56 million workers, according to an Urban Institute report released in September.

The research modeled possible results where a new $15 minimum wage resulted in either no job losses and two different scenarios where extended job losses occurred.

“Even in our highest job loss scenario, we still found that on average, the average worker was better off, and that poverty declined overall,” Werner said.

“Even though some individual people who lost their jobs may have been worse off, the net effect was still positive,” he said.

There’s quite a few states across the country that will be seeing quite big jumps in the minimum wage because of the higher rate of inflation this past year.

Deirdre Kennedy

senior payroll analyst at Wolters Kluwer Legal & Regulatory U.S.

The majority of workers who would be affected by a $15 minimum wage are over the age of 25, according to Werner. About one-third are the sole income earners for their families.

Workers who depend on the minimum wage are also much more likely to be people of color and living in poverty. Consequently, raising the minimum pay nationally would help vulnerable people, Werner said.

Raising minimum wages can also help increase consumer demand and put money back into local economies, said Holly Sklar, CEO of Business for a Fair Minimum Wage, a national network of business organizations, owners and executives that support higher minimum wages.

“Putting needed raises in minimum wage workers’ pockets [is] really the most efficient way you can boost the economy,” Sklar said. “Those are the people who have to go right back around and spend it.”

With federal action to raise the minimum wage uncertain, some big name companies have already stepped up to raise their pay rates.

Costco has raised its minimum wage for U.S. store workers to $16 per hour, while Target, Amazon and Walmart have all moved to pay hourly workers $15 per hour.

As the economy has continued to open up following the Covid shutdown, competition for workers has prompted employers to offer higher wages and starting bonuses for workers on the lower end of the income spectrum, Werner noted.

“It’s giving low-income workers more leverage than they had before,” he said.

Top analysts say buy stocks like Papa John’s and Alphabet

We step into the new year with a largely unchanged macroeconomic backdrop and a recession waiting for us. However, investors can maintain a healthy portfolio if they keep a longer-term view, shutting out all the noise.

In that context, we kickstart 2023 with five stocks picked by Wall Street’s top analysts, according to TipRanks, a service that ranks analysts based on their past performance.

STAAR Surgical

Papa John’s 

Quick-service pizza chain Papa John’s (PZZA) stock has depreciated significantly this year due to challenges in the U.K. and inflationary pressures, but its longer-term outlook remains resilient. BTIG analyst Peter Saleh noted that during these times when inflation is high and a recession is on the horizon, lower-income consumers are spending less on eating out. Therefore, Papa John’s value offerings like Papa Pairings are attracting new lower-income guests.

After surveying more than 1,000 Papa John’s customers, Saleh found that only a low-single-digit percentage of them find the menu prices too expensive, even after the company raised prices by 3-4 times in 2022. Encouraged by these trends, the analyst mildly raised his 4Q22 domestic same-store sales expectations. (See Papa John’s International Insider Trading Activity on TipRanks)

Saleh reiterated a buy rating on the stock with a price target of $100. “We believe new leadership has the right strategies in place to engineer a turnaround; these efforts have already translated into better operating efficiency, stronger franchisee alignment, and improved net unit growth, and we expect these will continue to build in 2022/23. We see several near- and long-term levers to drive shareholder value that have started to unfold and will allow Papa John’s to again outperform peers, leading to our Buy rating,” said Saleh.

Saleh has a 524th position among more than 8,000 analysts on TipRanks. Each of his 59% successful ratings has garnered an average return of 10.3%.

Alphabet

Verizon

MongoDB

Why everyone needs to know the difference between ‘habits’ and routines’

Your New Year’s resolution this year might never become a true “habit” — but that’s probably OK, according to Nir Eyal, a bestselling author and behavioral design expert. 

Eyal works with companies to build habit-forming products — whether it’s helping patients take medication on a schedule or getting people to regularly use a product for learning a new language. He’s also the author of “Indistractable: How to Control Your Attention and Choose Your Life,” which focuses on how we break habits associated with distraction.

In Eyal’s mind, being able to harness your attention is “the most important skill of the century,” but it’s not something we formally learn — which is also what makes it so crucial to understand better. 

The first step toward being less distracted in the pursuit of our goals, including New Year’s resolutions? We need to understand what can and can’t become a habit.

The difference between habit and routine

The trouble, in Eyal’s eyes, is simple: We want to turn everything into a habit — without understanding the fundamental difference between a habit and a routine. 

“The definition of a habit is the impulse to do a behavior with little or no conscious thought,” Eyal says. “Most of the things that people want to turn into a habit will never be a habit.” 

Meanwhile, a routine is “a series of behaviors frequently repeated,” he adds. “Eventually, some routines can become habits, but not every routine can become a habit.” 

Approximately 45% of our daily behaviors are habits, like where we eat meals each day or how we get ready for bed. So, the logic goes, if only we could figure out a way to “hack” our New Year’s resolutions and turn them into habits, we’d be well on our way to completing them without even thinking about it.

But habits are just that — instinctual, performed without thought and largely subconscious. Accomplishing a new goal will always take some degree of effort, even if it’s something you do regularly, like going to the gym or writing. “If a behavior is effortful, it can’t be a habit by its very definition,” Eyal says. “We need to stop telling people everything can become a habit. It can’t.”

All the while, there’s a wide cultural emphasis on the ease and importance of building habits, rather than routines, Eyal notes, and the problem isn’t merely a matter of semantics. 

“What happens is people say, ‘Oh, I read this book … that told me I can turn everything into a habit. And then, after a month or two, they look back and say, ‘Wait a minute. This isn’t easy. This isn’t on autopilot … but the book told me this was something I could put on autopilot.'” 

From there, the problem snowballs: Eyal says people then think “there must be something broken — not in the methodology, but in me … and so they give up altogether. And now, we leave them worse off than when we started.”

Expect changes to be hard

Instead of aiming for habits, he says people should focus more on building routines, since, by definition, routines acknowledge the difficulty of changing patterns. 

“If we tell people, ‘Look, some behaviors are going to be hard — always, if you’re doing them right,'” Eyal says, that’s better than “teaching people that things can be somehow easy,” which is the subliminal emphasis on habits. 

Eyal adds that many people assume that when they feel bad about a new behavior they’re trying to develop, it’s inherently a bad thing. “If you feel bad, you’re getting better,” he says. “Expect it to be hard.” 

“Many of these behaviors require us to put in effort,” he continues. We shouldn’t think that there’s a “magical formula” that can turn anything into an automatic, second-nature habit in just three steps, Eyal says. “Rather, here are tools to help you deal with the inevitable discomfort that is going to come from getting better at something.”

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A 39-year-old who makes $160,000/month in passive income shares his best advice

When starting a business, it’s sometimes hard to know what to prioritize, and going at it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.

My mission is to teach people how to earn money from their passions. It’s what I did: I went from living on food stamps to building two online businesses.

Today, I run a music blog, The Recording Revolution, and a entrepreneurship coaching company. I work just five hours a week from my home office and make $160,000 a month in passive income.

Here’s what I tell my 3,000 clients to think about in the first 30 days of starting a business:

1. Be clear about how you want to spend your time.

Many new business owners I meet know only one thing: how much money they want to make. 

While that’s a great starting point, it’s incomplete. Your business should serve your life, not the other way around. So make sure it aligns with your hopes, dreams and goals.

To get clear about the type of business and life you want, ask three questions:

  1. What does a perfect day look like to you? Don’t just think about your typical workday. Consider other life activities you want to fit into your day, like exercising or spending time with family.
  2. How many hours do you want to work a week? You don’t have to follow the standard 40-hour workweek. Knowing exactly how many hours you want to work will help you better prioritize tasks.
  3. How important is time off? Some people don’t care much about taking time off, as long as they love what they do. Others value extended time off. In order to have money flowing in when you’re not working, you’ll need to have some sort of passive income stream.

2. Simplify your business model.

When I started my music education business, people told me I needed to test my sales pages, throw launch parties and pre-record a bunch of ads in order to grow.

Rather than stretching myself thin doing things that didn’t make sense to me, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting the paid products I created to that list.

If you’re just starting out, develop content around your expertise to grow an audience. It doesn’t have to be perfect. You can iterate as you go and design new products based on what your customers want more of.

3. Cut out unnecessary daily tasks.

Identify what daily activities will help you earn more. Don’t waste time or burn yourself out focusing on unimportant tasks.

It might feel good to get to inbox zero or change the color of the buttons on your website, especially in the early days where you want to feel like you’ve achieved a goal. But neither of those things will make you money.

Before you start a new task, ask yourself three questions:

  1. What’s the expected outcome for doing this task? 
  2. Does it lead to more money?
  3. Can I point to a direct link between doing that task and earning income?
  4. What’s the cost of doing this instead of something else? 

4. Prioritize having fun.

I quit my $35K job to grow my side hustle — now it brings in $141 million a year

A cardiologist shares 4 worst foods for high cholesterol—and what she eats to keep her ‘heart healthy’

Want to maintain a healthy heart and brain? Keep a close eye on your cholesterol numbers.

LDL (low-density lipoprotein) cholesterol builds up in the arteries and forms plaque, which blocks blood flow to the brain. HDL (high-density lipoprotein) cholesterol picks up the LDL and takes it to the liver to be processed.

The optimal levels vary from person to person, so always check with your doctor first.

As a cardiologist who treats patients with high cholesterol, I always try to use diet as medicine first. Here are the four worst foods for high cholesterol — and what I eat instead to keep my heart healthy:

1. Red meat

Yes, that includes burgers, ribs, steak and pork chops. If you don’t want to cut out red meat altogether, focus on small amounts of lean meat. And by small, I mean a portion size of up to three ounces — and eat red meat at most, once a week.

Remember that poultry also contains saturated fat, so avoiding red meat doesn’t necessarily mean you should load up on chicken. 

As for meat alternatives, I’m generally skeptical about engineered foods. To me, plants were never meant to bleed.

What to eat instead: Think fish and shellfish. Shrimp may be high in cholesterol, but as long as you don’t douse it with butter, it will supply you with plenty of protein while leaving your blood cholesterol alone.

Some other delicious lean protein options are white-fleshed fish like tilapia, halibut, cod and bass.

2. Anything fried 

Frying food typically ups the calorie count because saturated or trans fats and cholesterol are absorbed by the foods during the process.

What to eat instead: Bake potatoes, kale or broccoli to a crisp when you’re craving crunch. Or, you can invest in an air fryer, which uses much less fat.

3. Processed meat 

4. Baked goods 

Harvard nutritionist: This is the No. 1 vitamin to keep your brain sharp

Will a creative resume help you secure your dream job?

Mature businessman congratulating young professional. Male and female colleagues are discussing in meeting at board room. They are planning in office.

Morsa Images | Digitalvision | Getty Images

When you’re applying for your dream job, making your application stand out can be key.

One way people are trying to do this is by making their resumes look like a company’s website or product, or adding key style elements used by the company to their resumes.  

Eleonora Papini has followed this approach many times.

“It’s tough to squeeze my life, experiences and skills into one, two pages, having stunning graphics can help convey my dedication and creativity much better than words would,” she told CNBC’s Make It.

For a recent application to Netflix, she recreated the streaming services’ home screen. The boxes that usually show movie or series titles and images instead included her details.

In an application for British cosmetics company Lush, she incorporated elements like its font, and swathes of Lush’s products, which the company also uses on its website. Papini also added themed sections like an “ingredients” list that listed her skills to her resume.

Two examples of company themed resumes, one for cosmetics company Lush and another for streaming service Netflix.

Resumes provided by Eleonora Papini, pictures taken by CNBC’s Make It

Marketing graduate Lap Tran followed a similar approach when applying to an internship at Spotify earlier this year. He used the company’s color scheme, font and replicated its layout for his resume.

Do job applicants think it’s worth it?

At the time, Tran thought it might be worth the additional time to stand out and make his resume more appealing to a large-scale company. But he has since changed his mind.

“Looking back at it, it was not worth the extra effort, but a good bit of experience with themed CVs, since I was not chosen or even emailed to be notified of not being chosen,” he told CNBC’s Make It.

Eleonora also has not noticed a major difference after applying to various companies. “Only one recruiter contacted me and complimented my CV,” she said.

However, she still thinks making creative resumes can be worth the time investment for some applicants.

“I think it’s worth it if you like to ‘play’ with graphics. I like it and enjoy creating new graphics and testing new strategies,” she explains, but she believes the approach does not suit everyone — especially if graphic design is not one of your main skills.

The verdict from experts

Experts also appear to be cautious.

Professional resume writer Suzie Henriques, who is based in the U.K., told CNBC’s Make It that a traditional approach is usually a safer bet.

“Most of the time, the traditional text-based format is usually best,” she said. “The standard CV is universally intelligible and remains the gold standard during the recruitment process.”

Career coach and resume writer Amanda Augustine, who works for U.S.-based company TopResume has a similar view.

“Rather than adding design elements to mimic the employer’s brand, it would be more effective to customize the content of your resume and cover letter based on the specific job listing,” she said.

Highly creative resumes could even lower your chances of securing an interview, the experts say.

One reason for this is distraction, Gaelle Blake, head of permanent appointments at recruitment firm Hays says.

“Crucial details could be harder to find in a creative CV or potentially distract from your credentials,” she told CNBC’s Make It, adding that these key facts about skills and experience are the most important part of a resume for recruiters.

Additionally, a lot of companies use software that reads and filters resumes. This might also cause issues, Henriques explains.

“Some organisations use candidate management software to parse the information on your CV into their system and an unusual or very visual format may not be compatible with this, which means the text you have included may end up not being readable at the other end,” she says.

What to do instead

The one notable exception are highly creative jobs and industries, all three experts told Make It, adding that including links to portfolios for websites are good ways to showcase creativity.

Usually standard resumes are no less effective, they say — but there are a few things to keep in mind.

Henriques suggests keeping the design clear and simple.  

“I recommend using clear section headings, leaving plenty of white space and if you want to add some flair then border lines, bullet points and some light shading can really draw the reader’s eye to the key areas,” she says.

When it comes to content, Augustine believes that resumes should be more than just a series of bullet points.

“They want your resume to read like a story, explaining why you’re qualified for the job you want,” she says, adding that role-specific examples and data are helpful ways to do this.

Meanwhile, Blake urges applicants not to overlook the basics — checking for spelling, grammar and punctuation errors is key, she says.

Her final piece of advice however goes beyond resumes. Making sure you are able to explain your skills in a compelling way during interviews is just as important, she believes.

“Don’t rely on your CV to do all the talking for you,” Blake concludes.

Money managers are hopeful about the stock market in 2023. How they plan to invest

Traders on the floor of the NYSE, Oct. 7, 2022.

Source: NYSE

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Despite this year’s market havoc, investors are feeling fairly optimistic going into 2023, according to a new CNBC Delivering Alpha investor survey.

Four out of 10 predict that the S&P 500 will rise 6% to 10% next year. Nearly 2 in 10 are calling for gains between 11% and 19%. Meanwhile, 6% are calling for stocks to jump by more than 20%, which would wipe out this year’s losses for the S&P 500, which is poised to end 2022 lower by 19%.

We polled about 400 chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money about where they stood on the markets for the new year. The survey was conducted over the last week.

Risk in 2023 and the Fed

Nearly half of the respondents are feeling optimistic that the Federal Reserve can orchestrate some sort of “soft landing” for the economy as the central bank continues to raise interest rates. Indeed, policymakers earlier this month increased rates by half a point to the highest level in 15 years.

Notably, when asked about their biggest concern for the market, an overwhelming 73% of the participating money managers said it was Fed policy.

CNBC Delivering Alpha investor survey

Coming in second place was a Chinese invasion of Taiwan. Nine percent of the participants said labor and supply line problems are their biggest fear. Meanwhile 6% cited a massive resurgence of Covid, which is wreaking havoc in China right now.

Inflation and the investing environment

All five of those names have been crushed in the past year. In recent months, however, Netflix has staged somewhat of a recovery. Shares of the streaming giant are up 63% over the past six months, but they are still down 51% for the year.

On Tesla, 61% of the participants said they were losing confidence in the stock and the company’s CEO, Elon Musk.

Finally, don’t expect money managers to wholeheartedly embrace cryptocurrency in the new year: 81% said they wouldn’t touch it.

Top 10 places in the U.S. to buy a lake house in 2023

Buying a lake house can be a great investment, whether as a first home, a vacation house, or a potential rental property.

Evolve, a vacation rental company, released their ranking of the best places to buy a lake house in 2023. The company used the following metrics:

  • vacation rental performance metrics for lake towns across the U.S.
  • Zillow’s 2022 median home value
  • estimated yearly expenses to run a vacation rental

Louis Olds, the director of real estate at Evolve, told CNBC Make It that aside from using the criteria above to find the best places, the company also looked at the atmosphere of the locations to make sure guests can relax, enjoy themselves and maybe even have a stunning view.

No. 1 best place to buy a lake house in 2023: Saranac Lake, New York

Median rental revenue: $25,294

Median listing price: $250,190

Example cap rate: 7.1%

Nested in the Adirondack Mountains, Saranac Lake is most known for its fall foliage and ski resorts.

According to Evolve, Saranac Lake’s 7.1% cap rate— the ratio between the property’s net income and market value—proves the area’s profit potential.

Saranac Lake is also known for its preservation of old architecture. According to the National Trust for Historic Preservation, it has over 170 buildings listed on the National Register of Historic Places.

The top 10 places to buy a lake house in 2023