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Russia's military is allergic to the deep reforms it needs
Kirill Kudryavtsev/Getty Images
Can the Russian military can be reformed to better achieve Putin's revanchist aims?Yes, but the drastic changes will not be easy, an expert on Russia's military says."The appearance of success may be more important than truly making progress," she argues.Whatever the outcome of the Ukraine war, one thing seems certain: the Russian military needs drastic changes.
A country recently thought to be a top military power, with the jets, tanks and warships to match, has been forced to slog it out in conventional battle with a country a fifth its size and has suffered an estimated 500,000 casualties without victory in sight after two years. What few innovations the Kremlin has made, such as using convicts as suicide infantry, are dubious and ad hoc at best.
The question is whether the Russian military can actually change in the near-future, which would impact the current war in Ukraine and the wider grasp for conquest under Russian President Vladimir Putin. Armies tend to be conservative institutions that resist change, particularly in Russia's armed forces that date back to Tsarist and Soviet times and are rife with corruption and abuse. Yet Russia's enemies can't complacently assume that Moscow's military will always be stuck in a rut, warns a US expert.
"The Russian military is capable of reform, especially of a structural nature," wrote researcher Katherine Kjellström Elgin in a report for the Center for Strategic and Budgetary Assessments think tank in Washington, D.C. "That does not mean, however, that reform will be easy. Indeed, Russia's tendency to seek top-down structural reforms matched with enduring characteristics of the Russian military suggest that a transformation of the Russian military will be difficult."
"The Russian military is unlikely to substantially reform in the short- to medium-term," predicted Elgin, who believes "it is unlikely that its future force will be drastically different in character from the Russian military that exists today."
Russian National Guard Service cadets march in Moscow during rehearsal for the 2023 Victory Day military parade.Contributor/Getty Images
It's not that Russia can't adapt to failure. Reforms occurred after the Crimean War of 1853-1856, yet the Soviet military was able to adapt quickly enough to transform the disaster of 1941 — when Nazi German troops reached the outskirts of Moscow — into the triumph of 1945. Today, Russia has displayed skill in waging drone and electronic warfare in Ukraine.
But these are small innovations compared to the agile, NATO-style army that some Western experts claimed Russia had created before the Ukraine war Putin ordered in 2022. "Instead, the early stages of the Russian invasion exposed low morale, brittle logistics, overly centralized command and control, deficiencies in equipment, rampant corruption, and an overreliance on esoteric doctrine, revealing that the reform efforts that began in 2008 had failed to fully deliver on many of their core objectives," Elgin pointed out.
Historically, when the Russian military does change, it tends to be top-down reforms such as reorganizing military districts or modernizing equipment, rather than low-level tactics, Elgin wrote. Even when leaders order reforms, change is blocked by "military culture that does not encourage authority, a lack of talented and empowered middle management, inaccurate information, and a lack of flexibility to adjust course."
The system also encourages pleasing superiors and "conveying the appearance of success may be more important than truly making progress." To be fair, such complaints about style over substance are not unheard of in the US or other militaries. But this problem is especially acute in Russia's highest echelons, where apparatchiks stifle the feedback and criticism needed to identify what's hampering its systems and operations, including the Ukraine war.
This doesn't rule out the unlikely possibility that Russia can change the overall culture of its military. However, according to Elgin, this can only happen if two conditions are met: high-level and sustained political support and adequate resources are made available.
Given that observers so misjudged Russian military capabilities prior to the Ukraine war, how can the West accurately determine whether reforms are occurring? One sign is whether top Russian leaders only make an occasional speech about military improvement, or whether they continually address the issue.
Another is the grievances and recommendations voiced by younger officers fresh from the battlefields of Ukraine and which officers are being promoted or ignored. And despite Russia's authoritarian crackdown on dissent, voices outside the military are a good indicator. "These voices could emerge from military blogs, the intelligence services, or private military companies," Elgin wrote.
However, it is also important to study not just Russian officers, but also how ordinary soldiers are trained, Elgin told Business Insider. "What are they teaching in military schools? How are troops being trained on a daily basis? In other words, how are reforms being rolled out not just at the top levels, but how are they affecting the experience of every service member?"
Reform doesn't necessarily translate into battlefield performance. Despite reforms instituted after the Crimean War, the Russian army still suffered from command control and other flaws in the Russo-Turkish War of 1877-1878. "It is possible to successfully achieve the goals you set out in a reform program, but to reform in ways that do not result in success on the battlefield," Elgin said.
Any reforms today might only create a military with a new look but old problems. "It may have new equipment, new formations, and potentially new doctrine," said Elgin. "but its enduring weaknesses, vulnerabilities, and tendencies are likely to remain the same. And this is something that NATO, Ukraine, and others can prepare for and take advantage of."
Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on Twitter and LinkedIn.
Mortgage Interest Rates Today, April 21, 2024 | Rates Remain Near 7%
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
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Average 30-year mortgage rates surpassed 7% this week, according to Zillow data. Rates have been ticking up in recent weeks due to hot economic data casting doubts on when the Federal Reserve will finally start lowering the federal funds rate.
Once the Fed starts lowering its benchmark rate, mortgage rates should trend down. But investors don't expect that to happen until the Fed's September meeting, according to the CME FedWatch Tool. If inflation remains elevated, we may need to wait even longer for rates to go down.
If you're planning to buy a house soon, you can alleviate some of the impact of high rates with a great credit score. According to myFICO, borrowers with a score of 700 or higher could still get a rate in the 6% range, while those with scores in the low 600s may pay over 8% to get a mortgage.
Paying down debt or lowering your credit utilization can improve your credit score and help you find affordability in this high rate environment.
Mortgage Rates Today
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Use our free mortgage calculator to see how today's interest rates will affect your monthly payments.
By clicking on "More details," you'll also see how much you'll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.
30-Year Fixed Mortgage Rates
Last week's average 30-year fixed mortgage rate was 7.10%, according to Freddie Mac. This is a 22-basis-point increase from the previous week.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you'll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates inched up to 6.39% last week, according to Freddie Mac data. This is a 23-point increase since the week before.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
How Do Fed Rate Hikes Affect Mortgages?
The Federal Reserve has increased the federal funds rate dramatically to try to slow economic growth and get inflation under control. So far, inflation has slowed significantly, but it's still a bit above the Fed's 2% target rate.
Mortgage rates aren't directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
The Fed has indicated that it's likely done hiking rates and that it could start cutting soon. This would allow mortgage rates to trend down later this year.
When Will Mortgage Rates Go Down?
Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.
In March 2024, the Consumer Price Index rose 3.5% year-over-year. Inflation has slowed significantly since it peaked last year, but it has to slow further before rates will begin to fall.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
Melania's presence at Trump's hush-money trial could be 'powerful,' legal experts say — but Eric and Don Jr., not so much
Maansi Srivastava/The New York Times via AP, Pool
Opening statements in Donald Trump's first criminal are set to begin Monday. The former president's family has not attended this past week's jury selection.But their presence, especially Melania's, could have a powerful impact, legal experts say.Donald Trump enters his first criminal trial every day flanked by lawyers, court officers, Secret Service members, and political advisors.
But not his wife and children.
Melania Trump and the former president's children have not attended this past week as seven men and five women were chosen as jurors for his historic Manhattan hush-money trial.
And while it's not uncommon for family members of defendants to sit out the slogging jury-selection process, legal experts say their presence — especially that of Melania Trump — could have a strong positive impact on jurors once opening statements begin Monday.
Former President Donald Trump speaks alongside his wife, former first lady Melania Trump, during a rare joint appearance as they arrived to vote in Florida's primary election.Giorgio Viera/AFP/Getty Images
'No question that Melania is the most important'
"There's no question that Melania is the most important family member to be there," Mark Bederow, a criminal defense attorney and former prosecutor for the Manhattan district attorney's office, told Business Insider.
Bederow explained that Melania Trump's courtroom support could be "potentially very powerful" given the salacious nature of the hush-money case against Trump.
Making Trump at least look like a wholesome, beloved husband and father might help him.
"Certainly, if Melania were there supporting him, that potentially sends a message that 'I support him, I'm OK, I believe, perhaps, this didn't happen,'" Bederow said. "I think that can only have a positive impact on the jury."
This is especially important in a trial where the words "porn actress" and "extra-marital affair" will be lobbed at Trump by prosecutors.
Prosecutors from the Manhattan district attorney's office say Trump falsified 34 business records to disguise a $130,000 hush-money payment to adult film star Stormy Daniels.
The payment to buy Daniels' silence over an alleged 2006 sexual encounter with a married Trump was part of an illegal scheme to influence the 2016 election, according to prosecutors.
Jill Huntley Taylor, a jury consultant, told BI that the presence of Trump's family will likely magnify the jurors' other impressions of the case.
If the jurors are inclined to side with Trump, thinking the case is lousy, then they'd understand why his family didn't show up, she said. If they side against Trump, they might wonder why none of his family members are supporting him.
"Trump doesn't want to be there," Huntley Taylor said. "I could see jurors, if they're favoring him thinking, 'Well, he's not going to make his family be there.' And I can see jurors who are not favoring him thinking, 'Well, wouldn't your family want to support you in this while you're on trial?'"
Former US president and Republican presidential candidate Donald Trump holds news clippings as he speaks to the press in the court hallway.JABIN BOTSFORD/POOL/AFP via Getty Images
His family — or lack thereof
Courtrooms are, by design, "sensory deprivation tanks," joked Julia Vitullo-Martin, a criminal justice consultant and former director for the Citizens Jury Project, an initiative of the Vera Institute of Justice.
So when there's downtime in the courtroom, jurors, who don't have their electronics, have little else to do but study the defendant and whoever is with them.
"So you look around, and you assess the defendant's demeanor, his clothes, his family — or his lack thereof," Vitullo-Martin said.
Jurors have sworn they will judge Trump's case solely on the evidence. But their observations of the defendant — and any family present — will influence their eventual verdict, she said.
"They're human beings," she said of jurors.
"And defense attorneys have always known this, which is why they are so conscious of how their client is coming across to the jury."
'Kind of the elephant in the room'
Whether family shows up for Trump should not matter to the jury, but Bederow said it's only natural for jurors to wonder why Melania Trump or any other family member might not show their solidarity in the courtroom for the presumptive Republican presidential nominee.
"It's not evidence of anything, and it's not the kind of thing they're supposed to consider, but I think it's kind of the elephant in the room," Bederow said.
Even in criminal trials with more dire stakes — and where defendants have been accused of far worse — it's common for family members to attend and show support.
Fallen cryptocurrency mogul Sam Bankman-Fried had watched his parents in the front row of the gallery for every day of his monthlong trial. Even Ghislaine Maxwell, who trafficked girls to disgraced financier Jeffrey Epstein for sex and sexually abused them herself, had two sisters and a brother attending her trial nearly every day.
In this courtroom sketch, former President Donald Trump is surrounded by his attorneys, court security and Secret Service seated behind him, during jury selection in his New York criminal trial on April 16, 2024.REUTERS/Jane Rosenberg
Melania Trump did not show up for her husband's past Manhattan trials
But Melania Trump has been a no-show in Trump's other three Manhattan trials, all of which he lost, and at a cost of more than $600 million in judgments against him.
The former First Lady also did not attend either Trump's first or his second E. Jean Carroll federal defamation trials, in April, 2023 and in January of this year.
She was also a no-show at last year's civil fraud trial.
Trump himself stayed away entirely from the first Carroll trial, at which a jury found him liable for sexual assault.
These absences likely do not make jurors' hearts grow fonder, according to legal experts.
"A defendant's demeanor and appearance in front of a jury is critically important, from the very start of jury selection through the return of a verdict," defense attorney and former federal prosecutor Justin Danilewitz told BI.
Former President Donald Trump appears alongside his attorneys at Manhattan criminal court during jury selection in his hush-money trial on April 18, 2024.Brendan McDermid/Pool Photo via AP
Danilewitz added, "And although a defendant cannot, of course, communicate directly with a jury, perceptive jurors will note the courtroom surroundings and the support of family a defendant may have."
Former Brooklyn prosecutor Arthur Aidala echoed those remarks.
"Typically, you want family members there to show the jury that the defendant has a lot of support," he said.
Aidala, a criminal defense attorney who has represented Rudy Giuliani and Harvey Weinstein, agreed Melania Trump's presence at the trial would be "key" but noted that he did not believe the attendance of family would have much of an impact in this case.
"It's not the kind of case where sympathy matters. Usually family matters when you want the sympathy of the jury for the defendant. That's not the case here," Aidala said. "People know Trump. Family will not change their opinion."
Danilewitz said Trump's defense team may have a different strategy in mind when it comes to Melania Trump.
"Ordinarily, in a case like this, the appearance of a spouse may well send an important signal of support," said Danielwitz. "But the defense strategy here is likely to signal that this trial is not worth the time of the defendant, and even less the time of his close family."
"Attending could suggest a level of importance the defense does not want to give the case," he said.
Instead of family, Trump has been surrounded in court by lawyers and support staff.
They include his four main criminal defense lawyers in the case — Todd Blanche, Susan Necheles, Emil Bove, and Gedalia Stern — and a rotating cast of political aides working for his 2024 presidential campaign, including Steven Cheung, Jason Miller, Margo Martin, and Natalie Harp.
On Friday, they were joined by Clifford Robert, one of Trump's family's lawyers in the New York attorney general's civil fraud trial against the Trump Organization last year.
Former President Donald Trump.Pool/Getty Images
Melania Trump is portrayed as the 'mistreated wife' in the hush-money case
They spend a lot of time together, but they're not the wife and kids.
Melania Trump "is the mistreated wife in this narrative that the DA is saying," Bederow said, explaining, "If she's not there, jurors may take note of that. Certainly the media will."
Given that the prosecution's narrative includes Trump having an affair, Trump's lawyers may have deemed it wiser to keep Melania Trump away, according to Huntley Taylor, the jury consultant.
"It seems like you would have to really think twice about whether you want to put her through that," she said.
The presence of Trump's daughter, Ivanka Trump, at her father's criminal trial could also be impactful, but the appearance of his sons, Eric Trump and Donald Trump Jr. likely wouldn't matter, according to Bederow.
"Let's be honest, if Donald Jr. and Eric Trump showed up, is that going to make it any better? No. Probably, if anything, it potentially makes it worse," said Bederow. "But it's a different story with Melania and Ivanka."
"People who are inclined not to like Donald Trump probably view the sons in the same way just because they're very vocal defenders of their father, which is natural and expected," Bederow continued. "But they're also very involved in the political game and the media game that surrounds everything involving Trump."
Melania Trump has privately called the charges against her husband "a disgrace," even though she was initially furious at him when news of the alleged affair broke in 2018, according to the New York Times.
If Trump's family does decide to show up Monday, they might want to wear sweaters. The temperature in the courtroom is very cold.
Everyone hates high prices. So why are we all still spending like crazy?
Jenny Chang-Rodriguez/BI
We've all been there: staring down the price of a plane ticket, a new shirt, or a bag of chips and thinking angrily to ourselves, "Jesus Christ, this did not use to cost this much." And then … we buy it anyway.
Inflation has made a lot of things infuriatingly expensive, and consumer confidence isn't great. The economy is good on paper, but in the real world, a lot of people feel like they're trapped in place. Yet many of those same people continue to spend their way through it. Retail sales came in higher than expected in March, up 0.7% month over month to $709.6 billion. February's numbers were revised up, too. Consumers have proved themselves as the motor of the economy.
In short, America has become a nation of hate spenders.
"There is how consumers feel and what they're doing," Lydia Boussour, a senior economist at EY, said. "Consumers are not feeling great about inflation, but what the data is telling you is that even if they're not feeling great, they're still able to continue to spend."
That leaves the question: Why are we willing to spend through the pain? According to experts I talked to, the surge in hate spending can be attributed to various factors. For one thing, a lot of people still have the financial stability necessary to open their wallets. On a psychological level, many consumers are just throwing up their hands at the state of financial affairs. They're aware prices aren't going back to 2019 levels, and given everything everyone's just been through, they may as well live it up.
Take Jordan Hart, a writer in Illinois and self-described "cheap bitch." She told me that she often finds herself outraged by prices — and then ultimately succumbs to the forces of capitalism. Hart, 26, has developed a taste for Lululemon, despite previously scoffing at paying $100 for a pair of leggings. Most recently, she decided to spend $50 on a Stanley cup. She initially got a knockoff on Amazon, but it broke, so she's biting the bullet and going with the OG. It's cool and trendy, plus part of her New Year's resolution was to drink more water. She's channeling a familiar sentiment. Many consumers are still buying like crazy; they're just mad about it.
"I feel like, obviously, with inflation, everything is just getting obnoxiously more expensive," she told me. "But at the heart of it, our desire as a consumer and as people to have nice things has not gone away."
Some of what's happening here is simple macroeconomics: People's finances are in a good spot, so they can absorb the increased costs. The labor market is strong, and wage growth has been outpacing inflation for months. From 2019 to 2022, median household wealth, adjusting for inflation, grew by 37%. Some cracks have begun to emerge. People's savings have fallen after being boosted by stimulus checks and the lack of spending options during the pandemic, and credit-card and auto-loan delinquencies are on the rise. Lower-income households, in particular, are likelier to be struggling. Still, on the whole, Americans are doing well.
"We're looking at a consumer sector that's still in overall good financial shape," Boussour said. She thinks that moderation in spending will soon be on the horizon, though it's worth noting economists have been saying that for months now — eventually, something has to break, they've argued, but it's just not clear what or when that will be.
People have largely just accepted that the prices that are in the market right now are status quo. We've acclimated to these inflated prices.Beyond the raw dollars and cents, there are a lot of mental and emotional factors going into people's willingness to suck it up in the face of higher prices. In American culture, consumerism is one hell of a drug. It's wrapped up in our identities, how we relate to the world and to each other. Many of us have a tendency to look at a problem or frustration and think, "What can I buy about this?"
Claire Tassin, a retail and e-commerce analyst at Morning Consult, told me surveys indicated that the sticker shock of inflation had worn off, meaning some of the hate spending comes down to resignation. Per Morning Consult, the share of people who say they're paying more for products now than they were a year ago is back to 2021 levels, even as prices continue to climb.
"People have largely just accepted that the prices that are in the market right now are status quo," Tassin said. "We've acclimated to these inflated prices."
There's also a level of YOLO splurging going on among a lot of consumers. They're buying tickets to see Taylor Swift and booking summer trips to Europe, deciding they deserve a treat (or several) after living through a pandemic. People figure, "Hey, if I can't buy a new home right now or upgrade my job or car, taking a vacation seems like a decent alternative, even if I am paying more than I'd like." The consumer COVID hangover is lasting longer than many observers expected, in a way that opens up the question of whether this you-only-live-once attitude will last forever. If consumers hadn't gone along for the ride on price hikes, companies couldn't have undertaken them in the way they did. Financial products such as buy now, pay later have also made it easier to buy something you can't entirely afford at this very minute.
"I don't know what would force us to hit the breaking point for this degree of consumer spending," Tassin said.
At the same time, conspicuous consumption — as in buying goods and services to show off a level of status — is back on the rise among demographics that are once again jonesing to try new brands and becoming less sensitive to prices. While lower-income consumers are trading down from expensive name-brand products to cheaper alternatives in an effort to save money, some younger and higher-income consumers are trading up and shrugging off the higher costs that come with that, even if it irks them.
"They want to achieve a higher social status. They want to live a life that impresses others, and being part of the popular crowd is important," Tassin said. "Part of it is just like, 'This is what it costs now. And yes, it's a lot more expensive than it used to be, but it's still important to me to keep spending.'"
The misalignment between people's stated attitude toward prices and their actual behavior isn't that outlandish — our intentions and emotions often don't match our actions. People say they want to eat healthy all the time and then find themselves in the ice cream aisle. It's easy to say you want to cut back on spending, given high prices, but when a friend asks whether you want to go shopping, it's hard to say no.
Ravi Dhar, a professor of management and marketing and the director of the Center for Customer Insights at Yale School of Management, told me there's a sort of decoupling going on between people's current situations and how they feel about the future. They see a headline about people getting laid off, or they know there's a global conflict going on, so they feel more pessimistic about the economy and worried about costs. But when it comes down to actually paying, they still have a job and maybe even got a raise, so they pony up.
"They have uneasy feelings about the future and how it might change, whereas expenditures and spending now is determined by the current state of affairs," Dhar said. "Their predictions have become more pessimistic, but not their behavior."
There is, of course, a needs vs. wants question here. Some items are necessities — a home to live in, food on the table, gas in the car, childcare, healthcare. Consumers are understandably frustrated at the costs of these things. But in some instances, people conflate what is a need, what's a reasonable expectation, and what sorts of trade-offs they perhaps should make to achieve their financial goals. None of us have to subscribe to six streaming services or escape to a lavish weekend getaway, even if we tell ourselves that's what we deserve for stomaching the workday and staring down a grocery bill that's much higher than it used to be.
"To the outside, that might look like a luxury but to them it says, 'Hey, this, I need all this for my sanity,'" Dhar said.
People are averse to loss, and having to change their lifestyle to fit newfound financial constraints feels like losing. There's an element of stubbornness here — of course, that dress in the closet is just fine to wear to that party, but getting the new one is more fun and exciting, even if the accompanying price tag is annoying. It'll be something interesting to complain about at said party later.
To the outside, that might look like a luxury but to them it says, 'Hey, this, I need all this for my sanity.'Reporting for this story, I heard from all sorts of people about their hate-spending habits. One woman told me she despised spending over $1,000 on an iPhone, even as she insisted on replacing hers at least every two years (she figured she should have one that works "awesome"). And, like many people, she won't switch to another brand. One man said he'd really gotten into couponing and racking up points at his local grocery store, but sometimes, he's just got to have that bag of Doritos, even if it costs the price of two bags three years ago. People cited angrily buying dog toys, fancy chocolates, deodorant, and $9 Chex Mix at the airport. Some mentioned doing more inevitable — and even more rage-inducing — spending on big-ticket items like rent. Upon reflection, I've realized I have two categories of expenses I love to hate: martinis at half-decent New York restaurants and my internet bill.
Most people were aware that many purchases were things they could go without. The Doritos guy knows he could go without the premium channels in his cable package, but he doesn't think his bill would come down far enough to warrant the sacrifice. By the end of my conversation with the iPhone lady, she said she'd started to wonder whether it might be better to wait to make the purchase — the crack in her screen would be easy and cheap enough to fix. But she doesn't have a lot of other big expenses at the moment. It's not like her car's broken down, so she'll probably go ahead and buy a new phone. She feels like it's an investment in herself. Hart, the Illinois writer with a brand-new Stanley cup, sees some of her spending as a way to reclaim power.
"You don't have a choice in the economy and inflation and how that's affecting you, but you kind of have a choice in how much you let it alter your lifestyle," she said. "It feels like you're admitting defeat if you're just like, 'Well, now it's just expensive, so I won't do it.'"
In a hyperconsumerist society like the one we live in, it's a notion that tracks. Maybe we're all angry spending soldiers, refusing to be deterred.
Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.
This space tourism company wants to take people to the stratosphere with a helium balloon for $150,000. See inside its capsule designed by a former Ferrari designer.
Courtesy of Halo Space
Halo Space is a space-tourism company that uses helium balloons instead of rockets or jets.CEO Carlos Mira plans to launch commercial flights in 2026, and take 10,000 people to the stratosphere by 2030.The company unveiled the interior of its capsule, designed by ex-Ferrari designer Frank Stephenson.Halo Space was founded in 2021 with the goal of improving access to space tourism.
It would still be out of reach for most people, at around $150,000 a ticket, but by using helium balloons instead of jets or rockets, it's cheaper and more sustainable than the likes of Blue Origin and Virgin Galactic.
CEO Carlos Mira believes his company can take 10,000 people to the stratosphere within the next six years. He said Halo will start commercial flights in 2026.
Last Wednesday, the firm unveiled the interior of its capsule — designed by Frank Stephenson, a renowned industrial designer formerly of Ferrari and Maserati,.
Business Insider attended a London event hosted by the company to learn more about Halo Space and how it hopes to achieve its grand ambitions.
Isaiah J. Downing/Reuters
Pete Syme/Business Insider
Jay Nemeth/Red Bull Content Pool via AP
Pete Syme/Business Insider
JIM WATSON/AFP via Getty Images
Pete Syme/Business Insider
Courtesy of Halo Space
Pete Syme/Business Insider
Stephenson made his name designing the Fiat 500 and the BMW X5, among other cars, but has been more involved with aerospace firms in recent years. He previously spoke to Business Insider about his work designing electric-vertical-take-off-and-landing aircraft, or eVTOLs — commonly known as flying taxis. Like Halo, they're focused on sustainability.
Pete Syme/Business Insider
Courtesy of Halo Space
Courtesy of Halo Space
Courtesy of Halo Space
Courtesy of Halo Space
Courtesy of Halo Space
The mannequin in the image represents the 95th percentile for male height.
Courtesy of Halo Space
Courtesy of Halo Space
Courtesy of Halo Space
Courtesy of Halo Space
OceanGate Expeditions via AP, File
Pete Syme/Business Insider
A freelancer who used Fiverr to leave a bad office job explains how she knew it was time and the pros and cons of the lifestyle
Courtesy of Rose Almond
Rose Almond is a fully self-employed freelance engineer after resigning from her office job in 2015.Almond shared the positive aspects, and challenges, of this career move.There can be quiet work periods, but she likes the flexibility of picking projects and when to work.Rose Almond was over her 9-to-5 job as a mechanical engineer.
"It was not a good place to be for a young female engineer," she told Business Insider. "It didn't really suit me being in the office environment."
Plus, Almond said working a nights-and-weekends side hustle of freelance gigs was exhausting. So she quit her day job in 2015.
Now, she gets to choose her own schedule and which projects she works on.
"I knew something had to give," she said.
Almond lives in Canada and is fully self-employed as a freelance product design engineer. She said a lot of her work still falls under mechanical engineering. Almond didn't decide to become a self-employed freelancer lightly. To help prepare, Almond said she ensured she "had enough cash in my business to survive paying my bills" for a couple of months.
"Then I approached my employer to ask to switch to part-time hours so that I could ease softly into the freelance side," she added. "Honestly, I wasn't being utilized to the best of my ability, and I could have kept the same pace of work in half the time anyway, but they refused to even consider it. They got my resignation the same day."
For others hoping to identify when to make this lifestyle move, Almond said a main part of it comes down to recognizing both your strengths and weaknesses.
"Freelancing gives flexibility in scheduling your time, but comes with a responsibility for time management and a need to be able to self-motivate — even on the days it's hard to get going," she said. "Everyone has their own level of acceptable risk, which should be considered carefully in terms of financials, healthcare, and any other benefits that might be traded in."
Earning money through the freelance platform Fiverr
Since joining Fiverr in the summer of 2014, Almond has made around $288,000 through this freelance platform. This includes around a year of side work while still employed at her previous job. She has also done freelance work through Upwork.
In 2021, she made around $65,400 through Fiverr. Almond credits that partly to people looking to freelancers more amid the pandemic. Last year, her Fiverr earnings were nearly $36,000, based on documentation shared with Business Insider. Her total revenue from her self-employed work in 2023 was around 65,400 Canadian dollars, or over $47,500.
Almond offers product designs and creates concept sketches for clients. She said she helps clients "create the products that they're going to be able to sell." Based on her Fiverr profile, basic hand sketches for a product concept cost $750. Prices increase to $1,000 for digital sketches with color and $1,250 for 3D mockups. Those prices differ though if the delivery time is shortened. She also has prices listed for designing a client's product for 3D printing and prototyping.
"It's really fun to see the products actually getting launched and hitting the market," she said.
The pros and cons of working as a freelancer
Almond said choosing her own hours is a major upside; she likes working at night.
Location flexibility is another positive. Almond said she has completed projects while traveling. She also has done some work, such as answering people's questions, while waiting for school pickup.
"I love that the focus is firmly on the quality of what you deliver, not something arbitrary like your location," she said.
Almond has found flexibility in deciding the projects to work on another pro to being a freelancer.
"That wasn't so much there at the beginning because at the beginning it was, kind of, you take what you can get," she said. "And now that I'm more established, I'm able to choose what I want to spend my time on a little bit more."
There are also pros specifically with being a freelancer as a parent, Almond has found. She has two young children. She said this type of work gives her flexibility with their schedules as needed and to take care of them if they are sick.
She said that flexibility would be tough if she were still working as a mechanical engineer for an employer.
"Honestly, a lot of the office culture, it isn't fair to women in the workforce," Almond said.
There can be some negatives that come with being a self-employed freelancer. Almond has found that "the lack of face-to-face interaction" that comes with freelance work can sometimes get lonely.
Another con is the workflow "isn't always smooth," she said.
"Some weeks or even months, it might be really quiet. There's not much going on," Almond said. "And then, suddenly, on one day, you get five different orders from different people that you've quoted for the last six months, and they all want everything done tomorrow."
She said managing client expectations, communications, and personalities can also be hard, "especially in a field where outcomes are not always linear and perfectly predictable," and "there's no buffer via management."
"I've definitely gotten better at setting clear guidelines and boundaries over the years," she added and noted this has helped with customer relations.
Almond is ready to explore working on her own products amid freelance gigs
Almond's advice for other parents hoping to take a chance on freelance work is to keep trying at this kind of work.
"Definitely don't expect it to be all at once," she said. "It does take a little bit of time to kind of ramp up, especially on platforms like Fiverr that have really grown, and they've got more people offering services now. But just keep working at it, and it will happen eventually."
Something she wished she had known before entering the freelance world is to "make sure you know your own value."
"It's very easy in a competitive environment like freelancing to offer your services too low," she said. "And sometimes it's better to hold out for the people who really will value you because they're going to come in with a better attitude, and that makes for a better working relationship."
Freelance work has now given Almond a chance to explore another work goal.
"The flexibility of the hours working with clients is letting me explore some of my own personal projects on the side, so I'm really excited to try and get some of my own products launched within the next few months and year."
Have you resigned from a job to freelance? Reach out to this reporter to share at mhoff@businessinsider.com.
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