A 28-year-old single mom who started a $2 million business says she relies on 5 strategies to build more wealth for the future

After getting laid off and ending her marriage, Ellie Diop and her four kids moved in with her mom. She used the major change to build a business.

In 2020, Ellie Diop was newly divorced and living at home with her mother and four children after being laid off from her corporate job. She barely had any savings and couldn't find another job. She knew she had to get a better handle on her money.

Fast forward to today, a year after starting her online coaching business, and Diop's business has generated over $2 million in revenue. Here's how she manages her money to build more wealth for herself and her children.

1. She keeps her expenses low

After going through very challenging times when she lost her job, Diop promised herself she would do things differently when her financial situation improved. She lived at her mother's house until two months ago to ensure she was financially prepared to cover her expenses for at least a year if her financial situation were to change, and she doesn't have any debt aside from student loans.

"One of the markers I gave myself before moving out is to make sure I could pay myself with one day of business income and have my year's rent earned in a week," said Diop.

Staying with her mother gave Diop the flexibility to delay taking a salary from her business. Apart from a couple of owner's withdrawals to help with personal expenses in the past year, Diop didn't draw a salary from her business until recently. "Salary-wise, I don't want to take too much out of the business. I want to reinvest," said Diop.

When asked how she determined how much to pay herself, she said she researched the salary range of CEOs of small privately-owned business consulting firms in her area and decided to pay herself according to that. "Initially, I thought I should pay myself 10% of what the business generates in a month," said Diop. "But recently, I've had months where my business earned $400,000 in revenue. Ten percent of that would be more than I'm comfortable with. That's what let me know I should go based on market rate."

2. She increased her savings rate and improved how she organizes her finances

At her previous job, Diop was making $125,000 a year, but "had nothing to show for it when I was laid off," she said. "I was spending the money." Today, Diop saves 30% of her salary through automated transfers to a savings account. She also built a 12-month emergency fund before moving out of her mom's house.

She uses two personal checking accounts to keep her money organized; one account for her income and another account to pay her expenses. She uses a credit card to maximize rewards and pays her balance in full every month from her secondary checking account.

3. She keeps a close eye on her budget

Twice a month, Diop takes a close look at her expenses using the Mint app.

"At the beginning of every month, I review my expenses from the previous month. I look at nonnegotiables, areas of improvement, and set my budget for the following month," she said.

Diop only has a card for her expense account, not her income account, to avoid being tempted to use money from her main account.

When asked how she avoids falling victim to lifestyle creep, Diop said, "I want my passive income to finance my upgraded lifestyle. That's why I would rather keep my expenses low. I want to make sure the money I'm making is going towards investments that can make more money."

4. She invests for retirement and earns as much as she can

Diop invests for retirement via a SEP IRA, which allows business owners to invest using business income. This year, she plans to max out her SEP IRA by investing $57,000, which will also reduce her taxable income.

She's also intentional about building multiple streams of income. "Currently, I have five sources of income through my business coaching, the courses I offer, my rental income, life insurance license, and speaking engagements. I'm looking to add a few more," she said.

5. She seeks help from experts to help grow her wealth

Diop hired a CPA to learn the specifics behind paying herself, and to develop her tax-planning strategy for this year to lower her tax liability. She also hired a financial planner to help her build and manage her investment portfolio.

In addition to retirement accounts, Diop plans to automatically send 25% of her income to investments instead of savings now that she's built a significant emergency fund.

As the first person in her family to see this amount of money, Diop feels a lot of pressure to do things right so she can change her family's wealth trajectory. She's not afraid to seek help. "I don't always have a reference point. That's why I reach out to people who have the information, so I can make the best decision for my situation," she said.

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Corporate America Cuts Middle Management as Bosses Take On Triple the Workload

Amazon, Google, and major U.S. employers flatten hierarchies, leaving managers with far larger teams and employees with less direct support

Corporate America is undergoing a sweeping transformation as companies slash layers of middle management, reshaping the relationship between bosses and employees.

Large employers across sectors—including Amazon, Google, Intel, Citi, Bank of America, Estée Lauder, and UPS—have moved aggressively to flatten organizational hierarchies, citing efficiency and speed as primary goals.

According to research from Gartner, managers now oversee nearly three times as many employees as they did a decade ago.

In 2017, there was one manager for every five employees.

By 2023, that ratio had widened to one manager for every 15 employees, with evidence it is continuing to rise.

Google recently removed more than a third of its managers of small teams, while Intel eliminated half of its management layers.

Amazon told investors it is deliberately pushing toward larger teams, framing leaner oversight as a sign of strength rather than weakness.

Investors and boards increasingly view fewer managers as proof of corporate agility and resilience.

Companies argue that cutting bureaucracy allows them to remain competitive, particularly in fast-moving sectors such as technology, finance, and consumer goods.

Yet the shift has placed unprecedented pressure on surviving managers, many of whom now juggle responsibilities for dozens of direct reports while losing the ability to serve as mentors, career coaches, or daily supervisors.

Employees are noticing the difference.

Some say they must actively promote their own accomplishments to get recognition, while others feel less engaged.

A Gallup survey showed that fewer than half of U.S. employees now report knowing what is expected of them at work, down sharply since 2020.

“They cannot spend time with their employees, they cannot help develop their employees,” said one veteran human-resources leader, describing the risks of overstretched bosses.

The new model of management is being redefined.

At Bayer, for example, Vice President Lisa Perez now leads two dozen people and has delegated routine approvals to artificial-intelligence tools.

She reserves weekly “coaching hours” for career guidance rather than holding traditional one-on-one meetings.

At Axon, a security equipment company, executives cut their management ranks nearly in half, returning many former supervisors to individual contributor roles.

The company’s president, Josh Isner, argued the old structure slowed development, saying, “I want to keep pushing the envelope.

The best outcome is more speed and more autonomy.”

Not all managers are thriving under this model.

Some describe waking at dawn to handle workloads, struggling to maintain personal connections with employees, or relying on assistants and peers to fill gaps.

Others, however, say the flatter structures foster greater independence, with employees trusted to manage themselves unless major issues arise.

The reshaping of management is one of the most dramatic corporate shifts in decades.

While designed to eliminate bureaucracy and accelerate decision-making, it risks leaving managers overburdened and employees feeling unsupported.

Whether the new balance between efficiency and leadership will prove sustainable remains a pressing question for companies navigating today’s leaner workplace structures.

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Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide

Family claims chatbot bypassed safeguards and acted as 'suicide coach,' prompting wrongful death lawsuit

OpenAI is facing a wrongful death lawsuit after parents alleged that its chatbot, ChatGPT, played a direct role in their teenage son’s suicide by providing detailed guidance and encouragement.

Matt and Maria Raine filed the case in federal court, claiming that their 16-year-old son, Adam, died in April after ChatGPT-4o allegedly taught him to circumvent safety features and supplied instructions for self-harm.

According to the lawsuit, the chatbot went as far as drafting suicide notes and describing methods in romanticized terms, which the family argues effectively isolated Adam from real-world support.

The complaint asserts that ChatGPT failed to cut off conversations even after Adam disclosed attempts and shared images of injuries.

Logs revealed more than 650 daily messages, with over 200 flagged references to suicide.

Despite OpenAI’s safety protocols, the chatbot allegedly responded with validation, telling the teen that his choice was “symbolic” and offering “literary appreciation” for his suicide plan.

Adam’s parents discovered the exchanges only after his death.

His mother, Maria, said her son was treated like a “guinea pig” by technology designed for engagement rather than safety.

The family is seeking punitive damages, new safeguards requiring automatic conversation termination when self-harm is discussed, parental controls, and quarterly safety audits by an independent monitor.

OpenAI acknowledged the authenticity of the chat logs but said the excerpts do not reflect full context.

The company expressed condolences, noting that ChatGPT is designed to direct users to crisis helplines, though it admitted protections may weaken during prolonged interactions.

The case marks the first wrongful death lawsuit against OpenAI tied to a child’s suicide.

It underscores rising concerns over AI companion bots and their potential to encourage harmful behavior.

Similar cases have already pressured other chatbot providers to strengthen safeguards.

The Raines, meanwhile, have launched a foundation in Adam’s name to warn parents of the risks AI systems may pose to vulnerable teenagers.

If you or someone you know is struggling with suicidal thoughts, support is available through the Suicide Prevention Lifeline at 1-800-273-TALK (8255).

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Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content

China’s Qixi Festival Sees Marriage Registrations Surge and Flower Prices Soar Tenfold

US Appeals Court Rules Against Most Trump-Era Tariffs

Federal Circuit finds International Emergency Economic Powers Act does not authorize key tariffs; decision effective October 14 while appeal expected

A federal appeals court has ruled that most tariffs imposed under President Donald Trump’s administration through the International Emergency Economic Powers Act (IEEPA) are not permitted by law.

The decision, delivered unanimously by the full 11-judge panel of the Court of Appeals for the Federal Circuit, is unusual in scope and underscores the significance of the case.

Normally, cases are reviewed by a three-judge panel.

The ruling upholds a lower court’s finding that President Trump’s use of IEEPA to implement tariffs targeting fentanyl-related imports and broader reciprocal tariffs exceeded the statute’s limits.

The court determined that while the president holds some emergency trade powers, the authority to impose tariffs rests primarily with Congress except in narrowly defined circumstances.

The decision will take effect on October 14, though tariffs remain in place until that date.

The case was brought forward by five businesses and a coalition of Democratic state attorneys general, who argued that invoking IEEPA to address drug trafficking and trade imbalances did not constitute a national emergency under the law.

The court agreed, reinforcing that tariff powers are constitutionally tied to congressional authority.

Despite the ruling, the Trump administration has emphasized that IEEPA was chosen for its flexibility and speed, allowing immediate action to safeguard American economic and national security interests.

Supporters point to the substantial revenue generated — estimated at roughly $400 billion annually, with projections suggesting as much as $4 trillion over a decade — which has offset tax cuts and bolstered fiscal stability.

Even some lawmakers who opposed Trump politically have acknowledged the significant fiscal benefits of tariff revenues.

Legal experts anticipate the administration will petition the U.S. Supreme Court, either through a writ of certiorari or an emergency appeal, to reinstate the tariffs.

In the meantime, alternative legal pathways remain open to the president, including tariff authority under Sections 201 and 122, or direct congressional authorization.

The outcome carries international implications, particularly in ongoing trade negotiations with major partners such as China.

Analysts note that foreign governments will closely monitor how Washington responds to ensure clarity on the future of U.S. tariff policy.

While the court decision limits one avenue of presidential trade authority, President Trump retains multiple tools to pursue his longstanding objective of protecting American industry, securing fair trade, and confronting the inflow of dangerous drugs such as fentanyl.

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Vietnam Braces for Powerful Storms and Torrential Rains

Vietnam to Release Nearly 14,000 Prisoners on National Day

Vietnam Tourism Booms as Country Emerges as Global Hotspot

John McCain’s Former Captor Tran Trong Duyet Dies at 92

Carlsberg Expands Vietnam Brewery With $90 Million Upgrade

Vietnam Ends 13-Year Monopoly on Gold Trade

Vietnam Challenges China With Island-Building in South China Sea

Former U.S. Congressman and Vietnam War Hero Duke Cunningham Dies at 83

Vietnam’s Long Thanh International Airport Nears Completion

Amazon Commits $570 Million to Satellite Internet in Vietnam

U.S. Expands Probe Into Solar Imports From Asia

Laos Launches Southeast Asia’s Largest Wind Farm

Laos Names Ho Chi Minh Trail as Historical Heritage Site

Torrential Rain and Flooding Hit Laos

Minnesota Officials Urged to Act on Deportations to Laos

Cyclone Kajiki Batters Southeast Asia

Laos Expands Nutrition Program With Fortified Rice

Laos to Introduce Nationwide Digital ID Cards in 2025

Thai AirAsia to Open New Laos–Vietnam Route

Cambodia Requests Urgent Aid for Explosive Remnants Clearance

Thailand and Cambodia Seal Trade Deals With United States

Cambodia to Nominate Donald Trump for Nobel Peace Prize

Cambodia Fortifies Border as Tensions With Thailand Grow

Thai Military Accuses Cambodia of Planting Landmines at Border

Thai Prime Minister Paetongtarn Shinawatra Dismissed Over Cambodia Phone Call

Philippines Central Bank Projects Lower Inflation in August

Philippines Expands Marine Protections in Biodiversity Hotspot

Chiquita to Invest $30 Million in Panama Operations

Philippines, Allies Conduct Joint South China Sea Patrol

Philippines Raises Minimum Wage for Overseas Domestic Workers

Philippines Narrows Trade Deficit With Export Growth

Philippines Embraces Blockchain for Budget Transparency

Philippine Military Opens Strategic Base Near Taiwan

China Warns Philippines Over Taiwan Tensions

Philippines to Seek Lower U.S. Tariffs on Exports

Indonesia’s President Urges Calm Amid Escalating Protests

Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis

German carmakers slash nearly 7% of workforce as profits slump, exports fall, and economic downturn compounds industry pressures

Germany’s automotive sector, one of the nation’s largest and most influential industries, is facing its sharpest downturn in years, with more than 51,000 jobs cut in the first half of 2025.

An analysis by audit firm EY, using data from the Federal Statistical Office (Destatis), found that the industry reduced its workforce by nearly 7%, eliminating approximately 51,500 positions between January and June.

Across the broader German economy, around 114,000 jobs were lost during the same period, meaning nearly half of all layoffs came from the auto sector.

Since 2019, the year before the Covid-19 pandemic, employment in the industry has declined by more than 112,000 positions.

EY described the job losses as unparalleled compared with other sectors, reflecting the severity of the crisis.

Jens Brorhilker, managing partner for audit at EY Germany, said collapsing profits, weak demand, and structural overcapacity have forced carmakers into sweeping cuts.

He warned that restructuring across Germany’s industrial base will likely prolong job losses.

The EY study reported that automotive revenues fell 1.6% year-on-year in the second quarter of 2025, while Volkswagen announced a steep decline in quarterly profits and lowered its full-year outlook.

Yet the sector’s contraction remained less severe than the 2.1% fall in overall German industry sales, suggesting that, despite mounting difficulties, carmakers continue to perform slightly better than the wider economy.

Three major pressures are weighing heavily on Germany’s automotive sector.

First, Chinese competition, particularly in the electric vehicle market, has intensified as German manufacturers struggle with regulatory hurdles that slow innovation.

Second, trade policy under U.S. President Donald Trump has reshaped global dynamics.

While tariffs have placed new costs on German exports, Trump’s firm stance has secured a recent U.S.–EU trade agreement setting car import duties at 15%, lower than expected, though contingent on reciprocal tariff reductions by the EU.

Third, Germany’s weak economy—having contracted in both 2023 and 2024, with GDP declining again in the second quarter of 2025—has compounded domestic and global demand challenges.

Exports of German cars and auto parts to the United States dropped 8.6% in the first half of 2025, while demand in China has also slowed.

Analysts warn that with exports to both major markets under pressure, the industry’s restructuring and job reductions are likely to continue.

The crisis underscores how central the automotive industry remains to Germany’s economic fortunes, while also highlighting the deep challenges of adapting to global competition, trade realignments, and technological transformation.

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Japan Canceled U.S. Visit as Trade Deal Implementation Encounters Technical Hurdles

Negotiations on a $550 billion investment-for-tariff relief package stall amid unresolved administrative issues and calls for clarifying executive orders

Japan’s top trade negotiator, Ryosei Akazawa, has postponed a scheduled trip to Washington originally intended to finalise the financial and technical details of a $550 billion investment package designed to secure tariff relief from the United States. The move reflects unresolved administrative questions that must be addressed before ministerial-level discussions can proceed .

Under a July agreement, Washington and Tokyo agreed to reduce U.S. tariffs on most Japanese goods to fifteen percent, down from earlier rates of twenty-five percent, in exchange for substantial Japanese investment via government-backed loans, guarantees, and a small portion of equity . For the auto sector, the levy was to drop from twenty-seven point five percent to fifteen percent, though no timeline has yet been established .

A central point of contention remains the so-called “stacking” issue, where the fifteen-percent rate could be layered on top of existing tariffs on certain products—such as beef—contradicting the spirit of the agreement. Japan is urging the U.S. to amend its presidential executive order to enact a “no-stacking” provision, replicating arrangements made with the European Union .

Chief Cabinet Secretary Yoshimasa Hayashi emphasised the urgency of amending the order and urged the U.S. to issue a formal order to reduce tariffs on automobiles and auto parts as soon as practical . Meanwhile, Commerce Secretary Howard Lutnick has indicated that an announcement on the investment package is expected imminently .

Japan’s exports registered the steepest monthly decline in four years in July, prompting a downward revision to its annual growth forecast—from 1.2 percent to 0.7 percent—which underscores the economic stakes of these trade discussions .

Talks are expected to continue at the administrative level, with Akazawa potentially rescheduling his Washington visit as early as next week once the outstanding issues are resolved .

— Key facts:

A $550 billion Japanese investment pledge hinges on securing tariff relief from the U.S.;
Tariff reductions to 15 percent for most Japanese goods, and for autos from 27.5 percent, remain unsigned; implementation stalled by unresolved detail;
Japan demands a clarified executive order from President Trump to ensure tariffs do not duplicate (no-stacking) and to formalise reductions on auto goods;
Economic pressure from falling exports and reduced growth projections increases urgency;
Negotiators remain in close contact and may resume travel once administrative-level discussions clear outstanding points.

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