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Startup Founder Has Incredible Adventure In Africa With Richard Branson

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Richard Branson Meets Millipede raise5 africa trip

When Virgin Group chairman Sir Richard Branson asked entrepreneurs to send him world-changing business ideas, a three-person startup in Chicago jumped at the chance.

Mike Tang's company, Raise5, was only a few months old then. It is an online platform where people can buy and sell services, kind of like Craigslist, that launched in February 2012. But instead of keeping the payments, the service providers on Raise5 donate the money to their favorite charities. 

"We help people who wouldn't normally be donating to give money to causes," Raise5 tells Business Insider.

Tang and his partners, Shayan Nahrvar and Hassan Hassan beat out 500 other applicants and won a trip to South Africa with Branson himself.

"Raise5 is simple, entrepreneurial and it works. It stood out to me as a perfect example of how anyone can think differently to affect change," Branson has said of their startup.

Nahrvar, Raise5's Chief Development Officer, left on March 1 for Africa and visited two places, Johannesburg and Ulusaba. Branson's Virgin Unites team does a lot of work with emerging entrepreneurs there.

He documented the experience and shared it all with Business Insider.

Fresh off the plane from Chicago! At London’s Heathrow Airport in the Virgin Terminal. Next stop: South Africa.



Landed in Johannesburg at a small airport. It was not your typical airport, it had a very homey cafe atmosphere.



We took a charter flight from the airport to Sir Richard Branson’s private game reserve Ulusaba.



See the rest of the story at Business Insider

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23 Years Later, The FBI Is Still Trying To Solve The Largest Art Heist Of All Time

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manet_cheztortoni

The FBI is once again ramping up its efforts to solve the largest art theft in history, a 23-year-old case in which $500 million worth of paintings and other works were stolen from a Boston art museum.

The agency announced today that it had identified the two people who had committed the crime. It also launched a publicity campaign aimed at uncovering the 13 missing works, for which the Isabella Stewart Gardner Museum is offering a $5 million reward.

Investigators have said in the past that they hope to crack the case by using tactics like those used to capture notorious gangster James "Whitey" Bulger, who was eventually caught after authorities publicized the case on billboards, TV commercials, and other ads, according to the Associated Press.

As art thefts go, the 1990 heist at Boston's Gardner Museum was one of the most brazen in history. Click through to see the missing works and read how it went down.

The theft took place in the early morning hours of March 18, 1990 – 23 years ago today.

Vermeer, The Concert

Source: Isabella Stewart Gardner Museum



It occured at Boston's Isabella Stewart Gardner Museum on Saint Patrick's Day, a Sunday when most of the city was preoccupied with celebrations.

Rembrandt, A Lady and Gentleman in Black

Source: Isabella Stewart Gardner Museum



A pair of thieves posing as Boston police officers showed up at the museum and said they were responding to a call.

Rembrandt, Self-Portrait

Source: Isabella Stewart Gardner Museum



See the rest of the story at Business Insider

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The FBI Says It Knows Who Committed The Biggest Art Heist Of All Time

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rembrandt_selfportrait_etch

The FBI announced today that it had determined the identities of the thieves behind a 23-year-old art heist that's billed as the biggest art theft in history.

It was a major development in the case, which is back in the spotlight in a renewed effort to recover the 13 works that were stolen from Boston's Isabella Stewart Gardner Museum in 1990.

The agency also said it had determined where the works were transported after the theft. They are valued today at $500 million.

Authorities did not identify the thieves by name, but Richard DesLauriers, the special agent in charge of the FBI’s Boston office, said in a press release that they were believed to be "members of a criminal organization with a base in the mid-Atlantic states and New England.”

They likely took the stolen works to Connecticut and the Philadelphia area, where they tried to sell them, according to the FBI. The agency said it did not know the whereabouts of the works since the attempted sale, which took place around a decade ago.

Information is still being sought about the location of the art, which was stolen 23 years ago today in a brazen St. Patrick's Day theft.

The museum is offering a $5 million reward for the safe return of the works, which include pieces by Degas, Vermeer, and Rembrandt.

In addition to today's news about the identity of the thieves, the FBI launched a new website about the crime in an effort to drum up publicity for the case.

Investigators have said in the past that they hope to crack the case by using tactics like those used to capture notorious gangster James "Whitey" Bulger, who was eventually caught after authorities publicized the case on billboards, TV commercials, and other ads, according to the Associated Press.

SEE ALSO: 23 Years Later, The FBI Is Still Trying To Solve The Largest Art Heist Of All Time

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Check Out The Sweet Mega Marina For International Oligarchs They're Building In Cyprus

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limassol marinaThe connections between Cyprus and Russian oligarchs are by now wellestablished

But the press revolving a new megamarina being constructed on the Mediterranean's island's southwest tip suggest it's not just Russian titans who do business there.

The Limassol Marina is billed as "an exclusive waterfront development designed by a world-renowned team of architects and engineers," it would  "combine elegant residences and a state-of-the-art marina with exclusive restaurants and shops, to create a lifestyle uniquely shaped by 'living on the sea'."

While the marina's UK sales reps did not respond to our email, we did notice that the website is available in Russian and Chinese translations. And one account from the website SigmaLive also claims interest from "Russia, Israel, Arab Countries and Scandinavia and various countries of Central Europe."

The prices also suggest a unique clientele. Apartments range from €370,000 to €2,090,000, while a villa will set you back between €1,650,000 - €6,400,000. 

Boat berths — which can accommodate vessels up to 1,000 meters — can cost north of €150,000 a year.

The project is actually still under construction — 90 percent of the project’s marine works and 50 percent of the residential development and infrastructure have been completed as of Jan. 1, the site says. They've done at €86 million so far.

But when it is completed, it seems like it'll look amazing. Here are some renderings from the site's website:

limassol marina 1limassol marina 2limassol marina 3

Finally, this amusing super glossy video touting what will be "a bustling oasis blending energy and tranquility" is probably not aimed at frugal businessmen.

It's only three minutes long. We highly recommend watching it in light of today's events.

SEE ALSO: The Cities That Matter Most To Rich People >

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Wealthy Russians Have Completely Taken Over This Cyprus Beach Town

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Limassol marinaThe tiny island country of Cyprus is in the spotlight this week for a surprise bailout plan that was specifically designed to tax deposits held by Russian gangsters and oligarchs.

You see, wealthy Russians love the country's lax citizenship requirements, which provides an easy way to get black money into the European Union.

But that can't be all that Russians love about Cyprus, right? 

The Mediterranean nation is home to more than 10,000 Russians, notably in the coastal city of Limassol, which is home to several Russian schools, Russian-language newspapers, and boutiques that sell some of the world's best mink coats.

So many Russians have made their home in the coastal port city of Limassol that they jokingly refer to the city as "Limassolgrad."

Source: Reuters



Limassol's tourist strip, which faces the water, has stores that cater to the Russians, selling everything from kefir (a Russian yogurt drink) to Russian beer.

Source: The Guardian



It's clear that the Russians are big buyers here when you see the large billboards advertising sea view villas and apartments — in Russian.



See the rest of the story at Business Insider

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A Photo History Of Carnival Cruise Ship Disasters

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carnival ecstasy burn fire

In mid-February, an engine room fire onboard the Carnival Cruises ship Triumph left more than 4,000 passengers stranded in the Gulf of Mexico, with no hot water and few working toilets.

A month later, just as the incident was fading from the public eye, the diesel generator in the Carnival Dream malfunctioned, while the ship was at port, and passengers were flown home.

The next week, Carnival Legend had a technical issue with its sailing speed, and was sent back to its destination in Tampa, canceling a scheduled stop.

This recent string of public relations disasters is not a new phenomenon for Carnival: Its first ship ran aground on a sandbar on its inaugural voyage. There have been fires on four ships since 1998.

The Costa Concordia, operated by a Carnival subsidiary, struck a reef of the coast of Italy in January 2012, killing 32 people.

But despite its checkered past, the increased cost of maintaining its aging fleet, and the need to cut prices to draw customers put off by recent fires and strandings, Carnival's bottom line has not badly suffered.

In fact, its quarterly earnings and revenue just beat market expectations, and Carnival executives say bookings have already bounced back in the wake of the heavily publicized Triumph disaster.

Problems started early for Carnival: The TSS Mardi Gras, its first cruise ship, ran aground on a sandbar during its inaugural voyage, in 1972.



Everything was fine until July 1998, when a fire started in the main laundry room of the Ecstasy, soon after the ship left Miami.



A fleet of tugboats fought the fire and pulled the ship to shore, but not before 8 passengers and 14 crew members were injured.



See the rest of the story at Business Insider

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Mayor Bloomberg Has A New Plan: Hide All The Cigarettes

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cigarettes smoking women

New York City mayor Mike Bloomberg may have had his sugary drink ban get shot down by a state judge, but he's not done yet with his health initiatives.

Now, he wants to hide all the cigarettes.

Bloomberg has proposed a new "Tobacco Product Display Restriction" bill, which would force all stores to keep tobacco products out of "public view."

Tobacco products would have to be kept in "in cabinets, drawers, under the counter, behind a curtain or in any other concealed location," according to the press release. Stores may continue to advertise product and price, though. 

"New York City has dramatically lowered our smoking rate, but even one new smoker is one too many – especially when it’s a young person,” Bloomberg said in a statement. “Young people are targets of marketing and the availability of cigarettes and this legislation will help prevent another generation from the ill health and shorter life expectancy that comes with smoking."

He'll be proposing the plan to the City Council on Wednesday.

SEE ALSO: 51 Companies That Are Changing The Way We Shop >

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The 21 Best Places To Retire In The World

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Mette-Marit Norway PrincessFor retirees hoping to live long and prosper in their golden years, the U.S. may not be the best option, according to the recently released Natixis Global Retirement Index

The humbling report places Western European countries far ahead of the U.S. in areas like health, finances, quality of life, and material well-being.

“The message is clear: You will be called on to finance more of your retirement,” John Hailer, NGAM’s president and chief executive officer, said in a statement.

“Citizens of other industrialized nations can rely on strong social safety nets in old age, at least for now. In the U.S., we encourage workers to plan, save and invest, and promote policies that help them meet their future needs.”

We've highlighted the 21 highest ranking countries for retirement, according to the index.

21. Italy

Health: 8.2/10
Finances: 5.9/10
Quality of life: 8.0/10

Rounding out the top 21, Italy scores high in health and overall quality of life, but it is struggling through an economic crisis of its own. 



20. United Kingdom

Health: 8.1/10
Finances: 5.6/10
Quality of life: 8.3/10

The U.K. may be in a worse financial state than the U.S. at the moment, but it does post a higher quality of life and was ranked higher for overall health. 



19. United States

Health: 8.1/10
Finances: 6.9/10
Quality of life: 7.4/10

Despite is generally high quality of life and decent health ranking, the U.S. isn't one of the most financially stable places for retirees.

Fixed costs like health care and housing are increasing, and consumers approaching retirement likely saw their nest eggs shrink during the recession. 



See the rest of the story at Business Insider

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Lululemon Is Dealing With A See-Through Yoga Pants Problem

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lululemon yoga

Lululemon has a problem with some of its yoga pants.

They're a little too... revealing.

"That’s a problem for a yoga pants company in a land where nude yoga has yet to take off," quipped Tom Gara at The Wall Street Journal.

What's wrong with the pants?

"The ingredients, weight and longevity qualities of the women’s black luon bottoms remain the same but the coverage does not, resulting in a level of sheerness in some of our women’s black luon bottoms that fall short of our very high standards," the company stated.

Lululemon has pulled all of the affected black luon bottoms and is now working with the supplier to replace the fabric.

The problem apparently originated in the factory and it represents about 17 percent of all women's bottoms at Lululemon, according to the company.

The company realized what had happened after store managers brought up the issue during a weekly meeting with corporate.

SEE ALSO: What It's Like To Work At Lululemon >

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The BBC Just Confirmed That A Cigarette Billionaire From Kentucky Bought Lonely Planet

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Brad Kelley

Today BBC Worldwide officials and representatives of U.S. billionaire Brad Kelley announced the sale of Lonely Planet to a company controlled by Kelley for AUS$75 million (£51.5 million).

The announcement confirms Skift's widely reported scoop from two weeks ago about the sale and the buyer.

According the terms of the deal the BBC Worldwide, the commercial arm of the British public broadcaster, is selling the travel brand to NC2 Media, a new Nashville-based digital media company owned by Kelley and run by Daniel Houghton and Michael Rosenblum. Lonely Planet CEO Matt Goldberg is stepping down from his post.

BBC Worldwide and NC2 Media issued a joint statement which used broad strokes to explain the sale and provided an introduction to the very young media company that was buying the publisher.

Paul Dempsey, Interim CEO BBC Worldwide, says: “We acquired Lonely Planet in 2007 when both our strategy and the market conditions were quite different. Since then, Lonely Planet has increased its presence in digital, magazine publishing and emerging markets whilst also growing its global market share, despite difficult economic conditions. However, we have also recognised that it no longer fits with our plans to put BBC brands at the heart of our business and have decided to sell the company to NC2 Media who are better placed to build and invest in the business. This deal begins a new chapter for Lonely Planet and signifies the end of one for BBC Worldwide.” NC2 Media is a US based media company primarily engaged in the creation, acquisition, and distribution of quality digital content and the development of the technologies that make this possible. The company is poised to leverage the opportunities presented by the changing landscape within the industry. The business is headquartered in Nashville Tennessee, and led by Daniel Houghton, its executive director, who will take on additional responsibility at Lonely Planet as its Chief Operating Officer.

The BBC Worldwide had paid a total of £130.2 million over four years to buy Lonely Planet. This selling price represents nearly an £80 million loss in value during the BBC's ownership. This is despite an increase in both revenue and profit during the period. According to the BBC, "during the time BBC Worldwide has owned Lonely Planet its annual revenue has grown from £810m in 2007 to £1.08bn in 2012 – with profit increasing from £111m in 2007 to £155m in 2012."

The BBC Trust issued a statement criticizing BBC Worldwide's decision and the loss in value, stating "Given the significant financial loss to Worldwide ... we have asked the BBC executive to commission a review of lessons learnt and report to the Trust with its findings."

Early reports stated that offices in Oakland, CA, Melbourne, and London will continue to operate as is, but sources in London say that the Australia office will be eventually be closed and the majority of the business moved to the United States.

Read more about Lonely Planet and the rapid decline of the printed guidebook on Skift >

A version of this post originally appeared on Skift and is republished with permission.

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Former Waiters Are Suing Peter Luger Steakhouse

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peter luger, steakhouse, steak, march 2012, bi, dng

Beloved steakhouse Peter Luger is being sued for alleged wage and hour violations by former employees, Newsday reports.

Four former waiters filed a federal suit last week claiming that, starting in the Spring of 2007, the restaurant failed to pay them for prep work before and after their shifts, forced them to share their tips with kitchen staff, and required them to work through breaks.

To be clear, this suit (for now) only applies to Peter Luger's Great Neck, Long Island location, not it's legendary Brooklyn flagship.

From Newsday:

The waiters' attorneys allege both federal and state labor-law violations and seek class-action status for the lawsuit. Under New York State labor laws, the statute of limitations for violations is six years, compared with two to three years under federal law. "Our position is that Peter Luger knowingly disregarded the employees' rights and their obligations under federal and state law," said Douglas Lipsky, a partner of Bronson Lipsky in Manhattan.

It's also worth pointing out that lawsuits like this are pretty common in New York's restaurant scene. There's even an attorney that specializes in this work, "thorn in the industry's side" Maimon Kirschenbaum. He's sued even the likes of mega-chef Jean-Georges Vongerichten.

The point is, this lawsuit isn't weird. It could very likely be settled out of Court. We'll keep you posted either way.

SEE ALSO: Here's Why Peter Luger Is The Best Steakhouse In New York City

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China's Elite Are Creating An Abundance Of Female Heirs

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China PSC

If you follow Chinese politics at all, you'll have heard of a word that's become synonymous with corruption and privilege — "princeling".

The term refers to the offspring of Chinese party officials, and is often used to describe those who leverage their family connections into political power.

However, there are signs that these princelings could soon be replaced — by a new, female generation of "princesslings."

State news agency Xinhua recently released a number of in-depth profiles of high ranking Communist Party officials to celebrate China's power transition, and observers have noted that a large number of these officials have female offspring.

Amongst those who have daughters are President Xi Jinping and Premier Li Keqiang. Xi's daughter, Xi Mingze, is said to be a student at Harvard University, where she reportedly studies under a pseudonym and is protected by bodyguards.

According to Chris Luo of the South China Morning Post, Internet users have dubbed the female offspring "princesslings," and some wonder if these princesslings could do a better job than their male counterparts.

"Daughters are generally well-behaved," one Weibo user observed. Princelings do not have a reputation for being "well-behaved."

Bo Xilai, one of the most famous of the group (his father was Bo Yibo, one of the Eight Elders of the Communist Party of China) became the center of a murder scandal last year and was ousted from the party. Bo's own son has also come under scrutiny for his lavish lifestyle. And it is widely acknowledged that many princeling's have used their connections to gain lavish fortunes.

If this new generation of princesslings do come to hold power in China, it will be something of a change.

Just 23 percent of Communist Party members are female, and of the 3,000 deputies in the National People's Congress, 23.4 percent are female. No woman has ever reached the top echelons of Chinese political culture: the Politburo Standing Committee.

But Luo writes that it's just as likely that the "husbands of these privileged daughters [will] benefit from the political inheritance of their fathers-in-law."

However, the rise of the princesslings does appear to be another sign of the growing power of women in Chinese life.

As we've reported before, reports about so-called "leftover women" in the country appear to be a symptom of official anxiety over the growing number of single Chinese men who will never find a wife (the "bare branches") — a result of the one-child-policy-induced gender gap.

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Wealthy Apartment Buyers In NYC Want To Keep A Low Profile

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15 central park west penthouse

The wealthy have flocked back to the Manhattan luxury market, spending even more than they did in the pre-crisis highs, but are doing so more discreetly, a new report seen by the Wall Street Journal shows. 

The report, by Stribling & Associates, found that Manhattan co-op and townhouse sales in the high-end $5 million-or-more market hit record levels in 2012, exceeding even the levels seen in 2008, which was the peak year for the borough.

“While there is no law of nature requiring that what comes down must go back up, the luxury residential $5 million plus market in Manhattan certainly has done just that,” Kirk Henckels, an executive at Stribling who prepared the report, told the Journal.

Condominium sales did not enjoy the same levels, but brokers said this was partially due to a rush of signings for still under-construction new luxury condo developments.

Henckels added that after the Lehman Brothers Holdings collapse in 2008, wealthy buyers were apprehensive of making big-ticket purchases and only swooped in at the sight of a real bargain. Now, however, though buyers want to maintain a low profile, they are willing to splash out money for the right homes, “even at full asking price,” he said.

Pamela Liebman, the president of Corcoran Group, told the Journal that wealthy foreign buyers were increasingly looking at New York not only as an investment, but also as a desirable city for a pied a terre.

“Many of them are not just looking at this as a place to dump their cash,” Liebman said. “They want a place they can use and enjoy when they come to New York.”

Indeed, some of the biggest sales in the luxury market have come from foreign buyers, including the record-shattering $88 million purchase of the penthouse at the Zeckendorf’s 15 Central Park West, as The Real Dealpreviously reported.

The pre-construction sales market is also very robust, and is targeting very wealthy buyers. Roughly $2.5 billion worth of deals in this market may be in contract,according to reports from developers, but it could be several months or years before they close.


Alexico Group, the developer of the 57-story white-glove condo tower at 56 Leonard, said the building is already half sold, with contracts worth over $450 million.

“I’ve never witnessed so much pent up demand,” Kelly Mack, president of Corcoran Sunshine Marketing Group, which is marketing the building, told the Journal. [WSJ]

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The 17-Person 'Pedal Pub' Is The Ultimate Party Accessory

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This is the Pedal Pub from Hammacher Schlemmer.

Why We Love It: You may have seen one of these coming down the street in the city with drunken revelers, but now you can buy your own. The Pedal Pub can hold up to 17 people who pedal, serve, steer, and drink as it travels.

It has room for a keg and plenty of storage space for alcohol, measuring 20' x 8' x 10'. The Pedal Pub includes overhead storage as well as a sound system that plays AM/FM radio or MP3 players.

 pedal pub

Where To Buy: Available through Hammacher Schlemmer.

Cost: $40,000.

Want to nominate a cool product for Stuff We Love? Send an email to Megan Willett at mwillett@businessinsider.com with "Stuff We Love" in the subject line.

SEE ALSO: This 3-In-1 Soap Is The Perfect Gym Bag Accessory

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This Crazy Steve Jobs Portrait Was Made By Injecting Paint Into Bubble Wrap (AAPL)

Billionaire Saudi Prince Alwaleed Has Joined Twitter

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alwaleed twitter

Prince Alwaleed Bin Talal of Saudi Arabia, the billionaire who broke ties with Forbes this month over the way the magazine valued him on its most recent rich list, has joined Twitter.

It's a fitting move, considering that he made a $300 million investment in the social media company in late 2011, and now holds an estimated 3 percent stake in the company.

The Prince has been tweeting from his official Twitter handle, @Alwaleed_Talal, in both English and Arabic for about a week. He already has close to 184,000 followers, and is Twitter-verified.

We found out about the account from the Saudi-U.S. Trade Group. Thanks for the heads up!

SEE ALSO:  Here's How Prince Alwaleed Spends His '$29.6 Billion' Fortune

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Gorgeous Instagram Photos Show The Modern Side Of Riyadh

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Victorias secret in riyadh mall

From traditional two-story homes to state-of-the art skyscrapers, Riyadh, the capital of Saudi Arabia, is a mix of traditional and modern.

Lucien Zeigler, research director for the non-profit Saudi-U.S. Trade Group, took some Instagram photos on a recent trip to Riyadh showing the modern side of the city.

They are accompanied here by Zeigler's own captions.

"The King Abdullah Financial District in Riyadh, Saudi Arabia. Designed by Henning Larsens Architects, the new city adjacent to Riyadh will also be known simply as “Riyadh’s Financial District” and will host many of the financial institutions operating in Saudi Arabia."



"The Kingdom Tower in Riyadh is the symbol of the city. The largest building in Riyadh has a large mall, offices, and a Four Seasons hotel. Also known as the “Kingdom Centre,” the building was completed in 2002."



"Another view of the Kingdom Tower at night."



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Fashion Snobs Are Lining Up To Go To Foot Locker (FL)

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foot locker sneakersFashion-forward women are lining up at Foot Locker to buy this season's hottest footwear: sneakers.

Foot Locker's new status as a fashion go-to could have contributed to its 20 percent profit increase over the holiday season. 

Top designers like Phoebe Philo and Isabel Marant helped spur the trend to more casual footwear, reports Hayley Phelan at Fashionista

"Philo has been wearing athletic sneakers — New Balance 993s, Nike Air Max’s — at high-profile events and to take her bow at the end of Celine’s shows for a couple of years now," Phelan writes.

Philo was even photographed wearing Nike sneakers in Vogue

There are a few reasons why sneakers are an appealing fashion trend for women, consultant Chris Black told Fashionista. 

“The bright colors and crazy materials make [sneakers] fashion forward and comfort is something women rarely get with popular footwear,” Black said. “All of the cool styles are also very affordable so everyone can easily be part of the trend.”

Celebrities from Kristen Stewart to Beyonce have been snapped wearing the comfortable footwear at various events. 

Foot Locker CEO Kenneth Hicks said in an earnings conference call last week that the brand was focused on offering the best products to its core customers. 

SEE ALSO: You Really Do Have To 'Drink The Kool-Aid' To Succeed At Lululemon >

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Lululemon Supplier Fires Back: Those Recalled Yoga Pants Were Not 'Problematic' (LULU)

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lululemon yoga

Lululemon announced Monday that it was recalling black luon yoga pants deemed too see-through. They made up 17 percent of all women's bottoms at Lululemon.

The apparel retailer blamed the problem on its supplier.

"The ingredients, weight and longevity qualities of the women’s black luon bottoms remain the same but the coverage does not, resulting in a level of sheerness in some of our women’s black luon bottoms that fall short of our very high standards," the company stated.

Now, the supplier has fired back.

Eclat Textile Co. of Taiwan said that the Lululemon yoga pants that it shipped were not "problematic," according to The Wall Street Journal.

"All shipments to Lululemon went through a certification process which Lululemon had approved," Eclat Textile CFO Roger Lo told The WSJ.  "All the pants were manufactured according to the requirements set out in the contract with Lululemon."

Lo also said tha Lululemon hasn't contacted Eclat since the incident.

Lululemon said that it expects the recall to have a "significant" impact on its financials this quarter.

SEE ALSO: What It's Like To Work At Lululemon >

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8 Tips On Protecting Your Finances Before Moving In With Someone

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rent, own, homeownership, moving

Couples getting ready to move in together should enjoy the exciting time, but also be prepared for the worse.

A recent study by Rent.com of 1,000 renters found that 38 percent of renters had ended a personal relationship with someone they were living with at some point in their lives. And the majority of those — more than 60 percent — continued to live with their significant other for another month or more after breaking up as they worked to split up their stuff and find new places that fit their single budget.

Respondents said that the most difficult part of moving out was splitting up possessions (not finances); and their No. 1 precaution (and lesson learned) is to save more money before moving in with someone else.

To learn more, we reached out to life coach Dr. Michele Callahan, who has been featured on Oprah, Dr. Oz and other media, and she sent us her most important financial advice for couples who live together:

Add your name to the lease. In the unfortunate event that you break-up with your partner and one of you has to move out, the person whose name is on the lease is in the best position to maintain possession of the space. If both names are on the lease, both people have a more equal opportunity to remain in the apartment and renew the lease.

Create a personal budget. Before you agree to rent a new apartment or pay a mover, stop and create a budget for your new monthly bills that includes rent, utilities, and anything else that you may now be paying for on your own. Don’t forget to include your moving expenses, such as moving supplies, security deposit, new furniture, etc.

Purchase items individually.That way, in the unfortunate event of a breakup, the person who paid for the TV or bed is entitled to it, and the person who bought the sofa can take it or swap it with their partner for something else.

Keep good financial records. Keep receipts, bank statements, credit card statements or a journal of shared expenses and purchases to make it easier to divide things up later.

And if you end the relationship:

Determine who can afford to move.After sharing rent and household expenses, it becomes a challenge for people to save enough money to find an apartment they can afford on their own, in addition to moving expenses and a new security deposit.

Close joint bank accounts. If you and your partner have any joint accounts, now is the time to fairly divide the balance of those accounts and close them. If you have any automatic payments coming out of the accounts or any direct deposits going into it, you should cancel all of those automated processes before you close the account.

Refinance joint debt. If you have any joint credit cards or have been sharing one individual card, talk with your partner about determining who is responsible for which charges so that you can either payoff the balances or arrange to have your fair share of the outstanding debt transferred to your individual accounts.

Sell the items you can’t divide. One of you can agree to buy out the other person’s share of the item or make a reasonable exchange of items to balance things out. If you can’t come to an agreement, sell the item and split the proceeds. This may be necessary with a big-ticket item like a car if neither of you can afford the monthly cost on your own.

SEE ALSO: Simple household tips that will save you thousands of dollars every year >

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