Millionaire households in the U.S. are rising again, largely because the mass affluent stayed the course with their stocks during the downturn and are reaping the benefits of the market's recovery. But frugality also played a big role.
Boomers are making a lot of the same mistakes their parents made when it comes to discussing money with family. That is, they aren’t doing it. But it’s time to have the The Talk, with aging parents and grown kids. Here’s how.
I’ve been on the road for the past two months, mostly in Bolivia and Peru, where I was pretty off the grid and didn’t keep up with the news. So I arrived home to find a strange phenomenon: Protesters “occupying” Wall Street. And Oakland. And Portland. And many other places as well.
Hot on the heels of a study suggesting that people who have a car, investments or other personal wealth are more likely to marry drops the other shoe: a study that suggests that people who prioritize money are less likely to be satisfied in said marriages.
It’s time to adjust our preconceived notions for how—and where—poor people live. While poverty rates rose throughout the country over the past few years, the sharpest increases occurred not in the “poor” inner city, but the “well off” American suburbs.
There are so many commentators stressing the very obvious, very real and very important downside of the recent market tilt that in this Mind Over Money post we’ve decided to risk looking hopelessly naive by discussing an overlooked upside.
It’s no secret that the Great Recession shattered the financial dreams of millions of Americans. But the demographic groups that have lost the most from the Great Recession are two that historically lag behind the rest of the country on key financial issues like income, savings, and percentages of home ownerships: African-American and Hispanic households.
– PSYCHOLOGISTS RONALD FISCHER & DIANIA BOER [via the Journal of Personality and Social Psychology]
“There’s no such thing as get rich quick. Building wealth takes time, and a lot of hard work. If you want to be successful in anything, you must work at it for hours every day – sometimes late into the night, and early in the morning. If you are happy with mediocrity, punch the clock [...]
