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The Main Reasons You Will End Up Broke in Retirement
Having a lot of money in retirement savings is no guarantee it will last the rest of your life. One of the worst things about my job is watching retirees make mistakes in their retirement plans. We recently met with a family that came to us after managing their finances during their lives like most families. They brought this retirement plan to us, and it showed that they had roughly $1.3M at the time of creation. Fortunately, they weren’t doing poorly by any means. They were puzzled because they were great budgeters, so the common culprit—overspending—was not the issue this time. What created such a change in their trajectory? In this article,…
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The Ten Most Powerful Money Habits of Millennial Millionaires
Time to understand the Millennial Millionaire Habits. According to a 2019 report from Coldwell Banker Global Luxury and WealthEngine, there are approximately 618,000 millennial millionaires in the United States. This number makes up approximately 2 percent of the total US millionaire population and 0.2 percent of the general US population. The typical millennial millionaire has a net worth ranging from $1 million to $2.49 million. Real Estate (RE) makes up a healthy position in their portfolio. As such, wealth millennials view RE as a key way to build cash flow, leverage debt, and build wealth. While the average millennial millionaire owns three properties, they generally live near the coast in dense metropolitan hubs. These…
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If You Think It Costs A lot Today, Check Out These 2030 Estimates
Nothing erodes Wealth faster than Inflation. If the cost is $73k in 2020, it will balloon to $95k by 2030. Are you making the adjustments?
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The Limitations of the Financial Trauma Conversation on Social Media
We are all together again. Today we discuss Lawrence's controversial tweet on Twitter about the lack of money (in Lawrence's voice) is not financial trauma.
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How $3.4 Million Became the Price of the American Dream
Based on Investopedia, the American Dream now costs over $3 million. Well, $3,455,305 but what’s an extra $450,000 between friends? See the dream isn’t dead, the reality is that it costs a lot of money over your lifetime. Against the backdrop of sustained high prices and lingering inflation, the average American is struggling to keep up with the social media Joneses. Gone are the days of discipline and measured spending, in are the days of conspicuous consumption, higher credit card debt balances, and toxic poverty porn. Surrounded by the conversation of debt crises and financial trauma, did Investopedia drop clickbait or are they unto something? We will go through each…
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3 things We Did to Solve the Racial Wealth Gap for Our Family
The racial wealth gap is a widely discussed and known issue in the US. While wealth gaps are prevalent worldwide, America has been on a divergent path for a while. In the second quarter of 2023, white households held north of 85% of total wealth. The median white household is hovering at $284,310 while Black wealth trails behind at less than $45,000. That’s a difference of 6.5 times. The Wealth of Two Nations: The U.S. Racial Wealth Gap, 1860-2020 did a great job summarizing how we got here. You can definitely read it for yourself. It’s filled with incredible insight into how freed enslaved people (1860) were able to converge wealth…
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Keke Do you Love me? Are You Single?
The crew is together and today we discuss Keke Palmer and social media antics. But more importantly, what can we learn from this, and how to adjust when necessary? It's not just entertainment.
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How to Harness the Power of Internal Pressure with No Room for Error
Lawrence and Alainta discuss how to harness life's internal pressure. There is a daily exercise of risk assessment that we make each day to be successful. Daily challenges and the tension we carry; we cannot afford to make simple mistakes anymore. That's the price for autonomy and independence in a modern society.
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How Much Money or Wealth Do You Need to Be Part of the Middle Class?
Is the middle class shrinking? Most want to be rich while no one wants to be poor. So most call themselves Middle Class to fit in. But how much income do you need? How much wealth do you need?
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Humanizing Our Experience with Money
Today, we break down the latest 2022 data from the U.S. Census Bureau, the US Bureau of Labor Statistics, as well as the Federal Reserve Survey of Consumer Finances. The TFG reflects on how statistics can be used as a proactive tool and how the numbers humanize the average American's experience with money.
