What We're Reading

A few good pieces the Collaborative team came across this week …

Generational wealth:

Millennials Now Make Up Nearly Half of the Super-Wealthy … [and] the youngest $25 million-plus investors have a significantly higher net worth than their older counterparts. The average net worth for millennials in the $25 million-plus segment is $164 million, with Gen Xers in this segment close behind with $160 million average net worth. Baby boomers in this segment, however, average $85.6 million net worth.

Generational depression:

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Personal finance:

Instead of a Number, what most of us want is optionality. The ability to live, work and travel as we best see fit. Whether this fits inside the box of a traditional career or whether it looks like something altogether different, it really doesn’t matter. As long as it reflects the unique and genuine choices you want to make in your own life. For the vast majority of us, this will require some trade-offs. We can’t have it all, but we can try to have those things that matter the most to us and the people we love.

Scamming the wealthy:

It is easy to scam people by getting them into complication –the poor is spared that type of scamming.

Hamburgers, to many, are vastly tastier than filet mignon, because of the higher fat content, but people have been convinced that the latter is better because it is more expensive to produce.

My idea of the good life is to not attend a gala dinner, one of those situations where you find yourself stuck seated for two hours between the wife of a Kansas city real estate developer and a Washington lobbyist.

Incentives:

After 26 years helping his clients try to get rich, Indiana securities broker James Madden thought it was his turn to make a lot of money when a recruiter from Raymond James offered him $150,000 — nearly twice his annual income — to shift his business to the Florida-based firm.

Madden said there was just one catch: Each time he failed to reach his sales quota in a three-month period, he would have to repay $7,500.

Six months after cashing in his windfall, Madden was in trouble. Business was down, and he had to give back $15,000. Madden started making secret trades in client accounts to reach his sales targets. Regulators later found unauthorized trades for at least 15 people and suspended his license. Raymond James fired Madden and paid $36,000 to reimburse one of his clients, records show.

Persistence:

Picasso lived for a total of 33,403 days. With 26,075 published works, that means Picasso averaged 1 new piece of artwork every day of his life from age 20 until his death at age 91. He created something new, every day, for 71 years.

Have a good weekend.

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