money

Kids: Money & Marshmallows

Marshmallow Test: Want to teach your kids self-control? Ask a Cameroonian farmer. Now for the first time, there’s a study reporting on what happens when psychologists give the marshmallow test to kids outside Western culture, specifically 4-year-old children from the ethnic group Nso in Cameroon. Compared to German children in the experiment, the Cameroonian kids waited, on average, twice as long for the second treat. And way more Cameroonian kids — nearly 70% — waited the full 10 minutes to snag the second marshmallow. Only about 30% of the German kids could hold out.

Image result for marshmallow test

Source: Addicaid

What to Tell Your Ultra-Rich Kids about Money: Money is the last taboo. People will tell you about their sex life before they will talk about money. Such is the dichotomy for the ultra-wealthy as they work to strike a balance. They want to live well, but they don’t want to spoil their children. They want their kids to be well-adjusted and advantaged, but they don’t want them to lack ambition. Wealthy people on both sides of the equation — the wealth creators and the heirs — often consider it gauche to even discuss money. Some are embarrassed by it.

  • “What I make a point to do when all my kids have just turned 18 is visit our estate attorney in Richmond who my dad and now me have done business with for 28 years.”
  • All three children have attended public schools, and all work at the company starting at 11 or 12. They also must work outside the company after college, so they “learn what you have to do to make $100,000 a year.”
  • “Each child has a small trust set up when they were born that will mature in stages when they graduate from college, turn 30 and, finally, turn 35.”

Curated by CLAI

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What Is Your Stress Tolerance? How Much Do You Make?

Curated by CLAI

STRESS TOLERANCE: Are you stressed for your age, gender, education, and income?

  • You have the highest stress levels 25-34 years, with a steep drop after 55.
  • Women experience greater levels of stress.
  • Stress levels decrease with greater education and higher income.

W160401_GINO_AVERAGESTRESS

WEALTHIEST ZIP CODES: The top five zip codes in America with the highest average income probably won’t surprise you: three of the five are in New York City, while one is in Miami Beach.

  • Washington, D.C. 20510 ranks as the wealthiest zip code in the District, with an average income of $191,818.
  • Maryland, Gibson Island,  21056 has an average income of $450,012.
  • Virginia, Roanoke 24005 has an average income of $394,400
  • Florida, Miami Beach 33109 with a stunning $2,180,105 in average income.
  • New York City has the wealthiest zip code (10104), with an average income of $2,976,929.

HOW MUCH DO YOU MAKE? Nearly 73% of full-time workers aren’t comfortable with the idea of discussing their pay with anyone at work other than their boss or the HR department. Only 13% said they’d be “completely comfortable” with sharing such information more broadly, recognizing that it might offer workers better leverage in negotiations. The remaining 14% or so said they would be comfortable discussing their salaries with close colleagues, but not their wider team.

  • Women were slightly more uncomfortable than men with the idea of sharing what they make, despite what they might stand to gain from doing so. About 74.5% of the women in the sample said they were uncomfortable talking about it with anyone other than a supervisor or HR, compared with 70% of the men.
  • There was a little more variation, meanwhile, among age groups. Respondents aged 25 to 34 were most likely to welcome the idea of talking openly about their pay. 34% said they were either completely comfortable with it or would do so with close colleagues, compared to 27% of all ages surveyed.

Do Married Men Earn More Money?

Curated by CLAI

MARRIED MEN EARN MORE $$$: Men who get married work harder and more strategically, and earn more money than their single peers from similar backgrounds. Marriage also transforms men’s social worlds; they spend less time with friends and more time with family; they also go to bars less and to church more.

  • On average, young married men, aged 28-30, make $15,900 more than their single peers, and married men aged 44-46 make $18,800 more than their single peers, after controlling for differences in education, race, ethnicity, regional unemployment, and scores on a test of general knowledge.
  • Married twins earned 26% more than their identical twins who were not married.
Credit: segrustgroup.com

Credit: segrustgroup.com

 SEE YOUR PARTNER: The key is to understand that partners are not renovation projects. Think always in terms of looking at your own expectations, negative emotional responses, dark moods and insecurities and deal with them first.

  • Paying attention takes time and focus — ­two things we’re short on these days. Sitting next to each other while surfing the Web on separate laptops doesn’t cut it. Neither does dinner if your eyes are on your cellphone as much as they’re on your partner. A neglected spouse might not clamor for your attention as aggressively as a pet, but they need the dose of love just as much.
  • For 10 minutes each day, couples should “talk about something other than work, family, who does what around the house or your relationship.” The goal is “to always really understand your partner.” To not lose sight of their goals and dreams and passions — ­the things that probably drew you to them in the first place. As you share breakfast in the morning or wind down before bed, the rule offers a chance to talk about your partner’s wish list of vacation destinations or about a book they’re reading. Anything that allows you to stop and connect and not just feel like business partners trying to make your way through a packed agenda.

 

Rich, Middle Class, & Poor Jobs. Washington DC Highest Housing Cost

Curated by CLAI

JOBS FOR RICH, MIDDLE CLASS & POOR: Looking across incomes and rankings there are a couple of interesting things to note:

  • It’s good to be the boss: Being a manager is the most common job from the 70th percentile up to the 99th.
  • Doctors and lawyers are only found in the top two brackets. (There’s a reason our grandmothers wanted us to go to med school or law school.)
  • Sales supervisors are well-represented across all groups. It’s a broad job title that applies to people making as little as $12,000 a year all the way up to six figures.
Jobs Up & Down Income Ladder

Data from 2012, adjusted for inflation. Source: IPUMS-USA, University of Minnesota; American Community Survey Credit: Quoctrung Bui/NPR

DC MOST EXPENSIVE CITY: Wait a second – is D.C. really #1 in housing costs? More than NY? Yes. Washingtonians spend more on housing and related expenses (utilities, furnishings and equipment) than New Yorkers and San Franciscans.

  1. Washington, DC
  2. San Francisco, CA
  3. New York, NY
  4. San Diego, CA
  5. Baltimore, MD
  6. Los Angeles, CA
  7. Seattle, WA
  8. Boston, MA
  9. Philadelphia, PA
  10. Chicago, IL
Most expensive cities to live in the United States

Most expensive cities to live in the United States (Credit: US Bureau of Labor Statistics)

Docked Pay for Massive Debt? Women Pay Women Less?

Curated by CLAI

MASSIVE DEBT? U.S. Federal law allows up to 25% of your wages garnished or docked often over credit card debt, medical bill, or student loans. Check out how much your state (law) protects your paycheck.

Wage Garnishment


Wage Garnishment (National Consumer Law Center Report: “No Fresh Start”)

WOMEN GAVE LESS TO WOMEN: Both men and women made lower offers, on average, when the responder was female. Male proposers offered an average of $4.73 to male respondents, but only $4.43 to women. More painful yet was the behavior of female proposers, who, on average, offered $5.13 to men but only $4.31 to women. It seems that women were seen as softies who were willing to settle for less — and the discrimination was worse coming from the women themselves.