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Rich to Wealthy
R2W: Personal finance topics for high-earners striving to build wealth for many generations to come.
Maybe COVID was good for something? More states are now finally requiring financial literacy classes, largely because of issues that came to the fore during the pandemic, including income and wealth inequality. ![]()
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Only 7 states (AL, IA, MO, MS, TN, UT, and VA) currently require students to take a semester-long personal finance course or its equivalent. Studies have shown increasing student financial literacy improves credit scores, lowers loan delinquency rates, and other positive financial outcomes. Thankfully, 23 additional states are about to implement financial literacy programs by 2028, though!![]()
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If you want to see how financially literate you are, check out the FINRA quiz towards the bottom of the article.![]()
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More States Now Require Financial Literacy Classes in High Schools
www.nytimes.com
The surge in offerings is a response to the pandemic, which revealed glaring income inequality, as well as inflation and the resumption of student loan payments, an expert said.
Charlie Munger, who recently passed, was by all accounts a great investor and wise man. He lived in the same modest house for 70 years, like his longtime business partner Warren Buffet. His main reason to do so: larger homes are expensive to maintain and can compel children to 'live grandly' in the future. We have our own thoughts on this. Do you agree with Charlie?
www.cnbc.com
Billionaire Charlie Munger intentionally lived in the same California home for seven decades — making him "happier" and benefitting his children, he said.
Happy Thanksgiving from Rich to Wealthy! Wishing everyone a wonderful day filled with gratitude and joy.
Leave it to Taylor Swift to bring back trickle down economics.![]()
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$4.1 billion, yes billion, in estimated personal earnings to Taylor from the Eras Tour alone! And not only that, an additional $5.7 billion boost to the US economy, with LA County alone estimating a windfall of $320 million from her visit. Cincinnati, Denver, Kansas City, and more are also raking in the dough from concertgoers.![]()
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You can read more about the remarkable impact the Eras Tour is having on local economies around the country here:
The Economy (Taylor’s Version)
www.washingtonpost.com
Taylor Swift’s record-shattering Eras Tour — set to bring in more money than any other concert in American history — is heading to 8,500 movie theaters this weekend.
A new poll from the Associated Press has some interesting results on the state of American household finances:![]()
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A significant majority of households (69%) report that household expenses have risen, with much fewer saying that household income (23%) or savings (15%) has.![]()
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Although 1/3 of survey respondents are confident they can keep up with household expenses, only 18% are confident they will have enough savings for retirement. ![]()
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Sounds like another data point out there essentially confirming what we already know: inflationary pressure on American household expenses has outpaced wage increases.![]()
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Always a good idea, but especially in times like these, to get your financial plan in order and to monitor your cash ins and outs regularly!![]()
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Many Americans say their household expenses are outpacing earnings this year, AP-NORC poll shows
apnews.com
About two in three Americans say their household expenses have risen over the last year, but only about one in four say their income has increased in the same period.