All Articles Tagged "wealthy"
The number of wealthy households inducted into the Millionaires’ Club between 2008 and 2013 is insane — about three million families gained a net worth of $1 million, according to Time. That’s a 58 percent increase in just five years!
The U.S. now stands with a record number of millionaires with 9.63 million coined up households, according to a study by Spectrem Group. In just one year, by the end of 2013, millionaire households skyrocketed by seven percent; this is an added 640,000 households to the Millionaires’ Club!
This is the first time America’s richest has surpassed 2007’s pre-Great Recession peak of 9.2 million. The middle class, on the other hand, has yet to beat their 1999 record of $56,080, according to USA Today. In 2008, when the US economy stagnated, the number of millionaires dipped down to 6.7 million. But now, America’s most affluent seems to have shaken off the detrimental affects of the recession.
“The last few years, we’ve seen the number continually increase, but this was the first year that we’re finally beyond the economic crisis,” explained George Walper, Jr., President of Spectrem Group.
For the richest of the rich, they’ve seen some pretty good numbers, too. Households with a net worth of over $25 million or more jumped from 125,000 in 2007 to 132,000 last year.
So why has there been a spike of wealth for America’s one percent? “Because of their levels of wealth, they increased their exposure to equities during the downturn and were making investments in real estate when the market was at the bottom,” Walper Jr. added. “That’s why now they’ve benefited the most from the return in the economy.”
This is great news for the millionaires of course, as well as the luxury car and home industry; BMW, Mercedes, and Audi all reported record sales in 2013 while luxury real estate has seen some significant growth, too. But for the rest of America, the widening income gap isn’t as peachy.
According to ThinkProgress, “…this period of high income inequality has led to an incredibly harsh economic environment for the poor and middle class.” Americans on the lower end of the economic totem pole have seen decline in social mobility while their long-term financial growth have stagnated.
Between 2009 and 2012, USA Today adds, the rest of us have only seen a puny .04 percent increase in wealth. Meanwhile, the one percent bathed in a 31 percent surge.
“Inequality is needed to reward hard work, talent and innovation. But a wealth gap that’s too wide is usually unhealthy. It can slow economic growth, in part because richer Americans save more of their income than do others. Pay concentrated at the top is less likely to be spent,” wrote Christopher S. Rugaber and Josh Boak, AP business writers.
Some things we have no control over, like when we will come out of this Great Recession. And we have no control over being fired or laid off. But we do have control over our personal financial choices and our actions.
In other words, even with the grimmest of financial forecasts coming down, you can still make it to the land of milk and honey by changing some your habits and thinking.
The Wealthy Live That #FabulousNFrugalLife.
One of the key habits of the self-made wealthy is that they track their spending. Every penny has a position in their multi-million dollar empire. In other words, they keep a budget and are able to differentiate between a want and a need. If you need a budget starter tip, try the 50-30-20 rule. Use 50 percent of your income for your needs, 30 percent for your wants, and 20 percent for your savings and investing. If you want to jump start your journey to wealth, flip those last two percentages: save and invest 30 percent of your income and use 20 percent of your income for your fun, wants, and desires.
The Wealthy Take Their Grateful Pill Every Morning.
Instead of complaining about what isn’t working and what has yet to come, try copping an attitude of gratitude. Being grateful is like a muscle. When you are training yourself to be grateful for the little or the simple, you are preparing yourself to both attract and appreciate the greater and the grander.
The Wealthy Have a Crew and Seek to Expand It Strategically.
The saying “misery loves company” is true on one hand. But happy, wealthy folk are about networking, meeting, mentoring, being mentoring in order to form meaningful relationships that will result in big dollar bottom lines for all involved. So if you’re not getting out there, shaking hands, keeping in touch with meaningful contacts, and participating in a genuine way, you’re missing the chance to build opportunity and, by extension, business.
The Wealthy Live In the Slow Lane.
Most wealthy folk are not the stars of our favorite ratchet reality show, athletes, or entertainers. A lot of self-made millionaires are those boring people who worked a side-hustle until it became a full-fledged money maker. These entrepreneurs consistently and faithfully invested their money over several decades, and took deliberate risks.
Translation: turn off the T.V. and pick up a book, or speak to a financial advisor.
The Wealthy Don’t Believe In Luck.
With the exception of lottery winners, the wealthy are never surprised when they check their accounts and see the obscene number at the bottom of their statements. Whether it be a life committed to frugal living, investing, and/or entrepreneurship, the wealthy know exactly what they wanted for their wallets and stuck to their vision, through the ups and downs of the economies, through financial obligations to the families, and through uncertainties. They chose to be wealthy and did not stop until it happened.
So, it is really up to you. You want wealth? You go out and get it.
Well, since it looks like the Los Angeles Lakers season will soon be over (don’t come for me Lakers fans, you have to accept it), Steve Nash can now focus on a bigger fight.
A year and a half ago, Nash announced that he and his wife Alejandra would be divorcing. In the months since, the breakup has been fairly ugly with allegations of infidelity being thrown from both sides as well as rumors that Nash didn’t want to pay child support for their three children. They’ve been locked in a child support battle for months! Well, an Arizona judge ruled that Nash didn’t have to pay the support because his lawyers were able to prove that his ex has become a millionaire in her own right because of him and still pulls in $30,000 a month.
Further, Nash apparently pays for 90 percent of his children’s medical, schooling and extracurricular activities as well as 82 percent of the nanny’s salary. Alejandra contends, however, that none of that should matter because he still makes a million more dollars than she does every month.
For his part, Nash says that he believes if he’s made to pay child support, Alejandra will use the money to continue funding her own lifestyle as well as spoiling the kids with lavish and unnecessary gifts.
Isn’t this ugly? Oh and did I forget to mention that Nash is trying to bar Alejandra from moving to Los Angeles so the kids can be closer to their dad because California courts are known for harsh child support rulings and he’d likely be made to pay if they move there.
Sadly, his oldest children, a set of twin girls, are eight and likely old enough to realize that their parents really aren’t getting along at all. Unfortunately, it doesn’t look like the fighting will die down since they’re still in court.
Based on the information, who do you think is wrong, Steve or Alejandra?
If things continue to go down this road, Pilar Sanders is in trouble.
Last Wednesday, A Dallas court ruled that while Deion Sanders and soon to be ex-wife Pilar will share custody of their three children in a week on/week off schedule, Deion is the only parent that will hold exclusive rights over the children. Well, at least until the final divorce trial, according to The Dallas Morning News.
What does this mean? Judge Ray Wheless decided that Deion will solely be allowed to make decisions about the kids’ primary residence, school(s) they attend and choose their athletic activities. Athletic activities? That sounds weird that they would eve be involved in the ruling. They’ll share all other decisions.
In December, a court granted Deion custody of their two sons, Shilo and Shedeur, while Pilar was granted custody of their daughter, Shelomi. She also had her child support reduced from $10,000 to $5,000.
Pilar has also maintained that she is a victim of Deion’s celebrity status and that his finances are doing all of the talking.
Their divorce trial should begin somewhere around March 4th.
In the meantime, Deion will have to pay legal for the amicus attorney who represents the interests of their children. Both he and Pilar will share the medical bills.
Wow, this is going to get a lot worse before it gets better. Based on reports, it seems like the adults may have forgotten about the most important thing: the kids (which explains why they had to bring in another attorney).
Do you think Pilar has a point in saying that Deion’s money is actually doing all the talking or has she presented herself in such a way that isn’t pleasing to the courts?
Well, it seems like Ahmad Rashad just isn’t the marrying type.
According to Gossip Extra, the longtime sportscaster and his wife, Sale Johnson, are on their way to divorce court. This marriage marks the fourth for Rashad and second for Johnson. She was once married to Johnson & Johnson billionaire and Jets Owner, Woody Johnson. The two were married in 2005.
According to the report, the couple has actually been living apart for quite some time now. The two haven’t filed for for divorce yet but instead are working out the financial difference before they begin making the divorce process official.
Johnson gained quite a bit of money from her divorce from Woody Johnson; it’s estimated that she received more than $100 million in the settlement. When word first got out that Johnson and Rashad were married, people joked that Johnson was now Rashad’s “sugar mama.”
Sale’s camp is allegedly leaking the information. They say the reason for the split is Rashad’s friendships with athletes Michael Jordan and Tiger Woods. As we all know, Woods has a very murky history with the ladies while Jordan has supposedly been dragging him to a restaurant called Rachel’s quite often for…”dinner.”
From Rashad’s camp, the rumor is that they’re just not in love anymore.
Hopefully, this won’t turn into an even bigger public mess, but when camps are somewhat openly putting the information out there, we might hear more about this relationship than we thought we’d ever want to know.
We’ll be keeping an eye out on this one.
Blue Ivy Carter’s birthday’s came and went last week without so much as a special Tumblr or Instagram post from Mommy Beyonce or Daddy Shawn (aka Jay-Z).
So it is mighty odd that Radar Online is reporting that Beyonce and Jay-Z bought Blue Ivy an $80,000 diamond-encrusted Barbie doll for her 1st birthday. It’s not that Beyonce and Jay-Z can’t afford something like that or that they don’t buy themselves (and their child) expensive things; we just don’t ever hear about it, not even from “sources.”
However, assuming Beyonce and Jay-Z wanted to start Blue’s ultimate Barbie collection, they apparently did so at a very lavish birthday party for the one year old. Sources told Radar Online that the Carters spent $90 on pink and white flowers and $2,000 on a pretty fancy birthday cake.
They also spent about $30,00 on toys and gifts for the party guests. Yes, for the guests.
That brings the total of the Blue Bash, including the gift, to about $207,000. It ain’t trickin’ if you got it, huh? Jay-Z did mention on Oprah’s Master Class that his child would probably be the “worst little spoiled kild ever.” Let’s hope that’s not true – even if she doesn’t ever have to want for a thing.
Whether fact or fiction, we’re sure the Carters made sure B.I.C. had a fun time on her birthday.
If you thought Kobe was going to be officially back on the market, think again, because love is in the air. It appears Mrs. Bryant has decided to let bygones be bygones.
Vanessa announced on Friday via Instagram that they are back on track:
Kobe took his comments to Facebook:
“I am happy to say that Vanessa and I are moving on with our lives together as a family. When the show ends and the music stops, the journey is made beautiful by having that someone to share it with. Thank you all for your support and prayers! Much luv, Mamba out”
Well, isn’t that sweet. Not to throw any salt into this because most thought this would happen, but according to TMZ, some new developments have surfaced that are making things copacetic in the Bryant household. Their sources – or maybe, their assumptions – Kobe may have signed a post-nup agreement which allows Vanessa to be considerably more financially “comfortable” in the relationship. Vanessa also still owns two of the three mansions Kobe gave her back in 2011 – around the time she filed for divorce. Looks like she’s definitely coming out on top with their new found commitment to each other.
This probably doesn’t come as much of a surprise because they’ve been joined at the hips for months. Vanessa never really gave up her position in the tunnel at the Staples Center after Kobe leaves the court after games. They’ve also been spotted out on several dates in Los Angeles and the icing on the cake was their beautiful Christmas car which included their children.Vanessa’s also very vocal on Instagram, snapping back at anyone who might have less than positive words to say about her relationship.
Since Kobe’s doing so well off the court, maybe he needs to enlist Vanessa’s help to get him and the rest of the Lakers back on track.
Good luck to them!
No, you aren’t the only one speechless.
The divorce of Italy’s former Prime Minister Silvio Berlusconi and his second wife Veronica Lario recently became final and an Italian paper has all the final details. According to the NY Daily News, Berlusconi will pay Lario $4 million per month in alimony. He gets to keep the estate.
Now for the record, Berlusconi is a billionaire media tycoon and this year, he was named Forbes’ sixth wealthiest man in Italy with a net worth of $5.9 billion and probably still growing). So he certainly has the means to cut this type of a check every month but this is certainly a wallop of a hit!
Berlusconi and Lario were married in 1990 and married for 19 years when Lario announced she was divorcing Berlusconi in 2009. She cited his presence at an 18 year old girl’s birthday party as her primary reason for the divorce. She also stated that, in general, he has a “fondness” for young girls. The couple has three adult children (sidenote: all of whom were born while he was still married to his first wife…messy).
So far, no comments have been made by Lario, Berlusconi or their respective lawyers. But really, what is there to say?
By the way, Berlusconi is 76 years old and is currently dating a woman who is almost 50 years younger than him. Wow.
Former L.A. Lakers star and current Philadelphia 76ers player Andrew Bynum is in an all-out war with his neighbors.
According to TMZ, Bynum filed a lawsuit against neighbors, Ramond and Cindy Beckett. According to the papers filed, Bynum has lived in his Westchester, CA home for more than 7 years and during this time, he’s been subjected to constant harassment and racism from the Becketts. In the lawsuit, he states they have objected to his “profession, his race, his friends, his cars and his taste in music.”
But what he probably didn’t expect was for the Becketts to immediately countersue Bynum, claiming they are the ones who always had problems with him. In their lawsuit, they accuse Bynum of brandishing guns in an attempt to intimidate them, blasting loud rap music, using drugs and letting weed smoke drift onto their property, blasting video games at “window shaking” volumes, letting his dogs run loose around the neighborhood and more. In fact, the Becketts state the only reason Bynum is suing them is because he knew they were planning a lawsuit of their own.
Oddly enough, Bynum says in his filed papers that the Becketts have moved out of their house so why are they even suing each other at this point? Lifestyle of the rich and bored, I suppose.
Girl, we’ve got our eyes on you.
It certainly seemed a little weird that Eve has started doing quite a few interviews lately for a project we’ve been hearing about for about four years but has never come to pass. She’s also being a lot more open about her relationship with boyfriend Maxmillian and we’ve never heard much about him more than the fact that he’s really wealthy.
But flash forward to the pictures we caught on Necole Bitchie and we are now officially putting Eve on baby watch. Sure, people gain weight all the time so no biggie there, but we’ve never seen her face so full. Her clothing doesn’t suggest anything more than cold weather temperatures in the city but that’s also one of the easiest ways to cover up a growing belly.
I see we’re going to have to “stalk” her Twitter account for any possible clues. But she’s no doubt read or heard the rumors so if this is a secret, she might work a little harder to keep it that way. We’d also probably be waiting another 10 years for a single.
We’ll, no doubt, keep you posted!