Tag: wealthtech

Income in the U.S.

The median income of some 131mm households in America is $70,784. The median for married couples sits at $106,921, the median for single male households is $70,525, while single female households is just $51,168.

Looking at the data by race, half of 102mm white HHs earn more than $74k, while that number for 17mm black HHs is just $48k. Earning potential appears to be heavily dependent on educational attainment as the median of some 49mm HHs who have earned a bachelors or higher is $115k.

It is worth noting as individuals approach the age segment of 25-34 earnings seem to accelerate then plateau somewhere in the $90k area.

Consider where you are in your journey and set new goals to increase your chances for upward mobility.

Happy Labor Day!

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

By 1894, 23 more states had adopted the holiday, and on June 28, 1894, President Grover Cleveland signed a law making the first Monday in September of each year a national holiday.

Retrieved from the U.S. Department of Labor

As we approach a new season, I would like to once again thank our clients, family and friends. It has been a difficult road but as we overcome the challenges we face daily, the aureate beacon of CWM continues to brighten.

We are back at it next month!

Enjoy the Holiday!

Four Concepts Wealthy Children May Know

We believe experiential learning is most effective in teaching financial concepts, though we accept each child learns differently.

Here are four concepts to introduce to your children or loved ones:

  1. Counting coins and dollars to learn their value and how more units or heavier weight, does not mean more money.
  2. Exchange of goods and services. Earning money through selling a product or service or create a simple business plan.
  3. Saving for a goal. Define saving and interest earned. Have student set a savings goal to purchase an item. Open a bank account with them.
  4. Introduce the basics of borrowing by demonstrating the concept of credit and interest paid by giving the child a loan to purchase an item or pay for an activity. One might add them as an authorized user on your credit card and give them a lower spending limit, until they reach 18 when they can have their own.

The Federal Reserve has resources available to all to teach finance and economic concepts to children and youth from kindergarten to university/college age. See econlowdown.org

Please let us know if you are interested in having a personal finance course delivered for your children or organization, courtesy of the Coroebus Foundation.

Note: There are mounting headwinds against using the term financial literacy in philanthropy, banking and financial circles. We can focus on learning personal finance fundamentals as a strong foundation to build healthy habits so that the next generation may prosper.