You can feel the tension building up in my house as we head into Labor Day Weekend. Because for us, school hasn’t started, so the harsh, cold reality of the end of summer hasn’t hit us yet. But it will. Like a ton of bricks. At 6:00 am Thursday. That’s when my daughter begins her senior year of high school, and my son will be a sophomore. I’ve been singing “It’s the Most Wonderful Time of the Year” like the guy happily shopping for school supplies in the Staples commercial. They tell me to “just stop.” It’s hard knowing that at this time next year, my daughter will be off to … [Read more...]
Young Americans Enjoying the Fruits of the Trump Economy
Americans aged under 35 are happier with their paychecks now than they have been since 2011. The Wall Street Journal's Lauren Weber reports: American workers under 35 report being happier with their paychecks than people over 55 for the first time since at least 2011, according to a new report from the Conference Board, a business-research organization that polls U.S. employees about workplace satisfaction. Overall, the share of workers satisfied with their paychecks rose to 46.4% in 2018, from 43% in 2017, an increase that mirrors federal data showing that wage growth accelerated in 2018. … [Read more...]
Is Google Hostage to its Radical Employees?
Aside from labor negotiations, no one expects employees at big firms like General Motors or Coca-Cola to make much of a fuss. But at tech firms like Facebook and Google, it seems employees are embracing new political causes every other day, and dragging their companies into their activism whether executives approve or not. In the wake of President Trump's ban on travelers from some countries, Googlers, including leadership, became actively involved in the fight against the president's actions. Natisha Tiku details at WIRED the moment when Sundar Pichai and Sergey Brin spoke to Googlers … [Read more...]
Are You Being Financially Vandalized by Low Yields?
Investors looking for yield in their portfolios haven't had it easy in recent years. For many, low yields on every type of asset have made building an income-generating portfolio more difficult than ever. Investors in many European bonds are even receiving negative yields, which is to say that they are paying to lend. As Anchalee Worrachate reports for Bloomberg, that's financial vandalism. She writes: A once-unthinkable collapse in global bond yields is forcing pension funds to buy bonds that offer negative returns -- putting the financial security of future retirees in jeopardy. U.S. … [Read more...]
Does it Matter if You’re a Lion or a Gazelle? No, but Here’s What Does
Last week I told you about Babson College's 100th anniversary, and the reception for it Becky and I attended in Newport, RI. Babson's president, Stephen Spinelli, himself a great entrepreneur, spoke about the culture of entrepreneurialism Babson instills in its students. In Babson's Thought & Action online magazine, Jackie Villaci picks up that conversation of the entrepreneurial culture at the college and discusses it with some famous Babson alumni. She writes: The world’s most famous entrepreneurs didn’t just change the game in their respective industry, they disrupted the norm. While … [Read more...]
As Our Family Celebrates Babson’s 100th, a Reminder on How to Make Money
Last night Becky and I had the pleasure of attending Babson’s Summer Reception in Newport. Hosted by Mary and Thomas Gilbane, Jr., it was an opportunity for the entire Babson community in Rhode Island to get together and speak with Babson’s new President Stephen Spinelli MBA ‘92. Spinelli as President makes this year for Babson—it’s 100th--even more special. As you may know, Babson has played a special role in our family with Becky’s dad Richard Young ’63 (a former trustee), brother Matthew Young ’92, Becky ’94, and me ’94 all graduates of the college. Seeing and hearing Spinelli … [Read more...]
Shouldn’t Your Money Be Treated Well?
If you choose to do business with a firm, shouldn't you be treated well? Fidelity has chosen to automatically sweep customers' cash into higher-yielding accounts, rather than stick it in low yielding bank accounts like most of the company's competitors. Advantages like this are why I do business with Fidelity. Earlier this month Fidelity explained its decision to offer its customers accounts that earn up to 47 times those of its competitors', writing: Customers Opening Brokerage & Retirement Accounts Automatically Directed to Higher Yielding Cash Options, While Retaining Choice … [Read more...]
196,000 Millionaires Agree That This Is the Place to Keep Your 401(k)
At Fidelity, 196,000 401(k) accounts are worth at least $1 million. It turns out, I'm not the only one who likes working with Fidelity. In the past, I have written to you about my positive experience with Fidelity's services. You can read more about Fidelity here: Fidelity Investments: Why it’s #1 My Personal View on Fidelity Investments for You This Money Market Fund is Paying 47 Times More than its Competition Identity Fraud on the Rise: Here’s Fidelity’s Customer Protection Guarantee Now, Fox Business reports that the number of millionaires at Fidelity is rising. Ken Martin … [Read more...]
Can You Rely on the Experts to Protect Your Privacy?
Unfortunately, the short answer to my headline question is, no. You cannot rely on cybersecurity experts to protect your personal financial information, as evidenced by the numerous breaches of personal information at companies employing large staffs of such experts. Marriot, Equifax, J.P. Morgan, Yahoo (twice), and now Capital One, among many others, have all fallen prey to serious breaches of their customers' information. The Wall Street Journal reports of Capital One's recent breach: The cybersecurity unit—responsible for ensuring Capital One’s firewalls were properly configured and … [Read more...]
The Problem Plaguing California is About to Hit the Entire Country
In the Orange County Register, veteran California journalist and political analyst Dan Walters, examines the hard choice facing city officials in Sacramento, and state officials in California. The problem both governments have is their pensions. Despite problems with its pensions, Sacramento officials are already thinking up ways to spend money they haven't received from future taxes on things like "infrastructure, affordable housing, cultural amenities and incentives to attract new business," while ignoring the massive hole in the city's retirement funding. Walters writes: As they pore … [Read more...]
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