If you were to chuck everybody who wasn’t a millionaire out of New York City, the city would still have a higher population than New Orleans, according to a new study. Researchers at Spear’s magazine say 4.63 percent of the city’s population have assets of $1 million or more—excluding their primary residences—adding up to 389,100 millionaires. Read more on Newser…
Growing up, my parents were able to provide a stable middle-class upbringing for me, my three sisters and my brother. I can understand now how fortunate we were not to worry about hunger, housing, or medical bills. Although my Mom made a point to show us how privileged we were — I’m from Fairfield County, Connecticut, where the “wealth gap” between rich and poor is top in the nation — I lived securely inside a wealthy suburban bubble in the booming ’90s. As I graduated from high school, went to college and began my working life, I still managed to have financial security, even when the economy tanked in 2008. Some friends, recent college graduates like myself, lost their jobs or just plain could not get hired. But me, I still got to stay inside a safe little bubble.
Then I did something that probably didn’t make sense to some people, especially those from the background that I come from: I married someone who was unemployed. Keep reading »
Every few days, they would come home with hundreds of dollars worth of brand-name groceries and struggle to fit them into their bursting cabinets. They had two freezers and two refrigerators to hold food for three adults and one child. The food would spoil in the fridge or go stale on the shelf and just stay there for weeks. They ate out almost every night, spending $60 at a time at KFC, wrapping up the leftovers, and then never eating them.
On Christmas, the child would get fifty presents, and not tiny presents but whole playsets, Lego sets, motorized cars, animals. Birthdays were the same, and Easter, the Fourth of July, Halloween, and Thanksgiving were all treated as further opportunities to give the child presents. If the kid wanted something, they’d hound the parents for weeks, throwing tantrums, guilting, pleading for hours at a time, until the parents’ patience would wear thin and they’d buy it, even between the holiday milestones. Keep reading »
A wife bringing home the bacon isn’t the death knoll of a relationship that it has been made out to be. According to a new survey of 1,000 married couples over age 25 by MONEY magazine, husbands are actually happier when on equal financial footing with their wives. Keep reading »
Now that your undergraduate days are over, it’s time to step out into the big, bad world of adulthood. Jobs! Money! Real Men Who Don’t Smell Like Stale Beer and Frat Houses! But before you slip on your grown up panties and make them dollars, there are some things you should probably know about navigating the rough waters of the real world. After all, every situation is less scary when you’re prepared, so consider these 10 tidbits of wisdom our graduation gift to you (because we can’t afford to get you anything else). Keep reading »
When I think of the American Dream, I don’t just see images of white picket fences and fathers kissing their children before they leave for work.
I see an African-American mother of two dropping her children off at school and driving to her place of employment with the confidence that she’ll have enough gas to get to work and enough food to cook dinner. I imagine a Latina mother able to save enough money to help her son go to the college of his choice regardless of the rising cost of tuition. I see an America where working 40 hours a week allows women of all backgrounds the opportunity to gain prosperity and success. But how can anyone achieve such a dream on $7.25 an hour? They can’t.
We need to raise the minimum wage to at least $10.10 to help hardworking families who are struggling to scrape by. In tough economic times, there are few policies that could have as immediate, and as dramatic, of a boost for American workers, particularly for women of color. Keep reading »