Good News: Strong Incomes, Successful Millennials
Uniquely Waterstone for our unique Waterstone clients
In this Issue: We await debt ceiling resolution and think beyond
American economy/American income
Ready for good economic news? Per the Economist, the American economy is leaving the rest of the world “ever further in the dust” It’s a remarkable reality that American remains the world’s richest, most productive and most innovative big economy. The US today accounts for 58% of the output of the G-7 of the leading nations, compared with 40% in 1990.
Adjusted for purchasing power, the average income in Mississippi, America’s poorest state, is higher than that in France. Incomes for the country’s poorest fifth have risen in real terms by 74 % since 1990, much more than Britain. American has done very well in the past three decades. And it will keep doing so if American can avoid narratives of negativity that could “mess up the next 30 years”. (The Week, April 28, 2023 )
Millennials are doing fine...
says Jean Twenge, American Psychologist (San Diego State) who follows generational differences including work values, life goals, speed of development.
Millennials, born between 1981 and 1996, entered the job market during The Great Recession but have made a strong comeback. By 2019 households were making considerably more money than previous generations at the same age adjusted for inflation. More went to college and started their careers later than Boomers and Gen Xers.
Millennials are now entering their peak earning years and have more earning power. In 2020, 48% of Millennials own their own home which is roughly in line with older generations. The kids are alright!
(The Atlantic, May 2023, pg 9) Request a book summary of Generations: The Real Differences Between Gen Z, Millennials, Gen X, Boomers and Silents – and What They mean for America’s Future, or article, The Myth of the Broke Millennial.)
Why All the Angst??
From where does the negativity come?
History repeats or at least rhymes. In the early 1900s, the beginning of a new century, the US was fraught with extraordinary violence and turbulence.
The conditions that make a society vulnerable to political violence are complex but well established: highly visible wealth disparity, declining trust in democratic institutions, a perceived sense of victimhood, intense partisan estrangement based on identity, rapid demographic change, flourishing conspiracy theories, violent and dehumanizing rhetoric against “the other”, a sharply divided electorate, and a belief among those who flirt with violence that they can get away with it.
(The Atlantic, The New Anarchy by Adrienne LaFrance, April 2023) Again, connect if you would like the complete reference.
Graduation Season: Bill Gates was 2023 commencement speaker for Northern Arizona University in appreciation for their work to refine the value of a college education. Click here for his full discussion on Gatesnotes.
"This is the advice I shared:
Aging Solo, Eyes Wide Open by InspireCarecny.com
If you anticipate your own future or are a caregiver for family or friends, know that Eldercare professionals are key resources on our Waterstone team.
Aging solo could be in anyone's future. Here are key concepts from InspireCare CNY to keep in mind:
Remember, too, InspireCareCNY's LifePlan Organization service for focus, documents and professional walk thru to completion. Visit inspirecarecny.com no matter where you are in the US. Call us for more discussion.
Traveling abroad this year? Check your passport.
Friends and clients report a 4+ month processing time for new passports and renewals.
What's Ahead in World Class Western NY?
The CGI Rochester International Jazz Festival (Top 5 worldwide) Chautauqua Institution Summer Season (Class of it's own) June Opening of Buffalo's AKG Art Museum (4 year expansion) Rochester Fringe Festival (only 200 such festivals in the world) ....And plenty more! Go outside and play!!
Click here to scoot to Waterstone's Blog for our collection of client education materials. See what's there.
Note: We are changing newsletter services in July. It's still our thinking, just a different format for delivery.
Kathy will next be in the office June 19 to July 2; July 18 to July 29. Come for a portfolio review or a visit. You can always reach out by phone. Cheers to Josh who is local, available and always appreciated.
Thanks if you've read to the end. You're our kind of people.Reach out to us with your questions, comments, needs.
Securities offered through American Portfolios Financial Services, Inc.(APFS) Member FINRA /SIPC. Investment Advisory Services offered through American Portfolios Advisors, Inc. (APA), an SEC Registered Investment Advisor. Waterstone Financial Services is not affiliated with APFS and APA.
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