It’s not just Wall Street bankers, hedge fund traders and corporate raiders who will join the one percent. Nope. By now you may have heard that the new look of affluence in America is kind of… girly. The 7th Fidelity Millionaire Outlook found that today’s emerging high rollers are 66 percent female and 25 percent non-white.
The Fidelity Outlook identified 6 wealth-building traits that multi-millionaires have in common: Their starting point—a mere $250,000 in assets.
1 Time Horizon: On average, emerging affluent investors are just 40 years of age with 27 years left before they reach the normal retirement age of 67. Only one percent of the emerging affluent is retired.
2. Career: Many of the emerging affluent have pursued similar professions to today’s millionaires, including information technology, finance and accounting. While they might be at lower-level positions than millionaires, they have a number of years in front of them to move up the ladder.
3. Income: At $125,000, the median annual household income for the emerging affluent is 2.5X the median U.S. household income8 and is nearing the income of today’s millionaires ($200,000 for those still employed).
4. Self-Made Status: Approximately eight in 10 emerging affluent investors have earned or increased their assets on their own, a trait they share with millionaires and deca-millionaires.
5. Long-Term Focus: The emerging affluent share millionaires’ long-term focus, with three in four of both groups focused on the long-term growth of their assets, and three in 10 focused on supporting the lifestyle they want in retirement.
6. Investing Style: Similar to deca-millionaires, the emerging affluent display a willingness to invest aggressively to help maximize returns, as well as a willingness to set aside a significant portion of their portfolio for riskier investments that promise a bigger payoff. The emerging affluent and deca-millionaires were also most likely to describe themselves as “self-directed” investors, seeking hands-on involvement with their investments.
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About 4.2 million uninsured people could sign up for a bronze-level Obamacare health plan and pay nothing for it after tax credits are applied, the Kaiser Family Foundation said Tuesday. That means that 27 percent of the country’s 15.9 million uninsured people could get covered for free. The chart below breaks down the eligible population by state.
Vox’s Ezra Klein says that retiring House Speaker Paul Ryan’s legacy can be summed up in one number: $343 billion. “That’s the increase between the deficit for fiscal year 2015 and fiscal year 2018— that is, the difference between the fiscal year before Ryan became speaker of the House and the fiscal year in which he retired.”
Klein writes that Ryan’s choices while in office — especially the 2017 tax cuts and the $1.3 trillion spending bill he helped pass and the expansion of the earned income tax credit he talked up but never acted on — should be what define his legacy:
“[N]ow, as Ryan prepares to leave Congress, it is clear that his critics were correct and a credulous Washington press corps — including me — that took him at his word was wrong. In the trillions of long-term debt he racked up as speaker, in the anti-poverty proposals he promised but never passed, and in the many lies he told to sell unpopular policies, Ryan proved as much a practitioner of post-truth politics as Donald Trump. …
“Ultimately, Ryan put himself forward as a test of a simple, but important, proposition: Is fiscal responsibility something Republicans believe in or something they simply weaponize against Democrats to win back power so they can pass tax cuts and defense spending? Over the past three years, he provided a clear answer. That is his legacy, and it will haunt his successors.”
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, wants the agency to be known as the Bureau of Consumer Financial Protection, the name under which it was established by Title X of the 2010 Dodd-Frank Wall Street reform law. Mulvaney even had new signage put up in the lobby of the bureau. But the rebranding could cost the banks and other financial businesses regulated by the bureau more than $300 million, according to an internal agency analysis reported by The Hill’s Sylvan Lane. The costs would arise from having to update internal databases, regulatory filings and disclosure forms with the new name. The rebranding would cost the agency itself between $9 million and $19 million, the analysis estimated. Lane adds that it’s not clear whether Kathy Kraninger, President Trump’s nominee to serve as the bureau’s full-time director, would follow through on Mulvaney’s name change once she is confirmed by the Senate.
President Trump said this week that tariff increases by his administration are producing "billions of dollars" in revenues, thereby improving the country’s fiscal situation. But CNBC’s John Schoen points out that while tariff revenues are indeed higher by several billion dollars this year, the total revenue is a drop in the bucket compared to the sheer size of government outlays and receipts – and the growing annual deficit.