A round-up of thought-provoking ideas or research I’ve come across while reading newspapers and magazines.
Wall Street Journal – the Journal Report – Wealth Management
How do you keep heirs from losing their work ethic?
Eleanor Blayney, consumer advocate of the Certified Financial Planner Board of Standards
I once ran a workshop for wealthy parents on how to raise financially responsible children. One mother shared her unique approach. She told about the time her preteen son came to her and asked, “Mommy, are we rich?” To which she replied, “Your father and I are. But you are not.” I now believe this is the conversation that all wealthy parents need to have with their kids.
I love that! I am rich, but you kiddo are not! In other words, you gotta work for it. You’re not born into it!
The University of Chicago Magazine, Jan-Feb 2013
Research by Chicago Booth behavioral scientist Nicholas Epley and Yan Zhang MBA ’09, PhD ’09 found that people would rather receive gifts that they requested, over gifts that were unrequested but thoughtful. By the way, if you didn’t know it already, the science of gift giving is extremely uneconomical.
Top 10 Cities for Tech based on venture capital investment
Source: The Money Tree Report by Pricewaterhouse Coopers and the National Venture Capital Association, based on data from Thomson Reuters
2. San Jose, CA
5. Oakland, CA
6. San Diego
7. LA area
8. Orange County, CA
10. Austin Area, TX