close

March 2022

Wealth

A million new millionaires were created in U.S. last year, and the richest got richer, report says

  • The roaring stock market and crypto gains created more than a million new millionaires in the U.S. last year, according to a new report.
  • The number of Americans with $1 million or more in investible assets surged to a record 14.6 million in 2021, according to a report from wealth research firm the Spectrem Group.
  • The wealthiest Americans got richer, too, as they were able to afford to make higher-risk investments that turned into strong returns.

The roaring stock market and crypto gains created more than a million new millionaires in the U.S. last year, according to a new report.

The number of Americans with $1 million or more in investible assets surged to a record 14.6 million in 2021, up from 13.3 million in 2020, according to a report from wealth research firm the Spectrem Group.

The growth rate of over 10% was the strongest in years, boosted by trillions of dollars in wealth created by the stock market, crypto and other assets.

“It was the strongest year ever for millionaire creation in all segments,” said George Walper, president of Spectrem Group.

The wealth surge was strongest at the top. The number of Americans worth $25 million or more surged by 18%. There are now a record 252,000 Americans worth $25 million or more, up from 214,000 in 2020. By contrast, the number of so-called “mass affluent” investors — or those with between $100,000 and $1 million — grew by about 2%.

The stock market was by far the largest engine of wealth creation for millionaires and the wealthy in 2021. The S&P 500 gained 27% last year, while the Nasdaq was up 21%. The wealthiest 1% of Americans gained over $3 trillion in stock-market wealth in 2021, according to Federal Reserve data.

Crypto and other assets — such as NFTs, collectibles and real estate — also gained in value, adding to the wealth of the wealthy. The total market cap of crypto assets, despite wild swings in prices, gained $1.5 trillion last year to over $2.3 trillion, according to CoinGecko.

Values of private-equity and venture-capital investments also surged. Since the wealthy can afford to put more of their money in investments, especially those with the highest risks and rewards, ultra-millionaires benefitted more than the mass affluent in 2021.

“The wealthy have the greatest exposure to the broadest investments,” Walper said. “It wasn’t just traditional liquid markets that did well last year. It was also alternative investments, real-estate investments and crypto.”

The wealth gains at the top also widened the wealth gap in the U.S. The share of wealth held by the top 1% grew to a record 32% last year, according to the Fed.

Wealth experts say it’s unlikely that last year’s gains will be sustained in 2022, given soaring inflation, rising interest rates and a potential economic slowdown. Stock market declines have already started trimming the paper fortunes of investors. The Nasdaq is down 14.5% for the year, while the S&P is down 8.4%.

“Every day changes, so it’s hard to predict where the year will wind up,” Walper said. “But the first few months of 2022 have already painted a different picture than 2021.”

read more
Business

The Complete Guide to Virtual Business Address Service

Virtual office services are becoming more and more popular, especially with the rise of freelancers. The concept is to provide a “virtual office address” for those who don’t have an actual office space. This can be done by renting a virtual office space or delivering your business mail to a virtual address.

A virtual address service is not just for freelancers, it’s also for small business owners who don’t have the budget or need an actual physical location. Virtual addresses can be used as a way to grow your business without the overhead expense of renting an office space.

How it Works and Why you Need it Now

Virtual business address services are now available for anyone who needs it. It is an excellent solution for small businesses, freelancers, and entrepreneurs. Who is moving across the state or nation? Once you file for a virtual business address, you will have your unique number and can use this to do business with any other company in the United States.

These virtual business addresses are virtual offices with physical addresses and phone numbers. They also have mailroom services and other office-related features that make them look more prominent.

What if you could have a virtual business address without the hassle of setting up an office?

Virtual mail service is the next best thing. It provides you with a virtual mailbox and a digital mail service to ensure that your messages are delivered to you.

How Virtual Mail Service Works and Benefits?

Virtual Mail Services are a relatively new concept popping up in the last few years. They are services that offer to send physical mail on behalf of the recipient. The correspondence is sent to a physical address and then forwarded to the recipient’s email inbox.

The services can send any type of mail, including letters, postcards, greeting cards, and even packages. In most cases, they will charge a fee for their service, but some companies offer it for free as an added perk to their customers.

Benefits of virtual mailbox service

Virtual mailbox services are becoming more and more popular due to their benefits. Some of these benefits include:

  • Greater convenience: Virtual mailbox services allow you to access your mail from anywhere, anytime. You don’t have to worry about missing important emails or packages.
  • More privacy: The virtual mailbox service is not associated with your home address, which means you have a higher level of privacy for your deliveries and personal information.
  • Lower cost: Virtual mailbox services are cheaper than renting a physical mailbox because you don’t need to pay for office space, utilities, or other costs associated with running a building.
  • Less clutter: Virtual mailboxes save space in your home by allowing you to store all of your mail in one location.

How to Choose the Best Digital Mailbox Provider for your Business?

There are different types of digital mailbox providers on the market. To find the best one for your business, you need to consider many factors.

The first factor is security. Your company’s data needs to be protected at all times, and you want a provider that can guarantee this. The second factor is how much storage space your company needs. If you have a lot of emails or need to store large files like videos, this will be an essential factor for you. The third factor is whether or not the provider offers email software and mobile apps for your employees to use with their accounts. This will help them stay organized and make sure they’re always on top of their inboxes no matter where they are in the world.

Conclusion and Final Thoughts

Digital mailbox providers are a necessary part of any business. They make it easier for companies to manage their email while also providing an extra layer of security. The best digital mailbox providers will have a suite of features tailored to the needs of different businesses and industries.

In conclusion, digital mailboxes can help businesses increase productivity and efficiency while also providing extra security against cyberattacks.

You can also use your Virtual P.O. Box as a forwarding service.

read more
Business

Curiosity & You: Steph Korey Breaks Down How a Curious Mind Can Lead to Financial Success

Becoming a successful entrepreneur sounds like a dream job, but the path to the top is often fraught with obstacles. Steph Korey founded the international lifestyle brand Away in 2015, guiding the business seemingly overnight toward a massive valuation and footprint within the industry. Driven as much by her professional abilities as her yearning to push the limits of her career, Korey also cited a sense of curiosity as being one of the reasons for her success.

Curiosity may seem like a relatively innocuous personality trait, but the right sense of curiosity can lead entrepreneurs to their next level of success. Let’s take a closer look at how a sense of curiosity can foster success in the entrepreneurial field.

Targeting Innovation and Improved Engagement

Innovation is often borne of necessity and curiosity is the path by which the process travels. Entrepreneurs tend to be curious as children, latching onto their parents while asking question after question regarding this topic or that. Simple answers don’t pass muster and so future entrepreneurs will look to find out the why and the what.

An adult entrepreneur can take that sense of curiosity and wield it successfully within the field. Innovative entrepreneurs will use their curiosity as a compass to find new solutions to old problems within their industry. With confidence borne through preparation, entrepreneurs can deliver new concepts to the market.

We can look to Pinky Daga of Thriive Art & Soul as a prime example of curiosity made manifest. Pinky Daga found her entrepreneurial spirit glowing like a child. Daga says of young entrepreneurs, “They are usually those who gain success or thrive before others, by finding innovative methods to market an existing product.”

Most importantly, from the perspective of Daga, a curious entrepreneur is one willing to explore new answers, solutions, and potential applications.

Culture and Curiosity Buoy Steph Korey’s Career

Steph Korey was born and raised in a multicultural home. Splitting time between American and Middle Eastern roots, Steph would absorb every aspect of her two cultures throughout life as a child. Korey said, “It was really important to them (her parents) that we understood that there are all different types of cultures and people…”

Pointing to the global perspective, Korey believes that her childhood was integral to how she works and interfaces with life today. Despite how far she has come, Korey hesitates to say that she is done learning. Steph Korey says to aspiring entrepreneurs, “Whether you are 1 year in, 10 years in, or 50 years in, really embrace that you still don’t know 99% of what there is to know.”

One way by which Korey integrated curiosity into her career was during her time at Warby and Casper, helping to fuel branding success. Using stories to sell products, Steph Korey quickly came to understand the importance of an interesting narrative. Korey said, “They get excited about the story those brands are telling!”

read more
Business

4 Great Strategies to Improve and Maintain Business Reputation

Regardless of the size of your business, if you want to improve the way clients interact with your brand, you may need to start by boosting and maintaining its reputation. If your business doesn’t have a good reputation, then it is likely to fall apart.

This makes it necessary to continually check in with your clients so as to make them understand your company’s service, products, and values. To achieve this goal and improve/maintain your business reputation, you might want to use the following strategies from the pros:

1.     Go an Extra Mile

It is vital that you do everything possible to ensure you meet the expectations of your clients. When many individuals do the bare minimum, you need to consider stepping up and going the extra mile, which is less traveled. Your business reputation might rely on such efforts in the near future.

Your interaction with clients and employees can as well speak volumes when it comes to your business reputation. It helps to demonstrate the kind of character attributed to your brand or business.

2.     Respond to Negative Reviews

Every entrepreneur may encounter problems dealing with negative reviews from previous clients in the modern world. Negative reviews can occur regardless of putting more hard work and effort into delivering quality services and pleasing all your clients.

As disappointing as it gets, you need to learn how to respond to negative reviews from your clients. Among the best ways to respond to those reviews is to address clients by their name, respond within 24 hours, apologize for failing to meet their standards, and thank them for voicing their issues.

3.     Offer Something Back

A brand is part of the community they work and operate in, and a simple way to show the values of your business is to embrace the sense of corporate social responsibility.

There will be national and local charities that need help always. Offering financial and practical support will enable you to enhance your business reputation and engage with a new audience.

This kind of work is capable of creating positive public relations (PR) for your business. So ensure you tell the media about what you do. If you also have workers who like giving back to society, ensure you involve them.

4.     Show Your Professionalism

The quality of services and products is basically a direct outcome of your professionalism. But you shouldn’t just limit the recipients to your paying clients.

Strength the reputation of your business by sharing what you know. You can achieve this by providing helpful information on your site and social media page. This will show you are a trusted and focused resource.

Businesses that stay updated in the industry can strengthen their reputation and consider it as a responsibility, not just a benefit.

Final Say!

Being a great entrepreneur and business leader nowadays means understanding the way people perceive your business and engaging in a manner that can maximize its reputation.

The chance present in mastering reputation and communication is notable, as is the potential for many things to go wrong when you fail to take your business as an entrepreneur seriously.

read more
Business

Getting in the Ring With Ryan Kavanaugh

Viewers who check in to the TrillerVerz III event this weekend at Brooklyn’s Barclays Center will not only get a peek at Triller Fight Club’s future, but also of co-owner Ryan Kavanaugh’s vision for the future of entertainment geared at younger audiences.

Triller Fight Club is a combat sports league founded by Ryan Kavanaugh and Bobby Sarnevesht, co-founders of Triller, a music-based video-sharing social network. Triller Fight Club combines two likes of the 17-to-27 demographic – which Kavanaugh and Sarnevesht refer to as the “culture-graphic” – music and combat sports.

Big Names & Big Events

Triller Fight Club’s debut match, featuring Mike Tyson and Roy Jones Jr. in November 2020, drew 1 million views. It included a battle between former NBA slam dunk champion Nate Robinson and YouTuber-turned-fighter Jake Paul, in addition to the two boxing luminaries. Musical performances by musicians such as Lil Wayne, Wiz Khalifa, and French Montana were interspersed between fights.

The multi-day TrillerVerz events introduce a new element: the rap battle. TrillerVerz III is a two-day event that will feature a fight card including up-and-coming New York-area boxers, a musical performance by DJ Super Cat & Friends, and a grand finale rap duel involving hip-hop veterans Big Daddy Kane and KRS-ONE.

Triller has data suggesting that 17- to 27-year-olds are interested in boxing and are talking about it online, but they aren’t watching it since the sport hasn’t altered – or changed the way it appears – in decades, according to Kavanaugh.

The TrillerVerz event this weekend will represent a shift away from early battles between big-name but older fighters, which gave Triller Fight Club unrivaled startup exposure, and toward highly competitive, title-worthy contests. These are the kind of fights that will be featured at future Triller Fight Club events. Triller understands what the market wants – competitive bouts with interesting boxers paired with top-notch musical performances and eye-popping spectacle – and he feels there is a better way forward. Triller feels that the fighters on this weekend’s show will be among the contenders of tomorrow.

A Bigger and Better Platform

Ryan Kavanaugh and Triller Fight Club seek to bring fresh vitality to the boxing world by drawing on his expertise as a highly-recognized producer in the film business known for his ability to create a visually pleasing product.

“We’re attempting to build a new platform,” says Ryan Kavanaugh. “We’re attempting to develop a new program that will reintroduce fun to boxing. Boxing, in my opinion, is first and foremost a form of entertainment. We intend to host a boxing night with musical performers, not only to establish a new platform, but also to cultivate a new audience. Boxing could use a jolt of adrenaline. That’s why I’m here.”

read more
1 2 3
Page 3 of 3