The Greatest Wealth Transfer In History: What’s Happening And What Are The Implications
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Over the next two decades, the United States will experience an unprecedented shift of demographics and finances that will likely be felt by every American.
Baby Boomers, the generation of people born between 1944 and 1964, are expected to transfer $30 trillion in wealth to younger generations over the next many years. This jaw-dropping amount has led many journalists and financial experts to refer to the gradual event as the “great wealth transfer.”
In no prior time in the history of America has such a vast amount of wealth moved through the hands of generations.
As the baby boomer name suggests, this generation represented a sudden growth in population post World War II. After decades of prosperity and economic growth, this generation amassed significant financial wealth and control roughly 70% of all disposable income, according to a 2015 report by US News & World Report.
So, when this $30 trillion starts to change hands, what will this mean for everyone else?
The answer is complex and will be different depending on who you are and how much of that money is controlled by you, your parents or grandparents. Still, the effects will be far-reaching and will create opportunities for everyone.
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Experts are conflicted about where large sums may end up once it’s in the hands of heirs and beneficiaries because it will be largely influenced by the condition of the stock market at that time, as well as what tax and estate laws are on the books. Stocks and bonds may be a solid place to park money in right now but that doesn’t necessarily hold true tomorrow.
Furthermore, as a 2018 study from Bankrate.com suggests, Millennials are less willing to invest money in the market than previous generations. This could signal a larger and long-term shift of wealth out of the market into other areas.
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Similarly, for wealth that is concentrated in physical assets, it’s also unclear exactly how things will play out. Homes, land, cars and other things may not naturally follow ownership paths as they historically have.
While nearly 35% of adults between the ages of 18 and 35 live at home with their parents, according to 2017 data, a large number of young adults have moved away from their childhood homes to live in large cities in search of career and lifestyle ambitions. For this group, they may end up tackling the question of whether or not to move back home if they are eventually left real estate or valuable property.
One logical question that often follows the topic of the generational wealth transfer is whether or not inheriting generations and beneficiaries are well suited and educated to handle whatever is passed down.
According to a 2018 study by TIAA Institute, only 11% of Millennials displayed a “relatively high” level of financial literacy, with another 28% of the group conveying a “very low” literacy rate in finances. Gen-Xers don’t fare much better, with industry estimates showing struggles with spending and saving habits among large swaths of this generation.
On the other hand, one perspective and counterpoint that experts often cite when discussing this great transfer of wealth is that not all of the $30 trillion will be passed down through generations.
Much of this wealth will be spent on a wide array of things including vacations, leisure activities, daily expenses, medical bills, and health services. One study conducted by Gransnet.com outlined that approximately 19% of Baby Boomers plan to leave no inheritance to their kids at all.
As you think through how this titanic shift of capital may or may not impact you, consider what additional and non-obvious opportunities it may create for you. Think about all the new career opportunities, investment approaches or entrepreneurial ideas that will result from these macro and micro changes.
While you’re at it, it may be worthwhile to ask grandma if she plans on leaving you anything or if she’s going to go on another vacation.
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Minneapolis Protests Burst Into Flames (Photos)
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Minneapolis plunged into chaos Thursday night as tensions escalated on the third straight day of protests in response to the death of George Floyd, with protesters in Minneapolis setting fire to a police precinct. Here are photos and videos from the protests:
KEY FACTS
Demonstrators clashed with police and set off fireworks earlier in the evening before breaking in and setting fire to the Third Precinct and the post office after officers evacuated at around 10 p.m.
The protesters were demanding the arrest of the four officers involved in the killing of George Floyd after Hennepin County Attorney Mike Freeman declined to charge them right away; Derek Chauvin, Thomas Lane, Tou Thao and J. Alexander Kueng, the four officers seen in the Floyd video, have been fired.
President Trump appeared to threaten opening fire against looters, declaring early Friday morning in a tweet that “when the looting starts, the shooting starts”; the tweet was later flagged by Twitter for promoting violence.
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Minnesota Attorney General Keith Ellison told CNN Friday morning that he expects “there will be charges” against the four Minneapolis officers involved in George Floyd’s death. He added that he hopes they will be announced “soon.”
TANGENT
A CNN television crew was arrested by Minnesota State Patrol officers while live on air covering the Floyd protests; hours later the crew was released and Minnesota Gov. Tim Walz apologized.
CNN said in a statement: “A CNN reporter & his production team were arrested this morning in Minneapolis for doing their jobs, despite identifying themselves - a clear violation of their First Amendment rights. The authorities in Minnesota, incl. the Governor, must release the 3 CNN employees immediately.”
FURTHER READING
Protests Erupt Across The Country As Minneapolis Police Precinct Burns (Forbes)
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National Guard Called To Minneapolis As Unrest Continues In Wake Of George Floyd’s Death (Forbes)
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The Best Dog Beds, According To Online Reviewers
All products and services featured are independently selected by Forbes Shopping contributors and editors. When you make a purchase through links on this page, we may earn a commission.
Ask a dog owner what their pet is doing at any given time, and they’ll probably say sleeping — that’s what mine is doing right now. Dogs typically sleep for around 12 to 14 hours a day, and sometimes even more depending on their age or breed. Given all this time they spend snoozing, making sure they have a comfortable, supportive bed makes a lot of sense.
To ensure your dog likes their bed (and chooses it over your bed) you’ll want to think about their sleep preferences, as well as their size and age. Some pups like to sleep with their head propped up on something, while others like to snuggle into a cozy, covered spot. Older dogs will appreciate orthopedic beds that support their joints, and young pups benefit from a waterproof bed that can be washed in case of accidents.
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For many owners, there’s also the issue of finding a durable dog bed that your canine companion won’t destroy. There are plenty of chew-resistant dog beds out there, but some are longer-lasting than others — something many pet parents can attest to after coming home to find stuffing all over the house.
Luckily, many pet parents share their two cents about dog beds online, and we’ve used their input to compile a list of the best options out there to meet your pup’s needs.
Best Overall Dog Bed
Furhaven Dog Bed
With just shy of 20,000 reviews, the vast majority of which are positive, the Furhaven Dog Bed is definitely a standout product thanks to its versatility, comfort and affordable price. This popular dog bed comes in several styles, including “sofa-style” with bolsters on three sides and “chaise-style” (pictured above) with bolsters on two sides, as well as sizes small to jumbo plus. One of the best features of this dog bed is the ability to select what type of foam you want inside. The brand offers orthopedic foam, cooling gel foam and memory foam options, allowing you to customize the bed according to your dog’s needs. Plus, the cover is removable for easy cleaning, and you can choose from a few color options for each style.
Best Affordable Dog Bed
MidWest Homes for Pets Deluxe Super Plush Pet Bed
If you’re looking for an inexpensive dog bed, this product from Midwest Homes for Pets gets top marks from verified buyers. It’s a simple tufted cushion filled with polyfiber and wrapped in a soft polyester cover, and the bed comes in seven sizes for all types of dogs, with prices starting as low as $7. These mat-style beds are ideal for dog crates, and many reviewers love that you can throw the whole thing in the washing machine for easy maintenance.
Best Dog Bed for Big Dogs
Casper Dog Bed
If you have a large or giant-sized dog, I’d personally recommend the Casper Dog Bed, which gets the seal of approval from my own dog. The large size of this bed measures 35-by-45-inches, and it’s big enough for breeds like Great Danes or even two medium/large dogs. My golden retriever weighs around 50 pounds, and she only takes up half the bed.
In addition to its impressive size, this bed also gets top marks for its quality memory foam construction and durable “dig-proof” cover, which is machine washable. It features supportive foam bolsters on all four sides where your dog can rest their head, and its quality construction will last for years to come.
Best Dog Bed for Small Dogs
Best Friends by Sheri Donut Cuddler
If your pooch likes snuggling in cozy spots, one of the best beds for small dogs is the Donut Cuddler. This round puff of a bed is covered in a luxurious faux fur fabric and has raised sides that give small dogs a sense of protection, as well as support for their head. The small size is 23-inches in diameter, perfect for dogs up to 25 pounds, and many of its happy reviewers say the bed is perfect for breeds like chihuahuas, Maltese, and Shih Tzus.
Best Dog Bed for Chewers
The Original Elevated Pet Bed by Coolaroo
Despite what some companies may claim, there’s no such thing as a truly indestructible dog bed. If your dog is determined to rip open their bed, there’s no fabric that will stop them.
With that in mind, the best bed for serious chewers is one like the Coolaroo Elevated Pet Bed, which does away with tempting fiber filling all together. This bed features a powder-coated steel frame covered with a high-density polyethylene fabric, and many of its 18,000+ reviewers say it stands up against chewing, rough treatment, and anything else your dog can throw at it.
While it may not look as plush and cozy as other dog beds, rest assured the elevated design creates comfortable low-impact areas for your dog’s joints and promotes airflow to keep them cool. It’s also resistant to fleas, mites, mold and mildew, and if your chewing-obsessed dog ever rips a hole in the fabric, you can simply buy a replacement cover for around $10.
Best Dog Bed for Puppies
Brindle Waterproof Designer Memory Foam Pet Bed
Speaking from experience, it’s a good idea to invest in a waterproof dog bed when raising a puppy. Accidents happen, and for some reason, my dog always chose her bed as an emergency potty spot.
If your pup isn’t house trained yet, the Brindle Waterproof Designer Memory Foam Pet Bed features a waterproof encasement to protect its inner foam from liquids, allowing you to simply wash the cover. The bed is available in three sizes, as well as several color options, and the soft velour exterior even resists dirt, dust mites and pet hair, helping to keep it clean for longer.
Best Dog Bed for Small Senior Dogs
BarksBar Orthopedic Dog Bed
Older dogs need extra support for their joints, and one of the best options for small breeds is the BarksBar Orthopedic Dog Bed. This bed features a 3.5-inch orthopedic foam base that relieves pressure on joints, as well as a cotton-padded rim cushion that provides support for their neck. The quilted cover is machine-washable, and the bed has close to 5,000 reviews from buyers who say it’s a well-made product for a reasonable price.
Best Dog Bed for Large Senior Dogs
Big Barker Pillow-Top Orthopedic Dog Bed
The Big Barker Pillow-Top Orthopedic Dog Bed boasts an impressive 7-inch therapeutic foam base that can support even the largest senior dogs, including breeds like mastiffs, Great Danes and Newfoundlands. The Big Barker comes in large, extra large and giant XXL sizes, all of which feature a headrest on one side, and the brand offers a 10-year warranty on the bed, claiming that it will retain 90% of its original shape. While you might baulk at the price, reviewers say the bed is worth the money, writing that its great for dogs with joint problems. However, it is definitely not chew-proof, so you may want to look elsewhere if your dog has an affinity for ripping into beds.
Best Covered Dog Bed
Snoozer Luxury Cozy Cave Pet Bed
Some dogs like to sleep in covered spots, and the Snoozer Luxury Cozy Cave Bed is a top-rated nesting bed that will make your pup feel secure and cozy. It comes in three sizes to accommodate various dog breeds, and all the models have an 8-inch hood height. The bed has a microsuede exterior and sherpa lining, and there are a wide variety of colors and patterns to choose from. According to reviewers, dogs that like to burrow will love this bed, and many pet parents like that the cover is machine-washable for easy maintenance.
Best Odor-Resistant Dog Bed
The Purple Pet Bed
With extended use, dog beds can get quite smelly, especially if your dog is frequently wet or dirty. To keep any smell from taking over your home, the Purple Pet Bed features an antimicrobial, moisture-resistant, odor-neutralizing cover that you can simply toss in the washing machine. The inside of the bed is made up of three layers — the brand’s signature Purple Grid, a layer of plush comfort foam and a base of high-density support foam — to keep your dog comfortable and properly supported while they snooze.
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Two Steps To Wake Up To A Great Opportunity Tomorrow
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GETTYWhile life has certainly taken a 180 degree turn for most over the last few months, it wasn’t in a way that was planned or expected.
Change can be exciting, which is why people take adventurous vacations, switch careers and relocate to new places. However, forced or unanticipated change, like what we are experiencing now, tends to elicit feelings of stress and anxiety. Worse, with so much uncertainty about what is to come over the next few months, it feels like all plans are on hold indefinitely. With nothing concrete to look forward to, the days blend together in an endless string like the movie Groundhog’s Day.
But it doesn’t need to feel that way. Whether you were bored with your job or had fallen into monotony before the pandemic or have more recently succumbed to the daily ambiguity that surrounds us all now, you can create ways to wake up to new opportunities tomorrow and rekindle that excitement about seizing the day.
Whether you’re looking for connection, inspiring work, or new opportunities, you have the power to make that happen with these two steps.
1) PLANT SEEDS. Actions get reactions, so if you want to wake up tomorrow to a new opportunity, set the ball in motion. And a good rule of thumb is to plant more seeds than you think you need or can handle. Not all will take root and you’ll experience less anxiety over opportunities that don’t emerge when you’re focusing on the ones that DO. Here’s how:
- Take the next step. Getting beyond your comfort zone takes effort, but it’s a fantastic way to create more opportunities and build momentum. Ideas to get started: If you’ve joined an association, take the next step and speak on a panel or lead a committee. If you read online content, take the next step and comment or share. If you’ve started blogging, take the next step and submit your writing to a variety of relevant publications for consideration. If you attend an event (live or virtual), take the next step and connect with the speakers afterward. Since you’re already halfway there already, these extra steps are an easy way to create novel opportunities.
- Reach out. Talking to new people (or someone you haven’t spoken to in a while) can change everything. Just one conversation might open the door to a new idea, connection or opportunity. Ideas to get started: Scroll through your text messages to see who you’ve not contacted in a while and send a quick hello. Look at your emails from a year ago to see who you may have lost touch with. Scroll through your 2nd-level contacts on LinkedIn and send a personalized introduction to interesting professionals. Use your time at home to join online communities and connect with members who share common interests. Get to know your neighbors while you’re outside (we’ve been having socially distant “Hallway Happy Hours” in my condo since shelter-in-place began and it’s been a fun way to meet several new people!). Look for opportunities to help promote other’s content or leave a positive review for someone you admire. Get creative - these small contact points can open the door to new circles of connections that can be beneficial for all involved.
- Quiet the voice. We can sometimes be our own worst enemy by convincing ourselves that we’re not good enough, don’t have a chance or would be wasting our time. Ignore it! Ideas to get started: Apply for that role. Post your article online. Ask for the promotion. Start that side gig. Take the risk. Say “yes” even when your impostor syndrome is hovering in the background beckoning you to question your competence. The worst that can happen is that it doesn’t work out as you hoped and you’ll learn something valuable, but chances are it’ll be just fine. It’s a common phenomenon that the more expertise we gain in our field and the higher up the ladder we move, the fewer risks we’re willing to take for fear of damaging our reputation or looking silly. This is the pesky human condition called “loss aversion” that I’ve written about before. But when you stop taking risks, you also stop learning and growing, and eventually you’re losing ground anyway. So go for it! The more you stretch outside your comfort zone, the more interesting opportunities you’ll receive. However, if you do nothing, the result is always the same - you get nothing.
- Do something different. If what you’re doing isn’t working, change it up. Sometimes small tweaks can have a major impact. Ideas to get started: Post on a different social media platform. Refine your target audience. Learn a new technology or technique that you’ve been afraid to tackle. Use video instead of written content. Ask someone with a completely different expertise than you for help with your idea to identify innovative options. Try something that you’re not fully convinced will work (you’ll learn more through trial and error than analysis paralysis). Reward levels tend to follow risk levels, which means that the more risk you take, the more reward that is possible. So, if you have a choice between an easy answer and a harder path, recognize that you’ll likely see less traffic and many more benefits on the road less travelled.
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2) REMOVE WEEDS. In the same way action can create momentum, obstacles and unnecessary hurdles will slow you down. So, it’s worth assessing any energy and time vampires and putting them to rest. Here’s how:
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- Get rid of clutter. Clutter can be mentally draining and highly distracting, taking a lot more of your time and energy than you realize. Whether physical, digital or mental clutter, you’ll be better off if you clear it out. Ideas to get started: Unsubscribe to emails you rarely read. Automate processes you use often so you don’t need to keep recreating the wheel. Toss stuff you no longer need, but hold onto “just in case.” Put things away immediately so they don’t pile up. Make a plan to solve the worst-case scenario (which rarely happens) for those situations where worry is consuming you (which can manifest as poor sleep, headaches, digestion issues and other physical ailments). Keep lists so that you don’t have to remember to-dos. Get your workout (or other dreaded task) done first thing so the guilt is not weighing on your mind all day. Stop engaging in active laziness (e.g., distractions that you rationalize as important like cleaning every day or reorganizing the spice rack, but really are an attempt to justify avoiding the tough stuff). When you de-clutter, you’ll be surprised at how much you can accomplish.
- Diversify. While you may have some specific goals, there may not always be a direct path, so be open to detours, stepping stones and bridge opportunities. When you put all of your eggs into one basket, you can become myopic and miss peripheral opportunities that will help you to reach your ultimate goal. Ideas to get started: Say “yes” to lesser opportunities to build up your credibility and connections. Compromise if it opens doors and leads to additional opportunities. Offer pro bono options if there are other relevant intangible benefits. Start as a temp and then work hard to get the permanent role. Most need to earn their stripes on the way to their ultimate goal. Plus, it can be beneficial to make mistakes along the way to help us perfect our craft before getting to the main stage.
- Let go of expectations - both good and bad. Expectations are just bad news all around. Negative expectations cause us to avoid taking action, and positive expectations cause us to be disappointed if things don’t work as planned. Both can be crushing in different ways, so be careful about how much real estate you allow expectations to take up in your brain. Ideas to get started: Don’t allow expectations to generalize to other situations causing a self-fulfilling prophecy (e.g., “I knew I wouldn’t get it and it would be a waste of time to try again”). This will lead to taking fewer risks, and consequently, fewer opportunities will emerge. Recognize that there are things we can control (very few), and many things we cannot. But the more seeds you plant, the more buds that will grow, so be careful not to stomp on your own garden.
Newton’s Third Law isn’t just for physics majors, but rather applies to all things in life. For every action you take, there is an equal and opposite reaction, even if it isn’t always what you anticipate it to be.
If you’re feeling paralyzed in the ambiguity of the new normal, you’re not alone. Situations that once had a level of certainty now have none, and we’re learning that we control much less in the world than we once believed. However, that doesn’t mean that you need to stand still. Take a step forward into motion and you’ll soon see the ripple effect.
Happy hunting!
- 2020 Forbes