- Salary Transparent Street
- Posts
- The Great Wealth Transfer is here
The Great Wealth Transfer is here
And earning thousands to be a…bridesmaid?
Hey there! Hannah here. This Wednesday, March 6 at 1 PM ET, I’m teaming up with Indeed and corporate expert Laura Whaley to chat about careers and compensation. Make sure you’re following Salary Transparent Street on Instagram so you don’t miss the Instagram LIVE!
1 How the “Great Wealth Transfer” will empower women 💥
Alexander Gray/Unsplash
The payday of a lifetime. Baby Boomers are expected to pass down anywhere from $84 to $129 trillion (trillion with a ‘t’) to the younger generations as part of the “Great Wealth Transfer,” found new survey data from investment platform Ellevest. And the primary recipients? Women.
“Why women?” Two reasons: First, women tend to outlive men, so more women Boomers will manage their wealth solo. Second, as Boomers age, they’ll pass down that wealth to millennials—a generation made up of a record number of single women.
This redistribution of wealth will have a profound effect on our society as a whole. That’s because men and women tend to spend their money in different ways, which could mean…
More Charity Donations to Women’s Rights. Women are more likely than men to give to charity as their income rises—and far likelier to donate to charities tackling girls’ and women’s issues, such as reproductive rights, health, and violence against women.
Tackling Climate Change Head On. Women are also more likely to invest in positive climate impact, with 62% telling Ellevest climate is their top financial concern. If women invested just 10% of their $80 trillion, that’s eight trillion dollars going toward fighting climate change.
More Single Women. In the words of Beyoncé, “could the single ladies put their hands up?” About a quarter of women who’ve received (or expect to receive) a financial windfall say they’re likelier to leave their partner once that deposit hits. As women gain financial independence, we could see a major shift in relationship dynamics.
It’s about time. From the gender pay gap to the motherhood penalty to receiving less than 3% of VC funding, women continue to be plagued by financial inequality. The Great Wealth Transfer could be the movement needed to level the playing field.
2 This Bronx medical school’s tuition will go from $59K a year to $0 🚑
What would you do if you were given billions of dollars? When Ruth Gottesman’s late husband left her with a fortune in Berkshire Hathaway stock, she made an unprecedented choice: She decided to change the fate of countless future doctors—and make the Albert Einstein College of Medicine tuition-free for all students.
That’s right. Gottesman donated over a billion dollars to the Bronx medical school, making it the largest donation to a medical institution in US history. This is a big deal for two reasons:
Tuition at Albert Einstein exceeds $59,000 a year, leaving nearly half of its graduates with $200,000 in crippling medical debt. This donation will relieve that financial burden and open up opportunities to students who previously couldn’t afford to attend.
The Bronx is New York City’s poorest borough and is chronically underserved. In the past, most million-dollar donations have gone to medical schools in Manhattan, the city’s wealthiest borough.
Has this good news piqued your interest in the medical field? We’ve got you. Here are our interviews with fellow nurses, resident physicians, and cardiac anesthesiologists who share the ins and outs of their careers.
3 This unconventional business nets six figures 👰♀️
Starfish Studios
In 2017, Jen Glantz was fed up with being a bridesmaid. She’d taken on the role six times, spending $700 to $2,000 on each wedding.
That’s when Jen realized: She could capitalize on her experience. She decided to turn this wallet drain into a money maker—and launched her company Bridesmaids for Hire.
Today, Jen’s business nets six figures and has a team of freelance bridesmaids ready for every wedding need, from writing wedding vows to diffusing tense family dynamics on the big day.
By The Numbers:
$2,500: The minimum cost of Jen’s bridesmaid services.
$375: The up-charge for a custom-made maid of honor speech.
$2,274: The cost of being a bridesmaid in 2024.
Jen’s story reminds us: Soft skills can be monetized. What comes naturally to you—such as thriving in social situations as a bridesmaid—might be a skill someone else is willing to pay top dollar for.
P.S: This unconventional business is hiring. If you’re interested in saying “I Do” to becoming a professional bridesmaid, you can apply right here.
Salary Transparent Street Is Coming to Austin!
Calling all Austin readers! 🤠 Come meet the team behind Salary Transparent Street this Saturday, March 9 from 6-8 PM at the Capital One Café!
There’ll be coffee, stickers, and conversations on money and salaries (of course). Interviews are welcome but not required!
ICYMI: We just launched The Break Room! This panel series interviews professionals in-depth, so you can get the complete picture of what their careers are really like.
Our premiere episode features Real Estate Agents in Los Angeles. They discuss their pay, day-to-day responsibilities, and whether reality TV shows (*cough* Selling Sunset *cough*) are accurate.
The Break Room has been a labor of love, and we can’t wait to hear your thoughts. Don’t forget to subscribe to our YouTube channel so you never miss an episode! 💚
The side hustle that brings this 23-year-old (wait for it…) ~$10,300 a month.
Here’s how much a retired teacher and post office worker made after 30 years on the job.
AI use at work accelerated by 24% in the last quarter, per a Slack survey.
Former Twitter executives are suing Elon Musk for owing them $128 million in severance pay. 😳
Thanks for being here! Before we part ways, our newest blog post just dropped: The 15-Highest Paying Trade Jobs. 🚨 These jobs all have low barriers to entry and have the potential to earn six figures as your seniority grows.
See you next week!
Reply