Author: Vishesh Raisinghani

BlackRock CEO Larry Fink warns that Social Security in the US ‘doesn’t grow with the economy’ — proposes 1 big idea that gives Americans a ‘winning’ feeling. Will Trump really agree to it?
There’s been no shortage of debate over how to shore up Social Security as it barrels toward a funding shortfall in 2035. Now, BlackRock CEO Larry Fink is weighing in with a somewhat controversial idea: partial privatization.
Speaking with Semafor’s Liz Hoffman, Fink suggested the problem with the nation’s safety net is that it’s restricted to ultra-safe but low-growth assets.
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“We have a plan called Social Security that doesn’t grow with the economy,” Fink shared with Hoffman at BlackRock’s retirement summit. “You’re detached from the economy, and you don’t feel like you’re winning.”
To remedy this, Fink proposes reforming the system so that Americans can deploy part of their Social Security funds into the private capital market.
Fink touts better performance
Social Security is America’s largest public pension system. This year, the Social Security Administration (SSA) expects to pay out $1.6 trillion in benefits to roughly 69 million elderly and disabled citizens.
The system’s trust funds, overseen by the U.S. Treasury, are required to invest the SSA’s reserves in interest-earning securities that are backed by the federal government — mainly special Treasury bonds.
However, the S&P U.S. Treasury Bond Index has delivered an annualized return of just 1.07% over the past ten years, while the S&P 500 has produced an annualized return of 10.58% over the same period.
Fink’s proposed reform would bring the system in line with other global pension funds. Australia’s Superannuation system, for example, offers tax-payers a range of options for how their funds are invested — from a balanced, low-risk approach to a more aggressive, high-growth approach. Most options have a diversified mix of cash, real estate, stocks, bonds, infrastructure, private credit and private equity.
Similarly, the Canada Pension Plan (CPP) invests in a broad mix of assets such as public and private equities, credit, bonds, infrastructure, real estate and other asset classes across the world. Over the past 10 years, the CPP has realized a net annual return of 9.2%.
Fink believes that replicating these pension funds could benefit the Social Security system.
“The beauty of that plan, unlike Social Security — and I know we can’t talk about Social Security in this country — is that you’re investing in real assets,” said Fink. “You’re growing with your country.”
However, Fink’s proposal doesn’t appear to be anywhere on the Trump administration’s radar.
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Cutting costs rather than boosting performance
President Trump’s nominee to oversee the SSA, Frank Bisignano, recently dismissed rumors about potentially privatizing the system.
“I’ve never thought about privatizing,” Bisignano said during his confirmation hearing. “It’s not a word that anybody’s ever talked to me about.”
Instead, the Trump administration has focused largely on slashing operational costs at the SSA. Elon Musk’s Department of Government Efficiency (DOGE) appears to be focused on large workforce cuts, office closures and service reductions, as well as Musk’s claims of alleged fraud among SSA recipients.
The SSA has already laid off 7,000 employees, with reported plans to fire thousands more, and aggressive cuts to staff and services have potential to create disruptions to payments for many American seniors. Meanwhile, fraud accounts for just 0.00625% of the SSA’s annual budget, according to the nonpartisan Brookings Institute.
It should also be noted that the SSA’s total operational budget for fiscal 2024 was just under $14.23 billion, which is just 0.88% of the agency’s $1.6 trillion payout. In other words, even if the Trump administration were to lay off all SSA employees and shut down all support offices, the cuts would still have a negligible impact on the SSA’s funding shortfall.
Since privatization doesn’t appear to be in the Trump administration’s plans, and layoffs seem to be ineffective, the American Association of Retired Persons (AARP) believes the White House and Congress have only a few unattractive options for salvaging the SSA’s trust fund in the next seven years: raising taxes, cutting benefits or allocating other government revenue for the program.
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May 1, 2025
Prof G warns that rich Americans ‘hoard’ too much money and calls it a ‘virus that infects’ the US — says anything above $10M/year makes no difference to that person. Here’s his tax answer
Hoarding possessions is considered to be a mental-health disorder, but is hoarding wealth considered to be a similar psychological issue?
Scott Galloway, professor of marketing at New York University, certainly thinks so.
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“A virus that infects America is that people hoard [money],” says the 60-year-old on an episode of The Prof G podcast. “There is no reason to be a billionaire.”
While some might agree with Galloway’s proclamation, roughly 800 Americans have found a reason to accumulate over $1 billion, according to the Institute for Policy Studies. Among this cohort are 12 American billionaires who have earned more than $100 billion and are still actively working to accumulate more, according to the Bloomberg Billionaires Index.
Meanwhile, the median net worth of American households is roughly $192,900, according to the most recent data published by the Federal Reserve.
Galloway isn’t the first to highlight this wealth disparity and the apparent hoarding of assets by those who already have enough money to last for generations. However, Galloway does offer a unique perspective and a potential solution to the problem.
The link between happiness and income
Galloway argues that a person can experience significant happiness when their income jumps from $30,000 a year to $50,000, but beyond a certain threshold, additional income offers diminishing returns on happiness.
“The difference between anything above $10 million a year is nominal if non-existent,” he claims.
This echoes the findings of a 2010 study published by Nobel Prize laureates Daniel Kahneman and Angus Deaton which revealed that a rise in income can improve someone’s well-being, but only up to a ceiling of $75,000 a year.
Similarly, a study by Wharton University’s Matthew Killingsworth found that “policies aimed at raising the incomes of lower earners could do far more to improve overall happiness than simply giving bonuses to the wealthy or cutting taxes for the highest earners.”
With this in mind, Galloway suggests a more progressive tax structure could help resolve America’s wealth gap and economic dissatisfaction.
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Progressive tax policy
According to the Tax Foundation, a “progressive” tax system is one where high-income individuals or households pay more in taxes than low-income earners. Given that there are seven tax brackets, ranging from 10% to 37% for the 2024 tax year, America’s tax policy can be considered progressive.
However, Galloway calls for higher tax rates at higher income thresholds.
“Why wouldn’t we have, or restore, a much more progressive tax structure above $10 million a year?” he asks, explaining that such taxes would have minimal impacts on the well-being of ultra-wealthy individuals. “These people aren’t going to lose anything. They’re not going to be any less happier.”
The revenue generated from a more progressive tax policy could then be used for vocational training programs, or a child tax credit to enhance the well-being of lower- to middle-income Americans. “That will create a ton of happiness across our nation,” says Galloway.
From 1944 to 1963, America’s tax system was far more progressive, with the top income tax rate exceeding 90% — peaking at 94% in 1944 for the highest earners, according to accounting firm Wolters Kluwer.
Polling data from this period suggests consumers were relatively satisfied with their lives. In March, 1957, 96% of U.S. adults said they were either “very happy” or “fairly happy” while only 3% said they were unhappy, according to Gallup.
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May 1, 2025
This California couple, mid-30s, owes their pal $500,000 and they want to pay him back early — but the friend said no to prevent a big tax hit. Is he allowed to refuse? Ramsey Show responds
After paying off a staggering $350,000 in debt in just 2.5 years, Dustin and his wife are within striking distance of financial freedom. They have a plan to quickly eliminate their last remaining loan, but there’s one major hurdle.
The Palm Springs, California-based couple wants to sell their primary home and use the proceeds to pay off their vacation home, which would then become their main residence. However, the vacation home was financed with a $500,000 seller-financing note from Dustin’s friend, who refuses to accept early repayment.
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“What we want to do is sell our primary home and move into the vacation home, which we like better anyways,” Dustin explained on a recent episode of The Ramsey Show. “The net proceeds from selling our main house will pay off our vacation home, which will become our primary residence.”
This move would make them debt-free, but their friend’s unwillingness to accept early repayment complicates the situation.
The unusual situation highlights how borrowing money from friends and family can make even the most straightforward financial decisions unexpectedly tricky.
It’s tricky, tricky, tricky
Dustin’s financial arrangement is unusual but not uncommon. According to Pew Research, as of 2021, at least 36 million homeowners relied on alternative financing structures to purchase their homes. Many of these borrowers struggled to secure conventional mortgages and turned to friends and family for financial support.
While borrowing from loved ones can offer benefits — such as lower interest rates or more flexible terms — it also come with risks, including strained relationships.
“Borrowing from friends can be a fraught endeavor due to a mismatch in expectations,” notes a study published in the Journal of Consumer Psychology.
Dustin and his friend have recently encountered such a mismatch. Based on their loan agreement, Dustin believes he has the right to repay early. However, his friend insists on maintaining the original 10-year term they agreed to so that he can spread out the payments and minimize his capital gains taxes.
“He just didn’t seem jazzed about it,” Dustin said. “And it put me in a weird situation where I’m like, ‘Man, I don’t want to burn a friendship with a guy that I’ve had a long friendship with.’”
Despite the risk to their relationship, co-hosts Rachel Cruze and George Kamel said they believe there’s only one way to logically move forward.
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Prioritize family
Although friendships are valuable, Cruze and Kamel emphasize that financial security and freedom are far more important.
“The writing’s on the wall, you have to do what’s best for you and your family,” Cruze insisted. “It’s not like you’re putting a friend into debt. Boohoo, he gets $500,000 and he’s going to have to pay some taxes on it.
“He can wipe his tears with $100 bills,” Kamel interrupted, with a laugh.
The financial and psychological benefits of becoming debt-free may outweigh the discomfort of pressuring his friend. In fact, Empower discovered that 65% of Americans financial happiness as being debt-free.
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May 1, 2025
‘I’m 1,000% sure this works’: Here’s Dave Ramsey’s No. 1 technique for achieving financial freedom in America — claims it fixes the ‘stupid problem.’ But should you use it, too?
After 20 years of offering financial advice, selling 12 million copies of his book and creating an audience of over 10 million regular listeners, Dave Ramsey says he’s absolutely certain about one thing: the debt snowball method is the best way to reduce debt.
“I’m 1,000% sure this works,” the 64-year-old radio host said on a recent episode of The Ramsey Show. “The debt snowball is probably what we’ve become best known for.”
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The snowball technique involves sequentially paying off all debt, except for the primary residence, starting from the smallest loan amount and working your way up to the largest balance.
In theory, every loan paid off gives you more room and more momentum to target the next one until you’re debt-free.
Ramsey insists that the technique is not only effective but also superior to other debt-reduction techniques such as the avalanche method or consolidation. And the reason is less mathematical and more psychological.
Snowball technique works with brain chemistry
As of March 2025, 23% of U.S. adults say they have unmanageable amounts of debt, according to Experian.
Fortunately, 45% of adults also say that they have paid off debt that they previously considered unmanageable and 26% of them said they used the snowball method to do so.
However, advocates of the avalanche method or debt consolidation argue that these techniques are more mathematically efficient.
Debt consolidation involves paying off all your loans with a single loan, potentially at a lower interest rate. The avalanche method, meanwhile, prioritizes outstanding balances with the highest interest rate first.
In both cases, lowering your monthly interest burden gives you more wriggle room. It also slows down the compound growth of your liabilities, making them more manageable.
However, Ramsey encourages his listeners to look beyond the math. "Honey, if we were doing math we wouldn’t have debt!” he said. “It’s not a math problem, it’s a stupid problem. We have to fix the stupid, not the math.”
He insists the magic ingredient that makes the snowball method superior is “brain chemistry.”
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“Dopamine is released when you complete a task,” he says, explaining that this boost creates a feedback loop that makes it easier to commit to the method over the long term.
“A series of behaviors put you into debt, and you don’t fix a behavior problem with a math solution,” he explans. “You fix a behavior problem with a behavior solution.”
Despite his conviction, there’s no evidence to suggest the snowball method is superior to other forms of debt management.
None of these techniques is a one-size-fits-all solution, and most people would be better off picking a strategy that fits their own personality.
Personal approach to debt management
While the snowball method might be best for those who need constant reinforcement to stay disciplined, others might be more motivated by the math. After all, getting rid of a balance with a hefty interest rate can also offer a psychological reward.
With this in mind, consider the avalanche method if you think some of your most expensive loans are causing you more distress.
Alternatively, you could consider debt consolidation if you find it easier to manage one loan instead of several different ones.
Also, consider other methods to pay down debt. Roughly 36% of adults who paid off an excessive loan said they took an additional job or a side gig to do so, according to Experian’s survey.
Meanwhile, 23% said using a budgeting app was enough to help them mitigate their burden.
There’s no silver bullet. The best method is just the one you think you’re most likely to commit to over the long-term.
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April 30, 2025
Robert Herjavec says 1 part-time job helped turn him into a billionaire — he learned how to spot wealthy men and ‘sell to them.’ Here’s the business legend that taught him ‘everything’
Canadian entrepreneur and Shark Tank star Robert Herjavec is well known for his savvy investments in tech companies, but the 62-year-old says he gained his most valuable business skills in an unlikely place — a suit store in Toronto.
In a recent interview with YouTuber Lewis Howes, Herjavec says when he was young, he decided to get a part-time job at Harry Rosen, a luxury menswear store, after he learned about the 50% employee discount on high-end suits.
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However, he also learned about another perk available to employees: a chance to learn from the company’s founder.
“The guy who owns the place called Harry Rosen … used to teach on Saturdays if you showed up an hour before the store opened,” Herjavec told Howes, claiming that he jumped at the opportunity because of Rosen’s reputation. “The guy’s a legend! Even then, it was like the biggest shop in Canada.”
These weekly mentorship sessions ultimately taught Herjavec everything he needed to know about running a business and selling to wealthy clients.
Spotting wealth
Harry Rosen, a high school dropout, transformed his humble men’s fashion store into a business empire that generated $211 million in annual revenue in 2023, according to a profile in Eau Claire Magazine. Key to his success was his focus on training employees, such as Herjavec, on how to develop and sustain a good relationship with customers.
Besides learning how to dress and inspect suit fabric, Herjavec says his mentorship sessions with Rosen taught him “how to spot someone with money” and sell to them. These lessons were so valuable that Herjavec couldn’t believe he was learning while also getting paid.
“I would have paid him to teach me,” he said. “It was great, he taught me everything.”
Herjavec used some of these skills to sell his cybersecurity company BRAK Systems to AT&T Canada for $30.2 million in 2000, as well as a majority stake in his other cybersecurity startup, Herjavec Group, which was sold to private equity firm Apax Partners in 2021.
“I’m probably one of a handful of the top cyber people in the world,” Herjavec explains to Howes. “But I’m not wealthy because of my knowledge of a task, I’m wealthy because of my knowledge of sales.”
Here’s how the art of persuasion can help your career and business, too.
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The art of selling
Like Herjavec, learning to spot high-value customers — or a receptive audience for your pitch — could be your key to career success.
Whether you’re looking for a job or trying to find new clients for your business, take the time to research your market and find companies and consumers that are most likely to say yes to what you’re offering.
The ability to build and sustain a strong relationship with your clients or colleagues is also a key career skill. According to a study by LinkedIn, communication and customer service were the top two most sought-after “soft skills” by employers in 2024. Do yourself a favor and take the time to hone these skills to unlock better prospects for your career.
Finally, consider finding a mentor who can help you develop these skills. Herjavec says he was fortunate to work not only with Harry Rosen, but also Warren Avis, who started the Avis Car Rental company.
“I always think if somebody would’ve taken me under their wing and they were, like, a con man, I would have been a con man, right?” he told Howes. “I was just very lucky. I’ve just been really fortunate to have great role models who are good human beings.”
You don’t need to find a billionaire celebrity to be your mentor, just someone who has achieved what you aspire to and has the time to share some insights.
Check LinkedIn, alumni groups, industry events, professional associations or even within your current workplace to find people you admire and ask them for help.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
April 30, 2025
Tony Robbins just blasted this 1 popular approach to Social Security in America — calls it ‘disaster’ that seriously risks running out of cash. Are you falling into this trap, too?
Tony Robbins, the well-known motivational speaker, warns that the most popular approach to Social Security is also the most dangerous.
On his blog, he says relying on the program as the foundation of your retirement plan is a “recipe for disaster."
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Here’s why Robbins encourages people to look beyond this safety net and why a growing number of working-age Americans are already leaning towards alternative strategies.
Social Security isn’t nearly enough
The Social Security Administration (SSA) is expected to pay out $1.6 trillion in benefits to roughly 69 million Americans in 2025.
Meanwhile, the program’s trust fund has assets worth $2.7 trillion as of December 2024. However, the numbers look far less impressive on a personal scale.
As of March 2025 the average monthly Social Security retirement benefit is $1,997. This isn’t enough for most people over the age of 65, since data from the Consumer Expenditure Surveys (CE) program shows that retired households spend nearly $5,000 each month on average.
Put simply, many retirees are currently receiving inadequate benefits. And the program’s future sustainability is in doubt, which means future retirees could potentially see even lower benefits.
Trust fund assets are expected to be depleted by 2033, according to the SSA, while some of the Trump administration’s proposed tax cuts could deplete the funds in as little as six years, according to an NPR interview with Committee for a Responsible Budget’s Marc Goldwein.
Taxpayers are well-aware of these challenges as concerns about the future of the program hit a 15-year high recently — with 52% of Gallup poll respondents saying they have a “great deal” of worry.
In other words, Social Security can be an unreliable foundation for your retirement plan. The benefit paychecks are insufficient for some today, let alone a few decades in the future.
With that in mind, Robbins offers some blunt advice to anyone planning their financial future around the program
“Time to get your head out of the sand and do some easy number crunching to find out where you are and where you need to be,” he wrote in the blog post. “Remember this: anticipation is the ultimate power. Losers react; leaders anticipate.”
In summary, he encourages working-age Americans to create their own nest egg.
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A better plan for your future
Instead of relying on Social Security to secure your retirement, it could be a good idea to start building out an independent retirement fund as soon as you can.
Robbins recommends targeting savings of roughly 20 times your annual expenses. This can be coupled with the 4% withdrawal rule, which means you can safely use 4% of these assets (while adjusting for inflation) to meet living expenses every year without depleting your funds over the long-term.
Assuming your monthly expenses in retirement are $5,000, you may need a retirement fund worth roughly $1.5 million based on this rule-of-thumb.
However, the median net worth of someone in their 60s is just $439,154, according to Empower, which means most retirees fall short of this target.
To avoid this trap and reach your target as quickly and efficiently as possible, consider maximizing the use of tax-advantaged retirement accounts.
A 401(k) plan or Roth IRA, potentially combined with employer matching contributions, could help you get to your retirement goal faster.
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April 30, 2025
Millions of Americans in their 20s are jobless — but are ‘worthless degrees’ and a system of broken promises really to blame? Here’s what’s behind the catastrophic rise of NEETs
When many people picture someone aged 16 to 24, they imagine a student buried in books or a young adult starting their first job. But for more than 4.3 million Gen Zers, neither is true — they’re not in school, not working, and increasingly unsure where they fit in.
That’s according to the latest report by Measure of America, a project of the Social Science Research Council. The study estimates that roughly 10.9% of young U.S. adults are NEET, or "not in Education, Employment, or Training."
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The report suggests that even a temporary withdrawal from society can have lasting consequences on a young person’s life. “It’s associated with lower earnings, less education, worse health, and even less happiness in later adulthood,” the study says.
With nearly one in ten young people facing this grim future, some are now calling for a redesign of the education system to address the issue.
Worthless college degrees
Although college is traditionally seen as the path to building a bright future, political commentator Peter Hitchens argues that this belief no longer holds true.
“In many cases, young people have been sent off to universities for worthless degrees which have produced nothing for them at all,” said the author in a recent episode of his Alas Vine & Hitchens podcast. “And they would be much better off if they apprenticed to be plumbers or electricians. They would be able to look forward to a much more abundant and satisfying life.”
Indeed, nearly 52% of job postings in January 2024 did not require a formal college degree, according to Indeed’s Hiring Lab.
Meanwhile, 39% of firms in blue-collar sectors such as manufacturing and construction said they struggled to find employees in 2024, while 37% said the employees they hired were not suitable for the job, according to Angi.
This skills gap is likely to persist as young adults still see blue-collar work as less prestigious than white collar professions.
A Jobber study conducted in 2023 found that 74% of Americans between the ages of 18 and 20 perceive a stigma associated with choosing vocational school over a traditional four-year university.
Many are willing to go into debt to finance their white-collar ambitions. American households had accumulated $1.61 trillion in total student loan debt to finance some of these degrees, according to the New York Federal Reserve.
Crippling student debt for degrees that don’t lead to meaningful employment may explain why many young adults are disengaging from society. Fortunately, efforts are underway to turn the tide.
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Plugging the gap and changing perceptions
Shifting perceptions of blue-collar work and creating clearer pathways into trades and vocational careers could be key to addressing the NEET issue.
For instance, TV host Mike Rowe is giving away $2.5 million in scholarships this year to support young people pursuing skills training.
DEWALT, a leading manufacturer of power tools and equipment for construction and industrial use, is investing nearly $4 million through its "Grow the Trades" initiative.
The funding will be distributed as grants to 166 organizations across the U.S. and Canada that are dedicated to training the next generation of skilled tradespeople, including programs focused on skilling, reskilling and upskilling workers in areas such as carpentry, electrical work, HVAC and more.
Vocational training is already gaining traction. As of late 2024, 923,000 students had enrolled in a skilled trades school, up 13.6% from the previous year, according to the National Student Clearinghouse. If these trends continue, the skills gap — and the NEET crisis — could be gradually resolved.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
April 30, 2025
‘I don’t really care about his dreams’: Portland wife needs her husband to ‘get a better job’ than being a school bus driver — they have 5 kids and a baby on the way. The Ramsey Show responds
After 17 years of marriage with five children and another one on the way, Holly from Portland, Oregon, feels like she’s reached the end of her rope. She’s ready to bluntly tell her husband what she thinks about his career choices.
“I have to basically tell him, in a loving way, that I really don’t care what his dreams and aspirations are,” the exasperated mother said on The Ramsey Show in a clip posted March 4. “I really just need him to get a better job.”
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Holly’s situation illustrates a harsh reality couples can face when they transition from dual-income to single-income living, while also grappling with the costs of raising multiple children.
Facing an income cliff
Holly says the couple are making a combined income of around $10,000 a month. However, she explains this income is only possible because of their various side hustles. She works roughly 50 hours a week operating a daycare business while he works 30 hours a week as a school bus driver, plus two additional part-time jobs.
But with another baby due soon, Holly says she won’t be able to maintain her daycare business. She would prefer to be a stay-at-home mom, but it’s something she believes the couple can’t afford based on her husband’s income.
“It’s just that I’m scared,” she told co-hosts John Delony and Rachel Cruze. “We’re about to lose half our income.”
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Oregon is the 15th-most expensive state for two working adults to raise a child, according to a 2024 report by SmartAsset. The estimated annual cost, including childcare ($14,000), is $26,334 for one child. It’s easy to see how a household taking care of multiple children might struggle if both parents decide to keep working.
Holly didn’t reveal the ages of her kids, but she made it clear the current situation wasn’t tenable. Despite being happy at his job, she says her husband is simply underpaid, and she faces the uncomfortable challenge of convincing her husband to find better work and earn more income.
Difficult conversation
Talking about money and income can be tricky for most couples. More than a third (34%) of partnered Americans in a 2024 survey commissioned by BMO said money was a source of conflict in their relationship. Nevertheless, getting on the same page and clarifying expectations is essential for a healthy relationship.
With this in mind, Delony encouraged Holly to share her feelings with her husband. Rather than confronting him about his comfort and his dreams regarding work, help him see that the math doesn’t work out and the family is at risk.
Running the numbers on a piece of paper together could give him the reality check he needs to make some changes and boost the household income as rapidly as he can.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
April 29, 2025
This Vietnam vet, 84, was forced to sell her ‘dream’ retirement home after new owners jacked up monthly costs from $1,395 to $6,500 — how she lost out on $100,000 and a warning to seniors
Many seniors across the country would consider their senior living community a safe haven. But for some, these properties turn out to be money traps right when their personal finances are most fragile.
Martha Bray, an 84-year-old Vietnam veteran, found herself trapped in such an unfortunate situation.
After 10 years of living at River Glen of St. Charles, a senior living community near Chicago that she describes as her “dream” home, the property was acquired by two investment companies that swiftly raised rents. She told NBC News that her monthly maintenance surged from $1,395 to $6,500 — a 365% increase.
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Unable to pay this extortionate rate, Bray ultimately decided to move out and receive only 75% of the $314,000 entry fee she paid to move in. Based on the property’s value at that time, she estimates her total loss at $100,000.
“I just want people to know not to believe a damn word anybody says,” she told NBC News.
“Your money is not safe.”
Indeed, many seniors are exposed to similar risks when they sign up for these seniors communities. Here’s why the industry’s image as a safe haven is looking increasingly shaky.
Private equity’s invasion
Factors that make seniors living facilities valuable to many families also make them attractive to investors. Elevated rents, recurring revenue and the nation’s aging population has made this a lucrative asset class for private equity firms.
According to the American Seniors Housing Association’s (ASHA) annual report on the industry, eight of the 50 largest operators in the U.S. senior housing space were private equity firms in 2024. And at least three had partnerships with real estate investment trusts (REITs).
Private equity’s influence could expand further in the years ahead. A survey of seniors housing trends by global real estate investment firm JLL, showed that 78% of institutional investors planned to expand their investments in senior care facilities. “Opportunities exist for investors to acquire high-quality real estate at below replacement cost,” says the 2025 report.
The impact of private equity ownership on residents of these facilities can be “significant and troubling,” according to the Center for Medicare Advocacy.
According to their analysis, properties taken over by one private equity firm in Iowa received lower overall and health inspection ratings, had fewer nursing staff, faced more abuse citations, incurred higher federal civil monetary penalties, and experienced more payment denials for new admissions
Put simply, some investment firms may be incentivized to put profits and shareholder returns above the interests of vulnerable seniors. If you or your loved ones live in such facilities or are considering moving in, you should take some steps to protect yourself.
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Protect yourself and your loved ones
There are several ways you and your family can reduce the risk of financial damages from seniors living arrangements.
Before you sign up, make sure you review the contract carefully and consider having the terms reviewed by an experienced lawyer. You should also try to find out which entity owns the property you or a loved one is considering.
There are minimal disclosure requirements for senior living property transactions, so it’s not easy to find out if a facility is owned by a private equity firm, but the Centers for Medicare & Medicaid Services (CMS) offers some limited information on its website about “affiliated entity performance” that could be helpful.
The CMS is also advocating for tighter regulations and more disclosures to bring transparency to the industry and help consumers find out who owns the properties they or their loved ones live in.
Last year, Democratic Senators Ed Markey and Elizabeth Warren introduced the Corporate Crimes Against Health Care Act, which aims to “root out corporate greed and private equity abuse in the health care system.”
If you believe the industry needs greater transparency and tighter protections, reach out to your local representative to encourage them to support the bill as it makes its way through Congress.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
April 29, 2025
Prof G warns America is creating dynasties of ‘unproductive young rich people’ — but they’re not very happy and that’s ‘good news’ to him. Here’s why and his $10,000,000 solution
The Great Wealth Transfer currently underway isn’t a solution for wealth inequality.
Instead, it’s likely to fuel a rising “dynasty” of young people with too much money and too little motivation to work, according to NYU professor Scott Galloway.
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“When you go to nice hotels, there are people in their 50s and 60s and you can tell it’s probably their money — and then there’s a whole raft of a younger generation with their parents’ credit cards,” says the entrepreneur and investor on a recent episode of his Prof G podcast. “What you have with dynastic wealth is you’re taking capital that should go back into the ecosystem and just creating these dynasties of unproductive, rich people.”
There are growing signs that the wealth gap could worsen as the transfer of assets from baby boomers to their children and grandchildren gains momentum.
However, Galloway believes there is some “good news” for younger Americans from modest-income families and a potential solution to the problem.
The good news
Baby boomers in America are expected to pass on between $70 trillion and $90 trillion in assets to their offspring, according to Cerulli Associates.
“The average age of the world’s billionaires is almost 69 right now. So this whole transition or wealth handover will start to accelerate,” said John Mathews, head of UBS’ Private Wealth Management division, in an interview with CNBC.
However, this massive wealth transfer isn’t distributed evenly across younger generations. A 2023 study published in the American Journal of Sociology found that the average 35-year-old millennial holds less wealth than the average boomer at the same age, but the top 10% of wealthiest millennials have 20% more wealth than the top 10% of boomers.
In other words, a growing intergenerational wealth divide emerging, and it’s likely to accelerate in the coming years.
However, Galloway says his time teaching at an Ivy League university has given him reason to be hopeful: “I know a lot of rich kids and I know a lot of kids who are not rich — and the levels of happiness are not greater among the rich kids.”
To him, that’s “good news” for young people trying to build wealth independently and find fulfilling careers. It’s also a wake-up call for policymakers looking to tackle the growing wealth gap.
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The $10 million solution
Galloway’s proposed fix for the widening wealth gap is what he calls “an exceptional inheritance tax.”
“Inheriting more than say $10 million bucks doesn’t increase the happiness of your kids,” he says, suggesting that lawmakers implement a significant inheritance tax above that threshold.
His recommendation isn’t far off from the current tax structure. For the 2025 tax year, estates worth more than $13.99 million are subject to a federal estate tax, according to the Internal Revenue Service (IRS).
The tax rate ranges from 18% to 40%, depending on the estate’s size, according to SmartAsset. Beneficiaries may also face additional estate and inheritance taxes on the state level, depending on where they live.
Still, there may be room to raise those rates. Japan currently has the highest inheritance tax in the developed world at 55%, followed by South Korea at 50%, according to PwC.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
April 29, 2025