The rising price of true love
Here are three of the week's top pieces of financial insight, gathered from around the web:
Taking the mystery out of inheritance
It's time for Baby Boomers to have an awkward talk with their children, said Alexis Leondis in Bloomberg. Over the next 20 years, wealthy Boomers will pass down $70 trillion in "the largest transfer of money in U.S. history," but surveys suggest nobody wants to talk about it. Some Boomers fear ceding control. Others worry the looming windfall will make their offspring "flaky or irresponsible." But "the silence" hampers the younger generation's ability to plan for big expenses, such as college and retirement. Surprises in wills also can spark fights among siblings. A "dialogue about wealth transfer" can start with philanthropy goals. Parents can "give a sense of magnitude" of the estate, and introduce their kids to their financial adviser. "That can go a long way to making an adult child feel part of the conversation."
The rising price of true love
Match is betting that some lonely hearts will pay more — a lot more — for a shot at "true love," said Laura Forman in The Wall Street Journal. The dating-app giant is unveiling a $60-a-month tier for Hinge, as well as a super-premium tier for Tinder, its most popular dating app, that could cost $500 monthly. That price isn't "unprecedented." Some users of The League, "an exclusive dating app Match bought last year," pay "nearly $1,000 for one week of its best features." That success might have convinced Match that users "can and will pay up" on other apps too. But The League is a "niche" product. Going rates on typical dating apps are far lower. Besides, as U.K. dating coach Kate Mansfield puts it, "the most confident, attractive, and datable people are most definitely not paying — for anything."
Working hard for passive income
Americans have become obsessed with making "passive income," said Lisa Rabasca Roepe in The New York Times. Search for the term on YouTube, TikTok, or Reddit "and you'll find a wealth of videos by people claiming they make thousands of dollars each month." The plans generally involve selling courses, e-books, and other products online. The theory is that these gigs are "easier than a traditional 9-to-5 'job.'" Usually, unfortunately, they are not. Luca Alboretti, a 28-year-old in New Jersey, thought he could combine a passion with an internet business, and spent $5,000 on sourcing and testing golf products for an online store. His total sales after a year? A paltry $300.
This article was first published in the latest issue of The Week magazine. If you want to read more like it, you can try six risk-free issues of the magazine here.
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