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☆ Why workers who lose their jobs to AI will be better off than the Midwest manufacturing employees of two decades ago
▼ + stars: | 2024-08-02 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Similar to US manufacturing workers who lost their jobs in recent decades to advancements like automation, those displaced by AI could find themselves without the skills needed for the modern workforce. It comes down to when — and where — AI job losses are likely to materialize. Davis said there are several reasons workers who are displaced by AI should have an easier time finding work than many manufacturing workers of the past. Impacted workers in cities would be more likely to have job opportunities than workers where manufacturing jobs were concentrated, which often were in the Midwest. Widespread AI job displacement won't happen for at least a decadeWhile Davis is uncertain about the timing and scale of AI job displacement, he said he doesn't expect AI to drive major job losses over the next decade.

Persons: —, Goldman Sachs, It's, Steven Davis, Hoover Institute —, Davis, it's, — Davis, they've, they're, Joe Biden, there's, Jim Covello, that's Organizations: Service, Business, Hoover Institute, Stanford University —, Bureau of Labor Statistics —

☆ 6 top Goldman dealmakers, from Dan Dees to Gene Sykes, reflect on their careers at the investment bank, from junior banker to partner
▼ + stars: | 2024-08-01 | by ( Reed Alexander | ) www.businessinsider.com time to read: +12 min

Wall Street careers are notoriously grueling and littered with politicking and jockeying to climb the ranks. AdvertisementNow, these six partners are looking back on their own rise, offering words of wisdom from their own Wall Street origin stories. At Goldman Sachs, the core of who we are in investment banking is M&A. Gene Sykes, cochairman of global M&A and global TMT:Gene Sykes Courtesy of Goldman SachsThe market for M&A advice has evolved over time. Are you a Goldman Sachs or Wall Street insider?

Persons: Goldman Sachs, Alison Mass, Stephan Feldgoise, Dan Dees, Hank Paulson, Tim Ingrassia, Alison, Goldman, Peter Weinberg, Gene Sykes, It's, Mark Sorrell, John Thornton, John Waldron, Karen Cook, Yoel Zaoui, Gregg Lemkau, it's, Jennifer Kopylov, Reed Alexander Organizations: Service, Wall, Partners, Business, US Treasury, Street, Goldman Locations: New York City, London, New York, Europe, American

☆ I skipped college and became a boatbuilder. My friends who aren't in trade jobs envy me.
▼ + stars: | 2024-08-01 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +6 min

When I returned to France at 26, I enrolled in a yearlong boatbuilding course. I enrolled in a yearlong boatbuilding course, which was free because the government subsidized it. AdvertisementI'm very happy in my career and can see myself progressing, especially in the job I'm in now. I'm more suited to my trade job than a corporate settingNone of my close friends do a trade job. I don't tend to compare myself to others, but I think I'm just as happy and fulfilled as my friends.

Persons: —, Clémentine Mollier, I'd, I've, I'm Organizations: Service, Business, —, Portsmouth, National Museum of, Royal Navy, HMS Locations: Portsmouth, England, France, Australia, Asia, Canada, Costa Rica

☆ I quadrupled my Big Tech salary by changing jobs 8 times. I learned how to negotiate pay and when to walk away.
▼ + stars: | 2024-08-01 | by ( Robin Madell | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I recently left a role in Big Tech as a senior program manager at Figma, and I've previously worked at Meta, Pinterest, Intuit, and LinkedIn. In 2016, I pivoted to an account manager roleI more than doubled my salary at a tech startup in San Francisco. Next, I was interested in pivoting to a full-time program manager role, so I applied cold, interviewed, and landed an offer at LinkedIn. Here are the four strategies that were the most helpful to me in increasing my salary in Big Tech.

Persons: —, Jean Kang, San Francisco who's, It's, I've, I'm, Lauryn Haas Organizations: Service, Meta, Intuit, LinkedIn, Big Tech, Business, Facebook, Microsoft, Big Locations: San Francisco, Big, Pinterest, Figma, Big Tech, Salesforce, lhaas@businessinsider.com

☆ I send my kids to stay with family over the summer. I deserve time away from them, and they have fun.
▼ + stars: | 2024-07-31 | by ( Jane Ridley | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. One of the highlights of my summer so far was a short getaway to the Texas hill country with my partner, Tyran. I'm their mom, but I don't have to be part of every memory and every piece of their lives. So, for the last two summers, Saiah has spent seven or eight weeks with his dad in New York City. Related storiesIt's the same with Sevyn; She spent her time away from us with Ty's mom in Orlando.

Persons: —, Tanya Mitra, Saiah, Ty, it's, I'd, Mitra, It's Organizations: Service, Business, Fashion Locations: Texas, New York City, Sevyn, Florida, Georgia, Italy, Paris, Toronto, Brooklyn, Houston, Orlando, Savannah, I'm, American

☆ Chinese EV makers are outpacing Tesla in one key area
▼ + stars: | 2024-07-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Read previewTesla is fighting to keep its EV crown, and Chinese automakers are already challenging Elon Musk's company in one crucial area: Innovation. The Washington DC-based think tank found that Chinese EV companies are 30% faster when it comes to developing and releasing new car models than automakers in other regions, including Tesla. AdvertisementAdditionally, Chinese electric-car companies like BYD are pumping out more new EVs than US automakers, including Tesla, ITIF said. The Think Tank warned US carmakers would need to "double down on genuine technological innovation" if they wanted to continue to compete with Chinese companies. Musk's company has been facing mounting pressure from EV companies in China, including BYD, which has been vying with Tesla for the title of top EV seller .

Persons: —, ITIF, Tesla, China's BYD, Li Auto, Musk Organizations: Service, Elon, Information Technology, Innovation Foundation, The Washington DC, EV, Business, BMW, Tesla, Reuters Locations: China

☆ Americans aren't spending like they used to, and it's forcing a reckoning for companies from Starbucks to Whirlpool
▼ + stars: | 2024-07-31 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +7 min

Read previewShoppers are slowing down spending on everything from burgers to dishwashers, and that's bad news for a growing number of companies. While inflation has since cooled, Americans are still stuck with higher prices for many of the things they buy. Shoppers are slowing down food spending — even at grocery storesThe spending slowdown has hit restaurant chains, which have launched new deals to get customers in the door. Over the past two years, income growth has helped consumer spending beat expectations, Jefferies analyst Corey Tarlowe said in a note on Monday. One bright spot in consumer spending: Cruises, which are seeing record demand.

Persons: —, McDonald's, Burger, Taco, Jefferies, ETIENNE LAURENT, Laxman Narasimhan, It's, Dirk Van de, Van de, Andrew M, Watterson, Michael Liersch, Wells, Corey Tarlowe, Horacio Villalobos, dreuter@businessinsider.com Organizations: Service, PepsiCo, UPS, Business, Shoppers, Burger King, Taco Bell, Starbucks, Getty, Walmart, Bureau of Labor Statistics, Unilever, Whirlpool, Airlines, Jefferies, Costco Locations: Pellegrino, North America

☆ Almost half of child-free Americans under 50 don't think they'll ever have kids. Most of them say they just don't want to.
▼ + stars: | 2024-07-30 | by ( John Towfighi | ) www.businessinsider.com time to read: +4 min

Fifty-seven percent of those Americans younger than 50 without children said the major reason they won't have any kids is that they just don't want to. Pew looked at Americans ages 50 and older who don't have children and Americans between 18 and 49 who don't have children and say it's unlikely they will. Meanwhile, 36% of Americans under 50 and without kids said they can't afford to have children. Related storiesAmericans under the age of 50 without kids were nearly four times more likely than Americans over the age of 50 without kids to cite environmental concerns as a major reason not to have children. Americans without kids say they have more time for their careersMany Americans without kids told Pew that the decision lets them focus more on their careers, save money, and have time to engage in social life.

Persons: —, Pew, Nicole Valdez, DINKWAD Organizations: Service, Pew Research, Business, CDC Locations: jtowfighi@businessinsider.com

☆ My helicopter parents forged job applications for me as a teen. I almost made the same mistake with my own child.
▼ + stars: | 2024-07-30 | by ( Jane Ridley | ) www.businessinsider.com time to read: +4 min

This story is available exclusively to Business Insider subscribers. A few months later, I secured a part-time job by randomly asking for shifts at a local café. Related storiesI later found part-time work as a dishwasher at a restaurant, a sales assistant in a menswear store, and a bartender. "My daughter's looking for a part-time job in the evening, particularly on weekends." Do you have an interesting story about mistakes and successes in parenting that you'd like to share with Business Insider?

Persons: —, John, Mom, didn't, Jane Ridley You'd, I'd Organizations: Service, Business Locations: England

☆ Here's how much apartment space $1,500 a month gets you in some of America's biggest cities
▼ + stars: | 2024-07-29 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

AdvertisementFinding a relatively large apartment to rent without paying a lot each month might be attractive to people who work remotely. That includes El Paso at 1,147 square feet and Lubbock at 1,220 square feet. Still, there were Texas locations with averages under 1,000 square feet, like Dallas at 815 square feet. Meanwhile, most of the large cities in California and Florida had low averages, reflecting their more expensive housing markets. "Notably, Texas has four locations among the top 20 small cities offering the most apartment space for $1,500," the blog post said.

Persons: —, Alexandra Both, RentCafe Organizations: Service, South, Business, Midwest Locations: Southeast, Wichita , Kansas, Oklahoma, Texas, El Paso, Lubbock, Dallas, California, Florida, Queens , New York, Newark , New Jersey, Columbus , Georgia, , Texas

☆ I quit my $240,000 job at Meta. Here's how I got hired and grew my salary — and why I left.
▼ + stars: | 2024-07-29 | by ( Ellen Nguyen | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I started in engineering roles but soon realized my passion for technology and storytelling, which drove me toward marketing communications. AdvertisementTo get promoted at Meta, you need to perform and collaborate effectivelyThe promotion process at Meta involved a twice-a-year performance review cycle. The size of Meta was a new experience for meThe company's size was unlike any I had worked at before. I decided to leave Meta for personal reasonsAfter the demanding pandemic years, I wanted to spend more time with my family.

Persons: —, Alexandru Voica, I've, wasn't, I'm, Lauryn Haas Organizations: Service, ARM, Business, Ocado Group, Meta, Big Tech Locations: London, Romania, Cambridge, Abu Dhabi, Meta, Big, lhaas@businessinsider.com

☆ Student-loan borrowers on Biden's new repayment plan have 2 options to get credit toward debt cancellation while the program is blocked
▼ + stars: | 2024-07-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Read previewThe Education Department has updates on the next steps for student-loan borrowers enrolled in President Joe Biden's new repayment plan. The ruling follows a roller coaster of court decisions regarding the SAVE plan. AdvertisementThe department recently updated its guidance on what this forbearance period means for borrowers — including two avenues for borrowers to receive forgiveness credit despite the forbearance. The first option is for borrowers on SAVE to switch to a new income-driven repayment plan, including PAYE, income-based repayment, or income-contingent repayment — all of which are not blocked in court. Along with switching repayment plans to receive credit toward forgiveness, the Education Department highlighted another option for borrowers on PSLF to receive forgiveness credit: a "buy back."

Persons: —, Joe Biden's, IDR, Donald Trump Organizations: Service, Department, Appeals, Business, SAVE, GOP, Education Department, Public, PSLF, Democrat, Invest Locations: forbearance

☆ Olympic athletes are roasting the Olympic Village accommodations on TikTok: 'The bed sucks'
▼ + stars: | 2024-07-29 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

Read previewSome young Olympic athletes are roasting the accommodations at the Olympic Village on TikTok, raising issues with the food, uncomfortable beds, lack of privacy, and limited shared spaces. 'The bed sucks'The Olympic Village was first established in 1924 to bring together thousands of world-class athletes under one roof. Rooms at the Olympic Village feature cardboard beds which were made as part of the organizers' sustainability efforts. Advertisement'Need a Chipotle bowl ASAP'The food at the Paris Olympic Village has also been the subject of athlete complaints. IOC President Thomas Bach tries food from a salad bar while touring the Olympic Village ahead of the start of the Paris 2024 Olympic Games.

Persons: —, Coco Gauff, Celia Dupre, Mike Egerton, Simone Biles, Katherine Holmes, Dupre, Laurent Michaud, " Dupre, Chari, Hawkins, I'm, Thomas Bach, David Goldman, I've, Lloyd Lee, lloydlee@businessinsider.com Organizations: Service, Olympic, Business, London Olympics, Rio, Paris, Getty Images, Washington Post, Associated Press, St, Olympic Games Locations: TikTok, Paris, Swiss, Tokyo, Kitts, Nevis, Caribbean

☆ We visited a Rite Aid store. The empty shelves made us wonder about the chain's future.
▼ + stars: | 2024-07-29 | by ( Jordan Hart | Alex Bitter | ) www.businessinsider.com time to read: +4 min

Business Insider visited a Rite Aid store in the Crown Heights neighborhood of Brooklyn, New York, over nearly three months. It was difficult to find hair care and hygiene products at this Brooklyn Rite Aid location. The empty shelves at Rite Aid look like they've remained that way weeks after our first visits. Rite Aid is one of several store chains closing locations this year, alongside Family Dollar and Conn's. Do you work at Rite Aid and have a story idea or details on your store to share?

Persons: —, Jordan Hart, Coke, they've, There's, Walgreen, abitter@businessinsider.com Organizations: Service, Business, Rite Aid, Brooklyn Rite, Brooklyn Rite Aid, BI Locations: Crown, Brooklyn , New York, Brooklyn

☆ A pool director at a country club hires teens as lifeguards. She sees parents applying for their kids to make life easier, but it has the opposite effect.
▼ + stars: | 2024-07-29 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

Read previewWhen Susie Johnson took her current job as the pool director of a country club, she was responsible for hiring a new team of summer lifeguards. The 54-year-old — who worked in the field in her 20s before taking a career break to raise her kids — told Business Insider she was "pretty fortunate" to hand-pick staff from scratch. This story is available exclusively to Business Insider subscribers. "They wrote things like, 'My daughter just got her lifeguard certification and is looking for a job,'" Johnson said. AdvertisementDo you have an interesting story about working with different generations that you'd like to share with Business Insider?

Persons: —, Susie Johnson, Johnson, she'd, Sue Johnson, I'd, they're, I'm Organizations: Service, Business

☆ I've lived overseas with my European boyfriend for 3 years. We still can't agree on dinner time, investment strategies, or how to talk to each other's families.
▼ + stars: | 2024-07-29 | by ( Elizabeth Lavis | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Misha comes from the small, mountainous Caucasian country of Georgia — located at the crossroads of Eastern Europe and Western Asia. AdvertisementWhile I'm included in Misha's family gatherings, I always feel like an outsider because I can't fully understand or contribute to the conversation. We both take a few steps outside our comfort zones; I agree to eat dinner at 8:30 p.m., and Misha agrees to consider a retirement and investment strategy. That's OK as long as we practice negotiation and patience in our quest to appreciate and understand each other's cultures.

Persons: —, Vera, Misha, Georgia —, It's, Kraft, Elizabeth Lavis, I've Organizations: Service, Business, Georgian, Russo, Kraft Mac Locations: Tbilisi's Vera, Georgia, Eastern Europe, Western Asia, Soviet Union, Georgian, Tbilisi

☆ A boomer with $50,000 in student loans voted for Trump in the last election. But with Biden's new repayment plan blocked, she's considering supporting a Democratic ticket.
▼ + stars: | 2024-07-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

"I want to be able to just breathe, but retiring and having to pay for student loans when I'm not even working anymore and paying most of my Social Security to student loans, it's ridiculous. Hill said the uncertainty with her student loans is forcing her to push back her timeline to retire. She's a teacher and has loans because she went back to school in 2009 to get her teaching degree, which she funded through grants, scholarships, and student loans. AdvertisementThe Education Department has vowed to continue fighting for the SAVE plan in court. Are your student-loan payments influencing how you will vote in the election?

Persons: —, Rebecca Hill isn't, Hill, Joe Biden's, that's, I've, She's, she's, I'm, Trump, Biden's, Biden, Mitch McConnell, Bill Cassidy, Kamala Harris Organizations: Service, Trump, Business, Security, GOP, Circuit, University of Pennsylvania's Wharton School, Democratic Party, Invest, Republican, Department, Public Locations: Wisconsin, PSLF

☆ Meet a boomer living off of $2,700 a month in retirement who plans on moving abroad for cheaper living and political stability
▼ + stars: | 2024-07-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

"I always tried to put a little bit aside, like change and dollar bills and whatnot. That's a problem that's going to stick around, as female "peak boomers" — Americans turning 65 between 2024 and 2030 — have, on median, $185,086 in retirement assets. Men in that group, comparatively, have $268,745, according to the Alliance for Lifetime Income and the Retirement Income Institute. "It looks like something that I could afford to live a little bit more, a little bit better; my income would stretch a little bit more," she said. However, after connecting with a friend who's made the move and found community, Dee is ready to move forward once again.

Persons: —, she's, I've, Dee —, Dee, would've, That's, She's, who's, it's, I'm Organizations: Service, Business, Social Security, Alliance for Lifetime, Income, Central America Locations: Georgia, chemo

☆ The South's economic boom is masking a harsher reality. It still has several of the poorest states in the nation.
▼ + stars: | 2024-07-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

In June, the financial services company WalletHub ranked the 50 states and DC across three categories: economic activity, economic health, and innovation potential. The Economic Policy Institute pointed to low minimum wages and unionization rates in Southern states as two factors keeping pay down. Of course, workers in some Southern states earn less than others. Using US Bureau of Economic Analysis and Bureau of Labor Statistics data, the analysis highlighted the average annual wages across US states as of 2022. Only two Southern states — Louisiana and West Virginia — were among the eight US states that saw their populations decline between 2022 and 2023.

Persons: —, Jacob Funk Kirkegaard, Chandra Childers, it's, West Virginia — Organizations: Service, West Virginia —, of Columbia, WalletHub, Business, South :, Workers, Economic Policy Institute, Southern, Economic, Economic Innovation, Peterson Institute for International Economics, of, of Labor Statistics, Institute, Texans, Dallas Fed Locations: Southern, Delaware , Maryland, Virginia, West, South, South : Mississippi, West Virginia , Arkansas , Louisiana, Kentucky, West Virginia , Arkansas , Alabama, South Carolina, Houston, Dallas, Miami, Nashville, Midwest, Mississippi, Hawaii, Texas, North Carolina, Georgia, South : Texas, Florida, North Carolina , Georgia, Tennessee, — Louisiana, West Virginia

☆ The noon-to-4 is the new 9-to-5 for driving commuters, but it's not helping traffic congestion
▼ + stars: | 2024-07-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Read previewAfter roads went eerily quiet during the early months of the pandemic, traffic is back with a vengeance. New remote and hybrid work schedules and a rise in car ownership in recent years have transformed traffic and congestion patterns. New York City had the worst congestion of any city in the world in 2023, the INRIX report found. AdvertisementNew York City had the worst congestion of any city in the world in 2023, the INRIX report found. While the population of New York City residents rose 1.4% between 2012 and 2021, the number of registered passenger vehicles rose by 12%.

Persons: —, INRIX, Bob Pishue, COVID, Pishue, Declan Gill Organizations: Service, Business, New, People Locations: Dallas, New York, Manhattan, New York City, York City, Yorkers

☆ A Gen Xer got $10,000 to move from Los Angeles to Tulsa. He likes the slower pace of life in Oklahoma but misses California's big-city culture.
▼ + stars: | 2024-07-27 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

He said he didn't "have a timeline in mind until after" he was accepted into the Tulsa Remote program in Oklahoma in 2021. Dalton said the cost of living and pace of life are pros of living in Tulsa. Several people who have participated in the Tulsa Remote program, which launched in late 2018, have previously talked to BI about their moving experience. The new remote job would help him qualify for a move from California to Oklahoma through the Tulsa Remote program. Tulsa's slower pace of life gives Dalton more time to enjoy life and have fun with others.

Persons: —, Morgan Dalton, Dalton, Tulsans, I've, It's, he's, Joe's, it's, Guthrie Organizations: Service, Business, BOK Center, Tulsa, Tulsa Drillers Locations: Los Angeles, Tulsa, Oklahoma, West Coast, West, Mexican, Texas, Houston, California, LA, Southern California, New York, DC, San Francisco

☆ How the AI revolution could cost you your job without replacing you
▼ + stars: | 2024-07-26 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

But as tech firms plan to invest billions of dollars in generative AI technologies, there's been another explanation for job cuts. While there's been a mountain of speculation about if and when AI technologies like ChatGPT could displace workers, their near-term impact on job losses could be less about job replacement and more about the cost of AI investments. The risks of AI job replacement remains to be seenIn the big picture, Netzer said he expects AI technologies to be an "enhancer rather than a replacer of jobs" in the years ahead. Advertisement"For many jobs, AI is likely to enhance our job, allowing us to spend more time on the things we enjoy doing and less time on the mundane," he said. AdvertisementBenedikt Frey pointed to translators as one profession that has seen fewer employment opportunities due to generative AI, per his research.

Persons: —, there's, Goldman Sachs, Mark Zuckerberg, Meta, Sundar Pichai, Daniel Rausch, Dan Ives, It's, Carl Benedikt Frey, Netzer, Benedikt Frey Organizations: Service, Apple, Microsoft, Industry, Business, Google, Amazon, Alexa, Fire, Wedbush Securities, Big Tech, FT, Columbia Business School, University of Oxford

☆ My boyfriend and I met while standing in line for 8 hours. We've been going strong for over 2 years.
▼ + stars: | 2024-07-26 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. We were saddened by the news on September 8, 2022, that Queen Elizabeth II had died at 96. My mom and Aunt Louise decided to go and pay their respects, along with tens of thousands of others who adored the queen. You had to stand in line in one queue to get a wristband to join another one. Aiden wrote to King Charles III to tell him how we metI got home a few hours later, slept two hours, and went to work.

Persons: —, Jessica Stevens, Queen Elizabeth II, Aunt Louise, queued, Aiden, Aiden O'Neill, Harry Swain, wasn't, we'd, Stevens, O'Neill, King Charles III, Louise, texted, Harry, Aiden's, we've Organizations: Service, Westminster Hall, Business, Facebook Locations: Westminster, London, Ohio, Niagara Falls

☆ When my wife died at 39, I raised our daughter alone. My parenting style is 'whatever gets us through the day.'
▼ + stars: | 2024-07-25 | by ( Jane Ridley | ) www.businessinsider.com time to read: +4 min

My wife, Alison, was diagnosed with an aggressive form of cancer in 2012 — the same year she gave birth to our daughter, Annabel. This story is available exclusively to Business Insider subscribers. Danes with his late wife, Alison, and their daughter, Annabel. AdvertisementMy parenting has become the "whatever it takes to get through the day" style of parenting. Do you have an interesting story about your parenting style that you'd like to share with Business Insider?

Persons: —, Peter Danes, Alison, Annabel, Peter Danes Annabel, I've, It's Organizations: Service, Business Locations: Australia

☆ Boomers who want to transfer wealth to their adult kids should make sure their finances can pass a stress test
▼ + stars: | 2024-07-25 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

So, how do you know if you're in a position to be able to start passing down your wealth? But even average baby boomers, who have a net worth of around $1 million, are getting in on early wealth transfers. Griffith said the first thing someone should do before transferring wealth is to look at their retirement resources and do something she calls a "stress test." That includes considering what the portfolio might look like when the markets are most volatile and declining. Griffith said a wealth advisor can help complete a stress test using specific software that looks at various simulations of what could happen to a person's finances.

Persons: boomers, Michelle Griffith, Griffith, it's Organizations: Service, Business, Financial, Citi, Wealth Management

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