👋 Good morning. Let’s give props to Donn Fichter. Why, you might ask? The engineer proposed a network of small, driverless cars that riders could summon on demand in 1964. Riders could enter a car, like an elevator, press a button, and travel on an elevated guideway to their destination. While technology wasn’t yet ready for his proposed transit system, Fichter was ahead of his time, and we’d imagine would be pretty excited about Waymo.
THE BIG IDEA
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The camps teaching trust fund kids how to rich right
What do you do as a 20-something-year-old with millions, perhaps even billions, of dollars suddenly in your hands? For the slim cohort those Champagne problems will soon apply to, many don’t know.
- With $124T expected to be passed down between generations through 2048, wealthy boomers are preparing for the Great Wealth Transfer.
- However, most Americans expecting to inherit financial windfalls aren’t prepared for it, according to a Citizens survey of 1.5k US adults.
But their parents are hoping the answer isn’t: immediately buy a private jet, squabble with siblings over money, and become an out-of-touch, unmotivated snob.
To make sure it isn’t, many are sending their heirs to multiday retreats to learn how not to blow it when those life-changing sums eventually hit.
Making sure the (rich) kids are alright
Once a niche service, “nearly every multifamily office, bank and peer-membership group” now offers its own next-gen wealth coaching program, per The Wall Street Journal.
- Bank of America’s three-day boot camp for the children of clients worth $10m+ had a waitlist of 120+ people last fall.
- Chicago’s BDT & MSD invites relatable mentors, like Walmart heir Lukas Walton, to talk to its clients’ kids during the firm’s weeklong summer camp.
- At the three-day retreat hosted by R360, a peer-to-peer network for families worth $100m+, a wealth coach teaches a room full of college-age-plus kids how to make the wealth their parents built last beyond their generation, live purposeful lives, and use the funds in productive ways.
The lessons often cover financial and investing literacy, while some focus on more specific topics, like boardroom etiquette and managing conflicts with family members.
They’re also safe spaces for addressing what are usually unrelatable issues that stem from having exorbitant wealth, like:
- How to travel with poorer friends
- Handling nepo-baby criticisms
- Bringing up prenups with partners (the answer: blame it on your parents)
Not all trust fund babies are going to camp…
Some boomers are treating their adult children like, well, adults.
- Many are going the old-fashioned route, leaving it up to lawyers and advisors to orchestrate “trust reveal” meetings, when kids discover just how much their parents are leaving them and the stipulations to accessing that money.
- Niche financial advising-therapy hybrid services like Continuity Family Business Consulting have also been supercharged by the Great Wealth Transfer, specializing in helping families “prevent, manage and heal from conflict over business and money,” per The New York Times.
- Meanwhile, others are choosing to dole out inheritances while they're still around to see their kids and grandkids benefit from it, helping out with tuition and housing costs — though a few are already regretting it.
MAKE THEM PAY
How to charge premium prices
Your products are essentially the same… but the other business charges almost double. What gives? How do they possibly justify jacking up their rates?
Our pricing tactics database is built for breaking down buyer psychology and making use of six specific categories:
- 🎁 Packaging and presentation
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- 📕 Language and naming
Sixty total strategies. Make your presence pop.
NEWSWORTHY NUMBER
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Years that marine war risk insurance company Lloyd’s has been in business. At its London headquarters, not far from the 17th-century coffee house it was founded in, its underwriters handle ~10% of the world’s marine insurance and over 33% of war risk coverage, per The New York Times. Today that includes ships traveling through the Strait of Hormuz, premiums for which have soared since the start of the war.
Fortunately, as of June, none had made it into the company’s storied Loss Books, which date back to 1774 and include a 1912 entry for the Titanic, insured for 1m pounds.
AROUND THE WEB
📅 On this day: In 1893, Daniel Hale Williams performed one of the first successful open-heart surgeries on a young man suffering from a stab wound that tore the sac around his heart. Williams was one of just three Black doctors to practice in Chicago at that time.
📚 Useful: Practice typing with famous books, essays, and speeches.
🎵 That’s interesting: How Shazam works.
🧠 Game: Remove letters until none remain.
🐻 Aww: Just a bear having a very relatable day.
SHOWER THOUGHT
The smartest of astrophysicists have decided that it’s a good idea to dox our planet’s existence for the entire universe. SOURCE
Today's email was brought to you by Juliet Bennett Rylah and Singdhi Sokpo.
Editing by: Sara "That’s rich" Friedman.
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