The Life

The Tragic Demise Of America's Most Ambitious Housing Project

Rebecca Baird-Remba — Wed, 22 May 2013 21:32:00 GMT

Back in the 1950s, St. Louis commissioned a public housing project unlike any in history.

Designed by Minoru Yamasaki — the architect who would later design the World Trade Center — the Pruitt-Igoe housing project was hailed as "vertical neighborhood for poor people" and named the building of the year by "Architectural Forum."

Things looked great when the building opened in 1956, but within years everything went horribly wrong. For various reasons, Pruitt-Igoe turned into a ghetto, neglected, deteriorating, and dangerous, and by the mid-1970s, the building was demolished.

A 2011 documentary by Chad Friedrichs called The Pruitt-Igoe Myth chronicles the rise and fall of the housing project. We've broken out some highlights in the following slideshow. Also check out upcoming screenings in New York, Grand Rapids, Oklahoma City, and Pittsburgh.

Prior to the construction of Pruitt-Igoe, the working class residents of St. Louis were crammed into slums with communal bathrooms (or none at all), unreliable electricity, and streets filled with trash.

Source: The Pruitt-Igoe Myth

Reformers wanted to remove people from the inhumane conditions of the slums, and local politicians thought they were an eyesore. So beginning in the late 1940s, federal and state governments began funding massive public housing projects in inner cities.

Source: The Pruitt-Igoe Myth

Pruitt-Igoe was built with that big federal spending push. It cost around $36 million to construct and was designed by Minoru Yamasaki, who later designed the World Trade Center towers.

Source: The Pruitt-Igoe Myth

See the rest of the story at Business Insider

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Most Americans Think The Middle Class Is The New Face Of Poverty

Jeff Reeves — Wed, 22 May 2013 21:16:40 GMT

The poverty line in the U.S., according to the federal government, is just under $24,000.

But most Americans say even if you make twice that, you won’t be very comfortable in their hometown.

A recent survey by Gallup lays bare this stark financial reality, with the pollsters’ findings headlined: “Americans Say Family of Four Needs Nearly $60K to ‘Get By.’ ”

So is this a question of perception vs. reality, with poll respondents being too materialistic or confusing wants with needs? Or is this really what it means to be “poor” in America in 2013?

A little bit of both.

This week the Brookings Institution released a book titled, Confronting Suburban Poverty in America. It lays out how a push into the suburbs over the last several decades has been ignored by poverty groups that largely focus on the dichotomy of poor urban dwellers and those in need who live far outside the cities in remote rural towns with no support systems at all.

But the suburbs present a new dimension of poverty. In rural areas, the cost of living is dirt cheap even if there is no infrastructure or social support; in urban areas, there are a host of charities and prospective jobs and public transportation that groups can use to fight poverty.

But what if you live in a nice suburb with lots of McMansions but little affordable housing? What if you can’t afford a car but your suburban hamlet has few public transportation options? What if you need work but the only employers within 10 miles of your suburban home are restaurants that pay minimum wage?

This is the new dynamic of poverty in America. While $24,000 may get you by in some communities, in other parts of the nation that money doesn’t go very far at all.

As Lydia Saad of Gallup put it:

“Having enough to get by appears to be particularly challenging in the East, whose residents give a significantly higher average estimate of what it takes to survive. And while people may gravitate to areas that provide the lifestyle they can best afford, suburban life — with its heavy emphasis on single-occupancy detached homes, auto-based transportation, and relatively well-off residents — may also be less hospitable for those whose incomes fall into the $30,000 to $60,000 category.”

For a practical example, imagine you were a head of a household working construction in the early 2000s. You found work in the suburbs building single family homes in a booming bedroom community about 30 minutes outside a major city, and put down roots there. But the Great Recession gutted your business and you were laid off. You don’t have the skills to work in technology or medicine, and even if you wanted to there aren’t any jobs nearby.

What do you do?

The callous answer is to take whatever jobs are left, or to pack up and move. But the high demand for the remaining unskilled jobs means a race to the bottom in salary, and the idea of uprooting their families to chase the hope (and not the guarantee) of work is not appealing to many.

For many families in this scenario, they simply stay in the suburbs which were once thriving and struggle to make ends meet.

Minimum income requirements are certainly a slippery thing, colored by our aspirations for a better life and perhaps an unwillingness to truly confront what’s “necessary” and what’s “nice.”

But there’s a reason why consumer spending remains weak and many investors are very leery about the state of the recovery. Yes, corporate profits are up but a persistently high unemployment rate of 7.6% and a lack of growth in skilled, well-paid jobs is disturbing.

Mid-wage, mid-skill jobs have been eliminated and the workers instead are opting for bartending jobs for a fraction of the pay instead.

I’m not just waxing hyperbole here either. In 2012, the job growth rate for restaurants hit a 17-year high. You think that’s because of booming consumer spending, or simply a massive influx of workers desperate for any kind of employment … even restaurant jobs at minimum wage or less if they are dependent on tips?

This recovery won’t get very far without consumers. And consumers won’t get very far without decent paying jobs.

Just something to consider while the market continues to make new highs.

Jeff Reeves is the editor of InvestorPlace.com and the author of “The Frugal Investor’s Guide to Finding Great Stocks.” Write him at editor@investorplace.com or follow him on Twitter via @JeffReevesIP.

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Can You Answer The Question That A 12-Year Old Just Nailed To Win The National Geographic Bee?

Henry Blodget — Wed, 22 May 2013 21:10:56 GMT

Here's a geography question for you:

What point on earth is the farthest from the center of the earth?

The answer is actually not "the top of Mount Everest"--which was the answer that sprung into the mind of this 47-year old simpleton. I assumed that answer was too obvious to be correct, but I didn't have a better one.

The good news is, if you had been competing in the National Geographic Bee like the 12-year old who just won it, the question would have been phrased in a way that made it clear that the answer wasn't Mount Everest:

Because Earth bulges at the equator, the point that is farthest from Earth's center is the summit of a peak in Ecuador. Name this peak.

Can you name that peak?

Me, neither.

But 12-year old Sathwik Karnik could.

The answer is "Chimborazo."

By getting that and many other questions right, Sathwik won the Bee, a $25,000 scholarship, a trip to the Galapagos, and a lifetime subscription to National Geographic.

The AP has more >

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Now The Dubai Police Force Has Added A Bugatti Veyron To Its Ridiculous Fleet Of Supercars

Carey Vanderborg — Wed, 22 May 2013 20:25:00 GMT

As if one supercar were not enough, the Dubai Police Department has added a Bugatti Veyron to its already impressive fleet of vehicles.

Dubai Police Chief Dhahi Khalfan Tamim, an outspoken lieutenant general, tweeted a picture of the $1.4 million car, which boasts a beastly 1,001-horsepower engine.

The Veyron is the most expensive in a fleet that already includes two Ferrari FFs, a Bentley Continental GT, a Lamborghini Aventador, a Mercedes SLS and an Aston Martin One. Total combined value: around $4 million.

One of the more valued vehicles in the supercar world, the Bugatti Veyron carries a top speed of 431.072 km/h (267.856 mph) and was named "Car of the Decade" (2000–2009) by the BBC television show “Top Gear.” The Bugatti brand is owned by Germany's Volkswagen Group, which has a dedicated manufacturing plant in the French town of Molsheim.

While the Bugatti Veyron was once the fastest street-legal production car in the world, just last month the car was stripped by the Guinness Book of World Records of that acclaimed title. An investigation by Guinness revealed that the Veyron Super Sport breached the rules in its record-setting attempt, which clocked the car’s top speed at 267.856 mph. Findings reportedly concluded that the driver of the vehicle deactivated a speed restrictor in an effort to achieve top speed.

Dubai's maximum speed limit is capped at 75 miles per hour, with strict penalties for excesses. The city's police have warned motorists not to be distracted by the vehicles on the road and not to take pictures while driving.

The supercar team is tasked with patrolling tourist spots around the area of the world's tallest building, the Burj Khalifa. It was not clear when the new car would hit the road.

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10 Memorial Day Getaways That Aren't On The Beach

Oyster.com — Wed, 22 May 2013 20:14:00 GMT

Memorial Day weekend is just around the corner, and with it comes the official kick-off of the summer season.

When that Friday hits, thousands of beach-bound celebrators will clog the highways on their way to sun and surf.

But while we love a good beach day just as much as the next patriot, this Memorial Day we’re excited to try something inland.

Join us in avoiding the crowds, uncovering new corners of America, and – of course – honoring our soldiers, with parades, festivals, and much more at these ten locales not on the beach.

Washington, D.C.

If you want to go hardcore patriotic, there really isn’t any place better to be this Memorial Day than Washington, D.C. (Especially since NYC had to go and cancel Fleet Week due to the sequestration).

In addition to a variety of military ceremonies taking place around town, visitors can also attend the National Parade or the Rolling Thunder Motorcycle Rally (nothing like the wind in your hair, right?!).

The National Memorial Day Concert, hosted at the Capitol Building, is always a special event, and this year’s affair features appearances by General Colin Powell and actor Gary Sinise, in addition to several military bands and the National Symphony Orchestra.

Visitors can also opt to simply stroll through Washington’s many amazing monuments – during the day or at night – and sample some of D.C.’s delicious culinary offerings.

STAY: The gorgeous, 317-room W Washington D.C. blends the new – fusion cuisine from Jean-Georges Vongerichten; a great spa and gym; Whatever/Whenever service – with the old – the property’s historic Beaux Arts building dates back to 1917.

Plus, you can see the Washington Monument from the hotel’s hip rooftop lounge, POV, making celebrating in style easy.

Las Vegas, Nevada

If you’re looking to party – and party hard – then Vegas is the obvious choice for a summertime weekend getaway.

You can of course expect large crowds in Sin City during this three-day weekend, but what would Vegas be without the masses of pool-goers, booze-guzzlers, and daring gamblers?

Pool parties on the Strip will be a priority to most visitors this Memorial Day, but there are also countless clubs, restaurants, bars, and shows to attend.

STAY: The Palms Casino Resort is known for its crazy parties and celebrity stopovers, so it’s no surprise that the hotel is packing the pool this weekend with an impressive line-up of performers.

Wiz Khalifa, the Black Eyed Peas, Ludacris, Questlove, and Chris Brown are all set to get the party started.

Palm Springs, California

This resort city smack-dab in the middle of the California desert is an excellent getaway for some quality R&R found through golfing, art gallery browsing, and poolside sunbathing.

The natural beauty here – including sweeping mountain vistas — is stunning, offering naturists plenty of chances to explore the desert landscape.

Hiking is especially popular at the Indian Canyons, as is visiting sacred Native America sites.

This Memorial Day, don’t miss the Air Museum’s annual flower drop, during which 3,000 red and white carnations are dropped from a B-25 Bomber in dedication to our servicemen.

STAY: If it has anything (and it has a lot), the Parker Palm Springs has style.

Expect eclectic and 70s-inspired decor with a modern edge, and an entranceway that belongs on a movie set: It manages to be dressed-up glamorous and laid-back cool all at the same time.

The rooms are just as impressive, with white brick walls, sexy white decor, and private balconies.

See the rest of the story at Business Insider

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Gwyneth Paltrow On Why Getting Paid $2 Million To Be A Brand Ambassador Is The 'Perfect' Job

Laura Stampler — Wed, 22 May 2013 20:11:00 GMT

Actress, lifestyle blogger, and singing enthusiast Gwyneth Paltrow is raking in $2 million to be the face of Hugo Boss' new fragrance Jour, E! News reports.

Paltrow knows she has a sweet deal.

In an interview with Women's Wear Daily on why her partnership was amazing, the actress gave the exact answer you'd expect from someone who cavalierly suggests reader of her weekly newsletter Goop just spend $450,000-plus on their spring wardrobe.

I have had a really good experience working for Boss, and I always say this, but it really is such a perfect job when you have kids. I can only really do one film a year now because of my family and how it all works out, so it’s so nice for me to be able to work for a great company and, you know, I’m going to Spain next week for two days so I still get to travel and meet really interesting people and have a work interaction. But it’s not like I am out of the house for three months.

Jezebel's Jenna Sauers notes, "''...and, you know, I’m going to Spain next week.' Thanks, G, for being you.

Paltrow continued that Jour, which translates to day, is the perfect name for the fragrance and has been worked into her daily routine — which she then described in great detail:

“I wake up at 7 a.m., I get [the kids] fed, and I get them dressed in their uniforms, any bits of homework are finished,” Paltrow explained. “I take them to school. She [Apple, 9] gets dropped off at 8:25 a.m., and he [Moses, 7] gets dropped off at 8:45 a.m., so we have a croissant together in his school dining room and we do reading together. Then I go home and I work for one hour on all the e-mails that come in overnight from L.A. Then I exercise from about 10 a.m. to 12 p.m. Then I work on Goop pretty much the rest of the day until I pick up my kids and then they have various activities.”

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Billionaires Want To Bring 10,000 Purebred Bison To The American West

Megan Willett — Wed, 22 May 2013 18:47:00 GMT

America's ultra-rich want to bring back the bison.

A number of hotshot investors from Wall Street and Silicon Valley have given some $60 million trying to build their very own "American Serengeti" in Montana, according to Bloomberg Pursuits.

An organization called the American Prairie Reserve is behind the project, which has so far attracted billionaires such as candy heirs Forrest Mars Junior and his brother John, German retail baron Erivan Haub, and a slew of others.

The group hopes to buy up some 3.5 million acres of land (that's bigger than Yellowstone National Park), and introduce 10,000 purebred bison, along with deer, antelope, coyotes, and prairie dogs.

They aren't the only tycoons with a passion for the embattled species: media mogul Ted Turner, who is the second-largest landowner in the U.S., is raising some 50,000 head of bison out west and has fought to keep several dozen bison calves born at Yellowstone on his private ranch.

Eventually, Prairie Reserve plans to open it to the public, much like a national park, and built a "safari camp" for visitors to the prairie, Bloomberg Pursuit's Seth Lubove reports.

But one group is furious about the plan. Local cattle ranchers, who are being offered as much as $2,000 an acre by Prairie Reserve, say the reintroduction of bison would destroy their livelihood.

“In order to build their 3-to-4-million-acre vision, I can’t live here,” rancher Leo Barthelmess Jr. told Bloomberg. "This landscape was broken in the Dust Bowl of the 1930s. Ranchers and the Soil Conservation Service worked and brought this prairie back...It doesn’t need to be saved from ranchers; it was already saved by ranchers.”

But with many of the ranchers "land rich and cash poor," the big money behind the project may prove too tempting to resist.

Read the full report at Bloomberg.

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Meet The High Society Ladies Of Fifth Avenue [PICTURES]

Julie Zeveloff — Wed, 22 May 2013 18:07:00 GMT

In his portrait series "Women on Fifth Avenue," photographer Leland Bobbé turns his zoom lens on the society ladies of Manhattan's poshest shopping street.

Dyed, painted, and surgically enhanced, the women he captured in his photos are at once glamorous and tragic.

Bobbé shared some highlights from the collection with Business Insider, and told us about how he came up with the idea and how the public has reacted. You can see more of his work at his website and on Facebook.

'Women on Fifth Avenue' was inspired by Harry Callahan's black and white photo series of people on the streets of Chicago in the 40s.

Bobbé said he decided to do an "updated color version" focusing on wealthy women walking on Fifth Avenue.

Fifth Avenue is one of the most expensive shopping streets in the world: the average annual rent for stores there in 2012 was $2,500/square foot.

Source: Business Insider

See the rest of the story at Business Insider

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The College Class Of 2013 Is Entering The Job Market $35,000 In Debt Already

Mandi Woodruff — Wed, 22 May 2013 17:25:00 GMT

If MTV really wants to show young people coming to grips with the "Real World" after college, how about slapping them with $35,000 worth of debt and shoving them out into the job market?

That's reality for the typical college graduate these days, according to a new report by Fidelity Investments.

A staggering 70% of students from the college class of 2013 will be saddled with $35,200 worth of credit and student loan debt when they graduate.

If they were given the chance to do it all again, nearly 40% of graduates said they had one regret: not saving or strategizing early enough for higher education. That's a 14% jump from the same survey in 2011.

“The number of graduates reporting surprise by the level of student debt they have accumulated is a big concern and shows that there is a considerable need for families to better understand the total cost of college,” said Keith Bernhardt, vice president of college planning at Fidelity Investments.

Of course, that's easier said than done. The vast majority (85%) of respondents said they personally contributed to their college costs, and one in five spent more than $10,000. And 80% took on part-time jobs to support themselves.

Likely thanks to the crushing blow of the Great Recession, more students said they considered the "hireability" factor of different majors –– 57% said they picked their major based on their prospects of finding a high-paying job.

That's a wise place to start. But the greatest takeaway from the report is this:

When it comes to paying for college, the earlier you start strategizing and saving, the better.

There are useful tools out there, many of which can be found at the Consumer Financial Protection Bureau's website, which has a page just for students.

For pre-college students, check out their guide to paying for college.

For new graduates saddled with debt, check out this guide on how to start paying off your loans.

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We Helped Race A 40-Foot Yacht Around New York City [PICTURES]

Alex Davies — Wed, 22 May 2013 16:37:00 GMT

Last week, we were invited to take part in the Atlantic Cup Pro-Am, a brief race around New York City that's part of a larger sailing race up the East Coast.

We were placed on the Gryphon Solo II, a Class 40 yacht with three sails and two sailors, Joe Harris and Tristan Mouligne.

Both men have day jobs (in real estate and wealth management, respectively), and sailing in this race means using up vacation time. On the water and out of the office, neither seemed to regret the decision.

Also on the boat with us for the Pro-Am were Doug, Natalie, and Mark from Green Mountain Energy, the renewable energy power provider that sponsored the Atlantic Cup and the Gryphon II.

The partnership made perfect sense for them, they said: Not only is sailing the original wind-powered sport, the entire race is designed to be carbon-neutral.

Our role in the race was to move from one side of the boat to the other to keep the weight properly distributed, and to not fall into the water while Joe and Tristan piloted us around New York's harbor in a battle against six other teams.

The boats were anchored in the North Cove Marina, part of Manhattan's Battery Park City. Here's the Gryphon II.

The team is sponsored by renewable power provider Green Mountain Energy.

The link between sailing and wind power is obvious.

See the rest of the story at Business Insider

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PUBLIC VS. PRIVATE COLLEGE: Which Is Better For Your Wallet?

Mandi Woodruff — Wed, 22 May 2013 16:30:00 GMT

At a time when college costs more than ever and we're facing a $1 trillion student debt bubble, it's no surprise the whole "Is College Even Worth It?" debate is still going strong.

Take it from us –– you won't get far without a college degree and those who have managed to do so are the exceptions, not the rule.

Choosing between public or private institutions is the first step on that journey. Here, we take a look at the pros and cons of both:

TUITION

Tuition and fees for a public four-year institution cost $20,823 for the 2011-12 school year –– about $8,000 less than private institutions.

Hands down, public universities are the better buy by definition alone. Because their funding is subsidized by the state, public schools can pass on those savings to students. Private institutions rely almost entirely on tuition and the generosity of donors, which is why students wind up paying more. However, since private college oft have pretty robust financial aid offerings, it's possible for some students to pay less than they would elsewhere.

Winner: Public

STUDENT DEBT LOAD

Tuition is rising at both public and private universities alike, which means more students will be forced to take on student debt to pay their way.

For the 2010-11 school year, 57% of public four-year college students graduated with student loan debt, according to the College Board –– an average of $23,800. Private students were worse off, with about two-thirds of alumnus leaving school nearly $30,000 in debt.

Winner: Public

PRESTIGE

Even if you've never set foot on a private campus, just the word alone –– private –– lends an allure of exclusivity and prestige. The top 20 schools on U.S. News & World Report's annual Best College rankings consistently go to private institutions for a reason. Class sizes are smaller, admission is selective, individual student attention is valued, and the curriculum is tough enough to attract top talent from around the world.

Still, it's a myth that all public universities offer subpar educations. There are public universities with enough prestige to rival private institutions, and they arguably boast an even higher roster of successful alumni based on the attractiveness of their ubiquity and low cost alone.

Winner: By reputation alone, private institutions are more prestigious.

SOCIAL SCENE

Thanks to their affordability and proximity to home for most students, state schools are like flames attracting moths in the night. That makes for a pretty healthy social scene.

But if you're interested in mingling with students from outside your home state, pursuing a degree at private institutions may be appealing. They often attract a wider variety of students from around the country (and the world), which means that although the party scene may not be as hot as public schools, you'll get exposure to people who aren't all from the same geographic background. That in and of itself is pretty priceless.

Winner: You can't argue with the Princeton Review. Public schools are where the party's at.

JOB PROSPECTS:

There's no doubt that college graduates –– regardless of their alma mater –– fare better in the job world. For the first three months of 2013, the unemployment rate for consumers holding a bachelor's degree was between 3.7% and 4.1% –– high school graduates saw unemployment rates twice as high.

Winner: Tie

THE VERDICT:

Public is the way to go for undergraduates.

Public or private, your chances of making it in the job world are higher the minute you graduate from college. But whether you're willing to shell out tens of thousands of more dollars to pay for the prestige of a private 4-year degree is the question you'll have to answer. For undergrads, there isn't much a private college can offer in the way of curriculum and social life that a public institution can't. True, public classes are larger and make it more difficult for one-on-one attention, but that's why professors hold office hours, after all.

Our advice: If your state schools offer the area of study and the social vibe you're looking for, do your future self a favor and cut costs now. Pursue a graduate degree at a private university, where you'll benefit more from academic rigor and more specialized areas of study.

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Hong Kong Has Officially Arrived As A Global Art Hub

Aaron Tam — Wed, 22 May 2013 16:21:00 GMT

The first Art Basel fair to be hosted by Hong Kong boasts a prestigious array of international art, highlighting the city's new role as a global arts hub amid an explosion of personal wealth in mainland China.

The four-day annual show is the world's premier art fair and has until now only been held in Switzerland and the United States.

On Wednesday wealthy VIPs flocked to the waterfront exhibition centre hosting the fair, which opens to the wider public on Thursday.

Dressed in glamorous outfits and against a backdrop of popping champagne corks, they perused an eclectic mix of works from more than 3,000 international artists exhibiting through 245 of the world's leading galleries.

The main section showcases work from an international group of 171 modern and contemporary art galleries, with selections of paintings, sculptures, drawings, photographs and video.

In one room a Volkswagen Beetle had been compressed into a giant sphere. Another installation drawing crowds featured a dishevelled human-sized rabbit sitting on a log, created by the American artist Marnie Weber.

Internationally renowned artists whose work is on display include Britain's Damien Hirst, French artist JR and the German photographer Andreas Gursky.

Other sections feature selections from the Asia-Pacific region curated for the show, large-scale sculptures and a section with solo and two-person exhibitions from emerging international artists.

The boom in Hong Kong's international art market is largely a result of the fast-growing wealth of mainland Chinese, some of whom are investing heavily in art.

"Having seen the high quality and vast range of presentations from galleries across the globe, I can assure you that the first edition of Art Basel in Hong Kong promises many discoveries and delights," Art Basel director Marc Spiegler told reporters.

Art Basel also exhibits in the Swiss city of Basel and in Miami Beach in the US, but the Hong Kong show will emphasise works from Asia, Spiegler said.

Hong Kong is "a place where all Asia feels at home and with many bridges to the west", he said.

"Here in Hong Kong, we will provide a global stage of international exposure for galleries and artists in Asia."

There is also a growing interest among Asian collectors in different types of art aside from traditional works.

Gagosian, White Cube, Acquavella, Lehmann Maupin and Galerie Perrotin are just some of the big-name galleries to have arrived in the city in the past two years despite sky-high rents.

"Art Basel in Hong Kong is evidence that Asia is becoming paramount to the international art world," Pearl Lam, who runs galleries based in the southern Chinese city and in Shanghai by the same name, said in a statement for Art Basel's opening.

Art Basel replaces Art HK, Hong Kong's former art fair which was set up in 2008. It was recently taken over by the high-profile Swiss Art Basel franchise, which has been showcasing modern and contemporary art since 1970.

"This is a truly historic moment for the art scene in Hong Kong and in Asia", Art Basel Asia director Magnus Renfrew told reporters.

"The arrival of Art Basel in Hong Kong strengthens the city's position as the leading art hub in Asia."

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New Survey Says Bankers Are Drinking Or Praying To Deal With Stress

Linette Lopez — Wed, 22 May 2013 15:47:00 GMT

Wall Street is a stressful place, and everyone has their own coping mechanism.

To get a sense of how bankers are dealing with the long nights, the deadlines etc. eFinancialCareers conducted a survey with 14 activities (and an "other") that respondents might be using to loosen up.

Most people responded with fairly mundane things like, exercising, watching TV and spending time with family.

Zzzzzzzzzz

But of the 86 people that used the "other" column, 1/4 of them said they drink or do drugs to relieve stress.

From eFinancialCareers:

Breaking down the numbers, an interesting pattern appears. Roughly 17% of respondents with fewer than four years of experience on the Street said they drink or do drugs to handle stress. The number balloons to 30% for financial services employees with more than five years of experience. Seniority – and responsibility – take their toll...

“The money isn’t always enough to drown out the stress,” said one VP at a U.S. investment bank who admitted their habits have increased. “On those days, you get creative.”

“Taking pills all day to make you faster means you have to drink at night to slow down,” said another veteran investment banker. Adderall, a prescription amphetamine used to treat attention deficit hyperactivity disorder (ADHD), is his drug of choice.

The message here could either be 'get out while your young' or 'it takes time to figure out how to enjoy yourself...' It depends on your social values, really.

That said: The survey also showed that the 2nd most popular coping mechanism was prayer, and the older a banker gets, the more likely it is that they'll use it.

So maybe Wall Streeters have a 'Come to Jesus Moment' later in life?

Leave your thoughts on this in the comments.

SEE ALSO: What Adderall Does To Your Body

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Amazon Vs. Costco: Which Is Better For Buying In Bulk?

Stacey Bumpus — Wed, 22 May 2013 15:35:34 GMT

Saving money is on the minds of most Americans, which is why so many make a special effort to purchase items in bulk and join discount clubs. It’s also the reason so many businesses are creating opportunities for consumers to access those savings.

One program to crop up in recent years is Amazon Subscribe and Save, which touts savings of up to 15 percent to members who meet specific criteria. But is this program as amazing as it seems, or is it possible that subscribers are actually losing dollars by committing to make purchases over the long term?

What Is Amazon Subscribe and Save?

If you are not accustomed to purchasing groceries and other household items online, or simply haven’t heard of this program, you may wonder what is Amazon Subscribe and Save?

Amazon Subscribe and Save is a program launched in 2007 that offers discounts on items typically sold in bulk. In addition to a reduction in costs, the program offers free shipping.

The lower costs are offered in exchange for a subscription agreement that involves having specific items automatically shipped every one, two, three, four, five or six months.

But probably the biggest benefit of joining the program is paying no upfront fees to subscribe. Members only need to pay for items when they are shipped.

You can probably see the similarities between Amazon Subscribe and Save and memberships to wholesale clubs like Costco with one clear exception: Amazon subscribers don’t have to worry about placing orders as they are placed automatically.

With this and other conveniences, one would think there could be no downside to a program like Amazon’s. However, great discount programs are not always as fantastic as they seem.

How Amazon Subscribe and Save Compares to Costco

Individuals trying to decide whether to join Amazon Subscribe and Save or stick with a traditional wholesale membership with a company like Costco have several pros and cons to weigh.

But before getting started, here are a few basics to know about Costco.

Costco is a wholesale store that offers discounts based on individuals buying in bulk. Individuals interested in shopping with the store must pay a membership fee of $55 annually.

The company not only offers physical locations but allows members to shop for items on Costco.com. Items available online range from food to furniture.

So how does Costco compare to Amazon Subscribe and Save?

Amazon Subscribe and Save

Pros:

No upfront fees
Benefit of Amazon free shipping
5-percent discount on subscribed purchases
Save 15 percent on entire order when you receive five or more subscriptions on monthly delivery day
Cancel subscription at any time (no commitments, obligations or fees)

Cons:

Price fluctuations possible after acquiring subscription
Lose item discount and free shipping when purchasing items prior to scheduled shipment date with “Need more right away” option

Costco Membership

Pros:

Option to purchase items in person or online
Wider variety of items available
No restrictions on purchase dates
Highly competitive prices
Shipping and handling included in most costs

Cons:

Upfront annual membership in addition to item purchase costs

The pros and cons of shopping with both Amazon and Costco show that it pretty much comes down to personal preferences when deciding which is best for you.

But for individuals who have decided that Amazon Subscribe and Save is better because of its discounts or free shipping advantage, it’s best to take a closer look at whether these benefits really make a difference in money spent over the long run.

Is Amazon Subscribe and Save Really Helping Your Savings Account?

After reviewing Amazon forums and reviews of the Amazon Subscribe and Save program, it’s apparent that one of the primary reasons individuals sign up is to gain access to discounts and free shipping.

But some have questioned whether the discounts actually mean paying less for the items purchased in the long run.

To examine whether the program is actually helping people stick to a budget, let’s take a look at the cost of items offered via Costco and Amazon Subscribe and Save.

I first want to say that the two companies rarely offer identical items, making comparisons challenging. While items may be similar, finding identical matches is next to impossible.

For instance, Amazon offers Nature Made Super B-Complex vitamins at 360 count for $13.51 after the discount while Costco offers 460 count for $16.49. To get around the difference in count, I calculated the per-count cost, which for Amazon is $0.037 and Costco is $0.035.

Since shipping is free for both products, Costco comes out slightly on top.

Now, looking at Huggies Snug and Dry diapers (size 4), a 192-count pack from Amazon is $44.83 with the discount while 180-count pack at Costco is on sale for $32.99, but the regular price is $38.99. The per-count cost for Amazon is $0.23 while Costco’s per-count price on sale is $0.18 and regular price is rounded to $0.22.

Again, shipping is free for both products meaning Costco comes out on top again.

Now, before immediately assuming that Costco is always the better deal, keep in mind that Costco members must pay that $55 annual fee while Amazon members have no upfront costs.

But, remember that Costco members do have access to the full catalog of items with their membership, while Amazon Subscribe and Save offers a limited number of products.

It’s important to also note that individuals who are interested in purchasing items with the Amazon Subscribe and Save program outside of the monthly delivery schedule lose their discount and possibly the free shipping for the purchase. Of course, Costco members take advantage of low costs and free shipping on most items at any time.

Another downside some Amazon subscribers have mentioned with the discount program is its fluctuating prices. After subscribing for an item, that item’s costs can fluctuate at any time, however, Costco prices are also capable of changing.

So what’s the verdict? Is Amazon’s Subscribe and Save program actually saving you money on your regular purchases or essentially stealing from your savings account by offering products that come at cheaper prices elsewhere?

On the whole, the program does appear to save money for individuals who are able to find the products they need and who also know they will only purchase these products no more than once a month.

Consumers who don’t fall into the above category, may do better to stick with Costco or other discount programs that don’t place restrictions on purchase frequency and product availability.

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This Wrist Watch Has 876 Parts And Costs $2.5 Million

Megan Willett — Wed, 22 May 2013 15:22:00 GMT

You may think that for a watch to cost more than a million dollars, it should have some historical significance or be dripping in diamonds.

But watches at the highest end of the price spectrum don't necessarily have either.

To find out why some watches command crazy prices, we spoke to a representative from A. Lange & Söhne, an ultra-high-end watch manufacturer based in Germany.

The company recently debuted its Grand Complication, an incredibly sophisticated timepiece with a price tag of €1.92 million ($2.49 million at today's conversion rates) and 876 individual components. The design is so complicated that the company only plans to produce six pieces.

"There will only be one made for each year throughout the next six years," A. Lange & Söhne's Alexandra Haxton told us. "Only one watchmaker was able to work on each piece."

Two factors go into the price, he said: Materials and workmanship.

The materials that go into the watch are all of the highest quality: It is made with an enamel dial, solid pink gold case, gold hands, a blued-steel second hand, and a hand-stitched leather crocodile strap.

Even the interior mechanisms have been polished black, and everything is hand-finished and hand-engraved.

But the real value comes from production. It takes a full year for the watchmaker to complete each piece — a process that actually happens twice.

"Our brand does 'double assembly,' which means that we put the watch together to perfection," Haxton said. "They take it apart and then reassemble it again just to make sure everything is in working order and perfect."

It took product developers seven years to design the Grand Complication and conceive of a number of elaborate functions.

One of the most complicated is the "sonnerie," where the watch strikes a low-pitched gong every hour and quarter hour. With two settings called the "grand strike" and "small strike," it's perhaps the most complex function for a watch ever, Haxton said.

In addition to the gong strikes, the Grand Complication has a split-second chronograph with flying seconds (a mechanism that acts as a stop watch), and is accurate to one-fifth of a second.

It also comes with a perpetual calendar, which will correctly display the date and time until the year 2100 without adjustment, as well a gorgeous moon phase display.

In short, the watch is a work of art, both inside and out. Yet even with all of its incredible functions, the watch isn't showy in the way other watches of this caliber tend to be — perfect for the unassuming multi-billionaire.

There are already rumors that A. Lange & Söhne has promised three of the watches to a businessman from Asia, and may have potentially sold all six even before the 2014 release date of the first watch.

But don't worry, chances are an even more complicated watch is already being dreamt up.

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Check Out The Hamptons Brunch Party Where The Champagne Will Arrive By Parachute

Megan Willett — Wed, 22 May 2013 14:26:00 GMT

Day & Night Hamptons — Montauk's ultimate table-dancing "brunch" party — is coming back this Memorial Day.

And in true Hamptons style, Derek and Daniel Koch, the brothers behind the party, are hiring a skydiver to deliver Dom Perignon rosé to tables via parachute.

Seriously.

The skydiver will drop from 13,500 feet to your table at the Gurney's Inn on Montauk's shore front with a chilled bottle of champagne. That's way better than a sparkler (though they'll probably have those, too).

Day & Night will only be in the Hamptons Memorial Day weekend, July 4th, August 3rd, and Labor Day this year, but it sounds like they're going to make each weekend as memorable as possible.

Our friends at Guest of a Guest shared some pictures from past Day & Night parties so you can get an idea of what you're in for.

Montauk's Gurney's Inn looks peaceful enough with views of the Atlantic Ocean.

That is, until Day & Night brunch arrives.

The party lasts all afternoon with a DJ, bottles, and models dancing on tables.

See the rest of the story at Business Insider

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The Jersey Shore Wants You Back

Wayne Parry — Wed, 22 May 2013 14:14:00 GMT

Beaches, rides and ruins await visitors to New Jersey shore in 1st post-Sandy summer

SEASIDE HEIGHTS, New Jersey (AP) — The boardwalks are back, and so are most of the beaches, even if some are a little thinner this year.

The smell of funnel cakes, french fries and pizza will mingle with the salt air, and the screech of seagulls will be heard, but so will the thwack of hammers repairing what can be fixed and the roar of bulldozers and backhoes tearing down what can't.

Welcome to Summer 2013 at the Jersey shore, the first since Superstorm Sandy pummeled the coast and upended hundreds of thousands of lives in October.

"The Jersey shore is open for the summer and ready to receive our customers," Gov. Chris Christie said Monday at a ceremony reopening the newly rebuilt Lavallette boardwalk, three-quarters of which was destroyed by the storm. "This is going to be a really good week."

Christie cautioned that parts of the shore won't look as they did last summer, but predicted by next summer they should be back to normal.

Even in many of the places that suffered the most from Sandy, remarkable recovery and rebuilding efforts have been made to get them ready for the summer tourist season. Yet reminders of the storm's devastation are visible all around.

Denise Gottilla and her husband Daryl stuck their beach umbrella into the sand in Point Pleasant Beach earlier this month. To their right was a wood-shingled home that had been destroyed by the Sandy's storm surge. To their left was concrete rubble from a pool and patio from homes that also were badly damaged. And in front of them were large piles of sand that still needed to be smoothed down before beachgoers could arrive. But she was encouraged by what she saw.

"The houses took a beating, but I'm pleased with how the beach looks," she said. "It's not as bad as I thought it would be."

While Sandy damaged or destroyed many shore rentals, there are still plenty to be had, said Randy Sinor, past president of the Ocean County Board of Realtors, who works in Ship Bottom on Long Beach island.

"On LBI, we all have 95 percent or better of our pre-Sandy inventory ready for rental," he said. "We are open, we are ready, and we have prime weeks still available. It is not too late."

Countywide, rental stock ranges from about 65 percent of what was there before Sandy to 90 percent, depending on the town, he said. Demand has been about 75 percent of what it was at this time last year.

Not all of the Jersey shore was hurt by Sandy. Famous resort towns including Ocean City and the Wildwoods suffered minimal damage that was quickly repaired. Those areas are girding for a potential spike in visitors this summer as vacationers seeking thrill rides look elsewhere this year.

"Our hearts go out to the areas that were affected, but we have to get the message out that a good portion of the Jersey Shore will be open, and we hope vacationers will support New Jersey's tourism economy," said John Siciliano, head of the Greater Wildwoods Tourism Improvement Development Authority.

Casino Pier in Seaside Heights, where the Jet Star roller coaster plunged into the ocean, will have at least 18 rides open this summer including a pendulum ride defiantly named The Super Storm. (The Jet Star was dismantled and removed last week). Funtown Pier, on the south end of Seaside's boardwalk, was too badly damaged to open this year; it will be back in 2014.

"We are 100 percent ready for visitors," Seaside Heights Mayor Bill Akers said. "Please, make your plans to come here, and have Jersey support Jersey. Keep your vacation local. If you want to help us, the best way you can do that is to come here and have your summer vacation with us."

Most of the Jersey shore's boardwalks don't have amusement rides or games; they consist of wooden or synthetic walkways carrying beachgoers from one end of the beach to the other. Belmar finished its boardwalk repairs first, in late April, Seaside Heights is not far behind, Asbury Park is done and numerous other towns have either finished or plan to do so by Friday. Even the Ortley Beach section of Toms River, which was devastated by the storm, started rebuilding its boardwalk two weeks ago and expects to have it open by June.

The beaches themselves may look fine in most places, but many are flatter than they once were, said Jon Miller, a coastal expert with Stevens Institute of Technology. He predicted the coast will remain vulnerable to future storms until much of the sand that was lost either returns naturally with the tides, or is physically put back on the beaches by heavy equipment, and beach replenishment and protective dune projects need to be carried out. He also said dangerous rip currents could appear this year in places they didn't use to be, due to the changed topography of the ocean floor.

And for all the attention on boardwalks and tourists, this summer will be marked by long, hard work for many shore residents still struggling to recover. Andrea Bowne is elevating her home near the ocean in Point Pleasant Beach, which took on 3 feet (1 meter) of water during the storm. Since then, she has moved from place to place, longing for the day she can go back home.

"Hopefully they'll be done soon and we can be working on the interior all summer," she said. "I say I'm moving back in as soon as there's electric and cable. My friends say, 'Uh, how about water and sewer? You plan on flushing any toilets?' And I say, 'OK, that, too.' I don't even care if there's gas yet; I don't plan on cooking anything all summer!"

___

Wayne Parry can be reached at http://twitter.com/WayneParryAC

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A 6-Step Guide To Renting A New York City Apartment With Roommates

Teri Karush Rogers & Marjorie Cohen — Wed, 22 May 2013 13:48:50 GMT

New York City's famously tight and expensive rental market is gearing up for its annual summer frenzy, when thousands of brand-new renters join the perennial crowd of natives hunting for an affordable rental.

One of the best ways to ensure a fruitful search in a city with a vacancy rate of around 1% is to go forth and multiply the number of occupants--and the amount of rent--you can plunk down on an apartment.

In a typical scenario, says real estate agent Adam Mariucci of Platinum Properties, he’ll get a call from someone who wants to find his or her own Manhattan studio for $1,600. Such options being few and far between, he suggests they share a flex or convertible one-bedroom in a building loaded with amenities for around the same amount of rent each.

Real estate agent Rory Bolger of Citi Habitats says she recently found a one-bedroom apartment for two couples in a high rise on the far west side of Manhattan. The four renters divided their corner unit with a wall that has a closet in it. They’re thrilled with the layout, the balcony, the building amenities and the $3,600 rent that is divided 4 ways.

If it's your first time to the roommate rodeo, here are a few pointers to keep in mind.

1. Managing your search with roommates

When two, three or four people are looking for an apartment to share, there are lots of moving parts to coordinate.

It is best for one person to take the lead on the actual search and be the one who talks to the broker if you are using one. And because decent apartments tend to rent with the speed of light, all roommates should be present at showings unless they've delegated decision-making power--and all essential application information.

To every showing, bring all essential application information for all renters (and your guarantor if you plan to use one). This may include employment information and employment verification letters, prior landlord contact information, several recent monthly bank statements, last two years' tax returns, and photo ID.

If you don't have a potential roommate lined up yet--or need to recruit another to make the numbers work--you might try dropping in on a Speed Roommating evening which takes place every other week. The free mixer events at a Midtown Manhattan bar are put on every other week bySpareRoom.com, a website that helps people find or advertise shares in existing apartment.

"Most people come looking for a room, but as there are always more people looking than rooms available, people will often hit it off and decide to rent an apartment together," says Matt Hutchinson of SpareRoom.com. "Sometimes they'll come back to the next event looking for a third or fourth roommate."

Similarly, Bolger of Citi Habitats and his colleague, Sophia Corradini, sometimes organize mixers for people who are looking for roommates to share flex space.

2. How to find the flex-friendly buildings

Not all buildings are "flex-friendly." Some landlords and management companies are opposed to the extra wear and tear on both the apartment and--when repeated on a widespread scale--on the building itself that occurs when, say, four adults squeeze into a space intended as a bachelor pad for one. Others are wary of their building taking on a post-college dorm atmosphere.

One indication of whether a building looks favorably on roommates is its policy on the use of temporary walls to subdivide and reconfigure a space. (More on temporary walls below and here.)

Neighborhood-wise, the Financial District of Manhattan is among those with a more roommate-friendly reputation. Specific buildings there include 63 and 67 Wall Street andThe Ocean, across from Battery Park City, says Mariucci of Platinum Properties.

In general, "high rises are often more amenable to sharing than walk-ups. That said, certain management companies, like Glenwood, are out of the picture because they won’t allow temporary walls,” says Phil Lang, the co-founder of Suitey--a referral network of high-quality real estate agents assembled by Lang and fellow Yale graduate David Walker in response to the post-graduate apartment search travails of their own classmates.

In addition to the Financial District, the Murray Hill/Gramercy areas are among the best to find roommate-friendly buildings, says Lang, whose agents, like other experienced rental brokers, curate lists of management companies and buildings amenable to shares.

(BrickUndergrounders can sign up here to take advantage of Suitey's low corporate rate on rental broker fees--usually around 10% of a year's rent versus the standard 12-15%.)

3. Finding the right layout -- and figuring out The Wall Thing

Some layouts are more flex-friendly than others, so it's important to understand the differences.

A Junior 1 is a studio with a sleeping alcove. A Junior 4 is a one-bedroom plus a dining area that can be converted into a makeshift bedroom with a temporary (and potentially illegal) wall. A flex- or 'convertible'-two bedroom has enough space somewhere to carve out an extra bedroom with a temporary wall--usually in the living room. A 'true' two-bedroom has two distinct separate bedrooms that require no temporary wall alchemy.

As for old-fashioned "railroad" style apartments--which can be among the most affordable as they're typically found in modest tenement-style walk-up buildings--keep in mind that you typically have to walk through one of the bedrooms to get to the bathroom.

Once you’ve found the flex or convertible space you want, the rules and policies governing how you can subdivide have gotten trickier ever since the city began aggressively enforcing a rule requiring approval from the building department for temporary walls.

As a result, temporary walls (also known as "pressurized" walls) that stretch from floor to ceiling and side to side and include a door (or even fancy French doors and/or windows) may not be permitted.

Instead, you may find that the dividing “wall” can only go up to within one foot of the ceiling, or that you may need to use a bookcase or piece of furniture as a divider. Rules vary from building to building. (For more info, see The Insider's Guide to Temporary Walls.)

Keep in mind that only the management company can give permission for a true floor to ceiling wall so do not rely simply on your broker’s word for this; your broker may be misinformed or, if he or she is unscrupulous, intentionally misleading you.

4. Income requirements and guarantors

Most landlords require that renters earn an annual income of at least 40-45 times the monthly rent. On a $4,000/month apartment, for instance, your total annual income will need to be in the $160,000 - $180,000 range. Usually, roommates are allowed to combine their incomes to satisfy the requirement.

Here's the rub: If you fall short, most landlords will accept only one guarantor to be responsible for the timely payment of the rent. So if there are four roommates, a single guarantor (who lives in the Tri-state area) must be found who is willing to guarantee the rent payments of all roommates--and whose annual income is 80 times the monthly rent.

If you can't find a guarantor willing or able to do that, you may be able to offer a larger security deposit of around 4 to 6 months rent instead. Alternatively, many buildings these days accept Insurent.com, an institutional guarantor who can guarantee the entire lease for a fee of around one month's rent. (For a list of buildings that accept Insurent, click here.)

Finally, note that some landlords will only accept a maximum of two names on the lease. That will affect your ability to combine incomes to meet the income requirement. Also, since legally speaking only the two lease signers are responsible for paying the rent, all roommates should separately sign an agreement that binds them to the terms of the lease and sets out the the portion of the rent for which each person is responsible.

5. The application, credit check, broker's fee, and security deposit

Landlords or managing agents are going to run a credit check for every roommate--even if your name is not going to be on the lease.

Sometimes one person’s bad credit will hurt everyone. This happens often, particularly to would-be renters with student loans to pay off, so you would be wise to run your own credit report well in advance of your search in order to clear up any hiccups.

Occasionally, a landlord/manager will be willing to work around the problem of bad credit by asking for a larger security deposit than usual or a prepayment of rent--up to 6 months extra is a possibility, according to Mariucci.

Most roommates divide the security deposit and broker’s fee equally, no matter how they are divvying up the rent. The security fee is paid in one check. If one of the original roommates leaves, the person who takes the spot should “buy out” the original roomie’s security deposit to be most fair. Finally, for a sensible guide to how to divide up the rent, take a look at these suggestions.

6. Living happily ever afterward

After living with at least three other roommates for the past five years, it didn’t take long for Christopher Toppino to realize how annoying it is to have to collect rent shares from each roommate and then get one rent check to the building management.

He and one of his roommates, Ian Halpern, came up with a frictionless way to get it done and turned their idea intoRentShare.com.

Open an account, pay your share of the rent with credit cards and RentShare puts it all together and sends one check to the owner/manager.

RentShare also has a feature called ExpenseShare to take the hassle out of dividing other shared expenses like utilities, food, toilet paper.

“It’s simple," says Toppino. "If I pay a $15 cable bill one month, my rent share goes down by $15 and my roommates’ go up proportionally."

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This Is What A $400,000 Pigeon Looks Like

Julie Zeveloff — Wed, 22 May 2013 13:42:00 GMT

A racing pigeon named Bolt officially became the most expensive pigeon in the world earlier this week when a Chinese businessman bought him at auction for $400,000.

The pigeon, who is named after Olympic superstar Usain Bolt, sold at Belgium's Pipa auction house, according to the AP. The previous record price for a pigeon was $322,000.

Once in China, where pigeon-racing has boomed in recent years, Bolt won't even compete. He'll be used for breeding, the AP reports.

We reached out to the auction house for photos of Bolt. He's a nice-looking bird, but it's pretty hard to believe someone thought he was worth $400,000.

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Legless Indian Woman Becomes First Female Amputee To Climb Mount Everest

Agence France Presse — Wed, 22 May 2013 13:40:00 GMT

An Indian woman who lost her leg after she was thrown from a moving train two years ago has become the first female amputee to climb Everest, expedition organisers said Wednesday.

Arunima Sinha, 26, from the northern state of Uttar Pradesh, reached the peak on Tuesday morning after a slow climb from Everest Base Camp.

"She left high camp at 6pm on Monday evening and arrived at the summit at 10:55 am (0510 GMT) on Tuesday," Ang Tshering Sherpa, founder of Asian Trekking, the company that organised the expedition, told AFP.

Sinha's guides were concerned about her slow pace until the team reached an 8,750-metre (28,707 foot) junction that climbers pass through on their way to the top of the mountain, Sherpa said.

"But once she got to that point, she gained energy and confidence and started moving really quickly," Sherpa said.

Two years ago, the former national-level volleyball player was shoved from a moving train by thieves when she reportedly attempted to fight them off as they tried to stealing her purse.

A passing train crushed her left leg, forcing doctors to amputate below the knee to save her life.

"At that time everyone was worried for me. I then realised I had to do something in my life so that people stop looking at me with pity," Sinha told Indian TV before leaving for the climb.

The Tata Steel Adventure Foundation, which sponsored Sinha's climb, contacted Sherpa's Asian Trekking company in 2012 about providing training and guiding for the expedition.

"We knew her story, we knew she recovered well from the amputation because she's a very active athlete," Sherpa said, adding that the company trained her on Nepal's Island Peak during the 2012 spring climbing season.

Hundreds of climbers have thronged the world's highest peak during a window of good weather. May is considered the best time for climbing in the Nepalese Himalayas because of mild weather and some 300 people have reached the 8,848-metre high Everest so far this year.

The mountain has become a popular symbolic pilgrimage site for record-setting, awareness-raising, and pledge drives for charities, which have increased crowds on the peak.

Tom Whittaker, a British mountaineer, became the first person with a disability to summit the peak in 1998 after a car crash almost two decades earlier had forced him to have his foot amputated.

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How Prada Grew Its Brand Value Faster Than Any Other Last Year

Laura Stampler — Wed, 22 May 2013 01:22:00 GMT

Millward Brown and BrandZ just released its list of the most valuable brands in the world, and one of this year's big surprises was how quickly and substantially Prada's value grew.

In 2012, the luxury retailer's brand value skyrocketed 63%, bringing it to $9.5 billion, in the BrandZ calculation. That makes Prada the fourth most valuable luxury brand in the world, but the number one riser in any category. Its value increased more than any other brand on a percentage basis.

Even though Louis Vuitton held its place as the most valuable luxury brand internationally, it still managed to see its valuation fall 12%.

So how did Prada gain so much momentum?

"What Prada has done really well is that it has focused on the right market," Millward Brown VP Oscar Yuan told Business Insider. When Western Europe was struggling in the economic downturn, for example, Prada focused on the Asian markets and Brazil.

"Prada really benefitted from a careful selection of where to focus its resources," Yuan said.

Last year, Prada decided to add 80 stores annually, 30 of which were planned for China.

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24 Leaders Give Their Best Advice To New Graduates

Vivian Giang and Max Nisen — Wed, 22 May 2013 00:22:00 GMT

Right now is not the most promising environment students have ever graduated into. Students fear entering a job market that doesn't want them, and losing vital years of their careers.

Great advice is needed more than ever. In its latest "Influencers" series, LinkedIn asked 70+ top professionals, from Fortune 500 CEOs to media icons what the class of 2013 needs to succeed.

Some share their commencement speeches while others share the things that they wish they knew before starting out.

They explain everything from how to create your own company to how to overcome what seems like constant rejection from employers, because they've all done it before, and succeeded wildly.

Jim Kim, President at The World Bank

"I’m sure many of you are more than a little concerned about what the future will bring. I just want to say to you today that not only is your future uncertain, but the overwhelming likelihood is that it’s far more uncertain than you think.

"Uncertainty means that nothing is predetermined. Uncertainty means that the future is yours to shape — with the force of your will, the force of your intellect, and the force of your compassion. Uncertainty is freedom. Take that freedom and run with it. And make sure to fuel up with glucose along the way."

Part of the commencement address delivered at Northeastern University in Boston in May 2013.

Source: LinkedIn

Richard Branson, founder of Virgin Group

"The best advice I could give any graduate is to spend your time working on whatever you are passionate about in life. If your degree was focused upon one particular area, don't let that stop you moving in another direction. If college hasn't worked out for you, don't let that put you off.

"You may decide to take a break and consider your options. I would urge you to travel, take on new experiences and draw upon those when it comes to making the decisions that will shape your future. The amount of business ideas that people pick up from traveling the world is enormous."

Source: LinkedIn

Arianna Huffington, president and Editor-in-Chief at The Huffington Post Media Group

"Commencement speakers are traditionally expected to tell graduates how to go out there and climb the ladder of success, but I want to ask you, instead, to redefine success. Because the world you are headed into desperately needs it. And because you are up to it ... what I urge you to do is not just take your place at the top of the world, but to change the world.

"But it's time for a third metric, beyond money and power — one founded on well-being, wisdom, our ability to wonder, and to give back. Money and power by themselves are a two legged stool — you can balance on them for a while, but eventually you're going to topple over. And more and more people, very successful people, are toppling over. Basically, success the way we've defined it is no longer sustainable. It's no longer sustainable for human beings or for societies."

Part of the commencement address delivered at Smith College in May 2013.

Source: LinkedIn

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Williamsburg Hipsters Are Unhappy With 'Poser Hipsters' From Manhattan Clogging Their Bars

Meredith Hoffman — Tue, 21 May 2013 23:12:00 GMT

WILLIAMSBURG — Bridge-and-tunnel traffic has been reversed as less-than-hip Manhattanites now flock to Williamsburg, ruining the scene for locals, residents complain.

Ever since he moved to North Williamsburg a few years ago, Michael Chandler has lost some of his favorite undiscovered bars to hordes of weekend "flipsters."

"They're poser hipsters. They come from the city or from New Jersey to come play hipster for the weekend," said Chandler, 26, of the term. "There's some weird touristy draw... All the cool bars that used to be not crowded are now crowded by weekenders."

The explosive popularity of bars on the Williamsburg waterfront and near McCarren Park — and the opening of higher-end spots targeting tourists and visitors from outside Brooklyn — have spurred such a nightlife shift that many local partiers are avoiding certain blocks altogether when Friday night rolls around.

"You know how it is here — once places become too cool and popular, you ditch them and try to find the next place," laughed Chandler of the local mindset, adding that prices had gone up with the influx of outsiders. "I just like cheap beer."

A two-block strip of Wythe Avenue that features the year-old Wythe Hotel, the 4-month-old nightclub Output Club, the venue Brooklyn Bowl and the bar Kinfolk Studios has transformed so much in the past several months that locals said more visitors than actual Brooklynites were around on the weekends.

"The people who actually live on this block don't go to these places. I don't go to the Wythe, I don't go to Output," said Wythe Avenue resident Kate, 26, who declined to give her last name but said she'd lived on the stretch for the past two years and was dismayed by the changes.

"I have friends who come in from Manhattan to walk around or go to the Brooklyn Flea," she said of the weekly waterfront market. "And I'm like, 'Just because you want your touristy fix one day doesn't mean I can hang out [with you].' I live here all the time."

Meanwhile, a barista at Kinfolk Studios said he and fellow staffers had also seen a shift in recent months that would likely increase with the slated opening of another massive nightclub on the Williamsburg waterfront.

"Especially with Output, the owner wants to keep it underground, so that draws people from the city or people from New Jersey who'd usually go to Manhattan," said the barista, Tom Gastelluh. "It definitely has become a weekender destination...This whole block is bringing more college, fratty guys to the area."

The owner of Output did not immediately respond to calls and emails requesting comment.

But more than just "weekenders," the hotel's opening and the overall publicity about Williamsburg had turned Wythe Avenue into an internationally renowned strip, Gastelluh said, noting an uptick particularly in Spanish and Italian customers at Kinfolk.

Within a few minutes, young Italian and Belgian visitors passed by on Wythe Avenue on a recent afternoon.

"I read Williamsburg is one of the youngest parts of New York," said a 26-year-old Italian, David Barco, "so I came here."

No matter how residents feel about the area's changing demographic, Gastelluh said the "evolution" was inevitable — and mainly positive, particularly for the local economy.

"It's brought more business to us, which is great," said Gastelluh. "So much has happened in the past three months, it'll be interesting to see what happens in the next six."

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When To Break It To The Kids That They're Filthy Rich

Robert Frank — Tue, 21 May 2013 22:33:00 GMT

Rich kids usually have a pretty good idea that their families are wealthy.

Maybe the Gulfstream tipped them off.Or the fourth home in Aspen. Or the Elton John performance at their 16th birthday "destination party" held at the Esperanza in Cabos.

But wealthy kids don't learn how wealthy their families are until—well, sometimes after their parents die.

A new study from U.S. Trust suggests that millionaire parents may want to start a little earlier. The study, part of U.S. Trust's Insights on Wealth and Worth series, found that very few parents believe their kids should know about the family's wealthy before the age of 25.

About half say the kids should be told when they're between 25 years old and 34 years old. About one fifth believe the "kids" should wait until they're at least 40 years old to learn the numbers.

The study found that more than half of the parents had disclosed "just a little" about their family wealth to their kids and eight percent have disclosed "nothing at all."

Why are parents so tight-lipped about their money? Most say it's an "overall aversion to the topic, having been taught not to discuss wealth with anyone." The second reason, according to the study, was that they didn't want to deprive their kids of a work ethic.

Keith T. Banks, president of U.S. Trust and Bank of America Wealth Management, said that there is no magic age for telling kids about their wealth. He said the decision of when you tell them—and how much to tell them—should be specific to each family.

"What you disclose and when you disclose it is a very personal decision," he said. "A lot depends on the children. And for some, maybe 40 is the right time."

The more important issue is when to prepare the kids to manage their wealth, he said. The ideal age for starting wealth-education programs for kids is when they turn 20, or just before they graduate college, he added. U.S. Trust runs its own "Financial Empowerment" program to educate inheritors and investors and the program is generally designed for people between the ages of 20 years old to 30 years old.

Banks said that age 20 is "the age when they're most receptive and when they're about to go out into the job market."

There's another issue, however, that parents should consider. It's called the Internet. Specifically, Google and Zillow and all the other sites that would allow a kid to piece together a rough picture of the family's net worth or their family's private company. Parents may think they're keeping their kids in the dark. But they're really just practicing a form of family wealth denial. Eventually the kids will find out—and it may not be in the way the parents prefer.

Of course, not all families have obvious trappings of wealth. There are plenty of stories of quiet, simple families having vast amounts of wealth that no one knew about.

Still, even if parents don't give their kids "the number" for their wealth, they should at least give them the skills and the values to manage it well.

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13 Major Suburbs Where Poverty Is Soaring

Mandi Woodruff and Gus Lubin — Tue, 21 May 2013 22:29:00 GMT

Don't let the white picket fences fool you.

Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to "Confronting Suburban Poverty in America," a new book by the Brookings Institute.

For the first time ever, the number of poor people in America's largest suburbs outnumbers those in cities. It's a nationwide trend that's left pretty much no region untouched.

Eighty-five of the nation's 95 largest metro areas saw a rise in poor households between 2000 and 2011.

"As jobs moved into suburbs—particularly lower-paying jobs in sectors like retail and hospitality—poverty did, too," the authors write. "And job losses triggered by the Great Recession in industries like construction, manufacturing, and retail hit hardest in suburban communities and contributed to rising suburban unemployment and poverty."

The number of poor households in the suburbs of Dayton, Ohio increased 109% to 97,581 from 2000 to 2011.

The increase in poverty was tracked by the Brookings Institute in "Confronting Suburban Poverty in America."

The number of poor households in Dallas increased 111% to 474,023 from 2000 to 2011.

Dallas metro area includes Fort Worth and Arlington. The increase in poverty was tracked by the Brookings Institute in "Confronting Suburban Poverty in America."

The number of poor households in Charlotte, N.C. increased 113% to 140,760 from 2000 to 2011.

Charlotte metro area also includes Gastonia and Rock Hill. The increase in poverty was tracked by the Brookings Institute in "Confronting Suburban Poverty in America."

See the rest of the story at Business Insider

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