Supervisors in Santa Barbara County vote to approve the L.A. developer’s proposal to refurbish the 15-acre seaside hotel into a luxury resort.

By Catherine Saillant (LA Times)

It was a project that nearly slipped out of developer Rick Caruso’s grasp. But after many delays, Los Angeles’ builder of uber-malls this week won approval for his first foray into resort development.

Caruso’s plan to transform the aging Miramar Hotel from a Montecito eyesore into a 192-room luxury seaside hotel won the backing of the Santa Barbara County Board of Supervisors.

The go-ahead came after months of contentious hearings and nearly two years after Caruso bought the 15-acre coastal property east of Santa Barbara. The process included multiple hearings at which opponents attacked the project before the Montecito Planning Commission.

Continue Reading »

Northern Trust Survey “Wealth in Black America” finds Generational Differences Attitudes about Wealth Preservation and Wealth Transfer Differ

CHICAGO – October 8, 2008 – Young affluent Blacks are more worried about wealth preservation than their older counterparts, according to “Wealth in Black America,” Northern Trust’s first annual survey of affluent Black households in the United States, including African-Americans and Blacks of other origins. Three in four Generations X & Y wealthy respondents (ages 18-42) said they are concerned about preserving their wealth, while less than half of respondents in the Boomer and Silent Generations  (ages 43 and above) shared this concern. 

Continue Reading »

It’s only right that Ferrari blesses the Golden State with an automobile of it’s own. Similar to an athlete with their own shoe, this is a tribute to the the Cali style and fast-life. Although it’s a tad bit out of my price range, I certainly appreciate the gesture and will admire from afar. The new freshness was showcased at the recent LA Auto Show.

Continue Reading »

Mohammed bin Rashid Al Maktoum is a sheer beast; a visionary to say the least. He is the Prime Minister and Vice President of the United Arab Emirates (UAE), and the ruler of Dubai.

Pictured above: visitors look at a model of a proposed development entitled “City of Arabia” at the opening of the Cityscape 2008 international real estate exhibition in Dubai.

November 20, 2008 will be the grand opening of the latest addition to the skyline of Dubai, United Arab Emirates (UAE). The Atlantis Palm Resort, with over 1,500 rooms, will be hosting an opening ceremony with celebrities from around the world tomorrow night. The rapid development in Dubai and across the UAE hasn’t all been easy lately, as infrastructure problems (handling rising levels of waste to match massive development), and world financial struggles have slowed progress. Wealthy Dubai continues to grow though, in both land area as new islands are built, and in height as new, taller skyscrapers are planned to best the Burj Dubai, already the tallest in the world.

The financial crisis, which has caused a dramatic decline in the value of the average worker’s account, has undermined confidence in the system.

By Jim Puzzanghera (LA Times)

Reporting from Washington — For nearly three decades, working Americans have been part of a huge experiment with their future well-being: Old-fashioned pensions that guaranteed specific retirement benefits have given way to old-age benefits that depend on personal investing in the financial markets.

But now, with those markets in crisis and the value of workers’ investments plunging, a bundle of ideas for modifying the system or replacing it entirely — ideas shunted aside when the stock market was soaring — are about to get a careful new look.

Continue Reading »

Rich Dad, Poor Dad by Robert T. Kiyosaki

Robert Kiyosaki reveals how he developed his unique economic perspective from his two fathers: his real father, who was highly educated but fiscally poor; and the father of his best friend - an eighth-grade drop-out who became a self-made multi-millionaire. The lifelong monetary problems experienced by his “poor dad” pounded home the counterpoint communicated by his “rich dad”.

This book lays out his philosophy and aims to open readers eyes by: exploding the myth that you need to earn a high income to be rich; challenging the belief that your house is an asset; showing parents why they can’t rely on schools to teach their children about money; defining once and for all an asset versus a liability; and explaining what to teach your children about money for their future financial success. 

View Cover | Click for more info and purchase

Earvin “Magic” Johnson (Former Los Angeles Laker) talks on business ventures in the urban community.

The economic agendas of hopefuls and woeful market conditions have many of us consulting our financial sources, like Forbes Magazine, more than ever. 

Globally, we are tailoring our portfolios and lifestyle silhouettes to ensure our security during the looming “recession.” In the midst of the of the shuffle and high on aspiration, I was introduced to the “Forbes Life”, a lifestyle section supplement to Forbes Magazine. 

By Jesse Mills | Continue Reading »

In this article from Fortune.com, the author argues that people making between $250,000 and $500,000 are not “rich.”  He calls these people HENRYS (High Earners Not Rich Yet).  What do you consider “rich?”  $100,000?  $500,000?  $1 million?

Obama and the congressional Democrats frequently refer to households earning over $250,000 as the “rich” and the “wealthiest Americans.” But whether the HENRYs are truly “rich,” or ever will be, is debatable. In Fortune’s interviews with two dozen HENRYs from Charlotte to Concord, Calif., what emerged was a portrait of families a world away from the private jets, luxury vacation homes, and heated garages with Bentleys and Porsches lined up headlight to headlight that typically represent America’s vision of “rich.”

Continue Reading »