Mothers who work outside the home may be stressed out, but they are raising more successful daughters. According to a new study from Harvard Business School professor Kathleen McGinn, the daughters of working mothers are more successful professionally than their peers. And the sons of working mothers are more apt as adults to contribute to running the household and contributing to childcare. The research captured a snapshot of 50,000 people from 24 countries. Daughters of working moms are more likely to earn more and become workplace leaders, while sons see tangible gains in contributing to childcare and household chores. “This research doesn’t say that children of employed moms are happier or better people and it doesn’t say employed moms are better,” McGinn told CNNMoney. “What it says is daughters are more likely to be employed and hold supervisory and sons spend more time in the home.”
Battling Cancer While Growing a Business
Todd Bury was 42 years old when he was diagnosed with cancer in early 2014. But the disease didn’t stop him from becoming a million-dollar producer, according to a recent profile on Forbes.com. The Poland, Ohio-based financial planner grew his business 30 percent over the next year, primarily from existing clients adding assets held elsewhere. In between hospital visits for chemotherapy and radiation, Bury would still come into the office, although he wouldn’t share details about his illness with clients unless they asked. The cancer has been in remission for the last eight months. “I’m not naive enough to think I would be here if not for the medicine, but the other half of the battle is your attitude,” Bury told Forbes.
Nearly one million more people became millionaires last year, according to the latest report from Capgemini and RBC Wealth Management. There are now 14.6 million millionaires in the world, who hold a total of $56 trillion. Among the rookie millionaires, more than a third - 345,000 were in the U.S., while the number of millionaires in India jumped 26 percent to 198,000. The U.S. still holds the most millionaires at 4.4 million, followed by Japan, Germany and China.
Discrimination, or Just a Lack of Data?
Could banks be discriminating against women in one of the largest U.S. cities? According to a report from the Woodstock Institute, a non-profit advocacy group, men in Chicago are far more likely to receive mortgages than women. The study analyzed 211,000 home purchase loan applications and almost 563,000 applications for mortgage refinancing between 2011 and 2013, with controls included for applicants' income and the size of the loan sought. Female applicants were 14.5 percent less likely to receive a home purchase loan. When a female's name headed a joint application, she was 28.3 percent less likely than a man to receive a loan. The main researcher on the report, Spencer Cowan, stopped short of accusing banks of any discrimination, and noted that there was also a lack of key data on factors such as credit scores that determine loan applicants' outcomes.