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  • Baby Boomers Are Still Gaining More Wealth Than Millennials | Entrepreneur

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    Older Americans have seen their wealth rise tremendously in recent years, while other age groups have not been as lucky, according to a new paper.

    Over a recent 40-year period, between 1983 to 2022, the relative household wealth of those now ages 75 years and older has “sharply risen” while the wealth of all other age groups has declined, New York University Economist Edward Wolff wrote in a new paper. The Americans whose wealth has outpaced all other generations are a part of the older Baby Boomers group, or those born before 1950.

    Wolff used the Federal Reserve’s Survey of Consumer Finances to compare two age groups — 35 years and under and 75 and over — and found the main factors that drive generational wealth are high homeownership rates, high amounts of stocks owned, and low home mortgage debt.

    Related: Home Sellers Now Outnumber Buyers in Record Numbers. Here’s What It Means for Home Prices.

    Here’s how older Baby Boomers got so rich:

    Homeownership rates

    According to the U.S. Census Bureau, Baby Boomers own nearly 40% of all available homes in the U.S., even though they make up just 20% of the population. The National Association of Realtors estimated in April that the Baby Boomer generation accounted for 42% of all home buyers, with nearly half of all Boomers purchasing homes with cash.

    Meanwhile, a Freddie Mac report from February 2024 found that, as Baby Boomers age, declining home ownership will cause 9.2 million homes to hit the market by 2035. The generation owned 32 million homes in the U.S. in 2022, but Freddie Mac predicted that the number would decline to 23 million by 2035.

    Meanwhile, the National Association of Realtors estimated that home prices have almost doubled from 2014 to 2024, growing from a median of $217,100 in 2014 to $418,700 a decade later. In July 2025, median home prices hit another record high.

    Stocks

    When it comes to stocks owned, Boomers also stand out. According to The Kobeissi Letter, a commentary on global markets, Boomers held 54% of all U.S. corporate stocks and mutual funds in the first quarter of the year, compared to just 8% for millennials.

    “The generational wealth divide is massive,” The Kobeissi Letter wrote in a post on X.

    Home mortgage debt

    Home mortgage debt, which refers to the amount owed as a result of buying a home, is also particularly low for older generations. According to Bankrate, the average mortgage balance in the final quarter of 2024 was $194,334 for Baby Boomers — much lower than the $312,014 balance attributed to Millennials (ages 28 to 43) or the $283,677 balance associated with Gen X (ages 44 to 59).

    Mortgage debt is trending higher overall. The average U.S. mortgage debt was $252,505 in 2024, a close to $8,000 increase from the previous year, according to credit bureau Experian.

    Related: Here’s How Much You Need to Make Per Year to Buy a Typical Home in the U.S., According to a New Report

    Older Americans have seen their wealth rise tremendously in recent years, while other age groups have not been as lucky, according to a new paper.

    Over a recent 40-year period, between 1983 to 2022, the relative household wealth of those now ages 75 years and older has “sharply risen” while the wealth of all other age groups has declined, New York University Economist Edward Wolff wrote in a new paper. The Americans whose wealth has outpaced all other generations are a part of the older Baby Boomers group, or those born before 1950.

    Wolff used the Federal Reserve’s Survey of Consumer Finances to compare two age groups — 35 years and under and 75 and over — and found the main factors that drive generational wealth are high homeownership rates, high amounts of stocks owned, and low home mortgage debt.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

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    Sherin Shibu

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  • NYU’s Black List-Inspired Purple List Reveals 2024 Picks (Exclusive)

    NYU’s Black List-Inspired Purple List Reveals 2024 Picks (Exclusive)

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    New York University has revealed its 2024 picks for its Black List-inspired Purple List of the best production-ready screenplays from Tisch School of the Arts graduate film students and recent alumni.

    The four screenplays, selected via a blind reading process by industry insiders, are Blue Comedy by Vincent Lee Accettola, Little Phnom Penh by Chheangkea, Rubber Hut by Hanna Gray Organschi and Satoshi by Sara Crow and David Rafailedes.

    Blue Comedy follows a celebrity comedian who recently came out of the closet who returns to the Boston stand-up scene to mentor a straight comedian for whom he’s developed feelings. Little Phnom Penh explores a Cambodian woman’s personal desires and changing family roles over two decades and between the U.S. and Cambodia after the fall of the Khmer Rouge regime. Rubber Hut centers around a former ex-Pam Am stewardess who opens a drive-thru condom shop in her Italian Catholic town in 1992 Rhode Island, making her both a target of backlash and a hero. Satoshi is “the potentially true story” of the founder of Bitcoin.

    Prominent filmmakers whose work was included on past editions of the Purple List, now in its 13th year, include Chloé Zhao (Nomadland, Eternals), Judas and the Black Messiah‘s Shaka King, Cathy Yan (Succession, Dead Pigs, Birds of Prey), Desiree Akhavan (Appropriate Behavior, The Miseducation of Cameron Post) and The Starling Girl’s Laurel Parmet.

    Sixteen scripts from past editions of the list, founded by alumni Ashim Bhalla and Shandor Garrison and faculty member John Tintori, have gone into production.

    This year’s winners were selected by a panel of producers, agents, managers, screenwriters, directors, cinematographers and editors representing organizations like WME, UTA, Verve, Paradigm, Gersh, Searchlight, Anonymous Content, Sony Pictures Classics, Roadside Attractions, Cinetic Media and The Sundance Institute.

    More information about each of this year’s screenplays, provided by the Purple List team, follows.

    BLUE COMEDY by Vincent Lee Accettola – DRAMATIC COMEDY 
    A recently uncloseted celebrity comedian returns to the Boston stand-up scene to mentor an aspiring straight comic for whom he’s hastily developed feelings.

    LITTLE PHNOM PENH by Chheangkea – DRAMA 
    Spanning two ever-changing decades and continents following the fall of the Khmer Rouge regime, a Cambodian woman in Phnom Penh grapples with her own deep personal desires and her evolving familial roles as a hopeful daughter, a watchful wife, and eventually, a single mother in America.

    RUBBER HUT by Hanna Gray Organschi – COMEDIC DRAMA 
    Rhode Island, 1992. An entrepreneurial ex-Pan Am stewardess opens a drive-thru condom shop in her Italian Catholic town. Overnight, Emanuella DelVecchio becomes the local lightning rod, a radical hero to the neighborhood teens and an unlikely threat to her tight-knit community.

    SATOSHI by Sara Crow & David Rafailedes – COMEDY 
    The potentially true story of a teenage anime-obsessed hacktivist who, after losing her scholarship to Stanford, returns home to Arizona to become the mysterious inventor of a new digital currency called Bitcoin.

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    Hilary Lewis

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  • Lady Gaga Drove College Classmate Carly Waddell ‘Crazy’ With This 1 Thing

    Lady Gaga Drove College Classmate Carly Waddell ‘Crazy’ With This 1 Thing

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    Lady Gaga’s musical antics apparently drove college classmate Carly Waddell up the wall.

    The Bachelor” alum talked about her time at NYU’s Tisch School of the Arts during a Monday episode of the podcast “Trading Secrets,” hosted by fellow Bachelor Nation favorite Jason Tartick.

    Waddell waffled for a moment before she began to dish about Gaga, eventually admitting that she was “not a fan” of the singer back in the day.

    The reality star remembered the future Grammy winner, then known as Stefani Germanotta, as being beyond “extra” while attending Tisch’s prestigious musical theater program in 2005.

    “[She’d] sit at the piano every single day and just play and sing ‘Wicked’ at the top of her lungs,” Waddell explained. “And we were all just trying to eat lunch. It was break time. And we were all, like, forced to listen to her.”

    While she wasn’t denying the “Shallow” singer’s talent, Waddell said, “I just wanted to eat my sandwich. And so I used to just eat in the hallway. She was driving me crazy.”

    Lady Gaga, here in 2008, ended up rubbing reality star Carly Waddell the wrong way during their time together at NYU’s Tisch School of the Arts.

    Bruce Glikas via Getty Images

    Asked if Gaga was “noticeably” better than her peers, however, Waddell gave Tartick a curt “No.”

    “I mean, she was one of the good ones, but I wouldn’t ever be like, ‘She was so above,’” she explained. “But now she’s so above.”

    It turns out NYC wasn’t really the place for Waddell after high school.

    Earlier in the interview, the former “Bachelor in Paradise” contestant told Tartick how she and Gaga were the only two students to drop out of their 60-person cohort that year.

    Waddell said she left NYU after her freshman experience, finding herself overwhelmed by life in New York City.

    “Born This Way” songstress Gaga’s journey was a bit different. After dropping out of college, she spent the next few years sharpening her eccentric stage persona performing in cafes and bars.

    By 2008, Gaga was a full-blown pop star, topping the charts with the songs “Just Dance” and “Poker Face” off her debut album “The Fame.”

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  • New Research Exploring Psychedelics as a Treatment for Anxiety in Cancer Patients | High Times

    New Research Exploring Psychedelics as a Treatment for Anxiety in Cancer Patients | High Times

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    The use of psychedelics as a treatment for serious mental health conditions continues to gain traction as multiple studies focus on the psychological symptoms commonly experienced by cancer patients. In one study, researchers at the University of Washington are exploring the use of psilocybin, one of the psychoactive components of magic mushrooms, to treat anxiety experienced by patients with metastatic cancers. Other research focuses on using psychedelic therapy to help patients receiving hospice care cope with demoralization. 

    In a separate study at the Center for Psychedelic Medicine at the New York University (NYU) School of Medicine, researchers are conducting a clinical trial using psilocybin-assisted therapy to treat existential distress in patients with advanced-stage cancer in collaboration with colleagues at the University of Colorado. Dr. Xiaojue Hu, a psychiatrist and researcher at NYU’s Center for Psychedelic Medicine, noted that the study “is building on the same work in this area originally done at NYU in the 2010s.” 

    “Now, there are many other studies using psilocybin in cancer patients, including a study using psilocybin in combination with multidisciplinary palliative care to treat demoralized cancer survivors with chronic pain going on at Emory University,” she told SurvivorNet.

    Hu explained that psychedelic-assisted therapy could be a more sustainable and effective treatment for cancer patients than other commonly prescribed alternatives including antidepressants. 

    “From the psilocybin research on depression alone, we’ve seen clinically significant impact from just one or two doses of psilocybin in conjunction with therapeutic support that can last up to 14 months for some patients,” said Hu. “This is in contrast to antidepressants, which people have to take on a daily basis for potentially years, with a risk of relapse when the meds are tapered off.”

    Psilocybin And MDMA For Mental Health

    Clinical research and other studies into psychedelics such as psilocybin and MDMA have shown that the drugs have potential therapeutic benefits, particularly for serious mental health conditions such as depression, PTSD, substance misuse disorders and anxiety. In January, a California biopharmaceutical company announced positive results from a clinical trial testing MDMA as a treatment for PTSD. Research published in the peer-reviewed journal JAMA Psychiatry in 2020 found that psilocybin-assisted psychotherapy was an effective and quick-acting treatment for a group of 24 participants with major depressive disorder. A separate study published in 2016 determined that psilocybin treatment produced substantial and sustained decreases in depression and anxiety in patients with life-threatening cancer.

    Although the research is promising, Hu said that psychedelic-assisted therapy does not work for everyone and that further research is needed to confirm the efficacy and safety of the treatment.

    “Psychedelics aren’t a panacea or miracle cure for anxiety and depression, as there’s still much that’s unknown about them and there’s always the potential for adverse effects, like with any treatment,” Dr. Hu said.

    Hu added that research has focused on using psychedelic treatments in conjunction with multiple sessions that integrate more traditional forms of therapy.

    “Most of the research is also done when psychedelics, such as psilocybin, are used in the context of therapeutic support with usually two therapists, which can include up to three sessions of preparation and three sessions of integration afterwards,” she said. “So the results are not completely due to the physiologic effects of psilocybin alone, in my opinion, but must be taken into context with the therapeutic and environmental support that’s also offered.”

    Hu also noted that psychedelic-assisted therapy is conducted in a tightly controlled environment because the set and setting in which a patient receives the treatment can have an impact on its success.

    “We typically don’t expect different results if someone took their Lexapro [an antidepressant] in different moods, with different people, or in different environments, but we definitely can when it involves psychedelics,” she said.

    While the research continues, the use of psychedelics to treat serious mental health conditions such as anxiety and depression has yet to achieve approval from health regulators. The U.S. Department of Health and Human Services projects that the Food and Drug Administration will eventually approve MDMA and psilocybin mental health treatments, according to a letter from the department in May 2022. In 2017, the FDA granted MDMA-assisted therapy Breakthrough Therapy designation, indicating that the therapy is a significant improvement over existing treatments. 

    The Multidisciplinary Association for Psychedelic Studies (MAPS) predicts that an application to use MDMA to treat PTSD will be submitted to the FDA at some point in 2023, and approval could come as early as 2024. But so far, MDMA-assisted therapy has not been approved by any regulatory agency and the safety and efficacy of MDMA-assisted therapy for the treatment of PTSD have not been firmly established.

    “MDMA and psilocybin have the most clinical research and legal momentum behind them right now, with psilocybin already being legalized in Oregon and Colorado and MDMA phase III trials recently being completed,” said Hu.

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    A.J. Herrington

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  • Leah Remini Celebrates NYU Milestone After ‘Spending 35 Years In A Cult’

    Leah Remini Celebrates NYU Milestone After ‘Spending 35 Years In A Cult’

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    By Miguel A. Melendez, ETOnline.com.

    Leah Remini‘s two years into her education at New York University and she’s taking a step back to admire her progress despite, she says, “spending 35 years in a cult.”

    The 52-year-old actress took to Instagram on Friday to share that she recently completed her second year at the prestigious university. She was in tears just two years ago after announcing her admission into an associate’s program in liberal arts. Fast forward to now, the “King of Queens” star is adamant that it’s “never too late to start again.”

    “Two years ago, I had an 8th-grade education thanks to spending 35 years in a cult,” she began her post. “And now, at age 52, I’ve successfully finished my second year at NYU. Undertaking this educational journey has been one of the most difficult experiences of my life. There have been days where I’ve thought about giving up. While I’m still not finished, I’m so glad I decided to dive in.”

    Remini, who has been actively outspoken against Scientology since disavowing the church, added, “If you have the desire and capacity, please remember that it’s never too late to start again.”

    In a January 2022 thread she posted on Twitter, Remini claimed that by the time she was 16 she “hadn’t received any sort of formal education for years” and instead “had been working for years so that I could support myself and my family. For the last 38 years of my life, I have been living and working with an 8th grade education.”

    The actress famously left the Church of Scientology in 2013, and has since sought to expose the religion’s controversial inner-workings. In 2016, she shined a light on the Church of Scientology in the A&E docuseries “Leah Remini: Scientology and the Aftermath”.

    She executive produced the eight-episode miniseries, which aimed to give a voice to others who have fled the church and had allegedly been victims of harassment.

    MORE FROM ET:

    Leah Remini Reacts to Jerrod Carmichael’s About Shelly Miscavige

    Leah Remini on Kirstie Alley’s Death After Years-Long Scientology Feud

    Jada Pinkett Smith and Leah Remini Hash Out Their Scientology Feud

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    Brent Furdyk

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  • NYU Long Island School of Medicine names dean | Long Island Business News

    NYU Long Island School of Medicine names dean | Long Island Business News

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    Dr. Gladys Ayala

    January 12, 2023

    NYU Long Island School of Medicine in Mineola has named Dr. Gladys Ayala as its new dean and chief academic officer.

    Ayala’s appointment follows the retirement of Dr. Steven Shelov, the school’s founding dean. Ayala was previously the school’s vice dean and chief academic officer.

    Ayala has led the medical school curriculum development and implementation and oversaw the areas of admissions and the Office of Students and Diversity at NYU Long Island School of Medicine since 2018.

    Ayala’s career in medical education spans more than 25 years and she has initiated numerous programs for medical students to enhance their medical school experience. She received her doctorate in medicine from the Mount Sinai School of Medicine in 1986 and her master’s in public health from Columbia University in 2007.


    Dr. Gladys Ayala Mineola NYU

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    LIBN Staff

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