Financial News Friday – August 2, 2013

For the average American, wage income accounts for only 75% of total earnings. The remainder is made up of “business income; interest, dividends, and capital gains; alimony; and taxable Social Security benefits and pension distributions.” (Tax Policy Center)

According to a study by the Federal Reserve Bank of Dallas, the financial crisis cost Americans between $15 trillion to $30 trillion in economic output . (Think Advisor)

It’s not finance, but this is just plain cool. A Mercedes Benz that mostly drives itself. (CNN Money)

Before you start with a financial advisor here are “4 Questions To Ask A Money Manager.” (CNN Money)

A slideshow from CNN detailing “The Ten Most Expensive Cities In The World.” (CNN Money)

What causes someone to spend more in a casino? The psychology of casino design is quite interesting. Everything from light, noise, and the design of the casino itself can help maximize customer expenditures. (Psychology Today)

How to handle an investment pitch from a friend. (NY Times)

Best finance tweets of the month of July. (Think Advisor)