Tag Archives: CNN

Coping With Recession

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Economists expect an already deep recession to get even worse in 2009 according to CNN.  Companies will lay off more workers and hoard more cash during the next 12 months, according to the National Association for Business Economics survey, a quarterly take from a panel of economists at private-sector companies in various industries. A vast majority of the 105 economists polled believe the country’s gross domestic product will continue to sink in 2009.

That deeper recession is probably what is facing us all around the world, including Canada and the UK.   The BBC has a large compendium of ways to help you better cope during the recession.   It covers:

  • Savings
  • Mortgages and Repossessions
  • Redundancy
  • Debt
  • Pensions
  • Looking for a job

Here in Canada another study by a leading expert in balancing work and family life emphasizes that employers and the government must repair the work-life balance.  Linda Duxbury, a business professor at Carleton University’s Sprott School of Business, points out that Canada may not pull out of an economic slump unless governments and employers deal with the crushing workloads that are forcing a growing number of Canadians to delay or have fewer children.

Hopefully the Canadian Budget that is revealed by the Conservatives tomorrow will include policies that support working families in getting the economy rolling again.

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What Age Will You Retire At?

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Choosing when to retire is one of the most important decisions any senior must take.  Many weighty issues are involved and much has been written on the subject.  Here are a few of the more important articles on the age of retirement that you will find on the Web:

The last one is thrown in somewhat facetiously.  A more useful reference is that provided by today’s CNN article on Kicking Back In Retirement.  This is the final excerpt in the five-part series by the CNN chief business correspondent Ali Velshi. It is taken from his new book,”Gimme My Money Back: Your Guide to Beating the Financial Crisis”

For too many people, retirement recedes like a horizon. As you draw closer, it moves farther away. You reach the age that should have been the starting line, but the comfortable years they talked about on TV are nowhere to be found. What happened?  There’s no mystery. The retirement we’ll have is a function of how well we’ve planned for it. If you leave it to chance, you might as well forget about it. So it’s time to start thinking about it now.

His key pointers are:

  1. Save as much as you can as early as you can.
  2. Set realistic goals.
  3. Tax advantaged accounts represent an excellent way to save for retirement.

As with the previous excerpts, it is a excellent advice.  For the other seven of his key pointers, you must refer to his book.

Footnote: If you are interested in books on Retirement, then why not visit the Retirement section of the Money Bookstore.

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Pay Off Your Credit Card Debt Now

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If I could give you just six words of advice, they’d be “pay off your credit card debt.” If I could add one more word, it would be “now.”

All this week CNN.com is running excerpts from CNN chief business correspondent Ali Velshi‘s new book,”Gimme My Money Back: Your Guide to Beating the Financial Crisis,”published by Sterling & Ross.  The quotation above is the last paragraph of today’s excerpt.

Credit card debt is extremely expensive. Interest rates range up to 30 percent a year. That means for every $1,000 you carry on your balance, the credit card company could be charging you $300 each year.

That $300 can mean a lot of things — a decent TV, a car payment or new clothes for the kids. Or you could invest that $300, so it would make more money for you. The one thing none of us should do is take that hard-earned money and send it to the credit card companies just for letting us spend more than we can afford.

If you have credit card debt, then those seven words will probably be the best advice you get all day.  Make it a good one.

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One Law For The Rich, And …

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With so many seniors in dire straits around the world, it can be distressing to read the headlines.  CNN has a particularly upsetting one: Where’s the bank bailout money?

“What the banks have said largely is that we’re using the money to stimulate the economy, to get the economy moving,” said Sarah Binder, a senior fellow at The Brookings Institution, a Washington think tank. “That’s far, far too general to know what … the banks are doing with the money.”

The vague responses from the banks should not come as a shock, said one U.S. House Financial Services Committee member who opposed the bailout.

“One of the fundamental problems with the Wall Street bailout was the people who had caused the problem were never called in front of Congress to explain what they had done, what needed to be done,” said Rep. Thaddeus McCotter, a Michigan Republican.

One hopes that those who do not have lobbyists will be kept in mind too.  However it is often the squeaky wheel that gets the oil.

Footnote: If you are interested in books on Money, then why not visit the Money section of the Money Bookstore.

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