The Unretired

Business Week magazine, in the December 15, 2008 issue (page 46), has an article on The Unretired. These are people who retired, but due to the economic downturn are now hurting financially, and in many cases going back to work.

A couple of quotes, just a few paragraphs apart, stood out to me:

These aren't just the spendthrifts or sloppy planners you would expect to run into trouble in retirement ... many are people who did everything they were supposed to do -- working for decades and regularly socking money away.

Peter Fay, like many of The Unretired, feels angry and betrayed. The 63-year-old built up a $1 million retirement account as an executive at companies including Chiquita Brands International and then at his own high-end flooring company in Scottsdale, Ariz. But with all his money in stocks, he's lost 50% of that this year, at the same time that his house has tumbled in value. He's drawing down his savings and applying for jobs at Lowe's, Home Depot, and Costco. "All the systems we grew up trusting during all those years of work -- you save your money, you trust in the government -- are no longer valid," he says.

Did you catch that? "all his money in stocks" This is doing "what they were supposed to do?" I know of NO reputable financial planner or advisor who would recommend a retiree (or near-retiree) have all his money in stocks, even in the heady days of the market of the last few years.

Quite the opposite. He (and/or his financial advisors) were apparently driven by pure greed. If history can't teach people that greed is ultimately bad for them, nothing will, I suppose.

Grammar

Grammar is important, but it's not the hallmark of great writing. Rather, it's a tool to help us express ourselves and understand others.
It's what separates "Let's eat children!" from "Let's eat, children!"

--Martha Brockenbrough
Errors that Aren't: 12 Grammar Rules You Can Toss Out the Window

Why they call us a "right-to-work" state

Section 12 of Article 15 of the Constitution of the State of Kansas:

Membership or nonmembership in labor organizations.
No person shall be denied the opportunity to obtain or retain employment because of membership or nonmembership in any labor organization, nor shall the state or any subdivision thereof, or any individual, corporation, or any kind of association enter into any agreement, written or oral, which excludes any person from employment or continuation of employment because of membership or nonmembership in any labor organization.

The cost of college sports

I'm all in favor of co-curricular activities. Students need to be involved in sports, or music, or drama, or other activities outside their area of study in order to be well-rounded. For some students, it is the co-curricular activities that keep them in school. But I think the sense of proportion goes right out the window when it comes to college sports, and in particular college football.

Here are some interesting numbers from the December 2008 / January 2009 issue of Fast Company magazine (page 48):

-- The college football economy is worth an estimated yearly $6,000,000,000. (Yes, that's six billion dollars!)
-- Ohio State University had the nation's largest athletic budget last year: $109,382,222. That's nearly $110,000 for each of it's 980 athletes. (Except that when I do the math, I get $111,614.51 per athlete!)
-- Fox paid $330,000,000 to air all Bowl Championship Series games except the Rose Bowl from 2007-2010.
-- WINS: Merchandise royalties for the University of Texas doubled to $8,000,000 after it won the 2006 national championship.
-- LOSSES: NBC Pays $9,000,000 per year for the broadcast rights to home games at Notre Dame, which went 3-9 last season. Ratings have dropped 47% since 2005.
-- New Orleans got an economic boost estimated at $400,000,000 from hosting last year's national championship.
-- The 619 schools competing in NCAA football in 2007 tallied total attendance of 48,751,861.
-- Last season's 32 bowl games collectively drew 1,700,000 fans. Another 129,000,000 households tuned in to TV broadcasts.
-- Average home-game attendance in 2007 at Texas A&M's Kyle field: 82,207.
Estimated population in 2007 of College Station, Texas, home to Texas A&M: 80,315.