By Donna Schenk, Vice President Marketing Services
Columbus Life Insurance
My favorite National Public Radio station had an interesting news story last month. They reported on a New York Times article1 that suggested the current increase in sales of lipstick is an indicator of a shaky economy. The article went on to refer to a theory once proposed by Leonard Lauder, the Chairman of Estee Lauder Companies. Mr. Lauder had noted an increase in his company’s sales following the 2001 terrorist attacks. He speculated that lipstick purchases are a way to gauge the economy. When it’s shaky, he said, lipstick sales increase as women boost their mood with inexpensive lipsticks instead of $500 luxury handbags.
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I think every woman hits a point in her life when she begins to feverishly think about babies. Whether it is having a child of your own or adopting a child the thought is never ending. Your heart beat ticks stronger as you begin to pick out possible names, think about the color scheme you would like to have in the nursery, and all those wonderful baby showers that are sure to come.
When the baby fever begins to set in it is hard to cure. Seemingly every commercial on TV is about a baby, all your friends are either pregnant or trying to have a baby, and everywhere you turn there is a beautiful baby making eyes at you.
Let’s face it though, babies are expensive. I’ve had many friends who have said, “it’s only been 2 months and our budget is sky-rocketing. First it is the medical bill, and then all those diapers!” Adjusting to a new life as a parent has enough ups and downs that worrying about your finances shouldn’t be a concern.
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Posted date: 7/7/2008
Pension Managers, Companies Push Saving Plans
By Nadra Kareem
San Fernando Valley Business Journal Staff
High fuel prices. The mortgage crisis. Rising unemployment.
These are all factors causing Americans to not save as much as they should for retirement. But financial services insiders believe that a general lack of financial literacy, the failure of companies to educate employees about retirement planning and a belief that the government will rescue them from destitution in old age are the main reasons Americans aren’t aggressively saving for their retirement years.
“I think that people in general underestimate just how much money they really do need to save for retirement,” said Shannah Compton, a financial advisor and a partner of SLC Insurance Services Inc. in Woodland Hills. “I think it will be a huge toll on state, local and federal resources (if people don’t save).”
Compton, who specializes in financial literacy for the under-40 crowd, believes that younger generations will be particularly disadvantaged if they don’t save because advances in medicine will likely result in them living longer, thereby lengthening the amount of time they spend in retirement.
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