Just because you’re retired doesn’t mean you have to stop working. Especially now that you have all the time in the world to do what you really want. Entrepreneurs don’t only come out of Silicon Valley. They come from all walks of life, from all different ages. If you’re retired and want to stay active while you relax, then find out the steps you need to take in order to start, manage, and grow your next small business.
Every year millions of Americans wait until the last minute to prepare and file their taxes. Regardless of whether you’re one of these people, there are still things you need to be aware of before you send those forms in.
Austrian economics does more than tell you what happens when the government disturbs market forces. In the hands of knowledgeable investors and entrepreneurs, it can tell you exactly what to expect from the market. Market behavior depends on how people behave. And how people behave is central to the Austrian perspective.
The U.S. dollar has been the world's reserve currency for almost a century, and already there are signs it may be in decline. But that doesn't mean it's not still valuable. On the contrary... As Chris Mayer explains, there are many reasons the U.S. dollar will remain relevant on the world stage for years to come. Read on...
The government will do whatever it takes to make sure it has enough of your money to fund itself. On the surface you might think that means enduring a grueling audit. But the IRS and the government is more than willing to ignore your privacy in the cold relentless pursuit of the money they think they deserve. As they get bigger and bigger every year, the smaller and smaller your paycheck becomes as they leach off it.
World War II might have dragged the country out of the Great Depression, but it did so at a great price. Central planning took center stage, and politicans and bureaucrats suddenly knew what was best for America, the economy, and your life. On top of that, they replaced the free market with a new economic system… Creditism.
If you’re good at something should you be penalized so others have a chance at success? Should award winning actors and actresses be barred from future Oscar ceremonies to give other men and women the chance to succeed? Success should always be rewarded and encouraged. But what happens when you have a government that wants to even the playing field and take away the spoils of success. Gregory Bresiger finds out...
Argentina is suffering the ravages of government debasement of the currency -- i.e., inflation, the process by which government pays for its ever-increasing debts and bills by simply printing more paper currency. The expanded money supply results in a lower value of everyone’s money, which is reflected in the rising prices of the things that money buys.
Its acceptance is as widespread as its justification is important, for it provides the rationale for the Federal Reserve’s unprecedented monetary expansion since 2008. While critics may dispute the wealth effect’s magnitude, few have challenged its conceptual soundness. Such is the purpose of this article. The wealth effect is but a mantra without merit.
Baron Rothschild, the famous French financier, was once heard to say that he knew of only two men who really understood money -- an obscure clerk in the Bank of France and one of the directors of the Bank of England. “Unfortunately,” he added, “they disagree.”
The saga of All Saints could soon be coming to a community near you. Thanks partly to the scandal surrounding the IRS’ targeting of conservative groups, the agency has proposed a new set of rules for a huge number of social-welfare groups that claim tax exemption under Section 501(c)4 of the tax code.
Nihilo ex nihilo fit. Out of nothing, nothing comes. First put forward by ancient Greek philosopher Parmenides in the fifth century B.C., Thomas Aquinas and St. Augustine later used this axiom to prove that the universe needed a “first mover” to get things going. Even if the whole thing began with some kind of “Big Bang” moment, it still needed a banger to bang it. Who? God, of course.
Economic theories don’t lend themselves to laboratory testing, so the work of a national appraisal firm is especially enlightening. A new study lends support to the Austrian business cycle theory, which says that the less government is involved, the faster a market will recover.
What positive steps can we take? The energy that is now expended by well intentioned, freedom-seeking individuals on the destructive course of politics can be turned into powerful steps that will have a positive effect on the future. All are moral, right and just. None require aggressing. Consider the following...
The first principle in dealing with government is: Don't be awed by it. What little the government achieves is almost always due to the voluntary participation of its citizens. Those who don't want to help the government can go their own ways without running into much trouble.
National Treasury Union President Colleen M. Kelly recently described the 2014 IRS budget allocation as “woefully inadequate.” But the agency has not proven itself to be an efficient steward of taxpayer dollars. Here are ten ways the IRS lost the trust of the American people.
It’s easy to be negative about the U.S. economy these days. Find a glint of silver, and folks come running to point out all of the dark clouds looming about. This, of course, is what we got last week when the monthly jobs report was released from the U.S. Department of Labor (DOL). Folks pooh-poohed the number of jobs and whining that they’re not enough or that it’s less than a bunch of economists thought that it might be. But you know what? Stuff ’em.
Given how poorly states like California and Illinois have funded the pension funds for their own employees, one would think that this would stop dead in its tracks any plan to have the government assist in managing private sector funds too. The spate of recent activity, however, suggests otherwise.
The financial world is plodding along like a drunken sailor avoiding debt collectors by keeping no cash in his wallet. It’s not the kind of calm that’s going to last or end well. But the storm will have to wait until after the Olympics.What a game! We’ve never watched ice hockey closely before. But watching […]
President Obama crowed in his State of the Union speech about the economy, even mentioning “a rebounding housing market.” Maybe he was referring to friends in high places, like the seller of Penthouse One in New York, which just closed for $50.9 million, all cash. Millions of mere-mortal homeowners likely wanted to throw something at […]
The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress.There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information […]
Amidst all the revelations about how the American people, many of whom are absolutely convinced they live in a free society, have their telephone calls, emails, website visits, and who knows what else under surveillance by their own government, let’s not forget the massive infringements on financial privacy that have gone on for decades.Consider, for […]
The exercise had an awesome name, inspired by the movies: “Quantum Dawn 2.”On July 18, scads of U.S. banks, stock exchanges and government agencies took part in a digital fire drill — a practice run in the event all of Wall Street came under massive cyberattack.This isn’t the first time banks have come under an […]
The faces of the Detroit bankruptcy are the thousands of pensioners whose promised benefits are suddenly part of the restructure negotiation. When Motown filed for Chapter 9 last July, the city had $11.5 billion in unsecured liabilities. The vast majority of this was pension and health care benefits owed to retired city employees.The images of […]
The Largest Company in History:“The United States Corporation of Government (USCOG)”I follow global social and commercial networks, looking for entrepreneurial opportunities.Innovation surges when industry and government models change. Buggy whips. Landline phones. Railroads. The Soviet Union. Apartheid South Africa. All marked social and commercial innovation, both bad and good.We are witnessing a new form of […]
We’d like to give the banks in Australia some credit. They’ve finally gone and done it. They have caught up with 1960s technology. They’ve figured out how to use PIN numbers.How to only use PIN numbers, that is. They’re considering scrapping signatures on credit cards to cut down on fraud. Apparently, having to verify your […]
We put in a good-citizen call to the SEC the other day.“There’s a massive scheme to manipulate stock prices,” we told the friendly agent.“I have to tell you that your call is being monitored so that we can better serve the public,” he replied.“Oh, don’t worry about that. The NSA is tapping our call anyway.”“Are […]
Those of us in our 50s grew up going to the movies. But only occasionally does Hollywood take its eye off the 2 to 24 age group to make movies about something other than vampires, superheroes and animated whatever.
The Best Exotic Marigold Hotel is different. It is a sweet story acted by a stellar cast in their 60s and 70s aimed at an audience over 50. It hits the target: the first wave of 78 million baby boomers is retiring, or hoping to.
Costing only $10 million to make, Marigold has grossed over $100 million.
Outsourcing a retirement is not something anyone wants to do. Going somewhere exotic might be fun for a week or month, but learning a new language just to transact day-to-day business, in unfamiliar surroundings, is a frightening prospect as you turn 60 or 70.
“Is this all that 40 years in the civil service will buy?” Jean Ainslie (Penelope Wilton) disgustedly asks her husband, Douglas (Bill Nighy), as they tour a modest cottage in an English retirement village, replete with handrails and panic buttons.
So the Ainslies become customers of Sonny Kapoor’s (Dev Patel’s) The Best Exotic Marigold Hotel, a British comedy-drama based on Deborah Moggach’s 2004 novel, These Foolish Things, and directed by John Madden.
Joining the Ainslies are fellow retirees Evelyn Greenslade (Judi Dench), Graham Dashwood (Tom Wilkinson), Muriel Donnelly (Maggie Smith), Norman Cousins (Ronald Pickup) and Madge
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Hardcastle (Celia Imrie).
Sonny is the No. 3 son of a wealthy family from Delhi. The Marigold is an aging palace that his father left to his brothers and him, but the others sons are too busy with their successful careers and have no interest in the place. Sonny has big dreams, and a big idea: Retirees around the world must find cheaper places to retire. The Marigold can be just the place.
Like any wild-eyed entrepreneur, Sonny believes 100% in his idea, but lacks capital and management skills. Sonny’s mother wants him to return to Delhi for an arranged marriage. His brothers want the hotel knocked down and the land sold. So it is dust, cobwebs, broken facets and an exuberant Sonny that greet the retirees after braving a difficult journey to get there.
Retired High Court Judge Graham grew up in India. He wishes to return there to explore a secret from his childhood. Money is not his issue. Money was not on randy Norman’s mind, either. The other retirees have different stories, illustrating how a person can end up in retirement empty-handed.
Widowed housewife Evelyn, who had never worked a job in her life, must find a job to pay for her Marigold stay. Her home was sold to pay off her late husband’s debts. Madge is currently in between husbands, with no prospects in sight.
And after caring for the house and books of a single family for decades, the bigoted Muriel was let go for a younger replacement, leaving her bitter and broken. She reluctantly opts for the India trip to have her hip replaced there, rather than wait six months in England.
Most of the party do their best to adapt to this strange land filled with bright colors, masses of people, grinding poverty and stifling bureaucracy. A bitter Mrs. Ainslie refuses to explore and spends her days at the Marigold reading Tulip Fever, a novel set in 1630s Amsterdam, capturing that city’s frenzy of commerce and mania in tulip bulb prices.
Meanwhile, her husband takes great delight in exploring new places, only to have Jean ridicule him each day when he returns to the Marigold for tea in the late afternoon.
In Tulip Fever, author Deborah Moggach effectively portrays a man caught up in a mania. The artist begins to neglect his work, be negligent in his grooming and is totally obsessed with trading tulip bulbs. He leaves his painting entirely to his apprentice. He has great success trading and then hatches a plan to mortgage everything to raise the money needed for his lover and him (the wife of the man who commissioned him) to run away together.
Jan the artist tells his lover, Sophia, “Luck’s been on our side, all these weeks. Tell me we should put all our eggs into one basket!”
Moggach writes, “He means, of course, the risk beyond all risks: the most dangerous risk of all. The king of kings, the Semper Augustus. Claes van Hooghelande has one bulb left.”
In the movie, Jean and Douglas are caught up in a frenzy of their own. They had dumped all of their retirement funds into their daughter’s Internet startup company, and of course, they were to be rich once the venture went public. But news about company progress is spare, and their daughter is uncommunicative.
The droll, easygoing Douglas takes it all in stride. But the regret-filled Jean blames Douglas for everything. She’s not enjoying the life she’s entitled to, that is, a life their daughter’s startup was to make possible. Instead, Jean’s stuck in India in a dilapidated hotel, eating food too spicy for her English palate. Her only brief moment of joy comes when Graham tells her the chef has agreed to simply grill the chicken for that night’s meal.
Retirees have time, but only some have the money to enjoy it the way they’d like. That’s the lesson in The Best Exotic Marigold Hotel. Putting your head in the financial sand and depending upon others will have you working through retirement or pathetically trolling in bars for someone to take care of you.