“Sticks and stones may break my bones, but words will never hurt me.” This old English rhyme is often heard during one’s childhood, typically as comfort to a victim of ridicule by other children. Implicit in the advice is the unspoken admonition to the child to grow up and ignore the pain of verbal abuse – after all, it’s only words.
James Smith, a 2015 graduate of the University of Texas, continues to live at home while working as the manager of a local dry cleaning establishment. He struggles to make his monthly $282 student loan payments, a significant portion of his biweekly take home pay of $807.
With a B.A. in history, James expected to find a job with a research organization or large corporation. He had been reassured by college counselors that history majors were in demand because businesses needed employees who could read and write with critical thinking skills. To his dismay, neither school interviews nor extensive mailings of his resume have resulted in any realistic job offers.
Harold and Patricia Tucker recently passed their 50th anniversary. There was no celebration.
Married a month after their high school graduation, Patricia worked as a secretary in a local law firm to help Harold attend law school. Harold went on to climb the corporate ladder, becoming the chief counsel of a major insurance company by age 44. Unable to get pregnant, they adopted two children: John and Elizabeth.
Disaster stuck when Harold was 58. After experiencing memory problems, speaking difficulties, and bouts of physical pain, doctors suggested a series of tests, culminating in a biopsy of the brain. He was diagnosed with Pick’s disease.
Public lotteries have a long history. From Caesar Augustus (where tickets had prizes of slaves, real estate, and ships) to European governments during the Middle Ages (which relied heavily on lotteries for revenue), state-run lotteries have continually proven lucrative, according to the Encyclopedia Britannica.
Not surprisingly, the United States of America also has a long history of lotteries. Considered “voluntary taxes,” early lotteries were used to fund new colleges such as Harvard, Dartmouth, Yale, and Brown. In 1745, the General Court of Massachusetts passed an act allowing a lottery to pay off costs defending the colony’s frontier and seacoasts. By 1831, eight states held 420 lotteries.
Renting versus buying can be a difficult choice. Still, according to The Wall Street Journal, almost two-thirds of American households own homes. Many more own rental properties or second vacation homes. By contrast, a Gallup Poll found that only one-half of Americans own stocks.
Home equity is the foundation of personal wealth in the United States, representing about two-thirds of net worth for most American households, per Bloomberg. The expansion of home ownership has been stimulated by government programs and tax advantages to incentivize the purchase of houses. According to a study in Social Forces, home ownership leads to “a stronger economy, better schools, and an invested, proactive citizenry.” Homeowners have higher voting rates and are more involved in civic organizations.
An old proverb claims, “The art is not in making money, but in keeping it.” Unfortunately, con artists and swindlers are anxious to separate you from your money by means of deception and fraud.
In an interview with BBC Future, Dr. Eryn Newman of the University of Southern California said a positive story that “feels smooth and easy to process” is easy to accept as truth. Con artists are particularly talented in creating believable lies. Falling for their tricks costs U.S. citizens billions every year.
The Wall Street Jungle, written by Richard Ney in 1970, compares the field of investments to a shadowy, sometimes impenetrable wilderness filled with dangerous beasts and hidden treasures. Blindly venturing into this unknown world can easily end in disaster.
Often, predators such as con men, thieves, and bandits lurk and set traps for overconfident, naive adventurers foolish enough to believe that a free lunch is possible. Inexperience can lead to a failure to recognize risk (or underestimate it) and result in poor decisions and financial loss.
Military service has long been a path for social and economic mobility – the gateway to the middle class – for thousands of young American men and women. Service is both a way to see the world and learn valuable skills that can be transferred into civilian life – and many enlistees would not have the opportunity to attend college or purchase a house without the benefits associated with military service. Furthermore, veterans who forego college are likely to earn higher pay than non-veterans who do the same. According to Jay Teachman, a sociology professor at Western Washington University, interviewed in The Fiscal Times, “Even if they [veterans] don’t earn more education, they certainly earn more money.”
The loss of American jobs has become a potent political issue. Politicians promise to reverse the trend of offshoring and to restore American workers to their previous position as the premier workforce in the world. Many tout new reshoring initiatives, claiming that jobs will return as wage differentials shrink, the quality of foreign goods falls, and shipping costs increase. Others propose new punitive legislation with penalties for moving jobs to foreign countries while erecting trade barriers to ensure that domestic products can compete with lower-priced foreign goods.
Trading is a relatively recent phenomenon made possible by the technology of communication networks and the development of the paper stock ticker. Details of stock transactions – stock symbols, the number of shares, and prices – were collected and transmitted on paper strips to machines located in brokerage offices across the country. Specialized employees using their memory, paper and pencil notes, and analytical skills would “read” the tapes and place orders to buy or sell stocks on behalf of their employer firms.