Family Loans and The Cost Of Adult Children, 2009 Jobs, Employment, & Pay-cuts, S&P 500 Winners & Losers For 2008
Financial FYI: Interesting Financial News, Statistics, & Research
Family Loans And The Cost Of Adult Children
In the U.S., about $45 billion of parent-child loans are extended every year. In fact, nine in 10 boomer parents have helped their adult children financially, according to a study by Ameriprise – even though to do so 40% of them had to draw down savings while 17% had to take a loan. About 14% of loans between family and friends end up in default, far more than the under 3% of consumer bank loans that go bad. So understand that you may not get paid back. Source: Money.cnn.com. Read The Full Story.
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2009 Jobs, Employment, & Pay-cuts:
Nearly 2 million jobs were lost in 2008 and economists say the unemployment rate, which stands at 6.7%, will continue to rise into 2010. According to a recent survey conducted by the National Employment Law Project, 63% of unemployed workers said they would be willing to accept a job offer that pays less than their previous job. Still, only 37% of respondents expressed high confidence in finding a job in the next four months despite being willing to make such a sacrifice. Source: Money.cnn.com. Read The Full Story.
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S&P 500 Winners & Losers For 2008
Only 25 out of 500 stocks in the S&P 500 ending the year in the black, with discount retailer Family Dollar Stores as the S&P 500’s top stock, up over 38% for the year. The overall index is down nearly 38.5% from the start of the year — its worst annual performance since an earlier version of the S&P fell 47% in 1931. All S&P 500 sectors are showing double-digit percentage losses, including a staggering 58% retreat for the financial sector. Stocks in the materials sector are down 47.8% for the year, and information technology stocks were off 44.2% as of Wednesday’s close. But the consumer staples sector, which includes some of this year’s best performing stocks, is down a comparatively benign 18.3%. And while the consumer discretionary sector is down 35.7%, it includes seven of this year’s best performers. Source: Money.cnn.com. Read The Full Story
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