What is rich?
By Kathleen Lenover
Whatever you used as your barometer of wealth has likely changed in the last year. With the market hobbled and home values deflated, many Boomers found that what they once counted on as a nest egg for their retirement years has made-off, not necessarily with Madoff. So what’s a resilient generation to do?
Historically the written press has shared a universal motto: If it bleeds, it leads. That was never more apparent than with the financial news in the last half year. Bleak proclamations reverberated through the media, banks stopped lending and otherwise entrepreneurial types froze waiting to see what the next shift in the market would bring.
Two things are certain in this world: death and seasonal changes. (We used to include taxes in that reference, but then along came Timothy Geitner.)
Like the first daffodils forcing their way through the yet-frozen soil, the seasonal warming combined with improving Q1 financials have warmed our economy ever so slightly. Winter’s ambiguity has given way to Springtime’s optimism. On the heels of Q1, USA Today reported that the trade gap had fallen and retailers were seeing signs of hope. CNN’s Money tracked the rally on Wall Street and the New York Times took a pulse on the economy, citing a brighter outlook. Realtytimes.com reported promising numbers and Forbes reported that Denver ranks among 10 cities where Americans are relocating.
