59 percent of mothers and fathers pay for grownup children

A new survey reveals that fifty nine percent of United States mothers and fathers provide financial support for their grown children. The research covered mothers and fathers of grownup children who aren’t in school. The study concludes the tough economy is stopping them from leaving home. Also studied were so-called “boomerang kids,” or those that move away from home only to return again.

Pressure higher for this generation

President and CEO of NEFE is Ted Beck. He said, “Parents are continuing their involvement longer than we expected. The general sentiment is that financial pressures are higher for this generation.”

This was something mothers and fathers and young adults surveyed agreed with. Of the grownup children surveyed, 65 percent said their financial pressure is harder than their parents’ was. And 32 percent of their mothers and fathers agreed that they had it easier than their kids do. Further, 43 percent of mothers and fathers said they were giving support because they were “legitimately concerned” about the finances of their kids. Then another 37 percent thought they had significant financial struggles. They hoped their kids would not have to face these struggles.

Breaking it down

The lion’s share of parental assist, at 50 percent, is in housing. Living expenses account for 48 percent of parental financial assist. There is also the cost of transportation. That is about 41 percent of aid from parents.

About 42 percent of those kids who still live at home say they cook and clean to help contribute. About 75 percent said they helped financially.

What else is there?

”Face It” author, psychologist Vivian Diller, thinks that this trend has occurred because of the economy. “In the last 20 to 30 years, the family structure has become more child-centered,” she says. “Boomer parents were very willing to make sacrifices for their kids, giving them the sense that it would continue until they were on their feet. Now parents are supporting kids’ lifestyles.”

But, she warns, continued fiscal support could have negative consequences. “Because they have been protected, some children don’t learn reasonable ways to manage money, and they run into trouble.”

How parents sacrifice

Thirty percent of parents that were surveyed say they have given up privacy because of adult kids moving back home. Even worse are the mothers and fathers that took on debt for their children to move in. This involves about 26 percent of responders. Another 7 percent say they have been forced to delay retirement.

“If parents are going to financially support their adult children, they should first have a serious talk about their kids’ expectations so that everyone protects their financial futures,” Ted Beck says. “We all want to ensure the best for our children. But if you are taking on extra debt or delaying retirement to help your adult child, you could be making a mistake and putting your own financial future in jeopardy.”

Citations

ABC

abcnews.go.com/Business/60-parents-provide-financial-support-adult-children/story?id=13648780

NEFE

nefe.org/NEFENews/PressRoom/PressRelease/ParentsFinanciallySupportingAdultChildren/tabid/1015/Default.aspx

Reuters

reuters.com/article/2011/05/27/us-economy-parents-idUSTRE74Q4Y420110527

Tiny extras equal hundreds of millions for airline carriers

The baggage charges and the similar tiny extras billed by current airline carriers can be costly and annoying for the vacationer. But for the airline market, they are gold. They bring the market hundreds of millions, suggests a new report.

What the new study equals

A newly released report, the Amadeus Review of Ancillary Revenue Results, says luggage charges, frequent-flier programs, co-branded credit cards and similar non-transportation expenses earned the industry $21.46 billion last year.

Those that made probably the most

The airline that brought in the most non-transportation money was United Continental Airlines, which brought in $5 billion in extras. At $3.7 billion, Delta came in second. American Airlines, at $2 billion, was the 3rd largest earner. All of these are United States based companies.

Having a low budget means revenue comes from extras

More money is spent on extra fees for income at bargain airline carriers because of lower ticket costs. They lead the pack if the data is analyzed as a percentage of their total income. Of the airlines analyzed, Allegiant Airlines made 29.2 percent with these additional expenses making it the top earner. The next two involved Spirit Airlines at 22.6 percent and Ireland-based Ryanair at 22.1 percent.

Expect an increase in fees soon

Soon, non-transportation fees are sure to go up, according to co-author or the study and president of IdeaWorks Jay Sorenson. “Oil prices spiked in 2008, which was also the year in which the U.S. industry introduced baggage fees. We’re nearing those historical oil prices again, and I believe we’re going to see another round of new à la carte fees.”

A study from before

The Customer Travel Alliance, a Washington D.C.-based lobby, did a similar study earlier this year. Open Airlines for Airfare Transparency helped with the study. This means several travel agencies were involved. Air passengers paid about $36.80 in fees every round trip in 2010, according to the study.

Getting the government involves

The two groups have collected, as of last March, more than 60,000 online signatures in an attempt to urge the federal government to force flight companies to make their fees more transparent.

Citations

MSNBC

overheadbin.msnbc.msn.com/_news/2011/06/01/6764501-nickeled-and-dimed-for-21-billion

Denver Business Journal

bizjournals.com/denver/news/2011/03/10/airlines-cost-coloradans-1486m-in.html?ana=RSS&s=article_search

Business Week

businessweek.com/ap/financialnews/D9IBOU7G6.htm

2011 NBA Finals here after a long wait

On Tuesday, May 31 at Miami’s American Airlines Arena, basketball followers will enjoy the kickoff of what will likely be a fantastic 2011 NBA Finals going between the Miami Heat and the Dallas Mavericks. The Heat will have home-court advantage in the best-of-seven series. For the rabid fan, witness this NBA Finals schedule and match-up story.

NBA Finals listened to on ESPN and Sirius while you watch it at ABC

ESPN Radio and Sirius XM will both broadcast the 2011 NBA Finals game on the radio while it could be seen on television at ABC. The games have been scheduled. They go like this:

Game 1: Tuesday, May 31 in Miami, 9 p.m. ET
Game 2: Thursday, June 2 in Miami, 9 p.m. ET
Game 3: Sunday, June 5 in Dallas, 8 p.m. ET
Game 4: Tuesday, June 7 in Dallas, 9 p.m. ET
Game 5 (if necessary): Thursday, June 9 in Dallas, 9 p.m. ET
Game 6 (if necessary): Sunday, June 12 in Miami, 8 p.m. ET
Game 7 (if necessary): Tuesday, June 14 in Miami, 9 p.m. ET

The dynamic duo, plus 2

Any defense going up against Miami Heat’s LeBron James and Dwyane Wade should be scared. Recently, the individuals both learned to play well together. Before that, they both were able to score whenever they wanted.

Yet when the Heat is in danger of losing, the ball goes to “King” James. He is huge and athletic. He also has an excellent basketball IQ which helps a ton. With Wade’s offense, it may be hard to stop the team from going too far. Dallas will have to keep his teammates down a bit. The Miami Heat will effortlessly win the 2011 NBA Finals in five games if Chris Bosh plays very well and Udonis Haslem can keep Dirk Nowitzki scared.

Keeping Nowitzki scared to play with veterans of the sport

Careful passing and a commitment to challenging James and Wade on the offensive end won’t only ensure the Dallas Mavericks remain in the series, but it should spell victory against the less experienced Heat. Dirk Nowitzki is on fire in the playoffs (28.4 points and 7.5 rebounds per game), and his increased lower body strength has enabled him to muscle his way to his preferred spots on the floor more effortlessly, as Haslem will discover. The veterans Kidd and Terry, both Jasons, will help a lot too. The same could be said for Shawn “The Matrix” Marion, who has made key plays.

It is true that the championship window is slowly closing for Kidd, Terry and Marion which might make them work harder. Not only that, but Nowitzki appears to have finally ditched the catcalls of being “soft.” The Dallas Mavericks could easily beat the Miami Heat with Jose Barea and Tyson Chandler on the team, even with injuries.

LeBron may have to wait another year.

Articles cited

Huffington Post

huffingtonpost.com/2011/05/27/nba-finals-schedule-2011-_n_867972.html

Yahoo! Sports

sports.yahoo.com/nba/news?slug=ycn-8546101

Autopen used to approve Patriot Act

President Obama recently signed a controversial bill. The bill renewed certain provisions of the Patriot Act which were going to end. The bill went to the president from Congress, though President Obama is currently visiting France. He signed the bill with an autopen, a mechanical machine which replicates signatures. The machine being used at all is causing a conflict.

Provisions allowing government surveillance renewed

Unless a new bill was created and passed by Congress and signed by the president, some Patriot Act provisions would have expired. Three provisions of the domestic security laws that allow for highly controversial surveillance procedures would have expired, according to the Christian Science Monitor, but President Obama finalized the bill at the last moment. Even though Senator Paul tried to rally against the bill, the government can still use the internet, business records and wiretaps without a warrant whenever they want. However, according to CNN, brouhaha in Congress has begun since the president used a robotic pen.

Working on the autopen

The signature was needed instantly on the document in the president was in France. He used an autopen to sign it. The autopen is a machine that could be used. A person’s signature could be reproduced with it. The main difference between an autopen and genuine signature is almost extremely hard to tell. Some of the machines are extremely complex. Some aren’t complex at all though, states MSNBC. Several websites are reproducing an interview with Bob Olding who’s the owner of one of the two companies that exists in the United States that makes the machines. ABC spoke with Damillic Corp., owner Olding who said the technology has not changed much since the 1930s when it came out. He also stresses that Damillic goes out of its way to properly vet its customers and make sure that his goods are getting used ethically.

Nothing illegal about it

The Constitution claims “he shall sign it” in reference to the president signing the bill. As long as a signature is directed to be attached to a document, it is valid, according to the Department of Justice. The Justice Department told President Bush that an auto signature was legal in 2005 when looking into using an autopen for this same purpose. Donald Rumsfeld was found to have used an autopen to sign letters of condolences to the families of troops killed in action in 2004, and previous Vice President Quayle admitted to using one in 1992. The signature and letter duplication machine was built in the 19th century. Thomas Jefferson was responsible for this. Government officials, astronauts and business executives all have used autopens in the past.

Information from

Christian Science Monitor

csmonitor.com/USA/Politics/2011/0527/Patriot-Act-three-controversial-provisions-that-Congress-voted-to-keep

CNN

whitehouse.blogs.cnn.com/2011/05/27/rise-of-the-machines-autopen-puts-bill-into-law/?hpt=T2

MSNBC

firstread.msnbc.msn.com/_news/2011/05/27/6731197-the-great-presidential-autopen-hullabaloo

ABC

blogs.abcnews.com/politicalpunch/2011/05/robama-is-it-ok-for-a-president-to-autopen-a-bill-into-law.html

Damillic Inc

realsig.com/index.htm