5 Ways Women Entrepreneurs Can Get a Financial Life
February 14, 2012 by Jackson Beirne · Leave a Comment
I am honored to speak at today’s White House Urban Economic Forum for women entrepreneurs, on a panel about “second acts”—women who have embraced later-in-life entrepreneurial success.
In preparation, I called a few entrepreneur friends. One started a wildly successful clothing shop and had no retirement savings. Another served as CEO of a major fashion house, then opened her own thriving business, yet when asked about her retirement plan, she had to ask her husband. A third woman raided her 401(k) to fund a financial planning firm and her kids’ college tuition; now she’s 54, divorced, and has no retirement funds.
Their stories reminded me that although many women have second acts in work or love, most of us don’t get second acts in our financial lives until it’s too late. That’s especially
UK Cameron moves to use Government ownership influence with Banks to address their lack of acceptance of role in 2008 crisis
February 6, 2012 by Jackson Beirne · Leave a Comment
As it became clear in 2009 the influence of Government on banks that the took control of that year had to become a consequential factor in how those banks operate. My hypothesis at the time was that those banks would lose the innovation incentive and in effect become utilities that provide a basic banking service.
I am surprised it took this long, but David Cameron has made the first consequential step by setting a very low limit on bank bonuses on RBS and it appears to also impact all government owned banks so Lloyds and HBOS too. The piece is headlined in reference to the Knighthood Gordon Brown gave to Sir Fred, but while amusing that is not the point here.
First of LI Q4 income rises to $4.7M
January 31, 2012 by Jackson Beirne · Leave a Comment
The First of Long Island Corp., the parent company of The First National Bank of Long Island, reported fourth quarter net income rose to $4.7 million from $4.1 million a year ago.
The Glen Head-based bank said the increase in fourth quarter net income includes a $921,000 increase in interest income and a $276,000 rise in noninterest income, before gains on the sales of securities. First of Long Island’s net income for the year also increased to$19.5 million from $18.4 million with net income, excluding the gains from each year, up $2 million or 11.6 percent. The bank’s gains on the sales of securities fell to $138,000 from $1.7 million last year.
First of Long Island said its annual income rose largely due to a $3.1 million increase in net interest income and a $427,000 reduction in income tax expenses. The
Donating this season? Get your give’s worth.
January 11, 2012 by Jackson Beirne · Leave a Comment
Call me a softy, but so many news stories this holiday season have had me in awe at Americans’ potential for kindness. Charitable donations are ticking back up despite the fact that many of the givers are still struggling themselves, and anonymous do-gooders are dropping by layaway counters to pay for the Christmas presents set aside by families worse-off than themselves. I’m absolutely loving the giving spirit! Here’s how to make sure any money you give really works for you.
Make sure the organization will use your money wisely. Check out free reports from the Better Business Bureau’s Wise Giving Alliance (look for organizations designated with the blue and white “BBB Accredited Charity Seal”) and Charity Navigator (check for organizations that have at least three stars). You want t
More signals of systemic shifts of influence from West to East
December 28, 2011 by Jackson Beirne · Leave a Comment
I have been reading ‘Civilization – the West and the Rest’ by Niall Ferguson. He analyses that there are 6 core institutions or principles that account for the success of the West over the last 500 years, with the obvious implication that as the West falls, the answer lies in reduced advantage in those 6 institutions.
Eurozone turmoil: Enter the technocrats | ft.com
“If you look at the troubles which have happened in European societies, this is purely because of the accumulated troubles of the worn-out welfare society. The labour laws induce sloth and indolence rather than hard work.”
One of the 6 is the ‘Work Ethic’ that Niall briefly describes as ‘extensive and intensive labor with higher savings rates, permitting sustained capital accumulation.’
It is ironic now that Jin Liqun, supervisory board chairman of China Investment Corporation, a sovereign wealth fund with $410bn, when asked to help out with the $1 trillion needed to bailout Italy’s government and banks: that was his answer. How the tables are