The 50 Plus Male

Talk about a dour week for our country! We’ve slipped to fifth place in the annual ranking of the world’s most competitive economies, our President’s job approval ratings have hit an all-time low, Congress continues to bicker with one another, and most poignantly, we’re four days away from the tenth anniversary of the 9/11 tragedy.

This is the perfect time for someone to step up to the plate and yell “snap out of it,” and, thankfully, it just happened to me. A moment ago, I finished reading an article and viewing the accompanying video for the Today Show’s “American Story” segment airing each day this week in remembrance of 9/11. Today’s installment, on the Alonso family of Stony Point, NY, dealt with the untimely death of a mother of two children (one with Down syndrome) and how a father’s love and devotion has kept the family whole. I was particularly moved by a lesson the father has taught his two children in light of the fate befallen them by their 9/11 experience: treat every moment like an unopened gift.

This powerful point is applicable in myriad ways and sometimes, admittedly, I have to force myself to heed the advice. Lately, I’ve felt apprehensive about the lack of control “the average guy” (including yours truly) has in dealing with our current economic milieu. We now live in a world where a banker in the U.S. sneezes and a banker in Switzerland is the one saying “gesundheit.” Any given country’s economy can now have a rippling effect on the rest of the world and the markets get roiled. Many American corporations are awash in cash reserves, yet won’t boost their hiring efforts. The stock market’s daily activity is severely impacted by super-computer trading that kicks in at a moment’s notice (this was addressed in an earlier post entitled “Risky Business”). Even attempting to follow the many avenues of advice we hear about building a defensive position in your portfolios seems akin to selling ice to an eskimo. Guess what, I’ve learned I can only control so much and not to unduly fret over what I can’t control.

Here’s another example in my life where this sage advice hits home–I’ve learned to navigate what was once regarded as a hurdle and now treat as an opportunity. In the midst of an impending career change, I’m faced with a fairly steep learning curve. Like many of my 50 plus male counterparts, I always felt I’d be an expert in my chosen field at this stage of my life, and that my days of learning were basically over…I would now be the teacher. Life doesn’t always go according to plan, however, and I once again have become the student. Instead of resenting these circumstances, I’m excited about studying new subjects like social media marketing (through books, white papers, webinars), and cannot wait to get rolling in my new career! Expanding my business knowledge, while utilizing all that I’ve learned to this point as a solid foundation, truly has been like receiving an unopened gift.

Finally, the third and most salient reason to accede to Mr. Alonso’s advice: life itself. Two weeks ago, I lost a dear friend from my junior high/high school days, resulting from a tragic auto accident. He was an absolute sweetheart of a guy—warm, caring, with a perpetual smile painted on his face. Everyone he knew thought highly of him and his untimely death is still registering shock waves amongst family and friends. The lesson here is obvious folks—it can all disappear in an instant. Savor every moment of every day; each morning we wake up is indeed another gift…

-Neal

(noun–from Latin: a quality of substance or depth of personality)

Ancient Roman society required a lot from its men, including the specific virtues of gravitas, pietas, dignitas, and justitia. All of these traits revolve around exercising duty, devotion, and selflessness. Step into the time machine and fast-forward to the present; you’ll find these virtues hold equal importance within today’s definitive design of becoming a complete man. The trouble, as oft-expressed, is that “good men are just hard to find these days.” 

So, in an effort to spark some lively conversation, The 50 Plus Male is proud to present to you our next Top Ten list: a group of 50 plus males who each have that elusive quality of “gravitas” and rightly earn our admiration and respect…

Politics—Philadelphia Mayor Michael Nutter

Ah, already you’re thinking how can any politician be included on a list of virtuous men? After the disastrous administrations of Wilson Goode and John Street, Nutter has simply been a breath of fresh air for the City of Brotherly Love. This is not to say the city, under his watch, hasn’t had any problems (as exemplified by the legal woes of the current Philadelphia Housing Authority Director), but Nutter exudes a sense of intelligence and decorum rarely found in the political arena. Bringing opposing constituencies together combined with clearly outlining reasonable goals isn’t something many politicians can fully realize, but the Mayor is pulling this off as best as anyone in many years.

Sports—Alan Page

Remember the NFL’s Purple People Eaters? They were the core of the Minnesota Vikings’ feared defense in the seventies. Page played the game hard, but fair, and became the league’s first defensive player to win the Most Valuable Player Award. Page earned a law degree while playing and in 1993 was named to the Minnesota Supreme Court. He is also a member of the NFL Hall of Fame.

Business—John Chambers

Chambers is chairman and CEO of Cisco Systems, Inc. During his tenure, Cisco has been named to Fortune’s list of “America’s Most Admired Companies” seven times and he has been selected as one of Time magazine’s “100 Most Influential People.” Numerous awards have followed and Cisco has seen a growth spurt under Chamber’s helm from $1.2 billion to approximately $40 billion.

Television (acting)—Tom Selleck

Often referred to as “a man’s man,” Selleck is a shining example of “gravitas.” His talent and sense of presence have propelled him to an lengthy career in an extremely fickle business (Magnum P.I., Jesse Stone made-for-television movies, roles on Friends and Las Vegas, and currently Blue Bloods, one of this season’s breakout hits). He also can  be humorously self-deprecating, such as his funny bits on Letterman describing his avocado farming efforts at home.

Television (non-acting)—Charlie Rose

Rose, an Emmy award-winning journalist, is the host of the self-titled PBS talk-show program that re-defines intelligent conversation. His nightly guests, including politicians, newsmakers, scientists, athletes, business leaders, and entertainers from around the world, sit in the stark environs of the famous round oak table with a black backdrop, providing one of the most intimate hours on TV. Rose, exuding wit, charm and class is, for my money, the best interviewer on television today.

Movies—Daniel Day-Lewis

The versatile British/Irish actor is the subject of continuing critical acclaim for many of his movies (In the Name of the Father, My Left Foot, The Boxer, Gangs of New York, There Will Be Blood are prime examples), having won the Academy Award for Best Actor twice–1989 for My Left Foot and 2007 for There Will Be Blood. I doubt there’s a more cerebral, intense actor working today. His immersion into his roles is legendary among his acting brethren.

Columnist (Print or Online)—Jim Jubak

Regarded by many as the premier web investment columnist, Jubak is the senior markets editor for MSN Money. An expert as clearly explaining the arcane world of investment and personal finance, the New-York-based reporter isn’t afraid to go against conventional wisdom. His “Jubak’s Picks” (for stocks) and “Jubak’s Journal,” along with his MSN Money columns should be required reading for those interested in financial matters and resultant effects on the typical household’s pocketbook.

Music—Steve Tyrell

Tyrell is a Texas-born jazz singer who is widely known for his covers of jazz, Disney, and holiday standards. He came to the attention of the public through his beautiful rendition of The Way You Look Tonight in Father of the Bride, starring Steve Martin, though he has contributed to other films such as Mystic Pizza. He tours America and you’d be wise to catch one of his performances. If you’ve never bought/downloaded any of his CD’s, I’d suggest starting with Songs of Sinatra.

Advertising Icon—The Budweiser Clydesdales

No, I haven’t lost my marbles by including this category winner. Anheuser-Busch introduced these magnificent horses to the American public way back in 1933 as a way to celebrate the repeal of Prohibition. Since then, they have become the signature focal point of advertising and promotion for Budweiser beer. There are actually multiple teams of ten horses (with eight horses riding at any one time) consisting of both mares and stallions.  As this blog is geared for 50 Plus Males, our tip of the hat therefore goes to the stallions for this list.

Newsmakers —Dr. William Petit

I’ve purposely saved this as my last choice. By now, most of you know all about the horrific home invasion of the Petit family in Cheshire, Conn. in July  2007. I won’t rehash the details of the attack; suffice it to say I still shake my head to this day. This past week, one of the assailants was (finally) sentenced to death by the court. Dr. Petit is the sole surviving member of his family and has been stoic in diligently attending the court proceedings on a daily basis for these past three years. I have absolutely marveled at the incredible level of calm, thoughtfulness, clarity and class with which he has conducted himself for televised interviews after various court dates. To hold it together so well before the cameras, in the face of extraordinary grief, and express his profound appreciation for those who are bringing the killers to justice serves as my shining example of “gravitas.”

-Neal

In early Spring 2009, I read an on-line article published on MSN.com written by John W. Schoen, entitled “Boomers Face Stark Choices in Bleak Economy.” I felt the piece was so acutely on-point in terms of clarity and my personal situation at the time that I composed a rather lengthy email to Mr. Schoen praising him for his efforts.

Mr. Schoen’s article is part of a series called Reinventing America. While I’ve provided you a link to his piece, I’ll list the salient points in broad brushstrokes for you:

1. The collapse of the financial, housing, and job markets is causing the American Dream to disappear and boomers now find themselves in unimaginable, inexplicable straits. Many of us will be working later in life than originally planned at stagnant or decreased compensation levels.

2. In addition to the blow of boomers facing losses in their retirement accounts due to Wall Street’s recent collapse, many are depleting them to meet basic living expenses.

3. Boomers, representing the generation born to post-war families who rejoiced in the “good times that lay ahead,” are experiencing a palpable shift away from similar expectations. Our currently woeful economic climate will last longer than anything we’re used to, forcing many of us to question whether we will ever return to prosperity.

4. Many of us may have already seen our peak earning years surprisingly fade away at a much younger age than ever anticipated.

5. Some job skills are no longer transferrable due to becoming obsolete.

6. Losing our jobs, even under exigent circumstances, has usurped much of our pride and caused people to isolate themselves and not want to reach out for help.

7. Many baby boomers are encountering age discrimination in the course of job-hunting and their experience and advanced skill-sets are not what many cost-conscious employers are seeking.

8. All of this is causing many of us to reinvent ourselves in the pursuit of new careers, and this was not in our original game plan. For many boomers, reinventing oneself is not only difficult, but practically impossible.

9. The financial advice we’ve received during the past couple of decades (investing in the stock market and holding for the long-term, sacrificing to feed your IRA’s and 401 K’s) has come with greater than anticipated risk

10. Anxiety and stress levels have shot through the roof and many of us feel that our upcoming/present “golden years” have become permanently tarnished.

In December 2009 Mr. Schoen wrote another article, “Bleak Job Scene Poses Challenge for Obama.” This article deals with the slight economic recovery coupled with the continuing bleak job outlook that is not likely to dissipate anytime in the near future. I touched on this perplexing phenomenon in a previous post, Calling for George.

Points discussed by Mr. Schoen include:

1. Don’t be fooled by the recent slowing of job losses; any kind of recovery is going to be a long, arduous process…particularly the rehiring of so many displaced workers.

2. The stimulus package is slowly impacting our economy favorably, but lingering questions remain…is it enough or are additional measures by our government needed?/is there much more the government can or should do to stimulate job creation?

3. Unemployment figures are misleading; they do not count discouraged workers (people who have given up looking for a job) or the underemployed. Count these groups and the unemployment figure dramatically rises.

4. The current recession outstrips the previous one in scope.

5. The belief that an increased demand for products and services will give reason for employers to hire is a key impetus behind the extension of unemployment benefits (even though extensions add to our federal debt).

6. Increasing access to credit for small businesses will be a chief component of any recovery, but there is debate over how to best accomplish this, be it through tax cuts or an additional stimulus package.

After reading this article, I once again got in touch with Mr. Schoen. I’m happy to report that Mr. Schoen nicely sent swift replies to both of my emails. I’d like to share some of his thoughts with you.

According to Mr. Schoen, “’Boomers Face Stark Choices…” was one of the toughest stories he’s had to write in 30 years of reporting; in fact a portion of it was autobiographical. Many of the men he spoke to while composing the article had similar feelings to what I had expressed in my reply email, “the deep need to provide for family and a feeling of profound failure when we are no longer able to do so—or at least in a manner we believe we should.”  Mr. Schoen calls this our “cave man” DNA.

Mr. Schoen also stated that “I heard from many couples that the experience has brought them closer together, partly out of necessity. But adversity does force you to ask questions you might not otherwise and forces choices you may have been avoiding. Maybe it’s because most couples who have made it this far come to the realization that they’re not in it for the money.”

Regarding the “Bleak Job Scene Poses Challenge…” article, Mr. Schoen wrote to me acknowledging “since our last correspondence, I had heard from hundreds more 50-somethings who report things are getting worse, not better. Some have burned through savings trying to ‘do the right thing’ by paying off an underwater mortgage, only to lose the house after many months/years trying to get a break from their lender. A few I’ve met are on the verge of homelessness and this prospect seems very real to many more.”

Mr. Schoen has found, however, that many of his readers seem to be moving ahead into this new, unexpected phase in their lives with renewed energy. “They have no choice” said Mr. Schoen. “They feel there’s no sense in letting themselves get depressed and bitter.”

He goes on to say that there is also a wider mood amongst his readers of what he calls “recession  fatigue.” There is a great desire on everyone’s part to see the glass half full, to acknowledge “things are bad but maintain hope that we’re all through the worst and life will be back to normal in a few months or years.” Unfortunately, this yearning seems to be hampering meaningful solutions to very real, persistent problems. The panic is over, but the long-term damage still requires serious repair.

In the end, echoing Mr. Schoen’s thoughts, no matter what happens, we’re all going to be profoundly changed; hopefully it will be for the better.

-Neal

The topic for this post was prompted by one of my recent tweets on Twitter–Sad sign of the times represented by the new oxymoron in financial markets: “jobless recovery;” explain that to the unemployed. No doubt many of you have heard this phrase uttered by various financial pundits, and have read newspaper articles on this subject matter. My hometown paper, The Philadelphia Inquirer, had the following quote from the chief economic strategist of an investment firm in the Business Section of a recent Sunday edition: “What we’re seeing is a validation of the idea that a jobless recovery is perfectly on track.”

If you’re thinking that’s only one example, a locally circulated newspaper in my county, The Intelligencer, in the November 10th edition, lead the Business Section with an article entitled “Dow  jumps 204 to high for year.” Immediately to the left of this headline in the Money Wrap column, the first article was “J&J to lay off 174 in Lower Gwynedd” referring to Johnson & Johnson letting go of 174 employees at its research and development center in Lower Gwynedd, PA as part of its layoff of 8000 workers worldwide.

For the millions of people unemployed or employed but seeking new jobs/careers, this thinking has to hit you in the gut on many levels. If you’re a 50 plus year old male, it’s almost incomprehensible to conceive of a rising stock market while the unemployment levels reach highs not seen in over twenty years, especially considering that the approximate 10% figure currently reported does not include those  of us who are only working part-time or have given up looking for work altogether. Include these economic segments and the 10% unemployment figure almost doubles…

• Now I don’t mean to appear naive in a strict financial sense; obviously it’s all about the dollars. Joel Naroff, a well-known economist, said "…survival meant cutting costs as rapidly as possible and fulfilling orders with the fewest number of workers” in another recent  article on rising productivity and falling employment. It’s a given that controlling the cost-side of the ledger is an integral function of both nascent and well-established employers; but our economy is kidding itself if growth is to continue resulting from only exercising a sharp pencil or through M&A activity…what about organic growth, that is increasing actual sales. This is a surer sign of real growth that can lead to decreased unemployment levels, as companies would hopefully have the basis to expand and hire.

If you’re of that certain age (50 plus), a healthy economy and low unemployment levels always went hand-in-hand. It’s a new world out there that requires a new (not necessarily better in a moral sense) way of thinking.  I alluded to this in my September 24th post “Teaching an Old Dog New Tricks.” Finding work and/or changing careers is particularly challenging for our age group and one of the more demeaning hazards so puzzling to us is the utter lack of courtesy encountered during the job application and interview process.

How many times have any of you dealt with one or all of the following roadblocks:

1. You get an email about a position from a recruiter who has come across your online resume/you reply stating your interest/the recruiter never gets back in touch with you.

2. You reach the first interview stage (now generally done via telephone)/are told you’ll hear from the company re: scheduling a second interview/you never hear from them again even though you’ve appropriately followed-up to the initial interview.

3. You have an in-person interview and come fully prepared, through conducting research on the prospective employer, with a list of pertinent questions that you hope will highlight your appeal/you’re not given a chance to ask all of your items because the interviewer has too many other people to see that day.

4. You just completed what you felt was a terrific initial in-person interview and your interviewer obviously responded in kind because he/she says" “I’ll call you in a couple of days to schedule the next interview so you can also meet (insert other employees of the prospective firm here)”/you again follow-up appropriately, but don’t receive the call or an email, so you continue to follow-up and the interviewer continues to pull a disappearing act…

What has happened to basic common courtesy?! I understand the sheer volume of applicants for a given position may preclude a prospective employer from responding the way they should, but sometimes even an automated response is better than none at all. To all employers I would simply state “try putting yourself on the other side of the equation.” Lack of decency and empathy are sadly the new order of the day, and while reflecting poorly on the prospective employer, I would extrapolate this to society at-large.

George Carlin had an extremely funny, witty routine on oxymorons; I would have loved to heard him riff on “jobless recovery”…

-Neal

The topic for this post is very personal; it details my current career strife. This isn’t, however, the reason I chose to compose this piece.  My purpose is to enlighten you to a resource that may help  your mindset function in a more productive manner if you’re one of the many 50 plus males who have been laid off during the economic crisis and have consequently had to make drastic lifestyle changes.

First, an important note:  I’m not complaining in any way; perspective is key here.  Neets and I have cut back on many expenses, and our financial worries have exacerbated well beyond “normal” levels.  I choose, however, (and I’ll admit, some days it’s a bit difficult) to focus on an oft-stated thought by a respected ex co-worker…”you woke up today, it’s a good day!”  This sounds simplistic, but that’s far from the case.  The reason this reflection doesn’t always resonate as it once did is because it no longer echoes my own daily philosophy of living:  “as long as you’re not part of the first ten minutes of the 11:00 news, it’s a good day.”   Those of us who have faced layoffs are now a crucial ingredient of those first few minutes…

Here’s a suggestion; familiarize yourself with the Rich Dad Poor Dad book series by Robert Kiyosaki.  I’m not proposing this in the vein of becoming a slavish devotee to the latest self-help guru or fad.  Kiyosaki writes from the best perspective of all, personal experience, and many of the tenets he espouses help open up new roads of thought in determining your career path.  All of his maxims focus on the transition to an entrepreneurial  business philosophy and what is mentally and emotionally required to guide you in this pursuit.  He does note that the best way to do this is to keep your full-time job while starting a part-time business, but today’s economic climate makes his mode of thinking apropos to those of us who no longer have this luxury.

The book series has too many insights to discuss in this post, so I’ll mention some of the key general points Kiyosaki outlines that serve as an umbrella over the multitude of specific guidelines:

1. 1.  A reason people are not as successful as they would like to be is simply fear—such as the fear of failing or the fear of making mistakes.

2.  Do not think that all of the stars have to be aligned before starting a business.

3.  Focus on the pursuit of opportunity and don’t be driven by the need for control over resources (look for opportunities even if you don’t have all of the resources you think you need)

4.  Learn to pursue freedom as opposed to security.

5.  Always be an active learner; there’s no such concept as graduation day.

Let’s face it guys, “not exactly the easiest list of items to wrap your mind around” is an understatement.  I’m merely suggesting that a new economic order requires a different way of thinking, even at the 50 plus age level.  I’m the first to shout “but you need to do what it takes to put food on the table and pay the bills.” I’m also now quick to realize that old modes of thought probably won’t cut it anymore in the long run…

(A large portion of the Rich Dad Poor Dad book series is available at your local library, so there is no need for any monetary outlay.  You can also visit the Rich Dad web site for additional information.)

-Neal

In the wake of the recent collapse of the financial marketplace, many of us have naturally become more skittish about how to handle our investments. This is especially true for the 50 plus male, as the market downturn has made our upcoming retirement years uncertain, and in many cases simply vanish. Never before has the general investing public been made to feel as if they are being “gamed” by the big boys on Wall Street and suffering the resultant consequences of financial transactions made by the few causing irreparable harm to the masses.

In the past few weeks, a new area of concern has been getting increasing attention from the financial pundits. While I’m sure quite a few 50 plus males are aware of this technological innovation that has encroached upon the financial markets, many of you may not be as cognizant. I am not presenting myself as a financial expert or sounding any alarms; I’m just providing some exposure to an activity that until fairly recently stayed hidden from most of us.

I speak of “high-frequency trading,” a practice defined as making trades in microseconds (think of this as the ability to transact buy and sell orders thousands of times a second) through the use of supercomputers and highly sophisticated algorithms. This trading can include not just stocks, but commodities and currencies as well.  Why has this garnered so much attention lately? The answer is straightforward considering we’re addressing the financial marketplace…ever increasing profits, even in the midst of the recent market collapse, coupled with what is becoming an outsized share of daily trading volume (recent estimates have this at more than half of U.S. stock-trading volume). 

High-frequency trading isn’t just practiced by the remaining Wall Street behemoths or better-known hedge funds. Newer firms specializing in this trading as market makers have become major players. Without getting overly specific, high-frequency trading involves utilizing spreads of fractions of a penny per share in many thousands of trades a day while simultaneously restraining how much capital is being risked. The concerns center around whether this activity helps or hinders the market’s efficiencies (such as liquidity, spreads, etc,) and whether the average guy is getting the best pricing when buying and selling. Adding to this confusion are by-products of high-frequency trading such as flash orders, which is another high-speed type of trading where certain exchanges let traders quickly expose (no more than half a second) their orders to other players in the market.  This has raised red-flags of “front-running,” whereby the big boys get better pricing than you or I by trading ahead of the general public.

Many of us have a sizable proportion of our savings in mutual funds. Many of these funds are now using “dark pools,” yet another outgrowth of high-frequency trading to combat the marketplaces that cater to high-frequency traders. Dark pools are places where a fund’s managers can buy and sell large blocks of stocks ‘anonymously” so as to avert letting the market know about these big moves and hence altering prices.

There are many articles you can search for on the internet dealing with this subject matter. I have referenced “What’s Behind High-Frequency Trading” by Scott Patterson and Geoffrey Rogow in the Wall Street Journal. “Wall Streets New Masters,” written by Liz Moyer and Emily Lambert in the September 21st, 2009 edition of Forbes has provided another excellent information resource.

In sum, while all of this market activity has raised the antennae of the SEC and various politicians, the jury is still out on high-frequency trading activities. Once again, the rule of the day is “caveat emptor” (let the buyer beware) when determining how to handle the equity portion of your portfolio. I just pray we are not getting the short end of the stick.

-Neal