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Source: http://www.facebook.com/NBCMiami/posts/419864534729871
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Saturday, September 29, 2012
Fire destroys single mom's business, retirement plans - Financial Post
Situation: Fire devastated family business and home of divorced woman
Strategy: Get insurance settlement and a job, invest for retirement
Solution: Retirement income two-thirds more than pre-fire salary
Trouble, it is said, comes in threes. The case of a woman we?ll call Judy, 50, appears to prove the rule. Recently divorced, she found her home destroyed by fire and her source of income terminated.
Judy owned, lived in and ran a ski lodge in Alberta until it was burned to the ground in an electrical fire in late 2010.
A seasonal operation with 15 rooms, it barely broke even after paying Judy a $48,000 annual pre-tax salary. She had insurance, of course, but it was a low-cost package that did not cover loss of business or provide for full replacement cost of the lodge.
So instead of paying out potentially millions it would take to rebuild at today?s prices, she will be left with an insurance settlement of $400,000 and the lot where the lodge used to be, which is worth about $75,000.
Investing everything scares the heck out of me. I need a plan but don?t know where to start. I am still frightened by what happened and I have planning paralysis
There is no money to rebuild the lodge. Judy has moved to a rental apartment in Vancouver and is looking for a new job. There won?t be any payment for loss of business, which was a break-even operation to begin with.
So far she has received $200,000, which she is using to supplement the $1,212 she gets every month from employment insurance. In the expensive Vancouver housing market, her settlement may not even be enough to buy her a new home.
With twin sons in university and her own retirement to consider, she is nervous.
?What do I do now?? Judy asks. ?I could buy another home, but that is impossible in Vancouver. Investing everything scares the heck out of me. I need a plan but don?t know where to start. I am still frightened by what happened and I have planning paralysis.?
Family Finance asked Derek Moran, head of Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Judy. In his view, she can solve her problems if she can get a new job, perhaps in hotel management, and make sensible investments. It will take a series of steps, he says.
Cash management
Second, pay off a $5,000 line of credit with a 7.5% interest rate.
Third, sell a $40,000 building lot to her ex-husband via a vendor-take-back mortgage. If he misses a payment, she gets the lot back. The deal is not without risk, for if the market price of the lot were to drop and he missed payments, she would be left with an asset of reduced value.
A sale is pending of the $75,000 lot where the lodge once stood.
Judy can make several economies. She allocates $450 a month to her sons? educations on top of income from their $38,000 trust accounts. Yet each son can make $225 a month with part-time work. Her $650-a-month spending for clothing covers replacement of her wardrobe, which was lost in the fire. It will be reduced over time.
Judy can apply the skills she used in many years of ski lodge management to running a conventional hotel or another lodge. She expects to replicate the $48,000 annual salary when, soon, she expects to have full-time work.
She can eliminate $200 a month for the cost of her line of credit, $450 for university costs, $253 for property taxes on the lots, $650 for clothing expenses, and $350 a month for keeping her horse (due to be sold).
Remaining expenses, including a normalized budget of $200 a month for clothing and grooming, would add up to $3,535 a month. If her retirement income after tax can produce that amount, her retirement would be adequately financed and, with a bit of financial engineering, some capital would be preserved for her sons to inherit.
Retirement
If she invests in high-quality corporate bonds or dividend-paying stocks that generate a conservative return of 2% after inflation and income taxes, her assets of $527,670 (including her insurance settlement) would grow to $739,000 in 17 years when, at 67, her Old Age Security begins. In retirement, that capital could generate 3% or $22,170 after average 10% income tax. All figures are in 2012 dollars.
If Judy is prepared to exhaust her capital in 25 years to age 90, her financial assets could generate $47,000 a year to age 90, Mr. Moran estimates. Judy is on track to earn full Canada Pension Plan benefits at 65 of $11,840 a year. She will also receive $6,540 in Old Age Security at age 67. Her gross income at age 67, assuming capital exhaustion by age 90, would total $65,380. or $4,900 a month, after 10% income tax.
If Judy gets a job and is able to save $10,000 a year out of salary and investment income until she is 67 and her OAS begins, she could grow $204,000 additional capital by 65. In retirement, that money could generate $6,120 a year at 3% before tax. If this capital is not exhausted, it could be a legacy for her children. In this case, Judy?s total pre-tax annual income would rise to nearly $71,500 a year, or $5,363 a month, after 10% tax.
In spite of the fire and its destruction of her way of life, her after-tax retirement income in 2012 dollars would be 1.7 times more than her annual salary before the blaze. She could easily cover expenses less the cost of stabling and feeding her horse, which is due to be sold, debt service and university expenses for her sons.
There are a lot of ifs in these projections, Mr. Moran admits. Judy should be able to get a job in hotel management. The final insurance settlement of $200,000 is probable, but at the moment, the money is just a contingent asset.
She could also choose to use some of the insurance money for a down payment on another house where she finds permanent work. In that case, her $1,400 monthly rent payments could be spent on mortgage payments. Utilities and upkeep would add to that, but it?s her future choice.
Nevertheless, Judy is, as Mr. Moran says, by nature a saver. ?If she can invest wisely and work to cover living expenses and to provide a margin for saving, she should be able to have a comfortable retirement,? he says.
Need help getting out of a financial fix? Email andrewallentuck@mts.net for a free Family Finance analysis.
Source: http://business.financialpost.com/2012/09/28/fire-destroys-single-moms-business-retirement-plans/
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Friday, September 28, 2012
Red Lion Hotels Announces Listing of Hotel in ... - Franchising.com
SPOKANE, Wash., Sept. 28, 2012 // PRNewswire // -- Red Lion Hotels Corporation (NYSE: RLH) today announced the company has listed for sale the Red Lion Hotel Pendleton in Oregon.
"We have successfully sold three properties that, in turn, have resulted in three franchise agreements with the new owners," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "The proceeds from previous and future property sales are used to reduce debt and improve the competitive position of our hotels to maximize shareholder value."
The Red Lion Hotel Pendleton was part of the purchase by the company in November 2011 of 10 previously-leased properties from iStar Financial. The hotel has 170 rooms and is located off of I-84, one mile from the city center and minutes from Pendleton Airport. Nearby attractions include the Pendleton Underground Tours, Pendleton Woolen Mills, the Umatilla Indian Reservation and Wildhorse Golf Course.
The property is listed with CBRE Hotels representative Chris Burdett, the agent responsible for the successful sale of Red Lion Hotel on Fifth Avenue in Seattle and the Red Lion Colonial Hotel in Helena, Montana.
About Red Lion Hotels Corporation
Red Lion Hotels Corporation is a hospitality and leisure Company primarily engaged in the ownership, operation and franchising of midscale hotels under its Red Lion? brand. As of June 30, 2012, the RLH hotel network was comprised of 47 hotels located in nine states and one Canadian province, with 8,872 rooms and 443,587 square feet of meeting space. The Company also owns and operates an entertainment and event ticket distribution business. For more information, please visit the Company's website at www.redlion.com.
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Contact:
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Red Lion Hotels Corporation
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www.RedLion.com
SOURCE Red Lion Hotels Corporation
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Source: http://www.franchising.com/news/20120928_red_lion_hotels_announces_listing_of_hotel_in_pend.html
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Burnt money, campus ban: Tidbits on Colo. shooter
FILE - This file photo provided on Sept. 20, 2012 by the Arapahoe County Sheriff's Office shows James Holmes. Holmes, the suspect in a deadly movie theater attack in Colorado, threatened a professor before the shooting, leading the university to ban him from campus, prosecutors said in court documents released Friday, Sept. 28, 2012. (AP Photo/Arapahoe County Sheriff, File)
FILE - This file photo provided on Sept. 20, 2012 by the Arapahoe County Sheriff's Office shows James Holmes. Holmes, the suspect in a deadly movie theater attack in Colorado, threatened a professor before the shooting, leading the university to ban him from campus, prosecutors said in court documents released Friday, Sept. 28, 2012. (AP Photo/Arapahoe County Sheriff, File)
DENVER (AP) ? The suspect in the Aurora movie shooting case mailed "burnt currency," along with a notebook, to his psychiatrist before the attack. He threatened a professor and was banned from a university campus before withdrawing from its neuroscience graduate program. His defense team has added a psychiatrist.
Those were the few tidbits of information in hundreds of pages of heavily-redacted court documents released Friday, which serve as the best chance the public has to understand what happened before James Holmes allegedly opened fire at a midnight screening of the new Batman movie more than two months ago.
The documents shed little light on Holmes' possible motives or whether the university ignored warning signs about him. That's partly because Arapahoe County District Judge William B. Sylvester continued to keep under seal the key documents in the case ? the affidavit that lays out prosecutors' case against Holmes, and the search warrants that allowed them to gather evidence against him.
Holmes, 24, faces 152 charges in the July 20 shooting that killed 12 people and injured 58 others.
Some of the documents are entirely blacked out. In others, Sylvester's rulings on legal disputes, references to years-old case law and even copies of newspaper articles are redacted, along with information about the investigation.
The documents do shed a little more light on one of the main disputes in the case ? Holmes' threats against a professor, possibly the university psychiatrist, Dr. Lynne Fenton, who has testified that she contacted campus police after her last meeting with Holmes June 11. Fenton, who testified Aug. 30, said she went to police to gather more information and communicate her "concern."
She did not refer to her concern as a threat.
Prosecutors contended that Holmes was barred from campus after making the threats. The University of Colorado has said that Holmes was denied access to nonpublic buildings on campus because he withdrew as a neuroscience graduate student, not for safety reasons.
A university spokeswoman did not return a call for comment on Friday. The university has previously refused to comment on how it handled Holmes, citing a gag order that Sylvester imposed. Before the gag order, university officials said their police force had no contact with Holmes and that the chief of the department knew nothing about him.
The defense team sought sanctions against prosecutors for contending Holmes had been barred from campus, arguing that the false statements could contaminate the jury pool. But Sylvester shot that down, ruling the statements were within legal bounds.
Defense attorneys did not return a call for comment Friday.
The most legally significant disclosure Friday was the inclusion of the psychiatrist on Holmes' defense team. Holmes' attorneys have said he is mentally ill.
"This is unusual in a normal case, but not surprising in this case," said criminal trial lawyer Dan Recht, former president of the Colorado Criminal Defense Bar. "Presumably he's (the psychiatrist) the one who is going to opine on whether Holmes is insane or not.
"It's a foregone conclusion that the defense will plead not guilty by reason of insanity."
Other documents likely contain new information, but are blacked out. For example, in one pleading, attorneys describe how law enforcement handled the package that Holmes sent Fenton, which was discovered four days after the attack and also after Holmes allegedly booby-trapped his own apartment.
Authorities were so worried the package was also rigged that they X-rayed it and had a technician in a protective suit open it. What investigators saw when they realized the package was not dangerous, however, is redacted. All that is legible in the documents is a reference to the package containing a notebook with a post-it note and "burnt currency."
The records also show that authorities obtained text messages that Holmes sent a classmate. The documents do not say what those texts discussed.
In court, prosecutors suggested Holmes was angry at the failure of a once promising academic career and stockpiled weapons, ammunition, tear gas grenades, and body armor as his research deteriorated and professors urged him to get into another profession. Chief Deputy District Attorney Karen Pearson said Holmes failed a key oral exam in June, was banned from campus and began to voluntarily withdraw from the school.
Documents filed in the case from now on will be public, unless prosecutors or defense attorneys ask they not be released.
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Associated Press writers Steven K. Paulson and Thomas Peipert contributed to this report.
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Glitter Spider Webs + Spooky Shelves - Centsational Girl
I like to spookify a section of our house every year while the kids are at school, they love the surprise when they come home.? One year I painted a ghost on the mirror above the mantel, and another year I made glowing eyes Halloween art.
This year I decided that while they were away, big black spiders would invade the family room bookcases, and bring some feathered friends.? Since I painted the built ins white this year, they were the perfect candidate for some black and white Halloween fun.
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The glittery spider webs were a DIY project and I used craft supplies from Martha Stewart?s collection to create them.
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To make them, all you need is wax paper, craft glue, and some black glitter, scissors to trim the wax paper, and a Xacto knife to cut them out in the end (not shown).
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Sketch the web design with a marker or freehand it like I did with craft glue.? Scatter glitter on top to form the glittery web and allow to dry for 24 hours.
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Once the webs have dried, trim between the webbing carefully with a Xacto knife or craft cutter on top of a cutting board.
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I used these inexpensive foam mounting dots to adhere the webs to the bookshelves, but if your shelves are not white, clear glue dots should work too.
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I learned the thinner your line of glue the more delicate the web is but it can get unstable if too thin, so keep your glue line thicker for a sturdier web that can span 12-16 inches.
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Here they are on display, creeeeeeepy !
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The spiders crept into the niche too and made themselves at home on the family photo.
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EEEEEEEEK!
We?ve been invaded!
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Linking up to Sarah?s Fall Decor party today as we finish up the Autumn Link Parties?
? be sure to hop over and get inspired!
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Pin It Tags: DIY, glitter spider webs
Source: http://www.centsationalgirl.com/2012/09/glitter-spider-webs-spooky-shelves/
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Thursday, September 27, 2012
Scientists capture clues to sustainability of fish populations
ScienceDaily (Sep. 27, 2012) ? Thanks to studies of a fish that gives birth to live young and is not fished commercially, scientists at UC Santa Barbara have discovered that food availability is a critical limiting factor in the health of fish populations.
The scientists were able to attach numbers to this idea, based on 16 years of data. They discovered that the availability of enough food can drive up to a 10-fold increase in the per capita birthrate of fish. And, with adequate food, the young are up to 10 times more likely to survive than those without it.
This research, published this week in the Proceedings of the Royal Society B, is expected to be useful for managers involved in maintaining sustainable fisheries.
The scientists used a remarkable set of black surfperch population data -- collected from 1993 to 2008 -- to develop these statistics. Divers collected the data by monitoring a fish population off Santa Cruz Island, near Santa Barbara. Russell J. Schmitt and Sally J. Holbrook, both professors in UCSB's Department of Ecology, Evolution, and Marine Biology and UCSB's Marine Science Institute, head the team of scientists.
First author Daniel K. Okamoto, a Ph.D. student in UCSB's Department of Ecology, Evolution, and Marine Biology, explained that there has been a lack of information about how survival and birthrates are influenced by food availability, which is known to fluctuate through time. Black surfperch, found off the Pacific Coast from central Baja California northward to Fort Bragg, feed on small crustaceans and worms.
"If a management procedure has called for a certain harvest rate that is constant through time, that would be like saying we should harvest the same amount of corn through time, even though we know that corn can be influenced by things like drought," said Okamoto.
The scientists consider the black surfperch (Embiotoca jacksoni) to be a model species because it is not fished commercially, making it easier to assess the effects of food availability on fish mortality and reproduction.
A key feature of the black surfperch is the fact that this fish gives birth to live young that remain on the reef, allowing for its population to be counted accurately from year to year.
"The individual fish stay on their natal reef; they have low emigration- immigration rates, so we can actually track cohorts through time," said Okamoto. "An adult gives birth to live, capable young, instead of laying eggs. Those young stay on the reef where the adults were, which is a really nice property. We can go to a reef in a given year, survey it for adults, then go to that reef again the next year and see the young that are there and know, for the most part, that those young came from the adults that were there the year before." By contrast, most fish are dispersed into open water when they are in the larval stage.
Okamoto said that not including food availability in calculating benchmarks for species conservation may leave out a critical element in fisheries management.
Daniel Reed, a research biologist with UCSB's Marine Science Institute and the principal investigator for the Santa Barbara Coastal Long Term Ecological Research Program, is also a co-author of the study. The National Science Foundation provided funding for the research.
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The above story is reprinted from materials provided by University of California - Santa Barbara.
Note: Materials may be edited for content and length. For further information, please contact the source cited above.
Journal Reference:
- D. K. Okamoto, R. J. Schmitt, S. J. Holbrook, D. C. Reed. Fluctuations in food supply drive recruitment variation in a marine fish. Proceedings of the Royal Society B: Biological Sciences, 2012; DOI: 10.1098/rspb.2012.1862
Note: If no author is given, the source is cited instead.
Disclaimer: Views expressed in this article do not necessarily reflect those of ScienceDaily or its staff.
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Conservatives pour new money into 6 Senate races
WASHINGTON (AP) ? A conservative super PAC has jumped back into the Indiana Senate race with a nearly $1 million ad buy highlighting Democratic nominee Joe Donnelly's support for two of President Barack Obama's policies.
The Indiana buy is part of more than $6.4 million worth of air time that Crossroads GPS and American Crossroads bought this week in six Senate contests, according to Federal Election Commission records. The money also was dedicated to races in Florida, Ohio, Virginia, Nevada and Wisconsin.
Indiana, while appearing firmly in the GOP column, is emerging as a battleground state for control of the Senate.
Donnelly's opponent is Republican Richard Mourdock.
Crossroads GPS criticized Donnelly for voting for Obama's economic stimulus and health care overhaul. Donnelly's campaign said he supports making changes to the health care law.
Source: http://news.yahoo.com/conservatives-pour-money-6-senate-races-193839179--election.html
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