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Keeping wealth in the family

09.01.09

Lisa and Bruce Brown are fortunate enough to have plenty of assets to protect. Foremost of these is their children: The Browns are the proud parents of four-year-old Emma, and they have another baby on the way. The Oakland couple also have considerable assets of the financial variety. Thanks to diligent saving and smart property investments, the Browns have a net worth of nearly $2 million.

As yet another bank faces collapse, consumers are worried about their cash. Even in a down economy, a traditional pension is the safest kind of retirement account. Ira and Hope Moskowitz, both 44, have lived within a 10-mile radius of Philadelphia their whole lives. City kids, they met in junior high, got married in Philly in 1989, and settled in nearby Cherry Hill, N.J., where Hope manages a hair salon and Ira headed up software administration for a mortgage-servicing firm.



You've probably heard that the restriction barring those earning more than $100,000 from converting a traditional IRA to a Roth will soon be history. This means that as of January, anyone with an IRA can create tax-free income in retirement. Getting old brings a host of changes. Achy knees. Way more time to play bridge. And, occasionally, the tendency to make unwise money decisions. We're just getting the latest figures on unemployment. But it's not just about the number of people out of work, at issue is also how long people are out of work.

There comes a point in every good book where you're convinced you know how the plot goes. And then you turn the page and something unexpected happens that changes all your assumptions. Well, that's where we are now.

Money looked for careers with great pay, superior growth prospects, intellectual challenge, flexibility and more. Fourteen-year-old Dalyn Fountain has all the trappings of today's teens: her own cellphone, an iPod, a new laptop, and cable television in her bedroom. Until recently she also had a ready line of credit from the Bank of Mom & Dad - no payback necessary.

Health-care costs are pinching just about everyone. You feel it every time your co-pays and deductibles go up, and you feel it in your paycheck - rising employer premiums are leaving less money for salaries. Medicare is on its way to financial disaster within a decade. And 46 million Americans are without health insurance. Constant news of layoffs, pay cuts, and stock declines has all of us tightening our belts: A recent Money poll found that in light of the financial crisis, 89% of us are changing the way we manage our finances, and 88% plan to be more frugal. Question: I'm in my 50s and I got a late start on my 401(k) plan at work. All my contributions go into a balanced fund, but when I get my statement each quarter, it seems that I'm losing as much as I'm contributing. Should I leave my money where it is or should I switch to another fund? --Linda Mandrell, Tampa, Florida



Diversification, the notion of spreading your investments among different baskets of assets that don't rise and fall in unison, has long been considered one of the safest and surest moves you can make with your portfolio. After all, if any one basket falls apart, most of your brood should remain intact. Here's how to get restaurant quality at a budget price. As the summer flying season begins, some analysts are getting bullish on airlines with healthy balance sheets like Continental Airlines. Jet fuel prices have declined by more than half from the same time last year -- when the company lost $585 million -- and some say the 51% drop in its stock this year is an overcorrection.

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