TheDeal.com executive editor Yvette Kantrow wants to know what perpetually happy business news media such as Fox Business Network and personal finance magazines will cover when the economy turns sour.
“How will the personal finance pubs respond to the current economy, with its tangle of recondite difficulties? In its March issue, Money tries to confront the situation head-on with a ‘special report’ on how to ‘recession-proof your life.’ It’s all pretty run-of-the-mill, commonsense kind of stuff, from ‘stock up on emergency funds’ to try to hold on to your job. Hey, good idea. But at least give Money points for realism, which also runs through the issue’s main event: a baby boomer’s ‘guide to financial freedom.’ Says Money, ‘Inevitably, the tailwinds that the economy has enjoyed for the past quarter-century will have to play themselves out, if only because the conditions that created them no longer exist.’
“Meanwhile, Smart Money takes a different tack in its March offering. Its cover story: What to do with a $100,000 windfall.”
Read more here.
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I can't respond to Ms. Kantrow's comments about how the economy is portrayed on the Fox biz channel as I am too cheap to pay for cable and don't watch it. But disagree that Smart Money magazine shoots and misses on its inheritance cover story. It's no secret that baby boomers stand to inherit a combined windfall estimated into the 10 figures from WW II era parents. My mom passed away four years ago next week, having been raised in the Depression by a widowed mother who never owned property or even a car. To call mom frugal would be an understatement and her estate reflected this propensity to save. I for one appreciated the coverage of this topic in Smart Money, to which I subscribe. I also recommend "The Wise Inheritor" by Ann Perry. Those of us who have buried both parents and have navigated life insurance, probate and estate sales would hardly refer to the experience as "cheery." Mainly owing to real estate appreciation, many boomers will find surprisingly large estates left by parents whose middle-class lifestyles were modest. My inheritance is invested in mutual funds that will some day pass onto my girls. Would that it bought one more year with a loving grandma whom they barely recall.