Laid-off worker fights age discrimination
DEAR BRUCE: My husband is 59, and he worked for the same company for 15 years. Recently, he was let go, along with 11 others. He has mailed and faxed his resume to various companies; there has been no response. I am sure age is an important factor. It’s hard to believe that a person with his education cannot find a job when there are so many out there. We were thinking of hiring an agency. What do you think? — Reader, via e-mail
DEAR READER: I would not pay anyone for a job unless the job was hand-delivered. There are many agencies that claim they will help you seek a job and spruce up your resume, but, in my judgment, these are not worth pursuing. Your husband’s age is going to work very much against him. For one thing, fringe packages for older employees are far more expensive, and it’s difficult to add a “new” older employee when you consider health insurance, life insurance, etc. It may be that your husband might want to seek part-time employment, where the company would not be obliged to provide the fringe package.
Further, if he has the skills, he might wish to offer himself as a consultant on a per-diem basis. Once again, the ordinary overhead is considerably reduced. The final possibility is to start his own business. Faced with the same problem, many men his age have done exactly that, which, to their surprise, have done very well.
DEAR BRUCE: I am wondering if there is any merit in diversifying my assets among fund families? Currently, I have 90 percent of my investments in one of the largest fund families and have just received a moderate inheritance. It would be easy to manage all of my money in one family, but what are the risks in having all of the money in just one fund? — C.P. in Florida
DEAR C.P.: Having a degree of diversification cannot hurt. There are many fine families of funds out there, and since you have most of your assets in one, I would choose a second that has demonstrated a good performance.
DEAR BRUCE: Though I filed a Chapter 7 bankruptcy because of a business failure years ago, I have an excellent credit rating. Two months ago, I applied for a membership at a credit union, and I was turned down. Since my credit is excellent, I was surprised at their decision. It seems bankruptcy does follow us around. Is it legal for them to refuse me? – Reader, via e-mail
DEAR READER: What they are saying is, you beat them once with the bankruptcy, regardless of the circumstances, and they are not going to give you another “bite of the apple.” Yes, as I understand it, they have every right to deny you membership in their credit union. While this may seem small and perhaps shortsighted on their part, they certainly have this right and I think you can understand their logic.
DEAR BRUCE: We are buying a new home in a subdivision that was once a farm. The subdivision is in its fifth phase, so it has been around for several years. My husband and I understand the need for title insurance on existing homes that are purchased. However, I’m not certain of its need on the purchase of a new home when the developers have already had the title evidence examined. Additionally, my husband and I plan to have an attorney perform a title search for us. Do you think it is a wise investment to purchase title insurance on a new home? — N.D., via e-mail
DEAR N.D.: Under almost any circumstance I can imagine, I would recommend title insurance. The fact that the developer did it doesn’t necessarily demonstrate he didn’t make an error. The same thing is true if your attorney makes a search. Title insurance is one of the few types of insurance where you make one payment, and it lasts for as long as you have an interest in the property. In all of the properties I have purchased in my lifetime, each has had title insurance placed upon it.
Send your questions to: Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to: [email protected].