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Phyllis Holly-Ward and her husband, Jorey Ward are enjoying the fruits of responsible money management. The Trenton, New Jersey, couple are a modern-day success story: a six-figure savings account; two self-sufficient college graduate sons, William, 29, and Phillip, 28; and, including their sons’ properties, an estimated $1 million worth of real estate. What’s their secret? The Wards manage their household finances like a business.
A year ago, I attended the funeral of a close friend. The 44-year-old former college athlete appeared to be the picture of health. But it took just four short, painful months from the day he received a diagnosis of inoperable cancer to witness a brilliant life snuffed out in its prime. If the disease had been detected sooner, he would likely still be among the living. But his fate was unfortunately sealed because he’d refused to get a single medical exam in more than 15 years.
Kenneth Holley cringed last winter every time he heard someone on the television news compare the current U.S. recession to the Great Depression of the 1930s. “They went too far,†says Holley. “Unemployment was 25% during the Depression, and there were thousands of banks that went under. The parallels aren’t there.†(The nation’s jobless rate at press time: 8.9%)
The air in the aviation industry rarely has a calm moment. Shortly after 9/11, roughly 130,000 jobs were lost as airlines responded to reduced demand. Then the wars in Afghanistan and Iraq fueled spikes in oil prices and airfares. Today, airlines directly employ 550,000, the Air Transport Association reports. As the economy struggles to rebound, aircraft mechanics, pilots, and air traffic controllers are concerned about staffing shortfalls and their stake in the $120 billion commercial airline industry.
