 new built-in selection of the Café line of appliances at the International Builders Show, Jan. 12-15, 2011.
“We are expanding our extremely popular GE Café line into built-in wall ovens and cooktops to give consumers even more options,” says Larry Muennich, merchandising specialist for Cooking. The Café line, hugely popular for its professional appearance with oversized handles and stainless steel commercial feel, was previously only available in free-standing or slide-in range models.
Consumers can place the Café built-in cooktops and ovens almost anywhere in their kitchens, whether it’s an oven at eye-level or a cooktop in the center island. Built-in products give the customer flexibility with appliances.
All GE Café cooktops and ovens feature modern stainless steel with cooking advantages available to top chefs. For example, gas cook tops, deeply recessed to catch spills for easy clean-up, have continuous grates for a sleek appearance of use that allows consumers to easily switch cookware around the burners.
The 20K BTU tri-ring high output burner can provide quick boiling and low simmering for sauces and melting chocolate. The wall oven includes GE exclusive PreciseAir convection that uses an innovative reversing fan for optimal air and heat circulation within the oven, providing more even baking and fast roasting.
The built-in GE Café products will be available in fall 2011. See GE Appliances for more information.
How to serve up a healthy retirement off the court.
Many athletes dream of becoming recognised as famous sports stars.
However, 78% of NFL players and 60% of NBA players go broke after leaving the sport.
Here’s what elite sports stars can do now to enjoy a healthy retirement later.
Many sports stars earning big salaries go bankrupt, which is why athletes need to start planning for a more comfortable retirement now, while there’s still time left in the game.
Athletes work tirelessly to become the best.
They train tirelessly, put in hours at the gym and give up on social events to put their sport first. And if they make it to the top of their game, championship winnings and sponsorship details await. In tennis for example, while 80% of players earn close to nothing, those who lift the trophy can become millionaires, such as Roger Federer, who earned $65 million by the time he was 30.
However, a considerable number of elite sports stars lose it all when they retire.
Sports Illustrated estimated in 2009 that 80% of NFL stars go broke, including going bankrupt or experiencing financial distress, just three years after their retirement, despite earning an average salary of $2 million a year. They also cited the 60% of NBA players who went broke within five years of retiring from the court.
The amount you earn does not determine whether you’ll experience financial stress.
Mike Tyson is a famous example who went from being worth $400 million to having less than $700 in his bank account. Making it to the top of your sport and earning big pay cheques is no guarantee of future net worth. That will be determined by the financial decisions you make now.
The moment you start earning more money, you might be able to access more credit. This is because the banks perceive you have a greater capacity to pay back loans, so they’re willing to lend you more money. While that money could come in use, consider how you’ll pay that debt back during your career.
When you win a tournament or move up the rankings, you may wish to treat yourself. While we are huge fans of enjoying your money, make sure that this is within your budget. Take the time to find the right budgeting method that fits with your lifestyle so that your budget is sustainable.
If a sports star becomes injured, this can sideline or end their sporting career. It’s worth having a backup plan, including an emergency fund and a side hustle to provide more than one source of income. Venus Williams is an excellent example of this, establishing an activewear company to support female sporting performance as she continues to play professional tennis at an elite level.
Many elite stars lose money due to bad investments made by financial advisors who exploit their clients or who are incompetent. Take the time to find an advisor your trust and who will work in your best interests while you’re playing your sport and when you retire.
Sports careers don’t last forever, which is why it’s important to build a legacy for the next generation. Star of the soccer pitch, Marcus Rashford has successfully campaigned for meals to be provided to low-income families during school holidays. While you’re still at the top of your game, take the time to support and champion those who will hold the trophy after you.
Elite sports stars of today should plan for their lives off the court while there’s still time left in the game.
We want to see more sports stars start more confidence in managing money while they’re still earning an income from the sport they love. Developing this financial wellbeing will enable them to thrive in retirement so they can afford to inspire the next generation of athletes who will follow them.
Many reprographics firms are family businesses, and managing family businesses is a topic IRgA Today will be exploring over the coming months. Below is an excerpt from Livelihood & Legacy: The NAPL Guide to the Family-Owned Business, a new book published by the National Association for Printing Leadership.
This excerpt explores one area of family business -- how to prepare the business for the eventual death of the founder. Of course, this is just one area of concern in a family business; if you would like to order a copy of Livelihood & Legacy for $29.95, click here to order it from NAPL.
In coming months look for regular articles about family business issues written by Chuck Gremillion, a long-time IRgA member who has personal experience dealing with family issues. Chuck's column will begin in late December.
At first blush, this may seem like nothing more than a matter of dividing assets equally and minimizing estate tax liabilities. Estate planning should, however, be based on a much broader spectrum of considerations about the financial and personal objectives of the owner and the owner’s spouse during their lifetimes. As such, planning for the estate transition ideally should begin early in the founder’s or owner’s life.
This is particularly important because the family business, along with other assets associated with the business, often comprise a substantial portion of the owner’s net worth. Absent any planning, the owner, his/her spouse, and the family may all find themselves negatively impacted. The founder may, for example, be totally dependent on the continuing profitability of the business for retirement income, or the owner’s survivors may be forced to sell the business in order to satisfy estate transfer tax liabilities.
Many people mistakenly view estate planning as nothing more than financial preparation for one’s death, but it can more accurately be viewed as a long-term process to assure the financial futures of individuals and the family—and to provide safeguards against financial problems encountered by the business.
The need to develop plans that reflect both the family’s and the owner’s/founder’s own specific situation and objectives.
It is wise to provide for financial security in retirement that is independent of the fortunes of the business. This typically means finding ways to free up part or all of the owner’s investment in the business to provide liquidity and a steady income stream. In the process, of course, it is vital to protect the financial health and stability of the business. And it is desirable to transfer assets that will be used in retirement by tax-efficient means.
Increasing current compensation. The simplest and most direct approach to increasing income, it creates immediate tax liabilities that might be postponed using other methods.
Using tax-advantaged plans. A number of approaches are available to help owners take cash out of the business and dedicate it to a retirement nest egg without any immediate tax consequences. Among them: IRAs and qualified plans (including profit-sharing plans, pension plans, and 401k plans).
Non-qualified plans. Supplemental executive retirement plans (SERPs) can provide retirement benefits to selected individuals above and beyond those permitted by qualified plans. Deferred compensation arrangements can be used to delay receipt of current income after retirement or assure that income will be paid to an individual’s designed beneficiaries after his or her death.
Selling stock to children. Selling all or part of the owner’s stock in the family business to his children during his (or her) lifetime is another way to generate liquidity and additional retirement income. Because it involves a transfer of ownership and affects control of the business, this approach should be coordinated closely with any decisions the owner and the owner’s family make about both the management and ownership transition elements of succession planning.
Bottom line: No matter which approaches advisors recommend, the earlier in the owner’s lifetime this type of planning is done, the more flexibility will be available.
Federal and state taxes can leave large sums of money subject to taxation and take very large bites out of whatever portion of estate value is not exempted. It may be worthwhile, therefore, to consider strategies for the interim transfer of as much of an estate to the estate’s heirs as possible. Once again, there are numerous estate planning techniques available and they should be looked at only with the help of competent professionals.
As noted above, the family business typically represents a valuable, but highly illiquid asset.
In order to protect that asset for the next generation, it is important that the owner and his or her family understand and provide for the anticipated need for liquidity to settle estate tax liabilities.
It is important to coordinate the estate transition with the management and