Money News from around the Web

A few tidbits this morning:

• Is frugal the new black? -- "As the reality of a down economy begins to sink in, experts say consumers are starting to embrace the simple life: staying close to home, cooking more, planting a garden and even delighting in bargain hunting."

Nothing like a recession to knock financial sense into people. Trouble is, the second the economy turns upward, most people will go back to their free-spending ways.

• Women should figure longer life into retirement -- "Women may not earn as much as men or fly up the corporate ladder as quickly, but they get the last laugh since they live longer. Right? As it turns out, women probably aren’t saving enough to bankroll those extra years in style. They invest more conservatively, start saving later and are more likely to be in and out of the work force, according to a study released Wednesday by Hewitt Associates, a human resources consulting firm."

Yep. The longer you live, the longer your retirement will be. As such, you'll need to save more.

• New U of M coach settles, will pay W. Virginia $4M -- "West Virginia University says ex-football coach Rich Rodriguez has agreed to pay a $4 million buyout clause after breaking his contract."

Ouch! That's not a great financial move, huh? He better win at Michigan or his income will take a HUGE hit versus what it would have been if he stayed at WV.

Comments

[CB]

Many would consider WV to Michigan a big promotion/career advance, so it's investing in his future (possible NFL job?)

[FMF]

CB --

Maybe, but he's not making that much more at Michigan is he?

And if he doesn't win (and especially beat Ohio State), he may be coaching at a local high school nearby.

[tom]

You've just combined my two favorite things... Michigan Football and Personal Finance... THANK YOU!

On the subject of Rich Rod... he, personally, has to pay $1.5M. Michigan Athletics is paying the remaining $2.5M, not as bad...

I will agree with CB. Coaching at Michigan is a HUGE promotion, but with it comes an exponential amount of responsibility. If he does live up to the hype and performs, he'll be a god among men in the college football world, opening doors to any school or the NFL. BUT, if he doesn't, it's off to Pioneer High School to coach JV football!

[mrm]

Tom, he's nowhere near that "god among men" status. He could have been if he had headed in a different direction. I think any move for him is more of a lateral move than anything unless it's to the SEC, which won't happen for him.

[tom]

Yeah, the SEC is good right now, but none of those teams can compare to the history, tradition, and excellence of Michigan.

[mrm]

Tom, there needs to be an asterisk beside you last comment! See Alabama. Historically, has the most tradition, and the is the winningest football team in college football, with 12 national championships, the most bowl games, etc etc. Hopefully those glory days will return soon as our last national championship was in 1992.

I think Michigan has something great going as well though.