NAELA News August, 1999 - National Academy of Elder Law ...

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NAELA News ● August 1999 Exclusive to the NAELA News: An Interview with Jane Bryant Quinn (continued from page 9) Quinn Why do you think it would be any different than it is today? Except maybe they’ll be a little older than they are today. RCM Are they going to be older and frailer? Quinn I don’t see why they should be frailer. Unless we start denying people health care, we’ll be healthier longer. RCM Okay. About the boomers and our use of credit cards, do you think it will change when we are elderly? Quinn Tell me why you ask that question. That question surprises me. RCM I think a lot of people use credit cards to purchase things these days and while you’re working, it’s one thing when you have an income. But once you retire and your income is based upon Social Security, your pension, or whatever, do you think people will still use credit cards as freely as they might while they are working? Quinn Well, they won’t use them as freely because their incomes will be lower. As people get older, they reduce their debt. There is evidence now that more people are paying off credit cards in full, and credit card debt relative to income is going down. Total credit card debt is going up but, relative to income, it is going down. As people get older, they pay more attention to their debts and the boomers will be no different. But they will continue to use cards for convenience. There’s a strong case for having cards when you’re older. Buying by catalog or on-line is a great help to seniors who can’t easily get out. RCM Has there been any research in whether spending habits change as you get older? Quinn Well, yes. There’s a lot–the government collects data. Spending habits definitely change. Peak spending years are roughly 45 to 55 and then spending starts to drop. There’s a point at which you have your stuff. You don’t need new stuff. That’s when you start buying financial security, instead. You start saving more, investing more. I can’t give my mother RCM anything for Christmas. She doesn’t want anything. She says “Why do I need anything more?” You reach the stage when you don’t need anything. A new pair of stockings, that’s all. What is the most important role you see that elder law attorneys play for their clients? Quinn I’m not sure I can answer that, because I don’t practice elder law. Obviously, you tell your clients what the law is. I guess I’d suggest that you remind clients of their social responsibility. To understand what they should pay for, versus what the taxpayer should pay. Jane Bryant Quinn is an award-winning columnist for Newsweek, writing on issues affecting personal finances. Her columns also appear in the New York Daily News and Good Housekeeping Magazine. She is the author of Making the Most of Your Money, a comprehenisve guide to personal finance, published by Simon and Schuster and updated in 1997, and is the author of the 1978 best-seller, “Everyone’s Money Book.” An Emmy Award winner, Ms. Quinn previously worked for CBS News and recently co-hosted an investment series, “Beyond Wall Street,” running on the Public Broadcasting System. P A I D A D V E R T I S E M E N T Nursing Home Questions = Opportunity Increase Revenue Create New Business Value-added Services Client Deliverables To learn more, visit WWW.NursingHomeReports.com/naela.htm or call (800) 571-1918 National Eldercare Referral Systems, LLC. 10
P A I D A D V E R T I S E M E N T NAELA News ● August 1999 What do you want? ◆ More clients? ◆ Better Clients? ◆ The power to pick and choose the most profitable cases? You can have it! How? Expand your referral base. Research shows as much as 80% of your new business comes from referrals.* The vast majority of your customers rely on their family, friends, and other professionals when it comes to selecting a legal or personal financial advisor. If you want to see your practice grow, a strong referral base is your key. So how do you do it? * According to a 1996 DALBAR survey. ReferralNet, Inc. can help! We can provide you with the tools to build your referral base and expand your practice into the new millenium. Our Weekly FaxLetter, Weekly E-Letter, and Internet Web Development services are more than just products. They are part of a process by which you enhance your firm’s public image and keep your name in front of your referral sources. They will soon have your refined corporate image in their minds, and when it comes time to give a referral, your name will be the first they mention. We will design an affordable business development package that’s just right for your firm. Contact us today for more information on these services: ◆ Internet Web Development – a personalized web site for you, giving your firm a dynamic, professional, and inexpensive web presence. You can send Your personalized professional bulletin to Your referral sources. REFERRALNET, INC. Visit us on the web at www.refnet.net E-mail referrals@refnet.net ◆ Weekly E-Letter – keeping you in contact with your referral sources with an easily accessible, informative digital newsletter from your firm. ◆ Weekly FaxLetter – your own personalized Elder Law or Estate Planning news bulletin faxed to your referral sources. Call 1-800-457-4369 11 23
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