Richard Maize: Foundation To Provide Financial Aid To The Forgotten Unemployed – Senior Citizens
Los Angeles --- May 13, 2011 ….. “One of the hardest hit groups of people with the least potential of securing work even if and when the US economy improves are the 60 year old plus citizens,” said Richard Maize.
As such, I have decided to provide free financial assistance to some of those who are over 60-years-old, unemployed, have no source of income but are ready to get a business off the ground.”
Richard Maize is the director of the Rochelle and Richard Maize Foundation. The Rochelle and Richard Maize Foundation is a philanthropic organization that supports and contributes volunteer and financial resources to causes locally in the community and worldwide by supporting meaningful programs focusing on art, culture, family services and health care that work to help people live more fulfilling lives.
“We will select those who are the neediest and most motivated to establish a realistic business which is most suitable for them and the market that they will be trying to reach,” says Maize. “The monies will be large enough to provide for some legal and Internet marketing to get the business off the ground.”
Maize has stated that he has witnessed two types of scenarios where those over 60 are struggling to survive.
“Let’s call him Steve. A 60 year-old who is comfortable living paycheck to paycheck. His or her kids are all grown and dealing with their own lives. Presently the 60 year old is living with partner and dog. Modest living yet depending on that weekly paycheck. Company downsizes or goes out of business completely. He is let go with really no severance package. What does he do? He really can’t find work. A bit young to start social security and not prepared for this drastic reduction of income. Should he take any job even ones that are designed for young adults or even teenagers? His wife is still working, but her modest check alone will not be nearly enough to pay the day to day expenses.”
Maize continues: “How about the 60 year old who worked hard and built a very beautiful business? Let’s call him John. With luck and breaks, John has made a very nice living and strong business for himself and family. His two kids are working for him and the business survived 38 years of ups and downs -mostly ups. He was living the American Dream. He never saw a business that he thought would be passed down to his kids dry up to a standstill. He was manufacturing products and had a facility overseas as well. He was drawing a very big salary and draw and living up that income expecting his life style never to change. Usually, and in his case it was no different, before he let the company close, he invested his savings to try to withstand the drop in business. Finally, he had no choice but to close the doors while owing money to vendors and salaries. He, unlike Steve, has a large ongoing mortgage and payments on his expensive cars. And he has to face the disappointment of his own kids that are now without work or careers. How does he bounce back?”
“Let’s go to unemployed Steve above. This person is way less more complicated than John because he used to living lean and his downsize is less dramatic. He can also accept a lesser paying job without dramatically hurting his self-esteem and livelihood. The first thing to do is to apply for unemployment benefits. The second thing to do is to see if your wife can pick up the slack for a short time by perhaps working overtime to make up some of the lost wages that the unemployment benefits do not offer. All this will take the pressure off the late middle aged guy to find a job that will not be out of fear. It will avoid him from flipping burgers because of necessity to get some money into the household. He can be more confident to get a job that will pay better and that he will feel more comfortable with. There are companies that are doing fine and that are hiring middle management positions. Just continue to search.
Unemployed John is in a way in a more difficult position. He has to deal with the huge downward slide by way living style, image (both self and outside), financial pressure that is foreign to him, self-esteem, family pressures (way more than Steve) and now credit issues meeting the once easy to pay bills; now impossible. Is this person qualified for other businesses other than his own previous career? Can this person, even if he is qualified, capable of earning what he did when he was the owner of his company to keep up his lifestyle (and that a big “if”)? Can this guy take another job working for a friend or other business as a “step down” in position and salary - frictional unemployment; which means taking a job that you are overqualified to the job you take? What does this person do? This person has much more pressure to prevail which sometimes turns in to desperate measures.”
Maize recommends for this person is to first get his mindset in order.
“This is where I am today and remember where you have been and the great life you enjoyed,” says Maize. “It is important to remember the success. It is a statistical fact that those that once enjoyed success and lost it, have a much better chance to get it again than one who never had it. You need to deal with today. Take a job that has a huge upside and can take advantage of your experience and wisdom and at the same time, give youself an opportunity to get ahead. Don’t lose sight of who you are and what you have accomplished. Stay confident, proud and strong.”
America's over 50s have been the hardest hit by a wave of pink slips as unemployment rises, analysts warned. According to the figures released last week by the Department of Labor, the economy added 244,000 jobs in March. Analysts used terms like “surprisingly strong,” “better than expected” and “somewhat positive” to describe the statistic. On the other hand, economist Robert Reich described the number as “chicken feed.”
“We’d need 300,000 a month, every month for the next five years, simply to get unemployment back under 6 percent,” says Reich . Economic Policy Institute economist, Heidi Shierholz, concurs: “At April’s job growth rate, it would take until the fall of 2016 to get back to the pre-recession unemployment rate.”
The US Labor Department also reported that from New York, Boston, Washington and Chicago to Los Angeles, Houston, Miami and Hartford the unemployment rate rose to 9.0 percent from 8.8 percent, after falling for four consecutive months. The number of unemployed persons stood at 13.7 million in April. The percent of working-age Americans actually working is stuck at 64.2 percent.
Those in their 50s and 60s have the most to lose, says Richard Maize.
"It is a bleak picture for those in their 50s and 60’s. Losing their job is the last thing they would need when they don't have much longer in the workforce and are saving for their retirement. They are also the group particularly reliant on the rise in house prices to see them through their retirement and so will be most affected by the drop in house prices," Richard Maize added.
Concern for the over 50s and 60s were raised as the the Department of Labor revealed that a record number of pensioners are postponing retirement to continue working as they struggle to meet the rising cost of living.
Economists blamed the slowdown in the economy and a low level of confidence among businesses for the increase in unemployment. The economic crisis has particularly hit pensioners who do not have sufficient savings to pay for the rising cost of energy, fuel and food.
Maize concludes: “I will help those who are ready to help themselves. Those who are confident in themselves and need just a few dollars to get back on track. If you did it once, you can do it again.”
To apply for financial assistance from the Rochelle and Richard Maize Foundation, you must provide proof of US citizenship, proof of unemployment, provide a resume, business references and a business plan. Those who qualify for this free aid will be notified by the Maize Foundation.
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