Good morning. It's Thursday, Jan. 29, and welcome to this week's Business & Finance newsletter. Today, we're covering David Ogilvy and Bankruptcy. Given the questions many Americans have about the future of their Social Security benefits, we're also diving into Social Security at large.
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Social Security 101
The US Social Security system is best known for providing income to the nation’s elderly population based on the amount of money they earned during their working years.
The Social Security Act of 1935 established the program amid the worsening poverty crisis that older Americans faced during the Great Depression. By 1934, more than half of those aged 65 and older lacked sufficient income to cover their basic living expenses.
Today, most US workers are familiar with seeing a percentage of their pretax income deducted from their paychecks and contributed to the nation’s Social Security trust funds. Starting as early as age 62, those who have paid into Social Security for at least 10 years can begin receiving a monthly Social Security benefit.
But since 2010, Social Security hasn’t been able to collect enough money in taxes to cover what it’s paying out, leading to concerns about the program’s future.
Also, check out ...
> Social Security trust funds are expected to be unable to pay full benefits by 2035. (Watch)
> Roughly 22% of US tax dollars go to Social Security. (View)
> Estimate your future Social Security benefits. (Explore)
> See the poster that helped publicize the Social Security Act. (View)
Explore everything else we've found on Social Security. |
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Who was David Ogilvy?
David Ogilvy is known as one of the most gifted brand marketers of all time and “the father of modern advertising.” Ogilvy was the cofounder of Ogilvy & Mather, the prestigious advertising agency behind iconic campaigns for clients like Dove, Rolls-Royce, and American Express.
Born in 1911 in England, Ogilvy didn’t cofound his famous agency until his late 30s. Before that, he explored a variety of careers after leaving Oxford without a degree, including working as a chef in Paris and a stint as a door-to-door stove salesman.
During that stove salesman gig, he created a custom sales manual that caught the attention of ad industry executives, including those at the London ad agency Mather & Crowther. Ogilvy later worked as a copywriter for the agency, which, within a few decades, would be known as Ogilvy & Mather.
In 1966, Ogilvy & Mather became one of the first major ad agencies to go public and was acquired in 1989 for $864M. Ogilvy died in 1999, but not before writing multiple bestselling books. His work was often echoed on the award-winning television show “Mad Men,” bringing his Madison Avenue star status to the masses.
Also, check out ...
> Inside David Ogilvy's French chateau. (Watch)
> Warren Buffett once referred to David Ogilvy as a genius. (Listen)
> David Ogilvy once worked for the man who created the Gallup Poll. (Read)
> The wild story of how David Ogilvy won the Shell account. (Read)
Explore everything else we've found on David Ogilvy. |
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What is bankruptcy?
Enron. WeWork. Lehman Brothers. Bed Bath & Beyond. These famous corporate failures represent some of the nearly 500,000 bankruptcy filings that happen each year in the United States.
For these big businesses—and for everyday individuals, local governments, and even farms and fisheries—bankruptcy can provide a way to tackle crushing debt. It’s a legal process that allows debtors to negotiate and repay money owed. For some, it’s a way to get out of debt entirely.
Bankruptcy isn’t for $500 sitting on a credit card or for routine bills. It’s a solution for extreme debt that a company or an individual is unable to repay. Specifically, it offers a lifeline when debtors start to face lawsuits, garnished wages, and pending evictions.
The three most popular types are Chapter 7 (individuals), Chapter 11 (businesses), and Chapter 13 (high-income individuals), with names referring to specific sections of the US Bankruptcy Code.
Also, check out ...
> Tom Petty used bankruptcy to change the music industry. (Watch)
> Calculate: Do you need to file for bankruptcy? (Explore)
> The inside story of WeWork's bankruptcy. (Listen)
> Why Claire's keeps filing for bankruptcy. (Watch)
Explore everything else we've found on Bankruptcy. |
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One Story We're Taking Stock In |
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Americans have been dealing with higher grocery bills for years now—and apparently, discount supermarket Aldi has taken notice. As many of its competitors contract, the German chain recently announced plans to open 180 new US storefronts this year, including some in new markets for Aldi, like the Southeast.
That's not the only metric by which Aldi has grown. The story below (one of my personal favorites of the week) explains why, as one expert put it, “Aldi’s business model is basically engineered for this moment in time.” |
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> As grocery prices soar, this German grocery chain is conquering America. (Free w/email) (Read) |
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In partnership with Northwestern Mutual |
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