Springfield Business Journal_2020-11-16

SPRINGFIELD BUSINESS JOURNAL · 23 NOV. 16-22, 2020 I believe the worst thing that has ever hap- pened to the island of Sicily was not war or earthquake or volcano or pestilence. It was the movie “The Godfather.” In the days of political correctness, Si- cilians were cast in a bad light. While famous for their olive oil and their style of foods, they are rarely complimented or even mentioned for their fine wines. Sicily is located just west of the Italian boot and, based on its climate, the island should not be a place that can produce fine wine grapes. That last statement leaves one big hole in it. Sicily has high mountains and therefore places with a cool- er, more grape-friendly climate. Lush valleys, that are blessed by the soft Mediterranean Sea breez- es, have been producing wine grapes for centu- ries. For some unknown reason, Sicilian wines have never attained the international fame or popular- ity as have some of their mainland compatriots. I believe the reason also may have originated in the distant past, in ancient Rome. It may be hard to believe, but ancient Rome was very similar to today’s societies. It had politics, snobs and riots. About the only thing that was missing was the in- ternet. In ancient Rome, it was a sign of affluence to own wine from foreign vineyards, mainly from Gaul (France). Roman politicians or affluent cit- izens often were judged by the size and value of their wine cellar rather than their abilities. Since water was unsafe as a beverage, wine was the drink of choice. The patricians had their foreign – and, therefore, more costly – wines while the plebeians had to make do with the local, more affordable wines. This situation relegated the wines of Sicily to the common folk and nothing more. Today, Sicilian wines are being rediscovered and have found their place among the world of wines. I would like to introduce you to the very affordable and food friendly wines from Irmana of Sicily. Irmana Grillo ($13) Grillo is a white grape variety that is indige- nous to Sicily, and the first sip of its wine may in- voke the thought “where have you been all my life?” The aroma is complex, with apple and lemon zest and a distinct and enticing mineral element. The mineral carries through to the flavor where it melds with tropical fruits and apples. The finish is an Italian masterpiece displaying a host of tropical fruits – its signature minerality and the suggestion of honey. This is a white wine that makes its own state- ment as it can accompany any white or pink sauce Italian dishes. As for me, I enjoyed this wine in an old Ital- ian way, accompanying bread dipped in spiced ol- ive oil. Irmana Frappato ($13) Frappato is another Sicilian grape that is lit- tle known outside of the island. Why this grape variety has yet seen the light of day in the world of wine, I do not know, as I found it’s interesting and enjoyable. The wine has a light body, reminiscent of a young pinot noir. The aroma reflects summer berries, mainly blackberries, cranberries and blueberries, along with fresh spices. The flavor is a huge basket of almost every summer red fruit or berry, plus the Sicilian red wine signature of spice. This wine is not the usual red wine; it explores characteristics that many red wines would like to emulate but rare- ly achieve. The producers recommend the wine be served slightly chilled, a procedure that I recommend for every red wine. When the archaic term room temperature is mentioned, it is not referring to a room in our modern centrally heated and air- conditioned homes. The rooms in question were in 18th century homes with nothing to keep them warm but a fireplace. Wine columnist Bennet Bodenstein can be reached at frojhe1@att.net. OPINION Righting the ship after a financial setback Sicilian wines worth rediscovering T his has proven to be a challenging year in many ways, not the least of which has been a less than hospitable financial environment. Events rang- ing from a significant bear market in stocks earlier in the year to a dramatic increase in job layoffs have put many Americans in difficult financial positions. If you find yourself in these circumstances, you may be wondering what it will take to get back on track. A recent study by Ameriprise Financial shows that with or without a pandemic, financial setbacks are more common than you might think. More than three-quarters of those surveyed experienced at least one major financial setback in their lives and this does not include events since COV- ID-19 emerged. According to the study, more than half of respondents faced setbacks costing them at least $50,000, and for one- third of respondents the losses exceeded $100,000. The im- pact was experienced across a wide range of households re- gardless of age or income lev- el. But persistence paid off. A full 90% of respondents who experienced a serious setback say they have recov- ered from it. What can we learn from their experiences? Here are three key takeaways: 1. Be ready for anything. Financial setbacks can occur for a variety of reasons. Based on survey results, those range from investment market de- clines to job losses or earnings that did not meet expectations. Other events that created negative fi- nancial consequences include making a bad mon- ey decision, having to provide support to family members and divorce or illness. In short, there are any number of obstacles that could put a wrench in your financial plans. Having a contingen- cy plan in place to respond to these types of emergencies can help you weather the im- mediate financial stress. 2. Patience and persis- tence are required. While most people who suffered a significant loss managed to overcome it, don’t expect your comeback to happen overnight. A consistent finding among those who par- ticipated in the survey is that it takes time to rebound. For about two-thirds of the group, the recovery period lasted from one to five years. For others, it took longer, even more than 10 years in some cases. Their experiences show that overcoming a fi- nancial setback typically requires a deliberate approach. For half of survey respondents, that in- cluded finding ways to cut back on spending. Tied to that, some 37% say they changed their practic- es around saving money. A quarter of respondents decided that adding work hours or delaying retire- ment was a necessary step. Others found that hav- ing emergency reserve funds in place helped deal with their sudden financial shortfall. 3. You may be better prepared as a result. De- spite the stress of suddenly facing a financial strug- gle, there may be a bright side. More than half of survey respondents said they ultimately felt stron- ger as a result of the experience. And almost all, 97%, say they have focused on improving their abil- ity to withstand a repeat event. They decided to boost their emergency savings, many accumulating more than $50,000 in cash reserves, or enough to fill a six-month income gap should they face anoth- er setback in the future. Whether the economic fallout from COVID-19 or some other factor has resulted in a financial setback for you this year, remember that you are not alone. Take the matter seriously, but keep a level head. You’ll want to closely examine your financial sit- uation to determine the most appropriate steps to take to get your recovery underway. Paula Dougherty is a certified financial planner and private wealth adviser with Achieve Private Wealth, Ameriprise Financial Services Inc. in Springfield. She can be reached at paula.j.dougherty@ampf.com. Send letters and comments to sbj@sbj.net GUEST COLUMN Paula Dougherty While most people who suffer a significant loss manage to overcome it, don’t expect your comeback to happen overnight. GUEST COLUMN Bennet Bodenstein