Friday Financial Five - August 21, 2015
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Friday, August 21, 2015
Dan Forbes, GoLocalWorcester Contributor
Fed still on track for September rate hike
Based on the most recent Fed minutes, it appears the United States is on track for a rate hike in September. While August employment numbers and the continued turmoil overseas prevent it from being a done deal, the majority of Fed governors appear in favor of the hike. Housing and the strength of the dollar continue to be strong, while oil prices continue to be suppressed. Markets reacted strongly and negatively on Thursday to the news.
Harvard professor is new Dallas Fed president
Speaking of the Federal Reserve, they will have a new voice when Robert Kaplan, an associate dean at the Harvard Business School, joins next month. Kaplan was recently named as outspoken Richard Fisher’s replacement as president of the Federal Reserve Bank of Dallas, which covers Texas and parts of Louisiana and New Mexico. He’ll be present at next meeting’s all-important discussion regarding a rate increase but won’t be able to vote until 2017.
More planning from private school to college
The 2015-2016 school year is just beginning but that doesn’t mean it’s ever too early to start planning for next year, regardless of a child’s age. The CFP Board notes different ways to attack the cost of private schooling. While 529 plans are college only, Coverdell and custodial accounts can be used during elementary and secondary schooling. Another interesting possibility to explore is the International Baccalaureate (IB) program, where gifted children can get private schooling at a qualifying public school. On the college front, a recent clarification by the Department of Education for the 2016-2017 college aid formula still hurts the middle class, according to Troy Onink in Forbes.
Least expensive states for health insurance
A variable in retirement spending that can sometimes cause problems is health related expenses, especially for those people relocating. A new app, created by a company called Healthview Services, attempts to quantify projected health insurance costs in each state, including Medicare A and B plus supplementary coverage. According to the application, the least expensive state for a 65 year old retiring and facing 20 years in retirement is, amazingly, Hawaii. Vermont is the second least costly. The most expensive states are Michigan, Florida and Nevada.
JP Morgan looking at possible fine of $150 million
Another week, another possible settlement by one of the nation’s largest banks. JP Morgan is facing a $150 million payment to the SEC, stemming from the bank selling its own proprietary products to clients without proper disclosure. According to JP Morgan, the focus is on the private bank’s “disclosures concerning the use of hedge funds that pay placement-agent fees to J.P. Morgan Chase broker-dealer affiliates”.
Related Slideshow: Massachusetts Business Rankings
See how Massachusetts stacked up.
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WalletHub
Massachusetts has 2015's 28th highest insurance premium penalties for high risk drivers, according to a WalletHub report.
Mass is behind Colorado and New Mexico who come in at 26 and 27 spots respectively while Mass is ahead of Tennessee and the District of Columbia who rank 29 and 30 respectively.
Massachusetts ranks 14th overall in the category of DUI conviction annual premium increase with an amount of $756.
Massachusetts ranks 20th overall in the category of speeding over 20 mph annual premium increase with a total of $261 while ranking 21 overall in the category of two accidents annual premium increase with a total of $1,364.
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WalletHub
Massachusetts has been ranked as the 5th most eco-friendly state in the country, according to a recent study by WalletHub.
Mass ranks tenth in environmental quality and fourth in Eco-Friendly Behaviors landing them in 8th overall.
Mass is behind Minnesota and New York who are in the fourth and third spots respectively, and in front of Washington and New Hampshire who come in at the six and seven spots.
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The Economist
Small Business Friendliness Grade: D+
The Economist grades states on an A+ to F grading scale for its small business climate. Massachusetts ranks near the bottom of the nation, joining New Mexico and New York in receiving D+ grades. 9 states scored worse than a D+ in the Economist rankings.
Overbearing bureaucracy and excessive licensing is stifling small business in America.
Read More About The Economist Grade Here
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CNBC
#25 CNBC
CNBC ranks each state in cost of doing business, economy, technology and innovation.
Massachusetts' unemployment rate as of May 2014 was 5.6 percent. The state added 9,100 jobs in the month of May.
Read More About CNBC Ranking Here
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Forbes
#13 Forbes
Forbes ranks each state in business costs, economic climate, and growth prospects.
The most damning in the commentary:
Massachusetts’ business costs, including labor, energy and taxes, are the highest of the 48 contiguous states—only Hawaii is higher—at 20% above the national average.
Read More About Forbes Ranking Here
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ChiefExecutive.net
#47 ChiefExecutive.net
ChiefExecutive.net ranks each state in taxations and regulations, workforce quality, and living environment.
The most damning in the commentary:
Taxation and regulation are always the key barometers. Massachusetts and Oregon are the worst.
Read More About ChiefExecutive.net Ranking Here
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Wallet Hub
#10 Wallet Hub
Wallet Hub ranks each state in ROI rank, state tax rank, and overall government services.
Massachusetts ranked #49 in worst roads and bridges, but ranked #7 in overall government services.
Read More About Wallet Hub Ranking Here
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ALEC
#41 ALEC
ALEC ranks each state in economic performance and outlook.
Although Massachusetts ranked low in economic performance, a forward-looking forecast is based on the state’s standing in 15 important state policy variables. Some of these variables include top marginal personal income tax rate and sales tax burden.
Read More About ALEC Ranking Here
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Kauffman Foundation
#29 Kauffman Foundation
Kauffman Foundation ranks each state in entrepreneurship.
Entrepreneurial activity generally is highest in Western and Southern states
and lowest in Midwestern and Northeastern states.
Read More About Kauffman Foundation Ranking Here
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Free Enterprise
#18 Free Enterprise
Free Enterprise ranks each state in performance, exports, innovation + entrepreneurship, business climate, talent pipeline, infrastructure.
Massachusetts's reputation as a hotspot for science and technology endures in this year's rankings. The commonwealth is a center for STEM jobs and university research and development, ranking 4th and 2nd, respectively, in those two categories. It also ranks 6th as a center for high-tech establishments. Massachusetts is taking aggressive steps to bolster economic activity with high-impact university-industry R&D projects and new tools for tech-based startup companies.
Read More About Free Enterprise Ranking Here
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