Friday Financial Five – March 20, 2015
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Friday, March 20, 2015
Dan Forbes, GoLocalWorcester MINDSETTER™
President Obama trying to help student borrowers
The president is attempting to get out ahead of any possible student loan problems with the recent unveiling of the
“Student Aid Bill of Rights." With over $1 trillion in loans outstanding, this is an attempt to make payments, complaints, and transparency easier, while doing everything possible to avoid defaults. Another area of interest would be the treatment of student loans in bankruptcy. Student loans are difficult to get discharged, and the administration would like to see this changed.
Social Security is your friend
There are plenty of articles dedicated to Social Security planning, but people are still leaving money on the table. For couples, there are an estimated 8,000 strategies and over 2,000 rules governing benefits. Still, many take a payout as early as possible and lose out on an estimated $100,000 in benefits. The negative talk surrounding the program led to the perception that a retiree better take the money now while it’s around. While Social Security does have an eventual funding issue, the program will continue in some capacity. Couples need to consider longevity, taxes, and spousal options before committing to taking the money at the earliest possible date.
Breaking up may not be hard for BOA to do
The SEC will allow shareholders of Bank of America to vote whether or not the company needs “to develop a plan for divesting all noncore business segments.” The proposal for the break up was presented by a consumer-advocacy group called Public Citizen. Not surprisingly, BOA management is against the idea, but the proposal will be part of BOA’s proxy statement and voted on at the company’s annual meeting.
IRS looking at political non-profit organizations
The IRS is reviewing changes to the nonprofit rules of the Internal Revenue Code to see if they should be more expansive. There are some groups calling for good governance and transparency, while others call for less restrictive regulation. When it comes to taxation and the political process, it would seem that the more transparency the better. The IRS contends it’s important to have a common definition and treatment for politically active non-profit organizations and PAC’s, as well as charities, trades, and unions.
A real reason to hate Christian Laettner
It’s NCAA tourney time and in preparation for that, ESPN presented the documentary, “I Hate Christian Laettner”, which details one of college sports’ greatest heroes/villains. Sports fanaticism aside, the real reason Laettner might be hated is the millions of dollars investors claim he cost them through various real estate dealings. This WSJ piece outlines the charges brought against him a few years ago. Apparently, hitting a high pressure shot in the NCAA tournament may not necessarily equate to business expertise. Kentucky fans may still loathe Laettner, but at least the shot he hit didn’t cause them to lose millions of dollars.
Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in East Greenwich, RI and can be reached at [email protected].
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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