Friday Financial Five – July 17, 2015

Friday, July 17, 2015

Dan Forbes, GoLocalProv Contributor

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The value of $100 in each state

The Tax Foundation has released the 2015 version comparing each state’s purchasing power. The foundation used the Bureau of Economic Analysis’ 2013 study and adjusted accordingly. As has been the trend, goods in southern states are priced much lower than in other regions. D.C., Hawaii, New York, and New Jersey continue to be the most expensive states. Rhode Island falls on the less expensive side with purchasing power coming in at $102. Massachusetts falls on the more expensive side at just over $93.

Fidelity study says women eager for financial knowledge

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Increased control of financial assets for women is represented in the 2015 Fidelity Money Fit Women Study. Based on over 1500 respondents, nine in ten women want to learn more about financial planning and over 80% want to get more involved in their finances. However, less than half said they would be confident discussing money with a financial professional on their own. So while the interest is there, many will have to develop the confidence or level of comfort to talk about money with professionals or those closest to them.

Flood insurance expenses going up

New flood zone maps take effect in 2017 as the federally run program tries to dig out of billions of dollars of debt. Effective April of this year, new and renewed policies have been subjected to a surcharge, courtesy of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA). While all properties are technically in a flood zone, those in higher risk areas pay a higher premium. All 50 states have experienced flooding in the last five years, so every covered property is going to pay an increased contribution in an attempt to make the program whole.

Longer work week and productivity

Presidential candidate Jeb Bush may have unintentionally spurred a debate about how much Americans should be working when he claimed people need to work longer hours. While claiming this was a reference to the rise in part time work, it brought the traditional work week under the microscope. Outsiders view Americans as being overworked, but does the longer work week lead to higher productivity? As evidenced by this chart provided by the OECD, the country with the third highest amount of average work hours in 2014 was Greece.

SEC punishes middleman who ate the evidence

The next time the word “Ponzi” is connected to something positive will be the first. One advisor was sentenced to 25 years for using over $10 million in client money to travel and purchase extravagant items, while “guaranteeing” 10 percent returns and providing falsified statements. And while there are instances of advisors behaving badly nearly every month, a recent story of an insider trader may take the cake. The middleman allegedly ate post-it notes and napkins used to transfer information between information source and broker as part of the five year scheme. He was forced to give back $1 million.

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: RI Business Rankings in US

See how Rhode Island stacked up.

Friday Financial Five – July 17, 2015

Related Slideshow: RI Business Rankings in US

WalletHub

WalletHub

WalletHub

WalletHub

WalletHub

Gallup

Forbes

Tax Foundation

WalletHub

Thumbtack/Kauffman

The Economist

CNBC

Forbes

ChiefExecutive.net

Tax Foundation

Wallet Hub

ALEC

Kauffman Foundation

Free Enterprise

The Pew Charitable Trusts

Gallup

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