Financial FYI: Issue 102907
Including room and board, the cost for students living on campus at public four-year colleges was $13,589, or 5.9% higher than last year. At their private counterparts, total costs rose by the same percentage to $32,307. The past five years have seen the steepest rise in tuition and fees at four year public universities of any five year period covered by the College Board’s annual survey of college costs which dates back 30 years. Source: Wall Street Journal.
Sponsor: Educational Trusts Next Generation College Planning.
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Research shows that firstborns tend to earn more than later-borns, with income dropping 1% for every step down the birth-order ladder. Firstborn’s are also generally smarter than any other sibling who comes along, enjoying on average a three-point IQ advantage over the next eldest. Source: Time Magazine.
Sponsor: Financial Life Planner Financial Life Coaching And Counseling.
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In any 10-year period since 1926, you’d have made money in stocks 97% of the time; over 20 years you’d be ahead 100% of the time. Source: Money Magazine.
Sponsor: Investment Coach Hourly Investment Education And Coaching.
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34% of Americans believe they belong to the “have nots,” double the percentage of 1988. Source: Time Magazine.
Sponsor: Haves and Have Nots Helping People Overcome Economic Adversity.
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At the end of June, Americans owned a record-low 51.7% of their homes, according to the Federal Reserve. But Americans had a highest ever $16.8 trillion in retirement funds and the end of last year. Source: US News and World Report.
Sponsor: Allied Saline Home Loans Tailored To Fit Your Needs.
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Average pay for a teen-age baby sitter for one child has risen 39% in the past five years. A teen-age sitter for one child can command an average of $14.88 in the New York City Area, $7.33 in Dallas, $9 in Washington D.C., and $8.64 in Los Angeles. Source: Wall Street Journal.
Sponsor: Financial Blogs Share Your Financial Life, Experiences, And Knowledge.
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Only 4% of Africans have access to the Internet and pay the most for the slowest connections, around $250-$300 a month. Source: The Economist.
Sponsor: Financial Giving Creating Family Legacies With Sound Philanthropy.
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The first baby boomer applied for Social Security benefits last week. Kathleen Casey Kirschling, a retired Maryland teacher who was born at 12:00:01 am on January 1, 1946 applied on October 15th for early retirement benefits. The non-partisan Congressional Budget Office said in an August report that Social Security Spending is likely to grow by 50% over the next 40 years. Source: Financial Week.
Sponsor: Retirement Distributions Retirement Income Planning For Life.
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Financial FYI: Issue 102207
A recent survey by AARP of Washington found that 65% of 401(k) participants believed they paid no fees for their investments. Another 18% didn’t know if they did. Source: Investment News.
Sponsor: Old401k.com Tax Free Rollover Advice, Get A Free Guide To Rollovers.
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The wealthiest 1% of Americans earned 21.2% of all income in 2005, according to new data from the Internal Revenue Service. That is up sharply from 19% in 2004, and surpasses the previous high of 20.8% set in 2000. The bottom 50% earned 12.8% of all income, down from 13.4% in 2004 and a bit less than their 13% share in 2000. Source: Wall Street Journal.
Sponsor: Financialblogs.org Share Your Financial Life With A Free Financial Blog.
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The median size of newly completed single-family homes, which had been rising steadily, fell from a record 2,302 square feet in the first quarter of this year to 2,241 in the second quarter according to the Census Bureau. Source: Newsweek.
Sponsor: AlliedSaline.com Home Loans Tailored To Fit Your Needs.
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Half of all ID thefts start with a credit-card number, and such cases cost consumers an average of $587 and 24hrs to resolve according to Javelin Strategy & Research. Source: Money Magazine.
Sponsor: IdentityTheftAgency.com Get Your Life Back Today.
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The Dow’s 22.6% drop on October 19, 1987 was unprecedented, and hasn’t come close to being equaled since then. The largest percentage one-day decline in the current decade was 7.1% on September 17, 2001, and the biggest drop in the past two years was 3.3% on February 27, 2007. Even the historic 1929 crash didn’t produce a one-day loss as vicious as 1987 did. The great crash included a 12.8% one-day loss on October 28, 1929, followed by an 11.7% slide the following day and then a 9.9% drop on November 6. Source: Barrons.
Sponsor: InvestingABCs.com Teaching Americans The Value of An Invested Dollar.
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The senior demographic is big and getting bigger. Americans ages 65 or older number at least 36.8 million, or more than 12% of the population – a portion expected to grow to 20% by 2030. Moreover, many have disposable income; their median household net worth is $176,600 compared with $14,200 for people under 35. Source: Business 2.0.
Sponsor: Long-termcare.info Maintain Your Dignity With LTC Insurance
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At $109,382, 222 for the current year, Ohio’s State athletic budget is the largest in the nation and the biggest in the history of college sports. The school spends about $110,000 on each of its 980 athletes, which is triple the university spends per undergraduate student on education. Source: Wall Street Journal.
Sponsor: FFLBlog.com Hardcore Fantasy Football Blog Advice.
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40 couples competed in the eighth annual North American Wife-Carrying Championship in Maine, an all-time record. The winning couple received a prize of $675, which amounted to five times the women’s weight plus her weight in beer. Time Magazine.
Sponsor: SpousalIRA.com Save More For Retirement With A Spousal IRA.
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Financial FYI: Issue 101507
According to the Mortgage Bankers Association, some 5% of all mortgages are delinquent and the share rises to 15% for “subprime” mortgages – those lent to people with shaky credit. To make matters worse, some 2.5 million adjustable-rate mortgages will be resetting to higher rates before the end of 2008. Source: The Economist.
Sponsor: HolisticMortgages.com Mortgage Solutions That Fit Your Life.
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A report by the Milken Institute, said that cutting the obesity rate to the 1998 level would trim annual healthcare spending by $60 billion and increase productivity by $254 billion. Altogether, seven common chronic diseases including cancer, diabetes, hypertension, stroke, heart disease, pulmonary conditions, and mental illness cost the economy more than $1.3 trillion each year. Source: US News and World Report.
Sponsor: HumanServiceAgency.com Helping People Help Themselves.
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On October 19, 1987, the Dow Jones Industrial Average dropped 508 points, which was 22.6% and nearly twice the largest one-day decline that took place during the 1929 crash. A comparable free fall today would be almost 3200 points. Source: Newsweek.
Sponsor: InvestingABCs.com Teaching Americans The Value Of An Invested Dollar.
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According to the Census Bureau, almost 30% of Americans between the ages of 18 and 34 do not have healthcare insurance. For people aged 45 to 64, the number is just 14%. Source: The Economist.
Sponsor: GroupHealthCarePlans.com Affordable Group Health Care.
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One study by the College Savings Foundation, found that 48% of surveyed parents said they have either never heard of or didn’t know exactly what a 529 college savings plan was. Source: Investment News.
Sponsor: EducationalTrusts.com College Planning From One Generation To The Next.
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According to the Forbes 400 Richest People in America List, Oprah Winfrey’s net worth grew at a mind boggling $1,000 every 31.5 seconds. Kirk Kerkorian picked up the pace by growing his fortune to the tune of $1,000 every 3.5 seconds, while notables like David Geffen and Ralph Lauren earned $1,000 every 22.5 and 39.5 seconds respectively. Source: Forbes.
Sponsor: Centimillionaire.com Helping Americas Rich Get Wealthy.
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A U.S. Army Seargent’s annual pay ranges from $51,000 to $70,000. Private defense contractors, like Blackwater USA are luring special operations soldiers away from the military to guard vehicle conveys and high-level officials. The highest salaries for former special operations officers can reach $33,000 per month. Source: US News and World Report.
Sponsor: CombatIRA.com Helping Military Professionals Retire.
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Non-profit researcher the Pew Internet and American Life Project says that 39% of Internet users – 57 million people read blogs. Source: Financial Planning Magazine.
Sponsor: FinancialFYI.com Creating Financial Buzz.
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Financial FYI Issue 100807
According to a survey of 3,000 baby boomers, 45% said that they don’t think they will be able to save enough to maintain their standard of living in retirement and 90% admit they haven’t done a great deal of retirement planning. Source: Money Magazine.
Sponsor: RolloverAccounts.com Tax Free Retirement Plan Rollovers.
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Following both the savings and loan scandal and the Long-Term Capital Management disaster, financial stocks rallied by at least 50% over the next two years. Source: Money Magazine.
Sponsor: Old401k.com Rollover Your Old Retirement Plan Before Its Too Late.
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Among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992, according to the Federal Reserve. Source: Wall Street Journal.
Sponsor: HolisticMortgages.com Mortgage Solutions That Fit Into Your Life.
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More than 380,000 professionals in the US make a living by giving people financial advice according to Tiburon Strategic Advisors, a financial services consulting firm. Source: Money Magazine.
Sponsor: HolisticFinancialPlanners.com Find Local Holistic Planners And Coaches.
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According to a research report by Synergistics Research Group, of 803 surveyed consumers with between $100,000 and $1 million in investible assets, 31% said that they conducted all of their business with an online banking institution. Additionally, 39% of consumers indicated that they used an online financial institution and 35% said they used an online broker or investment firm. Another 5% cited using an online mortgage lender and 4% mentioned use of an online insurance provider. Source: Investment News.
Sponsor: EFinancialBank.com Online Banking and Investing Made Easy.
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During a typical week in 1972, the total of all trades on the New York Exchange was less than the trading volume of Microsoft shares on a typical day in 2007. Source: Money Magazine.
Sponsor: FinancialChase.com Professional Investment Planning And Coaching.
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48% of the 2,036 people polled in the Visa Mystery Spending Survey claimed that they spent an average of $120 a week. Of that, respondents lose track of approximately $45 a week. 57% of young men said they lose track of their money during nights out on the town, while 67% of women said their money disappeared while shopping. Source: Investment News.
Sponsor: BudgetExperts.com Free Budget Tools, Links, And Worksheets.
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The median price of an existing home could fall 2% this year according to economists, and as much as 10% (inflation adjusted) by 2009. Some of the worst existing home price declines since the post-war era include: Austin: 25.8% from 1986-1990; Los Angeles: 20.7% from 1990-1996; Honolulu: 16% from 1994-1999; Peoria: 15.4% from 1981-1985; Detroit: 12.2% from 1981-1984. Source: Money Magazine.
Sponsor: EconomicSignals.com Economic News, Information, And Links.
Financial FYI: Issue 100107
In 1903, 12 men scraped together $28,000 to form the Ford Motor Company. This proved to be one of the greatest investments of all time. Every $1,000 invested in Ford in 1903 was worth $2.5 million a mere 16 years later, that’s without taking into account the $250,000 in dividends they received. Source: Barrons.
Sponsor: HolisticMortgages.com Mortgage Solutions That Fit Into Your Life.
Only 15% of retirement plan participants said that they changed their retirement plan contributions online, while only 9% transferred funds among other investment options online. Source: Investors News.
Sponsor: RolloverAccounts.com Tax Free Retirement Plan Rollovers.
41 million households now do some form of online banking, a number that is expected to double by 2011 according to Forrester Research. Source: Money Magazine.
Sponsor: BankCardz.com 0% Interest and 0% Balance Transfers
Current retirees receive almost 70% of their income from Social Security and company pension plans. Today’s workers should expect a seismic shift as only one third of their retirement income will be funded from these same sources. Source: Financial Planning Magazine.
Sponsor: Latefile.com Tax Extension Tools For Filing Your Taxes Late.
In 1990, the average credit card holder had an outstanding balance of $2,966. The average balance in 2006 was $9,659. Source: USA Today via The Week Magazine.
Sponsor: Long-termcare.info Maintain Your Dignity With LTC Insurance
44% of participants in employer sponsored retirement plans have money sitting in a retirement plan with a former employer. Source: Cogent Research LLC, Financial Advisor Magazine.
Sponsor: RolloverAccounts.com Tax Free Retirement Plan Rollovers
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