With oil prices rising once again, the economy of Texas is roaring. In the fourth quarter Texas' GDP increased by 5.2%. However, Texas's success isn't rooted solely in its possession of oil. North Dakota, home to most of the Williston Basin saw its economy decline by 1.3%. The economics of Texas' Permian Basin make its oil industry especially profitable compared to other shale plays around the country. Sarah Chaney reports: The economic recovery in Texas sheds light on how strong oil production in the Permian Basin is closely linked with other sectors, namely manufacturing, … [Read more...]
It’s Simple: Retirees Go Where They are Treated Best
For years retirees have flocked to Florida for its warm weather, and more importantly to many, its low taxation. But with the flood of people have come high home prices and subsequently, high property taxes. Now, many retirees are looking deeper into the American South for low cost places to live. A group of them, known as "halfbacks," are putting down stakes in Appalachia, where land and property taxes are cheap, and they can be surrounded by the beauty of the mountains. Cameron McWhirter explains this accelerating phenomenon in The Wall Street Journal, writing: The halfback phenomenon—so … [Read more...]
America’s Best State for Business
I'm always on the lookout for information to pass along to you about where in America you can go to maximize your opportunity and standard of living. I write to the small business owners and savers of America who are trying to find a place where their money will be treated best by their government. States are always competing to attract the best businesses, but one state consistently rises to the top. Texas has been ranked by CNBC as the Top State for Business in America this year. Scott Cohn remarks that this is normal for the Lone Star State. This is familiar territory for the Lone … [Read more...]
Your Retirement Life: The World’s Largest Man
Looking for a good summer read? Check out The World's Largest Man, which I wrote about here back on April 5, 2018. “E.J., Here is a little taste of Mississippi life. Enjoy!” That was the note from a client written on the inside cover of the funny as well as tender memoir, The World’s Largest Man, by Harrison Scott Key. Turns out, some parts of growing up in Mississippi aren’t that much different from any town USA. In one excerpt Key writes about how his father would read the telephone bill like some Old Testament scholar with a gift for high blood pressure. “Who called 734-908-4560?” he … [Read more...]
Work, Live and Save Money in these Three Power States
My take-away from this excellent piece by Joel Kotkin is that keeping more of your money matters. In other words, state taxes matter. Look at the magnetic pulling power of the three power states in the sun belt with no income taxes: Texas, Tennessee, and Florida. It turns out state lines can be re-drawn with the help of overbearing government excess. Because the new California is Texas and Tennessee, and the new New York/New England is Florida. Money travels to where it’s treated well. Just don’t tell the politicians. Kotkin writes in Forbes: Among the 71 largest metro areas, the biggest … [Read more...]
Your Retirement Life: Roaming the Earth
You don’t need an EarthRoamer to see America. But it would be cool if you had one. Imagine where you could go. Save your money, learn a few tricks from the experts, and create your own expedition. What are you waiting for? Originally posted on Yoursurvivalguy.com. … [Read more...]
A Japan-Sized Hole in U.S. Pensions
If you have been following my writing for any length of time, you'll know that I have been loudly and regularly sounding the alarm bell on the pension systems of America's cities and states. Here is a sampling of the pieces I have written on the subject: Pensions are Still Hiding from the Truth Dangerous Rules Make American Pensions Riskier Pensions Should be Fearful Pensions: Left on the Hook will be the Taxpayer Pensions in a Load of Trouble Today, Sarah Krouse reports for The Wall Street Journal that the pension hole in the United States for cities and states is the size … [Read more...]
Grave Concerns about Annuity Survival
I have grave concerns about the survival of annuities. I like what Dennis Beaver writes at the Hanford Sentinel: For anyone thinking of moving a large amount of money from a retirement account into an insurance annuity at this time, it could be a terrible decision. “You’ve got to think this over very carefully. Do not be conned by a salesman looking only for a huge commission on the sale of an annuity, and, absolutely do not put all your eggs in one basket!” warns New York attorney Edward Stone. As one of a handful of lawyers in North America who specialize in life insurance/annuity … [Read more...]
There’s a Better Way than Facebook
Yesterday, investors in Facebook stock had the entirety of this year's gains wiped out in a flash. The quarterly earnings crowd on Wall Street pulled the chair out from under Facebook after receiving bad news on the company's growth. It's that sort of volatility that conservative, retired or soon to be retired investors should attempt to avoid. Getting hit with a 19% loss in one day is hard to stomach when you have no new income coming in, and don't have time to recoup those losses. There's a Better Way to Invest than in Volatile Tech Stocks A better way to build a portfolio you can … [Read more...]
Will You be Ready When the Stock Market Crashes?
Facebook and Twitter shares both cratered this week. It may be time to ask yourself, as I did here on January 17, 2018, are you ready for when the stock market crashes? When the stock market crashes, there will have been plenty of opportunities for you to prepare for it. But that’s easier said than done. Because to do so you need to go against the grain. For example, bond investors are getting a blast of Arctic air as interest rates march higher. Prices are down. But does that mean it’s time to sell? No. The key to weathering this bond chill is to remember why you own bonds in the … [Read more...]
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