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WalletHub's report ranks state economies based on their economic activity, health, and innovation. Mississippi, Arkansas, Louisiana, and Kentucky are among the weakest state economies in the US. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Those five states have the best economies, according to a new ranking of all 50 states and DC by financial services company WalletHub. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Washington, Service, Business Locations: Mississippi , Arkansas , Louisiana, Kentucky, States, Washington , Utah , Massachusetts , Texas, California, , Mississippi, Hawai'i, West Virginia , Arkansas
AdvertisementOf the 10 states with the highest taxes on the wealthy, nine are states President Joe Biden won in the 2020 presidential election. Meanwhile, nine of the 10 states with the lowest tax burden went to former President Donald Trump. In fact, five of those states have no state income tax and four have an income tax below 1% for the wealthy. Here are the 10 states where wealthy residents pay the highest percentage of their income on state taxes, ranked from highest to lowest (No. That's followed by the 10 states with the lowest tax burden for high-income earners, also ranked from highest to lowest (No.
Persons: WalletHub, Joe Biden, Donald Trump, That's Organizations: Service, Business, Republican, Democratic
You may have spotted stars including Billie Eilish and Mark Ruffalo wearing red pins at the 2024 Oscars. Mark Ruffalo and Rami Youssef also spoke out against the ongoing conflict on the Oscars' red carpet. AdvertisementStars including Billie Eilish and Mark Ruffalo wore red pins to the 2024 Oscars to show their support for a cease-fire in Gaza. "Anatomy of a Fall" stars Milo Machado-Graner and Swann Arlaud also wore pins to the Oscars, but theirs featured the Palestinian flag. "Poor Things" Mark Ruffalo and Ramy Youssef with their red pins at the 2024 Oscars.
Persons: Billie Eilish, Mark Ruffalo, Rami Youssef, , Israel, Artist4Ceasefire, Bradley Cooper, Florence Pugh, Kirsten Dunst, Mahershala Ali, Ava DuVernay, Eugene Lee Yang, Caroline Polachek, Ramy Youssef, Eilish, Finneas, Misan Harriman, Kaouther Ben Hania, Milo Machado, Graner, Swann Arlaud, Jonathan Glazer, Ruffalo, Rodin Eckenroth, Youssef, , qxqSOgif3j Organizations: Service, Guild, America, Los Angeles Times, Dolby Theatre, Variety Locations: Gaza, Israel, Palestine, Southern Israel, Dua Lipa, Los Angeles, Highland
WalletHub ranked states for women based on access to good healthcare and general safety. The ranking looked at factors like the number of uninsured women and the female homicide rate. AdvertisementSome states are better than others when it comes to providing quality healthcare and protections for women. WalletHub ranked the best states for women in terms of healthcare, which is a major part of women's overall well-being, and safety, based on factors like the number of uninsured women, the quality of women's hospitals, and the female homicide rate. Here are the 10 safest states for women in 2024, ranked from worst to best, according to WalletHub's report.
Persons: WalletHub, Organizations: Massachusetts, Service
Florida has regained its status as the best state for retirees in 2024. That's according to WalletHub's latest "Best and Worst States to Retire" study. The state doesn't levy any income tax, which means income from Social Security and withdrawals from retirement accounts won't be taxed at the state level. If you prefer mountains over beaches, Colorado ranks as the second-best state for retirees, according to WalletHub. And although Colorado partially taxes income from Social Security and withdrawals from retirement accounts, the state allows for tax deductions for certain retirement income sources for qualified taxpayers.
Persons: WalletHub, Karen Magruder Organizations: States, Florida, Fort, University of Texas, Social Security Locations: Florida, Virginia, Popular Florida, Miami, Fort Lauderdale, West Palm Beach, Tampa, St, Petersburg, Clearwater, Arlington, Colorado
However, credit card balances are especially worrisome because they are going to keep getting worse. That means the average American could be spending $1,140 every year on credit card interest and fees alone. Americans have been accruing a lot of credit card debt at a terrible timeAccording to the Federal Reserve Bank of New York, Americans had nearly $1.1 trillion in credit card debt in the third quarter of this year. Credit card interest rates, which had already been at their highest level since the mid-1990s, started soaring even higher. But with credit card debt going through the roof, the blissful spending could come to a screeching halt.
Persons: couldn't, , Gary Coronado, LendingTree, Ted Rossman, Biden Organizations: Service, SoFi Bank, Federal Reserve, Federal Reserve Bank of New, Federal Reserve Board, Fed, New York, New York Fed, Consumer Financial, CNN, Household Economics Locations: WalletHub, Federal Reserve Bank of New York, delinquencies
With high prices continuing to squeeze budgets, 47% of Americans say their charitable giving will be affected by inflation as the holidays approach, a recent WalletHub survey found. WalletHub's finding comes amidst a larger drop in individual charitable giving: Last year, Americans gave the smallest percentage of their disposable income to charity in nearly three decades, according to data from Giving USA. But this year, figuring out how you can donate may be difficult. 1 is to make sure that you're meeting all of your own basic needs," she says. As we enter giving season, here are three tips for those looking to donate to charity without breaking the bank.
Persons: Sara Young, Young Organizations: CNBC
About 25% of Americans are still paying off holiday debt from 2022, according to WalletHub's November holiday shopping survey. But those already carrying a balance could find themselves sinking further into the red if they don't get a handle on their credit card debt. "If you're in a hole, stop digging," Ted Rossman, Bankrate's senior industry analyst, tells CNBC Make It. One reason you may want to avoid racking up more debt is that higher interest rates are making it more expensive to pay down. A higher interest rate means it could take longer and be more expensive to pay down your credit card debt.
Persons: Ted Rossman, Rossman Organizations: CNBC, Federal Reserve
By most accounts, Black Friday and Cyber Monday promise some of the lowest prices of the season. This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend's sales, a separate Deloitte Black Friday-Cyber Monday survey found. However, these are not necessarily the best deals of the year, according to Julie Ramhold, a consumer analyst at DealNews.com. A separate analysis of previous Black Friday sales found that 98% of the deals were the same price or cheaper at other points during the year. Stores try to tempt you with discounts, but "I don't know that Black Friday has the same level of value that it did years ago," Ramhold said.
Persons: Julie Ramhold, Ramhold Organizations: National, Deloitte, DealNews.com, Finance
From the east coast to the west coast, Americans seem to have pretty good credit scores overall. The average credit score in the midwestern state is 726 as of the first quarter of 2023, according to WalletHub's November report. That's the highest score out of all 50 states and Washington, D.C.Mississippi residents have the lowest average credit score at 673, per WalletHub's analysis. New Yorkers and Californians fall somewhere in the middle with average credit scores of 707. Here are the states with the highest and lowest average credit scores, according to WalletHub.
Persons: Thomas Hanson Organizations: Minnesota State University Moorhead Locations: Minnesota, Washington, Mississippi, U.S
Edinburg, home to the University of Texas Rio Grande Valley, ranks as the most wallet-friendly college town, according to WalletHub's "Best College Towns and Cities in America" study. To determine the most affordable college towns, WalletHub evaluated 415 cities of various sizes that had a college or university population of at least 7,500 students. Edinburg is located in southern Texas and has a population of around 104,300. Numerous other Texas cities made WalletHub's list as well. Here are the most affordable college cities and towns, according to WalletHub:
Persons: WalletHub's, Killeen Organizations: University of Texas, College Towns, Nacogdoches Locations: Edinburg, University of Texas Rio Grande Valley, Cities, America, Texas, Brownsville, McAllen
With inflation once again on the rise, stubbornly high prices continue to impact Americans across the country. But some metropolitan areas are seeing steeper inflation rates than others. Using the latest available data from the U.S. Bureau of Labor Statistics, WalletHub's study analyzed the change in inflation rates in 23 major metropolitan areas over the past two months and the past 12 months. Cities were then ranked based on the weighted average of these two-month and one-year CPI changes. These are the five U.S. metropolitan areas with the highest inflation increases, according to WalletHub.
Organizations: Fort, U.S . Bureau of Labor Statistics Locations: Miami, Fort Lauderdale, West Palm Beach,
"Rising interest rates can sometimes feel like a double-edged sword," said Kelly LaVigne, vice president of consumer insights at Allianz Life. As the federal funds rate rises, the prime rate does, as well, and credit card rates follow suit. The average credit card rate is now more than 20% — an all-time high, while balances are higher and nearly half of credit card holders carry credit card debt from month to month, according to a Bankrate report. Student loans Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. For now, anyone with existing federal education debt will benefit from rates at 0% until student loan payments restart in October.
Persons: Stefani Reynolds, they've, Kelly LaVigne, Brett House, WalletHub, Freddie Mac, Edmunds, Ivan Drury Organizations: Eccles Federal Reserve, Bloomberg, Getty, Reserve, Fed, WalletHub, Allianz Life, Columbia Business School, Treasury, Istock Locations: Washington, Edmunds
WalletHub released a study ahead of Father's Day on the best states to live as a working dad. The study was released ahead of Father's Day, which is this Sunday (still time to get a gift!). Analyzing about two dozen factors, WalletHub worked to find which state's working fathers were in the best circumstances. Child care: Average cost of child care, quality of day care services, availability of pediatricians, and quality of school systems. Here's the top 10 states for working fathers, according to WalletHub:
Persons: WalletHub, Organizations: Service, of Labor Locations: Massachusetts, Washington, Connecticut, Connecticut , New Hampshire, Wisconsin, New Mexico , Mississippi, Louisiana
In 2022, inflation hit a 40-year high. Cities in Florida, for example, top WalletHub's recent list of cities where inflation is rising the most. 1, while Tampa, Florida, ranks fourth on the list. However, New York has a higher baseline cost of living and, consequently, inflation has less room to grow, Gonzalez explains. Here are the inflation increases in 10 major cities, ranked by a weighted average of year-over-year and two-month changes in CPI:
Persons: Jill Gonzalez, Gonzalez Organizations: U.S, U.S . Bureau of Labor Statistics, CNBC Locations: Florida, Miami, Tampa , Florida, Tampa, New York City, , New York
For recent college graduates and young professionals, deciding where to move to start your career can be daunting. With many factors to consider — from job market saturation to housing affordability to public transportation accessibility — selecting a postgraduate city is an important first step. That's according to WalletHub's recent report on 2023's best and worst places to start a career, which compares the relative market strength and livability of 182 U.S. cities to help young professionals, including the Class of 2023, find the best places to launch their careers. A high cost of living, long commutes or the lack of housing affordability are all things you want to avoid when you're just starting your career," Gonzalez continues. For millennials and members of Gen Z entering the workforce, here are the 10 best places to start a career in 2023.
Persons: Jill Gonzalez, Gonzalez, Gen Z Organizations: Washington D.C, CNBC Locations: New York City, Washington, Los Angeles, Cities, Atlanta, Orlando , Florida, U.S
The Federal Reserve's latest interest rate hike means your credit card debt will likely get more expensive to pay off if you carry a balance month to month. However, it's rare that you'll receive a credit card with that interest rate. Typically, credit card interest rates are much higher to account for the costs incurred by the card issuer and the risk of some cardholders not paying back their debt, Rossman says. Currently, the average credit card annual percentage rate (APR) is about 22% for new offers and 20% for existing accounts, according to WalletHub's "Credit Card Landscape Report." Tips for tackling credit card debt
Launching a small business is a challenge, especially these days. The top four cities on the ranking are all Floridian, largely due to criteria like low unemployment and relatively low corporate tax rates. Florida ranked 11th on CNBC's own list of the top U.S. states for businesses in 2022, for similar reasons. For those who don't want to move to Florida, cities like Durham and Boise offer bona fide alternatives. Join CNBC's Small Business Playbook virtually on May 4th, where entrepreneurs will share advice and tips on how to handle economic uncertainty, inflation and more so your business can succeed for the short-term and the long-term.
Remote work remains popular, but the opportunities seem to be dwindling. For those who want to or already do work remotely, WalletHub ranked the 50 states and Washington, D.C. For those who still work remotely — about 12% of US workers according to a recent report from WFH research — personal finance website WalletHub recently released a ranking of the best states for remote workers in 2023. It divided a set of a dozen metrics into two categories with differing point values: work environment and living environment. Living and work environment scores were used to create an overall composite score per state.
Move over, Florida, a new locale ranks as the best state to retire in. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's "2023's Best States to Retire" study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care. A state's overall retirement friendliness was based on its total score across all three categories. CHECK OUT: The 10 most expensive U.S. states to retire in — California didn’t make the list
Rather, Alabama is the most affordable state to retire in, according to WalletHub's "2023 Best States to Retire." The analysis compared all 50 states across three key categories: health care, quality of life and affordability. In Hawaii, a $1 million retirement fund would be empty in a little over 10 years — the fastest of any state, according to GoBankingRates. Despite ranking ninth in affordability, Florida came in at No. A $1 million retirement reserve would last about 18 years there, per GoBankingRates.
In addition to being home to the most expensive city to live in worldwide, New York is the least affordable U.S. state to retire in. That's according to WalletHub's "2023 Best States to Retire," which compared all 50 states across three main categories: affordability, quality of life and health care. The ranking looked at adjusted cost of living, general tax-friendliness and annual cost of in-home services, as well as other factors. Don't expect to find affordability across the Hudson River either: New Jersey ranks as the second most expensive state to retire in. Here are the top 10 most expensive states to retire in, according to WalletHub:New York New Jersey Vermont Massachusetts Maryland Washington Connecticut Maine Illinois OregonRetirement will look different to everyone, and there are several factors to consider.
The ceremony alone costs over $56 million, according to data compiled by WalletHub. A star's Oscars look costs $1.5 million on average — in 2014, Cate Blanchett's cost $18.1 million. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. From the red carpet to the famed statues, WalletHub's annual Oscars report found that honoring the biggest achievements in film comes with a high price tag. This story is available exclusively to Business Insider subscribers.
Persons: Cate, , Barbie, Oppenheimer, Jacob Organizations: ABC, WalletHub, Service, Dolby Theatre, Business Locations: Los Angeles
But plenty of Americans instead choose to get dressed up, attend parties or travel in celebration of New Year's Eve. The majority of Americans (70%) plan to spend at least $50 on their New Year's Eve plans, WalletHub found. Still, Irvine, California, beats those cities as the most expensive place to spend New Year's Eve:Irvine, Calif. Miami New York Honolulu New Orleans Seattle Oakland, Calif. San Francisco Washington, D.C. Henderson, Nev. The survey found over 80 million Americans are planning to travel for New Year's Eve, with nearly half expecting to drive. While several of the best-rated cities also find themselves on the most expensive list, the least expensive cities aren't inherently less fun.
In some states, however, jobs are more plentiful and the unemployment rate is much lower than others, offering residents a better chance at landing a secure, high-paying role, according to WalletHub's 2022 Best and Worst States for Jobs report. To determine the best states for employment, WalletHub ranked all 50 states based on 35 metrics including job opportunities, unemployment rate, median annual income, average commute time and residents' self-reported job satisfaction. The state's top industries include tech, construction, real estate and manufacturing, according to data from the U.S. Department of Commerce. Other states in the top five, including New Hampshire and Vermont, ranked high for having ample job opportunities, steady employment growth, low unemployment rates and shorter workweeks. The worst three states to find a job right now are Mississippi, Kentucky and West Virginia, according to the report, which found that these states have fewer job opportunities and lower starting salaries than other states.
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