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Insurable Interests

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Insurable Interests may offer general financial, insurance, tax and business ideas. However, due to the ever-changing tax laws as well as the complexity of the financial industry, you should seek professional advice before implementing any of the ideas contained in this newsletter. The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C. assumes no liability whatsoever in connection with the use of this newsletter.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), Member FINRA/SIPC. Investment Advisory Services offered through Kestra Advisory Services, LLC (Kestra AS). Kestra IS and Kestra AS are not affiliated with The Bensman Group, Bensman Associates Ltd., Bensman Risk Management, Inc. or Schemata, L.L.C.

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Insurable Interests

Vol. 14, Issue 1September 2018

FINANCIAL INTERESTS

Study Shows Where Americans Moving

People always tend to move to places with greater opportunity to achieve their dreams. That is what drove the great westward expansion for the first part of the nation’s history. It is no different now, although some of the destinations have changed.

According to United Van Lines 2018 National Movers Study, the top 10 states from which people are moving are:

1. Illinois
2. New Jersey
3. New York
4. Connecticut
5. Kansas
6. Massachusetts
7. Ohio
8. Kentucky
9. Utah
10. Wisconsin.

Many of these states have high costs of living, including high taxes and high home costs. Some also are experiencing financial problems caused by large debt and unfunded or underfunded obligations as well as too little cash on hand. According to the Mercatus Center at George Mason University, New Jersey ranks as the 50th – or worst – state in terms of its financial condition, followed by Illinois (49), Massachusetts (48) and Kentucky (47). Only Utah and Ohio are in above-average financial shape.

In some of these states, jobs are not plentiful. According to Wallethub.com, Kentucky ranked 48th in terms of overall job prospects. Ohio (37), Illinois (31) and New York (28) also were in the bottom half.

Obviously, a combination of poorer-than-average job prospects and higher-than-average living costs can make it difficult to make ends meet. And when a state does not have enough money to pay its bills, the likelihood of rising taxes and/or reduced services becomes greater.

On the other hand, the top 10 states to which people are moving are:

1. Vermont
2. Oregon
3. Idaho
4. Nevada
5. South Dakota
6. Washington
7. South Carolina
8. North Carolina
9. Colorado
10. Alabama.

Not all of these are in excellent financial shape. Vermont, for example, is ranked 40th in the Mercatus study, coming in below New York (39). But South Dakota ranks 3rd, and Idaho (9), Alabama (12), Nevada (14), North Carolina (15), South Carolina (19), and Oregon (21) are all in the top half.

Some also tend to have better-than-average job prospects. According to Wallethub.com, Washington is the best state for finding a job, and Colorado ranks 2nd. Also ranking high are Vermont (7), South Dakota (13) and Nevada (15).

Finally, they tend to have lower costs of living, including lower taxes and home prices, and often are in a more temperate climate. That can make them attractive both to young people starting out and to baby boomers looking to retire.

This article was created by Osmosis Digital Marketing for use with permission by The Bensman Group.

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