RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Where to Live If You Want to Build Wealth

November 10, 2016 1:51 am


If you're looking to live in a wealth-building area, then results from a new Bankrate survey may be a bit of a surprise: pack your bags and move to the San Francisco Bay area.

Yep. Despite having some of the highest rents in the country, the Bay Area is the best U.S. metropolitan area for building wealth. The Bankrate survey ranked 21 large metro areas in five categories: savable income, human capital, debt burden, homeownership and access to financial services. 

The nation’s highest savable income is a big part of San Francisco’s No. 1 overall ranking. The average Bay Area resident can sock away $16,657 per year, almost twice the national average, after subtracting local expenses from incomes. While it’s a very expensive place to live, there are plenty of high-paying jobs, so residents are able to keep their non-mortgage debts low (fifth lowest among the 21 markets) and their credit scores high (second highest).

Minneapolis/St. Paul is second-best overall (aided by the lowest average unemployment rate over the past five years), Washington, D.C. is third (only San Franciscans are able to save more), St. Louis is fourth (it offers the best access to financial services) and Detroit is fifth (it has the highest homeownership rate and the lowest non-mortgage debt burden).

“Different metro areas affect households’ abilities to amass wealth in different ways,” says Bankrate.com analyst Claes Bell, CFA. “In some metro areas, like San Francisco, homeownership can be prohibitively expensive, but higher-than-average salaries can help residents stash more money away in tax-advantaged retirement accounts. On the other hand, Minneapolis-area residents don’t earn as much, but the area’s affordable housing and recovering real estate market provide opportunities to build wealth over the long term through home equity.”

Source: Bankrate
 

Published with permission from RISMedia.


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The Best Paying Jobs for College Grads

November 8, 2016 1:48 am

The good news for recent college graduates is that with unemployment at a four-year low, there are plenty of jobs to be had. The bad news is that competition is stiff for the highest-paying positions.

Where are these coveted jobs, and how much do they pay? Employment counselors recommend several directions savvy degree-holders might take:

Purchasing Manager – Most companies hire purchasing professionals to acquire the goods and services they need to run their business. Candidates need to be personable as well as analytical, and a degree in business or economics is a plus. Annual starting salaries average $58,000.

Computer Hardware Engineer – Computer science majors can use their skills to design and modify computer parts that increase speed and efficiency. Starting salaries average $58,000 per year.

Biomedical Engineer – One of the fastest-growing fields today is biomedical engineering, which mixes medicine with biology, math, physics and chemistry to create equipment that solves medical problems. Median starting salary is $54,800.

Mathematicians – Mathematicians provide solutions for the problems businesses face, with numbers to back up their work. Starting salaries for people good at math average $56,400.

Sales Manager – These are the professionals who oversee a sales force, setting quotas, policies, and best practices, dividing the work into territories and monitoring goal achievement. Candidates with some sales background and a business management degree can expect starting salaries of $51,760.

Nuclear Engineer – While some nuclear engineers work in power plants, others explore uses for radiation and nuclear energy in medical and industrial applications. Qualified candidates will start at about $63,900.

Aerospace Engineer – Starting salaries for aerospace engineers, who design new developments for airplanes, spacecraft, and defense systems, are an average $59,400.

Petroleum Engineer – Hold onto your hats. Salaries for these math and science whizzes, who develop methods for extracting oil out of different areas, begin at an average of $93,000.

Published with permission from RISMedia.


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