The Project For Student Debt released data on Nov. 13 that the average amount of debt for a Minnesota state college student was $30,894 last year. The unfortunate thing is that about half of the 20-something college graduates are either unemployed or underemployed. An underemployed person is one who works in a low-paying position that does not require a college degree.
Let me start by saying that I am not an attorney. However, I hope to share some information that may help people avoid significant penalties for not following the strict rules for some retirement funds.
I recently read the Tax Foundation report on the 2014 State Business Tax Climate Index. Changes in our tax structure last year have driven Minnesota down to 47th place. Only California, New Jersey and New York now have worse business climates than we do.
Our American private enterprise system has once again proven that it can get things done in spite of our big federal government. U.S. oil production has now reached a 20-year high. This is due to the resourcefulness of private businesses and entrepreneurs. Our country is now on the path to becoming energy self-sufficient for a while.
A couple of senior citizens in my neighborhood have been victims of financial fraud. One of these was by a close relative who made unauthorized withdrawals from the bank account of the victim. The other incident involved charges to a credit card by an unknown person.