Best Savers in NJ

[REWahoo]

NEW YORK (CNNMoney.com) - New Jersey residents have the biggest nest eggs in the nation, while Mississippi residents have the smallest, according to an index compiled by retail stock broker A.G. Edwards.A.G. Edwards' 'Nest Egg Index' finds New Jersey atop the list, Mississippi at the bottom.

"A number of factors influence how well people are doing at building their nest eggs," said a statement from A.G. Edwards Financial Planning Specialist Sophie Beckmann. "There are external forces involved, such as economic trends and cost of living. But other factors, such as starting early, participating in a retirement plan at work and keeping personal debt low, are based on personal choices that help foster financial security for individuals and families, regardless of where they live."

Way to go, you'se guys...

http://money.cnn.com/2005/12/13/pf/savings_index/index.htm

 

[Martha]

Hey, and Minnesota isn't far behind. And people complain about our high taxes and our liberal politics. Ha!

 

[Nords]

NEW YORK (CNNMoney.com) - New Jersey residents have the biggest nest eggs in the nation, while Mississippi residents have the smallest, according to an index compiled by retail stock broker A.G. Edwards. A.G. Edwards' 'Nest Egg Index' finds New Jersey atop the list, Mississippi at the bottom.

This sounds like one of TH's "studies".

I wonder how well this "index" correlates with the location & commissions of the nation's A.G. Edwards branches...

 

[REWahoo]

Hey, and Minnesota isn't far behind. And people complain about our high taxes and our liberal politics. Ha!

Not so fast, Martha...

Minnesota may owe its ranking to an inordinately high population of couples who don’t meet typical American standards. Couples with one spouse aready retired, chained to the stove, socializing with imaginary “friends” in the basement, spinning Chicken Little conspiracy theories on the coming US economic collapse living the good life. Couples already FI with one spouse still working to support the “gloom & doom” financial outlook of the non-working spouse becasue she is a dedicated professional who wants to be sure all is well at her workplace and that they are absolutely positively FI before hanging it up for good. Couples with one retired spouse who may have developed the pessimistic “I’m not going to get caught in another market internet bubble” mentality just to keep DW working and out of his hair so he can chase imaginary gremlins living under the bed in the basement is a dedicated and loving partner willing to be patient while DW gets the working world out of her system and joins him in the wonderful world of FIRE.

Or, I could be way off base here...

 

[TargaDave]

I would guess that these states score well due to a higher average age of the work force and a large percentage of high paying jobs. Older high income earners are usually (on average at least) the biggest savers. You probably don't see a lot of fresh college grads (who can't save much) moving to NJ, MA or NH where real estate and cost of living is very pricey.

 

[alphabet soup]

Hmmm... The best saving states are all Blue. The worst saving states, all Red.
And the Red Staters vote in the people who want to cut their safety nets to the bone.
Well, I guess they all figure they don't need savings, they're already saved and bound for glory.
Halleluaih!

 

[Jarhead*]

Not so fast, Martha...

Minnesota may owe its ranking to an inordinately high population of couples who don’t meet typical American standards.  Couples with one spouse aready retired, chained to the stove, socializing with imaginary “friends” in the basement, spinning Chicken Little conspiracy theories on the coming US economic collapse living the good life.  Couples already FI with one spouse still working to support the “gloom & doom” financial outlook of the non-working spouse becasue she is a dedicated professional who wants to be sure all is well at her workplace and that they are absolutely positively FI before hanging it up for good.  Couples with one retired spouse who may have developed the pessimistic “I’m not going to get caught in another market internet bubble” mentality just to keep DW working and out of his hair so he can chase imaginary gremlins living under the bed in the basement is a dedicated and loving partner willing to be patient while DW gets the working world out of her system and joins him in the wonderful world of FIRE.

Or, I could be way off base here... 

Trust me, I've thought exactly the same thing since he started posting.

In fact, I think a more fitting moniker would be
"Slick".

 

[wildcat]

Yeah, I imagine the savings is + correlated to education levels. Just an unscientific hypothesis.

 

[Martha]

Trust me, I've thought exactly the same thing since he started posting.

In fact, I think a more fitting moniker would be
"Slick".

Hey, you leave my sweetie, the apocalypic spouse in the basement, alone.

 

[greg]

Hey, you leave my sweetie, the apocalypic spouse in the basement, alone.

Yeah, be careful, remember what may or may not be in my toilet mouth. Besides, I kinda like the moniker SH, slick husband. It could be aded later, though, if need be.

--SH

 

[Gone4Good]

Not too much of a mystery here:

According to 2003 census bureau information, the states with the highest per capita income were:

State                        Rank
Connecticut              1
New Jersey               2
Massachusetts          3
New Hampshire          6
Minnesota                7


And the states with the lowest per capital income were:

Oklahoma                  39
Alabama                    40
Louisiana                  43
Arkansas                  49
Mississippi                50

 

[Nords]

Yeah, I imagine the savings is + correlated to education levels.

Today on NPR, Ben Stein opined that it's Yankee frugality vs southern indolence...

 

[Marketneutral]

Do they count "estimated" home appreciate gain in these totals?

We hear about the huge gains in networth.  Most of that is via home appreciate.  It is only a gain if you can find a sucker to sell it to.  Al la Tech Stocks. 

Interesting side note.  Mortgages and home equity loans are not subtracted from the savings rate which came in at a negative rate on the last reading.  Wonder what the true savings rate is if you count mortage interest and home equity interest.

 

[tozz]

Interesting the red state/blue state correlation, given the economic policies promoted by either party.

Not too much of a mystery here:

According to 2003 census bureau information, the states with the highest per capita income were:

State                        Rank
Connecticut              1
New Jersey               2
Massachusetts          3
New Hampshire          6
Minnesota                7


And the states with the lowest per capital income were:

Oklahoma                  39
Alabama                    40
Louisiana                  43
Arkansas                  49
Mississippi                50