Posted by: John S Kiernan

1. Main Findings
2. WalletFitness Tips
3. Ask the Experts
4. Methodology

Main Findings Embed on your website<iframe src="//d2e70e9yced57e.cloudfront.net/wallethub/embed/2862/geochart-wellness.html" width="556" height="347" frameBorder="0" scrolling="no"></iframe> <div style="width:556px;font-size:12px;color:#888;">Source: <a href="http://ift.tt/2AsXg8f;

 

Overall Rank	City	Total Score	‘Credit Standing’ Rank	‘Responsible Spending’ Rank	‘Savings’ Rank	‘Risk Exposure’ Rank	‘Earning Power’ Rank
147	North Las Vegas, NV	39.82	150	120	125	118	109
148	Hialeah, FL	38.77	85	81	147	142	149
149	Brownsville, TX	38.12	133	80	140	150	128
150	Newark, NJ	37.38	141	129	59	145	150

6 Tips For Reaching Top WalletFitness

1. Building Excellent Credit – Always pay your bill on time

   Payment history is the most important component of your credit score, accounting for at least 35% of your overall rating. That means on-time payments are the key to a great credit score, which in turn means that automated monthly payments from a deposit account can be extremely helpful. And if you’re wondering why great credit is important, just consider the fact that an individual with excellent credit is likely to save hundreds of thousands of dollars over the course of his or her lifetime, compared to someone with bad credit.

< >

• Patrick Lach Associate Professor of Finance in the School of Business at Eastern Illinois University
• Malcolm J. Kass Visiting Assistant Professor of Economics at the University Of Texas At Arlington
• Michael Rupured Senior Public Service Associate and Extension Financial Management Specialist at University of Georgia
• Ann M. Holmes Assistant Dean for Finance and Administration for the College of Behavioral and Social Sciences at University of Maryland
• Miles A. Romney Assistant Professor of Accounting in the College of Business at Florida State University

Patrick Lach Associate Professor of Finance in the School of Business at Eastern Illinois University Financial wellbeing can have a tremendous impact stress, and the negative impact that stress can have on someone's physical and emotional health is well documented. What tips do you have on how people can improve their wallet wellness? The easiest way for someone who is trying to take control of their financial life to get started is to simply write down their expenses at the end of every day. I think this is a great way to start, because it is so easy to do. Once someone adds up the daily expenses for the month, it usually becomes obvious where the person is spending too much money. People's finances often begin to deteriorate simply because they are not paying enough attention. Is wallet wellness contagious? Financial wellness, or as you call it, "wallet wellness" is absolutely contagious. In fact, a person's views on money, religion and politics are heavily influenced by his or her parents. This does not mean that someone with financially irresponsible parents is doomed to make the same mistakes, but I think that parents have a large influence on how people feel about money. This is largely due to the fact that, much like politics and religion, personal finance is a taboo topic. In our society, it is considered inappropriate to discuss personal finances with casual acquaintances, which is why most people only discuss their finances with their closest friends and family members. Healthy choices, whether they are about food or money can be contagious, because when we see someone making smart decisions, we begin to question if we are making the right decisions. On the other hand, if we see someone making bad decisions, it makes it easy for us to fall in the trap of bad choices. For instance, if you are out eating with 5 other people, it is hard to order a salad and a water when the other 5 people order a burger and a beer. The reverse is true as well: If everyone orders a salad and a water, it is very tough to go against the herd and order a burger and a beer. The same works with our finances. If you go out to eat with 4 other couples, and the other couples are talking about the exotic European vacations they plan to take, it is hard to confess that you are planning a 'staycation' where you explore your hometown during an extended holiday from work to save money. Again, the reverse is true as well: you will likely feel sheepish about discussing a lavish European vacation if the 4 other couples at the dinner table are discussing plans for a 'staycation' to save money. When should an individual consider moving to an area that has better overall wallet wellness? When does location matter more than individual actions/behaviors? A person's actions matter much more than the city in which (s)he lives, when it comes to improving his or her financial life. In evaluating the best cities for wallet wellness, what are the top five indicators? It is very hard to come up with a way to rate cities, because it is so subjective and people have different preferences. While a big city will likely appeal to someone who is young and single, a family who is raising children will probably prefer a small, quiet town. While some people prefer a climate that is warm all year, other people (myself included) enjoy living in an area where they can enjoy the differences of the four seasons of the year. Malcolm J. Kass Visiting Assistant Professor of Economics at the University Of Texas At Arlington Is wallet wellness contagious? When should an individual consider moving to an area that has better overall wallet wellness? When does location matter more than individual actions/behaviors? There is a wealth of empirical and experimental economic research on people’s level of impatience; meaning those that spend a large share of income on good and services right now vs. saving for later. Areas with a large fraction of people who are economically impatient, tend to be economically poor areas. This means that incomes are depressed, leading to fewer resources for important public goods and services. This is important even for those who are more patient, because they must spend more of their private income to compensate for what is missing in the public goods/services offerings. Michael Rupured Senior Public Service Associate and Extension Financial Management Specialist at University of Georgia What tips do you have on how people can improve their wallet wellness?

1. Know where your money goes. It's not the big stuff, it's the little things you do often. Tracking your spending for a few months almost always reveals surprises that lead to behavior change.
2. Plan your spending. Instead of a painful, restrictive budget, plan spending to make sure your money goes where you want it to go. Be sure to include saving for emergencies and for short- and long-term goals.
3. Spend less than you earn. It's the only path to financial success and wallet wellness.
4. Get out of debt. Paying off debt - especially credit card debt - is a great investment. Instead of paying high interest rates, when you are out of debt, you can save the money in a financial institution and earn interest.

Is wallet wellness contagious? Perhaps a little. Consumers who manage to get out of debt tend to avoid going into debt again. These converts can motivate behavior changes in the people around them. If not particularly contagious, wallet wellness is, however, habit forming. Whether a person's financial behaviors are good or bad, he or she tends to believe everyone else is doing the same thing. The over-indebted consumer believes all consumers (or at least most, even if only in their peer group) rely on credit to make ends meet. Hopelessness plays a role too. "I'm so far in debt, another $100 on the credit card won't make any difference." When should an individual consider moving to an area that has better overall wallet wellness? When does location matter more than individual actions/behaviors? I'm curious about causation. Financial attitudes and behaviors are developed early in life. Is there something in the community to promote financial education? Perhaps the public schools have a good financial education curriculum. Seems to me, growing up where wallet wellness is high would have a greater impact than relocating to a city with a higher wallet wellness score. In evaluating the best cities for wallet wellness, what are the top five indicators?

1. Poverty rate - you've got to have money to have financial success;
2. Employment rate and perhaps percentage working full-time vs. part time;
3. Bankruptcies and foreclosures - both indicators of financial failure;
4. Cost of living;
5. Percentage of residents covered by health insurance as medical expenses are bankrupting many consumers.

Ann M. Holmes Assistant Dean for Finance and Administration for the College of Behavioral and Social Sciences at University of Maryland What tips do you have on how people can improve their wallet wellness? I urge people to take the time to understand the credit cards they are using. First and foremost, why are they charging? Is it a real need or just a want? Debt accumulates quickly if it is used for everyday items. Credit card purchases should be a last resort, unless you are sure you have the funds to pay off the balance each month. If you can pay off the balance each month, credit cards can be used to your advantage; cash back, mileage points for an upcoming trip, or points for purchasing gifts in the future are a good thing, if and only if you are not paying interest too. Is wallet wellness contagious? Yes. There are groups of students on my campus trying to help others understand the value of limiting debt, including student loans. They want to make financial responsibility the "thing" to be. I believe the more it is talked about, the more aware people become and hopefully think before acting. When should an individual consider moving to an area that has better overall wallet wellness? When does location matter more than individual actions/behaviors? It doesn’t matter where you live, if you can't keep spending under control. Living within your means is the key no matter where you live. That said, I know that some locations will never have the opportunities for good paying jobs. It's a tale as old as time. Sometimes, moving is the only way to stay afloat. In evaluating the best cities for wallet wellness, what are the top five indicators?

• Housing affordability;
• Transportation costs;
• Job opportunities;
• School ratings;
• Cultural and entertainment options that will help enhance your life.

Miles A. Romney Assistant Professor of Accounting in the College of Business at Florida State University What tips do you have on how people can improve their wallet wellness? People need education on matters of personal finance. They need to know the pitfalls lurking in the world that will take advantage of them if they are not prepared. Is wallet wellness contagious? Surrounding myself with people who think similarly about money can help me to make better choices. It can remove the peer pressure to make bad financial decisions. When should an individual consider moving to an area that has better overall wallet wellness? When does location matter more than individual actions/behaviors? I can’t envision choosing where to live geographically based on this concept. I am responsible for my own actions/behaviors regardless of where I live.

 

Methodology

 

from Wallet HubWallet Hub


via Finance Xpress