ProVise Bullets

·         The June unemployment figure of 6.1% was the lowest in six years. A total of 288,000 new jobs were created and the government increased May's number to 224,000 jobs created. While the summer can be very volatile, we expect solid gains for the rest of the year. Last week's applications for unemployment fell to only 304,000, which was below expectations of 315,000. It will be hard for the numbers to keep falling as 300,000 is a very low number even in a healthy economy. The Fed expects job creation for the rest of the year to be steady as the economy continues to improve. It is possible, however, for job growth to be much better than is expected.

·         What do Shanghai, China, Belgium, Estonia, Australia, New Zealand, Czech Republic, Poland, and Latvia all have in common? The 15 year olds in each of these countries all outscored the 15 year olds in the United States for financial literacy. With the exception of Latvia, all of these countries scored above the global average. Students who participated in the survey were asked if they would give up on a problem that seemed overly difficult. Those who said "yes" scored lower than those who said "no". We guess those with tenacity and perseverance understand what it takes to be financially successful. What are we not teaching that we should be if we want to remain the largest economy in the world?  (Source: Organization for Economic Co-Operation and Development)

·         So, can you think of a tougher time to graduate from college than the start of the recession? Talk about bad timing...or was it? According to the National Center for Education Statistics, 83% of the college grads from the spring of 2008 are now employed. Surprised? We were. Those with a degree in STEM majors (Science, Technology, English and Math) had more jobs (85.1%) than those without (82.1%). Engineering topped everyone with 89.6% of those grads holding down jobs. Unfortunately those in social services only saw 78.2% employed. Eighty-five percent of those employed are fulltime and had a median income of $46,000. STEM majors had a median income of $60,000, and non-STEM majors had a median of $44,000.

·         Wondering about your chances of being audited by the Internal Revenue Service? Unless you have over a million dollars in income, the chances are pretty slim. This year there is an even lower chance as the IRS simply doesn’t have the resources. They are using technology, however, to help catch those returns they think will provide the greatest amount of revenue. Last year the chance for an individual to be audited was less than one percent (0.96%) including routine correspondence audits which accounted for about 75% of all audits. These correspondence audits include issues like failing to report interest, dividends, etc. Thus, only about 0.25%, 1 out of 400, had a face to face meeting with an agent. Obviously, the more income, the greater the chance of being audited. Those under $200,000 had a chance of 1 out of 519, those between $200,000 and $1 million faced odds of 1 out of 91 and those with over $1 million had a 1 in 20 chance of having a face to face audit.  (Source: Kiplinger Tax Letter)

·         Identity Theft is a growing problem and the fraudsters are becoming more sophisticated in their tactics. At ProVise we take security very seriously and we are constantly working to improve our systems for our clients’ protection. As an example, we no longer accept wire transfer instructions by email or a letter alone. We follow up for further verification verbally.

Here are some steps you can take to help guard against identity theft:

-       Regularly change your email, computer and device passwords

-       Protect your computer with anti-virus software

-       Safeguard or properly destroy documents that contain personal and financial information

-       Immediately notify your financial advisor if you have a change in email address or telephone number

-       Immediately notify your financial advisor if you believe you have been a victim of identity theft.

·         You can now follow us on twitter by going to and follow us at @pro_vise. We will use twitter to supplement the Bullets as the news warrants. We look forward to providing this valuable service.

As always, we encourage you to give us a call if you would like to discuss anything further. We will visit again soon. Proudly and successfully serving our clients for over 27 years.


©7/15/14 ProVise Management Group, LLC

This material represents an assessment of the market and economic environment at a specific point in time.  Due to various factors, including changing market conditions, the contents may no longer be reflective of current opinions or positions.  It is not intended to be a forecast of future events, or a guarantee of future results.  Forward looking statements are subject to certain risks and uncertainties.  Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by ProVise), or any non-investment related content, made reference to directly or indirectly in these Bullets, will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in these Bullets serves as the receipt of, or as a substitute for, personalized investment advice from ProVise.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  Information is based on data gathered from what we believe are reliable sources.  The information contained herein is not guaranteed by ProVise Management Group, LLC as to accuracy does not purport to be complete and is not intended to be used as a primary basis for investment decisions.  The indices mentioned are unmanaged and cannot be directly invested into. ProVise is neither a law firm nor a certified public accounting firm and no portion of these Bullets should be construed as legal or accounting advice.  A copy of ProVise’s current written disclosure discussing our advisory services and fees is available for review upon request.  If you do not want to receive the ProVise Bullets, please contact us at:  [email protected] or call:  (727) 441-9022. 

Dow Jones Industrial Average - The Dow Jones Industrial Average is a popular indicator of the stock market based on the average closing prices of 30 active U.S. stocks representative of the overall economy.

S&P 500 Index is an unmanaged group of securities considered to be representative of the stock market in general.  You cannot directly invest in the index.

Read more commentaries by ProVise Management Group