As seen in the New York Daily News.
Investing pools swell
Mutual funds are a $10.8 trillion industry with 90 million investors in the U.S. alone, a new study found.
According to researchers at California-based Tiburon Strategic Advisors, 641 mutual fund companies operate nearly 8,000 funds.
The report also found:
*
Industry profits top $25 billion annually.
*
Mutual funds redemption rates have decreased 25%, after spiking in 2002 – a horrendous year for stocks.
*
Vanguard, Fidelity and American Funds have the most assets.
New saving plan
Automatic enrollment in employer-based Individual Retirement Account programs could encourage as many as 48 million workers to save more for later on.
According to a new study by AARP, two-thirds of the 75 million working Americans without access to employer-sponsored retirement plans could benefit.
Workers who set aside $1,000 a year, growing at just 4% a year, would have $58,300 after 30 years, according to the study.
Putting up pets
Not every hotel wants to put your pet in the doghouse.
People for the Ethical Treatment of Animals named New York-based Loews among its top five most animal-friendly hotels in the nation. Loews offers special animal amenities for critter visitors, including dog and cat beds of all sizes, litter boxes, pooper scoopers and even minibars stocked with biscuits.
Rates move up
Mortgage rates rose to 6.73% last week, reversing a three-week trend, a new survey found.
The cost of a 30-year mortgage was just a tick below the 11-month high reached June 14, according to Freddie Mac. The finance company expects rates to hold steady this year amid a weak housing market.
–With Daniel Carty
Money Zone: July 16, 2007
As seen in the New York Daily News.
Investing pools swell
Mutual funds are a $10.8 trillion industry with 90 million investors in the U.S. alone, a new study found.
According to researchers at California-based Tiburon Strategic Advisors, 641 mutual fund companies operate nearly 8,000 funds.
The report also found:
*
Industry profits top $25 billion annually.
*
Mutual funds redemption rates have decreased 25%, after spiking in 2002 – a horrendous year for stocks.
*
Vanguard, Fidelity and American Funds have the most assets.
New saving plan
Automatic enrollment in employer-based Individual Retirement Account programs could encourage as many as 48 million workers to save more for later on.
According to a new study by AARP, two-thirds of the 75 million working Americans without access to employer-sponsored retirement plans could benefit.
Workers who set aside $1,000 a year, growing at just 4% a year, would have $58,300 after 30 years, according to the study.
Putting up pets
Not every hotel wants to put your pet in the doghouse.
People for the Ethical Treatment of Animals named New York-based Loews among its top five most animal-friendly hotels in the nation. Loews offers special animal amenities for critter visitors, including dog and cat beds of all sizes, litter boxes, pooper scoopers and even minibars stocked with biscuits.
Rates move up
Mortgage rates rose to 6.73% last week, reversing a three-week trend, a new survey found.
The cost of a 30-year mortgage was just a tick below the 11-month high reached June 14, according to Freddie Mac. The finance company expects rates to hold steady this year amid a weak housing market.
–With Daniel Carty