Tuesday, February 20, 2024

Home Emergency Preparation

 

Basic Home Emergency Prep Tips for Beginners

 

Emergency preparedness is vital for every homeowner. Unfortunately, learning about emergency preparation can become overwhelming very quickly. There are a plethora of options on the market, and it can quickly feel like you can never buy enough emergency prep items.

Have Non-Perishable Supplies Stocked

Keeping a reasonable supply of non-perishable goods is key in any emergency. You should have at least some potable bottled water and some emergency food rations. Don’t be intimidated. If you are just beginning, having a small storage of extra items that you already eat can be a great start. You don’t need to jump to buying a giant container of dehydrated food flakes immediately. Keep things simple at first.

Add Yourself to Your Local Emergency Alerts

Local emergency alerts are very important to receive. Adding yourself to a list can ensure that you will be emailed or sent a text with important information.  If a pipe were to burst in your area rendering your water unsafe to drink or if an evacuation is required in your neighborhood, you will want to know as soon as possible. Adding ourselves to these lists can give you that essential information quickly.

Buy a Small Radio

A battery-operated radio is essential when power is out, and you are trying to learn about any important information during an emergency. If an emergency occurs, cell phone towers could experience outages due to an overwhelming amount of calls. An inexpensive battery-operated or crank radio may help you get the vital information you need.

Keep Your Insurance Updated

In the event of a natural disaster, your first priority will be the safety of your family. After this has been secured, there will be the matter of dealing with any financial and home damages. Be sure that you are giving yourself the least work possible when dealing with this procedure. Ensure that your insurance is up-to-date and that you have documented your belongings, including recording any essential information about expensive items within your home.

Take a First Aid Class

You never know what situation you could find yourself in. Taking a first aid class could be a life-saving decision. First aid classes are relatively inexpensive and can prepare you to be able to help with emergency situations and day-to-day injuries.

 

 

Tuesday, February 13, 2024

UTAH PRIME FOR ENTREPRENEURS

 

Utah ranked as the nation’s prime spot for budding entrepreneurs

 

 

 
 

What makes Utah the top state to start a business in?

Around 4.4 million businesses are started in the United States every year, according to the Commerce Institute. If the 9-to-5 simply isn’t cutting it anymore, maybe 2024 is actually the year to open up that business you’ve always dreamed of starting.

The entrepreneurial spirit provides opportunity by creating more jobs and economic growth, experts say, allowing the American dream to live on, whether through side hustles or full-scale businesses.

That doesn’t mean it will be easy or successful; “approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years,” per Investopedia. “Only 25% of new businesses make it to 15 years or more.” But, not all hope is lost.

Where are the best states to open a business?

Where you live can improve your chances of creating a successful company, according to a WalletHub study that examined the success rates of new businesses in all 50 states.

“Starting a business is a difficult and risky process, but where you live can highly influence your chances of success,” said WalletHub analyst Cassandra Happe. “Before establishing a business in any location, make sure to do research to ensure it’s an ideal place for your customer base, has enough labor and supplier availability, and suits your needs when it comes to financing.”

Top 5 best states for new businesses:

  1. Utah.
  2. Georgia.
  3. Florida.
  4. Idaho.
  5. Nevada.

Top 5 worst states for new businesses:

  1. Rhode Island.
  2. Connecticut.
  3. Alaska.
  4. Maryland.
  5. West Virginia.

It may not come as much of a shock that Utah is at the top of the list for new business success following its ranking by U.S. News & World Report as the state with the best economy in 2023.

Utah was dubbed No. 1 by WalletHub for a few key reasons, per the report:

  • An easy state for getting business-loan financing.
  • Has a 2.5% year-over-year employment growth, making it the largest in the country.
  • Beneficial and affordable employee benefits.
  • Companies incorporate new technology into business models to improve efficiency.
  •  
  • Is 2024 a good year to start a business?

Whether in Utah or Rhode Island, opening a business is always a gamble, especially when considering supply and demand, competition and overall market conditions.

However, rates for inflation are expected to decrease, “(The) average consumer price inflation should be 3.2% in 2024, compared to 4.06% in 2023 and 9.59% in 2022,” per the Federal Planning Bureau.

 

According to Neighborly Franchising, “2024 presents itself as a promising chapter for those with a dream of starting their own business. From the growth of remote work to an increase in the need for ‘side gigs’ and ‘home-based hustles,’ there has never been a more opportune moment to take the leap.”

Here are a few reasons as to why now is a good time to get started on a new business venture:

  • Side hustle success: As many as 50% of Americans have a side hustle as a way to make extra income, per Yahoo Finance. “The cost of living across America has risen drastically, and it has become necessary for many households to seek additional sources of income whether this be in the form of a side hustle or a fully-fledged small business,” a spokesperson for the Small Business Blog told the Deseret News in an email.
  • Improving work-life balance: As the owner of a company, you have the luxury to set your own hours. “Achieving a better work-life balance increases productivity, reduces stress and improves overall physical and mental health, per Forbes. “When business owners take regular breaks and find time for activities outside of work, it leads to more creativity and innovation, which is beneficial for the business and its success.”
  • Skills shortages: As a generation begins to retire, openings in the job market allow for more demand for business opportunities. “In fact, starting a business that caters to the needs of industries with shortages can lead to a steady customer base and potential growth,” according to Neighborly Franchising.
Written By Emma Pitts
 Published By Deseret News,
Jan 16, 2024, 3:00pm MST

 

Thursday, February 1, 2024

Utah's Economy

 


A year of economic 'resilience' for Utah, and the nation, as 2023 draws to a close

SALT LAKE CITY:

This time last year, inflation had been on a six-month streak of declines after peaking at 9.1% in June 2022 and Federal Reserve Chairman Jerome Powell was sounding cautiously optimistic about the road ahead, but hedging any predictions that the U.S. economy could emerge from its profound, post-pandemic imbalance without bottoming out in a recession.

The monetary body had just assessed a 0.5% increase to its benchmark federal funds lending rate, marking the seventh consecutive increase going back to March 2022. The Fed's Open Market Committee would go on to levy four more increases in 2023, bringing the overnight lending rate into the 5.25%-5.5% range.

"I just don't think anyone knows whether we're going to have a recession or not," Powell said at a press conference on Dec. 14 last year. "And if we do, whether it's going to be a deep one or not ... it's not knowable."

A year later, there remain plenty of economic questions that still aren't knowable but following the conclusion of the Fed's final meeting of 2023 in December, Powell signaled the end of an unprecedented, nearly two-year-long series of aggressive rate hikes and a potential trio of reductions in 2024.

And, the U.S. economy has, so far, been able to avoid the oft-predicted recessionary conditions in which spending retracts, unemployment rises and wages stagnate or drop even as prices on goods and services continue to increase.

That resilience has, perhaps, been the most significant hallmark for the U.S. economy overall throughout 2023 as it has been for economic activity within Utah's borders.

Inflation:

While the national inflation rate in 2023 marched down from 6.4% in January to November's 3.1% rate, regional inflation for Mountain West states, which include Utah, saw an even bigger decline, falling from 7.4% at the start of the year to 2.9% in November, according to U.S. Labor Department tracking.

Job Market:

Along the way, the U.S. job market moderated a bit, wage growth slowed but remained strongly in positive territory and national unemployment hovered in the mid-3% range throughout the year.

Amid the mostly positive economic flow, however, 2023 saw a worrying island of specialty bank failures, widespread concerns over regional bank solvency as the commercial real estate sector tanked and ongoing, and critical, housing affordability issues as prices remained elevated and the cost of debt soared.

Phil Dean, senior economist for the University of Utah's Kem C. Gardner Policy Institute, said the economy outpaced expectations for the year and is segueing into 2024 with positive energy.

"The U.S. economy showed remarkable resilience in the past year," Dean said. "I didn't expect doom and gloom but the national GDP, as a broad measure, showing growth every quarter was a surprise.

"I think it just demonstrates the strength of the U.S. economy ... and how many things we really do have going for us."

Dean said even with the "gut punches" of the bank failures in the first quarter of the year, and ongoing challenges in affordable housing, the overall economy appears to be churning positively forward as 2023 draws to a close.

Home Mortgage Borrowing:

Dean expects easing inflation and likely upcoming cuts to federal fund rates will help move the cost of debt down in the coming year and make home mortgage borrowing more affordable. Even ahead of those potential adjustments, Freddie Mac was reporting the average rates on a 30-year fixed-rate mortgage had dropped for eight straight weeks and came in at 6.67% in late December, the lowest mark in four months.

Cheaper mortgages may not only ease the path of affordability for first-time buyers, Dean said, but motivate current homeowners, who have been mostly hunkering down amid high rates, to consider property turnovers and build the supply side of a market that's been skewed heavily toward demand.

"There's been a lock effect in play," Dean said. "One way I've heard it described is we find ourselves in a market where no one can afford to sell and no one can afford to buy."

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