Small Business is our Business

Dates for the next three workshops concerning the Melville Employment Center have been set.  This a  Huntington Town sponsored plan to improve the Route 110 Corridor.  All interested residents, employees, property owners, and other interested parties are encouraged to attend.  The dates for these workshops——-

Tuesday, September 29  7 pm- 9pm   Location—-Melville Fire Department,  531 Sweet Hollow Road

Wednesday, October 21  Location—-West Hollow Middle School, 250 Old East Neck Road

Tuesday, November 17   Location to be determined

Employees are increasingly becoming business owners as the sales of small businesses rise. Sales are up 60% since 2102, as retiring baby boomers fuel the surge, according to  Often selling to employees makes the transaction easier. These former employees most  likely were general managers, operating personnel or foremen who  worked for the company many years.

A survey of 500 employees by GFI Software, a web-based IT company,  found one in four workers reply within 15 minutes  to an email.  Interestingly, only one in 10 expect such quick responses.

The Huntington Public Library is part of the Foundation Center’s Funding Information Network, a program of free funding information for the Foundation Center’s  publications and databases.  The library provides free access to the FOUNDATION DIRECTORY ONLINE PROFESSIONAL, a database to 120,000 foundations, corporate donors, and grant making public charities. This resource is invaluable to students, artists, researchers, and other individuals seeking scholarships, grants, and fellowships.  These resources are available to all.  For more information and to make an appointment call Therese Nielson at 631-427-5165  ex.t 250.

According to a new study from the Employee Benefit Research Institute, forty-five percent (45%) of older households (those over 50  years) made money transfers to a  younger family member—– up from 39% in 1998.  Among those aged 50-64 it  averaged  $4,000 annually. For those over 64 the amount averaged $2,000. This trend will most likely continue as boomer  kids continue to be strapped with student loan debt and unable to secure good paying jobs.  No worry about estate taxes for the kids. There will most likely be nothing left in the 401k accounts.

A June 2015 Wells  Fargo Real Economy  survey of 3, 533  adults found few Americans have a positive view of the economy.

*Only 22% believe  the public education system  prepares youth for the workforce. Recent reports seem to confirm employers’ inability to locate skilled workers

*Only 22% believe they will  have  a financially secure retirement.  The Federal Reserve recently published a survey and found 31% of Americans  have no retirement savings or pension

*Only 17% believe the U.S. has a strong middle class.  Outsourcing of jobs and the decline of unions  are seen as factors in the decline.

A recent study by Allianz Life, an insurance company offering life insurance and annuities, found Generation Xers view their credit cards as a survival tool.  For those aged 35-48,  48% say credit cards help them make ends meet.  Forty-six percent(46%) pay only a partial amount of debt monthly, while 44% pay in full  and 11% do not use a  credit card.  These Gen Xers are postponing   retirement saving to pay off  student loan debt and are  facing  housing values that are now worth less than when they were purchased.  Not a good sign for the future.

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