For government officials and planning consultants looking to create regional economic growth and drive innovation, industry clusters are the Holy Grail. Popularized by Harvard professor Michael Porter in the early 1990s, cluster theory holds that a government or economic development body can create a viable hub of economic activity in a specific industrial sector by bringing in businesses, suppliers, researchers, and additional related people or entities. In other words, a focused governmental effort can create something from nothing, turning, for example, a fallow field into a tech park bursting with highly competitive, innovative companies.

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How Bad Debt Management Can Really Hurt You.

Posted on | January 5, 2010 |

Many people realize too late that they have a problem managing their money. This epiphany usually comes when a 5 figure credit card bill is staring them in the face. It happened to me, and it can happen to you. I was lucky in that mine was a low 5 figure amount, and I had the income to pay it off myself with some belt tightening and 0% balance transfer offers from another credit card company.

But not everyone is so fortunate.

Many people have no where else to turn but to a debt management agency.

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Chris Wrightsman and his business partner, John LaRocca, wondered if they’d have to strap on their tool belts and go back into the field after 15 years in management. Bruce Rigney worried about losing his family-owned company. Sean O’Neill questioned his decision to start a home-based consulting firm in 2008.

As it was for so many, 2009 was a rough year for these three entrepreneurs. But with the dawn of 2010, all are optimistic that they have survived the worst. They are ready to begin growing again.

Several surveys of entrepreneurs show that confidence about 2010 appears to be growing, albeit cautiously.

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Experts predict little reprieve for savers in 2010. The past 12 months have been a bleak time for savers, with the Bank of England’s base rate dropping from 2% at the start of 2009 to 0.5% in March. This rate marks an all-time low since the formation of the Bank in 1694 and is still in effect at the present time.

Low savings rates

Rates on savings accounts have been squeezed to reflect the low Bank rate, leaving even the most careful savers with a poorer return than they might have hoped for. Just 12 months ago, savings accounts offering 5.6% or higher were not unheard of. Full Article…

It’s the question du jour in financial planning: Should you take advantage of some special perks in 2010 and convert your traditional Individual Retirement Account to a Roth IRA?

The answer, as with nearly anything in personal finance: It depends.

Yes, it’s an idea to consider. Moving money from a traditional IRA to a Roth opens up a lot of possibilities, not the least of which is tax-free growth and withdrawals in retirement. SEP-IRAs, SAR-SEP IRAs and SIMPLE IRAs can be converted as well, as can 401(k) balances from past employers. There are good estate-planning opportunities, too. Full Article…