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You'll Never Guess Where American Women Actually Earn More Than Men It all comes down to education. Women earn less than men in every U.S. state, but one place they've caught up is Puerto Rico. On average, women working in this American territory earn $1.03 for every dollar earned by men. According to the most recent data from the U.S. census bureau, in 2016, the median salary for women in Puerto Rico was $24,486, while the median salary for men was $23,711. Image source: Getty Images Why women earn more There are two factors at play here. One is that there are more opportunities for men to succeed in jobs that don't require a college degree. The other is that education in Puerto Rico has been relatively low cost. Simply put, more women in Puerto Rico have opted for a college education because they have not historically been able to fill the more physical jobs. Approximately 29% of women in Puerto Rico hold a bachelor's degree, compared to 20% of men. Though the wage gap is slight, it is still noteworthy, particularly compared with the U.S. mainland where the wage gap between men and women is visible across the board. Men holding the same degrees and possessing the same qualifications as their female counterparts earn more, on average, in the U.S. The same is true across all industries, with very few exceptions. When promotion time comes, American men move up the ranks faster and more often, leading to an even greater gender pay gap. There is still a wage gap between equally qualified and educated Puerto Ricans, but it has not grown as wide as the gap found in most U.S. states. Why we can’t get too excited While Puerto Rican women earn more overall, that statistic does not represent the entire landscape. Men with a high school education still earn more than women with a high school education. Men with a bachelor's degree earn 22% more than females with the same degree, and advanced degree holders earn 30% more. When researchers at the University of Puerto Rico studied the small, yet statistically significant difference in overall income, the single reason they found for women earning more is that Puerto Rican women are, on average, more educated than men. Women have an overall average of 11.9 years of education and men 11.2 years. That small difference is enough to pump their wages. Despite their education, women are still less likely to make their way into managerial positions in Puerto Rico. The researchers said that there is evidence of a glass ceiling, which is exacerbated for workers with children. The fact that their careers stop and start as they build a family factors into whether their employers believe they deserve to be the boss. The same research showed that, traditional gender roles, whether or not they are accurate, are still at play. For example, if a Puerto Rican man and woman each have the same number of children at home, the man earns an average of 4% more than the woman. It is also interesting to see how well Puerto Rican men do when they're in fields where males are historically under-represented. Males in jobs like nursing and teaching often earn more than their female counterparts and are more likely to be tapped for promotion. Concerns for the future Puerto Rico has changed a lot since 2016. The horrific Category 5 Hurricane Maria that hit the island of Puerto Rico in September 2017 was considered the deadliest Atlantic hurricane since 1998. In Puerto Rico alone, 2,975 died, and damage to the island can only be described as catastrophic. Flooding, electrical blackouts, lack of resources, and a slow relief process have devastated the country. Compounding the problem, Puerto Rico was in economic trouble before the hurricane. Months earlier, Puerto Rico filed for debt restructuring, hoping to work their way out from under $70 billion in public debt. Further, hundreds of thousands of Puerto Ricans had already fled the island between 2010 and 2017, in search of work and a better life for their families. Many had seen their savings decimated by the financial crisis. Between that exodus and Hurricane Maria, at least 583 schools closed. Given that over 80% of public school teachers are female, women’s incomes took a huge hit. In addition, Puerto Rican women make up only 44% of the workforce, but they hold 51% of government jobs, another sector likely to suffer from layoffs due to circumstances beyond their control. And since higher education tuitions are on the rise on the island, it is likely that we'll see less women earning college degrees. Whatever small gains women have made toward income equality in Puerto Rico are at risk. The next U.S. census is due to be conducted in 2020, at which time no one will be surprised if women have lost their edge in earnings. According to the Department of Labor (DOL), there has been a 17.3% increase in construction jobs since July 2018, by far the greatest increase in any sector of business. Since that was one of the factors that originally pushed women towards college -- and that’s now less of an option -- men are likely to outpace them in earnings for the foreseeable future. Savings account rates are skyrocketing -- Earn 23x your bank Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 25x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2019. TFSA Pension: How a Retired Couple Can Earn $5,080 in Tax-Free Income While Protecting OAS Payments Canadian pensioners have to keep an eye on their income to avoid being hit with Old Age Security clawbacks. What’s the risk? The government counts all of your net world income when determining whether it will impose an OAS pension recovery tax. The minimum threshold for the 2019 income year is $77,580. Once net world income moves above that amount, a clawback amounting to 15% of the income above the limit kicks in until the income tops the maximum income threshold, which is set at $126,058. At this point, the full OAS would be clawed back. Income of nearly $80,000 sounds like a lot, but people with decent defined-benefit pensions can easily hit that level when the income is combined with other earnings and pension sources such as RRSP withdrawals, CPP, or RRIF payments. In addition, income from a hobby or part-time job would also count toward the limit. One way to get extra income without putting the OAS at risk is to earn it from investments in dividend stocks held inside a Tax-Free Saving Account (TFSA). Let’s take a look one top Canadian company that serves as a good example and might be an interesting pick to start an income-focused TFSA today. Royal Bank of Canada Royal Bank of Canada (TSX:RY)(NYSE:RY) earned $12.4 billion in fiscal 2018 and is on track to top that amount this year. Customers of the bank might think that $1 billion per month in profits is too high and they should get a break on their banking fees. Investors, however, are happy to collect the steady stream of dividends that the bank pays out as a result of the strong performance. Royal Bank gets its revenue from a variety of segments in the financial industry, including wealth management, capital markets, insurance, personal banking, and commercial banking. The company also generates revenue from a diverse geographic base. Canada is the main source, providing 62% of total revenue. The United States accounts for 23%, and that could grow if the bank makes additional acquisitions south of the border, similar to the US$5 billion purchase of City National it made in 2015. The international business rounds out the final 15% of the revenue stream. Royal Bank raised its dividend twice in 2019, and ongoing annual increases of 5-10% should be on the way, in line with expected gains in earnings per share. The current dividend provides a yield of 4%. Royal Bank is investing heavily in new digital products and solutions to ensure it remains competitive in the rapidly evolving world of mobile payments and online banking. On the risk side, the bank has a strong capital base that ensures it can ride out any economic downturn. Royal Bank maintained its dividend during the Great Recession 10 years ago and has survived every major financial crisis that has occurred in the past 150 years. The bottom line Royal Bank should be a solid buy-and-hold pick to anchor a basket of top-quality dividend stocks. A portfolio with an average 4% dividend yield would generate $2,540 per year per person on the current TFSA contribution space of $63,500. That’s $5,080 per year for a couple! More reading Fool contributor Andrew Walker has no position in any stock mentioned. The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Motley Fool Canada 2019 Earnings of Latino-Owned Businesses Jumped 46 Percent During Past 12 Months, According to Biz2Credit’s Annual Study NEW YORK, Oct. 10, 2019 (GLOBE NEWSWIRE) -- The average revenue of Latino-owned businesses improved 46.5% in 2019, increasing to $479,413 from $327,189 in 2018, according to Biz2Credit’s annual study. Meanwhile, the number of credit applications from Latino-owned businesses increased by 23% over the past 12 months. The study, which examined the primary financial information submitted by 3,000 Latino-owned businesses on Biz2Credit’s online platform, also revealed that while revenues climbed, the average credit scores Latino-owned businesses dipped to 588 from 594 last year. “Latino-owned businesses have grown 31.6% since 2012, and our research finds that revenues of Latino-owned companies jumped 23% from 2017-18,” said Rohit Arora, CEO of Biz2Credit, who oversaw the research. “Cost management is a challenge for young and growing firms, which can factor into the dip in credit scores. Latino businesses are thriving and expanding, and they help contribute to the overall strength of the U.S. economy.” “The growth of Latino businesses is undeniable and will undoubtedly increase as this important group becomes a larger section of the population. By 2050, Latinos are expected to comprise almost 30% of the population, compared to 18% today,” said Manuel Chinea, COO, Popular Bank. “We see first-hand the enormous contribution these businesses make to our economy and communities, and Popular Bank works with them as the complexity of running their business increases,” Chinea added. Key Findings Average Annual Revenue of Latino-owned business increased to $479,413 in 2019, with an improvement of 46.5% from $327,189 in 2018. The number of credit applications from Latino-owned businesses increased by 23% over the past 12 months. However, they comprise only 9% of the total number of applications submitted last year. The average credit score for Latinos slightly dipped from 594 in 2017-18 to 588 last year. Accommodation and Food Services remains the largest category of businesses represented nearly 18% of the Latino-owned companies in the study. Services (except Public Administration) were at 17%, Construction came in at close to 15%, Retail Trade was 10%, and Transportation and Warehousing represented 8% of the businesses. Average annual revenue for Latino-owned businesses ($479,413) was $25,067 lower than Non-Latino-owned companies ($590,110) in 2018-19. Average operating expenses represents 45% ($215,846) of the Average Annual Revenue ($479,413) for Latino-owned businesses, which was 43% ($140,806) in 2018. The rise of nearly 3 percent is observed in average operating expense of non-Latino businesses which is 40.6% (2019) from 38% in 2018. California was the state where the most loan applications originated (23.5%), followed by Texas (20%), New York (7%), Florida (6%) and New Jersey (5%). “While generally, the picture has been rosy for Latino businesses, it is a little concerning that credit scores dropped from the previous year,” Arora said. “This would seem to indicate that business owners may be using their own personal credit cards to fund their business growth if their companies did not qualify for loans. When credit scores are less than 600, it is hard to get traditional bank loans.” Rafael Diaz owns a thriving restaurant and catering business in Geneva, New York (population: 13,000), called El Morro Restaurant. The eatery features authentic Puerto Rican recipes he learned from his mother as a child, when he was the youngest of 23 siblings. Among the top-selling menu items are pulled pork, arroz con pollo, and beef and chicken empanadas, and fried plantains, and Mexican dishes. “My customers appreciate that the recipes are authentic and the food is cooked fresh,” said Diaz, who is originally from San Juan, Puerto Rico, and has operated El Morro successfully for five years in an area where Latinos comprise less than 10% of the local population. With Biz2Credit’s help, Diaz applied for funding and secured cash advances of $8,000 and $7,000, which he used for working capital and for equipment purchases that he used to build out and decorate the restaurant, located on heavily traveled Route 14, which connects to the New York State Throughway in the Finger Lakes winemaking region. This year, when the sponsor of the town’s local Latino festival (Sept. 13-15) dropped out, he stepped in. He believes his community involvement helps his business and is proud that he has been recognized by the town for his efforts. Estimates from the Stanford Latino Entrepreneurship Initiative (SLEI) found that only 3% of Latino-owned businesses grow to $1,000,000 or more in annual revenues, compared to 6% of white-owned businesses. Despite impressive numbers of startups, Latino-owned firms tend to stay smaller longer. Loan Access Latino companies are seeking funding for both long-term needs, including commercial real estate and equipment purchases, as well as shorter, cash flow-related issues. Many Latino businesses apply for SBA microloans (amounts up to $50,000) that are offered by regional and community banks with government guarantees, which encourage lending to companies that otherwise might not qualify for bank loans. For companies that need larger amounts, SBA Community Advantage Loans provide up to $250,000 in funding to companies located in underserved areas. About the Biz2Credit Latino Small Business Credit StudyBiz2Credit, a leading online marketplace lender, analyzed the financial performance of 2900 Latino-owned businesses and 32000 other companies that submitted funding requests through the company’s online marketplace. All companies included in the survey have less than 250 employees and less than $10 million in annual revenues. The report covered small businesses across the country, from start-ups to established companies. Outliers have been removed from the dataset to avoid skewed results. About Biz2CreditFounded in 2007, Biz2Credit has arranged more than $2 billion in small business financing, has several times been named to Crain’s New York’s Fast 50 and was recently ranked among the top 200 fast-growing companies on Deloitte's 2018 Technology Fast 500. Biz2Credit is expanding its industry-leading technology in custom digital platform solutions for leading banks and other financial institutions, investors and service providers in the U.S. Visit www.biz2credit.com or follow Biz2Credit on Twitter: @Biz2Credit, Facebook, and LinkedIn. Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com