Posted by Marie Presti on 9/27/2015

In today's economic climate protecting your financial health is more important than ever. From health insurance to your plans for retirement, there’s a lot to consider. Here are some tips from Family Wealth Management Group, LLC to help protect your assets and financial future. It is never too early to plan In order to plan, you need to know what you have. Review your pension plan, 401 (k), IRAs, Social Security benefits and other savings plans to assess whether they meet your long-term retirement goals and will generate an income stream to meet your projected expenses. Curb spending Time to take an inventory on how much you spend. Keep a log on trips to the market, afternoon lattes, dry cleaning and all of your miscellaneous spending. Try to eliminate a portion of these expenses. Once you track them you will realize you are spending more than you thought. Re-define your financial goals Ask yourself where you see yourself in five, 10 or 15 years. See if it is possible to redefine your goals. You may be able to retire earlier or pay for college. Set goals to achieve the things you want. Get help Professional advice about investment losses, financial products, insurance coverage and other important issues will help you make the right choices for your current financial situation.




Categories: Money Saving Tips  


Posted by Marie Presti on 5/26/2013

The past few years the news has been inundated with bad press about the housing market but the facts remain the same it is still better to own a home. In fact, there are more reasons than ever to buy a home. If you are on the fence about buying you will want to take note of some of the benefits of homeownership. Pride of Ownership It belongs to you! That's right, renovate, update, paint, and decorate to your heart's desire and you don't need to ask permission or waste money improving something that you do not own. Your home is your own so plant trees, install a pool, put up a fence, expand the patio, redo the basement or do anything you want. Owning something feels good. Equity Homeownership is about building long-term wealth. It may seem that buying a home has a lot of upfront costs but historically homes appreciate by about 4 to 6 percent a year. When you purchase a home, you build equity with each payment. Equity is the difference between what the home is worth and what is owed. Equity can be used to build wealth, save for retirement and even to secure a loan. For example, an $800/month rent payment equals out to be $48,000 over five years with no financial gain to you. Tax Benefits Homeownership has huge tax benefits. In the early years of a loan, mortgage interest is the largest part of your mortgage payment. Mortgage interest is fully deductible on your tax return. For example, a homeowner in a 28% federal tax bracket could lower their borrowing costs by almost a third. Better Living Studies have shown that owning a home can actually make you healthier, and is better for your family too. The U.S. Department of Housing and Urban Development (HUD) report: says “Homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime. Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create”. The National Association of Realtor's Social Benefits of Homeownership and Stable Housing reports homeowners experience: -Higher educational performance and better behavior of children -Lower community crime rates -Lessened welfare dependency among households -More household participation in civic affairs -Better household health Bottom line, it's a great time to buy! Interest rates are at historic lows; homes are more affordable so go ahead and invest in a safer, healthier, better future for you and your family today.





Posted by Marie Presti on 4/29/2012

The topic of money can be difficult but for couples it is often one of the most fought about issues. It is important that couples take the time to discuss finances and set financial goals. A well thought-out plan will keep your relationship healthy and keep you both moving toward your goals. Follow these tips to help keep the lines of communication open. 1. Don't Stop Talking. Money is still a taboo topic and we often don’t have a clear idea about how our partner thinks or feels when it comes to spending versus saving. Talking about your goals with your partner is a simple way to make sure you’re both on the same page when it comes to your finances. 2. Find Balance. Balance power around money. One person making all the decisions and having all the control when it comes to finances is often a recipe for disaster. Find ways for you both to be equally engaged in all money decisions. 3. Create a System. Have a clearly defined money management system that covers everything from who handles the mail to who sends out the checks. Without a well thought-out plan in place, it’s more likely that things won't fall through the cracks. 4. Immediately Address Problems. When problems arise, address them immediately (no secrets allowed). Avoiding the issue only makes it more toxic and drives a wedge in the relationship. 5. Have Annual Checkups. Schedule an annual money checkup. Things change and just like our physical health, money management needs an annual checkup to keep it healthy and relevant. Set aside time to sit down with each other and evaluate what’s working, what needs to be fixed and address any questions or concerns that either of you may have.





Posted by Marie Presti on 4/1/2012

Is there really a secret to saving money? It may seem as though it is mystery how your bank account ends up empty every month but there is no mystery to it. While it may be no secret there are three important tips you can follow to help you put more money in your pocket. The challenge is to follow the tips in order to be successful at saving money. The rest is up to you.

1. Create a Budget

You need to know where your money is going. Once you have established where you spend your money you will be able to find places to make cuts. The first thing to do is figure out how much is being spent on housing, utilities, groceries, debt, and entertainment. Once you know where the money is going you will be able to set limits for problem areas. This is the money that you will apply to secret #2.

2. Pay Yourself First

This is a huge secret, pay yourself first. Yes, before you dole out money for bills as soon as your paycheck hits your account; deposit a specified amount into savings. It doesn't matter how small the amount is, at least you are saving. Even better , create an automatic savings plan that will automatically deposit money into your savings account before you even have a chance to spend it. This can be done right through your employer’s direct deposit or with a recurring transfer with your bank.

3. Spend Less Than You Earn

If you don't learn to obey this rule you will never be able to save money. You simply have to spend less money than you earn and there’s no way around that. If you are spending more than you earn you are borrowing money and thus putting yourself into debt.  




Categories: Money Saving Tips  


Posted by Marie Presti on 7/18/2011

Paying off your mortgage early and having no bills sounds like a no brainer. The answer however is not so simple. The answer really is; it depends. First you need to ask yourself a few questions. 1. Have you capitalized your employer’s match to your retirement savings? If the answer is no and you are not contributing the maximum than you are throwing away free money. You may want to consider putting your money here before paying down your mortgage. 2. Do you have other debt other than your mortgage? Pay off high interest credit card debit first. It makes no sense to pay off a lower interest loan and carry high interest debt. 3. Do you have an emergency fund? Experts suggest at least a three month supply of living expenses. Some even go as much as twenty four months of living expenses after the turn in the economy and job market. It makes more sense to have money set aside for a sudden loss of income before you pay off your mortgage. 4. Do you owe more than your house is worth? If you are upside down you are more susceptible to foreclosure. Ask yourself how much how much you enjoy living there. Would you be willing to buy it again for more than it is worth now? 5. Do you have life, health and disability insurance? If you are the main source of income in your household what would happen if you were no longer able to make the payments? Putting safety nets in place first is a wise idea. 6. Do you believe you can get better return investing elsewhere? Paying off your mortgage is an investment decision. Ask how does paying off my mortgage stack up with other investment options? 7. Are you thinking of retiring and want to live with the worry of a payment. The thought of living on a fixed income can be scary. Paying off your mortgage may give you peace of mind. There is no right or wrong answer to this question. It really comes down to what is most important to you. Sometimes, the answer is not based just on dollars and sense and more on what works for you, your life, your family situation and just plain old personal preference.




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