I admire your desire to pay off your indebtedness; however, you should continue to make your 401k contributions. Typically, company matching boosts your yield on the contributions up as much as 50%. Even though you are paying interest on the credit card, you can’t afford to pass up that match.
You may want to reduce what you are contributing to your 401k until the debt is paid off then do not charge more than you can pay when you receive the bill.
After the debt is paid, please increase your 401k contribution to what is was before.
Author Archives: Nancy Hecht
The Sibling Sinkhole
Most of us are familiar with, or are even living, the “sandwich generation”. We fully expect to take care of our kids and realize as our parents age they may also need our help. But did you ever think you might have to add taking care of your sibling to the mix?
A number of my clients have been sharing stories about how a Brother or Sister has fallen on hard times and they have to step in and help. There are many circumstances that cannot be foreseen, some that we have seen our whole lives that may put us in the position of having to help. Clear rules, boundaries, and limitations need to come with the help if any type of relationship is to be maintained after the need passes.
If your Sib needs housing, try to put a time limit to the use of your guest bedroom. If the need is money, drawing up a repayment contract might not be a bad idea. You have to put on a business face as well as the compassionate face of a Sibling in order to keep the peace for years to come.
I am going to refinance my mortgage, is PMI necessary?
A:
Depending on the current value of your home vs. the mortgage, PMI may be necessary. Generally, if the mortgage is greater than 80% of the value, PMI will be required.
Q:
How can I open a 529 account but not have it count against my child if he wants to apply for scholarships?
A: If the owner of the 529 account is your Parents, a sibling, or a trusted friend with your child as the beneficiary, then it will not have to be reported.
I will brag a little. This is the second year I have been chosen as a Five Star Wealth Manager.
Hurricane season is right around the corner. Now is the time to prepare.
We have not had to deal with much from hurricanes since 2004 but we cannot forget what we went through. With 30 days before the start of the season, now is the time to prepare. Here are a few tips to get yourself and your home ready.
Do home maintenance: Make sure your gutters are cleaned out and that the ground below the downspout is graded to move water away from your house. Trim your trees of all dead branches; they become projectiles.
Storm-proof your house: Many insurance companies will give discounts, some up to 25%, for adding such items as storm shutters or a generator. Surge protectors can be a great saving device also. Take it from me, one lightning strike with a lightning rod & surge protectors can convince you that they work.
Add flood insurance: Wind-driven rain may be covered by your homeowners insurance but rising water is not. You can get coverage through the nation Flood Insurance Program, www.floodsmart.gov, as we did. We do not live in a flood zone but better safe than sorry.
With 30 days on your side you can be well prepared to weather the storm.
Watch Fox Channel 35 on Monday!
The Certified Financial Group
“On The Money” Team
scheduled to appear on
April 30th from 5 to 10 a.m.
The CFG Team will be taking calls and answering questions just as you have been hearing them on
Saturday mornings for more than 20 years.
This is your chance to see them in action,
call in your questions,
and hear the most up to date responses from
one of Central Florida’s most experienced team of
Certified Financial Planner™ Professionals!
Set your alarm (or your tivo), grab your coffee and
settle in for an interesting program
from 5 a.m. to 10 a.m. on Fox 35.
You Won’t Want to Miss This!
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Certified Financial Group, Inc.
Our mailing address is:
Certified Financial Group, Inc.
1111 Douglas Avenue
Altamonte Springs, FL 32714
You have crunched some numbers – how about some “lifestyle” planning?
We know that you can afford to retire financially, but what about the day-to-day activity and mental aspect of retirement. Here are a few things that I would like you to do:
Envision your future: You need to address such questions as; where will you live? How will you spend your time? What is your new routine?
Do a test drive of your retirement: Is your ideal retirement one that you can handle? For example, if you have always dreamed of that small beach house with the slow paced life, try renting a beach house for a month or two and see if you can handle that lifestyle. That slower pace may be perfect or may drive you perfectly batty.
What is your “social” capital? People who are more socially connected feel much better in retirement. Retirees who are happy with their number of friends were three times more likely to be happy than those who were not. Retirees who volunteer or attend some type of worship also tend to be more content.
So as you track your balances, make sure you keep track of your lifestyle planning as well.
Yesterday was my 53rd birthday.
At dinner, my daughter asked how much longer I thought I might work. Without hesitation I said “20 years, maybe a few less than that”. I can easily see myself still in this profession in my early 70’s. I love what I do.
Every client meeting is different. Every client is different and that keeps things interesting and exciting. Beyond that, I love the problem solving, number crunching, presenting complex ideas in plain English that this career allows. I love meeting with my clients to keep them up to date on their investments and beyond that, to catch up on their families and their lives.
I also love being able to talk on our radio show, “On the money” as well as working with the local Fox & CBS affiliates. Being able to make this crazy world of financial planning easier to understand is what I like to do. So mid 70s to retire, that seems about right to me.
Come meet me this Saturday!
I will be at the Lake Eola Spring Fiesta in the Park broadcasting our WDBO show live.
Saturday 4/14/12 @ 9 am.
Do you have a Financial Dream Team?
We can all handle our day-to-day finances ourselves but when it comes to the big stuff, we need a “Dream Team”. Here is how you can put yours together:
You need someone like me, a CFP Professional™. Ask those you trust for referrals and start interviewing. Look for someone who is independent, will match their recommendations to your needs, and provide a lot of service.
You need an Estate Planning Attorney. Estate laws are changing all of the time but that is not where this professional’s service ends. Everyone needs a will, living will, durable power of attorney, and many other legal documents to prepare for life’s emergencies.
You need an Accountant. During this election year there has been a lot of talk about taxes. Income tax, capital gains, estate, these are all in flux and subject to chronic change. You need an account that is up to date on all of these tax issues.
So go out there, interview, and ask a lot of questions. You to can have your own Financial Dream Team!