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NASSAU HERALD — March 2, 2017
MARCH 2, 2017
Budgeting
Cash Flow
SeCurIng your Future
Debit & Credit
Investments
Know your money Raise your financial IQ
Y Y
By Carrie SChwaB-Pomerantz
ou may have promised yourself to be smarter about your finances in 2017, but despite our best intentions, the vast majority of us simply don’t follow through. So focus on a few concrete things you need to know.
In other words, if you educate yourself about your finances, you’ll be laying the foundation for success. The financial world is filled with numbers and details, many of which you don’t really need to think about. You can give yourself a financial boost for 2017 by just zeroing in 10 things — all practical information that only require simple math. Your net worth. Simply add up your assets (what you own), and then subtract your liabilities (what you owe). This will show you whether you're in the black or the red, so you can plan and prioritize your savings and spending. You can also use it as a measuring stick for progress throughout the year. Your cash flow. What comes in each month? What goes out? Once you’ve double-checked your income, track your spending for 30 days. This will also help you determine which expenses are essential and how much discretionary income you have. If you regularly spend more than you earn, it's time to clean up your act.
How big an emergency fund you need. Everyone’s situation is different, but bad things — an illness, the loss of a job — can happen to anyone. Ideally, keep enough cash in an easily accessible account to cover three-to-six months' essential expenses. If you're retired, it's wise to keep enough cash handy to cover a couple of years. How much you're saving each month. Whatever your goal — retirement, college, the down payment on a house — be honest about what you're regularly putting toward each. Need to save more? Add savings as a line item in your monthly budget. Your credit rating. Don't guess. Go to annualcreditreport.com for your free report. Most credit card companies will give you your credit score for free. If your score isn't where you want it to be, fix it! What your debt is costing you. Interest, annual fees, late fees — they all add up. Are you carrying credit card balances? Think about the interest you're paying over time.
But realize, too, that not all debt is bad. If it's low cost, tax deductible and for something like a mortgage or education, debt can work for you. Just understand what it's costing (an online cost of debt calculator can help). How much money you need on the day you retire. Will you need $500,000? A million? Maybe more? It depends on what you plan to spend. Chances are, you’ll want an income equivalent to what you had before your retired. A quick rule of thumb suggests you should save 25 times what you think you'll need to withdraw from your portfolio the first year of retirement (in other words, if you want to withdraw $40,000 a year for 30 years, you’ll need to have saved $1 million). Are you on track? Again, don't guess. Use a retirement calculator to help crunch the numbers and consider talking to a financial advisor. Your marginal and effective tax rates. To understand how much of your earnings you actually get to keep, there are two tax rates to be aware of. Your marginal
When it comes to your finances, get specific about what you really want to accomplish. tax rate is the amount of tax you pay on your last dollar of income. For example in 2016 if you're married filing jointly and in the 25 percent tax bracket, you'll pay $25 in taxes for every $100 of taxable income above $75,300 and up to $151,900. Your effective tax rate is the average rate you pay when you take all of your income into account, and is likely lower than your marginal rate. Your deductibles and copays for insurance. Premiums are only part of the cost of insurance. Review what you owe before your insurance kicks in, i.e., co-pays, deductibles and out-of-pocket limits. If your current policy isn't working for you, shop for different insurance! n
ESTATES & CAKES: PLANNING FOR A SWEET FUTURE P R E S E N T E D
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Repayment plans and refinancing options
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Some factors to consider
By JulIa PRICe
oes the debt from those college years seem overwhelming? You're not alone: According to the Federal Reserve, student loans total more than $1.3 trillion in the U.S. That's second only to the size of the nation's mortgage debt.
Ironically, the burden of student loans is making it harder for college grads to buy a home, and even impacting many parents headed toward retirement who are saddled with debt they incurred from helping their kids cover college costs. Finding a fix for the problem has now reached the halls of Congress, but in the meantime, individual Americans can't wait around for politicians to work it out. Developing a plan to manage your student loans is critical to your long-term financial health. Repayment Plans In order to find the right repayment plan, one great resource is https://studentaid.ed.gov/sa/repay-loans/ understand/plans. As long as you have federal (and not private) loans, you can put in your monthly or yearly income and see if there are ways that you can pay less per month or lower some of your interest rates. You can check the list for loan servicers to make sure yours is there, some of the common ones being Navient, CornerStone and Great Lakes Educational Loan Services Inc. Once you see your servicer, if you have more questions about what the right next steps may be for you, you can either scroll down through some of the steps yourself or call the number provided in the contact section on the bottom right side of the homepage. You may even be able to consolidate multiple loans so that you have one easy payment per month, but make sure you are informed and carefully consider if this option is best for you or if it will cost you more money in the long run. There are also private repayment businesses that will handle a lot of the steps for you, but if you decide to work with one, make sure you get a good recommendation by word of mouth. Skip the Yelp reviews or any other online opinion forum and check in with sources that you trust. These are your finances after all; if you decide to go this route, you'll want to make sure you're working with someone who has your best interests at heart. Refinancing If you'd like to refinance your loans, Student Loan Hero's website comes up with a list of six different banks to help assist you with your search for the perfect fit. If you go directly to this URL (https://studentloanhero.com/5banks-to-refinance-your-student-loans-vert5) you'll find a comprehensive chart of interest rates, income requirements and eligibility among many more useful points. This may be a better option if you've got private loans in addition to federal, as most of the banks on this list will cover both. On one of the charts, you'll also get to see your potential for both monthly and yearly savings, something that helps put this entire process into perspective. Though Publishers ClIffoRd RIChneR StuaRt RIChneR Executive Editor SCott BRInton Section Editor KaRen Bloom
Vice President of Operations mIChael BoloGna General Manager RoBeRt KeRn Editorial Designer Cover Design JeffRey a. neGRIn
Student loan debt is leaving today’s college graduates burdened right from the start, drowning in debt — and stress. this process may feel tedious, it is worth the massive savings for your future. The site also offers links to reviews, so that when you're researching you can have some user feedback to go along with any information you find. If you currently have a mortgage, a newer company called SoFi can help you consolidate both your mortgage and student loan debts into one payment after refinancing the total amount and potential saving you big bucks. Another great resource to help break down potential repayment and refinancing plans is Nerd Wallet. Go to https://www.nerdwallet.com/blog/refinancing-studentloans. Similar to Student Loan Hero, this article clearly explains an otherwise complicated process with reviews in the comment section and YouTube links. You, like most people, probably want to break free of your student loans as soon as possible. In the meantime, setting up a system in which you have loans automatically deducted from your account can help set your mind at ease, as it isn't something you'll have to consciously think about every month. n Vice President of Sales Rhonda GlICKman Sales Manager SCott evanS Production Supervisor ByRon StewaRt
Finance Section is an advertising supplement to the Herald Community Newspapers. Copyright © 2017 Richner Communications, Inc. Published by Richner Communications, Inc. 2 Endo Blvd., Garden City, NY 11530 (516) 569-4000 • www.liherald.com
Consolidating student loans can make life a lot simpler. You'd have a single payment with a single due date. You could put that payment on automatic and be done with it. But while simpler is preferable, there are other aspects to take into consideration. To financial advisors, it's not just about simplifying your life, but also about improving your financial situation.
Ways to consolidate In the past, federal and private loans had to be kept separate. But as of 2014, it became possible to combine them. If have both types of loans, you have a couple of choices. You could: Consolidate federal and private loans separately. You'd then have only two payments. You consolidate federal loans through the Direct Consolidation Loan program run by the Department of Education. Both subsidized and unsubsidized loans are eligible. You can get a complete list of eligible loans at studentaid.ed.gov. The Department of Education doesn't handle private loans. To consolidate those, you'd go to a private lender such as a bank. The process is a bit different because, in this case, you're actually refinancing your loans. Different lenders offer different rates and terms, so you'd want to do a bit of comparison-shopping. Combine federal and private loans into one new loan. This process, in effect, pays off all your current loans and gives you one new loan, with one monthly payment. Again, you do this through a private lender. There are pluses and minuses to each option.
Interest rates Consolidation may result in a lower interest rate — especially if any of your loans have adjustable rates — but that's not always the case. When you consolidate federal loans, your new interest rate is a weighted average of your current rates rounded up to the nearest one-eighth of 1 percent. It could be higher or lower. The positive is it's fixed, so you can be confident that your payments won’t go up over time. The downside is that if interest rates decrease, you will be left with the higher rate. With a private lender, interest rates are more flexible. In fact, you may be able to significantly lower your interest rate, depending on factors such as your credit score (the higher your score, the better the deal), income and savings. Loan term When you consolidate, you can either lengthen or shorten the term of your loan. Repayment schedules range from 10-30 years. When you lengthen the term, your monthly payments may go down, but the amount of interest you pay in the long run will most likely go up. Increase a 10-year loan to 25 years and your monthly payment could go down about 40 percent; however, you could end up paying almost twice as much interest over the life of the loan. Of course, you do have the flexibility to pay it off more quickly. With a private lender, you may be able to considerably shorten the term but you'll be tied into a higher monthly payment. n
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NASSAU HERALD — March 2, 2017
Student loan debt
Should you consolidate your student loans?
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What’s the biggest obstacle to your ability to invest successfully? Is it the ups and downs of the financial markets? Political events? The fact that you weren’t born rich? Actually, the chief hurdle you face is something over which you have control: your own emotions. Your emotions can lead to a variety of ill-advised investment behaviors, such as these: Cutting losses. Declines in the financial markets can lead some investors to try to “cut their losses” by selling investments whose price has declined. Yet, when prices have dropped, it may actually be a good time to buy investments, not sell them, especially when the investments are still fundamentally sound. Chasing performance. In the investment world, the flipside of “fear” is “greed.” Just as some investors are propelled by fear of loss, others are motivated by quick, big gains. They may pursue “hot” investments, only to be disappointed when the sizzle quickly fizzles. Instead of trying to “score” that one big winner, you may be better off spreading your investment dollars among a range of vehicles — stocks, bonds, government securities, certificates of deposit (CDs) and so on. While diversification can’t guarantee a profit or protect against loss, it may help reduce the impact of market volatility on your portfolio. Focusing on the short term. When the market is down, you might get somewhat upset when you view your monthly investment statements. But any individual statement is just a snapshot in time; if you were to chart your investment results over a period of 10, 15 or 20 years, you’d see the true picture of how your portfolio is doing — and, in all likelihood, that picture would
look better than a statement or two you received during a down market. In any case, don’t overreact to shortterm downturns by making hasty “buy” or “sell” decisions. Instead, stick with a longterm strategy that’s appropriate for your goals, risk tolerance and time horizon. Heading to the investment “sidelines.” Some people get so frustrated over market volatility that they throw up their hands and head to the investment “sidelines” until “things calm down.” And it’s certainly true that, when owning stocks, there are no guarantees; you do risk losing some, or all, of your investment. But if you jump in and out of the market to “escape“ volatility, you may take on an even bigger risk — the risk of losing some of the growth you’ll need to reach your goals. Consider this: If you had invested $10,000 in a package of stocks mimicking the S&P 500 in December 1979, your investment would have grown to more than $426,000 by December 2013. But if you had missed just the 10 best days of the market during that time, your $10,000 would only have grown to less than $206,000, a difference of about $220,000, according to Ned Davis Research, a leading investment research organization. The bottom line? Staying invested over the long term can pay off. (Keep in mind, though, that the S&P 500 is an unmanaged index and isn’t meant to depict an actual investment. Also, as you’ve no doubt heard, past performance is not a guarantee of future results.) Our emotions are useful in guiding us through many aspects of our lives, but when you invest, you’re better off using your head — and not your heart. n Courtesy Marie Taylor, Edward Jones of West Hempstead
AllowAnces
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By DiAnne Crown
How and when to teach children how to handle money is a perplexing parenting question. It boils down to three questions: What are your values about money? Should children have their own money? How will you deal with these issues as your children mature? To begin to address these, start by honestly evaluating your own money management. There are no wrong answers here. It's simply important to acknowledge the values you are already modeling for your children. Consider whether you are training your child in a household of plenty or one of need. Do you faithfully use a detailed budget? How is your overall money management in regard to impulse buying for specific seasons, special occasions, bargains and emotions? Is your goal to live freely, comfortably or debt-free? Is part of your monthly spending a charitable donation or budgeting for meaningful work? Once you've decided how and why you spend your own money, you can teach your child how to do the same. This brings up the question of an allowance. It's easy to find multiple sources that reject allowances, writing them off as entitlements. However, there are situations in which an allowance works extremely well — including my own family for the past 20
years. Evonne Lack presents the hows and whys of an allowance in her blog "Giving kids an allowance: What you need to know" for BabyCenter. "To learn to ride a bike, you need a bike," says Lack. "And to learn to manage money, you need ... a little money. By practicing with their own money, children get to try out concepts — saving for a rainy day, prioritizing goals and delayed gratification — that might otherwise seem abstract or irrelevant." As soon as a child can recognize the value of coins, start a small weekly allowance. Divide it into various savings jars. According to Jeff Eusebio from FamilyMint, the going rate is between 50 cents and 1 dollar per age of the child per week. So, for a 4-year-old, the allowance might be $2 to $4 per week. Pay the allowance in coin combinations that work for your child's budget. For example, imagine setting up three jars: one jar for fun money that can be used for toys or treats, one long-term savings jar for large items and a donation jar for the charity of your child's choice. Then, a $4 weekly budget might be split by adding 40 cents to the charity jar, $2 to the long-term savings jar and $1.60 to fun money. Later, as your child matures, you can add mores jar — for gifts, clothing, education, car, etc.
NASSAU HERALD — March 2, 2017
Teaching children financial responsibility
Have your child divide her allowance in various savings jars to learn how to budget. Encouraging children to be effective money managers will teach valuable life lessons, strengthen mathematical prowess and provide great reward. There are many benefits to the simple jar savings system. Children will see they don't need to spend money on a fancy gadget or bank, learn simple math and planning skills (addition, division, budgeting) and recognize what's important to them. Children will also learn important lessons about impulse control, responsibility and not borrowing against future earnings. Then, take your children to the bank once a month to deposit their long-term savings. When they are old enough to appreciate the value of an interest-bearing account, set up a small fund and let them track their progress on a simple spreadsheet. Many experts caution against tying allowances to chores. This can undermine the idea of family duty and responsibility. If there are no financial rewards attached, then why will a child want to clean their
room or do the dishes? Rather, it's important to instill in your child that each family member has responsibilities and that everyone in the family contribute to routine chores without awards and bonuses. However, for extra, age-appropriate duties, consider offering payment. Make a list of extra jobs with the price you're willing to pay for each, and then let your children choose what they'd like to work on. Elementary-age children might sign up to sort clothes and toys to be given to charity before the school year starts, or they could clean the basement once a month. High schoolers might be paid to seal the driveway, clean the gutters or turn the garden. For any job that is accepted, extra money will be available that week. If not, you can hire a professional or do it yourself. n
Investing is about more than money. At Edward Jones, we stop to ask you the question: “What’s important to you?” Without that insight and a real understanding of your goals, investing holds little meaning.
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Banking choices
Understanding not-for-profit credit unions
By DIANA COLAPIETRO dcolapietro@liherald.com While it can be stressful to manage your finances, there are options, such as credit unions, to simplify the process and ease the burden. In its 76th year, Bethpage Federal Credit Union boasts 33 branches throughout Long Island and one newly opened branch in Manhattan to serve its more than 300,000 members. Bethpage is a not-for-profit financial cooperative that is owned by its members, with nearly $7 billion in assets. “Everything we do is in the interest of our members because they own us,” Gerard Schmitt, vice president of marketing at Bethpage Federal Credit Union, said. Membership is open to anyone with a $5 minimum share account. As of March 31, 2016, a universal charter was granted to Bethpage, the largest credit union in the Northeast, meaning that anyone can join. Credit unions are made up of members who usually share a religious affiliation, geographic region or profession. Bethpage Federal Credit Union is federally insured by the National Credit Union Administration, an organization with the mission to: “Provide, through regulation and supervision, a safe and sound credit union system, which promotes confidence
in the national system of cooperative credit,” according to its website. The Federal Deposit Insurance Corporation insures money deposited in banks for up to $250,000 to maintain public confidence in the U.S. financial system. As the Federal Deposit Insurance Corporation regulates banks, the National Credit Union Administration governs and insures credit unions. “We want to give people as much information as we can so that they manage their finances wisely,” Schmitt said. In early 2017, Bethpage Federal Credit Union plans to roll out a financial education program on its website that will include 22 modules related to beginner banking, borrowing and retirement planning. Fees and loan rates are generally lower at credit unions, Schmitt said. Similar to banks, at Bethpage, members can borrow and save through typical financial products such as mortgages and checking accounts. Credit unions have been around in the U.S. since 1909 when the first one, St. Mary’s Cooperative Credit Association, was founded in Manchester, N.H. They grew in popularity during the 1920s when individuals had disposable income and could afford larger items like cars. At the time, commercial banks were reluctant to provide loans for these purchases, unlike the credit
There are 33 Bethpage Federal Credit Union branches throughout Long Island, as well as one location in Manhattan's Chelsea neighborhood. unions. President Franklin D. Roosevelt signed the Federal Credit Union Act in 1934, creating a national system to regulate federal credit unions. Nearly 30 years later, more than 100 million people belong to more
than 7,000 credit unions. The National Credit Union Administration became an independent federal agency in 1970. For more information on services that Bethpage Federal Credit Union provides, visit bethpagefcu.com. n
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The AmericAn nighTmAre
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By Chelle Cordero
One of the most daunting fears taxpayers face is the IRS audit. There is serious trepidation when tax returns are filed and a sigh of relief when either the money owed is accepted or a refund is made as indicated on the year's tax return form. Those who have been through it know that receiving a letter in the mail from the IRS shakes you to the core. One consolation: Anybody and everybody can be audited, and if you are one of the unlucky ones, it doesn't mean you'll be on the losing end. Some (although not many) people who are audited even receive unexpected returns. Most audits are done by mail and usually begin with an ominous envelope in your mailbox saying that an adjustment is due. Many people think that once the current year's filing is accepted and payment or refund is made they are safe from being audited, but the unfortunate truth is that the IRS can go back and revisit activity three to six years prior. Make sure that you keep your files, including substantiating receipts, for at least six years. If you haven't been filing yearly returns then the audit period can go back even further. While you may not end up needing all your paperwork from the last six years, it is still a good idea to keep indefinite proof of sold investments and property.
Here are some more tips to keep you in the clear if you find yourself up for auditing by the IRS. Rule No. 1: Never ignore a letter from the IRS. Rule No. 2: Pay the amount the IRS says you owe, even if you plan to fight it. If you do not pay, even if you eventually win, fines and penalties will be imposed and you could be looking at a substantial amount. Rule No. 3: If you used a professional tax preparer, contact them. They may be able to offer you helpful guidance in making your appeal, or they might help clarify an issue for you. Rule No. 4: If you plan to appeal, you must (file a request for an appeals conference with the IRS appeals office. Follow the directions in the letter you received. Rule No. 5: Do not ever try to bribe an IRS representative. Rule No. 6: There are strict time limits that you need to file requests (usually 90 days) between any subsequent steps for appeals. Appeals Process IRS Publication 556, "Examination of Returns, Appeal Rights, and Claims for Refund," is available online, at https://www. irs.gov/publications/p556. This document will help guide you through appeals and claims for refunds (in case you've overpaid in previous years).
NASSAU HERALD — March 2, 2017
An IRS audit
Those who have been audited know the sense of dread that accompanies receiving a letter from the IRS stating that an adjustment is due. If you do not have satisfaction from an IRS Appeals Conference, you can take your case to the United States Tax Court, the United States Court of Federal Claims, or a United States district court. It's strongly recommended that you follow the chain of appeals and begin with IRS appeal first. So long as you have provided the appeals process with paperwork to prove that you paid the correct taxes, the burden of proof is on the IRS at this point. If you've filed at a federal court (U.S. Tax Court, U.S. Court of Federal Claims or a United States district court) there will be filing fees and other reasonable administrative costs, which can add up quickly. If you filed with the tax court as a delaying tactic and never went to IRS appeals you risk fines for frivolous filing. If you wind up
being the prevailing party, you can request that reasonable administrative and reasonable litigation fees be recovered; the court will decide who the prevailing party is. If you and/or your professional tax preparer find that you overpaid in taxes for previous years, you can file for a refund. You must file the claim within three years of the date you filed your original tax return paperwork or two years from when you paid the tax. If your tax problem is causing undue hardship or you have not been able to resolve a legitimate issue with the IRS, you might be able to find help through the Taxpayer Advocate Service. If you qualify for their help, it is a free service. For more information about TAS, visit http://taxpayeradvocate.irs.gov or call 877-777-4778. n
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