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7 Smart Money Marriage Tips

You just got married, but you may not have realized that your money did as well. One of you is a spender and one is a saver! How in the world will you make it work? Especially now that many people are getting married in their 30’s and 40’s for the first time, what should you be doing money wise? Here are 7 tips on money strategies for your new marriage.

1. Create Separate Accounts And One Joint Account:

To mingle or not to mingle your money is one of the most important decisions the two of you need to make regarding your finances. Having your own money that you can spend however you want can lessen arguments about money. We disagree that having separate joint accounts lessens the sense of unity in marriage and shows a lack of trust in one another.

2. Track How You Are Spending Money:

Tracking your spending is not a way to point fingers at one another as to who is spending what. Tracking your spending is not having someone looking over your shoulder every time you buy something. Tracking your spending is critical to being financially secure. Unless you know where your money is going, it is impossible to set up a budget and set financial goals you are both comfortable with.

3. Discuss Finances Together On A Regular Basis:

Sure, talking about money isn’t easy because money can symbolize different things to each partner. One may view money as security and the other as power. If the topic of debt, bills, savings, and goals makes one or both of you uncomfortable or defensive, seek the help of a financial counselor or planner. It is important that both of you know where you stand financially and have common financial goals.

4. Save 10% of Your Income:

Couples living month-to-month often rationalize that they just don’t have enough money to save. Make the decision to save at least 10% of your income. After saving enough cash as an emergency fund, invest in a retirement account. The earlier the two of you start saving money for your retirement years, the easier it will be have a retirement lifestyle that you both hope for.

5. Handle Debt As A Couple:

Make a plan to pay off existing debt. Drawing a line in the sand and saying that your spouse’s debt isn’t your problem is not going to work because even if the debt existed before you married, your credit rating can be negatively impacted as well as the bottom line of how much money the two of you are paying monthly in interest charges.

6. Decide On The Bill Paying Strategy:

Maybe you had a house and your partner had one as well. You were both used to paying your own bills. Now that you are living together and your bills are combined, get clear as a couple on who will pay what bill and which bank account the money is going to come out of each month. This will absolutely
reduce friction in your relationship over time by having clear expectations.

7. Don’t Keep Big Financial Secrets:

Not being honest about the cost of large financial purchases or keeping debts hidden is considered financial infidelity by many people. Such secrets can destroy your marriage.

THE CONTENT IS DEVELOPED FROM SOURCES BELIEVED TO BE PROVIDING ACCURATE INFORMATION. THE INFORMATION IN THIS MATERIAL IS NOT INTENDED AS TAX OR LEGAL ADVICE. IT MAY NOT BE USED FOR THE PURPOSE OF AVOIDING ANY FEDERAL TAX PENALTIES. PLEASE CONSULT LEGAL OR TAX PROFESSIONALS FOR SPECIFIC INFORMATION REGARDING YOUR INDIVIDUAL SITUATION. THIS MATERIAL WAS DEVELOPED AND PRODUCED BY HELLO MY NAME IS, LLC TO PROVIDE INFORMATION ON A TOPIC THAT MAY BE ON INTEREST. THE OPINIONS EXPRESSED AND MATERIAL PROVIDED ARE FOR GENERAL INFORMATION, AND SHOULD NOT BE CONSIDERED A SOLICITATION FOR THE PURCHASE OR SALE OF ANY SECURITY. COPYRIGHT 2014 HELLO MY NAME IS, LLC

April 12, 2017
8 Fun facts about ML Baseball Spring Training
8 Fun facts about ML Baseball Spring Training

This week pitchers and catchers report for spring training. I get excited because the baseball season is beginning and winter is ending. These minor league stadiums are a lot of fun to visit. Enjoy these tidbits!
1. The Florida “Grapefruit league” and Arizona “Cactus league” are a 50/50 split which 15 teams training in each state.
2. Do you want a closer look at your favorite players than from your seat? Visit their spring training stadium where access rules are very lax.
3. George M. Steinbrenner field (Tampa) has the same outfield dimensions as Yankee stadium. It also sits directly across the street from Raymond James Stadium where the Tampa Bay Buccaneers play.
4. Surprise stadium (Royals and Rangers) in Arizona has a merry-go-round in the right field concourse.
5. The foul poles at Phoenix Municipal Stadium (Athletics) were originally used at the polo grounds.
6. Fans attending Blue Jay’s games in Dunedin, Florida get to hear both the Canadian and USA’s national anthems. They also have Labatt’s beer on tap at Florida auto exchange stadium.
7. Bright House Network field in Clearwater, Fla. Caters to Phillies fans serving Philly cheese steaks and Yuengling beer.
In 2017 the “Ballpark of Palm Beaches” (West Palm Beach, Fla.) will open and be the new home of the Houston Astros and Washington Nationals.
March 22, 2017
Tips on what to do with your Tax Refund
Other than folks who receive an annual bonus this is the only time of year when some people will receive a lump sum of money. Instead of squandering your money consider the following options:
- Add to your IRA: you can contribute up to $5,500/year to a traditional and/or Roth IRA or $6,500 if you are 50 or older by the end of 2014
- Pay off debt: If you are carrying more debt than you are comfortable with, consider paying it down. It’s like investing at the same interest rate being charged on the loan. Try to pay off your credit cards with the highest interest rate first.
- Top off your emergency fund: You should have 6 months salary liquid in case of an emergency. Keep the money in an interest earning account.
- Boost retirement savings: If you aren’t contributing enough to a company retirement plan to capture 100% of the company match, you are walking away from free money! Use the extra cash to increase your contribution.
- Keep the money in a side fund for college: Putting the money in a 529 plan decreases what your student can qualify for in endowment “Free money”.
- Prepay your summer vacation: Use some of the cash to pay off your vacation in advance so you don’t have to take it from your income in the summer.
Do yourself a favor by choosing one of these options instead of wondering where all the money went at this time next year! Contact Rob today for a free consultation on this and other concerns you have here.
March 9, 2017
10 Reasons to watch O.J.: Made in America

Tune in or set your DVRs for tomorrow’s airing!

The O.J. Simpson story hits close to home for me. I was offered and accepted a promotion in 1991-96 to be a sales manager for Prudential in Buffalo, N.Y. Leaving NYC one would think that Buffalo would be a slow-paced sleepy city in comparison. During my 5 years there the Buffalo Bills made it to 4 straight Super Bowls, O.J. Simpson captivated the nation in 1993-1994 and Buffalo native Timothy McVeigh bombed Oklahoma City.

Here are 10 interesting facts.

1. In addition to a huge sports figure, this is a documentary about Race and Social Justice in America.

2. The 7.5 hour 5-part Doc touches on O.J., the biggest trial of the century.

3. Being half African-American and half Jewish, Director Ezra Edelman is uniquely qualified to address the subject.

4. It’s being said this film is the most impactful and important film that ESPN has ever made.

5. The Documentary explores the Simpsons, Race and the Los Angeles troubled history like nothing before.

6. It’s being said that O.J. has the potential to affect the American conversation on Race in a way that few, if any films since “Roots”.

7. Having lived in Buffalo from 1991-96 and knowing Ezra, this documentary connects with me like none other.

8. Ezra is known for “Magic & Bird, A courtship of Rivals” in 2010 and “Brooklyn Dodgers: The Ghosts of Flatbush 2007

9. A very good hoop player with Curry-like range and a step back 3 point shot, Ezra is not afraid to “trash talk” to you and certainly me during our games togehter

10. He’s fun at cocktail parties!

March 3, 2017
7 Life Changes to Extend Your Life 10 Years
What if you could make some simple lifestyle changes that could result in major weight loss, lowering cholesterol and/or improving blood pressure readings all without medication or fad diets? Here’s how!
1. Drink Plenty of Water: Generally, adults should be consuming about 2-3 liters/day minimum to stay at peak mental and physical performance. Water keeps you hydrated, curbs your appetite and urges to overload on sugary soft and sports drinks.
2. Eat Nuts: People who eat about two ounces of tree nuts four to five times per week live 2-3 years longer than those that don’t.
3. Move Naturally: One of the harder steps to focus on if you are a 9-5 desk job person. Simple adjustments during the day like taking the stairs instead of an elevator every other trip or taking public transportation instead of driving promotes more walking during your day while saving on gas money and it’s helpful for the environment.
4. Go Green: Fill most of your plates with fruits and vegetables preferably organic. Most Americans consume too much meat which is harder to digest and increases cancer risk.
5. Eat until you are 80% full: If you are starting to feel full, stop eating. Over time your body will adjust to the smaller portions and you will no longer get those hunger feelings and cravings. Another strategy to help the process is to take a 5 minute break when half done eating and you will see that you no longer need to stuff your face until you are about to bust out of your pants!
6. Take part in Happy Hour: Moderate drinkers outlive non-drinkers and of course heavy drinkers. A glass of red wine with friends and/or food can help prolong your life.
7. Find a Healthy Social Circle: Research indicates that happiness and healthiness are contagious. It’s always good to have support from like-minded people. Tell folks about your new lifestyle plans and see what kind of support you get.
These simple lifestyle changes are not easy at first. Don’t think of it as a diet or temporary change. It’s a long-term lifestyle change! Watch the folks around you notice the difference and they will start asking you questions about how you did it.
January 31, 2017
4 Tips to Get Your Retirement on Track
Retirement. The vision of one’s non-working years is alluring but are you prepared? Put these four tips to get back on track for your retirement planning.
1. Figure out what you really need: This involves goal setting and thinking. Think about what percentage of your current income you need going forward. Also, build in vacation and bucket-list annual costs.
2. Take advantage of matching contributions: many employers will match your contributions up to a certain level. Find out your firm’s matching percentage and make sure to take advantage of this “free money”.
3. Think past your 401K: A 401k is a good start however you need to diversify your portfolio. Look to take advantage of tax-free and tax-deferred vehicles to save. Roth Ira, annuities, and cash value life insurance offer different and complimenting tax advantages.
4. Plan for the unexpected: Good planning is to keep 3-6 months of income in a liquid account for emergencies. Life’s events can be unpredictable like disability, job loss, hurricane or stock market crash to name a few.
Your actions today will impact the quality of your life in retirement. It’s always good to communicate retirement goals to family members and loved ones. In retirement, surprises are usually not good!

Get a free consultation today to get your retirement planning back on track!
January 26, 2017
3 Reasons & Solutions to have multiple retirement accounts
Many folks have employer-sponsored retirement accounts like a 401k or 403b which is a good thing. In fact, 80% of large companies offer a qualified (pre-tax) plan some of whom will match your contributions. That being said it’s wise to set up at least one other supplemental plan for yourself because;
1. You will pay later for today’s tax break: You will pay tax on 100% of your withdrawals which can bump up your tax rate and you won’t know what the tax brackets will look like at that time.
2. Limited planning flexibility: If you need money to make an important purchase and inching up to the next tax rate the purchase might put you over the top hurting your bottom line.
3. Limited access in the event of an emergency: If you are under age 59.5 and need to withdraw funds quickly you are facing a 10% penalty and taxation.
Because of these issues we recommend setting up at least 1 other after-tax plan such as a Roth IRA, life insurance cash value policy, and/or a non-qualified after-tax account like mutual funds or annuities.

Ask Robert about your 3 possible solutions for retirement accounts here or call him at (917)359-3985
January 17, 2017
8 Holiday Road Travel Tips
This weekend will have millions of Americans on the road most of them to see relatives to celebrate the upcoming holidays. Traffic and unprepared parents can put a damper on the family trip. Enjoy these tips to smoothen your ride!
1. Check traffic in advance: We prefer Waze or Google Maps to check for accidents and weather delays
2. Gas up in advance: Running out of gas can suck the fun out of any trip. We like gasbuddy.com to find cheap gas in foreign cities and towns.
3. Put presents in black garbage bags: This prevents gifts from “accidentally getting opened” when in the back seat with curious kids, lol.
4. Stock up: Stock up on snacks (preferably healthy) fluids and coffee for your upcoming mission!
5. Check tire pressure: Low pressure leads to blowouts, uneven tire wear and worse gas mileage.
6. Create a “Road Trip Kit”: Surprise the kids with activities, crayons, books and or movies to help the time go by more fun and faster.
7. Pack wipes: You never know what can happen when with the family on the road.
8. Brings snacks for pets: Remember to not give pets a full meal within 1 hour before leaving as they are more prone to car sickness.
Enjoy folks and wishing you the happiest of holidays!
December 22, 2016
6 Tips to Get Your 2017 Financial House in Order
Now that we are in the final month of 2016 it’s easy to get off track from our goals. Follow these 6 tips and with a little time and effort your 2017 finances will be more organized and less stressful.
1. Organize your paperwork: It’s hard to feel in control when you can’t find anything. Gather all papers, shred duplicates/old statements and put them all in a box or accordion file.
2. Go Paperless: I know habits are hard to break. Wherever possible create electronic files. See if you can receive e-bills instead of paper. Use a flash or thumb drive as a back-up and keep it off-premises.
3. Protect against identity theft: You can request a free copy of your credit report once per year from all 3 credit bureaus. Go to AnnualCreditReport.com. Another great tool is Credit Karma which allows you to track your credit scores throughout the year.
4. Put your finances on autopilot: Use EFT direct deposit for all checks, pension and social security received. Set up automatic payments for recurring bills. It’s easy and will save time going forward.
5. Create your 2016 tax file: Most people have to scramble to pull together all tax forms etc. Start now by setting up a 2016 file and stashing forms/receipts etc as needed.
6. Review your insurance coverage: Protect your nest egg and your family by regularly reviewing your life, health disability and long term care insurance. If this is confusing to you contact us for a 2^nd
Your financial house needs regular upkeep. Putting in a little time and organization will decrease clutter and help you focus on your goals and objectives.
Contact Robert here for more ideas to get your financial house in order.
December 21, 2016
5 Last Minute Year End Tax Tips
Following these 5 tips can save you money in 2016!

Whether you are an individual and/or business owner, the following 5 tips can save you money in 2016!
1. Maximize 401K deductions for 2016: Unlike IRA’s and SEP’s, 401K contributions can only be deducted in the tax year they are deposited. Taxpayers should check their pay stubs to make sure they are maximizing their 401k limit which is $18,000 for 2016. (higher if they are over age 50).
2. Prepayment of State Taxes: Individuals can deduct taxes paid to state and local agencies on their schedule A. By paying before year end they can claim the deduction for 2016 instead of waiting to next year.
3. Donation to Charity: Any donations to charity must be made by December 31^st, 2016 to be considered a completed gift for the 2016 tax year.
4. Deferral of Income until 2017: Individuals can request bonuses be deferred until January. Cash basis service businesses may consider delaying their November and/or December billings until January to minimize 4^th quarter income and defer taxes on that income until 2017.
5. Prepayment of personal/business expenses: Individuals and business owners may look to prepay expenses for supplies, materials and/or services to accelerate deductions for 2016 instead of 2017.Get your 2017 plan off to a good start by getting your FREE ‘financial check-up’ with Robert here today.
December 13, 2016