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Fee only financial planner gives insights on how to save more on what you earn.
Blog Added: August 04, 2017 02:20:10 AM
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7 reasons why you should meet with a Financial Advisor

David Perrotto, an advisor with Perrotto Private wealth, has been helping people with all different backgrounds for over a decade, and he says he still finds that people overlook the value of an advisor and misunderstand what they do.Many people believe that advisors only sell what’s best for the advisor, what’s best for the company they are working for, and usually sell based on specific products.On the contrary, a good financial advisor isn't going to sell you a specific product in order...

David Perrotto, an advisor with Perrotto Private wealth, has been helping people with all different backgrounds for over a decade, and he says he still finds that people overlook the value of an advisor and misunderstand what they do.
Many people believe that advisors only sell what’s best for the advisor, what’s best for the company they are working for, and usually sell based on specific products.
On the contrary, a good financial advisor isn't going to sell you a specific product in order to make a commission. Instead, a quality advisor will listen to your goals, look at your current finances and recommend how best to move forward with your money, and build you an actual plan. Then help you execute that plan going forward.
While you don't always need to work with an advisor on an ongoing basis, there are times when it makes sense to stop in for some financial advice and consultation.
When you start working for a new company. It doesn't matter whether it pays $40,000 a year or $400,000 a year, starting a job is a good reason to check in with a professional financial advisor. Not only can they advise you on how to best save for retirement, they may also provide insight on how to maximize your employer's benefits package.
Getting married or divorced. Another good time to seek out professional financial advisors: whenever you enter or leave a marriage. Bringing in an unbiased third party can help minimize financial losses in a divorce and may make it easier for engaged couples to have conversations about combining assets and income in their marriage. Having an unbiased third party can help remove the emotional mistakes couples me. For example, a spouse might feel attached to a family home and insist on keeping it as part of a divorce settlement. In exchange, he or she may lose out on retirement savings that could prove to be much more valuable in the long run.
When you receive a large sum of cash. Receiving a large sum of money, such as from an inheritance, bonus, buyout or big raise, should be a boon to your financial health. There are many vehicles that will allow you to defer taxes, help your overall balance sheet, and grow your net worth. Unfortunately, many people tend to squander the opportunity for financial advice that it presents. Regardless of the amount of your windfall, meeting with a financial advisor can ensure you put the money to good use and not waste it.
When you need to take care of aging parents. People should consider all options on what kind of advice financial advisors can provide. Many advisors are also registered to sell insurance. Aging parents want to stay in their homes, so it’s worth to check out what your financial advisor can do for you. If you think your parents or another elderly loved one will need care, either in-home or in a nursing home, talking to a financial advisor sooner rather than later can help you prepare for this sizable expense.
When you are thinking about retirement. Retirement planning is one key area where financial advisors do their best work. You should begin planning in your 50s, at the latest. Most good strategies need to be set up 10 to 15 years in advance. Just like you wouldn’t plan to buy a home the day before you purchase it, the same goes for retirement planning. Everyone around age 40 should check in with an advisor just to see where they stand and what they are not thinking about. Making sure you are hitting your financial goals 20 to 30 years in advance of retirement, will still give you plenty of time to make adjustments and save more if needed.
When you are preparing to pass on your wealth. At some point, you and your money will be parted forever. When you start to think about estate planning, it can be smart to bring in a professional for the discussion. A financial advisor may be able to suggest ways to minimize estate taxes, plan for final expenses and review beneficiary details on accounts.
When you are worth a quarter million. In most of the above cases, you may only want to pay for a single visit with a financial advisor, ongoing paid financial advice may not be necessary. However, once your income and assets reach a certain point, you may want to develop a regular working relationship with an advisor who can keep you on track of your financial goals. People start acting to emotional once you reach 200,000 to 300,000 in liquid net worth, and it makes sense to bring in an unbiased 3rd party to keep your priorities in order, and make sure you stay on target. A great article on TheBalancegoes over why in the twenty years ending on 12/31/2015, the S&P 500 Index averaged 9.85% a year while the average equity fund investor earned a market return of only 5.19%. Bear markets and volatile market conditions make it difficult for people to be prudent with their money and practice sound financial planning. Rather than allow a market to stabilize, they may react in fear, sell off declining investments and then lock in their loss by missing the inevitable bounce back in fund values. Beyond helping you make rational money and investing decisions, a professional advisor can help decipher increasingly complex tax laws and investment strategies that apply to high-income earners.
Advisors are the only professionals that are proactive on their choices they make for you, as opposed to your CPA and attorney, who are reactive on your choices. Financial Advisors plan for the future, and try to guide you through any speed bumps that may come with that plan, while CPA’s and attorney’s plan for your future, based on decisions you already made. EG: A financial Advisor may build a plan to save money and buy a house, while a CPA will help you deduct mortgage interest after you have already bought the house. Any one of these reasons is good enough to reach out and find a professional that will help get you where you want to be, or help you shield yourself from risks you are not aware of.



529 plans vs Permanent life insurance, what does it mean and how can I fund my child’s education best.

Where ever you place your child's college savings could impact his or her ability to attend college almost as much as grades and standardized test scores. According to Sallie Mae, the average family who saved for their children’s, saved 10,040 over three years, down from 13,408. Incredibly, 48% of families that saved for college, used a savings account and only 27% used Section 529 plans -- the college savings vehicle preferred by many families and financial advisers that offer federal...

Where ever you place your child's college savings could impact his or her ability to attend college almost as much as grades and standardized test scores. According to Sallie Mae, the average family who saved for their children’s, saved 10,040 over three years, down from 13,408. Incredibly, 48% of families that saved for college, used a savings account and only 27% used Section 529 plans -- the college savings vehicle preferred by many families and financial advisers that offer federal and sometimes state tax benefits, and subtract far less from a student's financial aid package than money stored in a checking or savings account. But having a robust 529 college savings plan could hurt the student's chances at tapping other sources of financial aid, which has parents starting to examine other options, such as cash value life insurance policies. These policies, for example, don't offer state tax incentives but have fewer restrictions on distributions and offer a place for families to shelter funds from the federal financial aid methodology, and since it has a tax-free death benefit, if the breadwinner in the family dies, you will be able to fund the child’s education in full.
Both can be used in very different ways, and both have pro’s and con’s, so let’s dive in and see which one can be right for you.
Let’s start off with flexibility. According to the Internal Revenue Service, money in a 529 college savings plan can only be used for "qualified education expenses" including tuition, fees, books, and room and board at an accredited U.S. school. Should your child opt out of college, choose a foreign or unaccredited school or receive a full scholarship, you can transfer 529 funds to another beneficiary or pull the funds out and pay income tax on the withdrawal. You may also have to back taxes if you've taken state tax deductions over the years as well as a 10 percent penalty on earnings. So basically, it’s not very flexible. With life insurance, it doesn't matter how you use the cash. A student can use life insurance savings for college, a down payment on a house, to start a business or for retirement. It also can stay in the control of the parents as well, and they can continue on paying for it to keep life insurance on them.
Let’s move on to risk. Section 529 college savings plans fluctuate with the market. Usually, many families elect to use an age-based account, whereas the child gets older it goes from an aggressive strategy to a more conservative strategy, almost like how target date funds work for retirement accounts. Whole and universal insurance policies frequently provide guaranteed returns if time is on your side. In the first two years of a life insurance policy you're getting a minimal of rate of return because insurance providers are pulling out the costs, just like how a mortgage has costs front loaded. After 10 or 12 years, you really start to see the earnings potential. But guaranteed returns can also cap your earnings. Should the market generate returns above the fixed rate on your policy, life insurance holders may not earn any additional cash, whether you can depend on your insurance provider and policy. The thing about a permanent life insurance policy is that you want to put as much money in as the government will allow you. To maximize earnings, families to purchase a policy with a low death benefit and to contribute the maximum allowance.
On to the most important topic for many middle-class families, financial aid. One of the major advantages to using a cash value policy for college savings is that money in an insurance plan won't reduce your financial aid. Money in a 529 college savings plan can subtract up to 5.6 cents in aid for every dollar stored in the account, but cash value policies are sheltered from the federal financial aid formula, according to the Department of Education. You can take a loan out against your policy, and you can use it for anything you would like, without it affecting financial aid. Remember though, taking a loan against a life insurance policy will reduce your death benefit. Cashing a policy out entirely will count as income and can reduce your aid package by up to 47 percent and could incur surrender charges. This is the most important factor to remember. If you are going to use insurance to fund an education, if the policy lapses, there would be large complications. Families with low assets are already protected from losing federal financial aid dollars. According to the Department of Education, families can hold up to $74,000 in assets, including real estate outside the primary home, stock market investments, savings accounts and college saving vehicles, without impacting their federal aid. Exactly how much depends on the age of the oldest parent.
Now on to the last part, cost. Section 529 administrative and advisory costs can range from 0.25 percent to 1.85 percent according to Morningstar, but charges on cash value insurance policies can easily top 2 percent. To reduce the costs, families should ensure the student rather than listing him or her as the beneficiary. The mortality charges are going to be much less, policies for young, healthy kids are substantially cheaper than those for adults. If you are listing the parent as the insured, you may want to go with a hybrid product, because if the breadwinner passes away unexpected, the policy will pay out a tax-free death benefit that would be able to be used to pay for college. Besides paying higher administrative and advisory costs, parents saving for college in an insurance policy won't get a state income tax deduction that many 529 holders receive. In a New York 529 plan, families get a state tax deduction up to $5,000 per parent. However, not every state offers a 529 deduction and most that do only offer it to residents invested in that state's plan.
Before enrolling in a life insurance or 529 plan, comparison shop and have a financial adviser crunch the numbers to see whether the no-risk returns of a life insurance plan outweigh the costs and lost tax deduction.
Investors should carefully consider college saving plan and/or mutual fund investment goals, risks, charges and expenses before investing. To obtain a 529 plan disclosure document or mutual fund prospectus, which contain this and other information, please call your Registered Representative at (718)551-7131. You should read the 529 plan disclosure document and/or mutual fund prospectus carefully before investing and consider whether your or the account beneficiary's home state offers any state tax or other benefits that are only available for investments in its qualified tuition program.
The cost and availability of life insurance depends on factors such as age, health, and type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.



Nine simple ways to build your wealth that work

Building actual wealth comes down to just a few simple habits, and the earlier you establish them in your life, the better your chances of reaching seven figures. Set your finances to autopilot. Putting your financial plan on autopilot will not only help you build wealth, it will save you time and mental energy. Automating your budget, bills, retirement, and investments will take a huge stress out of your life. You won’t need to worry where your money is going, what you need to pay, and who...

Building actual wealth comes down to just a few simple habits, and the earlier you establish them in your life, the better your chances of reaching seven figures.
Set your finances to autopilot. Putting your financial plan on autopilot will not only help you build wealth, it will save you time and mental energy. Automating your budget, bills, retirement, and investments will take a huge stress out of your life. You won’t need to worry where your money is going, what you need to pay, and who you need to pay it to. You can use that time for other things.
Read one hour a day. This should be a given, but reading an hour a day directly correlates with higher education and income, as well as overall happiness. Bill Gates does it, Warren Buffet spends 80% of his time doing it, Elon read books to learn about rockets and now we have SpaceX. Reading will help your memory, your vernacular, and it will boost your intelligence.
Build multiple streams of income. Developing multiple streams of income could mean starting a side hustle, generating passive income or picking up a high-paying side job. It is without a doubt one of the most important things you can do. By starting a side business, you open yourself up to a lot more tax write offs as well. If you were able to make a business that works 24/7, it would only have to generate 11.41 an hour to gross 100,000 a year.
Hang out with people who are wealthier and smarter than you. The people you surround yourself with every day matters. We become like the people we associate with, and that's why winners are attracted to winners. By aligning yourself with this crowd, you will immerse yourself in their way of thinking, budgeting, and investing.
Think bigger than you are. Be creative. While the average person spends their time thinking about movies, cars, and games, the wealthy are always looking for ways to grow, ways to invest, and ways to get bigger. If you are constantly building upon yourself, and for ways to start something new, sooner or later it will just click.
Invest. Plain and simple. Invest your money, either in hard assets such as real estate, or the markets. Having all your net worth in a savings account earning next to nothing is not the way to grow your net worth! On average, millionaires invest 20 percent of their household income each year. Their wealth isn't measured by the amount they make each year, but by how they've saved and invested over time.
Budget and Plan. Those who maintain both a calendar and to-do list are more likely to be millionaires, as compared with those who have no real set schedule. It’s easy to understand why. Having no plan in place, you leave a lot of time on the table. Also document everything. It doesn’t matter how, if it’s in your IPad, or on an actual pad, when you think of something creative, write it down. When you have a great meeting, or read a great book, write it down.
Wake up early. The wealthiest, most successful people tend to start the day before the average person. In a five-year study of 177 self-made millionaires, author Thomas C. Corley found that nearly 50 percent of them woke up at least three hours before their work day actually began. Think of it like this, with three hours of uninterrupted time, it leaves you to do your most important work before the day gets hectic.
Create specific money goals. A goal is just a dream. A goal with a budget, and timeline, is an actual plan. If you want to build wealth, you have to have a clear goal, specific plan and hard deadlines. And when you're setting goals, don't be afraid to think big. Set your expectations exceptionally high and take up the challenge. Plan out every aspect of the goal. How many hours you need to work to pay for it, how much risk/reward there is, what it would take if there were set backs. Make it as detailed as possible.
Get comfortable with discomfort. If you want to earn more or get ahead in life, you have to be willing to step outside of your comfort zone. This includes negotiating your salary. It's one of the simplest ways to boost your earning potential, since those who ask for more usually get it. Yet most people don't even try. Sure, negotiation can be a tricky business, but not getting paid what your worth could mean the difference between an average life and a rich one. In a recent study, those who stay with their company for longer than two years, and don’t ask for raises, make 50% on average life time earnings. That is huge. That is the difference of having a retirement at 65 and working until you’re dead. A dollar today is worth more than a dollar tomorrow. So get uncomfortable and step up to the plate.
Hopefully, if one of these insights help you grow your income, assets, or net worth, I did my job and helped you along your path in life.
Investments in securities do not offer a fix rate of return. Principal, yield and/or share price will fluctuate with changes in market conditions and, when sold or redeemed, you may receive more or less than originally invested. No system or financial planning strategy can guarantee future results. Therefore, no current or prospective client should assume that future performance or any specific investment, investment strategy or product will be profitable.



Life Insurance Q and A

As an advisor, I get asked a lot of questions about life insurance, and polices that already are in force, so I put together a few Questions and Answers that I get asked the most about, and how each one effects the insured/owner. If you have any other questions, don't hesitate to give me a call. Q: I currently have a life insurance policy; could I get a better price elsewhere? A: Short answer, most likely. The long answer is that it depends on quite a few factors, and there’s no guarantee...

As an advisor, I get asked a lot of questions about life insurance, and polices that already are in force, so I put together a few Questions and Answers that I get asked the most about, and how each one effects the insured/owner. If you have any other questions, don't hesitate to give me a call.
Q: I currently have a life insurance policy; could I get a better price elsewhere? A: Short answer, most likely. The long answer is that it depends on quite a few factors, and there’s no guarantee that your price will drop with a second application. One of the biggest things to keep in mind is your age. The older you are, the higher your chances of dying, which will increase the baseline price of a policy. Also, as you get older, the chances of something being wrong with you increases as well. Applying for a policy at 50 will be more expensive than applying at 40, all other things being equal.
Q: Guess what! My health has improved since I got my last policy, should I reapply for a better price? Depending on how much your health has improved and the amount of time that has passed since your previous application, you could see significant price drops. One of the biggest ways to drop the price of your insurance is smoking. It’s one of the priciest things that you can do with regard to a life insurance application, and typically, you need to have kicked the habit at least one year before life insurance carriers are willing to look past your tobacco history. A smoker in his 40s can expect to pay three to four times as much.
Q. My last agent sold me a policy from the company he worked for. Can I get a better price if I shop around? A. This means that the agent that sold you the policy was what we call, captive. This means he only represented one insurance company. There are dozens of life insurance companies, and all offer different prices, benefits, and riders. The first thing you should do is work with an independent agent who isn’t forced to only work with one company. It’s very possible you will find a better policy with a better price. To give you a comparison, it’s like going to the store to buy a car, but they only have one car in one color for one price. To make sure you are getting the best price, ask for multiple quotes.
Q: How long does it take my beneficiaries to get my life insurance death benefit? A: Once the death benefit claim form and a copy of the death certificate have been received by the carrier, beneficiaries typically receive the death benefit check within 14 calendar days. Just remember, if the insured dies within two years of the policy, the insurance company has the right to investigate the death, so it may take a little while longer.
Q: How do I know my beneficiaries will get paid the death benefit? A:Life insurance companies have been around a long time, and have gone through many trials and tribulations. They are not in the business of ripping beneficiaries off. As long as your policy is in force at the time of your death, meaning it was paid up and in good standing, your beneficiaries will receive the death benefit payout. There are only a few exceptions to this, such as fraud.
Q: Are there any situations in which my life insurance policy won’t pay out? A: There are three instances in which a life insurance company can choose to deny or reduce a term life insurance policy’s death benefit. Let’s look at each one in detail;
Contest-ability Period Life insurance companies include a provision called an “Incontestability Clause”. This clause basically says the Life insurance company has a specific period of time (In a majority of cases, it’s 2 years) to contest the validity of any statements made on the insurance application. So if something happens to the insured within the “incontestability” period, the company has the right to investigate. One really easy example of this is, if you said you do not smoke cigarettes, so that you could pay less for insurance, when in fact you actually do, the insurance company would check your medical records, and may out right deny your beneficiaries claim.
Suicide Clause Another situation where a life insurance company would most likely deny your beneficiaries claim would be if the insured commits suicide within a certain period of time (again, most likely two years). They would deny the request, and return all premiums paid to the family, as opposed to outright denying the claim.
Homicide The last reason an insurance company may not pay a death benefit is over if the insured was murdered. The Insurance company would in this cases ask for a police report to make sure the beneficiary of the policy isn’t a suspect. If the beneficiary is a suspect, they would hold payment until the charges are dropped or the beneficiary is declared not guilty.
Q: Will my life insurance death benefit payout be taxed? A: In most cases, your beneficiaries will not have to pay federal or state income taxes on the death benefit they receive. Premiums are paid using after-tax dollars, so they have been already taxed. There could be two exceptions to this rule, either through Estate taxes, or Gift taxes. If you own your own policy, the death benefit proceeds become part of your taxable estate. If your estate exceeds the exclusion amount, which as of 2017 is $5.49 million, it can get taxed. For most people, this isn’t an issue. The second exception can happen If the policy owner, insured, and beneficiary are three different people, the death benefit could count as a taxable gift to the beneficiary. One option to remedy both exceptions is to use an irrevocable life insurance trust. <~~ Link this to blog
Q: How can I be sure my policy’s life insurance company will still be around when I die? A: All major life insurance companies have financial strength ratings. There are multiple agencies each with their own rating scales and standards that assess the long-term financial stability. These ratings follow an A through F scale. The higher the rating, the more stable the company is and the more likely the company will be able to pay future claims. When you are looking to purchase life insurance, whoever you are using to buy it through, should tell you their rating. Any company with an A rating or better I’d consider financially stable.
Q: How often should I review my policy? A: I suggest reviewing your life insurance policy once per year to make sure you have enough coverage. I’d also suggest getting a quote to make sure you are paying the least amount for the most amount of coverage and features. Most importantly, if any life and circumstances change, such as getting married, having a child, buying a home happen, you should upgrade your coverage.
Q: What should I look for during my policy review? A: When reviewing your policy, you should look for anything that may need updating. Examples include your name, address, phone number, billing information, and beneficiary. You should review also your financials. You should ask yourself; Is this enough coverage? Did my health change for the better? Do I think I can qualify for a better rate? Any or all these can be reasons to review your policy.
Q: When should I update my beneficiaries? A: Make sure you keep your beneficiary designations up to date. There are certain life events that you will want to change beneficiaries. These include: Marriage or divorce, the birth or adoption of a child, or your designated beneficiary passes away.
Q: When should I apply for a new policy for more coverage? A: This is a catch 22. As you get older, your insurance needs change, but your premiums will rise considerably. You may have purchased a small insurance policy when you were fresh out of college to cover your student loans. Ten years have passed and now you’re married with kids. You would want to increase you policy to cover your kid’s schooling, as well as maybe a mortgage, etc. Any time you have a life changing event such as being married, or having a child, it’s a good idea to apply for a new policy with more coverage.



7 smart money moves to make after losing your job

Once you have overcome the setback of losing your job, and, for many of us, your main source of income, getting your finances in order can have a calming effect on the chaos of being out of work. The quicker you make a plan, the smoother it will be to prepare and change your circumstances. Let's face it, being fired, demoted or anything that has a negative impact on your financial state does not have to be a frightening situation. Statistics from the U.S. Department of Labor show a...

Once you have overcome the setback of losing your job, and, for many of us, your main source of income, getting your finances in order can have a calming effect on the chaos of being out of work. The quicker you make a plan, the smoother it will be to prepare and change your circumstances.
Let's face it, being fired, demoted or anything that has a negative impact on your financial state does not have to be a frightening situation. Statistics from the U.S. Department of Labor show a historic decline in unemployment, roughly at 3.9%, this means that chances do exist for you to improve your place in your given career.
While you may be getting your resume updated, and reaching around old friend's for referrals, and interviewing, let's go over some financial area's that can ease your wallet while you are hitting the pavement.
First thing's first, file for unemployment. Right now. This should be the very first thing you do, the day after you lose your job. There usually is a 2 to three week "waiting" period before you get your first check, so the longer you wait, the longer you will not get a check. How do does unemployment insurance figure out how much you will get paid? Well, the amount you receive is based on a percentage of your earnings over the last year, and there is a top limit determined by each state. Here in NY the NYSDOL determines your weekly unemployment benefit amount by dividing your earnings for the highest paid quarter of the base period by 26, at most of $420 per week. While a payment like that is unlikely to replace all your income, it will make a difference if you had no income at all. Also remember, set a reminder to claim your benefits every week. If you do not claim your benefits, you will not get an unemployment check. You can do it on most states websites, such as NY's which is here, or by calling your given states unemployment hotline.
Next, you need to reevaluate your health coverage. If you've been on your employer's healthcare plan, you most likely qualify for a COBRA extension of benefits. What COBRA allows, is for you to keep your health benefits, but with a catch. You'll pay your part and the employer part of the premiums, plus an extra percentage for administration fees. For most people, they can not afford that, so your next step should be to contact an insurance agent, like me, to help you find more affordable health care options. Losing a job is considered a "special enrollment event," so you have the freedom to enroll in a spouse's plan or sign up for a plan through the Health Insurance Marketplace and take advantage of tax credits and reduced out-of-pocket expenses. You should do this right after you sign up for unemployment insurance. Seriously, you only have 60 days to make a decision on a new Marketplace policy or COBRA, and even worse you only have 30 days if you sign up for another employment-based plan, such as your spouse's coverage, so make sure this is done quickly. Having some type of insurance is better than no insurance.
What you are probably thinking right now, and it's extremely common, is hey wait a minute, I have a nice nest egg with my 401(k) if there's an emergency I can always dip into that until I get a new job and I'll just double up contributions when I get a new job. Trust me, it might be intriguing to simply cash out your 401(k) when you're feeling the financial pressure of unemployment, but do not do that until you know all your options. Cashing out the retirement savings before you're 59 1/2 means you'll have to pay ordinary income taxes on the money as well as a penalty(usually 10%) for early withdrawal. This could mean half the money you take out would have to be used for taxes, which means if you need 5,000 for the month, it means you would have to take out 10,000, and so forth. Before you do anything with your 401(k), visit a financial advisor, someone like me, to be able to figure out what the best way to maximize the potential of the 401(k).
One thing that will have to be cut out until you get back on your feet is the weekly entertainment. The average American consumers spend nearly $240 per month on entertainment. In New York, if you were on employment, that is half a week of your max benefit. Some items like restaurants and movie theaters will be clear but look carefully for automatic deductions you've set up for subscriptions such as Netflix (Time to jump back on your parents) and Hulu. Be determined. Some services are notoriously difficult to cancel, and you might need to get your credit card company involved to stop the automatic deductions.
With tech being the way it is today, many companies have powerful screeners when you submit your resume online, so it may be a good idea to pay a professional resume writer to review and present your skills, education, and experience on a single page for scanning into prospective employers' applicant tracking systems. Because rates vary depending on the writer's experience and areas of expertise, do your research and get quotes before you hire. every dollar matters at this point. A good place to start is Resume Scripter. Also remember to set money aside for transportation, dry cleaning, and a haircut. The human unconscious mind makes a decision on if it likes someone in 4 to 8 seconds, so make sure you dress your best to make the best first impression.
You may have student loan's out, and those payments will definitely fall to the wayside, to other things that are more important, such as rent/mortgage, utilities, etc. But do not fret, there are income based plan's that are available to help you weather this tempory storm. Head over to studentloan.gov and complete the application process, it takes less than 10 minutes.
With a plan in place, and a budget in place, and a professional resume, you will be on your way to a better job in no time, and surely, one that pays you more than your last job.
If you have any questions. don't ever hesitate to call me at (718) 551 - 7131 or email me at dperrotto@ceteraadvisors.com



A few quick thoughts on what to do with your money when you change companies.

Congratulations! Great job! It's easy to get so caught up in the excitement of having a new job that you don't stop to think about what this will mean for your finances.Here are a few things experts suggest you do right after starting a new job;Adjust your budget to your new salary'Change over your insurance In most cases, you won't be able to start using your new health insurance plan until you've worked at the company for 30 days. During the transition period, you'll want to enroll in COBRA...

Congratulations! Great job!
It's easy to get so caught up in the excitement of having a new job that you don't stop to think about what this will mean for your finances.
Here are a few things experts suggest you do right after starting a new job;
Adjust your budget to your new salary
'Change over your insurance
In most cases, you won't be able to start using your new health insurance plan until you've worked at the company for 30 days. During the transition period, you'll want to enroll in COBRA to keep your old coverage going. That can be expensive, since you'll be taking over the costs that were once covered by your employer, but it's still worth the peace of mind that comes from knowing that you're prepared in case of an emergency. It's also worth finding out if your new job offers life or disability insurance . If not, you may be able to convert your former employer's group policy into an individual one.
HSAs & FSAs
Health Savings Accounts and Flexible Savings Accounts can offer tax-advantaged means to cover important budget items, such as health care, transportation, or dependent care. Any contributions made to an HSA are essentially yours to keep, so be aware that leaving your job doesn’t mean forfeiting the contributed funds. By contrast, FSA contributions operate on a “use it or lose it” basis. Funds don’t roll over from year-to-year, and any unused monies are forfeited. Plan to utilize any remaining FSA funds prior to departing your job.
Student Loans
Many student loan re-payment programs, such as PAYE, IBR and income-sensitive plans rely on your income as the basis for your monthly payment. A change in income due to a new job can impact this calculation – sometimes significantly. Communicate with your lender to determine your new payment level and adjust your budget accordingly.
Decide what to do with your former workplace's 401(k)
If your former employer offered a 401(k) plan to save for retirement, you'll have several options: keeping it there, rolling it over into your new 401(k), or rolling it into an IRA.
For most people, rolling over retirement accounts into an IRA is usually the way to go, An IRA account comes with the same tax-deferred benefits as 401(k), 403(b), and 457(b) accounts, with lower administrative costs and a wider range of funds to invest in.
If you just switched job's and need help with your 401(k), your benefits, or your insurance, don't hesitate to give me a call or write me an email.



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