Five Financial Tips For College Students

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Whether the college experience happens away from home or in an educational institution just minutes away, one thing that stays the same is the need to properly manage money. Although loan payments aren't usually required until after graduation, it is still important for students to get into good financial habits so that they aren't struggling to survive when their first bill comes in the mail.

If you have someone at home who will be heading off to college over the next few months, or if you'll be embarking on the journey yourself, here are five financial tips to follow:

1. Use student discounts: Many times student discounts are available for those who are able to provide a valid form of ID - all you have to do is ask! Before you splurge on something that is going to leave your wallet high and dry, such as tickets to a nearby event, inquire about whether or not discounts are available for individuals currently enrolled in college courses.
2. Apply for scholarships: One of the best ways to help yourself with the cost of college is to apply for various scholarships. While this may require you to do some research, the time you use will be time well spent when you see the difference in your tuition bills.
3. Charge only when necessary: It can certainly be easy to swipe your credit card on campus or at nearby restaurants, but the more you spend, the more you'll have to pay back. While you may have the money to cover your credit card statements now, think about how your actions will impact you in the future. On the other hand, if you don't have the money to pay your bills at the time, you could set yourself up for having poor credit down the line when charging too much.
4. Eat locally: When we say locally, we mean at home! Or, if you're living on campus, take a trip to the grocery store and pick up all of the items you need to sustain yourself for a week or two. While it requires a bit more effort on your part, spending money on breakfast, lunch or dinner every day can quickly eat away at your savings.
5. Follow a budget: Following a budget and tracking your spending is key in order to avoid falling into financial turmoil during your college years. Before the start of the semester, take the time to sit down and plan out how much money you can allocate towards school supplies, extra curricular activities and the like so that you don't go over board with your spending.

At American Investment Planners LLC, we know how easy it can be to spend more than you have while at school, which is why we so heavily recommend using these tips throughout your college career! And in addition to these tips, we take it one step further by offering a financial planning service that specifically focuses on saving for college. For additional information about the best way to save for college tuition for you or your children, please call (516) 932-5130.

Meet Craig Bergen: Manager of Tax and Financial Planning

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

At American Investment Planners LLC, we work as a cohesive unit to develop and deliver the most beneficial solutions to each of our clients. We pride ourselves on the fact that our firm is built on a group effort, and since it is so, we invite you to become a part of our team by getting to know each of our experts individually. Today, we would like to feature Craig Bergen, our Manager of Tax and Financial Planning!

A native of Fresh Meadows, New York, Craig came on board with Lee Rosenberg in 1998 when he joined his firm as a tax preparer. Prior to that, Craig first got his feet wet in the financial planning industry when he performed part time data entry tax work for his uncle in the summer leading up to his last semester at SUNY Albany. It was during his time there that a full time career in this field became of interest to him, which ultimately led him to begin an internship that same summer with Lee!

After graduation, Craig made it a priority to further his knowledge on the subject. While in an entry level position working with tax returns, he became registered as a Series 7 securities representative. Additionally, Craig also received his Life and Health insurance license and completed the Certified Financial Planning program at CW Post while working. But that's not all! Today, Craig is currently preparing for the CFP exam.

Though Craig is currently excelling in his position at American Investment Planners LLC, he didn't always have his eyes set on being involved with taxes and the like - when he was younger, he wanted to be a psychologist or a teacher! Although he followed a different path, it turned out to be just as rewarding. Craig explains, "I find this profession most rewarding when I'm able to successfully help somebody achieve their goals in the face of a difficult event such as a death or financial hardship. To listen and to feel what someone is going through personally and really take the time to empathize and help them overcome problems as it relates to their finances as well as their personal life really makes me feel like I am making a difference."

Outside of the work environment, Craig is also extremely passionate about music and outdoor activities. If hiking, camping, biking or skiing is involved, you can definitely bet that Craig will be there!

From all of us here at American Investment Planners LLC, we'd like to send a huge thank you to Craig! We truly appreciate all of his hard work and are so privileged to have him on our team. 

For more information about Craig Bergen, please check out his employee bio on our website!

Services Offered at American Investment Planners LLC

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Since 1984, the team of advisors here at American Investment Planners LLC has been providing top of the line financial planning services to individuals of all ages throughout the nation. Headquartered in Jericho, New York with additional offices in Florida and Texas, we strive to provide the most strategic financial solutions, where the outcome leaves our clients feeling more than comfortable about their current and future financial status.

Led by Lee Rosenberg, CFP, who is a nationally known author and lecturer with over 30 years of experience in the financial planning industry, we are available to provide the following services:

Portfolio and asset management

Estate planning

Retirement planning

Taxes and accounting

Relocation

Insurance

Health-related financial planning

College savings

Elder care

Surviving the loss of a spouse

And that's not all! We have also dedicated part of our services to assisting small business owners as well, as we realize that they have similar needs when it comes to succeeding financially.

If you're looking for a firm who will provide you with their undivided attention and develop solutions that are strictly tailored to your personal needs, look no further than American Investment Planners LLC! We successfully manage hundreds of millions of dollars in assets annually and would love to have the opportunity to help you next.

For more information about our services, please visit www.americaninvestmentplanners.com or call (516) 932-5130 today.

Three Ways To Save Money When Moving

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Moving into a new home can be an extremely exciting time for all parties involved - after all, a new home means new experiences and new opportunities to get organized and work with your inner designer. However, moving isn't always all fun and games, and it can actually be pretty stressful if not planned for properly - especially when it comes to how it will be funded.

Being that purchasing a new home is costly enough as it is, we've put together the following list of ways that you can save money during the actual move:

1. Move when others aren't: It's only natural to want to move during the warmer months, but chances are all of your fellow movers are thinking the same thing. And since that means there will be more of a demand for moving companies, you are more likely to run into higher prices. To avoid paying more than you need to for different moving services, consider planning to do so during the off season.
2. DIY as much as you can: Between packing your things and transporting them to your new destination, the cost of getting your furniture and other items together can be one of your biggest expenses. Therefore, rather than have a company pack your belongings for you, do it yourself! Of course larger items will require some help, but if you and your family can handle it on your own, you should do as much of the packing and moving as possible.
3. Plan move in/out dates accordingly: You may be anxious to get into your new home, but if you have to be out of your current home before you can move into your new one, you'll likely have to pay to store all of your belongings. Therefore, it is extremely important to plan ahead and coordinate moving dates to ensure that your new home will be waiting for you the moment you step out the door.

So, are you planning a move soon? If you're thinking about relocating, whether it be now or possibly when you retire, we encourage you to keep these tips in mind so that you can keep a bit more of the green stuff in your pocket!

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.

A Guide To Retirement: Your Financial Checklist

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Prior to making any investment related decisions for retirement (and when we say prior to, we mean years before the time comes), the first thing you must do is figure out what is most important for you financially. Since everyone will find themselves in a different position as they approach retirement, it's only obvious that what you need in terms of your finances will likely be different from your spouse, your neighbor or your best friend. However, there are a few topics that apply across the board; here are 18 questions we should all be asking in order to prepare:

1. What is the size of your retirement nest egg? (In simpler terms, how much have you set aside for this period of your life?)

2. If applicable, have you met with your employer about your pension plan? How will your funds be dispersed?

3. Have you spoken with Social Security to discuss retirement benefits? Do they know that you are ready to receive them?

4. Should you be working when benefits are available to you, are you familiar with the income limitations that will be placed by Social Security?

5. What arrangements are being made to move your liquid and equity assets into sources of income?

6. How much will you need to make on your invested money in order to generate the income you need during retirement?

7. Are you aware of tax laws and how they will impact your retirement income?

8. Do you know what your living expenses will be like during retirement?

9. How much gross income will you need during retirement? (Don't forget to consider account inflation, taxes and the cost of living!)

10. Are you aware of your current cost of living?

11. Have you been cutting back on living expenses so that you can pay off debts prior to retirement?

12. Can any of your insurance policies be restructured or canceled once you retire?

13. Have you prepared estate-planning documents? Do you understand the laws revolving around taxes, probate and inheritances?

14. In the event that you become incapacitated, do you have someone who has power-of-attorney for you? If so, what does it include?

15. Does your spouse/child/relative/close friend know where they can find important records of yours?

16. Did you consider higher medical costs and less coverage from Medicare when planning your budget? Have you thought about home health care or long-term care as well?

17. Do you know where you want to live when you retire?

18. Have you met with a certified financial planner to discuss all of your retirement needs?

Though this is quite a lengthy list, it is absolutely imperative that you go through these questions well before you plan to retire to ensure that everything is all squared away before the time comes. For more retirement tips, be sure to check out the book 50 Fabulous Places to Retire in America by Lee and Saralee Rosenberg.

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.

Money Management Tips For New Business Owners

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When it comes to budgeting and money management, young adults, parents and soon-to-be retirees aren't the only ones who need to have a clear plan in place; business owners do too! Especially during the first few months of operating, it is essential for CEOs and the like to place much of their focus on financial topics since this aspect could ultimately make or break the business.

If you recently entered the business world as a business owner, here are a few money management tips to help you succeed:

Know how much you need: It can be relatively easy to fall into bad borrowing habits, so from the start you should always know exactly how much you need. Although borrowing extra can provide you with a safety net for financial emergencies, doing so too often could cause you to fall into debt that could be avoided.

Work with a bookkeeper: Whether it be someone in-house or someone you hire specifically for this purpose, it is extremely important to have an individual dedicated to keeping track of your finances. While as the business owner you will likely want to oversee all money related matters too, having someone whose only role is to handle your money can help you stay organized.

Square away bank accounts: You probably already have one, if not more, active accounts for your own personal finances, but when you own a business, it is recommended that you have one specifically for that. As stated by Entrepreneur, opening a commercial bank account is pretty simple, so there is no reason why you shouldn't have one for your business! Same goes for credit cards and debit cards - always separate personal and professional.

For more money management tips for business owners, please click here. 

As one of the largest and most respected independent financial planning firms in the country, we at American Investment Planners LLC understand how important it is for everyone to have strategic plans in place when it comes to money. That's why we work with small business owners too! To assist business owners, we offer assistance with insurance benefits, compensation structuring, 401(K) management and more. For more information, be sure to visit us on our website or give us a call at (516) 932-5130.

Ways To Save For Retirement Without A 401(K)

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When applying for a job, one of the most pressing concerns for potential employees is whether or not a 401(K) plan is offered by the employer. However, it isn't uncommon to find and land a dream job that doesn't offer one - but then what? Retirement is going to come sooner or later, and by that point it will be essential that you already have enough saved up to carry you through.

If you do not have a 401(K) plan available to you through your employer, here are a few alternative ways that you can save:

Roth IRA accounts: Roth IRA accounts are nondeductible IRAs that permit tax-free withdrawals so long as certain conditions are met. Although they generally have the same contribution limits as a traditional IRA, the fact that you don't have to pay taxes on the earnings or the withdrawals is a major plus. For more details on the benefits of this type of account, please click here.

Use direct deposit: When participating in a 401(K), the contributions are immediately withheld from your paycheck and deposited into your 401(K) account. The good news? This can easily be replicated with an IRA or other investment account that you have set up. This way, you won't necessarily be responsible for needing to transfer your money into different accounts on your own; rather, it will be done for you just like it would be with a 401(K).

Open a savings account: If you don't already have a savings account, open one up and dedicate it to retirement. Then, create a plan for yourself that dictates when and how money will be deposited. Whether you choose to contribute biweekly, monthly, or in some other shape or form, the simple act of putting some money aside whenever you can is a great way to build up your savings for the retirement phase of your life.

For additional ways to save for retirement without using a 401(K), check out this article from U.S News and World Report MONEY. 

Did you know that retirement planning is one of our specialties here at American Investment Planners LLC? From 401(K)s to Roth IRAs, traditional IRAs and more, our team knows what it takes to prepare our clients for a successful future. 

For more information about how we can help, please give us a call at (516) 932-5130.

How To Set A Budget For Yourself

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

In order to stay on top of your money and avoid falling into financial turmoil, one of the most important things to do is set a budget for yourself. By having some sort of guide to follow, you can better prepare yourself for a variety of financial situations and ultimately prevent yourself from spending more than you can afford.

That all being said, however, we understand that creating a budget for the first time can be rather overwhelming - there are so many things to consider! That's why we've put together the following list of tips to help you do so:

Know your income: The first step in creating a budget is to know your income. Without having a clear picture of how much money you have coming in each month, it can be extremely difficult to fall into good spending habits. Therefore, you'll need to start by outlining the income you'll have so that you know how much you have to work with. Note: don't forget to subtract any deductions from your paycheck, such as those that come from taxes and your retirement accounts.

Outline expenses: Once you know how much money you have, your next step should be to outline each of your monthly expenses - fixed and variable. From mortgages to car payments, cell phone bills, groceries, gas, even your weekly spending money, you must include it all so that you can figure out the most strategic way to divide your money. Since fixed expenses stay the same each month, it's a good idea to list those out first so that you know how much you'll have left over to dedicate to those that vary.

Determine goals: Last but not least, once you determine your monthly expenses, think about what you'd like to achieve financially in both the short and long terms. For example, would you like to treat your family to a vacation next summer? Or, maybe you'd like to pay off credit card debt in just a few months time. Regardless of what your goals are, you should add them as a category of their own on your expense list so that you can determine the best way to achieve them.

When all is said and done and your budget is complete, don't forget to check in regularly to ensure that you are staying on track. This way, come the end of the month, you can rest assured knowing that you have enough to cover all costs comfortably!

At American Investment Planners LLC, our goal is to help our clients figure out strategies that lead them towards financial success that they can pass on for generations. Our team of financial planners specialize in various financial realms and work closely with each client on an individual basis to determine the best solutions for their needs. To learn more about the services we offer, please visit www.americaninvestmentplanners.com or give us a call at (516) 932-5130.

Financial Tips For Newlywed Couples

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

It's officially summertime, and that means wedding season is in full swing! With temperatures rising and the sun shining, now is the time that many couples often choose to say "I do." However, while tying the knot is an extremely exciting time for both the couple and their families, there are also serious matters that must be discussed to ensure a smooth transition into this chapter of their lives - money, for example.

To make the process of dealing with finances and financial situations easy from the start, we've put together the following list of tips for newlywed couples:

Communicate: Although money can be a sensitive subject, as life partners it's important for married couples to be open about it. From day one, newlyweds should make it a priority to discuss money regularly so that there is no awkwardness about it down the line. Especially if joint accounts will be opened, they'll need to feel comfortable discussing budgeting, loans, and various other financial topics.

Prepare: Once individual and joint accounts are taken care of, newlywed couples should discuss a plan for how they will prepare for financial emergencies. For example, will a separate bank account be opened just for this purpose? Or, will a small stash be set aside in the home? Either way, it's important for couples to have an emergency fund available to cover unexpected costs.

Budget: Before getting married, each individual was likely only responsible for their own expenses and probably had their own budget to follow. However, with a partner involved and new joint expenses, such as a mortgage and groceries for two, chances are that budget is going to change. To feel financially stable and secure when it comes to paying the bills each month, newlywed couples should make creating a budget the number one item on their to-do list.

Update: A beneficiary is the person who will receive some type of financial benefit upon an individual's passing, which is why it is so important to have the right name listed. After getting married, it's a good idea to update the beneficiary on all legal documents to reflect the spouse.

Last but certainly not least, once things have calmed down it is essential that newlywed couples sit down with a financial planner to get all of their money in order. Between planning for retirement, figuring out taxes, updating insurance and more, meeting with an expert in the field is the best way to ensure that they are headed in the right direction.

To learn how the team here at American Investment Planners LLC can help newlywed couples and their families with financial planning, please visit www.americaninvestmentplanners.com or call (516) 932-5130.

10 Great Places To Retire In 2015

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When you think about planning for retirement, we bet that one of your primary concerns is how you will fund this part of your life. However, in addition to covering all of the bases financially, one of the biggest questions (and possibly most exciting) is where you will retire! Will you stay in the town you've lived in for the majority of your life? Will you pack your things and move just a few towns over? Or, will you choose to completely relocate and head to a different state? 

If retirement is on the horizon for you in 2015, here are 10 of the best places to consider, according to Forbes:

Asheville, North Carolina

Cape Coral, Florida

Colorado Springs, Colorado

Lincoln, Nebraska

Logan, Utah

Oak Grove, Oregon

Pittsburgh, Pennsylvania

Rochester, Minnesota

San Angelo, Texas

Tucson, Arizona

So why these cities? Throughout their research, Forbes looked into various economic factors to determine which cities are appropriate for retirees. For example, they took a look at the cost of living, the price of homes and taxes. Additionally, they considered topics such as safety and security, and they also looked at how well these cities allow seniors to continue to live an active lifestyle.

For more information about the study and the results, including additional cities that made the cut, please click here. Furthermore, to learn more about desired retirement locations regardless of what year it is, check out our very own Lee Rosenberg's book, 50 Fabulous Places to Retire in America!

At American Investment Planners LLC, we specialize in retirement planning and have what it takes to prepare our clients for a prosperous economic future. To learn more about our retirement planning services and how our team can help, please visit us on our website or give us a call at (516) 932-5130 today.