Reasons Why You Need To Check Your Credit Report

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

We all know that it's important to have good credit - after all, your credit score directly effects your ability to buy/lease a car, get a mortgage, take out a loan and so much more. But what many of us fail to remember is that it is just as important to check up on your credit report regularly, or at the very least, once a year. In fact, according to USA Today, even though we have the opportunity to check our credit report for free every 12 months, a study conducted in 2015 by the National Foundation of Credit Counseling suggests that approximately 2 in 3 adults haven't.

Now that you know that you should check your credit report, let's move onto the why; here are three reasons:

1. Errors: Errors are natural and are something we may experience in almost everything we do, but there isn't much room for them when it comes to your credit score. If your report has inaccurate information - whether it just be out right wrong or someone else's information - you may not be the right candidate for a loan or the like in a lender's eyes. And since correcting a credit report error can take quite a bit of time, you want to make sure it's taken care of well before you need to apply for something that requires your score.
2. Identity Theft: In the unfortunate event that someone has been using your information, you may not notice it until it's too late - unless you check your credit report, that is. By double checking the accounts and inquiries that appear on your credit report, you can more easily detect if someone has been using your identity for things such as applying for credit or making purchases. Although your credit card company may be able to alert you of unusual activity, checking your credit report for yourself can help you rest assured knowing that you are aware of everything that's happening under your name.
3. Savings: Your credit score determines how much interest you pay back on certain loans, and if yours isn't accurate, then you may be spending money you shouldn't be - to save on interest, double check that your credit score is where it needs to be. But, if it's not, knowing your credit at any given moment can help you determine what you need to do to get it there - for example, if you see that you're guilty of making late payments, now you know what you need to change to raise your credit score back up.

Considering that your credit score has such a large impact on many of the things we do, we hope you take this to heart and make a mental note to check your score at least once each year - you'll be glad when you do!

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.

Tax Terms You Need To Be Familiar With

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

It's that time of year once again, the time where everyone is busy making appointments with their accountants and collecting their W-2 forms so that they can file their taxes before the deadline. But even for those of you who work with someone to make sure the process is completed correctly, you should still take the time to learn many of the terms associated with the season so that you aren't confused about anything you read or hear regarding your own taxes.

To help you out, we've defined a few of the most common tax terms below:

Certified Public Account (CPA): A CPA is someone who holds a professional license granted by a state board of accountancy upon passing the Uniform CPA Examination and fulfilling the state's educational and professional experience requirements. 

Deduction: Deductions are any amounts that can be subtracted from either your gross income, a gross estate or a gift. If eligible for a deduction, you ultimately lower the amount of money which is taxed.

Federal Income Tax Bracket: The federal income tax bracket refers to the range of taxable income that is taxable at a certain rate. To date, there are seven brackets that you can fall into; they are: 10%, 15%, 25%, 28%, 33%, 35%, 39.6%.

Tax Deferred: When something is classified as "tax deferred," such as any interest, dividends or capital gains, it means that it will grow untaxed in your account or plan until it is withdrawn.

Taxable Income: Your taxable income is the amount of income used to compute your tax liability. To determine your taxable income, adjustments, deductions and personal exemptions are subtracted from your gross income.

For a complete list of tax terms and their definitions, be sure to check out our tax glossary.

In addition to providing you with some clarification on terms used heavily during tax season, we're also here to offer you access to IRS tax forms, IRS publications, information about federal tax rates and more! All you have to do is visit our website and view our tax library for a collection of important resources.

As you prepare for tax season, remember that you can always count on American Investment Planners LLC to help. For more information about the services we can offer surrounding your taxes, please call (516) 932-5130 today.

China's Influence on Our Economy and Your Investments

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

If you have your hand in several investments, then you may be up in arms over China's latest stock market results. But, we're here to put your mind at ease and let you know that to date, there is no need to panic. Although China's current economic state is effecting economies all over the world, here in the United States, Kiplinger reports that "China accounts for just 7% of U.S exports, representing less than 1% of gross domestic product," so their concerns do not need to become ours.

For those of you who are just joining in on the conversation about China, in early January, U.S stocks plummeted 2% after China's stocks fell 7%. Big names such as Nasdaq, Apple, Amazon, Nordstrom and JPMorgan Chase all experienced a decline, however, it is important to understand that volatility from China is something we will just simply need to get used to. When we can get to that point, it will be easier to place our focus on other opportunities that will benefit us in the long run!

Before we move forward, we'd also like to point out that China isn't the only reason for the latest market swings; oil prices are too. For the first time since 2003, oil prices recently came in at under $30 a barrel. As a result, major oil companies have been cutting back on staff and investments, and of course, the stock, bond and currency markets are feeling a bit rattled too.

Considering that our firm works to manage hundreds of millions of dollars in assets annually, and since we work with clients all over the country, we feel that it is our responsibility to keep you informed about the latest market activity and what this means for you. As the market continues to fluctuate, remember this:

1. Look towards the future and focus on the long-term. Even when the market declines, keep in mind that many investors have been rewarded as they pressed on with their investments in times of downturn. 
2. Remember history! In the past, many recoveries have followed declines such as the one we are experiencing now. In fact, every S&P decline of approximately 15% or more has been followed by a recovery since the 1930s.
3. Generally speaking, market rebounds have outlasted declines. Did you know that since 1949, the average rising market lasted 42 months, whereas the average declining market lasted only 14 months? Declines are natural!

With that said, do you have investments that you need help keeping track of? Here at American Investment Planners LLC, we can work with you to monitor all of your accounts to ensure that you're moving in a direction that is aligned with your financial goals. Our team of financial advisors are here to help you get through many of life's greatest events, including fluctuations in the markets.

For more information about our financial planning services, or to learn more about the current events happening with the Chinese and United States economies, please give us a call at (516) 932-5130.

Tips For Building Your Investment Portfolio

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

In any conversation you've had or in any piece of literature you've read regarding investments or any type of financial planning, we bet you've heard the term "portfolio" at least once. But like many other financial planning terms and concepts, you may be a bit unfamiliar with what it means and what it entails. To start, your portfolio is all of the investments held by you - it can also be all of the investments held by a mutual fund.

So how do you build one? While you should work with a financial planner like ourselves to ensure you're making the right decisions, there are a few things you should know before diving into it:

Be realistic: Most importantly, you need to be realistic about how much you need to save, how much you can save, and how much you're willing to risk. Furthermore, you also need to be realistic with the goals you set - we all like to aim high in a short amount of time, but if you aren't realistic and honest  with yourself from the start, you may be disappointed if you don't experience immediate success.

Focus on the future: Avoid getting stuck in a routine where you check your investments on a daily basis. It is extremely important to realize that the markets can fluctuate at any given moment, and you're more likely to see that when you focus on the day-to-day. To keep yourself from feeling discouraged, wait for a longer period of time before you do any checking in.

Make it diverse: Diversification is key for any investor. By definition, diversification refers to the act of investing in different companies, industries or asset classes to minimize your overall risk. Of course this won't guarantee against any loses, but having your hand in a number of investments rather than the same one can help make your risk more manageable.

When you feel ready to build an investment portfolio, put yourself one step ahead of the game and contact us first. When you work with a financial planner from American Investment Planners LLC, you can rest assured knowing that the decision(s) you make and the plan you create is done in a well thought out way for your benefit.

To get started on your investment portfolio, please give us a call at (516) 932-5130.

Why Work With American Investment Planners LLC In 2016?

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Whether you've worked with a financial planner before or not, it is extremely important to recognize the value of having someone by your side to assist with your finances. Especially as you get older and have to begin thinking about topics such as retirement and estate planning, we can't think of one reason not to work with a financial planner, as they have the tools and resources needed to help you plan for your future, your children's future, even your grandchildren's future.

So where should you start? First things first - find a company that you can trust. If you're already in the process of looking for one, then you've come to the right place! Choosing American Investment Planners LLC is the best decision you can make. Here are just a few reasons why you should work with us this year:

1. We pride ourselves on our ability to offer individualized attention to each of our clients, so you can rest assured knowing that our team will be completely dedicated to finding solutions that work for you - our job is to create a customized portfolio pertaining to your needs.
2. We listen! In addition to finding out more about your short and long term goals as well as your values and investment philosophy, we enjoy getting to know our clients personally so that we can make sure we truly understand your financial needs.
3. Our team has experienced firsthand many of the same financial challenges you face, so we completely understand how and what you're feeling. Whether it is the birth of a new child or grandchild, sending a child to college or getting your adult children involved with estate planning, we've experienced it too.
4. Rather than just focus on you, we focus on your entire family. That's because we know that the ultimate test of a financial plan is the legacy you can pass on! And since we've worked with so many generations of families before, we know what strategies will work best when it comes time to make extremely important decisions about your family's future.
5. We mange hundreds of millions of dollars in assets annually and have clients that we work with all over the U.S! It doesn't matter if you aren't close to us geographically, we'll make it work so that you can have a well thought out financial plan at your fingertips to follow and live by.

If you're at a time where you need to begin thinking about retirement planning, estate planning and investment management, don't go at it alone - contact us instead. 

For more information about the services we offer, please visit us at www.americaninvestmentplanners.com or give us a call at (516) 932-5130 today.

Mistakes To Avoid When Saving For College Tuition

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Welcoming a child into the family is undoubetdly one of the most exciting times in a parent's life. However, with a new baby to care for, they also take on tons of new financial responsibilities that do not necessarily have an end. From the moment a child is born, a common goal that parents are tasked with is saving enough money so that a college education can be paid for without difficulty. Unfortunately, though, not everyone knows the right way to go about doing so, and in the long run, it could cost them.

To prevent yourself from getting into a sticky situation, make an honest effort to avoid these mistakes:

Completely Dodging Risks:
If your child is still very young, then try to avoid thinking as if they will need the money tomorrow. Although setting up a checking and savings account for your child will help you set the money they need aside, these are low-return approaches that may not get you the most bang for your buck. But if you are concerned about taking too much of a risk with your investments, even if you have a chance of getting more than you put in in the long run, see a financial planner to ask about what other savings opportunities are available for your family.

Starting and Stopping:
Not everyone will be able to tuck away the same amount of money every month, but if you experience a financial hardship, that doesn't mean that saving should be put on the back burner all together. Even if there comes a point where you can only save a little bit, keep going instead of stopping and starting up again when you feel you're in better shape - every little bit counts!

Not Having a Plan:
Most importantly, you need to have a plan in place to know exactly what is required of you in order to watch your money grow. For some, that plan may include something known as a 529 college savings plan, which is a state plan that is specifically dedicated to college savings - that means the money you put aside in this account is for tuition costs only. If you're not sure how to go about saving, don't just guess, meet with an expert to help instead.

For over 30 years, the American Investment Planners LLC team has been working with families all throughout the country to plan for life's greatest events and milestones, including the birth of a new child that requires college savings. To learn more about the financial planning services we can offer to you and your family, please visit us on our website or give us a call at (516) 932-5130.

The Benefits Of Contributing To A 401(k)

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Regardless of the point you're at in your career, we're sure you've been told how important it is to contribute to your employer's 401(k) plan if one is available to you. But the question here is, why? What makes a 401(k) plan so valuable, and why should you be tucking away as much as you can in one? As your trusted financial planner, we're here to provide the answer; take a look below to learn three of the benefits of participating in a 401(k):

1. By contributing a portion of your paycheck to a retirement plan, you'll start to see a reduction (even if very small) in how much you pay in taxes. How so? The reason for this is that your contribution is deducted from your total earnings before taxes are applied, making your taxable income less in the long run.
2. Depending on your employer's policy, you may be eligible to receive what is essentially free money from them. If they offer an employer match, they'll also contribute to your 401(k) plan - that's additional savings you wouldn't have otherwise!
3. If absolutely necessary (such as to cover medical expenses or to buy a home), you may be able to borrow from your 401(k) savings. Although you will have to pay back this loan eventually, it can certainly help set your mind at ease knowing that you do have extra money available to you in times of need.

Considering that the success of your retirement relies heavily on how much you save when you are still employed, it's essential that you start contributing to a 401(k) or other type of savings plan as soon as possible! But since doing so can be tricky (for example, which investments should you choose?), we want to help you out!

To learn more about the retirement planning services we offer here at American Investment Planners LLC, please give us a call at (516) 932-5130 or visit us on our website today. 

Tax Season Changes For 2016

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Although it may feel like you just got through the tax craze for 2014, it is time once again to start preparing your financial statements and documents so that you can file for 2015 on time. But don't move too quickly - there are some important changes you need to know about that are taking effect this year. They are:

1. Since Washington D.C's observance of Emancipation Day is on Friday, April 15th this year, tax day for most taxpayers is April 18, 2016. For New England states that observe Patriot's Day, your tax day is April 19, 2016.
2. If you do not have Affordable Care Act approved health insurance, you will receive a higher penalty this year - $695 per person, $2,085 maximum penalty per household. To avoid this penalty, you must be covered under an accepted health plan.
3. Tax brackets, which are used to govern different groups of people, are expected to rise by about 0.4% for 2016.
4. Up $50 from last year, taxpayers are permitted to take a personal exemption of $4,050 on their tax returns.
5. The educator expense deduction, which was on its way to expiring, will now be a permanent tax break as a result of the new spending bill - teachers can use this to deduct up to approximately $250 for classroom supplies whose cost has not been reimbursed.

But that's not all that's about to be different; to learn more about the changes taking place in 2016, check out this article from CBS Money Watch and this article from The Wall Street Journal.

Since filing taxes is something we will all experience, it's important to be as prepared as possible so that doing so goes smoothly. To check out the resources we have available to help with the management of your taxes, please click here. Then, for more information about our tax planning services and how we can help you during this busy financial season, please give us a call at (516) 932-5130.

Talking With Adult Children About Your Money

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

Even when it's your family members, it isn't unusual to have a tough time talking about money. And although it's a natural conversation to want to have, due to the potential uncomfortableness, sometimes people miss out on learning the information they truly need to know. For those of you who have adult children, it's time to start talking about your personal finances if you haven't already. Below, we offer a few tips that can help make the conversation a total success, despite any potential negative feelings towards the situation.

Include Everyone
Your personal finances are an important subject that all of your children need to hear about. Thus, it is important that you set aside some time where everyone can be present - when not everyone is around, it's easy for there to be a mix up or misunderstandings if children have to rely on word-of-mouth.

Be In Control
This is your meeting and your personal finances at stake, so take control of the agenda and devise a plan before everyone gets together. As you begin to think about what you want to discuss, make sure to include information such as where your children can find important financial documents, including, but not limited to, your will, bank statements, titles and insurance policies. Furthermore, make sure that your children have the contact information of people who can help them manage your finances when you are no longer able to. Should the conversation begin to get off topic at any point, make it your responsibility to bring everyone back so that you can accomplish what you set out to.

Talk About The Future
No parent or child wants to talk about their future passing or possible inability to care for oneself, but the fact of the matter is that this is a reality we all have to face at some point in our lives. So, make it a point to discuss your thoughts on elder care and touch on what you'd like to see happen with your estate so that everyone is on the same page - doing so can certainly help make things less stressful for you and your children down the line.

Considering that your adult children will be the ones to handle your personal finances once you're gone, we cannot reiterate enough how important it is to discuss topics like elder care, health care and your estate while you are still able. And before you end the conversation, make sure you talk about a financial planner. If you already have one that you work with, make an appointment for your children to meet with them too so that everyone is on the same page. However, if you don't, take some time to find and agree on one that can be used to help manage your finances as you age; your children can also use the selected firm to help with their own financial needs. Need a recommendation? Choose American Investment Planners LLC!

For more information about our financial planning services, please give us a call at (516) 932-5130 today.

Above information courtesy of Emerald Connect.

Questions To Ask Yourself Before Taking Out A Loan

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

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

What plans do you have for this year that require you to consider your finances? Perhaps you know that you'll be sending a child off to college soon, or maybe you're just looking to make sure that all of your (and maybe even your parents') financial ducks are in a row. For example, it may be time to discuss your parents' estate and figure out how the mortgage will be handled should something happen to them. Thinking that your next steps may result in you taking out some sort of loan? If so, before you go about doing so, make sure you ask yourself these questions:

1. What is my current credit score?
Your credit score says a lot about your borrowing habits, and it could be a deciding factor when lenders determine your eligibility to receive a loan. If you suspect that your credit score is relatively low, see what you can do to improve it before inquiring about a personal loan - for example, you can start by making sure all of your payments are made on time!

2. What do I need to provide to get a loan?
In order to be approved for a loan, you may need to provide certain documents such as bank statements so that the lender has a clear understanding of how much money you currently have. On the other hand, it may be as easy as simply stating your income on an application! Before you move further, make sure you know exactly what you need to supply so that you don't put yourself at risk for not having the right information ready.

3. What is the interest rate?
Considering that the interest on loans has a direct effect on how much money you pay back in the long run, it is imperative that you know what it is before agreeing to borrow from any lender. At this point, your credit score will also come into play, since it can cause your interest rate to go up or down.

4. How long do I have to pay back the loan?
If you're able to handle higher payments each month, then you may prefer for a shorter payback period to minimize the amount of interest applied to your loan (and vice versa, of course). That said, it's your responsibility to ask the lender if there is any flexibility in how long it takes to pay the loan back, considering that the amount of time you need may differ from someone else.

5. Are there any penalties for pre-payment?
It isn't unusual to want to pay back more than the minimum payment if your budget allows, but for some loans, this can lead to a penalty. Therefore, it's important for you to find out the specifics of the repayment plan that you're on! After all, who wants to be penalized for paying early?

By going through these questions first, you can better figure out which loan is right for you depending on your current financial situation and circumstances. However, it is important to keep in mind that with the proper financial planning, obtaining a loan for major life events may not be necessary. Sounds pretty good, right?

When you choose to work with a team of financial planners such as those here at American Investment Planners LLC, we can help you prepare for all kinds of milestones. Take sending your child to college for instance. Instead of worrying about costly student loans, we can help you plan accordingly when they are younger so that you have what it takes to assist them with the cost of their education when the time comes. But that isn't all we can do! From retirement planning to estate planning and more, we can also help ensure that adult children have the resources and knowledge needed when it comes to the retirement and estate of their aging parents.

For more information about our financial planning services, please call (516) 932-5130 or visit us on our website today.

Meet Karen Hurlbert: Client Services Assistant

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 Karen Hurlbert, Client Services Assistant for Brian Amato!

A current resident of Islip Terrace, New York, Karen Hurlbert has been a part of the insurance and securities industry for over 20 years. Karen began working as a new business accounts processor at MetLife, which encouraged her to pursue a lifetime career in the life insurance industry. In 2013, she officially became a part of the American Investment Planners LLC team, helping to oversee Brian Amato's clients.

With a New York State Life, Accident and Health Insurance license, Karen thrives on being able to help people - a key part of her role here at our firm! And although life insurance was her main focus, she is enjoying the opportunity to tackle additional financial planning tasks as she works alongside Brian.

When she isn't busy helping one of our many clients, Karen finds joy in spending time with her son, Michael. Furthermore, she spends a lot of time on foot and can be found participating in 5ks, 10ks, and even half marathons!

Here at American Investment Planners LLC, we are so happy to have Karen as a member of our team! Her dedication to our firm and our clients certainly does not go unnoticed, and we look forward to seeing her continue to excel in her position!

For more information about Karen, please check out her employee bio on our website!