Summer Energy Saving Tips

When heatwaves begin to hit this summer, a few things happen at home. We turn the fans and air conditioners on, change our covers, and relax in the pool. But some of the common expenses that happen during the summer are, for the most part, avoidable to some extent. There are a number of ways to cut both costs and energy consumption when the temperatures begin to rise — below, we’ve got a few things that can help the process move along.

·         Install Dark Shades. One of the easy ways to reduce energy consumption is to simply make the rooms you’re hanging out in much darker than the rest. Without sunlight and lights on, you can reduce the amount of air conditioning needed to keep your home cool.

·         Cook Outdoors. While you might be wondering why or how this can save you energy at home, think about it like this: Your stovetop and oven both give off a ton of heat when they’re on, which is recognized by thermostats, making your cooling system work harder. This translates into a ton of used energy which can also mean a higher bill.

·         Promote Ventilation. Grab a bedsheet and dampen it in the shower. Wring it out so it’s not dripping, and place it over an open window. When the wind blows, cool air will pass through the sheet, promoting not only new airflow, but cold air at that! This comes at a much better price than cranking the air conditioning all day.

·         Lower The Water Heat. In the warmer months, cooling off is much easier by hopping into the shower when it’s cooler than hotter. Water heating can sometimes account for 18% of your total consumed energy, so it’s important to prioritize saving over anything else.

Of course, there are other ways you and your family can save year-round, and it all begins with a consultation with the financial professionals at American Investment Planners, LLC We are here to make everything as simple as possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Retirement Planning For The Self-Employed

Owning your own business can be a great opportunity for you in both your career, as well as from a financial standpoint. Whether you’re thinking of starting with a mom & pop shop, or you’ve got a huge factory in the works, the opportunities are simply at your fingertips. What many entrepreneurs concern themselves with however, is the idea of retirement. As it’s not as simple as working under someone else and having the plan laid out, there are things you must do for yourself when thinking about how to plan for your future — below are a few you can take note of.

• 401(k) plans. There are certain types of plans for retirement such as this labeled as ‘solo’ plans. These help you plan for the future in ways that allow you to make salary deferrals based on needs (and your age).
• Simple budgeting. It’s easy to say you’ll go out and spend x amount of dollars because you’ve earned it throughout the year, but there are also taxes that go along with your purchases and income. Be prepared and consult with a financial planner at American Investment Planners LLC for more information on this topic.
• Look for write-offs. One of the best parts about your own business is the ability to use things for tax write-offs. Whether these are donations or vehicles used for work, they all can add up and make a difference in your finances for the future, which after retirement, will be crucial.
• Consult a professional at American Investment Planners. From income tax to retirement planning and everything in between, the qualified team here at AIP are awaiting your call and ideas for how you’d like to plan your future retirement.

Are you looking for ways to protect yourself for retirement? Own your own business and not sure where to begin? Don’t worry too much, just make sure you’re getting in contact with those who can help. American Investment Planners, LLC is here to make everything as simple as possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Fun Ways To Instill Financial Responsibility In Your Child

At a very young age, children learn the basic ins and outs of finances, which can be both a good thing and a bad thing. What this does is teach them about spending and saving early on, which can be of huge benefit to them. What may start out as a simple game of ‘store’ often results in a better understanding of educated purchases and the value of a dollar. But as parents, what else can you do in order to educate your children about their finances? We’ve got a few ideas below which can be both fun and educational for your young ones.

• Play a budget game. One of the easiest ways to teach your children about budgeting is to set up a market — perhaps with fruit and other healthy foods. Tell them that these pieces of fruit are all theirs for the day, but they have to make them last. Instead of letting them eat everything at once, explain how a few at a time is the better way to enjoy them, and make sure there’s some for later as well. This can be translated into money during the coming years.

• Replicate a ‘Store’. Another easy way to show them what is important is to play store, and attach prices to specific items. From here, let them know that they have necessary items like toothbrushes and food for dinner, before allowing them to buy a toy or a new hat. This will teach them that there are important things to take care of before buying material items and novelties.
• Teach them about work. Another way to teach would be to show them that everything in life isn’t free, and the value of a dollar is actually large. This can be done by making them perform chores around the house for a few dollars here and there. What this will do is show them that in order to make money, there is sometimes work involved, which helps them understand what their money really is worth.

Of course, financial responsibility goes both ways, and should be something utilized by adults throughout their entire lives. If you or someone you know is in need of financial planning assistance, estate or investment planning, make sure you contact the professionals at American Investment Planners, LLC. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Worst States For First Time Home buyers

Buying your first home is a milestone achievement for many americans, both young and old. The concept of owning your own property is something that many dream of, and work extremely hard to make a reality. Stability within your job, expenses, and finances are all big factors in the quest for the keys to your own house. But in specific states around the U.S, it’s extremely difficult to do this on your own. Depending on a number of factors, you might want to think twice before buying a home in these states:

Mississippi:

In Mississippi, it’s extremely hard to get approved for a home loan. In fact, this particular state has one of the highest rejection rates in the country, at a whopping 16 percent. In addition to this, the state’s unemployment rate for those ranging from 25-34 years old is, on average, 81. Percent, among the worst.

Louisiana:

Louisiana mimics the characteristics of Mississippi, and while it’s not as bad, the numbers are also not the best. The rejection rate in this state is 14.1 percent, which is the amount of applications turned down by lenders. Additionally, the 25-34 year old demographic in terms of unemployment is also a very high number in comparison to other age groups.

New York:

The Empire State comes onto the table as well with one of the lowest percentages of homes available for sale at any one time, just fourth to California, Colorado and Texas. Only 23.5 percent of under 35 year old households own their homes in this state, which is well below the national average which rests at 35.3 percent

Hawaii:

Hawaii, though sometimes reserved for a high-end vacation spot, is also very hard to own a home in. Locals to the state pay an average of 38.3 percent of their median yearly income to their mortgages and home payments, which is the highest in the country. Additionally, only 20.2 percent of younger households own their home, which is also the lowest of all states.

California:

One of the worst states is last but not least, California. With the tightest housing market in the U.S. (.76 percent of homes available at one time), it’s no surprise that 35.2 percent of median income goes to house payments. For reference, the national average is 19.2.

If you’re in one of these states and need assistance in planning your finances for anything from buying a house to estate planning, the financial advisors at American Investment Planners, LLC are here to offer their professional consultation. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Financial Tips For College Grads

Financial Tips For College Grads

Attention college graduates: Congratulations on your achievement! Following your graduation ceremony, last parties with friends and well deserved relaxation, it’s eventually going to be time to begin thinking serious. Whether you’ve got student loan bills on the way or you’re immediately starting out with a job, one of the most important things you can do is visit your financial situation as things begin to change in your life. Below are a few things to keep in mind as you enter the real world, as they can help your long-term financial growth:

• Budget effectively. Before considering a trip or spending that graduation money on something, create a realistic budget for yourself. Unfortunately, real world expenses are far more important and take priority over material items and nights on the town.
• Plan a backup fund. There’s always going to be a time where the unexpected hits you at the worst time — whether it’s a traffic ticket or a fender bender. Setting a bit of your cash aside is critical in preparing for the long hauls of life so that should this ever happen to you, your savings aren’t affected.
• Begin a 401(k) plan. Your retirement savings plan will likely be one of the best things you can have by your side in a time of need, and starting it now is very important. If you’re entering a job right out of school, this is something you should ask about as soon as possible, in order to get a head start. If you’re still interviewing for available positions, make sure you’re asking about their retirement plan options during the interview.
• Check up on your loans. The first student loan bill is certainly one of the last things you’ll want to see in the mail when it finally arrives. However planning ahead for this is a great way to pay them off quickly, and move on with saving that cash. Typically, you’ll have a grace period and can use this to plan ahead for payment options, potential refinancing, and preparedness for when it finally is time to make that first payment.
• Sit down with a financial planner at American Investment Planners LLC. While this step might be a bit farther off into the future, it’s never too early to start planning. Eventually, things such as your savings, tax planning, estate planning and more will be critical components to your financial future.

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.

Best and Worst Home Improvements Based on ROI

There are two reasons why homeowners renovate their houses: to add resale value, or for personal preference. Even if you fall into the second category, it is important to keep resale value in mind, as you never know what the future holds.

With that said, these are the five best and worst home improvement projects based on return on investment, according to Remodeling Magazine’s 2017 Cost vs. Value Report.

Top 5 Best Home Improvement Projects

1. Fiberglass attic insulation: 108% return on investment

This is the only item on the list which actually adds more value to your home than it costs to install. The energy savings are also a nice perk.

2. New steel entry door: 91% return on investment

Your home starts at the front door, which may be why this project is near the top of the list every year.

3. Manufactured stone veneer: 89% return on investment

Replacing the bottom-third of your vinyl siding with stone veneer instantly boosts curb appeal and resale value.

4. Minor kitchen remodel: 80% return on investment

A “minor” kitchen remodel includes replacing your stove, refrigerator, countertops, sink, faucet, cabinet fronts and hardware.

5. Garage door replacement: 77% return on investment

A new garage door can improve curb appeal and security, which is why it boasts such a high return on investment.

Top 5 Worst Home Improvement Projects

1. Bathroom addition: 53.9% return on investment

Think adding a bathroom will increase the resale value of your home? Think again. This ranks as the worst home improvement project, with a paltry ROI of 53.9%.

2. Backup power generator: 54% return on investment

Standby generators can automatically detect power outages and run for days at a time. However, potential home buyers just don’t seem to value them very highly.

3. Backyard patio: 55% return on investment

The upscale patio used in this report included a gas-powered fire pit and a stone veneer kitchen unit complete with grill, sink, and mini-fridge.

4. Bathroom remodel: 65% return on investment

In 2005, this home improvement project recorded an impressive ROI of 102%, but has since fallen to the bottom of the ranks.

5. Master suite addition: 65% return on investment

The average cost for this job was nearly $120,000, but it only increased resale values by $77,000.

Whether you need help saving up for your first house, or making room in the budget for your next home improvement project, the financial advisors at American Investment Planners, LLC are here to offer their professional consultation. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

How Much Are Your Bad Habits Costing You?

We all have our bad habits – some of them just tend to cost more than others. Even simple pleasures that only cost a couple of dollars can quickly add up over several weeks, months, and years. Take a look below for a few examples of how much your bad habits may be costing you:

Smoking Cigarettes

Cigarettes aren’t just bad for your health, they are bad for your wallet. Across the country, a box of cigarettes averages $6.16, with some states charging over $10 per pack. An occasional smoke won’t kill you, or your bank account, but everyday smokers should re-consider the habit. Here’s how much cigarettes can cost you, assuming $7 per pack and no medical expenses:

• One cigarette per day: $127.75 per year
• One pack per week: $364 per year
• One pack per day: $2,555 per year

Drinking Alcohol

There’s nothing wrong with an occasional bottle of beer or glass of wine. In fact, some studies show that alcohol can actually be beneficial for your health if consumed in moderation – moderation being the key word. Here’s how expensive regular drinking can be (costs may be even higher in major cities or upscale bars):

• One six-pack per week: $416 per year
• Three beers with tip, twice per week: $1,872 per year
• One big night out per week: $3,120 per year

Eating Fast Food

Continuing on the theme of habits that are bad for both your finances and health: fast food. Sure it’s quick, convenient, and cheaper than sit-down restaurants, but it can take its toll on your health and wallet. Here’s a few examples to help illustrate the point:

• 1 McDonald’s combo meal per week: $365 per year
• 1 Chipotle burrito and drink per week: $624 per year
• 5 Fast Food Meals per Week: $1,560 per year

Drinking Coffee

It’s hard to imagine getting through a morning without your daily dose of caffeine. About 84% of Americans drink coffee, with the average person consuming three cups per day, according to a poll from the National Coffee Association. The cost of this can vary drastically, depending on where you get your fix from:

• One cup per day, home brewed: $91 per year
• Three cups per day, home brewed: $273
• One cup per day, coffeehouse: $1,274 per year
• Three cups per day, coffeehouse: $3,822 per year

Need help getting a grasp on the expenses in your life? The financial advisors at American Investment Planners, LLC are here to help. We will sit down with you and work together to construct a sound financial plan which meets your needs, budget, and long-term goals. Call (516) 932-5130 to schedule an appointment with one of our consultants, or email info@americaninvestmentplanners.com.

10 Ways to Save Money On Your Wedding

Your wedding is the biggest day of your life, but that doesn’t mean it has to be the most expensive. Follow these ten money-saving tips from American Investment Planners to keep your costs down without sacrificing any of the excitement:

1. Don’t get married on a Saturday. Since Saturday is the most popular day for weddings, venues can get away with charging more – up to 20% more. Save hundreds (or thousands) by booking on a different day, perhaps a week day that falls next to a holiday so everyone is off from work.

2. Get married at the end of the off-season. Peak wedding season starts in May and goes through October. Getting married towards the end of April will generally land you cheap prices with good weather.

3. Choose your own vendors. Don’t select a venue which forces you to use their vendors. Choosing your own music, food, drink, and photography can easily save you thousands.

4. Shop at non-wedding retailers. Whether you are shopping for decor, flowers, or a cake, try stores that don’t specialize in weddings for more economic pricing.

5. Cut costs on decor. Small decorations for your venue can really add up over time. Save money by choosing a space which is already well-decorated, or using second-hand items. You can also resell your decor after the big day to recoup some costs.

6. Go paperless. Hand-written wedding invitations can cost up to $5 per person when all is said and done. Skip this expense and save the environment by making a wedding website to keep your guests updated.

7. Have your ceremony and reception in the same place. This will not only save you money on transportation costs, it prevents potential headaches and out-of-town attendees from getting lost.

8. Skip the ceremony all together. Getting married in the courthouse saves you an immeasurable amount of time, money, and stress. Have a small family and friends reception after to celebrate tying the knot.

9. Cut down the guest list. Everybody in their mother doesn’t need to be invited to your wedding. The less people who attend, the less money you spend.

10. Separate your needs from your wants. It can be easy to get caught up in the excitement and go overboard during the planning process. Know what you absolutely need and what you can get away without.

American Investment Planners, LLC helps individuals across the country plan for life’s biggest moments. No matter what’s on the horizon, our advisors can sit down with you and help construct a plan that meets your needs and budget. To schedule an appointment with one of our consultants, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

3 Financial Tips Every Widow Needs to Hear

Losing a loved one is never easy, especially when that loved one is a spouse. Nearly 1 million women experience widowhood annually, half of which will live for at least 15 more years. The grieving process can leave victims heartbroken, distressed, and financially uncertain.

While only time can heal heartbreak, these three tips from American Investment Planners will at least help to bring clarity to your financial situation.

Don’t rush into any major, irreversible decisions.

Recent widows have many financial decisions to make, but most of them don’t need to be made right away. The grieving and mourning process can impact the way your brain functions and makes decisions. Handle only the urgent matters at first, such as reexamining your cash flow, making sure your bills are paid, and filing for death benefits. Wait until your cognitive function has returned to normal (up to three months or more) to make other, more important decisions.

Beware of new friends, family members, and financial experts.

A widow with a sudden influx of new money usually finds herself surrounded by people who want to “help”. These may be old friends, distant family members, or a salesperson with a sure-fire investment. Even if your spouse’s insurance plan or retirement account paid out a large sum of money, it is important to remember that you are not rich. Think very carefully before spending or giving away even a dime.

Get an objective review of your financial situation.

The death of a spouse can greatly alter your long-term financial plans. Family or friends may offer their advice, but they may not know your entire situation, and likely lack professional experience. You should seek guidance from someone who is unbiased, well-informed and qualified to offer financial insights. The financial advisors at American Investment Planners, LLC will sit down with you, listen to your needs, and offer comprehensive suggestions. To schedule an appointment with one of our consultants, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Widows interested in learning more about financial management should attend our Ladies Luncheon in Woodbury, New York on Monday, May 22, 2017. The seminar will be lead by author Bea Lewis, most known for her book, “A Widow’s Journey: How I went from loss, to learning, to moving on.” Seating is limited. Guests must register by May 15th. Call (516) 932-5130 to reserve your spot.